Category: Trade

  • MIL-OSI Asia-Pac: SAMOA ESTABLISHES DIPLOMATIC RELATIONS WITH BELIZE.

    Source: Government of Western Samoa

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    [PRESS RELEASE – 27th February 2025.] – The Independent State of Samoa and Belize have formally established diplomatic relations, effective 25 February 2025. The Joint Communiqués were signed at the Permanent Mission of Belize in New York by H.E. Mr. Carlos Fuller, Permanent Representative of Belize to the United Nations, and H.E Mr. Fatumanava-o-Upolu III Dr. Pa’olelei Luteru, Permanent Representative of Samoa to the United Nations.

    The establishment of diplomatic relations will not only enhance existing ties but pave the way for greater cooperation between the two countries and peoples.

    Samoa and Belize have maintained cordial relations through collaboration within the Alliance of Small Island States (AOSIS), the Group of 77 and China, the Organization of African, Caribbean, and Pacific States (OACPS), the United Nations, and other international organizations. Both countries share a strong commitment to addressing climate change, promoting sustainable development and advancing ocean issues.

    END.

    SOURCE – Ministry of Foreign Affairs and Trade

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    MIL OSI Asia Pacific News

  • MIL-OSI: UP Fintech Holding Limited Reports Unaudited Fourth Quarter And Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 18, 2025 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

    Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the fourth quarter and the full year of 2024. Total revenue in the fourth quarter reached US$124.1 million, representing a sequential increase of 22.8% and a year-over-year growth of 77.3%. The full year total revenue amounted to US$391.5 million, a 43.7% increase from 2023. Bottom line also largely increased on a GAAP and non-GAAP basis. Net income attributable to ordinary shareholders of UP Fintech in the fourth quarter reached US$28.1 million, representing a quarter-over-quarter growth of 58.0% and compared to a net loss of US$1.8 million in the same quarter of last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech in the fourth quarter amounted to US$30.5 million, a quarter-over-quarter increase of 51.7% and a year-over-year increase of 2772.5%. The full year net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2024 were US$60.7 million and US$70.5 million, increased 86.5% and 65.0% respectively compared to prior year. We are pleased to see that both our annual and quarterly topline and bottom line have reached an all-time high as we keep executing internationalization strategy and building a resilient business model with healthier operating leverage.

    In the fourth quarter, we added 59,200 customers with deposits, an increase of 17.2% quarter over quarter and 51.4% year over year, bringing our yearly total to 187,400, exceeding our yearly guidance of 150,000. The total number of customers with deposits at the end of 2024 reached 1,092,000, a 20.7% increase compared to 2023 year-end. Additionally, asset inflows remained robust, with a net inflow of US$1.1 billion in the fourth quarter, primarily from retail investors. This was slightly offset by a mark-to-market loss. As a result, the total account balance rose by 2.4% quarter over quarter and 36.4% year over year, reaching a record US$41.7 billion. Over the past three years, the number of customers with deposits and total account balance have achieved compound annual growth rates (“CAGRs”) of 17.5% and 34.7%, respectively.

    We have continued to roll out a range of localized products and features designed to enhance the user experience. In late January, our cryptocurrency platform, YAX (Hong Kong) Limited, received official approval from the Hong Kong Securities and Futures Commission (HKSFC), becoming a licensed virtual asset trading platform (VATP) in Hong Kong. Recently, we officially upgraded our AI investment assistant, TigerGPT to TigerAI and integrated with leading AI models, making it the first brokerage platform globally to incorporate such technology.

    Our corporate business continued to perform well in the fourth quarter of 2024. During this period, we underwrote a total of 14 U.S. and Hong Kong IPOs, including “Mao Geping Company”, “Pony AI Inc.” and “WeRide Inc.”, bringing the total number of U.S. and Hong Kong IPOs underwritten for the year to 44. In our ESOP business, we added 16 new clients in the fourth quarter, bringing the total number of ESOP clients served to 613 as of December 31, 2024.”

    Financial Highlights for Fourth Quarter 2024

    • Total revenues increased 77.3% year-over-year to US$124.1 million.
    • Total net revenues increased 98.9% year-over-year to US$107.4 million.
    • Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million compared to a net loss of US$1.8 million in the same quarter of last year.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$30.5 million, compared to a non-GAAP net income of US$1.1 million in the same quarter of last year, an increase of 2772.5%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Financial Highlights for Fiscal Year 2024

    • Total revenues increased 43.7% year-over-year to US$391.5 million.
    • Total net revenues increased 46.6% year-over-year to US$330.7 million.
    • Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million compared to a net income of US$32.6 million in 2023, an increase of 86.5%.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$70.5 million, compared to a non-GAAP net income of US$42.7 million in 2023, an increase of 65.0%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Operating Highlights as of Year End 2024

    • Total account balance increased 36.4% year-over-year to US$41.7 billion.
    • Total margin financing and securities lending balance increased 88.2% year-over-year to US$4.5 billion.
    • Total number of customers with deposit increased 20.7% year-over-year to 1,092,000.

    Selected Operating Data for Fourth Quarter 2024

      As of and for the three months ended
      December 31,   September 30,   December 31,
      2023   2024   2024
    In 000’s          
    Number of customer accounts 2,195.7   2,368.0   2,449.3
    Number of customers with deposits 904.6   1,032.8   1,092.0
    Number of options and futures contracts traded 8,044.5   15,261.2   18,926.3
    In USD millions          
    Trading volume 81,765.2   162,990.0   198,016.9
    Trading volume of stocks 19,711.6   41,406.3   55,502.6
    Total account balance 30,597.5   40,763.6   41,725.2
               

    Fourth Quarter 2024 Financial Results

    REVENUES

    Total revenues were US$124.1 million, an increase of 77.3% from US$70.0 million in the same quarter of last year.

    Commissions were US$56.0 million, an increase of 154.9% from US$22.0 million in the same quarter of last year, due to an increase in trading volume.

    Financing service fees were US$2.8 million, a decrease of 12.7% from US$3.2 million in the same quarter of last year, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

    Interest income was US$55.8 million, an increase of 39.6% from US$40.0 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$9.6 million, an increase of 96.2% from US$4.9 million in the same quarter of last year, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

    Interest expense was US$16.7 million, an increase of 4.6% from US$16.0 million in the same quarter of last year, primarily due to the increase in margin financing activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$73.1 million, an increase of 39.3% from US$52.5 million in the same quarter of last year.

    Execution and clearing expenses were US$6.1 million, an increase of 171.5% from US$2.2 million in the same quarter of last year due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$37.2 million, an increase of 40.5% from US$26.5 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$2.1 million, a slight decrease of 2.4% from US$2.2 million in the same quarter of last year.

    Communication and market data expenses were US$11.8 million, an increase of 38.2% from US$8.5 million in the same quarter of last year due to increased IT-related fees.

    Marketing and branding expenses were US$9.5 million, an increase of 64.2% from US$5.8 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

    General and administrative expenses were US$6.4 million, a decrease of 11.8% from US$7.3 million in the same quarter of last year due to a decrease in professional service fees.

    NET LOSS/INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

    Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million, as compared to a net loss of US$1.8 million in the same quarter of last year. Net income per ADS – diluted was US$0.158, as compared to a net loss per ADS – diluted of US$0.012 in the same quarter of last year.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$30.5 million, as compared to a US$1.1 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.172 as compared to a non-GAAP net income per ADS – diluted of US$0.007 in the same quarter of last year.

    For the fourth quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 179,173,811. As of December 31, 2024, the Company had a total of 2,640,326,072 Class A and B ordinary shares outstanding, or the equivalent of 176,021,738 ADSs.

    Full Year 2024 Financial Results

    REVENUES

    Total revenues were US$391.5 million, an increase of 43.7% from US$272.5 million in 2023.

    Commissions were US$159.0 million, an increase of 71.8% from US$92.6 million in 2023, due to an increase in trading volume.

    Financing service fees were US$11.3 million, a decrease of 7.1% from US$12.2 million in 2023, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

    Interest income was US$191.8 million, an increase of 28.4% from US$149.3 million in 2023, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$29.4 million, an increase of 59.6% from US$18.4 million in 2023, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

    Interest expense was US$60.8 million, an increase of 29.5% from US$47.0 million in 2023, primarily due to the increase in margin financing and securities lending activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$252.3 million, an increase of 30.9% from US$192.7 million in 2023.

    Execution and clearing expenses were US$14.7 million, an increase of 61.3% from US$9.1 million in 2023 due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$122.4 million, an increase of 21.5% from US$100.8 million in 2023, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$8.6 million, a decrease of 8.9% from US$9.4 million in 2023.

    Communication and market data expenses were US$38.9 million, an increase of 26.1% from US$30.8 million in 2023 due to increased IT-related fees.

    Marketing and branding expenses were US$28.5 million, an increase of 36.8% from US$20.9 million in 2023, primarily due to higher marketing spending this year.

    General and administrative expenses were US$39.3 million, an increase of 80.2% from US$21.8 million in 2023 due to an increase in bad debt expense.

    NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

    Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million, as compared to a net income of US$32.6 million in 2023. Net income per ADS – diluted was US$0.366, as compared to a net income per ADS – diluted of US$0.207 in 2023.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$70.5 million, as compared to a US$42.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2023. Non-GAAP net income per ADS – diluted was US$0.424 as compared to a non-GAAP net income per ADS – diluted of US$0.270 in 2023.

    CERTAIN OTHER FINANCIAL ITEMS

    As of December 31, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$396.0 million, compared to US$327.7 million as of December 31, 2023.

    As of December 31, 2024, the allowance balance of receivables from customers was US$15.3 million compared to US$1.0 million as of December 31, 2023, which was due to a bad debt provision concerning the recoverability of a specific Hong Kong stock pledge business faced with extreme market situation and significant price drop, leading to a provision for the loan balance.

    Conference Call Information:

    UP Fintech’s management will hold an earnings conference call at 8:00 AM on March 18, 2025, U.S. Eastern Time (8:00 PM on March 18, 2025, Singapore/Hong Kong Time).

    All participants wishing to attend the call must preregister online before they may receive the dial-in numbers. Preregistration may require a few minutes to complete.

    Preregistration Information:

    Please note that all participants will need to pre-register for the conference call, using the link:

    https://register-conf.media-server.com/register/BId5c2bd4696d14e7ba2bc391b87ede751

    It will automatically lead to the registration page of “UP Fintech Holding Limited Fourth Quarter And Full Year 2024 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

    Use of Non-GAAP Financial Measures

    In evaluating our business, we consider and use non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech and non-GAAP net loss or income per ADS – diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech as net loss or income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net loss or income per ADS – diluted is non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net loss or income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact

    UP Fintech Holding Limited

    Email: ir@itiger.com

    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in U.S. dollars (“US$”))

        As of
    December 31,
        As of
    December 31,
     
        2023     2024  
        US$     US$  
    Assets:            
    Cash and cash equivalents   322,599,616     393,576,874  
    Cash-segregated for regulatory purpose   1,617,154,185     2,464,683,625  
    Term deposits   896,683     1,075,260  
    Receivables from customers (net of allowance of US$991,286 and
       US$15,284,002 as of December 31, 2023 and December 31, 2024)
      753,361,199     1,052,972,649  
    Receivables from brokers, dealers, and clearing organizations   541,876,929     2,305,740,507  
    Financial instruments held, at fair value   428,159,554     75,547,082  
    Prepaid expenses and other current assets   17,936,180     17,629,819  
    Amounts due from related parties   7,987,756     16,720,671  
    Total current assets   3,689,972,102     6,327,946,487  
    Non-current assets:            
    Long-term deposits   4,225,412     1,369,994  
    Right-of-use assets   9,067,885     10,880,673  
    Property, equipment and intangible assets, net   16,429,543     15,358,528  
    Goodwill   2,492,668     2,492,668  
    Long-term investments   7,586,483     7,658,809  
    Equity method investment       10,203,622  
    Other non-current assets   5,282,012     6,828,553  
    Deferred tax assets   10,990,998     8,573,135  
    Total non-current assets   56,075,001     63,365,982  
    Total assets   3,746,047,103     6,391,312,469  
    Current liabilities:            
    Payables to customers   2,913,306,558     3,574,651,125  
    Payables to brokers, dealers and clearing organizations   114,771,931     1,914,769,701  
    Accrued expenses and other current liabilities   42,381,946     67,263,254  
    Deferred income-current   819,809      
    Lease liabilities-current   4,133,883     4,153,928  
    Amounts due to related parties   10,148,142     874,331  
    Total current liabilities   3,085,562,269     5,561,712,339  
    Convertible bonds   156,887,691     159,505,397  
    Lease liabilities-non-current   4,777,134     5,902,323  
    Deferred tax liabilities   3,397,831     2,068,661  
    Total liabilities   3,250,624,925     5,729,188,720  
    Mezzanine equity            
    Redeemable non-controlling interest   6,706,660     7,177,668  
    Total Mezzanine equity   6,706,660     7,177,668  
    Shareholders’ equity:            
    Class A ordinary shares   22,528     25,427  
    Class B ordinary shares   976     976  
    Additional paid-in capital   505,448,080     619,030,730  
    Statutory reserve   8,511,039     12,425,463  
    (Accumulated deficit) Retained earnings   (19,600,434 )   37,843,547  
    Treasury Stock   (2,172,819 )   (2,172,819 )
    Accumulated other comprehensive loss   (3,232,993 )   (11,919,310 )
    Total UP Fintech shareholders’ equity   488,976,377     655,234,014  
    Non-controlling interests   (260,859 )   (287,933 )
    Total equity   488,715,518     654,946,081  
    Total liabilities, mezzanine equity and equity   3,746,047,103     6,391,312,469  
    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
    (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data)
     
        For the three months ended     For the years ended  
        December 31,     September 30,     December 31,     December 31,     December 31,  
        2023     2024     2024     2023     2024  
        US$     US$     US$     US$     US$  
    Revenues:                              
    Commissions   21,954,587     41,207,882     55,964,174     92,593,458     159,045,052  
    Interest related income                              
    Financing service fees   3,174,949     2,803,878     2,770,419     12,178,838     11,311,560  
    Interest income   39,956,315     47,957,486     55,762,091     149,291,006     191,754,746  
    Other revenues   4,895,109     9,084,834     9,605,165     18,444,293     29,430,071  
    Total revenues   69,980,960     101,054,080     124,101,849     272,507,595     391,541,429  
    Interest expense   (15,995,738 )   (15,700,359 )   (16,731,341 )   (46,957,657 )   (60,803,516 )
    Total Net Revenues   53,985,222     85,353,721     107,370,508     225,549,938     330,737,913  
    Operating costs and expenses:                              
    Execution and clearing   (2,244,785 )   (3,518,611 )   (6,095,132 )   (9,084,089 )   (14,651,612 )
    Employee compensation and benefits   (26,458,931 )   (28,769,980 )   (37,163,110 )   (100,750,644 )   (122,365,537 )
    Occupancy, depreciation and amortization   (2,190,610 )   (2,162,704 )   (2,137,586 )   (9,387,056 )   (8,554,315 )
    Communication and market data   (8,532,128 )   (9,730,680 )   (11,787,814 )   (30,831,488 )   (38,893,381 )
    Marketing and branding   (5,790,739 )   (8,223,404 )   (9,507,918 )   (20,859,834 )   (28,530,053 )
    General and administrative   (7,293,530 )   (6,932,672 )   (6,432,737 )   (21,791,263 )   (39,278,674 )
    Total operating costs and expenses   (52,510,723 )   (59,338,051 )   (73,124,297 )   (192,704,374 )   (252,273,572 )
    Other (loss) income:                              
    Others, net   (1,664,053 )   (5,189,945 )   3,469,021     13,148,173     3,299,308  
     (Loss) income before income tax   (189,554 )   20,825,725     37,715,232     45,993,737     81,763,649  
    Income tax expenses   (1,498,639 )   (2,907,080 )   (9,488,084 )   (12,986,310 )   (20,409,721 )
    Net (loss) income   (1,688,193 )   17,918,645     28,227,148     33,007,427     61,353,928  
    Less: net (loss) income attributable to non-controlling interests   (1,293 )   3,353     12,563     (98,285 )   (4,477 )
    Accretion of redeemable non-controlling interests to redemption value   (148,624 )   (160,998 )   (164,328 )   (542,187 )   (630,485 )
    Net (loss) income attributable to ordinary shareholders of UP Fintech   (1,835,524 )   17,754,294     28,050,257     32,563,525     60,727,920  
    Other comprehensive income (loss), net of tax:                              
    Unrealized loss on available-for-sale investments   (450,325 )       343,892     (450,325 )   343,892  
    Changes in cumulative foreign currency translation adjustment   7,261,631     16,119,046     (17,440,809 )   (545,498 )   (9,022,611 )
    Total Comprehensive income (loss)   5,123,113     34,037,691     11,130,231     32,011,604     52,675,209  
    Less: comprehensive (loss) income attributable to non-controlling interests   (8,222 )   (7,023 )   24,226     (92,526 )   3,121  
    Accretion of redeemable non-controlling interests to redemption value   (148,624 )   (160,998 )   (164,328 )   (542,187 )   (630,485 )
    Total Comprehensive income attributable to ordinary shareholders of UP Fintech   4,982,711     33,883,716     10,941,677     31,561,943     52,041,603  
    Net (loss) income per ordinary share:                              
    Basic   (0.001 )   0.008     0.011     0.014     0.025  
    Diluted   (0.001 )   0.007     0.011     0.014     0.024  
    Net (loss) income per ADS (1 ADS represents 15 Class A ordinary shares):                              
    Basic   (0.012 )   0.113     0.164     0.210     0.379  
    Diluted   (0.012 )   0.110     0.158     0.207     0.366  
    Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share:                              
    Basic   2,336,018,747     2,362,528,627     2,557,911,677     2,325,338,439     2,404,640,854  
    Diluted   2,336,018,747     2,467,241,917     2,687,607,158     2,427,268,831     2,534,097,315  
    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)


        For the three months ended December 31,
    2023
      For the three months ended September 30,
    2024
      For the three months ended December 31,
    2024
              non-GAAP           non-GAAP           non-GAAP    
        GAAP     Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP
        US$     US$   US$   US$   US$   US$   US$   US$   US$
        Unaudited     Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited
              2,896,312 (1)         2,331,274 (1)         2,421,342 (1)  
    Net (loss) income attributable   to ordinary shareholders of UP Fintech   (1,835,524 )   2,896,312   1,060,788   17,754,294   2,331,274   20,085,568   28,050,257   2,421,342   30,471,599
                                           
    Net (loss) income per ADS –  diluted   (0.012 )       0.007   0.110       0.124   0.158       0.172
    Weighted average number of ADSs used in calculating diluted net (loss) income per ADS   155,734,583         157,931,785   164,482,794       164,482,794   179,173,811       179,173,811

    (1) Share-based compensation.

    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)


        For the year ended December 31,
    2023
      For the year ended December 31,
    2024
            non-GAAP           non-GAAP    
        GAAP   Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP
        US$   US$   US$   US$   US$   US$
        Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited
            10,147,362 (1)         9,736,901 (1)  
    Net income attributable to ordinary shareholders of UP Fintech   32,563,525   10,147,362   42,710,887   60,727,920   9,736,901   70,464,821
                             
    Net income per ADS – diluted   0.207       0.270   0.366       0.424
    Weighted average number of ADSs used in calculating diluted net income per ADS   161,817,922       162,607,678   168,939,821       168,939,821

    (1) Share-based compensation.

    The MIL Network

  • MIL-OSI: IDEX Biometrics ASA: Results of the exercise of Warrants A

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the announcement by IDEX Biometrics ASA (the “Company”) on 12 December 2024 regarding the listing of Warrants A and Warrants B on Oslo Stock Exchange. Warrants A were exercisable between 28 February 2025 and 13 March 2025, and all Warrants A not exercised within such time lapsed without compensation to the holder.

    A total of 17,258 Warrants A were exercised, resulting in an aggregate subscription for 17,258 new shares (the “New Shares”) in the Company, each Warrant A having an exercise price of NOK 0.15.

    The Board of Directors of the Company has approved the allocation of New Shares to the exercising holders of Warrants A and has consequently resolved to increase the share capital of the Company.

    Payment for the allocated New Shares falls due one week after the Board’s resolution. The New Shares will be issued upon registration of the share capital increase in the Norwegian Register of Business Enterprises.

