Source: World Trade Organization – WTO (video statements)
The Young Trade Leaders Programme was established to connect young people with the work of the WTO. Hugh Jones, from Canada, works at Tereposky & DeRose, an international trade and investment law firm in Ottawa.
Hugh talks about the importance of including indigenous voices in international trade.
Download this video from the WTO website:
https://www.wto.org/english/res_e/webcas_e/webcas_e.htm
Source: GlobeNewswire (MIL-OSI)
NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced PINEWOOD TECHNOLOGIES GROUP PLC (LSE: PINE; OTCQX: PINWF), a cloud-based dealer management software provider, has qualified to trade on the OTCQX® Best Market. PINEWOOD TECHNOLOGIES GROUP PLC upgraded to OTCQX from the Pink® market.
PINEWOOD TECHNOLOGIES GROUP PLC begins trading today on OTCQX under the symbol “PINWF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
Bill Berman, CEO of Pinewood Technologies Group, commented:
“We are thrilled to begin trading on the OTCQX Market, which offers investors in the U.S. the opportunity to purchase shares in Pinewood Automotive Intelligence™ more easily. As the first fully integrated secure cloud-based ecosystem operating in 21 countries and partnering with more than 50 manufacturers, Pinewood Automotive Intelligence™ is uniquely positioned to offer real-time solutions to real world retail problems. The Pinewood Automotive Intelligence™ platform gives dealers and OEMs alike the ability to drive growth and unlock greater profits while operating securely in our fully connected environment.
“With the global market for Dealer Management Software solutions fragmented, the Pinewood Automotive Intelligence™ platform capitalizes on the universal need for clarity between customer, dealer and manufacturer. Strengthened by our partnership with Lithia, one of the largest automotive dealer groups in the U.S., we believe Pinewood Automotive Intelligence™ is a compelling investment proposition that will continue to deliver significant value for shareholders.”
About PINEWOOD TECHNOLOGIES GROUP PLC (Trading as Pinewood.AI)
First established in 1981, Pinewood.AI (Pinewood Automotive Intelligence™) is a leading pure-play cloud-based business, providing innovative solutions to automotive retailers and OEMs. Pinewood.AI’s system is a market-leading automotive intelligence platform, which has been developed collaboratively with dealers and OEMs to provide full end-to-end secure cloud-based software across sales, aftersales, accounting and CRM. Headquartered in the UK, Pinewood.AI has a team of over 200 people serving over 30,000 global users across 21 countries and long-standing partnerships with over 50 OEM brands.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.
Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
Subscribe to the OTC Markets RSS Feed
Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com
Source: GlobeNewswire (MIL-OSI)
SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today released its unaudited financial results for the fourth quarter ended December 31, 2024.
Q4 2024 Financial Highlights
All amounts compared to Q4’23 unless otherwise noted
Management Commentary
“Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance. However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond. Owning and deploying our own mining ASICs is an integral part of our full vertical integration strategy. It will provide us distinct advantages – such as rapid hashrate deployment, a lower cost structure, enhanced capital efficiency, and a dramatically improved supply chain compared to the broader industry. In addition, commercializing SEALMINER ASICs allows us to diversify our revenue streams into the multi-billion dollar ASICs market where we see strong demand for alternative suppliers of ASIC solutions,” stated Matt Kong, Chief Business Officer at Bitdeer.
Mr. Kong added, “In 2025, for our self-mining operation, we plan to energize all of our mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s on top of our existing 8.7 EH/s of self-mining hashrate for the time being. This will bring Bitdeer’s total self-mining hashrate to approximately 40 EH/s by Q4 2025. This target does not factor in additional wafer allocation anticipated from TSMC for SEAL02 or SEAL03, which could be additive to the Q4 2025 target of 40 EH/s, depending on manufacturing schedule. For sales to external customers, the approximately 7 EH/s of SEALMINER A2s that we allocated was quickly over-subscribed, 20% of the total price as the down payment has been fully collected and volume shipments to these customers will begin in March 2025.”
Mr. Kong continued, “In Q4 2024, we also advanced the development of our 3rd and 4th generation chips. Upon successful tapeouts, we believe these chips will position Bitdeer as the leading supplier of the world’s most energy efficient mining ASICs. Having the most efficient ASIC is the key factor to winning share of the growing ASICs market, as energy efficiency remains most important single metric influencing buying decisions. We look forward to the substantial value these chips will unlock for our company and our shareholders.”
Mr. Kong concluded, “In terms of our energy assets, our global power capacity now exceeds 2.6 GWs, following the Foxcreek, Alberta acquisition, and over 1 GW is scheduled to be energized over the course of 2025. This puts us in an advantageous position to deploy our SEALMINER machines for self-mining and also capitalize on the significant demand for HPC and AI datacenters. We are actively working with top datacenter developers and advisors to establish long-term partnerships, which will position Bitdeer to play a significant role in addressing the shortage of reliable power for AI datacenters.”
Operational Summary
| Metrics | Three Months Ended Dec 31 | |
| 2024 | 2023 | |
| Total hash rate under management (EH/s) | 21.6 | 21.0 |
| – Proprietary hash rate | 8.9 | 8.4 |
| – Self-mining | 8.5 | 6.7 |
| – Cloud Hash Rate | 0.0 | 1.7 |
| – Delivered but not yet hashing | 0.4 | – |
| – Hosting | 12.7 | 12.6 |
| Mining rigs under management | 175,000 | 215,000 |
| – Self-owned | 85,000 | 86,000 |
| – Hosted | 90,000 | 129,000 |
| Bitcoin mined (self-mining only) | 469 | 1,299 |
| Bitcoins held | 594 | 43 |
| Total power usage (MWh) | 857,000 | 1,336,000 |
| Average cost of electricity ($/MWh) | 41 | 44 |
| Average miner efficiency (J/TH) | 30.4 | 31.7 |
Power Infrastructure Summary
| Site / Location | Capacity (MW) | Status | Timing3 |
| Electrical capacity | |||
| – Rockdale, Texas | 563 | Online | Completed |
| – Knoxville, Tennessee | 86 | Online | Completed |
| – Wenatchee, Washington | 13 | Online | Completed |
| – Molde, Norway | 84 | Online | Completed |
| – Tydal, Norway | 50 | Online | Completed |
| – Gedu, Bhutan | 100 | Online | Completed |
| Total electrical capacity | 8954 | ||
| Pipeline capacity | |||
| – Tydal, Norway Phase 1 | 40 | In progress | Pending Regulatory Approval |
| – Tydal, Norway Phase 2 | 135 | In progress | Mid 2025 |
| – Massillon, Ohio | 221 | In progress | Mid-to-late 2025 |
| – Clarington, Ohio Phase 1 | 266 | In progress | Q3 2025 |
| – Clarington, Ohio Phase 2 | 304 | Pending approval | Estimate 2026 |
| – Jigmeling, Bhutan | 500 | In progress | Mid-to-late 2025 |
| – Rockdale, Texas | 179 | In planning | Estimate 2026 |
| – Alberta, Canada | 99 | In planning | Q4 2026 |
| Total pipeline capacity | 1,744 | ||
| Total global electrical capacity | 2,639 |
Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded.
Q4 2024 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Three Months Ended | |||||
| Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | ||||
| Total revenue | 69.0 | 62.0 | 114.8 | |||
| Cost of revenue | (63.9) | (59.2) | (87.8) | |||
| Gross profit | 5.1 | 2.8 | 27.0 | |||
| Net loss | (531.9) | (50.1) | (5.0) | |||
| Adjusted EBITDA | (3.8) | (8.5) | 33.32 | |||
| Cash and cash equivalents | 476.3 | 291.3 | 144.7 | |||
| US $ in millions | Three Months Ended Dec 31, 2024 | |||||||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting | ||||
| Revenue | 41.5 | 2.3 | 8.5 | 12.4 | ||||
| Cost of revenue | ||||||||
| – Electricity cost in operating mining rigs | (22.3) | (0.1) | (5.8) | (7.0) | ||||
| – Depreciation and share-based payment expenses | (12.2) | (0.6) | (1.2) | (1.8) | ||||
| – Other cash costs | (4.0) | (0.3) | (0.8) | (1.2) | ||||
| Total cost of revenue | (38.5) | (1.0) | (7.8) | (10.0) | ||||
| Gross profit | 3.0 | 1.3 | 0.7 | 2.4 | ||||
| US $ in millions | Three Months Ended Dec 31, 2023 | |||||||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting | ||||
| Revenue | 46.9 | 16.2 | 25.2 | 23.4 | ||||
| Cost of revenue | ||||||||
| – Electricity cost in operating mining rigs | (20.3) | (4.3) | (16.1) | (17.2) | ||||
| – Depreciation and share-based payment expenses | (9.7) | (3.8) | (2.6) | (2.4) | ||||
| – Other cash costs | (3.0) | (1.0) | (1.6) | (1.6) | ||||
| Total cost of revenue | (33.0) | (9.1) | (20.3) | (21.2) | ||||
| Gross profit | 13.9 | 7.1 | 4.9 | 2.2 | ||||
Full Year 2024 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Years Ended | |||
| Dec 31, 2024 | Dec 31, 2023 | |||
| Total revenue | 349.8 | 368.5 | ||
| Cost of revenue | (283.4) | (290.7) | ||
| Gross profit | 66.4 | 77.8 | ||
| Net loss | (599.2) | (56.7) | ||
| Adjusted EBITDA | 39.4 | 97.02 | ||
| Cash and cash equivalents | 476.3 | 144.7 | ||
| US $ in millions | Year Ended Dec 31, 2024 | |||||||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting | ||||
| Revenue | 163.1 | 39.8 | 67.6 | 64.0 | ||||
| Cost of revenue | ||||||||
| – Electricity cost in operating mining rigs | (91.1) | (7.5) | (39.6) | (41.0) | ||||
| – Depreciation and share-based payment expenses | (39.1) | (8.4) | (8.4) | (8.2) | ||||
| – Other cash costs | (11.8) | (2.5) | (4.3) | (4.5) | ||||
| Total cost of revenue | (142.0) | (18.4) | (52.3) | (53.7) | ||||
| Gross profit | 21.1 | 21.4 | 15.3 | 10.3 | ||||
| US $ in millions | Year Ended Dec 31, 2023 | |||||||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting | ||||
| Revenue | 111.7 | 67.9 | 97.3 | 79.9 | ||||
| Cost of revenue | ||||||||
| – Electricity cost in operating mining rigs | (52.3) | (17.1) | (54.6) | (55.5) | ||||
| – Depreciation and share-based payment expenses | (29.2) | (19.7) | (13.2) | (10.7) | ||||
| – Other cash costs | (8.3) | (5.3) | (7.5) | (6.6) | ||||
| Total cost of revenue | (89.8) | (42.1) | (75.3) | (72.8) | ||||
| Gross profit | 21.9 | 25.8 | 22.0 | 7.1 | ||||
Q4 2024 Management’s Discussion and Analysis (compared to Q4 2023)
Revenue
Cost of Revenue
Gross Profit and Margin
Operating Expenses
Other Net Loss
Net Loss
Adjusted Profit / (Loss) (Non-IFRS)5
Adjusted EBITDA (Non-IFRS)
Cash Flows
Balance Sheet
As of December 31, 2024 unless stated otherwise (compared to December 31, 2023)
Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.
CEO 10b5-1 Trading Plan
In December 2024, Jihan Wu, Chairman of the Board and Chief Executive Officer of the Company, entered into a plan designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Plan”). The Plan provides for sales of securities of the Company and is in accordance with the Company’s Insider Trading Policy. Subject to minimum price thresholds specified in the Plan, up to 4,000,000 of ordinary shares of the Company may be sold on multiple pre-determined dates starting in March 2025 and ending no later than the earlier of June 15, 2025 or the date that the aggregate number of ordinary shares sold under the Plan reaches 4,000,000.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||
| As of December 31, | As of December 31, | |||||
| (US $ in thousands) | 2024 | 2023 | ||||
| ASSETS | ||||||
| Cash and cash equivalents | 476,270 | 144,729 | ||||
| Cryptocurrencies | 77,537 | 15,371 | ||||
| Trade receivables | 9,627 | 17,277 | ||||
| Amounts due from a related party | 15,512 | 187 | ||||
| Prepayments and other assets | 310,173 | 97,087 | ||||
| Inventories | 64,888 | 346 | ||||
| Financial assets at fair value through profit or loss | 42,521 | 37,775 | ||||
| Restricted cash | 17,356 | 9,538 | ||||
| Mining rigs | 67,324 | 63,477 | ||||
| Right-of-use assets | 69,273 | 58,626 | ||||
| Property, plant and equipment | 251,377 | 154,860 | ||||
| Investment properties | 30,723 | 34,346 | ||||
| Intangible assets | 83,235 | 4,777 | ||||
| Goodwill | 35,818 | – | ||||
| Deferred tax assets | 6,220 | 991 | ||||
| TOTAL ASSETS | 1,557,854 | 639,387 | ||||
| LIABILITIES | ||||||
| Trade payables | 31,471 | 32,484 | ||||
| Other payables and accruals | 42,267 | 32,151 | ||||
| Amounts due to a related party | 8,747 | 33 | ||||
| Income tax payables | 2,729 | 3,367 | ||||
| Derivative liabilities | 763,939 | – | ||||
| Deferred revenue | 129,229 | 144,337 | ||||
| Borrowings | 208,127 | 22,618 | ||||
| Lease liabilities | 78,133 | 70,211 | ||||
| Deferred tax liabilities | 16,614 | 1,620 | ||||
| TOTAL LIABILITIES | 1,281,256 | 306,821 | ||||
| NET ASSETS | 276,598 | 332,566 | ||||
| EQUITY | ||||||
| Share capital | * | * | ||||
| Treasury equity | (160,926) | (2,604) | ||||
| Accumulated deficit | (649,004) | (49,853) | ||||
| Reserves | 1,086,528 | 385,023 | ||||
| TOTAL EQUITY | 276,598 | 332,566 | ||||
* Amount less than US$1,000
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
||||||||||||
| Three months ended Dec 31, | Years ended Dec 31, | |||||||||||
| (US $ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenue6 | 69,018 | 114,848 | 349,782 | 368,554 | ||||||||
| Cost of revenue | (63,919) | (87,804) | (283,382) | (290,745) | ||||||||
| Gross profit | 5,099 | 27,044 | 66,400 | 77,809 | ||||||||
| Selling expenses | (1,952) | (2,005) | (8,044) | (8,246) | ||||||||
| General and administrative expenses | (17,668) | (17,134) | (64,317) | (66,454) | ||||||||
| Research and development expenses | (22,898) | (8,306) | (76,946 | (29,534) | ||||||||
| Listing fee | – | – | – | (33,151) | ||||||||
| Other operating income / (expenses) | (3,670) | 3,073 | 727 | 3,791 | ||||||||
| Other net gain / (loss) | (479,778) | 1,068 | (507,479) | 3,538 | ||||||||
| Profit / (loss) from operations | (520,867) | 3,740 | (589,659) | (52,247) | ||||||||
| Finance income / (expenses) | (11,811) | 1,179 | (11,935) | 1,276 | ||||||||
| Profit / (loss) before taxation | (532,678) | 4,919 | (601,594) | (50,971) | ||||||||
| Income tax benefit / (expenses) | 761 | (9,950) | 2,443 | (5,685) | ||||||||
| Loss for the periods | (531,917) | (5,031) | (599,151) | (56,656) | ||||||||
| Other comprehensive loss | ||||||||||||
| Loss for the periods | (531,917) | (5,031) | (599,151) | (56,656) | ||||||||
| Other comprehensive loss for the periods | ||||||||||||
| Item that may be reclassified to profit or loss | ||||||||||||
| – Exchange differences on translation of financial statements | (234) | (43) | (218) | (26) | ||||||||
| Other comprehensive loss for the periods, net of tax | (234) | (43) | (218) | (26) | ||||||||
| Total comprehensive loss for the periods | (532,151) | (5,074) | (599,369) | (56,682) | ||||||||
| Loss per share (Basic and diluted) | (3.22) | (0.05) | (4.36) | (0.51) | ||||||||
| Weighted average number of shares outstanding (thousands) (Basic and diluted) | 165,427 | 111,055 | 137,426 | 110,494 | ||||||||
| BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| Three months ended Dec 31, |
Years ended Dec 31, |
|||||||||||
| (US $ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Cash flows from operating activities | ||||||||||||
| Cash used in operating activities | (321,629) | (76,963) | (613,167) | (283,868) | ||||||||
| Interest paid on leases | (902) | (659) | (3,473) | (2,605) | ||||||||
| Interest paid on borrowings | (2,216) | (940) | (3,952) | (2,181) | ||||||||
| Interest received | 1,653 | 2,033 | 7,115 | 7,572 | ||||||||
| Income tax paid | (1,964) | (1,347) | (8,596) | (1,500) | ||||||||
| Income tax refund | – | 10,795 | – | 10,795 | ||||||||
| Net cash used in operating activities | (325,058 | ) | (67,081) | (622,073) | (271,787) | |||||||
| Cash flows from investing activities | ||||||||||||
| Purchase of property, plant and equipment, investment properties and intangible assets | (42,617) | (25,324) | (119,487) | (63,305) | ||||||||
| Purchase of mining rigs | (5,766) | (107) | (7,731) | (63,041) | ||||||||
| Purchase of financial assets at fair value through profit or loss, net of refund received | (425) | – | (2,776) | (4,400) | ||||||||
| Proceeds from disposal of financial assets at fair value through profit or loss | – | – | – | 31,111 | ||||||||
| Repayments from a related party | – | 322 | – | 322 | ||||||||
| Lending to a third party | – | – | – | (61) | ||||||||
| Proceeds from disposal of property, plant and equipment | 54 | 44 | 298 | 73 | ||||||||
| Proceeds from disposal of mining rigs | – | 27 | – | 27 | ||||||||
| Proceeds from disposal of cryptocurrencies | 38,794 | 97,083 | 248,447 | 299,128 | ||||||||
| Cash paid for business acquisitions, net of cash acquired | – | – | (6,051) | – | ||||||||
| Net cash generated from / (used in) investing activities | (9,960) | 72,045 | 112,700 | 199,854 | ||||||||
| Cash flows from financing activities | ||||||||||||
| Capital element of lease rentals paid | (6,540) | (1,183) | (9,676) | (5,191) | ||||||||
| Net payment related to Business Combination | – | – | – | (7,662) | ||||||||
| Repayments of borrowings | (10,000) | – | (15,000) | (7,000) | ||||||||
| Proceeds from issuance of shares for exercise of share rewards | 4,412 | 412 | 5,170 | 412 | ||||||||
| Proceeds from issuance of ordinary shares and warrants, net of transaction costs | 321,918 | 9,494 | 485,108 | 9,494 | ||||||||
| Payment for the future issuance cost | – | (942) | – | (942) | ||||||||
| Acquisition of treasury shares | – | (2,495) | (617) | (2,604) | ||||||||
| Proceeds from convertible senior notes, net of transaction costs | 387,917 | – | 554,214 | – | ||||||||
| Repayment to convertible senior notes in connection with note extinguishment | (14,932) | – | (14,932) | – | ||||||||
| Purchase of zero-strike call option | (160,000) | – | (160,000) | – | ||||||||
| Net cash generated from / (used in) financing activities | 522,775 | 5,286 | 844,267 | (13,493) | ||||||||
| Net increase / (decrease) in cash and cash equivalents | 187,757 | 10,250 | 334,894 | (85,426) | ||||||||
| Cash and cash equivalents at the beginning of the period | 291,314 | 134,512 | 144,729 | 231,362 | ||||||||
| Effect of movements in exchange rates on cash and cash equivalents held | (2,801) | (33) | (3,353) | (1,207) | ||||||||
| Cash and cash equivalents at the end of the period | 476,270 | 144,729 | 476,270 | 144,729 | ||||||||
Use of Non-IFRS Financial Measures
In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted profit / (loss), for the three and twelve months ended December 31, 2024 and 2023.
BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION |
||||||||||||
| Three months ended Dec 31, | Years ended Dec 31, | |||||||||||
| (US $ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Adjusted EBITDA | ||||||||||||
| Loss for the periods | (531,917) | (5,031) | (599,151) | (56,656) | ||||||||
| Add： | ||||||||||||
| Depreciation and amortization | 25,116 | 19,654 | 81,096 | 75,541 | ||||||||
| Income tax (benefit) / expenses | (761) | 9,950 | (2,443) | 5,685 | ||||||||
| Interest (income) / expense, net | 8,729 | (753) | 10,050 | (2,872) | ||||||||
| Listing fee | – | – | – | 33,151 | ||||||||
| Share-based payment expenses | 8,658 | 11,322 | 33,968 | 45,488 | ||||||||
| Changes in fair value of derivative liabilities | 469,501 | – | 498,167 | – | ||||||||
| Loss on extinguishment of debt | 8,172 | – | 8,172 | – | ||||||||
| Changes in fair value of holdback shares for acquisition of FreeChain | 2,970 | – | 3,186 | – | ||||||||
| Changes in fair value of cryptocurrency-settled receivables and payables | 5,733 | (1,810) | 6,362 | (3,305) | ||||||||
| Total of Adjusted EBITDA | (3,799) | 33,3322 | 39,407 | 97,0322 | ||||||||
| Adjusted Profit / (loss) | ||||||||||||
| Loss for the periods | (531,917) | (5,031) | (599,151) | (56,656) | ||||||||
| Add： | ||||||||||||
| Listing fee | – | – | – | 33,151 | ||||||||
| Share-based payment expenses | 8,658 | 11,322 | 33,968 | 45,488 | ||||||||
| Changes in fair value of derivative liabilities | 469,501 | – | 498,167 | – | ||||||||
| Loss on extinguishment of debt | 8,172 | – | 8,172 | – | ||||||||
| Changes in fair value of holdback shares for acquisition of FreeChain | 2,970 | – | 3,186 | – | ||||||||
| Changes in fair value of cryptocurrency-settled receivables and payables | 5,733 | (1,810) | 6,362 | (3,305) | ||||||||
| Total of Adjusted Profit / (loss) | (36,883) | 4,4812 | (49,296) | 18,6782 | ||||||||
For investor and media inquiries, please contact:
Investor Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com
Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com
1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.8 million and US$3.3 million revision to Q4 2023 and Year-ended 2023 metrics, respectively, reflects non-cash fair value changes in crypto settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
3 Indicative timing. All timing references are to calendar quarters and years.
4 Figures may not add due to rounding.
5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
6 Included nil and approximately US$17.2 million generated from hosting service provided to a related party for the three months and year ended December 31, 2024.
Source: Government of India
Posted On: 25 FEB 2025 2:44PM by PIB Delhi
Government e Marketplace (GeM) commemorated six years of Startups, Women & Youth Advantage through eTransactions (SWAYATT) initiative at its New Delhi headquarter (HQ) on 19 February 2025. Launched on 19th February, 2019, SWAYATT was conceptualised with a clear objective of invigorating participation of women-led enterprises and youth in public procurement.
Rooted in GeM’s foundational pillar of social inclusion, SWAYATT is portal’s commitment to enhance ease of doing business and establish direct market linkages to annual public procurement for startups, women entrepreneurs, Micro & Small Enterprises (MSEs), Self Help Groups (SHGs) and youth, especially those from backward sections of the society. Since inception, the initiative is focused at facilitating the training and onboarding of last-mile sellers, developing women entrepreneurship and encouraging participation and small-scale businesses in government procurement.
On the occasion, GeM signed a Memorandum of Understanding (MoU) with Federation of Indian Chambers of Commerce & Industry (FICCI) Ladies Organisation (FICCI-FLO) – an all-India forum representing over 9,500 women entrepreneurs. By means of this partnership, GeM intends to provide direct access for women entrepreneurs with government buyers, sans intermediaries, thereby ensuring better product prices, spurring hyper-local job creation and igniting inclusive growth. By extending adequate means of training, onboarding and linkages, this collaboration is set to empower local businesses, create inclusive economic growth, enhance competition and boost value addition in public spending.
“At the time of launch of SWAYATT, only about 6300 women-led enterprises and almost 3400 startups were onboarded on GeM. Since then, the platform has grown manifold,” informed Shri L Satya Srivinas, CEO, GeM.
“Addressing the challenges of “access to market”, “access to finance” and “access to value-addition” through proper e-market linkages in public procurement, GeM has enabled startups to fulfil orders worth ₹ 35,950 Crore. Women entrepreneurs comprise 8% of the total seller base on GeM, with cumulative 1,77,786 Udyam-verified women micro, and small enterprises (MSE) registered on the GeM portal, having fulfilled a cumulative order value of ₹46,615 Crore,” added Shri Srinivas.
Speaking on the occasion, Smt Joyashree Das Verma, President, FICCI – FLO, highlighted how digital platforms like GeM have democratised access to opportunities for women entrepreneurs. Reiterating the importance of this collaboration towards value chain development and enhanced opportunities to women-led MSEs through advocacy, outreach and mobilisation, she stressed upon training as an imperative in expanding the reach of GeM portal among affiliated members of the association.
Conceptualised as a foundational initiative, SWAYATT today comprises “Startup Runway” and “Womaniya” storefronts for dedicated listings, ensuring wider visibility of startups, women entrepreneurs and youth among lakhs of pan-India government buyers. By dismantling entry barriers, GeM is empowering more than 29,000 startups with business opportunities on the GeM platform.
With an ambitious goal of onboarding 1 Lakh Department for Promotion of Industry and Internal Trade registered startups onto the portal, GeM is determined to become a vibrant startup ecosystem in public procurement. Through meaningful collaborations and capacity-building efforts with last-mile women micro and small enterprises (MSEs), FPOs, SHGs, Startups, and Cooperatives, GeM envisions doubling the number of women entrepreneurs on the portal and increasing their share percentage in overall procurement of the country from the current 3.78%.
***
Abhijith Narayanan
(Release ID: 2106076) Visitor Counter : 62
Source: GlobeNewswire (MIL-OSI)
ATLANTA, Feb. 25, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Defense Trade Solutions (DTS), a leading provider of export compliance and global trade services for the defense industry, is using the Descartes GlobalEASE solution to streamline and automate export compliance requirements for its clients. This furthers DTS’ mission to simplify and enable access to responsible and effective trade across the defense industry. DTS is using Descartes GlobalEASE with its managed services clients, helping them to realize reduced compliance costs and greater confidence in meeting global regulatory requirements, such as International Traffic in Arms Regulations (ITAR) and Export Administration Regulations (EAR).
“This marks a major step forward in our commitment to streamlining export compliance for the U.S. defense industry,” said Steven A. Casazza, President of DTS. “By integrating Descartes GlobalEASE into our managed service delivery model, we are providing defense contractors with cutting-edge automation to navigate the complexities of ITAR and EAR with greater speed and accuracy. This technology enhances compliance workflows, accelerates export approvals, and helps minimize risk—so that our clients can focus on delivering critical defense solutions to U.S. allies without delays.”
Used by blue-chip, multinational organizations around the world to stay current in an increasingly complex regulatory environment, Descartes GlobalEASE is a web-based, centralized global trade management platform that helps manage end-to-end trade compliance—from complex licensing and documentation requirements to OFAC and EAR regulations—and provides the necessary visibility and governance to help mitigate risk and avoid penalties while powering critical business decisions with real-time information.
“We’re pleased our solution is helping DTS support the unique needs of the defense industry and set a new standard for efficiency and accountability in its export compliance operations,” said Brian Hodgson, General Manager, Trade Compliance at Descartes. “With the potential for increased tariffs and trade barriers, rapidly shifting regulatory policies, and ongoing geopolitical instability making it more difficult to move and source goods, Descartes’ global trade intelligence solutions help organizations better navigate today’s complex trade landscape.”
About Defense Trade Solutions
Defense Trade Solutions (DTS) is a leading provider of export compliance, global trade authorizations, security cooperation and technology security & foreign disclosure solutions for the defense industry. With a focus on Foreign Military Sales (FMS), Direct Commercial Sales (DCS), and U.S. Government contracts, DTS helps clients achieve their strategic objectives while maintaining the highest standards of integrity and accountability. For more information, visit www.defense-trade.com or connect with us on LinkedIn.
About Descartes
Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.
Global Media Contact
Cara Strohack
cstrohack@descartes.com
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ global trade intelligence solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Source: Traditional Unionist Voice – Northern Ireland
Jim Allister KC MP responds to the commencement of the enforcement of the West – East Irish Sea Border from today, 25 February.
“For years we were told that the Irish Sea border was a one-way issue and that while goods moving from GB to NI would be subject to fettered access, that at least goods could move freely from NI to GB.
“That was always a nonsense because if the border was not on the international border there would have to be a way of checking goods to differentiate those coming from the Republic from those coming from Northern Ireland.
“Today we will begin to see it enforced on goods going from Northern Ireland to Great Britain.”
In coming to terms with this important date in the division of the UK Mr Allister has highlighted two key implications:
“Under the mis-named Windsor Framework (UK Internal Market and Unfettered Access) Regulations 2024, published with the Safeguarding the Union deal, export procedures are to be applied to the movement of NI goods from NI to GB in five different areas for the first time.
“No matter how minimal the effects, they still amount to cementing in the Irish Sea border because no such export procedures are required for the movement of any goods within the rest of the UK. This is wrong!
2. Recognition that a Hard Border is Not Necessary
“It would seem that having submitted their customs and SPS forms electronically in advance, lorries will be told, before leaving home, whether to attend an inland border control posts or other place away from the border, including their destination, for checks.
“This arrangement removes any justification for the Irish Sea border. It was only imposed because we were told there could not be a hard border on the actual international border and so the border must be moved to the Irish Sea. However, the revelation – through these new arrangements – that it was not necessary to have a hard border across the island of Ireland in the first place, because checks can take place elsewhere, is a game changer.
“Going forward the government has to explain why, knowing: i) that such a solution is workable, and ii) that the proportion of goods entering the Republic from Northern Ireland in 2020 was tiny (only worth 0.003% of EU GDP in 2020), they agree with a border ‘solution’ that is giving the EU the right to both make Northern Ireland an EU colony in 300 areas of laws and then imposing a hard border interrupting a far greater flow of goods from one part of the UK, GB, to another, NI.
“Moreover, the act of running a border, while removing hard infrastructure from that border, constitutes a very significant step towards Mutual Enforcement, the solution proposed by my Bill and which was first set out within the EU by Sir Jonathan Faull who served as EU Commission ‘Director General of the Task Force for Strategic Issues related to the UK Referendum’, together with Prof JH Weiler and Prof Daniel Sarmiento.
“The Government should now abandon introducing the next part of the border, the Parcels Border, on 31 March and work to replace the Irish Sea border with Mutual Enforcement, the only morally acceptable solution because it avoids a hard border without disenfranchising 1.9 million people and disrespecting the territorial integrity of the UK.”
Notes to Editors
Details about the application of the West -East Irish Sea Border from tomorrow can be found: Moving non-qualifying Northern Ireland goods from Northern Ireland to Great Britain – GOV.UK
The new export procedures being applied to some goods moving from NI to GB are set out by S. 45B of the Internal Markey Act, inserted by the Windsor Framework (UK Internal Market and Unfettered Access) Regulations 2024
The regulations that make provision for a border without hard infra-structure on the border are: The Official Controls (Amendment) Regulations 2024
Mr Allister’s Mutual Enforcement Bill can be accessed: European Union (Withdrawal Arrangements) Bill – Parliamentary Bills – UK Parliament
The Five Categories to which export procedures will be applied to goods moving from NI to GB are:
‘In respect of all goods moving from Northern Ireland to other parts of the United Kingdom’s internal market, the United Kingdom confirms that export procedures under Regulation (EU) No 952/2013 will apply only where goods:
Source: GlobeNewswire (MIL-OSI)
Actions Continue Ned Sherwood’s Long History of Disruption, Breaches of Settlement Agreements and Blatant Disregard for Established Bylaws and Shareholder Protections
Board Forms Executive Committee to Protect Shareholder Interests
Executive Committee Believes Sherwood’s Nomination of Himself, His Friends and His Affiliates Underscores Desire to Take Control of Barnwell at Shareholders’ Expense and Without Paying a Premium for Control
HONOLULU, Feb. 25, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) (“Barnwell” or the “Company”) today announced that it has informed Ned Sherwood, a shareholder who recently submitted a control slate of five nominees comprising friends and affiliates, that his nomination notice is defective and insufficient. Sherwood’s nomination notice fails to include material information required by the Company’s bylaws, and in light of these material deficiencies and omissions required both by the bylaws and federal securities regulations, the Executive Committee of the Barnwell Board of Directors is strongly inclined to reject the nomination notice as defective and insufficient and to disqualify Sherwood’s nominees.
In light of the inherent conflicts of interest of Sherwood’s candidates, one of who is a current Board member, the Board has formed an Executive Committee comprising independent Vice Chairman, Kenneth Grossman, independent director Joshua Horowitz and Executive Chairman, Alexander Kinzler, to protect the interests of all other shareholders.
The Executive Committee has requested that a Special Committee consisting of independent directors Grossman and Horowitz investigate, among other things, the facts and circumstances of the relationship between Sherwood and his board nominee, Ben Pierson, who has privately purchased shares of Barnwell while also currently serving as the Chief Investment Officer of Sherwood’s family office, to determine whether a distribution under the Company’s Shareholder Rights Plan has been triggered.
Sherwood is Nominating Himself, His Friends and His Business Associates to
Steal Control of the Company
Notwithstanding the obvious conflicts, the Board remains open to considering new candidates and intends to vet the individuals proposed by Sherwood through its usual governance process. However, the Executive Committee cautions shareholders that a preliminary review shows clearly that two of the four nominees other than Sherwood cannot be expected to exercise judgement independent of Sherwood, and three of Sherwood’s five nominees have no public company Board experience.
The Company further notes that Sherwood’s nomination of a control slate continues his long history of disrupting the Company’s governance processes and interfering with the Company’s operations, while creating significant expense to the Company. Sherwood’s nomination of himself, his friends and business associates, without any credible plan for the Company and without paying a premium to shareholders for control, flies directly in the face of shareholder interests.
