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Category: Trade

  • MIL-OSI Russia: Dmitry Patrushev and Algerian President Abdelmadjid Tebboune discussed bilateral cooperation

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Deputy Prime Minister of Russia Dmitry Patrushev held talks with President of the People’s Democratic Republic of Algeria Abdelmadjid Tebboune as part of a working visit. Dmitry Patrushev conveyed best wishes from Russian President Vladimir Putin to the head of state.

    “We highly value the strategic nature of relations between our countries. This is evidenced, among other things, by the closeness of positions on most points of the international and regional agenda. And we are determined to maintain close coordination between our countries,” said Dmitry Patrushev.

    At the meeting, issues of cooperation in the financial and banking sectors, industry, energy and agriculture were discussed.

    As part of the working visit, a meeting of the Mixed Intergovernmental Russian-Algerian Commission on Trade, Economic, Scientific and Technical Cooperation will also be held.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Chancellor vows to go further and faster to kickstart economic growth

    Source: United Kingdom – Executive Government & Departments

    Chancellor of the Exchequer Rachel Reeves spoke at Siemens Healthineers in Oxfordshire on 29 January 2025.

    Thank you everyone. 

    It’s fantastic to be here at Siemens at this amazing facility.  

    Today, I want to talk about economic growth. 

    Why it matters.  

    How we achieve it.  

    And what we are going to do further and faster to deliver it. 

    Before we came into office… 

    … the Prime Minister and I have said loud and clear:  

    Economic growth is the number one mission of this government.  

    Without growth, we cannot cut hospital waiting lists or put more police on the streets.  

    Without growth, we cannot meet our climate goals… 

    … or give the next generation the opportunities that they need to thrive. 

    But most of all… 

    … without economic growth… 

    … we cannot improve the lives of ordinary working people.  

    Because growth isn’t simply about lines on a graph. 

    It’s about the pounds in people’s pockets. 

    The vibrancy of our high streets. 

    And the thriving businesses that create wealth, jobs and new opportunities for us, for our children, and grandchildren.  

    We will have succeeded in our mission when working people are better off. 

    I know that the cost of living crisis is still very real for many families across Britain.  

    The sky high inflation and interest rates of the past few years have left a deep mark… 

    … with too many people still making sacrifices to pay the bills and to pay their mortgages.   

    But we have begun to turn this around.  

    Everything I see as I travel around the country gives me more belief in Britain. 

    And more optimism about our future. 

    Because we as a country have huge potential.  

    A country of strong communities, with small and local businesses at their heart.  

    We are at the forefront of some of the most exciting developments in the world… 

    … like artificial intelligence and life sciences…  

    … with great companies like DeepMind, AstraZeneca, Rolls Royce… and of course Siemens…  

    … delivering jobs and investment across Britain. 

    We have fundamental strengths – in our history, in our language, and in our legal system – to compete in a global economy.  

    But for too long, that potential has been held back.  

    For too long, we have accepted low expectations and accepted decline. 

    We no longer have to do that.  

    We can do so much better. 

    Low growth is not our destiny.  

    But growth will not come without a fight.  

    Without a government willing to take the right decisions now to change our country’s future for the better. 

    That’s what our Plan for Change is all about. 

    That is what drives me as Chancellor.  

    In my Mais lecture in March last year, I set out my approach to achieving economic growth… 

    … and identified the fundamental barriers to realising our full potential.  

    The productive capacity of the UK economy has become far too weak.  

    Productivity, the driver of living standards…   

    …has grown more slowly here than in countries like Germany and the US.  

    The supply side of our economy has suffered due to chronic underinvestment… 

    … and stifling and unpredictable regulation…  

    … not helped by the shocks we have faced in recent years. 

    [redacted political content]

    The strategy that I have consistently set out… 

    … is to grow the supply-side of our economy… 

    … recognising that first and foremost… 

    … it is businesses, investors and entrepreneurs who drive economic growth… 

    … a government that systematically removes the barriers that they face – one by one and has their back 

    This strategy has three essential elements: 

    First, stability in our politics, our public finances and our economy – the basic condition for secure economic growth. 

    Second, reform – reform which makes it easier for businesses to trade, to raise finance and to build.  

    And third, investment, the lifeblood of economic growth. 

    Let me explain each of those in turn.  

    Stability – the first line of our manifesto was a promise to bring stability to the public finances.  

    It is the rock upon which everything else is built. 

    And it is the essential foundation of our Plan for Change.  

    Because economic stability is the precondition for economic growth. 

    That’s why the first piece of legislation that we passed as a government was the Budget Responsibility Act… 

    … so never again will we see our independent forecaster sidelined.

    [redacted political content]

    At my first Budget in October… 

    … it was my duty as Chancellor… 

    … to fix the foundations of our economy, and repair the public finances that we inherited. 

    To restore stability and create the conditions for growth and investment.  

    I set out new fiscal rules which are non-negotiable, and will always be met. 

    We began to rebuild our NHS and our schools – the start of a programme of public service reform.  

    I capped the rate of corporation tax – and I extended our generous capital allowances for the duration of this parliament – as the CBI and the BCC have long called for.  

    And I protected working people after a cost of living crisis… 

    … by freezing fuel duty… 

    … and with no increases in their National Insurance, Income Tax or VAT. 

    But taking the right decisions and the responsible decisions does not always mean taking the easy decisions. 

    The increase in Employers’ National Insurance contributions has consequences on business and beyond.   

    I said that up front in my Budget speech. 

    I accept that there are costs to responsibility. 

    But the costs of irresponsibility would have been far higher. 

    Those who oppose my Budget know that too. 

    That is why, since October, I have seen no alternative put forward [redacted political content].

    No alternatives to deal with the challenges we face.  

    No alternatives to restoring economic stability… 

    … and therefore no plan for driving economic growth. 

    Alongside stability, we need to drive forward the reform which makes investment more likely… 

    … by removing the constraints on the supply side of our economy… 

    … making it easier for businesses to trade… 

    … to raise finance… 

    … and to build.  

    Let me first address our approach to trade.  

    We stand at a moment of global change.  

    In that context, we should be guided by one clear principle above all.  

    To act in the national interest… 

    … for our economy… 

    … for our businesses… 

    … and for the British people. 

    That means building on our special relationship with the United States under President Trump. 

    The Prime Minister discussed the vital importance of growth with the President last weekend…  

    … and I look forward to working with the new Treasury Secretary, Scott Bessent… 

    … to deepen our economic relationship in the months and the years ahead. 

    Acting in our national interest also means resetting our relationship with the EU – our nearest and our largest trading partner – to drive growth and support business.  

    We are pragmatic about the challenges that we have inherited from the last government’s failed Brexit deal.  

    But we are also ambitious in our goals.  

    [redacted political content]

    … we will prioritise proposals that are consistent with our manifesto commitments… 

    … and which contribute to British growth and British prosperity… 

    … because that is what the national interest demands.  

    Our approach to trade also means building stronger relationships with fast-growing economies all around the world. 

    That is why I led a delegation to China for the first Economic and Financial Dialogue since 2019… 

    … alongside world-leading financial service businesses, including HSBC, Standard Chartered and Schroders…  

    … unlocking £600 million of tangible benefits for the UK economy. 

    And I am pleased to confirm that the Business and Trade Secretary will shortly visit India … 

    … to restart talks on the free trade agreement and bilateral investment treaty [redacted political content].  

    Our businesses can only realise these opportunities if they can recruit the skilled staff that they need. 

    So we are reforming our employment system to create a national jobs and careers service. 

    We have created Skills England to meet the skills of the next decade in sectors like construction and engineering.  

    And we will deliver fundamental reform of our welfare system.  

    That includes looking at areas that have been ducked for too long… 

    … like the rising cost of health and disability benefits… 

    … and the Secretary of State for Work and Pensions will set out our plans to address this ahead of the Spring Statement.  

    Next, the Immigration White Paper, that will bring forward concrete proposals to bring the overall levels of net migration down. 

    But we know that the UK is in an international competition for talent in vital growth sectors.    

    That is why last week, I set out plans for attracting global talent. 

    We will look at the visa routes for very highly skilled people…  

    … so the best people in the world choose the UK to live, work and create wealth… 

    … bringing jobs and investment to Britain. 

    To help businesses access the finance and support they need to grow…  

    … we have delivered significant reforms to provide greater flexibility for firms and founders to raise finance on UK capital markets, by rewriting the UK’s listing rules.  

    In my Mansion House speech, I announced a series of reforms to our pensions system…  

    … including the creation of larger, consolidated funds… 

    … which have much greater capacity to invest in high growth British companies at the scale that we need them to.  

    The consultation on these reforms is already complete and the final report will be published in the Spring. 

    Yesterday we confirmed that we have plans to go further, whilst always protecting the important role that pension funds play in the gilt market. 

    We will introduce new flexibilities for well-funded Defined Benefit schemes… 

    … to release surplus funds where it is safe to do so… 

    … generating even more investment into some of our fastest growing industries. 

    I know too that businesses are held back by a complex and unpredictable regulatory system… 

    … and that is a drag on investment and innovation. 

    We have already provided new growth-focused remits to our financial services regulators… 

    … we have announced a new interim Chair of the Competition and Markets Authority…  

    … and we have established the Regulatory Innovation Office, with an initial focus on synthetic biology, space, AI, and connected and autonomous vehicles.  

    But we need to go further and we need to go faster.  

    So earlier this month, I met the Heads of some of our largest regulators. 

    They have already provided a range of options to drive growth in their sectors… 

    … and proposals for how they can be more agile and responsive to businesses… 

    … and we will publish that final action plan in March to make regulation work much better for our economy. 

    To get Britain building again… 

    … we have delivered the most significant reforms to our planning system in a generation.  

    I have been genuinely shocked about how slow our planning system is. 

    By how long it takes to get things done.  

    Take the decision to build a solar farm in Cambridgeshire – a decision the Energy Secretary took only a few weeks into the job in July… 

    [redacted political content]

    The Deputy Prime Minister has already driven significant progress across government in addressing these issues.   

    My colleagues have determined 13 major planning decisions in just six months… 

    … including for airports, data centres and major housing developments.   

    We have significantly raised housing targets across our country and made them mandatory, so that we can build one-and-a-half million homes in this parliament.  

    We have reformed decades-old “green belt” policies, making it easier to build on the “grey belt” land around our major cities. 

    And we have opened up our planning system to build new infrastructure – like onshore wind farms or data centres driving the AI revolution. 

    Having listened closely to calls from business groups like the Institute of Directors… 

    … and businesses across our economy about the need to speed up infrastructure delivery… 

    … including Mace, Skanska and Arup who are here today… 

    … and members of our British Infrastructure Taskforce like Lloyds, Blackrock and Phoenix… 

    … we have now set out plans to go even further. 

    Last week we confirmed our priorities for the Planning and Infrastructure Bill … 

    … to rapidly streamline the process for determining applications… 

    … to make the consultation process far less burdensome… 

    … and to fundamentally reform our approach to environmental regulation. 

    The problems in our economy… 

    … the lack of bold reform that we have seen over decades… 

    … can be summed up by a £100 million bat tunnel built for HS2… 

    … the type of decision that has made delivering major infrastructure in our country far too expensive and far too slow. 

    So we are reducing the environmental requirements placed on developers when they pay into the nature restoration fund that we have created… 

    …so they can focus on getting things built, and stop worrying about bats and newts.  

    And to build our new infrastructure like nuclear power plants, trainlines and windfarms more quickly… 

    … we are changing the rules to stop blockers getting in the way of development… 

    … through excessive use of Judicial Review. 

    This Bill, the Planning and Infrastructure Bill, is a priority for this government. 

    It will be introduced in the Spring… 

    … and we will work tirelessly in parliament to ensure its smooth, and speedy and rapid delivery.  

    By providing a foundation of economic stability… 

    … and by delivering the reforms needed to make it easier for businesses to succeed and grow… 

    … we will create the right conditions to increase investment in our economy – the final key element of our strategy. 

    Investment and innovation go hand in hand.  

    I want to see the sounds and the sights of the future arriving.    

    Delivered by amazing businesses like Wayve and Oxford Nanopore. 

    They are the future. 

    And Britain should be the best place in the world to be an entrepreneur. 

    That is why we protected funding for research and development… 

    … and it is why one of the first decisions I made as Chancellor… 

    … was to extend the Enterprise Investment Scheme and the Venture Capital Trust schemes for a further 10 years… 

    … to get more investment into new companies, driving their innovation and growth.  

    I am determined to make Britain the best place in the world to invest.  

    That was my message in Davos last week.  

    That ambition demands action. 

    The International Investment Summit that we hosted in October delivered £63 billion of investment right across our country… 

    … from Iberdrola doubling its investment in clean energy in places like Suffolk… 

    … Blackstone investing £10 billion in a data centre in Northumberland… 

    … and Eren Holdings investing £1 billion in advanced manufacturing in North Wales.  

    While the lifeblood of growth is business investment, a strategic state has a crucial role to play. 

    That is why we established the National Wealth Fund… 

    … to create that partnership between business, private investors and government to invest in the industries of the future…  

    … like clean energy. 

    Today I can announce two further investments by the National Wealth Fund. 

    First, a £65 million investment for Connected Kerb, to expand their electric vehicle charging network across the UK. 

    And second, a £28 million equity investment in Cornish Metals… 

    … providing the raw materials to be used in solar panels, wind turbines and electric vehicles… 

    … supporting growth and jobs in the South-West of England.  

    There is no trade-off between economic growth and net zero. 

    Quite the opposite. 

    Net zero is the industrial opportunity of the 21st century, and Britain must lead the way. 

    That is why we will publish a refreshed Carbon Budget Delivery Plan later this year, which alongside the Spending Review, will set out our plans to deliver Carbon Budget 6. 

    Today, I can also announce that we are removing barriers to deliver 16 gigawatts of offshore wind…   

    … by designating new Marine Protected Areas to enable the development of this technology in areas like East Anglia and Yorkshire… 

    … crowding in up to £30 billion of investment in homegrown clean power. 

    And there’s more. 

    Our industrial and manufacturing base, brilliantly represented by Make UK, have been banging their heads against the wall for years at the lack of a proper industrial strategy from government. 

    That is why we have launched our modern industrial strategy… 

    … to drive investment into the industries that will define our success in the years ahead. 

    We have already provided funding to unlock investment in sectors like aerospace, automotives and life sciences… 

    … and we have set out reforms to boost financial services, the AI sector and creative industries. 

    We are not wasting any time, and we will move forward with the next stages of the Industrial Strategy ahead of its publication in the Spring.  

    We will work with the private sector to deliver the infrastructure that our country desperately needs.  

    This includes the Lower Thames Crossing, which will improve connectivity at Port of Tilbury and Dover, London Gateway and Medway… 

    … alleviating severe congestion… 

    … as goods destined for export come from the North, and the Midlands and across the country to markets overseas.   

    To drive growth and deliver value for money for taxpayers, we are exploring options to privately finance this important project.  

    And we have changed course on public investment, too… 

    … with a new Investment Rule to ensure that we don’t just count the costs of investment – we count the benefits too.    

    We are now investing 2.6% of GDP on average over the next five years, compared to 1.9% planned by the previous government..  

    … delivering an additional £100 billion of growth-enhancing capital spending… 

    … which catalyses private sector investment… 

    … in more housing… 

    … better transport links… 

    … and clean energy.  

    These are significant steps in just six months… 

    … and we are seeing some encouraging signs in the British economy. 

    The IMF have upgraded our growth prospects for 2025… 

    … the only G7 country outside the US to see this happen.  

    This gives us the fastest growth of any major European economy this year.  

    And a global survey of CEOs by PWC, has shown Britain is now the second most attractive country in the world for businesses looking to invest.  

    The first time the UK has been in that position for 28 years.  

    This is all welcome news.  

    But there is still more that we can and will do.  

    I am not satisfied with the position we are in. 

    While we have huge amounts of potential, the structural problems in our economy run deep. 

    And the low growth of the last 14 years cannot just be turned around overnight. 

    This has to be our focus for the duration of the parliament.  

    Because the situation demands us to do more. 

    And today I will go further and faster in kickstarting economic growth. 

    Our mission to grow our economy is about raising living standards in every single part of the United Kingdom.  

    Manchester is home to the UK’s fastest growing tech sector.  

    Leeds is one of the largest financial services centres outside of London.  

    These great northern cities have so much potential and promise… 

    …which our brilliant metro mayors, Andy Burnham and Tracy Brabin, are working hard to realise…  

    … just like our other metro mayors are doing to deliver new opportunities in their areas.  

    And there is so much more that government can do to support our city regions.    

