Category: Trade

  • MIL-OSI: Correction: Equinor presents 2024 Annual report

    Source: GlobeNewswire (MIL-OSI)

    Correction: The below stock market announcement (SMA) is a correction of the SMA published on 20 March 2025 message ID 641734. The reason for the correction is that information related to the balance sheet of Equinor ASA was inadequately presented in the attachment “Equinor Annual Report 2024.pdf”. The presentation is now complete in the attached reporting. 

     * * *

    Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes annual report for 2024, including financial and sustainability reporting.

    “2024 was marked by continued unpredictability in energy markets, with growing energy demand, political uncertainty and uneven progress in the energy transition. Our focus is on producing the energy the world needs today, and at the same time developing the energy systems needed for the future,” says Anders Opedal, President and CEO of Equinor ASA.

    Safety

    “A systematic approach to safety over time is paying off with the best safety results to date in 2024. However, the year was marked by the fatal search and rescue (SAR) helicopter accident where we lost a dear colleague. We believe close collaboration with suppliers and shared learning in the industry is important for our continued safety improvement effort”, says Opedal.

    The twelve-month average Serious Incident Frequency (SIF) for 2024 was 0.3, down from 0.4 in 2023.

    Strong operational and financial performance

    Equinor delivered adjusted operating income* of USD 29.8 billion, and adjusted net income* of USD 9.18. Net operating income was reported at USD 30.9 billion and net income at USD 8.83 billion.

    “Our operational performance was strong, built on the dedicated efforts from employees across the company. Our role as a major supplier of energy to Europe is important and I am proud of the work we have done to provide energy security”, says Opedal.

    Strong operational performance across the portfolio contributed to an equity production of liquids and gas of 2,067 mboe per day in 2024, on par with the year before. Equity production of renewable power increased by 51% to 2,935 GWh.

    Strong financial result contributed to a return on average capital employed (RoACE)* at 21% for 2024. Capital discipline remained firm with organic capital expenditures* ending at USD 12.1 billion for the year. Equinor maintained a strong balance sheet with net debt to capital employed adjusted* of 11.9% at the end of 2024.

    The strong financial results of 2024 also led to strong contributions to society through taxes. In 2024, Equinor paid USD 20.6 billion in corporate income taxes of which USD 19.7 billion was paid in Norway, where Equinor has the largest share of its operations and earnings.

    Firm strategy and progressing industrial development

    “We have a consistent growth strategy, and our strategic direction remains firm. By adapting to market situation and opportunities, we are positioned for stronger free cash flow and growth, and set to create shareholder value for decades to come”, Opedal continues.

    Through progressing projects and portfolio shaping transactions Equinor spent 2024 high-grading the portfolio and positioning for stronger growth and cash flow.

    On the Norwegian continental shelf, the development of the portfolio continued with 39 new licences and approvals of the PDOs of Eirin, Irpa, Verdande and Andvare projects. The Johan Castberg FPSO arrived at the field and started preparations for startup.

    The international upstream portfolio was focused with the exits from our long-standing positions in Nigeria and Azerbaijan and deepened in core areas with the acquisitions of US Onshore gas assets close to premium markets. In the UK an agreement was signed to establish an incorporated joint venture with Shell UK Ltd., which will become the largest independent oil and gas company on the UK continental shelf.

    Through 2024 Equinor high-graded the renewables portfolio to ensure profitable growth, in a market challenged by cost inflation and regulatory delays. In the UK the world’s largest offshore wind farm, Dogger Bank, continued to progress towards commercial start-up. Production was commenced at the Mendubim solar plants in Brazil.

    The long-term view on the importance of offshore wind remains firm. Through an acquisition of a 10% stake in Ørsted, Equinor got exposure to a premium portfolio of offshore wind projects and assets in operation.

    Value chains for carbon transport and storage progressed notably. In Norway, Northern Lights, the first commercial CO2 transport and storage infrastructure was completed and is expected to receive and store CO2 in 2025. In the UK, execution started for two of UK’s first carbon capture and storage infrastructure projects where Equinor is a partner.

    Progress on the Energy transition plan

    In 2024, Equinor achieved a year-on-year reduction of 5% in operated scope 1+2 greenhouse gas emissions, bringing the total down to 11.0 million tonnes CO2 equivalents. This is a 34% reduction from 2015, which is the reference year for Equinor’s ambition to reduce group-wide operated emissions by 50% on a net basis by 2030. Throughout 2024, actions were taken for further emission reductions with the partial electrification of the Sleipner field center, the Gudrun platform, as well as the Troll B and C fields.

    The average upstream CO2 intensity of Equinor’s operated portfolio was 6.2 kg of CO2 per boe in 2024 (100% basis), an improvement from 6.7kg of CO2/boe in 2023 and well below the industry average. The scope 3 GHG emissions from use of our products were 251 million tonnes in 2024, on par with the level in 2023.

    Equinor improved in the net carbon intensity of energy produced (including scope 1, 2 and 3 emissions) in 2024, which is now 2% below the 2019 baseline. The reduction was mainly driven by increased renewable energy production and lower scope 1+2 emissions.

    Equinor ambition is to to be a leading company in the energy transition. The updated Energy Transition Plan, published on March 20 2025, outlines the approach to deliver on Equinor’s strategy of creating value in the transition, while adjusting to changing external context and market realities.

    ***

    The previously announced decision of the French Energy Regulatory Commission (CRE), includes a requirement for Equinor to publish the following summary language:

    “Les sociétés Danske Commodities A/S et Equinor ASA ont été condamnées, par une décision n° 08-40-23 de la Commission de régulation de l’énergie (CRE) du 20 janvier 2025, au titre de la méconnaissance de l’article 5 du règlement REMIT qui prohibe les manipulations de marché, au paiement de sanctions pécuniaires, dont les montants s’élèvent à huit millions d’euros (8.000.000 €) pour la société Danske Commodities A/S et quatre millions d’euros (4.000.000 €) pour la société Equinor ASA, pour des manipulations commises sur le marché de gros en 2019 et en 2020, en ce qui concerne les capacités de transport de gaz naturel entre la France et l’Espagne.

    Danske Commodities A/S and Equinor ASA were ordered by decision no. 08-40-23 of Commission de régulation de l’énergie (CRE) of 20 January 2025 to pay – for infringement of Article 5 of REMIT Regulation prohibiting market manipulations – financial penalties in the amount of eight million euros (€8,000,000) as regards Danske Commodities A/S and four million euros (€4,000,000) as regards Equinor ASA, for manipulations committed on the wholesale market in 2019 and 2020, with regard to natural gas transmission capacity between France and Spain.”

    The full decision is included in the attached appendix “Full decision text”. Equinor does not agree with the decision from CRE and will appeal the case to the Higher Administrative Court in France.

    * * *

    Our annual report and the subsidiary reports published separately can be downloaded from equinor.com/reports.

    * * *

    In accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, Equinor ASA announces that on 20 March 2025 it filed with the Securities and Exchange Commission its 2024 Annual Report on Form 20-F that includes audited financial statements for the year ended December 31, 2024.

    The Equinor 2024 Annual Report on Form 20-F may be downloaded from Equinor’s website at www.equinor.com. References to this document or other documents on Equinor’s website are included as an aid to their location and are not incorporated by reference into this document. All SEC filings made available electronically by Equinor may be obtained from the SEC’s website at www.sec.gov.

    Shareholders may also request a hard copy of the annual report free of charge at www.equinor.com.

    * * *

    (*) These are non-GAAP figures. See Use and reconciliation of non-GAAP financial measures in the annual report for more details.

    Further information:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor Relations,
    +47 51 99 00 00

    Press
    Rikke Høistad Sjøberg, media spokesperson financial communication,
    +47 901 01 451(mobile)

    * * *

    Cautionary Note regarding Forward Looking Statements

    This press release contains forward-looking statements. Forward-looking statements reflect current views with respect to future events, are based on the management’s current expectations and assumptions, and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements, including those discussed under “Risk Factors” in the 2024 Annual report and elsewhere in Equinor’s publications. You should not place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, Equinor undertakes no obligation to update any of these statements, whether to make them conform to actual results, changes in expectations or otherwise.

    * * *

    This information is subject to disclosure obligations pursuant to the EU Market Abuse Regulation, ref. section 3-1 in the Norwegian Securities Trading Act, and section 5-12 of the Norwegian Securities Trading Act.

    Attachments

    The MIL Network

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Belgium

    Source: IMF – News in Russian

    March 20, 2025

    Washington, DC: On March 18, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Belgium, and considered and endorsed the staff appraisal without a meeting.[1]

    The Belgian economy was resilient to a series of shocks, but growth has been slowing, and core inflation remains persistent. Labor productivity growth remained sluggish, and labor-cost competitiveness has declined. Successive shocks have increased structural fiscal deficits and public debt. Risks arising from deepening geoeconomic fragmentation and intensification of regional conflicts affecting energy, trade and financial spillovers could worsen the outlook. 

    Executive Board Assessment[2]

    In concluding the 2025 Article IV consultation with Belgium, Executive Directors endorsed staff’s appraisal, as follows:

    Notwithstanding its resilience, the Belgium economy faces significant challenges. In the short term, in an increasingly uncertain environment, policies need to see disinflation through while preserving growth and financial stability. From a longer perspective, policies need to rebuild buffers, reduce vulnerabilities associated with high and rising public debt, address spending pressures from aging and the green transition, foster higher growth, and improve the external position which, in 2024, was weaker than implied by medium-term fundamentals and desirable policies based on preliminary assessment. The policy agenda of the new government, which includes significant structural reforms and fiscal consolidation, is an opportunity to make headway. Steady and timely implementation of intended reforms will be key.

    Sustained and significant fiscal consolidation is needed. Considering the magnitude of the needed adjustment to bring the deficit durably below 3 percent of GDP and put debt solidly on a downward path, staff supports the government’s intention to pursue a seven-year adjustment under the EGF, which should be accompanied by credible and front-loaded growth-enhancing reforms. An annual reduction in the structural primary balance of about 0.6 ppt of GDP until 2031 will be necessary. The forthcoming MTFSP should be built on sufficiently conservative assumptions to lower the risk of deviating from the intended path of deficit reduction.

    The adjustment should rationalize current spending, make room for more public investment, and be supported by increased efficiency of spending. Rationalizing social benefits and the public wage bill is crucial to achieve savings. Public investment should be preserved, or ideally, increased to bolster potential growth and support green transition. Amid competing demands for resources and reduced fiscal space, improving the efficiency of spending, is critical, notably with respect to investment in infrastructure, healthcare, and education.

    Fiscal reforms are crucial to support the adjustment. Staff welcomes the government’s intention to reduce the tax burden on labor while introducing capital gain taxation and reducing tax expenditure. Considering the needed overall fiscal adjustment, tax reforms should not result in lower revenue. Similarly, staff welcomes the planned reforms aimed at raising the effective retirement age and reviewing eligibility to specific pension regimes. This is necessary to preserve the sustainability of the pension system despite aging. Staff also encourages the authorities to strengthen the overall fiscal framework, through a revitalized fiscal council and greater accountability of the federal and all federated entities in sharing the burden of fiscal adjustment.

    Overall systemic risks in the financial sector remain moderate and current capital buffer requirements and prudential limits on mortgage loans should be maintained. Recent progress in strengthening systemic risk assessment, supervision, the macroprudential framework, and crisis management and resolution preparedness is welcome. With a new government in place, pending measures that required legislative action should now proceed.

    Labor market and education reforms are essential to foster higher labor participation and better adequation of skills. The government’s intended reforms to widen the income gap between work and nonwork, limit the duration of unemployment benefits, and reduce the cost of hiring and dismissal go in the right direction. Fostering a labor market more inclusive of low-skilled workers, older workers, women, and individuals with an immigration background, or disabilities, notably through lifelong learning and reskilling and active labor-market policies, will enhance overall economic performance. Education reforms are also necessary to upskill the labor force. They should focus on aligning curricula with the skills companies need, better leveraging teachers’ time, and strengthening support to students in difficulty.

    Reforming the wage-setting mechanism will help increase labor-market efficiency and improve competitiveness. Automatic wage and social benefit indexation protected household purchasing power during the inflation shock but increased fiscal deficits and undermined competitiveness. Consideration should be given to abolishing automatic indexation and the 1996 wage law which, together, prevent an optimal allocation of labor and higher employment. At a minimum, the labor market would already benefit from technical reforms to the existing system.

    Further product market reforms and efforts with EU partners to deepen the single market and advance the capital market union will support firms’ productivity. Reforms should focus on reducing regulatory and administrative barriers and improving the insolvency regime. Removing remaining barriers to trade within the EU and harmonizing regulations and bankruptcy frameworks would give Belgian firms’ access to a larger customer base, improve competition, and provide buffers against risks from geo-fragmentation. Developing venture capital at the EU level would help widen Belgian firms’ options to finance their growth.

    Despite progress, much effort remains needed to achieve climate objectives. The planned expansion of the EU ETS should be complemented by carbon taxation and the phasing out of fossil fuel subsidies, while ensuring support for vulnerable population. The consolidation of federal and regional climate efforts into a coherent and cohesive national strategy is essential.

    Belgium: Selected Economic Indicators, 2022–30

     

     

     

    Projections

     

     

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    (Percent change, unless otherwise indicated)

    Real economy

    Real GDP 1/

    4.2

    1.3

    1.0

    1.1

    1.1

    1.3

    1.3

    1.3

    1.3

    Domestic demand

    4.2

    1.8

    1.0

    1.4

    1.5

    1.5

    1.5

    1.4

    1.5

    Private consumption

    3.6

    0.6

    1.8

    1.2

    1.2

    1.5

    1.3

    1.2

    1.1

    Public consumption

    3.3

    3.2

    3.2

    1.4

    1.9

    1.6

    1.7

    1.7

    1.7

    Gross fixed investment

    1.7

    3.5

    0.9

    0.6

    1.7

    1.5

    1.6

    1.7

    2.0

    Stockbuilding 2/

    1.1

    -0.1

    -1.0

    0.3

    0.0

    0.0

    0.0

    0.0

    0.0

    Foreign balance 2/

    0.1

    -0.5

    0.1

    -0.3

    -0.4

    -0.2

    -0.2

    -0.1

    -0.1

    Exports, goods and services

    5.8

    -7.1

    -4.0

    0.0

    2.6

    3.2

    3.2

    3.1

    3.1

    Imports, goods and services

    5.8

    -6.8

    -4.2

    0.4

    3.3

    3.6

    3.5

    3.3

    3.3

    Household saving ratio

    12.7

    14.1

    13.6

    13.7

    13.7

    13.7

    13.8

    14.0

    14.3

    Potential output growth

    2.0

    1.8

    1.6

    1.4

    1.3

    1.3

    1.3

    1.3

    1.3

    Potential output growth

    1.3

    1.2

    1.0

    1.3

    1.3

    1.3

    1.3

    1.4

    1.3

    per working age person

    Output gap (in percent)

    1.6

    1.0

    0.5

    0.2

    0.0

    0.0

    -0.1

    0.0

    0.0

    Employment

    Unemployment rate (in percent)

    5.6

    5.5

    5.8

    5.7

    5.7

    5.5

    5.6

    5.7

    5.8

    Employment growth

    1.9

    0.8

    0.3

    0.2

    0.3

    0.6

    0.3

    0.2

    0.4

    Prices

    Consumer prices (HICP)

    10.3

    2.3

    4.3

    3.5

    2.2

    2.0

    2.0

    1.9

    1.9

    Core CPI (HICP)

    4.0

    6.0

    3.4

    3.0

    2.6

    2.2

    2.1

    1.9

    1.9

    GDP deflator

    6.8

    4.5

    2.7

    2.5

    1.7

    1.5

    1.7

    1.6

    1.6

    (Percent of GDP; unless otherwise indicated)

    Public finance

    Revenue

    48.6

    49.1

    49.6

    49.5

    49.5

    49.5

    49.5

    49.6

    49.7

    Expenditure

    52.2

    53.3

    54.0

    54.3

    55.0

    55.3

    55.7

    56.3

    56.9

    General government balance

    -3.6

    -4.2

    -4.4

    -4.8

    -5.5

    -5.8

    -6.2

    -6.7

    -7.2

    Structural balance

    -4.3

    -4.4

    -4.5

    -4.8

    -5.5

    -5.8

    -6.1

    -6.8

    -7.2

    Structural balance (excl. Covid measures)

    -3.7

    -4.3

    -4.4

    -4.8

    -5.5

    -5.8

    -6.1

    -6.8

    -7.2

    Structural primary balance

    -2.7

    -2.4

    -2.2

    -2.5

    -3.0

    -3.0

    -3.2

    -3.5

    -3.7

    Primary balance

    -2.0

    -2.2

    -2.2

    -2.4

    -3.0

    -3.0

    -3.3

    -3.4

    -3.7

    General government debt

    102.6

    103.1

    104.1

    105.4

    108.6

    111.9

    115.2

    118.9

    123.0

    External Sector

    Goods and services balance

    -1.5

    -0.6

    -0.1

    0.0

    0.0

    0.0

    0.3

    0.5

    0.7

    Current account

    -1.3

    -0.7

    -0.3

    -0.3

    -0.3

    -0.3

    -0.1

    0.1

    0.2

    Exchange rates

    Euro per U.S. dollar, period average

    0.9

    0.9

    0.9

    NEER, ULC-styled (2005=100)

    96.3

    97.6

    97.8

    REER, ULC-based (2005=100)

    99.7

    103.8

    105.5

    Memorandum items

    Gross national savings (in percent of GDP)

    25.6

    24.6

    23.8

    23.9

    23.9

    23.9

    24.1

    24.3

    24.5

    Gross national investment

    26.9

    25.3

    24.1

    24.2

    24.3

    24.3

    24.2

    24.2

    24.3

     (in percent of GDP)

    Nominal GDP (in billions of euros)

    563.5

    596.3

    618.6

    640.9

    658.7

    677.3

    697.8

    718.4

    739.8

    Population (in millions)

    11.6

    11.7

    11.8

    11.8

    11.9

    11.9

    11.9

    12.0

    12.0

     Sources: Haver Analytics, Belgian authorities, and IMF staff projections.

    1/ Based on national accounts data available as of January 29, 2025.

    2/ Contribution to GDP growth.