Sherwood and His Director Appointees Have Hid Investments and
Acted to Intentionally Undermine Management and the Board
Despite Repeated Requests, Sherwood Has Failed to Propose a Different Plan or
Business Strategy
Sherwood has NO PLAN for Barnwell Other than to Take Over the Company
Without Paying a Control Premium
The Company has repeatedly asked Sherwood to specify what Company plans and policies he opposes or would change. The only response has been incessant demands “to shut down Hawaii,” which lacks any semblance of thoughtful consideration. It has no backing from a single budget, spreadsheet or alternative strategy that would adequately support the back-office functions of a publicly listed company. Barnwell can only conclude that Sherwood’s current nomination notice is merely an attempt to take full control of a company where he holds a 30% stake and no articulated plan to change any personnel, policies or business practices. Sherwood and his designees on the Board have been engaged in a steady stream of actions interfering with management and compromising Board confidentiality and function, all in pursuit of full control of the Company and often in violation of the standstill agreement that the Company and Sherwood entered into in 2023.
Sherwood has accused the Company of excessive expenditures for lawyers and other professionals when the vast majority of these expenditures were necessitated by the abusive, improper and often illegal actions of Sherwood and his designees on the Board. Sherwood’s group recently served the Company with a books and records request, which will require significant legal expense to address, ironically asking for shareholder records when Sherwood’s own group has played fast and loose with their own Section 16 and Section 13 SEC reporting obligations.
The Barnwell Executive Committee Comprises Majority Independent and
Highly Experienced Directors Acting on Behalf of All Shareholders
The current Board was expressly approved by Sherwood under a 2023 settlement whereby the Company and Sherwood each designated two directors and a fifth director, Joshua Horowitz, was selected as a compromise board member who was vetted by Sherwood and expressly endorsed by both parties to the settlement agreement.
The current Board is overseeing the transition out of the Company’s water well drilling activities and is currently completing its final well project. The water well subsidiary recently sold one of its rigs for approximately $585,000 and will shut down its operations and sell its remaining assets in the near term. This is part of a larger plan to transition out of the Company’s Hawaii main office and move those executives to transitional roles, to streamline the Company’s accounting operations and further reduce general and administrative expenses in order to increase funds available for investment.
The Company’s Twining oil & gas property in Alberta continues to be the engine for the Company’s future growth. We are pleased that our newest development well is online and producing as expected. There are approximately 50 additional wells that can be drilled, which would enable the Company to grow its revenues and results organically, as a major portion of the costs of the operations are fixed.
Forward-Looking Statements
The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.
Important Additional Information and Where to Find It
Barnwell Industries, Inc. (the “Company”) plans to file proxy materials with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Company’s 2025 annual meeting of stockholders (the “2025 Annual Meeting”). Prior to the 2025 Annual Meeting, the Company will file a definitive proxy statement (the “Proxy Statement”) together with a WHITE proxy card. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain, free of charge, copies of the Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the Company with the SEC in connection with the 2025 Annual Meeting at the SEC’s website (http://www.sec.gov) or at the Company’s website at https://ir.brninc.com/ or by contacting Alexander Kinzler, Secretary and General Counsel of the Company, by phone at (808) 531-8400, by email at akinzler@brninc.com or by mail at Barnwell Industries, Inc., 1100 Alakea Street, Suite 500, Honolulu, Hawaii 96813.
Certain Information Regarding Participants
The Company, its directors and certain of its executive officers and other employees may be deemed to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from stockholders in connection with the 2025 Annual Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement and other materials to be filed with the SEC in connection with the 2025 Annual Meeting. Information relating to the foregoing can also be found in the Company’s definitive proxy statement for its 2024 annual meeting of stockholders, filed with the SEC on April 2, 2024. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the Proxy Statement, such changes have been reflected on Statements of Change in Ownership on Form 3 and Form 4 filed with the SEC: Form 3, filed by Craig Hopkins, with the filings of the Company on May 16, 2024; Form 4, filed by Craig Hopkins, with the filings of the Company on May 20, 2024, August 29, 2024, January 13, 2025 and January 17, 2025; Form 4, filed by Joshua Horowitz, with the filings of the Company on August 23, 2024 and October 28, 2024; Form 4, filed by Kenneth Grossman, with the filings of the Company on October 28, 2024; and Form 4, filed by Douglas Woodrum, with the filings of the Company on October 28, 2024. These filings can be found at the SEC’s website at www.sec.gov. More detailed and updated information regarding the identity of potential participants, and their direct or indirect interests (by security holdings or otherwise), will be set forth in the proxy statement and other materials to be filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
| CONTACT: | Kenneth S. Grossman |
| Vice Chairman of the Board of Directors | |
| Email: kensgrossman@gmail.com |
Source: United Kingdom – Executive Government & Departments
Bikers Lifestyle Ltd has been ordered to pay over £10,000 in fines and costs after selling motorcycle helmets that “catastrophically failed” safety tests.
The Driver and Vehicle Standards Agency (DVSA) has successfully prosecuted Bikers Lifestyle Ltd for selling motorcycle helmets and eye protection that fail to meet UK safety standards.
The company was found guilty of 7 separate offences at Willesden Magistrates Court on 20 January 2025 and ordered to pay over £10,000 in fines and costs.
Tests revealed that 3 out of 4 helmets failed safety requirements catastrophically, with one helmet recording results that indicated a 100% risk of fatality in a collision.
DVSA’s Market Surveillance Unit conducted tests at an independent laboratory specialising in motorcycle helmet testing. The results showed:
The magistrates found a high degree of culpability and determined there was a high risk of harm to consumers. The company was ordered to pay:
In total, the fines and costs came to £10,194.
Bikers Lifestyle Ltd has been ordered to remove non-compliant products from future supply.
They are also required to recall those products already supplied in the UK market.
Sadie Clarke, DVSA investigation lead, said:
Sub-standard helmets and eyewear pose a very real and significant risk to any motorcycle rider using them.
Tests on items sold by Bikers Lifestyle Ltd showed they would be incapable of offering the necessary protection required in the event of an accident and the consequences could be catastrophic.
DVSA will continue to work with Trading Standards and other agencies to make sure that these kinds of products do not make their way onto the market in the UK. This case should act as a warning to any other company that considers selling unfit safety products.
You can read:
The SHARP helmet safety scheme provides guidance about:
Visit the SHARP website to check helmet ratings and find out about getting the right fit.
You can also check advice and guidance from reputable organisations that specialise in motorcycle safety.
You can report someone selling accessories that do not meet safety standards. You can do this anonymously (not giving your name), or you can give your details.
Report someone making or selling unsafe or illegal vehicles or parts.
Published 25 February 2025
Source: GlobeNewswire (MIL-OSI)
BARCELONA, Spain, Feb. 25, 2025 (GLOBE NEWSWIRE) — The International Trading Institute (ITI) is setting a new standard for trader education with the launch of its Master’s in Trading Program—a structured, comprehensive, mentor-led program designed to turn ambitious traders into market professionals.
The part-time program delivers expert training in trading psychology, risk management, algorithmic strategies, and advanced market analysis across all major asset classes. Designed for traders serious about going professional, ITI provides real-world trading experience, direct mentorship, and industry-recognized certifications—fast-tracking participants into full-time trading and finance careers.
The Ultimate Trading Education Experience
Unlike self-learning or short-term courses, ITI’s Master’s in Trading Program offers a structured, hands-on approach to professional trading. The program is designed to offer participants opportunities to:
“Retail traders often struggle to bridge the gap between independent trading and professional execution,” says Carol Harmer, ITI faculty member. “This program eliminates guesswork, providing structured training, performance coaching, and the professional insights needed to compete at the highest level.”
Led by World-Class Trading Experts
ITI’s faculty includes some of the most respected names in the trading industry, offering unparalleled mentorship and expertise. Featured instructors include:
Steve Goldstein – Trading performance coach specializing in psychology, behavioral finance, and decision-making under uncertainty. Author of “Mastering the Mental Game of Trading” (2024).
Alex Spiroglou – A high-profile cross-asset futures trader and an award-winning researcher in technical analysis.
Sunil Mangwani – Technical trading specialist with expertise in price action, Fibonacci techniques, and trend forecasting.
Steve Ward – Performance coach for hedge funds, investment banks, and professional traders. Author of three books on trader performance and mindset.
Marc Chandler – A widely respected currency expert and seasoned Wall Street strategist.
Carol Harmer – A veteran trader and pioneer of technical trading at top financial institutions.
Ed Ponsi – Respected forex educator, risk management expert, best-selling author, and advisor to hedge funds, institutional traders, and central bankers.
The Psychological Edge: ITI’s Game-Changing Approach
Experts agree that 80% of trading success depends on a trader’s psychological mindset.
Julie Cook, President of ITI, explains why ITI puts mindset training at the core of its curriculum:
“Most trading programs focus on strategy but neglect the mental game. At ITI, we integrate trading psychology into every aspect of learning. Success in today’s markets requires more than just knowledge—it demands resilience, confidence, and an elite mindset.”
Additionally, research shows that structured mentorship can accelerate learning curves and significantly impact performance and outcomes.
According to ITI faculty member Sunil Mangwani, “Mentoring is a key to professionalization for institutional traders. This program duplicates that critical element in the development of traders by providing mentoring by industry experts embedded in the curriculum.”
By incorporating mentorship and psychological training, ITI gives traders the competitive edge they need to succeed faster and more efficiently.
Enrollment Now Open – Limited Spots Available
Applications for the September 2025 cohort are now open. Seats are limited, and early applicants receive live Q&A sessions with industry experts and early scholarship opportunities.
More details: InternationalTradingInstitute.com/masters-in-trading-program/
About the International Trading Institute
The International Trading Institute (ITI) is a leading educational institution offering a groundbreaking Master’s in Trading Program to equip traders with cutting-edge knowledge, tools, and mentorship for success in global financial markets. With industry veterans as faculty and a rigorous, real-world curriculum, ITI is setting a new standard in trading education.
Social Links
Website: https://internationaltradinginstitute.com/
Contact
Director of Marketing
Jasman Mann
The International Trading Institute (ITI)
admissions@internationaltradinginstitute.com
+34 93 451 8176
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1656f4a3-ea47-4b00-bc18-9067031533f2
Source: United Nations Economic Commission for Europe
UNECE has launched the Sixth UN Global Survey on Digital and Sustainable Trade Facilitation 2025, jointly with the other four United Nations Regional Commissions and United Nations Trade and Development (UNCTAD).
The 2025 UN Global Survey consists of 62 measures, including new measures on ‘Trade Facilitation for E-Commerce’ and ‘Green Trade Facilitation’. Aside from measures supporting the implementation of the World Trade Organization Trade Facilitation Agreement (WTO TFA), the survey also covers the implementation of cutting-edge paperless and cross-border trade facilitation measures, as well as measures supporting more inclusive and sustainable trade, thus moving forward towards a “WTO TFA+” implementation.
The preliminary results of the 2025 Survey are expected to be published in July at untfsurvey.org, followed by the production of a Global and Regional Reports. The Survey aims to provide insightful information to support countries and policy makers to harness trade as a key means of implementation of the 2030 Agenda for Sustainable Development.
Furthermore, by presenting an overview of the progress on digital and sustainable trade facilitation, the Survey also supports countries in:
Better inform the accession process for UNECE member States to the WTO. For instance, the UNECE Regional Report 2024 included a spotlight section which highlighted the progress of the trade facilitation implementation in Azerbaijan, Turkmenistan and Uzbekistan in the context of their accession process to the WTO.
The UNECE Regional Report 2024, based on the results of the 2023 UN Global Survey, revealed that the performance on trade facilitation of the 48 UNECE member States, who participated in the survey, has improved by 5% compared to the 2021 Survey results, with the implementation rate of trade facilitation measures rising from 76% in 2021 to almost 81% in 2023.
Among all UN Regional Commissions, UNECE had an overall higher implementation rate compared to the average results globally, with measures on “Transparency” at the highest implementation rate of 96%, followed by “Formalities” at 87%. On the implementation rates for digital trade facilitation measures in the UNECE region, the average rate for “Paperless trade” reached 82%, with the rate for “Cross-border paperless trade” being relatively lower, at 56%.
The report findings also offer clear directions for the future, highlighting the importance of actively engaging UNECE member States and partner international organizations in fast-tracking the implementation of trade facilitation measures. In light of the current challenges facing international trade, increased cooperation between governments and international organizations is critical.
Governments, specialized agencies, intergovernmental organizations can contribute to developing UN/CEFACT additional standards and accelerating the implementation of trade facilitation measures, particularly those leveraging digital technologies that contribute to climate-smart trade while reducing trade costs and streaming trade-related procedures.
UNECE calls upon all relevant actors and donors to further contribute to the substantive work of the UN/CEFACT in the development and update of its policy instruments and tools, including recommendations, standards and guideline materials, as well as continue to provide additional support and funding resources related to the capacity building and technical assistance activities in its 17 programme countries for the implementation of those UN/CEFACT recommendations and enhancement of the progress on trade facilitation in the region.
The Survey is an initiative under the Joint UNRECs Approach to Trade Facilitation, agreed by the Executive Secretaries of the five UN Regional Commissions. The approach was designed to enable the Regional Commissions to present a joint view on key trade facilitation issues, particularly from the regional and interregional level, and to enhance the effectiveness of technical assistance and capacity building initiatives.
As the international focal point for trade facilitation recommendations and standards, UNECE develops instruments to reduce, harmonize and digitalize procedures in international trade. The Survey also provides an opportunity to monitor the uptake and impact of such solutions for economic cooperation and integration, both in the region and globally.
If you are an expert in trade facilitation for your country and would like to participate in the Survey, click here for the questionnaire and more details about the methodology of the Survey. For more information, please directly contact Ms. Jie Wei.
Translartion. Region: Russians Fedetion –
Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –
Our university was visited by a delegation of activists from Petrozavodsk State University. The delegation included representatives of the Trade Union of Students of PetrSU: chairmen of the trade union bureaus of institutes, student councils of dormitories, as well as members of the presidium of the Primary Trade Union Organization of Students.
The main goal of the meeting was to exchange experience with the SPbPU Students’ Trade Union. The guests were given a tour of the Polytechnic University campus. They also saw the University History Museum and learned about the significant stages of the university’s formation and development. Particular attention was paid to discussing key areas of activity of trade union organizations, student support mechanisms, and the implementation of social and educational initiatives.
The partners exchanged practical experience, discussed current issues of protecting students’ interests and interaction with university administrations. The meeting took place in a warm and friendly atmosphere, which further strengthened inter-university ties and partnerships.
Both trade unions expressed interest in further cooperation to implement joint projects and initiatives aimed at improving the learning and living conditions of students.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Source: GlobalData
Trump’s tariffs threaten North American insurers’ profitability, says GlobalData
Posted in Insurance
On 1 February 2025, US President Donald Trump signed three executive orders to impose tariffs on imports from Canada, Mexico, and China. In retaliation, Canada announced it would impose a 25% tariff on CAD155 billion ($117.8 billion) worth of US goods. Moreover, Trump increased the US tariff rate on steel and aluminum to 25% on 10 February, removing country-specific exceptions and quota arrangements. Consequently, North American region insurers may see increased claims costs in 2025 across various insurance lines, potentially affecting their profitability, says GlobalData, a leading data and analytics company.
After discussions between the US President and leaders from Mexico and Canada, the proposed tariffs on imports from Canada and Mexico and the retaliatory tariff are delayed by a month. In its retaliation, Canada specified that tariffs on CAD30 billion ($22.8 billion) would take effect immediately from 4 February 2025, and tariffs on the remaining CAD125 billion ($95 billion) would follow within 21 days. Set to take effect on 12 March 2025, the US tariffs will impact imports of millions of tons of steel and aluminum, affecting goods previously duty-free from countries like Canada, Brazil, Mexico, and South Korea.
Manogna Vangari, Insurance Analyst at GlobalData, comments: “Upon implementation, high tariffs will significantly affect trade throughout North America, not solely due to the substantial volume of commerce but also owing to the critical role of supply chains, which account for more than half of intra-regional trade, as per GlobalData’s estimates.
“Furthermore, the Trump administration plans to raise tariffs on oil and gas in March 2025. This is expected to have a detrimental impact on the insurance industry, manifested by reduced economic activity and consumer spending. However, it is expected that Canada, Mexico, and China will soon contest these tariffs by initiating a legal case with the World Trade Organization (WTO).”
The North America region’s property and motor insurance claims are projected to represent a 13.4% and 16.1% share of total general insurance claims in 2025. However, the full and actual implementation of the tariff rates may push actual claims even higher. Consequently, the profitability of North America’s general insurance sector is expected to be notably affected, with claims projected to grow at a rate of 6.9% in 2025 from 3.3% in 2024.
According to GlobalData’s Global Insurance Database, North America’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 6.7% over 2025–29, from $2.7 trillion in 2025 to $3.5 trillion in 2029, in terms of written premiums.
Vangari continues: “Tariffs on imported materials like building supplies, car parts, and electronics will increase the cost of vehicle repairs and property reconstruction after disasters, causing insurers to pay more claims across the region. Insurance companies may raise premiums for property and motor policies.”
Around 90% of auto exports from Mexico and Canada go to the US, according to the Mexican and Canadian Automotive Manufacturers’ Associations. High tariffs and supply chain delays will increase repair times, causing higher costs for living arrangements and rental vehicles, and protracted business interruptions. This could impact the competitiveness of the North American production and manufacturing industry, and the insurance industry.
