NewzIntel.com

Category: Trade

  • MIL-OSI: The Next Big XRP Play Has Arrived – And Whales Are Already Loading Up

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, Switzerland, March 26, 2025 (GLOBE NEWSWIRE) — In the world of crypto, the smartest money always moves first. And right now, it’s moving straight into XploraDEX ($XPL Token) the first AI-powered decentralized exchange built on the XRP Ledger. From early XRP investors to seasoned DeFi traders, the sharpest minds in the ecosystem are buying $XPL early, sensing a rare 100x opportunity that blends cutting-edge technology with real-world trading utility.

    The $XPL Presale is Live, and momentum is exploding as XRP whales and insiders secure their allocation before the platform goes public.

    Why Is Smart Money Betting Big on XploraDEX?

    XploraDEX isn’t just another DEX. It’s a next-gen platform designed for those who want to trade faster, smarter, and more profitably. Here’s what makes it a magnet for serious capital:

    1. AI-Powered Trade Execution

    Real-time, machine-learning-powered trading algorithms that remove emotion and guesswork—giving users optimal entry and exit points 24/7.

    2. Predictive Market Analytics

    XploraDEX forecasts market trends before they unfold, helping traders ride momentum and avoid traps.

    3. Smarter Liquidity

    AI automatically manages liquidity pools, routes trades efficiently, and reduces slippage—perfect for large-volume investors.

    4. Built on XRP Ledger

    With ultra-fast speeds, micro-fees, and native token support, XRPL gives XploraDEX an edge in scalability and execution.

    5. Institutional-Grade Tools for Everyday Traders

    What hedge funds use, now in your hands, with full decentralization and non-custodial control.

    PARTICIPATE IN XPLORADEX PRESALE: https://sale.xploradex.io

    The $XPL Token: Fueling the AI DeFi Revolution on XRPL

    The $XPL Token powers every layer of the XploraDEX experience. From fee discounts and AI access to staking and governance, this is more than just a token, it’s the heartbeat of a fast-growing DeFi machine.

    $XPL Token Utility Includes:

    • Access to AI Trading Suite
    • Reduced Platform Fees
    • Staking Rewards & Passive Income
    • Governance Voting Rights
    • Early Access to Liquidity Mining Programs

    With real utility, real integration, and early adoption from XRP whales, $XPL is poised to become one of the most valuable tokens on XRPL.

    Buy $XPL TOKEN on Presale: https://sale.xploradex.io

    Why the $X Presale Is Your Best Entry Point

    Presales are where 100x moves begin, and $XPL is no different. Early buyers:

    • Get in at the lowest price tier
    • Access exclusive rewards and airdrops
    • Influence early governance decisions
    • Gain priority access to staking and AI tools

    And with the $XPL presale buzz growing by the day, this window won’t stay open long.

    Final Thoughts: Follow the Smart Money

    The investors who made 100x on XRP in 2017 are already betting on XploraDEX today. They understand the formula: early access + real utility + first-mover advantage = explosive upside.

    If you missed the last XRP wave—don’t miss this one.

    Join the $XPL Presale Now: https://sale.xploradex.io

    Stay connected and Join the XploraDEX AI Revolution

    Website | $XPL Token Presale | X | Telegram

    Contact:
    Oliver Muller
    oliver@xploradex.io
    contact@xploradex.io

    Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b069b8a4-8f3b-4a65-976e-e736cd3f7450

    The MIL Network –

  • MIL-OSI: BW Offshore: Closing of the sale of the FPSO BW Pioneer

    Source: GlobeNewswire (MIL-OSI)

    Closing of the sale of the FPSO BW Pioneer

    Reference is made to the announcement dated 12 March 2025, in which BW Offshore Limited (“BW Offshore”) announced its agreement to sell the FPSO BW Pioneer for USD 125 million to a subsidiary of Murphy Oil Corporation (NYSE: MUR).

    Following the close of the transaction, BW Offshore has received the initial payment of USD 100 million. The remaining balance is expected before end of Q2 2025 when certain contractual obligations are met. The two parties have also signed a five-year reimbursable O&M contract, under which BW Offshore will continue to provide operations and maintenance services.

    For further information, please contact:
    Ståle Andreassen, CFO, +47 91 71 86 55

    IR@bwoffshore.com or www.bwoffshore.com

    About BW Offshore:
    BW Offshore engineers innovative floating production solutions. The Company has a fleet of 2 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,100 employees and is publicly listed on the Oslo stock exchange.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

    The MIL Network –

  • MIL-OSI: DNO Bags Kjøttkake with a Bang

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 26 March 2025 – DNO ASA, the Norwegian oil and gas operator, today announced an important oil and gas discovery in Northern North Sea license PL1182 S in which the Company holds a 40 percent operated interest.   

    The discovery was made in Paleocene injectite sandstones of excellent reservoir quality with preliminary estimates of gross recoverable resources in the range of 39 to 75 million barrels of oil equivalent (MMboe), with a mean of 55 MMboe.

    The Kjøttkake exploration well encountered a 41-meter oil column and a 9-meter gas column. A sidetrack drilled horizontally 1,350 meters westwards along the reservoir in the Sotra Formation confirmed the presence of the oil column throughout the discovery.

    “We are on a hot streak in Norway,” said Executive Chairman Bijan Mossavar-Rahmani. “Our latest and most exciting discovery this year, Kjøttkake, is close to existing infrastructure in the Troll-Gjøa area, and we will be relentless in pursuing its commercialization.”

    Located 27 kilometers northwest of the Troll C platform and 44 kilometers southwest of the Gjøa platform, Kjøttkake is DNO’s tenth discovery since 2021 in the Troll-Gjøa exploration and development hotspot, following Røver Nord, Kveikje, Ofelia, Røver Sør, Heisenberg, Carmen, Kyrre, Cuvette and Ringand.

    The Company has also racked up discoveries in other parts of the Norwegian Continental Shelf, including Norma (2023) and Othello (2024), both play-opening finds and both operated by DNO.  

    Partners in license PL1182 S include Aker BP ASA (30 percent), Concedo AS (15 percent) and Japex Norge AS (15 percent). The wells were drilled using the Deepsea Yantai rig.

    Following its exploration success, the Company has stepped up purchases of producing assets to balance its Norwegian portfolio and help fund coming developments. In early March, DNO announced the transformative acquisition of Sval Energi Group AS, which will increase North Sea 2P reserves from 48 million barrels of oil equivalent (boe) to 189 million boe post-closing and 2C resources from 144 million boe to 246 million boe (pro forma figures as of yearend 2024).

    The acquisition, which is expected to close by mid-year, will turn the North Sea into the biggest contributor to Company’s net production with some 60 percent of the total, with the balance coming predominantly from two operated fields, Tawke and Peshkabir, in the Kurdistan region of Iraq.

    –

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen. More information is available at www.dno.no

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI Russia: Buyers at the Moscow-on-the-Wave markets purchased canned goods for SVO participants

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    At the fish markets “Moscow is on the wave” The charity event in support of the participants of the special military operation (SVO) has ended. It began on Defender of the Fatherland Day and lasted for a month.

    Visitors had the opportunity to purchase canned goods for the SVO fighters and leave them in a special basket. As a result of the campaign, about a thousand canned goods were collected: from tulka, sprat, mackerel, herring, cod liver and roe, as well as from other types of fish. This product is especially convenient in field conditions – canned goods are easy to transport and store, and they do not require containers.

    All products were transferred to project headquarters “Moscow Helps”. Here, volunteers prepare collected goods for further transportation to new and border territories of Russia.

    “City residents and city organizations bring various things to the headquarters. Including long-life food products, such as canned fish, as they did this time. Now it is very important to show that we can all unite in this support,” noted Alexandra Iskhakova, a volunteer at the Moscow Helps headquarters.

    The Moscow-on-the-Wave fish markets also offer a permanent ten percent discount for participants in the special military operation and their family members.

    Charity events aimed at collecting food aid are held regularly in Moscow. Thus, before the New Year holidays, city residents traditionally take part in the “Hanging Mandarin” campaign. In August last year, two “Give an Apple!” campaigns took place, during which buyers at Moscow fairs donated fresh fruit to charitable foundations.

    The Moscow-on-the-Wave fish market opened in the Kosino-Ukhtomsky district in November 2023, and in Mitino in September 2024. As Sergei Sobyanin reported earlier, they were visited last year more than one and a half million people, over a thousand tons of products were sold.

    The markets offer a wide range of fish and seafood from three oceans and 13 seas washing Russia. Residents and guests of the capital can buy fresh carp, chilled Murmansk salmon, red mullet on skewers, northern omul and whitefish in fresh-frozen and smoked form, lightly salted tugunok, Olyutor herring and much more.

    More information about the activities of the capital’s Department of Trade and Services is available in the official telegram channel.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/151775073/

    MIL OSI Russia News –

  • MIL-OSI: GAM announces 2024 full year results

    Source: GlobeNewswire (MIL-OSI)

    26 March 2025

    PRESS RELEASE

    Ad hoc announcement pursuant to Art. 53 Listing Rules:

    GAM announces 2024 full year results

    Strong progress in implementing turnaround strategy. GAM continues to target profitability in fiscal year 2026.

    Financial Highlights for Full Year 2024

    • IFRS net loss of CHF 70.9 million compared to CHF 82.1 million for FY 2023.
    • Underlying loss before tax of CHF 66.8 million compared to CHF 49.5 million for FY 2023.
    • AuM at CHF 16.3 billion compared to CHF 19.3 billion as at 31 December 2023.
    • Cost optimisation initiatives across the business resulted in a 20% decrease in underlying expenses compared to FY 2023. The full impact of these cost optimisation initiatives will be reflected in FY 2025 and beyond.
    • Successful CHF 100 million rights issue completed in November 2024, which resulted in our anchor shareholder, NJJ Holding SAS (through its holding in Rock Investment SAS (“Rock”)) becoming our majority shareholder.
    • The maturity of the existing CHF 100 million Rock loan facility has been extended until 31 December 2027.
    • GAM is now a highly scalable pure investment platform with strong global distribution capabilities focusing on three core areas to drive sustainable growth and profitability: Specialist Active Investing, Alternative Investing and Wealth Management.
    • GAM continues to target profitability in fiscal year 2026.

    Strategic Highlights

    • Launched GAM Alternatives, providing access to in-house and third-party alternative managers focusing on absolute return strategies and best-in-class talent.
    • A new, high performing and successful European Equity team joins GAM in 2025.
    • Partnering with Sun Hung Kai & Co. Ltd to drive growth and enhance our distribution capabilities across Greater China including Hong Kong, mainland China, Taiwan, and Macau.
    • In 2025, GAM will continue to partner with best-in-class external managers, to include the development of new products and the distribution of their own existing products to GAM clients.

    Elmar Zumbuehl, Group CEO at GAM said: “We have made strong progress in implementing GAM’s turnaround strategy and have now evolved into being a pure play investment management firm, but we are not finished yet. The cost optimisation initiatives implemented in 2024 will yield their full benefit in 2025 and beyond. While we stay focused on further cost optimisation, our main emphasis is growing our AuM and revenues as we continue our turnaround. With an unwavering commitment to our clients, and an expanding suite of innovative and distinctive products, we continue to build positive momentum and strengthen our market position. Backed by our majority shareholder, we continue to target profitability in fiscal year 2026 and remain focussed on delivering for our clients and all our stakeholders.”

    Summary Financials

    In 2024, we reported IFRS net loss after tax of CHF 70.9 million, compared with an IFRS net loss after tax of CHF 82.1 million in 2023. The loss in 2024 was mainly driven by the underlying net loss after tax of CHF 66.9 million.

    Please refer to the ‘Financial Results for FY 2024’ section later in this press release for full information.

    Financial Strength

    In November 2024, GAM completed its CHF 100 million fully underwritten ordinary capital increase by way of a rights issue to support the implementation of GAM’s strategy and provide long-term financial stability. Given Rock’s underwriting commitment, NJJ Holding SA (indirectly) is now the majority shareholder of GAM following the rights issue.

    The existing CHF 100 million Rock loan facility remains in place with its maturity extended to 31 December 2027.

    Strategy Update

    GAM’s strategy is designed to achieve sustainable growth and profitability by delivering best possible investment performance and exemplary service for our clients by focusing on our Investment and Wealth Management capabilities. The four pillars of our strategy remain:

    • Focusing on clients in existing core markets;
    • Amplifying and growing core active equity, fixed income and multi-asset strategies by investing in talent and product ideas;
    • Diversifying into new investment product areas and our Wealth Management offering by leveraging GAM’s heritage in active management, building strategic partnerships, and its alternatives and hedge funds platform; and
    • Enhancing effectiveness by reducing complexity.

    GAM is now focusing exclusively on its Investment (Specialist Active and Alternatives) and Wealth Management businesses, expanding its distribution reach and capabilities, amplifying its core active strategies, and diversifying into new product areas, including building out our higher margin alternatives capabilities.

    We have made strong progress throughout 2024 on our four-pillar strategy to transform GAM into a focused, client-centric, and profitable business.

    Focusing on clients

    Focusing on our clients in our existing core markets has been the most important way to rebuild GAM. In key markets where we have clients, but lack scalable distribution, we have, and will continue to, add partnerships to support our growth strategy and provide a broader range of client’s access to unparalleled investment expertise, opportunities, and exceptional outcomes across specialist active and alternative investment strategies.

    We established a strategic alliance with Sun Hung Kai & Co. Ltd. to grow our client base, distribute our products, and innovate our alternatives offering across the Greater China region, including Hong Kong, mainland China, Taiwan, and Macau.

    We have also enhanced our regional presence and client coverage by hiring new Heads of Distribution across Switzerland, Germany, Austria, Iberia, the UK, Australia, New Zealand, and France to drive our local market presence. This significant investment into our client facing teams will enable GAM to provide clients with excellent local contacts, strong relationship management and access to unparalleled investment expertise targeting exceptional outcomes.

    We additionally expanded our client reach through opening a second US office in Miami to cover the US international and Latin American markets and we are close to gaining customary approvals to open our planned branches in Paris and Milan.

    Amplifying and growing core active equity, fixed income, and multi-asset strategies by investing in talent and product ideas

    We are enhancing our capabilities by recruiting first-class investment talent in alternatives, systematic and equities teams.

    We have established a multi-asset centre of excellence in a global team to optimise all our multi-asset investment capabilities, enhance client outcomes, and align with evolving market dynamics and client needs. The high quality and excellent performance of this team will allow GAM to grow its wealth management business.

    In February 2025, we announced the hiring of three high performing and successful European Equity team members from Janus Henderson Investors. These strategic hires underscore GAM’s steadfast dedication to providing clients with access to unparalleled investment expertise and exceptional outcomes. The team brings extensive experience, having managed over EUR 6.5 billion in European Equity funds on behalf of institutional and retail clients globally.

    In addition, we have strengthened our sustainability and stewardship practices, meeting the principles of the UK and Swiss Stewardship Codes. Today GAM released its 2024 Sustainability Report which is available at www.gam.com

    Diversifying into new investment products while expanding the wealth management offering by leveraging GAM’s heritage in active management, strategic partnerships, and its alternatives and hedge funds platform

    Randel Freeman joined GAM in 2024 as Co-head / Co-CIO of GAM Alternatives to build out our alternative investments platform to meet growing investor demand with differentiated offerings. In addition, in 2025, we hired two senior sales specialists with deep experience in Alternatives distribution.

    In 2024, we launched GAM funds to introduce and distribute Avenue Capital’s Sports Opportunities fund, plus partnered with Arcus Investment to distribute their Japanese long/short equities fund. GAM also partnered with world leading Trafigura Group’s subsidiary Galena Asset Management to manage the GAM Commodities fund providing best-in-class sector expertise. This provides our clients access to exclusive and attractive commodity investment opportunities.

    We are launching the GAM LSA Private Shares strategy in Europe to provide access for European clients to this award-winning evergreen, late-stage private equity fund.

    Throughout 2025, GAM will be assessing M&A opportunities to enhance existing offerings, attracting best-in-class long-term strategic partnerships, and recruiting top talent to our core business areas globally.

    Enhancing effectiveness by reducing complexity

    Following the transfer of our fund services business for third-party funds we also successfully transitioned our Luxembourg, Irish and Swiss fund management company (ManCo) activities to Apex Group and 1741 Group in Q4 2024. In addition, we consolidated our operations onto our cloud based SimCorp investment management platform. GAM now operates on a global platform that delivers operational efficiencies.

    These implementations pave the way to a much less complex operating model underpinning and delivering best outcomes for our clients.

    GAM is now a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas to drive sustainable growth and profitability: Specialist Active Investing, Alternative Investing and Wealth Management.

    Business Areas

    GAM Investments is focused on three core business areas to drive sustainable growth and profitability:

    • GAM Specialist Active: Deep expertise, experience and specialisms unlocking core and niche returns in equities, fixed income, and multi-asset investing;
    • GAM Alternatives: Access to in-house and third-party alternative investment managers focusing on absolute return strategies and best-in-class talent; and
    • GAM Wealth Management: Multi-asset solutions with tailored portfolios for high-net-worth individuals, charities and trusts, utilising best-of-breed GAM and third-party products.