     

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

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva Graf

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

    https://www.imf.org/en/News/Articles/2025/03/19/pr25070-belgium-imf-executive-board-concludes-2025-article-iv-consultation-with-belgium

    MIL OSI

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  • MIL-OSI Asia-Pac: President Lai attends AmCham Taiwan 2025 Hsieh Nien Fan  

    Source: Republic of China Taiwan

    Details
    2025-03-18
    President Lai meets Arizona Governor Katie Hobbs  
    On the afternoon of March 18, President Lai Ching-te met with a delegation led by Arizona Governor Katie Hobbs. In remarks, President Lai said that Taiwan and Arizona enjoy close economic and trade relations, and expressed hope that through our joint efforts, Arizona will become a shining example for Taiwan-United States high-tech collaboration and the creation of non-red supply chains. The president indicated that the next goal for Taiwan and the US is the signing of an agreement for the avoidance of double taxation, which would provide greater incentives for Taiwanese businesses to invest in the US, facilitate the establishment of more comprehensive industry clusters, and generate more job opportunities, representing a win-win outcome for Taiwan-US relations. A translation of President Lai’s remarks follows: I warmly welcome you all to the Presidential Office. Governor Hobbs previously visited Taiwan after taking office in 2023. Her leading a delegation to Taiwan once again demonstrates Arizona’s continued friendship and the importance Arizona attaches to Taiwan. For this, I express my sincerest gratitude, and I welcome you again. In recent years, ties between Taiwan and Arizona have continued to expand and progress. For example, Taiwan Semiconductor Manufacturing Company (TSMC)’s investment in Arizona is the largest greenfield investment in US history. This month, TSMC announced that it would increase its investment in the US by US$100 billion. It plans to build more semiconductor fabrication and research and development facilities in greater Phoenix, transforming the area into a US semiconductor hub. Due to our close industrial engagement, we now have more than 30,000 Taiwanese living in Arizona. I would like to thank Governor Hobbs for taking care of Taiwanese businesses and people. I believe that through our joint efforts, Arizona will become a shining example for Taiwan-US high-tech collaboration and the creation of non-red supply chains. Taiwan and Arizona also enjoy close economic and trade relations. Taiwan is Arizona’s eighth largest export market and fifth largest source of imports. Last December, the first agreement under the Taiwan-US Initiative on 21st-Century Trade officially came into effect. I believe this will help further deepen our trade and economic ties. At present, the next goal for Taiwan and the US is the signing of an agreement for the avoidance of double taxation. I hope that we can work together to achieve this goal as soon as possible. This would provide greater incentives for Taiwanese businesses to invest in the US, facilitate the establishment of more comprehensive local industry clusters, and generate more job opportunities, representing a win-win outcome. With Governor Hobbs’s support, we look forward to continuing to advance Taiwan-US relations and promoting further cooperation and exchanges between Taiwan and Arizona across all domains. I understand that during this visit, you have visited many important companies and exchanged opinions with government agencies on how to strengthen bilateral relations. These efforts all go toward building an even more solid foundation for future Taiwan-US cooperation. Once again, I thank you all for supporting Taiwan and welcome you to visit us often in the future. Governor Hobbs then delivered remarks, stating that under President Lai’s leadership, Taiwan continues to thrive as a global hub for technology, innovation, and advanced manufacturing. She said that she is proud to be back in Taiwan alongside her secretary of commerce, Sandra Watson, as part of a diplomatic and economic delegation from Arizona. Since arriving, she said, they’ve hit the ground running, meeting with key partners, businesses, and leaders, noting that the takeaway from their meetings has been incredibly positive, and that they underscore the strong and enduring partnership between Arizona and Taiwan. Adding that our partnership that is built on shared values, mutual cultural appreciation, and commitment to innovation and economic growth, Governor Hobbs indicated that Arizona and Taiwan’s partnership extends back decades, as Taiwanese fighter pilots have been training at Luke Air Force Base in Phoenix since 1996. She said that we have built a strong base of collaboration across many areas, including technology, workforce, and cultural exchange, and that Arizona is even slated to get its own Din Tai Fung (鼎泰豐), which she expressed she is very thrilled about. Governor Hobbs went on to say that Arizona’s relationship with Taiwan is anchored by its ongoing partnership with TSMC and many Taiwan-based companies in semiconductor and other industries, and that TSMC’s US$165 billion investment in Arizona will help power development of the world’s most advanced technology, such as AI, and promises to cement an unbreakable bond between our two economies.  She stated that as governor, she can say with confidence that her administration is fully committed to strengthening this relationship in every way possible, because when Arizona and Taiwan succeed, we all succeed. Lastly, Governor Hobbs once again expressed gratitude to President Lai and the people of Taiwan for their warm hospitality. She then invited President Lai to Arizona to continue their productive conversations and further strengthen ties between our people and our economies, adding that she knows there is no limit to what we can achieve together, and that she is looking forward to what is to come. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-03-18
    President Lai meets delegation led by Minister of Foreign Affairs Denzil Douglas of Saint Christopher and Nevis
    On the afternoon of March 18, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Denzil Douglas of the Federation of Saint Christopher and Nevis. In remarks, President Lai thanked St. Kitts and Nevis for speaking up for Taiwan at major international venues and supporting Taiwan’s international participation. The president expressed hope that our two countries continue to achieve remarkable results through cooperation in such fields as education and training, agricultural development, women’s empowerment, and environmental sustainability, and create even greater well-being for our peoples. A translation of President Lai’s remarks follows: I welcome Minister Douglas and our esteemed guests to Taiwan. Last June, Minister Douglas accompanied Prime Minister Terrance Drew and his wife on their trip to Taiwan. I am delighted to be able to meet and exchange views with Minister Douglas again less than one year later. Your presence fully demonstrates the profound bond between Taiwan and St. Kitts and Nevis. I look forward to the further deepening of our partnership through our exchanges during this visit. Although our two nations are separated by a great distance, we share such universal values as democracy, freedom, and respect for human rights. We also continue to achieve remarkable results through cooperation in such fields as education and training, agricultural development, women’s empowerment, and environmental sustainability. Given that Prime Minister Drew, Minister Douglas, and I all share medical backgrounds, we deeply understand the importance of people’s health. I thus look forward to St. Kitts and Nevis’s climate-smart JNF General Hospital commencing operations as soon as possible thanks to our cooperation. The provision of even higher-quality public health and medical services will yield benefits for many more people. I also believe that by having Taiwan share its experiences in renewable energy and energy-saving technologies, our two countries will jointly drive green industrial transformation and stimulate sustainable development together. I would like to take this opportunity to thank St. Kitts and Nevis for actively speaking up for Taiwan and supporting Taiwan’s participation at such major international venues and organizations as the United Nations General Assembly, the World Health Organization, and the International Civil Aviation Organization. In the future, Taiwan will continue to make critical contributions to the international community. With the support of Minister Douglas and our guests, I look forward to our two countries backing each other on the global stage and continuing to build an even stronger foundation for bilateral cooperation. Let us work together to address the various challenges we face and create even greater well-being for our peoples. Minister Douglas then delivered remarks, first conveying greetings from Prime Minister Drew to President Lai, the government, and the people of Taiwan. He then stated that over the last 41 years since the dawn of their nationhood, the Republic of China Taiwan has steadfastly walked beside St. Kitts and Nevis as a strong and immovable partner. As we reflect on four decades of our journey together, he said, we recognize the unswerving and unwavering spirit that has guided both our nations through trials and challenges. The minister then acknowledged the generous support of Taiwan’s government that has helped St. Kitts and Nevis in its own economic and social development. He went on to say that Taiwan’s partnership with St. Kitts and Nevis has been instrumental in helping them achieve the goals of their sustainable island state agenda. Whether in enhancing food security through the diversification of their agricultural sector, fostering clean energy solutions through the solar PV farm, or advancing healthcare through assistance in building their smart hospital, he said, Taiwan has been a steadfast partner in shaping a much more resilient and sustainable future for the people of their federation. In the spirit of reciprocity and solidarity, Minister Douglas said, St. Kitts and Nevis continues to leverage opportunities on the global stage to request incessantly that Taiwan be given its rightful place in international organizations, where it can make a meaningful contribution to resolving the world’s most critical issues. Minister Douglas indicated that the global challenges we face today demand collective action, and that Taiwan has the innovation, the technology, the knowledge, and the expertise to make a tremendous positive impact on some of the world’s most urgent issues. He said that St. Kitts and Nevis will never grow weary in their own support, but shall continue to sound the clarion call of “let Taiwan in,” as well as advocate for peace to be maintained in the Taiwan Strait. To close, Minister Douglas expressed gratitude for the warm hospitality bestowed upon him and his delegation by Taiwan’s government, remarking that the engagements they had thus far were pregnant with promise, and that they are confident in witnessing a fruitful outcome as we work together to build a prosperous and sustainable future for our peoples. The delegation also included Permanent Secretary in the Ministry of Foreign Affairs Kaye Bass, Permanent Secretary of Economic Development and Investment Adina Richards, and Director in the Ministry of International Trade Sean Lawrence. The delegation was accompanied to the Presidential Office by St. Kitts and Nevis Ambassador Donya L. Francis.

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    2025-03-18
    President Lai meets 2025 Yushan Forum participants
    On the afternoon of March 18, President Lai Ching-te met with participants in the 2025 Yushan Forum. In remarks, President Lai thanked the guests for gathering here in Taiwan and discussing ways to enhance regional cooperation, demonstrating that our democratic allies and friends are standing together as we take on the challenges of a new world and a new era. The president reiterated that Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. He stated that Taiwan will continue to work with international partners to deepen cooperation, exchanges, and partnership in various domains and resist the expansion of authoritarianism. Together, the president emphasized, we can pursue regional peace and security and realize a new vision for a free and open, stable and prosperous Indo-Pacific. A translation of President Lai’s remarks follows: I would like to begin by thanking Anders Fogh Rasmussen, former prime minister of Denmark and chairman of the Alliance of Democracies Foundation, for inviting then-President Tsai Ing-wen to address the Copenhagen Democracy Summit via video over five consecutive years since 2020, and for inviting myself to give remarks via video last year. Those opportunities allowed Taiwan to share with the world our motivation for, and our work toward, safeguarding freedom and democracy. I would also like to thank Mr. Janez Janša, former prime minister of the Republic of Slovenia, who has visited Taiwan many times already, for actively elevating the cordial ties between Taiwan and Slovenia during his term as prime minister, helping expand friendship for Taiwan throughout Europe. Today’s guests have traveled a long way to show their strong backing for Taiwan. For this, I express my deepest gratitude. Yesterday was my first time attending the Yushan Forum as president. I saw political leaders and representatives gather here in Taiwan and discuss ways to enhance regional cooperation. The event demonstrated that our democratic allies and friends are standing together as we take on the challenges of a new world and a new era. It was truly moving. As I stated at the opening ceremony, Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. Our government will help guide Taiwanese small- and medium-sized enterprises as they expand into the international market and extend Taiwan’s economic power. I hope that during this visit, our guests will be able to explore more opportunities for cooperation in such fields as AI, smart healthcare, and advanced technologies, and join hands in contributing to the prosperity and development of our democratic allies and friends. Taiwan will continue to work with international partners, building upon the shared values of freedom and democracy, to deepen cooperation, exchanges, and partnership in various domains and resist the expansion of authoritarianism. Together, we can pursue regional peace and security and realize a new vision for a free and open, stable and prosperous Indo-Pacific. And I hope, with the assistance of our guests here today, that we can further strengthen the ties between Taiwan and Europe so that we can all take up the work of maintaining global peace and stability. Once again, I welcome our guests to Taiwan. I look forward to hearing your thoughts in a few moments. I also hope you will visit Taiwan often in the future and continue to experience our vibrant democratic society and culture. Chairman Rasmussen then delivered remarks, saying that it is a great pleasure to be back here in Taipei after meeting with President Lai in 2023. He then thanked President Lai for the Taiwanese hospitality on behalf of the Yushan Forum international visitors and participants, who represent four continents and very different political parties but who are united by one thing – the commitment to democracy. Chairman Rasmussen mentioned that over the past few days, they have met with members of the government, legislature, and civil society in Taiwan. He said that he is more convinced than ever that in a very uncertain world, Taiwan continues to stand as a beacon of democracy, from which people in Europe and in the rest of the world have a lot to learn. Over the past eight years, he has been proud to step up his engagement with Taiwan, he said, as he has always subscribed to the view that freedom must advance everywhere, or else it is in decline everywhere. Chairman Rasmussen noted that they have many interests in making sure Taiwan remains free and that we must always stand up for freedom when it is under assault by a dictator. This is why Ukraine’s fight is also everyone’s fight, he explained. He then praised Taiwan for all of the support it has given to Ukraine since Russia’s invasion and honored the two Taiwanese volunteer soldiers who gave their lives for freedom in Ukraine. Chairman Rasmussen remarked that Taiwan is a strong feature of the Copenhagen Democracy Summit that he convenes each year. His foundation, the Alliance of Democracies, has even been sanctioned by the Chinese government due to its support of Taiwan, he said, which is something he takes as a badge of honor. He added that this year’s Copenhagen Democracy Summit in May will be no different, as they plan to focus on the new world order, urgent measures to strengthen Europe’s military, and the situation in Ukraine. But as the United States pulls back from the transatlantic alliance and Europe focuses more on its own defense, he said, Europe should not retreat from the world. He added that to ensure European security, we need more Europe in the Indo-Pacific, and that is why he has been making the argument for more political and economic cooperation with Taiwan. Chairman Rasmussen praised President Lai’s recent decision to increase Taiwan’s national defense budget to more than 3 percent of GDP, adding that it is important that each nation does what it can for its own defense. The chairman once again thanked President Lai for meeting with them today and for the opportunity to visit Taiwan, a beacon of democracy and liberty in Asia. Also in attendance at the meeting were Chairman of the Czech Senate Committee on Foreign Affairs, Defence and Security Pavel Fischer; Member of the National Security Advisory Board to India’s National Security Council Anshuman Tripathi; former Minister of Foreign Affairs of Poland Anna Fotyga; former Minister of Health of Canada Tony Clement; and former Vice-Minister of Foreign Affairs of the Republic of Lithuania and current Secretary General of the Polish-based Community of Democracies Mantas Adomėnas.

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    2025-03-17
    President Lai meets Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji
    On the afternoon of March 17, President Lai Ching-te met with a delegation led by Japanese House of Representatives Member and Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji. In remarks, President Lai thanked the Consultative Council for doing its utmost to strengthen the relationship between Taiwan and Japan. He also stated that Taiwan and Japan are both part of the first island chain’s key line of defense, and in addition to continuing to bolster its economic strength and enhance its self-defense capabilities, Taiwan will work together with Japan and other like-minded countries to promote regional and global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: I would like to extend a warm welcome to Chairman Furuya, who is visiting us once again. I am also delighted to meet House of Councillors Member Yamamoto Junzo and House of Representatives Member Hiranuma Shojiro today. Although the Japanese Diet is currently in session, our distinguished guests overcame many hurdles and organized a delegation to attend the 2025 Yushan Forum and deliver speeches, providing valuable insights into issues of mutual concern in the Indo-Pacific region and demonstrating the support for Taiwan in the Diet. Here, I would like to express my deepest gratitude. During the Yushan Forum, it was especially inspiring when Chairman Furuya spoke Taiwanese when he emphasized that “if Taiwan has a problem, then Japan has a problem.” Over the past few years under Chairman Furuya’s leadership, the Consultative Council has done its utmost to strengthen the relationship between Taiwan and Japan. In addition to passing resolutions every year supporting Taiwan’s participation in the World Health Organization and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the council has established four internal research groups regarding the CPTPP, exchanges for women legislators, encouraging local-level exchanges, and the Taiwan Relations Act, using an issue-oriented approach to deepen Taiwan-Japan relations. Thanks to the Consultative Council’s long-term assistance and promotional efforts, the Japanese Ministry of Justice has announced that beginning this May, members of the Taiwanese overseas community in Japan included in the country’s family registry system may list “Taiwan” in the field designating their nationality or region of origin. This demonstrates the friendly relations between Taiwan and Japan, and the Taiwanese people will always remember the council’s continued concrete actions in support of Taiwan. In his remarks at the Yushan Forum today, Chairman Furuya mentioned that there are many areas in which Taiwan and Japan can engage in industrial cooperation. We can continue to deepen our partnership in semiconductors, energy, AI, unmanned aerial vehicles, and other areas related to economic security and supply chain resilience, all of which have significant room for cooperation, creating win-win situations for both Taiwan and Japan. As authoritarianism consolidates, democratic nations must come closer in solidarity. Taiwan and Japan are both part of the first island chain’s key line of defense. In addition to bolstering our economic strength and enhancing our self-defense capabilities, Taiwan will also work with Japan and other like-minded countries to promote regional and global democracy, peace, and prosperity. All of our distinguished guests are good friends of Taiwan, and are very familiar with Taiwan. I hope to continue working together with you all to carry Taiwan-Japan relations to an even higher level. Chairman Furuya then delivered remarks, first thanking President Lai for taking time out of his busy schedule to see them. He then noted that Japan, Taiwan, and quite a few other nations around the world changed leaders last year, and conditions around the world are becoming increasingly unstable. One cannot see what the world will be like a few years from now, he said, which is why he is counting so heavily on the strong leadership of President Lai. Chairman Furuya said that, in addition to collaboration in foreign affairs and security matters, economic cooperation between Taiwan and Japan is also very important. He mentioned new technologies, and said he had spoken quite a bit on the topic that very morning at the Yushan Forum. The clearest example, he said, is the establishment by Taiwan Semiconductor Manufacturing Company of a wafer plant in Japan’s Kumamoto Prefecture, which has sparked robust economic activity. He added that cooperation addressing such matters as cyberattacks and supply chain resilience is also very important. Chairman Furuya noted that President Lai had mentioned in his remarks that beginning from May, Taiwanese overseas community members in Japan will be able to list “Taiwan” on their family registers. The chairman expressed his view that this is not a foreign affairs issue, but rather a human rights issue for the Taiwanese people, and an excellent way to show respect for Taiwan. He further noted President Lai’s mentioning of the four research groups that the Consultative Council has established, and said that these groups will ramp up their work. He also expressed hope that Taiwan and Japan will work together to address challenges that face both countries, such as issues pertaining to democracy and peace in the Taiwan Strait, so that they can together push for international peace and stability. Chairman Furuya stated that reciprocal visits by Taiwanese and Japanese people reached an all-time high last year. He said that in the future, in addition to further promoting local exchanges between the two countries, he also hopes that Japanese middle school and high school students planning to go on overseas study trips will choose Taiwan as their destination, because he feels that any student who visits Taiwan will become a fan of this place. Also in attendance was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

