Source: US Justice – Antitrust Division
Headline: North Carolina Man Pleads Guilty to Attempting to Illegally Export Sensitive Technology to China
David C. Bohmerwald, 63, the owner of a Raleigh-based electronics resale business called Components Cooper Inc., pleaded guilty to attempting to export accelerometer technology with military applications to China without a license, in violation of the Export Control Reform Act (ECRA), and faces a maximum penalty of 20 years in prison when sentenced.
Source: Office of United States Attorneys
RALEIGH, N.C. – David C. Bohmerwald, the owner of a Raleigh-based electronics resale business called Components Cooper, Inc., pled guilty to attempting to export accelerometer technology with military applications to China without a license, in violation of the Export Control Reform Act (“ECRA”), and faces up to 20 years in prison when sentenced. The case is the result of the district’s Disruptive Technology Strike Force (DTSF) cell.
“North Carolina is home to cutting-edge technologies that fuel our economy, improve our lives, and are vital to national security. But our status as a major tech hub also makes us a target, as America’s foreign adversaries seek to acquire sensitive tech to advance their military might and interests around the world,” said Acting U.S. Attorney Daniel Bubar, “We’ve launched a multi-agency Disruptive Technology Strike Force cell to shut down international schemes that smuggle sensitive technology and IP to America’s adversaries. This case is just one example, exposing a scheme to evade U.S. export laws by shipping nearly $20,000 worth of accelerometers with missile applications from North Carolina to the People’s Republic of China.”
“Consistent application and administration of our export controls is crucial for national security and economic stability,” said Jeffrey Levine, Bureau of Industry and Security (BIS) Office of Export Enforcement Special Agent in Charge. “The Disruptive Technology Strike Force is another example of how those agencies with enforcement responsibilities work together to help prevent the proliferation of sensitive technologies and materials that could be used for military or terrorist purposes, ensuring that critical goods do not fall into the wrong hands.”
“The disruption of this scheme to illegally export sensitive technology means that accelerometers and other items will not be used by unauthorized individuals or for adversarial purposes,” said Special Agent in Charge Cardell T. Morant, who supervises Homeland Security Investigations (HSI) Charlotte that covers North and South Carolina. “HSI is a proud member of the Disruptive Technology Strike Force and cases like this demonstrate HSI’s commitment to keeping military-grade equipment out of the hands of our adversaries. HSI will aggressively investigate, disrupt, and hold accountable criminals that supply sensitive technology to unauthorized users.”
According to court documents, and information presented in court, Bohmerwald, age 63, purchased 100 accelerometers from a U.S.-based electronics company, and then attempted to export the devices to a company in China. These accelerometers have a wide array of applications ranging from research and development of products to defense uses. When used for military applications, accelerometers are crucial to structural testing, monitoring, flight control, and navigation systems. The technology can help missiles fly more accurately and measure the precise effect munitions have on structures. A license is required to export the accelerometers to China.
The U.S. based electronics company notified law enforcement due to Bohmerwald’s suspicious and unusual purchase request. Among other things, when Bohmerwald purchased the accelerometers, he claimed that they were for an end user in Missouri. In fact, when federal agents contacted the Missouri company, they denied having an order pending with Bohmerwald and his business, Components Cooper.
After Bohmerwald received the accelerometers, he dropped two parcels at a local FedEx shipping store. One of the packages was addressed to a business in China. An agent with the Department of Commerce, Bureau of Industry and Security, detained the package and found it contained 100 accelerometers. The agent confirmed that there were no relevant licenses on file to support the export of the items. In addition, Bohmerwald falsely listed the value of the package at $100, when the true value was nearly $20,000. When interviewed by agents, Bohmerwald admitted to acquiring the technology on behalf of a Chinese-based company, knowing that the technology was export-controlled, and knowing export of the items required a license.
This case was coordinated through the Disruptive Technology Strike Force, an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation-states. The Strike Force leverages tools and authorities across the U.S. government to enhance the criminal and administrative enforcement of export control laws.
Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina and Sue Bai, head of the Justice Department’s National Security Division made the announcement after U.S. District Judge Terrence W. Boyle accepted the plea. BIS, the Federal Bureau of Investigation, and Department of Homeland Security, Homeland Security Investigations are investigating the case and Assistant U.S. Attorney Logan Liles and Trial Attorney Brendan Geary of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.
Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 5:24-CR-00302-BO.
Source: United States Attorneys General 10
David C. Bohmerwald, 63, the owner of a Raleigh-based electronics resale business called Components Cooper Inc., pleaded guilty to attempting to export accelerometer technology with military applications to China without a license, in violation of the Export Control Reform Act (ECRA), and faces a maximum penalty of 20 years in prison when sentenced.
According to court documents and information presented in court, Bohmerwald purchased 100 accelerometers from a U.S.-based electronics company and then attempted to export the devices to a company in China. These accelerometers have a wide array of applications ranging from research and development of products to defense uses. When used for military applications, accelerometers are crucial to structural testing, monitoring, flight control, and navigation systems. The technology can help missiles fly better and measure the precise effect munitions have on structures. A license is required to export the accelerometers to China.
The U.S.-based electronics company notified law enforcement due to Bohmerwald’s suspicious and unusual purchase request. Among other things, when Bohmerwald purchased the accelerometers, he claimed that they were for an end user in Missouri. In fact, when federal agents contacted the Missouri company, they denied having an order pending with Bohmerwald and his business, Components Cooper.
After Bohmerwald received the accelerometers, he dropped two parcels at a local FedEx shipping store. One of the packages was addressed to a business in China. An agent with the Department of Commerce’s Bureau of Industry and Security (BIS), detained the package and found it contained 100 accelerometers. The agent confirmed that there were no relevant licenses on file to support the export of the items. In addition, Bohmerwald falsely listed the value of the package at $100, when the true value was nearly $20,000. When interviewed by agents, Bohmerwald admitted to acquiring the technology on behalf of a Chinese-based company, knowing that the technology was export-controlled, and knowing export of the items required a license.
Sue Bai, head of the Justice Department’s National Security Division, John Sonderman, performing the non-exclusive duties of the Assistant Secretary for Export Enforcement, Department of Commerce’s Bureau of Industry and Security (BIS), and U.S. Attorney Daniel P. Bubar for the Eastern District of North Carolina made the announcement.
The BIS, FBI, and Homeland Security Investigations are investigating the case.
Assistant U.S. Attorney Logan Liles for the Eastern District of North Carolina and Trial Attorney Brendan Geary of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.
This case was coordinated through the Disruptive Technology Strike Force, an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation-states. Under the leadership of the Assistant Attorney General for National Security and the Assistant Secretary of Commerce for Export Enforcement, the Strike Force leverages tools and authorities across the U.S. government to enhance the criminal and administrative enforcement of export control laws.
Source: World Trade Organization – WTO (video statements)
North Macedonia deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 28 February. Mr. Burim Bilali, Acting Permanent
Representative, presented North Macedonia’s instrument of acceptance to
Director-General Ngozi Okonjo-Iweala.
Download this video from the WTO website:
https://www.wto.org/english/res_e/webcas_e/webcas_e.htm
Source: Traditional Unionist Voice – Northern Ireland
Source: United Kingdom – Executive Government & Departments
UK Statement at the 58 Human Rights Council at the Interactive Dialogue on the report of the Human Rights Experts on Nicaragua. Delivered by the UK’s Permanent Representative to the WTO & UN, Simon Manley.
Thank you, Mr President.
Yesterday, Nicaragua declared that it is leaving this Council. We want to make it clear that this will not change the need to hold the authorities accountable for the suppression of human rights in Nicaragua.
In this spirit, we welcome the report of the Group of Human Rights Experts on Nicaragua. We are alarmed by its findings, including further reports of extrajudicial killings and arbitrary detention. We are concerned that authorities have used physical and psychological violence (including threats, rape, beatings and prolonged solitary confinement) against those who participated in the 2018 protests, and against individuals who have been accused of publicly criticising the authorities.
In addition, the approval of the wide-ranging constitutional amendments passed on 30 January undermine the separation of the powers of the state and mark a further tragic development in the dismantling of the rule of law in Nicaragua.
Moreover, the increase in reports of transnational repression, including intimidation and harassment of Nicaraguans in exile, represents a further attack on human rights.
The ongoing limitation of Nicaraguans’ civil, political, and other human rights is unacceptable.
Thank you.
Published 28 February 2025
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, earlier this afternoon joined the Chair of the ASEAN Economic Ministers’ (AEM) Meeting 2025 and Minister of Investment, Trade and Industry of Malaysia Tengku Zafrul Tengku Abdul Aziz in a press conference of the 31st AEM Retreat. During the press conference, Minister Tengku Zafrul and SG Dr. Kao shared the key outcomes of the discussion during the retreat.
The post Secretary-General of ASEAN joins Chair of the ASEAN Economic Ministers’ Meeting 2025 in a Press Conference of the 31st AEM Retreat appeared first on ASEAN Main Portal.
Source: Africa Press Organisation – English (2) – Report:
JEDDAH, Saudi Arabia, February 28, 2025/APO Group/ —
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB), has reinforced its position as a key player in the Islamic syndications market, achieving prominent rankings in the 2024 Bloomberg and Refinitiv League tables.
For the fourth consecutive year, the ITFC top-tier performance reflects a strategic focus on delivering impactful trade finance solutions. For 2024, Refinitiv ranked ITFC as Globally # 1 Bookrunner and Mandated Lead Arranger (MLA) in their Islamic Syndications League table. Additionally, and Bloomberg also ranked ITFC among the top Bookrunners and MLA in the Islamic Syndications League table. These rankings are a testament to the ITFC ability to consistently deliver value-driven results and maintain a strong position among leading international and regional financial institutions.
The recognition from Refinitiv and Bloomberg confirms that ITFC is a key player in facilitating trade among OIC member countries. This not only reaffirms the ITFC status as the pre-eminent provider of trade solutions but also underscores its remarkable ability to draw investments from a wide spectrum of global investors and financial institutions.
Additionally, it emphasizes the positive impact on the lives and livelihood of people inherent in the ITFC business operating model, demonstrating its effectiveness in meeting the unique financial needs of OIC member countries.
The Refinitiv and Bloomberg League tables rank banks and financial institutions based on their performance in loan syndications, bonds, and mergers and acquisitions (M&A) transactions. The rankings, including arrangers, bookrunners, administrative agents, and advisors, are published quarterly and annually.