    To achieve this requires greater focus on two key areas: infrastructure and investment.  

    If we can improve connectivity between towns and cities across the North of England, we can unlock their true growth potential… 

    … by making it easier for people to live, travel and work across the area.  

    At the Budget, I set out funding for the Transpennine Route Upgrade… 

    … a multi-billion-pound programme of improvements that will connect towns and cities from Manchester to York via Stalybridge, Leeds and Huddersfield. 

    We are delivering railway schemes to improve journeys for people across the North… 

    … including upgrades at Bradford Forster Square and by electrifying the Wigan-Bolton line. 

    We have committed to supporting the delivery of a new mass transit system in West Yorkshire.  

    And in Spring, we will publish the Spending Review and a 10-Year Infrastructure Strategy… 

    … which will set out further detail of our plans for infrastructure right across the UK. 

    New transport infrastructure can also act as a catalyst for new housing. 

    We have already seen the benefits that unlocking untapped land around stations can deliver in places like Stockport… 

    … where joint work spearheaded by Andy Burnham and council leaders has delivered new housing and wider commercial opportunities. 

    We will introduce a new approach to planning decisions on land around stations, changing the default answer to yes. 

    We are working with the devolved governments to ensure the benefits of growth can be felt across Scotland, Wales and Northern Ireland… 

    … including by partnering with them on the Industrial Strategy to support their considerable sectoral strengths. 

    And in December, I met with Metro Mayors from across England.  

    They told me that more opportunities for investment are vital if their local economies are to grow in the years ahead. 

    We are listening closely to them. 

    As the Metro Mayor of Liverpool, Steve Rotherham, has called for… 

    … we will review the Green Book and how it is being used to provide objective, transparent advice on public investment across the country, including outside London and the Southeast.  

    This means that investment in all regions is given a fair hearing by the Treasury that I lead. 

    The Office for Investment is going to be working hand in hand with local areas… 

    … to develop a commercially attractive pipeline of investment opportunities for a global audience… 

    … starting with the Liverpool City Region and the North East Combined Authority, led by Kim McGuinness. 

    The National Wealth Fund is establishing strategic partnerships to provide deeper, more focused support for city regions, starting in Glasgow, West Yorkshire, the West Midlands, and Greater Manchester. 

    We are supporting key investment opportunities across the UK. 

    The government is backing Andy Burnham’s plans for the redevelopment of Old Trafford, which promises to create new housing and commercial development around a new stadium… 

    … to drive regeneration and growth in the area. 

    We are moving forward with the Wrexham and Flintshire Investment Zone… 

    … focusing on the area’s strengths in advanced manufacturing… 

    … backed by major businesses like Airbus and JCB… 

    … to leverage £1 billion of private investment in the next ten years… 

    … creating up to 6,000 jobs. 

    [redacted political content]

    So I can announce today that we will work with Doncaster Council and the Mayor of South Yorkshire, Oliver Coppard… 

    … to support their efforts to recreate South Yorkshire Airport City as a thriving regional airport.  

    And finally, I am pleased to announce a partnership between Prologis and Manchester Airport Group in the East Midlands, where the Metro Mayor Claire Ward is doing an excellent job growing the local economy there. 

    Prologis and MAG will work together to build a new advanced manufacturing and logistics park at East Midlands Airport … 

    … unlocking up to £1 billion of investment and 2,000 jobs at the site… 

    … a major investment from a global business into our country… 

    … representing a huge vote of confidence in the East Midlands and in the UK. 

    This is just the start of our work to get more investment into every nation and region of Britain. 

    Next, I want to set out further detail for plans for the area we are in today.  

    Oxford and Cambridge offer huge potential for our nation’s growth prospects. 

    Only 66 miles apart… 

    … these cities are home to two of the best universities in the world… 

    … and the area is a hub for globally renowned science and technology firms. 

    This area has the potential to be Europe’s Silicon Valley.  

    To make that a reality, we need a systematic approach to attract businesses to come here and to grow here. 

    At the moment, it takes over two and a half hours to travel between Oxford and Cambridge by train.  

    There is no way to commute directly by rail from places like Bedford and Milton Keynes to Cambridge. 

    And there is a lack of affordable housing right across the region.  

    In other words, the demand is there… 

    … but there are far too many supply side constraints on economic growth here.  

    We are going to fix that.  

    The Ox Cam arc was initially launched in 2003 – over 20 years ago.  

    [redacted political content]

    We are not prepared to miss out on the opportunities here any longer.  

    So working with the Deputy Prime Minister… 

    … who is already driving forward vital work in the region…  

    … we are going further and faster to unlock the potential of the Oxford-Cambridge Growth Corridor.   

    First, we are funding the transport links needed to make the Oxford Cambridge growth corridor a success… 

    … including East-West Rail, with new services between Oxford and Milton Keynes starting this year… 

    … and road upgrades to reduce journey times between Milton Keynes and Cambridge. 

    East West Rail will also support vibrant new and expanded communities along the route. 

    We have already received proposals for New Towns along the new railway… 

    … with 18 submissions for sizeable new developments. 

    At Tempsford – the nexus of the East Coast Mainline, the A1 and East West Rail… 

    …we will move quicker to deliver a mainline station, meaning journey times to London of under an hour…  

    … and to Cambridge in under 30 minutes when East West Rail is operational. 

     Second, we are ensuring that the area has the right infrastructure and public services in place to support the growth corridor as it expands. 

    A new Cambridge Cancer Research Hospital is being prioritised for investment as part of wave 1 of the New Hospital Programme.  

    Water infrastructure has also been a major hindrance to development. 

    So we have now agreed water resources management plans, unlocking £7.9 billion of investment in the next 5 years…  

    …including plans for the new Fens Reservoir serving Cambridge and the South East Strategic Reservoir near Oxford.  

    And I can confirm today that the Environment Agency have now lifted their objections to new development in Cambridge, following this government’s intervention to address water scarcity… 

    … which means 4,500 additional homes, new schools, and new office, retail and laboratory space can be built.  

    Third, I am delighted that Cambridge University have come forward with plans for a new flagship innovation hub at the centre of Cambridge… 

    … to attract global investment and foster a community that catalyses innovation, as other cities around the world like Boston and Paris have done.  

    Just yesterday, Moderna completed the build for their new vaccine production and R&D site in Harwell, right here in Oxfordshire, alongside a commitment to invest a further £1 billion in the UK.  

    And we are creating a new AI Growth Zone in Culham to speed up planning approvals for the rapid build-out of data centres.  

    And finally, to take this project forward at real pace… 

    … and catalyse private sector investment into the region… 

    … I am pleased to announce that the Deputy Prime Minister and I have asked Lord Patrick Vallance to be the champion for the Oxford Cambridge Growth Corridor.  

    Lord Vallance has extensive experience across the sciences, academia, and government. 

    He will work with local leaders and with the Housing and Planning Minister to deliver this exciting project… 

    … including with Peter Freeman, who is already doing excellent work in Cambridge… 

    … and a new Growth Commission for Oxford, which will help to accelerate growth in the city and its surrounding area.   

    This is the government’s modern Industrial Strategy in action. 

    With central government, local leaders and business working together… 

    … the Oxford and Cambridge Growth Corridor could add up to £78 billion to the UK economy by 2035 … 

    … driving investment, innovation and growth. 

    Finally, I come to the decision that perhaps more than any other… 

    … has been delayed… 

    … has been avoided… 

    … has been ducked. 

    The question of whether to give Heathrow … 

    … our only hub airport… 

    … a third runway… 

    … has run on for decades. 

    The last full length runway in Britain was built in the 1940s. 

    No progress in eighty years.  

    Why is this so damaging?  

    It’s because Heathrow is at the heart of the UK’s openness as a country.   

    It connects us to emerging markets all over the world, opening up new opportunities for growth. 

    Around three-quarters of all long-haul flights in the UK go from Heathrow. 

    Over 60% of UK air freight comes through Heathrow. 

    And about 15 million business travellers used Heathrow in 2023. 

    But for decades, its growth has been constrained.  

    Successive studies have shown that this really matters for our economy. 

    According to the most recent study from Frontier Economics, a third runway could increase potential GDP by 0.43% by 2050. 

    Over half – 60% of that boost, would go to areas outside London and the South-East. 

    … increasing trade opportunities for products like Scotch whiskey and Scottish salmon – already two of the biggest British exports out of Heathrow.  

    And a third runway could create over 100,000 jobs. 

    For international investors, persistent delays have cast doubt about our seriousness towards improving our economic prospects. 

    Business groups, like the CBI, the Federation of Small Businesses and the Chambers of Commerce right across the UK… 

    …as well trade unions like GMB and Unite are clear… 

    … a third runway is badly needed. 

    In 2018, the previous government steered its Airports National Policy Statement through parliament.  

    But no action was taken. 

    It simply sat on the shelf. 

    We are taking a totally different approach to airport expansion.  

    This Government has already given its support to expansion at City Airport and at Stansted.  

    And there are two live decisions on Luton and Gatwick which will be made by the Transport Secretary shortly.  

    But as our only hub airport, Heathrow is in a unique position – and we cannot duck the decision any longer.   

    I have always been clear that a third runway at Heathrow would unlock further growth… 

    … boost investment… 

    … increase exports… 

    … and make the UK more open and more connected.   

    And now, the case is stronger than ever… 

    … because our reforms to the economy… 

    … like speeding up the planning system… 

    … and our plans for modernised UK airspace…  

    … mean the delivery of this project is set up for success.  

    So I can confirm today that this Government supports a third runway at Heathrow… 

    … and is inviting proposals to be brought forward by the summer.  

    We will then take forward a full assessment through the Airport National Policy Statement. 

    That will ensure that the project is value for money – and our clear expectation is that any associated surface transport costs will be financed through private funding. 

    And it will ensure that a third runway is delivered in line with our legal, environmental and climate obligations.  

    Heathrow themselves are clear that their proposal for expansion will meet strict rules on noise, air quality and carbon emissions. 

    And we are already making great strides in transitioning to cleaner and greener aviation.  

    Sustainable Aviation Fuel reduces CO2 emissions compared to fossil fuel by around 70%. 

    At the start of this month, the Sustainable Aviation Fuel mandate became law.  

    And today I can announce that we are investing £63 million into the Advanced Fuels Fund over the next year… 

    … and we have today set out the details of how we will deliver a Revenue Certainty Mechanism to encourage investment into this growing industry. 

    These measures will encourage more investors to back production in the UK, bringing good, high-skilled jobs to areas like Teesside… 

    … demonstrating that investment in the right technology can help us deliver both our growth and our clean energy missions. 

    Now is the moment to grasp the opportunity in front of us. 

    By backing a third runway at Heathrow, we can make Britain the world’s best connected place to do business. 

    That is what it takes to make bold decisions in the national interest. 

    That is what I mean by going further and faster to kickstart economic growth. 

    The work of change has begun.  

    We have already made great progress.  

    But I am not satisfied.  

    And I know that there is more to be done.  

    We must go further and faster if we are to build a brighter future.  

    The prize on offer is immense.  

    The next generation with more opportunities than the last. 

    An engineer in Teesside, working in some of the most exciting industries of the future – from carbon capture to sustainable aviation fuel. 

    A scientist in Milton Keynes or Bedford, working in our life sciences industry to solve some of the most important medical challenges in the world.  

    A small business owner in Scotland, knowing that they can expand and export to new markets right across the globe.   

    Wealth created, and wealth shared, in every part of Britain.    

    This is a Government on the side of working people. 

    Taking the right decisions to secure their future, to secure our future. 

    Stepping up to the challenges we face. 

    Ending the era of low expectations. 

    Putting Britain on a different path. 

    Delivering for the British people. 

    And I am determined, this Government is determined, to do just that.  

    Thank you.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Asset Entities Passes Milestone of 9,000 Members on its TikTok Shop Creator Discord Community

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Jan. 29, 2025 (GLOBE NEWSWIRE) — Asset Entities Inc. (“Asset Entities” or the “Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and a Ternary Payment Platform company, today announced it has passed a total of 9,000 Members on its TikTok Shop Creator Discord community within their ecosystem.

    Asset Entities announced that it had become an official TikTok Shop partner on December 11, 2024. The partnership with TikTok Shop brought Asset Entities to the forefront in signing up creators, executing campaigns with brands, connecting creators with products to sell, and utilizing the TikTok platform. Just over 30 days after announcing this pivotal partnership with TikTok Shop, the Company has now exceeded the milestone of 9,000 members on its creator community who are learning how to use TikTok Shop through the Company’s platform. This incredible achievement allows Asset Entities to collaborate with more brands simultaneously, while also increasing the GMV (Gross Merchandise Value) for brands. The TikTok Shop creators earn commissions by producing UGC content featuring products, and brands that benefit from increased revenue, as more content is shared and sales are driven by content. As a TAP (or TikTok Affiliate), Asset Entities receives a fixed negotiated commission on each sale the creators make for the brands. Increasing the TikTok shop creator community has a strong correlation with higher GMV potential for brands, thus bringing more potential revenue to the Company.

    We are excited to highlight one of our members, Kimberly, who generated over $195,000 in GMV to the brands for which she produces content, earning a commission payout of over $35,000. This is just one creator of the more than 9,000 members in our ecosystem utilizing the power of TikTok Shop and the education provided in the Company’s digital community. Kimberly works with many of the brands that are connected with Asset Entities, and we are excited for more creators in our ecosystem to see similar success.

    Image: Analytic Screenshot sent in by Kimberly within the discord community teaching our members how to grow and make money using TikTok Shop. Source: Asset Entities

    “As more brands start to realize the importance of UGC content, Asset Entities has positioned itself with its recent acquisition and through becoming an official partner of TikTok Shop to seek out additional brands for our ecosystem to increase their sales on the ever-growing market on TikTok. We are excited to see the growth in our TikTok creator numbers as we expand marketing efforts,” commented Asset Entities’ Chief Executive Officer, Arshia Sarkhani.

    To learn about Asset Entities, please go to www.assetentities.com. To learn about the Ternary payment platform, please go to www.ternarydev.com. To learn about Asset Entities 360 suite of discord services, go to https://www.ae360ddm.com/ and https://discord.gg/ae360ddm.

    About Asset Entities, Inc. 

    Asset Entities Inc. is a technology company providing social media marketing, management, and content delivery across Discord, TikTok, Instagram, X (formerly Twitter), YouTube, and other social media platforms. Asset Entities is believed to be the first publicly traded Company based on the Discord platform, where it hosts some of Discord’s largest social community-based education and entertainment servers. The Company’s AE.360.DDM suite of services is believed to be the first of its kind for the Design, Development, and Management of Discord community servers. Asset Entities’ initial AE.360.DDM customers have included businesses and celebrities. The Company also has its Ternary payment platform that is a Stripe-verified partner and CRM for Discord communities. The Company’s Social Influencer Network (SiN) service offers white-label marketing, content creation, content management, TikTok promotions, and TikTok consulting to clients in all industries and markets. The Company’s SiN influencers can increase the social media reach of client Discord servers and drives traffic to their businesses. Learn more at assetentities.com, and follow the Company on X at $ASST and @assetentities.

    Important Cautions Regarding Forward-Looking Statements

    This press release contains forward-looking statements. In addition, from time to time, representatives of the Company may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which are derived from the information currently available to the Company. Such forward-looking statements relate to future events or the Company’s future performance, including its financial performance and projections, growth in revenue and earnings, and business prospects and opportunities. Forward-looking statements can be identified by those statements that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors including those that are described in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These and other factors may cause the Company’s actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

    Company Contacts:

    Arshia Sarkhani, President and Chief Executive Officer
    Michael Gaubert, Executive Chairman
    Asset Entities Inc.
    Tel +1 (214) 459-3117 
    Email Contact

    Investor Contact:

    Skyline Corporate Communications Group, LLC
    Scott Powell, President
    1177 Avenue of the Americas, 5th Floor
    New York, NY 10036
    Office: (646) 893-5835
    Email: info@skylineccg.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/9dfd2c85-c5c2-4aea-840d-0bcdac04cecc

    The MIL Network –

  • MIL-OSI Asia-Pac: Annual Survey of Unincorporated Sector Enterprises (ASUSE) Results for 2023-24

    Source: Government of India (2)

    Annual Survey of Unincorporated Sector Enterprises (ASUSE) Results for 2023-24

    (Reference & Survey period: October 2023 to September 2024)

    Posted On: 29 JAN 2025 4:00PM by PIB Delhi

    Unincorporated Sector has witnessed significant growth in estimated number of establishments (by 12.84%), estimated number of workers (by 10.01%) and in GVA (by 16.52%; in current price) during October, 2023– September, 2024 as compared to October, 2022 – September, 2023.