    Following registration of the share capital increase in connection with the exercise of Warrants A, the Company’s share capital will be NOK 124,739,134.80, divided into 831,594,232 shares each with a nominal value of NOK 0.15.

    For more information relating to the Warrants, please refer to the Prospectus approved and published by the Company on 13 November 2024.

    For further information contact:
    Marianne Bøe, Head of Investor Relations, Tel: +47 918 00186
    Kristian Flaten, CFO, Tel: +47 95092322
    E-mail: marianne.boe@idexbiometrics.com

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com (http://www.idexbiometrics.com)

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

    The MIL Network

  • MIL-OSI Asia-Pac: President Lai meets Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji

    Source: Republic of China Taiwan

    Details
    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 attends Ministry of Foreign Affairs 2025 Spring Banquet  
    On the evening of March 13, President Lai Ching-te attended the Ministry of Foreign Affairs 2025 Spring Banquet for foreign ambassadors and representatives stationed in Taiwan. In remarks, President Lai thanked our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. The president stated that a stronger Taiwan will be able to contribute even more to the world, explaining that is why he established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee. He added that he hopes to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration. The president also expressed hope of developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. A translation of President Lai’s remarks follows: Today is my first time attending the Ministry of Foreign Affairs Spring Banquet since becoming president. It is a pleasure to be able to meet and socialize with esteemed guests from other countries and good friends from all sectors of Taiwan. The global landscape has changed rapidly over the past year. Geopolitical volatility, the restructuring of supply chains, technological advancements, and other factors have had a profound impact on nations’ strategic plans. I want to take this opportunity to thank our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. Last month, the leaders of the United States and Japan, the US secretary of state and the foreign ministers of Japan and the Republic of Korea, and the G7 foreign ministers all issued joint statements emphasizing the importance of peace and stability across the Taiwan Strait, underscoring Taiwan’s vital role in global progress and prosperity.  I would especially like to thank members of the diplomatic corps for working with us to build even closer partnerships between our countries. I have always believed that a stronger Taiwan will be able to contribute even more to the world. That is why, after taking office, I established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee under the Office of the President. These committees continue to address global concerns and seek to solve important issues that impact our own people. I hope to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration.  Last year, I visited our Pacific allies – the Republic of the Marshall Islands, Tuvalu, and the Republic of Palau. I deeply appreciated our friends’ warm hospitality and came to feel very deeply that we are like a family. Through local visits and mutual exchanges, we deepened our diplomatic alliances and cooperation, creating win-win outcomes. We also showed Taiwan’s determination to work with allies to tackle the many challenges related to climate change, net-zero transition, and digital transformation. At the start of this month, Taiwan hosted the first-ever workshop on whole-of-society defense resilience under the Global Cooperation and Training Framework. Experts and scholars from 30 countries participated in the discussions. I once again thank the diplomatic corps for their support and assistance. In the future, we look forward to developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. In the face of authoritarian expansion, Taiwan will continue to bolster its national defense capabilities. We will stand shoulder to shoulder with fellow democracies to demonstrate the strength of deterrence. We will also join hands to build non-red supply chains, strengthen our economic resilience, and promote an initiative on semiconductor supply chain partnerships for global democracies. All of this will ensure steady technological and economic development.  In my New Year’s Day address, I said that in this new year, we have many more brilliant stories of Taiwan to share with the world. Everyone gathered here tonight is a dear friend of Taiwan. And each of you plays an important role in the stories this land has to tell.  I am deeply grateful to you all for the incredible efforts you make in support of Taiwan. In so many ways, you connect Taiwan to the rest of the world and allow the world to see the many different sides of this amazing nation. I believe that through even deeper and more extensive cooperation, we will create many more wonderful stories of Taiwan and build an even brighter future together. I wish you all a pleasant evening. Also in attendance at the event were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman and other members of the foreign diplomatic corps in Taiwan.

    Details
    2025-03-04
    President Lai meets US Heritage Foundation founder Dr. Edwin Feulner
    On the afternoon of March 4, President Lai Ching-te met with a delegation led by founder of the US-based Heritage Foundation Dr. Edwin Feulner. In remarks President Lai thanked the foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally and which recognized Taiwan’s sound legal foundation and ideal investment environment. The president said that Taiwan and the United States are important economic and trade partners and engage closely in industrial exchange. The president also expressed hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products, and to work with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. A translation of President Lai’s remarks follows: It is a pleasure to welcome Dr. Feulner back to Taiwan today. I recall meeting with Dr. Feulner and Heritage Foundation President Kevin Roberts here at the Presidential Office at the end of last February. We had a fruitful discussion on Taiwan-US relations and regional affairs. When President Donald Trump was elected for his first term, Dr. Feulner played a crucial role in the administration’s transition team. Today, I look forward to hearing his thoughts on possible ways to further deepen relations between Taiwan and the US. I would like to thank the Heritage Foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally. The report also recognized Taiwan’s sound legal foundation and ideal investment environment. Taiwan and the US are important economic and trade partners and engage closely in industrial exchange. The Taiwan Semiconductor Manufacturing Company’s (TSMC) historic US$65 billion investment in Arizona–negotiated and finalized during President Trump’s first term–is a case in point. And today, TSMC Chairman C.C. Wei (魏哲家) and President Trump jointly announced that the company would be expanding its investment in the US with new facilities. Looking ahead, we hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products. We also look forward to working with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. At present, we continue to face authoritarian expansionism. As a country that deeply loves and staunchly defends freedom, Taiwan will collaborate with the US and other like-minded countries to maintain regional peace and stability. I would like to thank President Trump for his recent joint statement with Japanese Prime Minister Ishiba Shigeru, which emphasized the importance of maintaining peace and stability across the Taiwan Strait. And last month, the US was also part of a G7 foreign ministers’ statement in which “they strongly opposed any attempts to change unilaterally the status quo using force.” We firmly believe that only peace attained through one’s own strength can truly be called peace. Currently, Taiwan’s defense budget stands at approximately 2.5 percent of GDP. Going forward, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. Also, we will continue to reform national defense in the conviction that help comes most to those who help themselves. This will allow us to contribute even more to regional peace and stability. In closing, I once again thank Dr. Feulner for visiting and for demonstrating support of Taiwan. I wish you all a smooth and successful trip. Dr. Feulner then delivered remarks, first stating that on behalf of his successor, President Roberts, and all of his colleagues at the Heritage Foundation, it is his pleasure to present President Lai with the first copy of the 2025 Index of Economic Freedom. Pointing out that in the Index the Republic of China (Taiwan) is number four of 176 countries around the world in terms of its economic freedom, Dr. Feulner extended his congratulations to President Lai.  Dr. Feulner said he looks forward to a discussion about the present situation and how we can improve relations between the US and Taiwan. Dr. Feulner expressed his gratitude on hearing the wonderful announcement from TSMC, which was released right before his visit, that it will be expanding its investment in the US. In past trips, he said, he has had the opportunity to visit the TSMC headquarters in Taiwan, and fairly recently he has had the opportunity to view the site in Arizona where the construction continues and where the initial operations are beginning. He stated that they are proud to have TSMC now as an integral part of our responsible bilateral relationship. Dr. Feulner noted that while TSMC is of course very big, he also wants to express appreciation for all of the hundreds and hundreds of Taiwan-based companies that are strong, close partners throughout the US with American companies and with American people in terms of making a close and unified alliance of two freedom-loving countries.

    Details
    2025-03-04
    President Lai attends opening ceremony of GCTF Workshop on Whole-of-Society Resilience Building, Preparation, and Response
    On the morning of March 4, President Lai Ching-te attended the opening ceremony of the Global Cooperation and Training Framework (GCTF) Workshop on Whole-of-Society Resilience Building, Preparation, and Response. In remarks, President Lai stated that global challenges such as extreme weather, pandemics, and energy crises continue to emerge, and growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, he said, and absolutely no single country can face them alone. The president said that as a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world, and that the GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. President Lai indicated that Taiwan will join the forces of the central and local governments to enhance social resilience across the board, enhance disaster response capabilities in the community, and leverage its strengths to make contributions to the international community. He said that we are demonstrating to the world our determination to create an even more resilient Taiwan, and expressed hope to advance mutual assistance and exchanges with all the countries involved, so that we can together promote stability and prosperity around the world. A transcript of President Lai’s remarks follows: To begin, I would like to welcome more than 60 distinguished guests from 30 countries, as well as experts from Taiwan. You are all here for this GCTF workshop to discuss whole-of-society resilience building, preparation, and response. As a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world. The GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. I want to thank our full GCTF partners, the United States, Japan, Australia, and Canada. Over the past several years, we have worked with even more countries through this framework and have expanded our exchanges into even more fields. Together, we have met all kinds of new challenges. I am confident that as our cooperation grows stronger, so will our ability to promote global progress. Each of today’s guests is contributing a vital force in that regard. I extend my sincere thanks to you all. Global challenges such as extreme weather, pandemics, and energy crises continue to emerge. And growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, and absolutely no single country can face them alone. Taiwan holds a key position on the first island chain, and stands at the very frontline of the defense of democracy. With this joint workshop, we are demonstrating to the world our determination to create an even more resilient Taiwan. We are also aiming to advance our mutual assistance and exchanges with all the countries involved, so that we can make our societies more resilient and together promote stability and prosperity around the world. Moving forward, we will continue advancing the following three initiatives: First, we will join the forces of the central and local governments to enhance social resilience across the board. Just last year, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office. Civilian force training, strategic material preparation, and critical infrastructure operation and maintenance are all key discussion areas for our committee. These aim to enhance Taiwan’s resilience in national defense, economic livelihoods, disaster prevention, and democracy. They are also items on the agenda for this GCTF workshop. To cover all the bases, Taiwan must unite and cooperate as a team. Last year, our committee held the very first cross-sector tabletop exercise at the Presidential Office which included central and local government officials as well as civilian observers. We aim to test the government’s emergency response capabilities in high-intensity gray-zone operations and near-conflict situations. We will continue to hold exercises to help the central and local governments work together more efficiently, and strengthen Taiwan’s overall disaster response capabilities. Second is to enhance disaster response capabilities in the community. We fully understand that to build whole-of-society resilience, we must help people increase risk awareness, know how to respond to disasters, and develop abilities to help themselves, help one another, and work together. We are grateful to the American Institute in Taiwan (AIT) for collaborating with the Taiwan Development Association for Disaster Medical Teams to host “Take Action” workshops around the country since 2021. A 2.0 version is already in practice, and continues to train the public in first aid skills. Director of the AIT Taipei Office Raymond Greene and I took part in a Take Action event in New Taipei City last year and personally saw the positive outcomes of the training. In addition to the Take Action workshops, the government is also providing Disaster Relief Volunteer training for ages 11 to 89, and is continuing to expand its target audience. We have also set up Taiwan Community Emergency Response Teams at key facilities nationwide, enhancing the ability of these important facilities to respond independently to disasters. Civilian training will continue to be refined and expanded so that members of the public can serve as important partners in government-led disaster prevention and relief. Third, we will leverage Taiwan’s strengths to make contributions to the international community. The inspiration for our Disaster Relief Volunteer training comes from a similar program run by The Nippon Care-Fit Education Institute in Japan. I am confident that through exchanges like this workshop, Taiwan and other countries can also inspire one another in many areas, and enhance whole-of-society resilience in multiple ways. Taiwan also excels in information and communications and advanced technology. We will set up even more robust cybersecurity systems, expand usage of emerging technologies, and improve the ways we maintain domestic security. We hope that by leveraging our capabilities and sharing our experiences, Taiwan can contribute even more to the international community. I want to welcome all our partners once again, and thank AIT for co-hosting this event. Let’s continue down the path of advancing global security and developing resilience together. Because together, we can travel farther, and we can travel longer. Also in attendance at the event were Japan-Taiwan Exchange Association Deputy Representative Takaba Yo, Australian Office in Taipei Representative Robert Fergusson, and Canadian Trade Office in Taipei Executive Director Jim Nickel.

    Details
    2025-02-24
    President Lai meets Japanese House of Representatives Member Tamaki Yuichiro
    On the afternoon of February 24, President Lai Ching-te met with Japanese House of Representatives Member Tamaki Yuichiro. In remarks, President Lai noted that Taiwan and Japan are important trading partners. The president expressed hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones and build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. A translation of President Lai’s remarks follows: I would like to start by warmly welcoming Representative Tamaki on his first trip to Taiwan. Now is a key moment for the cooperative ties between Taiwan and Japan, and the fact that Representative Tamaki has chosen to take time out of his busy schedule to make this trip demonstrates his especially meaningful support for Taiwan. For this I want to express my deepest gratitude. At the beginning of this month, Japan and the United States held a summit meeting. In the post-summit joint leaders’ statement the government of Japan reiterated the importance of maintaining peace and stability across the Taiwan Strait, opposed any attempts to unilaterally change the status quo by force or coercion, and expressed support for Taiwan’s meaningful participation in international organizations. I would like to thank the government of Japan for these statements. Taiwan and Japan are both responsible members of the international community. I welcome an even firmer friendship between Japan and the US and hope to see cooperation among Taiwan, Japan, and the US become a solid force in consolidating peace and stability in the Indo-Pacific region. In addition to complex international conditions, we now also face the threat of China’s red supply chain. More and more countries are becoming increasingly concerned about such issues as economic security and supply chain resilience. As authoritarianism consolidates, democratic nations must also come closer in solidarity. Taiwan and Japan are important trading partners. I hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones, and that we can build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. Lastly, I would like once again to welcome Representative Tamaki to Taiwan and wish him a successful visit. I hope he departs Taiwan with a deep impression and that he will visit again. Representative Tamaki then delivered remarks, noting that this was his first visit to Taiwan and thanking President Lai and officials of the Taiwan government for their warm welcome. Pointing out that Taiwan-Japan ties are closer than ever thanks to the major efforts made on this front by President Lai since taking office, Representative Tamaki expressed his admiration and gratitude. Representative Tamaki pointed out that in a changing global landscape, Taiwan, Japan, and the Indo-Pacific region all face major changes, but he firmly believes that Taiwan-Japan relations will develop even further. Recalling President Lai’s previous remarks, the representative said that Japan and the US recently held a summit meeting that yielded important results. In the joint leaders’ statement, he noted, the two sides made a clear commitment regarding peace and stability across the Taiwan Strait and firmly opposed any attempts to unilaterally change the status quo by force or coercion. Representative Tamaki said that the ruling Liberal Democratic Party and the Komeito did not win a majority in last year’s House of Representatives general elections, while the number of seats held by his own Democratic Party for the People quadrupled. This result, he said, has filled him with a feeling of great responsibility. Moving forward, he intends to continue promoting Taiwan-Japan cooperation and strengthening relations. Also in attendance at the meeting was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    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 Australia: Interview – ABC Afternoon Briefing with Stephanie Dalzell

    Source: Australian Ministers for Education

    STEPHANIE DALZELL, HOST: Returning to our top story today, the government says it will investigate the child care sector after Four Corners exposed systemic issues and cases of abuse and neglect. Let’s bring in the Early Childhood Education Minister, Anne Aly, to discuss this further. Anne, thanks for joining us. This Four Corners investigation exposed a flawed and inconsistent regulatory system for child care centres with allegations of abuse. Can I just ask you, firstly, what was your initial reaction when you saw the story?

    MINISTER ANNE ALY: Yeah, look, I think the behaviours that were reported in last night’s story are deeply, deeply concerning and I want to make it very clear that there is no tolerance for those kinds of behaviours in early childhood education and care sector. We care deeply and are committed to child wellbeing and safety and understand that parents rightly expect that when they drop off their children in early childhood education and care, that their children are well looked after, that they’re safe and that they’re secure.

    I might point out that the vast majority of providers, and the vast majority of early childhood educators, are dedicated professionals who care deeply about safety and child development and child education.

    I would also point out that I expect that state and territory governments fulfil their regulatory obligations and ensure that services operating within their jurisdictions comply with the National Quality Framework.

    Now, this afternoon, I have asked the CEO of the National Quality Authority to give some immediate advice on what more can be done around child safety and security, building on the 2023 recommendations of the report that myself and the Minister for Education, Jason Clare commissioned. That gives us a range of recommendations for improving child safety in early childhood education and care. All state and territory ministers and the Commonwealth Government have agreed on those recommendations and we’re making good progress in implementing those recommendations. And we’ll continue working with state and territory governments to ensure that child safety and wellbeing are front and centre of our early childhood education and care system.

    DALZELL: You mentioned the state and territory regulators. Given how systemic these failures and breaches have been here, does the Federal Government need to take over regulation to ensure children’s safety?

    ALY: Well, early childhood education and care and the regulation of early childhood education and care services is a shared responsibility. The states have a responsibility and the Federal Government has a responsibility. And so, I would reiterate that I expect state and territory governments to fulfil their regulatory obligations and ensure that services within their jurisdictions comply with the National Quality Framework.

    DALZELL: The Commonwealth pays Child Care Subsidies. You’re writing the cheques. Wouldn’t it make sense for you to also fund the regulators upholding these national standards?

    ALY: As I said, it’s a shared responsibility between state and Federal Governments. The Federal Government has a responsibility for the National Quality Framework. The state governments have a responsibility for the regulation. Embedded within the National Quality Framework are safety, security and child health and wellbeing measures. And I expect that state and territory governments fulfil that regulatory responsibility.

    DALZELL: The Prime Minister says he supports an investigation into the sector. I know it’s early days, but what are you anticipating that might look like? The Greens are calling for a Royal Commission. Why won’t you consider that? And what will this investigation look like?

    ALY: Well, the Prime Minister, as the Prime Minister said, Royal Commissions take years. Now, these are not issues that have just cropped up in early childhood education and care. They are long-standing issues. But this is the first time we have a Federal Government, in the Federal Labor Government, that is taking reform seriously and that has a program of reform. We have already commissioned a review by the ACCC, a review by the Productivity Commission. We have in 2023, as I mentioned, the review into child safety and wellbeing in early childhood education and care. Those reviews are informing our pathway to a system, a universal early childhood education and care system, that is based on quality, affordability and accessibility for every child in Australia. We’ll continue to refer to the reviews that we have done and the consultations that we have with the sector, with families, with educators to chart that pathway to universal early childhood education and care, which is quality, which is affordable and which is accessible.

    DALZELL: Anne on another topic, Israel has begun striking Gaza again today, the biggest attack since the start of this ceasefire. How concerned are you about this and the status of the ceasefire?

    ALY: I’m deeply concerned. I think the ceasefire gave hope of the stages towards a more lasting peace between Palestine and Israel. I have said before, and I will say it again, there is absolutely no justification for the collective punishment of Palestinian civilians by the Israeli Defence Forces. And you know, this is deeply, deeply concerning. I continue to push for, and I know Australia will continue to push for, an end to the hostilities, a lasting ceasefire and a lasting peace.

    DALZELL: Can I also ask you about Peter Dutton’s idea for a referendum to deport dual citizens that have committed serious crimes? We just heard Shadow Trade Minister Kevin Hogan say that one person is too many to be a dual citizen that’s committed a serious crime like terrorism. What’s your response to that?

    ALY: Well, our constitution is very clear. A citizen is a citizen, and all citizens should be treated equally. You know, I think the Prime Minister describes this as a thought bubble. I would add to that that Peter Dutton likes to punch down, and he likes to utilise the politics of division and politics of fear for what he sees to be as political gain. I agree with the Prime Minister that this is a thought bubble.

    DALZELL: What would the government do, or what is the government doing to deal with dual citizens who have committed crimes like terrorism?

    ALY: We have laws in place, and we continue to follow the letter of the law. What we’re talking about here is Peter Dutton wanting to spend millions of taxpayer dollars on a referendum to change our constitution, to give himself the power to take away, strip away citizenship as he sees fit. You know, I think that many Australians would find that idea of a single politician having the power to strip them of their citizenship to be quite untasteful.

    DALZELL: When pressing Kevin Hogan about this idea earlier, he didn’t have any specific figures on exactly how many dual citizens might have committed crimes like terrorism. Are you concerned about the Coalition putting this on the table without those details in place?

    ALY: I’m concerned that it will be a free-for-all. You know, where does it stop? Who decides? If Peter Dutton wants the power to decide who gets citizenship and who doesn’t, or who gets their citizens stripped and who doesn’t get their citizens stripped, I think all Australians should be concerned about that.

    DALZELL: Anne Aly, thanks so much for your time. We really appreciate it.

    ALY: Thank you.