Source: GlobeNewswire (MIL-OSI)
SINGAPORE, Feb. 28, 2025 (GLOBE NEWSWIRE) — With Bitcoin’s price fluctuating below $100,000, many analysts predict a prolonged period of high volatility in the crypto market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages.The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and up to 100x leverage on cryptocurrency trading, providing excellent opportunities for investors.
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Website: www.bexback.com
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Contact:
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Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.
Photos accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/f9c947fb-28db-4be3-8b80-8b3ac08bfd1b
https://www.globenewswire.com/NewsRoom/AttachmentNg/08170e51-9af3-4971-bd32-a39c2e8d4ac8
https://www.globenewswire.com/NewsRoom/AttachmentNg/6017b63a-46ff-435d-9ab4-6f1a5eefb3f2
Source: GlobeNewswire (MIL-OSI)
ALPHARETTA, Ga., Feb. 28, 2025 (GLOBE NEWSWIRE) — Today, Aptean, a global provider of mission-critical enterprise software solutions, announced the signing of a definitive agreement to purchase Germanedge, a provider of industry-leading industrial software for discrete and process manufacturers from funds managed by Alpina Management GmbH (Alpina, Alpina Partners) and private shareholders. The transaction is subject to customary regulatory approvals. Germanedge’s product portfolio includes Advanced Planning & Scheduling, Intelligent Production Management (MES), Statistical Quality Management, and Connected Worker (Shopfloor Management) solutions. These manufacturing focused solutions are accessible through Germanedge’s Edge.One platform, a no-code SaaS platform that is highly configurable to optimize the digital factory operations of its customers. The addition of Germanedge will greatly expand Aptean’s manufacturing and supply chain management capabilities, enabling Aptean to better serve the needs of its global ERP customer base while also providing existing Germanedge customers with access to its broad portfolio of manufacturing focused solutions.
Headquartered in Munich, Germany, Germanedge delivers all of the components needed to power the next generation of Digital Factory operations. Germanedge’s innovative cloud-based platform, Edge.One was designed to meet the unique and growing needs of its enterprise and mid-market customers, providing real-time visibility and IoT capabilities. The firm currently employs 200+ full-time employees that serve 300+ customers across 20 countries.
“Aptean is very excited to announce the acquisition of Germanedge, a pioneer in next generation manufacturing capabilities” said TVN Reddy, CEO at Aptean. “Through the addition of Germanedge, Aptean further establishes itself as a leader in industrial software solutions designed specifically for complex discrete and process manufacturing needs.”
“The merger of Germanedge and Aptean presents a fantastic opportunity for us to expand our businesses globally and continue serving our customers’ digital factory operations, while also granting them access to Aptean’s extensive suite of complementary ERP and SCM solutions. By leveraging Germanedge as a platform, we ensure that the current strategy proceeds at an accelerated pace,” said Christian von Stengel, CEO of Germanedge. “We are closely aligned with Aptean regarding our long-term vision of developing software for Industry 4.0, enabling our customers to manufacture their products more efficiently, flexibly, and sustainably.”
“Germanedge is a perfect example for a highly innovative software company providing mission-critical applications to its blue-chip customer base. With its Edge.One platform Germanedge is able to offer digital factory solutions from the cloud. Alpina is extremely proud to have supported the management team on its growth path” said Florian Strehle, a Partner at Alpina.
About Germanedge
Germanedge provides a comprehensive portfolio of software solutions supporting the next generation of Digital Factory, including machine and process data acquisition, tracking and tracing, APS, CAQ, SCM, digital asset management, digital shift books and checklists as well as digital shop floor management. Germanedge is headquartered in Munich, Germany and has offices across Europe and the United States. www.germanedge.com
About Aptean
Aptean is one of the world’s leading providers of purpose-built, industry-specific software that helps manufacturers and distributors effectively run and grow their businesses. With both cloud and on-premise deployment options, Aptean’s products, services and unmatched expertise help businesses of all sizes to be Ready for What’s Next, Now®. Aptean is headquartered in Alpharetta, Georgia and has offices in North America, Europe and Asia-Pacific. To learn more about Aptean and the markets we serve, visit www.aptean.com.
Aptean and Ready for What’s Next, Now are Registered Trademarks of Aptean, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
About Alpina Partners
Alpina Partners is an owner-managed investment firm based in Munich, Germany that invests in small and medium sized technology businesses with strong technical USPs. www.alpinapartners.com
For Media Inquiries Please Contact
MediaRelations@Aptean.com
US Senate News:
Source: United States Senator Peter Welch (D-Vermont)
Bill led by Sen. Shaheen would block the President’s authority to impose duties or tariff-rate quotas on imports to the U.S.
WASHINGTON, D.C. – As President Trump reversed course and announced his proposed tariffs on Canada and Mexico will begin March 4th, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, joined Senator Jeanne Shaheen’s (D-N.H.) Protecting Americans from Tax Hikes on Imported Goods Act, which would shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The bill would keep costs down for imported goods by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.
This week, Senator Welch also voted against Jamieson Greer, Trump’s pick to serve as U.S. Trade Representative (USTR), about whom he expressed reservations during the nominee’s confirmation hearing before the Senate Finance Committee. Senator Welch released the following statement:
“We need trade policies that are rooted in a ‘Do No Harm’ approach, not ones that make things harder for Vermont businesses and consumers. I’ve heard from hardworking Vermonters who have told me that Trump’s tariffs and Trade War would only harm our businesses, farmers, and families. Trump’s tariffs on Canada, Vermont’s largest trading partner, will hammer small and rural businesses that depend on trade with our neighbor.
“We need to fight against these tariffs in every way that we can, and that includes having a U.S. Trade Representative who will stand up for American consumers and small businesses. Jamieson Greer made it clear that he lacks courage or capacity to stand up to President Trump and will be a rubber stamp for the President’s chaotic economic policies. It’s why I voted against him and why I will push back against any and all trade policies he puts forth that would harm Vermonters.
“Over the last few weeks, the President has made it clear that he’s ready to leverage the economic wellbeing of everyday Americans to pursue misguided foreign policy goals. It’s crucial that we shield Americans from the consequences of Trump’s reckless actions. That’s why I’m proud to support the Protecting Americans from Tax Hikes on Imported Goods Act, which will limit how the White House can impose these tax increases and protect Vermonters from price hikes.”
Learn more about the Protecting Americans from Tax Hikes on Imported Goods Act.
Read the full text of the bill.
Source: Apple
Headline: Upgrade to iPhone 16e, a powerful new member of the iPhone 16 family
QUICK READ February 28, 2025
iPhone 16e is available starting today, and customers can save up to $599 with carrier promotions at Apple
Customers looking to buy the new iPhone 16e will get a personalized and seamless experience when they shop directly at Apple. Through Apple Retail, customers can get connected with expert team members and receive help setting up their new devices — at a time and place that’s convenient for them.
The Apple Trade-In program makes it easier and quicker than ever to upgrade from an older device. Customers purchasing iPhone 16e can receive up to $120 in credit when they trade in iPhone 11 — or now with a carrier offer, up to $599 in credit — and receive help activating their new device at their local Apple Store.2
Through Personal Setup, customers can connect with Apple’s knowledgeable team of Specialists for personalized support in setting up and getting the most out of their new device. After purchasing their iPhone 16e, customers can access more information about Personal Setup through the Apple Store app, including short videos with helpful tips and tricks. Additionally, they can sign up for Today at Apple sessions at their local Apple Store. Led by Apple team members, these sessions aim to inspire and empower customers to unlock the full potential of their devices.
Source: World Trade Organization – WTO (video statements)
As part of the WTO’s Presidential Lecture Series, the WTO welcomes Angela Merkel, Former Chancellor of Germany, on the eve of International Women’s Day.
Source: GlobeNewswire (MIL-OSI)
Oak Ridge, Tennessee, Feb. 28, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it has appointed Professor J. Gary Eden, Ph.D., as its Chairman of the Advisory Board for Laser Engineering and Innovation.
“It is a pleasure to be involved with such an innovative and highly impactful technology,” said Professor J. Gary Eden, Chairman of the Advisory Board for Laser Engineering and Innovation of LIS Technologies Inc. “I am excited to apply my expertise and in-depth knowledge of advanced laser technologies to help advance LIST’s proprietary, patented technology to its next stage of development and eventual commercialization. The technology holds numerous advantages over other enrichment schemes and will be crucial in ensuring that the roll-out of advanced nuclear technologies, such as Generation IV reactors, is successful.”
Professor Eden has authored more than 370 referred, archival publications and 106 awarded patents, is a member of multiple honorary organizations, and is a Fellow of the IEEE, Optica, the American Physical Society, the American Association for the Advancement of Science (AAAS), and SPIE. In 1975, he was appointed a National Research Council Postdoctoral Research Associate at the U.S. Naval Research Laboratory (Washington, DC). Professor Eden has demonstrated several powerful laser spectroscopic techniques that have resulted in the discovery of (for example) Rydberg series in the rare gas dimer molecules, the first observation of excitation spectra for the photoassociation of thermal atom pairs, and three body photoassociation.
As a research physicist in the Laser Physics Branch (Optical Sciences Division) of NRL from 1976 to 1979, he made several contributions to the area of visible and ultraviolet lasers and laser spectroscopy, including the co-discovery of the KrCl rare gas-halide excimer laser, and received a Research Publication Award (1979) for his work at NRL in which he co-discovered the proton beam pumped laser (Ar-N2, XeF). Since joining the faculty of the University of Illinois in 1979, he has been engaged in research in atomic, molecular, and optical physics, laser spectroscopy, and the discovery and development of ultraviolet and vacuum-ultraviolet lasers and lamps for applications in atomic clocks, laser fusion energy, and photochemical processing.
Figure 1 – LIS Technologies Inc. Appoints J. Gary Eden as its Chairman of the Advisory Board for Laser Engineering and Innovation.
He has served as Editor-in-Chief of the IEEE Journal of Quantum Electronics, and Editor-in-Chief of Progress in Quantum Electronics. In 1998, Professor Eden served as President of the IEEE Lasers and Electro-Optics Society (LEOS), following earlier service as a member of the LEOS Board of Governors. Professor Eden received the LEOS Distinguished Service Award in 1996, was awarded the IEEE Third Millennium Medal in 2000 and was named a LEOS Distinguished Lecturer for 2003-2005. Between 2015 and 2017, he also served as a Distinguished Lecturer for the American Physical Society Division of Plasma Physics.