    Over the two survey periods, the sector has demonstrated enhanced capital investment, greater accessibility to loans, and stronger trend toward digital adoption.

    About 58% of the establishments were headed by female proprietors in the Manufacturing sector during the survey period, an increase of 4 percentage points from the previous year.

    More than 37% of the establishments were registered with at least one act/authority.

     

    The key results of the Annual Survey of Unincorporated Sector Enterprises (ASUSE) for the reference period of October 2023 to September 2024 (ASUSE 2023-24) in the form of a factsheet were released by the Ministry of Statistics and Programme Implementation (MoSPI), on 24thDecember 2024 through a press note, accompanied by a press conference. The detailed report and unit level data of the survey is now being released through this press note. These are now available in the website of the Ministry (https://www.mospi.gov.in).Further, interactive tables and visualizations on ASUSE 2021-22 and 2022-23 results may be accessed on the Data Catalogue section of https://esankhyiki.mospi.gov.in/.

    A brief overview of the survey in terms of coverage, sampling strategy, data collection mechanism, etc., is provided in the Endnote.

    The unincorporated non-agricultural sector holds significant importance in the Indian economy, primarily due to its ability to absorb a significant portion of the country’s workforce, its inclusivity in providing employment opportunities to a diverse range of people and also for its contribution to country’s Gross Domestic Product (GDP).

    Key highlights from ASUSE 2023-24 results

    The total number of establishments in the sector increased substantially from 6.50 crore[1]in 2022-23 to 7.34 crore in 2023-24, representing a healthy12.84% growth[2]. Among the broad sectors covered, the number of establishments in the “Other Services” sector recorded a growth of 23.55% followed by a 13% increase witnessed in the manufacturing sector. Around39% of the establishments in this sector were engaged in either retail trade (around 27%) or manufacturing of wearing apparel (around 12%)according to ASUSE 2023-24. Among the major states, highest number of establishments (rural and urban combined) has been reported in Uttar Pradesh, followed by West Bengal and Maharashtra during the same period.

    The Gross Value Added (GVA[3]) which is a key indicator of economic performance rose by16.52% driven by a 26.17% growth in other services sector.The top three states in terms of GVA were Maharashtra, Uttar Pradesh and Gujarat during ASUSE 2023-24.

    The unincorporated non-agricultural sector employed more than 12 crore workers between October 2023 and September 2024, marking an increase of more than one crore workers from 2022-23 and reflecting robust labour market growth. More than one-third of this workforce was engaged in the states of Uttar Pradesh, Maharashtra and West Bengal. Proportion of female workers to total workers has increased from 25.63% in ASUSE 2022-23 to 28.12% in ASUSE 2023-24. About 58% of the establishments were headed by female proprietors in the Manufacturing sector during the survey period.

    Figure 1 illustrates the percentages of female headed proprietary establishments across different broad activity categories over the two survey periods (ASUSE 2022-23 and ASUSE 2023-24).

     

    Among the activity categories, it is observed thatother retail trade, followed by manufacturing of wearing apparel and other community, social and personal services have reportedthe most number of establishments and engaged maximum number of workers at all-India level in ASUSE 2023-24. The percentage share of these three activity categories in estimated number of total establishments and total workers are given in Table 1.

    Table1: Percentage share of establishments and workers in respect of  top 3 activity categories

     

    Activity Category

    Number of Establishments

    Number of Workers

    ASUSE 22-23

    ASUSE 23-24

    ASUSE 22-23

    ASUSE 23-24

    Other Retail Trade

    30.38

    27.07

    29.80

    27.46

    Manufacture of Wearing Apparel

    11.27

    12.17

    8.39

    9.22

    Other Community, Social and Personal Service Activities

    9.47

    10.90

    8.19

    8.93

     

    Percentage ofregistered establishments has increased marginally from 36.80% in ASUSE 2022-23 to 37.20% in ASUSE 2023-24 thus showing an increasing trend of registration in the sector.

    Use of internet, for entrepreneurial purpose, has increased from 13.50% in 2022-23 to 17.90% in 2023-24 in rural and from 30.20% to 37.00% in urban sector. Overall, it increased from 21.10% to 26.70% during ASUSE 2023-24 as compared to ASUSE 2022-23. Among the broad activity categories, about 35% of trading establishments used internet for entrepreneurial purpose, an increase of 10 percentage points from ASUSE 2022-23. This substantial growth reflects a strong trend toward digital adoption among establishments, highlighting the increasing reliance on the internet for business operations.

    Figure 2, given below shows the change in usage of internet in ASUSE 2023-24 as compared to ASUSE 2022-23 by type of establishment.

    Fixed assets owned by an unincorporated non-agricultural establishment, on average, has risen from Rs. 3,18,144 in ASUSE 2022-23 to Rs. 3,24,075in ASUSE 2023-24 showing an improved capital investment in the sector. At the same time, Outstanding Loan per establishment has increased from Rs. 50,138 in ASUSE 2022-23 to Rs. 53,710in ASUSE 2023-24, indicating an improvement in availability of loan in this sector.

    Endnote: A brief about the coverage, sampling scheme, sample size and data collection mechanism in the Annual Survey of Unincorporated Sector Enterprises (ASUSE):

    A. Coverage of ASUSE:

    A.1. Geographically, ASUSE covers the rural and urban areas of whole of India (except some of the villages in Andaman and Nicobar Islands, which are difficult to access).

    A.2. Sector-wise, this survey captures unincorporated non-agricultural establishments belonging to three sectors viz., Manufacturing, Trade and Other Services.

    A.3. Ownership-wise, unincorporated non-agricultural establishments pertaining to proprietorship, partnership (excluding Limited Liability Partnerships), Self-Help Groups (SHG), co-operatives, societies/trusts etc. have been covered in ASUSE.

    B. Sampling Scheme:

    The survey has been conducted following a multi-stage stratified sampling scheme, where first stage units (FSUs) are census villages in rural area (except for rural Kerala, where Panchayat wards have been taken as FSUs) and UFS (Urban Frame Survey) blocks in urban areas.  The ultimate stage units (USUs) are establishments for both the sectors. In the case of large FSUs, one intermediate stage of sampling has been done in the form of hamlet groups in rural and sub-blocks in urban. 

    C. Sample Size:

    In ASUSE 2023-24, data were collected from a total of 4,98,024 establishments (2,73,085 in rural and 2,24,939 in urban) from 16,842 surveyed FSUs (8,523 in rural and 8,319 in urban).

    D. Data Collection Mechanism:

    ASUSE 2023-24 has been conducted based on area frame and establishments have been listed in the selected FSUs of both rural and urban sector. Mostly, data were collected from the selected establishments through oral enquiry pertaining to the ‘monthly’ reference period barring a few big establishments, which had provided annual data from their audited Books of Accounts. The data for the survey were collected in Tablet using Computer Assisted Personal Interviewing (CAPI).

    ****

    Samrat/Dheeraj: pibmospi[at]gmail[dot]com

    (Release ID: 2097316) Visitor Counter : 45

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MNRE notifies Revised Quality Control Order for Solar Photovoltaic Products

    Source: Government of India

    Posted On: 29 JAN 2025 11:39AM by PIB Delhi

    Union Ministry of New and Renewable Energy (MNRE) has notified the Solar Systems, Devices, and Components Goods Order, 2025, which revises and supersedes the existing Solar Photovoltaics, Systems, Devices, and Components Goods (Requirements for Compulsory Registration) Order, 2017. The revised order has been notified in the Gazette of India vide Gazette Notification dated 27.01.2025 under the Bureau of Indian Standards (BIS) Act, 2016 and will come into effect 180 days from the date of publication. This order covers Solar PV modules, Inverters to be used in Solar PV applications and Storage Batteries.

    The revised Quality Control Order (i.e., QCO, 2025) has been notified by the MNRE after due consultations for over 24 months with all the relevant Stakeholders i.e., Solar PV Module manufacturers, Inverter manufacturers, Storage Batteries manufacturers, Testing laboratories for the products, National Institute of Solar Energy (NISE) and Bureau of Indian Standards (BIS). Comments from World Trade Organization (WTO) member countries were also sought by uploading the draft notification on WTO-TBT (Technical Barrier to Trade) website (https://www.epingalert.org/) for 60 days before publishing in the Gazette of India.

    The revised Quality Control Order aligns with the Government of India’s commitment to promoting high-quality and efficient solar photovoltaic (PV) products for sustainable energy development. The revision aims to enhance product reliability, ensure safety, and support India’s ambitious renewable energy targets.

    Key Highlights of the Order:

    1.         Mandatory Standards:

    • Solar PV modules, inverters, and storage batteries must conform to the latest Indian Standards (as notified by BIS) and bear the Standard Mark under a license from the BIS.
    • Minimum efficiency criteria (@ Standard Test Conditions) for solar PV modules are introduced which are as follows:
    • 18% for Mono Crystalline Silicon and Thin-Film PV Modules.
    • 17% for Poly Crystalline Silicon PV Modules.

    2.         Applicability:

    • The order applies to manufacturers, importers, distributors, retailers, sellers and lessor of solar PV systems and components.
    • Products meant exclusively for export are exempted.

    3.         Certification and Enforcement:

    • The Bureau of Indian Standards (BIS) will oversee grant of licence and enforcement of the order. Market surveillance will be done by BIS or agency notified by BIS in consultation with MNRE.

    4.         Concurrent Operation:

    • Existing licenses under the QCO, 2017 remain valid, with renewals and new registrations governed by the QCO, 2025.

    5.         Penalty for Non-Compliance:

    • Any violation of the provisions of this order will attract penalties under the Bureau of Indian Standards Act, 2016.

    6.         Promoting Public Interest:

    • The updated standards and specifications will ensure the availability of safe, high-performance solar products in India’s growing renewable energy market.

    Focus on Innovation and Efficiency:

    The revised QCO, 2025 introduces detailed testing and efficiency requirements for solar PV technologies, including crystalline silicon and thin-film photovoltaic modules. It also specifies rigorous safety measures for inverters and storage batteries to meet global standards.

    This initiative underscores MNRE’s commitment to ensuring the highest quality standards while fostering innovation and sustainability in the renewable energy sector.

    For further details, visit the official MNRE website: www.mnre.gov.in.

    *****

    Navin Sreejith

    (Release ID: 2097219) Visitor Counter : 138

    MIL OSI Asia Pacific News –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on PLTY ($2.9826), MARO ($2.1002), NVDY ($0.8294), YMAX ($0.1469), YMAG ($0.1898) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group B ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name Reference
    Asset    		 Distribution
    per Share    		 Distribution
    Frequency    		 Ex-Date & R
    ecord Date    		 Payment
    Date
    GPTY* YieldMax™ AI & Tech
    Portfolio Option
    Income ETF    		 Multiple – Weekly – –
    LFGY YieldMax™ Crypto
    Industry & Tech
    Portfolio Income ETF    		 Multiple $0.6294 Weekly 1/30/2025 1/31/2025
    YMAX YieldMax™ Universe
    Fund of Option
    Income ETFs    		 Multiple $0.1469 Weekly 1/30/2025 1/31/2025
    YMAG YieldMax™
    Magnificent 7 Fund of
    Option Income ETFs    		 Multiple $0.1898 Weekly 1/30/2025 1/31/2025
    NVDY YieldMax™ NVDA
    Option Income
    Strategy ETF    		 NVDA $0.8294 Every 4 Weeks 1/30/2025 1/31/2025
    DIPS YieldMax™ Short
    NVDA Option Income
    Strategy ETF    		 NVDA $0.5026 Every 4 Weeks 1/30/2025 1/31/2025
    FBY YieldMax™ META
    Option Income
    Strategy ETF    		 META $0.6390 Every 4 Weeks 1/30/2025 1/31/2025
    GDXY YieldMax™ Gold
    Miners Option Income
    Strategy ETF    		 GDX® $0.5937 Every 4 Weeks 1/30/2025 1/31/2025
    BABO YieldMax™ BABA
    Option Income
    Strategy ETF    		 BABA $0.4693 Every 4 Weeks 1/30/2025 1/31/2025
    JPMO YieldMax™ JPM
    Option Income
    Strategy ETF    		 JPM $0.6929 Every 4 Weeks 1/30/2025 1/31/2025
    MRNY YieldMax™ MRNA O
    ption Income
    Strategy ETF    		 MRNA $0.2730 Every 4 Weeks 1/30/2025 1/31/2025
    PLTY YieldMax™ PLTR
    Option Income
    Strategy ETF    		 PLTR $2.9826 Every 4 Weeks 1/30/2025 1/31/2025
    MARO YieldMax™ MARA
    Option Income
    Strategy ETF    		 MARA $2.1002 Every 4 Weeks 1/30/2025 1/31/2025
    Weekly Payers & Group C ETFs scheduled for next week: GPTY LFGY YMAX YMAG CONY FIAT MSFO AMDY NFLY ABNY PYPY ULTY

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

    You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

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

    *The inception date for GPTY is January 22, 2025.

    1 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
       
      Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.
       

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

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

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

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

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

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

    Risk Disclosures (applicable only to GPTY)

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

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

    Risk Disclosure (applicable only to MARO)

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

    Risk Disclosures (applicable only to BABO and TSMY)

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

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

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

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

    Risk Disclosures (applicable only to GDXY)

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

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

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

    Risk Disclosures (applicable only to YBIT)

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

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

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

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

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Risk Disclosures (applicable only to YQQQ)

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

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

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

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

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Nasdaq Reports Fourth Quarter and Full Year 2024 Results; A Year of Strong Financial Performance and Strategic Execution

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the fourth quarter and full year of 2024

    • 2024 net revenues1 were $4.6 billion, or $4.7 billion on a non-GAAP basis2, an increase of 19% over 2023, or up 9% on an adjusted3 basis. This included Solutions4 revenue increasing 25%, or up 10% on an adjusted basis.
    • Fourth quarter 2024 net revenue was $1.2 billion, an increase of 10% over the fourth quarter of 2023. This included Solutions revenue increasing 10%, or up 9% on an adjusted basis.
    • Annualized Recurring Revenue (ARR)5 of $2.8 billion increased 7% over the fourth quarter of 2023. Annualized SaaS revenues increased 14% and represented 37% of ARR.
    • Financial Technology revenue of $438 million increased 10% over the fourth quarter of 2023, or up 7% on an adjusted basis.
    • Index revenue of $188 million grew 29%, with $80 billion of net inflows over the trailing twelve months and $28 billion in the fourth quarter.
    • GAAP diluted earnings per share fell 7% in 2024 and grew 72% in the fourth quarter of 2024. Non-GAAP diluted earnings per share was flat in 2024 and grew 5% in the fourth quarter of 2024, or grew 11% and 10% on organic6 basis, respectively.
    • In the fourth quarter of 2024, the company returned $138 million to shareholders through dividends. The company also repurchased $181 million of senior unsecured notes in the fourth quarter of 2024.

    Fourth Quarter and Full Year 2024 Highlights

    (US$ millions,
    except per share,
    % changes YoY)    		 4Q24 Change % Adjusted
    change    3%    		 Organic
    change %    		 2024 Change % Adjusted
    change    3%    		 Organic
    change %
    GAAP Solutions revenue $949 10%     $3,593 25%    
    Non-GAAP Solutions revenue $949 10% 9% 9% $3,627 26% 10% 10%
    Market Services net revenue $268 8% 12% 8% $1,020 3% 4% 3%
    GAAP net revenue $1,227 10%     $4,649 19%    
    Non-GAAP net revenue $1,227 10% 10% 9% $4,683 20% 9% 8%
    GAAP operating income $517 47%     $1,798   14%  
    Non-GAAP operating income $671 10% 13% 12% $2,521 22% 11% 9%
    ARR $2,768 7% 7% 7% $2,768 7% 7% 7%
    GAAP diluted EPS $0.61 72%     $1.93 (7)%    
    Non-GAAP diluted EPS $0.76 5%   10% $2.82 0%   11%


    Adena Friedman, Chair and CEO     said, “2024 was a transformative year for Nasdaq. With the integration of AxiomSL and Calypso largely complete, we’ve made substantial progress as a scalable platform company. We are executing well across our strategic priorities, including driving cross-sell opportunities, innovating across our solutions, and expanding client relationships with our One Nasdaq strategy.

    Looking to 2025, we are well positioned to provide more value to our clients while driving profitable and durable growth as the trusted fabric of the world’s financial system.”

