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Category: Taxation

  • MIL-OSI USA: As Tax Season Ramps Up, Warren, Cassidy Renew Effort to Simplify IRS Error Notices for Taxpayers

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 14, 2025

    Bill Text (PDF) | Bill One-Pager (PDF)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Bill Cassidy (R-La.) reintroduced the Internal Revenue Service Math and Taxpayer Help (IRS MATH) Act, a bill to improve math error notices — an Internal Revenue Service (IRS) authority used to quickly adjust taxpayers’ returns. 

    Representatives Brad Schneider (D-Ill.) and Randy Feenstra (R-Iowa) recently reintroduced the bill in the House, and the bill passed unanimously out of the U.S. House Ways and Means Committee during markup on February 12, 2025.

    Each year, the IRS sends millions of Americans math error notices, expedited adjustments to tax returns that contain simple math or clerical errors. These “vague and confusing” notices often list several potential errors that may have been made rather than specifying the exact issue leading to a refund being reduced. The notices also fail to explain that taxpayers have only 60 days to challenge the IRS’s position and fail to explain how taxpayers can contest these notices, causing many taxpayers to forfeit their right to challenge the adjustments.

    The lawmakers hope to improve this unworkable system to help taxpayers, especially low-income and non-English speaking Americans, who cannot afford lawyers to help them navigate the complicated correspondence process. The Math ACT was included in the Senate Finance Committee’s discussion draft of bipartisan legislation that aims to reform IRS administration and procedure. 

    “IRS communications to taxpayers should be clear and easy to understand,” said Senator Warren. “This bipartisan bill will reform notoriously confusing error notices so that hardworking Americans can get the money they’re entitled to quickly and fairly.”

    “Taxes are already complicated, and the last thing Americans need is more confusion,” said Dr. Cassidy. “We’re making sure the IRS does its part to inform taxpayers when they correct inevitable errors made on tax returns.”

    “If the IRS finds a mistake on a tax return, this agency should be required to clearly communicate that error to the taxpayer and explain why a tax refund is higher or lower than expected. That’s why I’m glad to introduce legislation to ensure that the IRS clearly spells out errors on tax forms and helps taxpayers not only understand the mistake but also challenge it if they see fit,” said Representative Feenstra. “Filing taxes is already burdensome and time-consuming. We can improve customer service by instituting open and transparent communication between the IRS and the taxpayer when a tax error is identified.”

    Senators Warren and Cassidy initially introduced the bill in 118th Congress. 

    The IRS MATH Act reforms the math error process by:

    • Directing the IRS to improve notices of math or clerical errors, requiring that notices:  
      • Identify the line item the IRS is changing; 
      • Explain the reason for the change, and; 
      • Clearly list the taxpayer’s required response date.
    • Requiring that the IRS notify the taxpayer of abatement determinations.
    • Requiring the Treasury Secretary to provide additional procedures for requesting an abatement of a math or clerical error adjustment, including by telephone or in person.
    • Creating a pilot program coordinated by the IRS and National Taxpayer Advocate to determine the benefit of sending math or clerical error notices by certified or registered mail.

    Senator Warren has, throughout her career, advocated for low-income taxpayers and for improved IRS procedures: 

    • In January 2025, Senator Elizabeth Warren (D-Mass.) led over 135 members of Congress in writing to Treasury Secretary-Designate Scott Bessent and Internal Revenue Services’ (IRS) Commissioner-Designate Billy Long, urging them to maintain and expand the IRS’ Direct File program. 
    • In October 2024, Senators Elizabeth Warren, Ron Wyden (D-Ore.), and Representative Katie Porter (D-Calif.) wrote to the Department of the Treasury and the Internal Revenue Service urging the agencies to make the Direct File tax filing program more secure and accessible by ending reliance on ID.me, which uses a flawed facial recognition software.
    • In April 2024, following the 2024 tax filing deadline, at a hearing of the U.S. Senate Committee on Finance, Senator Elizabeth Warren questioned IRS Commissioner Daniel I. Werfel, on the IRS’s use of Inflation Reduction Act funds to successfully pilot a Direct File program, a first-of-its-kind option for Americans in twelve states to be able to file their taxes online directly with the IRS, easily and for free.
    • In April 2024, Senator Warren and colleagues applauded the success of Direct File’s Pilot during the 2024 tax filing season, highlighting rave reviews, millions of dollars in refunds claimed and filing fees saved.
    • In April 2024, Senator Warren sent a letter to Chair Lina M. Khan of the Federal Trade Commission (FTC), blasting Intuit, the maker of TurboTax, for continuing to relentlessly upsell TurboTax users despite numerous FTC and state lawsuits and settlements. Senator Warren applauded the FTC’s oversight of Intuit, and urged the Commission to continue to take action to protect taxpayers from tax preparation companies that pile junk fees onto users.
    • In March 2024, Senator Warren celebrated the successful launch of the IRS’s Direct File pilot.
    • In March 2024, Senator Warren highlighted the positive feedback that the IRS’s Direct File pilot in 12 states has received from taxpayers and asked Secretary of the Treasury Janet Yellen to commit to expanding and extending the program in 2025 if positive feedback continues, which Yellen agreed to. 
    • In February 2024, Senators Warren, Blumenthal, Sanders, and Representative Porter sent a response to Intuit, blasting the company for its failure to answer basic questions the lawmakers asked in their January 2, 2024 letter seeking an accounting of the expenses underlying the company’s massive federal research tax breaks.
    • In January 2024, Senators Warren, Blumenthal (D-Conn.), and Bernie Sanders (I-Vt.), and Representative Katie Porter (D-Calif.) sent a letter to Intuit requesting a full accounting of the expenses underlying the company’s massive federal research tax breaks by January 16, 2024. Intuit disclosed that it received $94 million in federal research tax credits in 2022, while simultaneously spending millions lobbying against the establishment of a free program for Americans to file their taxes online. 
    • In October 2023, Senators Warren, Ron Wyden (D-Ore.), Chair of the Senate Finance Committee, Blumenthal, Tammy Duckworth (D-Ill.), Sanders, Sheldon Whitehouse (D-R.I.), and Representative Porter sent letters to five tax preparation companies—H&R Block, TaxAct, TaxSlayer, Ramsey Solutions, and Intuit—that recently received notices of penalty offenses from the Federal Trade Commission (FTC) regarding the misuse of taxpayer’s sensitive and confidential information. 
    • In October 2023, Senators Warren and Patty Murray (D-Wash.), Chair of the Senate Appropriations Committee, and Representatives Porter, Brad Sherman (D-Calif.), and Don Beyer (D-Va.) released a statement supporting the U.S. Department of Treasury and the Internal Revenue Service (IRS) joint announcement of their 2024 pilot of Direct File, a program that allows Americans to file tax returns digitally and free of charge. The lawmakers acknowledged the Inflation Reduction Act’s role in the program’s development, and stated their intention to support the IRS’s efforts to develop and expand the Direct File pilot. 
    • In August 2023, Senator Warren and Representative Porter sent a letter to the Free File Alliance, the American Coalition for Taxpayer Rights, Intuit, and H&R Block admonishing the companies’ relentless lobbying against the Internal Revenue Service’s (IRS) direct free filing tool. 
    • In July 2023, Senators Warren, Wyden, Blumenthal, Duckworth, Sanders, and Whitehouse and Representative Porter released a report revealing the outrageous, extensive, and potentially illegal sharing of taxpayers’ sensitive personal and financial information with Meta by online tax preparation companies. The lawmakers also sent a letter to the IRS, the Treasury Inspector General for Tax Administration, the Federal Trade Commission, and the Department of Justice highlighting their key findings and calling on these departments to fully investigate this matter and prosecute any company or individuals who violated the law.
    • In June 2023, Senators Warren and Tom Carper (D-Del.) and Representatives Sherman, Porter, and Beyer, led a coalition of 99 Democratic lawmakers in a letter to IRS Commissioner Daniel Werfel and Deputy Treasury Secretary Adewale Adeyemo, applauding the IRS’s announcement of a pilot of a free tax filing tool next year.
    • In May 2023, Senator Warren’s call for a Free E-File Program was finally answered by the IRS through the Inflation Reduction Act .
    • In April 2023, Senators Warren and Carper led 29 other senators in a letter to the IRS Commissioner, urging the agency to simplify the tax process and broaden access to free e-filing options.
    • In April 2023, at a hearing of the Senate Finance Committee, Senator Warren questioned the IRS Commissioner about the agency’s failed Free-File partnership with private tax preparation software companies and called on the agency to implement a direct E-File program. 
    • In December 2022, Senators Warren and Wyden and Representatives Porter and Sherman sent letters to tax preparation companies H&R Block, TaxAct, and TaxSlayer, plus big tech firms Meta and Google, amid reports that the tax preparation companies have been secretly transmitting individual taxpayers’ sensitive financial information to Meta and Google
    • In August 2022, Senator Warren highlighted key priorities she secured in the Senate’s Inflation Reduction Act, including establishing an IRS task force to look into developing and running an IRS-run free direct E-File tax return system, based on Senator Warren’s Tax Filing Simplification Act. 
    • In July 2022, Senator Warren led 22 lawmakers to introduce the Tax Filing Simplification Act of 2022, legislation that would direct the IRS to develop its own free online tax preparation and filing service that would simplify the tax filing process for millions of Americans. 
    • In June 2022, at a hearing of the Senate Finance Committee, Secretary of Treasury Janet Yellen agreed with Senator Warren on the need to create a free tax filing system that actually works for Americans. 
    • In June 2022, Senator Warren and Representatives Porter and Sherman sent a letter to Richard K. Delmar, Acting Treasury Department Inspector, General, J. Russell George, Treasury Inspector General for Tax Administration, and Andrew Katsaros, Acting Inspector General at the Federal Trade Commission, regarding troubling reports of Intuit’s abuse of the revolving door and the company’s hiring of former federal regulators and influence-peddlers to defend its shady business practices. In the letter, which is a follow up to the prior April 2022 letter, the lawmakers call out Intuit for forcing American taxpayers into paying for services that should be free, and request an in-depth investigation into the company and its use of the revolving door to influence policy decisions at those agencies. 
    • In April 2022, Senator Warren and Representatives Sherman and Porter sent a letter to Intuit regarding the company’s unethical use of the revolving door to hire former regulators to defend their shady business practices that scam taxpayers out of billions of dollars. In June 2022, the lawmakers sent a follow-up.
    • In February 2022, Senator Warren and Representative Pramila Jayapal (D-Wash.) sent a letter to the Acting Inspector General of the Department of Treasury and the Treasury Inspector General for Tax Administration, calling on them to open an investigation into the unethical revolving door between the world’s largest accounting firms and the Treasury Department and IRS. 
    • In February 2022, Senator Warren made the case for increased funding for the Internal Revenue Service (IRS) through the Build Back Better Act and called on the administration to create the simplified filing tools proposed in her Tax Filing Simplification Act. 

    MIL OSI USA News –

    February 15, 2025
  • MIL-OSI USA: Tuberville Calls for Permanent Repeal of the Death Tax

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Yesterday, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator John Thune (R-SD) in reintroducing legislation that would permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death. Sen. Tuberville has helped introduce this legislation in both the 117th and 118th congresses.

    “The Death Tax destroys American jobs by stifling profitable businesses that employ hardworking Americans,” said Senator Tuberville. “Our government should be focused on creating an economic environment that preserves small businesses and family farms, instead of taxing them out of operation. I will keep pushing for policies that incentivize our next generation of farmers and business owners, so that we can continue to rely on their contributions for a strong economy.”

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Senator Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

    Senators Tuberville and Thune are joined by U.S. Sens. Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Roger Wicker (R-MS), and Todd Young (R-IN) in cosponsoring the legislation.

    Companion legislation was introduced in the U.S. House of Representatives by Rep. Randy Feenstra (R-IA-04).

    Read full text of the legislation here.

    BACKGROUND:

    The Senate attempted to repeal the estate tax while Congress considered the Tax Cuts and Jobs Act (TCJA) in 2017. Although the final version of the TCJA did not repeal the death tax, the law effectively doubled the individual estate and gift tax exclusion to $10 million (approximately $13.9 million in 2025 dollars) through 2025, which prevents more families and generationally owned businesses from being affected by this tax. The increased exclusion expires at the end of 2025, which increases uncertainty and planning costs for family-owned businesses, farms, and ranches. 

    MORE:

    ICYMI: Tuberville in Yellowhammer News: “Protect family farmers by repealing the death tax”
    Tuberville Pushes to Permanently Repeal the Death Tax
    Tuberville Joins Effort to Permanently Repeal the Death Tax

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

    February 15, 2025
  • MIL-OSI USA: Nevada Woman Pleads Guilty to Fraudulently Seeking Nearly $100M in COVID-19 Employment Tax Credits

    Source: US State of North Dakota

    A Nevada woman pleaded guilty yesterday to conspiring to defraud the United States by making claims for refunds of false COVID-19 related employment tax credits.

    According to court documents and statements made in court, Candies Goode-McCoy, of Las Vegas, conspired with others to file tax returns seeking fraudulent refunds based on the employee retention credit (ERC) and paid sick and family leave credit. From around June 2022 through September 2023, McCoy filed approximately 1,227 false tax returns for her businesses and others claiming these refundable credits.

    In total, these claims sought refunds of over $98 million, of which the IRS paid approximately $33 million. McCoy personally received over $1.3 million in fraudulent refunds and was paid about $800,000 from those on whose behalf she filed fraudulent returns. McCoy knew that these returns were fraudulent. Neither she nor the others for whom she filed them were eligible to receive the refundable credits in the amounts claimed. McCoy used the proceeds for her personal benefit, including the purchase of luxury cars, gambling at casinos, vacations and other luxury goods.

    In response to the COVID-19 pandemic and its economic impact, Congress authorized the ERC for small businesses to reduce the employment tax owed to the IRS. Congress also authorized the IRS to give a credit against employment taxes to reimburse businesses for the wages paid to employees who were on sick or family leave and could not work because of COVID-19. This credit was equal to the wages the business paid the employees during the sick or family leave, subject to a maximum amount.

    McCoy is scheduled to be sentenced on Feb. 23, 2026. She faces a maximum penalty of 10 years in prison as well as a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Sue Fahami for the District of Nevada made the announcement.

    IRS Criminal Investigation and the Treasury Inspector General for Tax Administration are investigating the case.

    Trial Attorney John C. Gerardi of the Tax Division and Assistant U.S. Attorney Richard Anthony Lopez for the District of Nevada are prosecuting the case.

    MIL OSI USA News –

    February 15, 2025
  • MIL-OSI USA: Luján, Colleagues Demand: Hands Off Medicare and Medicaid 

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Dismantling Medicaid is a Direct Attack on New Mexicans;
    New Mexico has the Most Medicaid Recipients Per Capita Than Any Other State
    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M) joined U.S. Senators Edward J. Markey (D-Mass.) and Senator Elizabeth Warren (D-Mass.) in writing a letter to President Trump demanding the Trump administration, Elon Musk, and the Department of Government Efficiency (DOGE) to not dismantle Medicare and Medicaid to pay for the Republican Tax Scam that gives a handout to the country’s most wealthy. This follows reporting that Elon Musk and DOGE officials gained access to key payment and contracting systems at the Centers for Medicaid & Medicare Services (CMS). CMS administers Medicare and Medicaid.
    In 2024, 68 million seniors and people with disabilities seniors relied on Medicare coverage for essential health care, including hospital visits, screenings for cancer, diabetes, and depression, and prescription drugs. Nearly 80 million Americans relied on Medicaid, making it the largest public health insurance program in the United States. In New Mexico, one in three New Mexicans rely on Medicare and over 780,000 individuals rely on Medicaid to access health care.
    In the letter the lawmakers wrote, “We write to say no to Elon Musk and DOGE, and demand hands off Medicare or Medicaid. We strongly oppose any efforts by Musk – or anyone else in your administration – cutting or damaging these vital programs. Medicare and Medicaid must not be raided to pay for tax cuts for billionaires. Every cut risks Americans paying more, waiting longer, and wading through more insurance red tape for care. Every cut risks hospitals and community health centers struggling harder to keep their doors open and forcing health providers and workers out of their jobs.  
    The lawmakers continued, “We continue to fight for a health care system that works better for all Americans, so they experience lower costs, shorter wait times, and receive better care. But your Administration, Elon Musk, and DOGE have already made that harder. Your Administration is already responsible for the shut-down of Medicaid portals across all 50 states, disruptions to vital health care communication, closures of community health centers, and significant delays in funding for life-saving health research. Cuts to Medicare and Medicaid will only serve to deepen the harm.” 
    The lawmakers urged, “It is dangerously unacceptable that an unelected Musk and his unqualified acolytes have access to sensitive CMS systems and are ready to bypass Congress to make life and death decisions affecting millions of Americans. No one asked for this lawless approach to our critical government health care systems. We urge you to stop this threat to Americans’ health care, now.” 
    Senator Luján has long supported protecting Medicare and Medicaid from attacks during his career in Congress. In the nomination hearing for Robert F. Kennedy Jr. to become Secretary of Health and Human Services, Senator Luján questioned Mr. Kennedy on his understanding of the importance of Medicaid and pressed Mr. Kennedy for his commitment to protect Medicaid from cuts. Additionally, Senator Luján pressed Mr. Kennedy regarding his views on Medicare drug price negotiation and confirm he will not pause negotiations, as CEOs representing the largest pharmaceutical companies have requested.
    In addition to Senators Luján, Markey, and Warren, the letter is signed by Senate Minority Leader Chuck Schumer (D-N.Y.) and Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wisc.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Richard Durbin (D-Ill.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).  
    The full text of the letter is available here.

    MIL OSI USA News –

    February 15, 2025
  • MIL-OSI Security: Nevada Woman Pleads Guilty to Fraudulently Seeking Nearly $100M in COVID-19 Employment Tax Credits

    Source: United States Attorneys General

    A Nevada woman pleaded guilty yesterday to conspiring to defraud the United States by making claims for refunds of false COVID-19 related employment tax credits.

    According to court documents and statements made in court, Candies Goode-McCoy, of Las Vegas, conspired with others to file tax returns seeking fraudulent refunds based on the employee retention credit (ERC) and paid sick and family leave credit. From around June 2022 through September 2023, McCoy filed approximately 1,227 false tax returns for her businesses and others claiming these refundable credits.

    In total, these claims sought refunds of over $98 million, of which the IRS paid approximately $33 million. McCoy personally received over $1.3 million in fraudulent refunds and was paid about $800,000 from those on whose behalf she filed fraudulent returns. McCoy knew that these returns were fraudulent. Neither she nor the others for whom she filed them were eligible to receive the refundable credits in the amounts claimed. McCoy used the proceeds for her personal benefit, including the purchase of luxury cars, gambling at casinos, vacations and other luxury goods.

    In response to the COVID-19 pandemic and its economic impact, Congress authorized the ERC for small businesses to reduce the employment tax owed to the IRS. Congress also authorized the IRS to give a credit against employment taxes to reimburse businesses for the wages paid to employees who were on sick or family leave and could not work because of COVID-19. This credit was equal to the wages the business paid the employees during the sick or family leave, subject to a maximum amount.

    McCoy is scheduled to be sentenced on Feb. 23, 2026. She faces a maximum penalty of 10 years in prison as well as a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Sue Fahami for the District of Nevada made the announcement.

    IRS Criminal Investigation and the Treasury Inspector General for Tax Administration are investigating the case.

    Trial Attorney John C. Gerardi of the Tax Division and Assistant U.S. Attorney Richard Anthony Lopez for the District of Nevada are prosecuting the case.

    MIL Security OSI –

    February 15, 2025
  • MIL-OSI USA: Laying Out My Priorities as Chairman of the House Interior and Environment Appropriations Subcommittee

    Source: US State of Idaho

    WASHINGTON—This week, Idaho Congressman Mike Simpson wrote an op-ed in the Washington Reporter regarding his upcoming priorities as Chairman of the House Interior and Environment Appropriations Subcommittee.
    “I spent the last four years fighting against the Biden administration’s job-killing regulatory overreach and disastrous policies. Now, instead of simply pushing back, the Interior subcommittee is focused on strengthening and promoting domestic energy production, investing in Indian Country, reining in the EPA, expanding access to critical minerals, and ensuring that land management agencies have the tools to manage our lands effectively and efficiently—just to name a few.”
    The full op-ed is available here and below.
    Laying Out My Priorities as Chairman of the House Interior and Environment Appropriations Subcommittee
    By Rep. Mike Simpson
    After the decisive mandate from the American people last November, it should come as no surprise that Republicans are hitting the ground running. As the 119th Congress gets underway, we are laying out our priorities, building on past successes, and advancing the policies that matter most to our constituents.
    Returning as Chairman of the House Interior, Environment, and Related Agencies Appropriations Subcommittee is a true honor. While I take great pride in the work our subcommittee accomplished last Congress, we’ve got our work cut out for us. The House Appropriations Committee’s Fiscal Year 2025 process prioritized cuts to wasteful spending and refocused the government on its core responsibilities.
    I spent the last four years fighting against the Biden administration’s job-killing regulatory overreach and disastrous policies. Now, instead of simply pushing back, the Interior subcommittee is focused on strengthening and promoting domestic energy production, investing in Indian Country, reining in the EPA, expanding access to critical minerals, and ensuring that land management agencies have the tools to manage our lands effectively and efficiently—just to name a few.
    The Interior subcommittee oversees funding for public land agencies important to my home state of Idaho and other Western states, such as the Forest Service, the Bureau of Land Management (BLM), the Fish and Wildlife Service, and the National Parks Service, among others.
    As Chairman, I am in a position to directly influence federal policies that directly impact Idaho and the West. I look forward to bringing Idaho’s perspective to issues like the Endangered Species Act, continued access to our public lands, and forest management. 
    Nearly two-thirds of Idaho is federal land, which means our public land management policies directly impact our state’s economy and the lives of Idahoans who live, work, and recreate on or near federal land. This is why I will continue to use my position to ensure the federal land management agencies are good neighbors.
    I also plan to work directly with the Trump administration to protect critical programs vital to states and local communities, such as fully funding Payments in Lieu of Taxes (PILT)—a lifeline for our rural communities.
    Additionally, while the Fiscal Year 2025 House Interior Bill permanently increased pay for our brave federal wildland firefighters, we still need to get this across the finish line. The provisions included in the bill will improve firefighter recruitment and retention and provide financial certainty to the men and women protecting our communities from catastrophic wildfire. I look forward to working with the administration to make this a reality.
    Another critical area where we will make significant strides is energy policy. Our mandate from the American people is clear: We must unleash American-made energy and return to energy independence.
    Under President Trump, the United States achieved energy independence for the first time in 70 years—an accomplishment we are determined to restore. By securing our energy supply chain and ending reliance on foreign adversaries, we will not only strengthen our national security but also help lower costs for American families.
    President Trump’s pick for Secretary of the Interior and America’s ‘energy czar’ Doug Burgum, has made it clear that he intends to achieve domestic energy dominance, making life affordable for American families nationwide, and driving down inflation. I look forward to working with Secretary Burgum as we slash burdensome regulations, strengthen national security, and promote American values through President Trump’s agenda. American energy leadership is back.
    As Congress and the White House align to revive the conservative values that the American people voted for, I remain committed to working with my colleagues and the Trump administration to rein in unnecessary spending and restore fiscal responsibility to get our economy back on track. We have a lot of work to do, but this is the time to hit the ground running and deliver results for all Americans. Together, we can restore American strength, safeguard our natural resources, and ensure that our communities remain resilient for generations to come.