He was awarded the C.E.K. Mees Medal of the Optical Society of America in 2007 and was the recipient of the Fulbright-Israel Distinguished Chair in the Natural Sciences and Engineering for 2007-2008. J. Gary Eden received the Ph.D. degree in Electrical Engineering from the University of Illinois, Urbana. He is a co-founder of Eden Park Illumination and EP Purification.
“LIS Technologies has assembled an outstanding team of researchers and leaders to spearhead the revival of our proprietary technology,” said Jay Yu, Executive Chairman and President of LIS Technologies Inc. “Professor Eden is an ideal addition to this group, and I am delighted to welcome him to the team. His distinguished career sets a benchmark in the laser spectroscopy field, and I am confident that his role on our Advisory Board will allow us to harness his unique expertise. This will be instrumental in driving innovation and positioning the Company to accelerate the deployment of our technology.”
Professor Eden joins LIS Technologies as the Company builds on the growing momentum within the United States nuclear energy industry, having been selected on December 2024 as one of six companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. LIST intends to leverage Professor Eden’s unique expertise to further refine and develop its proprietary laser-based technology. Optimized for both Low-Enriched Uranium (LEU) and High-Assay Low-Enriched Uranium (HALEU), it overcomes the limitations of traditional pulsed 16µm CO2 lasers, featuring a streamlined design due to its lower absorption and shorter wavelength at 5.3µm. Demonstrated in the 1980s and 90s, this technology is protected by a patent from the United States Patent and Trademark Office (USPTO).
“Professor Eden is one of the leading experts in molecular laser spectroscopy, dedicating his life to advancing innovative technologies across multiple disciplines,” said Christo Liebenberg, CEO of LIS Technologies Inc. “His addition is a significant endorsement of our ambitions and long-term strategy, and his decades of experience and extensive network will be invaluable as we continue developing our proprietary technologies. A reliable and abundant supply of enriched uranium is essential to the United States’ nuclear energy objectives, and I am confident Professor Eden will be instrumental in positioning the Company at the forefront of the industry.”
About LIS Technologies Inc.
LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.
In 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.
For more information please visit: LaserIsTech.com
For further information, please contact:
Email: info@laseristech.com
Telephone: 800-388-5492
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Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Attachment
Source: GlobeNewswire (MIL-OSI)
Please find enclosed the presentation of Frontline plc´s fourth quarter 2024 results to be held on the webcast / conference call 28 February, 2025 at 15:00 CET.
This information is subject to the disclosure requirements pursuant to section 5 – 12 of the Norwegian Securities Trading Act.
Attachment
Source: United Kingdom – Executive Government & Departments
Core Group Statement at the 58 Human Rights Council for the Enhanced Interactive Dialogue on the report of the Commission of Human Rights in South Sudan. Delivered by the UK’s Permanent Representative to the WTO & UN, Simon Manley.
Thank you, Mr President.
I am pleased to speak on behalf of the Item 2 core group for South Sudan – Albania, Norway, Ireland and the UK.
We thank the Commissioners for their important report. We also welcome South Sudan’s continued cooperation with the Commission and the Minister of Justice’s presence today.
The Commission’s report demonstrates the scale of ongoing human rights violations and abuses committed in South Sudan. Civic space and media freedom are severely restricted. Appalling acts of conflict-related sexual violence are being committed frequently, and with impunity, across the country.
While the recent passing of legislation on transitional justice institutions represents some progress, only fully resourced and operational institutions can deliver justice and accountability for the South Sudanese people.
During this extension period, the Revitalised Agreement must be fully implemented, including operationalising the Chapter Five transitional mechanisms and holding peaceful, inclusive and credible elections in 2026.
We remain committed to continuing our support to the people of South Sudan and their path to peace, reconciliation and accountability.
The Commission plays a vital role in supporting such efforts. Its mandate must therefore be extended in full in this Session, to ensure continued, robust scrutiny of the human rights situation.
We will continue to engage with South Sudan in the hope that this extension can be agreed by consensus.
Published 28 February 2025
Source: United Kingdom – Executive Government & Departments
UK Statement at the 58 Human Rights Council for the Enhanced Interactive Dialogue on the report of the Commission of Human Rights in South Sudan. Delivered by the UK’s Permanent Representative to the WTO & UN, Simon Manley.
Thank you Mr Vice President.
And thank you to the commission and the ASG for their poignant interventions today. Your ongoing work is vital to securing long-term peace and reconciliation in South Sudan.
We also welcome the presence of the Honourable Justice Minister of South Sudan.
Mr President, as this report makes clear, the human rights situation in South Sudan remains grave. Violence continues to escalate. Elections have been delayed. Media freedom is severely restricted. And journalists are being arbitrarily detained under the National Security Service Bill.
We are particularly concerned by appalling reports of conflict-related sexual violence. Victims being left without access to essential medical care or recourse to justice. The Anti-Gender-Based Violence Bill, drafted five years ago, must be put into full and immediate action.
What we’ve read and heard underlines why we need to maintain this Council’s attention on South Sudan, and why the work of the Commission must continue. It is essential to achieving the inclusive, democratic future promised to the people of South Sudan. The Commission’s robust scrutiny of South Sudan’s human rights situation must continue.
Commissioners, what more can the international community do to help South Sudan end this devastating cycle of conflict-related sexual violence?
Thank you.
Published 28 February 2025
Source: Securities and Exchange Commission
[1]Today the Commission moved the Court to dismiss its enforcement action against Coinbase, a crypto trading platform. This reverse-course midstream – coupled with recent high-profile stays of other litigations – is not only unprecedented, it ignores 80 years of well-established law. We say we are dismissing the action because of future recommendations that may be made by the “crypto task force dedicated to helping the Commission develop the regulatory framework for crypto assets.”[2] But, whatever the law may be tomorrow, market participants should not be able to avoid the law as it stands today.
The Commission has brought numerous actions to enforce the securities laws with respect to crypto assets since their advent, during both Republican and Democratic administrations.[3] And, court after court has upheld the Commission’s jurisdiction in this space.[4] In fact, in the Coinbase matter the Commission moved to dismiss today, the court had found that the Commission adequately pleaded violations of the securities laws. The court explained that: “[t]he SEC has a long history of proceeding through [enforcement] actions to regulate emerging technologies and financial instruments within the ambit of its authority as defined by cases like Howey[.] Using enforcement actions to address crypto-assets is simply the latest chapter in the long history of giving meaning to the securities laws through iterative application to new situations.”[5] The court also held that “the challenged transactions fall comfortably within the framework that courts have used to identify securities for nearly eighty years.”[6] The Commission’s action today blithely tosses aside that body of precedent.
I have heard many say that the industry craves legal clarity. Today’s action results in less clarity. I have and will continue to work with participants who seek to operate within the securities laws. Or, should the Commission enact new regulations or Congress change the law, we can progress down a different path. But until that time, we have a framework in place and that framework should be applied and enforced equally as to all participants.
Far from clarity, today’s action creates more uncertainty. What exactly is the law as it applies to crypto assets? How can we pursue fraudulent conduct in this space while casting doubt on our regulatory jurisdiction? Are we eroding our ability to police fraudulent Ponzi[7] schemes? Are we poised to give special treatment to crypto assets over traditional assets, or even other emerging assets? What effects will this have on our traditional markets and financial instruments? The newly created crypto task force may intend to make recommendations to answer some of these questions, but we do not have any legally enforceable answers yet. In fact, the most salient change to date has been this retreat from enforcement of the securities laws with respect to crypto.[8] Or, “regulation by non-enforcement.”
It may well be that “environments in which the law is unclear are havens for bad actors,”[9] but wholesale failure to enforce the law seems worse. There are well known risks in this industry ̶ fraud and manipulation, money laundering, national security concerns, volatility, and retail investor losses ̶ just to name a few.[10]
Lastly, today’s action undermines the credibility of our Division of Enforcement. It creates the specter that the agency will deploy its enforcement resources in conjunction with election cycles or in favor of those with means. This invites criticism that our agency is politicized and sows distrust in government. Our agency’s job is to do what is right for investors, issuers, and capital markets. This is not it.
[1] The views that I express are my own as a Commissioner and not necessarily those of the SEC or staff (and are decidedly not those of my current fellow Commissioners).
[4] See e.g., SEC v. Binance, Plaintiff Securities and Exchange Commission’s Memorandum of Law in Opposition to Defendants’ Motion to Dismiss the Amended Complaint, 23-cv-01599-ABJ-ZMF, ECF No. 290, at 9-10 (D.D.C. Dec. 4, 2024) (discussing Commission claims “premised solely on secondary market transactions in crypto assets” and that “many courts have allowed a variety of securities laws claims to proceed on such claims,” and citing SEC v. Coinbase,726 F. Supp. 3d 260 (S.D.N.Y. 2024); SEC v. Payward Ventures, Inc., 2024 WL 4511499 (N.D. Cal. Aug. 23, 2024); SEC v. Wahi, 2024 WL 896148 (W.D. Wash. Mar. 1, 2024); Harper v. O’Neal, 2024 WL 3845444, (S.D.Fla. Aug. 16, 2024); Dufoe v. DraftKings Inc., 2024 WL 3278637 (D.Mass. July 2, 2024); In re Ripple Labs Inc., 2024 WL 3074379 (N.D. Cal. Jun. 20, 2024); Patterson v. Jump Trading, 710 F. Supp. 3d 692 (N.D. Cal. 2024); Barron v. Helbiz Inc., 2021 WL 229609 (S.D.N.Y. Jan. 22, 2021), vacated on other grounds, 2021 WL 4519887 (2d Cir. Oct. 4, 2021); Samuels v. Lido DAO, 2024 WL 4815022 (N.D. Cal. Nov. 18, 2024); Hardin v. Tron Found., 2024 WL 4555629 (S.D.N.Y. Oct. 23, 2024); Houghton v. Leshner, 2023 WL 6826814 (N.D. Cal. Sept. 20, 2023); Owen v. Elastos Found., 2021 WL 5868171 (S.D.N.Y. Dec. 9, 2021)). See also Gurbir Grewal, What’s Past is Prologue: Enforcing the Federal Securities Laws in the Age of Crypto (July 2, 2024) (stating “in every case, where federal courts have had to determine whether there were “securities” at issue, the courts have applied the Howey test—looked at the economic realities of the offerings, and, even though the offerings at issue involved supposedly novel technologies, rejected defense arguments that they were not securities” and citing multiple cases in footnotes 26 and 66, including SEC v. LBRY, 639 F. Supp. 3d 211 (D.N.H. 2022); SEC v. Kik Interactive Inc., 492 F. Supp. 3d 169 (S.D.N.Y. 2020); SEC v. Telegram Group Inc., 448 F. Supp. 3d 352 (S.D.N.Y. 2020); SEC v. Blockvest, LLC, 18-CV-2287-GPB(BLM), 2019 WL 625163 (S.D. Cal. Feb. 14, 2019); SEC v. Terraform Labs, No. 23-cv-1346-JSR, 2023 U.S. Dist. LEXIS 230518 (S.D.N.Y. Dec. 28, 2023)).