    Sarah Youngwood, Executive Vice President and CFO said, “After setting ambitious targets, Nasdaq delivered strong revenue growth and profitability across 2024 and is tracking ahead of schedule against our deleveraging and cost synergy targets.

    Our achievements this year reflect our team’s relentless focus on our clients and our ability to deliver outsized, long-term growth within our large and expanding market opportunity.”

    FINANCIAL REVIEW

    • 2024 net revenue was $4,649 million, reflecting 19% growth versus the prior year period while non-GAAP net revenue was $4,683 million. Adjusted net revenue growth was 9%.
    • Fourth quarter 2024 net revenue was $1,227 million, reflecting 10% growth versus the prior year period. Adjusted net revenue growth was also 10%.
    • Solutions revenue was $949 million in the fourth quarter of 2024, up 10% versus the prior year period, or up 9% on an adjusted basis, reflecting strong growth from Index and Financial Technology.
    • ARR grew 7% year over year in the fourth quarter of 2024 with 11% ARR growth for Financial Technology, or 12% on an organic basis, and 3% ARR growth for Capital Access Platforms.
    • Market Services net revenue was $268 million in the fourth quarter of 2024, up 8% versus the prior year period, or 12% growth on an adjusted basis. The increase was primarily driven by a $15 million increase in U.S. equity derivatives and a $14 million increase in U.S. cash equities, partly offset by a $4 million decrease in U.S. tape plan revenue.
    • 2024 GAAP operating expenses were $2,851 million, an increase of 23% versus the prior year period. The increase for the year was due to expenses related to the acquisition of Adenza, which resulted in an incremental $288 million in amortization expense of acquired intangible assets, $220 million of other AxiomSL and Calypso operating expenses, as well as organic growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by lower merger and strategic initiative costs.
    • Fourth quarter 2024 GAAP operating expenses were $710 million, a decrease of 7% versus the prior year period. The decrease in the fourth quarter was primarily due to lower merger and strategic initiative costs and lower general and administrative expense, partially offset by expenses related to the acquisition of Adenza, which resulted in an incremental $29 million in amortization expense of acquired intangible assets, $24 million of other AxiomSL and Calypso operating expenses, as well as organic growth driven by increased investments in technology and people to drive innovation and long-term growth.
    • 2024 non-GAAP operating expenses were $2,162 million, an increase of 18% over 2023, or 6% growth on an adjusted basis. Fourth quarter 2024 non-GAAP operating expenses were $556 million, reflecting 10% growth versus the prior year period, or 6% growth on an adjusted basis. The increase for the full year and fourth quarter included $220 million and $24 million, respectively, of AxiomSL and Calypso operating expenses. The increases for the year and quarter on an adjusted basis reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, as well as increased regulatory costs, partially offset by the benefit of synergies.
    • Cash flow from operations was $705 million for the fourth quarter and $1,939 million for 2024, enabling the company to make additional progress on its deleveraging plan. In the fourth quarter, the company returned $138 million to shareholders through dividends. The company also repurchased $181 million of senior unsecured notes in the fourth quarter of 2024. As of December 31, 2024, there was $1.7 billion remaining under the board authorized share repurchase program.

    2025 EXPENSE AND TAX GUIDANCE UPDATE7

    • The company is initiating its 2025 non-GAAP operating expense guidance at a range of $2,245 million to $2,325 million, and its 2025 non-GAAP tax rate guidance to be in the range of 22.5% to 24.5%.

    STRATEGIC AND BUSINESS UPDATES

    • Strong execution across Financial Technology led to double-digit ARR growth in the fourth quarter. Financial Technology ARR growth was up 12% on an organic basis, in the fourth quarter with 120 new clients, 127 upsells, and 4 cross-sells. Division revenue increased 7% on an adjusted basis. Financial Technology had an exceptional year for new bookings, including a number of sizeable and strategic enterprise deals, underscoring its leadership position and expanding Nasdaq’s right to win across its products. Fourth quarter highlights included:
      • Financial Technology continued its international expansion with several strategic enterprise deals. In the fourth quarter, Nasdaq signed a long-term agreement to provide a future-proof, regulatory management solution through AxiomSL to AuRep, a collaborative joint venture of banks and financial service providers in Austria. The companies will provide additional details on this important partnership in the coming weeks. AxiomSL also secured an upsell with Société Générale to manage its domestic regulatory reporting needs. During the quarter, Calypso also expanded its reach with international customers through upsells with a large European bank and a Middle Eastern bank.
      • Financial Crime Management Technology generated 23% ARR growth with 114% net revenue retention. In the fourth quarter, Nasdaq Verafin added 102 new SMB clients, completed a new cross-sell with a Tier 1 bank, and launched in Europe. Nasdaq Verafin’s data consortium continues to benefit from strong growth in its client base, which now represents nearly $10 trillion in assets.
      • AxiomSL and Calypso accelerated cloud bookings. Cloud bookings as a percent of AxiomSL and Calypso’s combined new annual contract value was 52% for 2024 and 60% in the fourth quarter, increasing the combined business’ cloud mix of ARR to 27% at year end.
    • Index delivered another quarter of outstanding performance benefiting from its growth strategy across innovation, globalization, and institutional client expansion. In 2024, Nasdaq’s Index business launched a record 116 new products with its clients, more than half of which were international, 27 were within the institutional insurance annuity space, and 30 were launched in partnership with new Index clients. For the year, the business had $80 billion of net inflows, including $28 billion in the fourth quarter, and reported its fifth consecutive record quarter in ETP AUM, reaching $647 billion at quarter end.
    • Nasdaq extended listing leadership in 2024 with its sixth consecutive year as the top U.S. exchange by number of IPOs and proceeds raised. For the year, Nasdaq welcomed 180 IPOs, representing $23 billion in total proceeds raised. New listings included 130 operating companies, headlined by Lineage, the largest IPO of the year. In 2024, Nasdaq had an 80% win rate among eligible operating company IPOs in the U.S. In the third quarter, Nasdaq celebrated its 500th listing transfer, bringing the cumulative market capitalization at transfer to nearly $3 trillion. The company had 14 new transfers in the fourth quarter, including Palantir, the largest transfer on a U.S. exchange in 2024, bringing the total to 30 new switches with over $180 billion in market value for the year.  
    • Market Services achieved record fourth quarter and full year net revenue. Fourth quarter net revenue benefited from momentum in U.S. cash equities, including the Closing Cross reaching a new record in fourth quarter share volume, and record U.S. equity derivatives volumes. 2024 Market Services net revenue growth reflected healthy growth in U.S. cash equities, with the Closing Cross setting full year records in both share volume and notional value traded, and index options revenue more than doubling.
    • Nasdaq successfully delivered on its 2024 strategic priorities – Integrate, Innovate, Accelerate – positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
      • Integrate – Nasdaq finished the year ahead of its net expense synergy and deleveraging goals. The company has fully actioned the $80 million net expense synergies goal that was announced with the acquisition of AxiomSL and Calypso, a year ahead of the initial target. Nasdaq is broadening its efficiency program beyond the Financial Technology division and now expects to action annual cost savings of $140 million by the end of 2025, inclusive of the net expense synergies related to the AxiomSL and Calypso acquisition.
      • Innovate – In 2024, Nasdaq demonstrated its innovation leadership with the launch of AI-powered solutions and product enhancements across its divisions. Nasdaq has a robust pipeline of new AI capabilities to deliver through our software and analytics solutions, with several feature launches planned for 2025. The company has advanced its focus from “exploration and experimentation” to driving “impact” as it targets AI-driven productivity enhancements across the organization.
      • Accelerate – The company continues to make progress on its One Nasdaq strategy, with 17 cross-sell deals since the Adenza acquisition across solutions such as Nasdaq Surveillance, AxiomSL, and Verafin. Nasdaq remains on track to exceed $100 million in run-rate revenue from cross-sells by the end of 2027.

    ____________
    1 Represents revenue less transaction-based expenses.
    2 Refer to our reconciliations of U.S. GAAP to non-GAAP Solutions revenue, net revenue, net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
    3Adjusted change reflects AxiomSL and Calypso on a pro forma basis (including ratable revenue recognition for AxiomSL in 2024 and 2023). Adjusted change also excludes the impacts of foreign currency except for AxiomSL and Calypso, which will be calculated on an organic basis beginning in 2025, and the previously announced one-time revenue benefits in Market Services in 4Q23 and Index in 1Q24. These results are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this earnings release.
    4 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
    5 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
    6 Organic changes reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture.
    7 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.

    ABOUT NASDAQ

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    NON-GAAP INFORMATION

    In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP Solutions revenue, non-GAAP net revenue, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

    These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

    We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

    Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

    Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

    Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, real estate impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In connection with the program, we expect to incur pre-tax charges principally related to employee-related costs, consulting, asset impairments and contract terminations over a two-year period. We expect to achieve benefits in the form of both increased customer engagement and operating efficiencies. Costs related to the Adenza restructuring and the divisional alignment programs are recorded as “restructuring charges” in our consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, deleveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    WEBSITE DISCLOSURE

    Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

    Media Relations Contact
    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi.@Nasdaq.com

    Investor Relations Contact
    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    NDAQF

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
     
               
      Three Months Ended   Year Ended
      December 31,   December 31,   December 31,   December 31,
       2024     2023     2024     2023 
        (unaudited)   (unaudited)   (unaudited)    
    Revenues:              
    Capital Access Platforms $ 511     $ 461     $ 1,972     $ 1,770  
    Financial Technology   438       399       1,621       1,099  
    Market Services   1,070       778       3,771       3,156  
    Other Revenues   10       10       36       39  
      Total revenues   2,029       1,648       7,400       6,064  
    Transaction-based expenses:              
    Transaction rebates   (548 )     (462 )     (2,026 )     (1,838 )
    Brokerage, clearance and exchange fees   (254 )     (69 )     (725 )     (331 )
    Revenues less transaction-based expenses   1,227       1,117       4,649       3,895  
                   
    Operating Expenses:              
    Compensation and benefits   324       305       1,324       1,082  
    Professional and contract services   44       36       152       128  
    Technology and communication infrastructure   75       65       281       233  
    Occupancy   28       30       112       129  
    General, administrative and other   24       52       109       113  
    Marketing and advertising   20       16       54       47  
    Depreciation and amortization   152       125       613       323  
    Regulatory   18       8       55       34  
    Merger and strategic initiatives   12       97       35       148  
    Restructuring charges   13       31       116       80  
      Total operating expenses   710       765       2,851       2,317  
    Operating income   517       352       1,798       1,578  
    Interest income   8       30       28       115  
    Interest expense   (101 )     (111 )     (414 )     (284 )
    Other income (loss)   7       5       21       (1 )
    Net income (loss) from unconsolidated investees   9       2       16       (7 )
    Income before income taxes   440       278       1,449       1,401  
    Income tax provision   85       81       334       344  
    Net income   355       197       1,115       1,057  
    Net loss attributable to noncontrolling interests   —       —       2       2  
    Net income attributable to Nasdaq $ 355     $ 197     $ 1,117     $ 1,059  
                   
    Per share information:              
    Basic earnings per share $ 0.62     $ 0.36     $ 1.94     $ 2.10  
    Diluted earnings per share $ 0.61     $ 0.36     $ 1.93     $ 2.08  
    Cash dividends declared per common share $ 0.24     $ 0.22     $ 0.94     $ 0.86  
                   
    Weighted-average common shares outstanding              
    for earnings per share:              
    Basic   574.8       547.1       575.4       504.9  
    Diluted   579.7       550.6       579.2       508.4  
                     
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
     
               
      Three Months Ended   Year Ended
      December 31,   December 31,   December 31,   December 31,
       2024     2023     2024     2023 
      (unaudited)   (unaudited)   (unaudited)    
    CAPITAL ACCESS PLATFORMS              
    Data and Listing Services revenues $ 192     $ 189     $ 754     $ 749  
    Index revenues   188       146       706       528  
    Workflow and Insights revenues   131       126       512       493  
    Total Capital Access Platforms revenues   511       461       1,972       1,770  
                   
    FINANCIAL TECHNOLOGY              
    Financial Crime Management Technology revenues   73       60       273       223  
    Regulatory Technology revenues   98       110       352       212  
    Capital Markets Technology revenues   267       229       996       664  
    Total Financial Technology revenues   438       399       1,621       1,099  
                   
    MARKET SERVICES              
    Market Services revenues   1,070       778       3,771       3,156  
    Transaction-based expenses:              
    Transaction rebates   (548 )     (462 )     (2,026 )     (1,838 )
    Brokerage, clearance and exchange fees   (254 )     (69 )     (725 )     (331 )
    Total Market Services revenues, net   268       247       1,020       987  
                   
    OTHER REVENUES   10       10       36       39  
                   
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,227     $ 1,117     $ 4,649     $ 3,895  
                   
                   
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
               
          December 31,   December 31,
           2024     2023 
    Assets   (unaudited)    
    Current assets:        
      Cash and cash equivalents   $ 592     $ 453  
      Restricted cash and cash equivalents     31       20  
      Default funds and margin deposits     5,664       7,275  
      Financial investments     184       188  
      Receivables, net     1,022       929  
      Other current assets     293       231  
    Total current assets     7,786       9,096  
    Property and equipment, net     593       576  
    Goodwill     13,957       14,112  
    Intangible assets, net     6,905       7,443  
    Operating lease assets     375       402  
    Other non-current assets     779       665  
    Total assets   $ 30,395     $ 32,294  
               
    Liabilities        
    Current liabilities:        
      Accounts payable and accrued expenses   $ 269     $ 332  
      Section 31 fees payable to SEC     319       84  
      Accrued personnel costs     325       303  
      Deferred revenue     711       594  
      Other current liabilities     215       146  
      Default funds and margin deposits     5,664       7,275  
      Short-term debt     399       291  
    Total current liabilities     7,902       9,025  
    Long-term debt     9,081       10,163  
    Deferred tax liabilities, net     1,594       1,642  
    Operating lease liabilities     388       417  
    Other non-current liabilities     230       220  
    Total liabilities     19,195       21,467  
             
    Commitments and contingencies        
    Equity        
    Nasdaq stockholders’ equity:        
      Common stock     6       6  
      Additional paid-in capital     5,530       5,496  
      Common stock in treasury, at cost     (647 )     (587 )
      Accumulated other comprehensive loss     (2,099 )     (1,924 )
      Retained earnings     8,401       7,825  
    Total Nasdaq stockholders’ equity     11,191       10,816  
      Noncontrolling interests     9       11  
    Total equity     11,200       10,827  
    Total liabilities and equity   $ 30,395     $ 32,294  
               
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                       
                   
           Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
           2024     2023     2024     2023 
                       
    U.S. GAAP net income attributable to Nasdaq   $ 355     $ 197     $ 1,117     $ 1,059  
    Non-GAAP adjustments:                
      Adenza purchase accounting adjustment (1)     —       —       34       —  
      Amortization expense of acquired intangible assets (2)     122       95       488       206  
      Merger and strategic initiatives expense (3)     12       97       35       148  
      Restructuring charges (4)     13       31       116       80  
      Lease asset impairments (5)     —       1       —       25  
      Net (income) loss from unconsolidated investees (6)     (9 )     (2 )     (16 )     7  
      Extinguishment of debt (7)     4       —       4       —  
      Legal and regulatory matters (8)     2       23       20       12  
      Pension settlement charge (9)     —       9       23       9  
      Other (income) loss (10)     (6 )     3       (15 )     21  
      Total non-GAAP adjustments     138       257       689       508  
      Non-GAAP adjustment to the income tax provision (11)     (55 )     (59 )     (208 )     (134 )
      Tax on intra-group transfer of intellectual property assets (12)     —       —       33       —  
      Total non-GAAP adjustments, net of tax     83       198       514       374  
    Non-GAAP net income attributable to Nasdaq   $ 438     $ 395     $ 1,631     $ 1,433  
                       
    U.S. GAAP diluted earnings per share   $ 0.61     $ 0.36     $ 1.93     $ 2.08  
      Total adjustments from non-GAAP net income above     0.15       0.36       0.89       0.74  
    Non-GAAP diluted earnings per share   $ 0.76     $ 0.72     $ 2.82     $ 2.82  
                       
    Weighted-average diluted common shares outstanding for earnings per share:     579.7       550.6       579.2       508.4  
                       
                       
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    (2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
           
    (3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months and years ended December 31, 2024 and December 31, 2023, these costs primarily relate to the Adenza acquisition. For the year ended December 31, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the year ended December 31, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (6) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
                       
    (7) For the three months and year ended December 31, 2024, we recorded costs related to the early extinguishment of debt. This charge is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
                       
    (8) For the year ended December 31, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority (SFSA) fine and accruals related to certain legal matters. For the three months and year ended December 31, 2023, these charges primarily included accruals related to certain legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income. For the year ended December 31, 2023, these accruals were offset with insurance recoveries related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.
                       