    MIL OSI USA News –

    February 15, 2025
  • MIL-OSI: Robinhood Markets, Inc. Reports January 2025 Operating Data

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., Feb. 14, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for January 2025:

    • Funded Customers at the end of January were 25.5 million (up approximately 310 thousand from December 2024, up approximately 2 million year-over-year).
    • Assets Under Custody (AUC) at the end of January were $204 billion (up 6% from December 2024, up 99% year-over-year). Net Deposits were $5.6 billion in January, translating to a 35% annualized growth rate relative to December 2024 AUC. Over the last twelve months, Net Deposits were $52.3 billion, translating to an annual growth rate of 51% relative to January 2024 AUC.
    • Equity Notional Trading Volumes were $144.7 billion (down 3% from December 2024, up 144% year-over-year). Options Contracts Traded were 166.6 million (up 2% from December 2024, up 57% year-over-year). Crypto Notional Trading Volumes were $20.4 billion (down 32% from December 2024, up over 200% year-over-year).
    • Margin balances at the end of January were $8.3 billion (up 5% from the end of December 2024, up 131% year-over-year).
    • Total Cash Sweep balances at the end of January were $26.3 billion (up 1% from the end of December 2024, up 57% year-over-year).
    • Total Securities Lending Revenue in January was $25 million (down 11% from December 2024, up 108% year-over-year).
      January
    2025
    December
    2024
    M/M
    Change
    January
    2024
    Y/Y
    Change
    (M – in millions, B – in billions)          
    Funded Customer Growth (M)          
    Funded Customers 25.5 25.2 +1% 23.5 +9%
               
    Assets Under Custody (AUC) ($B)          
    Total AUC $203.7 $192.9 +6% $102.4 +99%
    Net Deposits $5.6 $5.3 NM $3.8 NM
               
    Trading          
    Trading Days (Equities and Options) 20 21 (5%) 21 (5%)
    Total Trading Volumes          
    Equity ($B) $144.7 $149.8 (3%) $59.3 +144%
    Options Contracts (M) 166.6 163.7 +2% 106.2 +57%
    Crypto ($B) $20.4 $30.2 (32%) $5.9 +246%
               
    Daily Average Revenue Trades (DARTs) (M)        
    Equity 2.6 2.8 (7%) 1.7 +53%
    Options 1.1 1.0 +10% 0.7 +57%
    Crypto 0.9 1.0 (10%) 0.3 +200%
               
    Customer Margin and Cash Sweep ($B)        
    Margin Book $8.3 $7.9 +5% $3.6 +131%
    Total Cash Sweep $26.3 $26.1 +1% $16.8 +57%
    Gold Cash Sweep $25.6 $25.4 +1% $16.1 +59%
    Non-Gold Cash Sweep $0.7 $0.7 – $0.7 –
               
    Total Securities Lending Revenue ($M) $25 $28 (11%) $12 +108%
               

    For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com.

    The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investor Relations

    ir@robinhood.com

    Media

    press@robinhood.com

    The MIL Network –

    February 15, 2025
  • MIL-OSI United Kingdom: International trade mission to Ukraine deepens industry ties and boosts growth

    Source: United Kingdom – Executive Government & Departments 3

    First-of-its-kind international defence trade mission to Kyiv deepens industry ties between Ukraine and its allies

    The UK and allies have deepened industry ties with Ukraine by leading a first-of-its-kind international defence trade mission to Kyiv this week.

    Led by the Minister for the Armed Forces, the trade delegation, which included Norway and The Netherlands, met with Ukrainian ministers, officials, and industry partners to strengthen strategic partnerships and enhance defence cooperation in support of Ukraine.  

    This was the fifth trade mission to Ukraine by Britain’s Task Force HIRST, but the first in conjunction with allies, setting a blueprint for future trade missions to be international as the norm.

    Following the visit, UK companies have agreed to work more closely with Ukrainian partners, agreeing to new commitments that will build on previous agreements and boost their capabilities.

    Despite a significant Russian airstrike targeting Kyiv on Wednesday morning this week, which killed one innocent civilian, the trade mission went ahead successfully, highlighting that the UK and our Allies will not be intimidated by Putin’s brutal tactics.

    With firms across the UK ramping up defence production to meet Ukraine’s requirements, support for Ukraine will directly boost the UK defence sector, create UK jobs, and deliver on this Government’s growth agenda and Plan for Change.

    Minister for the Armed Forces, Luke Pollard MP said:

    The UK is continuing to lead the way on global support for Ukraine. By strengthening defence industry ties with allies, we are providing Ukraine with the firepower it needs on the battlefield, whilst bolstering our own defence industrial base —creating jobs and driving investment.

    Our partnerships with The Netherlands, Norway, and Ukraine will help build resilient supply chains to ensure we put Ukraine in the strongest possible position to achieve a just and lasting peace through strength.

    We will stand with our allies to support Ukraine for as long as it takes.

    The Minister, along with officials from the Ministry of Defence and Department for Business and Trade, attended meetings focused on continuing to develop the industrial relationship with Ukraine, boosting their capabilities on the battlefield, whilst supporting growth back in the UK.

    The Ministry of Defence set up Task Force HIRST to drive increases in UK, Ukrainian and allies’ industrial capacity to support the Armed Forces of Ukraine, as well as national military resilience.

    Kevin Craven, CEO of ADS said:

    Our continued industrial partnership with the Ukraine will be pivotal if we are to strengthen our collective security. It is an honour for ADS and our members to work in such close collaboration with Ukraine.

    UK support to Ukraine has, at its heart, the knowledge that helping Ukraine is protecting our values and way of life.

    The visit coincided with the NATO meeting of defence ministers, where the Defence Secretary announced a new £150 million package of military aid to Ukraine. 

    The £150 million package includes thousands of drones, dozens of battle tanks and more than 50 armoured and protective vehicles to be deployed to Ukraine by the end of spring, building on the thousands of pieces of equipment the UK has already given to Ukraine. 

    In a boost to the UK’s economy, the package also includes a multi-million-pound contract with UK defence firm Babcock, who will train Ukrainian personnel to maintain and repair crucial equipment such as Challenger 2 tanks, self-propelled artillery, and combat reconnaissance vehicles inside Ukraine. Through this agreement, equipment can be serviced and returned to the frontline quicker. 

    This is part of the UK’s unprecedented £4.5 billion pledge for Ukraine this year, its highest-ever level.

    The Government is clear that the security of the UK starts in Ukraine and is therefore committed to Ukraine’s long-term security as a foundation for the government’s Plan for Change.

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    Updates to this page

    Published 14 February 2025

    MIL OSI United Kingdom –

    February 15, 2025
  • MIL-OSI Europe: Highlights – EU Tax Symposium 2025 – Programme and Speakers – 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.

    #TaxMix2050

    MIL OSI Europe News –

    February 15, 2025
  • MIL-OSI: TC Energy declares quarterly dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced that its Board of Directors (Board) has declared a quarterly dividend of $0.85 per common share for the quarter ending March 31, 2025, on the Company’s outstanding common shares. The common share dividend is payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025.

    The Board also declared quarterly dividends on the outstanding Cumulative First Preferred Shares as follows:

    • For the period up to but excluding March 31, 2025, payable on March 31, 2025, to shareholders of record at the close of business on Feb. 28, 2025:
      • Series 1 (TRP.PR.A) – $0.3086875 per share
      • Series 2 (TRP.PR.F) – $0.3329282 per share
      • Series 3 (TRP.PR.B) – $0.105875 per share
      • Series 4 (TRP.PR.H) – $0.2934774 per share
    • For the period up to but excluding April 30, 2025, payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025:
      • Series 5 (TRP.PR.C) – $0.1218125 per share
      • Series 6 (TRP.PR.I) – $0.2889247 per share
      • Series 7 (TRP.PR.D) – $0.3740625 per share
      • Series 9 (TRP.PR.E) – $0.3175 per share
      • Series 10 (TRP.PR.L) – $0.3388562 per share

    These dividends are designated by TC Energy to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

    Common shares purchased with reinvested cash dividends under TC Energy’s Dividend Reinvestment and Share Purchase Plan (DRP) will be acquired on the Toronto Stock Exchange at 100 per cent of the weighted average purchase price. The DRP is available for dividends payable on TC Energy’s common and preferred shares.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    FORWARD-LOOKING INFORMATION
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF Available: http://ml.globenewswire.com/Resource/Download/4540a2e7-8ab4-47f0-aab2-11d081301941

    The MIL Network –

    February 15, 2025
  • MIL-OSI: Barnwell Industries, Inc. Reports Results for its First Quarter Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Feb. 14, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its first quarter ended December 31, 2024. For the quarter, the Company had revenue of $4,477,000 and a net loss of $1,917,000 or $0.19 per share. In the three months ended December 31, 2023, the Company reported quarterly revenue of $6,155,000 and a net loss of $664,000 or $0.07 per share. The Company remains debt free and ended the quarter with $642,000 in working capital, including $1,957,000 in cash and cash equivalents.

    Oil and Gas Prices and Production

    During the three months ended December 31, 2024, oil, gas and natural gas liquids prices decreased 2%, 40% and 8%, respectively, compared to the prior year’s quarter. Additionally, oil, gas and natural gas liquids production decreased 17%, 21% and 17%, respectively, for the three months ended December 31, 2024, compared to the prior year’s quarter. The decreases in production are primarily the result of natural declines as the wells age. The production decreases were also partially due to properties sold and certain wells that were temporarily shut-in for workovers. The Company’s latest Canadian well drilled, which is 100%-owned and operated, started producing in mid-September 2024 and contributed approximately 107 net barrels of equivalent per day for a total of approximately 10,000 net barrels of equivalent during the three months ended December 31, 2024.

    Non-Cash Impairment, foreign currency loss

    The net loss for the three months ended December 31, 2024, was due in part to a $613,000 non-cash impairment of our US oil and natural gas properties during the current quarter. This impairment is largely due to the changing rolling average first-day-of-the-month prices used in the ceiling test calculation. Additionally, the loss was due in part to a $351,000 foreign currency loss recorded in the current year period as compared to a $126,000 gain in the prior year period due to the weakening of the Canadian dollar against the U.S. dollar.

    Reduction in General and Administrative Expenses

    General and administrative expenses decreased $123,000, 9%, for the three months ended December 31, 2024, primarily due to a decrease in professional fees in the current year period as compared to the prior year period.

    Contract Drilling Segment

    Our contract drilling segment entered into an agreement during the quarter to sell a drilling rig and related ancillary equipment for proceeds of $585,000, which will close on the sale in the second quarter ending March 31, 2025. The Company received payment of the purchase price in the quarter ended December 31, 2024.

    In the coming months, the Company will move forward with appropriate strategic, business and financial alternatives for Water Resources which may include, among other things, a sale of its stock or assets, or an orderly wind-down of its operations and liquidation of equipment.

    Summary and Outlook

    Craig D. Hopkins, CEO, stated, “A potential proxy contest in the near term could harm the company’s liquidity and hinder investment and growth opportunities. This is particularly concerning, as we have valuable oil and gas assets with significant potential. Our new well is performing as anticipated, and we are well-positioned to drill two additional wells from the same pad once sufficient capital is secured. The planned wind-down of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also actively seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell will be positioned to invest more aggressively in operations and deliver the growth our shareholders deserve.

    “Regarding the potential proxy contest and board operations, I have found all current board members to be collaborative and constructive in supporting my efforts to improve Barnwell’s financial performance. Given the forgoing, I am surprised by the prospect of a contested election.”

    The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

    COMPARATIVE RESULTS
    (Unaudited)
      Three months ended
    December 31,
        2024       2023  
           
    Revenues $ 4,477,000     $ 6,155,000  
           
    Net loss attributable to Barnwell Industries, Inc. $ (1,917,000 )   $ (664,000 )
           
    Net loss per share – basic and diluted $ (0.19 )   $ (0.07 )
           
    Weighted-average shares and      
    equivalent shares outstanding:      
    Basic and diluted                   10,047,173       9,996,760  
    CONTACT:   Craig D. Hopkins
    Chief Executive Officer and President

    Phone: (403) 531-1560
    Email: info@bocl.ca

    The MIL Network –

    February 15, 2025
  • MIL-OSI: Bitget Secures Virtual Asset Service Provider license in Bulgaria Aligning with its EU Expansion Plans

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 14, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has obtained a Virtual Asset Service Provider (VASP) license from Bulgaria’s National Revenue Agency. The official licensing now enables Bitget to offer a comprehensive suite of crypto services within Bulgaria, including the exchange, trading, transfer, custody, and public offering of crypto assets, as well as wallet services. This aligns with Bitget’s broader plans of obtaining EU’s Markets in Crypto-Assets (MiCA) license, which will boost its foothold in the region.

    The VASP license in Bulgaria aligns with Bitget’s strategic expansion across the European Union. The company is actively preparing for compliance with the EU’s MiCA framework, which seeks to establish a unified regulatory environment for crypto assets throughout the region.

    “The successful application of the VASP license in Bulgaria is a part of Bitget’s expansion strategy to serve users across the European Union,” said Hon Ng, Chief Legal Officer at Bitget. “As the EU continues to lead with regulatory frameworks like MiCA, we see strong potential for sustainable growth and innovation in the region while maintaining compliance. Bulgaria serves as a strategic gateway for our European expansion, offering crypto-friendly ecosystems the chance to accelerate crypto’s adoption.”

    Ng added, “In 2025, we are excited to continue to grow Bitget’s global regulatory footprint in partnership with various regulators around the world. We have a sharp focus on meeting compliance standards in every jurisdiction where we operate and we have been investing in our compliance programme from day one. We believe that our approach enhances user trust, ensures market integrity while at the same time increasing global adoption of digital assets and ensures long-term sustainable growth as we align our operations with emerging regulations worldwide.”

    Bitget views regulatory compliance as an integral part of its future success, which is evident through its acquisition of approvals in key markets such as Poland, Italy, Lithuania, UK and now Bulgaria.

    The VASP license in Bulgaria grants Bitget the regulatory approval to offer a wide array of services to cater to the needs of digital asset users in the region. These services include the exchange of crypto assets, enabling seamless conversion between crypto and fiat; trading and transfer of crypto assets, facilitating efficient and secure transactions; and custody services, providing a strong framework for safeguarding user assets. Additionally, the license permits the public offering of crypto assets, supporting the scope for innovative token launches and opportunities.

    In the last three months alone, Bitget has put forth major licensing and expansion updates. It has secured a BSP license in El Salvador, approval in the UK to provide digital asset services, and has powered a compliant Vietnam-based exchange BitEXC. Recently, Forbes has ranked Bitget as one of the world’s most trustworthy exchanges and with Bulgaria’s VASP license, Bitget continues to make significant progress in this area. The company plans to collaborate closely with European regulators to ensure its products meet all regulatory requirements while prioritizing the protection of user assets and data.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3dafce49-6bd9-4e83-9453-e5503f7b4596

    The MIL Network –

    February 14, 2025
  • MIL-OSI United Kingdom: Oxford City Council agrees Budget

    Source: City of Oxford

    Oxford City Council has agreed a Budget that will see new homes, new community centres and increased grass cutting of verges across Oxford.

    The Budget – which is balanced for the next four years – comes against a backdrop of austerity, rising costs, especially around homelessness, inflation and councils declaring bankruptcy across the UK.

    This has been achieved in part through the ‘Oxford Model’, which will see the Council’s companies generate £19m in profit over the next four years to help fund services.

    The Budget was agreed at a Full Council meeting yesterday evening.

    Key Budget proposals

    The Council’s Budget includes funding for:

    • 1,558 new council homes over the next eight years
    • Two new community centres, in East Oxford and Blackbird Leys
    • Increased grass cutting – to at least three times a year – across Oxford
    • Increased litter picking across Oxford and a new graffiti removal service
    • Better gritting of cycle lanes and pavements
    • A new splash park in Hinksey and renewal of outdoor gym equipment
    • A freeze on pitch-hire fees for sports teams

    The Budget will take the number of council homes owned by Oxford City Council to almost 9,500, which, thanks to the energy efficiency work, will be warmer and use less energy.

    The Council will also continue to maintain its leisure centres, community centres, parks, youth clubs, and other existing services for residents and businesses.

    Changes to the Budget

    The Council’s Budget was first proposed in December 2024.

    Since then, the Government has provided additional funding to local authorities, including a further £600,000 to assist in prevention of homelessness.

    As Oxford City Council had already budgeted to provide some support for homeless people, this has freed up funding that can be spent on other priorities.

    The changes to the Budget compared to the consultation Budget include:

    • £200,000 to pilot a new scheme to help people in supported accommodation
    • £310,000 for additional graffiti removal across Oxford
    • £157,000 for additional gritting of pavements and bike lanes
    • £170,000 to provide free leisure facilities in Blackbird Leys and £60,000 for a new play area in the city centre if a site can be found
    • £100,000 to replace outdoor gym equipment across Oxford
    • £316,000 to reverse planned cuts to ward member and community grants

    The Council also agreed £2.5m to help reopen passenger services on the Cowley Branch Line, and a further £1m to enhance the £8m redevelopment of the Covered Market.

    Oxford Model

    Oxford City Council owns two companies, ODS and OX Place, that generate income to help fund frontline services. This is known as the ‘Oxford Model’.

    ODS carries out street cleaning, bin collections and parks maintenance for Oxford residents, but also sells those services to businesses and institutions to generate income.

    OX Place’s main aim is to build new council homes for Oxford residents, but it also builds open market sale and shared ownership homes to generate income.

    The companies are expected to generate about £19m in dividends returns over the next four years.

    The ‘Oxford Model’ now represents 10% of the Council’s annual Budget. This compares to 26% for fees and charges, 20% for Council Tax, 15% for Business Rates and 15% for commercial rent. Government grants represent just 6% of the Council’s budget.

    Council Tax 

    Council Tax will increase by 2.99% in 2025/26.

    For a Band D Council Tax property, a 2.99% increase equates to £10.36 per year (or 20p a week), bringing a total charge of £356.72 per annum (or £6.86 per week) to fund Oxford City Council.

    Separate Council Tax precepts support Oxfordshire County Council, the Thames Valley Police and Crime Commissioner and the Parish Councils in Blackbird Leys, Old Marston, Littlemore and Risinghurst & Sandhills.

    Oxford City Council continues to provide a full discount on Council Tax for Oxford residents on the lowest incomes. It is one of relatively few councils across the UK to still do so.

    Second homes in Oxford will be charged double Council Tax from 2025.

    Comment

    “We’ve been listening: our residents’ survey said that people wanted their City Council to get the basics right, so we are stepping up spend on graffiti removal, pavement repairs and gritting, verge cutting, litter picking and free play provision.  We will build more than 1,500 new council homes to help local families in housing need.  We are going to retain our award-winning youth ambition service, grants to voluntary organisations and will build two new communty centres at East Oxford and Blackbird Leys.

    “This is in the context of a shortfall in government funding, but we have managed to avoid major cuts to frontline services by our ‘Oxford Model’, which uses income from our wholly owned companies, partnerships and commercial property to support the front line.”