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    2025-03-17
    President Lai addresses opening of 2025 Yushan Forum
    On the morning of March 17, President Lai Ching-te attended the opening of the 2025 Yushan Forum, the theme of which was “New Southbound Policy+: Taiwan, the Indo-Pacific, and a New World.” In remarks, President Lai stated that the New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. He said that in the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north, but that now, Taiwan is confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, he said, Taiwan’s enterprises are expanding their global presence and marketing worldwide. The president stated that Taiwan will strive alongside its partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. He indicated that the Yushan Forum is a place to share experiences, and more importantly, lay down firm foundations for exchanges and cooperation among participants’ countries to create greater stability for the region and greater prosperity for the world. A transcript of President Lai’s remarks follows: On behalf of all the people of Taiwan, I want to welcome our good friends joining us from around the world. Your presence shows support for a peaceful and stable Taiwan and a free and open Indo-Pacific region. The Yushan Forum has become more than just an important platform for the New Southbound Policy. Over these eight years, more than 3,600 participants from Taiwan and 28 other countries have helped deepen Taiwan’s connections with nations around the world. The New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. Looking ahead, the Yushan Forum will be taking on the important mission of carrying its legacy forward and transforming it into action. Not only must we turn consensus into action plans for close cooperation among countries in the region; we must also work with partners around the world to forge ahead with cooperative plans for mutual prosperity. We hope to envision a new world from Taiwan – and see Taiwan in this new world. We are also embracing an era of smart technology. The government sessions of this Yushan Forum are therefore centered around topics including smart healthcare, smart transportation, and resilient supply chains for semiconductors. Taiwan is intent on working side by side with other countries to face the challenges of this new era. Today’s Taiwan celebrates not only the democratic achievements that are recognized by the international community, but also our strengths in the semiconductor and other tech industries, which enable us to play a key role in restructuring global democratic supply chains and the economic order. We are building on Taiwan as a “silicon island” for semiconductors while accelerating innovation and AI applications for industry. These efforts will help Taiwan become an “AI island” as well. We are also developing forward-looking fields such as quantum technology and precision medicine, which will create an industry ecosystem that is highly competitive and innovative. The government will also develop economic models powered by innovation. This will help SMEs (small- and medium-sized enterprises) upgrade and transform through the power of digital transformation and net-zero transition. In the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north. But now, we are confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. As we gather here today, I am confident that we share the same goal: Through international cooperation, we hope to build an even more inclusive, resilient, prosperous Indo-Pacific, while jointly defending the democracy, freedom, and peace we so firmly believe in. I want to thank you all once again for supporting Taiwan. We will strive alongside our partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. Yushan is also known as Jade Mountain. It is Taiwan’s highest peak and stands as firm as our unwavering spirit. During this critical time of global change and transformation, the Yushan Forum is a place where we can share our experiences, and more importantly, lay down firm foundations for exchanges and cooperation among our countries. This way, we can create greater stability for the region and greater prosperity for the world. I wish everyone a successful forum. Thank you. Also in attendance at the event were former Prime Minister of Denmark and Alliance of Democracies Foundation Chairman Anders Fogh Rasmussen, former Prime Minister of the Republic of Slovenia Janez Janša, Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji, and American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-03-13
    President Lai holds press conference following high-level national security meeting
    On the afternoon of March 13, President Lai Ching-te convened a high-level national security meeting, following which he held a press conference. In remarks, President Lai introduced 17 major strategies to respond to five major national security and united front threats Taiwan now faces: China’s threat to national sovereignty, its threats from infiltration and espionage activities targeting Taiwan’s military, its threats aimed at obscuring the national identity of the people of Taiwan, its threats from united front infiltration into Taiwanese society through cross-strait exchanges, and its threats from using “integrated development” to attract Taiwanese businesspeople and youth. President Lai emphasized that in the face of increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and expressed hope that all citizens unite in solidarity to resist being divided. The president also expressed hope that citizens work together to increase media literacy, organize and participate in civic education activities, promptly expose concerted united front efforts, and refuse to participate in any activities that sacrifice national interests. As long as every citizen plays their part toward our nation’s goals for prosperity and security, he said, and as long as we work together, nothing can defeat us. A translation of President Lai’s remarks follows: At many venues recently, a number of citizens have expressed similar concerns to me. They have noticed cases in which members of the military, both active-duty and retired, have been bought out by China, sold intelligence, or even organized armed forces with plans to harm their own nation and its citizens. They have noticed cases in which entertainers willingly followed instructions from Beijing to claim that their country is not a country, all for the sake of personal career interests. They have noticed how messaging used by Chinese state media to stir up internal opposition in Taiwan is always quickly spread by specific channels. There have even been individuals making careers out of helping Chinese state media record united front content, spreading a message that democracy is useless and promoting skepticism toward the United States and the military to sow division and opposition. Many people worry that our country, as well as our hard-won freedom and democracy and the prosperity and progress we achieved together, are being washed away bit by bit due to these united front tactics. In an analysis of China’s united front, renowned strategic scholar Kerry K. Gershaneck expressed that China plans to divide and conquer us through subversion, infiltration, and acquisition of media, and by launching media warfare, psychological warfare, and legal warfare. What they are trying to do is to sow seeds of discord in our society, keep us occupied with internal conflicts, and cause us to ignore the real threat from outside. China’s ambition over the past several decades to annex Taiwan and stamp out the Republic of China has not changed for even a day. It continues to pursue political and military intimidation, and its united front infiltration of Taiwan’s society grows ever more serious. In 2005, China promulgated its so-called “Anti-Secession Law,” which makes using military force to annex Taiwan a national undertaking. Last June, China issued a 22-point set of “guidelines for punishing Taiwan independence separatists,” which regards all those who do not accept that “Taiwan is part of the People’s Republic of China” as targets for punishment, creating excuses to harm the people of Taiwan. China has also recently been distorting United Nations General Assembly Resolution 2758, showing in all aspects China’s increasingly urgent threat against Taiwan’s sovereignty. Lately, China has been taking advantage of democratic Taiwan’s freedom, diversity, and openness to recruit gangs, the media, commentators, political parties, and even active-duty and retired members of the armed forces and police to carry out actions to divide, destroy, and subvert us from within. A report from the National Security Bureau indicates that 64 persons were charged last year with suspicion of spying for China, which was three times the number of persons charged for the same offense in 2021. Among them, the Unionist Party, Rehabilitation Alliance Party, and Republic of China Taiwan Military Government formed treasonous organizations to deploy armed forces for China. In a democratic and free society, such cases are appalling. But this is something that actually exists within Taiwan’s society today. China also actively plots ways to infiltrate and spy on our military. Last year, 28 active-duty and 15 retired members of the armed forces were charged with suspicion of involvement in spying for China, respectively comprising 43 percent and 23 percent of all of such cases – 66 percent in total. We are also alert to the fact that China has recently used widespread issuance of Chinese passports to entice Taiwanese citizens to apply for the Residence Permit for Taiwan Residents, permanent residency, or the Resident Identity Card, in an attempt to muddle Taiwanese people’s sense of national identity. China also views cross-strait exchanges as a channel for its united front against Taiwan, marking enemies in Taiwan internally, creating internal divisions, and weakening our sense of who the enemy really is. It intends to weaken public authority and create the illusion that China is “governing” Taiwan, thereby expanding its influence within Taiwan. We are also aware that China has continued to expand its strategy of integrated development with Taiwan. It employs various methods to demand and coerce Taiwanese businesses to increase their investments in China, entice Taiwanese youth to develop their careers in China, and unscrupulously seeks to poach Taiwan’s talent and steal key technologies. Such methods impact our economic security and greatly increase the risk of our young people heading to China. By its actions, China already satisfies the definition of a “foreign hostile force” as provided in the Anti-Infiltration Act. We have no choice but to take even more proactive measures, which is my purpose in convening this high-level national security meeting today. It is time we adopt proper preventive measures, enhance our democratic resilience and national security, and protect our cherished free and democratic way of life. Next, I will be giving a detailed account of the five major national security and united front threats Taiwan now faces and the 17 major strategies we have prepared in response. I. Responding to China’s threats to our national sovereignty We have a nation insofar as we have sovereignty, and we have the Republic of China insofar as we have Taiwan. Just as I said during my inaugural address last May, and in my National Day address last October: The moment when Taiwan’s first democratically elected president took the oath of office in 1996 sent a message to the international community, that Taiwan is a sovereign, independent, democratic nation. Among people here and in the international community, some call this land the Republic of China, some call it Taiwan, and some, the Republic of China Taiwan. The Republic of China and the People’s Republic of China are not subordinate to each other, and Taiwan resists any annexation or encroachment upon our sovereignty. The future of the Republic of China Taiwan must be decided by its 23 million people. This is the status quo that we must maintain. The broadest consensus in Taiwanese society is that we must defend our sovereignty, uphold our free and democratic way of life, and resolutely oppose annexation of Taiwan by China. (1) I request that the National Security Council (NSC), the Ministry of National Defense (MND), and the administrative team do their utmost to promote the Four Pillars of Peace action plan to demonstrate the people’s broad consensus and firm resolve, consistent across the entirety of our nation, to oppose annexation of Taiwan by China. (2) I request that the NSC and the Ministry of Foreign Affairs draft an action plan that will, through collaboration with our friends and allies, convey to the world our national will and broad social consensus in opposing annexation of Taiwan by China and in countering China’s efforts to erase Taiwan from the international community and downgrade Taiwan’s sovereignty. II. Responding to China’s threats from infiltration and espionage activities targeting our military (1) Comprehensively review and amend our Law of Military Trial to restore the military trial system, allowing military judges to return to the frontline and collaborate with prosecutorial, investigative, and judicial authorities in the handling of criminal cases in which active-duty military personnel are suspected of involvement in such military crimes as sedition, aiding the enemy, leaking confidential information, dereliction of duty, or disobedience. In the future, criminal cases involving active-duty military personnel who are suspected of violating the Criminal Code of the Armed Forces will be tried by a military court. (2) Implement supporting reforms, including the establishment of a personnel management act for military judges and separate organization acts for military courts and military prosecutors’ offices. Once planning and discussion are completed, the MND will fully explain to and communicate with the public to ensure that the restoration of the military trial system gains the trust and full support of society. (3) To deter the various types of controversial rhetoric and behavior exhibited by active-duty as well as retired military personnel that severely damage the morale of our national military, the MND must discuss and propose an addition to the Criminal Code of the Armed Forces on penalties for expressions of loyalty to the enemy as well as revise the regulations for military personnel and their families receiving retirement benefits, so as to uphold military discipline. III. Responding to China’s threats aimed at obscuring the national identity of the people of Taiwan (1) I request that the Ministry of the Interior (MOI), Mainland Affairs Council (MAC), and other relevant agencies, wherever necessary, carry out inspections and management of the documents involving identification that Taiwanese citizens apply for in China, including: passports, ID cards, permanent residence certificates, and residence certificates, especially when the applicants are military personnel, civil servants, or public school educators, who have an obligation of loyalty to Taiwan. This will be done to strictly prevent and deter united front operations, which are performed by China under the guise of “integrated development,” that attempt to distort our people’s national identity. (2) With respect to naturalization and integration of individuals from China, Hong Kong, and Macau into Taiwanese society, more national security considerations must be taken into account while also attending to Taiwan’s social development and individual rights: Chinese nationals applying for permanent residency in Taiwan must, in accordance with the law of Taiwan, relinquish their existing household registration and passport and may not hold dual identity status. As for the systems in place to process individuals from Hong Kong or Macau applying for residency or permanent residency in Taiwan, there will be additional provisions for long-term residency to meet practical needs. IV. Responding to China’s threats from united front infiltration into Taiwanese society through cross-strait exchanges  (1) There are increasing risks involved with travel to China. (From January 1, 2024 to today, the MAC has received reports of 71 Taiwanese nationals who went missing, were detained, interrogated, or imprisoned in China; the number of unreported people who have been subjected to such treatment may be several times that. Of those, three elderly I-Kuan Tao members were detained in China in December of last year and have not yet been released.) In light of this, relevant agencies must raise public awareness of those risks, continue enhancing public communication, and implement various registration systems to reduce the potential for accidents and the risks associated with traveling to China. (2) Implement a disclosure system for exchanges with China involving public officials at all levels of the central and local government. This includes everyone from administrative officials to elected representatives, from legislators to village and neighborhood chiefs, all of whom should make the information related to such exchanges both public and transparent so that they can be accountable to the people. The MOI should also establish a disclosure system for exchanges with China involving public welfare organizations, such as religious groups, in order to prevent China’s interference and united front activities at their outset. (3) Manage the risks associated with individuals from China engaging in exchanges with Taiwan: Review and approval of Chinese individuals coming to Taiwan should be limited to normal cross-strait exchanges and official interactions under the principles of parity and dignity, and relevant factors such as changes in the cross-strait situation should be taken into consideration. Strict restrictions should be placed on Chinese individuals who have histories with the united front coming to Taiwan, and Chinese individuals should be prohibited from coming to Taiwan to conduct activities related in any way to the united front. (4) Political interference from China and the resulting risks to national security should be avoided in cross-strait exchanges. This includes the review and management of religious, cultural, academic, and education exchanges, which should in principle be depoliticized and de-risked so as to simplify people-to-people exchanges and promote healthy and orderly exchanges. (5) To deter the united front tactics of a cultural nature employed by Chinese nationals to undermine Taiwan’s sovereignty, the Executive Yuan must formulate a solution to make our local cultural industries more competitive, including enhanced support and incentives for our film, television, and cultural and creative industries to boost their strengths in democratic cultural creation, raise international competitiveness, and encourage research in Taiwan’s own history and culture. (6) Strengthen guidance and management for entertainers developing their careers in China. The competent authorities should provide entertainers with guidelines on conduct while working in China, and make clear the scope of investigation and response to conduct that endangers national dignity. This will help prevent China from pressuring Taiwanese entertainers to make statements or act in ways that endanger national dignity. (7) The relevant authorities must adopt proactive, effective measures to prevent China from engaging in cognitive warfare against Taiwan or endangering cybersecurity through the internet, applications, AI, and other such tools. (8) To implement these measures, each competent authority must run a comprehensive review of the relevant administrative ordinances, measures, and interpretations, and complete the relevant regulations for legal enforcement. Should there be any shortcomings, the legal framework for national security should be strengthened and amendments to the National Security Act, Anti-Infiltration Act, Act Governing Relations between the People of the Taiwan Area and the Mainland Area, Laws and Regulations Regarding Hong Kong & Macao Affairs, or Cyber Security Management Act should be proposed. Communication with the public should also be increased so that implementation can happen as soon as possible. V. Responding to threats from China using “integrated development” to attract Taiwanese businesspeople and youth (1) I request that the NSC and administrative agencies work together to carry out strategic structural adjustments to the economic and trade relations between Taiwan and China based on the strategies of putting Taiwan first and expanding our global presence while staying rooted in Taiwan. In addition, they should carry out necessary, orderly adjustments to the flow of talent, goods, money, and skills involved in cross-strait economic and trade relations based on the principle of strengthening Taiwan’s foundations to better manage risk. This will help boost economic security and give us more power to respond to China’s economic and trade united front and economic coercion against Taiwan. (2) I request that the Ministry of Education, MAC, Ministry of Economic Affairs, and other relevant agencies work together to comprehensively strengthen young students’ literacy education on China and deepen their understanding of cross-strait exchanges. I also request these agencies to widely publicize mechanisms for employment and entrepreneurship for Taiwan’s youth and provide ample information and assistance so that young students have more confidence in the nation’s future and more actively invest in building up and developing Taiwan. My fellow citizens, this year marks the 80th anniversary of the end of the Second World War. History tells us that any authoritarian act of aggression or annexation will ultimately end in failure. The only way we can safeguard freedom and prevail against authoritarian aggression is through solidarity. As we face increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and to ensure that the freedom, democracy, and way of life of Taiwan’s 23 million people continues on as normal. But relying solely on the power of the government is not enough. What we need even more is for all citizens to stay vigilant and take action. Every citizen stands on the frontline of the defense of democracy and freedom. Here is what we can do together: First, we can increase our media literacy, and refrain from spreading and passing on united front messaging from the Chinese state. Second, we can organize and participate in civic education activities to increase our knowledge about united front operations and build up whole-of-society defense resilience. Third, we can promptly expose concerted united front efforts so that all malicious attempts are difficult to carry out. Fourth, we must refuse to participate in any activities that sacrifice national interests. The vigilance and action of every citizen forms the strongest line of defense against united front infiltration. Only through solidarity can we resist being divided. As long as every citizen plays their part toward our nation’s goals for prosperity and security, and as long as we work together, nothing can defeat us.

    MIL OSI Asia Pacific News

  • MIL-OSI: FBI Veteran Joseph Bonavolonta Joins Wrap with 27 Years of Experience, Former SAC of Boston Field Office

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 20, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced the appointment of Joseph R. Bonavolonta as Domestic Head of Managed Services of the Company, bringing over 27 years of experience from the Federal Bureau of Investigation (“FBI”) to the Company’s management team.

    Mr. Bonavolonta, who culminated his distinguished FBI career as Special Agent in Charge (SAC) of the Boston Field Office, led one of the agency’s largest divisions, overseeing high-profile criminal and national security investigations. His leadership extended to managing Joint Terrorism Task Forces, Safe Streets Gang and Violent Crime Task Forces, and directing the New England Region’s Domestic Director of National Intelligence (DDNI) Program.

    In his new role, Mr. Bonavolonta is expected to assist the Company in driving growth while further deepening Wrap’s global law enforcement network. His extensive expertise in national security, compliance and risk management, combined with Wrap’s growing investigative technology partners, will enhance the Company’s mission to provide innovative, non-lethal solutions for public safety worldwide.

    Prior to joining Wrap, Mr. Bonavolonta served as Managing Partner at a global security firm, where he provided strategic security solutions for multinational corporations, critical institutions, and high-net-worth individuals. His deep knowledge of technologies used in risk and vulnerability assessments, insider threats, cybersecurity and physical security strategies makes him an invaluable asset to Wrap’s growing Managed Services Branch.

    “We are committed to bringing together elite-level talent and cutting-edge technology to solve the most pressing security challenges of today and the future,” said Bill McMurry, Chief Executive Officer of Managed Services at WRAP. “Joseph Bonavolonta’s unmatched expertise will be instrumental in strengthening our Managed Services Branch, reinforcing our role in supporting those who protect us and expanding our capabilities across both public and private sectors.”

    Mr. Bonavolonta’s distinguished FBI career also includes leadership roles such as:

    • Deputy Assistant Director of the Counterintelligence Division, overseeing domestic and international operations;
    • Head of the Boston Field Office’s Cyber and Counterintelligence Branch, tackling nation-state driven espionage and cybersecurity threats; and
    • Supervisor of the Complex Financial Crimes Program in the Newark Field Office.

    His investigative achievements include spearheading international organized crime initiatives in coordination with the Italian National Police, and the dismantling of major criminal networks, including the Bonanno La Cosa Nostra (LCN) Family. His work earned him numerous accolades, including the Attorney General’s Director’s Award for Superior Performance, the Law Enforcement Distinguished Community Service Award, and the National Intelligence Meritorious Unit Citation.

    His deep connections within the New England law enforcement community and across federal and international security networks will help solidify Wrap’s relationships globally, strengthening the Company’s impact in law enforcement, security and risk mitigation.

    Expanding Expertise with W1 Global and James DeStefano

    Mr. Bonavolonta’s addition is expected to further strengthen Wrap’s global security, technology and investigative expertise, complementing the experience brought in through Wrap’s recent W1 Global, LLC acquisition. He joins James DeStefano, a retired FBI executive and former head of the FBI New York Field Office’s Crisis Management Program, who has spent years conducting risk and vulnerability assessments for corporate clients.

    Their combined experience is expected to enhance Wrap’s ability to deliver comprehensive technology security solutions to law enforcement agencies, commercial clients and high-net-worth individuals worldwide.

    About Wrap Technologies, Inc.
    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap’s Intrensic solution is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information
    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/183801f3-4937-4aff-b91a-901b9599b322

    The MIL Network

  • MIL-OSI: ITS Logistics March Port Rail Ramp Index: Trucking Capacity-to-Demand Ratio Could Increase Rates for Dray and Rail Capacity

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., March 20, 2025 (GLOBE NEWSWIRE) — ITS Logistics today released the March forecast for the ITS Logistics US Port/Rail Ramp Freight Index. This month, the index reveals that Los Angeles/Long Beach (LA/LB) import volumes remain strong following the Lunar New Year, and there are signs that the trucking capacity-to-demand ratio may soon start pushing rates up for dray and rail capacity. In addition, equipment availability for exports is still an issue affecting individual ocean carrier lines throughout North America.

    “Should rates begin to increase, this may affect truckers’ ability to honor dedicated pricing and tender acceptance in Q2,” said Paul Brashier, Vice President of Global Supply Chain for ITS Logistics. “It could be alleviated as more volumes return to the U.S. East & Gulf Coasts, now that labor strikes are no longer a concern. With the return of volumes back to the U.S. East & Gulf Coasts, there has been a tightening of capacity and terminal congestion at the major gateways of New York/New Jersey, Norfolk, Savannah, and Houston.”

    On March 11, the International Longshoremen’s Association (ILA) signed an extension to its Master Contract with the United States Maritime Alliance (USMX). This agreement is set to last until September 30, 2030, and includes workforce protection guidelines that require a detailed explanation of the technology that will be used and its effects on capacity and efficiency. The agreement also requires determination on the manning for new equipment to be included with stipulations that new work created by the technology be identified with training included for workers.

    Despite this new agreement, the supply chain continues to experience challenges, including the current equipment availability concerning exporters, which has been a lingering concern thus far in 2025.

    “This latest supply chain challenge in equipment availability that ITS is closely monitoring is driven primarily by equipment imbalance and rail operations,” continued Brashier. “Rail operations are seeing similar sporadic challenges regionally.  LA/Long Beach IPI dwell remains high for imports moving east. That, combined with rail transit delay and lower inland transportation costs, are pushing some shippers to move imports back to the ports on the East Coast and draying inland to avoid IPI legs.”

    As concerns over labor strikes ease, import volumes have begun redistributing from the West back to East and Gulf Coast ports. However, the United States Trade Representative’s (USTR) recent proposal targeting Chinese vessels threatens to disrupt U.S. port operations once again. Announced in late January, the proposal includes fees targeting Chinese vessel operators, Chinese-built vessels, and operators with a certain percentage of vessels ordered from Chinese shipyards. Research from the World Shipping Council (WSC) has found that the proposal could add up to $3.5 million in fees per individual port call to 98% of vessels entering the U.S. The WSC notes that ocean carriers have already indicated they may eliminate service to smaller ports to avoid these costs—a move that would severely impact regional logistics ecosystems and exacerbate congestion at major North American ports.

    ITS Logistics offers a full suite of network transportation solutions across North America and distribution and fulfillment services to 95% of the U.S. population within two days. These services include drayage and intermodal in 22 coastal ports and 30 rail ramps, a full suite of asset and asset-lite transportation solutions, omnichannel distribution and fulfillment, LTL, and outbound small parcel.

    The ITS Logistics US Port/Rail Ramp Freight Index forecasts port container and dray operations for the Pacific, Atlantic, and Gulf regions. Ocean and domestic container rail ramp operations are also highlighted in the Index for both the West Inland and East Inland regions. Visit here for a full comprehensive copy of the Index, with expected forecasts for the U.S. port and rail ramps.

    About ITS Logistics

    ITS Logistics is one of North America’s fastest-growing, asset-based modern 3PLs, providing solutions for the industry’s most complicated supply chain challenges. With a people-first culture committed to excellence, the company relentlessly strives to deliver unmatched value through best-in-class service, expertise, and innovation. The ITS Logistics portfolio features North America’s #19 asset-lite freight brokerage, the #12 drayage and intermodal solution, a top 50 dedicated fleet, an innovative cloud-based technology ecosystem, and a nationwide distribution and fulfillment network.

    Media Contact
    Amber Good
    LeadCoverage
    amber@leadcoverage.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3fabce8-2035-4eae-84e0-05646b143c0f

    The MIL Network

  • MIL-OSI Global: Scientists in Antarctica: why they’re there and what they’ve found

    Source: The Conversation – Global Perspectives – By David William Hedding, Associate Professor in Geography, University of South Africa

    A media storm blew up in mid-March 2025 when a researcher at South Africa’s isolated Sanae IV base in Antarctica accused one of its nine team members of becoming violent.

    The Conversation Africa asked geomorphologist David William Hedding, who has previously carried out research from the frozen continent, about the work researchers do in Antarctica, what conditions are like and why it matters.

    What do researchers focus on when they’re working in Antarctica?

    Currently, the main focus of research in the Antarctic revolves around climate change because the White Continent is a good barometer for changes in global cycles. It has a unique and fragile environment. It’s an extreme climate which makes it highly sensitive to any changes in global climate and atmospheric conditions. Importantly, the Antarctic remains relatively untouched by humans, so we are able to study processes and responses of natural systems.

    Also, the geographic location of Antarctic enables science that is less suitable elsewhere on the planet. An example of this is the work on space weather (primarily disturbances to the Earth’s magnetic field caused by solar activity). Studying space weather is significant because the magnetic field of the Earth can impact communication platforms, technology, infrastructure and even human health.

    How many countries have teams working there? Where does South Africa fit in?

    Currently, about 30 countries have research stations in the Antarctic but these bases serve a far wider community of researchers. Collaboration is a key component of research in the Antarctic because many study sites are isolated, logistics are a challenge and resources are typically limited.

    The South African base in Antarctica, named SANAE IV usually has between 10 and 12 researchers and base personnel. This research station is situated on a nunatak (a mountain piercing through the ice) in Western Dronning Maud Land. It is an extremely remote location approximately 220km inland from the ice-shelf.

    The researchers and base personnel remain in Antarctica for approximately 15 months working through the cold and dark winter months.

    What have been some of the biggest ‘finds’?

    The biggest research finding from the Antarctic was the discovery of the ozone hole in 1985 by scientists from the British Antarctic Survey. This discovery led to the creation and implementation of the Montreal Protocol, a treaty to phase out chlorofluorocarbons (synthetic chemical compounds composed of chlorine, fluorine, and carbon) which destroy ozone. This was a major breakthrough in terms of slowly healing the ozone layer.

    The second most significant piece of research to come from the Antarctic has been the use of ice cores to reconstruct past climates. Ice cores preserve air bubbles which provide a wealth of information about the conditions of the atmosphere over time. Importantly, ice cores provide an uninterrupted and detailed window into the past 1.2 million years. This is important because only by understanding past climates and the earth’s responses to those changes are we able to predict future responses. This is significant because of the imminent threats resulting from anthropogenic (human-induced) climate change.

    What conditions do scientists work under?

    Conducting research in the Antarctic is extremely difficult for three primary reasons: remoteness, the cold and daylight.