    These three core business areas share and benefit from GAM’s global platform and agile operating model and modern technology.

    Investment Performance

    GAM has continued to deliver strong overall investment performance across our diverse and distinctive products, with 64% of assets under management (AuM) outperforming their three-year benchmark and 89% outperforming their five-year benchmark, as at 31 December 2024. Despite some weaker short-term performance in equities, the longer-term 5-year performance remains strong.

    Percentage of GAM Fund AuM Outperforming Benchmark

        3 years 3 years 5 years 5 years
    Business Area Asset Class 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
    Specialist Active Fixed income 94% 98% 95% 91%
    Specialist Active Equity 1% 39% 79% 59%
    Alternatives Alternatives 60% 73% 75% 96%
    Total   64% 78% 89% 81%

    % of AuM in funds outperforming their benchmark (excluding mandates and segregated accounts) across our business areas. Three- and five-year investment performance based on applicable AuM of CHF 9.0 billion and CHF 9.0 billion, respectively.

    Compared to our peer group performance remained strong, 66% of AuM outperformed their three-year Morningstar peer group and 82% outperformed their five-year Morningstar peer group, as at 31 December 2024.

    Percentage of GAM Fund AuM Outperforming Morningstar Peer Group

        3 years 3 years 5 years 5 years
    Business Area Asset Class 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
    Specialist Active Fixed income 61% 53% 60% 50%
    Specialist Active Equity 20% 51% 89% 89%
    Alternatives Alternatives 91% 89% 95% 96%
    Total   66% 66% 82% 76%

    GAM continues to be recognised for its investment performance, including having been awarded the overall best European small group 2025 by Lipper. Four GAM funds (including two funds of our Swiss Equity strategy) won Lipper’s 2025 top performance awards across multiple countries. For the second time, at the Citywire Investment Performance Awards, GAM Multi-asset won the Best Large Firm Award. GAM won the Wealth Management PAM 2024 award for its growth portfolios. GAM’s Sustainable Climate Bond strategy won and was chosen as the best ESG Investment Fund in the Green, Social and Sustainability Bonds category at the ESG Investing Awards 2024. For further details on these and other awards please visit http://www.gam.com/awards.

    Assets Under Management and Net Flows by Business Area

    Total AuM were CHF 16.3 billion as at 31 December 2024, compared to CHF 19.3 billion as at 31 December 2023. Net outflows of CHF 4.4 billion were partially offset by positive market and foreign exchange movements of CHF 2.0 billion.

    Business Area Opening AuM
    1 Jan 2024    		 Net
    flows    		 Disposal(1) Market/FX
    movements    		 Closing AuM
    31 Dec 2024
    Specialist Active 17.5 (3.9) (0.6) 1.9 14.9
    Alternatives 0.9 (0.4)   – 0.5
    Wealth Management 0.9 (0.1)   0.1 0.9
    Total 19.3 (4.4) (0.6) 2.0 16.3
    (1) In the second half of 2024, the sale of the UK Equity Income Fund to Jupiter Asset Management completed and subsequently is reflected as a disposal. Therefore, net outflows of CHF 0.6 billion in 2024 have been reflected as a disposal.

    Financial Results for FY 2024

    The average management fee margin earned on investment management AuM in 2024 was 40.4 basis points, compared with the average margin for the financial year 2023 of 49.7 basis points. The change in average management fee margin primarily reflects the mix of assets under management across products and sub-advisory agreements with existing and new partners.

    Net management fees and commissions in 2024 totalled CHF 75.9 million, down from CHF 124.4 million in 2023 due primarily to the sale of the third-party fund services business in January 2024, lower average AuM and reduced average management fee margin in investment management.

    Underlying net performance fees totalled CHF 1.9 million, down from CHF 4.8 million in 2023.

    Underlying net other income/expenses includes net interest income and expenses, the impact of foreign exchange movements, net gains and losses on seed capital investments and hedging, as well as fund-related fees and service charges. In 2024, a net loss of CHF 2.3 million was recognised, compared with a CHF 0.4 million net loss in 2023. The 2024 net loss was mainly driven by the interest expenses incurred on the Rock Investment SAS loan facility and the impact of foreign exchange movements. The IFRS net other expense in 2024 amounts to CHF 4.4 million. The difference between the underlying and the IFRS net other expense of CHF 2.1 million mainly relates to a net foreign exchange loss on pension loan note offset by other income driven by the assignment of the UK property lease to a third party.

    Underlying personnel expenses decreased by 26% to CHF 76.6 million in 2024, compared with CHF 96.8 million in 2023. Fixed personnel costs decreased by 28%, driven by lower headcount. Headcount stood at 294 FTEs as at 31 December 2024, compared to 478 FTEs as at 31 December 2023. Variable compensation in 2024 fell to CHF 11.2 million from CHF 13.1 million in 2023, mainly driven by lower management and performance fees which impacted variable compensation arrangements. The underlying personnel expenses compares to IFRS personnel expenses of CHF 81.0 million. The difference between the underlying and the IFRS personnel expenses of CHF 4.4 million primarily relates to a reorganisation charge. (For further information, see note 6 of the condensed consolidated interim financial statements).

    Underlying general expenses in 2024 were CHF 52.1 million, down from CHF 65.0 million in 2023 due to cost optimisations initiatives across the business. This compares to IFRS general expenses of CHF 54.0 million. The difference between the underlying and the IFRS general expenses of CHF 1.9 million mainly relates to the Group’s reorganisation initiatives.

    Underlying depreciation and amortisation charges were CHF 13.8 million in 2024 compared to CHF 16.5 million in 2023. There is no difference between underlying and IFRS amounts.

    The underlying pre-tax loss in 2024 was CHF 66.8 million, compared to a CHF 49.5 million underlying pre-tax loss in 2023. The higher loss was driven mainly by lower net fee and commission income being only partially offset by lower personnel and general expenses. The underlying loss compares to an IFRS net loss before tax of CHF 69.6 million. The difference of CHF 2.8 million mainly relates to the remeasurement of the brand intangible, strategic initiative expenses and foreign exchange loss on pension loan note. (For further information, see note 6 of the condensed consolidated interim financial statements).

    The underlying income taxes in 2024 was a tax expense of CHF 0.1 million compared to a tax expense of CHF 0.3 million in 2023.

    Diluted underlying losses per share in 2024 was a negative CHF 0.25, compared to a negative of CHF 0.32 in 2023. This compares to a diluted IFRS earnings per share of negative CHF 0.27 in 2024. The difference between the diluted underlying and the diluted IFRS earnings per share of CHF 0.02 relates to the lower underlying net loss.

    Cash and cash equivalents as at 31 December 2024 were CHF 65.1 million, down from CHF 87.2 million as at 31 December 2023.This reduction was driven by the losses made by the Group partially offset by the proceeds received from the ordinary capital increase made by way of a rights offering in November 2024.

    Adjusted tangible equity as at 31 December 2024 was CHF 58.5 million, up from CHF 20.9 million as at 31 December 2023.The main contributor to this increase was ordinary capital increase by way of a rights issue that took place in November 2024. See page 17 of our Annual Report 2024 for full definition of adjusted tangible equity.

    The Board of Directors proposes to shareholders that no dividend will be paid for financial year 2024 given the underlying net loss in 2024.

    Outlook

    GAM continues to focus on implementing its strategy. Our priority is to achieve sustainable overall positive net inflows by rebuilding GAM’s distribution capabilities with a focus on our existing products and new product launches. The timeline for achieving these net inflows will be driven by our success in delivering our strategy, subject to market conditions. GAM continues to target profitability in fiscal year 2026.

    Additional information

    Results Centre | [FY2024 year report] | [FY2024 Investor presentation] | [FY2024 Investor workbook] | [2024 Sustainability Report] | [GAM corporate calendar]

    Investor Relations        
    Magdalena Czyzowska        
    T +44 (0) 207 917 2508            		 Media Relations        
    Colin Bennett        
    T +44 (0) 207 393 8544

    Visit us: www.gam.com
    Follow us: X and LinkedIn

    About GAM Investments

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit www.gam.com

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Automotive sector outlook: what’s driving recent trends

    Source: Allens Insights (legal sector)

    Regulation and scrutiny set to intensify 11 min read

    Whether it be consumer guarantees or vehicle emissions, the automotive sector continues to be highly regulated, and the target of scrutiny from regulators and private litigants alike. In this Insight, we reflect on some of the key issues facing the sector.

    Class action risk regaining momentum

    In recent years, the automotive sector has been a prominent target of class actions, with multiple claims filed each year. However, the rate of new claims noticeably stalled in mid-to-late 2023. Although there were eight claims in 2023, seven of these were filed by May. 

    In our 2024 Class Action Risk Report, we suggested that class action promoters may have been adopting a ‘wait and see’ approach, pending the High Court’s guidance in the Toyota and Ford proceedings on the availability of ‘reduction in value damages’ for breaches of the acceptable quality guarantee under section 272(1)(a) of the Australian Consumer Law (the ACL). This form of damages has been a mainstay in previous automotive class actions and a substantial driver of significant damages awards.

    The High Court provided that guidance late last year. As reported previously, it held that reduction in value (RIV) damages are a ‘performance based remedy’, reflecting the monetary difference between the value of what the consumer bargained for and what they ultimately received. The majority found that RIV damages are to be calculated as the amount by which the value of the goods was reduced by the failure to comply with the guarantee at the time of supply, with regard to ‘all that is known at the time of trial about the “state and condition of the goods”‘. Accordingly, the assessment includes consideration of both the nature of the defect, and the likely availability, timing, effectiveness, cost and inconvenience of any repairs.

    Automakers can find welcome relief in this decision because the High Court’s approach gives recognition to ‘field actions’ carried out by manufacturers in reducing their liability. However, depending on the seriousness of the defect and/or how long it takes to repair, manufacturers’ potential exposure to damages may still be considerable.

    It remains early days in assessing how class action promoters may respond to the High Court’s decision. Even so, there are initial signs that automotive class action filings may be regaining momentum, with two new claims filed in the past few months.

    Changes to dealership operating models

    Recent years have seen a number of Australian automakers consider, and implement, changes to their distribution models—away from a traditional dealer structure and towards an agency arrangement. Under this change, instead of dealers purchasing cars from automakers and onselling them to customers at a mark-up, they act as agents and sell cars on the automaker’s behalf (generally at an agreed price and in exchange for commission).

    While an agency approach gives automakers far more control over pricing and margins, the transition has been opposed by many franchisees, who fear a loss of profitability and goodwill in their business. Following Mercedes-Benz’s implementation of an agency model between 2016 to 2020, 38 of its 49 dealers commenced a class action alleging the loss of A$650 million in expropriated goodwill.

    We have now seen two distribution model changes litigated through the Australian courts—Mercedes-Benz (referred to above) and Honda Australia, which restructured its dealership network in 2020. While Mercedes-Benz emerged (relatively) unscathed, Honda had mixed success before different courts, and the two cases provide a helpful illustration of the current state of the law. Importantly, the decisions confirm that:

    • automakers are generally entitled to change their business models in the interest of improving profitability (even where it causes financial loss to their dealers); and
    • there is no current right under Australian franchising laws for a franchisee to be compensated for any loss of goodwill upon the non-renewal of a franchise agreement.

    With that said, in implementing any changes to distribution models, automakers should be very careful to honour existing contractual relationships and avoid misrepresentations or inaccurate statements. Compensation may be available where automakers eg :

    1. terminate dealership agreements early, and without a contractual right to do so;
    2. inform dealers they will be no worse off under a new model without a proper basis; or
    3. represent to customers that former authorised dealers can no longer service their vehicles, when this is inaccurate.

    The Mercedes-Benz and Honda cases concerned restructures that occurred before 2021, when the Franchising Code was amended to codify a compensation mechanism in circumstances where a motor vehicle franchisor terminates dealership agreements early. This regime will continue to apply under the new Franchising Code (see below). It will be interesting to see—in light of these decisions and the reforms to the Code—whether other automakers decide to follow in Mercedes-Benz and Honda’s footsteps.

    New Franchising Code on the way

    The Federal Government has now legislated a new Franchising Code of Conduct, which will take effect on 1 April 2025 and replace the current version of the Code, which is due to ‘sunset’.

    For motor vehicle franchisors, the changes in the Code will start applying on the following dates:

    • Almost all changes apply only to conduct that occurs on or after 1 April 2025, in relation to franchise agreements entered into, transferred, renewed or extended from this date.
    • Disclosure requirements in relation to significant capital expenditures will change, but the new requirements apply only to disclosure documents created on or after 1 November 2025. In all other respects, disclosure documents provided to franchisees in relation to franchise agreements to be entered into on or after 1 April 2025 (including disclosure documents provided before 1 April 2025 but relating to franchise agreements to be entered into after 1 April 2025) must comply with the form required by the new Code.

    Automakers will need to make some changes to the standard form of their dealership agreements, and a new form of disclosure document is required to be created.

    The new Code contains very few surprises for industry players who have been following its progress, as it largely aligns with the recommendations of the Independent Review released in February 2024 and the Exposure Draft released in October 2024.

    For automakers, it is important to note that the new Code has retained, without substantive changes, the provisions relating to compensation where a franchisor terminates dealership agreements early (with the changes proposed in the earlier Exposure Draft not implemented). The new Code also retains the obligation on motor vehicle franchisors to ensure that dealership agreements give franchisees a reasonable opportunity to make a return on their investment.

    The following reforms in the new Code are relevant to automakers who distribute through dealership or agency networks in Australia:

    1. Inclusion of service and parts agreements: The new Code includes a revised definition of ‘motor vehicle dealership’, which expressly captures ‘any servicing or repairing of motor vehicles’ conducted by dealers, or associated with a dealership agreement, where the dealer buys, sells, exchanges or leases motor vehicles.

      This change aligns the statutory definition with judicial interpretation of the Code in the AHG v Mercedes-Benz case.1 It is broadly designed to prevent franchisors from structuring contracts with dealers so as to exclude service and repair work from the Code’s application, while ensuring that pure service and repair franchise businesses are not subject to obligations specific to ‘motor vehicle dealerships’.

    1. Simplification of termination rights for franchisors: In relation to a limited set of serious termination events—eg the franchisee ceasing to hold a licence it needs to carry on the business, being deregistered as a company, or being convicted of a serious offence—the franchisor will be entitled to include in its franchise agreements a right to terminate on seven days’ notice, and the franchisee will not be permitted to raise a dispute under the alternative dispute resolution mechanism for such termination.
    2. Disclosure obligations: The new Code no longer requires franchisors to provide a key facts sheet to franchisees, separate from the disclosure document. Existing franchisees will be entitled to opt out of receiving disclosure documents, and also the 14-day cooling-off period, at the time of renewal or extension of the franchise agreement.
    3. Civil penalties apply to all substantive obligations: Whereas in the existing Code, only a limited number of substantive obligations will attract a civil penalty if breached, under the new Code, all substantive obligations will attract civil penalties if breached.

    Outside of the new Code, the Government has legislated to empower the ACCC to issue infringement notices with penalties at the upper end of what is currently available under the ACL (ie $19,800 for a body corporate).

    The New Vehicle Efficiency Standard begins to bite

    With the New Vehicle Efficiency Standard Act 2024 (Cth) (the NVES Act) taking effect at the start of this year, and the accumulation of the associated units and penalties commencing on 1 July 2025, the new standard is now kicking into gear.

    The NVES Act forms a central part of the Government’s National Electric Vehicle Strategy, which aims to promote Australia’s transition to a decarbonised transport system by providing a national framework to enhance the supply of, and access to, electric vehicles. Under the NVES Act, suppliers are incentivised to uptake more fuel-efficient, low or zero emission vehicles (including electric vehicles) through the following mechanisms:

    1. Suppliers of new light vehicles into the Australian market are required to keep CO2 emissions below annual emissions targets calculated based on the emissions and weight of vehicles sold. Stricter emissions targets are imposed for ‘Type 1’ vehicles (eg sedans and hatchbacks) than ‘Type 2’ vehicles (eg vans and utilities, and larger SUVs). The emissions targets of both vehicle types are expected to become more stringent over time.
    2. Central to the statutory regime is the concept of ‘Interim Emission Value’ (IEV), which measures the emissions performance of each supplier’s covered vehicles for a given year against the annual emissions targets set for the relevant vehicle type.
    3. Suppliers whose average fleetwide emissions fall below legislative targets (and therefore generate a negative IEV) will accrue tradeable ‘units’ or credits that can be sold to or purchased by other suppliers, and will be valid for up to three years.
    4. By contrast, suppliers that exceed their emissions targets (and therefore generate a positive IEV) may be liable for civil penalties, although liability will not crystallise immediately. Suppliers will have two years to bring their IEV down to zero, and can do so either by generating sufficient units themselves to meet any shortfall (ie by importing more fuel-efficient vehicles) and/or by purchasing units from other suppliers.