    Councillor Ed Turner, Deputy Leader and Cabinet Member for Finance and Asset Management

    MIL OSI United Kingdom –

    February 14, 2025
  • MIL-OSI Asia-Pac: President Lai holds press conference following high-level national security meeting

    Source: Republic of China Taiwan

    Details
    2025-01-01
    President Lai delivers 2025 New Year’s Address
    On the morning of January 1, President Lai Ching-te delivered his 2025 New Year’s Address, titled “Bolstering National Strength through Democracy to Enter a New Global Landscape,” in the Reception Hall of the Presidential Office. President Lai stated that today’s Taiwan is receiving international recognition for its performance in many areas, among them democracy, technology, and economy. In this new year, he said, Taiwan must be united, and we must continue on the right course. The president expressed hope that everyone in the central and local governments, regardless of party, can work hard together, allowing Taiwan sure footing as it strides forward toward ever greater achievements.  President Lai emphasized that in 2025, we must keep firm on the path of democracy, continue to bolster our national strength, make Taiwan more economically resilient, enhance the resilience of supply chains for global democracies, and continue working toward a Balanced Taiwan and generational justice, ensuring that the fruits of our economic growth can be enjoyed by all our people. The president said that Taiwan will keep going strong, and we will keep walking tall as we enter the new global landscape. A translation of President Lai’s address follows: Today is the first day of 2025. With a new year comes new beginnings. I wish that Taiwan enjoys peace, prosperity, and success, and that our people lead happy lives. Taiwan truly finished 2024 strong. Though there were many challenges, there were also many triumphs. We withstood earthquakes and typhoons, and stood firm in the face of constant challenges posed by authoritarianism. We also shared glory as Taiwan won the Premier12 baseball championship, and now Taiwanese people around the world are all familiar with the gesture for Team Taiwan. At the Paris Olympics, Wang Chi-lin (王齊麟) and Lee Yang (李洋) clinched another gold in men’s doubles badminton. Lin Yu-ting (林郁婷) took home Taiwan’s first Olympic gold in boxing. At the International Junior Science Olympiad, every student in our delegation of six won a gold medal. And Yang Shuang-zi’s (楊双子) novel Taiwan Travelogue, translated into English by King Lin (金翎), became a United States National Book Award winner and a tour de force of Taiwan literature on the international level. Our heroes of Taiwan are defined by neither age nor discipline. They have taken home top prizes at international competitions and set new records. They tell Taiwan’s story through their outstanding performances, letting the world see the spirit and culture of Taiwan, and filling all our citizens with pride. My fellow citizens, we have stood together through thick and thin; we have shared our ups and downs. We have wept together, and we have laughed together. We are all one family, all members of Team Taiwan. I want to thank each of our citizens for their dedication, fueling Taiwan’s progress and bringing our nation glory. You have given Taiwan even greater strength to stand out on the global stage. In this new year, we must continue bringing Taiwan’s stories to the world, and make Taiwan’s successes a force for global progress. In 2025, the world will be entering a new landscape. Last year, over 70 countries held elections, and the will of the people has changed with the times. As many countries turn new pages politically, and in the midst of rapid international developments, Taiwan must continue marching forward with steady strides. First, we must keep firm on the path of democracy. Taiwan made it through a dark age of authoritarianism and has since become a glorious beacon of democracy in Asia. This was achieved through the sacrifices of our democratic forebears and the joint efforts of all our citizens. Democracy’s value to Taiwan lies not just in our free way of life, or in the force driving the diverse and vigorous growth of our society. Democracy is the brand that has earned us international trust in terms of diplomacy. No matter the threat or challenge Taiwan may face, democracy is Taiwan’s only path forward. We will not turn back. Domestic competition among political parties is a part of democracy. But domestic political disputes must be resolved democratically, within the constitutional system. This is the only way democracy can continue to grow. The Executive Yuan has the right to request a reconsideration of the controversial bills passed in the Legislative Yuan, giving it room for reexamination. Constitutional institutions can also lodge a petition for a constitutional interpretation, and through Constitutional Court adjudication, ensure a separation of powers, safeguard constitutional order, and gradually consolidate the constitutional system. The people also have the right of election, recall, initiative, and referendum, and can bring together even greater democratic power to show the true meaning of sovereignty in the hands of the people. In this new year, the changing international landscape will present democratic nations around the world with many grave challenges. Russia’s invasion of Ukraine and conflict between Israel and Hamas rage on, and we are seeing the continued convergence of authoritarian regimes including China, Russia, North Korea, and Iran, threatening the rules-based international order and severely affecting peace and stability in the Indo-Pacific region and the world at large. Peace and stability in the Taiwan Strait are essential components for global security and prosperity. Taiwan needs to prepare for danger in times of peace. We must continue increasing our national defense budget, bolster our national defense capabilities, and show our determination to protect our country. Everyone has a responsibility to safeguard Taiwan’s democracy and security. We must gather together every bit of strength we have to enhance whole-of-society defense resilience, and build capabilities to respond to major disasters and deter threats or encroachment. We must also strengthen communication with society to combat information and cognitive warfare, so that the populace rejects threats and enticements and jointly guards against malicious infiltration by external forces. Here at home, we must consolidate democracy with democracy. Internationally, we must make friends worldwide through democracy. This is how we will ensure security and peace. The more secure Taiwan, the more secure the world. The more resilient Taiwan, the sounder the defense of global democracy. The global democratic community should work even closer together to support the democratic umbrella as we seek ways to resolve the war in Ukraine and conflict between Israel and Hamas. Together, we must uphold stability in the Taiwan Strait and security in the Indo-Pacific, and achieve our goal of global peace. Second, we must continue to bolster our national strength, make Taiwan more economically resilient, and enhance the resilience of supply chains for global democracies. In the first half of 2024, growth in the Taiwan Stock Index was the highest in the world. Our economic growth rate for the year as a whole is expected to reach 4.2 percent, leading among the Four Asian Tigers. Domestic investment is soaring, having exceeded NT$5 trillion, and inflation is gradually stabilizing. Export orders from January to November totaled US$536.6 billion, up 3.7 percent from the same period in 2023. And compared over the same period, exports saw a 9.9 percent increase, reaching US$431.5 billion. Recent surveys also show that in 2024, the average increase in salaries at companies was higher than that in 2023. Additionally, over 90 percent of companies plan to raise salaries this year, which is an eight-year high. All signs indicate that Taiwan’s economic climate continues to recover, and that our economy is growing steadily. Our overall economic performance is impressive; still, we must continue to pay attention to the impact on Taiwan’s industries from the changing geopolitical landscape, uncertainties in the global economic environment, and dumping by the “red supply chain.”  For a nation, all sectors and professions are equally important; only when all our industries are strong can Taiwan be strong as a nation. Our micro-, small-, and medium-sized enterprises (MSMEs) are the lifeblood of Taiwan, and the development of our various industrial parks has given Taiwan the impetus for our prosperity. We must carry the spirit of “Made in Taiwan” forward, bringing it to ever greater heights. Thus, beyond just developing our high-tech industry, our Executive Yuan has already proposed a solution that will help traditional industries and MSMEs comprehensively adopt technology applications, engage in the digital and net-zero twin transition, and develop channels, all for better operational structures and higher productivity. Taiwan must continue enhancing its economic resilience. In recent years, Taiwan has significantly increased its investments in the US, Japan, Europe, and the New Southbound countries, and such investment has already surpassed investment in China. This indicates that our efforts in diversifying markets and reducing reliance on any single market are working. Moving forward, we must keep providing assistance so that Taiwan industries can expand their global presence and market internationally from a solid base here in Taiwan. At the same time, Taiwan must use democracy to promote economic growth with the rest of the world. We must leverage our strengths in the semiconductor and AI industries. We must link with democratic countries so that we can together enhance the resilience of supply chains for global democracies. And through international cooperation across many sectors, such as UAVs, low-orbit communications satellites, robots, military, security and surveillance, or biopharmaceuticals, renewable energy technology, new agriculture, and the circular economy, we must keep abreast of the latest cutting-edge technology and promote diverse development. This approach will help Taiwan remain a leader in advancing global democratic supply chains, ensuring their security and stability. Third, we must continue working toward a Balanced Taiwan and generational justice, ensuring that the fruits of our economic growth can be enjoyed by all our people. Democracy means the people have the final say. Our nation belongs to all 23 million of us, without regard for ethnic group, generation, political party, or whether we live in urban or rural areas. In this new year, we must continue to pursue policies that promote the well-being of the nation and the people. But to that end, the central government needs adequate financial resources to ensure that it can enact each of these measures. Therefore, I hope that the ruling and opposition parties can each soberly reconsider the amendments to the Act Governing the Allocation of Government Revenues and Expenditures and find a path forward that ensures the lasting peace and stability of our country. For nine consecutive years, the minimum wage has continued to rise. Effective today, the minimum monthly salary is being raised from NT$27,470 to NT$28,590, and the hourly salary from NT$183 to NT$190. We hope by raising the pay for military personnel, civil servants, and educators for two consecutive years, coupled with benefits through wage increases and tax reductions, that private businesses will also raise wages, allowing all our people to enjoy the fruits of our economic growth. I know that everyone wants to pay lower taxes and rent. This year, we will continue to promote tax reductions. For example, unmarried individuals with an annual income of NT$446,000 or less can be exempt from paying income tax. Dual-income families with an annual income of NT$892,000 or less and dual-income families with two children aged six or younger with an annual income of NT$1,461,000 or less are also exempt from paying income tax. Additionally, the number of rent-subsidized housing units will also be increased, from 500,000 to 750,000 units, helping lighten the load for everyone. This year, the age eligibility for claiming Culture Points has been lowered from 16 to 13 years, so that now young people aged between 13 and 22 can receive government support for experiencing more in the arts. Also, our Taiwan Global Pathfinders Initiative is about to take effect, which will help more young people in Taiwan realize their dreams by taking part in education and exchange activities in many places around the world. We are also in the process of establishing a sports ministry to help young athletes achieve their dreams on the field, court, and beyond. The ministry will also be active in developing various sports industries and bringing sports and athletics more into the lives of the people, making our people healthier as a result. This year, as Taiwan becomes a “super-aged society,” we will launch our Long-term Care 3.0 Plan to provide better all-around care for our seniors. And we will expand the scope of cancer screening eligibility and services, all aimed at creating a Healthy Taiwan. In addition, Taiwan will officially begin collecting fees for its carbon fee system today. This brings us closer in line with global practices and helps us along the path to our goal of net-zero emissions by 2050. We will also continue on the path to achieving a Balanced Taiwan. Last month, the Executive Yuan launched the Trillion NT Dollar Investment National Development Plan and its six major regional flagship projects. Both of these initiatives will continue to expand the investment in our public infrastructure and the development of local specialty industries, narrowing urban-rural and wealth gaps so that all our people can live and work in peace and happiness. My fellow citizens, today’s Taiwan is receiving international recognition for its performance in many areas, among them democracy, technology, and economy. This tells us that national development is moving in the right direction. In this new year, Taiwan must be united, and we must continue on the right course. We hope that everyone in the central and local governments, regardless of party, can work hard together to ensure that national policies are successfully implemented, with the people’s well-being as our top priority. This will allow Taiwan sure footing as it strides forward toward ever greater achievements. In this new year, we have many more brilliant stories of Taiwan to share with the world, inspiring all Taiwanese, both here and around the world, to cheer time and again for the glory of Taiwan. Taiwan will keep going strong. And we will keep walking tall as we enter the new global landscape. Thank you.

    Details
    2025-01-01
    President Lai delivers 2024 National Day Address
    President Lai Ching-te on the morning of October 10 attended the ROC’s 113th Double Tenth National Day Celebration in the plaza fronting the Presidential Office Building, and delivered an address titled “Taiwan Together for Our Shared Dream.” A translation of the president’s address follows: National Day Celebration Chairperson Han Kuo-yu (韓國瑜), Vice President Bi-khim Hsiao, Premier Cho Jung-tai (卓榮泰), Prime Minister of Tuvalu Feleti Teo and Madame Tausaga Teo, heads of delegations from diplomatic allies and friendly nations, distinguished guests from home and abroad, and my fellow citizens here in person and watching on TV or online: Good morning. Today, we gather together to celebrate the birthday of the Republic of China, praise the beautiful Taiwan of today, and usher in the better Taiwan for tomorrow. One hundred and thirteen years ago, a group of people full of ideals and aspirations rose in revolt and overthrew the imperial regime. Their dream was to establish a democratic republic of the people, to be governed by the people and for the people. Their ideal was to create a nation of freedom, equality, and benevolence. However, the dream of democracy was engulfed in the raging flames of war. The ideal of freedom had for long eroded under authoritarian rule. But we will never forget the Battle of Guningtou 75 years ago, or the August 23 Artillery Battle 66 years ago. Though we arrived on this land at different times and belonged to different communities, we defended Taiwan, Penghu, Kinmen, and Matsu. We defended the Republic of China. We will never forget the Kaohsiung Incident 45 years ago, or wave after wave of democracy movements. Again and again, people who carried the dream of democracy and the ideal of freedom, through valiant sacrifice and devotion, gave their lives to open the door to democracy. Over more than a century, the people’s desire to master their own destiny has finally been fulfilled. My fellow citizens, though the Republic of China was driven out of the international community, the people of Taiwan have never exiled themselves. On this land, the people of Taiwan toil and labor, but when our friends face natural disasters or an unprecedented pandemic, we do not hesitate to extend a helping hand. “Taiwan Can Help” is not just a slogan. It is a movement by the people of Taiwan to cherish peace and do good for others. In the past, our people, going out into the world equipped with only a briefcase, sparked Taiwan’s economic achievements. Now, Taiwan’s chip technology drives the whole world, and has become a global force for prosperity and development. The people of Taiwan are diverse, and they are fearless. Our own Nymphia Wind is a queen on the world stage. The people of Taiwan are truly courageous. Lin Yu-ting (林郁婷), a daughter of Taiwan, is a queen of the boxing world. At 17 years old, Taiwan’s own Tsai Yun-rong (蔡昀融) put steady hands to work and won first place for woodwork in a global skills competition. Chen Sz-yuan (陳思源), at 20, took first for refrigeration and air conditioning, using the skills passed down by his father. A new generation of “Made in Taiwan” youth is putting a new shine on an old label. I want to thank generation after generation of fellow citizens for coming together and staying together through thick and thin. The Republic of China has already put down roots in Taiwan, Penghu, Kinmen, and Matsu. And the Republic of China and the People’s Republic of China are not subordinate to each other. On this land, democracy and freedom are growing and thriving. The People’s Republic of China has no right to represent Taiwan. The 23 million people of Taiwan, now more than ever, must reach out our branches to embrace the future. My fellow citizens, we have overcome challenge after challenge. All along, the Republic of China has shown steadfast resolve; and all along, the people of Taiwan have shown unwavering tenacity. We fully understand that our views are not all the same, but we have always been willing to accept one another. We fully understand that we have differences in opinion, but we have always been willing to keep moving forward hand in hand. This is how the Republic of China Taiwan became what it is today. As president, my mission is to ensure that our nation endures and progresses, and to unite the 23 million people of Taiwan. I will also uphold the commitment to resist annexation or encroachment upon our sovereignty. It is also my mission to safeguard the lives and property of the public, firmly carry out our Four Pillars of Peace action plan, strengthen national defense, stand side by side with democratic countries, jointly demonstrate the strength of deterrence, and ensure peace through strength, so that all generations can lead good lives. All the more, my mission is to care for the lives and livelihoods of the 23 million people of Taiwan, actively develop our economy, and expand investment in social care. I must also ensure that the fruits of our economic growth can be enjoyed by all our people. However, Taiwan faces relentless challenges, and the world’s challenges are just as much our own. The world must achieve sustainable development as we grapple with global climate change. Sudden outbreaks of infectious diseases impact human lives and health around the globe. And expanding authoritarianism is posing a host of challenges to the rules-based international order, threatening our hard-won free and democratic way of life. For these reasons, I have established three committees at the Presidential Office: the National Climate Change Committee, the Healthy Taiwan Promotion Committee, and the Whole-of-Society Defense Resilience Committee. These committees are interrelated, and they are closely connected by the theme of national resilience. We intend to build up a more resilient Taiwan, proactively deal with challenges, and bring Taiwan into deeper cooperation with the international community. We must strengthen Taiwan’s ability to adapt to the risks associated with extreme weather, continue promoting our second energy transition, and ensure a stable power supply. We must steadily advance toward our goal of net-zero transition by 2050 through the development of more forms of green energy, deep energy saving, and advanced energy storage. In terms of health, we must effectively fight the spread of global infectious diseases, and raise the population’s average life expectancy while reducing time spent living with illness or disability. We must achieve health equality so that people are healthy, the nation is stronger, and so that the world embraces Taiwan. Finally, we must strengthen resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy. As the people of Taiwan become more united, our nation grows more stable. As our society becomes better prepared, our nation grows more secure, and there is also greater peace and stability in the Taiwan Strait. Taiwan is resolved in our commitment to upholding peace and stability in the Taiwan Strait and achieving global security and prosperity. We are willing to work with China on addressing climate change, combatting infectious diseases, and maintaining regional security to pursue peace and mutual prosperity for the well-being of the people on the two sides of the Taiwan Strait. For a long time now, countries around the world have supported China, invested in China, and assisted China in joining the World Trade Organization, thereby promoting China’s economic development and enhancing its national strength. This was done out of the hope that China would join the rest of the world in making global contributions, that internally it would place importance on the livelihoods of the people, and that externally it would maintain peace. As we stand here today, international tensions are on the rise, and each day countless innocents are suffering injuries or losing their lives in conflict. We hope that China will live up to the expectations of the international community, that it will apply its influence and work with other countries toward ending Russia’s invasion of Ukraine and conflicts in the Middle East. And we hope that it will take up its international responsibilities and, along with Taiwan, contribute to the peace, security, and prosperity of the region and the globe. In an era when the international landscape is becoming increasingly chaotic, Taiwan will become more calm, more confident, and stronger; it will become a force for regional peace, stability, and prosperity. I believe that a stronger democratic Taiwan is not only the ideal of our 23 million people, but also the expectation of the international community. We will continue to make Taiwan stronger and promote cross-sector economic development. Taiwan’s economic strength is no “miracle”; it is the result of the joint efforts of all the people of Taiwan. We must strive for an innovative economy, a balanced Taiwan, and inclusive growth; we must stay on top of changes in global trends, and continue to remain a key player in supply chains for global democracies. Going forward, in addition to our 5+2 innovative industries plan and Six Core Strategic Industries policy, we will more vigorously develop Taiwan’s Five Trusted Industry Sectors, namely semiconductors, AI, military, security and surveillance, and next-generation communications, and help expand their global presence. We will also promote the transformation and development of medium, small, and micro enterprises and help them develop their international markets. My fellow citizens, we will continue working to achieve a Taiwan that is balanced across all its regions. In the central government’s proposed general budget plan for next year, general grants for local governments and general centrally funded tax revenues increased significantly, by NT$89.5 billion, reaching a total of NT$724.1 billion, a record high. And our budget for flood control will be raised by NT$15.9 billion from this year, bringing the total to NT$55.1 billion. This will help municipalities across the country in addressing the challenges of extreme weather.  We will also expedite improvements to the safety of our national road network and create a human-friendly transportation environment. Furthermore, we will improve our mass rapid transit network and connect the greater Taipei area comprising Taipei, New Taipei, Keelung, and Taoyuan. We will roll out the new Silicon Valley plan for Taoyuan, Hsinchu, and Miaoli to form a central technology cluster connecting the north with the south and launch the Smart Technology Southern Industrial Ecosystem Development Plan. We will accelerate promotion of safety in our eastern transportation network so that locals can go home on safer roads. We will also enhance basic infrastructure in the outlying island areas to raise the quality of life for locals and increase their capacity for tourism. My fellow citizens, we must all the more ensure the well-being of our people across the generations. To our young parents, we will continue to promote version 2.0 of our national childcare policy for ages 0–6. We are going even further by already increasing childcare subsidies, and we will also enhance the quality of preschool services. Children are the future of our country, and the government has the responsibility to help take care of them. To our young students, we will continue to provide free tuition for students of high schools and vocational high schools, and we will also continue to subsidize tuition for students of private junior colleges, colleges, and universities. And we are taking that a step further by establishing the Ten-Billion-Dollar Youth Overseas Dream Fund. Young people have dreams, and the government has the responsibility to help youth realize those dreams. To our young adults and those in the prime of life, next year, the minimum wage will once again be raised, and the number of rent-subsidized housing units will be increased. We will expand investment in society and provide more support across life, work, housing, and health, and support for the young and old. Raising a family is hard work, and the government has a responsibility to help lighten the load. To our senior citizens all around Taiwan, next year, Taiwan will become a “super-aged society.” In advance, we will launch our Long-term Care 3.0 Plan and gradually implement the 888 Program for the prevention and treatment of chronic diseases. We will also establish a NT$10 billion fund for new cancer drugs and advance the Healthy Taiwan Cultivation Plan. We will build a stronger social safety net and provide enhanced care for the disadvantaged. And we will bring mental health support to people of all ages, including the young and middle-aged, to truly achieve care for all people of all ages throughout the whole of our society. I am deeply aware that what everyone cares about the most is the pressure of high housing prices, and that what they most detest is rampant fraud. I give the people my promise that our administration will not shirk these issues; even if it offends certain groups, we will address them no matter the price. We will redouble our efforts to combat fraud and fight housing speculation. We will expand care for renters and strike a balance with the needs of people looking to change homes. We will walk together, continuing down the path toward achieving housing justice. We have with us today former President Chen Shui-bian, former President Tsai Ing-wen, and leaders from different political parties. I want to thank all of you for attending. Your presence represents the strength our nation has built up over generations, as well as the values and significance of Taiwan’s diverse democracy. Our nation must become more united, and our society must grow more stable. I also want to thank Legislative Yuan President Han and Premier Cho for recently initiating cooperation among the ruling and opposition parties to facilitate discussion among the ruling and opposition party caucuses. In democratic countries, political parties internally promote the nation’s progress through competition, and externally they unite to work toward achieving national interests. No matter our political party, no matter our political stances, national interests come before the interests of parties, and the interests of parties can never take precedence over the interests of the people. And this is precisely the spirit upheld by those who sacrificed, who gave everything they had, in order to establish the Republic of China. This is the lesson we take from our predecessors who, generation upon generation, overcame authoritarianism, and sacrificed and devoted themselves to the pursuit of democracy. That is precisely why, regardless of party affiliation or regardless of our differences, we are gathered here today. Regardless of what name we choose to call our nation – the Republic of China; Taiwan; or the Republic of China Taiwan – we must all share common convictions: Our determination to defend our national sovereignty remains unchanged. Our efforts to maintain the status quo of peace and stability in the Taiwan Strait remain unchanged. Our commitment to hoping for parity and dignity, and healthy and orderly dialogue and exchanges between the two sides of the strait remains unchanged. Our determination, from one generation to the next, to protect our free and democratic way of life remains unchanged. I believe this is the dream that Taiwan’s 23 million people all share; it is also the shared ideal that Taiwanese society and the international community hold. The stronger the commitment of the Taiwanese people, the greater the tenacity of democracy around the world. The greater the tenacity of the Taiwanese people, the stronger the commitment of democracy around the world. Let’s keep going, Republic of China! Let’s keep going, Taiwan! Regardless of our differences, let’s keep going forward! Thank you.