    The remoteness of many study sites makes it difficult to reach. Distances are vast from the limited number of bases in the Antarctic. Thus, logistics for science in the Antarctic is a major challenge and requires collaboration and planning. For example, the geologists from the University of Johannesburg, who work from the SANAE IV base in Antarctica, often spend weeks in the field collecting samples. They travel significant distances via snow mobile and remain self-sufficient while conducting science in tough conditions.

    These tough conditions relate specifically to the cold. Most science only occurs in the austral summer months when temperatures become marginally bearable. Also, the summer season only provides a short window in which to operate because access to Antarctic by sea is limited by extent and thickness of the sea ice.

    Lastly, during summer there is 24 hours of daylight which lengthens the working day but these conditions are also short-lived.

    Why it is important to do scientific work in the area?

    The Antarctic is intricately linked to global systems and plays a major role in influencing these systems.

    For example, climate change will cause significant melting of land-based ice in Antarctica which when added to the oceans will cause sea-level rise and disruptions to global oceanic currents. Therefore, it is critical that we obtain a better understanding of how responses of terrestrial systems, such as the Antarctic, will impact oceanic systems because ultimately changes in ocean currents will impact the oceanic food web.

    In the context of climate change, sea-level rise is a major concern as it will have global impacts for society, so it is critical that the impacts are investigated to enable society to build resilience and adapt.

    David William Hedding receives funding from the National Research Foundation.

    ref. Scientists in Antarctica: why they’re there and what they’ve found – https://theconversation.com/scientists-in-antarctica-why-theyre-there-and-what-theyve-found-252752

    MIL OSI – Global Reports

  • MIL-OSI: Federal Home Loan Bank of Atlanta Announces $50 Million Available Through 2025 Affordable Housing Program General Fund

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, March 20, 2025 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will allocate $50 million through its 2025 Affordable Housing Program (AHP) General Fund, which opens for applications on April 21, 2025. Developers and housing organizations partner with a FHLBank Atlanta member financial institution to apply for grant funding to support affordable housing projects that involve the purchase, construction and rehabilitation of owner-occupied, rental, or transitional housing.

    This year, FHLBank Atlanta is increasing the maximum subsidy amount per project to $1.25 million, up from $1 million in 2024, given the current market environment of higher construction costs and home prices.  

    “Each year we offer the AHP General Fund to provide much needed support for the development of affordable housing, and we are pleased to work with our members to distribute grants to worthwhile projects across our district,” said FHLBank Atlanta President and CEO Kirk Malmberg. “Importantly, our funds assist both for-profit and non-profit developers and community organizations to increase single family and multifamily affordable housing inventory.”

    AHP General Fund applications will be accepted through May 22, 2025. A one-time registration is required by May 9, 2025 for all first-time AHP project sponsors. Visit the FHLBank Atlanta website for information on registration as well as webinars detailing the application process, scoring and financial guidelines.

    “The General Fund plays a vital role in addressing housing challenges by funding a range of projects from new construction to adaptive reuse and expansion initiatives,” said FHLBank Atlanta Director of Community Investment Services Tomeka Strickland. “We look forward to another successful year of collaboration with our members and community partners to drive meaningful, lasting change in the housing sector.”

    Developers or community organizations seeking to identify an FHLBank Atlanta member financial institution can visit the Bank’s Find a Member page, or contact Community Investment Services at 800.536.9650, Option 3 or ahpprog@fhlbatl.com.

    About FHLBank Atlanta
    FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.  

    For more information, visit www.fhlbatl.com.

    CONTACT: Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com

    The MIL Network

  • MIL-OSI: VERB to Host Fourth Quarter and Full Year 2024 Earnings Call on Tuesday, March, 25, 2025, at 1:00 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS and LOS ALAMITOS, Calif., March 20, 2025 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (NASDAQ: VERB) (“VERB” or the “Company”), the company behind MARKET.live, the livestream social shopping platform, telehealth platforms VANITYPrescribed.com and GoodGirlRx.com, and GO FUND YOURSELF.show, the TV show disrupting crowdfunding, today announced that VERB CEO Rory J. Cutaia will host a conference call to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2024 on Tuesday, March 25, 2025, at 1:00 p.m. Eastern time (10:00 a.m. Pacific time). Financial results will be issued in a press release prior to the call.

    VERB Q4 and FY 2024 Earnings Call
    Date: Tuesday, March 25, 2025
    Time: 1:00 p.m. Eastern time (10:00 a.m. Pacific time)

    To access by phone: Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization.

    Meeting Link: https://callme.viavid.com/viavid/?callme=true&passcode=13728166&h=true&info=company&r=true&B=6
    Toll Free: 1-877-407-4018
    Toll/International: 1-201-689-8471

    A telephonic replay of the conference call will be available after 04:00 p.m. Eastern time on the same day through Tuesday, April 08, 2025 at 11:59 PM ET.
    Toll Free:1-844-512-2921
    Toll/International: 1-412-317-6671
    Replay Pin Number: 13752553
    Replay Expiry: April 8th at 11:59 PM ET

    ABOUT VERB

    Verb Technology Company, Inc. (NASDAQ: VERB), is the innovative force behind interactive video-based social commerce. The Company operates three business units, each of which leverages its social commerce technology and video marketing expertise. The Company’s MARKET.live platform is a multi-vendor, livestream social shopping destination at the forefront of the convergence of e-commerce and entertainment, where brands, retailers, creators, and influencers engage their customers, clients, fans, and followers across multiple social media channels simultaneously. GO FUND YOURSELF!, is a revolutionary interactive social crowd funding platform for public and private companies seeking broad-based exposure across social media channels for their crowd-funded Regulation CF and Regulation A offerings. The platform combines a ground-breaking interactive TV show with MARKET.live’s back-end capabilities allowing viewers to tap, scan or click on their screen to facilitate an investment, in real time, as they watch companies presenting before the show’s panel of “Titans”. Presenting companies that sell consumer products are able to offer their products directly to viewers during the show in real time through shoppable onscreen icons. VANITYPrescribed.com and GoodGirlRx.com are telehealth portals, intended to redefine telehealth by offering a seamless, digital-first experience that empowers individuals to take control of their healthcare needs. They were designed and developed to disrupt the traditional healthcare model by providing tailored healthcare solutions at affordable, fixed prices — without hidden fees, membership costs, or inflated pharmaceutical markups. GoodGirlRx.com, a partnership with Savannah Chrisley, a well-known lifestyle personality and advocate for health and wellness, offers customers access to convenient, no-hassle telehealth services and pharmaceuticals, including the new weight-loss drugs, with fixed pricing regardless of dosage, breaking away from the industry’s traditional model of excessive pricing and pharmaceutical gatekeeping.

    The Company is headquartered in Las Vegas, NV and operates full-service production and creator studios in Los Alamitos, California.

    For more information, please visit: www.verb.tech.

    Follow VERB AND MARKET.live here: 

    FORWARD-LOOKING STATEMENTS

    This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those identified in our filings with the Securities and Exchange Commission (the “SEC”), including our annual, quarterly and current reports filed with the SEC and the risk factors included in our annual report on Form 10-K filed with the SEC on April 1, 2024. Any forward-looking statement made by us herein is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

    Investor Relations Contact:
    investors@verb.tech

    The MIL Network

  • MIL-OSI: Data Storage Corporation to Participate in the 2025 iAccess Alpha Virtual Conference

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., March 20, 2025 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a leading provider of multi-cloud hosting, managed cloud services, disaster recovery, cybersecurity, and IT automation, that integrates with AWS, Microsoft Azure, and Google Cloud,  today announced that its management will be participating in the iAccess Alpha Virtual Best Ideas Spring Investment Conference 2025 being held March 25 and 26, 2025.

    Why Investors Should Tune In:

    • Gain insight into DSC’s expanding footprint in cloud hosting and IT modernization.
    • Learn about the Company’s scalable, secure, and high-performance cloud solutions.
    • Understand how DSC leverages partnerships with AWS, Microsoft Azure, and Google Cloud to drive innovation.

    Chuck Piluso, CEO of Data Storage Corporation, and Chris Panagiotakos, CFO of Data Storage Corporation, will be presenting at 10:00 a.m. ET on March 25, sharing insights into DSC’s business strategy, growth trajectory, and market opportunities. Management will also participate in one-on-one meetings with investors on March 26. The live webcast of the Company’s presentation will be available at https://www.webcaster4.com/Webcast/Page/3083/52117, and a replay will be accessible afterward. The presentation will also be available on the company’s website under the “News & Events” tab, https://www.dtst.com/news-events/ir-calendar.

    For more information about the iAccess Alpha Virtual Best Ideas Spring Investment Conference 2025, or to register and schedule a one-on-one meeting with Data Storage Corporation, please visit the conference website at: https://www.iaccessalpha.com/home.

    About Data Storage Corporation
    Data Storage Corporation (Nasdaq: DTST) through its subsidiaries is a leading provider of multi-cloud hosting, fully managed cloud services, disaster recovery, cybersecurity, IT automation, and voice & data solutions. Recognizing that data migration is a critical step in transitioning from on-premises systems to the cloud, DTST provides comprehensive migration services to ensure seamless, secure, and efficient data transfer, minimizing downtime and optimizing performance.

    Through its CloudFirst platform, built on IBM Power Cloud infrastructure, DTST delivers high-performance, scalable, and secure cloud solutions with interoperability across its infrastructure partners, AWS, Microsoft Azure, and Google Cloud.

    With data centers supporting cloud platform deployments across the United States, Canada, and the United Kingdom, DTST provides mission-critical cloud services to a diverse clientele, including Fortune 500 companies, government agencies, educational institutions, and healthcare organizations.

    As a leader in the multi-billion-dollar cloud hosting and business continuity market, DTST is recognized for its expertise in cloud infrastructure, IT modernization, and data migration, enabling clients to transition to the cloud with confidence and operational continuity.

    For more information, please visit www.dtst.com or follow us on X @DataStorageCorp.

    Safe Harbor Provision

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include the Company’s ability to grow its presence in Europe. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.

    Contact:
    Crescendo Communications, LLC
    212-671-1020
    DTST@crescendo-ir.com

    The MIL Network

  • MIL-OSI: Alarum Technologies Announces Fourth Quarter and Annual 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    A Pivotal Year, Marking Accomplishment of Strategic Shift to Data Collection,
    Hits Milestones Toward Becoming a Driving Force in the AI Revolution

    2024 revenue increased to $31.8 million, of which $7.4 million was in the fourth quarter;
    2024 net profit rose to $5.8 million and adjusted EBITDA reached $9.4 million;
    Cash and liquid investments balance at year-end amounted to $25 million

    TEL AVIV, Israel, March 20, 2025 (GLOBE NEWSWIRE) — Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) (“Alarum” or the “Company”), a global provider of web data collection solutions, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    Shachar Daniel, Chief Executive Officer of Alarum, said: “2024 was a landmark year for Alarum, as we successfully executed our strategic vision, to focus on data collection. This transformation comes at a time when AI is reshaping the world at an unprecedented pace. As data fuels intelligence, the companies that will lead this revolution are those that anticipate change, build a strong foundation, and position themselves for long-term success. This is exactly what we are striving for – taking it step by step.”

    Market Trends Shaping Business Short-and Long-Term

    • Alarum Engaged in AI Model Training Trial Projects: as AI trends accelerated toward the end of 2024, collecting accurate data at massive scales has become increasingly critical. In the fourth quarter of 2024 and the first quarter of 2025, leading global companies, including one of the world’s largest online marketplace corporates, have selected Alarum’s Data Collection solutions for initial AI model training of mega-scale trial projects.
       
    • Industry Trends and Market Dynamics: With the growing demand for data, AI companies and data providers are forced to adapt to a rapidly evolving landscape, with websites implementing new technological barriers to data collection. This dynamic environment has led to revenue fluctuation across the industry. Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, leveraging its robust technological foundation, established customer base, and strategic engagements with industry leaders.
       
    • Financial Resilience: Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required.
       
    • Long-term Product Strategy and Vision: Evolving market needs validate Alarum’s focus on in-depth research and aligned roadmaps. Recognizing the current era as a paramount opportunity, the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities, aiming to elevate its position to the next level.

    Recent Developments and Business Highlights

    • Network Expansion: Alarum significantly scaled its IP network (IPPN) infrastructure in 2024, reinforcing its position as a key player in large-scale data collection. Its leadership was also acknowledged in the comprehensive public report on the IPPN industry, the 2024 PROXYWAY Market Research1, which named Alarum’s NetNut Ltd. (“NetNut”) as a top performer.
    • Introducing Innovative Data Collection & Labeling Solutions: Alarum has introduced cutting-edge solutions, designed to provide seamless and scalable access to high-quality data. In the second half of 2024, the Company recorded initial sales from the Website Unblocker and SERP API (Search Engine Results Page Application Programming Interface) products, and it also made progress with the development of an AI Data Collector.
    • NetNut’s Net Retention Rate (“NRR”)2 reached 1.27 as of December 31, 2024, compared to 1.53 as of December 31, 2023, yet another consecutive quarter of achieving an NRR well-above 1.

    Chen Katz, Chairman of The Board of Alarum, commented: “Our 2024 results showcase the success of our strategic shift, which is well supported by our financial resilience. With a sharp focus on data collection, we have built a solid foundation for long term sustainability in the AI data-driven era. I am excited to see how our continued innovation and execution will shape the future of our company.”

     
    Summary of Financial Results3
    (in millions of U.S. dollars, rounded, except per share amounts and margins)
     
      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024     2023   2024   2023
      (Audited)   (Audited)   (Unaudited)   (Unaudited)
                   
    Total Revenue   31.8       26.5       7.4       7.1  
    of which, Web Data Collection Revenue was   30.9       21.3       7.2       6.7  
    Gross profit   23.9       18.8       5.3       5.3  
    Gross margin (in percentage)   75.1 %     70.9 %     72.4 %     75.0 %
    Non-IFRS gross margin (in percentage)   77.0 %     74.3 %     74.3 %     77.2 %
    Total operating expenses   17.2       24.3       5.0       3.6  
    Financial income (expense), net   0.3       (0.6 )     0.2       (0.1 )
    Tax benefit (expense)   (1.2 )     0.5       (0.1 )     (* )
    Net profit (loss) from continuing operations   5.8       (5.6 )     0.4       1.7  
    Adjusted EBITDA from continuing operations   9.4       5.2       1.5       2.2  
    Basic earnings (loss) per ADS from continuing operations (in U.S. dollars) $ 0.87     $ (1.35 )   $ 0.06     $ 0.28  
    Non-IFRS basic earnings (loss) per American Depository Share (“ADS”) from continuing operations (in U.S. dollars) $ 1.26     $ (1.14 )   $ 0.20     $ 0.38  
                                 
    Cash, cash equivalents and debt investments (including accrued interest)4   25.0       10.9       25.0       10.9  
    Shareholders’ equity3   26.4       13.2       26.4       13.2  
                                   
    * Less than $0.1 million                        
                             

    Fourth Quarter and Full Year 2024 Financial Analysis

    • Revenue in Q4 2024 grew 4% year-over-year to $7.4 million (Q4 2023: $7.1 million). The increase is attributed to our NetNut web data collection business, which grew 7% to $7.2 million in Q4 2024, up from $6.7 million in Q4 2023. Revenue for the whole year 2024 grew 20%, rising to a record of $31.8 million (2023: $26.5 million). The Web Data Collection revenue reached a Company record $30.9 million in 2024, achieving 45% year-over-year growth (2023: $21.3 million).
    • Cost of revenue in Q4 2024 was $2.0 million (Q4 2023: $1.8 million). Full year 2024, cost of revenue was $7.9 million, (2023: $7.7 million). During these periods, costs have shifted towards investment in the Company’s IP network, as per its strategic decision announced in July 2023 to focus solely on its web data collection business.
    • Operating expenses in Q4 2024 totalled $5.0 million (Q4 2023: $3.6 million). The quarterly change was driven mainly by the increase in the NetNut Data Collection operations, primarily research and development salary costs. For the full year 2024, operating expenses were down to $17.2 million (2023: $24.3 million), mainly due to 2023-related impairment costs of goodwill and intangible assets and the strategic decision to scale down the Company’s consumer internet access business operations, partially offset by the increase in Data Collection operating expenses.
    • Financial income, net, in Q4 2024 was $0.2 million (Q4 2023: financial expense, net, of $0.1 million). Financial income, net, for 2024, increased to $0.3 million (2023: financial expense, net, of $0.6 million). This shift to financial income, net, from an expense, net, was mainly due to the increase in interest income from cash deposits as well as lower financial expenses related to short- and long-term loans.
    • 2024 cash flow from operating activities rose 93%, to $8.9 million, compared to last year (2023: $4.6 million).
    • Bottom line, 2024 net profit from continuing operations rose to a record $5.8 million (2023: loss of $5.6 million), and the corresponding 2024 Adjusted EBITDA was up at a Company record $9.4 million (2023: $5.2 million).
    • As of December 31, 2024, shareholders’ equity doubled, totalling $26.4 million, up from $13.2 million as of December 31, 2023. The increase was driven by the switch to net profit from net loss as well as warrants and options exercises.
    • Outstanding ordinary share count as of December 31, 2024, was approximately 69.1 million shares, or 6.9 million in ADSs.

    Financial Outlook

    “In line with our guidance, total fourth quarter 2024 revenues increased to $7.4 million, of which $7.2 million were attributed to Web Data Collection, and fourth quarter 2024 Adjusted EBITDA reached $1.5 million. Our cash and liquid investment balance on December 31, 2024, increased to $25 million, demonstrating once again success in cashflow generation,” said Mr. Shai Avnit, Chief Financial Officer of Alarum.

    “As we look ahead, our revenue guidance reflects the ongoing shifts in the global data collection. First quarter 2025 revenues are estimated at $7.3 million ±3% and Adjusted EBITDA for the first quarter 2025 is expected to range from $0.8 million to $1.2 million. We are navigating a period of adjustment as the industry evolves, and while short-term revenue growth may be lower than in previous quarters, we remain focused on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders,” Mr. Avnit concluded.

    We are unable to present a reconciliation of our estimated Adjusted EBITDA to net profit from continuing operations as we are unable to predict with reasonable certainty, and without unreasonable effort, the impact and timing of certain expenses on our net profit from continuing operations. The financial impact of these expenses is uncertain and is dependent on various factors, including timing, and could be material to our consolidated statements of profit or loss and other comprehensive income (loss).

    Fourth Quarter 2024 Financial Results Conference Call

    Mr. Shachar Daniel, Chief Executive Officer of Alarum, and Mr. Shai Avnit, Chief Financial Officer of Alarum, will host a conference call today, March 20, 2025, at 8:30 a.m. ET, 5:30 a.m. Pacific time, 2:30 p.m. Israel, to discuss the fourth quarter and full year 2024 results and the first quarter 2025 outlook, followed by a Q&A session. To attend, please dial one of the following numbers, at least five minutes before the call starts: 1-877-407-0789 or 1-201-689-8562. If you are unable to connect using the toll-free number, please try the international dial-in number. An Israeli toll-free number is: 1 809 406 247. Participants will be required to state their name and company upon dialling in. 

    Replay: The conference call will be broadcast live and available for replay here, after 11:30 a.m. ET on March 20, 2025, through April 20, 2025. Toll-free replay numbers: 1-844-512-2921 or 1-412-317-6671, ID: 13751807.

    Forward-Looking Statements

    • This press release contains forward-looking statements within the meaning of the “safe harbor” words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Alarum is using forward-looking statements in this press release when it discusses strategic vision, benefits, advantages and capabilities of Alarum’s solutions, the growing demand for data, that Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, that Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required, that the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities and its aim to elevate its position to the next level, the estimates of the revenues for the first quarter 2025 revenues and Adjusted EBITDA, that short-term revenue growth may be lower than in previous quarters, and the Company’s focus on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders. Because such statements deal with future events and are based on Alarum’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Alarum’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Alarum is not responsible for the contents of third-party websites.
     