      If the supplier’s IEV has not been fully offset at the end of this period, the supplier will be liable for a civil penalty calculated at the scale of $100 for every gram of CO2 per kilometre of the supplier’s IEV that has not been offset. As the penalty regime applies to each covered vehicle, there is potential for significant fleetwide penalties, presenting a substantial new regulatory risk for automakers importing new vehicles into Australia.

    NGOs play a growing part in the enforcement of greenwashing claims

    We continue to see non-government organisations (NGOs) playing an increasingly prominent role in highlighting alleged instances of greenwashing by automakers, often with the dual aims of raising public awareness and agitating for regulatory enforcement action.

    Recent examples of this phenomenon are widespread. In 2023, the Environmental Defenders Office (EDO), an Australian environmental legal centre, published a report assessing climate-related claims made by the largest automotive companies in Australia. Most significantly, the report alleged that almost all automakers had made exaggerated climate-related claims, particularly by misleadingly comparing hybrid vehicles to ‘lower emitting electric vehicles’.

    To similar effect, United States-based advocacy group Ekō published a report in 2024 reviewing one automaker’s online marketing of its electrified vehicle line. The report surveyed 23 jurisdictions, including Australia, and alleged (among other things) that the automaker had misled consumers by using words such as ‘electrification’ on its website to describe hybrid, plug-in hybrid and hydrogen fuel cell vehicles. The automaker was said to have capitalised on growing electric vehicle demand to sell more of its hybrid (and allegedly polluting) vehicles.

    Ekō urged regulators worldwide, including the ACCC, to investigate its findings and those contained in EDO’s 2023 report, highlighting the growing relationship between NGOs and regulators in the enforcement of greenwashing claims.

    Data, privacy and cyber risk

    In May 2024, it was reported the Office of the Australian Information Commissioner had commenced an inquiry aimed at ensuring that connected vehicles purchased in Australia protected sensitive personal data.

    While details of the inquiry have not been released, the Privacy Commissioner, Carly Kind, has stated that ‘cars are now [a] kind of computers on wheels’ that collect a lot of personal information and there is ‘not a lot of transparency or understanding about how that data is being used’.

    Whether this inquiry becomes public remains to be seen, but it contributes to growing public and media attention on the auto industry regarding privacy and data security issues, following several recent high-profile data breach incidents—as well as various studies released over the past several years that have been highly critical of the privacy compliance of connected vehicles. Privacy advocates have also raised concerns around intrusive surveillance made possible through connected services.

    These trends in the auto sector reflect the broader scrutiny being placed on privacy and large-scale data use, in the context of a number of pieces of law reform in late 2024, such as:

    • material changes to the Privacy Act 1988 (Cth), including expanding enforcement options— further tranches of reform to the Privacy Act are expected this year; and
    • whole-of-economy changes to cyber security laws, with the passage of the Cyber Security Act 2024 (Cth). While vehicles have been largely excluded from the new cyber standards for connected products under this Act, it will have broader ramifications, and cyber standards for manufacturers remain a key area of risk.

    We anticipate that car manufacturers and auto financiers will come under increasing privacy and cyber scrutiny, given the volume and potential sensitivity of data collected at scale through connected vehicles. We will be providing an in-depth look into these issues in a future Insight.

    Consumer law reforms

    There is momentum building for consumer law reforms that, if introduced, could significantly affect the automotive sector. Among other things, the Government signalled its commitment late last year to a suite of reforms including to the consumer guarantees in the ACL, and the introduction of a prohibition on unfair trading practices.

    The proposals to strengthen the consumer guarantees were set out in a Consultation Paper released in October 2024 for feedback. The paper cited evidence that for high-value goods, and vehicles in particular, consumers find it difficult to obtain a remedy for breaches of the consumer guarantees. The proposed reforms include:

    1. clarifications to the meaning of a ‘major failure’ under the ACL;
    2. introduction of a new prohibition on suppliers refusing to provide remedies to consumers for a major failure;
    3. introduction of a prohibition on manufacturers failing to indemnify suppliers; and
    4. civil penalties for contraventions of the above.

    Treasury is expected to publish a Decision Regulation Impact Statement that will set out the Government’s preferred options in relation to these proposals.

    Separately, the Government has outlined proposals for a new prohibition on unfair trading practices. This prohibition would target conduct that might not meet the ACL thresholds for misleading or unconscionable conduct, but nonetheless causes consumer detriment through the distortion or manipulation of consumer choices (eg online pressure tactics). A Consultation Paper from November 2024 set out proposed general and specific prohibitions in this regard, and a Decision Regulation Impact Statement is now also anticipated, furthering these proposals.

    MIL OSI News –

  • MIL-Evening Report: Going to the dentist is expensive. Here are 3 things you can do to protect your oral health – and 3 things to avoid

    Source: The Conversation (Au and NZ) – By Dileep Sharma, Professor and Head of Discipline – Oral Health, University of Newcastle

    Jiri Hera/Shutterstock

    Around one in three Australians delayed their visit to a dentist in the last financial year – or didn’t go at all – due to cost.

    Given it doesn’t look like dental treatment is being added to Medicare any time soon, what can you do?

    Most oral and dental diseases are preventable, if you take care of your teeth and mouth. In-between visits to the dentist, here’s what you can do to avoid preventable issues – and blow-out costs.

    What causes diseases in your mouth?

    More than 1,000 species of microbes live in the mouth. Most dental and oral diseases are due to an imbalance or overgrowth in these microbes within the plaque (or “biofilm”).

    Plaque gathers on the hard surfaces inside the mouth (your teeth), as well as soft surfaces (such as your tongue). Removing plaque manually with brushing and flossing is the most effective way to maintain oral health.

    Plaque starts to form immediately after brushing, which is why you should remove it regularly.

    Things to do

    1. Brush twice a day

    Use a toothbrush with soft bristles (either electric or manual). Soft bristles remove plaque without damaging the teeth or gums. A fluoridated toothpaste will help strengthen the teeth.

    Brush for at least two minutes, using a sweeping and scrubbing motion, away from the gums. It’s a good idea to start at the back teeth and work your way through to the front teeth. Don’t forget to scrub the biting surface of the teeth.

    2. Floss

    Don’t skip this step – it’s crucial to clean in-between the teeth where a toothbrush can’t reach. Once a day should be enough.

    Whether you use floss, a pick, a bottle brush or other devices may depend on the space between your teeth.

    3. Clean your tongue

    To completely remove the microbes, it’s also important to clean your tongue regularly (twice daily). You can use a toothbrush while you’re already brushing, or a special tongue scraper – just don’t brush or scrape too hard.

    Brushing twice a day is important to remove bacteria in the mouth and on the teeth.
    PeopleImages.com – Yuri A/Shutterstock

    Things to avoid

    1. Sugary drinks and refined food

    What we eat and drink can affect the mouth’s pH.

    When bacteria in the mouth break down sugars, they produce acids. The acidity can dissolve minerals in the teeth and lead to decay.

    Refined foods – such as white bread, cakes and pastries – can easily be broken down by the mouth’s bacteria. So, having a lot of them, as well as sugary drinks, can damage the teeth and cause cavities.

    Water is the best choice to drink with your meals. Sparkling and soda water are acidic and can lead to mineral loss from the teeth, even when they are unflavoured. There is evidence flavoured sparkling water can be as harmful as orange juice.

    2. Tobacco and vaping

    Smoking or using smokeless tobacco (such as chewed tobacco or snuff pouches) is linked to oral cancer.

    Nicotine is also known to increase the severity of gum diseases – even when inflammation isn’t visible.

    This is true for both smoking and smokeless tobacco (such as chewed tobacco or snuff pouches).

    Vaping also increases your risk of developing cavities and gum disease.

    3. Too much alcohol, tea and coffee

    Drinking a lot of coffee, tea or red wine can stain your teeth. So if you’re concerned about your teeth appearing yellow or brown, it’s best to limit your intake.

    Drinking alcohol is also linked to an increased risk of developing oral cancers, which most commonly affect the tongue, floor of the mouth, cheek and palate.

    Drinks that are fizzy and sugary can damage the teeth.
    Svetlana Foote/Shutterstock

    Your mouth’s health is linked to your overall health

    Leaving oral diseases untreated (such as gum disease) has been linked to developing other conditions, such as liver disease, and pre-existing conditions getting worse.

    This is particularly evident if you have diabetes. Evidence shows it’s easier to manage blood sugar levels when gum diseases are properly treated.

    You can keep an eye on symptoms, such as bleeding gums which may be an early sign of gum disease. If symptoms that worry you, talk to your GP or diabetes educator. They may be able to refer you to a dentist if needed.

    Dileep Sharma receives funding from Dental Council of NSW, International Association for Dental, Oral, and Craniofacial Research, Australian Government Department of Foreign Affairs and Trade, International College of Dentists and Tropical Australian Academic Health Centre for his dental research projects. He is affiliated with The International Association for Dental, Oral, and Craniofacial Research and Australian Dental Association.

    – ref. Going to the dentist is expensive. Here are 3 things you can do to protect your oral health – and 3 things to avoid – https://theconversation.com/going-to-the-dentist-is-expensive-here-are-3-things-you-can-do-to-protect-your-oral-health-and-3-things-to-avoid-250786

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Non-compete clauses make it too hard to change jobs. Banning them for millions of Australians is a good move

    Source: The Conversation (Au and NZ) – By William van Caenegem, Professor of Law, Bond University

    Zivica Kerkez/Shutterstock

    The Labor government used this week’s budget to announce it plans to ban non-compete agreements for employees on less than A$175,000 per year, a move that will affect about 3 million Australian workers.

    Describing them as “unfair”, a media release by federal Treasurer Jim Chalmers said non‑compete clauses “are holding back Australian workers from switching to better, higher‑paying jobs”. Banning non-compete clauses could lift the wages of affected workers by up to 4%, the government has said.

    The Australian Chamber of Commerce and Industry quickly called the measure “heavy-handed”, arguing that very few employees, according to businesses, turn down employment due to non-compete clauses.

    However, research I did with colleagues from Melbourne and Monash universities showed very few employees signing a new job contract ever think about the end of the relationship and what might happen after.

    Workers often accept non-compete clauses with little understanding or regard for their practical implications.

    What the law currently says

    The current law says contractual clauses that stop departing workers from taking a new job in their preferred line of work, often for long periods of time, are – in principle – unenforceable.

    That is, however, unless a court says a particular non-compete clause is “reasonably required” to protect a “legitimate interest”.

    Therein lies the problem: it is hard to predict when, where or under what circumstances a court will find a particular clause is “reasonably required”.

    Our research concluded this uncertainty favoured employers with greater nous and resources.

    These employers have the advantage over employees, who are rarely willing or able to go to court arguing their non-compete clause is invalid.

    This has a chilling effect on the mobility of employees. In other words, these clauses make it harder for workers to change jobs.

    That’s detrimental to labour market competition and can hold back knowledge-sharing and economic growth.

    Global efforts to ban non-compete clauses

    In California, non-compete clauses have long been banned. Many economists have identified this as among the key reasons for the success of the Californian knowledge economy. This example also featured in a submission I made (with researcher Caitlyn Douglas) to a 2024 Treasury review into non-compete clauses in Australia.

    US research from 2021 also found non-compete clauses can hinder labour mobility. They can impede fundamental freedoms such as freedom of employment and freedom of general competition.

    In 2024, under President Biden, the US Federal Trade Commission banned non-competes clauses across the US.

    However, the ban has been blocked due to legal challenges in the US Federal Court. It’s also been reported the Trump administration may kill off these reforms altogether.

    The UK government proposed in 2023 limiting non-competes to a maximum of three months.

    Holding employees back

    Unlike in some countries, Australian law does not require employers to compensate their ex-employee for loss of income during their non-compete period.

    This means that if workers comply and do not work in the field they’re most skilled for, they will take a serious financial hit for months or more.

    This is another detrimental effect of non-compete clauses. They really hurt if the worker in question is lower paid and has very specific skills (such as hairdressers or dental assistants).

    In that respect, Labor’s mooted ban on such clauses for employees on less than $175,000 is well conceived.

    Courts will usually only enforce a non-compete clause if its terms are reasonable to protect a legitimate interest, such as trade secrets an employee has learned during their employment.

    However, it’s mostly higher-ranked employees that have access to really significant trade secrets, such as technical information, confidential business plans or pricing structures.

    Higher paid employees are also more often the “public face of the business”. A court might decide it’s fair to say such workers can’t leave and the next day turn up as the main face of a competing business.

    And the new government proposal won’t leave employers without any recourse against employees who take their genuine trade secrets and pass them on to their new employers. They will still be able to sue for breach of confidence.

    Non-competes really hurt if the worker in question is lower paid and has very specific skills (such as hairdressers or dental assistants).
    Dorde Krstic/Shutterstock

    Challenges for reform

    The proposed reforms are well supported by authoritative legal and economic research.

    The federal government will have to consider carefully how to make sure the prohibition cannot be easily circumvented.

    And they’ll have to ensure these reforms don’t make it more likely judges will find restraints valid for those on more than A$175,000. Labour and knowledge mobility remain crucially important for them too.

    Another key challenge will be ensuring a ban doesn’t encourage practices or clauses restricting competition to emerge or become too prevalent.

    That could include “garden leave” clauses. These give a departing employee a long notice period, during which they are paid but do not work and are isolated from their employment (and instead “doing the gardening” at home).

    The risk is that if employers can no longer include non-compete clauses in contracts, they might use long garden leave provisions more often.

    Although it is good that “garden leave” employees get paid during that period (unlike during a non-compete term), they are still isolated from their work, stagnating in their skills and unable to move to new employment.

    William van Caenegem received funding from the Australian Research Council a decade ago for some of the research referred to in this article.

    – ref. Non-compete clauses make it too hard to change jobs. Banning them for millions of Australians is a good move – https://theconversation.com/non-compete-clauses-make-it-too-hard-to-change-jobs-banning-them-for-millions-of-australians-is-a-good-move-253101

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Schatz, Blackburn Introduce Bipartisan Legislation To Boost U.S. Cultural Trade Amid Competition From China

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON – Today, U.S. Senators Brian Schatz (D-Hawai‘i) and Marsha Blackburn (R-Tenn.) introduced the Cultural Trade Promotion Act of 2025, bipartisan legislation to strengthen America’s creative industries and expand cultural exports. By bolstering the creative economy, this legislation will help U.S. businesses—including Native-owned, small, and rural enterprises—reach new global markets, create jobs, and strengthen America’s influence abroad amidst increasing competition from China.

    “America’s creative industries are a powerful force, driving jobs at home and shaping perceptions of our country abroad. Recently, China has doubled down on promoting its cultural exports, and we’ve been falling behind,” said Senator Schatz, a member of the Senate Commerce, Science, and Transportation Committee. “This bipartisan bill will help us level the playing field by expanding export opportunities for American businesses everywhere from Maui to Memphis so that our creative economy remains the global leader.”

    “We cannot allow China to continue to outpace the United States in overall cultural exports, and Tennessee is home to countless creative entrepreneurs who need support to export their products and grow their businesses,” said Senator Blackburn. “The Cultural Trade Promotion Act would improve access to international shipping services for these small businesses to strengthen our economy and promote high-quality American goods.” 

    Over the past decade, China has aggressively expanded its cultural trade through coordinated government investments and programs. In 2014, China surpassed the United States in overall cultural exports, and it continues to leverage cultural promotion as part of its Belt and Road Initiative. Meanwhile, America’s cultural trade surplus has declined, dropping from $31.5 billion in 2019 to $17.8 billion in 2021 before rebounding slightly to $21 billion in 2022, according to the National Endowment for the Arts.

    The Cultural Trade Promotion Act would direct the Foreign Commercial Service to promote U.S. creative economy goods abroad and require the Trade Promotion Coordinating Committee to include the creative economy in its annual governmentwide strategic plan. The bill would also improve access to international shipping services for small businesses by facilitating collaboration between the International Trade Administration and the U.S. Postal Service. Additionally, it would promote products from American Indian, Alaska Native, and Native Hawaiian-owned businesses and include a representative of the creative industries on the Department of Commerce’s Travel and Tourism Advisory Board.

    MIL OSI USA News –

  • MIL-OSI Australia: Notification of avian influenza and Vibrio parahaemolyticus infection

    Source: FairTrading New South Wales

    Key messages

    • From 1 April 2025, avian influenza and Vibrio parahaemolyticus infection will become notifiable conditions in Victoria.
    • Avian influenza in a person will become an urgent notifiable condition. Medical practitioners and pathology services must notify cases immediately (as soon as practicable, and in any case, within 24 hours) upon diagnosis to the Department of Health. Pathology services must also provide written notification within 5 working days.
    • Vibrio parahaemolyticus infection will become a routine notifiable condition for pathology services only. Pathology services must provide written notification of Vibrio parahaemolyticus detection or isolation in a clinical specimen to the Department of Health within 5 working days.
    • Avian influenza is a highly contagious viral infection of birds that can rarely affect people. Those who have had close or prolonged contact with infected birds or other animals or their contaminated environments are at highest risk of infection.
    • Vibrio parahaemolyticus infection most commonly presents as acute gastroenteritis associated with consumption of raw and undercooked seafood.