    MIL OSI News

  • MIL-OSI Australia: Business News ‘Politics & Business’ breakfast

    Source: Australian Government – Minister of Foreign Affairs

    Acknowledgements omitted

    I always enjoy the perspective of Western Australia and Perth which reflect your economic position and your geographic position, so close to Southeast Asia and so engaged with the regional economies.

    I know the business community thinks deeply about what it means to protect and promote Australia’s interests in an increasingly uncertain world.

    I know you think deeply about how we shore up Australia’s prosperity despite that uncertainty. I don,t need to tell this room, Western Australia is vital to that prosperity: when you succeed, the whole country prospers.

    That success includes WA resources, metals, critical minerals and rare earths but it also includes WA manufacturers and workers, your universities, research and technology, which are all globally prized.

    So what’s my role as Foreign Minister? Amongst other things and importantly, it is to help create opportunities, and promote and protect Australia’s interests as a reliable exporter of choice in an increasingly competitive international environment.

    Our foreign policy helps build and maintain the strategic conditions that enable our stability and prosperity.

    And you have to say that is a task that is not getting any easier.

    Each day, our assumptions are being tested.

    We live in a world of increasing strategic surprise. We live in a world that is ever more uncertain and unpredictable.

    We see the devastating human toll of conflicts including in Ukraine, Gaza and Sudan.

    Malign actors continue to engage in sabotage and terrorism.

    Bullies threaten to use nuclear weapons, and authoritarianism is spreading.

    Some countries are shifting alignment, high global inflation continues to put pressure on working people.

    And institutions that we helped build are being eroded and rules that we helped write are being challenged.

    These factors compound threats and risks in our own region from a changing climate, military buildup without transparency, and disruption of trade – as well as the risks inherent in great power competition.

    I recently released the 2025 Snapshot of Australia in the World, a summary of our foreign policy strategy, priorities and policy achievements.

    What it clearly shows is that even though we face a time of growing uncertainty, Australia is well-placed to protect our security, our stability and our prosperity.

    But that is only if we continue to build our disciplined focus on our region, because it is here where our interests are most at stake; if we invest not only in traditional but also in more diverse relationships; and if we work with partners to uphold international rules that protect us all.

    We have to apply ourselves to these tasks with ambition and calm, consistent and disciplined engagement.

    This is the approach the Albanese Government is taking with the United States.

    President Trump’s America First agenda envisages a very different role for America in the world, and that is what the American people have chosen.

    President Trump campaigned on change and none of us should try to minimise the implications of this change.

    And over the first seven weeks of the Trump Administration we have seen how broad those implications are around the world.

    Mindful of the scale of this change involving our most important strategic partner, there has been extensive engagement across senior levels of the Albanese Government.

    In addition to our relentless Ambassador in Washington, the Prime Minister has had two productive phone calls with the President.

    I had the honour of being the first Australian Foreign Minister ever to be invited to attend a Presidential Inauguration, and I was able to put the case for Australia to the Secretary of State Marco Rubio on his first day in office.

    The Deputy Prime Minister was Secretary Hegseth’s first international counterpart to meet with him following his confirmation.

    The Treasurer has made an early connection with his counterpart, US Secretary of the Treasury Scott Bessent.

    And our Trade and Tourism Minister has also been engaging with his counterparts.

    In those interactions we make the point that the US enjoys a two-to-one trade surplus with Australia and has since the Truman Presidency.

    We make the point that US exports to Australia face no tariffs.

    And that our trade and investment relationship is important for US industry and jobs. Half of Australia’s exports are inputs into US manufacturing and construction. And of course, we are a top 10 investor in the United States.

    And given the pool of funds under management in Australia’s superannuation sector that can only grow.

    Nevertheless, last week we saw that the second Trump administration has hardened its position in favour of tariffs as a centrepiece of its economic policy.

    And whereas the first Trump administration exempted 36 countries from steel tariffs and 32 countries from aluminium tariffs, this time not one single country has been exempted.

    Not Australia. Not Japan. Not anyone.

    And the degree of a country’s engagement has not changed the outcome.

    Indeed, the administration has been clear that the exemptions granted in its first term were a mistake.

    Our response to the Trump administration’s imposition of tariffs on Australia has been firm and it has been clear.

    As the Prime Minister has said, these measures are “entirely unjustified”.

    And “it is against the spirit of our two nations, enduring friendship and fundamentally at odds with the benefits our economic partnership has delivered over more than 70 years.”

    Steel and aluminium exports to the US represent 0.18 per cent of Australia’s total exports in 2023.

    We will continue to press the case for all Australian exporters, including steel and aluminium.

    We will continue to have advocate for the existing economy-wide access commitments under the Australia-United States Free Trade Agreement. They should be maintained.

    And we will also keep making the case for the many opportunities Australia has to offer.

    After the US announced their position, Peter Dutton said he would “do a deal” and “there’s no question about that”.

    Given not one leader of the 36 countries that got a deal last time got a deal this time, Australians are right to be incredulous about that claim.

    And they,re rightly concerned Peter Dutton would do a deal at any cost.

    Unlike Mr Dutton, we are not going to give away the farm – and we don,t have to.

    We will always put the interests of Australian industries and workers first.

    Remember, these tariffs do not necessarily mean that Americans won,t keep buying Australian products.

    And many nations want our exports. This state understands that possibly more than any part of Australia.

    We have a strong track record of supporting our exporters diversify their export markets, and regardless of what happens with US tariffs, that is a priority we will continue to pursue.

    One of the priorities I have brought to this job has been a focus on Southeast Asia, in part because of where I,m from originally, but in part because of my firm belief that ASEAN and the countries of Southeast Asia are critical to our next generation’s stability and prosperity.

    So just to our north, Indonesia stands as a major and growing power in our region and beyond.

    The world’s third largest democracy, projected to become the world’s fifth largest economy.

    So deepening our economic engagement with Indonesia is of enormous value to Australia, and part of our broader effort to diversify our economy, especially through Southeast Asia.

    Now we have our work cut out. When we came to government, Australian direct investment in Southeast Asia was lower than it was in 2014.

    Over this period, while international investment in the region had grown apace, Australia’s investment in it had gone backwards, both in relative and absolute terms.

    And by 2040, Southeast Asia is predicted to be the world’s fourth-largest economy after the United States, China and India.

    Australia’s trade and investment has simply not kept pace – and we need to turn this around.

    Australia has been central to the north Asian economic growth story, so we must be to the Southeast Asian economic growth story.

    That’s why we appointed Nicholas Moore AO as Australia’s Special Envoy to Southeast Asia and charged him with developing a Southeast Asia Economic Strategy to 2040.

    In the almost 18 months since its launch, we have made tangible progress.

    We have now implemented a number of initiatives responding to its recommendations, including new deal teams to identify and facilitate Australian investment in the region.

    New landing pads in Jakarta and Ho Chi Minh City, in addition to the existing hub in Singapore, to help our tech companies scale up.

    Business and investment missions, including three to Singapore, one of which was our largest ever outbound investment mission by value, representing a combined $2.5 trillion of assets under management.

    Improved visa access for businesspeople from the region and the establishment of the ASEAN-Australia Centre because we have to continue to build Southeast Asia literacy and enhance business and cultural ties.

    It’s no accident that Austrade had their best ever client results in Southeast Asia in 2024, with over $1 billion in commercial outcomes.

    We all need to play our part in diversification.

    Complacency, or business as usual, risks compromising our influence today and our prosperity tomorrow.

    Nobody today could claim they don,t understand the risk of putting too many eggs in one market.

    As you know, China’s growth has been a crucial driver of Australia’s prosperity and the world’s prosperity – and we know this has never been straightforward for business.

    Especially during the last term of government, when China’s doors were closed to many of our exports.

    Since the Albanese Government was elected you have seen a concerted effort to restore dialogue and stabilise the relationship with our largest trading partner.

    We pressed China to lift impediments on more than $20 billion of Australian exports – barley, wine, coal, timber logs, cotton, beef, hay and copper ores, concentrates, and lobsters.

    The final impediments on lobster were lifted in late December, and we have seen in just the first month of the crayfish trade resuming into China, sales have already reached $118 million.

    We know how important that is to Western Australia. In 2023-24, China received 56 per cent of exports from this state. And what we want is grow opportunities for our great exporters – both into China and elsewhere across our region.

    The China relationship will continue to face challenges.

    You see, the term stabilisation has never meant there would be no problems.

    It has always meant we should be able to engage directly with China in order to manage differences and problems that are inevitable – without these problems derailing our ability to talk to each other – as we saw in the past.

    And that is what we will keep doing – and it is what the Australian people expect of us, your government – to engage confidently, calmly and consistently, protecting our sovereignty and advancing our interests.

    We have seen in recent weeks that the same people who had no regard for the consequences for Australian exporters and jobs are at it again – trying to turn China into an election issue, with inflammatory language.

    This country, as you all know, built our prosperity in great part because we are a trading nation.

    A great trading nation has to grapple with a world where trade can be a vulnerability as well as an opportunity.

    And the whole country, all of us, government, business, the workforce – we have to manage these risks together.

    We can’t imagine the challenges away nor can we put other countries, interests ahead of ours.

    What we can do is recognise our challenges in the world are growing.

    That our interests are most at stake in our region.

    And that we must not just invest in our traditional relationships but also in diversified relationships.

    And if we do these things, we can be confident that together as Australians we can meet these challenges, and keep building a better future.

    MIL OSI News

  • MIL-Evening Report: The next round in the US trade war has the potential to be more damaging for Australia

    Source: The Conversation (Au and NZ) – By Felicity Deane, Professor of Trade Law, Taxation and Climate Change, Queensland University of Technology

    Slladkaya/Shutterstock

    On April 2 the United States is set to implement a new wave of tariffs under its Fair and Reciprocal Trade Plan. Details of the plan that will impact all US trading partners are not yet known, but the US administration has suggested these tariffs will target any rules it considers “unfair”.

    This means the April 2 tariffs may take aim at a range of Australian domestic policies, such as biosecurity rules that govern food imports, and the government’s Pharmaceutical Benefits Scheme (PBS).

    The size of the hit is uncertain. One report indicates a relatively modest tariff between 2% and 8% is being considered, below the 25% rate imposed on steel and aluminium on March 12. But it will apply to a much larger set of exports.




    Read more:
    With Australian steel and aluminium set to incur US tariffs, global uncertainty will be our next challenge


    Australia and the US have been allies for over a century. The two nations celebrated a “century of mateship” in 2018. More formally, the two countries have a current free trade agreement, Australia-United States Free Trade Agreement (AUSFTA).

    The agreement was negotiated in good faith, and entered into force on January 1, 2005. It called for the elimination of tariffs between the two nations over time, and until now both parties have upheld their respective bargains. The so-called “reciprocal” tariff plan would breach that agreement.

    What sectors are likely to be targeted?

    The Trump reference to non-tariff barriers raises two main concerns for Australian products: meat and pharmaceuticals.

    These exports to the US are worth about A$3.3 billion and $1.6 billion a year respectively. That’s about five times the total value of our steel and aluminium exports to the US.

    In Australia, domestic beef products are subject to strict traceability rules. Similarly, imported beef has rigid biosecurity requirements as it is classified as a high-risk food.

    This is because of the potential risk of mad cow disease (Bovine Spongiform Encephalopathy). This disease was detected in the US in 2002 and triggered an Australian ban on US beef products.

    The ban was partially lifted in 2018, but some restrictions remain, which the US says are a barrier to trade. This was also raised by the Biden administration in a 2024 report on trade barriers.

    The US cannot force Australia to change its laws on the basis of tariffs – but they can make products coming from Australian suppliers more expensive and therefore restrict market access to the US, which many Australian producers rely on.

    A tariff on Australian-sourced beef products would also push up prices for American consumers. Trade Minister Don Farrell has warned the price of a McDonald’s burger may increase.

    If tariffs are placed on Australian beef, the government has warned that McDonalds burgers in the US will become more expensive.
    Shutterstock

    Medicines are also in the line of fire

    Turning to pharmaceuticals, the Australian PBS has been a sticking point between US and Australian trade negotiators for the past 20 years.  

    The PBS, which has been in place since 1948, ensures Australians have affordable access to essential medicines. It formed part of discussions during the free-trade negotiations and has been raised as a potential barrier to trade.

    The US argues innovation and unfettered market access for American drug companies should be prioritised over Australia’s reference pricing arrangements. Reference pricing means medicines with similar outcomes should have similar pricing.

    The reason the US has a problem with this scheme is because some of their companies are not able to charge higher prices for medicines.

    Although these are the categories of most concern, there is no assurance the “Fair and Reciprocal Plan” will be limited to beef and pharmaceuticals.

    For instance, there are no barriers imposed on the import of wine into Australia. But there has been some concern tariffs could be introduced regardless.

    Wine is often the target of trade wars and President Donald Trump has threatened the European Union with a 200% tariff on all wine and spirits entering the US. As Australian wine makers have only recently recovered from Chinese and Canadian tariffs, any US tariffs would deal a harsh blow to the industry.

    An old clip of the former Republican President Ronald Reagan went viral this week, highlighting his quite different view:

    Is there any avenue for appeal?

    There is one thing that is clear about these tariffs. Their imposition will be in violation of both the WTO rules and the free-trade agreement.

    Both have provisions to settle disputes and Australia does have options for filing complaints. However, the rule of law and existing norms of the international order do not appear to be persuasive to the Trump administration.

    Despite this, it is important to note the US cannot force Australia to change its longstanding laws that protect consumers and ensure accessibility to medicines. This remains the choice of the Australian government.

    If the tariffs are introduced in the range of 2% to 8%, there may not be a significant direct economic impact. But they will have other consequences. Trade negotiations, and international agreements, are largely based on goodwill. These acts of the US will erode much of what has been built up over the past century.

    The downturn we are seeing in financial markets has so far been dismissed by the Trump administration as necessary. But if the correction turns into a crash, it may give President Trump pause. Given his lack of interest in negotiating, this may be the only thing that could change his mind.

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

    ref. The next round in the US trade war has the potential to be more damaging for Australia – https://theconversation.com/the-next-round-in-the-us-trade-war-has-the-potential-to-be-more-damaging-for-australia-252377

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI New Zealand: Pacific – Intensive two-week training by FWCC on Gender, Violence Against Women and Girls, Human Rights, and Counsellor Training starts in Cook Islands

    Source: Fiji Women’s Crisis Centre

    17th March 2025, Cook Islands – An intensive two-week training program by the Fiji Women’s Crisis Centre on Gender, Violence Against Women and Girls, Human Rights, and Counsellor Training is started today in the Cook Islands in collaboration with the Punanga Turuturu Itivaine, Cook Islands Women’s Support Centre.

    This training is being facilitated by a team led by Coordinator Shamima Ali who says the objective is to help participants identify specific types of violence against women and girls, as well as the cause and contributing factors.

    “Additionally, participants will learn to recognize the consequences of such violence on women and girls, their family members, and the broader community,’ she adds.

    “The training will also explore response and prevention actions that can be taken to eliminate violence against women. Moreover, sessions on Counselling Skills will ensure a survivor-centered approach, and support using a rights-based approach,”

    FWCC’s relationship with the Cook Islands and Punanga Turuturu Itivaine dates back to the first meeting of the Pacific Women’s Network Against Violence Against Women in 1992.

    When the Pacific Women’s Network was created, there were only two centres addressing violence against women: FWCC in Fiji and Punanga Tauturu (as it was known at the time) in Cook Islands. Now the Network brings together organisations from over 10 Pacific countries.

    “So, we were invited to go to the Cook Islands in 1996 after the first regional meeting in 1992” said Shamima who is also the Chair of the Pacific Women’s Network Against Violence Against Women.

    “We were invited by the Cook Islands to strengthen Punanga Tauturu at that time and do the training. We also did a male advocacy in the 2000s. Cook Islands was one of the first countries second to Papua New Guinea and Vanuatu,”

    She says they are very excited that the relationship with Punanga Turuturu Itivaine has been ongoing.

    “Even after a lull, the request has come through, and that also shows the trust that people who work in this area around the region have in the Fiji Women’s Crisis Centre,’ adds Shamima.

    A comprehensive and holistic training module has been developed by FWCC and is used in various training packages locally and regionally with relevant adaptations.

    FWCC has been supported by Australia’s Department of Foreign Affairs and Trade for more than three decades.

    About  Pacific Women’s Network Against Violence Against Women

    The regional Pacific Women’s Network Against Violence Against Women (PWNAVAW) has been a catalyst and leadership incubator for most work on sexual and gender-based violence in the region since the 1990s using a rights-based approach. Today, it operates in over 10 Pacific countries and advocates, trains, innovates and sets standards on the prevention and response to gender-based violence, with the Secretariat based at the Fiji Women’s Crisis Centre (FWCC). This is a clear example of the many ways that Pacific feminists have built the road we walk on.
     
    In 1992, FWCC facilitated and hosted the first Pacific Regional Meeting on Violence Against Women in Suva comprising of feminists from 15 Pacific Island countries. The inaugural meeting led to the establishment of the PWNAVAW.
     
    Since its establishment, the PWNAVAW, recognised as the leading network on ending violence against women and girls in the region, has brought together decades of collective expertise, networks and knowledge on ending violence against women and girls in the region, to support the efforts of Pacific governments, national, regional and international CSO and NGO networks and development partners to lift, build and maintain the quality and standards for gender-based violence and counselling services across the Pacific region.
     
    It has served as a support mechanism for women in the Pacific who are working in gender-based violence and human rights. This, in turn, is reflected in the emergence of many counselling centres in the Pacific region including in Kiribati, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu.
     
    Collectively since 1992, the Pacific Women’s Network Against Violence Against Women (PWNAVAW) has had a membership of 129 organisations in over 10 countries across the Pacific.

    PWNAVAW which is deeply rooted in the principles of feminism, women’s human rights, gender equality and the elimination of all forms of discrimination and violence against women and girls has also pioneered response and prevention approaches in engaging men.

    FWCC’s regional presence

    FWCC is a pivotal regional player. It has been provided with Australian aid resources to auspice similar organisations in Tonga and Vanuatu. In 1992, FWCC helped found the Pacific Women’s Network Against Violence Against Women. It continues to act as the Secretariat for this Network and organises its conferences. The Centre undertakes training both across the region and within Fiji. Since 1995, the Centre has offered a four-week regional training twice a year on gender-based violence awareness, prevention and response strategies. This program has trained over 1,000 participants from 15 countries.  FWCC also runs specialised training programs. It began police training in 1995 and now trains police not only from Fiji but from other Pacific countries.

