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Category: Trade

  • MIL-OSI Global: As Trump abandons the old world order, NZ must find its place in a new ‘Pax Autocratica’

    Source: The Conversation – Global Perspectives – By Chris Ogden, Associate Professor in Global Studies, University of Auckland, Waipapa Taumata Rau

    Donald Trump is moving rapidly to change the contours of contemporary international affairs, with the old US-dominated world order breaking down into a multipolar one with many centres of power.

    The shift already includes the US leaving the World Health Organization and the Paris Climate Accords, questioning the value of the United Nations, and radical cuts to the US Agency for International Development (USAID).

    Such a new geopolitical age also involves an assertion of raw power, with Trump using the threat of tariffs to assert global authority and negotiating positions.

    While the US is not significantly less powerful, this new era may see it wield that power in more openly self-interested and isolationist ways. As new US Secretary of State Marco Rubio put it in January, “the post-war global order is not just obsolete – it is now a weapon being used against us”.

    With global democracy in retreat, the emerging international order looks to be moving in an authoritarian direction. As it does, the position of New Zealand’s vibrant democracy will come under mounting pressure.

    But world orders have come and gone for millennia, reflecting the ebb and flow of global economic, political and military power. Looking back to previous eras, and how countries and cultures responded to shifting geopolitical realities, can help us understand what is happening more clearly.

    An evolving world order

    Previous orders have often focused on specific centres – or “poles” – of power. These include the Concert of Europe from 1814 to 1914, the bipolar world of the Cold War between the US and the Soviet Union, and the unipolar world of American dominance after the end of the Cold War and since the September 11 attacks in 2001.

    Periods of single-power dominance (or hegemony) are referred to as a “pax”, from the Latin for “peace”. We have seen the Pax Romana of the Roman Empire (27 BCE to 180 AD), multiple Pax Sinicas around China (most recently the Qing Dynasty 1644 to 1912), Pax Mongolica (the Mongol Empire from 1271 to 1368) and Pax Britannica (the British Empire from 1815 to 1924).

    It is the Pax Americana of the US, from 1945 to the present, that Trump seems bent on dismantling. We now live in an international order that is visibly in flux. With autocracy on the rise and the US at its vanguard, a “Pax Autocratica” is emerging.

    This is accentuated by the rapid rise of Asia as the main sphere of economic and military growth, particularly China and India. The world’s two most populous countries had the world’s largest and third largest economies respectively in 2023, and the second and fourth highest levels of military spending.

    The simultaneous rise of multiple power centres was already challenging the Pax Americana. Now, a new international order appears to be a certainty, with Trump openly adapting to multipolarity. Several major powers now compete for global influence, rather than any one country dominating.

    China’s preference for a multipolar international order is shared by India and Russia. Without one dominant entity, it will be the political and social basis of this order, as determined by its major actors, that matters most – not who leads it.

    Pax Democratica

    The current (now waning) international order has been underpinned by specific social, political and economic values stemming from the national identity and historical experience of the US.

    According to US political expert G. John Ikenberry, former president Woodrow Wilson’s agenda for peace after the first world war sought to “reflect distinctive American ideas and ideals”.

    Woodrow imagined an order based on collective security and shared sovereignty, liberal principles of democracy and universal human rights, free trade and international law.

    As its dominance and military strength increased in the 20th century, the US also provided security to other countries. Such power enabled Washington to create open global trade markets, as well as build core global institutions like the World Bank, International Monetary Fund, World Trade Organization, United Nations and NATO.

    For Ikenberry, this Pax Americana (we might call it a Pax Democratica) rested on consent to the US’s “provision of security, wealth creation, and social advancement”. This was aided by the its more than 800 military bases in over 80 countries.

    The democratic deficit

    Trump undercuts the central tenets of this liberal world order and accelerates a slide towards authoritarianism. Like Russia, India and China, the US is also actively constraining human rights, attacking minorities and weakening its electoral system.

    This democratic retreat leaves a country such as New Zealand in a global minority. If Trump targets the region or country with economic tariffs, that precariousness might increase.

    On the other hand, previous world orders have not been truly hegemonic. Pax Britannica did not encompass the entire world. Nor did Pax Americana, which didn’t include China, India, the former Soviet bloc, much of the Islamic world and many developing countries.

    This suggests pockets of democracy can survive within a Pax Autocratica, especially in a multipolar world which is more tolerant of political independence.

    The Economist Intelligence Unit’s 2023 Democracy Index ranked New Zealand, the Nordic countries, Switzerland, Iceland and Ireland highest because their citizens

    choose their political leaders in free and fair elections, enjoy civil liberties, prefer democracy over other political systems, can and do participate in politics, and have a functioning government that acts on their behalf.

    It is these countries that can be at the vanguard of democratic resilience.

    Chris Ogden is a Senior Research Fellow with The Foreign Policy Centre, London.

    – ref. As Trump abandons the old world order, NZ must find its place in a new ‘Pax Autocratica’ – https://theconversation.com/as-trump-abandons-the-old-world-order-nz-must-find-its-place-in-a-new-pax-autocratica-249358

    MIL OSI – Global Reports –

  • MIL-OSI China: China’s Spring Festival spending spree fuels global business growth

    Source: China State Council Information Office

    On a balmy afternoon on the first day of the Chinese Spring Festival, a queue of nearly 40 people, over half of them being Chinese tourists, snaked around the plain ice cream stall of “Uncle Chieng” on Orchard Road, Singapore.

    “Recently, more than half of the customers are Chinese tourists. Around the Spring Festival, I sell about 20 percent more ice cream each day compared to usual,” said Chieng Puay Chui, owner of the stall, which has become one of the must-visit spots for Chinese tourists.

    This scene is just a microcosm of the vibrant Spring Festival celebrations that have swept China and beyond, the first Lunar New Year festivities after the Spring Festival was added to UNESCO’s intangible cultural heritage list.

    The festival, which falls on Jan. 29 this year, with week-long nationwide celebrations around the date, has not only ignited a surge in domestic consumption but also created vast opportunities for international businesses, as Chinese consumers embrace global goods and cultures.

    A girl participates in activities to celebrate the Chinese New Year in London, Britain, on Feb. 2, 2025. [Photo/Xinhua]

    Global goods, local celebrations

    The Spring Festival, a time for family reunion and feasting, has seen a growing appetite for “foreign New Year goods” among Chinese consumers. From French wine to Chilean cherries, global delicacies have become essential elements of the Chinese New Year shopping list.

    France’s Occitanie region, renowned for its wine, has been actively promoting its produce in China through platforms like the China International Import Expo and the “From French Farms to Chinese Tables” initiative. For French wine producers, the Spring Festival is one of the best opportunities to promote their products.

    “Ahead of the Chinese New Year, we organized various events to support wine producers from the Occitanie region and importers in distributing their products so that they would be available during the Spring Festival,” said Catherine Machabert, food and wine international director of the economic development agency of the Occitanie Region.

    “For the Year of the Snake, distributors have prepared a variety of gift boxes featuring snake-themed designs to promote the wines,” said Machabert, adding that Occitanie has always maintained strong ties with China and recognizes the importance of the Chinese market.

    Meanwhile, French confectionery giant Andros has capitalized on the festive season by launching special gift packs and organizing in-store tastings. “Our sales during this Spring Festival are expected to double compared to previous years, setting a new record,” said Maxence Zeng, general manager of Andros China.

    Chilean cherries, with their vibrant red hue and symbolic association with prosperity in the Chinese culture, have also become a favorite among Chinese consumers.

    China is a very important market for fresh Chilean cherries, not only because it receives more than 90 percent of total exports, “but also because of the friendly relationship that has been built between our cherries and the people of China,” said Claudia Soler, executive director of the Chilean Cherry Committee.

    A poster of the animated feature “Ne Zha 2” is pictured at a cinema in Shenyang, northeast China’s Liaoning Province, Feb. 6, 2025. [Photo/Xinhua]

    Two-way cultural exchanges

    The Spring Festival is not just about shopping and feasting; it’s also a time for travel and cultural exploration. With extended holidays and visa-free policies, Chinese tourists have been flocking to international destinations, while foreign visitors have been arriving in China to experience the festivities firsthand.

    On the pristine beaches of Zanzibar, Tanzania, Chinese tourists Li Chenguang and his wife, Zhao Xue, marveled at the natural beauty surrounding them. “We can witness the Great Migration in the Serengeti, the azure waters of the Indian Ocean and even the snow-capped peaks of Mount Kilimanjaro,” Zhao exclaimed with excitement.

    Meanwhile, in Malaysia, Kuala Lumpur International Airport has been bustling as Chinese tourists head to Malaysia for tropical experiences and Malaysian travelers embark on winter adventures in China. “We’re planning to visit Harbin, hike up Changbai Mountain and savor traditional northeastern dishes like Guo Bao Rou (crispy sweet and sour pork),” said Zhou Jinglang, a tour guide of a Malaysian travel agency.

    According to the National Immigration Administration, China recorded 14.37 million cross-border trips during the Spring Festival holiday season, a 6.3 percent increase from a year earlier. About 1 million of these trips were made by foreign nationals, marking a 22.9 percent year-on-year rise.

    Meanwhile, the 2025 Spring Festival holiday has marked a new milestone for China’s thriving film industry, with box office revenue soaring to an unprecedented 9.51 billion yuan (approximately 1.33 billion U.S. dollars) between Jan. 28 and Feb. 4, according to the China Film Administration.

    A staggering 187 million moviegoers flocked to cinemas throughout the holiday week, setting new all-time highs in both box office earnings and audience turnout.

    Released on Jan. 29, the first day of Chinese New Year, Chinese animated blockbuster “Ne Zha 2” has shattered multiple box office records, becoming the first film to cross 1 billion dollars in a single market and the first non-Hollywood title to join the coveted billion-dollar club.

    Customers select newly arrived Chilean cherries at a supermarket in Tianjin, north China, Dec. 26, 2024. [Photo/Xinhua]

    Vast business opportunities

    The Spring Festival consumption boom has not only showcased the resilience and vitality of China’s economy but also highlighted the potential for international collaboration. From French dairy products to Chilean cherries, foreign businesses are eager to tap into the vast Chinese market and capitalize on emerging consumer trends.

    “Occitanie has always maintained strong ties with China and recognizes the importance of the Chinese market. With its Shanghai office, the regional agency will continue to support wine, agri-food, and cosmetics companies in entering or expanding in the Chinese market,” said Machabert, the trade official of the Occitanie Region.

    Meanwhile, Herve Lanoe, chief executive officer of French dairy company Fit Group, noted that Chinese consumers are increasingly prioritizing quality and health. “Butter with a protected designation of origin is highly appreciated by our Chinese client,” he said, adding that the company will try to take advantage of this opportunity.

    Over the years, Garces Fruit, Chile’s largest cherry exporter, has been actively expanding its presence in China. “The Chinese market is fundamental for the trade of Chilean cherries,” said Hernan Garces Gazmuri, the export manager of Garces Fruit.

    “It is a clear example of win-win,” said Garces Gazmuri, who settled in China in 2017 and opened an office in 2018. “It produces a lot of employment, from the harvests, the packaging, all this positive dynamic is generated thanks to the Chinese market. This industry does not exist without China.”

    “We want to continue to explore the market, developing e-commerce and boosting our Garces Fruit brand. I think there is a lot to do,” he said.

    MIL OSI China News –

  • MIL-OSI China: Chinese business delegation visits Kazakhstan for closer cooperation

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

    BEIJING, Feb. 10 — A delegation of Chinese entrepreneurs from the financial, energy, infrastructure and smart equipment sectors embarked on a four-day trip to Kazakhstan on Monday to promote economic and trade cooperation between the two countries, according to the China Council for the Promotion of International Trade (CCPIT).

    The delegation, led by Ren Hongbin, chairman of the CCPIT, includes representatives from more than 30 Chinese enterprises such as CITIC Group, China National Petroleum Corporation (CNPC), Sinopec, China National Offshore Oil Corporation, and Sinochem Holdings. During the visit, they plan to sign cooperation documents and promote mutually beneficial outcomes.

    Wu Junli, deputy chief economist with PetroChina Company Limited, a subsidiary of CNPC, said that the energy cooperation between China and Kazakhstan in the oil and gas sector is highly complementary. He noted that his company has established long-term and stable partnerships with Kazakh partners and expressed high expectations for the trip.

    “We hope to engage in in-depth exchanges with logistics enterprises in Kazakhstan and other places in Central Asia through this trip,” Zhu Guangmei, deputy general manager at Beijing Tegene Robots Co., Ltd. said, adding that the company aims to promote the integration of intelligent logistics equipment with the needs of local companies, thereby improving efficiency and achieving win-win outcomes.

    MIL OSI China News –

  • MIL-OSI Submissions: Economy – Global Barometers rise in February after falling in January – KOF

    Source: KOF Economic Institute

    The Global Barometers increase slightly in February, partially recovering the losses of the previous month. The results indicate a possible consolidation of these levels for the indicators, after an upward tendency was indicated at the end of 2024.

    In February, the Coincident Global Barometer increases by 0.9 points to 95.2 points, while the Leading Barometer gains 0.8 points to reach 103.3 points. The rise in the Coincident Barometer is driven by the indicator for the Asia, Pacific & Africa region, and in the Leading Barometer by the indicators for the Asia, Pacific & Africa region and Europe. The Western Hemisphere remains at the highest level among the regions for both temporal horizons.

    “The most significant changes compared to last month are the increases of 0.7 and 0.8 points in the coincident and leading indicators for the Asia-Pacific and African regions, respectively. While the outlook for Europe has also improved (by 0.7 points), that for the Western Hemisphere has declined by the same amount. Nevertheless, only Asia-Pacific and Africa are worse off than a year ago. It will be interesting to see whether regional differences widen in the coming months in the current political environment”, evaluates Jan-Egbert Sturm, Director of KOF Swiss Economic Institute.

    Coincident Barometer – regions and sectors

    The 0.9-point increase in the Coincident Barometer in February results from the positive contribution of 0.7 points from the indicator for the Asia, Pacific & Africa region and 0.1 points from the indicators for Europe and the Western Hemisphere. The latter region maintains an increasing tendency for the fourth consecutive month to record its highest level since March 2022 (103.0 points). With this result, the Western Hemisphere is now more than 10 points above the indicator for the Asia, Pacific & Africa region.

    Among the Coincident sector indicators, only Services is moving in the opposite direction, while Construction, Trade, and Industry drive this month’s increase, while the Economy (aggregated business and consumer evaluations) remains virtually stable.

    Leading Barometer – regions and sectors

    The Leading Global Barometer leads the world economic growth rate cycle by three to six months on average. In February, the Asia, Pacific & Africa region and Europe contribute positively to the aggregate result with 0.8 and 0.7 points, respectively. In contrast, the indicator for the Western Hemisphere contributes negatively with -0.7 points, interrupting a sequence of three consecutive gains. All the regional indicators are now above 100 points, suggesting a moderately positive outlook for world economic growth in the coming months.

    Among the Leading sector indicators, only the indicator for Economy loses ground this month, which is its second consecutive decrease. The stronger growth in the Construction sector stands out in the first two months of 2025, with the indicator recording a high level of optimism for the coming months.

    MIL OSI – Submitted News –

  • MIL-Evening Report: As Trump abandons the old world order, NZ must find its place in a new ‘Pax Autocratica’

    Source: The Conversation (Au and NZ) – By Chris Ogden, Associate Professor in Global Studies, University of Auckland, Waipapa Taumata Rau

    Donald Trump is moving rapidly to change the contours of contemporary international affairs, with the old US-dominated world order breaking down into a multipolar one with many centres of power.

    The shift already includes the US leaving the World Health Organization and the Paris Climate Accords, questioning the value of the United Nations, and radical cuts to the US Agency for International Development (USAID).

    Such a new geopolitical age also involves an assertion of raw power, with Trump using the threat of tariffs to assert global authority and negotiating positions.

    While the US is not significantly less powerful, this new era may see it wield that power in more openly self-interested and isolationist ways. As new US Secretary of State Marco Rubio put it in January, “the post-war global order is not just obsolete – it is now a weapon being used against us”.

    With global democracy in retreat, the emerging international order looks to be moving in an authoritarian direction. As it does, the position of New Zealand’s vibrant democracy will come under mounting pressure.

    But world orders have come and gone for millennia, reflecting the ebb and flow of global economic, political and military power. Looking back to previous eras, and how countries and cultures responded to shifting geopolitical realities, can help us understand what is happening more clearly.

    An evolving world order

    Previous orders have often focused on specific centres – or “poles” – of power. These include the Concert of Europe from 1814 to 1914, the bipolar world of the Cold War between the US and the Soviet Union, and the unipolar world of American dominance after the end of the Cold War and since the September 11 attacks in 2001.

    Periods of single-power dominance (or hegemony) are referred to as a “pax”, from the Latin for “peace”. We have seen the Pax Romana of the Roman Empire (27 BCE to 180 AD), multiple Pax Sinicas around China (most recently the Qing Dynasty 1644 to 1912), Pax Mongolica (the Mongol Empire from 1271 to 1368) and Pax Britannica (the British Empire from 1815 to 1924).

    It is the Pax Americana of the US, from 1945 to the present, that Trump seems bent on dismantling. We now live in an international order that is visibly in flux. With autocracy on the rise and the US at is vanguard, a “Pax Autocratica” is emerging.

    This is accentuated by the rapid rise of Asia as the main sphere of economic and military growth, particularly China and India. The world’s two most populous countries had the world’s largest and third largest economies respectively in 2023, and the second and fourth highest levels of military spending.

    The simultaneous rise of multiple power centres was already challenging the Pax Americana. Now, a new international order appears to be a certainty, with Trump openly adapting to multipolarity. Several major powers now compete for global influence, rather than any one country dominating.

    China’s preference for a multipolar international order is shared by India and Russia. Without one dominant entity, it will be the political and social basis of this order, as determined by its major actors, that matters most – not who leads it.

    Pax Democratica

    The current (now waning) international order has been underpinned by specific social, political and economic values stemming from the national identity and historical experience of the US.

    According to US political expert G. John Ikenberry, former president Woodrow Wilson’s agenda for peace after the first world war sought to “reflect distinctive American ideas and ideals”.

    Woodrow imagined an order based on collective security and shared sovereignty, liberal principles of democracy and universal human rights, free trade and international law.

    As its dominance and military strength increased in the 20th century, the US also provided security to other countries. Such power enabled Washington to create open global trade markets, as well as build core global institutions like the World Bank, International Monetary Fund, World Trade Organization, United Nations and NATO.

    For Ikenberry, this Pax Americana (we might call it a Pax Democratica) rested on consent to the US’s “provision of security, wealth creation, and social advancement”. This was aided by the its more than 800 military bases in over 80 countries.

    The democratic deficit

    Trump undercuts the central tenets of this liberal world order and accelerates a slide towards authoritarianism. Like Russia, India and China, the US is also actively constraining human rights, attacking minorities and weakening its electoral system.

    This democratic retreat leaves a country such as New Zealand in a global minority. If Trump targets the region or country with economic tariffs, that precariousness might increase.

    On the other hand, previous world orders have not been truly hegemonic. Pax Britannica did not encompass the entire world. Nor did Pax Americana, which didn’t include China, India, the former Soviet bloc, much of the Islamic world and many developing countries.

    This suggests pockets of democracy can survive within a Pax Autocratica, especially in a multipolar world which is more tolerant of political independence.

    The Economist Intelligence Unit’s 2023 Democracy Index ranked New Zealand, the Nordic countries, Switzerland, Iceland and Ireland highest because their citizens

    choose their political leaders in free and fair elections, enjoy civil liberties, prefer democracy over other political systems, can and do participate in politics, and have a functioning government that acts on their behalf.

    It is these countries that can be at the vanguard of democratic resilience.

    Chris Ogden is a Senior Research Fellow with The Foreign Policy Centre, London.

    – ref. As Trump abandons the old world order, NZ must find its place in a new ‘Pax Autocratica’ – https://theconversation.com/as-trump-abandons-the-old-world-order-nz-must-find-its-place-in-a-new-pax-autocratica-249358

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Bostock Capitals Announces Enhanced Crypto Management Services with Proven High-Return Strategies

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, California, Feb. 10, 2025 (GLOBE NEWSWIRE) — Bostock Capitals, a leader in innovative financial solutions, today announces the expansion of its crypto management services, led by veteran Crypto Manager Scarlett Bostock. With over a decade of specialized experience in Forex and crypto trading, Bostock Capitals offers unmatched expertise in wealth generation through cryptocurrency investments.

    Scarlett Bostock, Crypto Manager at Bostock Capitals, Introduces Advanced High-Return Crypto Trading Strategies

    Since its inception in 2013, Scarlett Crypto Management has been at the forefront of developing proprietary trading algorithms and strategies. These have been rigorously tested in real-market conditions to ensure consistent success and high returns for investors. As of 2019, the firm has successfully managed high-value funds exceeding $500 million, showcasing a proven track record through its advanced Live Command Centre and custom Crypto Trading Algorithm.

    “We are committed to offering only the highest quality trades and portfolio management services,” stated Scarlett Bostock. “Our approach involves meticulous technical and fundamental analysis with continuous trade monitoring, ensuring maximum performance and security for our clients’ investments.”

    Bostock Capitals excels in risk management by implementing a robust strategy that includes an optimal risk/reward ratio, innovative hedging options, and diversified trading portfolios. The firm’s financial consulting services further support clients in achieving their financial objectives with tailored advice and strategic insights.

    In addition to ongoing advancements in crypto trading, Bostock Capitals is exploring new partnership opportunities through equity, debt, or joint ventures as part of its next expansion phase. “Our business model ensures a win-win situation—we succeed when our clients succeed, aligning our goals directly with their financial success,” added Bostock.

    Investors are encouraged to join Bostock Capitals in navigating the complexities of the crypto markets, even during periods of high volatility. The firm’s proprietary quantitative models are designed to capitalize on market fluctuations, ensuring profitability through dynamically managed trading strategies overseen by skilled portfolio managers.

    Risk Declaration: Crypto trading involves significant risk and may not be suitable for all investors. Bostock Capitals is a registered member of FINRA and SIPC, adhering to the highest standards of regulatory compliance. All trading decisions are made with a stringent risk management framework to protect and maximize client investments.

    Bostock Capitals is dedicated to redefining the investment landscape, enabling clients to achieve their financial goals through cutting-edge crypto trading technologies and methodologies.

    About Bostock Capitals

    Bostock Capitals specializes in cryptocurrency trading and wealth management, providing high-return investment strategies and financial consulting to a global clientele. Founded in 2013 by Crypto Manager Scarlett Bostock, the company is committed to delivering superior financial outcomes for investors through continuous innovation and responsible trading practices.

    The MIL Network –

  • MIL-OSI USA: Declawing the CAT: Statement on Consolidated Audit Trail Exemptive Relief

    Source: Securities and Exchange Commission

    Data are the foundation of advancement. They sit at the heart of innovation, technology, learning, community building, and so many other values crucial to our progress. Data can also be a critical tool in preventing fraud and wrongdoing.

    But our data can also be deeply personal or subject to exploitation. That is why, when the government collects data, such collection must be done with due care and assurances that those who access our data are doing so with adequate guardrails and proper purpose. There must be processes and procedures followed to ensure responsible and appropriate use.[1] The fact that data are a powerful tool is not a reason to stop their collection altogether; rather, it is a reason to make use of data for significant and laudable goals—like protecting American business, investors, and the economy. We must weigh the law enforcement and regulatory benefits of the data collection against the potential costs.

    The Consolidated Audit Trail (“CAT”) is a seminal example of how data collection can be used for good purpose. The CAT helps make our markets safer, more efficient, and can act as a powerful tool in ferreting out wrongdoing. Yet today, by eliminating critical data collection, we undermine its use and our own effectiveness. We are wiping away the fingerprints from the scene of the crime.

    The agency adopted the CAT after the 2010 “Flash Crash” when U.S. markets collapsed and then partially rebounded in less than an hour.[2] The whiplash in prices undermined market confidence and caused significant investor losses.[3] It was clear following the crash that regulators, including this agency, were unprepared to respond to a market event of that magnitude. A complete regulatory response would have required a full and robust analysis of data we did not have.[4] It ultimately took the SEC nearly five months to determine the root causes of the crash,[5] and to this day, the Commission does not have a sense of who was harmed.

    We must be more responsive than that. For quick and effective oversight in a crisis, regulators need access to a timely and comprehensive set of data—whether we are trying to figure out a major market event like the Flash Crash, investigate fraud, or identify suspicious foreign activity that may indicate market manipulation or infiltration. The CAT was designed to address outdated regulatory infrastructure by improving the completeness, accuracy, accessibility, and timeliness of data needed to support robust regulatory oversight. [6] And, in fact, it has. [7]

    Unfortunately, today we eliminate the CAT’s collection of the most basic customer identifying information,[8] thus impairing regulators’ ability to understand suspicious activity, unwind events, or stave off market disruptions. Today’s order itself acknowledges the negative impact this will have on regulatory efficiency but fails to grapple with the consequences of these diminished capabilities. It leaves unanswered the most basic questions. For example, will it be more difficult for regulators to spot fraud? How much harder will it be to identify certain types of market manipulation? Will it be more difficult to identify and address concerns relating to certain foreign ownership? Will it be more difficult to identify and compensate the victims of swindlers? In times of market disruption and ongoing fraud or manipulation, loss of time means loss of money and loss in market confidence. There is no question that this decision is a loss for markets and investor protection.

    [1] Given that protecting the security and confidentiality of Consolidated Audit Trail data has long been a priority of the Commission, there are safeguards in place to protect this information. For example, Rule 613(e)(4)(i)(A) requires policies and procedures to ensure the security and confidentiality of all information reported to the CAT’s central repository by requiring that the Participants and their employees agree to use appropriate safeguards to ensure the confidentiality of such data and agree not to use such data for any purpose other than surveillance and regulatory purposes. In addition, Rule 613(e)(4)(i)(B) requires the Participants adopt and enforce rules that require information barriers between regulatory staff and nonregulatory staff with regard to access and use of data in the central repository and permit only persons designated by plan sponsors to have access to the data in the central repository. Moreover, Rule 613(e)(4)(i)(C) requires that the Plan Processor develop and maintain a comprehensive information security program for the central repository, with dedicated staff, that is subject to regular reviews by the Chief Compliance Officer; have a mechanism to confirm the identity of all persons permitted to access the data; and maintain a record of all instances where such persons access the data.

    [2] See Securities Exchange Act Release No. 67457 (July 18, 2012), 77 FR 45722 (Aug. 1, 2012) (“Rule 613 Adopting Release”). The Commission adopted Rule 613 to require self-regulatory organizations (“SROs”) to submit a national market system plan to create, implement, and maintain a consolidated order tracking system, or consolidated audit trail, with respect to the trading of NMS securities, that would capture customer and order event information for such securities, across all markets, from the time of order inception through routing, cancellation, modification, or execution ( the “CAT Plan” or “Plan”). The SROs then developed and submitted the CAT Plan, and in 2016 the Commission voted unanimously on a bi-partisan basisto approve the Plan. See Securities Exchange Act Release No. 78318 (November 15, 2016), 81 FR 84696, (Nov. 23, 2016) (“CAT Plan Approval Order”); see also Final Commission Votes for Agency Proceeding, 03-Nov-16, Interim Final Temporary Rule Regarding the Consolidated Audit Trail, approved 3-0,available athttps://www.sec.gov/about/commission-votes/annual/commission-votes-ap-2016.xml.

    [3] See U.S. Commodity Futures Trading Commission and U.S. Securities and Exchange Commission, Preliminary Findings Regarding the Market Events of May 6, 2010, Report of the Staffs of the CFTC and SEC to the Joint Advisory Committee on Emerging Regulatory Issues (May 18, 2010) available at https://www.sec.gov/sec-cftc-prelimreport.pdf.

    [4] See Rule 613 Adopting Release at 45732. Although the SROs and the Commission quickly implemented a single-stock circuit breaker pilot program as an initial response, a more complete regulatory response required a full and robust analysis of additional data. SEC staff had to cobble together data from disparate sources, such as exchange order books and different SRO audit trails. SEC staff encountered major problems that hindered their ability to figure out what happened during the Flash Crash, such as not being able to accurately sequence events across the multiple data sources or identify and eliminate duplicate orders. Moreover, SEC staff had to analyze the order books for thousands of equities, and even then, the reconstruction was not fully complete. Id. at 45733.

    [5] Id. at 45733.

    [6] See CAT Plan Approval Order at 84727 (stating that the Commission believes the CAT Plan will facilitate regulators’ access to more complete, accurate and timely audit trail data, and allow for more efficient and effective surveillance and analysis, which will better enable regulators to detect misconduct, reconstruct market events, and assess potential regulatory changes). “Completeness” refers to whether a data source represents all market activity of interest to regulators, and whether the data is sufficiently detailed to provide the information regulators require. “Accuracy” refers to whether the data about a particular order or trade is correct and reliable. “Accessibility” refers to how the data is stored, how practical it is to assemble, aggregate, and process the data, and whether all appropriate regulators could acquire the data they need. “Timeliness” refers to when the data is available to regulators and how long it would take to process before it could be used for regulatory analysis. See Rule 613 Adopting Release at 45727.

    [7] See e.g., Press Release, SEC Charges Financial Services Professional and Associate in $47 Million Front-Running Scheme (Dec. 14, 2022) available at https://www.sec.gov/newsroom/press-releases/2022-228 (stating that SEC staff analyzed trading using the CAT database to uncover defendant’s allegedly fraudulent trading and to identify how he profited by repeatedly front-running large trades by the other defendant’s employer); see also SEC v. Lawrence Billimek, and Alan Williams, Case 1:22-cv-10542 (S.D.N.Y. filed Dec. 14, 2022), available at https://www.sec.gov/files/litigation/complaints/2022/comp-pr2022-228.pdf. In addition, information in the Gamestop report was also derived from staff review of data maintained in the CAT database. See Staff of the U.S. Securities and Exchange Commission, Staff Report on Equity and Options Market Structure Conditions in Early 2021 (Oct. 14, 2021)(colloquially known as the “Gamestop Report”) available at https://www.sec.gov/files/staff-report-equity-options-market-struction-conditions-early-2021.pdf.

    [8] See Securities Exchange Act Release No. 34-102386 (Feb. 10, 2025). Specifically, the CAT will no longer collect, and broker-dealers will no longer report, name, address, and year of birth for natural persons with transformed security numbers (“SSNs”), or individual taxpayer identification numbers (“ITINs”). The Commission previously took exemptive action to eliminate individual social security numbers from the CAT. See Securities Exchange Act Release No. 88393 (Mar. 17, 2020), 85 FR 16152 (Mar. 20, 2020). Accordingly, today’s exemptive relief represents yet another reduction in the data available to regulators, further undermining the effectiveness of CAT.

    MIL OSI USA News –

  • MIL-OSI: MARA Holdings, Inc. Announces Postponement of Special Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    Fort Lauderdale, FL, Feb. 10, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a global leader in leveraging digital asset compute to support the energy transformation, today announced that its Special Meeting of Stockholders (the “Special Meeting”), which was originally scheduled to be held on February 11, 2025, has been postponed. The Special Meeting is now scheduled to be held virtually, via live webcast at web.lumiconnect.com/266814323, on Wednesday, February 19, 2025 at 8:30 a.m. PST / 11:30 a.m. EST. The record date for the Special Meeting, January 17, 2025, is unchanged and applies to the postponed Special Meeting.

    The Special Meeting has been postponed to provide the Company’s stockholders with additional time to vote in order to facilitate broader participation. The Company’s Board of Directors unanimously recommends that you vote FOR the proposals identified in the Company’s proxy statement for the Special Meeting. Stockholders who have already cast their votes do not need to take any action, unless they wish to change or revoke their prior proxy or voting instructions, and their votes will be counted at the postponed Special Meeting. For stockholders who have not yet cast their votes, we urge them to vote their shares now, so they can be tabulated prior to the postponed Special Meeting.

    Important Additional Information

    The Company has filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”) on January 21, 2025 (the “Proxy Statement”), which should be read in conjunction with this notice. To the extent information in this notice updates or conflicts with information contained in the Proxy Statement, the information in this notice is the more current information. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Stockholders may obtain a free copy of the Proxy Statement and the other relevant materials, and any other documents filed by the Company with the SEC, at the SEC’s website at https://www.sec.gov or on the “SEC Filings” section of the Company’s website at https://www.mara.com.

    About MARA

    MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

    Forward-Looking Statements

    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to quorum at the Special Meeting and the timing of the Special Meeting. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to quorum at the Special Meeting, receipt of stockholder approval of the proposals presented at the Special Meeting and the other factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2024, as amended on May 24, 2024, the “Risk Factors” section of MARA’s Quarterly Report on Form 10-Q filed with the SEC on August 1, 2024, the “Risk Factors” section of MARA’s Quarterly Report on Form 10-Q filed with the SEC on November 12, 2024 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com

    The MIL Network –

  • MIL-OSI Australia: Transparency at the heart of strata reforms

    Source: New South Wales Premiere

    Published: 11 February 2025

    Released by: Minister for Better Regulation and Fair Trading

    Greater accountability and transparency are at the heart of new strata laws now in effect which require strata managers in NSW to be upfront with owners about kickbacks and conflicts of interest.

    The reforms give property owners better information and increase accountability for strata managers through improved transparency around their financial relationships and potential conflicts of interest.

    The expanded disclosure requirements mandate clear and timely information-sharing by strata managers.

    Under the new laws, strata managers must:

    • Disclose any connections with suppliers and developers, including the nature of the relationships
    • Provide detailed breakdowns of insurance quotes, including commissions and broker fees
    • Report in real time if any new connections or interests arise during their appointment

    Additionally, strata managers must now provide enhanced annual reports to owners corporations which detail any supplier and developer connections.

    NSW Fair Trading will be enforcing these new obligations, with strata managers required to understand and comply with the new requirements, including auditing their previous disclosure practices to identify any gaps, and implement processes to ensure timely and accurate reporting under the new requirements.

    Strata property owners are encouraged to familiarise themselves with the changes and discuss any concerns with their strata manager.

    Targeted compliance operations and education initiatives will embed recent reforms and improve consumer confidence in strata management.

    Managers who fail to meet the new disclosure obligations may face penalties of up to $110,000.

    These new rules form part of the second tranche of reforms the Government has passed through the NSW Parliament to improve the strata industry.

    A third tranche of reforms is currently being debated in the NSW Parliament and will increase accountability of developers to ensure initial strata levies are accurate so owners aren’t hit with higher fees once they move in, and will introduce financial hardship provisions for people struggling to pay their fees and protect owners from unfair contract terms. 

    For more information, visit the NSW Fair Trading website:

    https://www.fairtrading.nsw.gov.au/housing-and-property/property-professionals/working-as-a-property-agent/rules-of-conduct/disclosure-requirements

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

    “These reforms are about ensuring transparency and accountability for everyone living in strata communities.

    “These enhanced disclosure requirements will give strata property owners the confidence they need to make informed decisions about their homes or investments.

    “Strata managers have an obligation to act in the best interests of their clients, which includes maintaining the trust of owners corporations. These reforms will improve oversight and ensure strata managers’ practices are open and transparent.

    “Strata owners deserve clear, timely, and honest information from their managers, and these laws provide a vital step in restoring trust and supporting better decision-making for strata communities.”

    Quotes to be attributed to Fair Trading Commissioner Natasha Mann:

    “With more than 87,000 strata schemes and more than 1.2 million people living in strata across NSW, these reforms are vital in ensuring fairness and trust for everyone living in strata communities.

    “We will be working to educate the industry on their obligations and monitor compliance with NSW strata laws, with penalties of up to $110,000 for those flouting the law.”

    MIL OSI News –

  • MIL-OSI: SPS Commerce Reports Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Company delivers 96th consecutive quarter of topline growth

    Fourth quarter 2024 revenue grew 18% and recurring revenue grew 19% from the fourth quarter of 2023

    MINNEAPOLIS, Feb. 10, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the fourth quarter and year ended December 31, 2024.

    Financial Highlights

    Fourth Quarter 2024 Financial Highlights

    • Revenue was $170.9 million in the fourth quarter of 2024, compared to $145.0 million in the fourth quarter of 2023, reflecting 18% growth.
    • Recurring revenue grew 19% from the fourth quarter of 2023.
    • Net income was $17.6 million or $0.46 per diluted share, compared to net income of $19.0 million or $0.51 per diluted share in the fourth quarter of 2023.
    • Non-GAAP income per diluted share was $0.89, compared to non-GAAP income per diluted share of $0.75 in the fourth quarter of 2023.
    • Adjusted EBITDA for the fourth quarter of 2024 increased 18% to $49.6 million compared to the fourth quarter of 2023.

    Fiscal Year 2024 Financial Highlights

    • Revenue was $637.8 million for the year ended December 31, 2024, compared to $536.9 million for the year ended December 31, 2023, reflecting 19% growth.
    • Recurring revenue grew 20% from the year ended December 31, 2023.
    • Net income was $77.1 million or $2.04 per diluted share for the year ended December 31, 2024, compared to net income of $65.8 million or $1.76 per diluted share for the comparable period in 2023, reflecting 17% growth in year-over-year net income.
    • Non-GAAP income per diluted share was $3.48, compared to non-GAAP income per diluted share of $2.85 in the year ended December 31, 2023.
    • Adjusted EBITDA for the year ended December 31, 2024 increased 18% to $186.6 million compared to the year ended December 31, 2023.

    “We are pleased with what we have accomplished in 2024, and I would like to congratulate SPS Commerce employees for their unwavering commitment to excellence and exceptional understanding of the retail supply chain,” said Chad Collins, CEO of SPS Commerce. “With the depth and breadth of solutions we offer today, we are uniquely positioned to support all trading relationships and continue growing our network to move the world of commerce forward.”

    “We believe that SPS’ leading retail network and competitive product portfolio position us well to continue on our profitable growth trajectory,” said Kim Nelson, CFO of SPS Commerce.

    Guidance*

    First Quarter 2025 Guidance

    • Revenue is expected to be in the range of $178.5 million to $180.0 million, representing 19% to 20% year-over-year growth.
    • Net income per diluted share is expected to be in the range of $0.39 to $0.41, with fully diluted weighted average shares outstanding of 38.7 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $0.82 to $0.84.
    • Adjusted EBITDA is expected to be in the range of $49.5 million to $50.5 million.
    • Non-cash, share-based compensation expense is expected to be $15.0 million, depreciation expense is expected to be $5.4 million, and amortization expense is expected to be $9.2 million.

    Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $758.0 million to $763.0 million, representing 19% to 20% growth over 2024.
    • Net income per diluted share is expected to be in the range of $1.93 to $1.99, with fully diluted weighted average shares outstanding of 38.9 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $3.78 to $3.84.
    • Adjusted EBITDA is expected to be in the range of $227.5 million to $231.0 million, representing 22% to 24% growth over 2024.
    • Non-cash, share-based compensation expense is expected to be $63.0 million, depreciation expense is expected to be $23.5 million, and amortization expense is expected to be $39.8 million.

    *Inclusive of the expected results of the Carbon6 acquisition

    The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.

    Quarterly Conference Call

    To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q4 2024 conference call. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

    About SPS Commerce

    SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 45,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 96 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

    SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries. 

    SPS-F

    Use of Non-GAAP Financial Measures

    To supplement our consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.

    Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

    These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

    Adjusted EBITDA Measures:

    Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Other adjustments for the year ended December 31, 2024 included the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs. Other adjustments for the year ended December 31, 2023 included the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs. Net income is the comparable GAAP measure of financial performance.

    Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

    Non-GAAP Income Per Share Measure:

    Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the year ended December 31, 2024 the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs, and for the year ended December 31, 2023 the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the first quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

     
     
    SPS COMMERCE, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited; in thousands, except shares)
     
      December 31,
    2024    		   December 31,
    2023
    ASSETS      
    Current assets      
    Cash and cash equivalents $         241,017     $         219,081  
    Short-term investments           —               56,359  
    Accounts receivable           56,214               50,160  
    Allowance for credit losses           (4,179 )             (3,320 )
    Accounts receivable, net           52,035               46,840  
    Deferred costs           65,342               62,403  
    Other assets           23,513               16,758  
    Total current assets           381,907               401,441  
    Property and equipment, net           37,547               36,043  
    Operating lease right-of-use assets           8,192               7,862  
    Goodwill           399,180               249,176  
    Intangible assets, net           181,294               107,344  
    Other assets      
    Deferred costs, non-current           20,572               20,347  
    Deferred income tax assets           505               505  
    Other assets, non-current           2,033               1,126  
    Total assets $         1,031,230     $         823,844  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable $         8,577     $         7,420  
    Accrued compensation           47,160               41,588  
    Accrued expenses           12,108               8,014  
    Deferred revenue           74,256               69,187  
    Operating lease liabilities           4,583               4,460  
    Total current liabilities           146,684               130,669  
    Other liabilities      
    Deferred revenue, non-current           6,189               6,930  
    Operating lease liabilities, non-current           7,885               9,569  
    Deferred income tax liabilities           15,541               8,972  
    Other liabilities, non-current           241               229  
    Total liabilities           176,540               156,369  
    Commitments and contingencies      
    Stockholders’ equity      
    Common stock           40               39  
    Treasury stock           (99,748 )             (128,892 )
    Additional paid-in capital           627,982               537,061  
    Retained earnings           336,099               259,045  
    Accumulated other comprehensive gain (loss)           (9,683 )             222  
    Total stockholders’ equity           854,690               667,475  
    Total liabilities and stockholders’ equity $         1,031,230     $         823,844  
     
    SPS COMMERCE, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited; in thousands, except per share amounts)
     
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024       2023       2024       2023  
    Revenues $         170,907     $         144,965     $         637,765     $         536,910  
    Cost of revenues           55,585               49,040               210,714               182,069  
    Gross profit           115,322               95,925               427,051               354,841  
    Operating expenses              
    Sales and marketing           39,220               33,214               148,920               122,936  
    Research and development           17,142               14,216               62,809               53,654  
    General and administrative           26,354               20,612               102,929               84,887  
    Amortization of intangible assets           7,862               4,998               23,510               16,116  
    Total operating expenses           90,578               73,040               338,168               277,593  
    Income from operations           24,744               22,885               88,883               77,248  
    Other income (expense), net           (373 )             3,456               10,593               8,315  
    Income before income taxes           24,371               26,341               99,476               85,563  
    Income tax expense           6,812               7,330               22,422               19,739  
    Net income $         17,559     $         19,011     $         77,054     $         65,824  
                   
    Net income per share              
    Basic $         0.47     $         0.52     $         2.07     $         1.80  
    Diluted $         0.46     $         0.51     $         2.04     $         1.76  
                   
    Weighted average common shares used to compute net income per share              
    Basic           37,646               36,831               37,306               36,646  
    Diluted           38,133               37,640               37,856               37,475  
     
    SPS COMMERCE, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited; in thousands)
     
      Twelve Months Ended
    December 31,
        2024       2023  
    Cash flows from operating activities      
    Net income $         77,054     $         65,824  
    Reconciliation of net income to net cash provided by operating activities      
    Deferred income taxes           (9,786 )             (10,079 )
    Depreciation and amortization of property and equipment           18,721               18,631  
    Amortization of intangible assets           23,510               16,116  
    Provision for credit losses           7,683               5,707  
    Stock-based compensation           54,557               45,508  
    Other, net           577               2,415  
    Changes in assets and liabilities, net of effects of acquisitions      
    Accounts receivable           (9,653 )             (11,949 )
    Deferred costs           (3,120 )             (10,724 )
    Other assets and liabilities           (7,313 )             1,834  
    Accounts payable           796               (3,947 )
    Accrued compensation           1,434               7,143  
    Accrued expenses           4,115               1,302  
    Deferred revenue           728               6,464  
    Operating leases           (1,905 )             (1,947 )
    Net cash provided by operating activities           157,398               132,298  
    Cash flows from investing activities      
    Purchases of property and equipment           (20,046 )             (19,761 )
    Purchases of investments           (85,759 )             (133,994 )
    Maturities of investments           143,275               131,331  
    Acquisition of businesses, net           (147,924 )             (70,218 )
    Net cash used in investing activities           (110,454 )             (92,642 )
    Cash flows from financing activities      
    Repurchases of common stock           (37,567 )             —  
    Net proceeds from exercise of options to purchase common stock           4,714               9,856  
    Net proceeds from employee stock purchase plan activity           9,827               8,114  
    Payments for contingent consideration           —               (2,000 )
    Net cash provided by (used in) financing activities           (23,026 )             15,970  
    Effect of foreign currency exchange rate changes           (1,982 )             562  
    Net increase in cash and cash equivalents           21,936               56,188  
    Cash and cash equivalents at beginning of period           219,081               162,893  
    Cash and cash equivalents at end of period $         241,017     $         219,081  
     
     
     
    SPS COMMERCE, INC.
    NON-GAAP RECONCILIATIONS
    (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)
    Adjusted EBITDA
      Three Months Ended   Twelve Months Ended
    December 31, December 31,
        2024       2023       2024       2023  
    Net income $ 17,559     $ 19,011     $ 77,054     $ 65,824  
    Income tax expense   6,812       7,330       22,422       19,739  
    Depreciation and amortization of property and equipment   4,711       4,667       18,721       18,631  
    Amortization of intangible assets   7,862       4,998       23,510       16,116  
    Stock-based compensation expense   12,293       9,411       54,557       45,508  
    Realized (gain) loss from investments held and foreign currency impact on cash and investments   2,521       (1,201 )     (115 )     (1,726 )
    Investment income   (2,205 )     (2,287 )     (10,582 )     (7,660 )
    Other   86       28       1,064       1,198  
    Adjusted EBITDA $ 49,639     $ 41,957     $ 186,631     $ 157,630  
                   
    Adjusted EBITDA Margin
      Three Months Ended   Twelve Months Ended
    December 31, December 31,
       2024    2023    2024    2023
    Revenue $ 170,907       $ 144,965       $ 637,765       $ 536,910    
                   
    Net income   17,559         19,011         77,054         65,824    
    Margin   10   %     13   %     12   %     12   %
                   
    Adjusted EBITDA   49,639         41,957         186,631         157,630    
    Adjusted EBITDA Margin   29   %     29   %     29   %     29   %
                   
    Non-GAAP Income per Share
      Three Months Ended   Twelve Months Ended
    December 31, December 31,
        2024       2023       2024       2023  
    Net income $ 17,559     $ 19,011     $ 77,054     $ 65,824  
    Stock-based compensation expense   12,293       9,411       54,557       45,508  
    Amortization of intangible assets   7,862       4,998       23,510       16,116  
    Realized (gain) loss from investments held and foreign currency impact on cash and investments   2,521       (1,201 )     (115 )     (1,726 )
    Other   86       28       1,064       1,198  
    Income tax effects of adjustments   (6,371 )     (3,906 )     (24,505 )     (19,983 )
    Non-GAAP income $ 33,950     $ 28,341     $ 131,565     $ 106,937  
                   
    Shares used to compute net income and non-GAAP income per share              
    Basic   37,646       36,831       37,306       36,646  
    Diluted   38,133       37,640       37,856       37,475  
                   
    Net income per share, basic $ 0.47     $ 0.52     $ 2.07     $ 1.80  
    Non-GAAP adjustments to net income per share, basic   0.43       0.25       1.46       1.12  
    Non-GAAP income per share, basic $ 0.90     $ 0.77     $ 3.53     $ 2.92  
                   
    Net income per share, diluted $ 0.46     $ 0.51     $ 2.04     $ 1.76  
    Non-GAAP adjustments to net income per share, diluted   0.43       0.24       1.44       1.09  
    Non-GAAP income per share, diluted $ 0.89     $ 0.75     $ 3.48     $ 2.85  
                   
    The annual per share amounts may not cross-sum due to rounding.
                   

    Contact:
    Investor Relations
    The Blueshirt Group
    Irmina Blaszczyk & Lisa Laukkanen
    SPSC@blueshirtgroup.com
    415-217-4962

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 10.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    10 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 10.02.2025

    Espoo, Finland – On 10 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,400,000 4.72
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,400,000 4.72

    * Rounded to two decimals

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

    Total cost of transactions executed on 10 February 2025 was EUR 6,611,080. After the disclosed transactions, Nokia Corporation holds 243,703,874 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

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

    Inquiries:

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

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

    Attachment

    The MIL Network –

  • MIL-OSI USA: Growing Colorado’s Leading Aerospace Industry: Gov. Polis Announces Digantara Expansion in Colorado Springs

    Source: US State of Colorado

    COLORADO SPRINGS – Today, Governor Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT) announced that Digantara, a leading space surveillance and intelligence company specializing in space domain awareness, has selected Colorado Springs, Colorado, for expansion. 

    “I’m thrilled to welcome Digantara to Colorado, the best place to live, work, and do business. Digantara will bring 61 new, good-paying jobs while supporting safer space operations,” said Governor Polis. 

    Based in India, Digantara develops space surveillance systems designed to manage increasing orbital traffic and enhance space operations by delivering accurate and real-time orbital insights. The company’s systems pair constellations of cost-efficient nanosatellites in low earth orbit with precise modeling to enable the space industry to secure long-term spaceflight safety and build maps for space. 

    “Colorado is a leader in aerospace innovation, and we’re thrilled to welcome Digantara to our growing Aerospace community,” said Lt. Governor Dianne Primavera and co-chair of the Colorado Space Coalition. “With top research institutions, a skilled workforce, and strong industry partnerships, our state is the ideal place for companies shaping the future of space. We look forward to seeing Digantara’s impact on space sustainability and security.” 

    Digantara specializes in patented space-to-space tracking Optical and LiDAR systems. The company plans to establish a Satellite Assembly, Integration and Testing (AIT) facility in Colorado Springs to develop these payloads locally, catering to the Intelligence, Surveillance and Reconnaissance (ISR) needs of U.S. Government and Department of Defense agencies. 

    “Colorado stands at the heart of the US aerospace-defense ecosystem, making it the perfect base for Digantara. Here, we aim to collaborate with the US aerospace and defense community locally, advancing global space security through innovation and partnership. Our mission is clear: contribute to U.S. and its allies’ defense efforts and help ensure a safe, sustainable space for a secure future,” said Anirudh Sharma, CEO of Digantara. 

    Digantara champions space sustainability, with active advocacy in the Paris Peace Forum’s Net Zero Space Initiative and the UN Space Bridge Dialogue on Global Space Traffic Coordination. In Colorado Springs, the company plans to establish a U.S. base to pursue opportunities to collaborate with U.S. defense agencies on surveillance and defense initiatives. This includes a capital investment of $35 million. Proximity to talent and the opportunity to locate in a leading aerospace market were key considerations. 

    “Colorado is now home to 2,000 aerospace companies, an increase of 26% over the last five years. When companies like Digantara expand in our state, they continue to strengthen this key sector of our economy while advancing innovative new technologies that will be critical to space and space missions,” said OEDIT Executive Director Eve Lieberman. 

    Digantara expects to create 61 net new jobs at an average annual wage of $82,645, which is 130% of the average annual wage in El Paso County. The positions will include software engineers, systems engineers, business developers, human resources, and finance roles. 

    The Colorado Economic Development Commission approved up to $759,034 in a performance-based Job Growth Incentive Tax Credit for the company over an eight-year period. These incentives are contingent upon Digantara, referred to as Project Diamond throughout the OEDIT review process, meeting net new job creation and salary requirements. The Colorado Springs City Council approved $198,225 over a four-year period in performance-based incentives. The sales and use tax rebates apply to the purchases of construction materials, equipment, machinery, furniture, and fixtures. The City’s Economic Development Department also offered to support the company through its Rapid Response Program, as well as talent and workforce development support. Additionally, El Paso County approved $812,030 in incentives. 

    “We are thrilled to welcome Digantara as they open their first U.S. office right here in our Colorado Springs, Olympic City USA,” said Mayor Yemi Mobolade. “As a key player in space surveillance and intelligence, specializing in space domain awareness, they are a perfect fit for our growing ecosystem of tech, aerospace, space, and cybersecurity companies. This is yet another example of the exciting expansion we’re seeing in this critical sector, further solidifying Colorado Springs’ position at the forefront of space innovation.” 

    “El Paso County is proud to support Digantara, which enhances our region’s leadership in the aerospace and defense industries—sectors that drive our local economy and safeguard our national security. We are committed to supporting businesses that create jobs, invest in our workforce, and strengthen our local economy. This investment goes beyond a single project; it represents a commitment to the future of our region, reinforcing our position as a place where businesses can innovate, expand, and thrive,” said El Paso County Commissioner and Chair Carrie Geitner. 

    “Digantara’s expansion is a big win for Colorado Springs and the Pikes Peak region, boosting our space talent and reinforcing our reputation as a prominent force in national security and a top location for aerospace and defense investments,” said Johnna Reeder Kleymeyer, President & CEO of Colorado Springs Chamber & EDC. “With our strong and diverse economy, highly skilled workforce, and cutting-edge technologies, it’s clear that Colorado Springs is the ideal place for space companies to innovate and thrive.”

     In addition to Colorado, Digantara considered North Carolina, Texas and California for expansion. The company currently has 70 employees, none of whom are in Colorado. 

    About Colorado Office of Economic Development and International Trade 

    The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT. 

    ###

    MIL OSI USA News –

  • MIL-OSI Economics: Chair issues call for meaningful progress in agriculture talks by MC14

    Source: WTO

    Headline: Chair issues call for meaningful progress in agriculture talks by MC14

    In his final report reflecting on the extensive work done over the past two years, Ambassador Acarsoy expressed regret over the absence of an outcome on agriculture at MC13 in 2024, despite having come very close to a result. He told WTO members that their position today is very similar to where they stood before MC13, and he urged them to consider “what steps can be taken to break free from a recurring ‘Groundhog Day’ scenario and drive meaningful progress forward.”
    “Rebuilding trust and setting credible targets are paramount to progressively restoring an effective negotiating process and achieving an agricultural outcome in March 2026 in Yaoundé,” the Chair told the meeting. He called on members to engage in “evidence-based discussions” and “text-based negotiations”.
    DG Okonjo-Iweala thanked Ambassador Acarsoy for his leadership and expressed hope that his efforts would inspire a “genuine desire” among members to break the deadlock.
    At MC14, agriculture should be “the centre of attention”, the Director-General said. She urged WTO members to try to mobilize the political will and flexibility that will be needed to achieve a breakthrough in the negotiations.
    She also assured members that the General Council Chair is actively working to identify a successor to Ambassador Acarsoy, to ensure a smooth transition.
    The Director-General welcomed ongoing initiatives, such as the joint work of the African Group and the Cairns Group of agricultural exporting countries, and she called for further research into the evolving agricultural landscape to provide fact-based insights that could help inform the negotiations.
    The African Group and the Cairns Group provided an update on their joint work, reaffirming their commitment to levelling the playing field in agriculture and making the global trading system fairer and more predictable. The groups reiterated their plan to submit a “modalities” package — setting out formulas and figures for commitments to reduce trade-distorting domestic support — for the consideration of members before MC14.
    Both groups acknowledged the “great efforts” invested in the process, which allows ideas to be tested without commitment until an overall agreement is reached. While recognizing that “the work has not always been easy,” the two groups emphasized that the process has been “consultative and constructive” and serves as “an example of what can be done”. They pledged to continue to engage with members and groups to advance discussions and build momentum for MC14.
    Members applauded the Chair’s leadership and contributions. Many members emphasized the urgency of appointing a successor as soon as possible. There was broad agreement that MC14 must deliver on agriculture, given its crucial importance for the African continent. Some members suggested that outcomes should focus on addressing the specific needs of least-developed countries (LDCs) and on delivering for Africa.
    Members exchanged views on negotiation priorities and the process for moving talks forward. Several members supported the Chair’s call for the swift resumption of substantive negotiations. Many said that future work should go beyond entrenched positions and take a more creative and innovative approach. While some insisted on the importance of sticking to formal negotiation forums, others saw value in advancing discussions through both formal and informal tracks, citing the constructive ongoing dialogue between the African Group and the Cairns Group as an example.
    Some members also suggested incorporating new knowledge into the negotiations, including by organizing technical workshops and by expanding discussions to address emerging challenges, such as the need to ensure the sustainability of the sector.

    Share

    MIL OSI Economics –

  • MIL-OSI Europe: Answer to a written question – Controversial dental tourism to non-EU countries – E-002389/2024(ASW)

    Source: European Parliament

    The Commission recognises that many EU citizens seek medical and dental treatments abroad, driven by cost differences or limited public coverage of costs in their home countries.

    To monitor this trend, the Commission collects annual data on patient mobility within EU/ European Economic Area (EEA) countries.

    It is important to note that data from non-EU countries are not included in these reports. The data are broadly categorised into planned and unplanned treatments; however, they do not provide specific disaggregation for dental treatments. For further details, the last available report is accessible online[1].

    Cross-border healthcare within the EU is governed by Directive 2011/24/EU[2] and the Social Security Coordination Regulations[3]. These legislative frameworks address key aspects such as treatment, reimbursement, patient safety, and liability issues.

    However, they do not apply to healthcare services outside the EU, EEA, and Switzerland, except for the United Kingdom, where social security provisions similar to the regulations apply thanks to the Withdrawal Agreement and the Trade and Cooperation Agreement.

    The Commission has no legal framework for healthcare services accessed outside the EU or EEA countries, Switzerland, and the United Kingdom.

    Citizens are strongly advised to consult their respective National Contact Points (NCPs) designated at the national level in accordance with Directive 2011/24/EU[4].

    The NCPs can provide information to the patients about their rights to cross-border healthcare, including conditions for reimbursement and procedural requirements, such as the authorisation process for planned treatments and applicable tariffs, among others.

    • [1] https://health.ec.europa.eu/latest-updates/data-cross-border-patient-healthcare-following-directive-201124eu-reference-year-2022-2024-04-19_en
    • [2] http://data.europa.eu/eli/dir/2011/24/oj
    • [3] https://employment-social-affairs.ec.europa.eu/policies-and-activities/moving-working-europe/eu-social-security-coordination/frequently-asked-questions/faq-social-security-regulations_en
    • [4] http://data.europa.eu/eli/dir/2011/24/oj

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Billionaires’ companies benefiting from Common Agricultural Policy subsidies – E-002644/2024(ASW)

    Source: European Parliament

    A decades-long farm consolidation is part of a deeper trend observed in major market-based economies, including the EU, driven by a combination of factors, such as economies of scale, technological advancements, access to capital, as well as demographic trends.

    The Guardian article grossly overestimates the amounts received by the largest Common Agricultural Policy (CAP) recipients. The Eurostat Farm Structure Survey shows that the average physical farm size of Portuguese farms increased from 12.6 ha in 2007 to 13.7 ha in 2020 (+8.2%), while the EU-27 average farm size increased from 11.6 ha to 17.1 ha over the same period (+ 47.5%).

    Regarding distribution of direct payments in Portugal, in 2022, the 20% largest beneficiaries (by the amount of payment) received 80% of direct payments.

    However, these 20% largest beneficiaries were farming 87% of the land. Yet in 2015, the 20% largest beneficiaries received 84% of direct payments and farmed 86% of land.

    Thus, the concentration of direct payments slightly decreased between 2015 and 2022, despite the fact that the concentration of land has increased.

    This shows the first results of the current redistribution mechanisms, including a redistributive payment (CRISS) and an increase of the payment under the Small Farmers Scheme (SFS). Under the current CAP, Portugal allocated a total of EUR 348.6 million to CRISS. A total of EUR 319.5 million was allocated to SFS.

    Lastly, the Commission recently proposed to strengthen the position of farmers in the food supply chain, both via the common market Organisation and the new Unfair Trading Practices cross border enforcement regulations.

    The CAP post-2027 will further consider how to better target the distribution of the CAP funds.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Dragon boat challenge stages in Dubai to promote Hong Kong culture and heritage (with photos)

    Source: Hong Kong Government special administrative region

    Dragon boat challenge stages in Dubai to promote Hong Kong culture and heritage (with photos)
    Dragon boat challenge stages in Dubai to promote Hong Kong culture and heritage (with photos)
    ******************************************************************************************

         The Hong Kong Economic and Trade Office in Dubai (Dubai ETO) sponsored the Hong Kong Dragon Boat Challenge 2025, which took place in Dubai, the United Arab Emirates (UAE), on February 8 and 9 (Dubai time), to promote Hong Kong’s unique culture and heritage.      Held at the Dubai Creek, this year’s races attracted more than 40 teams per day with a total of about 1 400 competitors during the two-day event. Among them was a team formed by the Dubai ETO, consisting of members of the Hong Kong community living in the UAE.      Other than competitive races in various categories, the Dubai ETO also set up a promotional booth at the venue over the weekend to promote Hong Kong and provide information on her latest developments.      Speaking at the award presentation ceremony, the Acting Director-General of the Dubai ETO, Mr Leo Poon, highlighted that the Dubai ETO has brought the dragon boat racing to Dubai for the third year not just to share the fun of dragon boat racing with the local community, but also to strengthen cultural ties and social connections between the two communities of Hong Kong and Dubai.      “Hong Kong is not just an international trade hub and financial centre, we are also a dynamic city where East meets West, and home to a multitude of mega events. With the state-of-the-art Kai Tak Sports Park set for grand opening next month, Hong Kong will be hosting more international sports and cultural events, showcasing our city’s remarkable charm,” he added.      The Dubai ETO will continue to organise various events in the member states of the Cooperation Council for the Arab States of the Gulf with the aim of deepening exchanges and promoting closer co-operation.

     
    Ends/Tuesday, February 11, 2025Issued at HKT 2:35

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fourth India-UK Energy Dialogue- Advancing India’s energy transition held in New Delhi today

    Source: Government of India

    Fourth India-UK Energy Dialogue-   Advancing India’s energy transition held in New Delhi today

    Phase-2 of the India-UK bilateral Accelerating Smart Power & Renewable Energy in India (ASPIRE) programme announced

    Posted On: 10 FEB 2025 8:44PM by PIB Delhi

    The Fourth India-UK Energy Dialogue, co-chaired by Shri Manohar Lal, Union Minister of Power and Housing and Urban Affairs of India, and Mr. Ed Miliband, Secretary for Energy Security and Net Zero for United Kingdom, was held today in New Delhi.

    The dialogue focused on reviewing progress made in the energy sectors of both nations, including power and renewable energy, and reaffirming the commitment to a sustainable, resilient, and inclusive energy future. The Ministers underscored the importance of ensuring that the energy transition and economic growth proceed together, while maintaining affordable and clean energy access for all.

    The Ministers underscored the importance of ensuring energy security and sustainable development and emphasized expanding the cooperation in the areas of power distribution, sector reforms, industrial energy efficiency and de-carbonization, and electric mobility while exploring new opportunities in the emerging fields such as energy storage, green data centers, and offshore wind, with an increased focus on MSMEs.

    The Ministers were pleased to announce the launch of Phase-2 of the India-UK bilateral Accelerating Smart Power & Renewable Energy in India (ASPIRE) programme. This phase will aim to provide technical support for ensuring round-the-clock power supply, expanding renewable energy initiatives, and accelerating industrial energy efficiency and de-carbonization, in collaboration with the Ministry of Power (MOP) and Ministry of New and Renewable Energy (MNRE).

    The Ministers were pleased to observe the bilateral collaboration between the two sides to promote growth and jobs, through technical assistance cooperation and investment.  They also discussed the progress of trade missions focusing on offshore wind and green hydrogen, as well as the cooperation between the UK’s Energy Systems Catapult and India’s Power Trading Corporation.

    Recognizing the shared ambition for advancing offshore wind development, the Ministers announced the establishment of a UK-India Offshore Wind Taskforce, which will focus on advancing offshore wind ecosystem development, supply chains, and financing models in both countries.  Mr. Miliband commended India’s ambitious initiatives in the renewable energy sector and shown a strong interest in gaining insights from India’s experience in implementing the Solar Rooftop Programme (PM – Surya Ghar Muft Bijli Yojna).

    The Ministers agreed on the importance of power market regulations in driving the energy transition and ensuring greater energy security and access. To support this, they announced the continuation of the Power Sector Reforms programme under the UK Partnering for Accelerating Climate Change (UKPACT). Additionally, a new taskforce has been proposed between the UK’s Office of Gas and Electricity Markets (OFGEM) and India’s Central Electricity Regulatory Commission (CERC) to support renewable energy integration and grid transformation in India.

    Both Ministers emphasized the ongoing value of the India-UK Energy Dialogue in advancing mutual energy transition goals, ensuring energy access, and building secure and sustainable clean energy supply chains while aligning these efforts with economic growth.

    The Ministers expressed their intention to further strengthen their collaboration through the Comprehensive Strategic Partnership and looked forward to the fifth UK-India Energy Dialogue in 2026. The dialogue concluded with the launch of the ‘Best Practices Compendium of Industrial Energy Efficiency/Decarbonisation’ and a ‘Pathways for Energy Efficiency and Decarbonisation in the Indian Aluminium Sector’.

    *****

    JN/ SK

    (Release ID: 2101542) Visitor Counter : 44

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PM-VIKAS SCHEME

    Source: Government of India

    Posted On: 10 FEB 2025 8:18PM by PIB Delhi

    The Pradhan Mantri Virasat Ka Samvardhan (PM VIKAS) is a flagship Scheme of the Ministry of Minority Affairs which converges five erstwhile schemes viz. ‘Seekho Aur Kamao’, ‘Nai Manzil’, ‘Nai Roshni’, ‘Hamari Dharohar’ and ‘USTTAD’; and focuses on upliftment of six notified minority communities through skill development; entrepreneurship and leadership of minority women; and education support for school dropouts.

    Additionally, the scheme provision to facilitate credit linkages by connecting beneficiaries with loan programs offered by the National Minorities Development & Finance Corporation (NMDFC). Beneficiaries would also be supported for market linkages through EPCH (Export Promotion Council for Handicrafts) to enhance their livelihood. The PM VIKAS scheme is yet to be implemented.

    This information was given by the Union Minister of Minority & Parliamentary Affairs, Shri Kiren Rijiju in a written reply in the Rajya Sabha today

    ***

    SS/ISA

    (Release ID: 2101513) Visitor Counter : 61

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India-Israel Business & CEO Forums to Strengthen Bilateral Economic Ties

    Source: Government of India (2)

    India-Israel Business & CEO Forums to Strengthen Bilateral Economic Ties

    India-Israel Business & CEO Forums to Strengthen Economic Cooperation High-Level Business Delegation Led by Israel’s Minister of Economy to Visit India

    Posted On: 10 FEB 2025 8:10PM by PIB Delhi

    India and Israel are set to deepen their economic and trade engagement with the India-Israel Business Forum and the India-Israel CEO Forum, both scheduled for February 11, 2025, in New Delhi. These forums will bring together top business leaders, policymakers, and industry stakeholders from both countries to explore new avenues of economic cooperation, technological collaboration, and investment opportunities.

    Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, and the Embassy of Israel, in partnership with the Confederation of Indian Industry (CII), is organizing the India-Israel Business Forum. The forum will focus on expanding trade relationships, fostering cross-sector collaborations, and identifying investment opportunities between Indian and Israeli businesses.

    A high-level Israeli business delegation, led by H.E. Nir M. Barkat, Minister of Economy and Industry, State of Israel, will participate in the forum. The delegation includes leading Israeli enterprises and representatives from sectors such as technology, manufacturing, healthcare, agri-tech, food processing, defense, homeland security, water management, logistics, and retail.

    The event will feature a ceremonial inaugural session, followed by panel discussions and B2B meetings, allowing Indian and Israeli business leaders to explore new opportunities for joint ventures, investments, and knowledge sharing. Representatives from the Government of India, the Government of Israel, and leading business organizations will participate in these discussions, focusing on sectoral growth and innovation-driven partnerships.

    India and Israel’s shared commitment to technological advancement, innovation, and entrepreneurship makes them natural economic allies. With India’s rise as a global manufacturing and technology hub, the forum will provide a strategic platform to strengthen business-to-business (B2B) and government-to-business (G2B) ties.

    Alongside the Business Forum, the Federation of Indian Chambers of Commerce & Industry (FICCI) will host the India-Israel CEO Forum, an exclusive gathering of top CEOs, senior executives, and policymakers from both nations.

    The CEO Forum will serve as a high-level platform for industry leaders to discuss investment opportunities, policy frameworks, and emerging business trends. The discussions will revolve around technology collaboration, research & development, innovation-driven growth, and trade diversification.

    Key focus areas for engagement between India and Israel include strengthening cooperation in technology and innovation, particularly in AI, digital transformation, and smart manufacturing. Defense and security partnerships will expand in areas like defense technology, cybersecurity, and homeland security solutions. Joint projects in clean energy and sustainability will promote renewable energy, water conservation, and green technologies. In healthcare and life sciences, collaborations will be enhanced in medical research, pharmaceutical trade, and biotech investments. Additionally, agriculture and food security will benefit from Israeli expertise in precision agriculture, drip irrigation, and sustainable farming solutions.

    India and Israel have witnessed steady growth in bilateral trade, which has diversified significantly beyond traditional sectors like diamonds and precious metals to include engineering goods, chemicals, electronics, defense, and agricultural products.

    Israeli investments in India have been expanding, with various Israeli companies operating in various sectors, including renewable energy, water technology, defense, and manufacturing. Similarly, Indian companies have made significant inroads into Israel, particularly in pharmaceuticals, IT, and infrastructure.

    The CEO Forum will provide a unique opportunity for business leaders to develop new partnerships, exchange insights, and explore pathways for expanding bilateral trade and investment flows.

    Both forums are in line with India and Israel’s long-term vision for economic growth and cooperation, highlighting the importance of strengthening business connections, policy discussions, and strategic partnerships. They will promote deeper engagement between Indian and Israeli industries, encourage foreign direct investment (FDI) and joint ventures, foster technology transfer and innovation partnerships, and boost trade by implementing policy reforms and establishing new agreements.

    As India moves towards its goal of Viksit Bharat (Developed India) by 2047, and Israel continues to strengthen its global economic partnerships, these forums will play a crucial role in shaping the future of India-Israel economic ties.

    ***

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2101505) Visitor Counter : 58

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India and EFTA Strengthen Economic Ties with the Inauguration of the India-EFTA Desk

    Source: Government of India

    India and EFTA Strengthen Economic Ties with the Inauguration of the India-EFTA Desk

    India-EFTA Desk will function as a single-window mechanism to provide support to EFTA businesses looking to invest, expand, or establish operations in India

    Business Roundtable Witnessed Participation from Over 100 Companies from India and EFTA Nations

    Posted On: 10 FEB 2025 6:27PM by PIB Delhi

    India and the European Free Trade Association (EFTA) – comprising Switzerland, Norway, Iceland, and Liechtenstein – have taken a significant step towards deeper economic collaboration with the inauguration of the India-EFTA Desk. This initiative follows the recently concluded India-EFTA Trade and Economic Partnership Agreement (TEPA), which positions EFTA as the first European bloc to formalize a trade pact with India. Union Minister for Commerce and Industry, Shri Piyush Goyal hailed TEPA as a landmark agreement, emphasizing India’s growing role in global trade. “This desk will serve as the bridge between businesses on both sides, ensuring transparency, trust, and ease of doing business,” he stated. He underscored India’s ambition to surpass $100 billion in EFTA investments, highlighting the country’s commitment to fostering equitable and mutually beneficial trade relationships.

    The India-EFTA Desk will provide structured support to EFTA businesses looking to invest, expand, or establish operations in India. High-ranking dignitaries from all four EFTA nations attended the launch, reaffirming their commitment to strengthening economic ties.

    Switzerland’s State Secretary for Economic Affairs, Ms. Helene Budliger Artieda, described TEPA as a “new chapter for investment promotion and cooperation,” citing over CHF 10 billion in Swiss FDI that has created 146,000+ jobs in India, particularly in manufacturing. She projected a surge in investments across precision industries, chemicals, food processing, and pharmaceuticals, suggesting that an Invest India office in Switzerland could further drive investment flows.

    Norway’s State Secretary of Trade and Industry, Mr. Tomas Norvoll, likened TEPA to an airport, with the EFTA Desk serving as the landing strip for businesses. He noted that Norwegian companies in India have doubled in the last decade, with sovereign wealth fund assets reaching $31.4 billion.

    Iceland’s Permanent Secretary for Foreign Affairs, Mr. Martin Eyjolfsson, called TEPA “the most significant trade agreement EFTA has signed in decades,” reinforcing India’s role as a key economic partner for Europe. He highlighted growing cooperation in renewable energy, seafood, and pharmaceuticals, positioning TEPA as a stabilizing force amid global economic uncertainty.

    Liechtenstein’s Minister of External Affairs, Education, and Sport, Ms. Dominique Hasler, emphasized the Desk’s role in facilitating high-value manufacturing and innovation-driven industries. She pointed to Hilti’s success in India and expressed optimism that TEPA would encourage more Liechtenstein-based firms to expand.

    The India-EFTA Desk will drive investment in renewable energy, life sciences, engineering, and digital transformation. Secretary, DPIIT, Shri Amardeep Singh Bhatia, noted that TEPA will spur joint ventures, SME collaborations, and technology partnerships, with the Desk streamlining regulatory navigation for EFTA businesses.

    Union Minister of State, Shri Jitin Prasada, highlighted EFTA’s strategic importance to India’s development goals, citing Norway’s expertise in green shipping, Switzerland’s advancements in rail networks, Iceland’s leadership in geothermal energy, and Liechtenstein’s high-value manufacturing. He also pointed to research collaborations between IITs and the Arctic University of Norway, demonstrating TEPA’s broader scope beyond trade.

    Following the Desk’s inauguration, a high-level Business Roundtable chaired by Shri Piyush Goyal convened to explore opportunities and address trade challenges. Discussions identified key sectors, including seafood & maritime, energy, financial services, pharmaceuticals, engineering, and food processing.

    Looking ahead, the India-EFTA Desk will serve as the primary channel for fostering continuous business-government dialogue. The Indian government has pledged to work closely with EFTA partners to unlock TEPA’s full potential. Concluding the discussions, Shri Piyush Goyal called TEPA a “model agreement” and reaffirmed India’s readiness to build a robust future with EFTA, stating: “India is ready when you are. Let’s build this future together.”

    With the official inauguration of the EFTA Desk, India and EFTA have entered a new era of economic cooperation, ensuring that businesses from both regions thrive in an era of sustainable and innovation-driven growth.

    ***

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2101431) Visitor Counter : 65

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Growth in Foreign Tourist Arrivals

    Source: Government of India

    Posted On: 10 FEB 2025 5:20PM by PIB Delhi

    As per data from the Bureau of Immigration, India recorded 9.52 million Foreign Tourist Arrivals (FTAs) in 2023, reflecting a 47.9% increase compared to 2022 year which account for Foreign Exchange Earnings (FEEs) of Rs.2,31,927 crore with a growth of 36.5%.

    The growth in Foreign Tourist Arrivals (FTAs) is mainly driven by the post-pandemic revival of global travel and increasing confidence in India as a diverse and culturally rich destination. Enhanced air connectivity has improved accessibility to key tourist spots, while continuous development of tourism infrastructure has elevated the visitor experience. Additionally, targeted domestic and international marketing campaigns have strengthened India’s global appeal, positioning it as a premier destination for travelers worldwide.

    Furthermore, Ministry of Tourism has taken several steps/initiatives over the years to give boost to the tourism sector in the country, details of which are:

    • The Ministry of Tourism under the schemes of ‘Swadesh Darshan’, ‘National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD)’ and ‘Assistance to Central Agencies for Tourism Infrastructure Development’ provides financial assistance to State Governments/Union Territory Administrations/Central Agencies for the development of tourism related infrastructure and facilities at various tourism destinations in the country.
    • Ministry of Tourism through its various campaigns and events promotes various tourism destinations and products of India in domestic and international markets. Some of the initiatives are Dekho Apna Desh campaign, Chalo India campaign, International Tourism Mart, Bharat Parv.
    • The Incredible India Content Hub was launched which is a comprehensive digital repository, featuring a rich collection of high-quality images, films, brochures, and newsletters related to tourism in India. Promotions are also carried out through the web-site – www.incredibleindia.org and social media handles of the Ministry.
    • Thematic tourism like wellness tourism, culinary tourism, rural, eco-tourism, etc. amongst other niche subjects are promoted so as to expand the scope of tourism into other sectors as well.
    • Enhance the overall quality and visitor experience through initiatives focused on capacity building, skill development such as ‘Capacity Building for Service Providers’, ‘Incredible India Tourist Facilitator’ (IITF), ‘Paryatan Mitra’ and ‘Paryatan Didi’.
    • For improving air connectivity to important tourist destinations, Ministry of Tourism has collaborated with Ministry of Civil Aviation under their RCS-UDAN Scheme. As on date, 53 tourism routes have been operationalized.
    • e-Visa scheme is now available to 167 countries and it is available for 9 sub-categories:

     

    i.       e-Tourist Visa

    ii.      e-Business Visa

    iii.     e-Medical Visa

    iv.     e-Conference Visa

    v.      e-Medical Attendant Visa

    vi.     e-Ayush Visa

    vii.    e-Ayush Attendant Visa

    viii.   e- Student Visa

    ix.     e-Student X Visa

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    (Release ID: 2101371) Visitor Counter : 67

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: International Co-Operation in Tourism Sector

    Source: Government of India

    Posted On: 10 FEB 2025 5:19PM by PIB Delhi

    The Government of India works with other countries to promote tourism through bilateral and multilateral arrangements that encourage information sharing, ease of travel, and other areas of cooperation for the promotion and development of tourism. India is also a member of global tourism organizations like the United Nations World Tourism Organization (UNWTO), Association of Southeast Asian Nations (ASEAN), Group of Twenty (G20), Group of Seven (G7), South Asian Association for Regional Cooperation (SAARC), BRICS (Brazil, Russia, India, China, and South Africa), etc. helping shape tourism policies and support sustainable travel. These efforts are to attract more tourists to India and also to strengthen cultural and economic ties with other nations, contributing to India’s vision of sustainable and inclusive tourism initiatives.

    India is promoted as a holistic tourism destination by showcasing its diverse offerings, including heritage, culture, spirituality, wellness, adventure and eco-tourism. To promote tourism, the Ministry undertakes several initiatives in international and domestic markets, including media campaigns, social media promotions, webinars and participation in promotional events. Additionally, Indian Missions abroad conduct various activities to attract global travelers to India’s diverse tourist destinations, contribute to strengthening India’s position as a preferred travel destination on the global map.

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    (Release ID: 2101368) Visitor Counter : 68

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Ministry of Culture implements a “Global Engagement Scheme” to promote India’s rich cultural heritage

    Source: Government of India (2)

    Posted On: 10 FEB 2025 5:07PM by PIB Delhi

    To organize cultural programmes of India at International level, Ministry of Culture signs Cultural Exchange Programmes (CEPs) for disseminating Indian art and culture across the globe. The Cultural Exchange programmes promote India’s soft power for developing and strengthening India’s inter-cultural relations with other countries. The CEPs facilitate cultural exchanges with other countries in different areas like music and dance, theatre, museums & science museums, libraries, archives, protection and conservation of historic monuments and archaeological sites, literature, research and documentation, festival, among others.

    Ministry of Culture also implements a scheme titled “Global Engagement Scheme” to promote India’s rich cultural heritage and enhance India’s image in the global arena in a concerted manner. The objective of the Scheme is to provide artists practicing Indian art forms, an opportunity to perform abroad under the banner of ‘Festival of India’. Under the Scheme, artists from diverse cultural fields such as Folk Art including Folk Music, Folk Dance, Folk Theatre & Puppetry, Classical and Traditional Dance, Experimental/ Contemporary Dance, Classical/ Semi Classical Music, Theatre etc. perform in the ‘Festivals of India’ abroad. Ministry of Culture has empanelled 627 artists/groups under various art forms for performing in the Festivals of India abroad.

    Besides, Ministry of Culture promotes Indian folk art, culture and music abroad through Grant-in-aid to Indo-foreign Friendship Cultural Societies in Foreign countries for organizing different cultural programmes and activities. Ministry of External Affairs has a programme called Promotion of Cultural Ties with Diaspora (PCTD) under which limited amount of funds are extended to Indian Missions/Posts abroad to encourage the Indian Diaspora overseas to organise cultural programmes with a view to connect them to their roots. The scheme aims to nourish and strengthen the cultural bonds between India and its Diaspora and to reinforce the cultural identity of the persons of Indian origin.

    The Indian Council for Cultural Relations (ICCR), an autonomous organization under Ministry of External Affairs, promotes Indian culture worldwide through its Cultural Centres and Missions/ Posts abroad. Activities conducted by them include inter-alia, teaching of Yoga, Dance, Music (vocal and instrumental), Sanskrit and Hindi; organising/ supporting Conferences/ Seminars/ Workshops in different fields of Indian culture; supporting Chairs of Indian Studies in  foreign universities; gifting of busts/ statues of Mahatma Gandhi and other national icons, exchanging visual arts exhibitions, celebrating  International Day of Yog, Ayurveda Day and Indian festivals, promoting Indian films, hosting visitors under various Visitors Programmes (Academic/ Distinguished/ Important/ Gen. Next Democracy Network) and sponsoring scholarships to foreign students under different scholarship schemes. ICCR has also concluded MoUs with various State Governments to promote their culture abroad and to facilitate cultural exchanges with foreign countries. ICCR also hosts incoming foreign cultural troupes to enable Indians to discover various foreign countries.

    To organize cultural programmes at national level and to protect, preserve & promote various forms of folk art and culture, the Government of India has set up seven Zonal Cultural Centres (ZCCs) with headquarters at Patiala, Nagpur, Udaipur, Prayagraj, Kolkata, Dimapur and Thanjavur. These ZCCs organize various cultural activities and programmes like Shilpgram Utsav, Orange City Craft Mela, Octave-Festival of North East, Salangai Naadam, Geeta Jayanti Mahotsav, National Crafts Fair, Rashtriya Shilp Mela, Fete-de-Puducherry, Chandigarh National Crafts Mela, Sindhu Darshan Festival, Purbanchalia Lok Mohotsav etc. throughout the country on regular basis.

    In addition, the Ministry of Culture also organizes Rashtriya Sanskriti Mahotsavs (RSMs) in the country and since 2015, the Ministry has organized 14 RSMs and 04 Zonal Level RSMs through its ZCCs up till now. These RSMs aim at bringing together the cultural diversity of India and reconnecting the younger generation to their roots and also make them aware about cultural heritage and ancient cultural values of the country by way of providing an effective platform to a large number of artists from all over India who display their talents during these programmes.

    This information was given by Union Minister for Culture and Tourism Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

    Sunil Kumar Tiwari

    pibculture[at]gmail[dot]com

    (Release ID: 2101346) Visitor Counter : 51

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Statement on the Departure of Chairman Rostin Behnam

    Source: US Commodity Futures Trading Commission

    Washington, D.C. – Commodity Futures Trading Commission Acting Chairman Caroline D. Pham and Commissioners Kristin N. Johnson, Christy Goldsmith Romero and Summer K. Mersinger issued the following statement:
    “We would like to recognize former Chairman Rostin Behnam for his years of public service to the American people and his lengthy tenure at the CFTC. He departed the CFTC on February 7, after having served as a Commissioner for nearly 8 years, including as the agency’s 15th Chairman from 2021 to 2025.
    “Since joining the CFTC in 2017, former Chairman Behnam has been a steadfast supporter and staunch advocate for the CFTC’s mission, our people, and the markets we serve. He led the agency through a time of rapid changes to the derivatives markets.
    “We wish former Chairman Behnam and his team the very best in their future endeavors.”

    MIL OSI USA News –

  • MIL-Evening Report: Nature and shops: here’s what people told us they want most from urban planning

    Source: The Conversation (Au and NZ) – By Iain White, Professor of Environmental Planning, University of Waikato

    Getty Images

    Urban planning has a long history of promoting visionary ideas that advocate for particular futures. The most recent is the concept of the 15-minute city, which has gained traction globally.

    But empirical evidence on public preference for what people want is surprisingly thin on the ground.

    To help address this gap, we conducted a national survey (1,491 responses) in Aotearoa New Zealand to find out what amenities people want to have easy access to, how much time they prefer to spend getting there, and how this differs between different groups in the population.

    Our recently published research provides more depth. The headline messages have significant implications for politicians, policy-makers and others interested in planning cities to better meet the needs of citizens.

    People want green space and local shops

    The first message is that visions such as 15-minute cities tend to promote the idea of livability connected to easy access to multiple amenities – from education to employment and culture.

    However, when we asked what amenities people prefer the most, two things came out far above others: local nature and local shops.

    This finding is important as it allows cash-strapped local authorities to prioritise and sequence spending. It also supports the agenda of those who are advocating for an increase in urban green space or local living.

    A complete shift to a 15-minute city can be daunting, but investment in these two specific areas could be an excellent first step in improving livability in a way that reflects what citizens want from planning.

    We also asked people for their preferred maximum travel time to their most preferred amenity for a one-way trip, using different modes. Nationally, the data were consistent, identifying around 20 minutes as a good rule of thumb for maximum preferred travel time.

    Importantly, this time was broadly similar regardless of the transport mode chosen. Whether walking, cycling or travelling by micro-mobility modes such as e-scooters, people wanted to spend no more than 20  minutes doing so – even though the distances vary.

    It is important to acknowledge this time is a maximum, not a preference. It is better understood as a threshold or decision point after which people are much more likely to drive or choose not to travel.

    This evidence has a wider resonance.

    First, it strongly reinforces the 15-minute city or 20-minute neighbourhood as accurately reflecting public preferences for travel time to reach destinations, especially as this figure was consistent regardless of the travel mode.

    Second, people are willing to walk further than we typically plan for.

    For example, planners may typically apply a walkable catchment of an 800-metre radius around the central business district or transit nodes to allow for higher-density zoning. This distance is a walk of about ten minutes. Our data suggest this area could be expanded and more opportunities created to increase housing volume and diversity.

    One size does not fit all

    One crucial aspect for improving livability is recognising differences in people’s ability or willingness to walk, cycle or use micro mobility. To explore this, our survey asked people how comfortable they were using each active travel mode after dark.

    We reveal a strong gender difference. For example, 41% of people said they were uncomfortable walking after dark. Of this group, 86% were female.

    For all travel modes, there was a similar story with females more likely to change travel behaviour, mostly due to safety concerns. The survey also revealed that people with a disability are significantly less comfortable travelling after dark than those without.

    This finding is useful for those concerned with equity. Citizen movement is typically modelled on the idea of an able-bodied person who feels equally comfortable in all urban spaces at all times of day or night.

    Without considering difference across populations, advocates may promote an equitable 15-minute city during the day and an inequitable car-dependent one after dark.

    This also highlights that any new urban strategy or investment needs to understand existing behaviour and the risks of making current disadvantages worse.

    Agendas such as 15-minute cities hold significant value in planning for wellbeing and health, economic activity or decarbonisation. They also hold potential for planners to engage with communities to explain the value of planning, the kind of lifestyle citizens can expect in the future, and why authorities are spending public money.

    But urban researchers also need urban concepts to be grounded in evidence to avoid becoming the next urban imaginary accused of failing to be transformative.

    Our research helps provide some clarity. The general message is that people want easy access to green spaces and local shops more than anything else and they want to spend no more than 20 minutes getting there.

    It also highlights context and differences between groups. We need to marry promising urban concepts to empirical research designed to support people’s preferences and encourage movement and equity.

    Iain White receives funding from the Ministry of Business, Innovation and Employment’s Endeavour Fund and from the Natural Hazards Commission. He is New Zealand’s national contact point for the Horizon Europe program for the climate, energy and mobility research cluster.

    Silvia Serrao-Neumann receives funding from the Ministry of Business, Innovation and Employment’s Endeavour Fund and from the Natural Hazards Commission.

    Xinyu Fu receives funding from the Ministry of Business, Innovation and Employment’s Endeavour Fund and from the Natural Hazards Commission.

    – ref. Nature and shops: here’s what people told us they want most from urban planning – https://theconversation.com/nature-and-shops-heres-what-people-told-us-they-want-most-from-urban-planning-247994

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: EMGS reports fourth quarter 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the fourth quarter of 2024 are attached.

    Summary:

    * The Company recorded revenues of USD 9.7 million, up from USD 1.1 million in the fourth quarter of 2023.

    * Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 7.9 million, up from negative USD 1.7 million in the fourth quarter of 2023.

    * Free cash decreased with USD 4.1 million during the quarter, to USD 9.1 million.

    A pre-recorded presentation will be available over the internet from 20:00 (local time Norway) today. To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.

    Contact
    Anders Eimstad, Chief Financial Officer, +47 94 82 58 36

    About EMGS
    EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company’s services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.

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

    Attachments

    The MIL Network –

  • MIL-OSI USA: Sen. Scott Questions USTR Nominee Jamieson Greer

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — U.S. Senator Tim Scott (R-S.C.), member of the Senate Finance Committee, questioned President Trump’s nominee to serve as U.S. Trade Representative, Jamieson Greer, at his confirmation hearing. Senator Scott and Mr. Greer discussed a range of topics, including market access for U.S. exports, specifically South Carolina products, the strategies behind tariffs, China’s unfair trade practices, and economic tools to strengthen American national security.

    Excerpts from Senator Scott’s questioning can be found below:

    On market access for U.S. exports… 
    “Expanding market access for American made goods is critical to our economic strength, frankly, and our competitiveness. Ninety-five percent of our customers are outside of our nation as we represent about five percent of the world’s population. [In] South Carolina, we have about $36.4 billion of manufactured goods and products that leave our state, supporting 112,000 jobs that find a home someplace around the world. [For] our agricultural goods – $1.2 billion – access to the world’s market is incredibly important. We believe that they create good paying jobs in South Carolina. We also believe they create great paying jobs across this country as we took the aggregate value of those goods and services in other states. How do you plan to secure this market access with other countries in the first 100 days?” 

    On President Trump’s approach to tariffs… 
    “So, it seems to me that the president’s tariffs approach… has to do with punishment. The other has to do with the right sizing our approach to a global economy. And both seem to have the American consumer in mind and our national security in mind, as well. And the more efforts we see from the president in this direction, it seems like his ability to recalibrate the global system and, frankly, to make it more responsive to Americans [is a] net positive long-term.”

    On China and unfair trade practices… 
    “It also seems to me that there are countries like China – I’m not sure the politically right way to say this – but they lie, they cheat, they steal. And yet with the World Trade Organization, they still have a most favored nation status. What should we do about that?” 

    On our national security… 
    “From my perspective, our first weapon for national security ought to be an economic weapon, a non-kinetic option. And to the extent that we deploy that weapon in the most effective way possible, we keep more Americans safe, keep our soldiers at home, and frankly, it recalibrates or repositions America as a city on the hill. And I hope that we engage in the most effective approach and use of that economic weapon that we possibly can.”

    Watch Senator Scott’s full questioning here. 

    MIL OSI USA News –

  • MIL-OSI USA: ‘Dating or Defrauding?’ a Joint Effort to Alert Online Daters, Social Media Users of Relationship Investment Scams

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — In coordination with multiple federal, state, and nonprofit organizations, the Commodity Futures Trading Commission’s Office of Customer Education and Outreach has launched a national awareness effort to alert the public to relationship investment scams targeting Americans through wrong-numbered texts, dating apps, and social media.
    Over the coming weeks, the interagency Dating or Defrauding? social media awareness campaign will warn Americans to be skeptical of any request from online friends for cryptocurrency, gift cards, wire transfers, or other forms of payment. Other red flags include:

    A prolonged inability to meet in-person.
    Moving conversations off social or dating platforms to encrypted messaging apps.
    Repeated suggestions for investments or requests for money.

    The joint initiative will provide information about how to recognize relationship investment scams, what to do if you are affected, and why to share the information to warn others.
    “Today, criminals are better able to hide their identities, create more fake profiles, phishing emails, and more convincing scam websites than ever before,” said OCEO Director Melanie Devoe. “Valentine’s Day and the following weeks provide an excellent opportunity to remind people that criminals are using social media, dating, and messaging apps to scam Americans. We ask you to be alert, and to help stop scams by warning your friends and family.” 
    During the campaign, participating organizations will use the #DatingOrDefrauding hashtag and direct users to helpful resources. In addition to the CFTC, participating agencies include: 

    Federal agencies: FBI, Federal Deposit Insurance Corporation Office of Inspector General, Federal Trade Commission, Financial Crimes Enforcement Network, Social Security Administration Office of the Inspector General, and U.S. Postal Inspection Service.
    State agencies: Arizona Corporation Commission, U.S. Virgin Islands Office of the Lieutenant Governor, Oregon Division of Financial Regulation, Washington State Department of Financial Institutions, and Wisconsin Department of Financial Institutions.
    Non-governmental organizations: FINRA and NFA. 

    About Relationship Investment Scams
    Relationship investment scams are a recent type of romance fraud, causing reported losses to the FBI of nearly $4 billion in 2023. Called pig butchering by the perpetrators, criminals use dating apps, social media platforms, messaging apps, and even random “wrong number” text messages to target possible victims. The scammers are known to use fake profiles, images, videos and voices to make themselves appear attractive and professional, and once introduced, they send frequent messages to build relationships. These new online “friends” claim to have made a lot of money trading cryptocurrency, precious metals, or foreign currency, thanks to special knowledge or insider help. The scammers talk about how easy it is and offer to help victims earn extra money. Victims are then directed to fraudulent trading platforms operated by the same organized criminal gangs.
    These scams do not discriminate and have victimized people of all ages. People who live alone or spend a lot of time on social media or in discussion groups tend to be more vulnerable to fraud. Scams work because they appeal to unmet needs or emotions, like financial stress, excitement, or fear. The good news is that awareness can reduce victimization. Sharing information could help protect those closest to you.
    In addition to participating in the Dating or Defrauding? effort, the CFTC’s Office of Customer Education and Outreach is releasing a customer advisory, Help Warn Others About Relationship Investment Scams, that explains the fraud in detail and steps the public can take to help others.
    The CFTC has previously alerted customers to romance frauds including the inaugural Dating or Defrauding? campaign in 2022. [See CFTC Press Release No. 8491-22]. The CFTC also issued customer advisories Avoid Forex, Precious Metals, and Digital Asset Romance Scams. [See CFTC Press Release No. 8492-22] and Six Warning Signs of Online Financial Romance Frauds.
    About the Office of Customer Education and Outreach
    OCEO is dedicated to helping customers protect themselves from fraud or violations of the Commodity Exchange Act through the research and development of effective financial education materials and initiatives. OCEO engages in outreach and education to retail investors. The office also frequently partners with federal and state regulators as well as consumer protection groups. The CFTC’s full repository of customer education materials can be found at: cftc.gov/LearnAndProtect.
    Customer Advisory: Help Warn Others About Relationship Investment Scams is available in full below.
    ###
    Customer Advisory: Help Warn Others About Relationship Investment Scams
    Scammers are using smart phones, social media or dating sites, and cryptocurrency to steal billions of dollars from Americans. Over the coming month, the CFTC is joining with other federal, state, and nonprofit organizations to raise awareness about these horrible crimes. You can help too: Warn your friends and family by sharing #DatingOrDefauding information and links. 
    Relationship investment scams, called pig butchering by the perpetrators, use dating apps, social media platforms, messaging apps, and even random “wrong number” text messages to target possible victims. The fraudsters use fake profiles, images, videos and voices to make them appear attractive and professional. Once introduced, they send frequent messages to build relationships. The new online “friends” claim to have made a lot of money trading cryptocurrency, precious metals, or foreign currency, thanks to special knowledge or insider help. The scammers talk about how easy it is and offer to help targets earn extra money. Targets are then directed to fraudulent trading platforms operated by the same organized criminal gangs.
    Victims are told to convert their dollars to cryptocurrency and then send the crypto to the scam website. They see their balances on the websites grow substantially and are encouraged to withdraw small amounts of money to spend on themselves. This is another ploy to build trust. Research reveals victims transfer an average of 10 payments, each larger than the last until they are financially drained. When victims try to make subsequent withdraws, they are refused or told they must pay additional fees or taxes.
    Anyone Could be a Potential Victim
    Relationship investment scams do not discriminate and have victimized people of all ages. People who live alone or spend a lot of time on social media or in discussion groups tend to be more vulnerable to fraud. Scams work because they appeal to unmet needs or emotions, like financial stress, excitement, or fear. 
    The good news is that awareness about specific scams can reduce victimization by up to 85 percent.[1] Sharing information during the Dating or Defrauding Campaign could help protect those closest to you.
    What You Can Do

    Talk about relationship investment scams and other scams you hear about. Visit the CFTC Romance Fraud Center for more information and resources. Talking regularly about fraud raises awareness, reduces the stigma of victimization, and can encourage reporting. 
    Look for and share, like, or repost messages with the #DatingOrDefrauding hashtag.
    Host a fraud prevention event in your community. You can engage local law enforcement, the CFTC, or other agencies involved in the Dating or Defrauding Campaign.
    Listen for warning signs, like a friend or relative talking about a new online relationship or investing in crypto for the first time.
    Report fraud. You can do so at CFTC.gov/complaint or the FBI’s Internet Crime Complaint Center, IC3.gov. If you are victimized by this fraud here are resources that can help.

    MIL OSI USA News –

  • MIL-OSI Security: Guilty Plea in Hacking of the SEC’s X Account That Caused Bitcoin Value Spike

    Source: Office of United States Attorneys

                WASHINGTON – Eric Council, 25, of Athens, Georgia, entered a guilty plea today to one count of conspiracy to commit aggravated identity theft in United States District Court for the District of Columbia. Council was arrested on October 17, 2024, in connection with his role in a conspiracy to hack into the X account of the U.S. Securities and Exchange Commission (SEC) and publish fraudulent posts in the name of the then-SEC Chairman. 

               The plea was announced by U.S. Attorney Edward R. Martin, Jr., Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, SEC Inspector General Deborah Jeffrey and FBI Special Agent in Charge Sean Ryan of the Washington Field Office, Criminal and Cyber Division.

               Council’s plea was entered before U.S. District Court Judge Amy Berman Jackson in the District of Columbia. He faces a maximum sentence of five years in prison, a $250,000 fine, and up to three years of supervised release. His sentencing is scheduled for May 16, 2025.

                According to court documents, from at least January 2024, Council conspired with others to carry out Subscriber Identity Model (SIM) attacks, commonly referred to as “SIM swaps,” in exchange for money. 

           A SIM card is a chip that stores information identifying and authenticating a cell phone subscriber and connects a physical cell phone to a mobile carrier’s cellular and data network. A SIM swap attack is a form of sophisticated fraud where criminal actors fraudulently induce a mobile carrier to reassign a mobile phone number from a victim’s SIM card to a SIM card and telephone controlled by a criminal actor attempting to access valuable information associated with the victim’s telephone. Members of SIM swapping groups conduct SIM swaps for the purpose of defeating multifactor authentication and/or two-step verification security features for internet connected accounts, such as social media and virtual currency accounts. 

               After convincing a mobile carrier to reassign a phone number to a new SIM card in the criminal actor’s control, members of the conspiracy generate password reset security authentication codes for online accounts and those codes are in turn sent to the telephone in the control of the criminal actor. Members of SIM swap groups share the security reset codes with one another to unlawfully access a victim’s internet connected accounts and complete the fraud. 

               On or about January 9, 2024, Council, and others, executed a SIM swap of the mobile phone account associated with the @SECgov X account, the official account of the SEC. The purpose of this SIM swap was to gain unauthorized access to this government account in order to make fraudulent posts. 

               Before January 9, a member of the conspiracy had identified the authorized user for the phone number linked to the official @SECgov X account. Council received instruction from a co-conspirator to perform the SIM swap on this phone line, along with information to make the needed fake ID, that is, an image of an ID card template with the authorized user’s name on it but Council’s face, and information purporting to be the user’s date of birth and social security number. 

               Council used his portable ID card printer to create a physical ID which he used to impersonate the victim at an AT&T store in Huntsville, Alabama. Council provided false information to the AT&T store employee to explain why he needed a replacement SIM card. Council obtained the SIM card linked to the victim’s phone line and walked to a nearby Apple store where he purchased a new iPhone to use in the crime.  He inserted the SIM card to activate the phone, received the @SECGov X password reset codes on this new phone linked to the victim’s SIM card and used his personal cell phone to take a photo of the @SECgov X account reset code to share with his co-conspirators. After passing along the password reset codes, Council drove to Birmingham, Alabama and immediately returned the iPhone for cash.  

               A member of the conspiracy used the reset code to gain access to the @SECGov X account and issue a fraudulent post in the name of the then-SEC Chairman, falsely announcing SEC approval of Bitcoin (BTC) Exchange Traded Funds (ETFs). The price of BTC increased by more than $1,000 following the post. Shortly after this unauthorized post, the SEC regained control over their X account and confirmed that the announcement was unauthorized and the result of a security breach, which caused the value of BTC decreased by more than $2,000.

                Council also admitted to attempting to perform additional SIM swaps in June 2024 in Alabama. In June 2024, the FBI executed a search warrant at an Athens, Alabama, apartment where he resided. Agents recovered a fake identification card and a portable ID card printer. They also recovered a laptop computer. 

               Pursuant to the search warrant, agents searched the laptop and discovered templates for additional fake identification cards stored on the laptop along with internet searches for “SECGOV hack,” “telegram sim swap,” “how can I know for sure if I am being investigated by the FBI,” “What are the signs that you are under investigation by law enforcement or the FBI even if you have not been contacted by them,” “what are some signs that the FBI is after you,” “Verizon store list,” “federal identity theft statute,” and “how long does it take to delete telegram account.” 

                Council admitted to receiving approximately $50,000 from members of the conspiracy to perform SIM swap during the previous six months.   

               This case is being investigated by the FBI Washington Field Office Criminal and Cyber Division, the SEC-Office of Inspector General, the U.S. Attorney’s Office for the District of Columbia, and the Computer Crime and Intellectual Property Section (CCIPS) and Fraud Section’s Market Integrity and Major Frauds Unit of the Justice Department’s Criminal Division. Significant assistance was provided by the FBI’s Birmingham Field Office.

              The prosecution is being handled by Assistant United States Attorney Kevin Rosenberg, CCIPS Trial Attorney Ashley Pungello, and Fraud Section Trial Attorney Lauren Archer. Valuable assistance was provided by Assistant United States Attorney John Hundscheid from the Northern District of Alabama.

             For more information on SIM swapping, go to: https://www.ic3.gov/PSA/2024/PSA240411

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    MIL Security OSI –

  • MIL-OSI USA: February 10th, 2025 Heinrich Pushes USDA Nominee to Address Rising Cost of Eggs Driven by Avian Flu Outbreak

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) today pushed the U.S. Department of Agriculture (USDA) Secretary-designee Brooke Rollins to share her plan to address the rising cost of eggs driven by the ongoing highly pathogenic avian influenza (HPAI or H5N1) outbreak. Heinrich points to tools, such as HPAI vaccines, that the USDA could develop and deploy to help tackle the outbreak and lower food prices. Under the Trump administration, the avian flu outbreak is stressing poultry and egg producers’ ability to make a living and forcing working families to pay more at the grocery store for eggs and poultry products.

    “As a U.S. Senator and member of the Appropriations Committee, my constituents have asked me to hold President Trump accountable for his promise to lower food prices for all Americans. The USDA has many tools at its disposal to combat rising prices, including HPAI vaccines. Vaccinating all laying hens in the United States against HPAI will help lower egg prices for consumers, decrease production losses for farmers, and ultimately decrease the cost to taxpayers through reduced indemnity payments,” Heinrich wrote.

    “I request that you respond in writing within two weeks with your plan to lower egg and poultry prices for consumers through vaccination efforts, while preserving export markets for American farmers,” Heinrich continued.

    Heinrich requested that Rollins answer the following questions:

    1. Plan to Lower Prices: “Please share in detail your plan to lower egg and poultry prices through vaccination efforts and other means, including a complete vaccination strategy, use case, and plan to procure, stockpile, distribute, deploy, administer, and track the use of poultry H5N1 vaccines.”
    2. Deployment Considerations: “What considerations need to be weighed while deploying H5N1 vaccinations to all laying hens in domestic egg production? Please provide specifics about how you propose to prioritize certain flocks or regions based on risk and export profile to maximize reductions in cost paid by American consumers for poultry and egg products?”
    3. Better Trade Agreements for American Farmers: “Once you have reviewed our poultry trade agreements in consultation with the US Trade Representative (USTR), please provide a plan that describes the actions the Administration will take to renegotiate trade agreements to permit the export of poultry and poultry products derived from birds that have been vaccinated.  American farmers who want to keep their livelihoods intact and prices affordable for American families will look to you and the USTR to quickly renegotiate important trade agreements to maintain and expand foreign markets.”
    4. USDA Research Plan: “What is your plan for the USDA research that is needed to best match vaccines to the current strain of the virus and to expand production and deployment of effective vaccinations for poultry against all currently circulating variants of H5N1?”
    5. Vaccination Logistics: “How will you handle the logistics and costs associated with vaccination as well as enhanced surveillance and monitoring of flocks in a way that lowers prices for the American consumer?”
    6. Budget: “What budget will you assign to the USDA’s efforts to manage the HPAI outbreak and lower egg and poultry prices for families, including through vaccination and other means?”

    The text of the letter is here and below:

    Dear Secretary-designee Rollins:

    The U.S. Department of Agriculture (USDA) plays a critical role in maintaining a safe, affordable food system for American families and in supporting robust domestic and foreign markets for American farmers.  As you acknowledged at your confirmation hearing, one of your top priorities is to quickly and thoroughly assess and manage the highly pathogenic avian influenza (HPAI or H5N1) outbreak.  The current HPAI outbreak is stressing poultry and egg producers’ ability to make a living, stretching the USDA’s budget through increasing indemnity payments to depopulate farms, and forcing working families to pay more at the grocery store.  It is clear that the American tax payer and the American consumer are now paying twice for the same problem.  The U.S. Bureau of Labor Statistics reports that the average price for a dozen large grade A eggs jumped by 65 percent in 2024, from $2.52 to $4.15. As of February 2025, prices are around $7 per carton and the USDA Economic Research Service predicts that egg prices will continue to rise in 2025.

    As a U.S. Senator and member of the Appropriations Committee, my constituents have asked me to hold President Trump accountable for his promise to lower food prices for all Americans.  The USDA has many tools at its disposal to combat rising prices, including HPAI vaccines.  Vaccinating all laying hens in the United States against HPAI will help lower egg prices for consumers, decrease production losses for farmers, and ultimately decrease the cost to taxpayers through reduced indemnity payments.  While there are some technical, logistic, and trade related obstacles to the widespread vaccination of U.S. poultry flocks, there is an emerging consensus within the producer community that such action is necessary and you are seeking to join an Administration that prides itself on extracting concessions from trading partners.  I request that you respond in writing within two weeks with your plan to lower egg and poultry prices for consumers through vaccination efforts, while preserving export markets for American farmers. Specifically, I would like your answers to the following questions:

    • Your Plan to Lower Prices: Please share in detail your plan to lower egg and poultry prices through vaccination efforts and other means, including a complete vaccination strategy, use case, and plan to procure, stockpile, distribute, deploy, administer, and track the use of poultry H5N1 vaccines.
    • Deployment Considerations: What considerations need to be weighed while deploying H5N1 vaccinations to all laying hens in domestic egg production? Please provide specifics about how you propose to prioritize certain flocks or regions based on risk and export profile to maximize reductions in cost paid by American consumers for poultry and egg products?
    • Better Trade Agreements for American Farmers: Once you have reviewed our poultry trade agreements in consultation with the US Trade Representative (USTR), please provide a plan that describes the actions the Administration will take to renegotiate trade agreements to permit the export of poultry and poultry products derived from birds that have been vaccinated.  American farmers who want to keep their livelihoods intact and prices affordable for American families will look to you and the USTR to quickly renegotiate important trade agreements to maintain and expand foreign markets.
    • USDA Research Plan: What is your plan for the USDA research that is needed to best match vaccines to the current strain of the virus and to expand production and deployment of effective vaccinations for poultry against all currently circulating variants of H5N1?
    • Vaccination Logistics: How will you handle the logistics and costs associated with vaccination as well as enhanced surveillance and monitoring of flocks in a way that lowers prices for the American consumer?
    • Budget: What budget will you assign to the USDA’s efforts to manage the HPAI outbreak and lower egg and poultry prices for families, including through vaccination and other means?

    I welcome your urgent attention to these questions. I look forward to learning more about your plan to bring down food prices for American families, support domestic producers, maintain export markets, and tackle this highly pathogenic avian influenza outbreak.

    MIL OSI USA News –