    What is the issue?

    The Public Health and Wellbeing Act 2008 requires that prescribed conditions and micro-organisms are notified to the Department of Health. This law exists to monitor, prevent and control the occurrence of infectious diseases and other specified conditions to protect the Victorian community from further illness.

    From 1 April 2025, avian influenza will become an urgent notifiable condition and Vibrio parahaemolyticus infection will become a routine notifiable condition for both medical practitioners and pathology services in Victoria.

    Making these conditions notifiable enables public health response actions to be initiated more promptly and facilitates the collection of more comprehensive and accurate surveillance data.

    Avian influenza, commonly referred to as ‘bird flu’, is a contagious infection of birds, caused by multiple avian influenza viruses. Wild birds are considered the natural host for these viruses. Sometimes these viruses spill over from wild birds into domestic bird populations causing disease. Several outbreaks have previously occurred in Australia among commercial flocks of birds. In May 2024, Australia reported its first human case of avian influenza H5N1 in a returned overseas traveller.

    Vibrio parahaemolyticus is a bacterium found in marine waters that most commonly causes acute gastroenteritis with watery diarrhoea, abdominal cramps, nausea, vomiting, fever and headache. Illness is primarily associated with consumption of raw or undercooked seafood, particularly oysters and other shellfish. In Australia, several multi-jurisdictional outbreaks linked to locally grown oysters have occurred over the past ten years, with significant human health, economic and international trade impact. Less commonly Vibrio parahaemolyticus can also cause wound infection when sea water contaminates an open wound.

    Who is at risk?

    Most people are not at risk of avian influenza, as the viruses do not spread easily from birds to people. People who have close or prolonged unprotected contact with infected birds or animals or their contaminated environments are at highest risk of infection.

    Although limited human-to-human transmission of avian influenza viruses may have occurred in some instances, sustained human-to-human transmission has not been identified to date.

    People cannot be infected with avian influenza through eating fully cooked poultry or eggs, even in areas with an outbreak.

    Vibrio parahaemolyticus infection can infect individuals of any age. Risks factors for developing severe disease include underlying chronic illness, being immunocompromised, consumption of antibiotics and medications that reduce stomach acid levels.

    Vibrio parahaemolyticus does not usually spread from person to person, however, person-to-person transmission is possible if there is poor personal hygiene.

    Diagnosis

    Diagnosis of avian influenza is confirmed using polymerase chain reaction (PCR) for avian influenza viruses, on nasopharyngeal and throat swabs. As sample collection may induce coughing, where avian influenza is suspected swabs should be collected in a negative pressure room if available and using appropriate personal protective equipment (PPE).

    Not everyone with symptoms of influenza needs to be tested for or notified as having suspected avian influenza.

    A suspected case of avian influenza requires both clinical evidence and epidemiological evidence. Epidemiological evidence may include:

    • close contact with a probable or confirmed human avian influenza case
    • exposure to birds, bird carcasses, or to environments contaminated by bird faeces, in an area with suspected or confirmed avian influenza infections in birds or other animals
    • consumption of raw or undercooked poultry products from an area with suspected or confirmed avian influenza infections in birds
    • close contact with a confirmed avian influenza infected animal other than birds (for example, cat or pig)
    • handling samples suspected of containing avian influenza virus in a laboratory or other setting.

    For more information refer to the Communicable Diseases Network Australia Surveillance Case Definition – Avian influenzaExternal Link.

    Diagnosis of Vibrio parahaemolyticus infection relies on laboratory detection of Vibrio parahaemolyticus by nucleic acid testing or isolation of the bacterium from an appropriate clinical specimen. For more information refer to the Communicable Diseases Network Australia Surveillance Case DefinitionExternal Link.

    Confirmed cases of Vibrio parahaemolyticus infection are designated based only on definitive laboratory evidence and are therefore required to be notified by pathology services.

    Recommendations

    For medical practitioners

    • From 1 April 2025, medical practitioners must notify all patients with suspected or confirmed avian influenza to the Department of Health immediately (as soon as practicable and within 24 hours) upon diagnosis by telephone on 1300 651 160 (24/7). Notifying medical practitioners will be connected to the appropriate Local Public Health Unit.
    • Seek laboratory confirmation urgently for all suspected cases of avian influenza. All suspected cases should be discussed with the relevant Local Public Health Unit who can provide advice on testing and coordinate with the laboratory.
    • All samples should be sent for urgent testing at the Victorian Infectious Diseases Reference Laboratory (VIDRL). Record relevant clinical details, suspected diagnosis and risk factors on the request form.
    • Consider the need for contact management of patients with avian influenza. This may include post-exposure prophylaxis in eligible high-risk contacts. For further advice, refer to an infectious disease specialist or contact your Local Public Health Unit (after hours contact via 1300 651 160).
    • Further information about the notification process and the Public Health and Wellbeing legislation are available on the Notifiable infectious diseases, conditions and micro-organisms page.

    For pathology services

    • From 1 April 2025, pathology services must notify any isolation or detection of avian influenza (subtype of Influenza A) to the Department of Health immediately (as soon as practicable and within 24 hours) upon diagnosis by telephone on 1300 651 160 (24/7). Notifying pathology services will be connected to the appropriate Local Public Health Unit. Pathology services must also follow up with written notifications within 5 working days.
    • From 1 April 2025, pathology services must provide written notification of any isolation or detection of Vibrio parahaemolyticus within five working days to the Department of Health by electronic laboratory report (ELR) or by faxing the laboratory report to 1300 651 170.

    More information

    For more information, please contact the Department of Health on 1300 651 160 (24/7).

    MIL OSI News –

  • MIL-OSI China: China remains center of global manufacturing value chains: report

    Source: China State Council Information Office

    A panel discussion themed on “Global Free Trade Port Development” is held during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 25, 2025. [Photo/Xinhua]

    China continues to be the center of global manufacturing value chains, according to a report released by the Boao Forum for Asia Tuesday.

    The report, titled Asian Economic Outlook and Integration Progress Annual Report 2025, noted that since 2017, global trade in intermediate goods has been more reliant on China than on North America. In 2023, global dependence on China for intermediate goods stood at 16 percent, compared with 15 percent for North America.

    The trade frictions provoked by the United States in 2018 have not elevated its position in the global value chains of manufacturing, the report added. 

    MIL OSI China News –

  • MIL-OSI China: Chinese VP calls for solid progress in building Hainan FTP

    Source: China State Council Information Office 2

    Chinese Vice Premier Ding Xuexiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, visits the one-stop aircraft maintenance base of Hainan Free Trade Port in Haikou, south China’s Hainan Province, March 24, 2025.[Photo/Xinhua]
    Chinese Vice Premier Ding Xuexiang has required solid efforts to promote the building of Hainan Free Trade Port and develop it into a gateway that leads China’s opening up in the new era.
    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks during an inspection tour in south China’s Hainan Province on Monday and Tuesday.
    Ding visited an information facility of social management, airport and harbor ports to learn about the work in preparation for the independent customs operation of the free trade port.
    Ding said the independent customs operation will be launched this year, calling for efforts to ensure a smooth, orderly and successful operation.
    He also learned about the implementation of duty-free shopping policies and the building of an international tourism consumption center. Hainan should develop new quality productive forces based on local conditions and accelerate the development of modern industrial system with its own features and advantages, he said.
    Ding also urged greater efforts to develop the sector of commercial spaceflight and ensure quality education in rural areas.

    MIL OSI China News –

  • MIL-Evening Report: Australia stands firm behind its foreign aid in the budget, but the future remains precarious

    Source: The Conversation (Au and NZ) – By Melissa Conley Tyler, Honorary Fellow, Asia Institute, The University of Melbourne

    This week’s budget will come as a relief to Australia’s neighbours in the Indo-Pacific that rely on development assistance. The Albanese government did not follow the lead of US President Donald Trump and UK Prime Minister Keir Starmer in cutting its foreign aid.

    The Trump administration froze foreign assistance and dismantled the US Agency for International Development (USAID) when it came into office. Meanwhile, the UK announced 40% aid cuts of its own.

    It is to Australia’s credit this has not happened here. Australia’s development budget remains intact this year and in forward estimates.

    Sensible policymakers seem to recognise that Australia’s strategic circumstances are different. As a nation surrounded by low- and middle-income countries, Australia cannot vacate the field on development issues without enormous reputational, diplomatic and strategic damage.

    This budget shows Australia is committed to its region – with 75% of the foreign assistance budget flowing to the Indo-Pacific – and sees development partnerships as a way to solve shared problems.

    What’s in the budget for aid and development

    The details of the development budget show Australia has been listening to its partners to identify critical gaps and reprioritise funds.

    In the Pacific, funding has risen to a historic high, with no country receiving less aid. There have been changes in focus to respond to the US funding cuts, including programs on HIV/AIDS in Papua New Guinea and Fiji and gender-based violence in the Pacific.

    This fits with Australia’s desire to be a partner of choice – and to prevent an increased Chinese presence in the region.

    In Southeast Asia, Australia has increased its aid to all countries and has shifted funding, particularly in health where the US was a major donor.

    This is in Australia’s interest. A new program on Indonesian human and animal health, for example, will help prevent health system failures in areas such as tuberculosis and polio elimination on Australia’s doorstep.

    Funds have also been reallocated to support civil society organisations working in vital areas like media freedom and human rights, which would have been a casualty in the US cuts.

    There was also a shift in humanitarian funding to Myanmar and Bangladesh, where the US aid withdrawal has left Rohingya refugees in a desperate state.

    Importantly, the Department of Foreign Affairs and Trade is helping local organisations survive US cuts by allowing temporary flexibility in the use of grant funding to help them continue to deliver essential services.

    Beyond these reprioritisations, the other heartening thing about the budget is its normality.

    It maintains funding for assistive technology for people with disabilities and an Inclusion and Equality Fund to support LGBTQIA+ civil society organisations and human rights defenders. There are programs on maternal health, including reproductive rights.

    The future is still precarious

    However, it would be wrong to think this budget will fill the gaps left by the US withdrawal.

    The ANU Development Policy Centre estimates that traditional OECD donors will cut at least 25% of their aid by 2027. It said, “when that much of a thing goes missing, it’s clearly at risk of collapse”.

    Some development organisations will close their doors, potentially including household names that Australians have donated to for years. This is a time of huge transformation for the sector.

    Another future problem will be maintaining multilateral institutions that rely on US funding – including the World Health Organization, World Food Programme, World Bank and Asian Development Bank. This will require a concerted effort with other countries.

    So, while the Australian budget shows a government deploying current funding as intelligently as possible, there will eventually be limits to this approach.

    In the “new world of uncertainty” described in the treasurer’s budget speech, it simply won’t be possible to meet Australia’s strategic aims and keep development spending at its current rate. It is still far away from 1% of the federal budget.

    At some point, Australia must rethink the trajectory of its international commitments.

    Analysis by the Development Intelligence Lab, a think tank working on development cooperation in the Indo-Pacific, has shown that over the last 25 years, the international parts of the federal budget – defence, intelligence, diplomacy and development – have held steady at around 10%.

    In a time of disruption, this might need to change. In 1949, for example, Australia invested almost 9% of the federal budget on development and diplomacy alone – not including defence.

    Those in the foreign aid sector can celebrate Australia has not pulled back on its commitments like the US and UK. At the same time, we should expect the next government will inevitably be called on to do more.

    Melissa Conley Tyler is Executive Director at the Asia-Pacific Development, Diplomacy & Defence Dialogue (AP4D), an initiative funded by the foreign affairs and defence portfolios and hosted by the Australian Council for International Development..

    – ref. Australia stands firm behind its foreign aid in the budget, but the future remains precarious – https://theconversation.com/australia-stands-firm-behind-its-foreign-aid-in-the-budget-but-the-future-remains-precarious-253028

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: BTCC Exchange Enhances VIP Program to Empower High-Volume Traders Worldwide

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, March 25, 2025 (GLOBE NEWSWIRE) — BTCC, one of the world’s longest-serving cryptocurrency exchanges, is thrilled to announce a significant revamp of its VIP program, specifically designed to cater to high-volume traders among its 6.8 million users globally. This initiative highlights BTCC’s continued commitment to delivering an exceptional trading experience through increased efficiency, exclusive rewards, and personalized support.

    Founded in 2011, BTCC has been a trusted name in crypto, offering reliable and user-friendly trading services across the globe. The newly enhanced VIP program ushers in a new era of perks, prestige, and personalization for elite traders seeking more than just competitive fees.

    The revamped VIP program introduces several exciting features:

    • Competitive Trading Fees: VIP futures trading fees have been reduced to an industry-leading rate of as low as 0.007%.
    • Enhanced Liquidity: SVIP users can now withdraw up to 2,500,000 USDT daily, catering to the demands of high-volume traders.
    • Generous Upgrade Rewards: Each upgrade in VIP levels unlocks rewards worth up to 2,500 USDT, including trading vouchers and exclusive merchandise.
    • 24/7 Personalized Support: VIPs enjoy round-the-clock access to dedicated account managers for tailored trading assistance.
    • Community Prestige: Users receive a custom VIP badge that reflects their status within the BTCC community.
    • Luxury Experiences: SVIP users will be randomly selected to win premium vacation packages to destinations like the Maldives and Bali.
    • VIP Status Protection: SVIP users benefit from a grace period that prevents immediate downgrades, even during periods of reduced trading activity.

    “We’re incredibly excited to launch this revamped VIP program, which truly puts our users at the heart of everything we do,” expressed Alex, Head of Operations at BTCC. “This revamped program is all about empowering high-volume traders. With tailored services, competitive fees, and exclusive rewards, we are dedicated to providing the tools and support that our most active users need to thrive in the fast-paced crypto market.”

    About BTCC

    Founded in 2011, BTCC is a leading global cryptocurrency exchange with the vision to make crypto trading reliable and accessible to everyone. With a strong presence in over 100 countries and regions and a user base of over 6.8 million, BTCC continues to deliver innovation, security, and unmatched user experience in the cryptocurrency world.

    Official website: https://www.btcc.com/en-US

    X: https://x.com/BTCCexchange

    Contact: press@btcc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dd06d721-8eb5-4cc5-8234-5a5cc7bf7c5e

    The MIL Network –

  • MIL-Evening Report: PNG’s Marape and NZ’s Luxon sign new partnership marking 50 years

    RNZ News

    The prime ministers of New Zealand and Papua New Guinea have signed a new statement of partnership marking 50 years of bilateral relations between the two countries.

    The document — which focuses on education, trade, security, agriculture and fisheries — was signed by Christopher Luxon and James Marape at the Beehive in Wellington last night.

    It will govern the relationship between the two countries through until 2029 and replaces the last agreement signed by Marape in 2021 with then-Prime Minister Jacinda Ardern.

    Marking the signing, Luxon announced $1 million would be allocated in response to Papua New Guinea’s aspirations to strengthen public sector institutions.

    “That funding will be able to support initiatives like strengthen cooperation between disaster preparedness institutions and also exchanging expertise in the governance of state owned enterprises in particular,” Luxon said.

    In his response Marape acknowledged the long enduring relationship between the government and peoples of New Zealand and Papua New Guinea.

    He said the new statement of partnership was an important blueprint on how the two countries would progress their relationship into the future.

    “Papua New Guinea brings to the table, as far as our relationship is concerned, our close proximity to Asia. We straddle the Pacific and Southeast Asia, we have an affinity to as much as our own affinity with our relations in the Pacific,” Marape said.

    “Our dual presence at APEC continues to ring [sic] home the fact that we belong to a family of nations and we work back to back on many fronts.”

    Meeting Peters
    Today, Marape will meet with Foreign Affairs Minister Winston Peters and leader of the opposition Chris Hipkins.

    Later in the week, Marape is scheduled to travel to Hamilton where he will meet with the NZ Papua New Guinea Business Council and with Papua New Guinea scholarship recipients at Waikato University.

    James Marape is accompanied by his spouse Rachael Marape and a ministerial delegation including Foreign Minister Justin Tkatchenko, Trade Minister Richard Maru, Minister for Livestock Seki Agisa and Higher Education Minister Kinoka Feo.

    This is Marape’s first official visit to New Zealand following his re-election as prime minister in the last national elections in 2022.

    According to the PNG government, the visit signals a growing relationship between the two countries, especially in trade and investment, cultural exchange, and the newly-added Recognised Seasonal Employer (RSE) scheme that New Zealand has extended to Papua New Guineans to work in Aotearoa.