    MIL OSI New Zealand News

  • MIL-OSI Video: Remembrance of the Victims of Slavery – UN Chief’s message | United Nations

    Source: United Nations (Video News)

    Video Message by António Guterres, Secretary-General of the United Nations, on the International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade.
    ـــــــــــــــــــــــــــ
    “”The transatlantic trade in enslaved Africans was a crime against humanity that resonates through
    history and continues to scar societies. Today, we remember the women, children, and men torn
    from their loved ones, forced to work in agonizing conditions, cruelly punished, and deprived of
    their dignity and human rights, and we recall their acts of resistance and demands for justice.
    For more than four centuries, millions of Africans were kidnapped, trafficked, abused and
    dehumanized. This horrific enterprise rested on the destructive lie of white supremacy. And it
    saw many colonizers, corporations and institutions amass unimaginable wealth.
    For too long, these unthinkable acts have remained unacknowledged, unspoken, and
    unaddressed, all as their legacies continue to shape our world. Many still benefit from the odious
    profits reaped from chattel slavery. Systemic racism has been embedded into institutions,
    cultures, and legal and other systems. Deeply rooted exclusion, racial discrimination and
    violence continue to undermine the ability of many people of African descent to thrive and
    prosper.
    As the theme of this year’s International Day reminds us, acknowledging the horrors of the
    transatlantic slave trade is an essential step towards addressing the past, repairing the present,
    and building a future of dignity and justice for all. It is imperative to put in place reparatory
    justice frameworks that address this terrible history and its legacies. And we must end the evil of
    racism for good.
    The human dignity of every person stands at the heart of the United Nations. We will always
    stand with everyone, everywhere to combat racial discrimination and hate, and to defend the
    human rights and dignity of all.””

    https://www.youtube.com/watch?v=ex5wlnrBfYI

    MIL OSI Video

  • MIL-OSI USA: In Seattle, Cantwell Draws Contrast Between PNW’s Innovation Strategy and Trump’s Trade War

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    03.17.25
    In Seattle, Cantwell Draws Contrast Between PNW’s Innovation Strategy and Trump’s Trade War
    Cantwell joins Washington Council on International Trade for Q&A with former USTR head on how the current admin’s tariffs harm the Pacific Northwest In WA state, 2 out of every 5 jobs are tied to trade-related industries; Trump’s actions are “a threat to our ethos,” Cantwell says
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined the Washington Council of International Trade (WCIT) for a Q&A session on the whiplash caused by the administration’s chaotic tariff policies – and how they particularly harm the Pacific Northwest, which is among the most trade-dependent regions in the country.
    The Q&A was moderated by WCIT President Lori Otto Punke and joined by former U.S. Trade Representative and current National Foreign Trade Council President Demetrios Marantis. Sen. Cantwell said that the current administration’s approach to trade – with a focus on punitive tariffs, even with America’s largest trading partners and closest allies, as opposed to innovation and alliance-building– is fundamentally at odds with how the Pacific Northwest has historically built its trade economy.
    “The consequences to us in the Pacific Northwest is really a threat to our ethos. We are one of the most trade-dependent states in the country, and we just see the world differently. We believe that innovation matters more than the tariffs in a fight [on] who’s going to win in aerospace or agriculture or software or any of these issues. It is like we are in this horse race, but the President wants to put 25 pounds on our horse and make it harder.
    “And what do we want to do in the Northwest? We like opening markets. We like building alliances. We like innovating our way to success.
    “So make no mistake about it — one of the states that could see the biggest economic impacts from this is ours. And we have to be very loud about how foregoing an alliance approach of building more opportunities is really what we should be doing, if we want to win in an economy that changes in the blink of an eye,” Sen. Cantwell said.
    WCIT is the Northwest’s premier organization advocating for trade and investment policies that increase the competitiveness of Northwest workers, farmers, and businesses. In addition to Sen. Cantwell, speakers at the Summit included U.S. Representatives Suzan DelBene (D,WA-01), Rick Larsen (D, WA-02), Dan Newhouse (R, WA-04), Kim Schrier (D, WA-08), Adam Smith (D, WA-09), and Emily Randall (D, WA-06).
    In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information on how President Trump’s tariffs on goods from Mexico, Canada, and China will affect consumers and businesses in the State of Washington can be found HERE. Nationwide:
    A 25% tariff on Canada and Mexico would add an estimated $144 billion a year to the cost of manufacturing in the United States.
    Tariffs on Canada and Mexico could increase U.S. car prices by as much as $12,000.
    According to the Yale Budget Lab, Trump’s proposed tariffs would result in the highest U.S. effective tariff rate in more than 80 years, and depending on the level of retaliation by other trading partners, will result in increased costs of between $1,600 and $2,000 per household. According to their analysis, food, clothing, cars, and electronics will all see above-average price increases.
    Sen. Cantwell has remained a steadfast supporter of increased trade to grow the economy and keep prices in check in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.
    For the past six weeks, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions, which have whipsawed American businesses and consumers, as well as close neighbors and allies, include:
    On January 31 — citing punishment for failing to crack down on fentanyl trafficking — the Trump administration announced plans to impose a 25% tax on many goods imported into the U.S. from Canada and Mexico and a 10% tax on goods imported from China, then abruptly postponed those tariffs.
    Last month, he doubled down, announcing an additional 25% tax on all steel and aluminum imports.
    At 12:01 a.m. ET on March 4, President Trump’s long-promised 25% tariffs on goods from Mexico and Canada and 10% tariff increase on goods from China took effect, causing stock prices in the United States to plummet.
    Then, on March 5, he announced that automobiles from Canada and Mexico would be exempt from his tariffs for one month.
    The morning of March 6, he announced that he would suspend the tariffs for some products from Mexico. Then, later that same afternoon, he announced he was suspending most new tariffs on products from both Mexico and Canada until April 2.
    On March 11, Trump threatened to double tariffs on Canadian steel and aluminum – increasing them to 50% – before reversing himself later the same day.
    On March 13, he threatened 200% tariffs on alcoholic products from the European Union, including all wine and Champagne.
    Video of Sen. Cantwell’s Q&A today is HERE; audio is HERE; photos are HERE; and a transcript is HERE.

    MIL OSI USA News

  • MIL-OSI New Zealand: New Zealand & India strengthen horticultural ties

    Source: New Zealand Government

    Agriculture and Trade Minister Todd McClay signed a new Memorandum of Cooperation (MOC) today during the Prime Minister’s Indian Trade Mission, reinforcing New Zealand’s commitment to enhancing collaboration with India in the horticulture sector.
    “Our relationship with India is a key priority for New Zealand, and this agreement reflects our commitment to deepening this strategic partnership,” Mr McClay said.
    The MOC aims to foster closer ties between the two countries’ horticultural industries, focusing on areas such as technical exchanges, harvest and post-harvest management, training, and the sharing of technological expertise.
    “By working together, we can unlock new opportunities for both nations, supporting the growth and diversification of our horticultural industries while benefiting rural communities on both sides,” Mr McClay added.
    A key milestone under the MOC is the mutual development of New Zealand’s and India’s kiwifruit sectors.
    “Kiwi fruit will be the first significant achievement under this partnership, already worth $600 million. And this agreement has the potential to create up to $1 billion in reciprocal horticultural benefits over the next decade,” Mr McClay stated.
    This marks the culmination of years of collaboration between the industries and governments. New Zealand’s kiwifruit industry has built a global reputation for producing high-quality fruit, and this agreement is expected to drive further growth and innovation in both markets.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: New Zealand & India strengthen forestry ties

    Source: New Zealand Government

    Agriculture and Trade Minister Todd McClay signed a new Memorandum of Cooperation (MOC) today during the Prime Minister’s Indian Trade Mission, reinforcing New Zealand’s commitment to enhancing collaboration with India in the forestry sector.
    “Our relationship with India is a key priority for New Zealand, and this agreement reflects our commitment to deepening this strategic partnership,” Mr McClay said.
    The MOC includes the development of bilateral forestry cooperation to continue mutual growth. New Zealand’s forestry exports to India have increased from $9.5 million in 2023 to an estimated $76.5 million in 2024.
    “Many of our forestry exporters have long-standing relationships in India and are keen to expand. This agreement will lay the groundwork for cooperation in sustainable forest management, agroforestry, research and innovation, education, and capacity building,” Mr McClay explained.
    These arrangements are part of New Zealand’s broader strategy to double the value of its exports in the next decade, with strong partnerships like this one playing a vital role.
    “The agreements signed today reflect the strong foundation of our trade relations with India and the exciting opportunities that lie ahead,” Mr McClay concluded.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: PMs Luxon & Modi deepen NZ-India ties

    Source: New Zealand Government

    Prime Minister Christopher Luxon and Indian Prime Minister Narendra Modi held productive talks in New Delhi today.
    Fresh off announcing that New Zealand and India would commence negotiations towards a Comprehensive Free Trade Agreement, the two Prime Ministers released a joint statement detailing plans for further cooperation between the two countries across a range of areas.  
    That included the announcement of a new Defence Cooperation Arrangement. 
    “In today’s world, security is the foundation of prosperity – and India is a key partner of New Zealand in the Indo-Pacific,” Mr Luxon says. 
    “This arrangement will open up new areas of collaboration between our defence forces and facilitate closer defence ties.”
    The Joint Statement also outlined opportunities to work more closely around political relations, trade, science and technology, people-to-people and sporting links, and cooperation in regional and international settings. 
    New Zealand will increase its diplomatic footprint in India, establishing additional roles in New Delhi and Mumbai to further New Zealand’s profile and promote interests on the ground.  
    “My meetings today have allowed us to unlock new opportunities and potential partnerships that will serve the people of New Zealand and India.”
    While in Delhi, Prime Minister Luxon also met with Indian President, Her Excellency Droupadi Murmu, and gave the opening address as Chief Guest at the Raisina Dialogue, India’s premier defence and security conference.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: RAISINA DIALOGUE 2025: KĀLACHAKRA – PEOPLE, PEACE AND PLANET

    Source: New Zealand Government

    Namaskar, Sat Sri Akal, kia ora and good afternoon everyone.
    What an honour it is to stand on this stage – to inaugurate this august Dialogue – with none other than the Honourable Narendra Modi.
    My good friend, thank you for so generously welcoming me to India and for our warm discussions this morning.
    I am a great admirer of your extraordinary achievements as Prime Minister.
    In the almost 11 years that you’ve occupied the Prime Minister’s office, you have weathered the COVID crisis and still managed to expand India’s economy by 50%.
    You have lifted 250 million of your countrymen out of poverty and eliminated extreme poverty.
    Today, India is at the leading edge of technology with massive innovative potential.
    You were the first country to land on the moon’s South Pole.  In the process drawing the world’s attention to India’s extraordinary technological prowess.
    And Prime Minister, during your tenure, the Men in Blue have been the most dominant side in cricket’s white ball competitions, most recently winning the Champions Trophy last week against my Men in Black and breaking many New Zealanders hearts – including mine – in the process!
    Congratulations!
    Among this catalogue of achievements is the reason we gather today: the Raisina Dialogue.  A forum that provides a moment every year for thought-leaders from across the world to focus their collective minds on the contemporary strategic challenges being navigated right here in the Indian Ocean.
    I applaud Dr Jaishankar and Samir Saran for the intellectual leadership they have shown driving this Dialogue over the past 10 years. 
    It has grown into a hugely influential forum.  Look no further than the luminaries you attract: 6 former Heads of Government and Ministers from over thirty countries.
    I hope my remarks today, add to the debate in some small way.
    Ladies and gentlemen, it’s more than 200 years since Indians and New Zealanders first began living side-by-side.
    At the beginning of the 19th century – well before we became a nation – Indian sailors jumped ship in New Zealand, with some meeting locals and marrying into our indigenous Māori tribes.  A few years later, Māori traders began travelling to Kolkata to sell tree trunks used in sailing ships.
    An exchange that echoes down the ages.
    Just as they were 200 years ago, Kiwi-Indians today are fully integrated into our multicultural society.  New Zealanders of Indian heritage comprise 11% of the people living in Auckland, our biggest city.
    I’ve brought with me to New Delhi a selection of Kiwi-Indian community leaders. Members of Parliament, captains of industry, professional cricketers and even an online influencer who has revolutionised investment for women the world over.  In short, a selection of Kiwi-Indians who get up every single morning to make New Zealand a better place to live.
    And our trade has diversified considerably from wood thanks to the increased sophistication of your economy.  India today is a critical source of pharmaceuticals and machinery for us. While we are a great tourism and education destination for you.
    India has become an ever more significant feature of our society.
    And yet, while there has been much that has developed and changed, there has been something missing at the core of our relationship.
    With a country as consequential as India, we need rich political interaction, engaged militaries, strong economic architecture, and connections that support a diaspora that bridges between our two great nations.
    Prime Minister Modi and I sat down today and charted out the future of our two countries’ relationship.
    A future that builds from where we have been.  One that is wholly more ambitious about what we will do together in the future. 

    We agreed to our Defence Forces building greater strategic trust with one another, while deploying together and training together more.
    We want our scientists collaborating on global challenges like climate change and on commercial opportunities like space.
    We are supporting our businesses to improve air links and build primary sector cooperation.
    We will facilitate students, young professionals and tourists to move between our countries.
    And we’ve instructed our trade negotiators to get on and negotiate a free trade agreement between our two great nations.

    A comprehensive agenda to underpin a comprehensive relationship. As we look to the future, the opportunity for both our governments is to sustain that momentum.
    Not only to follow through on the commitments we have made to one another. But to proactively build on that platform, by exploring new opportunities and creating new architecture.
    To ensure that we are creating strategic trust and commercial connection between two countries at the bookends of our wide Indo-Pacific region.
    Ladies and gentlemen, it is to the Indo-Pacific that I now turn.  There are many reasons to be excited about our region.  I want to single out the two biggest opportunities.
    First, India and New Zealand are fortunate enough to live in the world’s most economically dynamic region.
    The Indo-Pacific will represent two-thirds of global economic growth over the coming years.  By 2030, it will be home to two-thirds of the world’s middle-class consumers.
    And India itself lies at the heart of this exciting economic future.  It’s easy to focus on the troubles the world faces, but its worth reflecting for a moment on what economic development at this scale means at a human level.
    Here in India, you’ve gone from only the very few in rural areas having a water or power connection to almost everyone. It means people with better health and education outcomes.  And that creates hope and optimism about the future for individuals and their families.
    Replicated across literally hundreds of millions of people, that process of development generates dynamic economies.  Growth that offers massive opportunities for every country in the Indo-Pacific, and families and individuals within them.
    The second big opportunity is technological change.  We are on the cusp of a transformation of our economies and societies in a way that we can barely now imagine.
    I’m talking about artificial intelligence, which is within reach of achieving the cognitive powers of a human being.  But I’m also thinking of a range of other technologies – quantum, biotech, advanced manufacturing – that are going to have profound impacts on our economies.
    It has felt like this technological transformation has been long-heralded, but never quite arrived. Well, it seems to me that a series of innovations – the always online world, big data, powerful computing, machine learning – are cumulating in ways that are going to tip over into a dislocation that is new and altogether different. 
    The game is about to change.  We are on the cusp of an explosion in the application of AI, a technology that will have an impact across the whole economy, not just in one or two sectors. A technology that will transform the way we work, study and entertain ourselves.  A technology that will force governments to think in entirely different ways about how they deliver public services and secure their nations.
    Certainly, this presents risks that will need to be managed.  For example, militaries are already using AI, which means the international community is going to need to develop new norms about how this is done in a way that ensures compliance with the rules of war and ensures human responsibility in conflict.
    But my message is that, while we need manage change, we cannot allow ourselves to be paralysed by the risks.  For those who believe they can outcompete through this period of technological dislocation, the opportunities are there.  The citizens, the companies, and the countries that embrace the coming change will be the ones that reap the dividends. 
    Yet, there’s also no doubt that there are fundamental trend lines in the Indo-Pacific that present geo-strategic risks to growth and prosperity.
    These have long-term drivers that are not going away, and have been amplified by recent events.
    Past assumptions – that underpinned the previous generation’s geopolitical calculations – are being upended.
    A fortnight ago, the Singaporean Foreign Minister, Vivian Balakrishnan, put this change eloquently when he said: “the world is now shifting from unipolarity to multipolarity, from free trade to protectionism, from multilateralism to unilateralism, from globalisation to hyper-nationalism, from openness to xenophobia, from optimism to anxiety”.
    This is a global change, not isolated to one region. Certainly, though, we live today in an Indo-Pacific navigating contest and rivalry, with a period of strategic uncertainty.  I would highlight three big shifts that make for challenging times ahead.
    Fist, we are seeing rules giving way to power. 
    Previously, we could count on countries respecting the UN Charter, the Law of the Sea and world trade rules.  That sadly cannot be assumed in an age of sharper competition.
    Instead, we risk dangerous miscalculation at flashpoints. These range from the militarisation of disputed reefs to dangerous air movements.  From land border incursions to breakout nuclear capabilities.
    Of course, it is not just flashpoints, but a slow shift in Indo-Pacific realities that change calculations.  Recent demonstrations of naval force near New Zealand’s maritime surrounds, for example, sent a signal that alarmed many of my fellow citizens.
    Second, we are witnessing a shift from economics to security. 
    After the Cold War, the dominant paradigm in relations between Indo-Pacific countries was a sustained effort to raise material living standards by tending to our economies.
    Make no mistake, “bread and butter” issues still loom very large, and are a priority for governments all around the region.  Indeed, economic growth is my Government’s highest priority.
    But across the Indo-Pacific, we also see Governments dedicating increased attention and resource to military modernisation. Military build-ups reflect a need to prepare against uncertainty and insecurity.  Some military build-ups, however, are underway without the reassurance that transparency brings.
    National security demands are expanding.  Governments need to protect their people and assets against foreign interference, cyberattacks, and terrorism.
    In the last few months, a new threat has emerged, with damage to critical infrastructure, like sub-sea cables. You can’t have prosperity without security, not least when the tools of commerce themselves require protection.
    The third geo-economic shift is from efficiency to resilience. 
    Where previously, Indo-Pacific economies saw ever deeper interdependence as a dynamo for growth, that can no longer be assumed in an age of decoupling.
    Onshoring, protectionism and trade wars are displacing best price, open markets, and integrated supply chains.
    And so we find ourselves in a world that is growing more difficult and more complex, especially for smaller states.
    However, we must engage with the world as it is, not as we wish it to be. So, like most countries across the region, New Zealand’s strategic policy is being shaped by our assessment of these trends.
    We have agency to shape the Indo-Pacific that we want, but we must do so with energy and with urgency.
    Ladies and gentlemen, as New Zealand looks to protect and advance our interests in the Indo-Pacific, we can only do so alongside partners.  Partners like India that have a significant role to play in the Indo-Pacific.
    In an increasingly multipolar world, India’s size and geo-strategic heft gives you autonomy.  At the same time, your democratic partners in the Indo-Pacific offer you a force multiplier for our convergent interests. 
    For at a time when democracy is in decline with less than half the world’s adults electing their leaders, it is an inspiration that 650 million Indians turned out to vote last year in the largest election in history.
    Your national election is a triumph of logistics and a triumph of legitimacy.  An election that means your leaders serve their people, rather than your people serving their leaders.
    Now, I don’t advocate arbitrary divisions between democracies and autocracies. And just because we are democracies, we won’t always see eye-to-eye. 
    Nonetheless, there’s truth in the fact that our democratic governance means we share a belief in the freedom to choose, giving everyone a voice and respect for the rules.  Our interests increasingly converge around seeing these three ideas as an aligned set of organising principles for our Indo-Pacific region.
    First, we want to live in an Indo-Pacific where countries are free to choose their own path free from interference.
    A region where no one country comes to dominate.
    It is a sign of the times that I stand here defending respect for sovereignty. Yet, New Zealand’s approach is increasingly shaped around that objective.
    Just on Saturday, I joined a call led by Prime Minister Starmer focused on what more those contributing to Ukraine’s defence can do to support a just and lasting peace.  To help a country whose sovereignty and territorial integrity has been so flagrantly attacked.
    In my home region, our fellow Pacific neighbours are navigating geo-strategic dynamics that are their sharpest in nearly 80 years.
    In a deeply contested world, Pacific partners are being asked to make choices that may undermine their national sovereignty.  They risk falling into over-indebtedness, they must make choices about dual-use infrastructure, and they face pressure to enter new security arrangements.
    New Zealand invests in working alongside Pacific countries to boost their capacity to make independent choices free from interference. 
    Yet, size alone cannot inoculate a country from these dynamics.  Building strong and diversified relationships is the key to mitigating the risks of dependence on a few.
    That is why my Government is investing in our key relationships, from traditional partners to thickening and deepening our relationships across Southeast Asia, and in a serious way with India, too. 
    And we have a responsibility to invest in our own security as a downpayment on our future ability to choose our own path.  That is why New Zealand will be scaling up and doing more to support our own defence.
    We plan to better resource and equip our Defence Force to ensure we can continue to defend our interests.  Whether in our near region, in our alliance with Australia, or in support of collective security efforts with partners like India.
    Alongside this investment in capability, we are making tangible contributions across the Indo-Pacific.  When I was in Japan last year, I saw firsthand the work our aviators do to detect and deter North Korea’s sanctions-busting activities.
    The New Zealand Navy is leading Combined Task Force 150 responsible for multinational activities to protect trade routes and counter smuggling, piracy and terrorism in the Indian Ocean and Gulf of Aden. We are fortunate indeed that India has agreed to take up the Deputy Command.  Underlining these naval connections, one of our frigates, HMNZS Te Kaha, is in Mumbai later this week.
    As we seek an Indo-Pacific in which countries are free to choose their own path, I’m determined New Zealand plays its role.  Whether through our work with Pacific Islands partners, our relationships in the Indo-Pacific, or through our defence efforts.
    A second principle both India and New Zealand subscribe to is the criticality of Indo-Pacific regional institutions, even as these evolve.
    Regional architecture scaffolds our region’s security and its prosperity.
    ASEAN continues to promote regional peace and economic development. Through its convening power and its centrality, it also provides a place for the region’s players to come together to discuss strategic issues.
    ASEAN sits at the centre of the East Asia Summit, which for twenty years now has enabled political dialogue across the region, a forum that builds understanding, reduces the risk of miscalculation and contributes to strategic trust.
    Yet, the Indo-Pacific architecture is not static as it adapts to new realities.  Mini-lateral groupings are important new pieces of the puzzle.
    The Quad has emerged as an important vehicle promoting an open, stable and prosperous Indo-Pacific region.  India’s contribution to that evolution has of course been vital.  While New Zealand has no pretensions to Quad membership, we stand ready to work with you to advance Quad initiatives.
    We ourselves are strengthening our work with Japan and the Republic of Korea, as well as Australia.  Last year, I convened the Indo-Pacific Four to discuss Ukraine and North Korea. 
    And with serious headwinds buffeting the global trade system, New Zealand is seriously invested in Indo-Pacific trade and economic integration groupings.
    From CPTPP, the gold standard of FTAs internationally, to RCEP, perhaps the world’s most inclusive.
    And we welcome India’s engagement in the regional economic architecture, with our work together in the Indo-Pacific Economic Framework (IPEF), important in an era in which we seek to build one another’s resilience.
    The third Indo-Pacific principle we align around is a region in which respect for the rules is foundational.
    Globally, rules are being undermined: whether those around territorial integrity, freedom of navigation, or laws of war.  Yet, these are the very rules that preserve an Indo-Pacific order that is not “might is right” alone. 
    And, as I have said before, there is no prosperity without security. The rules that underpin our security also allow our businesses to operate with certainty. Those rules deliver daily in meaningful ways for our people.
    For example, one in four jobs in New Zealand rely on exports and our exporting businesses being able to depend on the predictability that those rules deliver. And in a miracle, that’s only possible thanks to globally-accepted aviation standards, 120,000 flights carry 12 million passengers and operate safely between their destinations every day.
    These rules shape the character of our region.  We remain committed to this rules-based system, even while acknowledging its shortcomings.  It is a truism that the world of 2025 is vastly different from 1945, and yet global institutions sadly have been slow to adapt.
    We are not talking about “starting over” by remaking the global order. Instead, I tend to agree with Dr Jaishankar when he says we want an order in which change is evolutionary – at a pace that is comfortable and steady.
    That’s why New Zealand supports reforming global governance frameworks to better reflect today’s realities.  Rather than casting them aside, they should give greater voice to the developing world and under-represented regions.
    Countries like India – that play such a central role in the global community – should have a seat at the table. We’ve therefore long supported India having a permanent seat on a reformed UN Security Council.
    Distinguished guests, ladies, and gentlemen.
    It has been a privilege to speak to you today, at this important forum for global dialogue.
    The geostrategic picture I’ve painted is stark.  Rules are giving way to power; economics to security; and efficiency to resilience.
    The tectonic shifts unfolding highlight that we – working alongside partners and friends – must navigate disruption, uncertainty, and sharpening pressure on our national interests.
    Yet, we will not be overwhelmed by complexity and challenge. We must go forward with confidence.
    We live at the heart of the world’s most exciting and dynamic region – the Indo-Pacific.
    We live in an era of technological transformation that offers outsized opportunities.
    We are countries with solid underlying democratic institutions, which will underpin our societies’ future success.
    India and New Zealand have extraordinarily talented people. 
    Both our countries have a clear plan that reflects and reinforces the connections between our security and prosperity. 
    We cannot afford to be thrown by the rapid pace of change – we must grapple with shifting realities and capitalise on these for all our peoples’ benefit.
    We will create and seize opportunities. Invest in our capabilities.
    This is our region. Its future will be shaped by the choices we make—together.
    Thank you, ngā mihi nui, and dhanyavaad .
     