    Details
    2025-01-01
    President Lai’s remarks on legislative amendments
    On the morning of June 24, President Lai Ching-te delivered his remarks on recent legislative amendments. In remarks, President Lai emphasized opposition to an expansion of legislative power, not legislative reforms, and said that the legislature should naturally engage in reforms, but refrain from an excessive expansion of power, adding that any proposal for legislative reform should remain legal and constitutional. Particularly, the president said, the investigative powers of the Legislative Yuan should not infringe upon the powers of the judiciary or the Control Yuan, and more importantly, they must not infringe upon people’s basic rights, including the right to privacy, trade secrets, and the freedom to withhold expression. Therefore, on the basis of safeguarding the constitutional order and protecting the rights of the people, the president stated that he will petition the Constitutional Court for a constitutional interpretation, as well as petition for a preliminary injunction. Emphasizing that the president’s role is as a guardian of democratic and constitutional governance, President Lai said that given that there are concerns about the recent amendments being unconstitutional, concerns that they confound constitutional provisions on the separation of powers and those on checks and balances, it is incumbent upon him to perform his duties as president and take action. Today, he said, he has decided to petition the Constitutional Court for a constitutional interpretation to rule on the constitutionality and legitimacy of the recent amendments. Stating that this approach is responsible to our nation and to our history and actually reflects the expectations of the people, the president expressed his hope that all of our fellow citizens can work together to safeguard our constitutional system and more deeply entrench our democracy, allowing for the sustainable development of Taiwan’s democracy. A translation of President Lai’s remarks follows: One month ago, I was sworn in as president, taking an oath before the people to observe the Constitution and faithfully perform my duties. Therefore, following the legislature’s passing of amendments to the Law Governing the Legislative Yuan’s Power and to the Criminal Code, earlier this morning, I signed these amendments into law in accordance with the Constitution, and will promulgate the bills today. However, aside from the deliberative process over the amendments raising pronounced concerns from the public, the contents of the bills also risk compromising the constitutional principle of separation of powers, as well as that of checks and balances. A moment ago, Attorney Hong Wei-sheng (洪偉勝) explained our reasons for seeking to petition for a constitutional interpretation. I would like to share with our fellow citizens that it is the responsibility and mission of the president to safeguard our free and democratic constitutional system and protect the rights of the people. In a free and democratic constitutional system, core principles include separation of powers, checks and balances, and the protection of human rights. Separation of powers should be based on the Constitution, with the branches working independently while respecting one another. Regarding checks and balances, branches should function according to their institutional design to ensure constitutionally responsible government. Therefore, I must emphasize that we are opposing an expansion of legislative power, not legislative reforms. The legislature should naturally engage in reforms, but refrain from an excessive expansion of power. Any proposal for legislative reform should remain legal and constitutional. Particularly, the investigative powers of the Legislative Yuan should not infringe upon the powers of the judiciary or the Control Yuan. More importantly, they must not infringe upon people’s basic rights, including the right to privacy, trade secrets, and the freedom to withhold expression. Therefore, on the basis of safeguarding the constitutional order and protecting the rights of the people, I will petition the Constitutional Court for a constitutional interpretation, as well as petition for a preliminary injunction. On the issue of the president giving an address on the state of the nation at the Legislative Yuan, there are already existing regulations in place in the Constitution and the Law Governing the Legislative Yuan’s Power. During legislative sessions, the legislature may invite the president to give a state of the nation address on national security and major policies. I have previously said that on the condition of legal and constitutional procedures, I am willing to deliver a state of the nation address at the Legislative Yuan. However, recent amendments passed by the legislature redefine the president’s address on the state of the nation as compulsory and require that the address be followed with an on-the-spot question and answer session, in an attempt to change the design of responsible government in the Constitution. This disrupts the institution of the Executive Yuan being responsible to the Legislative Yuan, leading to concerns about an overreaching expansion of the power originally bestowed to legislators by the Constitution. As president, I will not impose my personal opinions on the constitutional order; nor will I place my personal interests before national interests. As a physician, I deeply understand that any diagnosis should be made with care. When performing organ transplants, the physician must carefully evaluate and match various attributes, such as blood type, physical constitution, and other conditions. The same principles for treating illness hold true for governing a country. Institutional or legal transplants performed in the absence of careful evaluation or discussion could lead to negative outcomes for the nation’s constitutional governance and the protection of the people’s rights. We must address these issues seriously. Every law has far-reaching impact on our nation, our society, and the next generation. The president’s role is as a guardian of democratic and constitutional governance. Given that there are concerns about the recent amendments being unconstitutional, concerns that they confound constitutional provisions on the separation of powers and those on checks and balances, it is incumbent upon me to perform my duties as president and take action. Today, I have decided to petition the Constitutional Court for a constitutional interpretation to rule on the constitutionality and legitimacy of the recent amendments. This approach is responsible to our nation and to our history and actually reflects the expectations of the people. The Constitution stands as the supreme legal basis of our nation, and the Constitutional Court is the highest judicial organ that works to maintain the constitutional order and protect the rights of citizens. As to the interpretation, ruling and opposition parties must respect and accept the results, no matter what they turn out to be. And we also hope that the public will be able to support the results. In the coming days, as this process of constitutional interpretation unfolds, there will be much discussion and debate among the public. I am confident that this will be a reaffirmation, by Taiwanese society, of our democratic and constitutional governance, and that it will make our democratic society even more mature. For democracy to be even more deeply entrenched, it needs defending, and it needs dialogue. And the historic moment to defend the constitutional structure of free democracy is now. I hope that all of my fellow citizens can work together to safeguard our constitutional system and more deeply entrench our democracy, allowing for the sustainable development of Taiwan’s democracy. Thank you. Also in attendance were Secretary-General to the President Pan Men-an (潘孟安), Deputy Secretary-General to the President Xavier Chang (張惇涵), and agent ad litem Attorney Hong.

    Details
    2025-01-01
    President Lai holds press conference to mark first month in office
    On the morning of June 19, President Lai Ching-te held a press conference marking his first month in office titled “Building Trust through Policy Initiatives: A New Taiwan for an Era of Innovation” to announce the establishment of three committees at the Presidential Office: the National Climate Change Committee, Whole-of-Society Defense Resilience Committee, and Healthy Taiwan Promotion Committee. In remarks, President Lai noted that the goal of the committees is to develop national strategies, engage in dialogue with civil society, deepen cooperation with the international community, and take action for Taiwan’s future. President Lai said he believes that as we actively pursue the transition to net-zero emissions by 2050 and participate in global security cooperation, our people will be healthier and our nation stronger, emphasizing that as Taiwan embraces the world, the world also embraces Taiwan. He stated that we are determined and confident as we guide our nation toward a better future, making the Taiwan of the world an even better place that will continue to contribute to the global community. A translation of President Lai’s remarks follows: As I am about to reach a full month in office as president, I am here today to announce the establishment of three committees at the Presidential Office. The goal of these committees is to develop national strategies, engage in dialogue with civil society, deepen cooperation with the international community, and take action for Taiwan’s future. Taiwan occupies a strategic position on one of the world’s busiest shipping lanes; we play a crucial role on the frontline of the democratic world; our advanced supply chains hold the key to the next generation of technological development. The Taiwan of today is a Taiwan of the world. Anything that happens to Taiwan could send ripples through the entire globe. Therefore, Taiwan’s issues are international issues, and international issues are Taiwan’s issues. Today, climate change, social resilience, and the promotion of health are three major issues that receive international attention; they also create the largest impact on our citizens. In response to these challenges, as well as for further cooperation with other countries, I have decided to establish three committees at the Presidential Office, with myself as the convenor. These committees aim to consolidate forces from government and civil society, to provide effective solutions for our country and for the world. First of all, the impact of climate change and extreme weather events is definitely the largest challenge that humanity faces. In 2022, an annual report from the United Nations pointed out that without proactive measures, average surface temperatures could rise by 2.8 degrees Celsius before the end of the century. And in 2023, we already witnessed the hottest summer in recorded history. The UN has warned that the issue is not only global warming, but that we have rather already entered an era of global boiling. The World Meteorological Organization has also recorded that Asia is a region heavily struck by climate-related disasters. We must face the pressing problems of climate breakdown, and the nations of the world must work together. In response to global climate change, we must address these issues faster, stronger, and more proactively.  Whether it is neighboring Japan or Korea, or other advanced democracies such as the United States, many countries have established agencies to address climate change at the level of the president or prime minister, with the goal of adopting proactive measures. Therefore, I will establish a National Climate Change Committee, with Executive Yuan Vice President Cheng Li-chiun (鄭麗君), Academia Sinica President James C. Liao (廖俊智), and Pegatron Corporation Chairman Tung Tzu-hsien (童子賢) as deputy convenors. The committee will promote climate governance from a national perspective and further transnational cooperation. Taiwan must not only continue to promote energy transition, but also put into practice the twin green and digital transition, as well as a just transition. We aim to realize a net-zero pathway, build a sustainable green lifestyle and green finance, and enhance environmental resilience to foster a sustainable homeland. I must also emphasize that transition to net-zero emissions by 2050 is no longer just an idealistic proposal, but an inevitable future. This path is extremely challenging, so we must face reality and rally the entire nation to strive together. We need a more comprehensive strategy to guide businesses and the public, implementing changes in energy, industry, finance, and daily life. Secondly, in the face of severe disasters caused by earthquakes and climate change, Taiwan must accelerate its efforts to strengthen the resilience of our entire society. The world is watching how Taiwan can demonstrate strong resilience in defending itself and deter the ambitions that seek to disrupt regional peace and stability. Only when our entire society possesses a strong will for self-defense and an unwavering confidence in ourselves can Taiwan effectively respond to various disasters and risks and grow stronger. Just days ago, the G7 leaders issued a communiqué, reaffirming that “maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity.” This means that as the resilience of Taiwanese society is strengthened, Taiwan’s security is enhanced; and as Taiwan’s security is strengthened, we also enhance global security and prosperity. Therefore, I will establish the Whole-of-Society Defense Resilience Committee, with Vice President Bi-khim Hsiao, Secretary-General to the President Pan Men-an (潘孟安), and National Security Council (NSC) Secretary-General Joseph Wu (吳釗燮) serving as deputy conveners. By thinking ahead and being prepared, we aim to make Taiwan stronger and instill greater confidence in our people. In times of national emergency or natural disaster, both the government and society will be able to maintain normal operations. We need to expand the training and utilization of civilian forces, enhance material preparation and critical supply distribution systems, and strengthen energy and critical infrastructure security. We must improve social welfare and medical networks, as well as evacuation facilities, ensuring the safety of information, transportation, and financial networks. We need to conduct a comprehensive review and propose solutions to problems, strengthening our resilience in national defense, economic livelihoods, disaster prevention, and democracy. Our goal is to build a stronger and more robust democratic society where we not only safeguard national security, but also maintain regional peace and stability. Finally, I will establish the Healthy Taiwan Promotion Committee to address the challenges of the post-pandemic era. In recent years, major challenges threatening our citizens include antibiotic-resistant superbugs, transnational diseases of unknown origin, and cancer, which is the leading cause of death among the Taiwanese population. Our vision for creating a Healthy Taiwan is to enable people to live long and healthy lives. Dr. Chen Jyh-hong (陳志鴻), convener of the Healthy Taiwan Promotion Alliance, President Wong Chi-huey (翁啟惠) of the Institute for Biotechnology and Medicine Industry, and Minister without Portfolio Chen Shih-chung (陳時中) of the Executive Yuan will serve as deputy conveners for the Healthy Taiwan Promotion Committee. We aim to advance the Healthy Taiwan Cultivation Plan through a health charter. We will improve the employment environment to attract and retain talent. We will optimize the National Health Insurance system for sustainable operation. We are committed to promoting holistic healthcare models and accelerating the application of smart healthcare technologies. Furthermore, we will establish a NT$10 billion fund for new cancer drugs, fully advancing our national plan for cancer prevention and treatment. I have never forgotten my mission as a doctor. I hope to gradually build a Taiwan where the number of years that people live with illness or disability is reduced, and that spent in health is increased. In the future, we must take action to promote healthy living for all, enhance lifelong care, and align Taiwan with sustainable health development around the globe. We must also look toward international cooperation to foster global solidarity in the post-pandemic era. These three committees not only signify unity and collaboration within the current administration and across ministries, but also embody a spirit of interdepartmental, cross-disciplinary, and public-private sector cooperation. These three committees will convene quarterly meetings. We will establish efficient communication platforms to foster social consensus and actively translate our goals into action. By harnessing the strengths of industry, government, academia, research institutions, and civil society sectors, we can effectively address global issues, making Taiwan’s strategies a global solution. In today’s interconnected world, every step Taiwan takes forward is a step forward for the world. Taiwan has capability, technology, and experience to share with the global community. According to last year’s rankings from the Economist Intelligence Unit and this year’s report from the Centre for Asian Philanthropy and Society, Taiwan is recognized as the most democratic and charitable country in Asia. Our achievements in democracy and our actions as a force for good have received international recognition. I believe that as we actively pursue the transition to net-zero emissions by 2050 and participate in global security cooperation, our people will be healthier and our nation stronger. As Taiwan embraces the world, the world also embraces Taiwan. I also want to emphasize that addressing these global issues and challenges requires significant effort and long-term investment of resources to yield results. If we do not start taking action today, we will fall behind tomorrow. So, the time for action is now. Today, the government shoulders its responsibility and leads by example. We are determined and confident as we guide our nation toward a better future, making the Taiwan of the world an even better place that will continue to contribute to the global community. Thank you. Also in attendance were Vice President Hsiao, Secretary-General Pan, NSC Secretary-General Wu, and Deputy Secretary-General to the President Xavier Chang (張惇涵).

    Details
    2025-01-01
    President Lai interviewed by Time magazine
    In a recent interview with Time magazine, President Lai Ching-te responded to questions regarding diplomacy, cross-strait relations, the semiconductor industry, and Taiwan’s domestic economic development. Following is the text of the questions and the president’s responses: Q: Thank you so much for sparing us the time today and congratulations on your election victory. How are you settling into the new job? I know you’ve just moved one level down from where you were previously, but I hope that your access to bubble tea has not been adversely impacted by the new job. President Lai: My interest in bubble tea has not changed. The transition into my new job has also been steady, having just moved from the fourth to the third floor. I had previously served as a legislator, premier, and was vice president for four years, so I have a clear understanding about national policies and the direction of former President Tsai Ing-wen’s past governance. So far, it has been very smooth. Thank you. Q: Obviously you’ve had four months now since your election victory to prepare for this role. How have you spent that time and what advice has [former] President Tsai given you about taking the most important job in Taiwan? President Lai: Over the past four months, the most important task was the transition process with former President Tsai. This included foreign affairs, national defense, cross-strait affairs, and key domestic issues. Some of this took place in meetings at the Presidential Office and some at military facilities and different government agencies. I also worked to assemble a cabinet, inviting Cho Jung-tai (卓榮泰) to be premier. Cheng Li-chiun (鄭麗君) was invited to serve as vice premier, and former National Development Council Minister Kung Ming-hsin (龔明鑫) as secretary-general of the Executive Yuan. Premier Cho has invited people based on talent across political affiliations to form the cabinet. So far, the public response has been positive. As for advice and encouragement from former President Tsai, she emphasized to me that the president’s job is to safeguard the country and uphold the constitutional system of freedom and democracy. Second, we must listen to public opinion and take care of the people. Third, faced with difficult challenges, we should collectively discuss a course of action forward. This way there will be less headwind. Q: Speaking of headwinds, it was just 48 hours after your election victory that Beijing announced that one of Taiwan’s diplomatic allies, Nauru, was now going to switch recognition to Beijing. This seems to be quite a clear signal to you before you’d even stepped into office or made any policy decisions or anything. How concerned are you by Taiwan’s dwindling recognition on the world stage? President Lai: We cooperate with our diplomatic allies in a sincere way, holding to the principles of mutual benefit and reciprocity. We cherish our friendships with our diplomatic allies and thank them for voicing support for Taiwan in the international community, as well as creating greater international space for us. We also greatly value the cooperation projects we have with our diplomatic allies because these help the people of both countries. Taiwan has always held firm to these principles, regardless of which political party is in power. In the case that our diplomatic allies decide to switch allegiances to the People’s Republic of China (PRC), while we wish them well, such harmful actions by the PRC will not affect Taiwan’s status as a beacon of freedom and a bastion of democracy in the world. So, [on this issue of recognition], we are not deeply worried. Q: You chose and invited Bi-khim Hsiao to be your vice president and she left Washington, DC, where she was serving as your de facto ambassador to the US. Does that signify that US-Taiwan relations are going to take on newfound importance for your administration? President Lai: During Vice President Hsiao’s term as ambassador to the United States, she performed exceedingly well. Taiwanese society has recognized her as amongst the very best within our ambassadors to the US. The international community, including the US, has also recognized her outstanding performance. Now as vice president, she can support the new administration in furthering trusted channels with the US, which will help advance our bilateral cooperation. With Bi-khim’s support, we will engage in more substantive cooperation on national security and defense, the economy, and other substantive exchanges. I trust that we will make much progress, as Bi-khim has been instrumental in bridging Taiwan together with the US. Q: In your inauguration speech, you called for resumption of cross-strait dialogue, trade, and educational exchanges but caveated that on dignity and equivalence. What exactly do you mean by dignity and equivalence with the PRC? President Lai: First, the PRC should recognize that the Republic of China (ROC) exists. They should be sincere in building exchanges and cooperation with the popularly elected and legitimate government of Taiwan. Second, each issue should be mutually beneficial and reciprocal. For example, if Taiwan allows tourists to go to China, they should allow tourists to visit Taiwan. And if we let our students go to China, their students should be allowed to come here. Third, as we conduct exchanges and cooperate with each other, we should share a common conviction to enhance the well-being of people on the two sides of the Taiwan Strait, working toward an objective of peace and mutual prosperity. Q: Also, in your speech, you said that the ROC and the PRC are not subservient to each other. That obviously provoked a reaction from Beijing. We saw the military drills but also some of your political opponents here have said that this undermines the strategic ambiguity which has been the bedrock of peace and stability. How do you counter that? Do you think that you were unnecessarily provocative in hindsight? President Lai: What I said was the truth. Moreover, I was not the first person to express this truth. My intention was not to provoke. During her 2021 National Day Address, former President Tsai said as part of her Four Commitments that the ROC and PRC should not be subordinate to each other. Former President Ma Ying-jeou had also once said the ROC is a sovereign and independent state and that neither side of the strait is subordinate to the other. Third, I stated this in accordance with Articles 2 and 3 of the ROC Constitution, given that in Taiwan we have had our own citizens, land, sovereignty, and government for decades. According to international law, we are already a sovereign and independent country. My goal is to bring the people of Taiwan together. Q: In April, US Secretary of State Antony Blinken traveled to Beijing and met with Xi Jinping. From diplomatic sources, he became quite animated when discussing the status of Taiwan and US support for Taiwan. Do you worry that President Xi is becoming emboldened and impatient about resolving the so-called Taiwan issue? President Lai: Peace and stability across the Taiwan Strait are indispensable elements of global peace and prosperity. In my inaugural address, I told the international community that I would uphold former President Tsai’s Four Commitments. We will neither yield nor provoke. We will maintain the status quo and fulfill our responsibilities. I also urge President Xi to understand that conflict in the Taiwan Strait and disruptions to peace and stability in the Indo-Pacific region will not be accepted by the international community. I invite President Xi to jointly shoulder with us the responsibility of maintaining peace and stability, building regional prosperity, and advancing world peace. Q: Since we last spoke, China’s economic problems continue to mount. Do you feel that this makes Taiwan more vulnerable, or is this an opportunity for further engagement for mutual benefit? President Lai: I have always believed that a stable China leads to a safer Taiwan. A prosperous Taiwan can also bring about progress in China. Therefore, I do not wish to see growing difficulties in China’s economy or its society become more unstable. Indeed, economic relations between Taiwan and China are the result of divisions of labor within global supply chains. In the past, China was the world’s factory as well as the world’s market. Many countries, including Taiwan, invested in manufacturing in China and sold products manufactured at home via China to the entire world. But today things have changed because China’s business environment has worsened. China has placed ever stricter controls on the free market. They have adopted a policy of placing state-owned businesses first, at the expense of the private sector. China’s intellectual property rights protection has also long fallen short of international expectations. In addition, China’s military expansionism in the East and South China Seas has impacted regional peace and stability. This is why capital investment from Taiwan and other countries is no longer heading to China at the pace it was in the past. Taiwanese companies have pulled out of China’s manufacturing sector en masse, favoring countries in the Indo-Pacific – including Japan – the US, and Europe. In 2010, investments in China accounted for 83.8 percent of Taiwan’s total foreign investment, meaning that for every NT$100, NT$83.8 was invested in China. During the same period of time, over half of Taiwan’s foreign trade was dependent on China. Parts and equipment produced in Taiwan were sent to China for assembly or used in the production of other goods, and then the finished products were sold internationally. Last year, investment in China accounted for only 11.4 percent of Taiwan’s total foreign investment, dropping from 83.8 percent. Taiwan’s foreign trade with China also fell from its previous high of over 50 percent, totaling 35.5 percent in 2023. Despite this, Taiwan’s economic growth rate has averaged 3.15 percent over the past eight years – ranking first among the Four Asian Tigers. During former President Tsai’s eight-year term, the stock market grew by 155.5 percent and its value increased 1.8-fold. When former President Tsai first assumed office, the stock market was a little over 8,000 points; it has now surpassed 20,000 points. In other words, even as China’s economy has continued to decline, Taiwan’s economy has continued to grow and has not been affected by China. Taiwan’s new government is willing to assist China and advance peace and prosperity across the Taiwan Strait. Q: Obviously Taiwan is central to global supply chains when it comes to semiconductors, producing 90 percent of the most advanced chips, but US export restrictions are preventing those chips from going to China. You mentioned that Taiwanese investment in China is plummeting. At the same time, Taiwan companies like TSMC are benefiting from billions of dollars from the US Chips Act. Do you fear that key players in Taiwan’s business industrial base moving closer to the US and being kept apart from China is increasing the risk of conflict? President Lai: In this era of smart technologies, semiconductors have become crucial industrial products. In the future, if all aspects of life – including food, clothing, housing, and transportation – are to be technologically advanced and intelligent, semiconductors will be indispensable. The industry runs on a global division of labor. From research and development, design, manufacturing, raw materials, and equipment, it is a worldwide industrial chain. Taiwan is involved in integrated circuit design, wafer manufacturing, and end-of-line packaging and testing, but raw materials are distributed across other countries. For example, components, equipment, and technology are sourced from the US, Japan, and the Netherlands. As we can see, this is an industry with a global division of labor. Although Taiwan has an advantage in the semiconductor industry, Taiwan also has a responsibility to promote global prosperity and development. Consequently, if semiconductor companies, including Taiwan Semiconductor Manufacturing Company (TSMC), decide to expand in the US, Japan, Europe, or other countries consistent with their own business interests, the government will respect their decisions. Geopolitical changes will continue to impact the distribution of semiconductor companies. Given that the restructuring of global supply chains is not specific to any single country, I do not believe that this will increase the risk of conflict. Q: Your only trip to China was in 2014 when you were serving as mayor of Tainan. I understand that you had some quite open and frank discussions with students in Shanghai about Taiwanese aspirations for independence. What did you learn from that interaction? President Lai: In 2014, I visited Shanghai because the Tainan City government organized a traveling art exhibition to commemorate the 120th anniversary of Chen Cheng-po’s (陳澄波) birth. During my interactions with the Shanghai municipal government and Fudan University, I made it clear that the two sides of the Taiwan Strait should seek common ground and set aside differences. Through exchanges and cooperation, we should promote mutual understanding, empathy, reconciliation, and peaceful development. Q: You won the election with over 40 percent of the vote, but the DPP lost control of the legislature, and so you need to work across the aisle with opposition parties to get your domestic agenda across. It’s not been a very harmonious time in the Legislative Yuan at the moment. We’ve seen brawls and a lot of sniping over the new bill to increase scrutiny of the executive branch. How confident are you that you can overcome these differences to have a constructive relationship with the opposition parties? President Lai: I remain fully confident about the future development of Taiwan. This is because of our democracy. After decades of collective effort, as well as the numerous sacrifices and contributions of many people, the vitality and values of democracy are deeply imbued within the Taiwanese people. These democratic values are an important foundation as I promote future national policy priorities. In my inaugural address, I mentioned that a divided legislature is the will of the people. This provides an opportunity for each party to share their ideas and jointly bear the responsibility of serving the nation. At the same time, if any one party does not live up to public expectations, I trust that people will respond accordingly so that the country can still move forward. In my address, I also pointed out that Taiwan will continue to move in the direction of democracy, peace, and prosperity, linking us with the international community. I will pursue policies that further entrench Taiwan’s democracy, maintain regional peace, and allow Taiwan to engage with the international community to enhance global prosperity and development. This roadmap will benefit both our country and its people. I do not think opposition parties will strongly oppose bills related to this roadmap. Q: Some of your DPP colleagues have pointed out that 17 KMT lawmakers went to China recently and met with Wang Huning, and they have openly accused the KMT of being a fifth column for the CCP in trying to disrupt your administration. Is that an opinion that you share? President Lai: In a democratic society, the interests of the people should take precedent; this is the principle of democracy at work. As a result, political parties should put national interests above their own – that is their sacred duty . As Taiwan faces different forms of pressure from China, everybody, regardless of party affiliation, should put the people first and prioritize national interests. They should not let themselves be influenced by any authoritarian country. Q: The CCP has refused to engage with your administration or the DPP. Is it beneficial for the KMT to have trips to China and engagements with China, whether it’s Ma Ying-jeou on an unofficial basis or KMT lawmakers? President Lai: The people of Taiwan and all political parties – regardless of affiliation – should recognize and respond to the fact that China’s ambition to annex Taiwan is part of their national policy. Only by coming together domestically and strengthening our global linkages can we maintain our sovereignty, freedom, and democratic way of life. By doing so, we will have the capacity and opportunity to determine our own future. No political party should sacrifice national sovereignty for political gain. Q: Following the devastating Hualien earthquake just a month ago, China offered to send aid to Taiwan but was rebuffed. You hadn’t taken office at that point. But do you feel that was the right decision? Do you think it could have been an opportunity to mend bridges across the strait? President Lai: Taiwan very much cherishes the expressions of concern and support we received from the global community. International assistance creates a positive feedback loop that helps us come together in times of need. This helps support global development and stability. With this being said, at the time, China had offered 100 prefabricated homes, which was not what the people affected by the Hualien earthquake required. When central Taiwan was struck by a major earthquake on September 21, 1999, the government had provided such homes to alleviate housing shortages at the time. However, over the past 20 or 30 years, Taiwan has accumulated greater experience and capacity for search and rescue and post-disaster reconstruction. We have moved past the period of requiring prefabricated housing. Today, if a home is made unsafe by an earthquake, a red notice will be attached to the structure. We will consequently provide financial support for both the property and its reconstruction. If people need to live in a hotel or guesthouse, stay with a relative, or rent a place to stay, these costs will also be subsidized until the home has been rebuilt. Therefore, we did not require prefabricated homes. People living in hotels or guesthouses also supported the tourism industry, which was affected by a large drop in visitors following the earthquake. Q: Some in the opposition want to restart negotiations for the cross-strait service trade agreement for close economic integration with China. Why do you oppose such a move?  President Lai: In short, the time for this has long passed. As I said, many Taiwanese businesses have left China. Looking ahead, we can see substantive differences opening up between Taiwan’s economy and China’s present economic structure. If the cross-strait service trade agreement were passed, Chinese business owners could come to Taiwan and set up shop with as little as NT$6 million dollars. And it is not just a matter of the owners – they could also bring employees over. This would greatly affect Taiwan’s local economy. Q: Beijing is aggressively courting the Global South to back its claim over Taiwan with 28 nations, according to recent reporting, firmly supporting China’s push for reunification. How important is it to win the argument over Taiwan’s right for autonomy amongst the international community, especially those of the Global South? President Lai: I hope that all countries will respect the choice of Taiwan’s people. The will of the people should not be subject to decisions made by a majority or show of hands [in international fora]. Neither should our people be threatened by violence or the threat of war. China is presently engaged in lawfare, which is affecting support for Taiwan internationally. While Taiwan will do its best to speak up for our own rights and interests, I hope that the international community will also continue to assist, understand, and support Taiwan. This is because if China’s attempts at lawfare were to succeed, this would affect Taiwan’s global backing, be it in times of peace or war. Q: Domestically in Taiwan, a lot of Taiwan people are struggling with a growing but slow economy, rising prices, and stagnated wages. What is your plan to try to help the average Taiwanese person? President Lai: I have been deeply focused on supporting the salaries and lives of our grassroots workers. I also prioritize reducing the gap between the rich and poor, as well as efforts to give our young people a brighter future. I will faithfully implement the Minimum Wage Act that was passed under former President Tsai. With this act, minimum wage increases will be based on how the GDP or prices increase. More importantly, we must help our industries upgrade and our economy transform. In my inaugural address, I said that economic development will take a threefold approach. First, we will have a clear view for a smart, sustainable future. In other words, we must use technology to address climate change and respond to the global era of smart technologies. We will have an innovative economy and create a new Taiwan that is both smart and sustainable. Second, we will expand the space industry, exploring the future by developing medium- and low-orbit communications satellites and drones. We will also use our strengths as a maritime nation to explore the ocean, helping related industries grow and develop in many directions. Third, we will help our enterprises expand their presence and markets internationally. We will improve Taiwan’s investment environment and take care of our small- and medium-sized enterprises while helping our industries in their global reach. This will grow Taiwan’s economy, leading to development and creating an environment conducive to higher wages. During my election campaign, I put forward a National Project of Hope. With this, we will invest more in our society, take better care of both young and elderly people, as well as all those who need care. We will close the wealth gap, while supporting the people’s welfare and the future of our young people. Q: President Lai, thank you. You’ve been very generous with your time. But just to end off, we spoke before how you grew up in Wanli in a poor family and your father died when you were very young. You worked very hard to become a doctor and your mother wasn’t very keen about you taking a diversion route into politics. Now you’ve reached the very top of the political ladder in Taiwan, do you think that your mother would be proud, that she would have forgiven you for defying her? President Lai: My mother was just an ordinary person and, like many mothers in Taiwan’s society at that time, worked hard, took care of her family, and hoped that her children would grow up safe and sound. What probably mattered most to my mother was that I was safe and healthy. It did not matter to her whether I became a politician or not, just as I had no expectation that one day I would sit here in the Presidential Office. In fact, when I was little, I hoped to become a doctor so as to take care of the sick, relieve suffering, and save lives. But during the process of Taiwan’s democratization, many young people devoted themselves to politics, including myself. I had no idea that I would continue down this path, much less be here today. My mother told me that if people support me, then I should run for election; if not, then I should continue as a doctor. In other words, my mother felt that I probably would not pursue politics for very long. We were from the countryside and did not come from a political family. However, I attribute my success to Taiwan’s democratization. If it were not for the sacrifices, contributions, and achievements of countless individuals up until now, I could not have been afforded the opportunity to sit here. My responsibility is to further deepen Taiwan’s democracy and enable hardworking people from all walks of life to realize their ideals and contribute to our country.