    (9) For the years ended December 31, 2024 and 2023 and for the three months ended December 31, 2023, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    (10) For the three months and year ended December 31, 2024, other items include net gains from strategic investments entered into through our corporate venture program, which are included in other income (loss) in our Consolidated Statements of Income. For the three months and year ended December 31, 2023, other items included certain financing costs related to the Adenza acquisition and a net loss from a strategic investments entered into through our corporate venture program.
                       
    (11) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months and year ended December 31, 2024, we recorded a tax benefit related to return to provision adjustments and release of tax reserves due to lapse in statute of limitations.
                       
    (12) For the year ended December 31, 2024, the completion of an intra-group transfer of intellectual property assets to U.S. headquarters resulted in a net tax expense of $33 million.
                       
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Revenues Less Transaction-Based Expenses
    (in millions)
    (unaudited)
           
      Year Ended
      December 31, 2024
      U.S. GAAP Revenues
    Less Transaction-
    Based Expenses    		 Adenza purchase
    accounting
    adjustment     (1)    		 Non-GAAP Revenues
    Less Transaction-
    Based Expenses
    CAPITAL ACCESS PLATFORMS $ 1,972 $ — $ 1,972
           
    FINANCIAL TECHNOLOGY      
    Financial Crime Management Technology revenues   273   —   273
    Regulatory Technology revenues (1)   352   34   386
    Capital Markets Technology revenues   996   —   996
    Total Financial Technology revenues   1,621   34   1,655
    SOLUTIONS REVENUES   3,593   34   3,627
           
    MARKET SERVICES REVENUES, NET   1,020   —   1,020
    OTHER REVENUES   36   —   36
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 4,649 $ 34 $ 4,683
           
           
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
    (in millions)
    (unaudited)
                   
           Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
           2024     2023     2024     2023 
                       
    U.S. GAAP operating income   $ 517     $ 352     $ 1,798     $ 1,578  
    Non-GAAP adjustments:                
      Adenza purchase accounting adjustment (1)     —       —       34       —  
      Amortization expense of acquired intangible assets (2)     122       95       488       206  
      Merger and strategic initiatives expense (3)     12       97       35       148  
      Restructuring charges (4)     13       31       116       80  
      Lease asset impairments (5)     —       1       —       25  
      Extinguishment of debt (6)     4       —       4       —  
      Legal and regulatory matters (7)     2       23       20       12  
      Pension settlement charge (8)     —       9       23       9  
      Other loss     1       5       3       7  
      Total non-GAAP adjustments     154       261       723       487  
    Non-GAAP operating income   $ 671     $ 613     $ 2,521     $ 2,065  
                     
    U.S. GAAP revenues less transaction-based expenses   $ 1,227     $ 1,117     $ 4,649     $ 3,895  
                       
    Non-GAAP revenues less transaction-based expenses   $ 1,227     $ 1,117     $ 4,683     $ 3,895  
                       
    U.S. GAAP operating margin (9)     42 %     32 %     39 %     41 %
                       
    Non-GAAP operating margin (10)     55 %     55 %     54 %     53 %
                       
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                       
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    (2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
                       
    (3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months and years ended December 31, 2024 and December 31, 2023, these costs primarily relate to the Adenza acquisition. For the year ended December 31, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the year ended December 31, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (6) For the three months and year ended December 31, 2024, we recorded costs related to the early extinguishment of debt. This charge is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
                       
    (7) For the year ended December 31, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the three months and year ended December 31, 2023, these charges primarily included accruals related to certain legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income. For the year ended December 31, 2023, these accruals were offset with insurance recoveries related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.
                       
    (8) For the years ended December 31, 2024 and 2023 and for the three months ended December 31, 2023, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    (9) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
                       
    (10) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.
                       
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
                   
           Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
           2024     2023     2024     2023 
                       
    U.S. GAAP operating expenses   $ 710     $ 765     $ 2,851     $ 2,317  
    Non-GAAP adjustments:                
      Amortization expense of acquired intangible assets (1)     (122 )     (95 )     (488 )     (206 )
      Merger and strategic initiatives expense (2)     (12 )     (97 )     (35 )     (148 )
      Restructuring charges (3)     (13 )     (31 )     (116 )     (80 )
      Lease asset impairments (4)     —       (1 )     —       (25 )
      Extinguishment of debt (5)     (4 )     —       (4 )     —  
      Legal and regulatory matters (6)     (2 )     (23 )     (20 )     (12 )
      Pension settlement charge (7)     —       (9 )     (23 )     (9 )
      Other (loss)     (1 )     (5 )     (3 )     (7 )
      Total non-GAAP adjustments     (154 )     (261 )     (689 )     (487 )
    Non-GAAP operating expenses   $ 556     $ 504     $ 2,162     $ 1,830  
                       
                       
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
           
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months and years ended December 31, 2024 and December 31, 2023, these costs primarily relate to the Adenza acquisition. For the year ended December 31, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (4) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the year ended December 31, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (5) For the three months and year ended December 31, 2024, we recorded costs related to the early extinguishment of debt. This charge is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
                       
    (6) For the year ended December 31, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the three months and year ended December 31, 2023, these charges primarily included accruals related to certain legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income. For the year ended December 31, 2023, these accruals were offset with insurance recoveries related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.
                       
    (7) For the years ended December 31, 2024 and 2023 and for the three months ended December 31, 2023, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    Nasdaq, Inc.
    Reconciliation of Adjusted Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Operating Margin
    (in millions)
    (unaudited)
                                       
      Three Months Ended                    
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   FX & Other (2)   Adjusted YoY
      Non-GAAP   Non-GAAP   Adenza   Pro Forma (1)   $   %   $   $   %
    CAPITAL ACCESS PLATFORMS                                  
    data                                  
    listings                                  
    Data and Listing Services revenues $ 192     $ 189     $ —     $ 189     $ 3     2 %   $ —     $ 3     2 %
    Index revenues   188       146       —       146       42     29 %     —       42     29 %
    Workflow and insights revenues   131       126       —       126       5     4 %     —       5     4 %
    Total Capital Access Platforms revenues   511       461       —       461       50     11 %     —       50     11 %
                                       
    FINANCIAL TECHNOLOGY                                  
    Financial Crime Management Technology revenues   73       60       —       60       13     22 %     —       13     22 %
    Regulatory Technology revenues   98       110       (16 )     94       4     5 %     (1 )     5     6 %
    Capital Markets Technology revenues   267       229       26       255       12     4 %     —       12     4 %
    Total Financial Technology revenues   438       399       10       409       29     7 %     (1 )     30     7 %
                                       
    Non-GAAP Solutions revenues (3)   949       860       10       870       79     9 %     (1 )     80     9 %
                                       
    Market Services, net revenues   268       247       —       247       21     8 %     (8 )     29     12 %
    Other revenues   10       10       —       10       —     (1 )%     —       —     (2 )%
    Non-GAAP Revenues less transaction-based expenses   1,227       1,117       10       1,127       100     9 %     (9 )     109     10 %
                                       
    Non-GAAP operating expenses   556       504       23       527       29     5 %     (3 )     32     6 %
    Non-GAAP operating income $ 671     $ 613     $ (13 )   $ 600     $ 71     12 %   $ (6 )   $ 77     13 %
    Non-GAAP operating margin   55 %     56 %         53 %                    
                                       
                                       
      Year Ended                    
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   FX & Other (2)   Adjusted YoY
      Non-GAAP   Non-GAAP   Adenza   Pro Forma (1)   $   %   $   $   %
    CAPITAL ACCESS PLATFORMS                                  
    Data and Listing Services revenues $ 754     $ 749     $ —     $ 749     $ 5     1 %   $ —     $ 5     1 %
    Index revenues   706       528       —       528       178     34 %     16       162     31 %
    Workflow and insights revenues   512       493       —       493       19     4 %     1       18     4 %
    Total Capital Access Platforms revenues   1,972       1,770       —       1,770       202     11 %     17       185     10 %
                                       
    FINANCIAL TECHNOLOGY                                  
    Financial Crime Management Technology revenues   273       223       —       223       50     22 %     —       50     22 %
    Regulatory Technology revenues   286       212       149       361       25     7 %     1       24     7 %
    Capital Markets Technology revenues   996       664       257       921       75     8 %     1       74     8 %
    Total Financial Technology revenues   1,655       1,099       406       1,505       150     10 %     2       148     10 %
                                       
    Non-GAAP Solutions revenues (3)   3,627       2,869       406       3,275       352     11 %     19       333     10 %
                                       
    Market Services, net revenues   1,020       987       —       987       33     3 %     (8 )     41     4 %
    Other revenues   36       39       —       39       (3 )   (9 )%     (2 )     (1 )   (5 )%
    Non-GAAP Revenues less transaction-based expenses   4,683       3,895       406       4,301       382     9 %     9       373     9 %
                                       
    Operating expenses   2,162       1,830       217       2,047       115     6 %     (4 )     119     6 %
    Operating income $ 2,521     $ 2,065     $ 189     $ 2,254     $ 267     12 %   $ 13     $ 254     11 %
    Operating margin   54 %     53 %         52 %                    
                                       
                                       
                                       
    (1) Includes the pro forma results for AxiomSL and Calypso and are presented assuming AxiomSL and Calypso were included in the entire prior year quarterly and full year results and revenue for AxiomSL on-premises contracts were recognized ratably for 2024 and 2023.
    (2) Reflects the impacts from changes in foreign currency exchange rates (except for AxiomSL and Calypso, which will be calculated on an organic basis beginning in 2025) and the exclusion of a non-recurring payment received in 4Q23 recorded within our Market Services business. In addition, the full year also excludes the impact of a one-time revenue benefit related to a legal settlement to recoup revenue recorded within Index in 1Q24.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
                                       
    Note: The pro forma results above are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this press release. The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                                       
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions)
    (unaudited)
                                   
      Three Months Ended                        
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   Other Impacts (1)   Organic Impact (2)
      Non-GAAP   Non-GAAP   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 192   $ 189   $ 3     2 %   $ —     — %   $ 3     2 %
    Index revenues   188     146     42     29 %     —     — %     42     29 %
    Workflow and Insights revenues   131     126     5     4 %     —     — %     5     4 %
    Total Capital Access Platforms revenues   511     461     50     11 %     —     — %     50     11 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   73     60     13     22 %     —     — %     13     22 %
    Regulatory Technology revenues   98     110     (12 )   (10 )%     (15 )   (13 )%     3     4 %
    Capital Markets Technology revenues   267     229     38     16 %     27     12 %     11     5 %
    Total Financial Technology revenues   438     399     39     10 %     12     3 %     27     7 %
                                   
    Non-GAAP Solutions revenues (3)   949     860     89     10 %     12     1 %     77     9 %
                                   
    Market Services, net revenues   268     247     21     8 %     —     — %     21     8 %
                                   
    Other revenues   10     10     —     (1 )%     —     — %     —     (2 )%
                                   
    Non-GAAP Revenues less transaction-based expenses $ 1,227   $ 1,117   $ 110     10 %   $ 12     1 %   $ 98     9 %
                                   
    Non-GAAP Operating Expenses $ 556   $ 504   $ 52     10 %   $ 21     4 %   $ 31     6 %
                                   
    Non-GAAP Operating Income $ 671   $ 613   $ 58     10 %   $ (9 )   (1 )%   $ 67     12 %
                                   
    Non-GAAP diluted earnings per share $ 0.76   $ 0.72   $ 0.04     5 %   $ (0.03 )   (5 )%   $ 0.07     10 %
                                   
      Year Ended                        
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   Other Impacts (1)   Organic Impact (2)
      Non-GAAP   Non-GAAP   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 754   $ 749   $ 5     1 %   $ —     — %   $ 5     1 %
    Index revenues   706     528     178     34 %     —     — %     178     34 %
    Workflow and Insights revenues   512     493     19     4 %     1     — %     18     4 %
    Total Capital Access Platforms revenues   1,972     1,770     202     11 %     1     — %     201     11 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   273     223     50     22 %     —     — %     50     22 %
    Regulatory Technology revenues   386     212     174     83 %     165     78 %     9     5 %
    Capital Markets Technology revenues   996     664     332     50 %     316     48 %     16     2 %
    Total Financial Technology revenues   1,655     1,099     556     51 %     481     44 %     75     7 %
                                   
    Non-GAAP Solutions revenues (3)   3,627     2,869     758     26 %     482     17 %     276     10 %
                                   
    Market Services, net revenues   1,020     987     33     3 %     —     — %     33     3 %
                                   
    Other revenues   36     39     (3 )   (9 )%     (2 )   (4 )%     (1 )   (5 )%
                                   
    Non-GAAP Revenues less transaction-based expenses $ 4,683   $ 3,895   $ 788     20 %   $ 480     12 %   $ 308     8 %
                                   
    Non-GAAP Operating Expenses $ 2,162   $ 1,830   $ 332     18 %   $ 216     12 %   $ 116     6 %
                                   
    Non-GAAP Operating Income $ 2,521   $ 2,065   $ 456     22 %   $ 264     13 %   $ 192     9 %
                                   
    Non-GAAP diluted earnings per share $ 2.82   $ 2.82   $ —     — %   $ (0.31 )   (11 )%   $ 0.31     11 %
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
                                   
    (1) Primarily includes the impacts of the Adenza acquisition and changes in FX rates. The revenue adjustments related to the Adenza acquisition reflect an additional $514 million of total revenue recorded in FY 2024 and $48 million for 4Q24, partially offset by an adjustment to reported 2023 revenues related to AxiomSL ratable revenue recognition of $34 million.
    (2) Organic impact reflects adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
                     
        Three Months Ended   Year Ended
        December 31,   December 31,   December 31,   December 31,
         2024     2023     2024     2023 
    Capital Access Platforms              
      Annualized recurring revenues (in millions) (1) $ 1,268     $ 1,235     $ 1,268     $ 1,235  
      Initial public offerings              
      The Nasdaq Stock Market (2)   66       28       180       130  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   7       4       14       7  
      Total new listings              
      The Nasdaq Stock Market (2)   162       100       463       330  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   13       7       31       23  
      Number of listed companies              
      The Nasdaq Stock Market (4)   4,075       4,044       4,075       4,044  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,174       1,218       1,174       1,218  
      Index              
      Number of licensed exchange traded products (6)   401       364       401       364  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 647     $ 473     $ 647     $ 473  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 632     $ 436     $ 558     $ 396  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 80     $ 31     $ 80     $ 31  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 110     $ 128     $ 110     $ 128  
                     
    Financial Technology              
      Annualized recurring revenues (in millions) (1)              
      Financial Crime Management Technology $ 278     $ 226     $ 278     $ 226  
      Regulatory Technology   354       325       354       325  
      Capital Markets Technology   868       799       868       799  
      Total Financial Technology $ 1,500     $ 1,350     $ 1,500     $ 1,350  
                     
    Market Services              
      Equity Derivative Trading and Clearing              
      U.S. equity options              
      Total industry average daily volume (in millions)   47.5       40.2       44.4       40.4  
      Nasdaq PHLX matched market share   10.5 %     11.5 %     10.0 %     11.3 %
      The Nasdaq Options Market matched market share   5.2 %     5.5 %     5.5 %     6.1 %
      Nasdaq BX Options matched market share   1.8 %     2.4 %     2.1 %     3.3 %
      Nasdaq ISE Options matched market share   7.2 %     6.1 %     6.9 %     5.9 %
      Nasdaq GEMX Options matched market share   2.6 %     2.7 %     2.6 %     2.4 %
      Nasdaq MRX Options matched market share   3.0 %     2.6 %     2.7 %     2.0 %
      Total matched market share executed on Nasdaq’s exchanges   30.3 %     30.8 %     29.8 %     31.0 %
      Nasdaq Nordic and Nasdaq Baltic options and futures              
      Total average daily volume of options and futures contracts (8)   228,955       327,680       233,610       301,320  
                     
      Cash Equity Trading              
      Total U.S.-listed securities              
      Total industry average daily share volume (in billions)   13.6       11.2       12.2       11.0  
      Matched share volume (in billions)   125.2       113.3       479.4       455.6  
      The Nasdaq Stock Market matched market share   14.0 %     15.4 %     15.1 %     15.8 %
      Nasdaq BX matched market share   0.3 %     0.4 %     0.3 %     0.4 %
      Nasdaq PSX matched market share   0.1 %     0.3 %     0.2 %     0.3 %
      Total matched market share executed on Nasdaq’s exchanges   14.4 %     16.1 %     15.6 %     16.5 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   47.6 %     40.9 %     44.3 %     36.7 %
      Total market share (9)   62.0 %     57.0 %     59.9 %     53.2 %
      Nasdaq Nordic and Nasdaq Baltic securities              
      Average daily number of equity trades executed on Nasdaq’s exchanges   669,234       637,403       651,455       666,411  
      Total average daily value of shares traded (in billions) $ 4.5     $ 4.5     $ 4.5     $ 4.5  
      Total market share executed on Nasdaq’s exchanges   70.9 %     72.0 %     71.9 %     71.0 %
                     
      Fixed Income and Commodities Trading and Clearing              
      Fixed Income              
      Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts   91,471       93,128       93,747       95,625  
                     
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended December 31, 2024 and 2023, IPOs included 22 and 8 SPACs, respectively. For the years ended December 31, 2024 and 2023, IPOs included 50 and 27 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the twelve months ended December 31, 2024 and December 31, 2023 included 768 and 600 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of December 31, 2023 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes Finnish option contracts traded on Eurex for which Nasdaq and Eurex had a revenue sharing arrangement, which ended in the fourth quarter of 2023.
      (9) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

    The MIL Network –

  • MIL-OSI: Virtu Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the fourth quarter ended December 31, 2024.