    Condensed Consolidated Statements of Financial Position
    (in thousands of U.S. dollars)
       
      December 31,
      2024   2023  
      (Audited)
    Assets      
    Current assets:      
    Cash and cash equivalents 15,081     10,872  
    Trade receivables, net 3,231     1,994  
    Other receivables 503     399  
      18,815     13,265  
           
    Non-current assets:      
    Long-term deposits 121     104  
    Other non-current assets 85     145  
    Property and equipment, net 130     88  
    Right-of-use assets 498     779  
    Deferred tax assets 422     181  
    Debt investments at fair value through other comprehensive income 9,256      
    Debt investments at fair value through profit or loss 555      
    Intangible assets, net 811     1,386  
    Goodwill 4,118     4,118  
    Total non-current assets 15,996     6,801  
    Total assets 34,811     20,066  
           
    Liabilities and equity      
    Current liabilities:      
    Trade payables 251     369  
    Other payables 4,484     2,439  
    Current maturities of long-term loan 938     290  
    Contract liabilities 1,987     1,983  
    Derivative financial instruments 148     109  
    Short-term lease liabilities 359     370  
    Total current liabilities 8,167     5,560  
           
    Non-current liabilities:      
    Long-term lease liabilities 261     523  
    Long-term loans, net of current maturities 32     802  
    Total non-current liabilities 293     1,325  
    Total liabilities 8,460     6,885  
           
    Equity:      
    Ordinary shares      
    Share premium 111,892     100,576  
    Other equity reserves 11,012     14,938  
    Accumulated deficit (96,553 )   (102,333 )
    Total equity 26,351     13,181  
    Total liabilities and equity 34,811     20,066  
               
               
     
    Condensed Consolidated Statements of Profit or Loss
    (in thousands of U.S. dollars, except per share amounts)
     
      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
      (Audited)   (Audited)   (Unaudited)   (Unaudited)
    Continuing operations              
    Revenue   31,824     26,521     7,370     7,107  
    Cost of revenue   7,915     7,711     2,032     1,778  
    Gross profit   23,909     18,810     5,338     5,329  
                     
    Operating expenses:                
    Research and development   4,495     3,557     1,210     795  
    Sales and marketing   7,033     10,035     1,988     1,579  
    General and administrative   5,661     4,406     1,749     1,207  
    Impairment of goodwill       6,311          
    Total operating expenses   17,189     24,309     4,947     3,581  
                     
    Operating profit (loss)   6,720     (5,499 )   391     1,748  
                     
    Financial income (expense), net   281     (590 )   163     (54 )
    Profit (loss) from continuing operations before income tax   7,001     (6,089 )   554     1,694  
    Tax benefit (expense)   (1,221 )   482     (112 )   (22 )
    Profit (loss) from continuing operations, net of income tax   5,780     (5,607 )   442     1,672  
    Profit from discontinued operations, net of income tax       82          
    Net profit (loss) for the period   5,780     (5,525 )   442     1,672  
    Other comprehensive income (loss) for the period
    Change in fair value of debt investments
      (80 )       (80 )    
    Total comprehensive income (loss) for the period   5,700     (5,525 )   362     1,672  
                     
    Basic profit (loss) per share:                
    Continuing operations $ 0.09     (0.14 )   0.01     0.03  
                     
    Discontinued operations       *        
      $ 0.09     (0.14 )   0.01     0.03  
                     
    Diluted profit (loss) per share:                
    Continuing operations $ 0.08     (0.14 )   0.01     0.03  
                     
    Discontinued operations       *        
      $ 0.08     (0.14 )   0.01     0.03  
                     
    Basic profit (loss) per ADS:              
                   
    Continuing operations $ 0.87     (1.35 )   0.06     0.28  
                     
    Discontinued operations       *        
      $ 0.87     (1.35 )   0.06     0.28  
    * Less than $0.01
     

    Use of Non-IFRS Financial Results

    In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, this press release contains non-IFRS financial measures of EBITDA (EBITDA loss), Adjusted EBITDA (Adjusted EBITDA loss), non-IFRS net profit (loss), non-IFRS gross profit, non-IFRS gross margin and non-IFRS basic earnings (loss) per share or ADS for the periods presented. The Company defines EBITDA (EBITDA loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, financial income (expense) and income tax; defines Adjusted EBITDA (Adjusted EBITDA loss) as EBITDA (EBITDA loss) as further adjusted to remove the impact of (i) impairment of goodwill (if any); and (ii) share-based compensation; defines non-IFRS net profit (loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, impairment of goodwill, financial income (expense) effects primarily related to derivative financial instruments as well as long-term loans, deferred tax effects and share-based compensation; defines non-IFRS gross profit as gross profit from continuing operations adjusted to remove the impact of depreciation, amortization and impairment of intangible assets and share-based compensation recorded under cost of revenues; defines non-IFRS gross margin as the percentage of the non-IFRS gross profit out of revenues; and defines non-IFRS basic earnings (loss) per share or ADS as non-IFRS net profit (loss) divided by the weighted average number of ordinary shares or ADSs. The Company’s management believes the non-IFRS financial information provided in this press release is useful to investors’ understanding and assessment of the Company’s ongoing operations. Management also uses both IFRS and non-IFRS information in evaluating and operating its business internally, and as such deemed it important to provide this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with IFRS, and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Investors are encouraged to review the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures provided in the financial statement tables herein.

    Other Metrics

    Net retention rate (NRR) is a key indicator of customer base health and revenue expansion. It is based on NRR point in time, which measures the revenue growth of customers over the past four quarters, compared to the revenue generated from these customers during the same period a year earlier.
    NRR is calculated as an average of the NRR points in time for the end of the current period and the three preceding quarters.
    NRR > 1 (or 100%): Indicates revenue growth driven by existing customers, where upsells and cross-sells outweigh churn.
    NRR < 1 (or 100%): Shows revenue loss due to churn exceeding gains from upsells or cross-sells.

    Non-IFRS Financial Measures
    (in millions of U.S. dollars, rounded)

    The following tables present the reconciled effect of the above on the Company’s Adjusted EBITDA (EBITDA loss); non-IFRS net profit (loss); and non-IFRS gross profit for the year and three months ended December 31, 2024 and 2023:

      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
                   
    Net profit (loss) from continuing operations 5.8     (5.6 )   0.4     1.7
    Adjustments:              
    Depreciation, amortization and impairment of intangible assets 0.6     3.5     0.2     0.1
    Financial expense (income), net (0.4 )   0.6     (0.1 )   0.1
    Tax expense (benefit) 1.4     (0.5 )   0.1     *
    EBITDA (EBITDA loss) 7.4     (2.0 )   0.6     1.9
    Adjustments:              
    Impairment of goodwill     6.3        
    Share-based compensation 2.0     0.9     0.9     0.3
    Adjusted EBITDA for the period 9.4     5.2     1.5     2.2
    * Less than $0.1 million
                         
       
      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
    Net profit (loss) from continuing operations 5.8     (5.6 )   0.4     1.7
    Adjustments:              
    Depreciation, amortization and impairment of
    intangible assets
    0.6     3.5     0.2     0.1
    Financial expense (income), net effects 0.1     0.1     (* )   0.2
    Deferred tax effects (0.1 )   (0.5 )   (0.1 )   *
    Impairment of goodwill     6.3        
    Share-based compensation 2.0     0.9     0.9     0.3
    Non-IFRS net profit for the period 8.4     4.7     1.4     2.3
    * Less than $0.1 million
                         
           
      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
    Gross profit from continuing operations 23.9   18.8   5.3   5.3
    Adjustments:              
    Depreciation, amortization and impairment of
    intangible assets
    0.6   0.9   0.2   0.2
    Share-based compensation *   *   *   *
    Non-IFRS gross profit for the period 24.5   19.7   5.5   5.5
    * Less than $0.1 million
                   

    About Alarum Technologies Ltd.

    Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of web data collection solutions, empowering organizations to gain a competitive edge by streamlining the collection, extraction, and analysis of large-scale structured data from public online sources. Our data collection solutions by NetNut, are based on our world’s fastest and most advanced and secured hybrid proxy network, which comprises both exit points based on our proprietary reflection technology and hundreds of servers located at our ISP partners around the world. Pushing the boundaries of innovation in data collection, we are building a robust platform, complemented by the Website Unblocker, Data Collector, Data Sets and AI data collector. As the impact of the AI revolution unfolds, Alarum, with its robust market-leading data collection offerings is preparing itself to play a meaningful role as the world reshapes in a new form.

    For more information about Alarum and its web data collection solutions, please visit www.alarum.io.

    Follow us on Twitter

    Subscribe to our YouTube channel

    Investor Relations Contact:
    investors@alarum.io

    ________________________
    1https://proxyway.com/research/proxy-market-research-2024
    2 See definition under “Other Metrics”
    3 The table below contains certain non-IFRS financial measures. See “Use of Non-IFRS Financial Results” for additional information regarding these measures and reconciliations to the most comparable IFRS measures.
    4 As of the last day of the period.

    The MIL Network

  • MIL-OSI: Alm. Brand A/S – Chairman Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at upcoming annual general meeting

    Source: GlobeNewswire (MIL-OSI)

    Chairman of the Board of Directors of Alm. Brand A/S Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at the upcoming general meeting. The Board of Directors nominates Jais Valeur as new chairman.

    Jais Valeur has been a member of the Board of Directors since 2023, and he has many years of experience with complex corporate structures, business development, transformation and M&A. Jais Valeur also has extensive board experience, including as deputy chairman of Royal Unibrew A/S. With Jais Valeur as chairman of the Board of Directors, Alm. Brand A/S will be ensured both continuity and sustained growth.

    “I am extremely honoured to be nominated as chairman of Alm. Brand A/S. I would like to take this opportunity to thank Jørgen Hesselbjerg Mikkelsen for his many years of dedication to Alm. Brand Group and for his efforts in spearheading the extensive transformation of the group, including the acquisition of Codan. Together with the other members of the Board of Directors and in close dialogue with management, I will ensure that Alm. Brand Group continues on a strong trajectory in the upcoming strategy period,” says Jais Valeur.

    Jørgen Hesselbjerg Mikkelsen has made comprehensive changes in Alm. Brand Group over the past couple of years. Alm. Brand Group has transitioned from being a financial supermarket spanning banking, insurance and pension services to being a fully-focused, major Danish non-life insurance company.

    “I want to thank Alm. Brand’s shareholders and the Board of Directors for their confidence during the transformation of the group and not least management and the many dedicated employees for delivering on the long-term goals we have set for Alm. Brand Group. Together, we have changed and strengthened the group, and in particular with the acquisition of Codan and the divestment of the Energy & Marine business, we have created a strong launch pad for the future. I am therefore pleased to pass the baton to Jais Valeur, who is every bit as dedicated to continuing the strong trajectory,” says Jørgen Hesselbjerg Mikkelsen.

    A list of candidates for the Board of Directors is included as part of the agenda for the 2025 annual general meeting, which is available on the company’s website under “Investors”.

    The elected members of the Board of Directors will appoint the new chairman immediately after the annual general meeting.

    The CV for Jais Valeur is included as an attachment to this announcement.

    Contact

    Please direct any questions regarding this announcement to:

    Investors and equity analysts:

    Head of IR, Rating & ESG Reporting
    Mads Thinggaard
    Mobile no. +45 2025 5469

    Press:

    Head of Communications and Media Relations
    Mikkel Luplau Schmidt
    Mobile no. +45 2052 3883

    Attachments

    The MIL Network

  • MIL-OSI United Kingdom: UN Human Rights Council 58: UK Statement for the General Debate Under Agenda Item 4

    Source: United Kingdom – Executive Government & Departments

    Speech

    UN Human Rights Council 58: UK Statement for the General Debate Under Agenda Item 4

    UK Statement for the General Debate Under Agenda Item 4. Delivered by the UK’s Permanent Representative to the WTO and UN, Simon Manley.

    Thank you, Mr Vice President,

    Just yesterday, we heard in this hall the Commission of Inquiry on Ukraine conclude, for the first time, that enforced disappearances committed by Russia amount to a crime against humanity. And that Russian authorities arbitrarily detain civilians, torture and execute prisoners of war and civilians, steal and indoctrinate Ukrainian children. There must be accountability and a just and lasting peace that ensures Ukraine’s sovereignty and security.

    China continues to persecute and arbitrarily detain Uyghurs, Tibetans, activists, lawyers and journalists like Sophia Huang. In Hong Kong, the sentencing of 45 activists and former politicians under the Beijing-imposed National Security Law, and the ongoing prosecution of Jimmy Lai, underline how rights continue to be eroded. Once again, we call for their release. 

    In Iran, women, girls and minorities face sustained repression. Freedom of expression is curtailed, journalists silenced. Executions have reached appalling levels. 

    Finally, we urge all parties to return to the Gaza ceasefire talks. All hostages must be released. Aid must restart. The recent civilian casualties are appalling. Our thoughts are also with the victims and families of those killed and injured in the UN compound yesterday. The Israeli and Palestinian people deserve a peaceful and secure future based on a two-state solution.

    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: TRA initiates transition review into glass fibre from Egypt

    Source: United Kingdom – Government Statements

    News story

    TRA initiates transition review into glass fibre from Egypt

    The TRA has initiated a transition review of a countervailing measure on imports of Continuous Glass Fibre from Egypt.

    The TRA has initiated a transition review of a countervailing measure on imports of Continuous Glass Fibre from Egypt.

    The TRA will be reviewing the measure transitioned from the EU to determine whether it is still suitable for the UK’s needs. This measure is due to expire on 26 June 2025.

    Glass fibres are used in the creation of wind turbine blades and in such industries as transport (automotive, marine, aerospace), building and construction and electric/electronics, as well as the manufacturing of various consumer goods.

    Last year, the UK imported around 27 million kg of continuous glass fibre, with products from Egypt accounting for around 10% of that volume.

    Businesses that may be affected by this measure can register their interest through our public file by 2 April 2025. Interested parties that register after this date may not be able to participate fully in the review.

    Notes to editors

    • The Trade Remedies Authority is the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.
    • Trade remedy investigations were carried out by the EU Commission on the UK’s behalf until the UK left the EU. A number of EU trade remedy measures of interest to UK producers were transitioned into UK law when the UK left the EU and the TRA has been reviewing these to assess whether they are suitable for UK needs.
    • The goods to be reviewed are described as:
      • chopped glass fibre strands, of a length of not more than 50mm, or
      • glass fibre rovings, excluding glass fibre rovings which are impregnated and coated and have a loss on ignition of more than 3% (as determined by the ISO Standard 1887).

    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom

  • MIL-OSI: OTC Markets Group Welcomes QNB Corp. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 20, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced QNB Corp. (OTCQX: QNBC), the holding company for QNB Bank, has qualified to trade on the OTCQX® Best Market. QNB Corp. upgraded to OTCQX from the Pink® market.

    QNB Corp. begins trading today on OTCQX under the symbol “QNBC.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    David W. Freeman, QNB Corp. Officer, and QNB Bank President and CEO, stated, “As we approach our 150-year anniversary of providing exceptional Community Banking services in Pennsylvania, QNB Corp. is pleased to bring our incredible story to the national OTCQX trading stage. We are confident this move will assist in generating broad investor interest and enhance value for all shareholders.”

    Janney Montgomery acted as the company’s corporate broker.

    About QNB Corp.
    QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network

  • MIL-OSI: MEXC Introduces Bedrock (BR) Listing with Spot & Futures Trading, Offering 150,000 USDT to Power Next-Gen DeFi Restaking

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 20, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the listing of Bedrock (BR) on both spot and futures markets, scheduled for March 20, 2025, 12:05 (UTC), subject to sufficient liquidity. To celebrate the launch, MEXC is introducing an Airdrop+ rewards pool totaling 150,000 USDT, strengthening its support for innovative multi-asset liquid restaking solutions in the DeFi ecosystem.

    Revolutionizing DeFi: MEXC Lists Bedrock (BR) to Drive Multi-Asset Restaking Adoption

    Bedrock (BR) is an innovative blockchain project offering a multi-asset liquid restaking protocol, enabling users to earn enhanced yields on Ethereum, Bitcoin, and DePIN rewards while retaining liquidity. By integrating with DeFi ecosystems such as EigenLayer, Babylon, and the Bedrock Diamonds rewards system, Bedrock helps users maximize asset efficiency and compound returns. With 278,627 token holders, $441.77M total restaked, and 4,628.28 BTC in reserves, it delivers a robust suite of solutions that seamlessly integrate staking and restaking functionalities. The BR token serves as a key utility and governance component, driving growth and adoption across multiple blockchain networks. Learn more about Bedrock (BR) here.

    By listing Bedrock (BR), MEXC underscores its dedication to championing transformative DeFi protocols. Leveraging its robust trading environment, deep liquidity, and expansive global reach, MEXC provides Bedrock with a powerful launchpad to scale the adoption of its multi-asset liquid restaking technology. Through strategic marketing initiatives, trading events, and ecosystem collaborations, MEXC amplifies Bedrock’s visibility, showcasing its pioneering contributions to yield optimization, governance, and cross-chain synergy. This approach allows MEXC to bridge cutting-edge innovations with global markets, empowering participants across the DeFi spectrum.

    Celebrate the BR Listing with a 150,000 USDT Prize Pool

    MEXC continues its mission to support innovative blockchain projects by listing Bedrock (BR) in the Innovation Zone on March 20, 2025(UTC). The BR/USDT spot market will be available first, followed by the BR USDT perpetual futures launch , offering up to 50x leverage in both cross and isolated margin modes.

    To mark the occasion, a 150,000 USDT prize pool will be available through a series of exclusive events from March 18, 2025, at 11:00 (UTC) to April 1, 2025, at 11:00 (UTC).

    Event 1: Airdrop+ Rewards

    • Deposit and share 90,000 USDT (New user exclusive).
    • Futures Challenge — Trade to share 50,000 USDT in futures bonuses (Open to all users).
    • Invite friends and share 10,000 USDT (Open to all users).

    Your Easiest Way to Trending Tokens

    MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 34 million by offering a diverse selection of tokens, high-frequency airdrops, competitive fees, and comprehensive liquidity. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official WebsiteXTelegramHow to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This press release is provided by MEXC. 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. 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. 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.Speculate only with funds that you can afford to lose.

    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 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/12e5bc85-cc42-49ed-8284-6cd27fb0f6c6

    The MIL Network

  • MIL-OSI Africa: Draft Transformation Fund Concept document out for public comment

    Source: South Africa News Agency

    Trade, Industry and Competition Minister Parks Tau has published the Draft Transformation Fund concept document for a 30-day public commentary period.

    Members of the public and interested parties are invited to make inputs and comments on the Draft Concept from 20 March until 7 May.

    The aim of the fund is to aggregate Enterprise and Supplier Development (ESD) funds in support of the participation, transformation and sustainability of black-owned enterprises in the economy.

    “This provides an opportunity for the seventh administration, working with the private sector, to increase the effective economic participation of black-owned and managed enterprises, including small, medium and micro enterprises and co-operatives, and enhance their access to financial and non-financial support in line with the requirement of the B-BBEE Act,” Tau said.

    It is expected that an amount of R100 billion will be aggregated over the term of the current administration through a joint effort by government, in partnership with the private sector. 

    “We firmly are in pursuit to transform the economy, as guided by the Vision 2030 of the National Development Plan, which is to eliminate poverty and reduce inequality. Our Constitutional imperative places a collective burden on all of us to advocate for equality and redress,” Tau said.

    The objectives of the fund are as follows:

    • Promote economic transformation in order to enable meaningful participation of black people in the economy.
    • Improve access to funding for black-owned and controlled enterprises.
    • Empower and support black-owned and controlled enterprises participation in value chains across key sectors of the economy.
    • Mobilise financial resources from the private and public sector using B-BBEE legislation.
    • The Minister would like to affirm that the requirements of the Fund are no additional requirements for entities over and above what currently exists in the B-BBEE policy. 

    The B-BBEE policy, through the Codes of Good Practice, requires that entities must contribute through ESD in the 3% of Net Profit After Tax (NPAT) to the development of black suppliers, black industrialists and SMMEs to broaden the industrial and services base of the country.

    “Through the Transformation Fund, we maintain this principle of establishing a partnership between established businesses and emerging businesses, as well as diversification of suppliers within the value chains, as contained in the B-BBEE Codes. 

    “However, we would like to see much more impact and spending on relevant ESD activities that must lead to growth and sustainability of black-owned enterprises and SMMEs by having a coordinated effort,” Tau said.

    Particular attention will be given to businesses owned by women, youth and people living with disabilities, especially those based in rural and township areas. 

    These groups have historically faced significant barriers to economic participation, and the challenges of unequal access to resources and opportunities remain deeply entrenched in South African society.

    “Their meaningful participation in key sectors of the economy, such as manufacturing, agriculture and tourism, is vital for stimulation of economic activities across all regions of our country with their unique potential.

    “We will be putting in place governance structures that will ensure that there is accountability to both government and the private sector, transparency and efficiency in managing the fund. 

    “We will be establishing a Special Purpose Vehicle that will have accountability to an Oversight Committee and a board with the required skills and capacity. 

    “During the 30-day commentary period, we will be having sessions with stakeholder to create awareness, while soliciting more inputs,” Tau said. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: EThekwini Municipality commits to building houses for flood victims

    Source: South Africa News Agency

    EThekwini Municipality Mayor Cyril Xaba says the city remains committed to ensuring that permanent houses are built for the families affected by the recent floods.

    Speaking at during an Executive Council (Exco) meeting held this week, Xaba reported that between 19 February and 15 March 2025, the recurring floods have claimed the lives of 15 people and caused extensive damage to infrastructure.

    Xaba said the report received from the Joint Operations Centre indicated that 1 452 houses and 5 939 people were affected. The worst affected areas include Inanda, Ntuzuma, KwaMashu, Pinetown, KwaDabeka and Lamontville.

    Xaba conveyed the council’s heartfelt condolences to the families of the deceased, saying that the city is working with the bereaved families to ensure that their loved ones receive a dignified burial. 

    “Together with the Premier [Thamsanqa Ntuli] and the Chairperson of Trading Services, Mduduzi Nkosi, we visited the affected families in Inanda and Lamontville, including those who have been relocated to family-friendly accommodation in the inner-city. As… [the three spheres of] government, we are committed to ensuring that permanent houses are built for these families,” Xaba said.

    However, Xaba noted the challenges encountered in building permanent houses in identified sites.

    He said the existing community members are not cooperating, either because they themselves are flood victims who have not been allocated houses, or they do not want low-cost houses in their neighbourhood.

    “As the rains persist, we will continue to face the shortage of land to resettle flood victims, considering that the city has 603 informal settlements and some of them are located in flood-prone areas. Working together, we must intensify public awareness campaigns urging people not to settle in flood plains because the frequency and intensity of floods, due to climate change, poses a huge risk to human lives and infrastructure,” Xaba said.