    Details
    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News –

    February 14, 2025
  • MIL-OSI Russia: The Polytechnic discussed the efficient organization of taxi services in St. Petersburg

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Institute of Industrial Management, Economics and Trade held a seminar on “Efficient Organization of Passenger and Luggage Transportation by Light Taxi in St. Petersburg.” More than 100 industry representatives, employees and students of the Polytechnic University took part in it.

    The seminar was organized as part of the development of cooperation between the Higher School of Public Administration of the Institute of Industrial Management, Economics and Trade and government bodies and subordinate institutions representing the transport block of the city government.

    We have long and fruitfully cooperated with the Institute of Industrial Management, Economics and Trade of Peter the Great St. Petersburg Polytechnic University. The seminar on the efficient organization of passenger and luggage transportation by passenger taxi in St. Petersburg is part of our joint work. The seminar was attended by more than 100 representatives of taxi companies, aggregators, as well as public organizations – MEFT and the Public Council for the Development of Taxi. As is known, passenger taxi is an integral part of the transport system of any large metropolis. According to statistics, more than three million passengers use passenger taxi services weekly – this is about 15% of all transportation by ground urban public passenger transport. Today’s meeting allowed us to discuss with carriers a number of current issues and challenges facing the industry, and to develop joint solutions to achieve our common goal – ensuring the safest and most comfortable passenger transportation. The seminar participants supported the legislative initiative to abolish the requirement for self-employed persons to have a permanent place of registration, noted Denis Usanov, Director of the State Institution “Transport Organizer”.

    The seminar demonstrated SPbPU programs that are being implemented within the framework of interaction with the Transport Committee:

    Master’s program “Economics and Transport Planning of Ecosystems”, supervised by Svetlana Gutman, Associate Professor of the Higher School of Engineering and Economics of IPMEiT; Bachelor’s program “Digital Logistics” and Master’s program “Logistics Complexes of Transport and Industrial Enterprises”, supervised by Dmitry Plotnikov, Associate Professor of the Higher School of Transport of IMMIT.

    The seminar was addressed to representatives of aggregators and carriers. The specialists discussed the issues of applying legislation in the field of passenger taxis in terms of the area of responsibility of the Transport Committee and the State Traffic Safety Inspectorate of the Main Directorate of the Ministry of Internal Affairs of Russia for the city of St. Petersburg and the Leningrad Region.

    General information on the procedure for providing public services established by the federal law on taxis, types of violations when submitting applications and notifications. The procedure for detaching and assigning a vehicle to a carrier in the register. The procedure for excluding vehicles from the register of passenger taxis. The procedure for submitting information about the concluded OSGOP agreement to the transport committee as part of the provision of public services.

    Deputy Director of IPMET for educational and organizational work Maxim Ivanov spoke about the forms of interaction with the transport block of the city government at the Polytechnic University.

    Leading representatives of the Transport Committee and its subordinate institutions are chairmen and members of state examination commissions in a number of training areas at IPMEIT and IMMIT. With the support of the city’s transport unit, several specialized educational programs for master’s and bachelor’s degrees are being implemented at the institutes. The city’s transport unit acts as a customer for final qualifying papers, student projects implemented in senior years, and within the framework of the discipline “Fundamentals of Project Activities”. For example, for two years in a row, inter-institute student teams led by Associate Professor of the Higher School of State University of IPMEIT Tamara Selentyeva have become winners of the university OPD competition with projects from Gorelectrotrans. Tamara Selentyeva and Maxim Ivanov are members of the public council under the St. Petersburg Transport Committee. Under the auspices of the summer schools of the student association “Public Administration Laboratory”, excursions are regularly held.

    Having interacted with the Transport Committee for many years, we see how people change, and the Institute itself changes, but our cooperation remains unchanged. I am sure that today’s meeting will be useful and productive, not only for the participants, but also for our city. This seminar will create a unique platform for the productive exchange of best practices and innovative ideas among industry professionals. This will allow all participants not only to better understand the current challenges and opportunities, but also to develop joint strategies aimed at improving the quality of services provided in the taxi industry. Such events contribute to moving forward to establishing truly high standards in the field of passenger transportation, which will have a positive impact on the quality and safety of services provided to users, – shared the Director of IPMET Vladimir Shchepinin.

    There is currently an active discussion about opening and implementing corporate educational programs for the city’s transport sector.

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

    MIL OSI Russia News –

    February 14, 2025
  • MIL-OSI: Year-end Report – January-December 2024

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM – 14 February 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Year-end Report January-December 2024. The full report is available on the Company’s website.

    “Stronger liquidity will ensure our ongoing ability to continue advancing the portfolio companies who are at earlier stages in the development phase and offer the potential for creating substantial value going forward”, says Viktor Drvota, CEO, Karolinska Development.

    Significant events during the fourth quarter

    • The portfolio company Umecrine Cognition presented new preclinical data on golexanolone, showing retained dopamine signaling in Parkinson’s disease, at the 10th International Conference on Neurology and Brain Disorders 2024 in Baltimore, Maryland, US (October 2024).
    • The portfolio company SVF Vaccines, presented positive clinical safety and immunogenicity data from a clinical phase 1 study of the universal Covid-19 vaccine candidate, SVF-002 (October 2024).
    • The portfolio company BOOST Pharma successfully completed a pre-IND meeting with the U.S. Food and Drug Administration, FDA, for its cell therapy aiming to treat children with the rare bone disease Osteogenesis Imperfecta (OI). The positive outcome from the meeting triggered the second tranche of previously agreed investment from Karolinska Development (November 2024).
    • Karolinska Development’s Extra General Shareholders’ Meeting on 13 November 2024 decided, among other things, to elect Will Zeng, with the dismissal of the current director Theresa Tse, as a new director of the Board of Directors. The current directors Hans Wigzell, Anna Lefevre Skjöldebrand, Benjamin Toogood and Philip Duong remain as directors of the Board of Directors and Hans Wigzell remains as chairperson (November 2024).
    • The portfolio company SVF Vaccines appointed Dr Gaston Picchio as acting CEO. He will assume the position with effect from November 15th, as Dr Richard Bethell decided to step down as CEO to pursue other professional interests while remaining associated with the company in an advisory role (November 2024).
    • The portfolio company Umecrine Cognition presented data from a recent interim analysis from an ongoing Phase 1b/2a clinical study of golexanolone in patients with Primary Biliary Cholangitis. The preliminary results show that golexanolone was well-tolerated and achieved drug exposure levels that correlate to clinical treatment doses. The results were presented at the Late Breaking Poster session at the American Association for the Study of Liver Diseases’ (AALSD) 75th Liver Meeting, in San Diego, CA, USA, on November 18, 2024 (November 2024).
    • The portfolio company Modus Therapeutics secured access to bridge financing of up to SEK 5 million from Karolinska Development, the company’s largest shareholder. The funding enabled Modus to initiate the recently approved phase 2a study in chronic kidney disease (November 2024).
    • Karolinska Development announced that the company has decided to implement organizational changes in order to reduce the cost base of its operations. The changes involve reducing the management team by one person and giving notice of redundancy to a total of three employees. This is estimated to reduce the company’s personnel costs by approximately 20 percent (December 2024).
    • The portfolio company, Modus Therapeutics, dosed the first patient in a phase 2 clinical study of the drug candidate sevuparin, evaluated as a treatment for chronic kidney disease with anemia. The study is being conducted at Centro Ricerche Cliniche di Verona in Italy (December 2024).
    • Karolinska Development divested 4,6 million shares in the portfolio company OssDsign and thereby strengthened the investment company’s liquidity. Karolinska Development holds nearly 5 million shares in OssDisgn after the divestment (December 2024).
    • Karolinska Development announced that the company’s Chairman of the Board, Professor Hans Wigzell, has decided to resign from his position. The Board of Directors of Karolinska Development appointed Ben Toogood as new Chairman until the next General Shareholders’ Meeting (December 2024).
    • The portfolio company Umecrine Cognition raised SEK 23.8 million through a convertible loan to be used for the continuation of the company’s clinical study of golexanolone in primary biliary cholangitis. The convertible loan with attached share options is directed to a consortium of investors (December 2024).

    Significant post-period events

    • The portfolio company AnaCardio secured SEK 205 million in a series A extension financing round and reported positive results from the first part of a Phase 1b/2a study of AC01 in patients with heart failure and reduced ejection fraction. The final part of the study (phase 2a) is expected to start during the first quarter of 2025 (January 2025).
    • The portfolio company Dilafor announced that it successfully completed regulatory meetings with the U.S. Food and Drug Administration, FDA, and European Health Agencies, regarding the continued development of the company’s drug candidate tafoxiparin. The completed meetings mark the end of a comprehensive dialogue with regulatory authorities in the US and EU to reach an alignment between the authorities on designing pivotal clinical Phase 3 studies in Europe and the US to evaluate tafoxiparin as a new potential treatment for priming of labor (January 2025).

    Financial update fourth quarter

    • The net profit/loss for the fourth quarter was SEK 18.6 million (SEK -1,9 million in the fourth quarter of 2023). Earnings per share totaled SEK 0.1 (SEK -0.01 in the fourth quarter of 2023).
    • The result of the Change in fair value of shares in portfolio companies for the fourth quarter amounted to SEK 18.7 million (SEK 6.6 million in the fourth quarter of 2023). The result is mainly the effect of the upturn in share price in the listed holdings OssDsign and Modus Therapeutics and also by an increase in value in AnaCardio in connection with the investment round. The upturn was partly offset by a downturn in the share price in the listed holdings.
    • The total fair value of the portfolio was SEK 1,451.5 million at the end of December 2024, corresponding to a decrease of SEK 11.6 million from SEK 1,463.1 million at the end of the previous quarter. The net portfolio fair value at the end of December 2024 was SEK 1,120.8 million, corresponding to a decrease of SEK 1.0 million from SEK 1,121.8 million at the end of the previous quarter. The main reason for the net decrease in fair value was the partial divestment of OssDsign and the downturn in the share price of the listed holding Promimic. The decrease was partially offset by the increase in the price of the listed holdings OssDsign and Modus Therapeutics together with the increase in value of AnaCardio in connection with the investment round. The quarter’s investments in Umecrine Cognition and BOOST Pharma also contributed to the increase in fair value.
    • Net asset value amounted to SEK 1,245.0 million, per share SEK 4.6, at the end of December 2024 (SEK 1,253.4 million, per share SEK 4.6 at the end of December 2023).
    • Net sales totaled SEK 0.5 million during the fourth quarter of 2024 (SEK 0.5 million during the fourth quarter of 2023).
    • Karolinska Development invested a total of SEK 19.4 million in portfolio companies during the fourth quarter of 2024 (SEK 41.6 million in the fourth quarter of 2023). Fourth quarter 2024 investments in portfolio companies by Karolinska Development and other specialized life sciences investors totaled SEK 155.7 million (SEK 125.3 million in the fourth quarter of 2023).
    • Cash and cash equivalents increased by SEK 12.7 million during the fourth quarter, totaling SEK 52.0 million on 31 December 2024 (SEK 85.3 million on 31 December 2023).

    Financial update full-year

    • The full-year net profit/loss was SEK -8.1 million (SEK 5.4 million in 2023). Earnings per share totaled SEK -0.03 (SEK 0.02 in 2023).
    • The full-year result for the change in the fair value of the portfolio amounted to SEK 1.6 million (SEK 15.2 million during 2023).
    • The total fair value of the portfolio was SEK 1,451.5 million at the end of December 2024, an increase from SEK 1,440.3 million at the corresponding date in 2023. The net portfolio fair value was SEK 1,120.8 million, an increase by SEK 10.5 million from SEK 1 110.3 million at the corresponding date in 2023.
    • Net asset value amounted to SEK 1,245.0 million, per share SEK 4.6, at the end of December 2024 (SEK 1,253.4 million, per share SEK 4.6 at the end of December 2023).
    • Revenue totalled SEK 1.8 million for the full-year of 2024 (SEK 2.0 million in 2023).
    • Karolinska Development invested a total of SEK 62.0 (103.0) million in its portfolio companies during the full-year. Full-year investments in the portfolio companies by Karolinska Development and other specialised life sciences investors totalled SEK 490.3 (394.5) million.
    • Karolinska Development’s cash compensation from sold shares and earn-out agreements regarding divested portfolio companies amounted to SEK 42.4 (18.3) million during the year.
    • Cash and cash equivalents decreased by SEK 43.3 million during the full-year, totalling SEK 42.0 (85.5) million on 31 December 2024.
    • The Board does not propose any dividend for the financial year 2024.

    The Year-end Report for Karolinska Development AB for the period January-December 2024 is available as a PDF at www.karolinskadevelopment.com.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

    Hans Christopher “HC” Toll, CFO, Karolinska Development AB        
    Phone: +46 70 717 00 41, e-mail: hc.toll@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients’ lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has established a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit www.karolinskadevelopment.com

    Attachments

    • KD Q4 2024 (ENG)
    • PR Q4 2024 (ENG)

    The MIL Network –

    February 14, 2025
  • MIL-OSI China: Honda, Nissan call off merger talks amid disagreements

    Source: China State Council Information Office 3

    This photo taken on Dec. 23, 2024 shows a Honda dealer in Tokyo, Japan. [Photo/Xinhua]

    Honda Motor Co. and Nissan Motor Co. on Thursday announced the decision to terminate discussions on a potential merger, bringing an end to the restructuring attempt that could have created one of the world’s largest automotive group.

    Both companies held board meetings on Thursday, where they agreed to withdraw the basic agreement signed in December 2024 and officially end merger discussions.

    In the rapidly changing market environment in the age of electrification, prioritizing decision-making speed and the execution of management measures would make it more appropriate to forgo the merger at this time, Nissan said in a statement on its website.

    Despite the end of merger talks, the companies will continue to collaborate within the framework of the strategic partnership memorandum, the two companies said in separate statements.

    This photo taken on Dec. 23, 2024 shows a Nissan dealer in Tokyo, Japan. [Photo/Xinhua]

    The two automakers initially focused on forming a holding company that would oversee both brands, but negotiations stalled over the shareholding structure as tensions escalated when Honda proposed making Nissan its subsidiary, an idea Nissan strongly opposed.

    According to local media, Honda has been pushing Nissan to accelerate its restructuring efforts. In November 2024, Nissan announced plans to cut 9,000 jobs worldwide and reduce its global production capacity by 20 percent after reporting a more than 90 percent drop in net profit for the April-September period.

    The integration, if materialized, was expected to enhance development capabilities for electric vehicles (EVs) and software while reducing costs through cooperation. However, with the negotiations terminated, both companies must now reassess their strategic direction.

    On Thursday, Nissan revised its financial outlook for the fiscal year, estimating a net loss of 80 billion yen (about 520 million U.S. dollars). The company cited rising costs for restructuring its struggling U.S. operations, along with expenses related to workforce reductions.

    Revenue projections were also lowered, while operating income, which indicates profit from core business, is expected to be 120 billion yen, 30 billion yen less than the previous forecast.

    At a press conference, Nissan’s CEO Makoto Uchida acknowledged the challenges of continuing as an independent entity but ultimately believed that a holding company structure, rather than full acquisition, would have been the best way for Nissan to compete globally.

    He also signaled Nissan’s intention to seek partnerships in various fields to ensure future sustainability.