    Fourth Quarter and Full Year Selected Highlights

    Fourth Quarter 2024:

    • Net income of $176.1 million; Normalized Adjusted Net Income1 of $182.2 million
    • Basic and diluted earnings per share of $1.03; Normalized Adjusted EPS1 of $1.14
    • Total revenues of $834.3 million; Trading income, net, of $544.0 million; Net income Margin of 21.1%2
      • Adjusted Net Trading Income1 of $457.7 million
    • Adjusted EBITDA1 of $283.5 million; Adjusted EBITDA Margin1 of 61.9%
    • Share buybacks of $57.1 million, or 1.7 million shares, under the Share Repurchase Program3

    Full Year 2024:

    • Net income of $534.5 million; Normalized Adjusted Net Income1 of $573.9 million
    • Basic and diluted earnings per share of $2.98 and $2.97, respectively; Normalized Adjusted EPS1 of $3.55
    • Total revenues of $2,876.9 million; Trading income, net of $1,822.4 million; Net income Margin of 18.6%2
      • Adjusted Net Trading Income1 of $1,597.7 million
    • Adjusted EBITDA1 of $918.7 million; Adjusted EBITDA Margin1 of 57.5%
    • Share buybacks of $172.2 million, or 6.7 million shares, under the Share Repurchase Program3

    The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 17, 2025 to shareholders of record as of February 28, 2025.

    Note 1: Non-GAAP financial measures. Please see “Non-GAAP Financial Measures and Other Items” for more information.
    Note 2: Calculated by dividing Net income by Total revenue
    Note 3: Shares repurchased calculated on a settlement date basis.

    Financial Results

    Fourth Quarter 2024:

    Total revenues increased 55.7% to $834.3 million for this quarter, compared to $536.0 million for the same period in 2023. Trading income, net, increased 104.0% to $544.0 million for the quarter compared to $266.6 million for the same period in 2023. Net income totaled $176.1 million for this quarter, compared to net income of $6.7 million in the prior year quarter.

    Basic and diluted earnings per share for this quarter were $1.03, compared to basic and diluted earnings per share of $0.05 for the same period in 2023.

    Adjusted Net Trading Income increased 75.4% to $457.7 million for this quarter, compared to $260.9 million for the same period in 2023. Adjusted EBITDA increased 186.4% to $283.5 million for this quarter, compared to $99.0 million for the same period in 2023. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 313.5% to $182.2 million for this quarter, compared to $44.1 million for the same period in 2023.

    Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $1.14 for this quarter, compared to $0.27 for the same period in 2023.

    Full Year 2024:

    Total revenues increased 25.4% to $2,876.9 million for this year, compared to $2,293.4 million for 2023. Trading income, net, increased 40.0% to $1,822.4 million for this year, compared to $1,301.3 million for 2023. Net income totaled $534.5 million for this year, compared to net income of $263.9 million for 2023.

    Basic and diluted earnings per share were $2.98 and $2.97, respectively, for 2024, compared to basic and diluted earnings per share of $1.42 for 2023.

    Adjusted Net Trading Income increased 32.0% to $1,597.7 million for this year, compared to $1,210.7 million for 2023. Adjusted EBITDA increased 61.7% to $918.7 million for this year, compared to $568.0 million for 2023. Normalized Adjusted Net Income increased 86.3% to $573.9 million for this year, compared to $308.1 million for 2023.

    Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $3.55 for 2024, compared to $1.84 for 2023.

    Operating Segment Information

    The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

    Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

    Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company’s capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

    Corporate contains the Company’s investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

    The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three months and full years ended December 31, 2024 and 2023.

    Total revenues by segment
    (in thousands, unaudited)

        Three Months Ended December 31, 2024   Three Months Ended December 31, 2023
        Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total
    Trading income, net   $ 534,728   $ 9,222     $ —     $ 543,950   $ 262,501   $ 4,079     $ —   $ 266,580
    Commissions, net and technology services     13,173     127,277       —       140,450     6,894     107,481       —     114,375
    Interest and dividends income     121,151     2,632       —       123,783     151,773     2,877       —     154,650
    Other, net     37,594     (2,476 )     (9,016 )     26,102     833     (7,940 )     7,479     372
    Total Revenues   $ 706,646   $ 136,655     $ (9,016 )   $ 834,285   $ 422,001   $ 106,497     $ 7,479   $ 535,977
                                                           
                                     
        Year Ended December 31, 2024   Year Ended December 31, 2023
        Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total
    Trading income, net   $ 1,798,942   $ 23,495     $ —     $ 1,822,437   $ 1,283,680   $ 17,664     $ —   $ 1,301,344
    Commissions, net and technology services     42,376     474,407       —       516,783     29,571     426,027       —     455,598
    Interest and dividends income     451,329     10,741       —       462,070     451,859     10,707       —     462,566
    Other, net     81,449     (1,413 )     (4,377 )     75,659     78,413     (7,856 )     3,308     73,865
    Total Revenues   $ 2,374,096   $ 507,230     $ (4,377 )   $ 2,876,949   $ 1,843,523   $ 446,542     $ 3,308   $ 2,293,373
                                                           

    Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
    (in thousands, unaudited)

        Three Months Ended December 31, 2024   Three Months Ended December 31, 2023
        Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total
    Trading income, net   $ 534,728     $ 9,222     $ —   $ 543,950     $ 262,501     $ 4,079     $ —   $ 266,580  
    Commissions, net and technology services     13,173       127,277       —     140,450       6,894       107,481       —     114,375  
    Interest and dividends income     121,151       2,632       —     123,783       151,773       2,877       —     154,650  
    Brokerage, exchange, clearance fees and payments for order flow, net     (179,228 )     (27,867 )     —     (207,095 )     (96,740 )     (20,380 )     —     (117,120 )
    Interest and dividends expense     (141,958 )     (1,428 )     —     (143,386 )     (156,941 )     (630 )     —     (157,571 )
    Adjusted Net Trading Income   $ 347,866     $ 109,836     $ —   $ 457,702     $ 167,487     $ 93,427     $ —   $ 260,914  
                                                                 
        Year Ended December 31, 2024   Year Ended December 31, 2023
        Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total
    Trading income, net   $ 1,798,942     $ 23,495     $ —   $ 1,822,437     $ 1,283,680     $ 17,664     $ —   $ 1,301,344  
    Commissions, net and technology services     42,376       474,407       —     516,783       29,571       426,027       —     455,598  
    Interest and dividends income     451,329       10,741       —     462,070       451,859       10,707       —     462,566  
    Brokerage, exchange, clearance fees and payments for order flow, net     (573,382 )     (101,044 )     —     (674,426 )     (420,608 )     (87,750 )     —     (508,358 )
    Interest and dividends expense     (524,158 )     (5,019 )     —     (529,177 )     (497,895 )     (2,572 )     —     (500,467 )
    Adjusted Net Trading Income   $ 1,195,107     $ 402,580     $ —   $ 1,597,687     $ 846,607     $ 364,076     $ —   $ 1,210,683  
                                                                 

    Financial Condition

    As of December 31, 2024, Virtu had $914.0 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,767.3 million.

    Share Repurchase Program

    Since inception of the program in November 2020 through settlement date January 27, 2025, the Company repurchased approximately 50.7 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,296.2 million. The Company has approximately $423.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

    Earnings Conference Call Information

    Virtu Financial will host a conference call to review its fourth quarter 2024 financial performance today, January 29th, at 8:30 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations. 

    Website Information

    We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our X account (x.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

    Non-GAAP Financial Measures and Other Items

    To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

    • “Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.
    • “EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA”, which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.
    • “Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.
    • “Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

    Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

    Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

    • they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
    • our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
    • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
    • they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
    • they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
    • they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

    Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

    Virtu Financial, Inc. and Subsidiaries
    Condensed Consolidated Statements of Comprehensive Income (Unaudited)

        Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in thousands, except share and per share data)     2024       2023       2024       2023  
                     
    Revenues:                
    Trading income, net   $ 543,950     $ 266,580     $ 1,822,437     $ 1,301,344  
    Interest and dividends income     123,783       154,650       462,070       462,566  
    Commissions, net and technology services     140,450       114,375       516,783       455,598  
    Other, net     26,102       372       75,659       73,865  
    Total revenues     834,285       535,977       2,876,949       2,293,373  
                     
    Operating Expenses:                
    Brokerage, exchange, clearance fees and payments for order flow, net     207,095       117,120       674,426       508,358  
    Communication and data processing     59,336       59,923       236,446       230,760  
    Employee compensation and payroll taxes     120,638       97,825       434,823       394,039  
    Interest and dividends expense     143,386       157,571       529,177       500,467  
    Operations and administrative     27,656       26,768       97,002       98,972  
    Depreciation and amortization     17,176       16,230       65,816       63,306  
    Amortization of purchased intangibles and acquired capitalized software     11,783       15,953       50,471       63,960  
    Termination of office leases     16,174       141       16,224       455  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,739       2,573       29,479       8,317  
    Transaction advisory fees and expenses     49       284       313       314  
    Financing interest expense on long-term borrowings     26,648       24,795       97,802       99,294  
    Total operating expenses     631,680       519,183       2,231,979       1,968,242  
                     
    Income before income taxes and noncontrolling interest     202,605       16,794       644,970       325,131  
    Provision for income taxes     26,518       10,093       110,435       61,210  
    Net income   $ 176,087     $ 6,701     $ 534,535     $ 263,921  
                     
    Noncontrolling interest     (82,027 )     (1,163 )     (258,120 )     (121,885 )
                     
    Net income available for common stockholders   $ 94,060     $ 5,538     $ 276,415     $ 142,036  
                     
    Earnings per share:                
    Basic   $ 1.03     $ 0.05     $ 2.98     $ 1.42  
    Diluted   $ 1.03     $ 0.05     $ 2.97     $ 1.42  
                     
    Weighted average common shares outstanding                
    Basic     85,662,686       90,217,295       87,482,162       94,076,165  
    Diluted     86,066,968       90,217,295       87,821,576       94,076,165  
                     
    Comprehensive income:                
    Net income   $ 176,087     $ 6,701     $ 534,535     $ 263,921  
    Other comprehensive income                
    Foreign exchange translation adjustment, net of taxes     (12,793 )     4,787       (9,048 )     4,957  
    Net change in unrealized cash flow hedges gain (loss), net of taxes     (1,320 )     (24,381 )     (32,251 )     (36,993 )
    Comprehensive income   $ 161,974     $ (12,893 )   $ 493,236     $ 231,885  
    Less: Comprehensive income attributable to noncontrolling interest     (75,941 )     11,151       (240,931 )     (104,406 )
    Comprehensive income available for common stockholders   $ 86,033     $ (1,742 )   $ 252,305     $ 127,479  
                                     

    Virtu Financial, Inc. and Subsidiaries
    Reconciliation to Non-GAAP Operating Data (Unaudited)

    The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

        Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in thousands, except percentages)     2024       2023       2024       2023  
                     
    Reconciliation of Trading income, net to Adjusted Net Trading Income                
    Trading income, net   $ 543,950     $ 266,580     $ 1,822,437     $ 1,301,344  
    Commissions, net and technology services     140,450       114,375       516,783       455,598  
    Interest and dividends income     123,783       154,650       462,070       462,566  
    Brokerage, exchange, clearance fees and payments for order flow, net     (207,095 )     (117,120 )     (674,426 )     (508,358 )
    Interest and dividends expense     (143,386 )     (157,571 )     (529,177 )     (500,467 )
    Adjusted Net Trading Income   $ 457,702     $ 260,914     $ 1,597,687     $ 1,210,683  
                     
    Reconciliation of Net Income to EBITDA and Adjusted EBITDA                
    Net income     176,087       6,701       534,535       263,921  
    Financing interest expense on long-term borrowings     26,648       24,795       97,802       99,294  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,739       2,573       29,479       8,317  
    Depreciation and amortization     17,176       16,230       65,816       63,306  
    Amortization of purchased intangibles and acquired capitalized software     11,783       15,953       50,471       63,960  
    Provision for income taxes     26,518       10,093       110,435       61,210  
    EBITDA   $ 259,951     $ 76,345     $ 888,538     $ 560,008  
    Severance     4,279       3,537       7,930       8,793  
    Transaction advisory fees and expenses     49       284       313       314  
    Termination of office leases     16,174       141       16,224       455  
    Other     (21,461 )     1,860       (69,795 )     (65,536 )
    Share based compensation     24,534       16,825       75,475       63,933  
    Adjusted EBITDA   $ 283,526     $ 98,992     $ 918,685     $ 567,967  
                     
    Selected Operating Margins                
    GAAP Net income Margin (1)     21.1 %     1.3 %     18.6 %     11.5 %
    Non-GAAP Net income Margin (2)     38.5 %     2.6 %     33.5 %     21.8 %
    EBITDA Margin (3)     56.8 %     29.3 %     55.6 %     46.3 %
    Adjusted EBITDA Margin (4)     61.9 %     37.9 %     57.5 %     46.9 %
                     
    1 Calculated by dividing Net income by Total revenue.                
    2 Calculated by dividing Net income by Adjusted Net Trading Income.                
    3 Calculated by dividing EBITDA by Adjusted Net Trading Income.                
    4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.                
                     

    Virtu Financial, Inc. and Subsidiaries
    Reconciliation to Non-GAAP Operating Data (Unaudited)
    (Continued)

    The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

        Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in thousands, except share and per share data)     2024       2023     2024       2023  
                     
    Reconciliation of Net Income to Normalized Adjusted Net Income                
    Net income   $ 176,087     $ 6,701   $ 534,535     $ 263,921  
    Provision for income taxes     26,518       10,093     110,435       61,210  
    Income before income taxes and noncontrolling interest   $ 202,605     $ 16,794   $ 644,970     $ 325,131  
    Amortization of purchased intangibles and acquired capitalized software     11,783       15,953     50,471       63,960  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,739       2,573     29,479       8,317  
    Severance     4,279       3,537     7,930       8,793  
    Transaction advisory fees and expenses     49       284     313       314  
    Termination of office leases     16,174       141     16,224       455  
    Other     (21,461 )     1,860     (69,795 )     (65,536 )
    Share based compensation     24,534       16,825     75,475       63,933  
    Normalized Adjusted Net Income before income taxes   $ 239,702     $ 57,967   $ 755,067     $ 405,367  
    Normalized provision for income taxes (1)     57,529       13,912     181,217       97,286  
    Normalized Adjusted Net Income   $ 182,173     $ 44,055   $ 573,850     $ 308,081  
                     
    Weighted Average Adjusted shares outstanding (2)     160,183,679       163,869,845     161,845,371       167,782,513  
                     
    Normalized Adjusted EPS   $ 1.14     $ 0.27   $ 3.55     $ 1.84  
                     
    (1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.
    (2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company’s Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company’s Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan during the three months and full years ended December 31, 2024 and 2023.
     