Vangari concludes: “A global trade war is a looming concern. If tariffs escalate or supply chains get tangled, economic growth could take a hit, which would change the fundamental risk pool for insurers across North America’s region. As broader tariffs on Canada and Mexico remain on hold, businesses and insurance companies must prepare for potential adverse outcomes across the region in the next few years.”
Source: GlobeNewswire (MIL-OSI)
Municipality Finance Plc
Stock exchange release
25 February 2025 at 10:00 am (EET)
Municipality Finance issues EUR 15 million notes under its MTN programme
Municipality Finance Plc issues EUR 15 million notes on 26 February 2025. The maturity date of the notes is 26 February 2036. MuniFin has a right, but no obligation, to redeem the notes early on 26 February 2026. The notes bear interest at a fixed rate of 3.51% per annum until 26 February 2026, after which the interest is paid at 3.25% per annum, unless MuniFin redeems the notes early.
The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.
MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 26 February 2025.
Barclays Bank Ireland PLC acts as the dealer for the issue of the notes.
MUNICIPALITY FINANCE PLC
Further information:
Joakim Holmström
Executive Vice President, Capital Markets and Sustainability
tel. +358 50 444 3638
MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the State of Finland.
The Group’s balance sheet totals over EUR 53 billion.
MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
Read more: https://www.kuntarahoitus.fi/en/
Important Information
The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
Source: GlobeNewswire (MIL-OSI)
Aktsiaselts Infortar (Infortar) will organize a webinar for introducing fourth quarter 2024 results today. Please join the webinar via the following links:
25 February 2025 at 12:00 (EET) Estonian webinar
25 February 2025 at 14:00 (EET) English webinar
Estonia’s largest investment holding company, Infortar assets increased from €1.4 billion to €2.7 billion following the acquisition of a majority shareholding in Tallink Group (Tallink) and the purchase of a gas sale- and distribution company in Poland. Infortar’s stock price raised by 70% in its first year on the Tallinn stock exchange, raising the company’s total valuation from €548 million to €916 million.
“Over the past few years, our investments have amounted to nearly half a billion euros. We have grown into one of Estonia’s largest companies in terms of assets within a year. We will continue seeking growth opportunities across the region,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.
“Today, changes in corporate competitiveness and energy policy across Estonia, Europe, and the United States recognize an increasing role for natural gas as a supporter of renewable energy and a provider of controllable capacity. The outlook for the maritime transport sector is set to improve,” Hanschmidt added.
Major events
Maritime transportation
In the summer, Infortar invested €110 million in acquiring Tallink shares, increasing its shareholding in Tallink to 68.5%.
The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totaled 777,000.
Energy
Infortar’s subsidiary, Elenger Group (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.
In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company’s market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.
Real estate
Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics center in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.
Key figures of financial year
| Key figures | Q4 2024 | Q4 2023 | 12 months 2024 | 12 months 2023 |
| Sales revenue, m€ | 446.168 | 337.734 | 1 371.775 | 1 084.626 |
| Gross profit, m€ | 34.871 | 42.235 | 128.629 | 149.473 |
| EBITDA, m€ | 27.892 | 37.418 | 145.415 | 143.283 |
| EBITDA margin (%) | 6.3% | 11.1% | 10.6% | 13.2% |
| Net profit, EBIT, m€ | -6.792 | 28.967 | 77.025 | 123.628 |
| Total profit(-loss), m€ | -11.988 | 24.206 | 175.351 | 293.830 |
| Net profit (-loss) holders of the Parent m€ | -11.188 | 24.232 | 172.934 | 293.778 |
| EPS (euros)* | -0.54 | 1.18 | 8.46 | 14.62 |
| Total equity m€ | 1 166.222 | 820.210 | 1 166.222 | 820.210 |
| Total liabilities m€ | 1 223.287 | 441.160 | 1 223.287 | 441.160 |
| Net debt m€ | 1 055.708 | 354.045 | 1 055.708 | 354.045 |
| Investment loans to EBITDA (ratio) | 3.0x | 1.7x | 3.0x | 1.7x |
Earnings per share (EPS) in euros is calculated using the following formula: the profit attributable to the parent company’s owners is divided by the weighted average number of ordinary shares (20,443,629 as of 31.12.2024 and 20,100,000 as of 31.12.2023). The number of shares, 20,443,629, is determined as follows: Infortar has a total of 21,166,239 issued ordinary shares, from which 722 610 own shares are deducted. These own shares were issued under the employee stock option program and have not been exercised.
Revenue
2024. financial year, the group´s consolidated sales revenue increased by 287.149 million euros reaching 1 371.775 million euros (compared to 1 084.626 million euros in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.
EBITDA and Segment Reporting
Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was 175.181 million euros (compared to 214.528 million euros in the 2023 financial year). In segment reporting 100% Tallink results are presented.
Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.
Energy Segment: The EBITDA for the energy segment of the 2024 financial year was 77.235 million euros (compared to 135.999 million euros in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.
Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was 13.567 million euros (compared to 12.39 million euros in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.
Net Profit
The consolidated net profit for the 2024 financial year was 175.351 million euros (compared to 293.83 million euros in 2023 financial year). One-time significant transactions impacting the net profit calculation for the 2023 financial year included the effects related to the acquisition of the Latvian gas distribution network company, Gaso.
The consolidated operating profit for the 2024 financial year was 77.025 million euros (compared to 123.628 million euros in the 2023 financial year).
Investments
Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biogas plant next to the farm for local gas production. Infortar invested 110 million euros in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.
Infortar subsidiary Elenger signed a 120 million euros agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.
In the fourth quarter Infortar Group’s total investments amounted to approximately 140 million euros, reaching 279 million euros over twelve months.
Financing
Loan and lease liabilities amounted to 1 223.287 million euros in 2024 financial year (compared to 441.16 million euros in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations. Proportionally to the growth in assets, Infortar’s net debt increased by 701.663 million euros, reaching 1 055.708 million euros (compared to 354,045 million euros in 2023 financial year). The net debt to EBITDA ratio was 3.4.
Dividends
According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per finiancial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results. According to the proposal, the first payout is planned to be made no later than July, and the second payout in December 2025. The dividend consists of three parts:
1 euro per share, as per the dividend policy.
Carried-over dividend from AS Tallink Grupp, which is rounded upwards.
Additional dividend based on the high deliveries of the financial results in 2024.
AS Infortar has a total of 21,166,239 shares, of which 722 610 are company´s own shares. Dividends are therefore paid for 20,443,629 shares, which amounts to approximately 61 million euros.
Consolidated statement of profit or loss and other comprehensive income
| (in thousands of EUR) | Q4 2024 | Q4 2023 | 12 months 2024 | 12 months 2023 |
| Revenue | 446 168 | 337 734 | 1 371 775 | 1 084 626 |
| Cost of goods (goods and services) sold | -411 237 | -295 439 | -1 243 033 | -934 811 |
| Write-down of receivables | -60 | -60 | -113 | -342 |
| Gross profit | 34 871 | 42 235 | 128 629 | 149 473 |
| Marketing expenses | -12 459 | -511 | -21 086 | -1 620 |
| General administrative expenses | -22 759 | -9 522 | -50 438 | -22 085 |
| Profit (loss) from biological assets | -156 | 0 | -139 | 0 |
| Profit (loss) from the change in the fair value of the investment property | -6 749 | -4 074 | -9 640 | -4 074 |
| Unsettled gain/loss on derivative financial instruments | 2 098 | 902 | 26 672 | 1 969 |
| Other operating revenue | -767 | 1 458 | 4 682 | 2 523 |
| Other operating expenses | -871 | -1 521 | -1 655 | -2 558 |
| Operating profit | -6 792 | 28 967 | 77 025 | 123 628 |
| (in thousands of EUR) | Q4 2024 | Q4 2023 | 12 months 2024 | 12 months 2023 |
| Profit (loss) from investments accounted for by equity method | 846 | 1 938 | 22 974 | 39 639 |
| Financial income and expenses | ||||
| Other financial investments | 269 | 54 | 72 789 | -4 |
| Interest expense | -13 808 | -8 569 | -38 274 | -22 573 |
| Interest income | 760 | 465 | 4 979 | 2 765 |
| Profit (loss) from changes in exchange rates | -56 | -13 | 100 | -173 |
| Other financial income and expenses | 16 287 | -58 | 15 892 | 159 158 |
| Total financial income and expenses | 3 452 | -8 121 | 55 486 | 139 173 |
| Profit before tax | -2 494 | 22 784 | 155 485 | 302 440 |
| Corporate income tax | -9 494 | 1 422 | 19 866 | -8 610 |
| Profit for the financial year | -11 988 | 24 206 | 175 351 | 293 830 |
| including: | ||||
| Profit attributable to the owners of the parent company | -11 188 | 24 232 | 172 934 | 293 778 |
| Profit attributable to non-controlling interest | -800 | -26 | 2 417 | 52 |
| Other comprehensive income | 12 months 2024 | 12 months 2023 | ||
| Revaluation of risk hedging instruments | -46 786 | -58 233 | ||
| Exchange rate differences attributable to foreign subsidiaries | 53 | -42 | ||
| Total of other comprehensive income | -46 733 | -58 275 | ||
| Total income, including: | 128 618 | 235 555 | ||
| including: | ||||
| Comprehensive profit attributable to the owners of the parent company | 126 201 | 235 503 | ||
| Comprehensive profit attributable to non-controlling interest | 2 417 | 52 | ||
| Ordinary earnings per share (in euros per share) | 8,46 | 14,26 | ||
| Diluted earnings per share (in euros per share) | 8,16 | 14,10 | ||
Consolidated statement of financial position
| (in thousands of EUR) | 31.12.24 | 31.12.23 |
| Current assets | ||
| Cash and cash equivalents | 167 579 | 87 115 |
| Short term financial investments | 1 | 0 |
| Derivative financial assets | 8 333 | 28 728 |
| Settled derivative receivables | 676 | 5 958 |
| Other prepayments and receivables | 155 351 | 162 575 |
| Prepayments for taxes | 3 831 | 925 |
| Trade and other receivables | 38 517 | 20 185 |
| Prepayments for inventories | 2 498 | 3 493 |
| Inventories | 215 914 | 146 884 |
| Biological assets | 941 | 0 |
| Total current assets | 593 641 | 455 863 |
| Non-current assets | 31.12.24 | 31.12.23 |
| Investments to associates | 16 603 | 346 014 |
| Long-term derivative instruments | 3 214 | 1 125 |
| Long-term loans and other receivables | 35 163 | 9 072 |
| Investment property | 67 931 | 176 024 |
| Property, plant and equipment | 1 909 458 | 446 748 |
| Intangible assets | 38 874 | 14 366 |
| Right-of-use assets | 47 598 | 11 300 |
| Biological assets | 2 753 | 0 |
| Total non-current assets | 2 121 594 | 1 004 649 |
| TOTAL ASSETS | 2 715 235 | 1 460 512 |
| (in thousands of EUR) | 31.12.24 | 31.12.23 |
| Current liabilities | ||
| Loan liabilities | 477 162 | 184 259 |
| Rental liabilities | 9 020 | 1 766 |
| Payables to suppliers | 87 941 | 74 751 |
| Tax obligations | 49 354 | 32 822 |
| Buyers’ advances | 31 126 | 3 099 |
| Settled derivatives | 8 728 | 1 463 |
| Other current liabilities | 63 431 | 10 851 |
| Short term derivatives | 27 704 | 3 659 |
| Total current liabilities | 754 446 | 312 670 |
| Non-current liabilities | 31.12.24 | 31.12.23 |
| Long-term provisions | 9 946 | 8 399 |
| Deferred taxes | 2 816 | 33 233 |
| Other long-term liabilities | 43 209 | 30 679 |
| Long-term derivatives | 1 471 | 186 |
| Loan-liabilities | 696 670 | 246 410 |
| Rental liabilities | 40 435 | 8 725 |
| Total non-current liabilities | 794 547 | 327 632 |
| TOTAL LIABILITIES | 1 549 013 | 640 302 |
| (in thousands of EUR) | 31.12.24 | 31.12.23 |
| Equity | ||
| Share capital | 2 117 | 2 105 |
| Own shares | -72 | -95 |
| Share premium | 32 484 | 29 344 |
| Reserve capital | 212 | 205 |
| Option reserve | 6 223 | 3 864 |
| Hedging reserve* | 7 455 | 24 118 |
| Unrealised currency translation differences | 1 113 | -39 |
| Employment benefit reserve | -44 | -44 |
| Retained earnings | 698 914 | 466 140 |
| Net profit of the financial year | 172 934 | 293 778 |
| Total equity attributable to equity holders of the Parent | 921 336 | 819 376 |
| Minority interests | 244 886 | 834 |
| Total equity | 1 166 222 | 820 210 |
| TOTAL LIABILITIES AND EQUITY | 2 715 235 | 1 460 512 |
Consolidated statement of cash flows
| Cash flows from operating activities | ||
| (in thousands of EUR) | 12 months 2024 |
12 months 2023 |
| Profit for the financial year | 175 351 | 293 830 |
| Adjustments: | ||
| Depreciation, amortization, and impairment of non-current assets | 58 611 | 15 581 |
| Change in the fair value of the investment property | 9 640 | 4 074 |
| Equity profits/losses | -156 863 | -39 639 |
| Change in the value of derivatives | 20 888 | 54 309 |
| Other financial income/expenses | -827 | -161 965 |
| Calculated interest expenses | 38 274 | 22 573 |
| Profit/loss from non-current assets sold | -953 | -91 |
| Income from grants recognized as revenue | 2 984 | 784 |
| Corporate income tax expense | -19 866 | 8 610 |
| Income tax paid | -10 551 | -267 |
| Change in receivables and prepayments related to operating activities | 52 022 | 54 539 |
| Change in inventories | -12 830 | -61 915 |
| Change in payables and prepayments relating to operating activities | -22 278 | -591 |
| Change in biological assets | -322 | 0 |
| Total cash flows from operating activities | 133 280 | 189 832 |
| Cash flows from investing activities | 12 months 2024 |
12 months 2023 |
| Purchases of associates | 0 | -10 314 |
| Purchases of subsidiaries | -155 313 | -103 414 |
| Received dividends | 20 862 | 0 |
| Given loans | 1 918 | 6 652 |
| Interest gain | 4 953 | 2 691 |
| Purchases Investment property | -5 071 | -18 304 |
| Purchases of property, plant and equipment | -38 332 | -18 143 |
| Proceeds from sale of property | 1 559 | -252 |
| Total cash flows used in investing activities | -169 424 | -141 084 |
| Cash flows used in financing activities | 12 months 2024 |
12 months 2023 |
| Changes in overdraft | 12 863 | 14 349 |
| Proceeds from borrowings | 358 733 | 130 567 |
| Repayments of borrowings | -151 790 | -155 808 |
| Repayment of finance lease liabilities | -6 222 | -2 233 |
| Interest paid | -39 153 | -22 224 |
| Dividends paid | -60 997 | -15 750 |
| Gain from share emission | 3 174 | 29 464 |
| Total cash flows used in financing activities | 116 608 | -21 635 |
| 0 | 0 | |
| TOTAL NET CASH FLOW | 80 464 | 27 113 |
| Cash at the beginning of the year | 87 115 | 60 002 |
| Cash at the end of the period | 167 579 | 87 115 |
| Net (decrease)/increase in cash | 80 464 | 27 113 |
Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.
Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor
Attachments
Translartion. Region: Russians Fedetion –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
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A meeting on the results of the activities of world-class scientific centers was held under the chairmanship of Dmitry Chernyshenko
A meeting on the results of the activities of world-class scientific centers (WCSC) was held at the Government Coordination Center under the chairmanship of Deputy Prime Minister Dmitry Chernyshenko. The meeting presented the results of the WCSC’s work over the five years of the program’s implementation – from 2020 to 2024.
“World-class research centers were created in 2020 as part of the national project “Science and Universities”, the implementation of which was completed last year. On the instructions of President Vladimir Putin, a new stage of the centers’ development will be implemented as part of the state program “Scientific and Technological Development of the Russian Federation”. Over time, they were reoriented from fundamental centers to applied tasks, while showing high results. NCMUs ensure the rapid entry of in-demand technologies into the market. Today, we see good indicators of their extra-budgetary financing – 34% of the budget part, which indicates their demand in the market,” the Deputy Prime Minister emphasized.
Last year, President Vladimir Putin clarified the strategic goal-setting in the field of science. Dmitry Chernyshenko noted that it is especially important to concentrate efforts on the tasks set by the head of state. In accordance with current challenges, the country’s strategic priorities in the field of science and technology have been updated. State support measures will be focused on them.
The competition for support of world-class scientific centers will be announced this week.
“This year’s competition will be aimed at creating centers of the same format as the existing ones, but with an eye on the development and implementation of the most important science-intensive technologies up to and including the sixth level of technological readiness. The Ministry of Education and Science has carried out work to take into account the areas of the humanitarian and social profile,” said Dmitry Chernyshenko.
The head of the Ministry of Education and Science, Valery Falkov, paid special attention to attracting young specialists to world-class scientific centers. According to him, the NCMU creates opportunities for young researchers to manage scientific projects, thereby motivating talented young people to engage in science and increasing the prestige of the scientific profession. Thus, 38% of the research conducted by the centers was carried out under the supervision of young (under 39 years of age) promising researchers.