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Government must act decisively and ban engineered stone

    Source: Council of Trade Unions – CTU

    The NZCTU Te Kauae Kaimahi have reiterated their call for Government to protect workers by banning engineered stone in a submission on MBIE’s silica dust consultation.

    “If Brooke van Velden is genuine when she calls for an evidence-based approach to this issue, then she must support a full ban on engineered stone products,” said NZCTU President Richard Wagstaff.

    “Processing engineered stone is extremely harmful to health. A ban will save lives.

    “Engineered stone is not an essential building product and many safe alternatives exist. We should not be putting workers’ lives at risk for a trendy kitchen.

    “The Government needs to act now. We cannot wait for more workers to be harmed, or killed before they realise decisive action is necessary,” said Wagstaff.

    The NZCTU is also among those calling for stronger regulation of all work involving silica to protect workers from the deadly lung disease silicosis.

    WorkSafe estimates that 80,000 workers are working in conditions where the workplace exposure standard for silica dust is regularly exceeded, showing the need for better protections against exposure.

    “Workers need the certainty that their health is being protected at work. Stronger regulations will provide businesses with the clarity needed to ensure this is being provided,” said Wagstaff.

    “We also add our voice to those calling for the establishment an occupational lung disease registry to support exposed workers with treatment and effective follow-up.”.
     

    MIL OSI New Zealand News

  • MIL-OSI USA: Grassley, Cornyn, Blumenthal, Durbin Introduce Bill to Spur Drug Pricing Competition

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sens. Chuck Grassley (R-Iowa), John Cornyn (R-Texas), Richard Blumenthal (D-Conn.) and Dick Durbin (D-Ill.) introduced the Drug Competition Enhancement Act to spur generic and biosimilar marketplace competition. By prohibiting branded drug manufacturers from engaging in ‘product hopping,’ the bipartisan legislation will help lower drug prices for patients. 
     “One of my top priorities in the Senate is reducing the cost of prescription drugs. Our bill will bring much needed transparency to drug pricing by cracking down on product hopping and giving Iowans more access to lower-cost generic drugs,” Grassley said. 
     “Companies who attempt to profit at the expense of Texans’ health must face consequences. By rooting out this wrongdoing and holding bad actors in the pharmaceutical industry accountable, this legislation would spur competition in the marketplace and make drugs more affordable for patients who depend on them,” Cornyn said. 
     “Bad actors in Big Pharma have manipulated the rules and prioritized profits over patients—including by encouraging consumers to switch medications for pharmaceutical companies’ gain and leaving Americans stuck paying sky-high costs,” Blumenthal said. “The Drug Competition Enhancement Act reigns in these monopolistic practices and facilitates competition and market entry. This legislation lowers costs for consumers and puts patient care at the forefront.” 
     “Americans shouldn’t be forced to choose between their wallets and their health. But because Big Pharma games the patent system, too many patients face sky-high prescription drug costs,” Durbin said. “The bipartisan Drug Competition Enhancement Act would prevent pharmaceutical companies from using anti-competitive tactics to keep affordable medications out of reach for patients.” 
     Background: 
    Some pharmaceutical manufacturers deliberately prevent potential competitors from entering the marketplace using product hopping. This occurs when a bad actor’s exclusive right to a drug is about to expire, but they do not want to compete with generic alternatives. Instead, companies manipulate the market to move patients from the old drug onto a new one.  
    Pharmaceutical manufacturers “hop” patients from branded product to branded product by engaging in a variety of practices to disadvantage their old drug, including destroying the inventory of their old drug, pulling it from the market, aggressively raising the price, badmouthing it or even diminishing its safety. Under this practice, it is difficult to switch patients to the cheaper generic when the market protections for the earlier drug expire. This abuse of the patent system forces patients to continue paying high costs for a drug that is substantially similar to their old one for many years to come. 
     The bipartisan Drug Competition Enhancement Act would put an end to this practice by prohibiting branded drug manufacturers from engaging in anticompetitive product hopping, making it an antitrust violation. Companies engaging in this behavior would risk enforcement action from the Federal Trade Commission. The bill would also facilitate market entry for generics and biosimilars, which drives down drug costs for patients and consumers. 
    Bill text can be found HERE. 

    MIL OSI USA News

  • MIL-OSI USA: Attorney General Bonta Defends Rule to Stop the Flood of Robocalls

    Source: US State of California

    Continues fight against annoying and illegal robocalls and robotexts  

    OAKLAND — California Attorney General Bonta today joined 28 attorneys general in submitting an amicus brief in Insurance Marketing Coalition v. FCC, in support of a Federal Communications Commission (FCC) rule which would limit unwanted robocalls and robotexts. The rule in question would close a loophole that allows lead generators to trick a consumer into “consenting” to calls from potentially thousands of companies. Lead generators engage in generating consumer interest on public facing websites with the goal of turning that interest into a sale — in this case, sale of consumer consent to other robocallers or robotexters. The brief defends the regulation, which was recently vacated by the Eleventh Circuit, and argues that it is within FCC’s statutory authority under the Telephone Consumer Protection Act.  

    “Everyone hates robocalls. Robocalls continue to top the list of most frequent consumer complaints across the country, and their annihilation continues to be a nationwide, bipartisan effort,” said Attorney General Bonta. “By closing the lead-generator loophole and putting an end to consent abuse, the Federal Communications Commission’s rule would substantially reduce unwanted telemarketing robocalls that bombard individuals and prohibit telemarketers from selling consumer consent to other callers — this is an essential tool in the effort to protect consumers from unwanted and often illegal robocalls.”

    In 2023, the FTC proposed a rule, supported by Attorney General Bonta and 28 attorneys general, which required that telemarketers and lead generators get specific one-to-one consent from consumers before subjecting them to robocalls or selling their contact information. Specifically, this meant that a consumer could not consent to a telemarketing or advertising robocall unless the consumer consented to calls from one entity at a time; this consent would also only cover subject matter associated with the original call. This rule aimed to both ensure that consent was in response to clear disclosure and to prevent lead generators, texters, and callers from using a single consumer written consent to inundate consumers with unwanted telemarketing robocalls and robotexts from dozens of sellers.

    Robocalls are often a vehicle for scams. For Californians, the impact of illegal and unwanted robocalls can range from a momentary nuisance to serious fraud involving identity theft or life-changing financial losses. Phone calls and text messages are by far the most common contact method for fraud, and in 2023 alone, fraudulent phone calls and texts led to more than $1.2 billion in reported financial losses nationwide, according to the Federal Trade Commission (FTC). Robocalls are typically the number one consumer complaint to the FTC each year. 

    Attorney General Bonta is committed to working to put a stop to illegal robocalls. Attorney General Bonta is part of the Anti-Robocall Multistate Litigation Task Force, a task force of 51 bipartisan attorneys general who investigate and take legal action against those responsible for routing significant volumes of illegal robocall traffic into and across the United States. 

    In 2024, Attorney General Bonta: 

    • Sent warning letters to four telecom companies for transmitting suspected illegal robocall traffic on their networks — including robocalls that impersonated government officials or involved scams.
    • Submitted a comment letter to the FCC in support of its proposed rules to protect consumers by increasing the effectiveness of the FCC’s Robocall Mitigation Database.
    • Sent a warning letter to a telecom company responsible for transmitting suspected illegal robocall traffic, including robocalls that impersonated government officials. 
    • Sent a warning letter to a company that allegedly sent New Hampshire residents scam election robocalls during the New Hampshire primary election. 
    • Filed a comment letter to the FCC related to the potential impact of emerging artificial intelligence (AI) technology on efforts to protect consumers from illegal robocalls or robotexts. 

    In May 2023, Attorney General Bonta, as part of a bipartisan coalition of 49 attorneys general, announced a lawsuit against Avid Telecom for allegedly initiating and facilitating billions of unlawful robocalls that included Social Security Administration scams, Medicare scams, and employment scams. 

    In submitting today’s brief, Attorney General Bonta joins the attorneys general of the District of Columbia, Arizona, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, South Dakota, Utah, Vermont, Virginia, Washington, West Virginia, and Wisconsin.

    A copy of the brief can be found here.

    MIL OSI USA News

  • MIL-OSI: Natural Gas Services Group, Inc. Reports Fourth Quarter and Year-End 2024 Financial and Operating Results; Provides 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Midland, Texas, March 17, 2025 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced financial results for the three months and year-ended December 31, 2024. The Company also provided guidance for its full year 2025, anticipating significant top- and bottom-line growth with strong momentum moving into 2026.

    Fourth Quarter and Full Year 2024 Highlights

    • Rental revenue of $38.2 million for the fourth quarter and $144.2 million for the full year 2024, representing increases of 21% and 36%, respectively, compared to the prior year comparable periods.
    • Net income of $2.9 million or $0.23 per diluted share for the fourth quarter and $17.2 million or $1.37 per diluted share for the full year 2024, representing increases of 68% and 263%, respectively, compared to the prior fourth quarter and full year 2023 periods.
    • Cash flow generated from operating activities of $9.4 million for the fourth quarter and $66.5 million for the full year 2024. This compares to net cash used in operating activities of $7.7 million for the fourth quarter and cash generated of $18.0 million for the full year 2023.
    • Adjusted EBITDA of $18.0 million for the fourth quarter and $69.5 million for the full year 2024; 2024 Adjusted EBITDA was 52% higher than 2023 and represented the highest level in the Company’s history. Please see Non-GAAP Financial Measures – Adjusted EBITDA, below.

    Management Commentary and Outlook

    “2024 was a transformational year for Natural Gas Services Group as we executed against our strategic objectives and significantly improved our market presence and financial performance,” stated Justin Jacobs, Chief Executive Officer. “During the year, we enhanced our team and infrastructure, further diversified and expanded our customer base, organically expanded into large horsepower electric units, maintained our industry-leading service levels, and materially increased the size of our overall fleet. I am quite proud of the NGS team as their unwavering dedication to our customers and their passion to excel are the driving forces of our results.”

     “2024 was also a record year for NGS as our utilized rental fleet approached 500,000 horsepower and our Adjusted EBITDA increased by over 50% compared to 2023. Equally important, our business became significantly more capital efficient: our total debt increased by only $6 million over the course of 2024 and our leverage declined from 2.53x at the end of 2023 to 2.36x at 2024 year-end. The reduction of working capital was a material driver in the improvement in capital efficiency, and we believe there is more opportunity to monetize non-cash assets in the near term.”

    “Looking forward, we see continued strength in the market. We believe our organic growth rate leads the industry and we are taking market share. This was made possible by the hard work of our service technicians and field service team, our leading compressor technology, and strong partnerships with our customers. We expect 2025 will be another year of significant growth in new large horsepower units and we have already signed material new unit contracts for 2026. We are excited for the future and believe we are well positioned to continue to increase shareholder value.”

    Corporate Guidance – 2025 Outlook

     In November 2024, the Company noted it expected 2024 Adjusted EBITDA to be in the range of $67 – $69 million, total growth capital expenditures for the year to be in the range of $65 – $75 million, and total maintenance expenditures for the year to be in the range of $8 – $11 million. For the full year 2024, the Company reported Adjusted EBITDA of $69.5 million, growth capital expenditures of $60.5 million and maintenance capital expenditures of $11.4 million. Additionally, as of December 31, 2024, rented horsepower stood at 491,756, representing year-over-year growth of 17%.

    The Company today provides the following commentary regarding its financial expectations for the 2025 Fiscal Year. For the year ending December 31, 2025, the Company expects growth capital expenditures, which are mostly comprised of new units (essentially all of which are under contract), to be in the range of $95 – $120 million. Once all these units are deployed with customers, which is expected by early 2026, the Company expects its rented horsepower to increase by approximately 90,000 horsepower, which represents an increase of approximately 18% versus year-end 2024. The timing of unit deployments is very heavily weighted to the second half of 2025 and early 2026. Accordingly, the majority of the impact of 2024 and 2025 growth capital expenditures will start to be reflected in Adjusted EBITDA in the second half of 2025 and the first quarter of 2026.

    Based on the timing of contractual orders and deployments in 2025, the Company expects 2025 Adjusted EBITDA to be in the range of $74 – $78 million, which at the mid-point of the range, represents a 9% increase over 2024. This range is reflective of the timing of anticipated unit deployments.

      Outlook
    FY 2025 Adjusted EBITDA $74 – $78 million
    FY 2025 Growth Capital Expenditures $95 – $120 million
    FY 2025 Maintenance Capital Expenditures $10 – $13 million
    Target Return on Invested Capital At least 20%

    The Company further notes that once all the 2025 growth capital expenditures are spent and the units are deployed, its “run rate” Adjusted EBITDA should increase at a rate (when compared to the fourth quarter of 2024) well in excess of the Company’s anticipated horsepower growth of 18% as noted above. The Company expects 2025 maintenance capital expenditures of $10 – $13 million and its targeted return on invested capital of at least 20% remains unchanged.

    2024 Fourth Quarter Financial Results

    Revenue: Total revenue for the three months ended December 31, 2024 increased 12% to $40.7 million from $36.2 million for the three months ended December 31, 2023. This increase was due primarily to an increase in rental revenues. Rental revenue increased 21% to $38.2 million in the fourth quarter of 2024 from $31.6 million in the fourth quarter of 2024 due to the addition of higher horsepower packages and pricing improvements. As of December 31, 2024, we had 491,756 horsepower (1,208 rented units) compared to 420,432 horsepower (1,247 rented units) as of December 31, 2023, reflecting a 17% increase in total utilized horsepower. Sequentially, total revenue was essentially flat for the comparable periods, primarily related to lower sales revenue offset by an increase in rental revenue.

    Gross Margins: Total gross margins, including depreciation expense increased to $14.6 million for the three months ended December 31, 2024, compared to $13.3 million for the same period in 2023 and decreased from $14.9 million for the three months ended September 30, 2024. Total adjusted gross margin, exclusive of depreciation expense, for the three months ended December 31, 2024, increased to $23.0 million compared to $20.3 million for the three months ended December 31, 2023, and $22.9 million for the three months ended September 30, 2024.  For a reconciliation of Gross Margin, see Non-GAAP Financial Measures – Adjusted Gross Margin, below.

    Operating Income: Operating income for the three months ended December 31, 2024 was $6.0 million compared to operating income of $4.4 million for the three months ended December 31, 2023 and operating income of $9.5 million, during the third quarter of 2024.

    Net Income: Net income for the three months ended December 31, 2024, was $2.9 million, or $0.23 per diluted share compared to net income of $1.7 million or $0.14 per diluted share for the fourth quarter of 2023, and $5.0 million or $0.40 per diluted share for the third quarter of 2024. The increase in net income year-over-year was primarily related to higher rental revenue and rental gross margin, while the sequential decline was primarily related to the inventory allowance and decrease in sales gross profit related to the closure of our Midland fabrication operations, the intangible asset impairment, an increase in stock-based compensation, and an increase in depreciation.

    Cash Flows: At December 31, 2024, cash and cash equivalents were approximately $2.1 million, while working capital was $30.8 million. For the twelve months of 2024, cash flows provided by operating activities were $66.5 million, while cash flows used in investing activities was $71.4 million. This compares to cash flows provided by operating activities of $18.0 million and cash flows used in investing activities of $153.9 million for the comparable twelve-month period in 2023. Cash flow used in investing activities during 2024 included $71.9 million in capital expenditures.

    Adjusted EBITDA: Adjusted EBITDA increased 11% to $18.0 million for the three months ended December 31, 2024, from $16.3 million for the same period in 2023. This increase was primarily attributable to higher rental revenue and rental adjusted gross margin. Sequentially, adjusted EBITDA declined by 1% when compared to $18.2 million for the three months ended September 30, 2024.

    Debt: Outstanding debt on our revolving credit facility as of December 31, 2024 was $170 million. Our leverage ratio at December 31, 2024 was 2.36x and our fixed charge coverage ratio was 2.44x. The Company is in compliance with all terms, conditions and covenants of the credit agreement.

    Selected data: The tables below show revenue by product line, gross margin and adjusted gross margin for the trailing five quarters. Adjusted gross margin is the difference between revenue and cost of sales, exclusive of depreciation.