    Since 2017, the city has been experiencing recurring floods, and this has put a huge strain on the city’s water drainage system.

    In eThekwini, stormwater systems are designed to handle a “1-in-10-year” storm event, Xaba said.

    “Our large canals and river protection works are built to withstand 1-in-50 or 1-in-100-year storm events. In the last two months, we have been experiencing heavy downpours that we would ordinarily receive in every 20 – 40 years.

    “It is in this context that we must continue to urge members of the community to dispose of waste in designated places so that during heavy rains, the same waste does not clog our drainage system and flood our homes,” Xaba said. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI: Orezone Gold Reports Record Revenue and Net Income for 2024

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 20, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the fourth quarter and full year ended December 31, 2024, and its 2025 guidance.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

    Highlights

    • Q4-2024 gold production of 36,502 oz, a 37% increase from the previous quarter.  
    • 2024 gold production of 118,746 oz, exceeding the mid-point of guidance.
    • AISC per oz sold of $1,273 for Q4-2024 and $1,447 for 2024.
    • Record revenue of $283.5M from the sale of 118,697 gold oz at an average realized price of $2,384 per oz in 2024. Gold sales remain unhedged to rising gold prices.
    • 2024 Adjusted EBITDA of $117.2M, Net Income attributable to Orezone shareholders of $55.7M and Earnings per Share attributable to Orezone shareholders of $0.14 and $0.13 on a basic and diluted basis, respectively.
    • Liquidity of $103.2M at year-end with cash of $74.0M and undrawn debt of $29.2M available to finance 2025 growth plans.
    • Stage 1 of hard rock expansion progress continues with first gold on track for Q4-2025.
    • Advancing work towards a secondary listing on the Australian Securities Exchange in mid-2025.

    Patrick Downey, President and CEO, commented “Strong Q4-2024 gold production of 36,502 oz helped deliver another record year for revenue of $283.5 million and net income of $64.1 million while meeting annual production guidance for a second consecutive year. Importantly, Orezone commenced construction of its hard rock expansion in the second half of 2024, a main step towards sustained production growth and setting the foundation for a transformational 2025 where we expect to pour first gold on this brownfield expansion in Q4-2025. First stage of the hard rock expansion is expected to increase the Company’s annual gold production to 170,000 – 185,000 oz in 2026.

    With continued strong gold prices and the closing of recent financings, the Company is well-placed to make further strategic investments in its Bomboré Mine by undertaking additional discovery-focused exploration on high potential targets and evaluating an accelerated start to the second stage of the hard rock expansion which would further increase annual gold production to 220,000 – 250,000 oz.

    The accomplishments achieved in 2024 is a testament to the strength of our team underpinned by the support of our community and government partners, and new and existing shareholders. We remain steadfast in our goal of creating lasting value for all stakeholders.”

    Highlights for Fourth Quarter and Year Ended December 31, 2024 and Significant Subsequent Events

    (All mine site figures on a 100% basis)   Q4-2024 Q4-2023 FY2024 FY2023
    Operating Performance          
    Gold production oz 36,502 33,916 118,746 141,425
    Gold sales oz 34,833 33,782 118,697 139,696
    Average realized gold price $/oz 2,632 1,986 2,384 1,940
    Cash costs per gold ounce sold1 $/oz 1,077 1,083 1,233 972
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,273 1,246 1,447 1,127
    Financial Performance          
    Revenue $000s 91,837 67,580 283,517 271,491
    Earnings from mine operations $000s 45,321 16,108 117,710 97,150
    Net income attributable to shareholders of Orezone1 $000s 30,091 4,012 55,711 43,146
    Net income per common share attributable to shareholders of Orezone          
    Basic $ 0.06 0.01 0.14 0.12
    Diluted $ 0.06 0.01 0.13 0.12
    EBITDA1 $000s 48,139 15,308 128,307 108,418
    Adjusted EBITDA1 $000s 45,058 26,702 117,233 120,036
    Adjusted earnings attributable to shareholders of Orezone1 $000s 27,550 14,267 45,977 53,665
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.06 0.04 0.11 0.15
    Cash and Cash Flow Data          
    Operating cash flow before changes in working capital $000s 52,520 28,167 98,444 123,029
    Operating cash flow $000s 28,020 13,891 57,697 79,950
    Free cash flow1 $000s 12,543 682 11,725 36,172
    Cash, end of period $000s 74,021 19,483 74,021 19,483

    1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    Full Year 2024 Highlights

    • Outstanding Safety Performance: 5.4M hours worked without a lost-time injury and a low total recordable injury frequency rate of 0.75.
    • Strong Liquidity: Available liquidity of $103.2M at year-end with $74.0M in cash and XOF 17.5 billion ($29.2M) available to be drawn on the Phase II debt facility with Coris Bank International (“Coris Bank”). The Company is well-funded to carry out its 2025 growth plans including the completion of stage 1 of the Phase II hard rock expansion and a minimum 20,000 m diamond drilling exploration program.    
    • Gold Production Guidance Achieved: Gold production of 118,746 oz which exceeded the mid-point of guidance, marking the second consecutive year that the Bomboré Mine has met production guidance since the start up of operations.
    • AISC Per Oz Within Updated Guidance: AISC per oz of $1,447 was within the updated guidance range with operating costs impacted by higher-than-anticipated government royalties and power costs. Relative to original guidance, government royalties were $31 per oz higher due to a better realized gold price and power costs were $57 per oz higher from lower-than-normal grid availability due to regional power issues in the H1-2024. These two cost overrun contributors were both out of the Company’s control and if their cost impacts were removed, original AISC guidance of $1,300 per oz to $1,375 per oz would have been met.
    • Record Annual Revenue: Revenue of $283.5M from the sale of 118,697 gold oz at a realized gold price of $2,384 per oz. The Company’s gold sales remain unhedged to rising gold prices.
    • Record EBITDA, Net Income, and Earnings Per Share: Reported record EBITDA of $128.3M and net income attributable to Orezone shareholders of $55.7M, primarily driven by a 23% increase in the realized gold price from the prior year. Net income per share attributable to Orezone shareholders was a record $0.14 per share on a basic basis and $0.13 per share on a diluted basis.
    • Continued Free Cash Flow Generation: Generated free cash flow of $11.7M with cash flow from operating activities totalling $98.4M after deducting taxes paid of $26.2M but before changes in non-cash working capital. Non-cash working capital increased by $40.7M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $46.0M as capital expenditures remained elevated as the Company executes on its growth initiatives including the Phase II hard rock expansion.
    • Phase II Hard Rock Expansion on Track for First Gold in 2025: The Company’s Board approved a positive construction decision on stage 1 of the Phase II hard rock expansion on July 10, 2024 after the Company had secured $105M in binding debt and equity commitments described below for the construction. Under stage 1, a 2.5M tonnes per annum (“tpa”) process plant will be built to recover gold from hard rock mineral reserves which is expected to increase future production levels by 50% to over 170,000 oz per annum. First gold for stage 1 of the Phase II expansion remains on track for Q4-2025 with commercial production expected shortly thereafter in early 2026.
    • Phase I Debt Reduced, Bridge Loan Repaid, and Phase II Expansion Financing Secured: Principal repayments totalling XOF 24.0 billion ($39.3M) were made on the Company’s senior borrowings with Coris Bank, including the extinguishment of the XOF 12.0 billion ($19.8M) bridge loan. On August 8, 2024, the Company completed a non-brokered private placement for net proceeds of C$64.8M ($47.3M) with a new cornerstone investor, Nioko Resources Corporation (“Nioko”), a leading West African investment group. On December 19, 2024, the Company successfully upsized its senior debt facility with Coris Bank through a new term loan for XOF 35.0 billion ($58.3M) (“Phase II Term Loan”) to be drawn in multiple tranches as construction progresses. The Company made its first drawdown of XOF 17.5 billion ($27.9M) on the Phase II Term Loan in December 2024.
    • Multi-year Exploration Drill Program Initiated: In August 2024, the Company initiated a multi-year discovery focused drill program with an initial 30,000 m of drilling designed to test the broader size and scale of the Bomboré mineralized system. Initial results from drilling at the North Zone intercepted mineralization 240 m below the current reserve pit limit, including 1.67 g/t gold over 46.00 m, demonstrating the continuity and robustness of the mineralized system at depth, both in terms of grade and overall width (see October 10, 2024 news release).

    Q4-2024 Highlights

    • Gold Production: Quarterly gold production of 36,502 oz increased 37% from Q3-2024 as a result of record plant throughput and improved head grades. Mining extended to Siga East and Siga South pits for a full quarter which contributed a greater blend of soft oxide ore at higher grades to the mill feed.
    • AISC Per Oz: AISC per oz sold was $1,273 per oz, a 23% decrease from Q3-2024, driven mainly by improved gold production as a result of higher grades and better plant throughput.
    • EBITDA, Net Income, and Earnings Per Share: Reported EBITDA of $48.1M and net income attributable to Orezone shareholders of $30.1M. Net income per share attributable to Orezone shareholders was $0.06 per share on both a basic and diluted basis.
    • Free Cash Flow: Generated free cash flow of $12.5M with cash flow from operating activities totalling $52.5M after deducting taxes paid of $6.3M but before changes in non-cash working capital. Cash flow used in investing activities totalled $15.5M as expenditures for the Phase II hard rock expansion began to ramp up.

    Events Subsequent to 2024 Year-End

    • Bought Deal Offering: On March 13, 2025, the Company closed on a public offering of common shares on a bought deal basis with Canaccord Genuity Corp. (“Canaccord”) pursuant to which the Company agreed to sell 42,683,000 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$35,000,060. Net proceeds from the offering will be used to conduct early works for stage 2 of the Phase II hard rock expansion and for additional exploration. Under stage 2, processing capacity of the hard rock plant will double from the 2.5Mtpa design in stage 1 to 5.0Mtpa after completion of stage 2.
    • Over-allotment Exercise: Canaccord has exercised its over-allotment in full on the bought deal offering and has agreed to purchase an additional 6,402,450 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$5,250,009. The purchase of shares from the over-allotment closed on March 19, 2025.
    • Private Placement with Nioko: The Company has announced that Nioko intends to acquire, on a non-brokered private placement basis, for 10,719,659 additional common shares at a price of C$0.82 per share for aggregate gross proceeds of C$8,790,121 to maintain its 19.9% share ownership (before the over-allotment exercise). Closing of this private placement is subject to approval of the TSX and is anticipated to occur in late March 2025.
    • Intention to List on the Australian Securities Exchange (“ASX”): The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes a dual listing on the ASX will increase trading liquidity and allow it to access a deeper pool of investors, including specialist mining focused funds.

    2024 Performance and 2025 Guidance

    2024 Performance Compared Against Guidance

    Bomboré Mine (100% basis) Unit Original
    FY2024 Guidance
    Revised
    FY2024 Guidance4
    FY2024
    Actuals
    Gold production Au oz 110,000 – 125,000 Unchanged  118,746
    All-In Sustaining Costs123 $/oz Au sold $1,300 – $1,375 $1,400 – $1,475 $1,447
    Sustaining capital12 $M $14 – $15 Unchanged $16.0
    Growth capital – non Phase II Expansion12 $M $16 – $17 Unchanged $17.6
    Growth capital – Phase II Expansion early works12 $M No guidance provided $3.6 $3.6
    Growth capital – Phase II Expansion12 $M No guidance provided $15.0 – $18.0 $15.3
    1. Non-IFRS measures. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.30.
    3. Government royalties of $160/oz included in original AISC guidance based on an assumed gold price of $2,000 per oz. Government royalties of $200/oz were estimated in the revised AISC guidance from a better gold price realized.
    4. Revised guidance details presented in Q3-2024 MD&A.

    2025 Guidance

    Bomboré Mine (100% basis) Unit FY2025 Guidance
    Gold production Au oz 115,000 – 130,000
    All-In Sustaining Costs123 $/oz Au sold $1,400 – $1,500
    Sustaining capital12 $M $9 – $10
    Growth capital (excluding Phase II Expansion)12 $M $44 – $51
    Growth capital – Stage 1 of Phase II Expansion12 $M $75 – $80
    1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
    3. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

    Gold production in 2025 is forecasted to range between 115,000 to 130,000 oz, with the highest production expected in the fourth quarter from the scheduled start-up of the Phase II hard rock plant. Projected gold production from hard rock reserves is between 5,000 to 10,000 oz with actual production dependent on the timing and ramp-up of the new hard rock circuit. Gold production from the existing Phase I oxide plant is guided between 110,000 to 120,000 oz, similar to that achieved in 2024.

    Mining will be concentrated within three main pits delivering most of the direct feed ore with the H pit in the North Zone, and the Siga East and Siga South pits in the South Zone. The 2025 mine plan calls for 22.4M tonnes to be mined by the mining contractor at a strip ratio of approximately 1.8.   The mining contractor placed new excavators, dump trucks, and support equipment into service in November 2024 and is organizing to mobilize additional equipment to site later this year in preparation for the start-up of hard rock mining.

    AISC in 2025 is expected to range between $1,400 to $1,500 per oz sold. AISC per oz is expected to be comparable to 2024 with a small decrease in head grades, an increased strip ratio, and greater government royalties from a higher assumed gold price offset by lower sustaining capital, higher grid utilization, and higher plant throughput from fewer power interruptions and enhanced maintenance practices.

    Sustaining capital is budgeted to fall within the range of $9M to $10M with expenditures directed towards the completion of tailings storage facility (“TSF”) stage 4 lift, extension of the main haul road and perimeter fencing at the southern end of the mining permit, and other capital improvements to the process plant, camp, and mine support equipment and facilities.

    Growth capital is expected to range between $119M to $131M on four major growth projects:

    No. Growth Capital Description Unit FY2025 Guidance
    I. Phase II Hard Rock Expansion – Stage 1 $M $75 – $80
    II. Permanent Back-up Diesel Power Plant $M $22 – $24
    III. TSF Footprint Expansion – Cell 2 $M $11 – $13
    IV. Resettlement Action Plan (“RAP”) $M $11 – $14
      Growth Capital Total $M $119 – $131
           
      Phase II Hard Rock Expansion – Stage 2 $M No guidance provided

    The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.  

    I.      Phase II Hard Rock Expansion – Stage 1

    A new 2.5Mtpa hard rock plant to process fresh and lower transition ore is currently under construction and once completed, will operate in tandem with the existing Phase I oxide plant. The current flowsheet for stage 1 of this brownfield expansion consists of a primary jaw crusher, an 18-hour crushed ore stockpile, a single stage 9MW SAG mill, hydrocyclones, and a carbon-in-leach (“CIL”) circuit consisting of five 15.8 m diameter leach tanks. Loaded carbon will be treated in the shared gold recovery circuit, producing gold doré bars from the existing gold room. Tailings from the CIL circuit will be pumped into the expanded tailings facility.

    The Company completed a comprehensive review of the construction progress and costing as part of its annual budgeting exercise for 2025. From this review, schedule to first gold remains in Q4-2025 with a project budget of $90M – $95M with $75M – $80M forecasted in 2025.

    II.      Permanent Back-Up Diesel Power Plant

    A new diesel power plant will be installed to provide continuous power to both the Phase I oxide plant and Phase II hard rock plant when the national grid is unavailable or unable to provide stable power.

    Following a competitive tender, the Company awarded the engineering, supply, installation, and commissioning of this new power plant to Africa Power Services (“APS”). APS will supply 18 Caterpillar diesel gensets with 1.8MW rated capacity each that will function as back-up units to the grid to meet the 18MW to 20MW load demand of both processing circuits. This new power plant is scheduled for final commissioning in October 2025 and will replace the APS genset rentals that are currently providing power on a back-up basis.

    III.      TSF Footprint Expansion – Cell 2

    The TSF starter dam over the Cell 1 footprint was completed prior to the start of processing operations in 2022. Lifts of the Cell 1 embankment walls have been completed each year to add storage to hold the volume of tailings expected to be generated by the mine for the upcoming year. The stage 4 lift is currently in progress and is slated for completion in June 2025 with costs captured under sustaining capital.

    To optimize costs of future tailings lifts and to meet the higher annual storage requirements from the Phase II hard rock expansion, work to expand the TSF footprint southwards into Cell 2 will begin in 2025 and continue into 2026, and include the HDPE lining of the Cell 2 basin and installation of underdrainage to improve water recovery and dam stability. Cell 2 will cover the ultimate TSF footprint and is designed to ensure that future annual lifts will provide sufficient storage of tailings generated each year by the combined oxide and expanded stage 2 (5Mtpa) hard rock operations.

    IV.      Resettlement Action Plan – Phases II, III, and IV

    RAP Phases II and III commenced in 2023 and will see the construction of three new resettlement communities (MV3, MV2, and BV2) to help relocate households occupying areas within the southern half of the Bomboré mining permit. Both MV3 and MV2 were successfully completed in 2024 followed by the start of BV2 construction in late 2024.

    RAP Phase IV was presented as part of the Environment Social Impact Assessment (“ESIA”) submitted by the Company in 2024 to expand the current mining permit by an additional 5.56 km2.

    Construction costs of $8.0M to $10.0M are forecasted in 2025 to complete the remaining construction of BV2 by October 2025 and for the anticipated start of RAP Phase IV construction in Q4-2025. RAP costs of $3.0M to $4.0M are estimated for compensation, consultants, relocation allowances, and livelihood restoration programs.

    Revenue Protection Program for 2025

    The Company has implemented a low-cost revenue protection program for approximately half of its forecasted gold production in 2025 by purchasing 60,000 oz of put options with a strike price of $2,300 per oz at a cost of $0.8M. These options were acquired in November 2024 from a leading Canadian chartered bank and are structured as a monthly program of 5,000 oz options with option expiries at each month-end.

    The purchase of put options allows the Company to secure margin on its gold sales should gold prices fall significantly while retaining full upside to rising gold prices. The Company invested in these put options due to the large capital programs planned for 2025.

    Bomboré Gold Mine, Burkina Faso (100% Basis)

    Operating Highlights   Q4-2024   Q4-2023   FY2024 FY2023  
    Safety          
    Lost-time injuries frequency rate per 1M hrs 0.00   0.00   0.00 0.00  
    Personnel-hours worked 000s hours 1,326   1,301   5,366 4,394  
    Mining Physicals          
    Ore tonnes mined tonnes 2,063,262   2,883,006   7,889,973 9,247,175  
    Waste tonnes mined tonnes 2,655,783   3,048,669   11,921,398 11,237,079  
    Total tonnes mined tonnes 4,719,045   5,931,675   19,811,370 20,484,254  
    Strip ratio waste:ore 1.29   1.06   1.51 1.22  
    Processing Physicals          
    Ore tonnes milled tonnes 1,652,844   1,449,769   5,928,599 5,749,163  
    Head grade milled Au g/t 0.77   0.82   0.71 0.85  
    Recovery rate % 89.1   88.9   88.2 90.4  
    Gold produced Au oz 36,502   33,916   118,746 141,425  
    Unit Cash Cost          
    Mining cost per tonne $/tonne 3.50   3.05   3.49 3.01  
    Mining cost per ore tonne processed $/tonne 7.37   6.31   8.44 6.77  
    Processing cost $/tonne 7.00   10.84   8.27 10.14  
    Site general and admin (“G&A”) cost $/tonne 4.07   4.85   3.90 3.95  
    Cash cost per ore1tonne processed $/tonne 18.44   22.00   20.61 20.86  
    Cash Costs and AISC Details          
    Mining cost (net of stockpile movements) $000s 12,174   9,146   50,008 38,932  
    Processing cost $000s 11,563   15,719   49,049 58,285  
    Site G&A cost $000s 6,719   7,036   23,124 22,707  
    Refining and transport cost $000s 193   141   497 519  
    Government royalty cost $000s 7,512   5,163   22,739 17,508  
    Gold inventory movements $000s (647 ) (606 ) 892 (2,190 )
    Cash costs on a sales basis $000s 37,514   36,599   146,309 135,761  
    Sustaining capital $000s 4,245   3,558   15,997 14,002  
    Sustaining leases $000s 73   73   292 301  
    Corporate G&A cost $000s 2,511   1,874   9,154 7,325  
    All-In Sustaining Costs1on a sales basis $000s 44,343   42,104   171,752 157,389  
    Gold sold Au oz 34,833   33,782   118,697 139,696  
    Cash costs per gold ounce sold1 $/oz 1,077   1,083   1,233 972  
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,273   1,246   1,447 1,127  

    1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

    Bomboré Production Results

    Q4-2024 vs Q4-2023

    Gold production in Q4-2024 was 36,502 oz, an increase of 8% from the 33,916 oz produced in Q4-2023. The higher gold production is attributable to a 14% increase in plant throughput offset by a 6% decrease in head grades.

    The better head grades in Q4-2023 were from the sequencing of higher-grade pits in earlier periods of the mine plan and greater ore release from more tonnes mined allowing for the stockpiling of lower-grade ore. More tonnes were mined in Q4-2023 as a second mining contractor was utilized to assist with mining volumes.

    Plant throughput of 1.65M tonnes in Q4-2024 hit a new quarterly record as processing operations benefitted from higher hourly throughput, greater blend of soft oxide ore, and less maintenance. Improvements to hourly plant throughput were successfully instituted in July 2024 by increasing the mill power and reducing residence time in the CIL circuit with only a minor effect to recovery rates. Mining at the new Siga East and Siga South pits for a full quarter in Q4-2024 resulted in the release of more tonnes of softer oxide ore while completion of all scheduled major plant maintenance in earlier quarters of the year combined with high grid availability resulted in less plant downtime.

    2024 vs 2023

    Gold production in 2024 was 118,746 oz, a decline of 16% from the 141,425 oz produced in 2023. The lower gold production is attributable to a 16% decrease in head grades and a 2% decrease in plant recoveries, partially offset by a 3% increase in plant throughput.

    Head grades in 2023 were higher from the sequencing of higher-grade pits in earlier periods of the mine plan and the processing of high-grade stockpiles accumulated during the Phase I construction, with such stockpiles being fully depleted by June 2023.

    Plant recoveries were lower in 2024 as a direct result of lower head grades, a greater blend of transition ore, and less residence in the CIL circuit.

    Plant throughput was higher in 2024 from the operating procedures followed in the H2-2024 to maximize hourly plant throughput.

    Bomboré Operating Costs

    Q4-2024 vs Q4-2023

    AISC per gold oz sold in Q4-2024 was $1,273, a 2% increase from $1,246 per oz sold in Q4-2023. The higher AISC is the result of: (a) lower head grades; (b) greater per oz royalty costs from a 33% increase in the realized gold price ($2,632/oz vs $1,986/oz) coupled with higher royalty rates that took effect in October 2023; and (c) increased mining costs attributable to deeper pits, drill-and-blast associated with harder transition ore, and higher strip ratio. This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 (92% grid utilization in Q4-2024) and from a 14% jump in plant throughput resulting in economies for fixed costs.

    Cash cost per ore tonne processed in Q4-2024 was $18.44 per tonne, a decrease of 16% from $22.00 per tonne in Q4-2023, as a result of the use of lower-cost grid power and a 14% increase in plant throughput positively impacting unit cost for processing ($7.00/tonne vs $10.84/tonne) and site G&A ($4.07/tonne vs $4.85/tonne), partially offset by a 17% increase in mining costs per ore tonne processed ($7.37/tonne vs $6.31/tonne) attributable to higher strip ratio and unit mining cost.

    Mining cost per tonne has increased in Q4-2024 when compared to Q4-2023 ($3.50/tonne vs $3.05/tonne) as lower benches in the pits in the Northern Zone are mined resulting in longer hauls and more transition material that requires some drill-and-blast prior to excavation and greater rehandle prior to feeding into the dump pocket on the ROM pad combined with more grade control drilling for the new Siga pits.

    Processing costs per ore tonne decreased in Q4-2024 when compared to Q4-2023 ($7.00/tonne vs $10.84/tonne) mainly from the continuing cost benefit of utilizing grid power which has lowered power cost from $5.57/tonne in Q4-2023 to $2.39/tonne in Q4-2024, a drop of $3.18/tonne. Grid performance remained reliable and steady in Q4-2024 with 92% utilization, consistent with utilization in Q3-2024, and a significant improvement from Q2-2024 when grid utilization was 34% as issues with the supply system in Ghana and Côte D’Ivoire temporarily reduced power export into Burkina Faso.

    2024 vs 2023

    AISC per gold oz sold in 2024 was $1,447, a 28% increase from $1,127 per oz sold in 2023. The higher AISC is primarily the result of a 16% decline in head grades, higher government royalties from a better realized gold price and higher royalty rates, higher strip ratio and unit cost for mining, and moderate increases in sustaining capital and corporate G&A, partially offset by a reduction in processing costs from the switch to grid power as the primary power source in February 2024.

    Bomboré Growth Capital Projects

    Grid Power Connection

    The powerline to connect Bomboré to Burkina Faso’s national energy grid was successfully energized in February 2024. As of December 31, 2024, the Company has incurred costs of $19.9M, of which $0.2M was incurred in Q4-2024 and $1.6M in 2024. The Company plans to make minor upgrades to the grid connection in 2025 by installing equipment and software that will reduce the quantity of reactive power and hence, surcharges imposed by SONABEL, the state-owned electricity company of Burkina Faso.

    RAP Phases II and III

    Construction of MV3 and MV2 resettlement sites and the relocation of families to their new homes at these sites were completed in 2024. Construction on the BV2 resettlement site commenced in Q4-2024. Compensation payments to affected residents for loss of land, crops, trees, and private structures were also made in the year.

    As of December 31, 2024, the Company has incurred project-to-date costs of $26.5M for RAP Phases II and III, of which $4.3M was incurred in Q4-2024 and $16.0M in 2024.

    Phase II Hard Rock Expansion

    First gold remains on schedule and costs are trending in line with the most recent control budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

    Construction of stage 1 of Phase II hard rock expansion was officially approved by the Company’s Board in early July 2024. To maintain first gold by Q4-2025, the Company undertook early work activities in H1-2024 which included front-end engineering and design, geotechnical investigations, additional office and camp accommodations, 18MW SAG mill order placement (subsequently cancelled), and bulk earthworks on the new plant layout.

    Lycopodium Minerals Canada (“Lycopodium”) was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant that is currently in operations and exceeding nameplate design.

    Progress and milestones achieved on the expansion in 2024 include:

    • Engineering and drafting progress stood at 52% and ahead of plan. All bulk quantities, including concrete, structural steel, and platework, remain in line with budget.
    • Procurement was at 82% of total supply value with all long lead equipment ordered, including a 9MW SAG mill.
    • Early mobilization of concrete contractor with first concrete pour completed in November, three months ahead of schedule.
    • Tender of the structural, mechanical, and piping (“SMP”) contract with contract awarded shortly after year-end.

    All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been awarded to the same contractors that successfully delivered on the Phase I oxide construction.

    As of December 31, 2024, the Company has incurred $15.3M in costs for the Phase II hard rock expansion exclusive of the $3.6M spent on early work activities in 2024.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the year ended December 31, 2024 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its fourth quarter and full year 2024 results on March 20, 2025:

    Webcast
    Date:    Thursday, March 20, 2025
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone 2024 Year-End Results and 2025 Guidance

    Conference Call 
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 9731374

    QUALIFIED PERSONS

    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    ABOUT OREZONE GOLD CORPORATION

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Company completed construction of its oxide only process plant in August 2022 and achieved commercial production on its oxide operations on December 1, 2022. The Company is expanding operations and gold production by constructing stage 1 of a Phase II hard rock plant that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves.   Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.   

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network

  • MIL-OSI: Global Net Lease, Inc. Announces Preferred Stock Dividends

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 20, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (“GNL” or the “Company”) (NYSE: GNL/ GNL PRA / GNL PRB / GNL PRD / GNL PRE) announced today that it declared quarterly dividends on its outstanding preferred stock. Specifically, GNL declared (i) a dividend of $0.453125 per share on its 7.25% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), payable on April 15, 2025, to holders of record of shares of its Series A Preferred Stock at the close of business on April 4, 2025, (ii) a dividend of $0.4296875 per share on its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”) payable on April 15, 2025 to holders of record of shares of its Series B Preferred Stock at the close of business on April 4, 2025, (iii) a dividend of $0.46875 per share on its 7.50% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) payable on April 15, 2025 to holders of record of shares of its Series D Preferred Stock at the close of business on April 4, 2025, and (iv) a dividend of $0.4609375 per share on its 7.375% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) payable on April 15, 2025 to holders of record of shares of its Series E Preferred Stock at the close of business on April 4, 2025.

    About Global Net Lease, Inc.

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

    Important Notice

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed sale of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts:
    Investor Relations
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    The MIL Network

  • MIL-OSI Asia-Pac: PARLIAMENT QUESTION: FUNDING SUPPORT FOR SPACE TECHNOLOGY STARTUPS

    Source: Government of India (2)

    Posted On: 20 MAR 2025 2:52PM by PIB Delhi

    IN-SPACe has launched Technology Adoption Fund (TAF) scheme for promoting the Indian industry especially start-ups towards commercialization of early-stage space technologies.

    The objective of the fund is:

    1. Upgradation of the existing space technologies from TRL-3/4 to TRL 7/8 (or higher) towards commercialization.
    2. Development of innovative products.
    3. Import substitution of components whose technologies have not matured in the Indian industry.

    The criteria for startups to qualify for financial support are:

    1. The startup should be under Indian management and control.
    2. The proposal of the startup shall have potential commercial value.
    3. The startup shall not source any funding from any other central & state govt departments and/or ministries for the project forming the subject of their proposal(s).

    The scheme aims at making India self-sufficient and import substitution for complex space technologies thus aligning with Aatmanirbhar Bharat and also aims at supporting the startups working in niche space technologies by enhancing the domestic technical capabilities.

    This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Rajya Sabha today.

     

    ***

    NKR/PSM

    (Release ID: 2113213) Visitor Counter : 79

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: Department for Business and Trade welcomes Ghanaian Healthcare Delegation

    Source: United Kingdom – Executive Government & Departments

    World news story

    Department for Business and Trade welcomes Ghanaian Healthcare Delegation

    Fifteen organisations from Ghana’s healthcare sector will be participating in a UK roadshow from 17-21 March 2025.

    The UK’s Department for Business and Trade has today welcomed a delegation of 15 organisations from Ghana’s healthcare sector for a four-city roadshow aimed at strengthening trade partnerships and development opportunities.

    The delegation, visiting the UK from 17-21 March 2025, includes representatives from the Ghanaian government, private health facilities, pharmaceutical and medical equipment distributors, and pharmaceutical manufacturers.

    The visit will strengthen the existing healthcare collaboration between the UK and Ghana, which already spans research and training, knowledge and expertise transfer, investment, and healthcare systems strengthening.

    His Majesty’s Trade Commissioner (HMTC) for Africa, John Humphrey, who is leading the UK delegation, said:

    The UK is committed to strengthening its economic ties with Africa, and Ghana is a key partner in this effort as we partner together to unlock growth, jobs, trade, investment, and opportunities in our economies.

    The UK is committed to strengthening its economic ties with Africa, and Ghana is a key partner in this effort as we partner together to unlock growth, jobs, trade, investment, and opportunities in our economies.

    The roadshow begins in London before continuing to Birmingham, Leeds, and Cardiff. Throughout the tour, Ghanaian delegates will meet with UK companies offering solutions and expertise that match Ghana’s healthcare needs. This initiative aligns with the UK’s commitment to strengthening economic ties with African nations and building capacity to address issues around supply chain disruption over the past years. By working together – we can get ahead of global shocks, mitigate their impact, and unlock new opportunities for growth between our two countries.

    British High Commissioner to Ghana, H.E. Harriet Thompson said:

    The UK and Ghana have enjoyed a long and consistent partnership on healthcare, enhancing the health services available to citizens as well as supporting opportunities for both British and Ghanaian businesses. This roadshow is an opportunity to deepen that partnership, harnessing our nations’ collective expertise, innovation, experience and dynamism. I am confident that the visit will foster productive connections, paving the way for growth and prosperity between Ghana and the UK.

    This visit presents a valuable opportunity for UK businesses to explore Ghana’s growing healthcare market, while enabling Ghana to access the UK’s expertise, products, and services in the sector.

    The Department for Business and Trade looks forward to productive engagement between the delegations, leading to increased trade and collaboration in healthcare.

    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom

  • MIL-Evening Report: ‘Declare your city genocide free’ – lessons from NZ’s nuclear-free movement

    COMMENTARY: By Eugene Doyle

    Today I attended a demonstration outside both Aotearoa New Zealand’s Ministry of Foreign Affairs and Trade and the Israeli Embassy in Wellington.

    The day before, the Israelis had blown apart 174 children in Gaza in a surprise attack that announced the next phase of the genocide.

    About 174 Wellingtonians turned up to a quickly-called protest: they are the best of us — the best of Wellington.

    In 2023, the City made me an Absolutely Positively Wellingtonian for service across a number of fronts (water infrastructure, conservation, coastal resilience, community organising) but nothing I have done compares with the importance of standing up for the victims of US-Israeli violence.

    What more can we do?  And then it crossed my mind: “Declare Wellington Genocide Free”.  And if Wellington could, why not other cities?

    Wellington started nuclear-free drive
    The nuclear-free campaign, led by Wellington back in the 1980s, is a template worth reviving.

    Wellington became the first city in New Zealand — and the first capital in the world — to declare itself nuclear free in 1982.  It followed the excellent example of Missoula, Montana, USA, the first city in the world to do so, in 1978.

    These were tumultuous times. I vividly remember heading into Wellington harbour on a small yacht, part of a peace flotilla made up of kayakers, yachties and wind surfers that tried to stop the USS Texas from berthing. It won that battle that day but we won the war.

    This was the decade which saw the French government’s terrorist bomb attack on a Greenpeace ship in Auckland harbour to intimidate the anti-nuclear movement.

    Also, 2025 is the 40th anniversary of the sinking of the Rainbow Warrior and the death of Fernando Pereira. Little Island Press will be reissuing a new edition of my friend David Robie’s book Eyes of Fire later this year. It tells the incredible story of the final voyage of the Rainbow Warrior.

    Eyes of Fire: the Last Voyage of the Rainbow Warrior” . . . a new book on nuclear-free activism on its way. Image: Little Island Press

    Standing up to bullies
    Labour under David Lange successfully campaigned and won the 1984 elections on a nuclear-free platform which promised to ban nuclear ships from our waters.

    This was a time when we had a government that had the backbone to act independently of the US. Yes, we had a grumpy relationship with the Yanks for a while and we were booted out of ANZUS — surely a cause for celebration in contrast to today when our government is little more than a finger puppet for Team Genocide.

    In response to bullying from Australia and the US, David Lange said at the time:  “It is the price we are prepared to pay.”

    With Wellington in the lead, nuclear-free had moved over the course of a decade from a fringe peace movement to the mainstream and eventually to become government policy.

    The New Zealand Nuclear Free Zone, Disarmament, and Arms Control Act 1987 was passed and remains a cornerstone of our foreign policy.

    New Zealand took a stand that showed strong opposition to out-of-control militarism, the risks of nuclear war, and strong support for the international movement to step back from nuclear weapons.

    It was a powerful statement of our independence as a nation and a rejection of foreign dominance. It also reduced the risk of contamination in case of a nuclear accident aboard a vessel (remember this was the same decade as the Chernobyl nuclear disaster in Ukraine).

    The nuclear-free campaign and Palestine
    Each of those points have similarities with the Palestinian cause today and should act as inspiration for cities to mobilise and build national solidarity with the Palestinians.

    To my knowledge, no city has ever successfully expelled an Israeli Embassy but Wellington could take a powerful first step by doing this, and declare the capital genocide-free.  We need to wake our country — and the Western world — out of the moral torpor it finds itself in; yawning its way through the monstrous crimes being perpetrated by our “friends and allies”.

    Shun Israel until it stops genocide
    No city should suffer the moral stain of hosting an embassy representing the racist, genocidal state of Israel.

    Wellington should lead the country to support South Africa’s case against Israel at the International Court of Justice (ICJ), end all trade with Israel, and end all intelligence and military cooperation with Israel for the duration of its genocidal onslaught.  Other cities should follow suit.

    Declare your city Nuclear and Genocide Free.

    Eugene Doyle is a writer based in Wellington. He has written extensively on the Middle East, as well as peace and security issues in the Asia Pacific region. He hosts the public policy platform solidarity.co.nz and is a frequent contributor to Asia Pacific Report.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Video: Fisheries Subsidies: Colombia’s acceptance

    Source: World Trade Organization – WTO (video statements)

    Colombia deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 19 March. Ambassador Mauricio Alberto Bustamante García presented Colombia’s instrument of acceptance to Director-General Ngozi Okonjo-Iweala.

    More:
    https://www.wto.org/english/news_e/news25_e/fish_19mar25_e.htm

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=IlCjRW5w8ro

    MIL OSI Video

  • MIL-OSI: Equinor presents 2024 Annual report

    Source: GlobeNewswire (MIL-OSI)

    Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes annual report for 2024, including financial and sustainability reporting.

    “2024 was marked by continued unpredictability in energy markets, with growing energy demand, political uncertainty and uneven progress in the energy transition. Our focus is on producing the energy the world needs today, and at the same time developing the energy systems needed for the future,” says Anders Opedal, President and CEO of Equinor ASA.

    Safety

    “A systematic approach to safety over time is paying off with the best safety results to date in 2024. However, the year was marked by the fatal search and rescue (SAR) helicopter accident where we lost a dear colleague. We believe close collaboration with suppliers and shared learning in the industry is important for our continued safety improvement effort”, says Opedal.

    The twelve-month average Serious Incident Frequency (SIF) for 2024 was 0.3, down from 0.4 in 2023.

    Strong operational and financial performance

    Equinor delivered adjusted operating income* of USD 29.8 billion, and adjusted net income* of USD 9.18. Net operating income was reported at USD 30.9 billion and net income at USD 8.83 billion.

    “Our operational performance was strong, built on the dedicated efforts from employees across the company. Our role as a major supplier of energy to Europe is important and I am proud of the work we have done to provide energy security”, says Opedal.

    Strong operational performance across the portfolio contributed to an equity production of liquids and gas of 2,067 mboe per day in 2024, on par with the year before. Equity production of renewable power increased by 51% to 2,935 GWh.

    Strong financial result contributed to a return on average capital employed (RoACE)* at 21% for 2024. Capital discipline remained firm with organic capital expenditures* ending at USD 12.1 billion for the year. Equinor maintained a strong balance sheet with net debt to capital employed adjusted* of 11.9% at the end of 2024.

    The strong financial results of 2024 also led to strong contributions to society through taxes. In 2024, Equinor paid USD 20.6 billion in corporate income taxes of which USD 19.7 billion was paid in Norway, where Equinor has the largest share of its operations and earnings.

    Firm strategy and progressing industrial development

    “We have a consistent growth strategy, and our strategic direction remains firm. By adapting to market situation and opportunities, we are positioned for stronger free cash flow and growth, and set to create shareholder value for decades to come”, Opedal continues.

    Through progressing projects and portfolio shaping transactions Equinor spent 2024 high-grading the portfolio and positioning for stronger growth and cash flow.

    On the Norwegian continental shelf, the development of the portfolio continued with 39 new licences and approvals of the PDOs of Eirin, Irpa, Verdande and Andvare projects. The Johan Castberg FPSO arrived at the field and started preparations for startup.

    The international upstream portfolio was focused with the exits from our long-standing positions in Nigeria and Azerbaijan and deepened in core areas with the acquisitions of US Onshore gas assets close to premium markets. In the UK an agreement was signed to establish an incorporated joint venture with Shell UK Ltd., which will become the largest independent oil and gas company on the UK continental shelf.

    Through 2024 Equinor high-graded the renewables portfolio to ensure profitable growth, in a market challenged by cost inflation and regulatory delays. In the UK the world’s largest offshore wind farm, Dogger Bank, continued to progress towards commercial start-up. Production was commenced at the Mendubim solar plants in Brazil.

    The long-term view on the importance of offshore wind remains firm. Through an acquisition of a 10% stake in Ørsted, Equinor got exposure to a premium portfolio of offshore wind projects and assets in operation.

    Value chains for carbon transport and storage progressed notably. In Norway, Northern Lights, the first commercial CO2 transport and storage infrastructure was completed and is expected to receive and store CO2 in 2025. In the UK, execution started for two of UK’s first carbon capture and storage infrastructure projects where Equinor is a partner.

    Progress on the Energy transition plan

    In 2024, Equinor achieved a year-on-year reduction of 5% in operated scope 1+2 greenhouse gas emissions, bringing the total down to 11.0 million tonnes CO2 equivalents. This is a 34% reduction from 2015, which is the reference year for Equinor’s ambition to reduce group-wide operated emissions by 50% on a net basis by 2030. Throughout 2024, actions were taken for further emission reductions with the partial electrification of the Sleipner field center, the Gudrun platform, as well as the Troll B and C fields.

    The average upstream CO2 intensity of Equinor’s operated portfolio was 6.2 kg of CO2 per boe in 2024 (100% basis), an improvement from 6.7kg of CO2/boe in 2023 and well below the industry average. The scope 3 GHG emissions from use of our products were 251 million tonnes in 2024, on par with the level in 2023.

    Equinor improved in the net carbon intensity of energy produced (including scope 1, 2 and 3 emissions) in 2024, which is now 2% below the 2019 baseline. The reduction was mainly driven by increased renewable energy production and lower scope 1+2 emissions.

    Equinor ambition is to to be a leading company in the energy transition. The updated Energy Transition Plan, published on March 20 2025, outlines the approach to deliver on Equinor’s strategy of creating value in the transition, while adjusting to changing external context and market realities.

    ***

    The previously announced decision of the French Energy Regulatory Commission (CRE), includes a requirement for Equinor to publish the following summary language:

    “Les sociétés Danske Commodities A/S et Equinor ASA ont été condamnées, par une décision n° 08-40-23 de la Commission de régulation de l’énergie (CRE) du 20 janvier 2025, au titre de la méconnaissance de l’article 5 du règlement REMIT qui prohibe les manipulations de marché, au paiement de sanctions pécuniaires, dont les montants s’élèvent à huit millions d’euros (8.000.000 €) pour la société Danske Commodities A/S et quatre millions d’euros (4.000.000 €) pour la société Equinor ASA, pour des manipulations commises sur le marché de gros en 2019 et en 2020, en ce qui concerne les capacités de transport de gaz naturel entre la France et l’Espagne.

    Danske Commodities A/S and Equinor ASA were ordered by decision no. 08-40-23 of Commission de régulation de l’énergie (CRE) of 20 January 2025 to pay – for infringement of Article 5 of REMIT Regulation prohibiting market manipulations – financial penalties in the amount of eight million euros (€8,000,000) as regards Danske Commodities A/S and four million euros (€4,000,000) as regards Equinor ASA, for manipulations committed on the wholesale market in 2019 and 2020, with regard to natural gas transmission capacity between France and Spain.”

    The full decision is included in the attached appendix “Full decision text”. Equinor does not agree with the decision from CRE and will appeal the case to the Higher Administrative Court in France.

    * * *

    Our annual report and the subsidiary reports published separately can be downloaded from equinor.com/reports.

    * * *

    In accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, Equinor ASA announces that on 20 March 2025 it filed with the Securities and Exchange Commission its 2024 Annual Report on Form 20-F that includes audited financial statements for the year ended December 31, 2024.

    The Equinor 2024 Annual Report on Form 20-F may be downloaded from Equinor’s website at www.equinor.com. References to this document or other documents on Equinor’s website are included as an aid to their location and are not incorporated by reference into this document. All SEC filings made available electronically by Equinor may be obtained from the SEC’s website at www.sec.gov.

    Shareholders may also request a hard copy of the annual report free of charge at www.equinor.com.

    * * *

    (*) These are non-GAAP figures. See Use and reconciliation of non-GAAP financial measures in the annual report for more details.

    Further information:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor Relations,
    +47 51 99 00 00

    Press
    Rikke Høistad Sjøberg, media spokesperson financial communication,
    +47 901 01 451(mobile)

    * * *

    Cautionary Note regarding Forward Looking Statements

    This press release contains forward-looking statements. Forward-looking statements reflect current views with respect to future events, are based on the management’s current expectations and assumptions, and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements, including those discussed under “Risk Factors” in the 2024 Annual report and elsewhere in Equinor’s publications. You should not place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, Equinor undertakes no obligation to update any of these statements, whether to make them conform to actual results, changes in expectations or otherwise.

    * * *

    This information is subject to disclosure obligations pursuant to the EU Market Abuse Regulation, ref. section 3-1 in the Norwegian Securities Trading Act, and section 5-12 of the Norwegian Securities Trading Act.

    Attachments

    The MIL Network

  • MIL-OSI Australia: Sky News Afternoon Agenda with Ashleigh Gillon

    Source: Australian Government – Minister of Foreign Affairs

    ASHLEIGH GILLON, HOST: Well, Peter Dutton has addressed the Lowy Institute, outlining his foreign policy agenda. The Opposition Leader discussed the wars between Russia and Ukraine and Israel and Hamas, and he also said the Coalition will grow Australia’s trading relationships and nurture international relationships.

    Joining us live with reaction is the Foreign Minister Penny Wong. Minister, thank you for your time. Mr Dutton said earlier that one of his first acts as Prime Minister would be to call the Israeli Prime Minister, Benjamin Netanyahu, to affirm Australia’s support for Israel. He attacked your handling of this relationship, saying instead of treating Israel like the ally it is, this government, he said, has treated Israel like an adversary. As a friend of Israel, do you support the strikes that’s carried out on the Gaza Strip in recent days, which has led to hundreds of people dying?

    PENNY WONG, FOREIGN MINISTER: That’s a very long question and first, it’s good to be with you, Ashleigh. And I think what we saw from this speech from Peter Dutton is, as he said, you know, past behaviour is the best indicator of future behaviour. And I’d agree with him, because what we know about Peter Dutton is he’s lost in our region. We know that he made fun of the Pacific. He was part of the government that withdrew from the Pacific, leaving a vacuum for others to fill. We’ve seen him both in opposition and also in government, beating the drums of war. This is a man lost in our region. In terms of what we are seeing in the Middle East, where we are seeing, unfortunately, the ceasefire that Mr Dutton opposed has broken. We continue to urge all parties to observe the ceasefire for hostages to be returned, we want humanitarian aid to flow. We have been clear in that position alongside the majority of the international community, and it was Mr Dutton who is out of step.

    GILLON: Let’s turn to Mr Dutton’s comments on Ukraine. He again criticised your government’s willingness to send Australian peacekeeping troops to Ukraine, saying Australia doesn’t have the ability to have a presence in multiple theatres. Why would Australia send troops halfway around the world to Ukraine when the US has said it won’t? And Russia has made it very clear any such move would lead to grave consequences, in its words, for Australia.

    FOREIGN MINISTER: Well, first, I’d say a few things about what Mr Dutton said. He made a lot of criticism in relation to Ukraine, and I think everyone can see what he’s trying to do, which is, he’s trying to back up an argument which the facts don’t support. The reality is, if you ask President Zelenskyy what sort of friend and supporter he has in Australia and in this government, I think he’d be very clear about that, and he has been very clear about that. What I’d say is that the Prime Minister has articulated very clearly the reason why we want to back Ukraine, why it is something that matters to us. It’s because Russia’s behaviour is both illegal and immoral and is a breach of the UN Charter. And a permanent member of the Security Council has used its veto to justify a breach of the UN Charter. Now, that matters to middle powers like Australia. Now, what we have said is that if a request is made, we would consider it. Unfortunately, Mr Dutton, he had a chance to back Australia again, but as always, he wants to pick a political fight. Back Australia – he never chooses that path, always wants to pick a political fight.

    GILLON: I’m sure you were pleased to hear Mr Dutton say the PBS wouldn’t be up for negotiation with the Trump Administration if he does become Prime Minister. But what actually can Australia do to avoid potential tariffs on Australian medicine exports to the US? Our efforts, as we know so far, when it’s come to aluminium and steel, have failed.

    FOREIGN MINISTER: Well, first on the PBS, you can never trust Mr. Dutton on the PBS. We know that the only reason the PBS was protected when the US Free Trade Agreement was first struck was because of the Labor Party back in 2004. We know what Mr Dutton’s record is when it comes to health. And what the Prime Minister has said is this government, this Labor Government, is very clear. We are not up for negotiation on the PBS. We will fight to protect it. Full stop and end of story.

    In terms of the position of President Trump and the administration, I think every Australian can see President Trump’s second administration is taking a much harder position. A much harder position. In excess of 30 countries got exemptions the last time around, in the first Trump Presidency, on steel and aluminium, not one now. So, it’s very clear from that they’ve taken a much harder position. We will continue to engage, we will continue to negotiate, and we also continue to be very clear that the American pharmaceutical companies may be doing what they did some 20 years ago where they came after the PBS, this government is not for moving.

    GILLON: I’m keen for your thoughts on a developing story today. Malaysia has just announced it’s come to an agreement with the exploration firm Ocean Infinity. It’s going to be resuming the search for the wreckage of the missing Malaysia Airlines flight MH370. Has Australia received a briefing from either Malaysia or Ocean Infinity on where exactly they’re searching? Is there any support that we can be providing via the Australian Transport Safety Bureau?

    FOREIGN MINISTER: Oh, look, we have been part of the engagement on the search for MH370 for a very long time. We’ll continue to engage as Malaysia requires. Obviously, this is a tragedy, and it was a tragedy that so many families still carry with them. And so we continue to look for justice and resolution for those who lost their loved ones on that flight.

    GILLON: Well, considering our prolonged involvement in this, does the government have a view as to where it would be best to begin this search? As you know, there’s been a lot of speculation that the wreckage lies in the Seventh Arc in the Indian Ocean.

    FOREIGN MINISTER: Look, I’m not going to speculate about the location of this aircraft. Obviously, there’s been a lot of years, a lot of experts involved. What we hope is that it can be found and that there can be some closure for those who lost loved ones and for whom the lack of resolution here is a continued source of pain.

    GILLON: Foreign Minister Penny Wong, really appreciate you making the time. Thank you.

    FOREIGN MINISTER: Great to speak with you, Ashleigh.

    MIL OSI News

  • MIL-OSI: Announcement of Fixed Income Investor Meetings

    Source: GlobeNewswire (MIL-OSI)

    Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) (“Diversified” or the “Company”), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces that it has mandated DNB Markets, a part of DNB Bank ASA, as Sole Bookrunner to arrange a series of fixed income investor calls commencing March 24, 2025. Following such fixed-income investor calls, the Company intends to commence an offering of four-year US$ denominated senior secured notes, subject inter alia to market conditions (the “Contemplated Bond Offering”).

    The Company intends to use the net proceeds from the Contemplated Bond Offering to repay existing debt and for general corporate purposes.

    The Contemplated Bond Offering, if issued, will be offered in the United States or its territories only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “U.S. Securities Act”). The Contemplated Bond Offering, if issued, will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute or form a part of any offer to sell or the solicitation of an offer to buy any securities of Diversified, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful, and is being issued in the United States pursuant to and in accordance with Rule 135c under the Securities Act.

    For further information, please contact:

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations & Corporate Communications  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  
       

    About Diversified
    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Forward-Looking Statements
    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning Diversified and the Contemplated Bond Offering. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements reflect Diversified’s beliefs and expectations, are based on numerous assumptions regarding Diversified’s present and future business strategies and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements will come to pass. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond Diversified’s ability to control or estimate precisely. Factors that may cause actual results to differ materially from the forward-looking statements contained in this announcement include the risk factors described in the “Risk Factors” section in Diversified’s Annual Report and Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of their date and neither Diversified nor any of its directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. You are cautioned not to place undue reliance on such forward-looking statements.

    Important Notice to UK and EU Investors
    This announcement is directed at and is only being distributed to persons: (a) if in member states of the European Economic Area, “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors“); or (b) if in the United Kingdom, “qualified investors” within the meaning of Article 2(e) of the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, who are (i) persons who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom they may otherwise lawfully be communicated (each such person above, a “Relevant Person“). No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. This announcement must not be acted on or relied on by persons who are not Relevant Persons, if in the United Kingdom, or Qualified Investors, if in a member state of the EEA. Any investment or investment activity to which this announcement or the the Contemplated Bond Offering relates is available only to Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA, and will be engaged in only with Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA.

    The MIL Network

  • MIL-OSI: IPOPEMA Initiates Coverage of Šiaulių Bankas with a Buy Rating and a Target Price of EUR 1.20

    Source: GlobeNewswire (MIL-OSI)

    On March 19, 2025 IPOPEMA, a leading independent investment bank in Poland, announced the initiation of equity research coverage (sponsored) on Šiaulių Bankas with a “Buy” rating and a target price of EUR 1.20 per share. This target price represents a compelling 28% upside potential over the bank’s current market valuation.

    IPOPEMA’s analysis highlights Šiaulių Bankas’s distinct market position, serving clients across the size spectrum while strategically focusing on the underserved SME segment. This niche is often overlooked by larger, risk-averse institutions. The robust Lithuanian macroeconomic environment is expected to drive strong volume growth across all sectors. While the bank’s ongoing rebranding and implementation of a new software platform may result in a temporary decline in net profit this year due to strategic investments and falling interest rates, these initiatives are expected to fuel long-term growth.

    IPOPEMA is a leading independent investment bank in Poland, providing a wide range of financial services, including investment banking, brokerage and asset management. With a strong track record in capital market transactions and a commitment to delivering value to its clients, IPOPEMA is a trusted partner for international companies accessing Polish investors as well as global Emerging Market investors.

    “We welcome IPOPEMA’s initiation of research coverage and are very excited about it. As we continue to strengthen our investor engagement, we believe their renowned expertise in the CEE Banking sector will provide invaluable insights and analysis, significantly benefiting our existing and potential investors,” says Tomas Varenbergas, Head of Investment Management Division at Šiaulių Bankas.

    Šiaulių Bankas is also covered by Enlight Research, Erste Group, Norne Securities, Swedbank and WOOD & Company. The research reports are available to investors on Šiaulių Bankas’ website.

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

    Important Notice:

    IPOPEMA reports are prepared on behalf of Šiaulių Bankas and based on publicly available information. Reports are published for informational purposes only and do not constitute, and shall not be deemed to constitute, an investment recommendation to buy, sell or enter into any other transactions in respect of the shares of Šiaulių Bankas. The information provided may not form the basis of any subsequent transaction. Investors themselves are responsible for making investment decisions based on the information published.

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

    The MIL Network

  • MIL-OSI: Director Shareholdings

    Source: GlobeNewswire (MIL-OSI)

    Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) announces that on March 18-19, 2025, members of the Company’s Board of Director’s (the “Board”) transacted in ordinary shares of 20p each in the Company (“Ordinary Shares”).

    Members of the Board transacting in Ordinary Shares included:

    • David Johnson, Non-Executive Chair of the Board
    • David J. Turner, Jr., Independent Non-Executive Director

    Details of the Board member transactions in Ordinary Shares and the resulting positions in the Ordinary Shares of the Company are as follows:

    Name Activity
    Date
    Activity
    Type
    Number
    of shares
    Trading
    Venue
    Average
    Price
    David Johnson 3/18/2025 Buy 1,250 LSE £10.20
    David J. Turner, Jr. 3/19/2025 Buy 15,000 NYSE $13.19

    Following the transactions, the total interest and per cent of the Company’s total issued share capital (“ISC”) of the aforesaid Board members may be found in the table below:

      Name Total
    Shareholdings
    % of ISC  
      David Johnson 25,000 0.031%  
      David J. Turner, Jr. 48,087 0.059%  

    For further information please contact:

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations & Corporate Communications www.div.energy
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  


    About Diversified Energy Company PLC

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

    Details of the person discharging managerial responsibilities / person closely associated
    a) Name David Johnson
    Reason for the notification
    a) Position/status Non-Executive Chair of the Board
    b) Initial notification/Amendment Initial notification
    Details of the issuer, emission allowance market participant, auction platform, auctioneer
    or auction monitor
    a) Name Diversified Energy Company PLC
    b) LEI 213800YR9TFRVHPGOS67
    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
    type of transaction; (iii) each date; and (iv) each place where transactions have been
    conducted
    a) Description of the financial
    instrument, type of instrument
    Ordinary Shares of 20 pence each
      Identification code GB00BQHP5P93
    b) Nature of the transaction Purchase of Ordinary Shares
    c) Price(s) and volumes(s) Price(s) Volume(s)
        £10.20 1,250
    d) Aggregated information  
      Aggregated volume 1,250
      Price £10.20
    e) Date of the transaction March 18, 2025
    f) Place of the transaction London Stock Exchange (XLON)
    Details of the person discharging managerial responsibilities / person closely associated
    a) Name David J. Turner, Jr.
    Reason for the notification
    a) Position/status Independent Non-Executive Director
    b) Initial notification/Amendment Initial notification
    Details of the issuer, emission allowance market participant, auction platform, auctioneer
    or auction monitor
    a) Name Diversified Energy Company PLC
    b) LEI 213800YR9TFRVHPGOS67
    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
    type of transaction; (iii) each date; and (iv) each place where transactions have been
    conducted
    a) Description of the financial instrument, type of instrument Ordinary Shares of 20 pence each
      Identification code GB00BQHP5P93
    b) Nature of the transaction Purchase of Ordinary Shares
    c) Price(s) and volumes(s) Price(s) Volume(s)
        $13.19 15,000
    d) Aggregated information  
      Aggregated volume 15,000
      Price $13.19
    e) Date of the transaction March 19, 2025
    f) Place of the transaction New York Stock Exchange (XNYS)

    The MIL Network

  • MIL-OSI USA: Padilla, Schiff Invite EPA Head Zeldin to South Bay Wastewater Treatment Plant

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)
    WASHINGTON, D.C. — U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.), along with Representatives Scott Peters (D-Calif.-50) and Juan Vargas (D-Calif.-52), invited Environmental Protection Agency (EPA) Administrator Lee Zeldin to visit San Diego’s South Bay International Wastewater Treatment Plant (SBITWP) to see firsthand the ongoing environmental and public health consequences of the cross-border Tijuana River sewage crisis on local communities.
    Administrator Zeldin recently expressed concern about the flow of sewage flowing across the border, posting about a briefing he received on the crisis and pushing Mexico to “honor its commitments to control this pollution and sewage.” The lawmakers wrote to ensure new EPA leadership fully understands the scope of this environmental catastrophe and their role in addressing the environmental and public health harms it causes.
    “As you know, decades of underinvestment in cross-border wastewater infrastructure have led to the flow of untreated sewage into San Diego,” wrote the lawmakers. “EPA served as an important advocate for this issue in the last Trump Administration and we hope the agency will continue to do so once again.”
    “Researchers have recently discovered that toxins and bacteria from the Tijuana River can be aerosolized, unveiling additional potential risks to the air quality in our communities. EPA, working with the International Boundary and Water Commission, will play a critical role in addressing these issues and helping the region recover from decades of pollution and environmental degradation,” continued the lawmakers.
    Since 2018, more than 100 billion gallons of toxic sewage, trash, and unmanaged stormwater have flowed across the United States-Mexico border into the Tijuana River Valley and neighboring communities, forcing long-lasting beach closures and causing harmful impacts on public health, the environment, and water quality. U.S. military personnel, border patrol agents, and the local economy have also suffered harmful impacts from airborne and waterborne transboundary sewage flows. In 2023, sewage flowed across the border at the highest volume in a quarter century, exceeding 44 billion gallons.
    The SBIWTP project broke ground in October 2024, and over the next five years, the SBIWTP will double in capacity, reducing transboundary flows by 90 percent. Importantly, Mexico’s rehabilitated San Antonio de los Buenos wastewater treatment plant is expected to be fully operational by Spring 2025, further reducing flows to California communities. 
    Senator Padilla has prioritized addressing the Tijuana River pollution crisis since he first came to the Senate. In response to a request from Padilla and the San Diego Congressional delegation, the Centers for Disease Control and Prevention (CDC) opened an investigation into the public health impacts of air pollution caused by the ongoing Tijuana River transboundary pollution crisis. Senator Padilla and the delegation also recently secured a $200 million authorization for the Tijuana River Valley Watershed and San Diego County through the Water Resources Development Act of 2024 to help address the ongoing transboundary sewage crisis through stormwater conveyance, environmental and ecosystem restoration, and water quality protection projects. They also delivered over $103 million in additional funding for the International Boundary and Water Commission (IBWC) in the bipartisan FY 2024 appropriations package. Padilla previously successfully secured language in the FY 2023 appropriations package to allow the EPA to unlock $300 million previously secured in the U.S.-Mexico-Canada Agreement to the IBWC for water infrastructure projects. Last year, Padilla and Representatives Peters and Vargas announced bicameral legislation to help combat the Tijuana River sewage pollution crisis.
    Full text of the letter is available here and below:
    Dear Administrator Zeldin,
    We would like to invite you to visit the South Bay International Wastewater Treatment Plant (SBIWTP) in the Tijuana River Valley and appreciate your interest in addressing the cross-border sewage crisis.
    As you know, decades of underinvestment in cross-border wastewater infrastructure have led to the flow of untreated sewage into San Diego. Since 2018, more than 100 billion gallons of toxic sewage, trash, and unmanaged stormwater have flowed across the United States-Mexico border into the Tijuana River Valley and neighboring communities, forcing long-lasting beach closures and negatively impacting the local economy, environment, and health of U.S. military and Homeland Security personnel. EPA served as an important advocate for this issue in the last Trump Administration and we hope the agency will continue to do so once again.
    While this wastewater pollution crisis is not new, it has intensified over the past two years. Researchers have recently discovered that toxins and bacteria from the Tijuana River can be aerosolized, unveiling additional potential risks to the air quality in our communities. EPA, working with the International Boundary and Water Commission, will play a critical role in addressing these issues and helping the region recover from decades of pollution and environmental degradation.
    We look forward to working with you on this important issue, and we hope to host you at SBIWTP so you can see first-hand the challenges confronting our region. Thank you for your attention to this matter.
    Sincerely,

    MIL OSI USA News

  • MIL-OSI China: Roadshow in Milan highlights China Int’l Supply Chain Expo

    Source: China State Council Information Office

    David Doninotti, secretary general of the Italian Association of Foreign Trade, speaks during a roadshow of the third China International Supply Chain Expo (CISCE) in Milan, Italy, on March 18, 2025. [Photo/Xinhua]

    A roadshow of the third China International Supply Chain Expo (CISCE) was held Tuesday in Milan, Italy, with bilateral cooperation highlighted and cooperation agreements signed.

    More than 200 representatives from trade and investment promotion institutions, business associations and enterprises of China and Italy participated in the event.

    Ren Hongbin, chairman of the China Council for the Promotion of International Trade (CCPIT), noted the steady progress achieved in bilateral cooperation since the establishment of diplomatic relations between China and Italy 55 years ago.

    Ren also urged further collaboration in traditional sectors while expanding partnerships in emerging fields such as electric vehicles, artificial intelligence, and the digital economy.

    The Italian representatives emphasized the strong bilateral relations between Italy and China. Amid increasing geopolitical challenges and global economic uncertainties, they expect platforms like CISCE to help foster closer supply chain cooperation, contributing to the long-term development of China-Italy and China-Europe economic and trade relations.

    The third CISCE, scheduled on July 16-20 in Beijing, is expected to focus on supply chains of advanced manufacturing, clean energy, smart vehicles, digital technology, healthy life and green agriculture. 

    MIL OSI China News