The NCMU employees have been awarded the highest level of prizes and awards for the results they have created. In particular, Irek Mukhamatdinov, a senior researcher at the NCMU “Rational Development of Liquid Hydrocarbon Reserves of the Planet”, became a laureate of the Russian Presidential Prize in Science and Innovation for Young Scientists for 2022.
Representatives of world-class scientific centers also spoke about developments that have practical significance.
Rector of Peter the Great St. Petersburg Polytechnic University Andrey Rudskoy reported that the National Center for Advanced Digital Technologies has created a platform for the development and application of digital twins CML-Bench®. Compared to traditional approaches, the development of products and goods based on digital twin technology can reduce time, financial and other resource costs by 10 times or more. The prototype of the digital platform has been demonstrated and tested in operational conditions.
In addition, technologies have been developed for producing metal-matrix composite materials using additive manufacturing. This is a reserve for the production of lithium-ion batteries with controlled three-dimensional micro- and macrostructure, improved energy capacity characteristics.
Rector of the Russian State Agrarian University – Moscow Timiryazev Agricultural Academy Vladimir Trukhachev reported that the NCMU “Agrotechnologies of the Future” created 11 new varieties of peas using genetic technologies that accelerated the ripening process twice as much as traditional selection. Several large Russian producers have already begun to purchase peas of the new varieties.
Vice-Rector of Kazan (Volga Region) Federal University Danis Nurgaliev noted that the National Center for Mining and Metallurgical Research “Rational Development of Liquid Hydrocarbon Reserves of the Planet” has implemented industrial scaling of in-situ oil refining technology using catalysts that can increase well flow rates by 20–100% and reduce the content of toxic metals in oil within the formation.
A number of effective technologies of the NCMU are currently being replicated not only in Russian but also in foreign companies and act as import substitutes for products of such companies as Shell and Schlumberger.
More than 20 low-tonnage chemical products developed by the center to improve the efficiency of oil field development are already being successfully used in practice.
Efim Khazanov, chief researcher at the Gaponov-Grekhov Institute of Applied Physics of the Russian Academy of Sciences, reported that the Center for Photonics has developed a fractional rejuvenation device based on a powerful ytterbium fiber laser used in medical cosmetology for skin rejuvenation by laser exposure. In 2024, serial production of a cosmetology device based on a laser developed at the center was launched.
Kirill Sypalo, Director General of the Central Aerohydrodynamic Institute named after Professor N.E. Zhukovsky, said that the NCMU “Supersonic” has created a unique infrastructure to support work on the layout of a supersonic passenger aircraft. The use of such optimal layouts will reduce operating costs per flight by three to four times (in relation to first-generation supersonic passenger aircraft).
Intelligent systems for monitoring and ensuring cybersecurity of onboard equipment and systems of supersonic passenger aircraft have also been developed.
Leonid Gokhberg, First Vice-Rector of the National Research University Higher School of Economics, noted that the Center for Interdisciplinary Research of Human Potential has created 40 unique databases on human potential development, half of which are international. The total number of users is more than 20 thousand people worldwide. The databases are used to evaluate family, demographic and economic policies and international research.
In conclusion, Dmitry Chernyshenko instructed world-class scientific centers, together with the Ministry of Education and Science, federal authorities – curators and industrial partners, to present plans for the further use of the results obtained within the framework of the centers’ programs.
The meeting was also attended by Vice President of the Russian Academy of Sciences Stepan Kalmykov, representatives of the Ministry of Labor and Social Protection, the Ministry of Agriculture, the Ministry of Industry and Trade, the Ministry of Digital Development, the Ministry of Energy, the Federal Agency for Subsoil Use and others.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Source: ASEAN
At the invitation of H.E. Tengku Zafrul Tengku Abdul Aziz, Chair of the ASEAN Economic Ministers’ (AEM) Meeting for 2025, and Minister of Investment, Trade and Industry of Malaysia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the delegation of the ASEAN Secretariat to participate in the 31st AEM Retreat, scheduled to be held in Johor, Malaysia, on 28 February 2025. This year’s Retreat will consider and discuss Malaysia’s Priority Economic Deliverables (PEDs) for its Chairmanship in 2025 under the theme “Inclusivity and Sustainability,” as well as a number of key initiatives to further integrate ASEAN’s economy, including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade and ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements, among others. The Retreat will also include an open session with the ASEAN Business Advisory Council (ASEAN-BAC), the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey.
The post Secretary-General of ASEAN to participate in the 31st AEM Retreat appeared first on ASEAN Main Portal.
Source: Republic of China Taiwan
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2025-02-21
President Lai meets Abe Akie, wife of late Prime Minister Abe Shinzo of Japan
On the morning of February 21, President Lai Ching-te met with Abe Akie, the wife of late Prime Minister Abe Shinzo of Japan. In remarks, President Lai thanked Mrs. Abe for carrying on the legacy of former Prime Minister Abe, being a benevolent and determined force for regional peace and prosperity, and calling on all parties to continue to place attention on peace in the Taiwan Strait. The president stated that Taiwan will carry on the legacy and spirit of former President Lee Teng-hui and former Prime Minister Abe, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. A translation of President Lai’s remarks follows: Last May, Mrs. Abe came to Taiwan to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao, and we reminisced about the past here at the Presidential Office. I would like to warmly welcome her back today. I am also delighted to be meeting with all guests in attendance. Yesterday, Mrs. Abe and I attended the opening of the very first Halifax Taipei forum, for which Mrs. Abe also delivered a keynote speech earlier today. In her speech, she offered valuable input on global security and democratic development. I would like to thank Mrs. Abe for making this special trip to Taiwan to take part, showing her strong support for Taiwan. Former Prime Minister Abe pioneered the vision of a free and open Indo-Pacific, and called on the international community to pay attention to peace and stability in the Taiwan Strait and Indo-Pacific. These have become common strategic goals of democratic countries around the world and will have a far-reaching influence over international developments and Taiwan’s security. They were important contributions that former Prime Minister Abe made in regard to the Taiwan Strait and the Indo-Pacific region. Recently, current Prime Minister of Japan Ishiba Shigeru and United States President Donald Trump held a meeting and jointly reiterated the importance of peace and stability across the Taiwan Strait, as well as opposed unilateral changes to the status quo by force or coercion. They also expressed support for Taiwan’s participation in international organizations. This shows that Prime Minister Ishiba is furthering the legacy of former Prime Minister Abe. We are very grateful for the former prime minister’s friendship toward Taiwan, and to Mrs. Abe for carrying on his legacy. Mrs. Abe is a benevolent and determined force for regional peace and prosperity, and has called on all parties at numerous public venues to continue to place attention on peace in the Taiwan Strait. Last December, for instance, she traveled at the invitation of President Trump and his wife to the US, where she addressed cross-strait issues and spoke up for Taiwan. We were deeply moved by this. As authoritarian states continue to expand, Taiwan will keep working alongside like-minded nations such as Japan and the US, as well as the European Union, to jointly contribute to regional and global peace and prosperity. I look forward to continued advancement of regional peace and prosperity with the help of Mrs. Abe’s efforts. Mrs. Abe will also be meeting with daughter of former President Lee and Lee Teng-hui Foundation Chairperson Annie Lee (李安妮) tomorrow. Former President Lee and former Prime Minister Abe were both fully devoted to promoting Taiwan-Japan relations. We will carry on their legacy and spirit, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. In closing, I wish you all a smooth and successful visit. Mrs. Abe then delivered remarks, first expressing her sincere thanks to President Lai for taking the time to meet. She said that former Prime Minister Abe hailed from Yamaguchi Prefecture, and that accompanying her that day were House of Councillors Member Kitamura Tsuneo, Yamaguchi Prefecture Governor Muraoka Tsugumasa, Yamaguchi Prefectural Assembly Deputy Speaker Shimata Noriaki, and many other important figures from Yamaguchi. If former Prime Minister Abe’s spirit could look upon this scene, she said, he would certainly be very pleased. Mrs. Abe recalled that when the former prime minister passed away, then-Vice President Lai traveled to their official residence to express his condolences and pay tribute. She said that she will never forget such a gesture of deep friendship, heartfelt condolences, and care. The year before last, she indicated, a memorial photo exhibition for former Prime Minister Abe was held in Taiwan, and many Taiwanese people from all walks of life came to view it. Last year, Mrs. Abe continued, she had the privilege of attending President Lai’s inauguration ceremony, where she met with many friends from Taiwan and personally felt the close and beautiful ties that Taiwan and Japan share. Mrs. Abe stated that she will carry out the wishes of former Prime Minister Abe and do her utmost to help raise Taiwan-Japan relations to new heights, saying that she looks forward to hearing the advice that President Lai and all those present have to offer. The delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.
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2025-02-21
President Lai attends opening of 2025 Halifax Taipei forum
On the afternoon of February 20, President Lai Ching-te attended the opening of the 2025 Halifax Taipei forum. In remarks, President Lai thanked the Halifax International Security Forum for their strong support for Taiwan, and for having chosen Taiwan as the first location outside North America to hold a forum. Noting that we face a complex global landscape, the president called on the international community to take action. He said that as authoritarianism consolidates, democratic nations must also come closer in solidarity, and called on the international community to create non-red global supply chains, as well as unite to usher in peace. President Lai emphasized that Taiwan will work toward maintaining peace and stability in the Taiwan Strait, and collaborate with democratic partners to form a global alliance for the AI chip industry and together greet a bright, new era. A transcript of President Lai’s remarks follows: To begin, I want to give a warm welcome to all the distinguished guests here at the very first Halifax Taipei forum. The Halifax International Security Forum, held every year in Canada, has been an important gathering for freedom-loving nations worldwide. I would like to thank Halifax and President [Peter] Van Praagh for their strong support for Taiwan. Every year since 2018, Taiwan has been invited to participate in the forum. Last year, former President Tsai Ing-wen was invited to speak, and this year, Halifax has chosen Taiwan as the first location outside North America to hold a forum. As President Van Praagh has said, “While the security challenges ahead are too big for any single country to solve alone, there is no challenge that can’t be met when the world’s democracies work together.” Today, we have world leaders and experts who traveled from afar to be here, showing that they value and support Taiwan. It demonstrates solidarity among democracies and the determination to take on challenges as one. I would like to express my gratitude and admiration to all of you for serving as defenders of freedom. At this very moment, Russia’s invasion of Ukraine is still ongoing. Authoritarian regimes including China, Russia, North Korea, and Iran continue to consolidate. China is hurting economies around the world through its dumping practices. We face grave challenges to global economic order, democracy, freedom, peace, and stability. Taiwan holds a key position on the first island chain, directly facing an authoritarian threat. But we will not be intimidated. We will stand firm and safeguard our national sovereignty, maintain our free and democratic way of life, and uphold peace and stability across the Taiwan Strait. Taiwan cherishes peace, but we also have no delusions about peace. We will uphold the spirit of peace through strength, using concrete actions to build a stronger Taiwan and bolster the free and democratic community. I sincerely thank the international community for continuing to attach importance to the situation in the Taiwan Strait. Recently, US President Donald Trump and Japan’s Prime Minister Ishiba Shigeru issued a joint leaders’ statement expressing their firm support for peace and stability across the Taiwan Strait, and for Taiwan’s participation in international affairs. As we face a complex global landscape, I call on the international community to take the following actions: First, as authoritarianism consolidates, democratic nations must also come closer in solidarity. Just a few days ago, the top diplomats of the US, Japan, and South Korea held talks, underlining the importance of maintaining peace and stability across the Taiwan Strait. They also conveyed their stance against “any effort to destabilize democratic institutions, economic independence, and global security.” On these issues, Taiwan will also continue to contribute its utmost. I recently announced that we will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Soon after I assumed office last year, I formed the Whole-of-Society Defense Resilience Committee at the Presidential Office. This committee aims to combine the strengths of government and civil society to enhance our resilience in national defense, economic livelihoods, disaster prevention, and democracy. We will also deepen our strategic partnerships in the democratic community to mutually increase defense resilience, demonstrate deterrence, and achieve our goal of peace throughout the world. Second, let’s create non-red global supply chains. For the democratic community to deter the expansion of authoritarianism, it must have strong technological capabilities. These can serve as the backbone of national defense, promote industrial development, and enhance economic resilience. So, in addressing China’s red supply chain and the impact of its dumping, Taiwan is willing and able to work with global democracies to maintain the technological strengths among our partners and build resilient non-red supply chains. As a major semiconductor manufacturing nation, Taiwan will introduce an initiative on semiconductor supply chain partnerships for global democracies. We will collaborate with our democratic partners to form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. The achievements of today’s semiconductor industry in Taiwan can be attributed to our collective efforts. Government, industry, academia, and research institutions had to overcome various challenges over the last 50 years for us to secure this position. We hope Taiwan can serve as a base for linking the capabilities of our democratic partners so that each can play a suitable role in the semiconductor industry chain and develop its own strengths, deepening our mutually beneficial cooperation in technology. This benefits all of us. Moreover, it allows us to further enhance deterrence and maintain global security. Third, let’s unite to usher in peace. China has not stopped intimidating Taiwan politically and militarily. Last year, China launched several large-scale military exercises in the Taiwan Strait. Its escalation of gray-zone aggression now poses a grave threat to the peace and stability of the Indo-Pacific region. As a responsible member of the international community, Taiwan will maintain the status quo. We will not seek conflict. Rather, we are willing to engage in dialogue with China, under the principles of parity and dignity, and work toward maintaining peace and stability in the Taiwan Strait. As the agenda of this forum suggests, democracy and freedom create more than just opportunities; they also bring resilience, justice, partnerships, and security. Taiwan will continue working alongside its democratic partners to greet a bright, new era. Once again, a warm welcome to all of you. I wish this forum every success. Thank you. Also in attendance at the event were Mrs. Abe Akie, wife of the late former Prime Minister Abe Shinzo of Japan, and Halifax International Security Forum President Van Praagh.
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2025-02-21
President Lai meets British-Taiwanese All-Party Parliamentary Group delegation
On the morning of February 18, President Lai Ching-te met with a delegation from the British-Taiwanese All-Party Parliamentary Group (APPG). In remarks, President Lai thanked the delegation members, the Parliament of the United Kingdom, and the UK government for continuing to demonstrate support for Taiwan through a variety of means. He also stated that Taiwan-UK relations have advanced significantly in recent years, noting that the Taiwan-UK Enhanced Trade Partnership (ETP) is the first institutionalized economic and trade framework signed between Taiwan and any European country. The president said he looks forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability, and indicated that together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. A translation of President Lai’s remarks follows: This is the first UK parliamentary delegation of the current session to visit Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. APPG Chair Sarah Champion visited Taiwan last May to attend the inauguration ceremony of myself and Vice President Bi-khim Hsiao. In July, she also attended the annual summit of the Inter-Parliamentary Alliance on China (IPAC), which was held in Taipei. I am delighted that we are meeting once again. Taiwan-UK relations have advanced significantly in recent years. I would especially like to thank our distinguished guests, as well as the UK Parliament and government, for continuing to demonstrate support for Taiwan through a variety of means. For example, the House of Commons held a debate on Taiwan’s international status last November. After the debate, a motion was unanimously passed affirming that United Nations General Assembly (UNGA) Resolution 2758 does not mention Taiwan. Responding to the motion, Parliamentary Under-Secretary of State Catherine West stated that the UK opposes any attempt to broaden the interpretation of the resolution to rewrite history. This highlighted concrete progress in Taiwan-UK bilateral relations. I would also like to thank the UK Parliament and government for openly opposing on multiple occasions any unilateral change to the status quo across the Taiwan Strait, and for emphasizing that the security of the Indo-Pacific and transatlantic regions is closely intertwined. We look forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability. Together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. For example, the Taiwan-UK ETP is the first institutionalized economic and trade framework signed between Taiwan and any European country. We hope to swiftly conclude negotiations on signing sub-arrangements on investment, digital trade, and energy and net-zero transition. This will facilitate even more exchanges and cooperation between Taiwan and the UK. We also hope that the UK will continue to support Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Together, we can build even more resilient global supply chains and further contribute to global prosperity and development. I believe that this visit adds to a strong and solid foundation for future Taiwan-UK cooperation. Thank you once again for backing Taiwan. I wish you a fruitful and successful visit. Chair Champion then delivered remarks, thanking President Lai for his warm welcome and for the hospitality he has shown to her and the delegation, and thanking Taiwan’s excellent team of officials for their care and attention. Chair Champion expressed that she thinks the IPAC conference held in Taiwan at the end of July last year was very significant, with legislators from 23 countries coming to show support for Taiwan, adding that that is something they have built on since the conference. She stated that she is also very proud that the UK Parliament supported the motion which made very clear that UNGA Resolution 2758 is specific to China and only to China, expressing that it was important and powerful that they recognize that. The chair went on to say that after the UK’s general election, more than half of the members of parliament are now new. She said she is very proud that there are new MPs as part of the delegation, and that she hopes it gives President Lai reassurance that their commitment to Taiwan is still there. Chair Champion emphasized that the all-party group is important because it is indeed all-party, and that they work together for their common interests, stating that the common interest for the UK and for the world is to maintain Taiwan’s sovereignty. She also noted that the United States has now come out very much in support of Taiwan, which she said she hopes encourages other countries around the world to do the same. Chair Champion said that the UK will be going into the 27th trade negotiation with Taiwan, and that they hope the partnership that develops is very fruitful. The chair closed by saying that it is wonderful for the delegation to be meeting President Lai, as well as legislators and ministers, and to be understanding more about the culture of Taiwan so that they can build a deeper, longer-lasting friendship. The delegation also included Lord Purvis of Tweed of the House of Lords and Members of Parliament Ben Spencer, Helena Dollimore, Noah Law, and David Reed. The delegation was accompanied to the Presidential Office by Political and Communications Director at the British Office in Taipei Natasha Harrington.