      Revenues
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Rental $             31,626   $             33,734   $             34,926   $             37,350   $             38,226
    Sales                   2,921                     2,503                     2,270                     1,843                        997
    Aftermarket services                   1,674                        670                     1,295                     1,493                     1,435
    Total $             36,221   $             36,907   $             38,491   $             40,686   $             40,658
      Gross Margin
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Rental $              12,366   $             13,761   $             13,211   $             15,043   $             14,865
    Sales                       553                        253                         (50)                      (258)                      (531)
    Aftermarket services                       421                        163                        269                        151                        296
    Total $              13,340   $             14,177   $             13,430   $             14,936   $             14,630

               

      Adjusted Gross Margin (1)
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Rental $              19,199   $             20,620   $             20,698   $             22,908   $             23,107
    Sales                       620                        323                           21                      (185)                      (449)
    Aftermarket services                       440                        170                        283                        169                        321
    Total $              20,259   $             21,113   $             21,002   $             22,892   $             22,979
      Adjusted Gross Margin %
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
    Rental 60.7 %   61.1 %   59.3 %   61.3 %   60.4 %
    Sales 21.2 %   12.9 %   0.9 %   (10.0) %   (45.0) %
    Aftermarket services 26.3 %   25.4 %   21.9 %   11.3  %   22.4 %
    Total 55.9 %   57.2 %   54.6 %   56.3 %   56.5 %
      Compression Units (at end of period)
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
    Rented horsepower            420,432                444,220                454,568                475,534                491,756   
    Fleet horsepower available            520,365                542,256                552,599                579,699                598,840   
    Horsepower utilization 80.8 %   81.9 %   82.3 %   82.0 %   82.1 %
                       
    Units utilized                1,247                     1,245                     1,242                     1,229                     1,208    
    Fleet units                1,876                     1,894                     1,899                     1,909                     1,912    
    Unit utilization 66.5 %   65.7 %   65.4 %   64.4 %   63.2 %

    (1) For a reconciliation of adjusted gross margin to its most directly comparable financial measure calculated and presented in accordance GAAP, please read “Non-GAAP Financial Measures – Adjusted Gross Margin” below.

    Non-GAAP Financial Measure – Adjusted Gross Margin: “Adjusted Gross Margin” is defined as total revenue less costs of revenues (excluding depreciation and amortization expense). Adjusted gross margin is included as a supplemental disclosure because it is a primary measure used by our management as it represents the results of revenue and costs (excluding depreciation and amortization expense), which are key components of our operations. Adjusted gross margin differs from gross margin, in that gross margin includes depreciation and amortization expense. We believe Adjusted gross margin is important because it focuses on the current operating performance of our operations and excludes the impact of the prior historical costs of the assets acquired or constructed that are utilized in those operations. Depreciation and amortization expense does not accurately reflect the costs required to maintain and replenish the operational usage of our assets and therefore may not portray the costs from current operating activity. Rather, depreciation and amortization expense reflect the systematic allocation of historical property and equipment costs over their estimated useful lives.

    Adjusted gross margin has certain material limitations associated with its use as compared to gross margin. These limitations are primarily due to the exclusion of depreciation and amortization expense, which is material to our results of operations. Because we use capital assets, depreciation and amortization expense is a necessary element of our costs and our ability to generate revenue. In order to compensate for these limitations, management uses this non-GAAP measure as a supplemental measure to other GAAP results to provide a more complete understanding of our performance. As an indicator of our operating performance, Adjusted gross margin should not be considered an alternative to, or more meaningful than, gross margin as determined in accordance with GAAP. Our Adjusted gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted gross margin in the same manner.

    The following table calculates our gross margin, the most directly comparable GAAP financial measure, and reconciles it to Adjusted gross margin for the periods presented:

      Adjusted Gross Margin
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Total revenue $              36,221   $             36,907   $             38,491   $             40,686   $             40,658
    Cost of revenue, exclusive of depreciation                (15,962)                 (15,794)                 (17,489)                 (17,794)                 (17,679)
    Depreciation allocable to costs of revenue                  (6,919)                   (6,936)                   (7,572)                   (7,956)                   (8,349)
    Gross margin                 13,340                   14,177                   13,430                   14,936                   14,630
    Depreciation allocable to costs of revenue                    6,919                     6,936                     7,572                     7,956                     8,349
    Adjusted gross margin $              20,259   $             21,113   $             21,002   $             22,892   $             22,979

    Non-GAAP Financial Measures – Adjusted EBITDA: “Adjusted EBITDA” reflects net income or loss before interest, taxes, depreciation and amortization, non-cash equity-classified stock-based compensation expense, non-recurring restructuring charges including severance expenses, impairments, increases in inventory allowance and retirement of rental equipment. Adjusted EBITDA is a measure used by management, analysts and investors as an indicator of operating cash flow since it excludes the impact of movements in working capital items, non-cash charges and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business. However, Adjusted EBITDA is not a measure of financial performance under accounting principles GAAP, and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by NGS may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable GAAP measure to Adjusted EBITDA is net income (loss).

    The following tables reconciles our net income, the most directly comparable GAAP financial measure, to Adjusted EBITDA for the periods presented:

      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Net income $                1,702   $                5,098   $                4,250   $                5,014   $                2,865
    Interest expense                    2,297                     2,935                     2,932                     3,045                     3,015
    Income tax expense                       431                     1,479                     1,294                     1,383                        283
    Depreciation and amortization                    7,160                     7,087                     7,705                     8,086                     8,469
    Stock-based compensation expense                       228                        274                        242                        522                        783
    Severance and restructuring charges                         —                           —                           33                           —                           —
    Impairments                         —                           —                           —                        136                        705
    Inventory allowance                    3,965                           —                           —                           —                     1,863
    Retirement of rental equipment                       505                             5                           —                           —                           23
    Adjusted EBITDA $              16,288   $             16,878   $             16,456   $             18,186   $             18,006
      Year ended December 31,
      2023   2024  
      (in thousands)
    Net income $                4,747   $             17,227  
    Interest expense                    4,082                   11,927  
    Income tax expense                    1,873                     4,439  
    Depreciation and amortization                 26,550                   31,347  
    Stock-based compensation expense                    2,054                     1,821  
    Severance and restructuring charges                    1,224                           33  
    Impairments                       779                        841  
    Inventory allowance                    3,965                     1,863  
    Retirement of rental equipment                       505                           28  
    Adjusted EBITDA $              45,779   $             69,526  

    Conference Call Details: The Company will host a conference call to review its fourth-quarter and year-end financial results on Tuesday, March 18 at 8:30 a.m. (EST), 7:30 a.m. (CST). To join the conference call, kindly access the Investor Relations section of our website at www.ngsgi.com or dial in at (800) 550-9745 and enter conference ID 167298 at least five minutes prior to the scheduled start time. Please note that using the provided dial-in number is necessary for participation in the Q&A section of the call. A recording of the conference will be made available on our Company’s website following its conclusion. Thank you for your interest in our Company’s updates.

    About Natural Gas Services Group, Inc.
    Natural Gas Services Group is a leading provider of natural gas compression equipment, technology and services to the energy industry. The Company designs, rents, sells and maintains natural gas compressors for oil and natural gas production and plant facilities, primarily using equipment from third-party fabricators and OEM suppliers along with limited in-house assembly. The Company is headquartered in Midland, Texas, with a fabrication facility located in Tulsa, Oklahoma, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com.

    Forward-Looking Statements

    Certain statements herein (and oral statements made regarding the subjects of this release) constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions.

    These forward–looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of the Company. Forward–looking information includes, but is not limited to statements regarding: guidance or estimates related to EBITDA growth, projected capital expenditures; returns on invested capital, fundamentals of the compression industry and related oil and gas industry, valuations, compressor demand assumptions and overall industry outlook, and the ability of the Company to capitalize on any potential opportunities.

    While the Company believes that the assumptions concerning future events are reasonable, investors are cautioned that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Some of these factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to:

    • conditions in the oil and gas industry, including the supply and demand for oil and gas and volatility in the prices of oil and gas;
    • our reliance on major customers;
    • failure of projected organic growth due to adverse changes in the oil and gas industry, including depressed oil and gas prices, oppressive environmental regulations and competition;
    • our inability to achieve increased utilization of assets, including rental fleet utilization and monetizing other non-cash balance sheet assets;
    • failure of our customers to continue to rent equipment after expiration of the primary rental term;
    • our ability to economically develop and deploy new technologies and services, including technology to comply with health and environmental laws and regulations;
    • failure to achieve accretive financial results in connection with any acquisitions we may make;
    • fluctuations in interest rates;
    • regulation or prohibition of new well completion techniques;
    • competition among the various providers of compression services and products;
    • changes in safety, health and environmental regulations;
    • changes in economic or political conditions in the markets in which we operate;
    • the inherent risks associated with our operations, such as equipment defects, malfunctions, natural disasters and adverse changes in customer, employee and supplier relationships;
    • our inability to comply with covenants in our debt agreements and the decreased financial flexibility associated with our debt;
    • inability to finance our future capital requirements and availability of financing;
    • capacity availability, costs and performance of our outsourced compressor fabrication providers and overall inflationary pressures;
    • impacts of world events, such as acts of terrorism and significant economic disruptions and adverse consequences resulting from possible long-term effects of potential pandemics and other public health crises; and
    • general economic conditions.

    In addition, these forward-looking statements are subject to other various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

    For More Information, Contact:
    Anna Delgado, Investor Relations
    (432) 262-2700
    IR@ngsgi.com
    www.ngsgi.com

     NATURAL GAS SERVICES GROUP, INC.
    CONSOLIDATED BALANCE SHEETS
    (in thousands)
    (unaudited)
      December 31,
      2024   2023
    ASSETS      
    Current Assets:      
    Cash and cash equivalents $                2,142   $                2,746
    Trade accounts receivable, net of provision for credit losses                 15,626                   39,186
    Inventory, net of allowance for obsolescence                 18,051                   21,639
    Federal income tax receivable                 11,282                   11,538
    Prepaid expenses and other                   1,075                     1,162
    Total current assets                 48,176                   76,271
    Long-term inventory, net of allowance for obsolescence                         —                        701
    Rental equipment, net of accumulated depreciation               415,021                 373,649
    Property and equipment, net of accumulated depreciation                 22,989                   20,550
    Intangible assets, net of accumulated amortization                         —                        775
    Other assets                   6,342                     6,783
    Total assets $           492,528   $           478,729
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current Liabilities:      
    Accounts payable $                9,670   $             17,628
    Accrued liabilities                   7,688                   15,085
    Total current liabilities                 17,358                   32,713
    Credit facility               170,000                 164,000
    Deferred income taxes                 45,873                   41,636
    Other long-term liabilities                   4,240                     4,486
    Total liabilities               237,471                 242,835
    Commitments and contingencies      
    Stockholders’ Equity:      
    Preferred stock, 5,000 shares authorized, no shares issued or outstanding                         —                           —
    Common stock, 30,000 shares authorized, par value $0.01; 13,762 and 13,688 shares issued as of December 31, 2024 and 2023, respectively                      138                        137
    Additional paid-in capital               118,415                 116,480
    Retained earnings               151,508                 134,281
    Treasury shares, at cost, 1,310 shares for each of December 31, 2024 and 2023, respectively               (15,004)                 (15,004)
    Total stockholders’ equity               255,057                 235,894
    Total liabilities and stockholders’ equity $           492,528   $           478,729
     NATURAL GAS SERVICES GROUP, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share amounts)
    (unaudited)
      Three months ended   Year ended
      December 31,   December 31,
      2024   2023   2024   2023
    Revenue:              
    Rental $         38,226   $         31,626   $       144,236   $       106,159
    Sales                  997                 2,921                 7,613                 8,921
    Aftermarket services               1,435                 1,674                 4,893                 6,087
    Total revenue            40,658              36,221            156,742            121,167
    Cost of revenues (excluding depreciation and amortization)              
    Rental            15,119              12,427                 7,903                 8,919
    Sales               1,446                 2,301              56,903              48,877
    Aftermarket services               1,114                 1,234                 3,950                 4,658
    Total cost of revenues (excluding depreciation and amortization)            17,679              15,962              68,756              62,454
    Selling, general and administrative expenses               5,831                 4,390              21,012              16,938
    Depreciation and amortization               8,469                 7,160              31,347              26,550
    Impairments                  705                      —                    841                    779
    Inventory allowance               1,863                 3,965                 1,863                 3,965
    Retirement of rental equipment                    23                    505                      28                    505
    Loss (gain) on sale of property and equipment, net                    45                  (200)                  (430)                  (481)
    Total operating costs and expenses            34,615              31,782            123,417            110,710
    Operating income               6,043                 4,439              33,325              10,457
    Other income (expense):              
    Interest expense             (3,015)               (2,297)             (11,927)               (4,082)
    Other income (expense)                  120                       (9)                    268                    245
    Total other expense, net             (2,895)               (2,306)             (11,659)               (3,837)
    Income before income taxes               3,148                 2,133              21,666                 6,620
    Provision for income taxes                (283)                  (431)               (4,439)               (1,873)
    Net income $           2,865   $           1,702   $         17,227   $           4,747
    Earnings per share:              
    Basic $              0.23   $              0.14   $              1.39   $              0.39
    Diluted $              0.23   $              0.14   $              1.37   $              0.38
    Weighted average shares outstanding:              
    Basic            12,438              12,378              12,412              12,316
    Diluted            12,586              12,435              12,543              12,383
     NATURAL GAS SERVICES GROUP, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands, except per share amounts)
    (unaudited)
      Three months ended   Year ended
      December 31,   December 31,
      2024   2023   2024   2023
    CASH FLOWS FROM OPERATING ACTIVITIES:              
    Net income $           2,865   $           1,702   $         17,227   $           4,747
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization               8,469                 7,160              31,347              26,550
    Impairments                  705                      —                    841                    779
    Inventory allowance               1,863                 3,965                 1,863                 3,965
    Retirement of rental equipment                    23                    505                      28                    505
    (Gain) loss on sale of property and equipment                    45                  (200)                  (430)                  (481)
    Amortization of debt issuance costs                  216                    138                    746                    425
    Deferred income taxes                  182                    430                 4,237                 1,838
    Stock-based compensation                  783                    228                 1,821                 2,054
    Provision for credit losses                    —                    293                    433                    492
    (Gain) loss on company owned life insurance                     (4)                    186                  (156)                    235
    Changes in operating assets and liabilities:              
    Trade accounts receivables               9,183             (11,438)              23,127             (25,010)
    Inventory               1,355                 1,939                 2,477                  (669)
    Prepaid expenses and prepaid income taxes               1,177                    274                    152                       (7)
    Accounts payable and accrued liabilities           (18,580)             (12,478)             (17,727)                 2,436
    Other               1,144                  (369)                    477                    174
    NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES               9,426               (7,665)              66,463              18,033
    CASH FLOWS FROM INVESTING ACTIVITIES:              
    Purchase of rental equipment,  property and other equipment           (14,544)             (25,380)             (71,894)          (153,943)
    Purchase of company owned life insurance                (187)                    (44)                    (22)                  (422)
    Proceeds from sale of property and equipment                  (28)                    246                    476                    477
    NET CASH USED IN INVESTING ACTIVITIES           (14,759)             (25,178)             (71,440)          (153,888)
    CASH FLOWS FROM FINANCING ACTIVITIES:              
    Proceeds from credit facility borrowings            20,000              36,000              28,000            139,000
    Repayments of credit facility borrowings           (13,000)                      —             (22,000)                      —
    Payments of other long term liabilities                (158)                    (45)                  (780)                    (95)
    Payments of debt issuance costs                    —                  (562)                  (962)               (2,693)
    Proceeds from exercise of stock options                  223                      —                    293                      —
    Taxes paid related to net share settlement of equity awards                    —                       (1)                  (178)                  (983)
    NET CASH PROVIDED BY FINANCING ACTIVITIES               7,065              35,392                 4,373            135,229
    NET CHANGE IN CASH AND CASH EQUIVALENTS               1,732                 2,549                  (604)                  (626)
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                  410                    197                 2,746                 3,372
    CASH AND CASH EQUIVALENTS AT END OF PERIOD $           2,142   $           2,746   $           2,142   $           2,746

    The MIL Network

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 17.03.2025

    Source: GlobeNewswire (MIL-OSI)

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

    Nokia Corporation: Repurchase of own shares on 17.03.2025

    Espoo, Finland – On 17 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 2,034,246 4.91
    CEUX 1,306,506 4.91
    BATE
    AQEU
    TQEX 164,453 4.91
    Total 3,505,205 4.91

    * Rounded to two decimals

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

    Total cost of transactions executed on 17 March 2025 was EUR 17 207 402. After the disclosed transactions, Nokia Corporation holds 175 589 992 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

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

    Inquiries:

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

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

    Attachment

    The MIL Network

  • MIL-OSI: Varonis Acquires Cyral to Reinvent Database Activity Monitoring

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 17, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the data security leader, today announced the acquisition of the next-generation database activity monitoring (DAM) provider Cyral.

    Cyral’s innovative approach to DAM uses agentless and stateless interception technology that deploys quickly and overcomes the challenges legacy vendors face in preventing data breaches and ensuring compliance.

    “By combining Cyral’s cloud-native DAM with Varonis’ robust and growing database security capabilities, customers can begin to upgrade their costly legacy solutions, shattering the silos that have traditionally separated structured and unstructured data security,” said Varonis CEO, President, and Co-founder Yaki Faitelson. “With this acquisition, we are addressing the most difficult database security challenges, and equipping our customers with a modern, end-to-end platform.”

    A structured data explosion fueled by cloud and AI

    The database market is set to explode to $225 billion by 2028. Giants like Databricks and Snowflake have unlocked virtually unlimited capacity and frictionless access to databases, data lakes, and data pipelines. Meanwhile, vector databases, the foundation of AI model training and processing, are challenging security teams with unprecedented scale, volume, and complexity.

    Organizations struggle to secure thousands of managed, unmanaged, and on-prem databases storing their most critical PII, intellectual property, and AI training data. Lack of competition and complex barriers to entry have stifled innovation in the DAM market. The AI era demands a new and novel approach to database security.

    A unified Data Security Platform

    The days of fragmented data security products are ending. Varonis protects data wherever it lives, at rest or in motion, from a single unified platform—enabling organizations to continuously reduce their sensitive data exposure and respond to threats in the age of AI.

    Cyral was co-founded by Manav Mital, who identified the crucial need to manage databases at scale using cloud-native technology. “Varonis’ acquisition of Cyral brings together a shared vision for securing customers’ data end-to-end as AI ushers in a new era of growth and innovation,” said Cyral Co-Founder and CEO Manav Mital. “The lifeblood of AI is data, and Varonis is leading the charge by driving automated data security outcomes at scale.”

    The acquisition is not expected to have a material impact on revenue this year.

    Additional Resources

    Forward-Looking Statements

    This press release contains “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the impact of potential information technology, cybersecurity or data security breaches; risks associated with anticipated growth in Varonis’ addressable market; general economic and industry conditions, such as foreign currency exchange rate fluctuations and expenditure trends for data and cybersecurity solutions; Varonis’ ability to predict the timing and rate of subscription renewals and their impact on the Company’s future revenues and operating results; risks associated with international operations; the impact of global conflicts on the budgets of our clients and on economic conditions generally; competitive factors, including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that Varonis may not be able to attract or retain employees, including sales personnel and engineers; Varonis’ ability to build and expand its direct sales efforts and reseller distribution channels; risks associated with the closing of large transactions, including Varonis’ ability to close large transactions consistently on a quarterly basis; new product introductions and Varonis’ ability to develop and deliver innovative products; Varonis’ ability to provide high-quality service and support offerings; the expansion of cloud-delivered services; and risks associated with our convertible notes and capped-call transactions. These and other important risk factors are described more fully in Varonis’ reports and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release is as of the date hereof, and Varonis undertakes no duty to update or revise this information, whether as a result of new information, new developments or otherwise, except as required by law.

    About Varonis

    Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network

  • MIL-OSI Economics: WTO launches applications for 2025 Young Trade Leaders Programme

    Source: WTO

    Headline: WTO launches applications for 2025 Young Trade Leaders Programme

    Young people between the ages of 18 and 28 with a strong interest in international trade are encouraged to apply. 
    About the Young Trade Leaders Programme
    The Young Trade Leaders Programme was created in 2024 to establish a closer link between young people and the WTO. Candidates selected to be “Young Trade Leaders” will be exceptional young people who demonstrate a clear understanding of how trade can be of benefit to people and planet. They will bring new perspectives and ideas about the role of trade and the WTO, while also having the opportunity to learn about the organization’s work and play a role in advancing its mission.
    How to apply
    Young Trade Leaders are selected for one year. For more details on the 2025 programme and information on how to apply, consult the information note.
    The deadline for applications is 2 May 2025 (23.59 CET).
    Short-listed candidates will be invited to take part in an interview in May 2025.
    The start date for successful candidates is 1 July 2025.
    Benefits
    Selected leaders will have the opportunity to take advantage of training courses organized by the WTO, to benefit from WTO Secretariat advice and mentoring, and to receive support when organizing WTO-related activities in their home countries.
    They will not receive remuneration, but they will be invited to travel to Geneva to participate in the 2025 WTO Public Forum in September. 
    Additional information on the Programme is available here.