    Honda’s CEO Toshihiro Mibe expressed deep regret that both companies could not reach a consensus and take a step forward toward the merger.

    However, through these discussions, Honda and Nissan recognized the potential synergy effects of collaboration, he noted. Honda stated that they would leverage this understanding in their ongoing strategic partnership with Mitsubishi Motors, which was announced in August last year.

    The focus moving forward will be on intelligent and electrified mobility solutions, with plans to put these ideas into practice, Honda stressed.

    Honda said Thursday that it booked a net profit of 805.26 billion yen in the nine months through December, down 7.4 percent from the previous year.

    MIL OSI China News –

    February 14, 2025
  • MIL-OSI: Pulse Seismic Inc. Reports 2024 Financial Results and Declares Regular and Special Dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the year ended December 31, 2024. The audited consolidated financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

    Pulse’s Board of Directors today approved a quarterly dividend of $0.015 per share and additionally declared a special dividend of $0.20 per share. The total of the dividends will be approximately $10.9 million based on Pulse’s 50,837,863 common shares outstanding as of February 13, 2025, to be paid on March 13, 2025, to shareholders of record on February 28, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

    “We are very pleased with the Company’s 2024 financial performance, and what we have accomplished so far in 2025. We remain focused on returning capital to shareholders, as deemed appropriate given the annual fluctuations inherent in our business. So far in 2025 we have secured $17.5 million in sales and today the Board of Directors declared a special dividend of $0.20 per share, in addition to the regular quarterly dividend,” stated Neal Coleman, Pulse’s President and CEO. “In 2024, 76% of free cashflow was allocated to dividends and share buybacks, and looking back to Q4 2021, after repayment of the majority of the 2019 acquisition debt, we resumed dividends and share buybacks and have declared $0.83 per share in dividends and decreased our share count by three million,” Coleman concluded.

    HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2024

    • The return of capital to shareholders in 2024 including all dividends declared in the year and shares purchased under the Normal Course Issuer Bid (NCIB), totalled $9.5 million, and was 76% of shareholder free cashflow generated for the year;
    • Dividends of $0.10875 per share were declared in 2024. Regular dividends declared and paid totalled $0.05875 per share. The annualized regular dividend of $0.055 per share was increased by 9% to $0.06 per share in the second quarter of the year. A special dividend of $0.05 per share was paid in the third quarter of 2024;
    • 1,784,000 shares were purchased during the year under the Normal Course Issuer Bid (NCIB) at an average price of $2.17 per share, for total cost of approximately $3.9 million;
    • Shareholder free cash flow(a) was $12.4 million ($0.24 per share basic and diluted) compared to $24.8 million ($0.47 per share basic and diluted) for the year ended December 31, 2023;
    • EBITDA(a) was $15.5 million ($0.30 per share basic and diluted) compared to $30.4 million ($0.57 per share basic and diluted) for the year ended December 31, 2023;
    • Net earnings were $3.4 million ($0.07 per share basic and diluted) compared to net earnings of $15.0 million ($0.28 per share basic and diluted) for 2023;
    • Total revenue was $23.4 million compared to $39.1 million for the year ended December 31, 2023; and
    • At December 31, 2024, the Company had a cash balance of $8.7 million as well as $5.0 million of available liquidity on its credit facility.

    HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2024

    • The regular quarterly dividend of $0.015 per share was paid in the fourth quarter;
    • A total of 97,700 shares were purchased under the NCIB in the fourth quarter, at an average price of $2.32 per share and total cost of approximately $226,000;
    • Shareholder free cash flow was $2.4 million ($0.05 per share basic and diluted) compared to $10.9 million ($0.21 per share basic and diluted) in the fourth quarter of 2023;
    • EBITDA was $3.8 million ($0.07 per share basic and diluted) compared to $13.6 million ($0.26 per share basic and diluted) in the fourth quarter of 2023;
    • Net earnings were $774,000 ($0.02 per share basic and diluted) compared to net earnings of $8.3 million ($0.16 per share basic and diluted) in the fourth quarter of 2023; and
    • Total revenue was $5.6 million compared to $16.9 million for the three months ended December 31, 2023.
    SELECTED FINANCIAL AND
    OPERATING INFORMATION
           
             
             
    (Thousands of dollars except per share data, Three months ended December 31, Years ended December 31,
    numbers of shares and kilometres of seismic data) 2024 2023 2024 2023
         
    Revenue 5,576 16,861 23,379 39,127
             
    Amortization of seismic data library 2,263 2,270 9,090 9,103
    Net earnings 774 8,307 3,391 15,007
    Per share basic and diluted 0.02 0.16 0.07 0.28
    Cash provided by operating activities 2,337 7,001 14,195 23,524
    Per share basic and diluted 0.05 0.13 0.28 0.44
    EBITDA (a) 3,785 13,592 15,496 30,431
    Per share basic and diluted (a) 0.07 0.26 0.30 0.57
    Shareholder free cash flow (a) 2,440 10,946 12,408 24,829
    Per share basic and diluted (a) 0.05 0.21 0.24 0.47
             
    Capital expenditures        
    Seismic data – – 225 –
    Property and equipment – – 45 28
    Total capital expenditures – – 270 28
             
    Dividends        
    Regular dividends declared 763 724 3,018 2,862
    Special dividends declared – 10,527 2,548 18,519
    Total dividends declared 763 11,251 5,566 21,381
             
    Normal course issuer bid        
    Number of shares purchased and cancelled 97,700 59,500 1,784,000 1,005,006
    Cost of shares purchased and cancelled 227 112 3,880 1,943
             
    Weighted average shares outstanding        
    Basic and diluted 50,878,652 52,647,740 51,448,985 53,237,569
    Shares outstanding at period-end     50,837,863 52,621,863
             
    Seismic library        
    2D in kilometres     829,207 829,207
    3D in square kilometres     65,310 65,310
           
    FINANCIAL POSITION        
          December 31, December 31,
    (Thousands of dollars except working capital ratio)     2024 2023
    Working capital     9,222 7,468
    Working capital ratio     5.1:1 1.5:1
    Cash and cash equivalents     8,722 15,948
    Total assets     21,516 41,249
    EBITDA     15,496 30,431
    Shareholders’ equity     18,295 25,655
             
     

    (a) The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

    OUTLOOK

    Pulse’s ability to predict future revenue generation has always been challenging due to the nature of the business, which naturally fluctuates from year to year. That said, Pulse has had a strong start to the year having closed $17.5 million in sales, representing approximately 75% of sales in 2024. There are generally a mix of positive and negative factors influencing the industry which contributes to the challenge, and at this time in particular, uncertainty concerning 2025 is high. Positive factors in 2024, and recent projections into 2025 include high levels of M & A activity, approximately $19.4 billion in 2024 compared to $16.5 billion in 2023, while the latest annual forecast by Sayer Energy Advisors for 2025 is approximately $15.0 billion. There were continuing high volumes of land sales in Alberta in 2024: approximately $365 million, down only slightly from the $370 million in 2023, and significantly higher than in recent years going back to before the 2014-2015 industry downturn. In British Columbia, land sales which had been paused since May 2021 finally resumed in December 2024. New infrastructure, such as the TMX pipeline expansion which was completed in 2024 has already provided increased export capacity and is a driver of increased drilling activity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. The pending completion of LNG Canada’s liquified natural gas export facility is expected to contribute to the forecast increase in drilling and may lead to an improvement in Canadian natural gas prices. The positive factors are offset by factors that create uncertainty for the future, including economic, political, and environmental concerns. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy. The impacts of the recent change in administration in the United States and the uncertainty around energy tariffs and trade policy, together with Canadian federal government leadership changes are contributing to the lack of clarity for the future.

    Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet, has zero debt, no capital spending commitments, and a disciplined and rigorous approach to evaluating growth opportunities. This 15-person company, led by an experienced and capable management team, operates with a low-cost structure and focuses on developing excellent client relations as well providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources have resulted in the return of capital to shareholders through regular and special dividends and the repurchase of its shares.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO
    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

    The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

    >   The outlook of the Company for the year ahead, including future operating costs and expected revenues;
    >   Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated pipeline projects;
    >   The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;
    >   Pulse’s capital allocation strategy;
    >   Pulse’s dividend policy;
    >   Oil and natural gas prices and forecast trends;
    >   Oil and natural gas drilling activity and land sales activity;
    >   Oil and natural gas company capital budgets;
    >   Future demand for seismic data;
    >   Future seismic data sales;
    >   Pulse’s business and growth strategy; and
    >   Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.
         

    By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

    These factors include, but are not limited to:

    >   Uncertainty of the timing and volume of data sales;
    >   Volatility of oil and natural gas prices;
    >   Risks associated with the oil and natural gas industry in general;
    >   The Company’s ability to access external sources of debt and equity capital;
    >   Credit, liquidity and commodity price risks;
    >   The demand for seismic data and;
    >   The pricing of data library licence sales;
    >   Cybersecurity;
    >   Relicensing (change-of-control) fees and partner copy sales;
    >   Environmental, health and safety risks;
    >   Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;
    >   Competition;
    >   Dependence on key management, operations and marketing personnel;
    >   The loss of seismic data;
    >   Protection of intellectual property rights;
    >   The introduction of new products; and
    >   Climate change.
         

    Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

    When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

    PDF available: http://ml.globenewswire.com/Resource/Download/f55ea14e-e8ea-4d49-975a-eedb00bb9aa3

    The MIL Network –

    February 14, 2025
  • MIL-OSI NGOs: Oxfam echoes call to end “oligarchic rule” at Vatican tax justice summit

    Source: Oxfam –

    Brazilian President Luiz Inácio Lula da Silva, Spanish Prime Minister Pedro Sánchez, former South African President Thabo Mbeki, former Senegalese Prime Minister Aminata Touré, and economists Joseph Stiglitz, Jayati Ghosh and Gabriel Zucman today delivered a powerful and unequivocal message at the Vatican: the global oligarchy must be challenged through fair taxation of the super-rich. In response, Oxfam International’s Tax Lead, Susana Ruiz, said:

    “The wealth of the super-rich is exploding at a terrifying pace, driving inequality to extremes that threaten democracy, justice, and the survival of life on Earth. We are watching, in real-time, as the super-rich tighten their grip on power and hold entire societies hostage to their greed.

    “2025 is not just another year —it is a last-ditch opportunity to stop runaway inequality. With South Africa chairing the G20, Brazil hosting COP30, and Spain driving the Fourth International Conference on Financing for Development, the world has a rare, historic chance to shatter the grip of billionaire power.

    “This is a battle against extreme inequality. Either we allow the super-rich to continue hoarding wealth and power and writing rules to serve themselves, or we fight back by taxing them, breaking their stronghold on power, and dismantling their monopolies to reclaim our societies from the forces of oligarchic rule.”
     

    MIL OSI NGO –

    February 14, 2025
  • MIL-OSI USA: Cramer, Thune Introduce Death Tax Repeal Act

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    WASHINGTON, D.C. – The impacts of the federal estate tax, often referred to as the death tax, were reduced in 2017 with the passage of the Tax Cuts and Jobs Act, which doubled the amount exempt from the tax and tied it to inflation. These tax cuts, unless extended, expire in 2025. In particular, the death tax significantly impacts family farms, ranches, and small businesses.
    U.S. Senator Kevin Cramer (R-ND) joined U.S. Senate Majority Leader John Thune (R-SD) in introducing the Death Tax Repeal Act. This legislation would permanently repeal the federal estate tax and generation-skipping transfer taxes, reduce the federal gift tax from 40 percent to 35 percent, and retain the full step-up in basis.
    “Taxing the assets of people who have died is wrong on multiple levels, starting with the fact the same income is taxed twice, during life and after death,” said Cramer. “It’s hard to imagine a less moral government imposition than taxing death.”
    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”
    Cramer supported related efforts when Congress debated the Tax Cuts and Jobs Act.
    The bill is endorsed by supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders, and the U.S. Chamber of Commerce.
    Cosponsors of the bill include U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN).
    Click here for bill text.

    MIL OSI USA News –

    February 14, 2025
  • MIL-OSI USA: Sen. Johnson Joins Finance Committee Republicans in Vowing to Oppose Any Short-Term Tax Package

    US Senate News:

    Source: United States Senator for Wisconsin Ron Johnson

    WASHINGTON – Today, U.S. Sen. Ron Johnson (R-Wis.) joined U.S. Senator Steve Daines (R-Mont.), Majority Leader John Thune (R-S.D.), Majority Whip John Barrasso (R-Wyo.), Finance Chairman Mike Crapo (R-Idaho) and Senators James Lankford (R-Okla.), Roger Marshall (R-Kan.), Marsha Blackburn (R-Tenn.), and Thom Tillis (R-N.C.), members of the Senate Finance Committee, in sending a letter to President Donald Trump vowing to oppose any tax package that only provides temporary relief.

    “You were elected with a mandate to do big things. One of those big things is to provide lasting tax relief for small businesses and families across the country. As members of the Senate Finance Committee, we write to express our support for your position that the expiring provisions of the Tax Cuts and Jobs Act must be permanent and not sunset. After passage of your tax cuts in 2017, we had a booming economy with soaring investment, higher wages, increased productivity, and zero corporate inversions. Without action, at the end of this year, taxes will increase for Americans in every income group and nearly six million jobs are at risk. A temporary extension of these pro-growth and pro-family policies is a missed opportunity. Businesses need certainty while investing in their companies and taxpayers should not fear tax hikes due to Congressional inaction. Congressional Republicans have an historic opportunity to enact this lasting tax relief. Failure to act boldly does a disservice to the American people who entrusted us to deliver in November. Thus, we will not support a tax package that only provides temporary relief from tax hikes,” the senators wrote. 

    The full text of the letter can be found here. 

    MIL OSI USA News –

    February 14, 2025
  • MIL-OSI USA: President Trump Demands Fair, Reciprocal Trade

    US Senate News:

    Source: The White House
    Today, President Donald J. Trump unveiled a plan for fair, free, reciprocal trade as he makes clear to the world that the United States will no longer tolerate being ripped off. The U.S. has one of the most open economies in the world, yet our trading partners keep their markets closed to U.S. exports — and reciprocal trade will finally correct that imbalance.
    President Trump’s plan to restore fairness and put American workers first was met with immediate praise:
    Renewable Fuels Association: “For almost a decade now, we have spent precious time and resources fighting back against an unfair and unjustified tariff regime imposed by Brazil’s government on U.S. ethanol imports. What’s more ironic is that these tariff barriers have been erected against U.S. ethanol imports while our country has openly accepted—and even encouraged and incentivized—ethanol imports from Brazil. As the two largest ethanol producers on the planet, we long enjoyed a cooperative free-trade relationship with Brazil involving ethanol, relying on each other when there were shortfalls or disruptions in the U.S. or Brazilian marketplace. However, that bilateral cooperation was abandoned by Brazil in 2017, when they instituted a tariff rate quota scheme, and eventually adopted a tariff in 2020. The Brazilian tariff on U.S. ethanol now stands at 18 percent and has virtually eliminated all market access for U.S. ethanol producers. We thank President Trump for taking this action and hope this reciprocal tariff will help encourage a return to free and fair ethanol trade relationship with Brazil.”
    American Iron and Steel Institute: “AISI applauds President Trump’s action today ordering the development of a comprehensive plan for restoring fairness in U.S. trade relationships and countering non-reciprocal trading arrangements. American steel producers know well the negative impact of foreign unfair trade practices, including subsidies, currency manipulation and other unfair and discriminatory policies and practices, on domestic industries and their workers … We look forward to working with the Secretary of Commerce, the U.S. Trade Representative and other key administration officials as they develop their plan of action to ensure reciprocity in international trade and to preserve the competitiveness of the American steel industry and other sectors.”
    Growth Energy: “While American biofuel producers have been almost entirely blocked off from the Brazilian market, Brazilian producers have enjoyed unfettered access to the U.S. In some cases, certain policies in the U.S. even incentivize the use of imported Brazilian ethanol instead of ethanol produced here in the U.S. This runs contrary to putting America first, and is exactly why President Trump is taking steps to address this issue. Thank you, President Trump for taking action and pushing for a level playing field for American ethanol producers.”
    Small Business Administration: “President Trump is right: restoring a level playing field on trade will unlock the next blue collar boom – creating jobs and powering our economy through ‘Made in America.’ Huge news for Main Street!”
    Energy Secretary Chris Wright: “President’s Trump’s ‘Fair and Reciprocal Plan’ on trade puts the American people first. As a former businessman, it’s great to see our country being run like a business and fighting for fairness on trade– it’s the American way!”
    Secretary of the Interior Doug Burgum: “President Trump is making America strong again. His Fair and Reciprocal Plan is commonsense: if you impose tariffs on us, we will impose tariffs on you in return.”
    Secretary of Transportation Sean Duffy: “Bravo, President Trump! Thank you for announcing the Fair and Reciprocal Plan, which is based on legislation we worked on together in your first term. Unfair trade practices have hurt America’s transportation and infrastructure sectors for too long. President Trump’s trade plan will strengthen supply chains, boost infrastructure investments, and expand American transportation solutions. We promised a golden age of transportation, and I will not rest until America’s transportation system is great again!”
    Secretary of Housing and Urban Development Scott Turner: “For too long Washington has put foreign interests above Americans — that ends today. @POTUS’ Fair and Reciprocal Plan will put American workers on a level playing field.”
    EPA Administrator Lee Zeldin: “The American people elected @POTUS with a mandate to grow our economy and bring back American manufacturing. When it comes to Reciprocal tariffs, no one should ever underestimate President Trump’s vision, long game, and determination to deliver the Great American Comeback.”
    Speaker Mike Johnson (R-LA): “For too long, foreign countries have exploited America through unfair trade practices. President Trump’s reciprocal tariffs aim to confront these countries, protecting American workers and businesses through trade that is fair again. The Trump policies are focused on leveling the playing field and putting America FIRST.”
    Sen. Jim Banks (R-IN): “The globalist approach to trade threw our workers under a bus driven by their foreign competitors. President Trump’s America First trade plan corrects this injustice that our industries and workers have faced for decades. The reciprocal tariffs announced today will bring back fairness and prosperity and stop Americans from being taken advantage of.”
    Sen. Marsha Blackburn (R-TN): “President Trump is putting American workers and farmers first. He will end unfair trade deals and prioritize goods made in America! With President Trump at the negotiating table, we are going to get the best possible deal.”
    Sen. Lindsey Graham (R-SC): “Most countries charge us far more in tariffs than we charge them. Those days are over. I applaud President Trump’s decision to impose reciprocal tariffs against our trading partners. Whatever tariffs they put on American products, we will put on their products. This will be a game changer. Simple and brilliant.”
    Sen. Roger Marshall (R-KS): “Gone are the days of unfair trade deals that give foreign nations the upper hand. Today, President Trump put the world on notice: America will no longer be taken advantage of.”
    Sen. Pete Ricketts (R-NE): “The average weighted tariff on foreign products coming into the U.S. is 1.5%, yet the average tariff on U.S. products globally is 6%. President Trump promised to bring those numbers closer to balance. These tariffs are a step toward accomplishing that goal.”
    Sen. Rick Scott (R-FL): “President Trump’s fight for a level playing field and reciprocal treatment is common sense. The U.S. is done treating others better than they’re treating us. President Trump understands the art of the deal, and thanks to his strong leadership, we’re getting better deals that will help our businesses and grow our economy!”
    Sen. Tommy Tuberville (R-AL): “President Trump is brokering deals that put American farmers, manufacturers, and producers first. America has some of the best and brightest manufacturers and there’s no reason we can’t produce most things right here at home.”
    Majority Whip Tom Emmer (R-MN): “The master negotiator strikes again. @POTUS is realigning the playing field with countries that have taken advantage of us for far too long and delivering on his promise to put America FIRST.”
    Chairwoman Lisa McClain (R-MI): “President Trump is wasting no time leveling the playing field. I am optimistic the pressure applied by the ongoing tariff negotiations will lead to a wave of investment across the U.S. @POTUS is keeping his promise to put our economy first.”
    Ways and Means Committee Chair Jason Smith (R-MO): “President Trump understands that American workers and manufacturers can outcompete those of any other nation. But for far too long they have been held back by a lack of reciprocity because other countries impose much higher tariffs and other barriers than the United States imposes on imports. President Trump’s Executive Order helps deliver a level playing field for American workers and manufacturers.”
    Rep. Carlos Gimenez (R-FL): “President Trump has just announced RECIPROCAL TARIFFS for countries unfairly treating American products! If you want to sell to the USA, we must have access to your market as well. What is fair, is fair!”
    Rep. Byron Donalds (R-FL): “We will no longer tolerate being ripped-off by the rest of the world. Under President Trump, government is putting the American people first again. And that means RECIPROCAL TARIFFS”
    Rep. Randy Feenstra (R-IA): “Brazil imposes an 18% tariff on U.S. ethanol while we only charge Brazil 2.5%. In 2024, that imbalance resulted in our nation importing $200 million in Brazilian ethanol while Brazil only imported $52 million in U.S. ethanol. Our farmers deserve better!”
    Rep. Andy Harris (R-MD): “The days of America being taken advantage of are over. The “Fair and Reciprocal Plan” will put the American worker first and bring fairness back to international trade.”
    Rep. Diana Harshbarger (R-TN): “Our nation has been at the bad end of business deals regarding trade practices with other countries for far too long. That’s coming to an end. President Trump’s reciprocal tariffs are putting the world on notice — the gravy train is over, and we won’t be taken advantage of anymore.”
    Rep. Kevin Hern (R-OK): “President Trump is a strong leader – he’s not allowing the world to take advantage of the United States any longer. These reciprocal tariffs will incentivize other nations to level the playing field and remove long-standing, exorbitant tariffs. America FIRST!”
    Rep. Riley Moore (R-WV): “President Trump just announced plans to implement reciprocal tariffs on the foreign countries who are ripping us off. I’m proud to be leading this effort in Congress.”
    Rep. Greg Steube (R-FL): “I thank President Trump for standing up for American workers with his bold plan to restore balance and fairness to the marketplace. He and his administration understand that our workers deserve trade policies that are fair and beneficial to all.  For far too long, blue-collar communities in the United States have been ripped off by foreign competitors benefiting from manipulative trade practices. If other countries believe they can continue to cheat the American people of their share of prosperity, they are sadly mistaken. President Trump has the right plan to secure our economy, restore fairness to international trade, and bring back good-paying jobs to the United States.”
    Rep. Beth Van Duyne (R-TX): “American workers, farmers, and manufacturers finally have a President who fights for them! I applaud President Trump’s plan to combat unfair trade practices. Our best days are still ahead of us!”
    House Republican Study Committee: “The Trump administration just announced reciprocal tariffs for countries like China that rip off the United States. It’s past time to flip the script on this. President Trump is trying to restore fairness in trade, ensuring that other countries are held to account for slapping tariffs on American goods. Gone are the days of our great nation being taken advantage of. Period.”
    President Trump’s plan to restore fairness and put American workers first was met with immediate praise:
    Renewable Fuels Association: “For almost a decade now, we have spent precious time and resources fighting back against an unfair and unjustified tariff regime imposed by Brazil’s government on U.S. ethanol imports. What’s more ironic is that these tariff barriers have been erected against U.S. ethanol imports while our country has openly accepted—and even encouraged and incentivized—ethanol imports from Brazil. As the two largest ethanol producers on the planet, we long enjoyed a cooperative free-trade relationship with Brazil involving ethanol, relying on each other when there were shortfalls or disruptions in the U.S. or Brazilian marketplace. However, that bilateral cooperation was abandoned by Brazil in 2017, when they instituted a tariff rate quota scheme, and eventually adopted a tariff in 2020. The Brazilian tariff on U.S. ethanol now stands at 18 percent and has virtually eliminated all market access for U.S. ethanol producers. We thank President Trump for taking this action and hope this reciprocal tariff will help encourage a return to free and fair ethanol trade relationship with Brazil.”
    American Iron and Steel Institute: “AISI applauds President Trump’s action today ordering the development of a comprehensive plan for restoring fairness in U.S. trade relationships and countering non-reciprocal trading arrangements. American steel producers know well the negative impact of foreign unfair trade practices, including subsidies, currency manipulation and other unfair and discriminatory policies and practices, on domestic industries and their workers … We look forward to working with the Secretary of Commerce, the U.S. Trade Representative and other key administration officials as they develop their plan of action to ensure reciprocity in international trade and to preserve the competitiveness of the American steel industry and other sectors.”
    Growth Energy: “While American biofuel producers have been almost entirely blocked off from the Brazilian market, Brazilian producers have enjoyed unfettered access to the U.S. In some cases, certain policies in the U.S. even incentivize the use of imported Brazilian ethanol instead of ethanol produced here in the U.S.,” said Growth Energy CEO Emily Skor. “This runs contrary to putting America first, and is exactly why President Trump is taking steps to address this issue. Thank you, President Trump for taking action and pushing for a level playing field for American ethanol producers.”
    Small Business Administration: “President Trump is right: restoring a level playing field on trade will unlock the next blue collar boom – creating jobs and powering our economy through “Made in America.” Huge news for Main Street!”
    Energy Secretary Chris Wright: “President’s Trump’s ‘Fair and Reciprocal Plan’ on trade puts the American people first. As a former businessman, it’s great to see our country being run like a business and fighting for fairness on trade– it’s the American way!”
    Secretary of the Interior Doug Burgum: “President Trump is making America strong again. His Fair and Reciprocal Plan is commonsense: if you impose tariffs on us, we will impose tariffs on you in return.”
    Secretary of Transportation Sean Duffy: “Bravo, President Trump! Thank you for announcing the Fair and Reciprocal Plan, which is based on legislation we worked on together in your first term. Unfair trade practices have hurt America’s transportation and infrastructure sectors for too long. President Trump’s trade plan will strengthen supply chains, boost infrastructure investments, and expand American transportation solutions. We promised a golden age of transportation, and I will not rest until America’s transportation system is great again!”
    Secretary of Housing and Urban Development Scott Turner: “For too long Washington has put foreign interests above Americans — that ends today. @POTUS’ Fair and Reciprocal Plan will put American workers on a level playing field.”
    EPA Administrator Lee Zeldin: “The American people elected @POTUS with a mandate to grow our economy and bring back American manufacturing. When it comes to Reciprocal tariffs, no one should ever underestimate President Trump’s vision, long game, and determination to deliver the Great American Comeback.”
    Speaker Mike Johnson (R-LA): “For too long, foreign countries have exploited America through unfair trade practices. President Trump’s reciprocal tariffs aim to confront these countries, protecting American workers and businesses through trade that is fair again. The Trump policies are focused on leveling the playing field and putting America FIRST.”
    Sen. Jim Banks (R-IN): “The globalist approach to trade threw our workers under a bus driven by their foreign competitors. President Trump’s America First trade plan corrects this injustice that our industries and workers have faced for decades. The reciprocal tariffs announced today will bring back fairness and prosperity and stop Americans from being taken advantage of.”
    Sen. Marsha Blackburn (R-TN): “President Trump is putting American workers and farmers first. He will end unfair trade deals and prioritize goods made in America! With President Trump at the negotiating table, we are going to get the best possible deal.”
    Sen. Lindsey Graham (R-SC): “Most countries charge us far more in tariffs than we charge them. Those days are over. I applaud President Trump’s decision to impose reciprocal tariffs against our trading partners. Whatever tariffs they put on American products, we will put on their products. This will be a game changer. Simple and brilliant.”
    Sen. Roger Marshall (R-KS): “Gone are the days of unfair trade deals that give foreign nations the upper hand. Today, President Trump put the world on notice: America will no longer be taken advantage of.”
    Sen. Pete Ricketts (R-NE): “The average weighted tariff on foreign products coming into the U.S. is 1.5%, yet the average tariff on U.S. products globally is 6%. President Trump promised to bring those numbers closer to balance. These tariffs are a step toward accomplishing that goal.”
    Sen. Rick Scott (R-FL): “President Trump’s fight for a level playing field and reciprocal treatment is common sense. The U.S. is done treating others better than they’re treating us. President Trump understands the art of the deal, and thanks to his strong leadership, we’re getting better deals that will help our businesses and grow our economy!”
    Sen. Tommy Tuberville (R-AL): “President Trump is brokering deals that put American farmers, manufacturers, and producers first. America has some of the best and brightest manufacturers and there’s no reason we can’t produce most things right here at home.”
    Majority Whip Tom Emmer (R-MN): “The master negotiator strikes again. @POTUS is realigning the playing field with countries that have taken advantage of us for far too long and delivering on his promise to put America FIRST.”
    Chairwoman Lisa McClain (R-MI): “President Trump is wasting no time leveling the playing field. I am optimistic the pressure applied by the ongoing tariff negotiations will lead to a wave of investment across the U.S. @POTUS is keeping his promise to put our economy first.”
    Ways and Means Committee Chair Jason Smith (R-MO): “President Trump understands that American workers and manufacturers can outcompete those of any other nation. But for far too long they have been held back by a lack of reciprocity because other countries impose much higher tariffs and other barriers than the United States imposes on imports. President Trump’s Executive Order helps deliver a level playing field for American workers and manufacturers.”
    Rep. Carlos Gimenez (R-FL): “President Trump has just announced RECIPROCAL TARIFFS for countries unfairly treating American products! If you want to sell to the USA, we must have access to your market as well. What is fair, is fair!”
    Rep. Byron Donalds (R-FL): “We will no longer tolerate being ripped-off by the rest of the world. Under President Trump, government is putting the American people first again. And that means RECIPROCAL TARIFFS”
    Rep. Randy Feenstra (R-IA): “Brazil imposes an 18% tariff on U.S. ethanol while we only charge Brazil 2.5%. In 2024, that imbalance resulted in our nation importing $200 million in Brazilian ethanol while Brazil only imported $52 million in U.S. ethanol. Our farmers deserve better!”
    Rep. Andy Harris (R-MD): “The days of America being taken advantage of are over. The “Fair and Reciprocal Plan” will put the American worker first and bring fairness back to international trade.”
    Rep. Diana Harshbarger (R-TN): “Our nation has been at the bad end of business deals regarding trade practices with other countries for far too long. That’s coming to an end. President Trump’s reciprocal tariffs are putting the world on notice — the gravy train is over, and we won’t be taken advantage of anymore.”
    Rep. Kevin Hern (R-OK): “President Trump is a strong leader – he’s not allowing the world to take advantage of the United States any longer. These reciprocal tariffs will incentivize other nations to level the playing field and remove long-standing, exorbitant tariffs. America FIRST!”
    Rep. Riley Moore (R-WV): “President Trump just announced plans to implement reciprocal tariffs on the foreign countries who are ripping us off. I’m proud to be leading this effort in Congress.”
    Rep. Greg Steube (R-FL): “I thank President Trump for standing up for American workers with his bold plan to restore balance and fairness to the marketplace. He and his administration understand that our workers deserve trade policies that are fair and beneficial to all.  For far too long, blue-collar communities in the United States have been ripped off by foreign competitors benefiting from manipulative trade practices. If other countries believe they can continue to cheat the American people of their share of prosperity, they are sadly mistaken. President Trump has the right plan to secure our economy, restore fairness to international trade, and bring back good-paying jobs to the United States.”
    Rep. Beth Van Duyne (R-TX): “American workers, farmers, and manufacturers finally have a President who fights for them! I applaud President Trump’s plan to combat unfair trade practices. Our best days are still ahead of us!”
    House Republican Study Committee: “The Trump administration just announced reciprocal tariffs for countries like China that rip off the United States. It’s past time to flip the script on this. President Trump is trying to restore fairness in trade, ensuring that other countries are held to account for slapping tariffs on American goods. Gone are the days of our great nation being taken advantage of. Period.”

    MIL OSI USA News –

    February 14, 2025
  • MIL-OSI USA: Cotton, Boozman, Thune Reintroduce Legislation to Repeal the Federal Death Tax

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton

    FOR IMMEDIATE RELEASE
    Contact: Caroline Tabler or Patrick McCann (202) 224-2353
    February 13, 2025

    Cotton, Boozman, Thune Reintroduce Legislation to Repeal the Federal Death Tax

    Washington, D.C. — Senator Tom Cotton (R-Arkansas) and Senator John Boozman (R-Arkansas) joined U.S. Senate Majority Leader John Thune (R-South Dakota) and 45 of their Senate Republican colleagues today to reintroduce legislation that would permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death.

    The legislation is cosponsored by U.S. Sens. Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsay Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), and Todd Young (R-Ind.). Companion legislation was introduced in the U.S. House of Representatives by Rep. Randy Feenstra (R-Iowa).

    “Families shouldn’t have to sell major portions of their businesses or farms after the death of a parent just to afford the estate tax. Breaking apart a family’s livelihood is neither fair nor good for the economy. This legislation would end the federal death tax, making it much easier to preserve a family’s legacy and way of life,” said Senator Cotton. 

    “Arkansas’s farm families and small businesses should have the opportunity to preserve their legacies for the next generation instead of getting hit with a penalty that jeopardizes their livelihoods,” said Senator Boozman. “They need certainty and relief from this counterproductive burden. Repealing the death tax supports our agriculture producers and entrepreneurs so they can continue to grow their operations and benefit their local economy.”

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Senator Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

    Text of the bill can be found here.

    Background on the Death Tax Repeal Act:

    • Fully repeals the Estate Tax.
    • Repeals the Generation-Skipping Transfer Tax (GSTT) for when a grandparent transfers assets to a grandchild.  
    • Maintains step-up basis.

    MIL OSI USA News –

    February 14, 2025
  • MIL-OSI USA: Crapo: Enough is Enough–It is Past Time to Get Our Fiscal House in Order

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho), Chairman of the Senate Finance Committee and senior member of the Senate Budget Committee, voted to advance the Fiscal Year 2025 Budget Resolution out of the Senate Budget Committee for full Senate consideration.  The Resolution passed 11-10.

    “By committing to paying for this ambitious agenda, Senate Republicans have said enough is enough with reckless fiscal policy.  It is past time to get our fiscal house in order,” said Crapo.  “It is time to stop the politics of fear, admit that we have got to control our spending and let us get on with trying to do the critical work of restoring our border security, restoring our national security and unleashing the energy potential of this country so we can again regain our preeminent posture as the strongest economy and strongest nation in this world.”

    Click HERE or the image above to view Senator Crapo’s remarks.

    Text of Crapo’s remarks, as prepared for delivery, is below:

    “As part of its regular duties and to execute the mandate given to Republicans by the American voter, the Senate Budget Committee will mark up a budget resolution for Fiscal Year 2025.  This is not the end; it is the beginning. 

    “On his first day in office in January 2021, President Joe Biden blew open the southern border by using executive authority to rescind a number of successful Trump Administration policies.  His open border policies brought more than 10 million illegal immigrants into our country.  President Biden failed to uphold the law with regard to border security.  While President Trump has reinstated many of these important policies through executive order, the Fiscal Year 2025 Budget Resolution implements lasting security for American citizens.

    “Additionally, this resolution restores America’s military power to counteract Russia, China and other adversaries around the world.  This work, combined with President Trump’s ‘America First’ foreign policy, will keep America the preeminent global power and shore up our national defense.

    “To begin the process of returning to fiscal sensibility, the Finance Committee’s instruction in this budget unlocks our ability to reverse a specific costly rule from the prior Administration that threatens patients’ access to long-term care in rural communities.  Not only will this effort provide savings for our shared priorities in this legislation, but it will also serve as a commitment to reform our broken health care system, which too often relies on ineffective structures that fail patients, providers and taxpayers.

    “I want to make it clear that if we receive this instruction, the Finance Committee’s focus will be on this single provision, not on opening up the tax bill or other issues or other efforts to try to reform other parts of our health care system.  I will do my best to keep us focused on this provision with this instruction.

    “Finally, by committing to paying for this ambitious agenda, Senate Republicans have said enough is enough with reckless fiscal policy.  It is past time to get our fiscal house in order.  While more will be necessary to bring America back to living within its means, this resolution is a superb first step.

    “It is very obvious the criticisms of what we are trying to do, once again, rely on the politics of fear.  Saying that we are going to hurt every single person in America except ‘those rich people’ and claiming that we want to give tax cuts to the wealthy.

    “The Tax Cuts and Jobs Act that was referenced already has a $2.6 trillion impact on people making less than $400,000 per year.  The vast majority we are talking about are not the wealthy, but those in our middle- and lower-income brackets, and our pass-through entities, or small businesses, across this country.

    “It is time to stop the politics of fear, admit that we have got to control our spending and let us get on with trying to do the critical work of restoring our border security, restoring our national security and unleashing the energy potential of this country so we can again regain our preeminent posture as the strongest economy and strongest nation in this world.”

    MIL OSI USA News –

    February 14, 2025
  • MIL-OSI USA: Lee Introduces Healthy SNAP Act, Stopping Tax Dollars from Subsidizing Junk Food

    US Senate News:

    Source: United States Senator for Utah Mike Lee
    WASHINGTON – Senator Mike Lee (R-Utah) has introduced the Healthy SNAP Act. The bill would exclude soft drinks, candy, ice cream, and prepared desserts from being purchased with Supplemental Nutrition Assistance Program (SNAP) benefits. The bill also requires the Secretary of Agriculture to ensure that eligible food promotes the health of SNAP recipients and reflects nutrition science, public health concerns, and cultural eating patterns. Rep. Josh Brecheen (R-OK) has introduced the bill in the House of Representatives. 
    “American tax dollars should not be used to pay for junk food and endanger the health of the most vulnerable Americans,” said Sen. Lee. “The fastest way to Make America Healthy Again is to encourage balanced diets and stop subsidizing unhealthy food choices. The Healthy SNAP Act is a solid step forward in building a society where all families can be enjoy strength, health, and good nutrition.”
    “President Trump has been given a mandate by the majority of Americans to Make America Healthy Again, and those in his administration, like RFK Jr. and Senator Marco Rubio, have directly advocated for eliminating junk food purchases with SNAP,” said Rep. Brecheen. “This legislation advances President Trump’s agenda by ensuring that SNAP is used for nutritious foods, rather than junk foods and soda that contribute to long-term health issues.”
    “The SNAP program should not prey on low-income populations by perpetuating the consumption of sugary drinks designed to be addictive filled with artificial additives. It’s time to use our SNAP dollars wisely, to incentivize and provide healthier options in low-income areas so all Americans can live healthier and longer. We need more government dollars going towards food that actually provides health rather than take it away – this starts with removing the junk.” –Vani Hari, Founder of Food Babe & Truvani
    “With 38% of U.S. teens now afflicted with pre-diabetes, it is the height of public policy insanity to subsidize soda and candy for the neediest children. SNAP money should be going to American farmers and ranchers, not soda companies. This bill will ensure that.” -Calley Means, Founder of Truemed 
    BACKGROUND
     
    The Supplemental Nutrition Assistance Program (SNAP) exists to provide nutritious food to low-income Americans who are struggling to make ends meet. Over 42 million people, roughly 1 in 8 Americans, are currently receiving SNAP benefits. However, over 20 percent of all SNAP dollars are used to purchase soda, candy, desserts, and other junk food items, which is projected to total $240 billion over the next decade. One of the key aspects of President Trump’s agenda is to “Make America Healthy Again”, and one of the ways to work toward that goal is to prevent SNAP dollars from being used to purchase unhealthy and ultra-processed junk food items that fuel the rise of chronic disease in the United States. Obesity, and the chronic diseases it causes, costs the United States healthcare system nearly $173 billion every year.[1] Taxpayer-funded SNAP benefits should not continue to fund the growth of chronic disease in the United States. 
    The Healthy SNAP Act would exclude soda, candy, ice cream, and prepared desserts from SNAP eligibility. The bill would also direct the Secretary of Agriculture to review foods qualified under SNAP every five years to ensure that new and relevant nutrition data is reflected in SNAP food guidelines. The legislation is endorsed by Heritage Action for America.
     
    You can read the bill text HERE.
    You can read the one-pager HERE.

    MIL OSI USA News –

    February 14, 2025
  • MIL-OSI Global: From homes to hospitals, Canada’s food environments need reform

    Source: The Conversation – Canada – By Sara F.L. Kirk, Professor of Health Promotion; Scientific Director of the Healthy Populations Institute, Dalhousie University

    Healthy eating sounds deceptively simple — just eat more fruits and vegetables and avoid junk food, right? However, healthy eating really isn’t easy.

    A new report illustrates how ubiquitous unhealthy foods are, how aggressively they are promoted and how hard it is to access healthy foods in places we spend our time.

    We are part of a team of 18 nutrition and food policy experts from across Canada who looked at research from the past five years to expose the environmental factors that influence what people in Canada buy and eat. We explored many different factors, like the quality of food, food marketing practices and what foods are available in places like hospitals, schools and grocery stores.

    The report is part of an international network called INFORMAS (International Network for Food and Obesity/Non-communicable Diseases (NCDs) Research, Monitoring and Action Support). Our findings reinforce that, from homes to hospitals, Canada’s food supply needs reform.

    What we see is what we get

    Unhealthy food is everywhere, and that makes it hard to avoid: what we see is what we get. Our report found that most packaged foods in grocery stores are unhealthy. In fact, two-thirds of them were high in salt, sugar or saturated fat. Only 12 per cent were low in these nutrients.

    Unhealthy foods are readily available for purchase. One study showed that children in Ottawa had, on average, 19 places to purchase foods within one kilometre of their school. In Vancouver, that number was as high as 45.

    In-store environments also thwart healthy purchases: 50 per cent of stores had “power walls” of candy, snacks and sugary drinks, tempting consumers at the checkout, while only around one in five stores operated a junk-free checkout. And nearly all hospital cafeterias and recreation centre vending machines sold sugary drinks.

    Unhealthy foods are also heavily marketed, particularly to children. One study estimated that children aged six to 11 see more than 4,000 food ads on their digital devices each year, while older children see twice that number. Around 90 per cent of the ads that children saw on their digital devices were deemed less healthy based on their sugar, sodium and saturated fat content.

    A closer look at marketing on five food product categories in the INFORMAS Canada report found that one-third of products carried marketing targeting to children.

    For example, almost 46 per cent of breakfast cereals used marketing techniques that made products look fun or cool, or used cartoon characters and celebrities, to entice young consumers. More than 90 per cent of products using these techniques were unhealthy. Of 75 per cent of foods that had some sort of health or nutrition claim on their packaging highlighting healthy attributes of products, 45 per cent of these products were also high in salt, sugar or saturated fat.

    Unhealthy foods are big, cheap and easy

    Our report illustrates how, in many ways, the cards are stacked against us in terms of healthy eating. The food industry, where power is often concentrated within the hands of a few large, multinational companies, continues to create and market unhealthy foods, despite stated commitments to do better.

    With unhealthy foods so available and tempting, it’s no surprise that many Canadians struggle to eat according to Canada’s Food Guide.

    Our unhealthy food environments are making us sick and we all pay the price. Unhealthy eating has been estimated to cost more than $15.8 billion, including direct healthcare costs of $5.9 billion. With unhealthy eating a leading risk for death and the second leading risk for disability in Canada, there is a strong moral and economic imperative for action to improve food environments.

    Creating healthier food environments

    It doesn’t have to be this way. In addition to providing benchmarking data, our report offers a road map for policymakers, industry leaders and advocates to collaborate in creating healthier, more equitable food environments for all Canadians.

    Canada can also draw inspiration from global leaders in food policy like Chile and Mexico. Both countries have introduced bold front-of-package warning labels for foods high in sugar, sodium or saturated fats, combined with restrictions on marketing unhealthy products to children and taxes on unhealthy foods.

    Canada will follow suit with front-of-package labels in January 2026, but policy change in these others areas is lacking.




    Read more:
    Front-of-package food labels: A path to healthier choices


    Mexico has implemented front-of-package food label regulations flagging unhealthy foods. Canada will follow suit in 2026.
    (Shutterstock)

    Taxes on sugary drinks already exist in more than 45 countries, with the United Kingdom recently seeing reductions in sugar consumption after a sugary drink tax was implemented. Canada, unfortunately, is lagging behind, with Newfoundland & Labrador the only province with a tax on sugary drinks.

    As Canada’s national school food policy rolls out, there are opportunities to protect school food from vested interests. These actions need to be extended to other food environments — our homes, hospitals and grocery stores.

    With the threat of tariffs being imposed by the United States and potentially creating major challenges for food affordability, more Canadians are looking for a food supply that is made in Canada. Creating healthier food environments and food systems takes a strong commitment from leaders at all levels (federal, provincial, territorial and municipal).

    Our benchmarking report can help create a nutrition transition that nourishes our population and supports our healthy food producers, farmers and fisheries. This report makes the case for improving our food environments and shows the way to a healthier future for all Canadians.

    Sara F.L. Kirk has received funding from the Canadian Institutes of Health Research, Public Health Agency of Canada, Research Nova Scotia and Dalhousie University Office of Advancement. She is a co-author on the report being discussed in this article.