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2025-02-21
President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit. Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.
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2025-02-21
President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini
On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples. A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.
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2025-02-14
President Lai holds press conference following high-level national security meeting
On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.
Source: China State Council Information Office
China has called on the United States to adhere to international rules and end misguided policies, warning that it will take necessary measures to safeguard its legitimate rights, the Ministry of Commerce said on Sunday.
On Friday, the Office of the United States Trade Representative invited comments from the public on proposed Section 301 actions aimed at China’s maritime, logistics and shipbuilding sectors.
The US’ proposed restrictive measures, such as levying port fees, would be self-harming and have detrimental effects, according to an online statement issued by the Commerce Ministry.
The statement said these moves would not only fail to revive the US shipbuilding industry, but also increase transportation costs on US-related shipping routes and intensify domestic inflationary pressures.
The moves would diminish the global competitiveness of US goods and negatively affect the interests of US port and terminal operators, as well as their workers, it added.
Since March 2024, China and the US have held multiple rounds of talks on the proposed actions. China has repeatedly expressed its stance on the Section 301 investigation, urging the US to be rational and objective, and to stop blaming China for its own industrial development issues.
The ministry noted that a panel of the World Trade Organization has ruled that US imposition of Section 301 tariffs on China is in breach of WTO regulations. The misuse of the Section 301 investigation mechanism, driven by the US’ domestic political needs, continues to erode the multilateral trading system, the ministry said.
Liao Fan, a professor of international law at the University of Chinese Academy of Social Sciences in Beijing, said that to counter rising protectionism and the weaponization of unilateral sanctions, WTO reform is urgently needed to address systemic issues, such as chronic underfunding and weak enforcement mechanisms.
John Quelch, executive vice-chancellor of Duke Kunshan University in Kunshan, Jiangsu province, warned that international trade is entering a dangerous “Wild West” era, in which weaker economies and small countries more dependent on international trade are likely to suffer the most.
“China needs to redouble its efforts to increase trade with Global South countries, gradually reducing dependence on traditional markets,” Quelch said, adding, “China should further stimulate domestic consumption if a global tariff war slows down international trade.”
Guangxi Yuchai Machinery Co, an automotive engine manufacturer in Yulin, Guangxi Zhuang autonomous region, is already expanding into emerging markets.
“We have leveraged multiple cooperation mechanisms and trade deals, such as the Belt and Road Initiative and the Regional Comprehensive Economic Partnership, to actively participate in international trade shows and establish new plants in Thailand and Vietnam in recent years. Our export value jumped 73 percent year-on-year in January, hitting a record high for a single month,” said Liu Hongbo, president of marketing at Guangxi Yuchai’s overseas business unit.
“We have broadened our customer base in key regions, including Southeast Asia and the Middle East, while diversifying our market structure to reduce risks associated with overreliance on any single market,” Liu added.
Source: China State Council Information Office
An aerial drone photo shows U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 8, 2025. [Photo/Xinhua]
By shutting out Chinese enterprises and the Chinese market, the United States will end up hurting its own economic interests and international credibility, foreign ministry spokesperson Lin Jian said on Monday.
Lin made the remarks at a regular press briefing while commenting on a memorandum released by the United States on Friday, which outlined further restrictions on two-way investment with China.
The memorandum listed China as a “foreign adversary” on national security grounds and imposed various discriminatory measures, Lin said. “We strongly deplore and firmly oppose this and have lodged serious protests with the U.S. side.”
The tightening of security reviews targeting Chinese investments in the United States severely hits the confidence of Chinese companies in investing in the United States and undermines the U.S. business environment. Increasing restrictions on U.S. investment in China is artificially interfering with the independent decision-making of U.S. companies and distorting the flow of investment exchanges between the two countries, Lin said.
“China urges the United States to abide by international investment and trade rules, respect the laws of market economy, and stop politicizing and weaponizing economic and trade issues,” the spokesperson said.
China also calls on the United States to stop undermining China’s legitimate development rights, he added, stressing that China would take all necessary measures to firmly safeguard its legitimate rights and interests.
In response to U.S. restrictions on China’s shipbuilding industry and other related sectors, Lin said that the United States, driven by domestic political interests, had abused the Section 301 investigation mechanism, thereby seriously violating WTO rules and further damaging the multilateral trading system. “China is strongly dissatisfied with this and firmly opposes it,” Lin said.
“We urge the United States to respect facts and multilateral rules, and immediately stop its wrong actions. China will take necessary measures to defend its legitimate rights and interests,” Lin added.
Source: People’s Republic of China – State Council News
DOHA, Feb. 24 — A Chinese business delegation, organized by the China Council for the Promotion of International Trade (CCPIT), visited Qatar from Saturday to Monday to boost bilateral economic and trade ties and promote mutually beneficial cooperation.
The visit featured extensive talks between the delegation led by CCPIT Vice President Yu Jianlong and Qatari officials and business leaders, including those from the Investment Promotion Agency Qatar and QatarEnergy, and resulted in several cooperation agreements.
The delegation briefed Qatari political and business figures on China’s economic outlook and its latest opening-up measures.
It voiced readiness to level up practical business and industrial cooperation between the two countries, actively deepen and consolidate the Belt and Road cooperation, and strengthen bilateral cooperation under such frameworks as the China-Arab States Summit.
It also welcomed the Qatari business community to participate in the third China International Supply Chain Expo to be held in Beijing from July 16 to 20 to deepen bilateral industrial and supply chain cooperation.
Source: ACT Party
The Chinese navy has made a big mistake. Sending what Defence Minister Judith Collins called a ‘formidable ship’ so close to Sydney, and interrupting Air New Zealand domestic flights, shows the New Zealand public we need to spend more on defence. ACT supporters have been alone in voting for two per cent of GDP on defence, we predict there will now be more.
We remember the Ukrainians who’ve lost their lives and their homes in the three years since the Russian invasion. Free Press remains resolute. There are basic facts that cannot be changed. Russia is the aggressor. The war is not just or legal. The breach of borders by force is dangerous to free people everywhere. We must never accept might is right, but we must build our strength so the world doesn’t end up that way.
Schools are teaching children all sorts of things, but so far as we are aware they are not teaching the most important fact of human life. The fact they’re not teaching this fact tells us how mindless education has become, and it limits children’s thinking.
The fact we’re talking about is the astonishing growth of human life expectancy in the last two centuries. For 100,000 years, people lived to thirty on average. Now, the global average is 72 years.
People have different ideas about what a good life is. But (except for a few terrorists and cults), everyone agrees being alive is better than being dead. Something in the last 200 years gave us a whole extra life.
If the education system teaches children nothing else, it should teach that something happened in the last 200 years and it doubled life expectancy. Once they know that, they can learn what works.
We think the answer might be the problem. The education bureaucracy, academics, and teacher unions don’t want to teach that capitalism is a raging success.
They’d have to teach about the genesis of the free market in the swamps of the Netherlands. People driven to the lowlands by violence decided to make something of themselves. They drained swamps and built dykes, creating usable land that was theirs.
The result was a society where ordinary people could make a difference in their own lives. They demanded property rights because they’d literally created their own property. If you couldn’t take then you had to trade, and tribalism gave way to the market. It was around this time Abel Tasman discovered New Zealand for Europe.
William of Orange, a Dutchman who became King of England, helped take the revolution across the sea, where it germinated on an island buffered from invasion. The common law and the market, along with the enlightenment made the industrial revolution possible.
In turn the British Navy opened up the world’s sea lanes to trade, and spread their system of democracy and capitalism to the new world, ensuring it would endure for centuries even when they themselves came under attack from fascism.
All the while ordinary people could get enough calories to be healthy, live in cities with sanitation free of disease, and medical care would stop children and their mothers dying in childbirth or shortly after. Violence that was normal for most humans most of the time, and shortened many lives, is now an exceptional event for most people most of the time.
The revolution spread further after the Cold War, lifting billions from poverty in the East the same way they had thrived in the west. That same prosperity has raised their life expectancy too. Now the whole world lives twice as long on average as it did before the industrial revolution, but your teacher won’t dwell on that basic fact in most of the world’s schools.
Instead we have an epidemic of anxiety and depression amongst young people. The tremendous gains of the last two centuries are barely understood. Instead the gains are banked and forgotten while children worry about comparatively small problems.
We spend a lot of time worrying about differences between people living today when, in reality, everyone is doing vastly better than everyone was even a few generations ago. So much division, so little reality, and not enough hope.
Imagine if the most important thing children learned was that we’ve doubled our lives in 200 years after 100,000 years of misery. That could be springboard for asking what works and building a much more hopeful future. We just need the Left to make peace with capitalism.
Source: China State Council Information Office
Exhibitors demonstrate a mobile robot for assisting paralyzed individuals at the Incubation Special Section during the 7th China International Import Expo (CIIE) in east China’s Shanghai, Nov. 9, 2024. [Photo/Xinhua]
China’s private enterprises remained the leading category of foreign trade operators in the country for a sixth straight year, making notable achievements in foreign trade in 2024, according to the General Administration of Customs.
These achievements include the number of private enterprises that conducted import-export activities surpassing 600,000 for the first time in 2024, reaching 609,000 last year. Chinese private enterprises also emerged as the country’s largest traders of high-tech products, with their share rising by 3 percentage points to 48.5 percent of total high-tech trade in 2024.
Additionally, private firms for the first time accounted for more than half of China’s consumer goods imports, with their share climbing 2.8 percentage points to 51.3 percent — notably exceeding 60 percent in categories such as cosmetics and fruit.
Chinese private enterprises continued to lead the country’s foreign trade with transactions totaling 24.33 trillion yuan (about 3.4 trillion U.S. dollars) last year, posting an 8.8 percent year-on-year increase and contributing 55.5 percent of the country’s total foreign trade value.
Meanwhile, foreign-invested companies recorded 12.8 trillion yuan in trade last year, an increase of 1.5 percent, with momentum picking up in the second half of 2024. State-owned enterprises contributed 6.61 trillion yuan to foreign trade, playing a vital role in importing strategic commodities, including grain and energy resources.
The total number of companies with import-export activities across private, foreign-invested and state-owned sectors reached a record high of nearly 700,000 in 2024.
Source: Australian Competition and Consumer Commission
The quarterly average for retail petrol prices decreased in the December quarter 2024, hitting a three-year low in real (inflation adjusted) terms, the ACCC’s latest petrol monitoring report has found.
Average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 179.8 cents per litre (cpl), a decrease of 3.0 cpl from the previous quarter.
The decrease was largely due to lower international prices for refined petrol (Mogas 95). Mogas 95 prices are largely driven by international crude oil prices, which declined following slowing global oil demand together with increases in oil supply from Organisation of the Petroleum Exporting Countries (OPEC) members and some non-OPEC countries.
“A range of international factors which influence the prices of commodities like crude oil have led to prices at the bowser easing from the higher levels that were seen in early 2024,” ACCC Commissioner Anna Brakey said.
Average retail petrol prices in Canberra, Hobart and Darwin also fell in the December quarter 2024. Average prices in Darwin were 168.9 cpl, the lowest of the eight capital cities.
Average retail petrol prices across regional locations (in aggregate), fell to 179.5 cpl in the December quarter 2024, slightly below the average prices across the five largest cities. The ACCC monitors fuel prices of more than 190 regional locations across Australia.
“It is pleasing to see that motorists had some relief when filling up at petrol stations across the country,” Ms Brakey said.
Gross indicative retail differences are a broad indicator of gross retail margins, including retail operating costs and profits. Average gross indicative retail differences across the five largest cities were 17.2 cpl in the December quarter 2024, an increase of 1.6 cpl from the previous quarter.
Quarterly average gross indicative retail differences can vary between cities, and were lowest in Perth (9.6 cpl) and highest in Brisbane (24.1 cpl).
In 2024, annual average gross indicative retail differences across the five largest cities were 16.3 cpl, which is slightly higher than pre-pandemic levels in real (inflation-adjusted) terms.
The following chart shows the changes in the components of average retail petrol prices across the five largest cities.
Components of quarterly average retail petrol prices across the five largest cities
Source: ACCC calculations based on data from Informed Sources, Argus Media, Ampol, bp, Mobil, Viva Energy, FuelWatch, the Reserve Bank of Australia and the Australian Taxation Office.
Notes: cents per litre change from the previous quarter.
* Excise and wholesale goods and services tax (65.4 cpl) excludes a component of retail goods and services tax (1.5 cpl) in the above chart. This is for consistency in reporting gross indicative retail difference figures throughout this report, which include a small component of goods and services tax. Total excise and goods and services tax for both wholesale and retail (66.9 cpl) is shown in the petrol bowser in the ‘December quarter 2024 – Petrol snapshot’.
Quarterly average retail diesel prices across the five largest cities were 177.1 cpl in the December quarter 2024, down 8.4 cpl from the September quarter 2024. Average retail diesel prices were also lower in Canberra, Hobart and Darwin.
Retail diesel prices generally followed lower international diesel benchmark prices, which accounted for the largest component of retail diesel prices.
Quarterly average retail diesel prices in capital cities in the December quarter 2024
Source: ACCC calculations based on data from Informed Sources.
Note: cents per litre change from the previous quarter.
Around two in five consumers (or 41 per cent) reported using fuel price apps to shop around for cheaper fuel in 2024, according to research published by the Australasian Convenience and Petroleum Marketers Association. This was up from 34 per cent in 2022.
“Taking advantage of the available information through apps and websites can be well worth it to find retailers with lower fuel prices in your area and to save money on fuel,” Ms Brakey said.
The ACCC also publishes up-to-date price charts, buying tips, and information on movements in the petrol price cycles that occur in Sydney, Melbourne, Brisbane, Adelaide and Perth, which can be helpful for consumers.
The ACCC has championed greater fuel price transparency for consumers for some time.
“We are aware that the Victorian Government recently announced a price transparency scheme to be phased in over 2025. Victoria is the only jurisdiction in Australia without a state or territory government fuel price transparency scheme,” Ms Brakey said.
‘Petrol’ means regular unleaded petrol unless otherwise specified.
Price changes are reported in nominal terms unless otherwise specified.
Singapore Mogas 95 Unleaded (Mogas 95) is the relevant international benchmark for the wholesale price of petrol in Australia. Singapore Gasoil with 10 parts per million sulphur content (Gasoil 10 ppm) is the international benchmark for the wholesale price of diesel.
The ACCC has been monitoring retail prices in all capital cities and over 190 regional locations across Australia since 2007.
On 14 December 2022, the Treasurer issued a new direction to the ACCC to monitor the prices, costs and profits relating to the supply of petroleum products in the petroleum industry in Australia and produce a report every quarter for a further three years.
Source: New Zealand Government
As part of Eating Disorders Awareness Week, Mental Health Minister Matt Doocey is announcing his intention to refresh New Zealand’s eating disorders strategy, and shining a spotlight on the work and research being done to support people with disordered eating.
“Very positive work is being done across the country to address eating disorder issues and the Government wants to take this even further. Eating disorders are not choices, they are a health crisis that have the potential to disrupt people’s lives. New Zealand’s strategy has not been refreshed in 16 years and it is time for an update.
“Today I am signalling my intent to refresh the ‘Future Directions for Eating Disorders Services in New Zealand’ strategy document, with the objective of having clear prioritised actions for implementation. Other focuses will include identifying where further efforts across eating disorders services are required, and improving our understanding of eating disorder data.
“There is also great opportunity to grow and utilise the peer support workforce more – professionals with lived experience who help people within the health system.
“The introduction of new roles like lived-experience peer support workers and family peer support workers provides additional valuable help, along with reassurance that recovery is possible. They also recognise the important role that families play in treatment and provide support to families.
“The refresh we are carrying out will give an opportunity to better explore how to help people benefit from these roles more.
“Currently there are not many peer support workers in New Zealand focused specifically on eating disorders. Today I had privilege of meeting with one of the only peer support workers who works exclusively at an eating disorder service, based at Hillmorton Hospital, to discuss their unique role in improving treatment.
Mr Doocey also met with the South Island Eating Disorders (SIEDs) service today to show his support for the sector. SIEDS is one of four regional specialist eating disorders hubs, which work closely with their district partners or ‘spokes’.
“It is always inspiring to meet with our frontline clinicians, and to hear about innovation and improvements that are underway to support people, including those with eating disorders, to make a full recovery,” Mr Doocey says.
“Important research is being done in the sector – SIEDs is involved in research partnerships with the University of Otago, with a particular focus on prevention and understanding more about the genetics of eating disorders that will contribute treatment advances internationally.
“The team are also working on expanding Media Smart, an eight-lesson programme aimed at improving body image and reducing eating disorder risk factors among young people.
“Prevention is key in this space, and this programme has shown significant improvements in intermediate-aged students’ resilience against harmful media messages.
“It is work like this that will contribute to helping people with mental health and addiction needs, as well as supporting people to stay well and help us reach the mental health targets this Government has committed to.”