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Chinese VP calls for solid progress in building Hainan Free Trade Port

    Source: People’s Republic of China – State Council News

    Chinese Vice Premier Ding Xuexiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, visits the one-stop aircraft maintenance base of Hainan Free Trade Port in Haikou, south China’s Hainan Province, March 24, 2025. Ding made an inspection tour in Hainan Province from Monday to Tuesday. [Photo/Xinhua]

    HAIKOU, March 25 — Chinese Vice Premier Ding Xuexiang has required solid efforts to promote the building of Hainan Free Trade Port and develop it into a gateway that leads China’s opening up in the new era.

    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks during an inspection tour in south China’s Hainan Province on Monday and Tuesday.

    Ding visited an information facility of social management, airport and harbor ports to learn about the work in preparation for the independent customs operation of the free trade port.

    Ding said the independent customs operation will be launched this year, calling for efforts to ensure a smooth, orderly and successful operation.

    He also learned about the implementation of duty-free shopping policies and the building of an international tourism consumption center. Hainan should develop new quality productive forces based on local conditions and accelerate the development of modern industrial system with its own features and advantages, he said.

    Ding also urged greater efforts to develop the sector of commercial spaceflight and ensure quality education in rural areas.

    Chinese Vice Premier Ding Xuexiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, communicates with teachers while visiting Liandong Middle School in Wenchang, south China’s Hainan Province, March 25, 2025. Ding made an inspection tour in Hainan Province from Monday to Tuesday. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI USA: News 03/25/2025 Blackburn, Schatz, Introduce Bipartisan Legislation to Boost U.s. Cultural Trade Amid Competition From China

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.) and Brian Schatz (D-Hawaii) introduced the Cultural Trade Promotion Act of 2025, bipartisan legislation to strengthen America’s creative industries and expand cultural exports. By bolstering the creative economy, this legislation will help U.S. businesses—including Native-owned, small, and rural enterprises—reach new global markets, create jobs, and strengthen America’s influence abroad amidst increasing competition from China.
    “We cannot allow China to continue to outpace the United States in overall cultural exports, and Tennessee is home to countless creative entrepreneurs who need support to export their products and grow their businesses,” said Senator Blackburn. “The Cultural Trade Promotion Act would improve access to international shipping services for these small businesses to strengthen our economy and promote high-quality American goods.” 
    “America’s creative industries are a powerful force, driving jobs at home and shaping perceptions of our country abroad. Recently, China has doubled down on promoting its cultural exports, and we’ve been falling behind,” said Senator Schatz. “This bipartisan bill will help us level the playing field by expanding export opportunities for American businesses everywhere from Maui to Memphis so that our creative economy remains the global leader.”
    Over the past decade, China has aggressively expanded its cultural trade through coordinated government investments and programs. In 2014, China surpassed the United States in overall cultural exports, and it continues to leverage cultural promotion as part of its Belt and Road Initiative. Meanwhile, America’s cultural trade surplus has declined, dropping from $31.5 billion in 2019 to $17.8 billion in 2021 before rebounding slightly to $21 billion in 2022, according to the National Endowment for the Arts.
    The Cultural Trade Promotion Act would direct the Foreign Commercial Service to promote U.S. creative economy goods abroad and require the Trade Promotion Coordinating Committee to include the creative economy in its annual governmentwide strategic plan. The bill would also improve access to international shipping services for small businesses by facilitating collaboration between the International Trade Administration and the U.S. Postal Service. Additionally, it would promote products from American Indian, Alaska Native, and Native Hawaiian-owned businesses and include a representative of the creative industries on the Department of Commerce’s Travel and Tourism Advisory Board.

    MIL OSI USA News –

  • MIL-OSI Security: Security News: Evolutions Flooring Inc. and Its Owners to Pay $8.1 Million to Settle False Claims Act Allegations Relating to Evaded Customs Duties

    Source: United States Department of Justice 2

    Evolutions Flooring Inc. (Evolutions), a South San Francisco, California-based importer of multilayered wood flooring, and its owners, Mengya Lin and Jin Qian, have agreed to resolve allegations that they violated the False Claims Act by knowingly and improperly evading customs duties on imports of multilayered wood flooring from the People’s Republic of China (PRC). The settlement is based on Evolutions’ and its owners’ ability to pay.

    “Import duties provide an important source of government revenue and level the playing field for U.S. manufacturers against their global competitors,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “The department will pursue those who seek an unfair advantage in U.S. markets, including by evading the duties owed on goods imported into this country from China.” 

    To enter goods into the United States, an importer must declare, among other things, the country of origin of the goods, the value of the goods, whether the goods are subject to duties, and the amount of duties owed. U.S. Customs and Border Protection (CBP) collects applicable duties, including antidumping and countervailing duties assessed by the Department of Commerce and Section 301 duties imposed by the Office of the United States Trade Representative. Antidumping duties protect against foreign companies “dumping” products on U.S. markets at prices below cost, while countervailing duties offset foreign government subsidies. Section 301 duties similarly protect U.S. industry by imposing trade sanctions on foreign countries that violate U.S. trade agreements or engage in other unreasonable acts that burden U.S. commerce. During the relevant time period, PRC-manufactured multilayered wood flooring products were subject to antidumping, countervailing, and Section 301 duties.

    The settlement resolves allegations that Evolutions, at the direction of Lin and Qian, knowingly and improperly evaded customs duties, including antidumping, countervailing, and Section 301 duties, on multilayered wood flooring manufactured in the PRC that Evolutions imported between Sept. 1, 2019 and July 31, 2022. Among other things, the United States alleged that Evolutions caused false information to be submitted to CBP regarding the identity of the manufacturers and country of origin of the imported multilayered wood flooring.

    “The outcome of this case demonstrates that the United States Attorney’s Office for the Central District of California and its CBP partners will continue to safeguard the nation’s economic well-being,” said Acting U.S. Attorney Joseph McNally for the Central District of California. “Fraud in international commerce deprives the United States of vital revenue and creates an unfair advantage over businesses that operate legitimately. The settlement sends a message that we will not stand aside when companies try to cheat the system.”

    “The team at CBP was instrumental in providing expertise and logistical support to this investigation,” said Director of Field Operations Cheryl M. Davies of the CBP Los Angeles Field Office. “Through its efforts, which included a site visit to factories in Thailand, review of identified shipments by CBP experts on multilayered wood flooring, an analysis of import records and data by Office of Trade Regulatory Audit, and involvement in interviews with witnesses, CBP contributed to a successful outcome in this matter.”

    The settlement with Evolutions and its owners resolves a lawsuit filed by Urban Global LLC under the whistleblower provision of the False Claims Act, which permits private parties to file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The civil lawsuit was filed in the Central District of California and is captioned United States ex rel. Urban Global LLC v. Struxtur Inc. et al., No. CV20-7217 (C.D. Cal.). As part of today’s resolution, relator Urban Global LLC will receive approximately $1,215,000 of the settlement proceeds.

    The resolution obtained in this matter was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Central District of California, with assistance from CBP’s Office of Chief Counsel, West Region and Trade Regulatory Audit and the Center of Excellence and Expertise for Industrial and Manufacturing Materials within CBP’s Office of Trade.

    Senior Trial Counsel Christelle Klovers of the Justice Department’s Civil Division and Assistant U.S. Attorney Desmond Jui for the Central District of California handled the case. 

    The claims resolved by the settlement are allegations only; there has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI USA: Evolutions Flooring Inc. and Its Owners to Pay $8.1 Million to Settle False Claims Act Allegations Relating to Evaded Customs Duties

    Source: US State of North Dakota

    Evolutions Flooring Inc. (Evolutions), a South San Francisco, California-based importer of multilayered wood flooring, and its owners, Mengya Lin and Jin Qian, have agreed to resolve allegations that they violated the False Claims Act by knowingly and improperly evading customs duties on imports of multilayered wood flooring from the People’s Republic of China (PRC). The settlement is based on Evolutions’ and its owners’ ability to pay.

    “Import duties provide an important source of government revenue and level the playing field for U.S. manufacturers against their global competitors,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “The department will pursue those who seek an unfair advantage in U.S. markets, including by evading the duties owed on goods imported into this country from China.” 

    To enter goods into the United States, an importer must declare, among other things, the country of origin of the goods, the value of the goods, whether the goods are subject to duties, and the amount of duties owed. U.S. Customs and Border Protection (CBP) collects applicable duties, including antidumping and countervailing duties assessed by the Department of Commerce and Section 301 duties imposed by the Office of the United States Trade Representative. Antidumping duties protect against foreign companies “dumping” products on U.S. markets at prices below cost, while countervailing duties offset foreign government subsidies. Section 301 duties similarly protect U.S. industry by imposing trade sanctions on foreign countries that violate U.S. trade agreements or engage in other unreasonable acts that burden U.S. commerce. During the relevant time period, PRC-manufactured multilayered wood flooring products were subject to antidumping, countervailing, and Section 301 duties.

    The settlement resolves allegations that Evolutions, at the direction of Lin and Qian, knowingly and improperly evaded customs duties, including antidumping, countervailing, and Section 301 duties, on multilayered wood flooring manufactured in the PRC that Evolutions imported between Sept. 1, 2019 and July 31, 2022. Among other things, the United States alleged that Evolutions caused false information to be submitted to CBP regarding the identity of the manufacturers and country of origin of the imported multilayered wood flooring.

    “The outcome of this case demonstrates that the United States Attorney’s Office for the Central District of California and its CBP partners will continue to safeguard the nation’s economic well-being,” said Acting U.S. Attorney Joseph McNally for the Central District of California. “Fraud in international commerce deprives the United States of vital revenue and creates an unfair advantage over businesses that operate legitimately. The settlement sends a message that we will not stand aside when companies try to cheat the system.”

    “The team at CBP was instrumental in providing expertise and logistical support to this investigation,” said Director of Field Operations Cheryl M. Davies of the CBP Los Angeles Field Office. “Through its efforts, which included a site visit to factories in Thailand, review of identified shipments by CBP experts on multilayered wood flooring, an analysis of import records and data by Office of Trade Regulatory Audit, and involvement in interviews with witnesses, CBP contributed to a successful outcome in this matter.”

    The settlement with Evolutions and its owners resolves a lawsuit filed by Urban Global LLC under the whistleblower provision of the False Claims Act, which permits private parties to file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The civil lawsuit was filed in the Central District of California and is captioned United States ex rel. Urban Global LLC v. Struxtur Inc. et al., No. CV20-7217 (C.D. Cal.). As part of today’s resolution, relator Urban Global LLC will receive approximately $1,215,000 of the settlement proceeds.

    The resolution obtained in this matter was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Central District of California, with assistance from CBP’s Office of Chief Counsel, West Region and Trade Regulatory Audit and the Center of Excellence and Expertise for Industrial and Manufacturing Materials within CBP’s Office of Trade.

    Senior Trial Counsel Christelle Klovers of the Justice Department’s Civil Division and Assistant U.S. Attorney Desmond Jui for the Central District of California handled the case. 

    The claims resolved by the settlement are allegations only; there has been no determination of liability.

    MIL OSI USA News –

  • MIL-OSI USA: Warner, Colleagues Introduce Bipartisan Legislation to Respond to Financial Threats from Community Party of China

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), joined by U.S. Sens. Mike Rounds (R-SD) and Cynthia Lummis (R-WY), introduced the China Financial Threat Mitigation Act, legislation aimed at shoring up America’s response to financial threats stemming from the Chinese Communist Party (CCP).

    The China Financial Threat Mitigation Act would require deeper analysis of potential financial threats from the CCP that may have substantial impacts on the U.S. economy.

    “We continue to see increased aggression from the Chinese Communist Party towards the United States, including in the financial sector. This increased action requires us to take meaningful steps to protect U.S. institutions and interests. That’s why I’m proud to introduce this bipartisan legislation that will help to shore up our financial systems and ensure that the U.S. is prepared to counter the CCP’s attacks,” said Sen. Warner.

    “The Chinese Communist Party has the ability to intervene in China’s banking system to achieve outcomes that benefit them the most, which has potential to harm American businesses,” said Sen. Rounds. “We must gain a clearer understanding of how China’s financial sector affects the U.S. economy and other global financial systems. Our legislation tasks the Treasury Department, working with other federal agencies, to assess and report on U.S. exposure to China’s financial activities, providing a clearer picture of the threat.”

    “The Chinese Communist Party is a serious threat to our national and economic security,” said Sen. Lummis. “I am partnering with my colleagues to protect U.S. financial interests and hold the CCP accountable, and I look forward to getting this bipartisan legislation across the finish line.”

    The legislation would also require the Department of the Treasury, in consultation with the Federal Reserve, U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and State Department, to issue a report on the exposure of the United States to the threats posed by China’s financial sector. Specifically, the required report must include:

    • Effects the reforms to China’s financial sector have on U.S. and global financial systems;
    • Description of the policies the United States is adopting to protect U.S. interests;
    • Description and analysis of any risks presented by China to the financial stability of the United States and the global economy; and
    • Recommendations for additional actions to strengthen international cooperation to mitigate risks and protect U.S. interests.

    As Vice Chairman of the Senate Select Committee on Intelligence, Sen. Warner has worked to ensure the U.S. is prepared to counter threats posed by foreign adversaries including the CCP across various sectors. Sen. Warner spearheaded the push to force CCP-based Bytedance to divest from TikTok in order to allow the app to continue operations in the United States. Last year, Sen. Warner introduced the Countering CCP Drones and Supporting Drones for Law Enforcement Act, legislation to cut off dangerous CCP drone companies from the U.S. telecommunication infrastructure. Sen. Warner also introduced bipartisan and bicameral legislation to improve information sharing between private companies and the Intelligence Community in order to mitigate the threat that foreign adversaries including the CCP pose to United States companies in foreign jurisdictions on projects relating to energy generation and storage, including in the critical minerals industry. This legislation is the latest step in his efforts to safeguard American interests.

    The legislation was introduced in the House of Representatives by U.S. Reps. Josh Gottheimer (D-NJ) and Roger Williams (R-TX).

    Full text of the legislation is available here. 

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Tillis Introduce Legislation To Improve Coordination Between USPOT and FDA On Pharma Patents

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    March 24, 2025

    The Interagency Patent Coordination and Improvement Act would establish a task force between agencies to share information, foster good governance in activities related to prescription drug patents

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, and U.S. Senator Thom Tillis (R-NC), along with U.S. Senators Chuck Grassley (R-IA), Chairman of the Senate Judiciary Committee, Chris Coons (D-DE), and Peter Welch (D-VT) today introduced bipartisan legislation, the Interagency Patent Coordination and Improvement Act, which would establish a task force between the United States Patent and Trademark Office (USPTO) and the Food and Drug Administration (FDA) to improve communication and coordination in implementing each agency’s activities related to pharmaceutical patents. Currently, there is limited collaboration between USPTO and FDA, despite both agencies playing a role related to patents and competition involving prescription drugs.  Numerous concerns have been raised about gamesmanship, abuses, or lack of clarity that can harm prescription drug affordability by limiting generic competition. This legislation was passed by the Senate Judiciary Committee in the 118th Congress by voice vote.

    “Establishing clear avenues for collaboration between USPTO and FDA is essential for both agencies to oversee patent laws that protect innovation and promote competition,” said Durbin. “By incentivizing coordination through the Interagency Patent Coordination and Improvement Act, we can address gamesmanship and abuses with pharmaceutical patents that keep prescription drug prices too high for American patients.”  

    “Enhancing coordination between the USPTO and FDA will ensure that patent examiners have the necessary information to make well-informed decisions regarding patentability,” said Tillis.“This bill is a straightforward, commonsense measure that strengthens the patent system, improves patent quality, and reduces unnecessary bureaucracy.”

    Given the shared interaction and overlapping jurisdiction between USPTO and FDA, this legislation promotes efficiency and good governance by fostering communication between the two agencies, while respecting their distinct purviews. Specifically, the task force created by this legislation would: enhance information sharing on each agency’s processes, standards, and methods; improve dialogue on new technologies and scientific trends; enable confidential reciprocal access to information, if requested and only as needed, related to prior art; ensure accurate representations by companies between the two agencies; and ensure accuracy of patent listings.  This enhanced coordination will help bolster innovation while preventing inappropriate tactics to delay access to affordable generic medications.

    This bipartisan legislation is endorsed by AARP and Patients For Affordable Drugs Now.

    “AARP, which advocates for the more than 100 million Americans age 50 and over, is pleased to endorse the Interagency Patent Coordination and Improvement Act of 2025,” said Bill Sweeney, AARP’s Senior Vice President of Government Affairs.  “We value Senators Durbin and Tillis’s bipartisan efforts to increase transparency and access to affordable prescription drugs and look forward to continuing to work with them on these and other measures to lower drug prices for all Americans.”

    “This bill improves coordination between the Patent and Trademark Office (PTO) and the Food and Drug Administration (FDA) to close loopholes that brand-name drug corporations exploit to block competition – helping to stop patent abuse before it starts. Boosting competition is one of the most powerful tools we have to lower drug prices for Americans of all ages, in every state, who are struggling to afford the medications they need. Patients For Affordable Drugs Now is proud to support this legislation,” said Merith Basey, Executive Director of Patients for Affordable Drugs Now.