[5] SEC v. Coinbase, Opinion and Order, 23-cv-4738, ECF No. 105, at p. 34.
[6] Id. at p. 2.
[7] U.S. Securities and Exchange Commission, Investor.gov, Ponzi Scheme (explaining that “[a] Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors… With little or no legitimate earnings, Ponzi schemes require a constant flow of new money to survive. When it becomes hard to recruit new investors, or when large numbers of existing investors cash out, these schemes tend to collapse.”) (last visited Feb. 27, 2025).
[8] It seems likely that we will continue down this path. See Commissioner Hester M. Peirce, The Journey Begins (Feb. 4, 2025) (launching a “journey” that will result in the Crypto Task Force “determining how to best disentangle all these strands, including ongoing litigation.”).
[10] In fact, on the same day that Coinbase filed a Form 8-K announcing that it had reached an agreement in principle with Commission staff to dismiss the litigation against it, another crypto exchange announced a hack with losses estimated at nearly $1.5 billion, reportedly the largest in crypto history. See David Yaffe-Bellany, Banner Day For Crypto Takes a Turn, N.Y. Times, Feb. 24, 2025; see also Chainalysis, The 2025 Crypto Crime Report (Feb. 2025) (reporting on the “rising role of cryptocurrency in all forms of crime” and noting that “[a]lthough illicit activity on-chain previously revolved heavily around cybercrime, cryptocurrency is now also being used to fund and facilitate all kinds of threats, ranging from national security to consumer protection. As cryptocurrency has gained greater acceptance, illicit on-chain activity, too, has become more varied. For example, some illicit actors primarily operate off-chain, but move funds on-chain for laundering.”); Federal Bureau of Investigation, 2023 Cryptocurrency Fraud Report Released (Sept. 10, 2024) (reporting that “[l]osses related to cryptocurrency fraud totaled over $5.6 billion in 2023, a 45% increase in losses since 2022” and that “[t]he number of complaints from the public regarding cryptocurrency fraud continues to steadily increase, reaching 69,000 in 2023.”); Gurbir Grewal, What’s Past is Prologue: Enforcing the Federal Securities Laws in the Age of Crypto (July 2, 2024) (describing how investors in crypto are being harmed); SEC Office of Investor Education and Advocacy, 5 Ways Fraudsters May Lure Victims Into Scams Involving Crypto-Asset Securities – Investor Alert (Feb. 29, 2024) (issuing an alert “because fraudsters continue to exploit the popularity of crypto assets to lure retail investors into scams”); U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Exercise Caution with Crypto Asset Securities: Investor Alert (Mar. 23, 2023) (urging investors to be cautious if investing in crypto asset securities because, among other things, they “can be exceptionally volatile and speculative” and “the risk of loss for individual investors…remains high.”).
Source: World Trade Organization
DG Okonjo-Iweala said: “I’m grateful for North Macedonia’s formal acceptance of the Agreement on Fisheries Subsidies. While a landlocked country, North Macedonia’s acceptance demonstrates its commitment to the multilateral trading system and the WTO, and underscores all members’ shared interest in responsible fisheries resource management, ocean sustainability, and food security. This acceptance provides further momentum for the entry into force of this important agreement for people and the planet.”
Mr. Bilali said: “By joining this agreement, North Macedonia reaffirms its dedication to the conservation of marine resources and the fight against harmful subsidies that contribute to overfishing.”
North Macedonia’s instrument of acceptance brings to 91 the total number of WTO members that have formally accepted the Agreement. Twenty more formal acceptances are needed for the Agreement to come into effect. The Agreement will enter into force upon acceptance by two-thirds of the membership.
Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12), held in Geneva on 12-17 June 2022, the Agreement on Fisheries Subsidies sets new, binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world’s fish stocks. In addition, the Agreement recognizes the needs of developing economies and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.
The Agreement prohibits subsidies for illegal, unreported and unregulated (IUU) fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.
Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the Agreement.
The full text of the Agreement can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.
Source: World Health Organisation
The World Health Organization (WHO), the World Intellectual Property Organization (WIPO) and the World Trade Organization (WTO) organized on 26 February the first in a series of Trilateral Cooperation briefings for health, trade, and intellectual property (IP) diplomats based in Geneva. Held as a closed meeting at WHO Headquarters, Members of the three organizations shared experiences on supporting sustainable innovation ecosystems through health, trade and IP.
The imperative to adopt an integrated approach to issues at the crossroads of health, IP and trade has been at the heart of the longstanding collaboration among the three Geneva-based organizations.
Governments and policymakers are faced with the challenging task of identifying the right mix of policy options to best advance domestic policy objectives to facilitate sustainable innovation. Participants discussed how to facilitate ongoing domestic and regional policy discussions through a more coherent and comprehensive approach.
Members with diverse levels of development and from different regions of the world shared valuable experiences about the implementation of laws and policies in support of sustainable innovation ecosystems and access to the outcomes. This was followed by a roundtable discussion and further complemented by information provided by the three organizations on trilateral and other relevant work.
The WHO-WIPO-WTO Technical Assistance virtual Platform was also briefly introduced at the meeting. It allows Members to easily request joint technical assistance from the three organizations to access the full range of expertise at the intersection of health, trade, and IP in a coordinated manner.
The Trilateral Briefing series is a set of closed meetings for Members.
The next briefing session for Geneva-based health, IP and trade attachés is tentatively scheduled to take place in September 2025, after the summer break.
Source: Hong Kong Government special administrative region
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (February 28) the list of banks for the RMB Trade Financing Liquidity Facility (RMB TFLF) in Phase 1 (see Annex), effective from today.
About RMB50 billion of the total size of RMB100 billion of this facility has been allocated to the participating banks. A specific quota is assigned to each bank based on the pipelines as expected by the bank, and referencing the bank’s existing scale of relevant business, among other factors. The banks can now apply for RMB funds from the HKMA from today through the RMB TFLF based on their provision of RMB trade finance to corporate customers within the assigned quota.
The HKMA will closely review the implementation of the RMB TFLF, including its operation, banks’ RMB trade finance activities and facility usage, as well as market development needs. Subject to the operation of the facility and market demand, we plan to proceed to the next phase of quota allocation around the middle of this year. Banks not yet ready in Phase 1 are encouraged to continue developing their RMB trade finance business so as to be ready to join in later phases. Terms and operation details of the RMB TFLF are found in this Circular.
Source: Hong Kong Government special administrative region
Korean F&B delegation visits Hong Kong to explore business opportunities (with photos)
Korean F&B delegation visits Hong Kong to explore business opportunities (with photos)
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Subsequent to the visit by the Director-General of Investment Promotion at Invest Hong Kong (InvestHK), Ms Alpha Lau, to Seoul, Korea, last week (February 20 and 21) to promote Hong Kong’s business advantages, a delegation of Korean food and beverage companies visited Hong Kong from February 25 to 27 to explore business opportunities in the city. InvestHK and its Korean office, in collaboration with the Hong Kong Economic and Trade Office (Tokyo) and Korea Franchise Association, co-organised a three-day business delegation trip. The visit facilitated exchanges between the Korean and local food and beverage (F&B) companies, further promoting business opportunities in Hong Kong’s F&B industry. On the first day of the trip, the Head of Tourism and Hospitality at InvestHK, Ms Sindy Wong, shared Hong Kong’s business advantages and the local F&B market landscape with the delegation, helping companies gain a deeper understanding of the city’s business environment. The event featured a series of themed seminars, networking sessions and business matching opportunities with local restaurant operators. The seminars included case studies and insights into the retail property market. Additionally, the delegates visited Tai Kwun, Soho, and Tsim Sha Tsui to gain first-hand insights into the latest developments in Hong Kong’s F&B and retail property scene. These visits also provided an opportunity for them to explore the potential for Korean specialty cuisine to enter and thrive in the local market. “Hong Kong and Korea have for a long time enjoyed strong ties across many areas, including trade, investment, tourism, and cultural exchanges. We are a city of culinary delights, with over 17 000 places for food, including 79 Michelin-star restaurants, six of Asia’s 50 best restaurants, and nine of Asia’s 50 best bars,” said Ms Lau. At the welcome dinner on the first day of the trip, Ms Lau warmly welcomed the Korean business delegation and said, “We hope the delegation finds the programme useful and makes great business connections, and also new friends, on this trip. We are confident that they will find partners to establish their restaurants here and join our exciting F&B scene in the near future.” Seeing that the visit concluded successfully with a fruitful outcome, the Principal Hong Kong Economic and Trade Representative (Tokyo), Miss Winsome Au, stated, “Our office is pleased to drive this first Korean business delegation mission to Hong Kong. Indeed, Korean cuisine is garnering increasing attention in Hong Kong, thanks to the global popularity of K-culture. Our office will continue our efforts in supporting this joint initiative of promoting mutual understanding between Hong Kong and Korean companies, and we hope that these efforts will lead to more investment and collaboration in various fields.” The Chief Executive Officer of PSP F&D Co Ltd, Mr Park Sangyoung, stated, “The vibrant dining atmosphere in Hong Kong makes it an ideal platform to showcase Korean culinary culture. We are very optimistic about the market prospects. This event has given us the opportunity to share Korea’s diverse food culture and also helped us build valuable partnerships with Hong Kong’s F&B industry. This will serve as a solid foundation for our future expansion into Hong Kong and the wider Asian market.” The Chief Executive Officer of ALL F&B Co Ltd, Mr Bang Kyoungseok, added, “Hong Kong consumers’ passion for Korean cuisine, along with their high standards for food quality, perfectly aligns with our brand philosophy. We understand more about the Hong Kong market through this event and will start planning our development here. We look forward to bringing the most authentic Korean dining experience to Hong Kong.” The Chief Operating Officer of LUBUDS, Ms Berfa Chow, said, “Netflix’s Korean cuisine reality show ‘Culinary Class Wars’ has become globally famous, further boosting the popularity of Korean cuisine in Hong Kong’s dining scene. We are thrilled for the opportunity to explore collaboration with several renowned Korean restaurant groups. Combining their expertise with our in-depth local market knowledge, we are confident in delivering more top-notch, authentic Korean dining experiences to Hong Kong consumers while seizing this exciting market opportunity.” The Vice Chairman of Fulum Group Holdings Limited, Professor Keith Wu, stated, “From K-dramas and K-pop to Korean cuisine, Korean culture is going viral and young consumers show a strong appetite for authentic Korean dining. We are excited to explore collaborations with well-known Korean restaurant brands, aiming to strategically enhance our offerings with more Korean elements and further enrich our brand portfolio.”