    Lana Vanderlee receives funding from the Canadian Institutes of Health Research, the US National Institutes of Health, the Fonds de recherche du Québec – Santé and has received funds from Health Canada. She is currently supported by a Canada Research Chair in Healthy Food Policy (Tier 2).

    – ref. From homes to hospitals, Canada’s food environments need reform – https://theconversation.com/from-homes-to-hospitals-canadas-food-environments-need-reform-249540

    MIL OSI – Global Reports –

    February 14, 2025
  • MIL-OSI New Zealand: Kinleith Mill to close paper production – E tū

    Source: Etu Union

    Union members are devastated to learn that Oji Fibre Solutions is set to close the paper manufacturing operations at Kinleith Mill in Tokoroa.

    The closure will result in the loss of at least 230 jobs, with significant downstream impacts on the wider local community.

    E tū senior delegate Ian Farall believes the company had made this decision long ago.

    “The writing has been on the wall for some time, and the company never seemed serious about saving paper production,” Ian says.

    “They have neglected essential maintenance that could have put us in a much stronger position. Of course, high power prices play a role, but the company should have been far better prepared for this.”

    Ian also criticised the Government for failing to intervene meaningfully.

    “We’re shocked and angry that the Government isn’t stepping in to save the paper mill. It’s a key part of our domestic manufacturing and vital to the wider Tokoroa community.”

    Mario van der Putten, senior FIRST Union delegate at the mill, said workers were “bitterly disappointed” by the news.

    “We were the last ones standing – the last paper-making machine in the country,” Mr van der Putten says.

    “This puts our economy at risk and will have a ripple effect on primary industries that rely on our products for the safe, long-term storage of goods.

    “We don’t believe the company has put forward a genuine business plan. Instead, they have reduced us to a business case. The writing was on the wall after two decades of underinvestment in the mill.

    “This could end up being a disastrous decision that sinks the entire business. Specialist skills that take decades to master will be lost in the process.”

    E tū Negotiation Specialist Joe Gallagher says the closure is yet another example of the Government failing to protect local industry.

    “We hear Luxon talking about a focus on growth while doing next to nothing about the crisis facing manufacturing,” Joe says.

    “The Prime Minister needs to get real about what economic prosperity actually looks like. It’s about protecting New Zealand’s industries and keeping local communities thriving, not standing by and letting them collapse.”

    MIL OSI New Zealand News –

    February 14, 2025
  • MIL-OSI: PDF Solutions® Announces Record 2024 Fourth Quarter and Full Year Total Revenues

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor and electronics ecosystem, today announced financial results for its fourth quarter and year ended December 31, 2024.

    Financial Highlights of Fourth Quarter 2024

    • Record quarterly total revenues of $50.1 million, up 22% over last year’s comparable quarter
    • Record quarterly analytics revenue of $47.9 million, up 22% over last year’s comparable quarter
    • GAAP gross margin of 68% and non-GAAP gross margin of 72%
    • GAAP diluted earnings per share (EPS) of $0.01 and non-GAAP diluted EPS of $0.25

    Financial Highlights of Full Year 2024

    • Record full year total revenues of $179.5 million, up 8% over last year
    • Record full year analytics revenue of $169.3 million, up 11% over last year
    • GAAP gross margin of 70% and non-GAAP gross margin of 74%
    • GAAP diluted EPS of $0.10 and non-GAAP diluted EPS of $0.84
    • Backlog of $221.4 million as of December 31, 2024

    Total revenues for the fourth quarter of 2024 were $50.1 million, compared to $46.4 million for the third quarter of 2024 and $41.1 million for the fourth quarter of 2023. Analytics revenue for the fourth quarter of 2024 was $47.9 million, compared to $44.8 million for the third quarter of 2024 and $39.1 million for the fourth quarter of 2023. Integrated Yield Ramp revenue for the fourth quarter of 2024 was $2.2 million, compared to $1.7 million for the third quarter of 2024 and $2.0 million for the fourth quarter of 2023. Total revenues for the full year 2024 and 2023 were $179.5 million and $165.8 million, respectively.

    GAAP gross margin for the fourth quarter of 2024 was 68%, compared to 73% for the third quarter of 2024 and 68% for the fourth quarter of 2023. GAAP gross margin for the full year 2024 and 2023 was 70% and 69%, respectively.

    Non-GAAP gross margin for the fourth quarter of 2024 was 72%, compared to 77% for the third quarter of 2024 and 72% for the fourth quarter of 2023. Non-GAAP gross margin for the full year 2024 and 2023 was 74% and 73%, respectively.

    On a GAAP basis, net income for the fourth quarter of 2024 was $0.5 million, or $0.01 per diluted share, compared to net income of $2.2 million, or $0.06 per diluted share, for the third quarter of 2024, and net income of $0.9 million, or $0.02 per diluted share, for the fourth quarter of 2023. On a GAAP basis, net income for the full year 2024 was $4.1 million, or $0.10 per diluted share, compared to net income of $3.1 million, or $0.08 per diluted share, for the full year 2023.

    Non-GAAP net income for the fourth quarter of 2024 was $9.9 million, or $0.25 per diluted share, compared to non-GAAP net income of $9.9 million, or $0.25 per diluted share, for the third quarter of 2024, and non-GAAP net income of $5.7 million, or $0.15 per diluted share, for the fourth quarter of 2023. Non-GAAP net income for the full year 2024 was $32.6 million, or $0.84 per diluted share, compared to non-GAAP net income of $28.5 million, or $0.73 per diluted share, for the full year 2023.

    Cash, cash equivalents and short-term investments as of December 31, 2024, were $114.9 million.

    Financial Outlook

    “We are pleased with the progress we are making with our customers. During the fourth quarter of 2024, we completed an ongoing manufacturing evaluation of an eProbe machine earlier than the customer’s schedule, resulting in the sale to this new leading edge customer, booked multiple Exensio deals, and saw growth in our Cimetrix connectivity business from runtime licenses. In 2025, we expect our full year revenues to grow at a rate approaching 15% year over year,” said John Kibarian, CEO and President.

    Conference Call

    As previously announced, PDF Solutions will discuss these results on a live conference call beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time today. To participate on the live call, analysts and investors should pre-register at: https://register.vevent.com/register/BI1b05df01d9534a648d4fd2cd753be31c. Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial into the call ten minutes ahead of the scheduled time. The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website. A copy of this press release, including the disclosure and reconciliation of certain non-GAAP financial measures to the comparable GAAP measures, which non-GAAP measures may be used periodically by PDF Solutions’ management when discussing financial results with investors and analysts, will also be available on PDF Solutions’ website at http://www.pdf.com/press-releases following the date of this release.

    Fourth Quarter and Full Year 2024 Financial Commentary Available Online

    A Management Report reviewing the Company’s fourth quarter and full year 2024 financial results will be furnished to the Securities and Exchange Commission on Form 8-K and published on the Company’s website at http://ir.pdf.com/financial-reports. Analysts and investors are encouraged to review this commentary prior to participating in the conference call.

    Information Regarding Use of Non-GAAP Financial Measures

    In addition to providing results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), PDF Solutions also provides certain non-GAAP financial measures. Non-GAAP gross profit and margin exclude stock-based compensation expense and the amortization of acquired technology under costs of revenues. Non-GAAP net income excludes stock-based compensation expense, amortization of acquired technology under costs of revenues, amortization of other acquired intangible assets, and the effects of certain non-recurring items, such as expenses for certain legal proceedings, non-recurring legal, tax and accounting service-related costs, loss on damaged equipment in-transit, net of recovery from previously written-off property and equipment, and their related income tax effects, as applicable, as well as adjustments for the valuation allowance for deferred tax assets and reconciling items. These non-GAAP financial measures are used by management internally to measure the Company’s profitability and performance. PDF Solutions’ management believes that these non-GAAP measures provide useful supplemental information to investors regarding the Company’s ongoing operations in light of the fact that none of these categories of expense and income has a current effect on the future uses of cash (with the exception of expenses related to certain legal proceedings and non-recurring legal, tax and accounting services) nor do they impact the generation of current or future revenues. These non-GAAP results should not be considered an alternative to, or a substitute for, GAAP financial information, and may differ from similarly titled non-GAAP measures used by other companies. In particular, these non-GAAP financial measures are not a substitute for GAAP measures of income or loss as a measure of performance, or to cash flows from operating, investing and financing activities as a measure of liquidity. Since management uses these non-GAAP financial measures internally to measure profitability and performance, PDF Solutions has included these non-GAAP measures to give investors an opportunity to see the Company’s financial results as viewed by management. A reconciliation of the comparable GAAP financial measures to the non-GAAP financial measures is provided at the end of the Company’s condensed consolidated financial statements presented below.

    Forward-Looking Statements

    This press release and the planned conference call include forward-looking statements regarding the Company’s future expected business performance and financial results, including expectations about total revenue growth for 2025 and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms, that are subject to future events and circumstances. Other than statements of historical fact, all statements contained in this press release and the planned conference call are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those expressed in these forward-looking statements. Risks and uncertainties that could cause results to differ materially include risks associated with: the effectiveness of the Company’s business and technology strategies; current semiconductor industry trends and competition; rates of adoption of the Company’s solutions by new and existing customers; project milestones or delays and performance criteria achieved; cost and schedule of new product development and investments in research and development; the continuing impact of macroeconomic conditions, including inflation, changing interest rates and tariffs, the evolving trade regulatory environment and geopolitical tensions, and other trends on the semiconductor industry, the Company’s customers, operations, and supply and demand for its products; supply chain disruptions; the success of the Company’s strategic growth opportunities and partnerships; recent and future acquisitions, strategic alliances and relationships and the Company’s ability to successfully integrate acquired businesses and technologies; whether the Company can successfully convert backlog into revenue; customers’ production volumes under contracts that provide Gainshare; the sufficiency of the Company’s cash resources and anticipated funds from operations; the Company’s ability to obtain additional financing if needed and its ability to use support and updates for certain open-source software; and other risks set forth in PDF Solutions’ periodic public filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and amendments to such reports. The forward-looking statements made in this press release and the conference call are made as of the date hereof, and PDF Solutions does not assume any obligation to update such statements nor the reasons why actual results could differ materially from those projected in such statements. The Company has not filed its Annual Report on Form 10-K for the year ended December 31, 2024. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time the Company files its Annual Report on Form 10-K.

    About PDF Solutions

    PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystem to improve manufacturing yield, product quality and operational efficiency leading to increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor and electronics ecosystem to achieve smart manufacturing goals by connecting and controlling manufacturing equipment, collecting data generated during manufacturing and test operations, and using advanced analytics and machine learning models to enable profitable, high-volume manufacturing.

    Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com.

    PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

    Company Contacts:    
    Adnan Raza   Sonia Segovia
    Chief Financial Officer   Investor Relations
    Tel: (408) 516-0237   Tel: (408) 938-6491
    Email: adnan.raza@pdf.com   Email: sonia.segovia@pdf.com
         

    PDF SOLUTIONS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (In thousands)

                 
           December 31, 
        2024   2023
                 
    ASSETS            
    Current assets:            
    Cash and cash equivalents   $ 90,594     $ 98,978  
    Short-term investments     24,291       36,544  
    Accounts receivable, net     73,649       44,904  
    Prepaid expenses and other current assets     17,445       17,422  
    Total current assets     205,979       197,848  
    Property and equipment, net     48,465       37,338  
    Operating lease right-of-use assets, net     4,029       4,926  
    Goodwill     14,953       15,029  
    Intangible assets, net     12,307       15,620  
    Deferred tax assets, net     43       157  
    Other non-current assets     29,513       19,218  
    Total assets   $ 315,289     $ 290,136  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities:            
    Accounts payable   $ 8,255     $ 2,561  
    Accrued compensation and related benefits     16,855       14,800  
    Accrued and other current liabilities     8,752       4,633  
    Operating lease liabilities ‒ current portion     1,675       1,529  
    Deferred revenues ‒ current portion     24,930       25,750  
    Billings in excess of recognized revenues     75       1,570  
    Total current liabilities     60,542       50,843  
    Long-term income taxes     2,915       2,972  
    Non-current operating lease liabilities     3,504       4,657  
    Other non-current liabilities     2,291       2,718  
    Total liabilities     69,252       61,190  
                 
    Stockholders’ equity:            
    Common stock and additional paid-in capital     502,908       473,301  
    Treasury stock, at cost     (159,352 )     (143,923 )
    Accumulated deficit     (93,988 )     (98,045 )
    Accumulated other comprehensive loss     (3,531 )     (2,387 )
    Total stockholders’ equity     246,037       228,946  
    Total liabilities and stockholders’ equity   $ 315,289     $ 290,136  
     

    PDF SOLUTIONS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (In thousands, except per share amounts)

                                   
      Three months ended   Year ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024     2024     2023        2024     2023  
                                 
    Revenues:                              
    Analytics   $ 47,926     $ 44,750     $ 39,128     $ 169,253     $ 152,085  
    Integrated yield ramp     2,159       1,659       1,997       10,212       13,750  
    Total revenues     50,085       46,409       41,125       179,465       165,835  
                                   
    Costs and Expenses:                              
    Costs of revenues     15,901       12,484       13,194       54,144       51,749  
    Research and development     14,417       13,516       12,308       53,566       50,736  
    Selling, general, and administrative     19,073       18,094       16,194       69,924       62,216  
    Amortization of acquired intangible assets     182       196       306       896       1,285  
    Interest and other expense (income), net     (962 )     (1,511 )     (1,020 )     (5,644 )     (5,020 )
    Income before income tax benefit (expense)     1,474       3,630       143       6,579       4,869  
    Income tax benefit (expense)     (935 )     (1,424 )     744       (2,522 )     (1,764 )
    Net income   $ 539     $ 2,206     $ 887     $ 4,057     $ 3,105  
                                   
    Net income per share:                              
    Basic   $ 0.01     $ 0.06     $ 0.02     $ 0.11     $ 0.08  
    Diluted   $ 0.01     $ 0.06     $ 0.02     $ 0.10     $ 0.08  
                                   
    Weighted average common shares used to calculate net income per share:                              
    Basic     38,783       38,710       38,269       38,602       38,015  
    Diluted     39,104       39,105       38,814       39,047       38,937  
     

    PDF SOLUTIONS, INC.
    RECONCILIATION OF GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN (UNAUDITED)
    (In thousands)

                                             
      Three months ended     Year ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024   2024   2023   2024   2023
                                           
    GAAP                                        
    Total revenues   $ 50,085     $ 46,409     $ 41,125     $ 179,465     $ 165,835  
    Costs of revenues     15,901       12,484       13,194       54,144       51,749  
    GAAP gross profit   $ 34,184     $ 33,925     $ 27,931     $ 125,321     $ 114,086  
    GAAP gross margin     68 %     73 %     68 %     70 %     69 %
                                             
    Non-GAAP                                        
    GAAP gross profit   $ 34,184     $ 33,925     $ 27,931     $ 125,321     $ 114,086  
    Adjustments to reconcile GAAP to non-GAAP gross margin:                                        
    Stock-based compensation expense     1,336       1,366       1,147       5,087       4,169  
    Amortization of acquired technology     583       584       586       2,335       2,266  
    Non-GAAP gross profit   $ 36,103     $ 35,875     $ 29,664     $ 132,743     $ 120,521  
    Non-GAAP gross margin     72 %     77 %     72 %     74 %     73 %
     

    PDF SOLUTIONS, INC.
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (UNAUDITED)
    (In thousands, except per share amounts)

                                     
      Three months ended   Year ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024   2024   2023   2024   2023
                                   
    GAAP net income   $ 539     $ 2,206     $ 887     $ 4,057     $ 3,105  
    Adjustments to reconcile GAAP net income to non-GAAP net income:                                
    Stock-based compensation expense     6,507       6,730       5,923       25,047       21,484  
    Amortization of acquired technology under costs of revenues     583       584       586       2,335       2,266  
    Amortization of other acquired intangible assets     182       196       306       896       1,285  
    Expenses for certain legal proceedings (1)     69       —       75       69       2,600  
    Non-recurring legal, tax and accounting service-related costs     940       —       —       940       209  
    Loss on damaged equipment in-transit, net of (recovery) from previously written-off property and equipment     663       (55 )     —       608       (105 )
    Tax impact of valuation allowance for deferred tax assets and reconciling items (2)     375       262       (2,060 )     (1,335 )     (2,374 )
    Non-GAAP net income   $ 9,858     $ 9,923     $ 5,717     $ 32,617     $ 28,470  
                                     
    GAAP net income per diluted share   $ 0.01     $ 0.06     $ 0.02     $ 0.10     $ 0.08  
    Non-GAAP net income per diluted share   $ 0.25     $ 0.25     $ 0.15     $ 0.84     $ 0.73  
                                     
    Weighted average common shares used in GAAP net income per diluted share calculation     39,104       39,105       38,814       39,047       38,937  
    Weighted average common shares used in non-GAAP net income per diluted share calculation     39,104       39,105       38,814       39,047       38,937  

    (1) Represents legal costs and expenses related to certain litigation and an arbitration proceeding which are expected to continue until these matters are resolved.
    (2) The difference between the GAAP and non-GAAP income tax provisions is primarily due to the valuation allowance on a GAAP basis and non-GAAP adjustments. For example, on a GAAP basis, the Company does not receive a deferred tax benefit for foreign tax credits or research and development credits after the valuation allowance. The Company’s non-GAAP tax rate and resulting non-GAAP tax expense is not calculated with a full U.S. federal or state valuation allowance due to the Company’s cumulative non-GAAP income and management’s conclusion that it is more likely than not to utilize its net deferred tax assets (DTAs). Each reporting period, management evaluates the need for a valuation allowance and may place a valuation allowance against its U.S. net DTAs on a non-GAAP basis if it concludes it is more likely than not that it will not be able to utilize some or all of its U.S. DTAs on a non-GAAP basis.

    The MIL Network –

    February 14, 2025
  • MIL-OSI Australia: Thousands of Central Coast first home buyers in their happy places thanks to stamp duty leg up

    Source: New South Wales Premiere

    Published: 14 February 2025

    Released by: Minister for the Central Coast, Minister for the Hunter


    More than 2,000 first home buyers have found their dream home on the Central Coast thanks to the Minns Labor Government’s signature stamp duty assistance program.

    The 2,145 new homeowners on the Central Coast have saved a combined $47.6 million in stamp duty since July 2023.

    The popular initiative has seen first home buyers across the Coast save an average of $22,185, significantly easing the pressure for people saving for a deposit.

    The First Home Buyers Assistance Scheme provides a full exemption from stamp duty for eligible buyers purchasing up to $800,000, and a concession for purchases between $800,000 and $1 million.

    In Gosford, 628 buyers have saved a combined $13.5 million, while 522 new home owners in Wyong saved $11.3 million.

    In The Entrance, 307 buyers shared in $6.9 million in savings, and 65 buyers at Avoca Beach benefited by $1.3 million.

    Statewide, total savings for more than 50,000 first home buyers across NSW have topped $1 billion.

    The 50,000 families milestone coincides with the release of a helpful dashboard detailing the program’s impact suburb-by-suburb.

    The First Home Buyers Assistance Dashboard also provides program statistics Central Coast wide – as it does for every Local Government Area and regional classification in the state. It will be updated regularly and can be viewed here: First home buyers assistance dashboard | Revenue NSW

    First home buyers can learn more about the program and calculate their potential stamp duty savings here: First Home Buyers Assistance Scheme – how to apply | NSW Government

    This program is just one part of a suite of reforms from the Minns Government to help address the housing crisis and ease cost of living pressures.

    This includes sweeping reforms of the planning system to deliver more housing, including establishing the Housing Delivery Authority to speed up approvals.

    Minister for the Central Coast David Harris said:

    “This Minns Government program is fantastic news for the more than 2,000 families, couples and singles able to get into their first home sooner in our beautiful region.

    “The more than $22,000 in average savings per homeowner is making a big difference for people saving up for a deposit.

    “Home is where the heart is, and there’s nothing better for Coasties to have a place to call their own in a region they love.”

    Minister for the Hunter and Member for Swansea Yasmin Catley said:

    “Buying your first home is a major achievement and I’m thrilled the Minns Labor Government is helping so many first home buyers reach this milestone.

    “Our community is a great place to live, work and play and this scheme is allowing people to build their dream life in one of the best places in NSW.”

    Member for The Entrance David Mehan said:

    “The Minns Labor Government’s stamp duty assistance program is making home ownership more accessible, providing real relief for local families entering the housing market.

    “It’s great to see that local residents are benefiting from this fantastic initiative” 

    Member for Gosford Liesl Tesch said:

    “With over 628 first home buyers in Gosford alone saving a combined $13.5 million dollars under this scheme, the Minns Labor Government is ensuring that families across NSW can achieve their dream of home ownership.

    “I want the students that I taught to be able to make a home on the Central Coast, not be forced to leave their hometowns because they can’t afford a deposit to get into the housing market.

    “This program is making home ownership a reality again for thousands of Coasties.”

    MIL OSI News –

    February 14, 2025
  • MIL-OSI: Orrstown Financial Services, Inc. Announces Promotion of Adam Metz to Senior Executive Vice President and Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    HARRISBURG, Pa., Feb. 13, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the “Company”) today announced that Adam L. Metz has been promoted to Senior Executive Vice President and Chief Operating Officer of the Company and its subsidiary bank, Orrstown Bank (the “Bank”), effective immediately, with the intent for him to succeed Thomas R. Quinn, Jr. as President and Chief Executive Officer of the Company and the Bank upon Mr. Quinn’s retirement on May 25, 2026.

    Mr. Metz has served as Executive Vice President and Chief Revenue Officer of the Company and the Bank since February 2019. He previously served as Executive Vice President and Chief Lending Officer of the Company and the Bank from September 2016 to February 2019. From 2011 to 2016, Mr. Metz served as Senior Vice President, Chief Lending Officer of Metro Bank, headquartered in Harrisburg, Pennsylvania.

    “Adam understands the mission, culture and values that have driven Orrstown Bank’s growth over the past decade,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “His efforts and leadership have contributed significantly to the bank’s success during that time. Adam’s promotion is part of our natural succession planning process and is extraordinarily well-deserved.”

    About Orrstown

    With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudoun County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

    Contact

    For media inquiries or further information, please contact:

    John Moss
    SVP, Director of Marketing and Client Experience, Orrstown Bank
    717-747-1520
    jmoss@orrstown.com

    The MIL Network –

    February 14, 2025
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