    -30-

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Declare wheat stock position w.e.f. 1st April, 2025 and then on, every Friday: Centre

    Source: Government of India (2)

    Posted On: 25 MAR 2025 8:10PM by PIB Delhi

    In order to manage the overall food security and to prevent unscrupulous speculation, the Government of India has decided that Traders/Wholesalers, Retailers, Big Chain Retailers and Processors in all States and Union Territories have to declare their Stock position of wheat on the portal (https://evegoils.nic.in/wsp/login) w.e.f. 01.04.2025 and then, on every Friday till further orders. All the respective legal entities to ensure that stock are regularly and correctly disclosed on the portal.
     
    Wheat Stock Limit is expiring on 31.03.2025 for all categories of entities in States and UTs. Thereafter, the entities have to disclose the wheat stock on portal. Any entity which is not registered on the Portal, may register themselves and start disclosing the wheat stock on every Friday.
     
    The Department of Food and Public Distribution is maintaining a close watch over the stock position of wheat to prevent speculation, control prices and ensure easy availability in the country

    ****

    Abhishek Dayal/Nihi Sharma

    (Release ID: 2115042) Visitor Counter : 301

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: RRBs achieve a record ₹7,571 crore profit in FY 2023-24; key financial indicators like CRAR, deposits, NPAs CD Ratio show steady improvement

    Source: Government of India (2)

    Posted On: 25 MAR 2025 5:51PM by PIB Delhi

    Government is reviewing the financial performance of Regional Rural Banks (RRBs) at national and regional levels. The agenda items for the review meetings, inter-alia, include:

    1. Review of the performance of RRBs on Financial Parameters and technology upgradation.
    2. Thrust on Micro Small and Medium Enterprise (MSME) portfolio.
    3. Importance on loan diversification towards Agri-allied, MSME and Retail Sectors. 

     Financial health of RRBs has improved in the recent years as they have posted highest ever consolidated net profit of ₹ 7,571 crore during FY 2023-24. Also, the RRBs have shown consistent improvement in key financial parameters like CRAR, deposits, advances, NPA, CD ratio etc. The Key Financial Parameters of RRBs have improved consistently in past years. The Total Balance sheet Size of RRBs have increased from Rs. 7,04,556 Crore in FY 2021- 22 to Rs. 8,40,080 Crore in FY 2023-24. Further the Net NPA has declined from 4.7% in FY 2021- 22 to 2.4%  in FY 2023-24. Also the Credit to Deposit Ratio has increased from 64.5% to 71.4% from FY 2021-22 to FY 2023-24.

    Government has also reviewed the progress made by RRBs in deepening financial inclusion in rural and remote areas by reviewing performance on various financial inclusion schemes like Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana etc.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary written reply to a question in Rajya Sabha today.

    *****

    NB/AD

    (Release ID: 2114942) Visitor Counter : 110

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Development of Fisheries Infrastructure

    Source: Government of India (2)

    Posted On: 25 MAR 2025 5:49PM by PIB Delhi

    The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying with effect from financial year 2018-19 has been implementing Fisheries and Aquaculture Infrastructure Development Fund (FIDF) with a total fund size of Rs 7522.48 crore to address the infrastructure requirement for fisheries sector. The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying based on the techno-financial proposals, so far, has approved a total 141 proposals at a cost of Rs. 5915.54 crore with restricting the project’s cost for interest subvention at Rs. 3947.54 crore to various State Governments, Union Territories and other End Implementing Agencies. The state-wise details of these projects approved under FIDF are furnished at Annexure-I.

    The key projects approved primarily include 28 Fishing Harbours, 24 Fish Landing Centers, 8 Fisheries Training Centres and 5 Fish Processing Units. This includes the four fishing harbours at a total investment of Rs 1291.40 crore approved for Andhra Pradesh. The state-wise and project-wise details of these key projects indicating the project-wise status, timeline, loans sanctioned and disbursed are furnished at Annexure-II.

    Annexure-I

    State-wise details of projects approved under Fisheries and Aquaculture Infrastructure Development Fund (FIDF)

    (Rs in crores)

    Sl No

    Name of State

    No. of projects approved

    Total Project Cost

    Amount eligible for interest subvention

    1

    Andhra Pradesh

    10

    1396.82

    653.05

    2

    Arunachal Pradesh

    1

    0.68

    0.54

    3

    Assam

    1

    0.41

    0.18

    5

    Goa

    1

    6.42

    5.00

    6

    Gujarat

    5

    1354.92

    750.00

    7

    Haryana

    1

    1.17

    0.64

    8

    Himachal Pradesh

    1

    5.17

    5.00

    9

    Jammu and Kashmir

    2

    120.70

    93.17

    10

    Karnataka

    2

    1.44

    0.79

    11

    Kerala

    3

    162.82

    151.20

    12

    Maharashtra

    17

    1069.17

    799.12

    13

    Manipur

    4

    1.15

    0.90

    14

    Mizoram

    1

    8.57

    6.85

    15

    Odisha

    4

    60.18

    33.83

    16

    Puducherry

    1

    2.46

    1.97

    17

    Tamil Nadu

    67

    1577.70

    1338.30

    18

    Telangana

    1

    4.70

    2.31

    19

    Uttar Pradesh

    2

    75.22

    60.09

    20

    West Bengal

    17

    65.85

    44.60

    Total

    141

    5915.54

    3947.54

     

    Annexure-II

    Status of fisheries infrastructure projects approved under Fisheries and Aquaculture Infrastructure Development Fund (FIDF)

    Fishing Harbours

    Sl No.

    State

    Name of the Project With Districts

    Financial Year

    Amount eligible for interest subvention

    Loan Sanctioned

    Loan Disbursed

    Status

    Physical Status

    Financial Status

    (i)

    (ii)

    (iii)

    (iv)

    (v)

    (vi)

    (vii)

    (viii)

    (ix)

    (x)

    1

    Andhra Pradesh

    Fishing Harbour at  Uppada in East Godavari

    2019-2020

    150.00

    150.00

    Nil

    Project Ongoing

    63.14%

    40.87%

    2

    Andhra Pradesh

    Fishing Harbour at  Machilipattinam in Krishna District

    2019-2020

    150.00

    150.00

    Nil

    Project Ongoing

    58.35%

    59.95%

    3

    Andhra Pradesh

    Fishing Harbour at Nizampattinam in Guntur District

    2019-2020

    150.00

    150.00

    Nil

    Project Ongoing

    61.10%

    38.26%

    4

    Andhra Pradesh

    Fishing Harbour at Vodarevu in Prakasham District

    2019-2020

    150.00

    Nil

    Nil

    Project Yet to Start

    NR

    NR

    5

    Gujarat

    Fishing Harbour at Porbandar-Phase: 2

    2019-2020

    150.00

    Nil

    Nil

    To take up

    NR

    NR

    6

    Gujarat

    Fishing Harbour at Navabandar

    2019-2020

    150.00

    150.00

    41.44

    Project Ongoing

    95%

    90.00%

    7

    Gujarat

    Fishing Harbour at Madhwad in Junagad District

    2019-2020

    150.00

    150.00

    4.02

    Project Ongoing

    14.19%

    10.27%

    8

    Gujarat

    Establishment of Fishing Harbour at Veraval – Phase: 2 in Gir Somnath District

    2019-2020

    150.00

    150.00

    1.66

    Project Ongoing

    47.59%

    42.46%

    9

    Gujarat

    Establishment of Fishing Harbour at Sutrapada

    2019-2020

    150.00

    150.00

    1.48

    Project Ongoing

    33.61%

    19.82%

    10

    Kerala

    Development of Arthunkal Fishing Harbour

    2020-2021

    150.00

    150.00

    0.50

    Project Ongoing

    NR

    NR

    11

    Tamil Nadu

    Fishing Harbour at  Tharangampadi in Nagapattinam District

    2018-2019

    120.00

    108.00

    107.94

    Project Completed

    100%

    100%

    12

    Tamil Nadu

    Fishing Harbour at  ThiruvottriyurKuppam in Tiruvallur District

    2018-2019

    150.00

    150.00

    135.655

    Project Completed

    100%

    60%

    13

    Tamil Nadu

    Fishing Harbour at Mudhunagar in Cuddalore

    2018-2019

    100.00

    90.00

    83.6281

    Project Completed

    100%

    82%

    14

    Tamil Nadu

    Fishing Harbour at  Vellapallam in Nagapattinam

    2018-2019

    100.00

    100.00

    42.6123

    Project Ongoing

    79%

    76%

    15

    Tamil Nadu

    Fishing Harbour at Azhagankuppam in Villupuram District

    2019-2020

    150.00

    150.00

    Nil

    Project Ongoing

    2%

    1%

    16

    Tamil Nadu

    Fishing Harbour at  Arcottuthurai in NagapattinamDisrtict

    2019-2020

    150.00

    150.00

    116.98

    Project Ongoing

    91%

    89%

    17

    Tamil Nadu

    Export Infrastructures in Mookaiyur Fishing Harbour in Ramanathapuram District

    2020-2021

    20.00

    20.00

    11.90

    Project Completed

    100%

    90%

    18

    Tamil Nadu

    Additional berthing facilities in Fishing Harbour at Thoothukudi

    2020-2021

    25.00

    25.00

    Nil

    Project Completed

    100%

    100%

    19

    Tamil Nadu

    Additional arrangements and Dredging the Fishing Harbour in Nagapattinam

    2020-2021

    6.00

    6.00

    5.79

    Project Completed

    100%

    89%

    20

    Tamil Nadu

    Extension of Fishing harbour in Kanyakumari

    2020-2021

    150.00

    150.00

    30.00

    Project Ongoing

    66%

    54%

    21

    West Bengal

    Infrastructural development at Deshpran Fishing HarbourPetuaghat.

    2019-2020

    3.25

    0.00

    Nil

    Project Dropped

    NR

    NR

    22

    Maharashtra

    Post Harvesting Facilities in Fisheries Habour at Ratnagiri

    2022-2023

    146.90

    146.90

    Nil

    project ongoing

    5%

    0%

    23

    Maharashtra

    Infrastructural Facilities in Fisheries Harbour at  Raigad.

    2022-2023

    150.00

    150.00

    Nil

    project ongoing

    45%

    32%

    24

    Maharashtra

    Infrastructure Facilities Fisheries Habour at Dapoli, Ratnagiri District

    2022-2023

    150.00

    150.00

    Nil

    project ongoing

    10%

    7%

    25

    Maharashtra

    Fisheries Harbour at Shrivardhan, Raigad

    2022-2023

    119.64

    119.64

    Nil

    Project Yet to Start

    NR

    NR

    26

    Tamil Nadu

    Modernisation of Fishing Harbour in Nagapattinam

    2022-2023

    81.00

    81.00

    Nil

    Project Ongoing

    79%

    76%

    27

    Tamil Nadu

    Additional Infrastructure facilities in Fishing Harbour at Thoothukudi

    2022-2023

    10.00

    10.00

    Nil

    Project Ongoing

    94%

    84%

    28

    Maharashtra

    Fisheries Harbour at Satpati, Palghar

    2022-2023

    150.00

    150.00

    Nil

    Project Yet to Start

    NR

    NR

     

    Fish Landing Centres

    Sl

    No.

    State

    Name of the Project With Districts

    FY

    Amount eligible for interest subvention

    Loan Sanctioned

    Loan Disbursed

    Status

    Physical Status

    Financial Status

    (i)

    (ii)

    (iii)

    (iv)

    (v)

    (vi)

    (vii)

    (viii)

    (ix)

    (x)

    1

    Odisha

    Fish Landing Centre at Khordha

    2020-2021

    9.29

    Nil

    Nil

    Project Dropped

    NR

    NR

    2

    Odisha

    Fish Landing Centre at Khordha

    2020-2021

    7.56

    Nil

    Nil

    Project Dropped

    NR

    NR

    3

    Odisha

    Fish Landing Center at Bhadruk

    2020-2021

    7.85

    Nil

    Nil

    Project Dropped

    NR

    NR

    4

    Tamil Nadu

    additional facilities to Fish Landing Centre at Portonovo-Annankovil in Cuddalore

    2020-2021

    10.00

    10.00

    3.85

    Project Completed

    100%

    100%

    5

    Tamil Nadu

    Fish Landing Centre at Keelamunthal in Ramanathapuram

    2020-2021

    10.00

    10.00

    8.50

    Project Completed

    100%

    100%

    6

    Tamil Nadu

    Additional Infrastructure facilities to Fish Landing Centre at Mudasalodai Village in Cuddalore

    2020-2021

    9.50

    9.50

    6.05

    Project Completed

    100%

    100%

    7

    Tamil Nadu

    Fish Landing Centre at Chandrapadi village in Nagapattinum

    2020-2021

    10.00

    10.00

    Nil

    Project Completed

    100%

    100%

    8

    Tamil Nadu

    Fish Landing Centre at Vanagiri Village in Nagapattinam

    2020-2021

    8.00

    8.00

    4.85

    Project Completed

    100%

    100%

    9

    Tamil Nadu

    Fish Landing Centre at Keezhathottam Village in Thanjavur

    2020-2021

    8.00

    8.00

    7.89

    Project Completed

    100%

    94%

    10

    Tamil Nadu

    T-Jetty at Tharuvaikulam in Thoothukudi

    2020-2021

    10.00

    10.00

    10.00

    Project Completed

    100%

    94%

    11

    Tamil Nadu

    Fish Landing Centre at Mandapam (North) in Ramanathapuram

    2020-2021

    10.00

    10.00

    9.98

    Project Completed

    100%

    95%

    12

    Tamil Nadu

    Fish Landing Centre at Mandapam (South) in Ramanathapuram

    2020-2021

    10.00

    10.00

    9.98

    Project Completed

    100%

    95%

    13

    Tamil Nadu

    Fish Landing Centre at Aruvikarai Village in Tirunelveli

    2020-2021

    10.00

    10.00

    Nil

    Project Completed

    100%

    100%

    14

    Tamil Nadu

    Fish Landing Centre at Kottaipattinam, Village in Pudukottai

    2020-2021

    3.05

    3.05

    2.36

    Project Completed

    100%

    94%

    15

    Tamil Nadu

    Fish Landing Centre at Vadakkamapattinam, Village at Pudukottai

    2020-2021

    1.55

    1.55

    1.25

    Project Completed

    100%

    97%

    16

    Tamil Nadu

    Fish Landing Centre at Puthukudi, Village at Pudukottai

    2020-2021

    1.40

    1.40

    1.20

    Project Completed

    100%

    99%

    17

    Tamil Nadu

    Fish Landing Centre at Sattankuppam at Thiruvallur

    2022-2023

    8.00

    8.00

    Nil

    Project Ongoing

    25%

    13%

    18

    Tamil Nadu

    Fish Landing Centre at Sunnambukulam at Thiruvallur

    2022-2023

    8.00

    8.00

    Nil

    Project Ongoing

    92%

    38%

    19

    Tamil Nadu

    fish landing centre at Tsunami Nagar and Akkaraigori village in Cuddalore

    2022-2023

    4.50

    4.50

    Nil

    Project Completed

    100%

    100%

    20

    Tamil Nadu

    fish landing centre at Sonankuppam village in Cuddalore

    2022-2023

    5.50

    5.50

    Nil

    Project Completed

    100%

    96%

    21

    Tamil Nadu

    Fish landing centre at Chithiraipettai and Nanjalingampettai villages in Cuddalore

    2022-2023

    7.50

    7.50

    Nil

    Project Ongoing

    91%

    47%

    22

    Tamil Nadu

    Fish Landing Centre at Pudhukuppam and Anichankuppam Villages in Villupuram

    2022-2023

    7.00

    7.00

    Nil

    Project Ongoing

    77%

    21%

    23

    Tamil Nadu

    Fish Landing Centre at Mudhaliyarkuppam and Chettynagar Villages in Villupuram

    2022-2023

    7.00

    7.00

    Nil

    Project Ongoing

    95%

    39%

    24

    Tamil Nadu

    Fish landing centre at Sothikuppam and Rasapettai village in Cuddalore District

    2022-2023

    8.50

    8.50

    Nil

    Project Ongoing

    77%

    53%

     

     

     

     

    182.20

    157.50

    65.90

     

     

     

    Fisheries Training Centres

    Sl No.

    State

    Name of the Project

    FY

    Amount eligible for interest subvention

    Loan Sanctioned

    Loan Disbursed

    Status

    Physical Status

    Financial Status

    (i)

    (ii)

    (iii)

    (iv)

    (v)

    (vi)

    (vii)

    (viii)

    (ix)

    (x)

    1

    Himachal Pradesh

    Establishment of State of art of Fisheries Training Centres, Gagret Dist. Una

    2020-2021

    5.00

    5.00

    0.54

    Project Ongoing

    25.25%

    20.91%

    2

    Tamil Nadu

    Construction of Integrated office building for Training Centre to the Fishermen at Trichy in Trichy

    2020-2021

    4.00

    4.00

    Nil

    Project Completed

    100%

    94%

    3

    Tamil Nadu

    Construction of Integrated Training Centre and Offices at Cuddalore

    2020-2021

    5.00

    5.00

    3.92

    Project Completed

    100%

    98%

    4

    Tamil Nadu

    Construction of Training Centre at Radhapuram in Tirunelveli District.