Eating Disorders Awareness Week is an annual campaign to educate the public about the realities of eating disorders and to provide hope and visibility to individuals and loved ones impacted by eating disorders. Eating Disorders Awareness Week 2025 is taking place from 24 February to 2 March. New Zealand’s Body Image and Eating Disorder Awareness Week will take place between 2 September and 8 September.
Source: United States Small Business Administration
WASHINGTON — Following her confirmation and swearing-in as the 28th Administrator of the U.S. Small Business Administration, Kelly Loeffler issued a Day One memo outlining her top priorities for the agency.
“Small businesses are the backbone of our nation, driving innovation, job creation, and prosperity – and there’s no stronger advocate for small business than President Trump or myself. But over the last four years, the SBA has burdened entrepreneurs with bureaucracy – with its programs becoming mired in fraud, waste, and abuse,” SBA Administrator Loeffler said. “That changes today. My first priority is rebuilding the SBA into an America First engine for free enterprise – by empowering small businesses and fueling economic growth.
“From day one, we will uphold the highest standards of accountability, performance, and integrity, where taxpayer dollars will be safeguarded, not squandered. We will streamline operations, drive efficiency, and ensure programs deliver real results. It’s a new day at the SBA, and I’m honored to lead a team that is committed to serving America’s job creators and citizens when disaster strikes.”
The following priorities have been distributed to all SBA staff as the agency prepares to carry out President Trump’s America First agenda and empower small businesses to thrive:
Supporting President Trump’s America First Agenda
Eliminating Wasteful Spending and Cracking Down on Fraud
Empowering Small Businesses
# # #
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Source: United Nations
UNESCO convened an expert meeting to identify actions to harness the World Heritage Convention in support of the Kunming-Montreal Global Biodiversity Framework. The meeting confirmed the relevance of the World Heritage Convention to almost all of the 23 global targets of the Global Biodiversity Framework and made recommendations for further action, which will be presented to the World Heritage Committee at its 47th session.
The 2019 Global Assessment Report of Biodiversity and Ecosystem Services issued by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) provided the scientific evidence that biodiversity is deteriorating worldwide at rates unprecedented in human history. Yet, biodiversity is fundamental to human well-being, a healthy planet, and economic prosperity.
The World Heritage Convention is among the most successful site-based conservation instruments, with a significant contribution to biodiversity conservation, according to a UNESCO study.
The Kunming-Montreal Global Biodiversity Framework adopted by the Parties to the Convention on Biological Diversity is a real opportunity for the biodiversity conventions to work together. We should make use of the extraordinary capacity of the World Heritage Convention to support biodiversity conservation.
In response to the Committee’s decisions 45 COM 7.2 and 46 COM 7, UNESCO organized in collaboration with the Advisory Bodies an expert meeting on the synergies and opportunities between the World Heritage Convention and the Kunming-Montreal Global Biodiversity Framework. The workshop was hosted by the German Federal Agency for Nature Conservation (Bundesamt für Naturschutz) at its International Academy for Nature Conservation on the Isle of Vilm, Germany, and took place from 25 to 29 November 2024.
The meeting experts reaffirmed the unique contribution of the World Heritage Convention to the conservation and sustainable use of biodiversity, and the relevance of the Global Biodiversity Framework to both natural and cultural sites. They identified a range of recommendations for the World Heritage Committee, States Parties, and the UNESCO Secretariat and Advisory Bodies, including 19 priority actions.
Among the key actions, States Parties should integrate priorities for the implementation of the World Heritage Convention into their National Biodiversity Strategies and Action Plans, as requested by the World Heritage Committee (Decision 45 COM 7.2). This is important to ensure that current World Heritage properties and potential new sites become an international priority for dedicated funding mechanisms for the Global Biodiversity Framework.
The Global Biodiversity Framework also sets targets for respecting the rights of Indigenous Peoples and local communities in biodiversity conservation and provides new opportunities for cultural sites to contribute to nature conservation. States Parties, Indigenous Peoples and World Heritage properties can work with initiatives such as the Joint Programme of Work on the links between Biological and Cultural Diversity to support the implementation of the targets.
World Heritage properties often overlap with other international designations such as Ramsar wetland sites, Biosphere Reserves and UNESCO Global Geoparks. In addition, the protection and management of World Heritage properties may be relevant to the implementation of other biodiversity- or culture-related conventions, such as the Convention for the Safeguarding of the Intangible Cultural Heritage, Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) and the Convention on Migratory Species (CMS). Improved cooperation between the Conventions and programmes could create greater coherence and have results at a larger scale.
The meeting was made possible thanks to the support of the German Federal Agency for Nature Conservation, and the financial contributions of the Swiss Federal Office for Environment (FOEN) and the Government of Norway to the World Heritage Fund.
The 15th Conference of the Parties to the Convention on Biological Diversity (CBD), convened under the auspices of the United Nations, adopted the Kunming-Montreal Global Biodiversity Framework. Through four goals and 23 targets, it sets out an ambitious plan to take urgent action to halt and reverse biodiversity loss to put nature on a path to recovery for the benefit of people and planet by 2030, in line with the 2030 Agenda for Sustainable Development, and to ensure that the shared vision of living in harmony with nature is realised by 2050.
The Joint Programme of Work (JPoW) on the links between Biological and Cultural Diversity was initially adopted at COP10 of the CBD in 2010 to explore the links and opportunities for improving the protection of biological and cultural diversity. It was a way for UNESCO to help connect the nature and culture themes under the Aichi Targets, in cooperation with the Secretariat of the CBD. Parties at COP15 renewed the mandate of the JPoW, including inviting UNESCO, the Secretariat of the CBD, the IUCN, the International Indigenous Forum on Biodiversity (IIFB) and advisory bodies to work together on a roadmap for improve an integrated approach to supporting biodiversity, linguistic and cultural diversity. UNESCO is currently the lead agency for the International Decade of Indigenous Languages (2022-2032), providing an important platform to achieve such cooperation in policy and in action.
Summary recommendations
Meeting report
Source: GlobeNewswire (MIL-OSI)
NEW YORK, NY, Feb. 24, 2025 (GLOBE NEWSWIRE) — Spartan Capital Securities, LLC is pleased to announce that Brian Duddy has been promoted from Director of Equities to Head of Capital Markets. With over 30 years of experience in Capital Markets, Equity Sales, and Trading, Brian has played a key role in driving institutional engagement and executing complex transactions.
Prior to joining Spartan Capital, Mr. Duddy held senior positions at leading financial institutions, including William Blair, where he opened the firm’s first New York office and became a partner in the Equity Sales & Trading Group. His extensive background includes roles at DLJ, Cowen, and Soleil Securities, where he worked closely with major hedge funds and institutional investors, facilitating large block trades, overnight transactions, and placing IPOs and Secondary Offerings with his clients.
Spartan Capital Securities’ Founder and CEO, John Lowry, commented: “Brian Duddy’s expertise and leadership continue to strengthen Spartan’s presence in Capital Markets. His deep institutional relationships and ability to execute complex transactions make him a tremendous asset to our firm and clients. We look forward to his continued contributions.”
About Spartan Capital Securities, LLC (SCS):
Spartan Capital Securities, LLC is a full-service, integrated financial services firm that provides sound investment guidance for high-net-worth individuals and institutions. Their in-depth market knowledge, calculated risk management strategy, and investment acumen have earned them a strong reputation as trusted financial advisors. Spartan Capital’s experienced investment professionals provide highly customized personal service, tailoring an asset allocation program to enable each client to meet their financial goals. Spartan Capital also offers advisory and insurance services through its affiliates, Spartan Capital Private Wealth Management, LLC, and Spartan Capital Insurance Services, LLC.
For inquiries, contact: info@spartancapital.com
John D. Lowry
Spartan Capital Securities
+1 (212) 293-0123
Source: GlobeNewswire (MIL-OSI)
Nokia Corporation
Stock Exchange Release
24 February 2025 at 22:30 EET
Nokia Corporation: Repurchase of own shares on 24.02.2025
Espoo, Finland – On 24 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:
| Trading venue (MIC Code) | Number of shares | Weighted average price / share, EUR* |
| XHEL | 1,317,492 | 4.75 |
| CEUX | – | – |
| BATE | – | – |
| AQEU | – | – |
| TQEX | – | – |
| Total | 1,317,492 | 4.75 |
* Rounded to two decimals
On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.
Total cost of transactions executed on 24 February 2025 was EUR 6,260,063. After the disclosed transactions, Nokia Corporation holds 257,147,700 treasury shares.
Details of transactions are included as an appendix to this announcement.
On behalf of Nokia Corporation
BofA Securities Europe SA
About Nokia
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As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
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Attachment
US Senate News:
Source: United States Senator for Vermont – Bernie Sanders
WASHINGTON, Feb. 24 – Sen. Bernie Sanders (I-Vt.) last week filed four Joint Resolutions of Disapproval (JRDs) that would block the sale of $8.56 billion in offensive U.S. weaponry to Israel.
Earlier this month, the Trump administration notified Congress of its approval of four major offensive arms sales to Israel, including tens of thousands of the bombs, missiles and artillery shells Israel has used to destroy huge swathes of Gaza and Lebanon. These munitions are directly implicated in tens of thousands of civilian deaths.
The sales include:
$6.75 billion for 2,166 Small Diameter Bombs, 2,800 500-pound bombs and tens of thousands of fuzes and Joint Direct Attack Munition (JDAM) guidance kits for use on bombs.
$688 million for 15,500 additional JDAM guidance kits for use on bombs and an additional 615 Small Diameter Bombs.
$660 million for 3,000 Hellfire Air-to-Ground Missiles.
$312.5 million for 10,000 155mm High Explosive artillery shells.
The export of these weapons would clearly violate the criteria laid out in the Foreign Assistance Act of 1961 and the Arms Export Control Act (AECA).
“Israel had the right to defend itself against Hamas and respond to the barbaric October 7, 2023, terrorist attack, which killed 1,200 innocent people and took over 240 hostages,” said Sanders. “But Netanyahu’s extremist government has instead waged an all-out war against the entire Palestinian people, killing more than 48,000 and injuring more than 111,000 – the vast majority of whom are women and children.”
“Tragically, much of this carnage has been carried out with American bombs and weapons,” Sanders continued. “Netanyahu has used our bombs to damage or destroy almost 70 percent of the structures in Gaza, including hundreds of schools. All of this has been done in clear violation of U.S. and international law. With Trump and Netanyahu openly talking about forcibly displacing millions of Palestinians from Gaza – in other words, ethnic cleansing – it would be unconscionable to provide more of the bombs and weapons Israel has used to kill so many civilians and make life unlivable in Gaza.”
The Foreign Assistance Act and the AECA require that arms transfers must be consistent with internationally-recognized human rights, advance U.S. foreign policy interests, and avoid the association of the United States with any human rights violations. Reliable human rights monitors have rigorously documented numerous incidents involving these systems leading to unacceptable civilian death and harm.
Upon introduction of a Joint Resolution of Disapproval under the AECA, the Foreign Relations Committee has ten calendar days to consider the resolution in committee (or five calendar days for Foreign Military Sales to NATO allies and major non-NATO allies, including Israel). After this period, the sponsor(s) of the resolution can force a floor vote on a motion to discharge the resolution from committee. The resolution is privileged, meaning it cannot be amended or filibustered, and it requires a simple majority for the motion to discharge the resolution from committee and for final passage.
Source: United Nations – Geneva
The Human Rights Council this morning opened its fifty-eighth regular session, hearing statements from the President of the General Assembly, the United Nations Secretary-General, the United Nations High Commissioner for Human Rights, and the Head of the Federal Department of Foreign Affairs of Switzerland. The President of the Council called for a minute of silence for victims of human rights violations around the world.
Jürg Lauber, President of the United Nations Human Rights Council, declared the fifty-eighth session of the Human Rights Council open, saying they were gathered at a time of profound global challenges and an alarming backlash against human rights around the world. The Council’s responsibility was to make a tangible impact on people’s lives. Victims of human rights violations needed to be at the centre of discussions. The international community needed to rise to the challenge and reaffirm that human rights were not optional; they were essential for peace, security and development.
Philemon Yang, President of the General Assembly, said the three pillars of the United Nations were deeply interwoven. Upholding human rights was fundamental to achieving lasting peace and security, and constituted a sound basis for the realisation of the 2030 Agenda for Sustainable Development. The world faced serious global challenges and was witnessing a sharp decline in human rights, with growing violations and often brazen disregard for international humanitarian law. The human suffering and destruction of civilian infrastructure in Gaza, Ukraine, Sudan, Haiti and the Democratic Republic of the Congo were intolerable; these injustices must end. Mr. Yang said protecting human rights and dignity was a cornerstone of his role as President of the General Assembly.
António Guterres, United Nations Secretary-General, said the session was beginning under the weight of a grim milestone: the third anniversary of Russia’s invasion of Ukraine, in violation of the United Nations Charter. Human rights were the oxygen of humanity. But one by one, human rights were being suffocated: by autocrats; by a patriarchy that kept girls out of school, and women from basic rights; by wars and violence; by warmongers who disregarded international law and the United Nations Charter; by the climate crisis; by a morally bankrupt global financial system; by runaway technologies like artificial intelligence; by growing intolerance against entire groups; and by voices of division and anger. This represented a direct threat to all the hard-won mechanisms and systems established over the last 80 years to protect and advance human rights.
Volker Türk, United Nations High Commissioner for Human Rights, said the international system was going through a tectonic shift, and the human rights edifice built up over decades had never been under so much strain. Last year, the Office contributed to the release of some 3,145 arbitrarily detained people and took part in some 11,000 human rights monitoring missions. It also observed nearly 1,000 trials, and documented some 15,000 situations of human rights violations around the world. Mr. Türk said upholding human rights made eminent sense for stability, for prosperity, for a better common future, and was a winning proposition for humanity.
Ignazio Cassis, Head of the Federal Department of Foreign Affairs of Switzerland, said today, he had mixed feelings. He was proud because Switzerland had been elected to the Human Rights Council and because Ambassador Lauber had been elected as the Council’s President, the first appointment of a Swiss President to the Council. However, Mr. Cassis said, he was also deeply concerned as they lived in a time of global uncertainty, influenced by the climate crisis and global authoritarianism; a large portion of the global population lived under authoritarian rule. In this context, the Council had a duty to act.
The webcast of the Human Rights Council meetings can be found here. All meeting summaries can be found here. Documents and reports related to the Human Rights Council’s fifty-eighth regular session can be found here.
The fifty-eighth session of the Council is being held from 24 February to 4 April. At 10 a.m., the Council started its high-level segment.
Opening Remarks by the President of the Council
JÜRG LAUBER, President of the United Nations Human Rights Council, declared the fifty-eighth session of the Human Rights Council open. They were gathered at a time of profound global challenges and an alarming backlash against human rights around the world. All needed to reflect on whether they were doing enough to protect the most vulnerable. When human rights weakened, conflicts escalated, and societies fractured. Today, they were seeing this play out in real time with the escalation of violations and the shrinking of human rights protections. This required an urgent response. The Council’s responsibility was to make a tangible impact on people’s lives. Victims of human rights violations needed to be at the centre of discussions. Their dignity needed to be everyone’s priority, Mr. Lauber said.
Mr. Lauber said all needed to rise to the challenge and reaffirm that human rights were not optional; they were essential for peace, security and development. They needed to engage in earnest discussions and ensure that their words translated into actions, he concluded.
At the request of the President, the Council held a minute’s silence in memory of victims of human rights violations around the world.
Statements by Keynote Speakers
PHILEMON YANG, President of the General Assembly, congratulated the President of the Council and the Bureau on their election. The three pillars of the United Nations were deeply interwoven. Upholding human rights was fundamental to achieving lasting peace and security, and constituted a sound basis for the realisation of the 2030 Agenda for Sustainable Development. The world faced serious global challenges and was witnessing a sharp decline in human rights, with growing violations and often brazen disregard for international humanitarian law. Those violations had devastating consequences: more than 300 million people now required humanitarian assistance. In every conflict, the victims were often women, children and minorities who bore the heaviest burden. The human suffering and destruction of civilian infrastructure in Gaza, Ukraine, Sudan, Haiti and the Democratic Republic of Congo were intolerable; these injustices must end. Even war had rules. Civilians must never be targets.
The recent special session and the establishment of an independent fact-finding mission to investigate and document violations in the eastern Democratic Republic of the Congo were good symbols. The Council had demonstrated its availability to act swiftly and uphold accountability. The recent ceasefire and hostage release deal in Gaza offered a glimmer of hope. Just and lasting peace in the Middle East depended on the two State solution, which would allow Israel and Palestine to exist in peace and stability. Dialogue was a powerful weapon which needed to be used for peace everywhere. With the eightieth anniversary of the United Nations approaching, calls for global peace needed to be more resolute, harnessing the powerful symbolism of this milestone year.
Last September, world leaders unanimously adopted the Pact for the Future, along with the Global Digital Compact and the Declaration for Future Generations. The Pact charted a course toward a more just, equitable, and sustainable world, and reaffirmed international law, including the Charter of the United Nations, the Universal Declaration of Human Rights and international humanitarian law. The challenge now was implementation which required full global mobilisation, with robust engagement from governments, United Nations agencies, and civil society. Organizations in Geneva would play a critical role in this process.