Ends/Friday, February 28, 2025Issued at HKT 12:00
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Source: GlobeNewswire (MIL-OSI)
NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced White Pearl Technology Group AB (Nasdaq First North Growth Market Stockholm: WPTG; OTCQX: WPTGF), a global technology company specialising in digital transformation solutions, has qualified to trade on the OTCQX® Best Market.
White Pearl Technology Group AB begins trading today on OTCQX under the symbol “WPTGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
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Marco Marangoni, CEO of White Pearl Technology Group, commented: “We are thrilled to begin trading on OTCQX, which represents an important milestone in our growth strategy. This opportunity enhances our visibility within the U.S. investment community and provides a convenient way for North American investors to trade our shares in their local market and currency. As we continue to expand our global footprint, particularly with our strategic focus on the North American market, trading on OTCQX will support our efforts to diversify our shareholder base and increase our international presence.”
About White Pearl Technology Group AB
White Pearl Technology Group AB (WPTG) is a global technology company specializing in digital transformation solutions. With a presence in over 30 countries and a team of more than 650 experts, WPTG helps organisations navigate the complexities of the digital age, offering services ranging from ICT and system integration to business software and digital innovation.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.
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Source: Reserve Bank of India
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The Reserve Bank of India (RBI) has, by an order dated February 24, 2025, imposed a monetary penalty of ₹33.10 lakh (Rupees Thirty Three Lakh Ten Thousand only) on IIFL Samasta Finance Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016‘ and ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016‘ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934. The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice, oral submissions made during the personal hearing and additional submissions made by it, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company. (Puneet Pancholy) Press Release: 2024-2025/2281 |
Source: Government of India
Posted On: 28 FEB 2025 5:39PM by PIB Delhi
Your Excellencies,
I warmly welcome you all to India. The engagement of the EU College of Commissioners with a single country on such a broad scale is unprecedented.
It’s the first time that so many of my ministers have collected together for any bilateral discussions. I remember how you said that India and the EU are natural partners at the Raisina Dialogue in 2022. And that strengthening and energizing ties with India, will be a priority for the EU in the coming decade.
And now, you’re visiting India at the very beginning of your new term.This is a milestone moment for India and the EU.
Excellencies,
The world is currently undergoing unprecedented change. AI and emerging technologies are leading to socio-economic transformations.
Geo-economic and political circumstances are rapidly evolving. And old equations are breaking down. In times like these, the partnership between India and the EU becomes even more important.
A shared belief in democratic values, strategic autonomy, and rule-based global order unite India and the EU.Both countries are mega diverse market economies. In a sense, we are natural strategic partners.
Excellencies,
India and the EU have completed twenty years of strategic partnership. And with your visit, we are laying the foundation for the next decade.
In this context, the remarkable commitment shown by both parties is commendable. About twenty ministerial level meetings have taken place in the last two days.
The Trade and Technology Council meeting was also successfully organised this morning. Both teams will present a report on the ideas generated and the progress made.
Excellencies,
I would like to identify some priority areas of cooperation.
The first is Trade and Investment. It is crucial to conclude a mutually beneficial FTA and Investment Protection Agreement as soon as possible.
The second is strengthening the Supply Chain Resilience. Our capabilities can complement each other in sectors such as Electronics, Semiconductors, Telecom, Engineering, Defence, and Pharma.This will strengthen diversification and de-risking, and will aid in the creation of a secure, reliable and trusted supply and value chain.
The third is Connectivity. The IMEC Corridor launched during the G20 Summit is a transformational initiative. Both the teams must continue working on it with strong commitment.
The fourth is Technology and Innovation. To realise our shared vision of tech sovereignty, we must continue to make swift progress ahead. In areas such as DPI, AI, Quantum Computing, Space and 6G, both parties must work together to connect our industries, innovators, and young talents.
The fifth is Climate Action and Green Energy Innovation. India and the EU have prioritised the Green transition. Through cooperation in sustainable urbanization, water, and clean energy, we can become drivers of global green growth.
The sixth is Defence. We can fulfil each others’ needs through co-development and co-production. We must work to prioritise each other in export control laws.
The seventh is Security. There is a need for greater cooperation on challenges arising from terrorism, extremism, maritime security, cyber security and space security.
The eighth is People-to-People Ties. It should be a priority for both parties to make Migration, Mobility, Schengen Visas and EU Blue Cards simple and smooth. This stands to fulfil the needs of the EU. And India’s young workforce shall be able to make an even greater contribution to Europe’s growth and prosperity.
Excellencies,
For the next India-EU Summit, we must move forward with ambition, action and commitment.
In today’s AI era, the future shall belong to those who demonstrate vision and speed.
Excellency, I now invite you to share your thoughts.
*****
MJPS/ST
(Release ID: 2106997) Visitor Counter : 84
Source: Hong Kong Government special administrative region
Following is the speech by the Deputy Secretary for Justice, Dr Cheung kwok-kwan, at the closing ceremony of the National Training Course for Talents Handling Foreign-related Arbitration (Hong Kong) today (February 28):
Mr Zhao (Vice Chairman and General Manager of China Legal Service (H.K.) Limited, Mr Zhao Zhenhua), distinguished guests, ladies and gentlemen,
Good afternoon. As we gather here today to conclude the National Training Course for Talents Handling Foreign-related Arbitration (Hong Kong), I am reminded of the saying that “time flies when you are having fun. It seems like just yesterday we were welcoming you to this Course. Yet, here we are, at the end of an enriching journey that has spanned several days of insightful lectures, engaging dialogues and practical experience.
First, I would like to express my sincere gratitude to the Ministry of Justice, the China University of Political Science and Law, and the China Legal Service (H.K.) Limited for their support and trust in the Hong Kong International Legal Talents Training Academy. We are deeply grateful for their support and assistance, which have been crucial to the success of this Course. I eagerly anticipate our continued collaboration and future endeavors together.
I would also like to extend my sincere gratitude to each of you for your active participation and valuable contributions. The thoughtful questions you asked, the insightful perspectives you shared, and the engaging discussions you participated in have all significantly enriched our collective learning experience.
As you may be aware of, the Supreme People’s Court and the Ministry of Justice of the People’s Republic of China have jointly issued the (Opinions on Giving Full Play to the Role of Arbitration to Serve the High-quality Development of the Guangdong-Hong Kong-Macao Greater Bay Area), expanding the scope of arbitration services regarding “Hong Kong-invested enterprises choosing Hong Kong Law” and “Hong Kong-invested enterprises choosing Hong Kong as the arbitration place.
The new measures, effective from February 14 of this year, include that (i) Hong Kong-invested enterprises registered in Shenzhen and Zhuhai may choose Hong Kong law as the applicable laws in contracts, regardless of the proportion of investment; and (ii) Hong Kong-invested enterprises registered in the nine Mainland municipalities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) may choose Hong Kong as the place of arbitration to resolve commercial disputes, in addition to being able to agree on the Mainland as the arbitration location.
These new measures implement the content of the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement Agreement on Trade in Services in October last year, providing investors and enterprises in the GBA with more and broader legal services options. They also establish a better, more diversified dispute resolution mechanism based on joint discussion, joint construction, and shared benefits.
The Opinions provide suggestions for accelerating the construction of world-class arbitration institutions in the GBA, establishing unified first-class arbitration rules and online negotiation and resolution platforms in the GBA, expanding the service areas of arbitration institutions in the nine Mainland municipalities of the GBA, improving the arbitration and succession mechanisms, as well as the judicial supervision mechanisms, and establishing a training mechanism for foreign-related arbitration.
The Department of Justice of the Hong Kong Special Administration Region will continue to actively co-operate with municipalities in the GBA to promote the integrated development, seeking to give full play to Hong Kong’s capability in nurturing foreign-related legal talents, and assist the country in providing more training for foreign-related talents.
As the Academy strives to continuously improve and enhance our training programmes, we would greatly appreciate your feedback on this Course. As you all hail from diverse backgrounds in government, universities, lawyers’ associations and enterprises, and are all leaders and experts in your respective fields, your insights and suggestions are very invaluable to us, helping us tailor future courses to better meet your needs and expectations.
As we move forward, let us continue to build on the connections and insights that we gained from this Course. I wish you all a safe journey back home, and continued success in your professional pursuits. Thank you very much.
Source: Hong Kong Government special administrative region
The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) hosted vibrant Chinese New Year receptions across various European countries, marking the beginning of the Year of the Snake. The receptions, held in Luxembourg (February 12), Lisbon, Portugal (February 17), The Hague, the Netherlands (February 20), and Bucharest, Romania (February 25), were well-received by distinguished guests and partners.
The receptions provided an opportunity to reflect on Hong Kong’s achievements and share the city’s vision. HKETO, Brussels emphasised Hong Kong’s dynamic calendar of world-class events that solidify its reputation as “Events Capital of Asia”. Stepping into 2025 with great dynamism and enthusiasm, Hong Kong is set to host an array of high-profile events spanning business, sports, arts, and culture. “Hong Kong is entering the new year with energy and glamour, full of exciting events that highlight our dynamic cosmopolitan spirit,” stated the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Yung.
In 2024, Hong Kong recorded 45 million international arrivals, nearly 10 000 foreign and Mainland companies, 2 700 family offices and 4 700 start-ups, demonstrating that Hong Kong remains a magnet for visitors and businesses alike. Hong Kong is poised for further success with upcoming initiatives, such as a lowered liquor tax, to enhance its appeal to international visitors and fulfil its role as the international financial, trade and shipping centre.
“Hong Kong’s distinct advantages were recognised in the latest international rankings,” Ms Yung said during the receptions, noting that Hong Kong is ranked among the world’s top three international financial centres, the freest economy in the world, and among the top five in global competitiveness. Ms Yung elaborated that global investors continue to have confidence in Hong Kong, as evidenced by the continuous inflow of funds and growth in bank deposits. The asset and wealth management sector in Hong Kong is also handling over US$4 trillion, representing more than a 30 per cent increase in six years.
HKETO, Brussels also highlighted Hong Kong as a hub for international cultural exchange, where East meets West. In Lisbon, guests experienced a unique cultural fusion centred on ballet that blends classical technique with contemporary sensibility, performed by Lam Chun-wing, a well-known Hong Kong-born ballet dancer, and an original transcription of Debussy’s “Prélude” for piano solo by the renowned French pianist Alexandre Tharaud. The performance was accompanied by breathtaking video projections specifically produced for the occasion, showcasing Hong Kong’s lesser-known natural landscapes and revealing a side of Hong Kong far removed from its urban reputation as a bustling financial hub of skyscrapers and dense modernity.
In The Hague, an ensemble of talented Hong Kong musicians presented a vibrant mix of popular cantopop songs and moving opera arias. The outstanding performance by the soprano and tenor singers, accompanied by keyboard, won enthusiastic applause from the audience.
The receptions in Luxembourg, Lisbon, The Hague and Bucharest brought together 700 guests, including officials from national governments, consulates and embassies, financial and business sectors, academia, cultural and creative sectors, media and the Chinese community. They were co-organised with Invest Hong Kong and the Hong Kong Trade Development Council; the Luxembourg Chamber of Commence and the China-Luxembourg Chamber of Commercefor the reception in Luxembourg, the Netherlands Hong Kong Business Association for the reception in The Hague, with the support of The Portugal-Hong Kong Chamber of Commerce and Industry for the reception in Lisbon, and the National Confederation for Female Entrepreneurship for the reception in Bucharest.
Source: Hong Kong Government special administrative region
Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services to be implemented on March 1
Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services to be implemented on March 1
******************************************************************************************
The Hong Kong Special Administrative Region (HKSAR) Government today (February 28) said that the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) signed between the Ministry of Commerce and the HKSAR Government under the framework of CEPA will be implemented tomorrow (March 1). The Amendment Agreement II further opens up the services market of the Mainland to Hong Kong, enabling Hong Kong businesses and professionals to enter the Mainland market with more preferential treatments. The Amendment Agreement II introduces new liberalisation measures across a number of service sectors where Hong Kong enjoys competitive advantages, such as financial services, construction and related engineering services, testing and certification, telecommunications, motion pictures, television and tourism services. The liberalisation measures take various forms, including removing or relaxing restrictions on equity shareholding and business scope in the establishment of enterprises; relaxing qualification requirements for Hong Kong professionals providing services; and easing restrictions on Hong Kong’s exports of services to the Mainland market. Most of the liberalisation measures apply to the whole Mainland, while some of them are designated for pilot implementation in the nine Pearl River Delta municipalities in the Guangdong-Hong Kong-Macao Greater Bay Area. The Amendment Agreement II also brings along institutional innovation and collaboration enhancements. It includes the addition of “allowing Hong Kong-invested enterprises to adopt Hong Kong law” and “allowing Hong Kong-invested enterprises to choose for arbitration to be seated in Hong Kong” as facilitation measures for Hong Kong investors; and removal of the period requirement on Hong Kong service suppliers to engage in substantive business operations in Hong Kong for three years in most service sectors. Since the signing of the Amendment Agreement II, the HKSAR Government has been proactively liaising with various chambers of commerce, industries and advisory bodies, etc, to enhance the trade’s understanding of the liberalisation measures. In addition, in the middle of this month, the HKSAR Government co-organised with the Ministry of Commerce a forum to introduce the content and implementation arrangements of the measures as well as the criteria and procedures for application for preferential treatments to over 350 participants, including representatives from local and foreign chambers of commerce, consulates, major trade associations and professional sectors. The HKSAR Government will continue to assist the trade in making good use of the preferential measures of the Amendment Agreement II to facilitate Hong Kong in fully capitalising on the city’s distinctive advantages of enjoying strong support of the motherland and maintaining close connection to the world under the “one country, two systems” principle, and to contribute to the national development of new quality productive forces and solid progress in promoting high-quality development. The Mainland and Hong Kong signed the Agreement on Trade in Services (the Services Agreement) under the framework of CEPA in November 2015, basically achieving liberalisation of trade in services between the two places. Subsequently, the two sides signed an agreement to amend the Services Agreement in November 2019 and the relevant liberalisation measures have been implemented since June 2020. To further enhance liberalisation and facilitate trade in services in response to the aspirations of the Hong Kong business community for greater participation in the development of the Mainland market, the two sides signed the Amendment Agreement II on October 9, 2024, to make further amendments to the Services Agreement. To provide one-stop facilitation to the trade, the Trade and Industry Department (TID) has established a dedicated website (www.tid.gov.hk/english/cepa/index.html) where the enterprises and professionals concerned can access more details about CEPA. The TID also maintains a telephone hotline (2398 5667) and email (cepa@tid.gov.hk) for CEPA-related enquiries, and helps liaise with relevant bureaux, departments or the Mainland authorities to follow up on those issues.
Ends/Friday, February 28, 2025Issued at HKT 17:00
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Source: Government of India (2)
Growth Rate of Real GDP for 2024-25 is estimated as 6.5%
Real GDP has observed a Growth Rate of 6.2% in Q3 of FY 2024-25
Posted On: 28 FEB 2025 4:00PM by PIB Delhi
The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note the Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) for Financial Year (FY) 2024-25; Quarterly Estimates of GDP for October-December Quarter (Q3) of FY 2024-25 along with its expenditure components and following Revised Estimates of GDP, National Income, Consumption Expenditure, Saving and Capital Formation:
a. First Revised Estimates (FRE) for the Financial year 2023-24;
b. Second Revised Estimates or Final Estimates (FE) for the Financial year 2022-23.
These estimates are released both at Constant (2011-12) and Current Prices, in accordance with the release calendar of National Accounts. Detailed Notes on: (i) Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) of FY 2024-25, Quarterly Estimates of GDP for October-December Quarter (Q3) of FY 2024-25 and (ii) Abovementioned Revised Estimates for financial years 2023-24 and 2022-23 are given respectively in Part A and Part B of the Press Note.
Key Highlights:
1. Real GDP has been estimated to grow by 6.5% in FY 2024-25. Nominal GDP is expected to witness a growth rate of 9.9% in FY 2024-25. Both the growth rates are revised upward from their respective First Advance Estimates.
2. As per the First Revised Estimates, Real GDP has grown by 9.2% in the financial year 2023-24, which is highest in the previous 12 years except for the financial year 2021-22 (the post-covid year). This growth has been contributed by double-digit growth rates in ‘Manufacturing’ sector (12.3%), ‘Construction’ sector (10.4%) and ‘Financial, Real Estate & Professional Services’ sector (10.3%).
3. As per the Final Estimates, Real GDP has observed a growth rate of 7.6% in the financial year 2022-23, mainly contributed by double-digit growth rates in ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (12.3%), ‘Financial, Real Estate & Professional Services’ sector (10.8%) and ‘Electricity, Gas, Water Supply & Other Utility Services’ sector (10.8%).
4. Real GDP is estimated to grow by 6.2% in Q3 of FY 2024-25. Growth rate in Nominal GDP for Q3 of FY 2024-25 has been estimated at 9.9%.
5. The growth rate of Real GDP for Q2 of financial year 2024-25 has been revised upward to 5.6%.
6. ‘Construction’ sector is estimated to observe a growth rate of 8.6%, followed by ‘Financial, Real Estate & Professional Services’ sector (7.2%) and ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (6.4%) during 2024-25.
7. Private Final Consumption Expenditure (PFCE) is expected to register a good growth of 7.6% during 2024-25 as compared to 5.6% growth observed during 2023-24.
PART A
NOTE ON SECOND ADVANCE ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2024-25
QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER (OCT-DEC) OF 2024-25
The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note, the Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25 and Quarterly Estimates of GDP for the Third quarter (October-December) of 2024-25 along with its expenditure components both at Constant (2011-12) and Current Prices. Annual, Quarterly as well as April-December estimates of Gross Value Added (GVA) at Basic Prices by kind of economic activity along with year on year percent changes, expenditure components of GDP and annual estimates of Gross/Net National Income and Per Capita Income for the Financial years 2022-23, 2023-24 and 2024-25 at Constant and Current Prices are given in Statements 1A to 12A of Annexure A.
I. Annual Estimates and Growth Rates
Real GDP or GDP at Constant Prices is estimated to attain a level of ₹187.95 lakh crore in the financial year 2024-25, against the First Revised Estimate of GDP for the year 2023-24 of ₹176.51 lakh crore. The growth rate in Real GDP during 2024-25 is estimated at 6.5% as compared to 9.2% in 2023-24. Nominal GDP or GDP at Current Prices is estimated to attain a level of ₹331.03 lakh crore in the year 2024-25, against ₹301.23 lakh crore in 2023-24, showing a growth rate of 9.9%.
Real GVA is estimated at ₹171.80 lakh crore in the year 2024-25, against the FRE for the year 2023-24 of ₹161.51 lakh crore, registering a growth rate of 6.4% as compared to 8.6% growth rate in 2023-24. Nominal GVA is estimated to attain a level of ₹300.15 lakh crore during FY 2024-25, against ₹274.13 lakh crore in 2023-24, showing a growth rate of 9.5%
Fig. 1: Annual GDP and GVA Estimates along with Y-o-Y Growth Rates at Constant Prices
Fig. 2: Sectoral Composition and Growth Rates of Annual GVA
|
Sectoral Composition of Nominal GVA in FY 2024-25 |
Fig. 3: Composition and Growth Rates of Annual GVA in Broad Sectors
II. Quarterly Estimates and Growth Rates
Real GDP or GDP at Constant Prices in Q3 of FY 2024-25 is estimated at ₹47.17 lakh crore, against ₹44.44 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GDP or GDP at Current Prices in Q3 of FY 2024-25 is estimated at ₹84.74 lakh crore, against ₹77.10 lakh crore in Q3 of FY 2023-24, showing a growth rate of 9.9%.
Real GVA in Q3 of FY 2024-25 is estimated at ₹43.13 lakh crore, against ₹40.60 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GVA in Q3 of FY 2024-25 is estimated at ₹77.06 lakh crore, against ₹69.90 lakh crore in Q3 of FY 2023-24, showing a growth rate of 10.2%.
Fig. 4: Quarterly GDP and GVA Estimates along with Y-o-Y Growth Rates from Q1 FY 2021-22 to Q3 FY 2024-25 at Constant Prices
Fig. 5: Sectoral Composition and Growth Rates of Quarterly GVA
|
Sectoral Composition of Nominal GVA in Q3 of FY 2024-25 |
Fig. 6: Composition and Growth Rates of Quarterly GVA in Broad Sectors
[Primary Sector: Agriculture, Livestock, Forestry & Fishing and Mining & Quarrying
Secondary Sector: Manufacturing, Electricity, Gas, Water supply & Other Utility Services and Construction
Tertiary Sector: Trade, Hotels, Transport, Communication and Services related to Broadcasting, Financial, Real Estate & Professional Services and Public Administration, Defence & Other Services]
III. Methodology and Major Data Sources:
Second Advance Estimates of Annual GDP and Quarterly Estimates GDP are compiled using the Benchmark-indicator method i.e. the estimates available for the previous financial year (2023-24) are extrapolated using the relevant indicators reflecting the performance of sectors. The First Advance Estimates (FAE) of Annual GDP for the financial year 2024-25 were released on 7th January, 2025, which were based on very limited data and used Provisional Estimates of 2023-24 as Benchmark Estimates. For Compilation of SAE, 2024-25, the Provisional Estimates of 2023-24 used at the time of FAE have been replaced by FRE, 2023-24 which have been compiled using industry-wise/institution-wise detailed information. Thus, overall as well as sectoral variations in SAE from FAE is attributed to revision of benchmark estimates and additional or updated data available on various indicators. The quarterly estimates of previous years along with the First and Second quarter estimates of 2024-25 released earlier have also undergone revision in accordance with the revision policy of National Accounts.
The sector-wise estimates have been compiled using indicators/data sources like (i) Index of Industrial Production (IIP), (ii) Financial performance of Listed Companies based on available quarterly financial results of these companies upto Q3 FY 2024-25, (iii) Estimates of Major Agricultural Crops and Horticultural crops for 2024-25, as provided by Ministry of Agriculture and Farmers’ Welfare (iv) Production Targets and Summer as well as Rainy season production estimates of Major Livestock Products for FY 2024-25; (v) Fish Production, (vi) Production of Coal, Crude Petroleum, Natural Gas, Cement and Consumption of Steel, (vii) Net Tonne Kilometres and Passenger Kilometres for Railways, (viii) Passenger and Cargo traffic handled by Civil Aviation, (ix) Cargo traffic handled at Major and Minor Sea Ports, (x) Sales of Commercial Vehicles, (xi) Bank Deposits and Credits, (xii) Premium related information of Life and Non-Life Insurance companies, (xiii) Data on outward Supplies of Goods and Services available from GSTN upto January, 2025 (xiv) Accounts of Central and State Governments, (xv) Goods and Services Tax collections etc., available for first 9-10 months of the FY 2024-25. Year-on-Year growth rates (%) in the main indicators used in the estimation are given in the Annexure B.
Total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue. The Revised Estimates of Tax revenue for 2024-25 as available in the Annual Financial Statement of the Central Government, along with latest available information from the websites of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products at Current Prices. For compiling taxes on products at Constant Prices, volume extrapolation is done using volume growth of taxed goods and services. The total product subsidies at Current prices were compiled using the latest information on major subsidies viz. Food, Urea, Petroleum and Nutrient based subsidy for Centre as available on CGA website and the expenditure incurred on subsidies by most States up to December 2024 as available on CAG website along with the Centre/State-wise RE and BE provision for FY 2024-25. Information available on Revenue expenditure, Interest payments, Subsidies etc. from Centre and States for FY 2024-25 were used for estimating Government Final Consumption Expenditure (GFCE).
Improved data coverage and revision in input data made by source agencies would have a bearing on subsequent revisions of these estimates. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take these into consideration while interpreting the figures. The Provisional Estimates of Annual GDP for FY 2024-25 along with Quarterly GDP estimates for the quarter January-March of FY 2024-25 (Q4 2024-25) will be released on 30.05.2025.
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Annexure A
Annexure B
PART B
NOTE ON FIRST REVISED & FINAL ESTIMATES OF GROSS DOMESTIC PRODUCT, NATIONAL INCOME, CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION FOR 2023-24 & 2022-23 RESPECTIVELY
In this part of the press note, First Revised Estimates of GDP, National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2023-24 and Second Revised/ Final Estimates for the financial year 2022-23 are given.
2. The First Revised Estimates for the year 2023-24 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31st May, 2024. The estimates of Gross Domestic Product (GDP) and other aggregates for the year 2022-23 have also undergone revisions on account of use of latest available datasets on agricultural production; industrial production (final results of Annual Survey of Industries: 2022-23); government data as available in budget documents (replacing Revised Estimates with actuals for the year 2022-23); comprehensive data available from various source agencies like Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI), National Bank for Agriculture and Rural Development (NABARD) etc. and additional data from State/UT Directorates of Economics and Statistics (DES).
3. The salient features of the revised estimates at aggregate level are given in the paras as follows.
Gross Domestic Product
4. Real GDP or GDP at constant (2011-12) prices for the years 2023-24 and 2022-23 stands at ₹176.51 lakh crore and ₹161.65 lakh crore, respectively, showing a growth of 9.2 per cent during 2023-24 as compared to growth of 7.6 per cent during 2022-23.
5. Nominal GDP or GDP at current prices for the year 2023-24 is estimated at ₹301.23 lakh crore, against ₹268.90 lakh crore for the year 2022-23, showing a growth of 12.0 per cent during 2023-24 as compared to growth of 14.0 per cent during 2022-23.
GVA and its Industry-wise Analysis
6. At the aggregate level, nominal Gross Value Added (GVA) at basic prices has increased by 11.2 per cent during 2023-24 compared to growth of 13.9 per cent during 2022-23. Real GVA, i.e., GVA at constant (2011-12) prices, has increased by 8.6 per cent in 2023-24, compared to 7.2 per cent growth in 2022-23.
7. The shares of broad sectors of the economy in overall GVA during 2011-12 to 2023-24 and the annual growth rates during these periods are mentioned below:
#: Final Estimates; @: First Revised Estimates
8. The growth rates of Primary sector (comprising Agriculture, Livestock, Forestry, Fishing and Mining & Quarrying), Secondary sector (comprising Manufacturing, Electricity, Gas, Water Supply & Other Utility Services, and Construction) and Tertiary sector (Services) have been estimated as 2.7 per cent, 11.4 per cent and 9.0 per cent respectively in 2023-24 as against growth rates of 5.9 per cent, 2.4 per cent and 10.3 per cent respectively in the previous years. The growth in real GVA during 2023-24 is on account of growth in ‘Manufacturing’, ‘Electricity, Gas, Water Supply & Other Utility Services’, ‘Construction’, ‘Trade, repair, Hotels and Restaurants’, ‘Financial Services’, ‘Real Estate, Ownership of Dwelling & Professional Services’ and ‘Other services’ as may be seen from Statement 4.2B. However, ‘Agriculture, Livestock, Forestry and Fishing’, ‘Mining and Quarrying’ and ‘Public Administration and Defense’ have witnessed modest growth.
Net National Income
9. Net National Income (NNI) at current prices for the year 2023-24 stands at ₹263.50 lakh crore as against ₹233.91 lakh crore in 2022-23, showing a growth of 12.7 per cent during 2023-24 as compared to growth of 13.3 per cent in the previous year.
Gross National Disposable Income
10. Gross National Disposable Income (GNDI) at current prices is estimated at ₹305.94 lakh crore for the year 2023-24, while the estimate for the year 2022-23 stands at ₹273.39 lakh crore, showing a growth of 11.9 per cent for year 2023-24 as compared to growth of 14.3 per cent in the year 2022-23.
Saving
11. Gross Saving during 2023-24 is estimated at ₹92.59 lakh crore against ₹82.44 lakh crore during 2022-23. Share of Non-financial corporations, Financial corporations, General Government and Household sectors in Gross Savings during 2023-24 stands at 36.0%, 8.2%, (-) 3.1% and 59.0% respectively. Rate of Gross Saving to GNDI for 2023-24 is estimated at 30.3 per cent as against 30.2 per cent for 2022-23.
Capital Formation
12. Gross Capital Formation (GCF) at current prices is estimated at ₹94.68 lakh crore for the year 2023-24 as compared to ₹87.72 lakh crore during 2022-23. The rate of GCF to GDP is 31.4 per cent during 2023-24 as against 32.6 per cent in the 2022-23. The rates of capital formation in the years 2011-12 to 2019-20 and 2021-22 to 2023-24 have been higher than the rate of saving because of positive net capital flow from Rest of the World (RoW).
13. In terms of the share to the total GFCF (at current prices), the highest contributor is Non-Financial Corporations followed by Household sector, share of which stood at 44.2% and 41.7% respectively in 2023-24.
14. The rate of GCF to GDP at constant (2011-12) prices was 35.2 per cent in 2022-23 and 34.6 per cent in 2023-24.
Consumption Expenditure
15. Private Final Consumption Expenditure (PFCE) at current prices is estimated at ₹181.30 lakh crore for the year 2023-24 as against ₹165.28 lakh crore in 2022-23. In relation to GDP, the PFCE to GDP ratio at current prices during 2022-23 and 2023-24 are 61.5 per cent and 60.2 per cent respectively. At constant (2011-12) prices, the PFCE is estimated at ₹93.85 lakh crore and ₹99.07 lakh crore, respectively for the years 2022-23 and 2023-24. The corresponding PFCE to GDP ratio for the years 2022-23 and 2023-24 are 58.1 per cent and 56.1 per cent respectively.
16. Government Final Consumption Expenditure (GFCE) at current prices is estimated at ₹31.04 lakh crore for the year 2023-24 as against ₹27.58 lakh crore during 2022-23. At constant (2011-12) prices the estimates of GFCE for the years 2022-23 and 2023-24 stand at ₹15.44 lakh crore and ₹16.70 lakh crore respectively.
Per Capita Estimates
17. Per Capita Income i.e. Per Capita Net National Income at current prices is estimated at ₹1,69,145 and ₹1,88,892 respectively for the years 2022-23 and 2023-24. Per Capita PFCE at current prices, for the years 2022-23 and 2023-24 is estimated at ₹1,19,516 and ₹1,29,967 respectively.
Summary of Revisions in the GDP Estimates
Revision in the estimates of the year 2023-24
18. The following statement gives the major reasons of variation between the Provisional Estimates (released on 31st May, 2024) and the First Revised Estimates of GVA for 2023-24.
|
Sector |
GVA growth in 2023-24 (at 2011-12 Prices) |
Major reasons for variation |
|
|
Provisional Estimate (PE), May 2024 |
First Revised Estimate (FRE), Feb 2025 |
||
|
Primary |
2.1 |
2.7 |
GVA estimates of Agriculture, Livestock, Forestry and Fishing sectors have undergone revision due to revision in production estimates of crop sector as per Final Estimate of Ministry of Agriculture and Farmers welfare. The revision in other industries in Primary Sector is due to the incorporation of latest revised data. |
|
Secondary |
9.7 |
11.4 |
Estimates of secondary sector have undergone revision due to use of data from source agencies along with detailed analysis of Non-departmental Enterprises (NDE) & Private Corporate sectors and budget documents of Government whereas provisional estimates were indicator based. |
|
Tertiary |
7.6 |
9.0 |
Data from source agencies along with detailed analysis of Departmental Enterprises (DE), NDE and Private Corporate sectors have been used for compilation of estimates for FRE 2023-24 whereas provisional estimates were indicator based. Furthermore, the revision in Public Administration and Defence sector is due to the use of detailed analysis of Budget documents (Centre and State Governments) and latest information of Local Bodies and Autonomous Bodies. In case of Financial services, FRE is based on analysis of annual reports of Financial Corporations and data released by RBI, NABARD and other financial regulators. |
|
Total GVA at Basic Prices |
7.2 |
8.6 |
|
|
GDP |
8.2 |
9.2 |
|
[Primary Sector: Agriculture, Livestock, Forestry & Fishing and Mining & Quarrying
Secondary Sector: Manufacturing, Electricity, Gas, Water supply & Other Utility Services and Construction
Tertiary Sector: Trade, Hotels, Transport, Communication and Services related to Broadcasting, Financial, Real Estate & Professional Services and Public Administration, Defence & Other Services]
Revisions in the estimates of the year 2022-23
19. The use of latest available data from various agencies has resulted in changes in both the levels of GVA and growth estimates for the years 2022-23.
Revisions in Major Aggregates
20. The level of revisions in the major aggregates at current and constant (2011-12) prices are given in the following table:
Major National Income Aggregates and their % Changes
(₹ in Lakh Crore)
|
Sl. No. |
Item |
2022-23 |
||
|
1st RE |
Final Estimates |
% change |
||
|
At Current Prices |
||||
|
1 |
GVA at basic prices |
246.59 |
246.47 |
-0.1 |
|
2 |
GDP |
269.50 |
268.90 |
-0.2 |
|
3 |
GNI |
265.79 |
265.20 |
-0.2 |
|
4 |
NNI |
234.39 |
233.91 |
-0.2 |
|
5 |
GNDI |
273.99 |
273.39 |
-0.2 |
|
At Constant Prices |
||||
|
1 |
GVA at basic prices |
148.05 |
148.78 |
0.5 |
|
2 |
GDP |
160.71 |
161.65 |
0.6 |
|
3 |
GNI |
158.31 |
159.39 |
0.7 |
|
4 |
NNI |
137.47 |
138.51 |
0.8 |
Major reasons for revisions in GVA/GDP estimates for FY 2022-23 are as given below:
Detailed statements
21. List of Statements released in part ‘B’ of the press note is given below. More details of the revised estimates, i.e., FRE 2023-24 and FE 2022-23 are available in Statements 1.1B to 9B of Annexure C, which are given in the PDF format of the press note.
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Annexure C
FORMULAE
REMARKS ON THE FORMULAE
Production Taxes – Land Revenues, Stamps & Registration fees and Tax on profession
Production Subsidies – Subsidies to Railways, Subsidies to village and small industries.
Product Taxes- Goods & Service Tax, Excise duties, Sales tax, Service Tax and Import, Export duties
Product Subsidies- Food, Petroleum and fertilizer subsidies.
Gross Capital Formation (GCF) at the current as well as the constant prices is estimated by two approaches: – (i) through flow of funds, derived as Gross Saving plus net capital flow from Rest of the World (RoW); and (ii) by the commodity flow approach, derived by the type of assets.
Click here to see Press Note in PDF format
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Samrat/ Dheeraj/Allen
(Release ID: 2106921) Visitor Counter : 310
Source: Government of India
Posted On: 28 FEB 2025 3:21PM by PIB Delhi
Introduction
The Central Sector Scheme for “Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs) was launched by Prime Minister Shri Narendra Modi on 29th February, 2020. The scheme was launched with a budget outlay of ₹6,865 Crore till 2027-28. Since the launch of the scheme, ₹254.4 Crore in equity grants has been released to 4,761 FPOs and credit guarantee cover worth ₹453 Cr. has been issued to 1,900 FPOs.[1]
Recently, on the occasion of the release of the 19th instalment of PM-KISAN in Bhagalpur, Bihar, Prime Minister Shri Narendra Modi launched the 10,000th FPO. The 10,000th FPO has been registered in Khagaria district and focuses on maize, banana, and paddy. FPOs are not just organizations but an unprecedented force to increase farmers’ income and provide small farmers with direct access to significant market benefits, bargaining power and improving market access. Approximately 30 lakh farmers in the country are connected to FPOs, with around 40 percent of them being women. These FPOs are now conducting business worth thousands of crores in the agricultural sector.[3]
Under this scheme, there is a provision for handholding support for a period of five years to each new FPO formed, and financial assistance to the tune of Rs.18 lakhs to each FPO under the scheme towards management cost for 3 years. Additionally, matching equity grant upto Rs. 2,000 per farmer member of FPO with a limit of Rs. 15.00 lakh per FPO and a credit guarantee facility upto Rs. 2 crore of project loan per FPO from eligible lending institutions to ensure institutional credit accessibility to FPOs[4]
What are FPOs?
Farmer Producer Organisation (FPO) is a generic name, which refers to farmer- producers’ organization incorporated/ registered either under Part IXA of Companies Act or under Co-operative Societies Act of the concerned States and formed for the purpose of leveraging collectives through economies of scale in production and marketing of agricultural and allied sector.
The concept behind Farmer Producer Organizations is that farmers, who are the producers of agricultural products, can form groups. To facilitate this process, the Small Farmers’ Agribusiness Consortium (SFAC) was mandated by Department of Agriculture and Cooperation, Ministry of Agriculture, Govt. of India, to support the State Governments in the formation of Farmer Producer Organizations (FPOs).[5]
The “Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs)” scheme was launched with the main focus on leveraging economies of scale in production and marketing with a view to enhance productivity through efficient, cost effective and sustainable resource use for ensuring sustainable income-oriented farming, thus helping in reduction of cost of farm production and increase in farmers’ income.[6]
Need for FPOs
OBJECTIVES
Convergence of Ministries for FPOs in India-
Services and Activities undertaken by FPOs
The FPOs provide and undertake following relevant major services and activities for their development:
Initiatives under the scheme
Credit Guarantee Fund: FPOs need finance, both grants and loans, to quickly establish input collectivisation, working capital, marketing and improved services to member farmers. Considering FPOs’ need for credit from formal financial institutions, a dedicated Credit Guarantee Fund (CGF) has been created under the Central Sector Scheme for Formation and Promotion of 10,000 FPOs. CGF provides credit guarantee cover to financial institutions for extending loans to FPOs.[20]
ONDC platform: Almost 5 thousand out of 8,000 registered Farmer Producer Organizations (FPOs) have been registered on Open Network for Digital Commerce (ONDC) portal for selling the produce online to consumers across the country. The onboarding of FPOs on ONDC to reach out to their buyers in any part of the country is in line with the Central government objective of providing growers with better market access. The move aims to empower FPOs with direct access to digital marketing, online payment, business-to-business and business-to-consumer transactions.[21]
MoU to convert 10,000 FPOs into CSCs: An MoU between CSC SPV (Common Services Centres Special Purpose Vehicle) and Ministry of Agriculture & Farmer’s Welfare was signed to convert FPOs registered under ‘Formation & Promotion of 10,000 FPOs scheme’ into CSCs and help them to deliver citizen-centric services. As per the MoU, 10,000 FPOs will be converted into CSCs. CSC SPV will enable them to provide the services that are available on the Digital Seva Portal. The delivery of CSC services through FPOs is aimed at increasing employment opportunities in rural areas.[22]
FPOs provide special focus to include small, marginal and women farmers/women SHGs, SC/ST farmers and other economically weaker categories etc. as members to make FPOs more effective and inclusive.
How to Apply
FPOs/FPCs can register on e-NAM Portal via website (www.enam.gov.in) or mobile app or providing following details at nearest e-NAM mandi:
Conclusion
Formation & promotion of FPOs is the first step for converting Krishi into Atmanirbhar Krishi. The successful formation of 10,000 Farmer Producer Organizations (FPOs) under the Central Sector Scheme marks a transformative milestone for the agriculture sector. By fostering collectivization, enhancing market access, and providing financial and institutional support, this initiative has empowered millions of small and marginal farmers, including women and economically weaker sections. This achievement not only boosts agricultural productivity and income but also contributes to rural job creation and economic resilience. As India moves forward, the continued support and expansion of FPOs will be instrumental in shaping a self-reliant, efficient, and prosperous agricultural ecosystem.
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Santosh Kumar/ Ritu Kataria/ Kritika Rane
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