    Virtu Financial, Inc. and Subsidiaries
    Condensed Consolidated Statements of Financial Condition (Unaudited)

    (in thousands, except share data)   December 31,
    2024    		   December 31,
    2023
             
    Assets        
    Cash and cash equivalents   $ 872,513   $ 820,436  
    Cash and securities segregated under regulations and other     41,478     35,024  
    Securities borrowed     2,294,529     1,722,440  
    Securities purchased under agreements to resell     983,941     1,512,114  
    Receivables from broker-dealers and clearing organizations     1,054,378     737,724  
    Receivables from customers     149,804     106,245  
    Trading assets, at fair value     7,802,652     7,358,611  
    Property, equipment and capitalized software, net     91,415     100,365  
    Operating lease right-of-use assets     175,046     229,499  
    Goodwill     1,148,926     1,148,926  
    Intangibles (net of accumulated amortization)     203,188     257,520  
    Deferred taxes     135,046     133,760  
    Assets of business held for sale     4,615     —  
    Other assets     386,811     303,720  
    Total assets     15,344,342     14,466,384  
             
    Liabilities and equity        
    Liabilities        
    Short-term borrowings, net     38,541     —  
    Securities loaned     2,431,878     1,329,446  
    Securities sold under agreements to repurchase     1,271,788     1,795,994  
    Payables to broker-dealers and clearing organizations     901,165     1,167,712  
    Payables to customers     46,112     23,229  
    Trading liabilities, at fair value     6,440,971     6,071,352  
    Tax receivable agreement obligations     196,592     216,480  
    Accounts payable and accrued expenses and other liabilities     558,100     451,293  
    Operating lease liabilities     229,825     278,317  
    Long-term borrowings, net     1,740,467     1,727,205  
    Liabilities of business held for sale     1,526     —  
    Total liabilities     13,856,965     13,061,028  
             
    Total equity     1,487,377     1,405,356  
             
    Total liabilities and equity   $ 15,344,342   $ 14,466,384  
             
        As of December 31, 2024
    Ownership of Virtu Financial LLC Interests:   Interests   %
    Virtu Financial, Inc. – Class A Common Stock and Restricted Stock Units     90,540,857     56.9 %
    Non-controlling Interests (Virtu Financial LLC)     68,653,710     43.1 %
    Total Virtu Financial LLC Interests     159,194,567     100.0 %
                   

    About Virtu Financial, Inc.

    Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

    Cautionary Note Regarding Forward-Looking Statements

    This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: risks relating to fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; potential consequences of pending SEC proposals by the prior administration focused on equity markets which may, if adopted, result in reduced overall and off-exchange trading volumes and market making opportunities, impose additional or heightened regulatory obligations on market makers and other market participants, and generally increase the implicit and explicit cost as well as the complexity of the U.S. equities eco-system for all participants; regulatory and legal uncertainties and potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

    CONTACT         

    Investor & Media Relations
    Andrew Smith
    investor_relations@virtu.com
    media@virtu.com

    The MIL Network –

  • MIL-OSI: LoCorr Funds Launches Innovative Strategic Allocation Fund

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Jan. 29, 2025 (GLOBE NEWSWIRE) — LoCorr Funds, a leader in low-correlating alternative investments, is pleased to announce the launch of the LoCorr Strategic Allocation Fund (LSAIX, LSAAX), a daily liquid mutual fund designed to help investors capture equity market upside while mitigating downside losses during periods of market stress. The Fund combines tax-managed equities and multi-manager futures strategies to deliver a tax-efficient solution for navigating today’s volatile markets and to position portfolios for long-term success.

    The Fund employs low correlating and complementary investment strategies targeting approximately 50% exposure to a tax-managed U.S. Equity strategy and 50% exposure to trend following and other futures strategies. The product’s equity exposure includes a distinctive, active tax-loss harvesting process that seeks to improve the overall tax efficiency by potentially offsetting gains in the portfolio. The futures exposure takes long and short positions across equities, fixed income, currencies, and commodities in more than 250 global markets, providing diversification when stocks and bonds struggle. The Fund follows a strategic asset allocation strategy and is rebalanced daily.

    “We are excited to offer advisors access to a next-generation strategy diversifying equity risk by combining tax-managed equities and managed futures to position the portfolio for better risk-adjusted returns,” said Kevin Kinzie, CEO of LoCorr Funds. “With markets at all-time highs, we have seen a growing appetite for strategies that can profit if the current equity bull market continues but can also potentially mitigate the downside if we enter a bearish environment.”

    The equity tax-managed portion is sub-advised by Parametric Portfolio Associates LLC, while the futures portfolio is sub-advised by BH-DG Systematic Trading LLP, Crabel Capital Management LLC, and P/E Global LLC.

    The Strategic Allocation Fund joins the recently launched Hedged Core Fund (LHEIX, LHEAX), along with LoCorr’s suite of five long-standing mutual funds, each with track records over a decade, and a private fund that formed in 1990.

    About LoCorr Funds
    LoCorr Funds is a leading provider of low-correlating investment strategies, founded on the belief that non-traditional investment strategies with low correlation to stocks and bonds can reduce risk and help increase portfolio returns. LoCorr offers investment solutions that not only provide the potential for positive returns in rising or falling markets but also help to achieve diversification in investment portfolios. LoCorr Funds is headquartered in Excelsior, MN. For more information, please visit www.LoCorrFunds.com or call 1.888.628.2887.

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

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1.855.LCFUNDS, or visiting www.LoCorrFunds.com. Read it carefully before investing.

    Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign investments and foreign currencies which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Investing in commodities may subject the Fund to greater risks and volatility as commodity prices may be influenced by a variety of factors including unfavorable weather, environmental factors, and changes in government regulations. The Fund may invest in derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks, and, depending upon the characteristics of a particular derivative, suddenly can become illiquid. Derivative contracts ordinarily have leverage inherent in their terms which can magnify the Fund’s potential for gains or losses through increased long and short position exposure. The Fund may access derivatives via a swap agreement. A risk of a swap agreement is the risk that the counterparty to the agreement will default on its obligation to pay the Fund. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in Asset-Backed, Mortgage-Backed, and Collateralized Mortgage-Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the Net Asset Value of the Fund, and money borrowed will be subject to interest costs. One cannot invest directly in an index.

    Diversification does not assure a profit nor protect against loss in a declining market. Correlation measures how much the returns of two investments move together over time. Past performance is not necessarily indicative of future results.

    The LoCorr Funds are distributed by Quasar Distributors, LLC. © 2025 LoCorr Funds

    The MIL Network –

  • MIL-OSI United Kingdom: Decade-long ban for director of London bakery who abused Covid support scheme

    Source: United Kingdom – Government Statements

    Director disqualified for Bounce Back Loan abuse

    • Azizullrahman Akbari overstated his company’s turnover when he applied for a £50,000 Bounce Back Loan – the maximum amount businesses could receive under the scheme 
    • His New Watan Bakery Limited company did not have a turnover of more than £200,000 as he falsely claimed 
    • Akbari has been banned as a company director until January 2035 following investigations by the Insolvency Service 

    The former boss of a west London bakery who overstated his company’s turnover to secure a maximum-value Covid loan has been banned from acting as a director for 10 years. 

    Azizullrahman Akbari, 60, obtained a £50,000 Bounce Back Loan just weeks into the pandemic, claiming the turnover for his New Watan Bakery Limited company was more than £200,000. 

    In reality, the company, which ran the Watan Bakery on South Road in Southall, never had such a high turnover. 

    Elizabeth Pigney, Chief Investigator at the Insolvency Service, said: 

    Azizullrahman Akbari exaggerated his company’s turnover to secure a £50,000 Bounce Back Loan, the most businesses were entitled to under the rules of the scheme. 

    From our analysis of the accounts, the company did not deserve anywhere near this amount. 

    Tackling Bounce Back Loan misconduct remains a key priority for the Insolvency Service and we will continue to take action against directors like Akbari who made false declarations when applying for financial support from the government.

    New Watan Bakery began trading in June 2016, with Akbari as its sole director. 

    Akbari, of The Broadway, Southall, applied for a Bounce Back Loan in May 2020, declaring his company had a turnover of £214,010. 

    Businesses established before the start of January 2019 could apply for a Bounce Back Loan of up to a quarter of their annual turnover, with a maximum amount of £50,000. 

    Insolvency Service analysis of the company’s accounts revealed a turnover of £62,584 for the period up until the end of June 2019. 

    For the period ending June 2020, the turnover was smaller at £52,370. 

    New Watan Bakery entered liquidation in July 2023 owing more than £53,000. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Akbari, and his ban started on Wednesday 29 January.  

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

    A separate company now runs the bakery. Akbari is not listed as a director of this company. 

    Further information

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government backs Heathrow expansion to kickstart economic growth

    Source: United Kingdom – Executive Government & Departments

    Lift-off for growth as government backs expansion at Britain’s busiest and only hub airport.

    • Plan could create over 100,000 direct jobs, boost a better-connected British economy by billions, and lead to cheaper fares and fewer delays for families as part of Plan for Change.
    • Expansion must be delivered in line with UK’s legal, environmental and climate obligations.

    Working people and businesses across Britain will benefit from a government going “further and faster” to kickstart economic growth, as the Chancellor today [29 January] announced the government’s support for a third runway at Heathrow.

    Speaking to an audience of business chiefs at Siemens in North Oxfordshire this morning, the Chancellor set out the government’s latest set of reforms to kickstart economic growth and drive up living standards across the UK by driving investment, getting Britain building and tackling regulatory barriers. This included the announcement that the government supports and is inviting proposals for a third runway at Heathrow.

    The Chancellor confirmed that the government will move at speed to review the Airports National Policy Statement (ANPS). This provides the basis for decision making on granting development consent for a new runway at Heathrow, to ensure that any scheme is delivered in line with our legal, environmental and climate obligations.

    In her speech, Chancellor of the Exchequer Rachel Reeves said:

    I have always been clear that a third runway at Heathrow would unlock further growth, boost investment, increase exports, and make the UK more open and more connected as part of our Plan for Change.

    And now the case is stronger than ever because our reforms to the economy – like speeding up our planning system, and our strengthened plans to modernise UK airspace – mean the delivery of this project is set up for success.

    So I can confirm today that this Government supports a third runway at Heathrow and is inviting proposals to be brought forward by the summer.

    As well as creating over 100,000 jobs in the local area and many more indirectly, research published today by Frontier Economics finds that 60% of the economic boost from a third runway would be felt by areas outside of London and the South East – putting more money in the pockets of working people across the UK through lower fares and greater choice for passengers as part of our Plan for Change.

    During the speech, Reeves announced that the Transport Secretary Heidi Alexander is expected to take decisions on expansion plans at Gatwick and Luton shortly, and that the government will work with Doncaster Council and the Mayor of South Yorkshire to support their efforts to reopen Doncaster Sheffield Airport as a thriving regional airport.

    The Chancellor also announced that a new partnership between global logistics giant Prologis and East Midlands Airport to build a new advanced manufacturing park within the East Midlands Freeport zone to unlock £1 billion of investment and 2,000 jobs. It follows this government’s swift approval of similarly stalled plans for London City Airport to expand to nine million passengers per year by 2031 and a £1.1 billion investment at Stansted Airport to extend its terminal and create 5,000 jobs.

    After delivering stability to the public finances and wider economy as the basic precondition for economic growth, the pace of investment and reform demonstrates the government’s willingness to secure the future of the UK’s world-class aviation sector and the sustainable growth it can provide. Air freight represented 57% of the UK’s non-EU exports by value in 2023, with over 60% of freight coming through the UK doing so through Heathrow. International connectivity also supports vital tourism and business links, with overseas visitors spending £31 billion on their visits to the UK in 2023 and 15 million business travellers using Heathrow in the same year.

    It comes after reforms to speed up the planning system and a presumption to ‘back the builders over the blockers’ were set out by the Prime Minister Keir Starmer last week. The government has committed to making decisions on 150 major economic infrastructure applications over this Parliament, having already made decisions on multiple significant projects within its first six months spanning airports, data centres, energy farms, and major housing developments. The Planning and Infrastructure Bill to be introduced in Spring will enact further sweeping reforms and take an axe to the red tape that slows down approval of infrastructure projects.

    Alongside these reforms and plans to modernise UK airspace, the government is taking great strides in transitioning to greener aviation. Sustainable Aviation Fuel reduces CO2 emissions compared to fossil jet fuel by around 70% and the Chancellor announced that the government is supporting UK producers by investing £63 million in 2025-26 into the Advanced Fuels Fund and setting out details of a Revenue Certainty Mechanism. This will support investment and high-skilled green jobs in plants across the UK – with previous winners of the Fund ranging from across the north of England to South Wales – and follows the Sustainable Aviation Fuel Mandate coming into law at the start of 2025. Taken together, our commitments to SAF will support thousands of jobs in places like Teesside and Humberside, bring down our transport emissions, and help make the UK a clean energy superpower as part of our Plan for Change.

    The government is also assessing options for privately financing the Lower Thames Crossing, which will improve connectivity across vital ports and alleviate congestion as goods to be exported come from across the country to markets overseas. 

    In further recognition that the Government’s clean energy superpower mission is helping to drive the UK’s economic growth mission, Reeves announced that the government will designate new Marine Protected Areas to enable offshore wind, whilst protecting our marine environment. In doing so, barriers to 16 gigawatts of offshore wind will be unblocked – as much electricity as was produced by all gas power plants in 2024 – and up to £30 billion of private investment in homegrown clean power will be unlocked, creating thousands of good clean energy jobs in the offshore wind sector in areas like East Anglia and Yorkshire.

    A new approach to the Oxford-Cambridge Growth Corridor – a centre of innovation which could become Europe’s answer to Silicon Valley – will be spearheaded by Sir Patrick Vallance as a Ministerial Champion. The economic potential of this region will be unlocked through leveraging the strengths it boasts in sectors across Britain’s new modern Industrial Strategy, from life sciences and tech to advanced manufacturing.

    The Chancellor set out the government’s plans to increase investment across the whole of the UK. She stressed that the government would do more to support city regions and local leaders outside of London and the South East, in recognition that bringing the productivity of major cities like Manchester, Birmingham and Leeds to the national average would deliver an extra £33 billion in output for the UK economy.

    Reeves confirmed the backing of the Mayor of Greater Manchester’s plans for the regeneration of the area around Old Trafford, including new housing and commercial development, and the new approach to planning decisions on land around stations, changing the default to yes. The Office for Investment is expanding its support to local leaders across the UK to help develop and promote their investment plans, and new strategic partnerships from the National Wealth Fund (NWF) will provide deeper, more focused support for city regions starting in Glasgow, West Yorkshire, the West Midlands, and Greater Manchester.

    NWF and Aviva have today invested £65 million in Connected Kerb to back plans for the electric vehicle smart charging infrastructure company to expand its UK EV charging network towards 40,000 sockets – up from 9,000 as of the end of 2024. This substantial investment into the UK’s public charging infrastructure – one of the NWF’s priority sectors – is crucial for delivering the forecast requirement of at least 300,000 public EV chargers by 2030. NWF is also investing £28 million in Cornish Metals to provide the raw materials to be used in solar panels, wind turbines and electric vehicles, supporting growth and jobs in the South West of England.

    Reeves announced that the Treasury will review the Green Book and how it is being used to provide objective, transparent advice on public investment across the country, including outside London and the South East. There were also further details announced on Investment Zones, with the Wrexham and Flintshire Investment Zone to focus on the area’s strengths in advanced manufacturing. Backed by the likes of Airbus and JCB, this is expected to crowd in £1 billion of private investment over a decade and create up to 6,000 jobs.

    The Chancellor said that the Business and Trade Secretary Jonathan Reynolds will visit India next month to relaunch talks on a free-trade agreement and bilateral investment treaty, She set out that the guiding principle the government will take in its approach to trade is acting in the national interest of Britain’s economy, its businesses and working people. A trade deal with India, as one of the fastest growing economies in the world and one which is projected to be the fourth largest global importer by 2035, is in line with this approach.

    Notes to Editors

    • The Chancellor’s speech can be found on gov.uk later today here.
    • As part of the ANPS review, government will engage the Climate Change Committee on how aviation expansion can be made consistent with our net zero framework.

    Stakeholder reaction

    Kenton Jarvis, CEO of easyJet, said:

    I welcome the Government’s pro-growth agenda and their recognition of the importance of aviation and the crucial role it plays as an enabler of economic growth. As an island nation, this industry provides much-needed connectivity as well as creating many skilled jobs which contribute to the wider prosperity of the country. 

    Expansion at Heathrow will provide consumer and economic benefits and represents a unique opportunity for easyJet to operate from the airport at scale for the first time and bring with it lower fares for consumers.

    Paul Weston, Regional Head of Prologis UK said:

    The Chancellor’s announcements reflect a drive to support enhanced UK economic growth, which underscores Prologis’ global partnership with East Midlands Airport to unlock investment at the nation’s only inland Freeport site.

    We are focused on delivering a new Advanced Manufacturing and Logistics park at pace and in partnership, harnessing the site’s unique potential.