    2020-2021

    1.60

    1.60

    1.56

    Project Completed

    100%

    95%

    5

    Tamil Nadu

    Establishment of Training Centre

    2022-2023

    5.00

    5.00

    Nil

    Project Completed

    100%

    NR

    6

    Tamil Nadu

    Establishment of Training Centre at Mettur Dam in Salem District.

    2022-2023

    3.00

    3.00

    0.03

     

    Project Ongoing

    NR

    NR

    7

    West Bengal

    Capacity Expansion and modernisation of Govt. Freshwater Fisheries Research & Training Center, Kulia, Kalyani, Nadia

    2024-2025

    5.00

    Nil

    Nil

    Project Yet to Start

    NR

    NR

    Processing Plants

    Sl No.

    State

    Name of the Project

    FY

    Amount eligible for interest subvention

    Loan Sanctioned

    Loan Disbursed

    Status

    Physical Status

    Financial Status

    (i)

    (ii)

    (iii)

    (iv)

    (v)

    (vi)

    (vii)

    (viii)

    (ix)

    (x)

    1

    Andhra Pradesh

    Expansion of Processing Plant, M/s Ananda Foods, Ramayanapuram village, Bhimavaram, West Godavari District

    2020-2021

    8.82

    8.82

    8.82

    Project Completed

    100%

    100%

    2

    Karnataka

    Establishing Fish Processing Unit at Bangalore, by M/s Sashimi Foods Pvt.Ltd.,

    2020-2021

    0.68

    Nil

    Nil

    Project Yet to Start

    NR

    NR

    3

    Odisha

    EXPANSION OF SHRIMP PROCESSING UNIT OF “HIGHLAND AGRO”

    2022-2023

    9.13

    25.00

    25.00

    Project Completed

    100%

    100%

    4

    Andhra Pradesh

    Proposal of M/s Agro products, Andhra pradesh for setting up of a state-of-the -art shrimp processing unit in Nellore,Andhra Pradesh

    2024-2025

    37.39

    Nil

    Nil

    Project Yet to Start

    NR

    NR

    5

    Maharashtra

    A greenfield fish &Shrimp processing project proposed by M/s Pushpai Marine Exports Private Limited

    2024-2025

    22.51

    Nil

    Nil

    Project Yet to Start

    NR

    NR

    6

    Maharashtra

    Fish Processing Unit

    2024-2025

    5.07

    Nil

    Nil

    Project Yet to Start

    NR

    NR

    This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Lok Sabha on 25th March, 2025.

    *****

    AA

    (Release ID: 2114939) Visitor Counter : 84

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Assistant to Fishermen

    Source: Government of India

    Posted On: 25 MAR 2025 5:45PM by PIB Delhi

    The uniform ban on fishing for 61 days is implemented annually by the Department of Fisheries, Government of India in the Exclusive Economic Zone (EEZ) of India beyond territorial waters on both the coasts for 61 days (i.e., 15th April to 14th June in the East Coast, and 1st June to 31st July in the West Coast) based on the recommendations of the Technical Committee and in consultation with the coastal States/Union Territories (UTs). The traditional non-motorized units are exempted from this uniform fishing ban imposed in the Indian EEZ beyond territorial waters. Similarly, the coastal States/UTs are also implementing the fishing ban within their territorial waters in line with the uniform ban implemented in the EEZ. Under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) implemented by the Department of Fisheries, Government of India, the livelihood and nutritional support for socio-economically backward active traditional fishers is provided during the fishing ban/lean period. Livelihood and nutritional support for 5,97,709 fisher families has been provided annually during fishing ban/lean period, at a total investment of Rs.1059.94 crores during 2020-21 to 2023-24.

    As informed by the Department of Commerce, Ministry of Commerce and Industry, Govt. of India, there has been an import of fish and fish products worth 722.01 million USD to India in the last 3 years (FY 2021-22 to FY 2023-24), including import in the state of Tamil Nadu. As informed by the Marine Products Export Development Authority (MPEDA) under the Department of Commerce, Ministry of Commerce and Industry, there has been an export of fish and fish products worth 23,235.78 million USD from India in the last 3 years (FY 2021-22 to FY 2023-24), including fish and fish products worth 2,607.99 million USD from the state of Tamil Nadu.

    In order to promote the export of marine products, the Department of Fisheries, Government of India has taken several steps, these inter-alia include support through PMMSY for branding, standards and certification, training and capacity building, creation of post-harvest infrastructure with emphasis on seamless cold-chain and development of modern fishing harbours and fish landing centers, etc. In addition, to address the critical infrastructure requirements of fisheries and aquaculture sectors, the Department of Fisheries, GoI during 2018-19 has created the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) with a total fund size of Rs 7522.48 crore to provide concessional finance to states/UT and private sector. In this regard the supported activities included development of 27,823 ice plant /cold storages and transportation facilities with an investment of ₹1362 Cr, acquisition of 1398 Deep Sea Fishing Vessels (₹ 1310 Cr) and up-gradation of 1338 fishing vessels (₹ 193.64 Cr). Further, Department of Fisheries has also approved the projects for export oriented fish species such as Scampi, Mud crab, Asian Seabass, Cobia etc. and supported the state-of-the-art aquaculture production technologies like RAS and Biofloc. In addition, Department of Fisheries, GoI has notified Tuna Cluster in the Union Territory of Andaman & Nicobar Islands, Seaweed Cluster in the Lakshadweep and has issued the Guidelines for promoting diversified species and Nucleus Breeding Centre (NBCs)/Broodstock Multiplication Centre (BMCs) under the Coastal Aquaculture Authority Act, 2005 (amended in 2023). Apart from this, to ensure the sustainability and uninterrupted supply of Indian seafood material to the US Market, the Department is supporting a Marine Mammal Stock Assessment Project at the cost of around ₹ 13.29 Cr. In order to meet the requirements of the export markets for wild-caught shrimp, the Department of Fisheries is facilitating the installation of Turtle Excluder Devices (TEDs) in shrimp trawlers by including TEDs as a separate line item under the PMMSY scheme, and has advised the maritime states/UTs to mandate TED usage in trawl nets through amendments in their respective Marine Fisheries Regulation Acts. To strengthen India’s seafood sector globally, the Government is facilitating ease of business by amending Coastal Aquaculture Authority Act (Amendment) 2023. In addition, the Department is conducting Investors meets, Stakeholders consultation and also advising the States/UTs to encourage the farmers to attend the technical and demonstration workshops/training programs related to seed and feed, technology infusion, ornamental fisheries, hatchery technologies etc. on periodic basis in order to increase in productivity and quality of fishery produce.

    This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Lok Sabha on 25th March, 2025.

    *****

    AA

    (Release ID: 2114930) Visitor Counter : 26

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Aquaculture and Marine Export

    Source: Government of India

    Ministry of Fisheries, Animal Husbandry & Dairying

    Aquaculture and Marine Export

    Posted On: 25 MAR 2025 5:42PM by PIB Delhi

    The Government of India, Ministry of Commerce and Industry has established the Marine Products Export Development Authority (MPEDA) as a dedicated agency to facilitate export of seafood. MPEDA, through its field offices in maritime States and registered societies like NaCSA (National Centre for Sustainable Aquaculture), NETFISH (Network for Fish Quality Management & Sustainable Fishing) and RGCA (Rajiv Gandhi Centre for Aquaculture) is taking various activities to promote sustainable aquaculture and marine exports. In aquaculture, MPEDA focused on capacity building for better management practices, antibiotic reduction through initiatives like “SHAPHARI” certification and ELISA labs, and disease control through Aqua One Centres and mobile labs. MPEDA also supported sustainable shrimp farming through NaCSA and operated seven technology transfer projects via RGCA. In the marine sector, MPEDA, primarily through NETFISH, conducted workshops and trials for Turtle Excluder Device (TED) implementation, supported marine mammal stock assessments for US Marine Mammal Protection Act (MMPA) compliance, promoted eco-friendly fishing gear like square mesh cod ends, and organized numerous coastal clean-up drives and plastic collection projects and hands-on training programs and meets. The details of these projects and their outcomes, project-wise is furnished as Annexure-I and II.

    MPEDA has implemented several measures to promote environmentally sustainable shrimp farming by encouraging eco-friendly practices, responsible resource management, and disease prevention strategies. MPEDA also ensure quality and traceability through farm/hatchery enrollment and SHAPHARI certification programs, which include geographical mapping and unique identification numbers. MPEDA supports infrastructure development by providing financial assistance for nursery-rearing units and shrimp handling centers, all aimed at enhancing sustainable practices and ensuring high-quality, safe shrimp production for export. Additionally, through various training programs, MPEDA promote sustainable shrimp farming. With regard to seaweed cultivation, MPEDA-RGCA signed MoU with Department of Fisheries and Fisheries Welfare, Government of Tamil Nadu for supplying the quality germplasm of seaweeds and technical consultant for establishment of Multipurpose Seaweed Aqua Park under Pradhan Mantri Matsya Sampda Yojana (PMMSY) assistance.

    Annexure-I

    Aquaculture and Marine Export.

    Sl.No.

    Name of the project

    Name of the produce/ services

    No. of
    Beneficiaries

    Quantity
    supplied

    1

    Asian Seabass Hatchery, Thoduvai, Tamil Nadu

    Seabass fingerlings (nos.)

    4300

    49.8 million

    2

    Mud crab Hatchery,

    Thoduvai, Tamil Nadu

    Crab instar (nos.)

    919

    11.27 million

    3

    GIFT Tilapia Hatchery

    Vijayawada, Andra Pradesh

    GIFT seed (nos.)

    581

    50.48 million

    GIFT brood-fry (nos.)

    50

    84,295

    4

    Marine Finfish Hatchery,

    Pozhiyoor, Kerala

    Cobia fingerlings (nos.)

    95

    1,25,091

    Pompano (nos)

    115

    5,02,250

    5

    Aquatic Quarantine Facilities for

    L. vannamei, Chennai, Tamil Nadu

    L. vannamei  Broodstocks (nos.) quarantined

    4,175

    25,26,607

    P. monodon broodstocks (nos.) quarantined

    28,128

    P. monodon  PPLs (nos.) quarantined

    1,84,077

    L. vannamei PPLs (nos.)

    9,19,431

    6

    Artemia Demo Farm at

    Tharuvaikulam&Uppoor, Tamil Nadu

    Artemia biomass (kg)

    725

    9400

    Artemia cyst (tins)

    4,673

    7

    Multispecies Aquaculture Complex (MAC)

    Vallarpadam, Kerala

    GIFT Seed (nos.)

    8,704

    15.68 million

    Seabass fingerlings (nos.)

    1,484

    14,12,018

    Etroplus suratensis  seed (nos.)

    690

    12,12,425

    P. monodon seed (nos.)

    185

    89,69,455

    Contribution from RGCA Central Laboratories

    S.No

    Laboratory

    Testing (by samples)

    Samples

    (Nos)

    No. of Beneficiaries

    1

    Mobile Aquaculture Disease Diagnosis Laboratory

    Molecular diseases diagnosis (PCR)

     

    4,570

     

    1,094

    Microbiology & water parameters

    2

    Central Aquaculture Pathology Laboratory

    Molecular diseases diagnosis (PCR), Microbiology & water parameters,Histology

    Disease surveillance / NSPAAD,

    Seed health, PCR-based species identification,Sequencing-based species identification

     

     

     

     

     

    30,635

     

     

     

     

     

    4,532

    3

    Central Aquaculture Genetics Laboratory

    24,897

    555
                 

     

    Annexure-II

    Aquaculture and Marine Export.

    Sl.No.

     Hands on Training Program/ Meets

    No. of Trainings/ Events

    No. of Beneficiaries

    1

    Best Management Practices of nursery, grow-out and cage culture in earthen ponds for Asian Seabass

    95

    1,814

    2

    Best Management Practices of nursery, grow-out and Softshell culture of Mangrove Mud crab

    106

    1,909

    3

    Breeding, Seed Production and Grow – out farming of Genetically Improved Farmed Tilapia (GIFT)

    79

    1,165

    4

    Artificial Insemination Technique used for SPF Black Tiger Shrimp, Penaeus monodon with special reference to Broodstock Management, Maturation and Seed Production

    4

    22

    5

    Hatchery Production of Marine Finfish

    2

    3

    6

    Artemia Production & Processing of Cyst and Biomass

    8

    265

    7

    PCR and its Application in Aquaculture Pathology

    44

    945

    8

    PCR and its Application in Aquaculture Genetics Research

    37

    773

    9

    RAS ( Re-circulatory Aquaculture System)

    1

    23

    10

    Training at MAC, Vallarpadam

    13

    203

    11

    Farmers Meet/ Program for SC/ST beneficiaries:

     on Diversified Aquaculture/

    558

    17563

    This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Lok Sabha on 25th March, 2025.

    *****

    AA

    (Release ID: 2114923)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Revolutionizing Mobility

    Source: Government of India

    Revolutionizing Mobility

    The Make in India Auto Story

    Posted On: 25 MAR 2025 5:39PM by PIB Delhi

    Key Takeaways

    • Make in India has boosted domestic car production and EV manufacturing.
    • The automobile sector contributes approximately 6% to India’s national GDP
    • Vehicle production grew from 2 million (1991-92) to 28 million (2023-24).
    • Automobile exports reached 4.5 million units in FY 2023-24.
    • US $36 billion FDI attracted in the past four years.
    • 4.4 million EVs registered, with 6.6% market penetration.
    • PLI & PM E-DRIVE schemes supporting EV and battery manufacturing.
    • GST on EVs reduced from 12% to 5%.
    • India’s auto component sector contributes 2.3% to GDP and employs 1.5 million people directly.
    • The sector grew at a CAGR of 8.63% from FY16-FY24.
    • Exports reached US$ 21.2 billion in FY24 and are projected to hit US$ 30 billion by 2026.
    • The government is actively promoting electric mobility and advanced automotive technologies.

     

    Introduction

    Launched in 2014, the Make in India initiative has significantly transformed India’s automobile industry, fostering domestic car production and accelerating electric vehicle (EV) manufacturing. Over the past decade, policy reforms, fiscal incentives, and infrastructure development have positioned India as a key global automotive hub. The sector has attracted substantial investments, spurred innovation, and increased localization, contributing to economic growth and sustainability.

     

    The Indian auto industry is one of the fastest-growing sectors. It embarked on a new journey in 1991 with the de-licensing of the sector and subsequent opening up for 100 percent FDI through the ‘automatic route’.  Since then, almost all the global majors have set up their manufacturing facilities in India, taking the level of production of vehicles from 2 million in 1991-92 to around 28 million in 2023-24.

     

     

    The turnover of the Indian automotive industry is about USD 240 billion (20 Lakh Crore), which translates into a large contribution to the country’s economy and manufacturing sector. As per the Annual Report 2024-25 of the Ministry of Heavy Industries, around 30 million jobs (Direct: 4.2 million and Indirect: 26.5 million) are supported by the Indian Auto Industry.  Indian Automotive Industry exported vehicles and auto components amounting to about USD 35 billion. In terms of global standing, India is the largest manufacturer of three-wheelers, among the top 2 manufacturers of two-wheelers in the world, the top 4 manufacturers of passenger vehicles, and the top 5 manufacturers of commercial vehicles in the world.

     

    Auto Components Industry in India

    The auto component sector is one of the key pillars of India’s manufacturing industry, supplying critical parts and systems to domestic vehicle manufacturers and exporting to major global markets. The industry covers a broad spectrum of products, including engine parts, transmission systems, braking systems, electrical and electronics components, body and chassis parts, and more. India has become a preferred destination for auto component manufacturing due to its cost competitiveness, skilled workforce, and strong policy support. The auto component sector is expected to reach the $100 billion export target by 2030 making the sector one of the largest job creators in the country.

    Overview of the Auto Components Industry

    Contribution to GDP

    2.3%

    Direct Employment

    1.5 million people

    Industry Turnover (FY24)

    Rs. 6.14 lakh crore (US$ 74.1 billion)

    Domestic OEM Supply Share

    54%

    Export Share

    18%

    CAGR (FY16-FY24)

    8.63%

    Export Value (FY24)

    US$ 21.2 billion

    Projected Exports (2026)

    US$ 30 billion

     

    India’s auto component sector contributes 2.3% to India’s GDP, directly employing over 1.5 million people. The sector’s turnover in FY24 was Rs. 6.14 lakh crore (US$ 74.1 billion), with domestic OEM supplies making up 54%, and exports contributing 18%. Over FY16-FY24, the industry grew at a CAGR of 8.63%. In FY24, exports reached US$ 21.2 billion, with a trade surplus of US$ 300 million, and are projected to hit US$ 30 billion by 2026.