    Share

    MIL OSI Economics

  • MIL-OSI Asia-Pac: The cumulative exports (merchandise & services) during April-February2024-25 is estimated at USD 750.53 Billion, as compared to USD 706.43 Billion in April-February2023-24, an estimated growth of 6.24%

    Source: Government of India (2)

    Ministry of Commerce & Industry

    The cumulative exports (merchandise & services) during April-February2024-25 is estimated at USD 750.53 Billion, as compared to USD 706.43 Billion in April-February2023-24, an estimated growth of 6.24%

    The cumulative value of merchandise exports during April-February2024-25 was USD 395.63 Billion, as compared to USD 395.38 Billion during April-February2023-24, registering a positive growth of 0.06%

    The cumulative Non-Petroleum exports in April-February2024-25 valued at USD 337.01Billion registered an increase of 6.43% as compared to USD 316.64Billion in April-February2023-24

    Major drivers of merchandise exports growth in February2025 include Electronic Goods, Rice, Mica, Coal & Other Ores, Minerals including processed minerals, RMG of all Textiles and Coffee

    Electronic Goods exports increased by 26.46% from USD 3 Billion in February2024 to USD 3.79 Billion in February2025

    RMG of all Textiles exports increased by 3.97 % from USD 1.48 Billion in February 2024 to USD 1.53 Billion in February 2025

    Rice exports increased by 13.21% from USD 1.05 Billion in February2024 to USD 1.19 Billion in February2025

    Marine products exports increased by 3.40% from USD 0.49 Billion in February 2024 to USD 0.51 Billion in February 2025

    Mica, Coal & Other Ores, Minerals including processed minerals exports increased by 24.25% from USD 0.40 Billion in February2024 to USD 0.50 Billion in February2025

    Coffeeexports increased by 22.32% from USD 0.15 Billion in February2024 to USD 0.18 Billion in February2025

    Posted On: 17 MAR 2025 6:44PM by PIB Delhi

    • India’s total exports (Merchandise and Services combined) for February2025* is estimated at USD 71.95 Billion, registering a positivegrowth of 3.16 percent vis-à-vis February2024.Total imports (Merchandise and Services combined) for February2025* is estimated at USD 67.52 Billion, registering a negative growth of (-)11.34 percent vis-à-vis February2024.

    Table 1: Trade during February2025*

     

     

    February2025

    (USD Billion)

    February2024

    (USD Billion)

    Merchandise

    Exports

    36.91

    41.41

    Imports

    50.96

    60.92

    Services*

    Exports

    35.03

    28.33

    Imports

    16.55

    15.23

    Total Trade

    (Merchandise +Services) *

    Exports

    71.95

    69.74

    Imports

    67.52

    76.15

    Trade Balance

    4.43

    -6.41

    * Note: The latest data for services sector released by RBI is for January2025. The data for February2025 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-February2023-24 and April-September2024 has been revised on pro-rata basis using quarterly balance of payments data.

    Fig 1: Total Trade during February2025*

    • India’s total exports during April-February2024-25* is estimated at USD 750.53 Billion registering a positive growth of 6.24 percent. Total imports during April-February2024-25* is estimated at USD 839.89 Billion registering a growth of 7.28 percent.

    Table 2: Trade during April-February2024-25*

     

     

    April-February2024-25

    (USD Billion)

    April-February2023-24

    (USD Billion)

    Merchandise

    Exports

    395.63

    395.38

    Imports

    656.68

    621.19

    Services*

    Exports

    354.90

    311.05

    Imports

    183.21

    161.71

    Total Trade

    (Merchandise +Services) *

    Exports

    750.53

    706.43

    Imports

    839.89

    782.90

    Trade Balance

    -89.37

    -76.47

     

    Fig 2: Total Trade during April-February2024-25*        

      

    MERCHANDISE TRADE

    • Merchandise exports during February2025 were USD 36.91 Billion as compared to USD 41.41 Billion in February2024.
    • Merchandise imports during February2025 were USD 50.96 Billion as compared to USD 60.92 Billion in February2024.

     

    Fig 3: Merchandise Trade during February2025

     

    • Merchandise exports during April-February2024-25 were USD 395.63 Billion as compared to USD 395.38Billion during April-February2023-24.
    • Merchandise imports during April-February2024-25 were USD 656.68 Billion as compared to USD 621.19 Billion during April-February2023-24.
    • Merchandise trade deficit during April-February2024-25 was USD 261.06 Billion as compared to USD 225.81 Billion during April-February2023-24.

    Fig4: Merchandise Trade during April-February2024-25

    • Non-petroleum and non-gems & jewellery exports in February2025 were USD 28.57Billion compared to USD 29.99Billion in February2024.
    • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in February2025 were USD 35.02Billion compared to USD 33.96Billion in February2024.

     

    Table 3: Trade excluding Petroleum and Gems & Jewellery during February2025

     

    February2025

    (USD Billion)

    February2024

    (USD Billion)

    Non- petroleum exports

    31.10

    33.19

    Non- petroleum imports

    39.07

    44.03

    Non-petroleum & Non-Gems & Jewellery exports

    28.57

    29.99

    Non-petroleum & Non-Gems & Jewellery imports

    35.02

    33.96

    Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

     

    Fig 5: Trade excluding Petroleum and Gems & Jewellery during February2025

    • Non-petroleum and non-gems & jewellery exports in April-February2024-25 were USD 310.09 Billion, compared to USD 286.55 Billion in April-February2023-24.
    • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-February2024-25 were USD 415.85 Billion, compared to USD 388.82 Billion in April-February2023-24.

     

    Table 4: Trade excluding Petroleum and Gems & Jewellery during April-February2024-25

     

    April-February2024-25

    (USD Billion)

    April-February2023-24

    (USD Billion)

    Non- petroleum exports

    337.01

    316.64

    Non- petroleum imports

    489.96

    458.80

    Non-petroleum &Non Gems& Jewellery exports

    310.09

    286.55

    Non-petroleum & Non Gems & Jewellery imports

    415.85

    388.82

    Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

    Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-February2024-25

    SERVICES TRADE

    • The estimated value of services export for February2025* is USD 35.03 Billion as compared to USD 28.33Billion in February2024.
    • The estimated value of services imports for February2025* is USD 16.55 Billion as compared to USD 15.23Billion in February2024.

    Fig 7: Services Trade during February2025*

    • The estimated value of service exports during April-February2024-25* is USD 354.90 Billion as compared to USD 311.05 Billion in April-February2023-24.
    • The estimated value of service imports during April-February2024-25* is USD 183.21 Billion as compared to USD 161.71 Billion in April-February2023-24.
    • The services trade surplus for April-February2024-25* is USD 171.69 Billion as compared to USD 149.34 Billion in April-February2023-24.

    Fig 8: Services Trade during April-February2024-25*

    • Exports ofTobacco (26.76%), Electronic Goods (26.46%), Mica, Coal & Other Ores, Minerals Including Processed Minerals (24.25%), Coffee (22.32%), Rice (13.21%), Jute Mfg. Including Floor Covering (12.41%), Other Cereals  (11.65%), Meat, Dairy & Poultry Products (6.7%), Carpet (4.87%), Rmg Of All Textiles (3.97%), Marine Products (3.4%), Spices (0.98%) and  Fruits & Vegetables (0.87%) record positive growth during February2025 over the corresponding month of last year.
    • Imports of Silver (-75.04%), Gold (-61.98%), Pearls, Precious & Semi-Precious Stones (-41.61%), Coal, Coke & Briquettes, Etc. (-35.63%), Petroleum, Crude & Products (-29.59%), Iron & Steel (-23.37%), Transport Equipment (-16.93%), Newsprint (-12.43%), Artificial Resins, Plastic Materials, Etc. (-6.21%), Professional Instrument, Optical Goods, Etc. (-5.01%), Machine Tools (-3.68%), Fruits & Vegetables  (-0.93%) record negative growth during February2025 over the corresponding month of last year.
    • Services exports is estimated to grow by 14.10percent during April-February2024-25* over April-February2023-24.
    • Top 5 export destinations, in terms of change in value, exhibiting positive growth in February2025 vis a vis February2024 are U S A (10.37%), Australia (76.19%), Japan (26.55%), Brazil (10.85%) and Nigeria (10.75%).
    • Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-February2024-25 vis a vis April-February2023-24 are U S A (9.1%), U Arab Emts (5.19%), U K (12.47%), Japan (21.67%) and Netherland (3.68%).
    • Top 5 import sources, in terms of change in value, exhibiting growth in February2025 vis a vis February2024 are Thailand (145.45%), China P Rp (7.83%), Brazil (162.18%), Ireland (117.17%) and Oman (30.24%).
    • Top 5 import sources, in terms of change in value, exhibiting growth in April-February2024-25 vis a vis April-February2023-24 are U Arab Emts (29.21%), China P Rp (10.41%), Thailand (42.4%), U S A (7.23%) and Russia (4.9%).

    *Link for Quick Estimates

    ***

    Abhishek Dayal/ Abhijith Narayanan

    (Release ID: 2111954)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CCI approves the acquisition of certain additional shareholding in Tata Play Limited (Tata Play) by Tata Sons Private Limited (Tata Sons) from Baytree Investments (Mauritius) Pte Ltd.

    Source: Government of India

    Posted On: 17 MAR 2025 8:32PM by PIB Delhi

    The Competition Commission of India has approved the acquisition of certain additional shareholding in Tata Play Limited (Tata Play) by Tata Sons Private Limited (Tata Sons) from Baytree Investments (Mauritius) Pte Ltd.

    The Proposed Combination involves the acquisition of 10% shareholding in Tata Play by Tata Sons.

    Tata Sons is an investment holding company, which is registered as a core investment company with the Reserve Bank of India and classified as a “Systemically Important Non-Deposit Taking Core Investment Company”.

    Tata Play, formerly known as Tata Sky, is one of India’s leading content distribution platforms providing Pay TV and Over-the-top (OTT) services. It provides Direct-to-Home (DTH) television, offering broadcaster’s satellite television channels and platform services across genres and languages. Tata Play also provides Tata Play Binge, an OTT platform that brings diverse and popular OTT apps on a single user interface.

    Detailed order of the Commission will follow.

    *****

    NB/AD

     

    (Release ID: 2112017) Visitor Counter : 35

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Indian Railways’ financial condition is good, providing more subsidy to passengers: Union Railway Minister

    Source: Government of India

    Indian Railways’ financial condition is good, providing more subsidy to passengers: Union Railway Minister

    The cost of travel per kilometer by train is ₹1.38, but passengers are charged only 73 paise.

    This year, 1,400 locomotives have been produced, which is more than the combined production of America and Europe.

    By March 31, Indian Railways, with 1.6 billion tons of cargo carriage, will be among the world’s top 3 countries.

    Important steps have been taken to prevent incidents like the New Delhi Railway Station accident in the future: Union Railway Minister

    Posted On: 17 MAR 2025 8:28PM by PIB Delhi

    Union Minister of Railways, Information & Broadcasting, and Electronics & Information Technology, Shri Ashwini Vaishnaw, today, during the discussion on the working of the Ministry of Railways in the Rajya Sabha, highlighted the achievements of Indian Railways and its future plans. He said that Indian Railways is not only providing safe and quality services to passengers at affordable fares but is also making a distinct identity at the global level. He also mentioned that in India, railway fares are lower compared to neighboring countries like Pakistan, Bangladesh, and Sri Lanka, whereas in Western countries, they are 10 to 20 times higher than in India.

    Regarding the subsidy being given to rail passengers, the Railway Minister said that currently, the cost of travel per kilometer by train is ₹1.38, but passengers are charged only 73 paise, meaning 47% subsidy is provided. In the financial year 2022-23, passengers were given a subsidy of ₹57,000 crore, which increased to approximately ₹60,000 crore in 2023-24 (provisional figure). Our goal is to provide safe and better services at minimal fares.

    Highlighting the benefits of railway electrification, the Union Minister said that despite the increasing number of passengers and freight transport, energy costs have remained stable. Indian Railways is working on the target of achieving ‘Scope 1 Net Zero’ by 2025 and ‘Scope 2 Net Zero’ by 2030. He informed that the export of locomotives manufactured at the Madhepura factory in Bihar will soon begin. Currently, Indian Railways’ passenger coaches are being exported to Mozambique, Bangladesh, and Sri Lanka, while locomotives are being sent to Mozambique, Senegal, Sri Lanka, Myanmar, and Bangladesh. Apart from this, bogie underframes are being exported to the United Kingdom, Saudi Arabia, France, and Australia, while propulsion parts are being sent to France, Mexico, Germany, Spain, Romania, and Italy.

    This year, 1,400 locomotives have been produced in India, which is more than the combined production of America and Europe. Along with this, 2 lakh new wagons have been added to the fleet. The Minister stated that in the financial year ending March 31, Indian Railways will transport 1.6 billion tons of cargo, making India one of the top three countries in the world, including China and America. This reflects the increasing capacity of the railway and its significant role in the logistics sector.

    Talking about railway safety, Union Minister Shri Ashwini Vaishnaw said that 41,000 LHB coaches have been prepared, and all ICF coaches will be converted into LHB coaches. Long rails, electronic interlocking, fog safety devices, and the ‘Kavach’ system are being implemented rapidly. Thanking Prime Minister Shri Narendra Modi, Shri Vaishnaw stated that earlier, the railway used to receive ₹25,000 crore in support, which has now increased to more than ₹2.5 lakh crore, leading to significant infrastructure improvements. Meanwhile, 50 Namo Bharat trains are being manufactured, offering both AC and non-AC options for short-distance travel.

    Regarding the recent accident at New Delhi Railway Station, the Union Railway Minister informed the House that a high-level committee is investigating this tragic incident. CCTV footage and all data have been secured, and facts are being examined by talking to about 300 people. Important steps have been taken to prevent such incidents in the future.

    The Minister said that our government is committed to the poorest of the poor. That is why the number of general coaches is being increased by 2.5 times compared to AC coaches. According to the current production plan, there is a program for the manufacturing of 17,000 non-AC coaches. Along with this, he stated that the financial condition of Indian Railways is good, and continuous efforts for improvement are ongoing. The railway has successfully overcome the challenges related to the COVID pandemic. The number of passengers is increasing, and freight transport is also rising. Now, railway revenue is about ₹2.78 lakh crore, and expenses are ₹2.75 lakh crore. Indian Railways is covering all major expenses from its own income, which has been made possible due to the better performance of the railway.

    In his concluding remarks in the Rajya Sabha, Shri Vaishnaw assured that the railway would emerge as a more modern, safe, and environmentally friendly transportation system in the future.

    ****

    Dharamendra Tewari/Shatrunjay Kumar

    (Release ID: 2112013) Visitor Counter : 60

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: English Translation of Press Statement by Prime Minister during India-New Zealand Joint Press Statement

    Source: Government of India

    Posted On: 17 MAR 2025 7:26PM by PIB Delhi

    Your Excellency, Prime Minister Luxon,
    Delegates from both the countries,
    Friends from Media,
    Namaskar!
    Kia Ora!

    I warmly welcome Prime Minister Luxon and his delegation to India. Prime Minister Luxon has had a long relationship with India. We all witnessed, how a few days ago, he celebrated the joyous festival of Holi in Auckland! Prime Minister Luxon’s affection towards the people of Indian origin living in New Zealand can also be seen from the fact that a large community delegation has accompanied him to India. It is a matter of great pleasure for us to have a young, energetic and talented leader like him as the Chief Guest of the Raisina Dialogue this year.

    Friends,

    Today we held in-depth discussions on various areas of our bilateral relations. We’ve decided to strengthen and institutionalise our defense and security collaboration. In addition to joint exercises, training, and port visits, a roadmap for bilateral defense industry collaboration will be developed. Our navies are working together in the Combined Task Force-150 for maritime security in the Indian Ocean. And, we are happy that a New Zealand naval ship is making a port call in Mumbai in two days.

    Friends,

    We have decided to begin discussions for a mutually beneficial Free Trade Agreement between the two countries. This shall increase the potential for bilateral trade and investment. Mutual cooperation and investment shall be encouraged in fields such as Dairy, Food Processing, and Pharma. We have given priority to mutual cooperation in the areas of Renewable Energy and Critical Minerals. Joint work shall be done in Forestry and Horticulture. I am confident that the large business delegation accompanying the Prime Minister shall get an opportunity to explore and understand the new possibilities in India.

    Friends,

    Whether it is cricket, hockey, or mountaineering, the two countries share a long-standing bond in sports. We have agreed to strengthen cooperation in sports coaching, player exchange, and areas such as sports science, psychology, and medicine. We have decided to celebrate 100 years of sports relations between our two nations in 2026.

    Friends,

    The Indian community living in New Zealand is making a valuable contribution to the country’s social and economic development. We have agreed to work swiftly on an agreement to simplify the mobility of skilled workers and address issues related to illegal migration. We shall also focus on enhancing UPI connectivity, promoting digital transactions, and boosting tourism. Our ties in the field of education are long-standing, and we invite universities from New Zealand to establish campuses in India.

    Friends,

    We stand united against terrorism. Whether it is the Christchurch terrorist attack of March 15, 2019 or the Mumbai attack of November 26, 2008, terrorism in any form is unacceptable. Strict action must be taken against those responsible for such attacks. We will continue to cooperate in combating terrorism, separatist, and extremist elements. In this regard, we have also shared our concerns about anti-India activities by certain illegal elements in New Zealand. We’re confident that we will continue to receive the full cooperation of the New Zealand Government against such illegal elements.

    Friends,

    We both support a free, open, secure, and prosperous Indo-Pacific. We believe in the policy of development, not expansionism. We welcome New Zealand joining the Indo-Pacific Ocean Initiative. Following its membership in the International Solar Alliance, we also congratulate New Zealand for joining the CDRI.

    Friends,

    Finally, in the language of Rugby, I would say – both of us are ready to “Front up” for a bright future in our relationship. We are ready to step up together and take responsibility for a bright partnership! And, I am confident that our partnership will prove to be a match-winning partnership for the people of both countries.

    Thank you very much!

    DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

    MIL OSI Asia Pacific News

  • MIL-OSI Global: Trump shrugs off stock market slump, but economic warning signs loom

    Source: The Conversation – UK – By Conor O’Kane, Senior Lecturer in Economics, Bournemouth University

    bodrumsurf / Shutterstock

    During Donald Trump’s first term as US president, he regularly referred to rising stock markets as evidence of the success of his economic policies. “Highest Stock Market EVER”, Trump wrote on social media in 2017 after record gains. “That doesn’t just happen!”

    And after securing a second term in November 2024, some of Trump’s close advisers told the New York Times that the president “sees the market as a barometer of his success and abhors the idea that his actions might drive down stock prices”.

    This, in addition to a broader economic policy agenda committed to lower regulation and significant tax cuts, had Wall Street investors bullish about their prospects under the new Trump administration.

    But fears of an escalating trade war have seen the S&P 500, an index of the leading 500 publicly traded companies in the US, drop more than 10% from its February 2025 high. A decline of this magnitude in a major index is what professional traders refer to as a “correction”. In less than a month, roughly US$5 trillion (£3.9 trillion) has been wiped off the value of US stocks.

    So, what exactly is driving down stock prices? Economists cite the president’s brinkmanship, as well as his start-stop approach to tariffs with Canada and Mexico, as having rattled global investors. Some commentators believe this “chaotic” trade agenda has created huge uncertainty for consumers, investors and businesses.

    In view of such policies, a recent JP Morgan report said that US economic policy was “tilting away from growth”, and put the chances of a US recession at 40%, up from 30% at the start of the year. Moody’s Analytics has upped the odds of a US recession from 15% to 35%, citing tariffs as a key factor driving the downturn in its outlook.

    Any economic downturn would have an adverse impact on the profitability of US corporations, and the declining share prices reflect the negative outlook from investors.

    So far, the Trump administration appears unfazed by the US stock market decline. In an address to Congress on March 4, Trump declared his use of tariffs was all about making America rich again. “There will be a little disturbance, but we’re okay with that,” he said.

    The White House has, since then, announced that some short-term pain may be necessary for Trump to implement his trade agenda successfully, which is designed to bring manufacturing jobs back to the US.

    So, should we read this economic turbulence as a temporary blip? Or is it symptomatic of a more fundamental shift in the US economy?

    Change of strategy

    Stephen Miran, who was recently confirmed as chairman of Trump’s council of economic advisers, wrote a paper in November 2024 titled: A User’s Guide to Restructuring the Global Trading System. The paper gives us an insight into the Trump administration’s wider economic strategy.

    It sets out Trump’s desire “to reform the global trading system and put American industry on fairer ground vis-a-vis the rest of the world”. Miran cites persistent US dollar overvaluation as the root cause of economic imbalances.

    Miran does not believe that tariffs are inflationary, and argues that their use during Trump’s first presidential term had little discernible macroeconomic consequences. He does concede that tariffs may eventually lead to an appreciation – or further overvaluation – of the US dollar. However, Miran sees the extent of that appreciation as “debatable”.

    He sees tariffs as a tool for leverage in trade negotiations. The administration could, for example, agree to a reduction in tariffs in exchange for significant investment is the US by key trading partners. China investing in car manufacturing in the US is specifically mentioned in his analysis.

    Miran also states his belief that tariffs can be used to raise tax revenues from foreigners in order to retain low tax rates on American citizens.

    Some economists agree that the US dollar is overvalued. A combination of its role as the world’s reserve currency, as well as the attractiveness of the US economy as an investment destination, fuels demand for the US dollar and makes it stronger.

    A strong US dollar has made American manufacturing exports less competitive. This has cost American jobs. The “rust belt” states of the north-eastern and mid-western US have experienced a decline in manufacturing employment over the past 40 years, which is evidence of this.

    However, it is worth noting that the many US manufacturers who import manufactured parts or components to make their products do benefit from a stronger dollar. This is because it makes the parts and materials they are importing cheaper. US mortgage holders and investors also benefit from a stronger dollar through lower interest rates on loans.

    Steven Englander, the head of research and strategy at Standard Chartered bank, believes there are some contradictions in the Trump administration’s approach.

    In a recent interview with the Financial Times, Englander said: “The problem for the new administration is that it simultaneously wants a weaker dollar, a reduced trade deficit, capital inflows, and the dollar to remain the key currency in international reserves and payments.”

    Reduced trade deficits and capital inflows would typically strengthen the US dollar, as does its position as the world’s reserve currency.

    As Miran says in his paper: “There is a path by which the Trump administration can reconfigure the global trading and financial systems to America’s benefit. But it is narrow, and will require careful planning, precise execution, and attention to steps to minimise adverse consequences.”

    Only time will tell whether the Trump administration can successfully navigate this “narrow” path. In the meantime, the recent turbulence in US stock prices appears to be acceptable to the Trump administration in their pursuit of reforming the global financial system.

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

    ref. Trump shrugs off stock market slump, but economic warning signs loom – https://theconversation.com/trump-shrugs-off-stock-market-slump-but-economic-warning-signs-loom-251988

    MIL OSI – Global Reports

  • MIL-Evening Report: Why build nuclear power in place of old coal, when you could have pumped hydropower instead?

    Source: The Conversation (Au and NZ) – By Timothy Weber, Research Officer for School of Engineering, Australian National University

    Phillip Wittke, Shutterstock

    Australia’s energy policy would take a sharp turn if the Coalition wins the upcoming federal election. A Dutton government would seek to build seven nuclear power plants at the sites of old coal-fired power stations.

    The Coalition says its plan makes smart use of the existing transmission network and other infrastructure. But solar and wind power would need to be curtailed to make room in the grid for nuclear energy. This means polluting coal and gas power stations would remain active for longer, releasing an extra 1 billion to 2 billion tonnes of carbon dioxide.

    So is there another option? Yes: pumped hydro storage plants. This technology is quicker and cheaper to develop than nuclear power, and can store solar and wind rather than curtail it. It’s better suited to Australia’s electricity grid and would ultimately lead to fewer emissions. Drawing on our recent global analysis, we found the technology could be deployed near all but one of the seven sites the Coalition has earmarked for nuclear power.

    The Coalition is likely to spend anywhere from A$116 billion to $600 billion of taxpayers’ money to deliver up to 14 gigawatts of nuclear energy. Experts say the plan will not lower power prices and will take too long to build. Our findings suggest cheap storage of solar and wind, in the form of pumped hydro, is a better way forward.

    This way, we can continue to build renewable energy capacity while stabilising the grid. More than 45GW of solar and wind is already up and running, with a further 23GW being supported by the Capacity Investment Scheme until 2027. Only a handful of the pumped hydro sites we found would be needed to decarbonise the energy system, reaching the 1,046 gigawatt-hours of storage CSIRO estimates Australia needs.

    Building pumped hydro storage systems near old coal-fired power generators has some advantages, such as access to transmission lines – although more will be needed as electricity demand increases. But plenty of other suitable sites exist, too.

    Filling the gaps

    Pumped hydro is a cheap, mature technology that currently provides more than 90% of the world’s electrical energy storage.

    It involves pumping water uphill from one reservoir to another at a higher elevation for storage. Then, when power is needed, water is released to flow downhill through turbines, generating electricity on its way to the lower reservoir.

    Together with battery storage, pumped hydro solves the very real problem of keeping the grid stable and reliable when it is dominated by solar and wind power.

    By 2030, 82% of Australia’s electricity supply is expected to come from renewables, up from about 40% today.

    But solar panels only work during the day and don’t produce as much power when it’s cloudy. And wind turbines don’t generate power when it’s calm. That’s where storage systems come in. They can charge up when electricity is plentiful and then release electricity when it’s needed.

    Grid-connected batteries can fill short-term gaps (from seconds to a few hours). Pumped hydro can store electricity overnight, and longer still. These two technologies can be used together to supply electricity through winter, and other periods of calm or cloudy weather.

    Two types of pumped-storage hydropower, one doesn’t require dams on rivers.
    NREL

    Finding pumped hydro near the Coalitions’s proposed nuclear sites

    Australia has three operating pumped hydro systems: Tumut 3 in the Snowy Mountains, Wivenhoe in Queensland, and Shoalhaven in the Kangaroo Valley of New South Wales.

    Two more are under construction, including Snowy 2.0. Even after all the cost blowouts, Snowy 2.0 comes at a modest construction cost of A$34 per kilowatt-hour of energy storage, which is ten times cheaper than the cost CSIRO estimates for large, new batteries.

    We previously developed a “global atlas” to identify potential locations for pumped hydro facilities around the world.

    More recently, we created a publicly available tool to filter results based on construction cost, system size, distance from transmission lines or roads, and away from environmentally sensitive locations.

    In this new analysis, we used the tool to find pumped hydro options near the sites the Coalition has chosen for nuclear power plants.

    Mapping 300 potential pumped hydro sites

    The proposed nuclear sites are:

    • Liddell Power Station, New South Wales
    • Mount Piper Power Station, New South Wales
    • Loy Yang Power Stations, Victoria
    • Tarong Power Station, Queensland
    • Callide Power Station, Queensland
    • Northern Power Station, South Australia (small modular reactor only)
    • Muja Power Station, Western Australia (small modular reactor only).

    We used our tool to identify which of these seven sites would instead be suitable for a pumped hydro project, using the following criteria:

    • low construction cost (for a pumped hydro project)

    • located within 85km of the proposed nuclear sites.

    We included various reservoir types in our search:



    Exactly 300 sites matched our search criteria. No options emerged near the proposed nuclear site in Western Australia, but suitable sites lie further north in the mining region of the Pilbara.

    One option east of Melbourne, depicted in the image below, has a storage capacity of 500 gigawatt-hours. Compared with Snowy 2.0, this option has a much shorter tunnel, larger energy capacity, and larger height difference between the two reservoirs (increasing the potential energy stored in the water). And unlike Snowy 2.0, it is not located in a national park.



    Of course, shortlisted sites would require detailed assessment to confirm the local geology is suitable for pumped hydro, and to evaluate potential environmental and social impacts.

    More where that came from

    We restricted our search to sites near the Coalition’s proposed nuclear plants. But there are hundreds of potential pumped hydro sites along Australia’s east coast.

    Developers can use our free tool to identify the best sites.

    So far, the Australian electricity transition has mainly been driven by private investment in solar and wind power. With all this renewable energy entering the grid, there’s money to be made in storage, too.

    Large, centralised, baseload electricity generators, such as coal and nuclear plants, are becoming a thing of the past. A smarter energy policy would balance solar and wind with technologies such as pumped hydro, to secure a reliable electricity supply.

    Timothy Weber receives funding from the Australian government Department of Foreign Affairs and Trade, and the Australian Centre for Advanced Photovoltaics.

    Andrew Blakers receives funding from the Australian government Department of Foreign Affairs and Trade and other organisations.

    ref. Why build nuclear power in place of old coal, when you could have pumped hydropower instead? – https://theconversation.com/why-build-nuclear-power-in-place-of-old-coal-when-you-could-have-pumped-hydropower-instead-252017

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Scientific misconduct is on the rise. But what exactly is it?

    Source: The Conversation (Au and NZ) – By Nham Tran, Associate Professor, School of Biomedical Engineering, University of Technology Sydney

    PowerUp/Shutterstock

    German anaesthesiologist Joachim Boldt has an unfortunate claim to fame. According to Retraction Watch, a public database of research retractions, he is the most retracted scientist of all time. To date, 220 of his roughly 400 published research papers have been retracted by academic journals.

    Boldt may be a world leader, but he has plenty of competition. In 2023, more than 10,000 research papers were retracted globally – more than any previous year on record. According to a recent investigation by Nature, a disproportionate number of retracted papers over the past ten years have been written by authors affiliated with several hospitals, universities and research institutes in Asia.

    Academic journals retract papers when they are concerned that the published data is faked, altered, or not “reproducible” (meaning it would yield the same results if analysed again).

    Some errors are honest mistakes. However, the majority of retractions are associated with scientific misconduct.

    But what exactly is scientific misconduct? And what can be done about it?

    From fabrication to plagiarism

    The National Health and Medical Research Council is Australia’s primary government agency for medical funding. It defines misconduct as breaches of the Code for the Responsible Conduct of Research.

    In Australia, there are broadly eight recognised types of breaches. Research misconduct is the most severe.

    These breaches may include failure to obtain ethics approval, plagiarism, data fabrication, falsification and misrepresentation.

    This is what was behind many of Boldt’s retractions. He made up data for a large number of studies, which ultimately led to his dismissal from the Klinikum Ludwigshafen, a teaching hospital in Germany, in 2010.

    In another case, China’s He Jiankui was sentenced to three years in prison in 2019 for creating the world’s first genetically edited babies using the gene-editing technology known as CRISPR. His crime was that he falsified documents to recruit couples for his research.

    The “publish or perish” culture within academia fuels scientific misconduct. It puts pressure on academics to meet publication quotas. It also rewards them for greater research output, in the form of promotions, funding and recognition. And this can mean research quality is sacrificed for quantity.

    Honest mistakes

    But not all research misconduct is premeditated. Some is the result of honest mistakes made by scientists.

    For example, Sergio Gonzalez, a young scientist at the Institute for Neurosciences of Montpellier in France, mistakenly uploaded several wrong images to an academic paper and its supplementary material. This didn’t have any effect on the findings of the paper, which were based on the correct images.

    But it still represented a case of image duplication and misrepresentation of data. This lead to the journal retracting the paper and launching an investigation. The investigation concluded the breach was unintentional and resulted from the pressures of academic research.

    Fewer than 20% of all retractions are due to honest mistakes. Researchers usually contact the publisher to correct errors when they are detected, with no major consequences.

    The need for a national oversight body

    In many countries, an independent national body oversees research integrity.

    In the United Kingdom, this body is known as the Committee on Research Integrity. It is responsible for improving research integrity and addressing misconduct cases. Similarly, in the United States, the Office of Research Integrity handles allegations of research misconduct.

    In contrast, Australia lacks an independent body directly tasked with investigating research misconduct. There is a body known as the Australian Research Integrity Committee. But it only reviews the institutional procedures and governance of investigations to ensure they are conducted fairly and transparently – and with limited effectiveness. For example, last year it received 13 complaints, only five of which were investigated.

    Instead Australia relies on a self-regulation model. This means each university and research institute aligns its own policy with the Code for the Responsible Conduct of Research. Although this code originated in medical research, its principles apply across all disciplines.

    For example, in archaeology, falsifying an image or deliberately reporting inaccurate carbon dating results constitutes data fabrication. Another common breach is plagiarism, which can also be applied to all fields.

    But self-governance on integrity matters is fraught with problems.

    Investigations often lack transparency and are carried out internally, creating a conflict of interest. Often the investigative teams are under immense pressure to safeguard their institution’s reputation rather than uphold accountability.

    A 2023 report by the Australia Institute called for the urgent establishment of an independent, government-funded research integrity watchdog.

    The report recommended the watchdog have direct investigatory powers and that academic institutions be bound by its findings.

    The report also recommended the watchdog should release its findings publicly, create whistleblower protections, establish a proper appeals process and allow people to directly raise complaints with it.

    Research credibility is on the line

    The consequences of inadequate oversight are already evident.

    One of the biggest research integrity scandals in Australian history involved Ali Nazari, an engineer from Swinburne University. In 2022 an anonymous whistleblower alleged Nazari was part of an international research fraud cartel involving multiple teams.

    Investigations cast doubt on the validity of the 287 papers Nazari and the other researchers had collectively published. The investigations uncovered numerous violations, including 71 instances of falsified results, plagiarism and duplication, and 208 instances of self-plagiarism.

    Similarly, Mark Smyth, formerly of the Queensland Institute of Medical Research, fabricated research data to support grant applications and clinical trials. An independent inquiry concluded he used his reputation, status and authority to bully and intimidate junior colleagues.

    If Australia had a independent research integrity body, there would be a clear governance structure and an established and transparent pathway for reporting breaches at a much earlier stage.

    Timely intervention would help reduce further breaches through swift investigation and corrective action. Importantly, consistent governance across Australian institutions would help ensure fairness. It would also reduce bias and uphold the same standards across all misconduct cases.

    The call for an independent research integrity watchdog is long overdue.

    Only through impartial oversight can we uphold the values of scientific excellence, protect public trust, and foster a culture of accountability that strengthens the integrity of research for all Australians.

    Nham Tran has received funding from Australian Research Council.

    ref. Scientific misconduct is on the rise. But what exactly is it? – https://theconversation.com/scientific-misconduct-is-on-the-rise-but-what-exactly-is-it-247352

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI United Nations: Enabling inclusivity by gender mainstreaming the quality infrastructure for trade

    Source: United Nations Economic Commission for Europe

    Background

    Standards shape the products that surround us. They also help facilitate trade. It is important to ensure that all human beings are properly represented in the processes that develop the standards that affect them, especially women and that this gender mainstreaming remains constant throughout the quality infrastructure for trade.

    Building upon work within the UNECE Working Party on Regulatory Cooperation and Standardization Policies (WP.6), this project will raise awareness and build capacity on gender mainstreaming in standards development bodies and the government agencies involved in the quality infrastructure for trade.

    The work undertaken so far revealed that the main challenge for standards development organizations is to develop a workable gender action plan and to roll this out. The UNECE Guidelines on the topic provide a clear way forward to increase inclusiveness and ensure a gender lens to standards development. This project aims to tackle some of the remaining challenges:

    • building the consensus and buy-in;
    • making sure that the gender action plan is not just words on paper but actionable targets;
    • verifying that the results are effective;
    • developing recommendations on the best way forward…

    Objective

    This launch event will mark the start of this project in Georgia. It will bring together the main actors in the quality infrastructure for trade and outline the work which has already been achieved internationally in relation to gender-responsive standards. It will then explore how this can be rolled out to other bodies involved in the quality infrastructure for trade.

    The first day shall be a conference open to a wide audience laying down the basic principles of gender mainstreaming in standards development and in the processes linked to quality infrastructure for trade.

    The second day shall be a closed workshop for a targeted group of experts from each of the relevant quality infrastructure bodies who will be directly working on this project over the next two years.

    Target audience

    Target institutions include agencies with a remit on metrology, market surveillance, conformity assessment, accreditation, standardization, laboratory testing and all other stakeholders involved in the quality infrastructure for trade.

    Draft agenda

    20 February 2025, workshop aimed at enabling the team who will work on this project meet the objectives

    21 February 2025, conference

    • Opening and welcome remarks
      • Ariel Ivanier, Chief, Market Access Section, United Nations Economic Commission for Europe (UNECE) [Bio & PPT]
      • Erik Andermo, Economist, Office of the UN Resident Coordinator (RCO) [Bio & PPT]

      • Mariam Gabunia, Head of the Foreign Trade Policy Department, Ministry of Economy and Sustainable Development
      • Davit Tkemaldze, Director General, Georgian National Agency for Standards and Metrology (GeoSTM) [Bio & PPT]
      • Giorgi Chitadze, Deputy Director General, Georgian Accreditation Center [Bio & PPT]
    • Keynote speech
      • Nino Elizbarashvili, Association Women in Business
    • Case study
      • Karin Lindmark, Head of Technical Policies and Standardization Services, Swedish Institute for Standards (SIS) [Bio & PPT]
    • Why quality infrastructure?
      • Lance Thompson, Head Regulatory Cooperation Unit, UNECE [Bio & PPT]
      • Nino Manvelidze [Bio & PPT]
    • Why gender mainstreaming?
      • Lance Thompson, UNECE [PPT2]
      • Rachel Miller, International Organization for Standardization (ISO) [Bio & PPT
      • Karin Lindmark, SIS

    Lunch break

    • Basics of gender
      • Rachel Miller, ISO
      • Karin Lindmark, SIS
      • Nino Elizbarashvili, Association Women in Business
      • Ketevan Shubashvili, UN Women
    • Gender perspectives in trade policy and standards
      • Ariel Ivanier, UNECE
      • Nino Manvelidze
    • Lessons learned from gender-responsive standards
      • Lance Thompson, UNECE [PPT3]
      • Rachel Miller, ISO
    • Barriers and enablers for gender mainstreaming in quality infrastructure
      • Rachel Miller, ISO

    MIL OSI United Nations News

  • MIL-OSI United Nations: United Nations Outreach Programme on Transatlantic Slave Trade, Slavery Hosts Sculpture Exhibition by African Diaspora Artists

    Source: United Nations General Assembly and Security Council

    A new sculpture exhibition featuring artists from across the African diaspora is now open at United Nations Headquarters in New York and will run until 25 April, honouring the resistance of enslaved Africans and the powerful voices of their descendants, whose leadership and cultural innovations enrich our societies today.

    The exhibition The Stories of Us features five large-scale “talking drums” by the artists Alanis Forde, Francks Deceus, Láolú, Leasho Johnson and Marryam Moma.  It will run in the United Nations Visitors’ Lobby through 11 April, alongside explanatory wall panels that delve into the artists’ motivation and process.  It will then move outside to the United Nations Visitors’ Plaza, where it will serve as the backdrop for the many dynamic music, dance and high-level events scheduled for the annual Permanent Forum for People of African Descent (14-17 April).

    The exhibit is open to all public visitors to the United Nations, including during the annual observance of the International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade, on 25 March.

    For a short video promo, please see: https://youtube.com/watch?v=RYL8mfXDcnM.

    Press and Photo Call 24 March

    Members of the press are invited to view the exhibition and interact with artists and curators on Monday, 24 March, from 9 a.m. to 5 p.m.

    For members of the press without media accreditation visit the media accreditation website for more information on accessing the United Nations.

    Curated by The Stories of Us and organized in collaboration with the United Nations Outreach Programme on the Transatlantic Slave Trade and Slavery, The Stories of Us exhibition explores the universal ideals of equality and solidarity — which are at the heart of the Universal Declaration of Human Rights and the Charter of the United Nations — through the lens of Afro-descendant artists.

    The sculptures focus on the theme of resistance, spanning Afro-descendant communities’ roots in the rich cultural soil of the African continent, to the period of emancipation, to the tradition of “good trouble” that has inspired activists across the globe for generations.  The exhibition serves as an invitation to reimagine who we want to be, and to act in the spirit of unity, envisioning a more inclusive and just world for all.

    The United Nations Outreach Programme on the Transatlantic Slave Trade and Slavery was established in 2007 by the United Nations General Assembly.  It educates the public about the history of the transatlantic trade in enslaved Africans and its legacies, including racism and discrimination, through activities including online discussions, film screenings and exhibits.

    The Stories of Us is a non-profit organization that curates exhibitions created by a diverse collective of artists.  Its makers bring their own stories, insights and genius to invite the public to explore humanity’s shared past and present, and to reimagine a future for all.

    For more information, and to schedule a press viewing, please contact Melissa Summers at email:  melissa.summers@un.org.

    MIL OSI United Nations News