Mr. Yang said protecting human rights and dignity was a cornerstone of his role as President of the General Assembly. Last month, he convened a signature event on preserving dignity in armed conflict. He was encouraged by the strong political will of Member States to uphold and reinforce their commitment to international humanitarian law. Advocacy would be continued to eliminate child labour in all forms, including in armed conflict, and a discussion on child labour would be held in this regard.
Additionally, in the coming months, a high-level meeting would be convened to consider the recommendations of the working group on aging, to ensure older persons had full enjoyment of their human rights. The spirit that guided the decision of Member States last December to declare a second International Decade for People of African Descent would be upheld. Mr. Yang said he would convene the annual commemorative meetings for the International Day for the Elimination of Racial Discrimination and the International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade.
Mr. Yang said he had joined the gender champions network, pledging to promote gender equality and empowerment and implementing a gender perspective throughout the work of the General Assembly. He had re-established the Advisory Board on Gender Equality to focus on women’s economic empowerment and was happy that the Human Rights Council had followed this good practice. Additionally, co-facilitators had been appointed to lead consultations in preparation for a high-level meeting, which would commemorate the thirtieth anniversary of the Fourth World Conference on Women and the landmark Beijing Declaration and Platform for Action—Beijing+30.
This year marked the thirtieth anniversary of the World Programme for Youth, underscoring the critical role of young people in driving sustainable development. A discussion would be held in May on how digitalisation could enhance the Sustainable Development Goals. Throughout these engagements, Mr. Yang said he would outline the importance of civil society’s work in enhancing human rights. The annual high-level debate on crime prevention would be held, which would mark the ten-year anniversary of the Nelson Mandela Rules. This year, the Nelson Mandela prize would also be awarded to two individuals who had dedicated their lives to serving humanity. States and relevant stakeholders were invited to submit their nominations this month.
These topics aimed to promote human rights and preserve human dignity for all everywhere. Strengthening cooperation between the General Assembly and the Human Rights Council had never been more urgent. The shared goal of the two mechanisms was upholding human rights and dignity, for everyone, everywhere.
ANTÓNIO GUTERRES, United Nations Secretary-General, said the session was beginning under the weight of a grim milestone: the third anniversary of Russia’s invasion of Ukraine, in violation of the United Nations Charter. More than 12,600 civilians had been killed, with many more injured. Entire communities had been reduced to rubble, hospitals and schools destroyed. All needed to spare no effort to bring an end to this conflict and achieve a just and lasting peace in line with the United Nations Charter, international law and General Assembly resolutions. Conflicts like the war in Ukraine exacted a heavy toll on people; on fundamental principles like territorial integrity, sovereignty and the rule of law; and on the vital business of this Council. Without respect for human rights — civil, cultural, economic, political and social — sustainable peace was a pipedream.
Like the Council, human rights shone a light in the darkest places. Through its work, and the work of the High Commissioner’s Office around the world, the Council was supporting brave human rights defenders risking persecution, detention and even death. It was working with governments, civil society and others to strengthen action on human rights. And it was supporting investigations and accountability. Five years ago, the United Nations launched its Call to Action for Human Rights, embedding human rights across the work of the United Nations around the world in close cooperation with partners. Mr. Guterres said he would continue supporting this important work, and the High Commissioner’s Office, as the United Nations fought for human rights everywhere.
Mr. Guterres said that human rights were the oxygen of humanity. But one by one, human rights were being suffocated — by autocrats, crushing opposition because they feared what a truly empowered people would do; by a patriarchy that kept girls out of school, and women at arm’s length from basic rights; by wars and violence that stripped populations of their right to food, water and education; and by warmongers who thumbed their nose at international law, international humanitarian law and the United Nations Charter.
Human rights were being suffocated by the climate crisis; by a morally bankrupt global financial system that too often obstructed the path to greater equality and sustainable development; by runaway technologies like artificial intelligence that held great promise, but also the ability to violate human rights at the touch of a button; by growing intolerance against entire groups — from indigenous peoples, to migrants and refugees, to the lesbian, gay, bisexual, transgender, queer and intersex plus community, to persons with disabilities; and by voices of division and anger who viewed human rights not as a boon to humanity, but as a barrier to the power, profit and control they sought. In short, human rights were on the ropes and being pummelled hard. This represented a direct threat to all the hard-won mechanisms and systems established over the last 80 years to protect and advance human rights.
But as the recently adopted Pact for the Future reminded all, human rights were, in fact, a source of solutions. The Pact provided a playbook on how the world could win the fight for human rights on several fronts.
First, human rights through peace and peace through human rights. Conflicts inflicted human rights violations on a massive scale. In the Occupied Palestinian Territory, violations of human rights had skyrocketed since the horrific Hamas attacks of October 7 and the intolerable levels of death and destruction in Gaza. Mr. Guterres expressed grave concern about the rising violence in the occupied West Bank by Israeli settlers and other violations, as well as calls for annexation. The world was witnessing a precarious ceasefire. The world needed to avoid at all costs a resumption of hostilities. The people in Gaza had already suffered too much. It was time for a permanent ceasefire, the dignified release of all remaining hostages, irreversible progress towards a two-State solution, an end to the occupation, and the establishment of an independent Palestinian State, with Gaza as an integral part.
In Sudan, bloodshed, displacement and famine were engulfing the country. The warring parties needed to take immediate action to protect civilians, uphold human rights, cease hostilities and forge peace. Domestic and international human rights monitoring and investigation mechanisms needed to be permitted to document what was happening on the ground.
In the Democratic Republic of the Congo, the world was seeing a deadly whirlwind of violence and horrifying human rights abuses, amplified by the recent M23 offensive, supported by the Rwandan Defence Forces. As more cities fell, the risk of a regional war rose. It was time to silence the guns, time for diplomacy and dialogue. The recent joint summit in Tanzania offered a way forward with a renewed call for an immediate ceasefire. The sovereignty and territorial integrity of the Democratic Republic of the Congo needed to be respected. The Congolese people deserved peace.
Mr. Guterres called for a renewed regional dialogue in the Sahel to protect citizens from terrorism and systemic violations of human rights, and to create the conditions for sustainable development.
In Myanmar, the situation had grown far worse in the four years since the military seized power and arbitrarily detained members of the democratically elected government. The world needed greater cooperation to bring an end to the hostilities and forge a path towards an inclusive democratic transition and a return to civilian rule, allowing for the safe return of the Rohingya refugees.
In Haiti, the world was seeing massive human rights violations, including more than a million people displaced, and children facing a horrific increase in sexual violence and recruitment into gangs. Mr. Guterres said that in the coming days, he would put forward proposals to the United Nations Security Council for greater stability and security for the people of Haiti, namely through an effective United Nations assistance mechanism to support the Multilateral Security Support Mission, the national police and Haitian authorities. A durable solution required a political process led and owned by the Haitian people that restored democratic institutions through elections.
The Pact for the Future called for peace processes and approaches rooted in the Universal Declaration of Human Rights, international law and the United Nations Charter. It proposed specific actions to prioritise conflict prevention, mediation, resolution and peacebuilding. It also included a commitment to tackle the root causes of conflict, which were so often enmeshed in denials of basic human needs and rights.
Second, the Pact for the Future advanced human rights through development. The Sustainable Development Goals and human rights were fundamentally intertwined. They represented real human needs: health, food, water, education, decent work and social protection. With less than one-fifth of the Goals on track, the Pact called for a massive acceleration through a Sustainable Development Goal Stimulus, reforming the global financial architecture, and taking meaningful action for countries drowning in debt. This needed to include focused action to conquer the most widespread human rights abuse in history: inequality for women and girls. The Pact called for investing in battling all forms of discrimination and violence against women and girls, and ensuring their meaningful participation and leadership across all walks of life.
Along with the Declaration on Future Generations, the Pact also called for supporting the rights and futures of young people through decent work, removing barriers for youth participation, and enhancing training. The Global Digital Compact called on nations to champion young innovators, nurture entrepreneurial spirit, and equip the next generation with digital literacy and skills.
Third, the Pact for the Future recognised that the rule of law and human rights went hand-in-hand. The rule of law, when founded on human rights, was an essential pillar of protection. It shielded the most vulnerable. It was the first line of defence against crime and corruption. It supported fair, just and inclusive economies and societies. It held perpetrators of human rights atrocities to account. It enabled civic space for people to make their voices heard, and for journalists to carry out their essential work, free from interference or threats. It also reaffirmed the world’s commitment to equal access to justice, good governance, and transparent and accountable institutions.
Fourth, the world needed to achieve human rights through climate action. Last year was the hottest on record, capping the hottest decade on record. Rising heat, melting glaciers and hotter oceans were a recipe for disaster. Floods, droughts, deadly storms, hunger, mass displacement — the war on nature was also a war on human rights. The world needed to choose a different path. Mr. Guterres said he saluted the many Member States who legally recognised the right to a healthy environment, and he called on all countries to do the same.
Governments needed to keep their promise to produce new, economy-wide national climate action plans this year, well ahead of the thirtieth Conference of the Parties in Brazil. Those plans needed to limit the rise in global temperature to 1.5 degrees, including by accelerating the global energy transition. The world also needed a surge in finance for climate action in developing countries, to adapt to global heating, slash emissions and accelerate the renewables revolution, which represented a massive economic opportunity. They needed to stand up to the misleading campaign of many in the fossil fuel industry and its enablers, who were aiding and abetting this madness, while also protecting and defending those on the front lines of climate justice.
Fifth, the Pact promoted human rights through stronger, better governance of technology. Mr. Guterres expressed deep concern about human rights being undermined as fast-moving technologies expanded into every aspect of everyone’s lives. At its best, social media was a meeting ground for people to exchange ideas and spark respectful debate. But it could also be an arena of fiery combat and blatant ignorance; a place where the poisons of misinformation, disinformation, racism, misogyny and hate speech were not only tolerated, but often encouraged. Verbal violence online could easily spill into physical violence in real life. Recent rollbacks on fact-checking and content moderation online were re-opening the floodgates to more hate, more threats, and more violence. These rollbacks would lead to less free speech, not more, as people became increasingly fearful to engage on these platforms. Meanwhile, the great promise of artificial intelligence was matched by limitless peril to undermine human autonomy, human identity, human control and human rights.
In the face of these threats, the Global Digital Compact brought the world together to ensure that human rights were not sacrificed on the altar of technology. This included working with digital companies and policymakers to extend human rights to every corner of cyberspace, including a new focus on information integrity across digital platforms. Mr. Guterres said the Global Principles for Information Integrity that he launched last year would support and inform this work as all pushed for a more humane information ecosystem.
The Global Digital Compact also included the first universal agreement on the governance of artificial intelligence that brought every country to the table and set commitments on capacity building, so all countries and people benefited from artificial intelligence’s potential — by investing in affordable internet, digital literacy, and infrastructure; by helping developing countries use artificial intelligence to grow small businesses, improve public services, and connect communities to new markets; and by placing human rights at the centre of artificial intelligence-driven systems. The Pact’s decisions to create an Independent International Scientific Panel on Artificial Intelligence and an ongoing global dialogue that ensured all countries had a voice in shaping its future were important steps forward. All needed to implement them, Mr. Guterres said.
Mr. Guterres said all could help end the suffocation of human rights by breathing life into the Pact for the Future and the work of this Council. He called for the Council’s cooperation, saying that there was no time to lose.
VOLKER TÜRK, United Nations High Commissioner for Human Rights, said the international system was going through a tectonic shift, and the human rights edifice built up over decades had never been under so much strain. Today marked the third anniversary of the full-scale Russian invasion of Ukraine. Any sustainable peace must be anchored in the rights, needs and aspirations of the Ukrainian people, in accountability, and in the principles of the United Nations Charter and international law. In Israel and the Occupied Palestinian Territory, where the suffering had been unbearable, Mr. Türk repeated his call for an independent investigation into grave violations of international law, committed by Israel in its attacks across Gaza, and by Hamas and other Palestinian armed groups. Any sustainable solution must be based on accountability, justice, the right to self-determination, and the human rights and dignity of both Israelis and Palestinians. Any suggestion of forcing people from their land was completely unacceptable.
Beyond Ukraine and Gaza, conflicts and crises were tearing communities and societies apart, from Sudan to the Democratic Republic of the Congo, Haiti, Myanmar and Afghanistan. Social tensions were rising; the richest one per cent controlled more wealth than most of humanity; and the climate crisis was a human rights catastrophe. Digital technologies were widely misused to suppress, limit and violate rights, with artificial intelligence bringing new speed and scale. This was the backdrop against which the Office and the broader human rights ecosystem, including the Council, were working to safeguard and promote the rights of everyone, everywhere.
Last year, the Office contributed to the release of some 3,145 arbitrarily detained people and took part in some 11,000 human rights monitoring missions; observed nearly 1,000 trials, and documented some 15,000 situations of human rights violations around the world. In addition to daily interventions with governments, the team issued about 245 statements, shining a light on human rights concerns in some 130 countries. Teams on the ground contributed to human rights-based approaches to sustainable development, taxation and public spending, from Cambodia to Jordan and Serbia. Mr. Türk called on the international community to ensure the Office, national human rights institutions, and human rights non-governmental organizations could continue their essential work.
Since the adoption of the Universal Declaration of Human Rights, despite setbacks, there had been steady progress, but today this could no longer be taken for granted. The global consensus on human rights was crumbling under the weight of authoritarians, strongmen and oligarchs, with autocrats now controlling around one-third of the world’s economy, more than double the proportion 30 years ago.
Everywhere, there were attempts to ignore, undermine, and redefine human rights, to chip away at gender equality and the rights of migrants, refugees, people with disabilities, and other minorities.
There needed to be an all-out effort by everyone, to make sure that human rights and the rule of law remained foundational to communities, societies and international relations. Otherwise, the picture was very dangerous. In previous centuries, the unrestrained use of force by the powerful, indiscriminate attacks on civilians, population transfers, and child labour were commonplace. Dictators could order atrocity crimes consigning vast numbers of people to their deaths. This could happen again. But the world was far from powerless to prevent it. The tools were the United Nations Charter, the Universal Declaration of Human Rights; the body of international law; and the institutions that worked to implement them.
Today, there needed to be an alternative vision, rooted in facts, the law and compassion. Human rights were about facts. That was why the Office was monitoring, documenting, and reporting on violations and abuses in war zones and crises around the world, including Ukraine, the Occupied Palestinian Territory, the Democratic Republic of the Congo, Myanmar, Sudan, Syria, Afghanistan and Haiti. Facts on their own could and must prompt action, which was why the work of the Council, and the other human rights mechanisms, was so important. International legal frameworks and institutions, including the International Criminal Court, were fundamental to ensuring justice and achieving accountability, preventing future violations, and making the world safer for everyone. It was also important to have strong institutions at the national level to protect vulnerable people.
Finally, human rights were nothing without compassion, going beyond thought leadership, to heart leadership. Human rights had been central to movements for equality and justice throughout history and had the universal power to move people to action. In countries where human rights were not widely respected, people would risk their lives to defend them. Mr. Türk paid tribute to brave human rights activists everywhere. Upholding human rights made eminent sense for stability, for prosperity, for a better common future, and was a winning proposition for humanity.
IGNACIO CASSIS, Chief of the Federal Department of Foreign Affairs of Switzerland, said today, he had mixed feelings — a sense of pride and deep worry. He said he was proud because Switzerland had been elected to the Human Rights Council and because Ambassador Lauber had been elected as the Council’s President, the first appointment of a Swiss President to the Council.
However, Mr. Cassis said, he was also deeply concerned as they lived in a time of global uncertainty, influenced by the climate crisis and global authoritarianism — a large portion of the global population lived under authoritarian rule. In this context, the Council had a duty to act.
Last year was marked by major elections. More than four billion citizens, half of the world’s population, went to the ballot box. This was a test for global democracy, and the result of these elections was deep unease. Young people were becoming more radical and social networks were exposing all to unfiltered hatred. Globalisation had reduced poverty but had led to deindustrialisation. Identity claims had taken on a scale that was destabilising societies. Social networks and the climate crisis were fuelling a sense of chaos and distrust in governments.
Human rights were a fundamental bedrock on which all could stabilise societies. Rights to free and transparent elections, the right to work and the right to a sustainable environment were all very important, but the challenges to these and all rights were growing. Today, the world marked the third anniversary of the war in Ukraine. There was also conflict in the Middle East, instability in southern Africa and war in sub-Saharan Africa. It was more necessary than ever before to focus efforts on fundamental rights, including the right to education, ownership and the total prohibition of torture and slavery. The Human Rights Council needed to act in a united manner and with determination. Concerted action was needed to guarantee peace and stability. This was something the Swiss Presidency could achieve.
Human rights were not a luxury but a necessity. Switzerland was concerned by the decisions of some Member States to withdraw from the Council. Every member of the United Nations needed to shoulder their responsibilities toward human rights. Mr. Cassis expressed his full support for Ambassador Lauber, whose experience inside and outside the United Nations system would serve him well.
Switzerland would also endeavour to uphold international humanitarian law and human rights as pillars of peace and security, as a member of the United Nations Security Council. The state of the world was a reminder that Switzerland’s mission was far from complete. Mr. Cassis closed by wishing the Council fruitful discussions.
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Produced by the United Nations Information Service in Geneva for use of the media;
not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.
HRC25.004E