     

    The Indian auto components industry exports over 25% of its production annually. By FY28, the Indian auto industry aims to invest US$ 7 billion to boost the localisation of advanced components like electric motors and automatic transmissions by reducing imports and leveraging the “China Plus One” trend. In 2023, the auto component industry achieved a 5.8% reduction in imports over two years. The majority of the components sold to Original Equipment Manufacturers (OEMs) are engine components (26%), body/chassis/BIW (14%), suspension and braking (15%), drive transmission and steering (13%), and electricals & electronics (11%). Major exports are to Europe (US$ 6.89 billion), followed by North America (US$ 6.19 billion) and Asia (US$ 5.15 billion).

    Growth in Domestic Automobile Production

    The automobile sector contributes approximately 6% to India’s national GDP, with exports reaching 4.5 million units across all categories in FY 2023-24, including 6.72 million passenger vehicles and 3.45 million 2-wheelers. Global automotive companies like Skoda Auto Volkswagen India exporting 30% of their production and Maruti Suzuki exporting around 2.8 lakh units annually, exemplify this trend.

    The sector has attracted $36 billion in Foreign Direct Investment (FDI) over the past four years, highlighting India’s growing prominence in the global automotive landscape. Major international players are making substantial commitments, with Hyundai planning a USD 4 billion (INR 33,200 Crore) expansion, while Mercedes-Benz has pledged USD 360 million (INR 3,000 Crore). Recently, Toyota announced a USD 2.3 billion (INR 20,000 Crore) investment to further increase its capacity.

    Electric Vehicle (EV) Manufacturing Boom

    The country is also advancing in sustainable mobility, with 4.4 million Electric Vehicles (EV) registered by August 2024, including 9.5 lakh in the first eight months of 2024, achieving a 6.6% market penetration. To support this growth, the government has implemented initiatives such as the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) battery storage. In the 2024-25 Budget, the government allocated INR 2,671.33 crore under the FAME scheme and proposed the exemption of customs duties from the import of critical minerals required for EV cell components manufacturing.

    Additionally, in March 2024, the Electric Mobility Promotion Scheme (EMPS) was launched with an INR 500 Crore outlay for four months, specifically targeting support for the two and three-wheeler segments to expedite the transition to electric vehicles. These initiatives align with the recent discovery of lithium deposits in Jammu & Kashmir, positioning India to become a key player in the global battery manufacturing industry in the coming years. The Indian EV sector is likewise developing quickly and is predicted to record a growth of USD 113.99 billion in 2029.

    As per the inputs provided by Society of Indian Automobile Manufacturers (SIAM), the total annual production of Electric Vehicles (EVs) in India during the last five years, year-wise is as given below:

     

    The Ministry of Heavy Industries has formulated the following schemes to promote electric vehicles (EVs) and to address the various challenges faced in adoption of electric mobility including availability and accessibility of charging stations in the country:

    1. Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme Phase-II: The Government implemented this scheme for a period of five years from 1 April 2019 with a total budgetary support of INR 11,500 Crore. The scheme incentivised e-2Ws, e-3Ws, e-4Ws, e-buses and EV public charging stations. The Department of Heavy Industries has also sanctioned 2636 charging stations in 62 cities across 24 States/UTs under phase II. State-wise allocation of these charging stations is as follows:

     

    1. Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India (PLI-Auto): The Government notified this scheme on 23 September 2021 for Automobile and Auto Component Industry in India for enhancing India’s manufacturing capabilities for Advanced Automotive Technology (AAT) products with a budgetary outlay of INR 25,938 Crore. The scheme proposes financial incentives to boost domestic manufacturing of AAT products with minimum 50% Domestic Value Addition (DVA) and attract investments in the automotive manufacturing value chain.

     

    Feature

    Details

    Budgetary Outlay

    Rs. 25,938 crore

    Target Years

    FY 2022-23 to FY 2026-27

    Domestic Value Addition

    Minimum 50%

    Focus

    Advanced Automotive Technology (AAT) products

    Targeted Technologies

    Electric Vehicles (EVs) and Hydrogen Fuel-Cell Components

    Incentives for EVs and Hydrogen Fuel-Cell Components

    13% – 18%

    Incentives for AAT components

    8% – 13%

    Investment Attraction

    Global OEMs

    Eligibility

    Both domestic and export sales

     

    1. PLI Scheme for Advanced Chemistry Cell (ACC): The Government on 12 May 2021 approved PLI Scheme for manufacturing of ACC in the country with a budgetary outlay of INR 18,100 Crore. The scheme aims to establish a competitive domestic manufacturing ecosystem for 50 GWh of ACC batteries.
    2. PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme: This scheme with an outlay of INR 10,900 Crore was notified on 29 September 2024. It is a two-year scheme which aims to support electric vehicles including e-2W, e-3W, e-Trucks, e-buses, e-Ambulances, EV public charging stations and upgradation of vehicle testing agencies.
    3. PM e-Bus Sewa-Payment Security Mechanism (PSM) Scheme: This Scheme notified on 28 October 2024, has an outlay of INR 3,435.33 Crore and aims to support deployment of more than 38,000 electric buses. The objective of scheme is to provide payment security to e-bus operators in case of default by Public Transport Authorities (PTAs).
    4. Scheme for Promotion of Manufacturing of Electric Passenger Cars in India (SMEC) was notified on 15 March 2024 to promote the manufacturing of electric cars in India. This requires applicants to invest a minimum of INR 4,150 crore and to achieve a minimum DVA of 25% at the end of the third year and DVA of 50% at the end of the fifth year.

    Measures taken by other Ministries include the following initiatives:

    1. Ministry of Power has issued guidelines and standards for EV Charging Infrastructure titled, “Guidelines for Installation and Operation of Electric Vehicle Charging Infrastructure-2024” on 17 September 2024.  These revised guidelines outline standards and protocols to create a connected & interoperable EV charging infrastructure network in the country. 
    2. Ministry of Finance has reduced GST on EVs from 12% to 5%.
    3. Ministry of Road Transport & Highways (MoRTH) announced that the battery-operated vehicles will be given green plates and be exempted from permit requirements.
    4. Ministry of Housing and Urban Affairs has amended the Model Building Bye-Laws, mandating the inclusion of charging stations in private and commercial buildings.

    Conclusion

    The Make in India initiative has driven unprecedented growth in India’s automobile sector and Indi’s auto component sector, significantly boosting domestic car production and EV manufacturing. Through sustained policy support, investment influx, and technological advancements, India is on track to becoming a global leader in automotive and electric mobility and achieving greater self-reliance in the automotive sector.

    References

    https://e-amrit.niti.gov.in/national-level-policy

    https://www.investindia.gov.in/sector/automobile

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2084148

    https://www.makeinindia.com/6-superstar-sectors-boosting-make-india

    https://sansad.in/getFile/annex/266/AU2160_wHAoIx.pdf?source=pqars

    https://www.startupindia.gov.in/content/sih/en/bloglist/blogs/automobiles.html

    https://www.heavyindustries.gov.in/sites/default/files/2025-02/heavy_annual_report_2024-25_final_27.02.2025_compressed.pdf

    https://sansad.in/getFile/loksabhaquestions/annex/183/AU1262_4BzeHa.pdf?source=pqals

    https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/sep/doc2024925401801.pdf

    https://www.investindia.gov.in/sector/auto-components

    https://heavyindustries.gov.in/pli-scheme-automobile-and-auto-component-industry

    https://www.myscheme.gov.in/schemes/plisaaci

    https://pib.gov.in/PressReleasePage.aspx?PRID=2053179

    https://pib.gov.in/PressReleasePage.aspx?PRID=2085938

    https://invest.up.gov.in/auto-components-sector/

    Click here to see in PDF:

    Santosh Kumar | Sarla Meena | Rishita Aggarwal

    (Release ID: 2114919) Visitor Counter : 61

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Evolutions Flooring Inc. and Its Owners to Pay $8.1 Million to Settle False Claims Act Allegations Relating to Evaded Customs Duties

    Source: United States Attorneys General

    Evolutions Flooring Inc. (Evolutions), a South San Francisco, California-based importer of multilayered wood flooring, and its owners, Mengya Lin and Jin Qian, have agreed to resolve allegations that they violated the False Claims Act by knowingly and improperly evading customs duties on imports of multilayered wood flooring from the People’s Republic of China (PRC). The settlement is based on Evolutions’ and its owners’ ability to pay.

    “Import duties provide an important source of government revenue and level the playing field for U.S. manufacturers against their global competitors,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “The department will pursue those who seek an unfair advantage in U.S. markets, including by evading the duties owed on goods imported into this country from China.” 

    To enter goods into the United States, an importer must declare, among other things, the country of origin of the goods, the value of the goods, whether the goods are subject to duties, and the amount of duties owed. U.S. Customs and Border Protection (CBP) collects applicable duties, including antidumping and countervailing duties assessed by the Department of Commerce and Section 301 duties imposed by the Office of the United States Trade Representative. Antidumping duties protect against foreign companies “dumping” products on U.S. markets at prices below cost, while countervailing duties offset foreign government subsidies. Section 301 duties similarly protect U.S. industry by imposing trade sanctions on foreign countries that violate U.S. trade agreements or engage in other unreasonable acts that burden U.S. commerce. During the relevant time period, PRC-manufactured multilayered wood flooring products were subject to antidumping, countervailing, and Section 301 duties.

    The settlement resolves allegations that Evolutions, at the direction of Lin and Qian, knowingly and improperly evaded customs duties, including antidumping, countervailing, and Section 301 duties, on multilayered wood flooring manufactured in the PRC that Evolutions imported between Sept. 1, 2019 and July 31, 2022. Among other things, the United States alleged that Evolutions caused false information to be submitted to CBP regarding the identity of the manufacturers and country of origin of the imported multilayered wood flooring.

    “The outcome of this case demonstrates that the United States Attorney’s Office for the Central District of California and its CBP partners will continue to safeguard the nation’s economic well-being,” said Acting U.S. Attorney Joseph McNally for the Central District of California. “Fraud in international commerce deprives the United States of vital revenue and creates an unfair advantage over businesses that operate legitimately. The settlement sends a message that we will not stand aside when companies try to cheat the system.”

    “The team at CBP was instrumental in providing expertise and logistical support to this investigation,” said Director of Field Operations Cheryl M. Davies of the CBP Los Angeles Field Office. “Through its efforts, which included a site visit to factories in Thailand, review of identified shipments by CBP experts on multilayered wood flooring, an analysis of import records and data by Office of Trade Regulatory Audit, and involvement in interviews with witnesses, CBP contributed to a successful outcome in this matter.”

    The settlement with Evolutions and its owners resolves a lawsuit filed by Urban Global LLC under the whistleblower provision of the False Claims Act, which permits private parties to file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The civil lawsuit was filed in the Central District of California and is captioned United States ex rel. Urban Global LLC v. Struxtur Inc. et al., No. CV20-7217 (C.D. Cal.). As part of today’s resolution, relator Urban Global LLC will receive approximately $1,215,000 of the settlement proceeds.

    The resolution obtained in this matter was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Central District of California, with assistance from CBP’s Office of Chief Counsel, West Region and Trade Regulatory Audit and the Center of Excellence and Expertise for Industrial and Manufacturing Materials within CBP’s Office of Trade.

    Senior Trial Counsel Christelle Klovers of the Justice Department’s Civil Division and Assistant U.S. Attorney Desmond Jui for the Central District of California handled the case. 

    The claims resolved by the settlement are allegations only; there has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI: Amplify Provides Additional Information on Acquisition of Assets from Juniper Capital

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 25, 2025 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) today posted a new presentation on its website, providing additional information on its previously announced definitive agreement to acquire Juniper Capital’s upstream Rocky Mountain portfolio companies.

    The presentation, which can be found on the Company’s investor relations page of its website at https://www.amplifyenergy.com/Amplify-Rockies-Transaction-Highlights/, details the expected financial and diversification benefits of the merger and how it is expected to enhance Amplify’s ability to generate long-term shareholder value. Key highlights include:

    • Free cash flow and value accretion:
      • 2025 free cash flow per share projected to increase from $0.50 per share to greater than $0.70 per share1
      • Total proved reserve value projected to increase ~89% from $688 million to $1.3 billion2
    • Greater portfolio flexibility:
      • New Rockies asset base allows Amplify the opportunity to accelerate value creation through portfolio optimization
      • Lower operating cost to improve resiliency of asset base in low or high commodity price environment
    • Organic growth potential:
      • Juniper assets include multi-year inventory of identified, high quality undeveloped drilling locations
      • Proved undeveloped drilling locations adjacent to premier public company operators
    • Meaningful operating synergies:
      • Pro-forma Adjusted EBITDA per BOE expected to increase 40% due to higher oil weighting and lower cost structure3
      • Pro-forma G&A per BOE expected to decrease >20% due to economies of scale4
    • Path to enhance shareholder value:
      • Increased free cash flow and scale, along with expected refinancing, projected to increase liquidity and flexibility
      • Free cash flow provides optionality to reduce leverage and return capital to shareholders

    Amplify also reminds shareholders to vote on the two proposals regarding the merger. The Special Meeting of Shareholders to approve the proposals is scheduled to take place virtually on April 14, 2025, at 9:00 a.m. Central Time. The methods for voting and submitting proxies are described in the distributed proxy materials for the Special Meeting.

    The Board unanimously recommends that shareholders vote “FOR” both proposals. The proposals are critical to the completion of the merger agreement, which the Board has unanimously determined to be in the best interests of the Company and its shareholders.

    Each vote is important, regardless of how many shares owned, and whether or not shareholders expect to attend the Special Meeting. Amplify asks that all shareholders vote as soon as possible “FOR” both proposals, to ensure that their shares are represented at the Special Meeting.

    About Amplify Energy

    Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com. 

    Forward-Looking Statements

    This press release includes “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that addresses activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the Company and its affiliates. Please read the Company’s filings with the Securities and Exchange Commission (the “SEC”), including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

    Cautionary Note on Reserves and Resource Estimates

    The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves or locations not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. You are urged to consider closely the oil and gas disclosures in the Company’s Annual Report on Form 10-K and our other reports and filings with the SEC.

    Important Additional Information Regarding the Mergers Will Be Filed With the SEC.

    In connection with the proposed mergers, the Company has filed a definitive proxy statement. The definitive proxy statement has been sent to the stockholders of record of the Company. The Company may also file other documents with the SEC regarding the mergers. INVESTORS AND SECURITY HOLDERS OF AMPLIFY ARE ADVISED TO CAREFULLY READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGERS, THE PARTIES TO THE MERGERS AND THE RISKS ASSOCIATED WITH THE MERGERS. Investors and security holders may obtain a free copy of the definitive proxy statement and other relevant documents filed by Amplify with the SEC from the SEC’s website at www.sec.gov. Security holders and other interested parties will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant documents (when available) by (1) directing your written request to: 500 Dallas Street, Suite 1700, Houston, Texas or (2) contacting our Investor Relations department by telephone at (832) 219-9044 or (832) 219-9051. Copies of the documents filed by the Company with the SEC will be available free of charge on the Company’s website at http://www.amplifyenergy.com.

    Participants in the Solicitation.

    Amplify and certain of its respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Amplify in connection with the transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the definitive proxy statement filed with the SEC. Additional information regarding the Company’s directors and executive officers is also included in Amplify’s Notice of Annual Meeting of Stockholders and 2024 Proxy Statement, which was filed with the SEC on April 5, 2024. These documents are available free of charge as described above.

    Footnotes

    1)   Based on Amplify March 5, 2025 guidance and full year 2025 Juniper forecast at flat pricing; (NYMEX WTI, HH) – $71.00, $3.75. Free cash flow is a non-GAAP measure. Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of this non-GAAP financial measure would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. This forward-looking measure, or its probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.
    2)   2024 Year End reserves are evaluated at flat pricing: (NYMEX WTI, HH) – $70.00, $3.50.
    3)   Based on Amplify 3Q24 reported results, 3Q24 Juniper unaudited results adjusted for G&A synergies (pro-forma G&A excluding synergies equal to $3.38/Boe).
    4)   Based on Amplify G&A per BOE in 3Q24, assuming $1 MM of incremental G&A post-merger and Juniper production in 3Q24.

    Contacts

    Amplify Energy

    Jim Frew — Senior Vice President and Chief Financial Officer
    (832) 219-9044
    jim.frew@amplifyenergy.com 

    Michael Jordan — Director, Finance and Treasurer
    (832) 219-9051
    michael.jordan@amplifyenergy.com

    FTI Consulting

    Tanner Kaufman / Brandon Elliott / Rose Zu
    amplifyenergy@fticonsulting.com

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 25.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    25 March 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 25.03.2025

    Espoo, Finland – On 25 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:                

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,803,118 4.96
    CEUX 1,137,165 4.96
    BATE – –
    AQEU – –
    TQEX 165,012 4.96
    Total 3,105,295 4.96

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 25 March 2025 was EUR 15,388,910. After the disclosed transactions, Nokia Corporation holds 197,228,875 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –