Category: Trade

MIL-OSI Africa: Ecowas breakup could push up food prices and worsen hunger in west Africa

Source: The Conversation – Africa – By Danielle Resnick, Senior Research Fellow, International Food Policy Research Institute (IFPRI)

The Economic Community of West African States (Ecowas) lost three of its founding members on 29 January 2025. Burkina Faso, Mali and Niger comprised 16% of the bloc’s population of 424 million and 7% of its economy.

Some commentators have labelled their departure – first announced a year ago – as “Sahelexit”. The decision to leave Ecowas was made by the three countries’ military leaders and is now poised to take effect legally. The three countries have created the Alliance of Sahel States (Alliance des États du Sahel, AES), a mutual defence and security pact formalised through the Liptako Gourma Charter in 2023.

The decision to leave Ecowas was prompted after the military leaders launched coups against democratically elected leaders in Mali in 2021, Burkina Faso in 2022 and Niger in 2023. The Ecowas Democracy and Governance Protocol prohibits unconstitutional changes of government. The regional body therefore imposed economic, financial and travel sanctions on each country after each coup.

Food was exempted from the sanctions. But the resulting increase in transport times and other logistical hurdles contributed to substantial levels of food price inflation in the region. In Niger, for instance, the average market price of rice rose by 38% between July 2023, when sanctions were first imposed, and February 2024, when they were lifted.

Remaining Ecowas countries were also badly affected. Benin’s revenues at the port of Cotonou, the main transit source for goods going into Niger, fell dramatically. The sanctions on Mali badly hurt revenue generation at the port of Dakar in neighbouring Senegal.

All sanctions were lifted in February 2024. But the damage was done, and the three states began preparing their departure from the regional body.

Ecowas has given these three states a transition period until July 2025 in case they backtrack and want to return. But the Alliance of Sahel States leaders have said their decision is irreversible.

The exit from Africa’s largest political and economic union threatens to disrupt flows of goods, services and people. As a political economist who focuses on agriculture and nutrition policy in much of Africa, I worry that these developments will have serious consequences for food security in a region where almost 17 million children under five are already acutely malnourished.

Already, the cost of a daily nutritious diet in the three Sahel alliance countries is 110% higher than the daily minimum wage in the west African region. The countries are also among the world’s hunger hotspots. In early 2025, 7.5 million of their population were classified as in crisis, emergency or famine conditions.

The exit will also imperil regional cooperation on conflict. Insurgent attacks are moving further south of the Sahel.

This will reduce access to safe, affordable food and deter investments in agro-processing.

A blow to trade

The implications of exit are most obvious for trade relations. Although the three countries will remain in the eight-member francophone West African Economic and Monetary Union, they are departing the Ecowas customs union, which includes the region’s anglophone countries. A customs union removes tariffs among its member states and establishes a common external tariff on non-member states. Members experience freer trade with each other while protecting their domestic industries from external competition. Since 2015, import tariffs for intra-Ecowas goods have been eliminated. A common external tariff is levied on imports from non-Ecowas countries.

Leaving Ecowas means the three countries will have to adhere to the common external tariff rates for their imports into Ecowas member countries. They will also revert to using the World Trade Organisation’s Most Favored Nation rates on imports from Ecowas countries, which are higher for some categories of goods than the Ecowas tariff.

In other words, for some goods, including agricultural products, imports will be more expensive for all countries. The three states will be further hurt by the community levy, the 0.5% tax Ecowas imposes on goods from non-Ecowas member states to fund the bloc’s budget.

All three countries are landlocked. Leaving Ecowas means they lose access to ports like Tema in Ghana and Lagos in Nigeria. There will be implications for some of their biggest exports. For instance, almost 60% of Burkina Faso’s vegetable exports and 90% of its live animal exports go to Ghana and Côte d’Ivoire.

Ghana, along with Côte d’Ivoire and Benin, is a key export market for Niger’s onions. Niger also imports a large share of its food products from Nigeria, one of its largest trading partners in the region.

The tariff and levies therefore could increase the cost of food for consumers in both the Alliance of Sahel States and remaining Ecowas countries.

The withdrawal of the three countries will also affect food production through diminished access to electricity as well as wheat flour and edible oils. The trio face possible exclusion from the Ecowas West African Power Pool, which aims to increase members’ access to the regional electricity market. Burkina Faso and Niger import most of their electricity from Côte d’Ivoire and Nigeria.

Finally, the livelihoods of Sahelian migrants living in Ecowas countries remain uncertain. Due to the Ecowas freedom of movement protocol, more than 1.3 million Burkinabes and half a million Malians live in Côte d’Ivoire. Many of them run small, informal sector businesses to support their families back home.

Future scenarios

Ecowas marks its 50th anniversary in 2025. What could the future look like?

Junta leaders are proposing various ways in which the relationship between the Alliance of Sahel States and Ecowas will proceed. For instance, they have claimed that they will maintain visa-free travel from Ecowas countries into theirs. But all 12 remaining Ecowas states would have to approve that proposal. The alliance also launched its own passport, but it’s not clear how Ecowas states will treat citizens who use it.

Another possible scenario is that they will negotiate bilateral agreements with their major Ecowas trading partners and with other countries that offer sea access, such as Mauritania and Morocco. This scenario obviously undermines efforts to enhance regional trade integration.

Finally, the problems surrounding the “Sahelexit” embody a larger set of tensions. These include whether political objectives should be embedded within trade arrangements — a debate also central to the possible renewal of the African Growth and Opportunity Act this year – and whether concerns over national sovereignty will undermine regional cooperation on increasing cross-border climate, conflict, and health threats to food security.

– Ecowas breakup could push up food prices and worsen hunger in west Africa
– https://theconversation.com/ecowas-breakup-could-push-up-food-prices-and-worsen-hunger-in-west-africa-249195

MIL OSI Africa –

February 20, 2025
MIL-OSI Global: Ecowas breakup could push up food prices and worsen hunger in west Africa

Source: The Conversation – Africa – By Danielle Resnick, Senior Research Fellow, International Food Policy Research Institute (IFPRI)

The Economic Community of West African States (Ecowas) lost three of its founding members on 29 January 2025. Burkina Faso, Mali and Niger comprised 16% of the bloc’s population of 424 million and 7% of its economy.

Some commentators have labelled their departure – first announced a year ago – as “Sahelexit”. The decision to leave Ecowas was made by the three countries’ military leaders and is now poised to take effect legally. The three countries have created the Alliance of Sahel States (Alliance des États du Sahel, AES), a mutual defence and security pact formalised through the Liptako Gourma Charter in 2023.

The decision to leave Ecowas was prompted after the military leaders launched coups against democratically elected leaders in Mali in 2021, Burkina Faso in 2022 and Niger in 2023. The Ecowas Democracy and Governance Protocol prohibits unconstitutional changes of government. The regional body therefore imposed economic, financial and travel sanctions on each country after each coup.

Food was exempted from the sanctions. But the resulting increase in transport times and other logistical hurdles contributed to substantial levels of food price inflation in the region. In Niger, for instance, the average market price of rice rose by 38% between July 2023, when sanctions were first imposed, and February 2024, when they were lifted.

Remaining Ecowas countries were also badly affected. Benin’s revenues at the port of Cotonou, the main transit source for goods going into Niger, fell dramatically. The sanctions on Mali badly hurt revenue generation at the port of Dakar in neighbouring Senegal.

All sanctions were lifted in February 2024. But the damage was done, and the three states began preparing their departure from the regional body.

Ecowas has given these three states a transition period until July 2025 in case they backtrack and want to return. But the Alliance of Sahel States leaders have said their decision is irreversible.

The exit from Africa’s largest political and economic union threatens to disrupt flows of goods, services and people. As a political economist who focuses on agriculture and nutrition policy in much of Africa, I worry that these developments will have serious consequences for food security in a region where almost 17 million children under five are already acutely malnourished.

Already, the cost of a daily nutritious diet in the three Sahel alliance countries is 110% higher than the daily minimum wage in the west African region. The countries are also among the world’s hunger hotspots. In early 2025, 7.5 million of their population were classified as in crisis, emergency or famine conditions.

The exit will also imperil regional cooperation on conflict. Insurgent attacks are moving further south of the Sahel.

This will reduce access to safe, affordable food and deter investments in agro-processing.

A blow to trade

The implications of exit are most obvious for trade relations. Although the three countries will remain in the eight-member francophone West African Economic and Monetary Union, they are departing the Ecowas customs union, which includes the region’s anglophone countries. A customs union removes tariffs among its member states and establishes a common external tariff on non-member states. Members experience freer trade with each other while protecting their domestic industries from external competition. Since 2015, import tariffs for intra-Ecowas goods have been eliminated. A common external tariff is levied on imports from non-Ecowas countries.

Leaving Ecowas means the three countries will have to adhere to the common external tariff rates for their imports into Ecowas member countries. They will also revert to using the World Trade Organisation’s Most Favored Nation rates on imports from Ecowas countries, which are higher for some categories of goods than the Ecowas tariff.

In other words, for some goods, including agricultural products, imports will be more expensive for all countries. The three states will be further hurt by the community levy, the 0.5% tax Ecowas imposes on goods from non-Ecowas member states to fund the bloc’s budget.

All three countries are landlocked. Leaving Ecowas means they lose access to ports like Tema in Ghana and Lagos in Nigeria. There will be implications for some of their biggest exports. For instance, almost 60% of Burkina Faso’s vegetable exports and 90% of its live animal exports go to Ghana and Côte d’Ivoire.

Ghana, along with Côte d’Ivoire and Benin, is a key export market for Niger’s onions. Niger also imports a large share of its food products from Nigeria, one of its largest trading partners in the region.

The tariff and levies therefore could increase the cost of food for consumers in both the Alliance of Sahel States and remaining Ecowas countries.

The withdrawal of the three countries will also affect food production through diminished access to electricity as well as wheat flour and edible oils. The trio face possible exclusion from the Ecowas West African Power Pool, which aims to increase members’ access to the regional electricity market. Burkina Faso and Niger import most of their electricity from Côte d’Ivoire and Nigeria.

Finally, the livelihoods of Sahelian migrants living in Ecowas countries remain uncertain. Due to the Ecowas freedom of movement protocol, more than 1.3 million Burkinabes and half a million Malians live in Côte d’Ivoire. Many of them run small, informal sector businesses to support their families back home.

Future scenarios

Ecowas marks its 50th anniversary in 2025. What could the future look like?

Junta leaders are proposing various ways in which the relationship between the Alliance of Sahel States and Ecowas will proceed. For instance, they have claimed that they will maintain visa-free travel from Ecowas countries into theirs. But all 12 remaining Ecowas states would have to approve that proposal. The alliance also launched its own passport, but it’s not clear how Ecowas states will treat citizens who use it.

Another possible scenario is that they will negotiate bilateral agreements with their major Ecowas trading partners and with other countries that offer sea access, such as Mauritania and Morocco. This scenario obviously undermines efforts to enhance regional trade integration.

Finally, the problems surrounding the “Sahelexit” embody a larger set of tensions. These include whether political objectives should be embedded within trade arrangements — a debate also central to the possible renewal of the African Growth and Opportunity Act this year – and whether concerns over national sovereignty will undermine regional cooperation on increasing cross-border climate, conflict, and health threats to food security.

Danielle Resnick receives funding from the Gates Foundation and the Open Society Foundation.

– ref. Ecowas breakup could push up food prices and worsen hunger in west Africa – https://theconversation.com/ecowas-breakup-could-push-up-food-prices-and-worsen-hunger-in-west-africa-249195

MIL OSI – Global Reports –

February 20, 2025
MIL-OSI Global: Trump’s effect on critical minerals could be crucial for the future of green energy

Source: The Conversation – UK – By Jorge Valverde, PhD Fellow, Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT), United Nations University

Nickel laterite in an open pit mine. Nickel is one of the critical minerals

There’s a chance Donald Trump’s second term as US president could have a long-term negative impact on the demand for and supply of what are known as critical minerals. These include copper, lithium, nickel, cobalt and the “rare earth elements”, such as lanthanum and yttrium.

They are vital for the green energy transition, being used in electric car batteries, solar panels and wind turbines. Trump’s decision to pull out of the UN’s Paris agreement to control global warming has led to some pessimistic perspectives on this policy’s impacts.

If Trump’s move towards oil and gas is interpreted by the markets as permanent, the price incentive for new mining projects for critical minerals will fall, along with long-term supply. This could potentially threaten the green energy transition.

However, there are reasons to doubt this pessimistic scenario. Contrary to this, we believe that the new US administration policy is just a temporary shock without a significant change to the world’s energy transition trajectory. Therefore, critical mineral markets will remain buoyant in the medium and long term. This position is based on three main arguments.

1. The US holds a competitive position in critical mineral markets

There’s a generalised perception that the US depends on importing critical minerals from other countries, such as China. This is true for a handful, but, overall, America is one of the most competitive countries in producing the minerals needed for green technology.

Indeed, the US has a revealed comparative advantage in exporting a wide variety of minerals and, among them, the most critical ones.

Supplies of germanium are tightly controlled by China.
RHJPhtotos

Therefore, it will be in the US’s interests to keep the lucrative critical mineral markets dynamic. Even if the US reduces its sustainability ambitions, slowing its demand for new clean technologies, it is likely to do it carefully, so as not to harm its own industries.

Indeed, we expect the US to increase its interest in developing processing industries to recover some minerals from electronic waste or intermediate stages in some manufacturing processes. These include germanium and gallium, which are tightly controlled by China (their biggest producer) but which are vital for computer chips and renewable energy technology, as well as night-vision goggles.

2. The US produces and uses only a small share of clean technologies

China and Europe drive these markets. The US does not drive either the demand or the supply for new clean technologies. On the demand side, the US only represents 10% of world electric car sales, while China and Europe account for 66% and 20% of the market respectively.

China represents over 43% of installed solar energy capacity.
Wang An Qi Shutterstock

Similarly, for the world installed solar energy capacity, China represents over 43% of the market, Europe 20%, and the US only 10%. On the supply side, the US produces around 15% of the world’s electric cars, while China represents more than 50% of the market.

For other clean technologies, statistics are similar with a remarkable leadership of China in the production of solar panels and wind turbines.

So the policies followed by China and Europe are likely to have a much larger impact on the energy transition than the US’s. In the likely event that these countries continue pushing forward the green transition, the cost of slowing its technological catch up for the US will be too high.

Moreover, oil producer countries of the Middle East are heavily betting for new clean technologies, which could offset the lower appetite for green assets from the US. So regardless of what Trump’s administration will decide on this matter, its influence on the market for clean technologies will be limited.

3. New tariffs could further increase some minerals’ criticality

Import tariffs imposed by Trump’s first administration to promote local production damaged US exports of those industries using imported intermediate, or partly finished, goods. In other words, international trade along global value chains has modified the textbook dynamics of protectionism, and exports are hindered – and not fostered – by import protection.

President Trump plans to impose 25% new tariffs on imports from Canada and Mexico. This could increase the criticality of some minerals for the US. For example, nickel and aluminium could become even more critical to the US economy because Canada supplies almost 40% of the nickel employed by US industry, and 70% of the aluminium.

As a consequence, new tariffs could indeed increase the criticality of some minerals. Indeed, this was probably in some way behind the decisions to postpone the tariff increases and to only impose them on selected products.

The energy policies of the new American administration will have ripple effects. But these are likely to be temporary and the market in critical minerals is unlikely to be affected long term. The global transition to clean energy seems safe, for now.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Trump’s effect on critical minerals could be crucial for the future of green energy – https://theconversation.com/trumps-effect-on-critical-minerals-could-be-crucial-for-the-future-of-green-energy-249058

MIL OSI – Global Reports –

February 20, 2025
MIL-OSI Asia-Pac: LCQ15: Hong Kong Common Law Practical Training Course

Source: Hong Kong Government special administrative region

Following is a question by Professor the Hon Priscilla Leung and a written reply by the Secretary for Justice, Mr Paul Lam, SC, in the Legislative Council today (February 19):

Question:

     Regarding the Hong Kong Common Law Practical Training Course (Training Course) co-organised by the Hong Kong International Legal Talents Training Academy and the Supreme People’s Court, will the Government inform this Council:

(1) how the Government assesses the actual effectiveness of the Training Course in promoting exchanges on the legal systems between Hong Kong and the Mainland, including whether there are any specific assessment indicators or supporting data;

(2) of the specific feedback from the Mainland judges participating in the Training Course on the learning of Hong Kong’s common law system; whether the Government will collect and make public such feedback on a regular basis, so as to enhance the transparency of the Training Course; and

(3) whether the Government will consider expanding the scope of the target participants of future legal talent training programmes to include judges or legal professionals from other regions; if so, whether it has assessed how such an approach will enhance the influence of Hong Kong’s legal system in the international community?

Reply:

President,

     Concerning the question raised by Professor the Hon Priscilla Leung, our reply is as follows:

(1) The Hong Kong Common Law Practical Training Course co-organised by the Hong Kong International Legal Talents Training Academy and the Supreme People’s Court was held in Hong Kong from January 6 to 17, 2025.

     25 judges from the Supreme People’s Court, the High People’s Court of Guangdong Province and courts of the nine Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area participated in the two-week course, which was the inaugural programme of the Academy after its launch. Through lectures, dialogues and visits etc., the course provided Mainland judges with a comprehensive overview of the operation and practice of Hong Kong’s common law system, including topics such as contract law, company law, matrimonial and family law, civil and criminal procedures, arbitration and how courts in Hong Kong and the Mainland deal with foreign-related cases. Speakers (including judges and legal officers, and senior legal practitioners in Hong Kong and members of the Hong Kong International Legal Talents Training Expert Committee) had in-depth exchanges with Mainland judges on various topics.

     A number of dialogue sessions were organised, inviting speakers to communicate directly with participants on the same topic. For example, at the dialogue session entitled “Different Roles in Safeguarding the Rule of Law”, the Academy invited a Legislative Council member, representatives of the Department of Justice, the Hong Kong Bar Association and the Law Society of Hong Kong to engage in a dialogue on their role in safeguarding the rule of law, in which Mainland judges also had exchanges. At the dialogue session entitled “Handling of Foreign-related Law Proceedings: Comparison between Mainland and Hong Kong”, the Academy invited four senior legal practitioners to exchange views with Mainland judges on the similarities and differences in handling foreign-related cases. Through dialogue, mutual understanding and exchange between the two legal systems was promoted.

     Besides, at the end of the course, the Academy collected feedbacks from participants to assess the effectiveness of the course.

(2) From the feedback forms, more than 95 per cent of Mainland judges indicated that the topics covered in the course were relevant to their work, contents were vivid and in-depth, speakers’ presentation were clear and detailed, and suggested that specialised training on individual topics could be organised in the future. During the graduation sharing, Mainland judges expressed the view that the course was informative, professional, persistent, progressive and productive, enabling them to gain a better understanding of the operation of the common law system in Hong Kong and its differences from those of the Mainland, as well as to strengthen their confidence in dealing with foreign-related cases, in particular those Hong Kong-related cases.

     The Academy will continue to collect comments on each training project and report to the Panel on Administration of Justice and Legal Services of the Legislative Council on a regular basis. At the same time, the Academy will improve and enhance its follow-up work based on the feedbacks.

(3) In future, the Academy will collaborate with different institutions to conduct capacity-building projects for the Mainland, local and international legal professionals, for example, the Academy and the Ministry of Justice would jointly organise the National Training Course for Talents Handling Foreign-Related Arbitration (Hong Kong) in late-February this year, which will provide training to 80 corporate legal advisers, senior arbitrators, lawyers and arbitration practitioners handling foreign-related arbitration. In addition, the Academy will co-organise the Climate Change and International Trade Law Conference with the United Nations Commission on International Trade Law (UNCITRAL) on March 14 this year. The Academy will also provide training to Hong Kong’s local legal professionals in relation to the Mainland’s legal system and conduct capacity-building projects in co-operation with more international organisations. Through a series of training programmes, the Academy could, on the one hand, provide training for local, Mainland and regional legal professionals, and at the same time, enable Hong Kong to develop into a centre for legal capacity-building and to enhance the influence of Hong Kong’s common law system in the international community.

MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI Asia-Pac: LCQ21: Supporting development of public light bus trade

Source: Hong Kong Government special administrative region

     â€‹Following is a question by the Hon Luk Chung-hung and a written reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (February 19):

Question:

     It is learnt that public light buses (PLBs) are an important supplementary feeder transport means in Hong Kong, with an average daily patronage in the millions. However, some members of the trade have pointed out that due to factors such as rising fuel expenses and the increase in Cross-Harbour Tunnel (CHT) tolls resulting from the rationalisation of traffic flow among the three road harbour crossings (RHCs), the operating costs of PLBs have increased, thereby affecting the livelihood of drivers. Regarding the support for the development of the PLB trade, will the Government inform this Council:

(1) whether it has compiled statistics on the average monthly number of red minibuses using CHT in the two years before and one year after the rationalisation of traffic flow among RHCs; whether the average monthly number of red minibuses using CHT has decreased after the rationalisation of traffic flow at CHT;

(2) whether it will consider the trade’s request to lower the RHC toll for PLBs to $25 to bring it in line with that for taxis; if so, of the relevant adjustment arrangements; if not, the reasons for that;

(3) whether it will consider opening up the bus-only lanes and drop-off points for tunnels to PLBs; if so, of the relevant arrangements; if not, the reasons for that; and

(4) whether it has plans to introduce other measures to support the development of the PLB trade?

Reply:

President,

     In consultation with the Transport Department (TD), our reply to the question raised by the Hon Luk Chung-hung, is as follows:

(1) As the toll collection systems only record the use of tunnels by vehicle type “light bus” (including private light buses and public light buses (PLBs)), the TD does not have figures on the use of tunnels by red minibuses (RMBs).

     Since the implementation of time-varying tolls, taking December 2024 as an example, there is no significant change in the total weekday cross-harbour light bus (including private light buses and PLBs) traffic compared with that before the implementation. Some of the light bus traffic at the Cross-Harbour Tunnel has been diverted to the Western Harbour Crossing (WHC), thus resulting in a more even distribution of cross-harbour traffic of light bus among the three road harbour crossings (RHCs).

(2) Generally speaking, the tolls for commercial vehicles (CVs) (including goods vehicles, light buses and buses) are generally higher than that for private cars as CVs take up more road space and cause more wear and tear to road surfaces. With the implementation of time-varying tolls, the Government has taken into account the “efficiency first” principle, the passenger-carrying efficiency and the socio-economic benefits of CVs in the past, and has brought the higher tolls for CVs closer to a level comparable to that for private cars during busy hours. The tolls for PLBs using WHC have been substantially reduced compared to the previous tolls (from $85 to $50, a reduction of about 41 per cent), and the tolls are comparable to the average tolls of the three RHCs in the past (about $44). For taxis, journeys are mainly passenger-driven and passengers are required to pay the tolls for both the outward and return cross-harbour journeys, i.e. a total of $50, which is in line with the CHT tolls for PLBs.

     With the implementation of time-varying tolls, the distribution of cross-harbour traffic is becoming more even and the capacity of the three RHCs can be better utilised. The overall traffic queues and congestion at the tunnel portals has also been alleviated, thus effectively improving the overall cross-harbour traffic. RMBs have been operating with a high degree of flexibility in terms of routeings, frequencies and fares. In planning cross-harbour routes for PLBs, most operators will take into account a number of factors besides tolls. These factors include target passengers, routeings and destinations, accessibility and journey time. With the implementation of time-varying tolls, the overall cross-harbour traffic has improved, saving cross-harbour travel time and helping to reduce fuel costs. It will also enhance the efficiency of PLB services and attractiveness of PLBs to passengers.

     The Government is now collecting and consolidating the cross-harbour traffic data of 2024, including data on the traffic flow, speed and queues of the three RHCs at different times of the day/quarters/directions, as well as the distribution of traffic flow by vehicle types, so as to conduct a comprehensive analysis of the impact of the time-varying tolls on the cross-harbour traffic, and then examine whether the toll levels of various vehicle types need to be adjusted. The review is expected to be completed by mid-2025.

(3) As road-based mass carriers with high patronage, buses have relatively higher passenger carrying capacity and efficiency. Therefore, the TD will give priority to buses in the use of roads as far as practicable, such as providing bus-only lanes and designated bus gate to optimise the capacity of busy roads. If bus-only lanes are opened for use by other vehicles, the effectiveness of bus-only lanes and the journey time of buses may be affected. Therefore, the TD currently has no plan to open bus-only lanes for use by other vehicles.

     At present, there are bus stops for a number of cross-harbour bus routes near the entrances and exits of the RHCs. Their usage has reached saturation. To avoid affecting bus operation and passengers’ boarding and alighting, the TD has no plan to open the cross-harbour tunnel bus stops as drop-off points for PLBs.

(4) The Government has been paying close attention to the operating situation of the PLB trade and has implemented various measures to help improve the operating environment. In respect of day-to-day operations, the TD provides appropriate and practicable support on the request of the trade to meet operational needs, for example, suitably relaxing or rescinding some passenger pick-up/drop-off restricted zones or prohibited zones for RMBs, taking into account the actual road conditions of individual locations; and permitting overnight parking of PLBs at designated PLB stands where it does not impact road safety or other road users, with a view to meeting operational needs of the PLB trade.

     The Government also noted that the PLB sector has been facing continuous and acute shortage of drivers. To this end, the Government launched the Labour Importation Scheme for Transport Sector – PLB/Coach Trade in July 2023, to allow importation of non-local drivers by eligible PLB operators on the premise of safeguarding the employment priority for local workers. A total of 900 quotas for imported PLB drivers have been approved under two rounds of application. As of end January 2025, over 600 imported drivers have successfully obtained the driver license required and have been deployed to services. In addition, the TD and the Employees Retraining Board (ERB) have introduced a pilot placement scheme in late 2024. The placement-tied driving training scheme, using the PLB trade as pilot, is jointly launched by the ERB, green minibus (GMB) operators and third-party training organisations to encourage local workers to join the PLB trade.

     On the other hand, it has been the Government’s established policy to encourage the conversion of RMBs to GMB operations, which has a wider catchment area and a relatively stable operating environment, with a view to improving their operating conditions and allowing for more effective monitoring by the TD to ensure the service quality. To align with this policy, the TD has been planning and developing new GMB route packages in light of district development and passenger demand and has been inviting applications from interested parties (including RMB operators) to run these routes through the annual GMB Operators Selection exercise. At the same time, in August 2024, the TD invited operators of 11 selected RMB routes meeting specific conditions to apply for conversion to GMB route operations. The operators of the two approved RMB routes have started the gearing-up work for conversion to GMB route operations. The two routes are expected to commence service in March 2025.

     The Government will continue to closely monitor the operation of PLB trade and maintain close communication with relevant stakeholders to explore more feasible measures to improve the operating environment of the trade.

MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI Asia-Pac: Government announces appointment of Chairman of Hong Kong Trade Development Council

Source: Hong Kong Government special administrative region

     The Government announced today (February 19) the appointment of Professor Frederick Ma Si-hang to succeed Dr Peter Lam Kin-ngok as Chairman of the Hong Kong Trade Development Council (HKTDC) for two years from June 1, 2025, to May 31, 2027.

     Commenting on the appointment, the Secretary for Commerce and Economic Development, Mr Algernon Yau, said, “With extremely profound experience in public service as well as the commercial sector, Professor Ma is well suited for taking up the HKTDC chairmanship. I am confident that he will lead the HKTDC to make every effort in assisting enterprises to embrace the challenges arising from the ever changing global trading landscape and actively tap new markets and business opportunities, with a view to further promoting Hong Kong’s development as an international trade centre.”

     “I would like to express my heartfelt gratitude to the outgoing Chairman, Dr Lam, for his tremendous contributions during his tenure in promoting Hong Kong’s advantages and opportunities. Under his chairmanship, the HKTDC has successfully promoted Hong Kong as a two way global investment and business hub and assisted Hong Kong companies in further exploring the business opportunities in the Mainland and overseas brought by the nation’s dual circulation strategy, with outstanding achievements particularly in promoting Hong Kong in the Guangdong-Hong Kong-Macao Greater Bay Area and emerging markets under the Belt and Road Initiative,” Mr Yau added.

     A brief biographical note of Professor Ma is set out below:

     Professor Ma is the non-executive Chairman of the FWD Group, as well as a member of the Chief Executive’s Council of Advisers, with extensive experience in public service.

MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI Asia-Pac: LCQ16: Professional Services Advancement Support Scheme

Source: Hong Kong Government special administrative region

LCQ16: Professional Services Advancement Support Scheme
LCQ16: Professional Services Advancement Support Scheme
*******************************************************

Following is a question by the Hon Maggie Chan and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (February 19): Question: The Professional Services Advancement Support Scheme (PASS) launched by the Government in 2016 with a total commitment of $200 ‍million aims at funding non-profit-making industry-led projects to increase exchanges and co-operation between Hong Kong’s professional services and external counterparts, promote relevant publicity activities, and enhance the standards and external competitiveness of Hong Kong’s professional services. In addition, the Government has set aside $50 ‍million to launch the Professionals Participation Subsidy Programme (PSP) under PASS, which subsidises Hong Kong’s major professional bodies to participate in relevant activities organised by the Government and the Hong Kong Trade Development Council after the epidemic has stabilised in order to step up the promotion of Hong Kong’s competitive edges and professional services to external parties. In this connection, will the Government inform this Council: (1) of the following information on the Main Programme of PASS from August 2021 to November last year: the number of (i) funded and (ii) ‍rejected projects, (iii) the number of beneficiary organisations, (iv) the average amount of grant for approved projects, and (v) the beneficiary sectors and their proportions; (2) given that according to the paper submitted by the Government to the Finance Committee of this Council on July 8, 2016, the funding of $200 million allocated to PASS could sustain its operation up to around 2021-22, of the total amount of grants involved in the approved projects of PASS since its launch, and whether the Government has re-assessed up to when the funding can sustain the operation of PASS; (3) of the following information on the PSP since its launch: (i) the number of applications approved, (ii) the total amount of subsidies granted, and (iii) the number of beneficiaries; (4) as there are views pointing out that international legal and dispute resolution services are among the several industries in which Hong Kong can utilise its unique advantages under “one country, two systems”, whether the Government has compiled statistics on the number of applications for PASS funding submitted by organisations in the legal sector and the proportion they account for, and analysed their reasons for applying; of the highest and lowest amounts of funding granted for such applications; (5) whether it has reviewed if the number of applications under PASS has resumed to the pre-epidemic level after the Government’s lifting of all mandatory mask-wearing requirements in March 2023; if the number of applications has resumed to the pre-epidemic level, of the details; if not, whether it has studied the reasons for that; and (6) apart from issuing a press release on December 1 last year announcing that PASS would accept a new round of applications, whether the Government has formulated other promotion plans for PASS; if so, of the details; if not, whether it will formulate the relevant plans expeditiously? Reply: President, The Professional Services Advancement Support Scheme (PASS), launched in November 2016 with a total commitment of $200 million, aims to support Hong Kong’s professional services sector in undertaking worthwhile projects to strengthen exchanges and co-operation with external counterparts, promote relevant publicity activities, and enhance service standards and external competitiveness. Since the launch of the Main Programme of PASS, nearly 120 projects have been funded, involving a total grant of about $80 million. In addition, it was announced in the 2020 Policy Address that the Government would set aside $50 million under PASS to set up the Professionals Participation Subsidy Programme (PSP), which subsidises Hong Kong’s major professional bodies to participate in relevant activities organised by the Government (e.g. Hong Kong Economic and Trade Offices) and the Hong Kong Trade Development Council after the pandemic situation has stabilised, with a view to stepping up promotion of Hong Kong’s competitive edge and professional services to Mainland cities and overseas markets. My reply in response to the question raised by the Hon Maggie Chan is as follows: (1), (3) and (4) From August 2021 to November last year, a total of 41 projects were funded under the PASS Main Programme, involving 24 applicants with a total grant of about $24 million. The average amount of grant for each project is about $600,000. A total of 25 applications were not funded. Among the beneficiary sectors, health-related services accounted for about 40 per cent, legal services accounted for about 20 per cent and building and construction-related services accounted for around 15 per cent. Beneficiary sectors of the remaining projects included design services, information and communications technology services etc. Projects related to legal services involved four applicants, with the highest and lowest amounts of grant approved being around $1.1 million and $270,000 respectively. As for the PSP, since the stabilisation of the pandemic and easing of travel restrictions at the end of 2022, a total of 14 activities were funded. Nearly 300 local professionals participated, involving a total subsidy of about $3.4 million. (2) As mentioned in the first paragraph above, since the launch of the PASS Main Programme in 2016, the total amount of grant approved is about $80 million, averaging around $10 million of funding approved per year. With reference to the average annual funding approved in the past, it is expected that the funding of $150 million designated for the Main Programme can sustain its operation until around 2031-32, though the actual situation will depend on the number of applications submitted by applicants and the amount of grant approved for each project. (5) and (6) The number of applications under PASS during the pandemic was similar to those before and after the pandemic. Most of the applicants conducted their projects online during the pandemic, hence the relatively low amount of funding applied. The projects have now resumed in a physical format. We have been actively promoting PASS through various channels, such as holding quarterly briefing sessions, sending emails to post-secondary institutions, commercial and industrial organisations as well as professional bodies, issuing press releases, and providing application information on the PASS website. We also take the initiative to reach out to and meet with commercial and industrial organisations as well as professional bodies from time to time to brief them on PASS and encourage them to actively apply for funding. Relevant promotion work is on-going.

Ends/Wednesday, February 19, 2025Issued at HKT 11:00

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MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI Asia-Pac: Import of poultry meat and products from Auglaize County of State of Ohio in US suspended

Source: Hong Kong Government special administrative region

Import of poultry meat and products from Auglaize County of State of Ohio in US suspended
Import of poultry meat and products from Auglaize County of State of Ohio in US suspended
*****************************************************************************************

The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (February 19) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in Auglaize County of the State of Ohio in the United States (US), the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the area with immediate effect to protect public health in Hong Kong. A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 79 630 tonnes of chilled and frozen poultry meat, and about 19.6 million poultry eggs from the US last year. “The CFS has contacted the American authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreaks. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

Ends/Wednesday, February 19, 2025Issued at HKT 16:30

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MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI Asia-Pac: LCQ2: Monitoring of public organisations

Source: Hong Kong Government special administrative region

Following is a question by Dr the Hon Kennedy Wong and a reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (February 19):Question: There are views pointing out that the Reports of the Director of Audit (the Reports) in recent years have revealed the governance problems of quite a number of public organisations, and this has aroused concerns about the Government’s ability to monitor public organisations. In this connection, will the Government inform this Council:(1) as it has been reported that, to the Director of Audit’s surprise, the arrangements concerning claims for allowances as put in place by some organisations receiving subventions from government funds are contrary to government guidelines, whether the authorities will review how to enhance the monitoring of such organisations, so as to comply with the guidelines on the governance of public organisations in respect of a key element therein relating to robust internal control as well as reporting and monitoring mechanisms;(2) as it has been reported that the Audit Commission will place more emphasis on conducting audits on public organisations, funds and social welfare organisations in the future, of the details of the specific work plan; whether the organisations concerned include statutory bodies such as the Hong Kong Trade Development Council, which receive relatively substantial government subventions; and(3) of the number of public organisations which needed to improve their governance in the light of the recommendations made in the Reports in the past five years, and whether it has looked into the average time taken by such organisations to implement the relevant improvement measures; whether it will step up efforts in monitoring the progress of the relevant work of public organisations; if so, of the details; if not, the reasons for that?Reply:President, Thank you Dr the Hon Kennedy Wong for the question, offering me a chance to talk about the monitoring of public organisations. The Government attaches great importance to good corporate governance of public organisations and monitors these organisations under a multi-pronged approach. Enhancing corporate governance of public organisations not only uplifts their overall efficiency and cost effectiveness, but also plays an integral role in facilitating effective implementation of the organisations’ policies and work objectives. Generally speaking, while respecting the need for public organisations to maintain flexibility in operation and its independence, the Government considers the objectives of setting up the organisations and the powers conferred on them, and formulates regulatory mechanisms for these organisations as appropriate and necessary. Detailed arrangements are mapped out by the relevant bureaux. In consultation with the Administration Wing and the Audit Commission (AUD), our reply to Dr the Hon Kennedy Wong’s question is as follows: (1) Public organisations should devise a proper governance framework, having regard to the size of the public organsations, the nature of their work and relevant Ordinances. The relevant bureaux should also ensure that a good governance framework is in place in the organisations under their purview. Such arrangements generally consist of the following elements: (i) To set clear work objectives;(ii) To make a clear delineation of roles and responsibilities between the Government, the governing body and the senior management of the public organisation; and(iii) To put in place robust internal monitoring and reporting systems. Bureaux also appoint appropriate personnel (e.g. those with relevant experience and professional knowledge) to the governing bodies of the public organisations, with a view to monitoring the organisations in an effective manner. In terms of financial control, subvented organisations are required to prepare a budget annually and submit audited financial accounts to the Government. Where necessary, the Government may include the relevant organisations into the scope of audit by the AUD having regard to the actual circumstances. The subvented organisations should also develop comprehensive understanding of the relevant guidelines pertaining to the management and control of government funding, put in place an appropriate system of cost control and monitoring, and abide by the principle of financial prudence with a view to ensuring proper use of public money and cost-effectiveness. The relevant bureaux will also formulate appropriate monitoring measures, such as drawing up service level agreements and setting out consequences of non-compliance with the responsibilities therein, to maintain effective supervision. This will be done having regard to the organisations’ individual targets, nature and circumstances. Where the Director of Audit (the Director) selects individual public organisations for conducting Value for Money (VFM) audits, the respective bureaux/Controlling Officers (COs) should give their full co-operation and supervise the public organisations under their purview in implementing the audit recommendations conscientiously. They should also review how to strengthen monitoring of the relevant organisations in accordance with the elements of robust internal control and reporting/monitoring systems as set out in the guidelines on governance of public organisations. In a nutshell, the Government has strived to enhance the governance of public organisations on various fronts. Bureaux will conduct reviews on the governance of public organisations under their purview from time to time to ensure their effective operation and good governance.(2) The AUD conducts VFM audits on a wide range of subjects, with a view to ensuring proper use of public money. In addition to bureaux and departments, the AUD may conduct audits on various bodies such as public organisations, funds and social welfare organisations, having regard to the following circumstances: (i) The body receives more than half of its income from public money; (ii) The Director is empowered under an Ordinance to audit the accounts of the body and there are currently 23 such bodies. The Director reviews and conducts audits on the economy and efficiency with which these bodies have used their resources in performing their functions and exercising their powers; (iii) The Chief Executive authorises the Director to audit the accounts and records of the body in the public interest; or(iv) By virtue of an agreement made between the Government and the individual body, the Director is empowered to audit the body’s accounts and records. Examples include social welfare organisations funded under the Lump Sum Grant Subvention System. As the Hong Kong Trade Development Council does not meet the above criteria, it does not fall into the Director’s scope of audit. In selecting VFM audit projects and according priorities, the Director takes into account a number of factors, including the materiality of projects, their timeliness, the public money and risks involved, and the benefits to be brought about. Until the reports are tabled in the Legislative Council (LegCo), the issues under the AUD’s investigation are confidential. Therefore, we cannot disclose the specific work plans. (3) Among the 10 reports which the Director prepared from 2020 to 2024, 12 chapters involved audit recommendations for 12 public organisations to improve their governance. Of these public organisations, six have fully implemented the recommendations made by the AUD and the Public Accounts Committee (PAC) of LegCo. On average, it takes about 1.5 years for the said organisations to implement all the recommendations. The Government makes regular reports to the LegCo implementation progress of various recommendations in the form of Government Minutes and Annual Progress Reports. In addition to efforts by the relevant bureaux/COs in monitoring their public organisations in implementing audit recommendations seriously and expeditiously, the AUD would also discuss with the PAC the progress of audited organisations (including public organisations) in implementing the recommendations. Thank you, President.

MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI: Virturo Enhances Trading Efficiency with Advanced Automation and Risk Strategies
Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) — Virturo, a leader in CFD trading and financial technology, has launched a suite of AI-driven automated trading and advanced risk management solutions, designed to enhance investment strategies for high-net-worth traders. By integrating cutting-edge technology with expert insights, Virturo enables traders to optimize performance while effectively managing market volatility.

The Power of Automation in Modern Trading
“Automated trading features greatly enhance a trader’s ability to capitalize on market opportunities without the emotional stress of manual trading,” says Michael Stean, Senior Financial Strategist at Virturo. “At Virturo, we provide traders with the tools to optimize performance and maximize efficiency.”

Automated trading has transformed financial markets, enabling traders to execute strategies efficiently without constant market monitoring. With Virturo’s automation tools, traders can:
- Set predefined entry and exit points to execute trades with precision.
- Eliminate emotional decision-making, ensuring disciplined execution.
- Respond instantly to market changes, capitalizing on opportunities in real-time.
Risk Management Meets Cutting-Edge Technology
Smart trading isn’t just about speed – it’s about control. Virturo’s advanced risk management features work alongside automation to protect investments and maximize returns, including:
- Limit Orders – Executing trades only at the desired price point to control entry and exit precision.
- Take-Profit & Stop-Loss Orders – Locking in gains and minimize losses with predefined price thresholds.
- Conditional Orders – Automating trade actions based on specific market conditions, removing uncertainty from execution.
“When risk management is integrated with automation, it not only protects investments but also enhances a trader’s potential for success,” adds Stean.

Tailored for High-Value Investors
Virturo’s sophisticated trading ecosystem is designed for high-net-worth traders who require precision, speed, and strategic execution. The platform’s advanced features include:
- Dynamic margin optimization to enhance capital efficiency.
- Trading pyramiding strategies to scale profitable positions intelligently.
- Portfolio hedging tools to safeguard against market volatility.
“At Virturo, we provide high-net-worth traders with a tailored blend of technology and expertise,” explains Stean. “Automation amplifies the efficiency of managing complex portfolios while ensuring every decision aligns with long-term financial goals.”

Virturo’s Commitment to Smart, Data-Driven Trading
While automation enhances execution speed, Virturo ensures traders retain full strategic control. The platform integrates AI-driven analysis with expert guidance, allowing traders to fine-tune strategies, adapt to evolving markets, and make informed decisions with confidence.

“The future of trading belongs to those who embrace automation, predictive analytics, and risk-focused strategies,” says Stean. “Virturo’s innovative platform delivers the tools to navigate market complexities while optimizing performance.”

Virturo continues to lead the next generation of trading, offering elite investors the power of AI, automation, and expert-backed risk management in one seamless platform.

Users can discover the next evolution of trading at www.virturo.com.

About Virturo
Virturo, a leading broker in CFD trading and financial technology, is redefining investment strategies with its AI-driven automated trading and advanced risk management solutions.
Website LinkedIn Twitter YouTube Facebook

Contact

Media Team
Virturo Media Team
Virturo
support@virturo.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5b4f70a2-1892-46ae-bbf0-b3e7527cb899

The MIL Network –
February 20, 2025

MIL-OSI: Diversified Energy Announces Proposed Offering of Ordinary Shares

Source: GlobeNewswire (MIL-OSI)

BIRMINGHAM, Ala., Feb. 19, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the “Company“), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the launch of an underwritten public offering (the “Offering”) in the United States of up to 8,500,000 ordinary shares (the “Shares”).

Citigroup and Mizuho are acting as joint book-running managers and underwriters for the proposed Offering.

In addition, Diversified intends to grant the underwriters an option to purchase up to an additional 850,000 ordinary shares at the public offering price, less underwriting discount. The Offering is subject to market conditions and other factors, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

The Company intends to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on January 27, 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. The consummation of the Offering is not conditioned upon the completion of the Acquisition, and the completion of the Acquisition is not conditioned upon the consummation of the Offering.

A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC“) on February 11, 2025 and became effective upon filing. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. The Offering will be made only by means of a prospectus supplement and an accompanying prospectus in the United States. A preliminary prospectus supplement and the accompanying prospectus related to the Offering will be filed with the SEC and will be available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus can also be obtained, when available, free of charge from either of the joint book-running managers for the Offering: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Mizuho Securities USA LLC, Attention: Equity Capital Markets Desk, at 1271 Avenue of the Americas, New York, NY 10020, or by email at US-ECM@mizuhogroup.com.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy our ordinary shares nor shall there be any sale of securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

CONTACTS

Diversified Energy Company PLC	+1 973 856 2757
Doug Kris	dkris@dgoc.com
Senior Vice President, Investor Relations & Corporate Communications

FTI Consulting	dec@fticonsulting.com
U.S. & UK Financial Media Relations

About Diversified

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

Forward-Looking Statements

This press release includes forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “targets”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “projects”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of management or the Company concerning, among other things, expectations regarding the proposed Offering of securities and the Acquisition. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the Company’s filings with the SEC and other important factors that could cause actual results to differ materially from those projected.

Important Notice to UK and EU Investors

This announcement contains inside information for the purposes of Regulation (EU) No. 596/2014 on market abuse and the UK Version of Regulation (EU) No. 596/2014 on market abuse, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (together, “MAR”). In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of such inside information as permitted by MAR. Upon the publication of this announcement, the inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information in relation to the Company and its securities.

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

No offering document or prospectus will be available in any jurisdiction in connection with the matters contained or referred to in this announcement in the United Kingdom and no such offering document or prospectus is required (in accordance with the Prospectus Regulation or UK Prospectus Regulation) to be published. The Company will publish a prospectus in connection with Admission as required under the UK Prospectus Regulation in due course.

Neither the content of the Company’s website (or any other website) nor the content of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

The Company has consulted with a number of existing shareholders and other investors ahead of the release of this announcement, including regarding the rationale for the offering. Consistent with each of its prior offerings, the Company will respect the principles of pre-emption, so far as is possible, through the allocation process, in the Offering.

The MIL Network –

February 20, 2025

MIL-OSI United Kingdom: Four-year ban for director of Sussex nuisance cold-calls firm
Source: United Kingdom – Executive Government & Departments

The company made almost a million unsolicited cold-calls, resulting in people complaining to the Information Commissioner’s Office
Callum Jones was the director of a company which harassed people with nuisance cold-calls in 2019 and 2020

Colourcoat Ltd, based on the south coast, made almost a million calls trying to sell home improvements within an eight-month period

Jones has now been disqualified as a company director following investigations by the Insolvency Service

The boss of a home improvement company which made more than 900,000 cold-calls has been banned as a director for four years.

Callum Jones was the sole director of Sussex-based Colourcoat Ltd, which specialised in roof cleaning, wall coating and insulation services.

Colourcoat made 969,273 unsolicited marketing calls which connected between August 2019 and April 2020, with almost half to people who had opted out of receiving such calls.

The company also used false names and made repeated calls which were described by some customers as being aggressive and abusive.

Colourcoat was fined £130,000 by the Information Commissioner’s Office (ICO) in 2021 but went into liquidation without paying the fine in full.

Jones, 39, of Oban Road, St Leonards-on-Sea, has now been disqualified as a company director following investigations by the Insolvency Service.

Victoria Edgar, Chief Investigator at the Insolvency Service, said:

Callum Jones allowed his company to plague households over an eight-month period, making hundreds of thousands of nuisance cold-calls.

Businesses employing such unscrupulous tactics can expect enforcement action to be taken against them and Jones’s director ban now means he cannot run or manage any company for the next four years.

A total of 452,811 of the nuisance calls were made to people who had opted out of receiving such calls by registering with the Telephone Preference Service.

Colourcoat also used various fake company names including “Homes Advice Bureau”, “EcoSolve UK” and “Citizens Advice”.

Twenty-four complaints about the company were made to the Telephone Preference Service with a further 10 directly to the ICO.

Andy Curry, Director of Enforcement and Investigations at the ICO, said:

We welcome the decision to disqualify Callum Jones as the director of Colourcoat Ltd.

Nobody should be made to feel uncomfortable after simply answering the phone, and our investigation found that this company had no regard for the law, or the people they were illegally calling.

Our Financial Recovery Unit works closely with the Insolvency Service to bring companies and directors to account. By disrupting the non-compliant activities of directors such as Callum Jones, we can help ensure they can’t easily resurface under a different name and continue to cause further harm to people.

The ICO issued an enforcement notice to Colourcoat in June 2021 for breaching regulations 21 and 24 of the Privacy and Electronic Communications Regulations 2003 relating to the use of calls for direct marketing purposes.

Colourcoat went into liquidation in June 2023, having only paid just more than £74,000 of its £130,000 fine.

The Secretary of State for Business and Trade accepted a disqualification undertaking from Jones, and his ban started on Monday 3 February.

The undertaking prevents him from being involved in the promotion, formation or management of a company, without the permission of the court. 

Further information

Callum Jones is of Oban Road, St Leonards-on-Sea, East Sussex. His date of birth is 2 January 1986

Colourcoat Ltd (company number 10405998)

Individuals subject to a disqualification order or undertaking are bound by a range of restrictions

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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Published 19 February 2025
MIL OSI United Kingdom –
February 20, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on CRSH (75.93%), TSLY (62.77%), YBIT (60.33%), YMAX (56.92%), YMAG (39.10%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Feb. 19, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group A ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per share	Distribution Rate^2,4	30-Day SEC Yield³	ROC⁵	Ex-Date & Record Date	Payment Date
QDTY*	YieldMax™ Nasdaq 100 0DTE Covered Call ETF	*Weekly*	–	–	–	–	–	–
SDTY	YieldMax™ S&P 500 0DTE Covered Call ETF	*Weekly*	$0.2221	–	–	100.00%	2/20/25	2/21/25
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.3258	–	–	100.00%	2/20/25	2/21/25
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.5739	–	–	58.86%	2/20/25	2/21/25
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.1852	56.92%	77.11%	72.51%	2/20/25	2/21/25
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.1369	39.10%	56.75%	39.02%	2/20/25	2/21/25
TSLY	YieldMax™ TSLA Option Income Strategy ETF	Every 4 weeks	$0.5793	62.77%	3.18%	93.03%	2/20/25	2/21/25
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	Every 4 weeks	$0.3810	75.93%	4.07%	12.68%	2/20/25	2/21/25
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	Every 4 weeks	$0.3877	35.28%	3.33%	0.00%	2/20/25	2/21/25
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Every 4 weeks	$0.5506	60.33%	1.36%	0.00%	2/20/25	2/21/25
OARK	YieldMax™ Innovation Option Income Strategy ETF	Every 4 weeks	$0.4269	50.34%	2.58%	93.84%	2/20/25	2/21/25
XOMO	YieldMax™ XOM Option Income Strategy ETF	Every 4 weeks	$0.2541	22.58%	3.58%	0.00%	2/20/25	2/21/25
SNOY	YieldMax™ SNOW Option Income Strategy ETF	Every 4 weeks	$0.9210	58.84%	2.58%	89.86%	2/20/25	2/21/25
TSMY	YieldMax™ TSM Option Income Strategy ETF	Every 4 weeks	$0.6019	42.89%	3.12%	47.33%	2/20/25	2/21/25
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Every 4 weeks	$1.9096	53.80%	102.37%	0.00%	2/20/25	2/21/25
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Every 4 weeks	$1.1203	31.12%	55.88%	0.00%	2/20/25	2/21/25
Weekly Payers & Group B ETFs scheduled for next week: QDTY SDTY GPTY LFGY YMAX YMAG NVDY DIPS FBY GDXY BABO JPMO MRNY PLTY MARO

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for QDTY is February 12, 2025.

¹All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.24% but the investment adviser has agreed to a 0.10% fee waiver through at least February 28, 2025.

²The Distribution Rate shown is as of close on February 18, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³ The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended January 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴ Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Contact Gavin Filmore at gfilmore@tidalfg.com for more information.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

The MIL Network –

February 20, 2025

MIL-OSI: SINTX Receives Issuance of U.S. Patent for Silicon Nitride-Functionalized Zirconia-Toughened Alumina Ceramic Biomaterial

Source: GlobeNewswire (MIL-OSI)

Salt Lake City, Utah, Feb. 19, 2025 (GLOBE NEWSWIRE) — SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”) an advanced ceramics company specializing in the development and commercialization of materials, components, and technologies for medical and technical applications, today announced the issuance of U.S. Patent No. 12,239,761 by the United States Patent and Trademark Office (USPTO).

This newly issued patent strengthens SINTX’s intellectual property portfolio, further solidifying its position as a global leader in silicon nitride innovation. The patent covers novel advancements in silicon nitride material processing and applications, particularly in the biomedical sector, where the company continues to make significant strides in next-generation implant technology.

“This patent represents another key milestone in SINTX’s ongoing commitment to pioneering advanced silicon nitride solutions,” said Eric K. Olson, President and CEO of SINTX. “With its antiviral, antibacterial, and biomechanical advantages, silicon nitride continues to demonstrate its potential in medical implants, regenerative medicine, and advanced coating technologies. This latest patent reinforces our leadership in the field and strengthens our ability to develop high-performance biomedical applications.”

The patent, developed by the Company covers innovative methods of adhering silicon nitride to a wide array of biomaterial substrates to improve biocompatibility and resistance to infection, expanding its potential applications to orthopedic, craniomaxillofacial, dental and spinal implants. This scientific breakthrough aligns with SINTX’s broader mission to leverage its proprietary technology to improve patient outcomes and surgical success rates.

SINTX is the only FDA-registered producer of implantable silicon nitride, with a robust portfolio that includes monolithic ceramic implants, particulate-based coatings, microspheres and composite materials. These innovations are aimed at enhancing osseointegration and reducing bacterial colonization, key factors in improving implant longevity and patient safety.

With this issuance, SINTX continues to expand its intellectual property portfolio, which now includes 17 issued U.S. patents and 84 pending applications worldwide.

For more information about SINTX Technologies and its silicon nitride platform, visit www.sintx.com.

About SINTX Technologies, Inc.

SINTX Technologies is an advanced ceramics company that develops and commercializes materials, components, and technologies for medical and technical applications. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008. Over the past several years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. The Company has manufacturing and R&D facilities in Utah and Maryland.

For more information on SINTX Technologies or its materials platform, visit www.sintx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”) that are subject to a number of risks and uncertainties. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make that the company continues to make significant strides in next-generation implant technology and the potential to pursue growth opportunities and explore strategic opportunities.

Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, technical feasibility and product development. A discussion of other risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements can be found in SINTX’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with the SEC on March 27, 2024, and in SINTX’s other filings with the SEC. SINTX undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report, except as required by law.

Business and Media Inquiries for SINTX:
SINTX Technologies
801.839.3502
IR@sintx.com

The MIL Network –

February 20, 2025

MIL-OSI: Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

TEL AVIV, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ending December 31, 2024. The Company’s earnings conference call and webcast will be held today at 8:00 AM ET. Registration links to both the call and the webcast can be found at the end of this earnings release.

Financial Highlights

Full year 2024

Revenues and income of $399m, up 53% year over year
Adjusted EBITDA¹ of $289m, up 49% year over year
Net income of $67m, down 32% year over year
Cash flow from operations of $193, up 29% year over year

3 months ending December 31, 2024

Revenues and income of $104m, up 35% year over year
Adjusted EBITDA¹ of $65m, up 31% year over year
Net income of $8m, down 48% year over year
Cash flow from operations of $36m, up 49% year over year

________________________
_{¹ The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2}

	For the twelve months ended				For the three months ended
($ millions)	31/12/2024	31/12/2023	% change	31/12/2024		31/12/2023	% change
Revenue and Income	399	261	53%	104		77	35%
Net Income	67	98	(32%)	8		16	(48%)
Adjusted EBITDA	289	194	49%	65		50	31%
Cash Flow from Operating Activities	193	150	29%	36		24	49%

In 2023 the net income contained substantial one-time items
A detailed analysis of financial results appears below

2024 Guidance vs Actual Results

Reported revenues and income for 2024 was 15% higher than the Company’s original guidance at the midpoint.
Reported Adjusted EBITDA for 2024 was 18% higher than the Company’s original guidance at the midpoint.

_{Revenues and Income and Adjusted EBITDA includes $21m of U.S. tax benefits}

“We are proud to conclude 2024 with outstanding financial results that surpassed both our targets and analysts’ forecasts,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

“Enlight continues to grow thanks to its diversified and innovative operations, spanning three continents and employing the three main technologies of the industry: solar, wind, and energy storage.

“The year 2025 represents another leap forward for us, as a massive capacity of 4.7 FGW – with a total investment of $5.5bn – will be under various stages of construction. Together with the Company’s operating portfolio, this will secure approximately 90% of the Company’s ambitious growth plan: to reach operating capacity of 8.6 FGW by the end of 2027. This plan will bring Enlight to an annual revenue rate of over $1bn by 2028, tripling the business in just three years.

“We expect that the average return on equity for the vast asset portfolio that will become operational by 2027 will exceed 15%. Our three-year growth plan is already reflected in our 2025 guidance: we project revenues and income in the range of $490-510 million and Adjusted EBITDA in the range of $360-380 million, a 25% increase.”

Portfolio Review

Enlight’s total portfolio is comprised of 20 GW of generation capacity and 35.8 GWh storage (30.2 FGW²)
Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.6 GWh of storage (8.6 FGW)
Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)

The full composition of the portfolio appears in the following table:

Component	Status	FGW²		Annual recurring revenues ($m)³
Operating	Commercial operation	3.0			~500⁴
Under Construction	Under construction	1.8			~175
Pre-Construction	0-12 months to start of construction	3.8			~385
Total Mature Portfolio	Mature	8.6	1,060~
Advanced Development	13-24 months to start of construction	7	–
Development	2+ years to start of construction	14.7	–
Total Portfolio		30.2	–

________________________
_{² FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5³ Does not include income from tax benefits for under construction and pre-construction projects.}
_{⁴ Based on the midpoint of 2025 guidance.}

Operating component of the portfolio: 3 FGW
- Start of commercial operations of 1.1 FGW in 2024, including projects Atrisco in the U.S., Pupin and Tapolca in Europe, the Israel Solar and Storage Cluster in MENA. These additions contribute approximately $100m to the annual revenue run rate.

Under Construction component of the portfolio: 1.8 FGW
- Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; and a solar and storage cluster in Israel. 35% of the cluster is expected to reach operations in 2025, with the rest commissioning in 2026.
- Projects under construction are expected to contribute $175m to the annual revenue run rate during their first full year of operation.

Pre-construction component of the portfolio: 3.8 FGW
- Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $246m to revenues on an annualized basis.
- Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25 and contribute $31m to revenues on an annualized basis.

Advanced Development component of the portfolio component: 7 FGW
- 5.3 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
- The U.S. portfolio includes several mega-projects and follow-ons to Mature projects, such as Cedar Island (1.4 FGW), Snowflake B (1.2 FGW), and Atrisco 2 (0.7 FGW).
- These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
- 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
- 1 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.5 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.

Development component of the portfolio: 14.7 FGW
- 10 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions.
- 2.7 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
- 2 FGW in MENA, focused on solar combined storage projects and stand alone storage facilities.

Projected COD Timeline for the Mature Portfolio⁵

________________________
_{⁵ Additional projects currently classified in the Advanced Development portfolio are expected to reach commercial operation by 2027, however they are not included in this forecast}

Mature Portfolio Components Expected to Generate Annualized Revenues of Over $1bn⁶

All the projects in the plan are expected to be completed by the end of 2027

________________________
_{⁶ The projection is based on 2025 guidance, and only includes additional revenue growth from the sale of electricity from projects under construction and in pre-construction status.}

Financing Activities

Financial closings totaling $1.1bn in Europe and the US occurred during 2024, supporting the construction of projects with 470 MW and 2,100 MWh capacity.
Expansion of Series D bonds totaling $178m to finance the Company’s growth.
Sale of 44% of the Sunlight cluster for $50m cash at a valuation of $114m, generating a profit of up to $94m to be recognized in the first quarter of 2025. The cluster represents approximately 1% of the Company’s total portfolio.
As of the date of this report, the Company maintains $350m of revolving credit facilities, of which $70m have been drawn.

2025 Guidance

Construction and commissioning

Expected commissioning of 440 MW and 1.1 GWh of capacity, which is expected to add approximately $130m to annualized revenues and $105m annualized EBITDA, starting in 2026.
Starting construction on 1.8 GW and 3.9 GWh of capacity, which is expected to add over $300m in annualized revenues and over $250m in annualized EBITDA gradually through 2026-2027.

Financial guidance

Total revenues and income⁷ are expected to range between $490m and $510m, a 25% increase (from the midpoint) from 2024 results. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% in EUR, and 27% in USD.
Adjusted EBITDA⁸ is expected to range between $360m and $380m, a 28% increase (from the midpoint) from 2024 results.
Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

________________________
_{⁷ Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.}
_{⁸ EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.}

Financial Results Analysis

Revenue & Income by Segment
($ thousands)	For the twelve months ended			For the three months ended
Segment	31/12/2024	31/12/2023	Change %	31/12/2024	31/12/2023	Change %
MENA	155,693	67,687	130%	34,086	20,738	64%
Europe	197,143	177,471	11%	49,979	50,770	(2%)
U.S.	36,608	7,712	375%	17,894	3,571	401%
Other	9,351	8,270	13%	2,143	2,009	7%
Total Revenue & Income	398,795	261,140	53%	104,102	77,088	35%

Revenues & Income

In the fourth quarter of 2024, the Company’s total revenues and income increased to $104m, up from $77m last year, a growth rate of 35% year over year. This was composed of revenues from the sale of electricity, which rose 26% to $93m compared to $74m in the same period of 2023, as well as recognition of $11m in income from tax benefits, up 230% compared to $3m in 4Q23.

The Company benefited from the revenue contribution of newly operational projects. Since the fourth quarter of 2023, 650 MW and 1,600 MWh of projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at the Israel Solar and Storage Cluster, which added $9m, followed by Atrisco, which added $6m in. In total, new projects contributed $18m to revenues from the sale of electricity

Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 47% in Euros, and 18% denominated in US Dollars.

Net Income

In the fourth quarter, the Company’s net income amounted to $8m compared to $16m last year, a decrease of 48% year over year. In 4Q23 the Company recorded a $12m net profit stemming from the recalculation of earnout payments linked to the acquisition of Clenera. Adjusting for this figure, the net income in 4Q23 was $4m, implying year-on-year growth of 90%.

Adjusted EBITDA⁹

In the fourth quarter of 2024, the Company’s Adjusted EBITDA grew by 31% to $65m compared to $50m for the same period in 2023. The increase in Adjusted EBITDA was driven by the same factors that drove the increase in revenues and income, namely new projects and the recognition of higher amounts of tax benefits. This was offset by an additional $6m in higher operating expenses linked to new projects, while company overheads rose by $5m year-on-year.

________________________
_{⁹ Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income}

Conference Call Information

Enlight plans to hold its Fourth Quarter 2024 Conference Call and Webcast on Wednesday, February 19, 2025 at 8:00 a.m. ET to review its financial results and business outlook. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

Supplemental Financial and Other Information

We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

Non-IFRS Financial Measures

This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About Enlight

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 9 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

Company Contacts

Yonah Weisz
Director IR
investors@enlightenergy.co.il

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il

Appendix 1 – Financial information

Consolidated Statements of Income
	For the year ended at December 31
	2024	*2023()**
	USD in	USD in
	thousands	thousands
Revenues	377,935	255,702
Tax benefits	20,860	5,438
Total revenues and income	398,795	261,140

Cost of sales (**)	(80,696)	(52,794)
Depreciation and amortization	(108,889)	(65,796)
General and administrative expenses	(38,847)	(31,356)
Development expenses	(11,601)	(6,347)
Total operating expenses	(240,033)	(156,293)
Gains from projects disposals	601	9,846
Other income, net	16,172	43,450
Operating profit	175,535	158,143

Finance income	20,439	36,799
Finance expenses	(107,844)	(68,143)
Total finance expenses, net	(87,405)	(31,344)

Profit before tax and equity loss	88,130	126,799
Share of loss of equity accounted investees	(3,350)	(330)
Profit before income taxes	84,780	126,469
Taxes on income	(18,275)	(28,428)
Profit for the year	66,505	98,041

Profit for the year attributed to:
Owners of the Company	44,209	70,924
Non-controlling interests	22,296	27,117
	66,505	98,041
Earnings per ordinary share (in USD) with a par value of
NIS 0.1, attributable to owners of the parent Company:
Basic earnings per share	0.37	0.61
Diluted earnings per share	0.36	0.57
Weighted average of share capital used in the
calculation of earnings:
Basic per share	118,293,556	115,721,346
Diluted per share	123,312,565	123,861,293

(*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous year. For additional details please see Appendix 8.

(**) Excluding depreciation and amortization

Consolidated Statements of Financial Position as of
	December 31	December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands
Assets

Current assets
Cash and cash equivalents	387,427	403,805
Deposits in banks	–	5,308
Restricted cash	100,090	142,695
Trade receivables	50,692	43,100
Other receivables	99,651	60,691
Current maturities of contract assets	–	8,070
Other financial assets	975	976
Assets of disposal groups classified as held for sale	81,661	–
Total current assets	720,496	664,645

Non-current assets
Restricted cash	48,251	38,891
Other long-term receivables	61,045	32,540
Deferred costs in respect of projects	357,358	271,424
Deferred borrowing costs	276	493
Loans to investee entities	18,112	35,878
Contract assets	–	91,346
Fixed assets, net	3,699,192	2,947,369
Intangible assets, net	291,442	287,961
Deferred taxes assets	10,744	9,134
Right-of-use asset, net	210,941	121,348
Financial assets at fair value through profit or loss	69,216	53,466
Other financial assets	59,812	79,426
Total non-current assets	4,826,389	3,969,276

Total assets	5,546,885	4,633,921

Consolidated Statements of Financial Position as of (Cont.)
	December 31	December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands
Liabilities and equity

Current liabilities
Credit and current maturities of loans from
banks and other financial institutions	212,246	324,666
Trade payables	161,991	105,574
Other payables	107,825	103,622
Current maturities of debentures	44,962	26,233
Current maturities of lease liability	10,240	8,113
Financial liabilities through profit or loss	–	13,860
Other financial liabilities	8,141	1,224
Liabilities of disposal groups classified as held for sale	46,635	–
Total current liabilities	592,040	583,292

Non-current liabilities
Debentures	433,994	293,751
Other financial liabilities	107,865	62,020
Convertible debentures	133,056	130,566
Loans from banks and other financial institutions	1,996,137	1,702,925
Loans from non-controlling interests	75,598	92,750
Financial liabilities through profit or loss	25,844	34,524
Deferred taxes liabilities	41,792	44,941
Employee benefits	1,215	4,784
Lease liability	211,941	119,484
Deferred income related to tax equity	403,384	60,880
Asset retirement obligation	83,085	68,047
Total non-current liabilities	3,513,911	2,614,672

Total liabilities	4,105,951	3,197,964

Equity
Ordinary share capital	3,308	3,293
Share premium	1,028,532	1,028,532
Capital reserves	25,273	57,730
Proceeds on account of convertible options	15,494	15,494
Accumulated profit	107,919	63,710
Equity attributable to shareholders of the Company	1,180,526	1,168,759
Non-controlling interests	260,408	267,198
Total equity	1,440,934	1,435,957
Total liabilities and equity	5,546,885	4,633,921

Consolidated Statements of Cash Flows

	For the year ended at December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands

Cash flows for operating activities
Profit for the period	66,505	98,041

Income and expenses not associated with cash flows:
Depreciation and amortization	108,889	65,796
Finance expenses, net	83,560	28,805
Share-based compensation	8,360	4,970
Taxes on income	18,275	28,428
Tax benefits	(20,860)	(5,438)
Other income, net	(4,963)	(46,991)
Company’s share in losses of investee partnerships	3,350	330
	196,611	75,900

Changes in assets and liabilities items:
Change in other receivables	12,261	(3,241)
Change in trade receivables	(9,892)	(2,841)
Change in other payables	294	6,382
Change in trade payables	746	15,474
	3,409	15,774

Interest receipts	12,684	12,490
Interest paid	(74,891)	(54,469)
Income Tax paid	(11,246)	(12,236)
Repayment of contract assets	–	14,120

Net cash from operating activities	193,072	149,620

Cash flows for investing activities
Sale (Acquisition) of consolidated entities, net	1,871	(6,975)
Changes in restricted cash and bank deposits, net	29,959	(53,131)
Purchase, development, and construction in respect of projects	(899,257)	(730,976)
Loans provided and Investment in investees	(26,444)	(28,174)
Payments on account of acquisition of consolidated entity	(32,777)	(5,728)
Proceeds from sale (purchase) of financial assets measured at fair value
through profit or loss, net	(14,719)	26,919
Net cash used in investing activities	(941,367)	(798,065)

Consolidated Statements of Cash Flows (Cont.)
	For the year ended at December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands

Cash flows from financing activities
Receipt of loans from banks and other financial institutions	939,627	623,927
Repayment of loans from banks and other financial institutions	(699,586)	(203,499)
Issuance of debentures	177,914	83,038
Repayment of debentures	(26,016)	(14,735)
Dividends and distributions by subsidiaries to non-controlling interests	(25,534)	(13,328)
Proceeds from investments by tax-equity investors	410,845	198,758
Repayment of tax equity investment	(839)	(82,721)
Deferred borrowing costs	(21,637)	(1,984)
Receipt of loans from non-controlling interests	–	274
Repayment of loans from non-controlling interests	(2,960)	(1,485)
Increase in holding rights of consolidated entity	(169)	–
Issuance of shares	–	266,451
Exercise of share options	15	9
Repayment of lease liability	(5,852)	(4,848)
Proceeds from investment in entities by non-controlling interest	179	5,448

Net cash from financing activities	745,987	855,305

Increase (Decrease) in cash and cash equivalents	(2,308)	206,860

Balance of cash and cash equivalents at beginning of period	403,805	193,869

Changes in cash of disposal groups classified as held for sale	(5,753)	–

Effect of exchange rate fluctuations on cash and cash equivalents	(8,317)	3,076

Cash and cash equivalents at end of period	387,427	403,805

Information related to Segmental Reporting

	For the year ended December 31, 2024
	MENA()**	Europe()**	USA	Total reportable segments	Others	Total
	USD in thousands
Revenues	155,693	197,143	15,748	368,584	9,351	377,935
Tax benefits	–	–	20,860	20,860	–	20,860
Total revenues and income	155,693	197,143	36,608	389,444	9,351	377,935

Segment adjusted EBITDA	123,724	165,385	33,539	322,648	4,141	326,789

Reconciliations of unallocated amounts:
Headquarter costs (*)						(37,774)
Intersegment profit						100
Depreciation and amortization and share-based compensation						(117,249)
Other incomes not attributed to segments						3,669
Operating profit						175,535
Finance income						20,439
Finance expenses						(107,844)
Share in the losses of equity accounted investees						(3,350)
Profit before income taxes						84,780

(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

(**) Due to the Company’s organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into four business units: MENA (Middle East and North Africa), Europe, the US, and Management and Construction. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the “Europe” segment, and the Israel segment has been incorporated into the MENA segment. The comparative figures for the year ended December 31, 2023, have been updated accordingly.

Information related to Segmental Reporting

	For the year ended December 31, 2023
	MENA	Europe	USA	Total reportable segments	Others	Total
	USD in thousands
Revenues	67,687	177,471	2,274	247,432	8,270	255,702
Tax benefits	–	–	5,438	5,438	–	5,438
Total revenues and income	67,687	177,471	7,712	252,870	8,270	261,140

Segment adjusted EBITDA	71,350	150,677	12,133	234,160	3,035	237,195

Reconciliations of unallocated amounts:
Headquarter costs (*)						(30,434)
Intersegment profit						1,587
Repayment of contract asset under concession arrangements						(14,120)
Depreciation and amortization and share-based compensation						(70,766)
Other incomes not attributed to segments						34,681
Operating profit						158,143
Finance income						36,799
Finance expenses						(68,143)
Share in the losses of equity accounted investees						(330)
Profit before income taxes						126,469

(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

($ thousands)	For the year ended		For the three months
	December 31		ended December 31
	2024	2023	2024	2023
Net Income (loss)	66,505	98,041	8,372	16,202
Depreciation and amortization	108,889	65,796	30,912	21,611
Share based compensation	8,360	4,970	2,333	970
Finance income	(20,439)	(36,799)	(2,140)	7,581
Finance expenses	107,844	68,143	22,008	16,344
Non-recurring other income (*)	(3,669)	(34,681)	–	(15,718)
Share of losses of equity accounted investees	3,350	330	1,613	(137)
Taxes on income	18,275	28,428	2,121	2,934
Adjusted EBITDA	289,115	194,228	65,219	49,787

* For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net.

The Company has changed its presentation of its Income Statement, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such change retrospectively.

Appendix 3 – Debentures Covenants

Debentures Covenants

As of December 31, 2024, the Company was in compliance with all of its financial covenants under the indenture for the Series C-F Debentures, based on having achieved the following in its consolidated financial results:

Minimum equity
The company’s equity shall be maintained at no less than NIS 200 million so long as debentures E remain outstanding, no less than NIS 375 million so long as debentures F remain outstanding, and NIS 1,250 million so long as debentures C and D remain outstanding.

As of December 31, 2024, the company’s equity amounted to NIS 5,255 million.

Net financial debt to net CAP
The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures E and F remain outstanding, and shall not exceed 65% for two consecutive financial periods so long as debentures C and D remain outstanding.

As of December 31, 2024, the net financial debt to net CAP ratio, as defined above, stands at 37%.

Net financial debt to EBITDA
So long as debentures E and F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

As of December 31, 2024, the net financial debt to EBITDA ratio, as defined above, stands at 9.

Equity to balance sheet
The standalone equity to total balance sheet ratio shall be maintained at no less than 20% and 25%, respectively, for two consecutive financial periods for as long as debentures E and F, and debentures C and D remain outstanding.

As of December 31, 2024, the equity to balance sheet ratio, as defined above, stands at 55%.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/16dfdaab-3b06-4494-a529-7e4b98cd6ad8

https://www.globenewswire.com/NewsRoom/AttachmentNg/a4d568ee-77b0-4eab-b7ef-c865a4a26d0e

https://www.globenewswire.com/NewsRoom/AttachmentNg/ae07b0d5-09c7-404f-a71d-70494b2b64ca

The MIL Network –

February 20, 2025

MIL-OSI: Broctagon Partners with Level2 to Simplify Strategy Creation for AXIS CRM Brokers
Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) —

Level2 and Broctagon Partner to Bring No-Code Automated Trading to Brokers Using AXIS CRM
This innovative collaboration aims to simplify the strategy creation process for brokers and all their traders currently using Broctagon’s AXIS CRM platform.

Level2’s intuitive no-code EA solution allows traders of all experience levels to easily create, deploy, and automate strategies using a fully visual, drag-and-drop approach. This no-code approach eliminates the need for technical expertise, enabling traders to configure strategies, analyse performance, and execute trades with ease. By integrating Level2’s capabilities, brokers utilising Broctagon’s AXIS CRM – known for its multi-tier IB module, prop trading features, and API app marketplace – will now be able to offer their traders cutting-edge automated trading tools that drive engagement and unlock greater market potential.

Key Features for Active Traders:
- No-Code, Visual Strategy Creation: Level2’s platform allows traders to configure and deploy strategies through an intuitive interface, without any coding skills required.
- Real-Time Backtesting: Traders can instantly test their strategies using historical data, gaining valuable insights to optimise performance and make data-driven decisions in real time.
- Seamless Analysis to Execution: With Level2’s visual tools, traders can connect market insights directly to execution, streamlining the entire trading process for increased efficiency.
- Collaborative Social Trading: Level2 introduces a community-driven approach to trading, where users can share, follow, and collaborate on strategies, enhancing engagement and empowering traders of all skill levels.
“Broctagon is a forward-thinking organisation that prioritises innovation. Through this partnership, we’ve created a solution that will make technical analysis and fully automated trading more accessible than ever before, giving Axis CRM brokers a competitive edge to captivate traders and drive demand” — Andrew Grevett, Co-founder & CEO of Level2. “Algorithmic trading has traditionally been reserved for those with coding expertise, creating a barrier for many traders. Level2’s no-code EA builder removes that barrier, revolutionising the way traders of all skill levels access and implement automated strategies. By partnering with Level2, Broctagon reinforces its commitment to innovation, empowering all AXIS FX CRM brokers with cutting-edge automation tools that drive engagement, retention, and trading volume” — Don Guo, Founder & CEO of Broctagon

About Level2
Level2 is a pioneering technology company focused on transforming the way active traders engage with financial markets. Through its intuitive, fully visual platform, Level2 simplifies strategy creation and automation for traders of all experience levels, eliminating the need for complex coding or technical expertise. With a commitment to innovation and accessibility, Level2 is helping shape the future of active trading by making professional-grade tools available to a broader audience, driving smarter, more efficient trading.

About Broctagon Fintech Group
Broctagon Fintech Group is a leading multi-asset liquidity and FX technology provider headquartered in Singapore, with over 15 years of global presence in Hong Kong, Malaysia, India, Cyprus, Thailand, and China. We specialize in performance-driven, bespoke solutions, serving over 350 clients in more than 50 countries with our liquidity aggregator technology, brokerage and prop trading solutions, and enterprise blockchain development.

Users can experience Level2 now or contact us to arrange a personalised demonstration.

Contact

Co-founder & CEO
Andrew Grevett
Level2
andrew@trylevel2.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe7bd9b0-2951-46f0-b696-453b6ae50c34

The MIL Network –
February 19, 2025
MIL-OSI Video: High-level visit from Somalia

Source: World Trade Organization – WTO (video statements)

Director-General Ngozi Okonjo-Iweala met with Salah Ahmed Jama, Deputy Prime Minister of Somalia, after the first meeting about the country’s WTO membership process.

More about Somalia’s accession process:
https://www.wto.org/english/thewto_e/acc_e/som_e/a1_somalia_e.htm

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

https://www.youtube.com/watch?v=mGMM8xW_lzs

MIL OSI Video –

February 19, 2025
MIL-OSI Video: Fisheries Subsidies: Chinese Taipei’s acceptance

Source: World Trade Organization – WTO (video statements)

Chinese Taipei deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 18 February, advancing the tally of formal acceptances to 90. Dr Chang-Fa Lo presented Chinese Taipei’s instrument of acceptance to Director-General Ngozi Okonjo-Iweala.

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

https://www.youtube.com/watch?v=NRNjCqB0wqA

MIL OSI Video –

February 19, 2025
MIL-OSI Africa: African ministers hold strategic dialogue on visa-free movement to propel regional integration agenda for Africa’s Transformation

Source: Africa Press Organisation – English (2) – Report:

ADDIS ABABA, Ethiopia, February 19, 2025/APO Group/ —

On the sidelines of the 38th African Union Summit, African leaders discussed obstacles to the continent’s economic integration, underscoring visa-free movement to reduce illegal migration and strengthen official travel channels.

The high-level dialogue, convened by the African Development Bank Group and the African Union Commission alongside the AU Summit, brought together trade ministers and business leaders who pointed to Rwanda’s experience as evidence that open borders enhance, rather than compromise, security.

African Development Bank Group Vice President for Regional Development, Integration and Business Delivery Nnenna Nwabufo expressed the Bank’s continued commitment to supporting the acceleration of visa-free movement across the continent.

“We do it for its promise to transform Africa and to create prosperity,” she noted. “In fact, the goals of our new Ten‑Year Strategy (2024–2033) are designed around seizing Africa’s opportunities for a prosperous, inclusive, resilient, and integrated continent.”

In his keynote address, Albert Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry and Minerals at the African Union Commission, outlined four priority areas to open up the continent.

They include liberalizing the movement of categories of people critical for trade in goods and services, implementing the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa, advancing to the next stage of African economic integration, particularly the African Common market, as envisaged under the 1991 Abuja Treaty, and establishing the appropriate facilitation measures, whether soft or hard infrastructure, to facilitate free movement of persons.

Commissioner Muchanga stressed the need to make more progress on some continental projects, such as the trans-African highways (Cairo to Cape and Dakar to Mombasa), to facilitate free movement of persons.

Presenting the “State of play in visa-free movement in Africa,” which featured findings from the latest edition of the AfricaVisa Openness Index, AVOI, Principal Regional Integration Coordinator at the African Development Bank’s Regional Integration Coordination Office, Ometere Omoluabi-Davies, highlighted the progress made by some countries regarding opening up their borders for Africans.

The presentation reported that 39 African countries have improved their scores since 2016, indicating that visa openness across Africa is at its highest level since the inception of the index. Despite this inspiring trajectory, it was observed that there is still much room for progress to facilitate the unrestricted mobility of Africans within the continent.

Rwanda Minister of Trade and Industry Prudence Sebahizi shared his country’s experience and economic gains from implementing a visa-free regime.

“Rwanda does not agree with the usual excuse of security threats that accompany visa-free discussions because what is important is to invest in the systems, security, governance, monitoring,” he declared.

“In the end, people who travel for tourism and business will always use the official channels such as the borders and airports. This means the policy itself cannot contribute to security concerns but rather solve the issue of smuggling and illegal migration.”

The event featured roundtable discussions in which Africa’s policymakers and business leaders shared insights on implementing visa-free movement across the continent. With a resounding call to action, African Union’s Youth Envoy, Chido Mpemba, emphasized that the interconnectedness of young people through social media and the internet enables experience sharing and cross-border collaboration. She noted that this was critical for building the social and cultural integration needed to create a shared African identity.

The session concluded with a joint announcement of the 2025 Visa-Free Roadshow by Dr. Joy Kategekwa, Director of the Regional Integration Coordination Office of the African Development Bank Group, and Dr. Sabelo Mbokazi, Head of Employment, Labor and Migration Division of the African Union Commission.

This roadshow aims to sustain advocacy and mobilize action for visa openness and free movement within Africa’s broader regional integration agenda to deliver better results for all Africans.

MIL OSI Africa –

February 19, 2025
MIL-OSI China: Beijing’s ‘two zones’ initiative gathers momentum in 2024

Source: China State Council Information Office 3

In 2024, Beijing achieved significant strides in building the Integrated National Demonstration Zone for Greater Service Sector Openness, and the China (Beijing) Pilot Free Trade Zone (FTZ) – together referred to as the “two zones.” According to the Beijing Municipal Commerce Bureau, the city added 7,187 new projects, and implemented 85.7% of the tasks outlined in the State Council-approved work plan.

By the end of 2024, the total number of projects under the “two zones” initiative reached 9,945, with the estimated investment totaling 1.02 trillion yuan (US$140.6 billion).

The city’s number of newly established foreign-invested companies rose by 16.4% year on year, outpacing the national growth rate by 6.5 percentage points. Eight globally renowned pharmaceutical companies such as Lilly and Pfizer established R&D and innovation centers in Beijing last year.

The China (Beijing) FTZ attracted 39.9% of the city’s total utilized foreign investment in 2024, marking an increase of 20.6 percentage points from the previous year.

As part of its efforts to promote opening up, the FTZ established the nation’s first specialized area within the Tianzhu Comprehensive Bonded Zone for importing rare disease drugs unavailable in domestic markets.

Since April 11, 2024, more than 1,400 doses of medication for children with achondroplasia have been imported through the Tianzhu Comprehensive Bonded Zone to Beijing Children Hospital of Capital Medical University, said an official from the zone.

Tianzhu Comprehensive Bonded Zone ranked second in the country, according to assessment of the General Administration of Customs in 2023.

Additionally, Beijing explored pilot projects in sectors such as value-added telecommunications businesses and pharmaceuticals. The city also released the nation’s first negative list to facilitate the export of key industry data.

This year, Beijing will draft the third version of its work plan for the service sector demonstration zone, aiming to promote a higher level of openness.

MIL OSI China News –

February 19, 2025
MIL-OSI Asia-Pac: TDC Chairman named

Source: Hong Kong Information Services

The Government today announced the appointment of Prof Frederick Ma to succeed Peter Lam as Chairman of the Trade Development Council from June 1, 2025, to May 31, 2027.

Secretary for Commerce & Economic Development Algernon Yau said with extremely profound experience in public service as well as the commercial sector, Prof Ma is well suited for taking up the council chairmanship.

Mr Yau expressed confidence that Prof Ma would lead the council to make every effort in assisting enterprises to embrace the challenges arising from the ever changing global trading landscape and actively tap new markets and business opportunities, with a view to further promoting Hong Kong’s development as an international trade centre.

The commerce chief also thanked Mr Lam for his tremendous contributions during his tenure in promoting Hong Kong’s advantages and opportunities.

He added that under Mr Lam’s chairmanship, the council has successfully promoted Hong Kong as a two way global investment and business hub and assisted Hong Kong companies in further exploring the business opportunities in the Mainland and overseas brought by the nation’s dual circulation strategy, with outstanding achievements particularly in promoting the city in the Guangdong-Hong Kong-Macao Greater Bay Area and emerging markets under the Belt & Road Initiative.

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI China: China’s Tangshan makes efforts to develop robot industries

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

China’s Tangshan makes efforts to develop robot industries

Updated: February 19, 2025 14:43 Xinhua

Traders visit the exhibition hall of CITIC HIC Kaicheng Intelligence Equipment Co., Ltd. in Tangshan National High-tech Industrial Development Zone in Tangshan, north China’s Hebei Province, Feb. 18, 2025. Tangshan has been working in recent years to promote the continuous growth of robot industrial clusters. Efforts have been made to increase investment in science and technology, push forward innovative research and development, and expand robot application scenarios. The city is now home to 222 robot-related enterprises, and 21 robot research and development institutions at or above the provincial level. The special robots manufactured here, such as welding robots, special inspection robots, emergency rescue robots and other products, sell well domestically and overseas. [Photo/Xinhua]

Workers process robot parts at a robotics shared intelligent manufacturing factory in Tangshan, north China’s Hebei Province, Feb. 18, 2025. [Photo/Xinhua]

A worker adjusts a robot product at the workshop of CITIC HIC Kaicheng Intelligence Equipment Co., Ltd. in Tangshan National High-tech Industrial Development Zone in Tangshan, north China’s Hebei Province, Feb. 18, 2025. [Photo/Xinhua]

Workers maintain robot products at the workshop of CITIC HIC Kaicheng Intelligence Equipment Co., Ltd. in Tangshan National High-tech Industrial Development Zone in Tangshan, north China’s Hebei Province, Feb. 18, 2025. [Photo/Xinhua]

A worker tests a robot product at a robotics shared intelligent manufacturing factory in Tangshan, north China’s Hebei Province, Feb. 18, 2025. [Photo/Xinhua]

Workers test a robot product at the workshop of CITIC HIC Kaicheng Intelligence Equipment Co., Ltd. in Tangshan National High-tech Industrial Development Zone in Tangshan, north China’s Hebei Province, Feb. 18, 2025. [Photo/Xinhua]

A staff member displays a robot product at a robot display and experience center in Tangshan, north China’s Hebei Province, Feb. 18, 2025. [Photo/Xinhua]

A staff member displays a welding robot product at a robot display and experience center in Tangshan, north China’s Hebei Province, Feb. 18, 2025. [Photo/Xinhua]

MIL OSI China News –

February 19, 2025

MIL-OSI: Wix Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Capping off a year of sustained growth acceleration and stronger than expected FCF generation – surpassing Rule of 40 in 2024 and on track to achieve Rule of 45 in 2025

Culminated a year of accelerated growth and innovation with Q4 bookings of $465 million, up 18% y/y, and Q4 revenue of $460 million, up 14% y/y
- Steady growth acceleration in Self Creators coupled with continued strength in high-growth Partners, demonstrated by Partners revenue growth of 30% y/y in FY2024
- Strong momentum across key product focus areas, including Studio, AI and commerce as well as solid business fundamentals and price increase benefit
Robust growth and a stable operating cost base drove FCF¹ generation to nearly double in 2024 compared to previous year, resulting in continued profitability improvement with Q4 FCF margin of 29% and full year FCF¹ margin of 28%
- Achieved first year of positive GAAP operating income in Wix history
On track to achieve Rule of 45 in 2025 at high end of outlook through continued innovation-powered growth and further FCF margin expansion
Completed $200 million share repurchase plan in January, totaling $725 million in aggregate repurchases since August 2023

NEW YORK — Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform², today reported financial results for the fourth quarter and full year 2024. In addition, the Company provided its initial outlook for the first quarter and full year 2025. Please visit the Wix Investor Relations website at https://investors.wix.com to view the Q4’24 Shareholder Update and other materials.

“Wix sets a high standard for innovation and creativity, and we’re constantly exceeding expectations. This past year was one of exciting innovation as we introduced revolutionary AI solutions such as the new generation AI Website Builder. We also made meaningful enhancements to the Studio platform, including the AI visual sitemap and wireframe generator and Figma integration among new advanced design capabilities,” said Avishai Abrahami, Wix Co-founder and CEO. “2025 is poised to reimagine and expand the Self Creator experience with the launch of two transformative products planned for the spring and early fall. I strongly believe that these will deliver immense value to users and, in turn, accelerate Self Creator growth to double-digits in the years to come. We’re thrilled about these strategic enhancements, which are set to propel our business forward and establish a powerful foundation for the years ahead.”

“We wrapped 2024 with accelerated growth and profitability, driven by successful execution of our product roadmap and pricing strategy as well as strong business fundamentals,” added Lior Shemesh, CFO at Wix. “With AI usage ramping from our growing suite of innovations and Studio continuing to win market share, we anticipate these to be even bigger growth engines in 2025 and beyond. Solid growth will be coupled with incremental efficiencies from new internal AI initiatives and a stable operating base, enabling us to continue to expand margins and set new profitability records. The high end of our outlook puts us at Rule of 45 in 2025 as we continue to prioritize balancing profitable growth through best-in-class innovation and steadfast execution.”

Q4 2024 Financial Results

Total revenue in the fourth quarter of 2024 was $460.5 million, up 14% y/y
- Creative Subscriptions revenue in the fourth quarter of 2024 was $329.7 million, up 11% y/y
- Creative Subscriptions ARR increased to $1.343 billion as of the end of the quarter, up 13% y/y
Business Solutions revenue in the fourth quarter of 2024 was $130.7 million, up 21% y/y
- Transaction revenue³ was $57.1 million, up 23% y/y
Partners revenue⁴ in the fourth quarter of 2024 was $168.1 million, up 29% y/y
Total bookings in the fourth quarter of 2024 were $464.6 million, up 18% y/y
- Total bookings on a y/y constant currency basis were $466.2 million
- Creative Subscriptions bookings in the fourth quarter of 2024 were $325.2 million, up 15% y/y
- Business Solutions bookings in the fourth quarter of 2024 were $139.4 million, up 25% y/y
Total gross margin on a GAAP basis in the fourth quarter of 2024 was 69%
- Creative Subscriptions gross margin on a GAAP basis was 84%
- Business Solutions gross margin on a GAAP basis was 30%
Total non-GAAP gross margin in the fourth quarter of 2024 was 70%
- Creative Subscriptions gross margin on a non-GAAP basis was 85%
- Business Solutions gross margin on a non-GAAP basis was 32%
GAAP net income in the fourth quarter of 2024 was $48.0 million, or $0.86 per basic share or $0.80 per diluted share
Non-GAAP net income in the fourth quarter of 2024 was $117.1 million, or $2.10 per basic share or $1.93 per diluted share
Net cash provided by operating activities for the fourth quarter of 2024 was $133.7 million, while capital expenditures totaled $2.0 million, leading to free cash flow of $131.8 million

FY 2024 Financial Results

Total revenue for the full year 2024 was $1.761 billion, up 13% y/y
- Creative Subscriptions revenue for the full year 2024 was $1.265 billion, up 10% y/y
- Business Solutions revenue for the full year 2024 was $495.7 million, up 21% y/y
  - Transaction revenue³ was $214.9 million, up 21% y/y
Partners revenue⁴ for the full year 2024 was $610.1 million, up 30% y/y
Total bookings for the full year 2024 were $1.830 billion, up 15% y/y
- Creative Subscriptions bookings for the full year 2024 were $1.315 billion, up 12% y/y
- Business Solutions bookings for the full year 2024 were $514.6 million, up 22% y/y
Total gross margin on a GAAP basis for the full year 2024 was 68%
- Creative Subscriptions gross margin on a GAAP basis was 83%
- Business Solutions gross margin on a GAAP basis was 29%
Total non-GAAP gross margin for the full year 2024 was 69%
- Creative Subscriptions gross margin on a non-GAAP basis was 84%
- Business Solutions gross margin on a non-GAAP basis was 30%
GAAP net income for the full year 2024 was $138.3 million, or $2.49 per basic share or $2.36 per diluted share
Non-GAAP net income for the full year 2024 was $383.3 million, or $6.90 per basic share or $6.39 per diluted share
Net cash provided by operating activities for the full year 2024 was $497.4 million, while capital expenditures totaled $19.3 million, leading to free cash flow of $478.1 million
Excluding the capex investment associated with our new headquarters office build out, free cash flow¹ for the full year 2024 would have been $488.4 million, or 28% of revenue
Executed $466 million in repurchases of ordinary shares in 2024 as we remained committed to share count management and returning value to shareholders
Finished full year 2024 with 6.2 million total premium subscriptions as of December 31, 2024
Registered users as of December 31, 2024 were over 282 million
Total employee count as of December 31, 2024 was 5,283

____________________
^{1 Free cash flow excluding expenses associated with the buildout of our new corporate headquarters.}
^{2 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of Q3 2024.}
^{3 Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments, as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions.}
^{4 Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users (“Agencies”) as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint (“Resellers”). We identify Agencies using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions and Business Solutions businesses.}

Financial Outlook

We expect another year of robust bookings and revenue growth powered by existing key growth initiatives and ongoing product enhancements against a stable and positive demand environment:

With Studio continuing to outperform and AI usage and conversion benefits ramping, we anticipate these initiatives to be even bigger growth engines in 2025
We are continuously testing and rolling out product enhancements as well as new strategic initiatives, which are driving demonstrable added value to users. As a result, we expect incremental ARPS and conversion improvements.
We expect top-line contribution from those enhancements and initiatives already rolled out and underway to layer in as we progress through the year, resulting in accelerated growth in 2H. This acceleration is anticipated for both revenue and bookings, even as bookings fully laps pricing tailwinds in mid-Q1’25.

While confident the new products in our pipeline, particularly the meaningful Self Creator offerings coming this year, will drive medium-term growth, we are incorporating almost no contribution from new products into our 2025 forecast.

As a global company with ~40% of revenue derived in non-US dollar currencies, we began to experience adverse effects from outsized changes in FX rates beginning mid-Q4 and continuing YTD, particularly the US dollar to Euro and British pound exchange rates. Assuming late January spot rates, we anticipate strong FX headwinds to 2025 outlook.

As such, we provide outlook for the year and the first quarter on both as-reported and constant currency bases.

	As-reported	As-reported growth y/y	FX impact	Constant currency growth y/y
Full year 2025
Bookings	$2,025 – 2,060 million	11 – 13%	~$45 million	13 – 15%
Revenue	$1,970 – 2,000 million	12 – 14%	~$34 million	14 – 16%
Free cash flow	$590 – 610 million	30 – 31% margin	~$25 million	31 – 32% margin
Q1’25
Revenue	$469 – 473 million	12 – 13%	~$6 million	13 – 14%

With a meaningful portion of our operating expenses denominated in non-US currencies, the strengthening US dollar is expected to drive a modest benefit to 2025 expenses. As a result, the net FX impact on free cash flow is expected to be smaller than the anticipated top-line headwinds.

We believe our strong commitment to sustained top-line momentum and translating growth into additional operating leverage puts us on track to achieve Rule of 45 in 2025 at the high end of our outlook.

Conference Call and Webcast Information

Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, February 19, 2025. A live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at https://investors.wix.com/.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform¹ to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

For more about Wix, please visit our Press Room
Media Relations Contact: PR@wix.com

Non-GAAP Financial Measures and Key Operating Metrics

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow on a constant currency basis, free cash flow, as adjusted, free cash flow margins, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the “Non-GAAP financial measures”). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Bookings and Creative Subscriptions Bookings are also presented on a further non-GAAP basis by excluding, in each case, bookings associated with long term B2B partnership agreements. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude one-time cash restructuring charges and the capital expenditures and other expenses associated with the buildout of our new corporate headquarters. Free cash flow margins represent free cash flow divided by revenue. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow, as adjusted, bookings, cumulative cohort bookings, non-GAAP gross margin, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company’s control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) the total monthly revenue of all Creative Subscriptions in effect on the last day of the period, other than domain registrations; (ii) the average revenue per month from domain registrations multiplied by all registered domains in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements including enterprise partners.

Forward-Looking Statements

This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our expectation that we will be able to attract and retain registered users and partners, and generate new premium subscriptions, in particular as we continuously adjust our marketing strategy and as the macro-economic environment continues to be turbulent; our expectation that we will be able to increase the average revenue we derive per premium subscription, including through our partners; our expectation that new products and developments, as well as third-party products we will offer in the future within our platform, will receive customer acceptance and satisfaction, including the growth in market adoption of our online commerce solutions and our Wix Studio product; our expectations regarding our ability to develop relevant and required products using artificial intelligence (“AI”), the regulatory environment impacting AI and AI-related activities, including privacy and intellectual property, and potential competitive impacts from AI tools; our assumption that historical user behavior can be extrapolated to predict future user behavior, in particular during turbulent macro-economic environments; our prediction of the future revenues and/or bookings generated by our user cohorts and our ability to maintain and increase such revenue growth, as well as our ability to generate and maintain elevated levels of free cash flow and profitability; our expectation to maintain and enhance our brand and reputation; our expectation that we will effectively execute our initiatives to improve our user support function through our Customer Care team, and continue attracting registered users and partners, and increase user retention, user engagement and sales; our ability to successfully localize our products, including by making our product, support and communication channels available in additional languages and to expand our payment infrastructure to transact in additional local currencies and accept additional payment methods; our expectation regarding the impact of fluctuations in foreign currency exchange rates, interest rates, potential illiquidity of banking systems, and other recessionary trends on our business; our expectations relating to the repurchase of our ordinary shares and/or Convertible Notes pursuant to our repurchase program; our expectation that we will effectively manage our infrastructure; our expectation to comply with AI, privacy, and data protection laws and regulations as well as contractual privacy and data protection obligations; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues, as well as our ability to achieve and maintain profitability; our expectations regarding changes in the global, national, regional or local economic, business, competitive, market, and regulatory landscape, including as a result of Israel-Hamas war and/or the Israel-Hezbollah hostilities and/or the Ukraine-Russia war and any escalations thereof and potential for wider regional instability and conflict; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; our expectations with respect to the integration and performance of acquisitions; our ability to attract and retain qualified employees and key personnel; and our expectations about entering into new markets and attracting new customer demographics, including our ability to successfully attract new partners large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 22, 2024. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Wix.com Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP
(In thousands, except loss per share data)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Revenues
Creative Subscriptions	$	329,732	$	296,154	$	1,264,975	$	1,152,007
Business Solutions	130,723		107,617		495,675		409,658
	460,455		403,771		1,760,650		1,561,665

Cost of Revenues
Creative Subscriptions	52,671		52,794		213,422		215,515
Business Solutions	90,965		73,319		351,213		297,013
	143,636		126,113		564,635		512,528

Gross Profit	316,819		277,658		1,196,015		1,049,137

Operating expenses:
Research and development	127,186		125,743		495,281		481,293
Selling and marketing	106,629		103,642		425,457		399,577
General and administrative	46,984		43,401		175,136		160,033
Impairment, restructuring and other costs	–		3,103		–		32,614
Total operating expenses	280,799		275,889		1,095,874		1,073,517
Operating income (loss)	36,020		1,769		100,141		(24,380)
Financial income, net	16,355		6,461		51,820		62,474
Other income (expenses), net	(94)		44		(36)		(255)
Income before taxes on income	52,281		8,274		151,925		37,839
Income tax expenses	4,257		5,320		13,603		4,702
Net income	$	48,024	$	2,954	$	138,322	$	33,137

Basic net income per share	$	0.86	$	0.05	$	2.49	$	0.58
Basic weighted-average shares used to compute net income per share	55,786,201		57,317,815		55,579,368		56,829,962

Diluted net income per share	$	0.80	$	0.05	$	2.36	$	0.57
Diluted weighted-average shares used to compute net income per share	60,648,791		59,085,757		59,953,371		58,403,037

Wix.com Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)


	December 31,		December 31,
	2024		2023
Assets	(unaudited)		(audited)
Current Assets:
Cash and cash equivalents	$	660,939	$	609,622
Short-term deposits		106,844		212,709
Restricted deposits		773		2,125
Marketable securities		338,593		140,563
Trade receivables		46,166		57,394
Prepaid expenses and other current assets		126,887		47,792
Total current assets		1,280,202		1,070,205

Long-Term Assets:
Prepaid expenses and other long-term assets		27,021		34,296
Property and equipment, net		128,155		136,928
Marketable securities		6,135		64,806
Intangible assets, net		22,141		28,010
Goodwill		49,329		49,329
Operating lease right-of-use assets		399,861		420,562
Total long-term assets		632,642		733,931

Total assets	$	1,912,844	$	1,804,136

Liabilities and Shareholders’ Deficiency
Current Liabilities:
Trade payables	$	48,003	$	38,305
Employees and payroll accruals		142,007		56,581
Deferred revenues		661,171		592,608
Current portion of convertible notes, net		572,880		–
Accrued expenses and other current liabilities		63,246		76,556
Operating lease liabilities		27,907		24,981
Total current liabilities		1,515,214		789,031
Long Term Liabilities:
Long-term deferred revenues		89,271		83,384
Long-term deferred tax liability		1,965		7,167
Convertible notes, net		–		569,714
Other long-term liabilities		16,021		7,699
Long-term operating lease liabilities		369,159		401,626
Total long-term liabilities		476,416		1,069,590

Total liabilities		1,991,630		1,858,621

Shareholders’ Deficiency
Ordinary shares		107		110
Additional paid-in capital		1,840,574		1,539,952
Treasury Stock		(1,025,167)		(558,875)
Accumulated other comprehensive loss		7,242		4,192
Accumulated deficit		(901,542)		(1,039,864)
Total shareholders’ deficiency		(78,786)		(54,485)

Total liabilities and shareholders’ deficiency	$	1,912,844	$	1,804,136

Wix.com Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
OPERATING ACTIVITIES:
Net income	$	48,024	$	2,954	$	138,322	$	33,137
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		6,278		6,725		25,246		20,492
Amortization		1,460		1,488		5,869		5,954
Share based compensation expenses		61,801		58,195		240,721		224,625
Amortization of debt discount and debt issuance costs		793		789		3,166		4,194
Changes in accrued interest and exchange rate on short term and long term deposits		(635)		(586)		852		(2,415)
Non-cash impairment, restructuring and other costs		–		3,567		–		26,699
Amortization of premium and discount and accrued interest on marketable securities, net		(7,838)		4,237		(13,381)		8,346
Remeasurement loss (gain) on Marketable equity		–		(10,296)		(3,367)		(30,608)
Changes in deferred income taxes, net		(7)		(2,035)		(5,196)		(8,784)
Changes in operating lease right-of-use assets		4,351		7,174		24,246		27,231
Changes in operating lease liabilities		(2,821)		16,701		(33,086)		(31,333)
Loss on foreign exchange, net		2,471		–		3,906		–
Decrease (increase) in trade receivables		4,058		(2,794)		11,228		(15,308)
Decrease in prepaid expenses and other current and long-term assets		(63,684)		(10,845)		(76,963)		(20,105)
Increase (decrease) in trade payables		17,329		15,120		12,893		(52,455)
Increase (decrease) in employees and payroll accruals		66,407		(8,307)		85,426		(29,532)
Increase in short term and long term deferred revenues		1,609		2,788		74,450		76,193
Increase (decrease) in accrued expenses and other current liabilities		(5,860)		5,505		3,083		11,915
Net cash provided by operating activities		133,736		90,380		497,415		248,246
INVESTING ACTIVITIES:
Proceeds from short-term deposits and restricted deposits		97,051		131,754		276,697		625,495
Investment in short-term deposits and restricted deposits		(25,540)		(99,725)		(170,332)		(297,917)
Investment in marketable securities		–		(2,607)		(267,209)		(6,732)
Proceeds from marketable securities		15,000		33,690		125,176		250,960
Purchase of property and equipment and lease prepayment		(1,562)		(9,582)		(17,813)		(63,021)
Capitalization of internal use of software		(401)		(408)		(1,523)		(3,028)
Investment in other assets		–		–		–		(111)
Proceeds from investment in other assets	$	–		–	$	550		–
Proceeds from sale of equity securities		–		19,203		22,148		68,671
Purchases of investments in privately held companies		(1,000)		(76)		(3,160)		(7,603)
Net cash provided by investing activities		83,548		72,249		(35,466)		566,714
FINANCING ACTIVITIES:
Proceeds from exercise of options and ESPP shares		6,692		898		59,576		39,660
Purchase of treasury stock		–		(58,698)		(466,302)		(127,017)
Repayment of convertible notes		–		–		–		(362,667)
Net cash provided by (used in) financing activities		6,692		(57,800)		(406,726)		(450,024)
Effect of exchange rates on cash, cash equivalent and restricted cash		(2,471)		–		(3,906)		–
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		221,505		104,829		51,317		364,936
CASH AND CASH EQUIVALENTS—Beginning of period		439,434		504,793		609,622		244,686
CASH AND CASH EQUIVALENTS—End of period	$	660,939	$	609,622	$	660,939	$	609,622

Wix.com Ltd.
KEY PERFORMANCE METRICS
(In thousands)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Creative Subscriptions		329,732		296,154		1,264,975		1,152,007
Business Solutions		130,723		107,617		495,675		409,658
Total Revenues	$	460,455	$	403,771	$	1,760,650	$	1,561,665

Creative Subscriptions		325,203		283,501		1,315,445		1,174,776
Business Solutions		139,389		111,503		514,607		422,727
Total Bookings	$	464,592	$	395,004	$	1,830,052	$	1,597,503

Free Cash Flow	$	131,773	$	80,390	$	478,079	$	182,197
Free Cash Flow excluding HQ build out and restructuring costs	$	131,773	$	90,125	$	488,404	$	246,058
Creative Subscriptions ARR	$	1,343,070	$	1,192,814	$	1,343,070	$	1,192,814


Wix.com Ltd.
RECONCILIATION OF REVENUES TO BOOKINGS
(In thousands)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Revenues	$	460,455	$	403,771	$	1,760,650	$	1,561,665
Change in deferred revenues		1,609		2,788		74,450		76,193
Change in unbilled contractual obligations		2,528		(11,555)		(5,048)		(40,355)
Bookings	$	464,592	$	395,004	$	1,830,052	$	1,597,503

Y/Y growth		18%				15%


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Creative Subscriptions Revenues	$	329,732	$	296,154	$	1,264,975	$	1,152,007
Change in deferred revenues		(7,057)		(1,098)		55,518		63,124
Change in unbilled contractual obligations		2,528		(11,555)		(5,048)		(40,355)
Creative Subscriptions Bookings	$	325,203	$	283,501	$	1,315,445	$	1,174,776

Y/Y growth		15%				12%

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Business Solutions Revenues	$	130,723	$	107,617	$	495,675	$	409,658
Change in deferred revenues		8,666		3,886		18,932		13,069
Business Solutions Bookings	$	139,389	$	111,503	$	514,607	$	422,727

Y/Y growth		25%				22%


Wix.com Ltd.
RECONCILIATION OF COHORT BOOKINGS
(In millions)
					Year Ended
					December 31,
					2024		2023
					(unaudited)
Q1 Cohort revenues					$	45	$	45
Q1 Change in deferred revenues						16		15
Q1 Cohort Bookings					$	61	$	60


Wix.com Ltd.
RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT
(In thousands)
					Three Months Ended
					December 31,
					2024		2023
					(unaudited)
Revenues					$	460,455	$	403,771
FX impact on Q4/24 using Y/Y rates						(110)		–
Revenues excluding FX impact					$	460,345	$	403,771

Y/Y growth						14%

					Three Months Ended
					December 31,
					2024		2023
					(unaudited)
Bookings					$	464,592	$	395,004
FX impact on Q4/24 using Y/Y rates						1,600		–
Bookings excluding FX impact					$	466,192	$	395,004

Y/Y growth						18%


Wix.com Ltd.
TOTAL ADJUSTMENTS GAAP TO NON-GAAP
(In thousands)


	Three Months Ended				Year Ended
	December 31,				December 31,
		2024		2023		2024		2023
(1) Share based compensation expenses:	(unaudited)				(unaudited)
Cost of revenues	$	3,466	$	3,675	$	14,146	$	15,013
Research and development		32,320		31,982		126,462		119,482
Selling and marketing		9,625		11,232		38,755		41,277
General and administrative		16,390		11,306		61,358		48,853
Total share based compensation expenses		61,801		58,195		240,721		224,625
(2) Amortization		1,834		1,488		6,243		5,954
(3) Acquisition related expenses		–		9		6		472
(4) Amortization of debt discount and debt issuance costs		793		789		3,166		4,194
(5) Impairment, restructuring and other costs		–		3,103		–		32,614
(6) Sales tax accrual and other G&A expenses		881		137		1,464		748
(7) Unrealized loss (gain) on equity and other investments		–		(10,296)		(2,536)		(30,608)
(8) Non-operating foreign exchange income		3,767		15,287		(4,703)		1,499
(9) Provision for income tax effects related to non-GAAP adjustments		–		2,368		583		(4,337)
Total adjustments of GAAP to Non GAAP	$	69,076	$	71,080	$	244,944	$	235,161



Wix.com Ltd.
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
(In thousands)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Gross Profit	$	316,819	$	277,658	$	1,196,015	$	1,049,137
Share based compensation expenses		3,466		3,675		14,146		15,013
Acquisition related expenses		–		5		–		229
Amortization		667		667		2,669		2,669
Non GAAP Gross Profit		320,952		282,005		1,212,830		1,067,048

Non GAAP Gross margin		70%		70%		69%		68%


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Gross Profit – Creative Subscriptions	$	277,061	$	243,360	$	1,051,553	$	936,492
Share based compensation expenses		2,482		2,695		10,232		11,081
Non GAAP Gross Profit – Creative Subscriptions		279,543		246,055		1,061,785		947,573

Non GAAP Gross margin – Creative Subscriptions		85%		83%		84%		82%


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Gross Profit – Business Solutions	$	39,758	$	34,298	$	144,462	$	112,645
Share based compensation expenses		984		980		3,914		3,932
Acquisition related expenses		–		5		–		229
Amortization		667		667		2,669		2,669
Non GAAP Gross Profit – Business Solutions		41,409		35,950		151,045		119,475

Non GAAP Gross margin – Business Solutions		32%		33%		30%		29%


Wix.com Ltd.
RECONCILIATION OF OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME
(In thousands)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024			2023
	(unaudited)				(unaudited)
Operating income (loss)	$	36,020	$	1,769	$	100,141	$	(24,380)
Adjustments:
Share based compensation expenses		61,801		58,195		240,721		224,625
Amortization		1,834		1,488		6,243		5,954
Impairment, restructuring and other charges		–		3,103		–		32,614
Sales tax accrual and other G&A expenses		881		137		1,464		748
Acquisition related expenses		–		9		6		472
Total adjustments	$	64,516	$	62,932	$	248,434	$	264,413

Non GAAP operating income	$	100,536	$	64,701	$	348,575	$	240,033

Non GAAP operating margin		22%		16%		20%		15%


Wix.com Ltd.
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE
(In thousands, except per share data)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Net income	$	48,024	$	2,954	$	138,322	$	33,137
Share based compensation expenses and other Non GAAP adjustments		69,076		71,080		244,944		235,161
Non-GAAP net income$	$	117,100	$	74,034	$	383,266	$	268,298

Basic Non GAAP net income per share	$	2.10	$	1.29	$	6.90	$	4.72
Weighted average shares used in computing basic Non GAAP net income per share		55,786,201		57,317,815		55,579,368		56,829,962

Diluted Non GAAP net income per share	$	1.93	$	1.22	$	6.39	$	4.39
Weighted average shares used in computing diluted Non GAAP net income per share		60,648,791		60,512,505		59,953,371		61,106,462


Wix.com Ltd.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Net cash provided by operating activities	$	133,736	$	90,380	$	497,415	$	248,246
Capital expenditures, net		(1,963)		(9,990)		(19,336)		(66,049)
Free Cash Flow	$	131,773	$	80,390	$	478,079	$	182,197

Restructuring and other costs		–		1,411		–		5,915
Capex related to HQ build out		–		8,324		10,325		57,946
Free Cash Flow excluding HQ build out and restructuring costs	$	131,773	$	90,125	$	488,404	$	246,058

Attachments

The MIL Network –

February 19, 2025

MIL-OSI New Zealand: ‘A peaceful, prosperous, democratic Pacific’

Source: New Zealand Government

Good Evening

Let us begin by acknowledging Professor David Capie and the PIPSA team for convening this important conference over the next few days. Whenever the Pacific Islands region comes together, we have a precious opportunity to share perspectives and learn from each other. That is especially true in our region, where distances between us are large.

We acknowledge, too, members of the Diplomatic Corps, Parliamentary colleagues, distinguished guests, ladies and gentlemen.

New Zealand’s place in the world
New Zealand, as a country, has a myriad of influences. We have enduringly strong connections – for reasons of history, migration and foreign policy alignment – to our traditional partners of Australia, the United States, the United Kingdom, and Canada.

First and foremost, among these is Australia, New Zealand’s one formal ally, and our closest and most likeminded partner. We cooperate extremely closely with Australia, in the Pacific and around the world.

We are increasingly integrated socially, economically and strategically into Asia, with large and increasing Asian communities here in New Zealand and ever closer diplomatic relationships in South, South East, and North East Asia.

At the same time, the starting point for understanding how New Zealand views the Pacific is the following, very simple statement: New Zealand is a Pacific Island country, linked by geography, history, culture, politics, demography and indeed DNA.

Fully 1.3 million New Zealanders, or about one-in-four of us are in full or part Polynesian, Melanesian or Micronesian, with either Māori heritage or relatives or ancestors from other Pacific islands.

Auckland is home to more Polynesians than any other city. Around the same number of Samoans and Tongans live in New Zealand as do in Samoa and Tonga. Vastly more Cook Islanders, Niueans and Tokelauans live in New Zealand than back in their homelands.

The original discovery and settlement of the Pacific Islands, including New Zealand, is one of the most remarkable stories of exploration in human history. The late New Zealand historian Michael King compared it to space exploration as both were voyages into the unknown.

But Pacific navigation is arguably even more remarkable because the canoes that set out from the Asian landmass knew not where they would land, nor when, nor indeed if they would find any new territory.

But find land they did, as they forged new identities and societies on atolls and islands that today stand as a testament to their imagination, endurance and the resilience to overcome formidable challenges of distance, geography, demography, and resource scarcity.

Last year, we had the enormous privilege of visiting almost all of those island nations spread across our vast Blue Continent. So, this evening we’d like to share some reflections about the Pacific, within the context of New Zealand’s Foreign Policy Reset.

We note, too, your conference theme, which raises the question of whether the Pacific Islands are a zone of peace or ocean of discontent. In 1520, the great Portuguese explorer Ferdinand Magellan named this massive body of water the Pacific, due to its calmness – Pacific meaning peaceful. Ironically, it didn’t end that way for him, or some of his crew, so your conference theme holds both historical justification and appeal.

An active, engaged Pacific policy
When we again took on the role of New Zealand Foreign Minister in November 2023, we were determined to put the Pacific at the forefront of an energetic, engaged and active New Zealand foreign policy once more. This lay behind our decision to undertake the most ambitious, intensive year of Pacific diplomacy in New Zealand history.

Never before has a New Zealand political leader tried to spend time in all 18 member countries of the Pacific Islands Forum in a single year. But try we did: meeting the many diverse peoples scattered across this vast, beautiful blue continent.

As often as we were able, we took Parliamentary colleagues from across the spectrum of New Zealand’s political parties to reinforce that our friendship is bipartisan, enduring and long-term.

The purpose of all these discussions was to take the pulse of the region. As a democratic country operating in a democratic region, New Zealand is driven in our Pacific policy by three foundational questions focused on our region’s people:

Is what New Zealand is doing in the region reflective of what the people of the Pacific Islands want and need?
Are we effectively supporting the prosperity and security of Pacific Island peoples?; and
Are we undertaking and explaining this work in a way which maintains New Zealanders’ support for our objectives in the region?

When describing our observations of last year’s travel, an obvious starting point is the unimaginable vastness of our region. It is a massive ocean, covering over 30 percent of the Earth’s surface.

While in the Marshall Islands, Micronesia and Palau, we learned of the logistical difficulties they faced in getting to last year’s Pacific Islands Forum in Tonga. We decided on the spot to offer the use of one of our 757 aircraft to take Micronesian leaders to and from Nuku’alofa. We have also announced, over the past year, significant investment in digital connectivity in the Pacific, alongside such partners as the Australia, Taiwan, United States and Japan.

Connecting all members of the Pacific family is vital given the huge, isolating physical distances between us. But because we believe that all Pacific voices are important and that talanoa – coming together for dialogue – must be regular and meaningful, we were happy to facilitate their coming together in Nuku’alofa.

Why? Because Pacific regionalism sits at the core of our Pacific approach, with the Pacific Islands Forum at its centre. We are a region with challenging issues that can polarise us, such as deep seabed mining and how best to manage strategic competition. The Forum plays a critical role in helping us to form a cohesive approach, resolve differences, bolster regional development and security, and use our collective voice to hold bigger countries to account.

The Blue Continent’s challenges
We have also reflected on how the Blue Pacific Continent and its peoples face a multitude of challenges. Our region is faced with the sharpest strategic competition it has confronted since World War 2 ended almost eighty years ago. As we face external pushes into our region to coerce, cajole and constrain, we must stand together as a region – always remembering that we are strongest when we act collectively to confront security and strategic challenges.

Climate change is a great threat facing the Pacific and we are at the global forefront of disaster risk exposure. Our ambition is that all Pacific peoples remain resilient to the impacts of climate change and other disasters and that New Zealand can support building resilience in practical ways.

Fisheries are vital to the economies, livelihoods, food security, and social and cultural wellbeing of many Pacific Island countries and is a crucial source of government revenue. But they face several complex interrelated and transboundary issues, such as illegal, unreported and unregulated fishing and the management of migratory fish species.

After years of volatility, the long-term growth trajectory risks settling well below pre-COVID averages for Pacific Island countries. Increasing investment, building fiscal and climate resilience, and improving the access to finance and greater regional connectivity will be key to improving long-run growth prospects in the Pacific.

Answering to the people
One truism that runs through our three stints as Foreign Minister is this: there are no votes in it. Struggling New Zealand taxpayers and their families find it difficult to understand why their government is handing out multi-million-dollar aid grants overseas.

Foreign policy practitioners and academics may focus intently on our obligations to New Zealand’s development partners and the way we conduct our relations with them. But the bottom line is that we are accountable first and foremost to the New Zealand taxpayer.
During our three tenures as Foreign Minister, we have demonstrated a staunch commitment to a well-resourced New Zealand development programme with a predominant focus on the Pacific.

Few New Zealand Governments have gone to the wire to significantly lift the size of our international development programme as a proportion of New Zealand’s Gross National Income. One was Norman Kirk’s Government in the 1970s. Two others were during my two previous terms as Foreign Minister.

In short, we have been determined to use all of our influence and all of our negotiating power to get the best possible New Zealand development programme for the Pacific.

And while times are very tough here at home right now, we will continue to advocate with our Cabinet colleagues and the New Zealand people for the importance of an active Pacific policy and a properly-resourced international agenda – whether in defence, foreign policy, or development. That’s what is right for New Zealand and it’s what is in the best interests of the Pacific.

We will never apologise for directly connecting New Zealand’s security and prosperity to the security and prosperity of the region and world around us.
The Coalition Government’s Foreign Policy Reset established a new strategic direction for New Zealand, including for our international development programme, with an emphasis on sustaining our deep focus on the Pacific.

As part of ensuring our accountability to the New Zealand taxpayer, last year the Ministry of Foreign Affairs and Trade undertook a review of our development programme to gauge alignment with government priorities and assess its overall impact and efficiency. A report on the review’s findings is being released today.

The review found that while our development is generally aligned with Government priorities, some reshaping and streamlining is required. In short, we will achieve more impact by doing fewer, bigger, projects better. This work is already under way.

Our predominant focus remains on the Pacific, where we will be working with partners including the United States, Australia, Japan and in Europe to more intensively leverage greater support for the region. We will maintain the high tempo of political engagement across the Pacific to ensure alignment between our programme and New Zealand and partner priorities. And we will work more strategically with Pacific Governments to strengthen their systems, so they can better deliver the services their people need.

Greater development funding is being devoted to South East Asia to meet our ambition for closer relations overall with this important region. We have also increased humanitarian funding in response to the scale of need regionally and globally. And we have reduced multilateral funding, to focus on those partners who make the most concrete impact.

We see this work of reshaping our development programme as part of meeting our obligation to the New Zealand taxpayers whose continuing support underpins its social licence.

Friendship, challenges and dialogue
Over the decades, our Pacific-oriented foreign policy has been defined as much by our actions as our words. We are there in times of need, whether in response to natural disasters, helping with budget support during fiscal emergencies, spurring economic development, or helping to resolve conflicts.

Our 2018 Pacific Reset emphasised that exhibiting friendship in all our engagements was the cornerstone of our Pacific foreign policy orientation. What does friendship in that context mean?

It means we are honest, empathetic, trustful and respectful through frequent engagement. And it means having frank and open conversations with our Pacific counterparts.

Over the past year, we have consistently stressed that we see all states as equal, whatever their size. We are guided by the mutual respect and trust that has grown over time between New Zealand and other Pacific Island countries. A second theme that has run through all our public engagements is just how important diplomacy is in our troubled world.

New Zealand has faced two isolated challenges in the past twelve months in our relations with the Pacific. In these two very different cases, our accountability to our taxpayers and our fidelity to promoting the interests of Pacific peoples throughout the region require that we explain openly what has taken place.

Of the 18 Pacific Islands Forum member countries, the only one we did not spend time in during the past year was Kiribati. That was not for a lack of trying.

For more than a year we respected Kiribati’s preference to avoid outside engagement. But with over $100 million of development assistance committed to Kiribati over the past three years, we had to review the status of existing projects and understand Kiribati’s ongoing development needs. After all, we all have to negotiate with our Ministers of Finance.

This requirement was urgent given our own budget cycle and the need to make decisions about how future development spending is allocated in Micronesian countries and across the region for the next three years.

So, we were pleased when a visit to Kiribati was finally scheduled for January 2025. We began organising our cross-party Parliamentary group to visit Tarawa. Then, with about a week to go, we were told President Maamau, who is also my counterpart as Kiribati’s Foreign Affairs Minister, would no longer meet with our delegation.
We made public our regret and concern, as well as our consequent decision to review our development programme to Kiribati. We are accountable to the worker in Kaitaia, the builder in Gore, and the farmer in the Waikato for the spending of taxpayer money, and we felt it important to express our concerns openly and transparently.

At the same time, we have a long-standing relationship with the Kiribati people, which has overcome previous challenges. We will weather this one too.

We have made clear that we are still working towards meaningful dialogue with Kiribati’s President and Foreign Minister, whether in Kiribati, New Zealand or elsewhere in the region. We are taking positive steps towards that goal in coming weeks.

The second isolated challenge we have faced has been developments in our relationship with the Cook Islands Government. Unlike the people of Samoa, the people of the Cook Islands have never opted for their country to be fully independent from New Zealand – though they are of course always free to choose to do so.

Rather, they have opted since 1965 to be in free association with New Zealand. This means that New Zealand is bound constitutionally to the Cook Islands by sharing the King of New Zealand as a head of state, a common, single citizenship and passport, as well as by shared values and interests.

Over the past 60 years, New Zealand has taken very seriously its obligations and commitments to the Cook Islands people. Every year we deliver for the Cook Islands people in areas as broad as health and education, economic development, defence and security, good governance, resources and environment, and culture and heritage.

The Cook Islands, in exercising self-government, is supported by New Zealand funding and provision of expertise. As long as the Cook Islands remain tied to New Zealand constitutionally, we have an expectation that the Government of the Cook Islands will not seek benefits only available to fully independent states – such as separate passports and citizenship, or membership of the United Nations or the Commonwealth – or pursue policies that are significantly at variance with New Zealand’s interests.

We also have an expectation that New Zealand will be fully and meaningfully consulted on all major international actions that the Cook Islands contemplates that affect our interests.

These are not unreasonable expectations. And they are not new. For example, our Prime Ministers, Norman Kirk in 1973, David Lange in 1986 and Helen Clark in 2001 all expressed these expectations formally.

To use but one example: in 2001, Helen Clark stated that Cook Islanders retained New Zealand citizenship “on the basis that there will continue to be a mutually acceptable standard of values in Cook Islands’ laws and policies”. She again repeated our longstanding position that if full independence from New Zealand was what the Cook Islands people wanted, then they were free to opt for it at any time.

These have been well-established and previously settled understandings between us, although there have been periodic attempts by Cook Islands Prime Ministers to test the boundaries of this constitutional pact.

But our free association relationship in its current form has endured because the overwhelming majority of Cook Islands people have wanted to maintain their New Zealand citizenship and passport and the rights it affords them to the same opportunities and privileges as all other New Zealanders, including in health and education. The wishes of the Cook Islands people are paramount here.

Our explicit advice to Cook Islands Prime Minister Mark Brown and his officials since he first raised the issue with us in July 2024 was that if he proceeded with trying to implement a separate Cook Islands citizenship and passport system then the people of the Cook Islands would risk losing their New Zealand citizenship and passport – an outcome we know is opposed by the vast majority of Cook Islanders.

There is also the matter of the Cook Islands Government’s decision to enter into a Comprehensive Strategic Partnership (CSP) and a number of other agreements with China last week without any meaningful consultation with New Zealand or its own people over either the architecture or details of those deals.

New Zealand and the Cook Islands people remain, as of this evening, in the dark over all but one the agreements signed by China and the Cooks last week.

Given this lack of consultation, the New Zealand Government, once it has seen the text of all of the agreements that were signed, will need to undertake its own careful analysis of how they impact our vital national interests. Only then will we be able to fully gauge the deals’ impact on the relationship between New Zealand and the Cook Islands.

While the connection between the people of the Cook Islands and New Zealand remains resolutely strong, we currently face challenges in the government-to-government relationship.

But this state of affairs – disagreements and debates between the leaders of New Zealand and the Cook Islands – has been a periodic feature of our 60 years of free association. We have always found a way through, guided by the wisdom and wishes of the Cook Islands people.

As then US President Franklin Roosevelt said in 1945, “We shall strive for perfection. We shall not achieve it immediately – but we still shall strive. We may make mistakes – but they must never be mistakes which result from faintness of heart or abandonment of moral principle”.

During 2025, as we celebrate 60 years of free association, we are going to need to reset the government-to-government relationship. We will also need to find a way, as we did in 1973 and 2001, to formally re-state the mutual responsibilities and obligations that we have for one another and the overall parameters and constraints of the free association model.

Resetting and formally re-stating the parameters of the relationship is not a small task. But it is one which we are confident we can meet – powered by the history of goodwill and common bonds between New Zealand and the Cook Islands people.

Another issue on which the region has devoted significant attention over the past year has been New Caledonia – which is, geographically, New Zealand’s closest neighbour. Uncertainty and discord there is obviously something that prompts concern and discussion right around our region.

From the moment of the unrest onwards, New Zealand has been very clear that everyone – no matter their view on New Caledonia’s political status – should agree that violence is not the answer.

The focus must be on dialogue – and finding a new pathway forward on the important issues facing New Caledonia. We had the benefit – working closely with authorities in Paris and Nouméa – to have had a productive visit to New Caledonia in December.

We went there to listen and to learn, and to engage with a very wide range of New Caledonians of all backgrounds. Hearing New Caledonians voice their hopes and dreams for economic development led us to the view that there may be lessons from New Zealand’s own experiences that might be of value.

We hope lessons from New Zealand’s own economic development as a multi-ethnic Pacific Island country can be shared with New Caledonians, who might be able to adapt them to their unique context.

Conclusions
When we reflect on the past year, it is impossible not to be optimistic about this region’s future. As we travelled to places as diverse as Suva, Pohnpei, Alofi, Port Vila, Nauru and Apia, we were struck also by a profound commonality.

Pacific Islanders scattered around our vast, beautiful region all want a brighter, more prosperous and more secure future for their children and for future generations.

As a founding member of the Pacific Islands Forum, and as a Pacific and Polynesian country itself, New Zealand has always been at the forefront of efforts to bring about that future.

Over the past year, we have done our very best to deliver, through words and actions, on New Zealand’s commitment to contribute to a brighter future for all Pacific peoples. This very important work – involving discussion, debate and, yes, sometimes disagreement – will continue.

The Pacific Islands region is a profoundly democratic one. People from every village, town or city in every Pacific Island country have a direct say in how their affairs are run. Just this year, people in six Pacific Islands Forum countries – Australia, the Federated States of Micronesia, Nauru, New Caledonia, Tonga and Vanuatu – are heading to the polls to cast ballots which will help determine the future direction of their countries.

And so it is Pacific peoples’ hopes and aspirations which must drive political leaders and policy makers. Our policies must be responsive and accountable to the perspectives of those we represent.

And no matter the future we face, or the challenges we encounter, we will always be members of the same Pacific family. We inhabit the most vast and breathtaking ocean continent in the world. And as family, we will always find a way forward, together, towards the secure and prosperous future that our people deserve.

Thank you. Kia kaha. Go well.

MIL OSI New Zealand News –

February 19, 2025
MIL-Evening Report: Civics education is at an all-time low in Australia. Mapping our ‘civic journeys’ may help

Source: The Conversation (Au and NZ) – By Brenton Prosser, Professor of Public Policy and Leadership, UNSW Sydney

Although Australia has a strong and proud democracy, it nonetheless faces important challenges.

Among these, youth democratic engagement and civics education have been matters of national concern for more than two decades.

With the latest national curriculum testing showing the lowest levels of civics on record, and a parliamentary inquiry finding that civics education is not working in Australia, it is timely to ask why, after so much attention over so many years, so little has changed.

One of the potential explanations for this is the difficulties researchers face collecting evidence on what works in civics education and engagement programs long-term. The importance of the availability of this evidence for political and policy leaders has been reinforced by calls for a more robust understanding of democratic literacy and civics engagement across the lifecourse.

Importantly, new UK-based research, currently being applied in Australia by UNSW, seeks to address this vital data and decision making gap.

Read more:
Australian students just recorded the lowest civics scores since testing began. But young people do care about politics

Identifying the gaps in democratic evidence

In Australia, there is a well-documented decline in civics education and public trust. However, a common theme in the research is that it is easier to measure decline and disaffection than to identify what works.

While many inspirational initiatives have been publicly and privately funded in Australia, they tend to be siloed, small and difficult to assess.

In the UK, research has revealed that, historically, there had been no clear coordination or alignment of civic learning, engagement, and participation initiatives across national and local government. Moreover, it found there was little long-term commitment to civic initiatives, with many not outliving the relevant government or minister who initiated them.

Prominent recent reports in Australia suggest a similar situation.

Meanwhile, research indicates that fostering democratic participation and resilience is an ongoing process across people’s lives. But how to best gather and use data on this life process remains a challenge.

It is a response to such research and policy challenges that is at the core of the “civic journey” concept.

Effective civics education should go beyond just the school years.
Shutterstock

What are ‘civic journeys’?

The notion of journeys in human experience is not new. Often, education, health and social sectors seek to map client journeys as part of effectiveness and equity analyses. In the civic context, the notion of journey is applied to democratic literacy, civic momentum, transformative action and lifelong engagement. In other words, it’s not just about civics education at school.

The civic journey concept originated in the UK. At its core is an intention to establish “an integrated and high-quality, seamless tapestry of opportunities” to learn about and engage in the democratic process and civic life.

The UK civic journeys initiative has informed research into youth as a fundamental stage in citizens’ life-long journeys. It noted that the opportunity to experience democracy (be citizens) was as important as the education to understand democracy (become citizens) in shaping democratic literacy and participation. But crucially, both were forged during key transitions within childhood and adolescence.

Further, the UK study identified the importance of entry, exit and re-entry into political and civic learning and activity at different points of youth transitions to adulthood and throughout adult life. Put another way, it found that “hot spots” of high engagement, “cold spots” of disengagement and “black spot” openings to extremism all coalesced around major transition points in the life course.

The civic journey approach also highlighted the importance of connecting volunteering and other forms of civic activism with formal approaches to civics education and youth democratic participation. This highlights the importance of linking youth civic socialisation programmes in schools, local communities, and online.

When understood and mapped, these points can be prioritised for attention.

A uniquely Australian approach to civic journeys

The adaptation of civic journeys for research and policy provides an important opportunity. With its focus around collecting data on outcomes, it helps identify what works in the democratic experiences of citizens at different stages of their lives. When applied to the full life course, it supports the most effective allocation of public resources to interventions.

The civic journey metaphor also helps guide future work in this space. Such an approach could support governments with their interest in better coordination, design and funding of long-term data to identify the best initiatives.

There is also the potential to apply the civic journey concept in a multicultural context. Civic journeys can be used as a lens to examine the diverse journeys in and between different cultural groups to help preempt and mitigate disruption. This in turn helps build a collective democratic journey. Further, it could be used to identify the “black spots” and reduce exposure to alienation or extremism.

In summary, the civic journeys approach has significant potential to better understand and shape the individual and collective experiences of Australians across the life course. It can also help build a national narrative underpinning ongoing work to further strengthen Australia’s civics education and democracy.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Civics education is at an all-time low in Australia. Mapping our ‘civic journeys’ may help – https://theconversation.com/civics-education-is-at-an-all-time-low-in-australia-mapping-our-civic-journeys-may-help-250138

MIL OSI Analysis – EveningReport.nz –

February 19, 2025
MIL-OSI Australia: 45-2025: *Update* Scheduled Outage: Thursday 20 February to Friday 21 February 2025 – Multiple Systems
Source: Australia Government Statements – Agriculture

19 February 2025

Who does this notice affect?

All clients submitting the below declarations:
- Full Import Declaration (FID)
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Approved arrangements operators, customs brokers, importers, manned depots, and freight forwarders who are required to book and manage…

MIL OSI News –
February 19, 2025
MIL-OSI China: Chinese industry association opposes additional US tariffs on aluminum

Source: China State Council Information Office

The China Nonferrous Metals Industry Association on Tuesday expressed strong dissatisfaction with and firm opposition to the U.S. government’s move to impose additional tariffs on aluminum products.

The U.S. government on Feb. 10 announced that it will adjust tariffs on certain steel and aluminum imports, with the U.S. Federal Register revealing the tariff adjustment plans in recent days.

The association made its statement in response to the U.S. move. It noted that the aluminum industry plays a crucial role in the global supply chain, and that the U.S. move is set to disrupt the balance of supply and demand in the global aluminum industry and related sectors, leading to price volatility and impacting the interests of global aluminum producers, traders, consumers and related supply chain enterprises.

This case of U.S. unilateralism and protectionism aims to seek “protective umbrellas” and “safe havens” for the U.S. aluminum industry’s technological shortcomings, low energy efficiency, high carbon emissions and overall weak competitiveness, the association said.

The U.S. practice has seriously violated the World Trade Organization’s basic principle of promoting fairness and non-discrimination in trade.

The United States, as the world’s largest importer of aluminum products, will see the tariff hikes impact foreign aluminum companies’ exports to the country.

These hikes are expected to raise the costs of importing electrolytic aluminum, aluminum materials and aluminum products significantly for the United States, the association said, adding that ultimately, these costs will be borne by U.S. consumers as they are passed on to the downstream manufacturing sector.

MIL OSI China News –

February 19, 2025
MIL-OSI China: China to further remove market access barriers for private sector

Source: China State Council Information Office

Technicians check products at a private chemical fiber enterprise in Tongxiang, Zhejiang province. [Photo/Xinhua]

China is set to expedite the revision of its negative list for market entry and further remove barriers to market access, as part of its larger drive to bolster the healthy development of the private economy, the country’s top economic regulator said on Tuesday.

The move came after President Xi Jinping, during a symposium on private enterprises on Monday in Beijing, reiterated China’s commitment to boosting the private sector through concrete efforts, sending a clear message of support from the government, analysts said.

They said that policymakers will take further targeted measures to resolve issues faced by private companies and create a favorable business environment, which will significantly help boost confidence and expectations among private enterprises and entrepreneurs.

“China will accelerate the push for revising and updating the negative list on market access, and areas that are not on the list will all be deemed as fully open,” said Zheng Bei, deputy head of the National Development and Reform Commission, according to a China Central Television news report.

She said the country will continue to open up fields, such as competitive infrastructure sectors and major national scientific research infrastructure, to private companies.

China will also encourage private enterprises to play a more active role in the implementation of major national strategies and the buildup of the nation’s security capacity in key areas, as well as in programs for large-scale equipment upgrades and trade-in deals for consumer goods.

“The country is sending strong signals on optimizing the business environment for private enterprises, addressing market access and financing issues, and enhancing corporate confidence through the rule of law, which will help promote high-quality economic development,” said Hong Yong, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation.

He highlighted that the healthy development of the private economy plays a pivotal role in keeping the economy dynamic, serving as a driving force for shoring up growth and stabilizing the overall economy.

According to the NDRC, the private sector’s scale, innovation capabilities and international competitiveness have all significantly improved in recent years. Official data showed that private enterprises account for over 92 percent of the total number of businesses in China and more than 92 percent of the nation’s high-tech companies.

Going forward, the government will work to remove the remaining obstacles to market entry and access to factors of production, building a unified, open, competitive and orderly market system, the NDRC said.

Zheng from the NDRC said that China will continue to strengthen legal protection for private enterprises and entrepreneurs, pushing forward the legislative process for a private economy promotion law. The draft law on promoting the private economy was submitted for deliberation in December to the Standing Committee of the 14th National People’s Congress.

Bai Wenxi, vice-chairman of the China Enterprise Capital Union, said that China has outlined a clear direction for the future development of the private economy — promoting the high-quality growth of the private economy and encouraging private enterprises to play a bigger role in the implementation of national strategies and key areas of development.

“These initiatives have sent a clear signal of the country’s high regard and support for the private economy, demonstrating that the private sector’s position in China’s economy is irreplaceable,” he noted. “The country will continue to optimize the business environment and support the healthy development of the private economy.”

Citing measures mapped out by the NDRC, such as revising the negative list on market access and addressing financing difficulties, he said that these will “provide a rising number of growth opportunities for private companies and help alleviate their burdens”.

Looking ahead, Bai said it is advisable for the government to take further moves to remove some implicit barriers and resolve issues faced by the private sector, such as difficulties in accessing affordable financing.

“Potential moves may include further encouraging financial institutions to develop financial products tailored to private enterprises and expand their financing channels,” he added.

Bai’s views were echoed by Pan Helin, a member of the Ministry of Industry and Information Technology’s Expert Committee for the Information and Communication Economy, who said he believes that the government will introduce more measures to support the development of the private economy.

“The focus will be placed on optimizing the business environment, such as streamlining administrative approval processes, improving efficiency, reducing operational costs for businesses, and enhancing the overall satisfaction and sense of benefit for private enterprises,” Pan said.

MIL OSI China News –

February 19, 2025

MIL-OSI Australia: $5.6 million to help develop Aboriginal organisations and businesses across NSW

Source: New South Wales Premiere

Published: 19 February 2025

Released by: Minister for Aboriginal Affairs and Treaty, Minister for Regional NSW

The Minns Government is providing Aboriginal businesses and organisations with business investment, skills development and training opportunities that will help them attract new customers, expand their operations and plan and prepare for the future.

A total of 42 Aboriginal businesses and organisations will receive a share of $5.6 million to invest in business mentoring and coaching, upskilling and training, the development of strategic business plans and governance frameworks and purchasing assets to expand operations.

The Aboriginal business sector in regional NSW is growing and access to training, development, and investment is vital for the success of both Aboriginal organisations and communities.

Dharra Jerky and Secret Harvest in Dubbo, Booma Food Group in Cessnock, Binjang Tea in Wellington, Deniliquin’s Barka Treats, and Native Botanical Brewery and Dream Builders on Country in the Central Coast are among the businesses who will boost production and pursue larger market opportunities through this funding.

The NSW Government is dedicated to closing the gap by removing barriers that hinder access to business training, mentoring and capital investment for Aboriginal people in regional NSW.

These growth opportunities have been made possible by $1.29 million from the NSW Government’s Regional Aboriginal Partnerships Program Round 2 and $4.33 million from the Regional Development Trust’s Aboriginal Economic Development Package.

According to a 2022 NSW Treasury report there are some 737 NSW Indigenous businesses registered with the Aboriginal procurement organisation, Supply Nation, the most of any state or territory.

Median annual revenue for these businesses is $303,000, with each employing a median full-time equivalent staff of 3.8.

Minister for Regional New South Wales Tara Moriarty said:

“Aboriginal businesses and organisations in regional NSW have a unique connection to land, culture and community, with traditional knowledge and cultural practices integrated into their businesses.

“Not only do Aboriginal businesses and organisations contribute to the regional local economies, but they also contribute to environmental sustainability and cultural development in regional communities.

“Getting the best training and resources into these regions is the first step in bridging skills gaps, supporting sustainable growth and creating jobs.”

Minister for Aboriginal Affairs and Treaty David Harris said:

“The Minns Government is strongly committed to supporting Aboriginal-owned businesses and organisations to continue to grow and develop.

“By giving regional Aboriginal communities the tools they need we can help boost local economies now and into the future, promoting long term success.”

CEO of the NSW Indigenous Chamber of Commerce Deb Barwick said:

“Access to tailored mentoring, training and business development opportunities will allow Aboriginal businesses to strengthen their operations and expand their reach.

“Supporting the growth of Aboriginal businesses in regional NSW drives economic development and creates lasting, meaningful opportunities for local communities.

“This funding ensures Aboriginal businesses are equipped with the tools to build their capacity, improve governance and unlock their full potential.”

Aboriginal business Dharra Jerky founder Hayden Williams said:

“I started making jerky as a hobby about six years ago and I have been proud to watch it begin to bloom into something much bigger.

“This support is giving me a great opportunity to upgrade my equipment so I can take my small business to the next level.”

Proponent	Project name	Location
Yurruungga Aboriginal Corporation	Governance Enhancement Initiative for Yurruungga Aboriginal Corporation	Bellingen Shire Council
Gathangga Wakulda Aboriginal Corporation	Growing Atanga Wakulda	Port Macquarie-hastings Council
Djiyagan Dhanbaan Incorporation	Nyiirun Djiyagan Wakulda, Women’s Festival	Port Macquarie-hastings Council
Walhallow Local Aboriginal Land Council	Walhallow Aboriginal Cultural Tourism Business Capacity Building	Liverpool Plains Shire Council
Barka Treats	Dog Food Production Enhancement	Edward River Council
Bunyah Local Aboriginal Land Council	Bunyah LALC Guulabaa Cafe Enterprise Equipment	Port Macquarie-hastings Council
Binjang Tea	Binjang Tea Capacity Building: Fostering Cultural Heritage and Sustainable Business Growth	Dubbo Regional Council
Native Botanical Brewery	Native Botanical Brewery’s “Pops Country” Initiative: Cultivating Indigenous Heritage from Bush to Brewery	Central Coast Council
BS Ellis and ML Ellis	Business diversification and capacity uplift	Eurobodalla Shire Council
Strong Movement	The Athlete Performance and Conditioning Enhancement Program	Tamworth Regional Council
LORE AUSTRALIA PTY LTD	Develop a business plan to grow and expand LORE Australia	Bellingen Shire Council
Bugalwan Indigenous Corporation	Ma Banyahr	Central Coast Council
Strong Spirit Services Ltd	Strong Spirit Cultural Pathways Program	Port Macquarie-hastings Council
Aboriginal Advancement Alliance Trading As Acadiam	Buzz Bus Activating Communities Road Trip – engaging, aligning and pathways to local jobs	Cessnock City Council
Mingaan Wiradjuri Aboriginal Corporation	Mingaan Wiradjuri Aboriginal Corporation Website upgrade with booking platform	Lithgow City Council
Bangguri Gadhu Cultural Tours	Bermagui Survival Day	Bega Valley Shire Council
Bara Barang Corporation Ltd	Dream Builders On Country : Raspberry Fields Business Planning	Central Coast Council
Dharra Jerky	Expanding Indigenous-Owned Dharra Jerky: Strengthening Manufacturing, Retail, and Wholesale Operations for Regional Growth	Dubbo Regional Council
Red Chief Local Aboriginal Land Council	Red Chief Aboriginal Cultural Tourism Business Planning Initiative	Gunnedah Shire Council
Integr8y	Integr8y – Building Capacity for Aboriginal Business Growth through Tender and Grant Writing Expertise: A Strategic Approach to Securing Contracts and Economic Empowerment	Tamworth Regional Council
Brennan Cultural Enterprise Pty Ltd T/A Waagayamba Consultants	Igniting Growth: Empowering Aboriginal Businesses with Virtual Support and Mentoring	Clarence Valley Council
Mara-Mara Community Incorporated	Renovations To Mara-Mara Community Incorporated	Tamworth Regional Council
JA Berry & DJ Carney t/as Cafe2823	Cafe2823 Courtyard & Function Area	Narromine Shire Council
Euraba Paper Aboriginal Corporation	Euraba Paper Company upgrade project	Moree Plains Shire Council
Tranby Aboriginal Co-operative Limited	Community Capacity Development Project: Building Governance and Enterprise Development opportunities	Mid North Coast and North Western LALC regions
Secret Harvest Pty Ltd	Skin Care Manufacturing	Dubbo Regional Council
Twofold Aboriginal Corporation	Twofold Solar Energy System – Off Grid Solar System to supply campground and other buildings on site	Bega Valley Shire Council
Unkya Local Aboriginal Land Council	Gumbaynggirr Keeping Place – Completion & Activation Project	Nambucca Valley Council
Jaanymili Bawrrungga Aboriginal Corporation	Gumbaynggirr Native Seedling Enterprise: Cultivating Growth and Sustainability	Nambucca Valley Council
Native Botanical Brewery	Native Botanical Brewery Expansion Wambelong Creek Coffee “Bush to Brewery” initiative	Central Coast Council
Awabakal Local Aboriginal Land Council	Winjirra Events	Lake Macquarie City Council
Booma Food Group Pty Ltd	Booma Food Biz Growth	Cessnock City Council
Waminda South Coast Women’s Health & Wellbeing Aboriginal Corporation	Sustaining our Blak Cede Enterprise	Shoalhaven City Council
More Cultural Rehabs Less Jails	Yindyamarra Landcare	Dubbo Regional Council
Gari Yala Pty Ltd T/As Chocolate On Purpose	Ngunggilanha Native Garden & Chocolate Nexus: Reclaiming Culture, Activating Wisdom, Empowering Community	Wingecarribee Shire Council
Grafton Ngerrie Local Aboriginal Land Council	Grafton Ngerrie Nursery Enterprise: Cultivating Economic Growth and Cultural Prosperity	Clarence Valley Council
Home Of Recovery	Home of Recovery Up Lift	Dubbo Regional Council
Gadhungal Marring	Native nursery, mentorship program and managment tools	Shoalhaven City Council
Aralumbin Pty Ltd	Project “Bush to You” brings bush foods to every plate, bridging the gap and collectively educating Australia.	Tweed Shire Council
Yurruga Indigenous Corporation	Yurruga Sustainable Solar Project Uplift and Expansion	Dubbo Regional Council
Bega Local Aboriginal Land Council	Building resilience and sustainability and focusing on circularity through a cultural lens	Bega Valley Shire Council
Wiradjuri Condobolin Corporation Limited	Galari Horticulture – Green house	Lachlan Shire Council

MIL OSI News –

February 19, 2025

MIL-OSI Australia: New strata laws ensure fairer rules for fees and charges
Source: New South Wales Government 2

Headline: New strata laws ensure fairer rules for fees and charges

Published: 19 February 2025

Released by: Minister for Better Regulation and Fair Trading

Legislation improving the way strata communities operate passed the NSW Parliament last night.
The reforms will help owners repair and maintain common property, support the uptake of sustainability and accessibility infrastructure, and give owners more options to pay levies when facing financial stress.

This legislation is the Minns Labor Government’s third tranche of strata law reforms and builds on changes which came into effect on 3 February 2025, requiring strata managers in NSW to provide significantly more The reforms will help owners repair and maintain common property, support the uptake of sustainability and accessibility infrastructure, and give owners more options to pay levies when facing financial stress.

The laws will:
- Protect owners corporations from unfair contract terms such as limits on a strata managing agent’s liability.
- Encourage the uptake of sustainable infrastructure such as solar panels and electric vehicle charging by prohibiting bylaws that block the infrastructure due to external appearance.
- Protect owners from bill shock by requiring developers to have initial levy estimates to be independently certified, including increased penalties for non-compliance.
- Make it easier to terminate strata managing agents and building manager agreements if they carry on a business that is contrary to the law.
- Prescribe training requirements for strata committee members to help them perform their roles.
- Allow Fair Trading to enter into enforceable undertakings with owners corporations that do not meet their duties to maintain and repair common property.
- Help owners in financial hardship by requiring owners corporations to offer a payment plan before taking debt recovery action and prohibiting blanket rules to refuse payment plans.
- Make it easier to install accessibility infrastructure in common areas by lowering the voting threshold for approval from 75% to a majority vote.
This legislation is the Minns Labor Government’s third tranche of strata law reforms and builds on changes which came into effect on 3 February 2025, requiring strata managers in NSW to provide significantly more detailed information to owners’ corporations about their services and relationships, to increase transparency and accountability within the strata sector.

Strata managers must now disclose any connections with suppliers and developers, provide detailed breakdowns of insurance quotes including commissions and broker fees, and report in real time if any new connections or interests arise.

The NSW Government’s reforms will be enforced by a dedicated Strata and Property Services Taskforce within NSW Fair Trading, backed by an $8.4 million investment.

Consumer confidence in strata is vital to the government’s housing agenda, and the Taskforce will be focussed on high impact initiatives to support the 1.2 million people living in strata across NSW.

The Taskforce will strengthen compliance and enforcement, dispute resolution, and regulatory reform within the strata sector, with a focus on raising professional standards and delivering better outcomes for consumers.

For more information, visit the NSW Fair Trading website here: https://www.fairtrading.nsw.gov.au/housing-and-property/strata-and-community-living

Quotes attributed to Minister for Better Regulation and Fair Trading Anoulack Chanthivong:

“The family home is often the biggest financial investment most of us will make – when it is in a strata community the Minns Labor Government is making sure that there are protections in place to help owners make informed decisions on the future of the property.

“Repairs to common property are the obligation of the owners’ corporation, and these reforms help to ensure the hard-earned money of individual owners invested in the property will prevent it from being run down, become a safety risk or cause greater damage through neglect.

“These changes will make buying into strata more transparent and improve the building owners experience when they receive the keys from the developer.”

Quotes attributed to Fair Trading Commissioner Natasha Mann:

“The number of strata schemes in New South Wales has grown from around 70,000 at the end of 2015 to more than 87,000 – creating a greater need for targeted, proactive regulation to ensure practitioners and businesses in the property industry are properly trained and supervised.

“The Strata and Property Services Taskforce is improving the NSW Government’s oversight of real estate and strata managing agents by bringing together new and existing specialist staff across Fair Trading to uplift its enforcement of NSW strata and property laws – restoring consumer confidence and lifting standards across the sector.”
MIL OSI News –
February 19, 2025

Category: Trade

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