    Prologis, as a partner of choice, continues to commit to opportunities across the UK that underpin growth, building the foundations that support economic opportunities and on-the-ground benefits, with central, regional and local government.

    Gordon Sanghera, Chief Executive Officer, Oxford Nanopore Technologies said:

    The attention given to the innovation potential in the Oxford-Cambridge Growth Corridor is welcome. This is an opportunity to strengthen the UK’s tech infrastructure, expand access to talent, and attract investment—the foundations of innovation—so we can turn more pioneering UK life science start-ups into global scale-ups. The UK can be the best place in the world for breakthrough technologies.

    Tim Knowles, Founder and Managing Director of FI Real Estate Management, said:

    As an investor in Wrexham for almost 20 years, we’re delighted to see the announcement that Wrexham and Flintshire will receive Advanced Manufacturing Investment Zone status, with three of our schemes on Wrexham Industrial Estate – Wrexham 1M, Wrexham 152, and Bridgeway Centre – forming part of the designated zone.

    Across these sites, we’ll be investing £115m to create new, high-quality industrial accommodation, supporting the creation of over 1,000 new jobs and delivering an estimated economic value of £1.2bn in Wrexham over the next 10 years.

    Mark Turner, JCB’s Chief Operating Officer said:

    JCB has been a prominent feature of the industrial and economic landscape in Wrexham and Flintshire for over 45 years. Innovation is the lifeblood of our business and we welcome the creation of an Investment Zone in North Wales and hope that it will attract many other businesses to the area. As an advanced manufacturer of precision engineering components, JCB Transmissions looks forward to other advanced manufacturing businesses coming to the area. This could go a long way towards building the supply chain resilience of existing manufacturing businesses in the area, such as JCB.

    We place a lot of values on skills in our business and we look forward to the Investment Zone positively supporting skills development in the future. JCB continues to invest in our business in Wrexham and today’s IZ announcement bodes well for the economic development of the area in the future.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Manchester firm which targeted Germans with fake prepaid card scam is shut down

    Source: United Kingdom – Executive Government & Departments

    Advantia Card Limited was subject to a winding-up order following more than 190 complaints from members of the public in Germany

    • Advantia Card Ltd, registered in the UK, scammed customers in Germany using fake prepaid cards. 
    • The company sent the cards to customers against their wishes then demanded payment through a debt collection agency.  
    • Advantia was shut down at a winding-up hearing at London’s High Court.  

    A Manchester firm which sent out fake prepaid cards to people in Germany then demanded repayments has been shut down following an investigation by the Insolvency Service. 

    Advantia Card Ltd, which was registered at an address in Moston Lane Manchester, sent prepaid cards to people in Germany against their wishes – including a 12-year-old boy. 

    The company was subject to a winding-up order following more than 190 complaints from members of the public in Germany. 

    Investigations in the UK and Germany discovered the company issued fake prepaid cards and filed false accounts. 

    Some customers were subject to cold calls and received a prepaid card without their agreement, while others agreed to receive one after being told there would be no costs involved.  

    Advantia Card Ltd then employed a debt collection agency to make high-pressure calls to customers – in some cases demanding a 400 Euro payment for the provision of the prepaid card.  

    The company was shut down on 28 January 2025 after a hearing at the High Court in London. 

    Insolvency Service Chief Investigator Mark George said:  

    This was clearly a company with no intention of operating legitimately and with the sole intention of defrauding and distressing its customers. 

    Shutting down Advantia Card Ltd is a significant step in protecting the public – both here and in Germany – from suffering as a result of their fake prepaid cards.

    The Insolvency Service collaborated with the Federation of German Consumer Organisations (FGCO) – the equivalent of Trading Standards in the UK – to investigate Advantia Card Ltd, after they received more than 190 complaints from members of the public in Germany.  

    One of the complaints included a 12-year-old boy who clicked a link for a prepaid card offer through an Instagram advert. No proof of age was taken, and he did not sign any contract. 

    It was also found that Advantia Card Ltd filed false or misleading accounts with Companies House, having declared the company dormant from April 2022 to April 2023 when the FGCO investigation showed the company was active from at least 2021 to 2023. 

    The company did not cooperate with the investigation, did not defend the winding up and was not represented at the hearing.  

    All enquiries concerning the affairs of the company should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.   

    Further information 

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Municipality Finance issues a NOK 1 billion tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 January 2025 at 10:00 am (EET)

    Municipality Finance issues a NOK 1 billion tap under its MTN programme

    On 30 January 2025 Municipality Finance Plc issues a new tranche in an amount of NOK 1 billion to an existing series of notes issued on 15 January 2025. With the new tranche, the aggregate nominal amount of the notes is NOK 4 billion. The maturity date of the notes is 15 January 2030. The notes bear interest at a floating rate equal to 3-month Nibor plus 25 bps per annum.

    The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 30 January 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    Nordea Bank Abp acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. The Group’s balance sheet totals over EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Municipality Finance issues a GBP 75 million tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 January 2025 at 10:00 am (EET)

    Municipality Finance issues a GBP 75 million tap under its MTN programme

    On 30 January 2025 Municipality Finance Plc issues a new tranche in an amount of GBP 75 million to an existing benchmark issued on 7 March 2024. With the new tranche, the aggregate nominal amount of the benchmark is GBP 500 million. The maturity date of the benchmark is 2 October 2028. The benchmark bears interest at a fixed rate of 4.375 % per annum.

    The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 30 January 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    Citigroup Global Market Limited acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. The Group’s balance sheet totals over EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Bitwise Rebrands European ETPs, Looks to Reinforce Position as Market Leader in Pivotal Year for Crypto

    Source: GlobeNewswire (MIL-OSI)

    • Rebrands European product suite after strong 2024: Bitwise surpassed $12 billion in client assets, launched new products such as Solana and Aptos Staking ETPs
    • TER of the Bitwise Core Bitcoin ETP (BTC1) lowered to 0.20% p.a.
    • Crypto poised to soar in 2025: Bitwise research forecasts record valuations and inflows in crypto markets this year amid reduced regulatory risk
    • Continued innovation: Bitwise looks to cement position as market leader by providing new best-in-class products, broadening access to crypto for investors

    January 29, 2025. Frankfurt, Germany: Bitwise today announced the company has completed the rebranding of all ETPs in its European product suite following last year’s acquisition of ETC Group. The move comes as Bitwise looks to expand its position as a market leader in crypto markets in 2025, a year in which a number of structural upward trends are likely to bolster crypto markets.

    Among the renamed products are the Bitwise Core Bitcoin ETP (BTC1), the Bitwise Ethereum Staking ETP (ET32), the Bitwise MSCI Digital Assets Select 20 ETP (DA20), and the company’s flagship product: – the Bitwise Physical Bitcoin ETP (BTCE). Launched in 2020, BTCE is the most heavily traded bitcoin ETP in Europe. For an overview of all products with their rebranded names, please refer to the table below.

    Bitwise will continue to broaden crypto access for investors, provide best-in-class innovative products, timely insights on the latest market developments, and champion transparency and accountability in a landmark year for the crypto industry.

    Hunter Horsley, CEO and Co-Founder of Bitwise: “We expect 2025 will be a pivotal year for crypto, with Bitcoin, Ethereum, and Solana each hitting record highs, and a more crypto-friendly environment in Washington bringing welcome clarity to the space. Bitwise is looking forward to using this moment to reinforce our position as a market leader both in the U.S. and Europe.”

    Bitwise saw significant growth in 2024, a year in which Bitcoin soared to an all-time high of $103,992 after the record-setting launch of spot bitcoin ETFs in the U.S. The company crossed over $12 billion in client assets, using its momentum to launch new institutional-grade crypto staking ETPs, namely the recently launched Bitwise Solana Staking ETP, and the Bitwise Aptos Staking ETP, in addition to filing a Form S-1 for an XRP spot ETF in the U.S. The company’s Bitwise Core Bitcoin ETP (BTC1 | DE000A4AER62), an institutionally focused and cost-efficient Bitcoin ETP with a Total Expense Ratio (TER) of 0.20%, is also experiencing increased popularity among investors.

    Another highlight of 2024 for Bitwise was the launch of Bitwise Onchain Solutions after the company’s acquisition of Attestant Limited, an institutional-grade Ethereum staking provider with $3.7 billion in staked assets at the time of the acquisition.

    Crypto poised to soar in 2025

    In 2025, adoption of bitcoin and other crypto assets by corporate treasurers are set to be another major driver supporting the asset class, Bitwise Head of Research Europe Dr Andre Dragosch said in a study this month. At the moment, companies hold only 4% of the total available Bitcoin supply, a number that already doubled last year. With total free cash flow between S&P 500 companies standing at $1.5 trillion – more than twice the capital ever invested in Bitcoin – this offers an unprecedented growth opportunity.

    Bitwise will continue to position itself as a thought leader with studies like the above and several others, providing a rich stream of research and market analysis for investors. This research is available through blog posts on the Bitwise website, such as on this link and here.

    The following table shows Bitwise’s renamed European Crypto ETP suite:

    The complete list of Bitwise European ETP products, including all stock exchange listings and trading information, is available at https://bitwiseinvestments.com/eu.

    About Bitwise

    Bitwise is one of the world’s leading crypto specialist asset managers. Thousands of financial advisors, family offices, and institutional investors across the globe have partnered with us to understand and access the opportunities in crypto. Since 2017, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETPs, separately managed accounts, private funds, and hedge fund strategies – spanning both the U.S. and Europe.

    In Europe, for the past four years Bitwise (formerly ETC Group) has developed an extensive and innovative suite of crypto ETPs, including Europe’s most traded bitcoin ETP, or the first diversified Crypto Basket ETP replicating an MSCI digital assets index.

    This family of crypto ETPs is domiciled in Germany and approved by BaFin. We exclusively partner with reputable entities from the traditional financial industry, ensuring that 100% of the assets are securely stored offline (cold storage) through regulated custodians.

    Our European products comprise a collection of carefully designed financial instruments that seamlessly integrate into any professional portfolio, providing comprehensive exposure to crypto as an asset class. Access is straightforward via major European stock exchanges, with primary listings on Xetra, the most liquid exchange for ETF trading in Europe. Retail investors benefit from easy access through numerous DIY/online brokers, coupled with our robust and secure physical ETP structure, which includes a redemption feature. For more information, visit www.bitwiseinvestments.com/eu

    Media contacts:

    JEA Associates
    John McLeod
    00 44 7886 920436
    john@jeaassociates.com

    Important information
    This press release does not constitute investment advice, nor does it constitute an offer or solicitation to buy financial products. This press release is issued by Bitwise Europe GmbH (“BEU”), a limited company domiciled in Germany, for information only and in accordance with all applicable laws and regulations. BEU gives no explicit or implicit assurance or guarantee regarding the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. It is advised not to rely on the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. Please note that this article is neither investment advice nor an offer or solicitation to acquire financial products or cryptocurrencies.

    Before investing in crypto Exchange Traded Products (“ETPs”), potential investors should consider the following:
    Potential investors should seek independent advice and consider relevant information contained in the base prospectus and the final terms for the ETPs, especially the risk factors. ETPs issued by BEU are suitable only for persons experienced in investing in cryptocurrencies and risks of investing can be found in the prospectus and final terms available on www.bitwiseinvestments.com./eu. The invested capital is at risk, and losses up to the amount invested are possible. ETPs backed by cryptocurrencies are highly volatile assets and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETPs will vary and they do not offer a fixed income or match precisely the performance of the underlying cryptocurrency. Investing in ETPs involves numerous risks including general market risks relating to underlying, adverse price movements, currency, liquidity, operational, legal and regulatory risks.

    The MIL Network –

  • MIL-OSI China: Tesla suing EU over tariffs on China-made EVs

    Source: China State Council Information Office

    United States electric vehicle, or EV, maker Tesla is challenging the European Union’s decision to slap hefty import tariffs on China-made electric autos.

    The legal action by the company, which is owned by technology guru Elon Musk, is similar to court challenges launched last week by German automaker BMW and Chinese carmakers, including BYD Auto, SAIC Motor, and Geely. Chinese industry body the China Chamber of Commerce for Import and Export of Machinery and Electronic Products has also launched a legal challenge in the EU’s courts. And China’s government has filed a complaint about the bloc’s tariffs with the World Trade Organization.

    The European Court of Justice confirmed Tesla’s legal challenge on Monday.

    Olof Gill, the EU’s trade spokesperson, told Agence France-Presse: “We take note of these cases and we look forward to defending ourselves in court as necessary.”

    Tesla’s legal challenge is in response to the EU introducing tariffs at the end of October of 7.8 percent on Tesla’s China-made vehicles. The bloc has also set tariffs of up to 35.3 percent on other China-made EVs. The new tariffs come on top of a 10 percent standard import tariff that was already in place for electric vehicle imports into the EU.

    The bloc said it introduced the China-specific tariffs in response to what it says are unfair subsidies that include low-interest loans, cheap land, and supplier discounts, claims China has strongly denied.

    Tesla’s legal challenge will be heard in the EU’s General Court. Any verdict handed down there could then be challenged in the European Court of Justice.

    The court case comes against the backdrop of deteriorating relations between the EU and Musk, who is the world’s richest individual.

    Musk, who owns the social media platform X, has spoken out strongly against the bloc’s efforts to regulate internet activity. He has also angered the EU by throwing his support behind far-right political parties, including Germany’s Alternative for Germany.

    Critics have said Musk’s political activism may have contributed to Tesla’s recent decline in Europe, with the brand seeing its sales fall by 13 percent, year-on-year, in 2024, to 242,945 units, according to the European Automobile Manufacturers Association. Around 28 percent of Chinese-made electric automobiles imported into the EU in 2023 were Teslas.

    Around one-fifth of all electric cars sold in the EU – some 300,000 units – are made in China.

    The court case is likely to take around 18 months to complete.

    Tesla has also called on the Canadian government to scrap its 100 percent tariff on electric cars imported from China.

    MIL OSI China News –

  • MIL-Evening Report: Vitamin B6 is essential – but too much can be toxic. Here’s what to know to stay safe

    Source: The Conversation (Au and NZ) – By Vasso Apostolopoulos, Distinguished Professor, Professor of Immunology, RMIT University

    Kim Kuperkova/Shutterstock

    In recent weeks, reports have been circulating about severe reactions in people who’ve taken over-the-counter vitamin B6 supplements.

    Vitamin B6 poisoning can injure nerves and lead to symptoms including numbness, tingling and even trouble walking and moving.

    In some cases, those affected didn’t know the product contained any vitamin B6.

    So what is vitamin B6, where is it found and how much is too much? Here’s what you need to know about this essential nutrient.

    What is vitamin B6?

    Vitamin B6 (also known as pyridoxine) is a group of six compounds that share a similar chemical structure.

    It is an essential nutrient, meaning we need it for normal body functions, but we can’t produce it ourselves.

    Adults aged 19–50 need 1.3mg of vitamin B6 per day. The recommended dose is lower for teens and children, and higher for those aged 51 and over (1.7mg for men and 1.5mg for women) and people who are breastfeeding or pregnant (1.9mg).

    Most of us get this in our diet – largely from animal products, including meat, dairy and eggs.

    The vitamin is also available in a range of different plant foods, including spinach, kale, bananas and potatoes, so deficiency is rare, even for vegetarians and vegans.

    The vitamin B6 we consume in the diet is inactive, meaning the body can’t use it. To activate B6, the liver transforms it into a compound called pyridoxal-5’-phosphate (PLP).

    In this form, vitamin B6 helps the body with more than 140 cellular functions, including building and breaking down proteins, producing red blood cells, regulating blood sugar and supporting brain function.

    Vitamin B6 is important for overall health and has also been associated with reduced cancer risk and inflammation.

    Despite being readily available in the diet, vitamin B6 is also widely included in various supplements, multivitamins and other products, such as Berocca and energy drinks.

    Most people get enough vitamin B6 from their diet.
    Tatjana Baibakova/Shutterstock

    Should we be worried about toxicity?

    Vitamin B6 toxicity is extremely rare. It almost never occurs from dietary intake alone, unless there is a genetic disorders or disease that stops nutrient absorption (such as coeliac disease).

    This is because all eight vitamins in the B group are water-soluble. If you consume more of the vitamin than your body needs, it can be excreted readily and harmlessly in your urine.

    However, in some rare cases, excessive vitamin B6 accumulates in the blood, resulting in a condition called peripheral neuropathy. We’re still not sure why this occurs in some people but not others.

    Peripheral neuropathy occurs when the sensory nerves – those outside our brain and spinal cord that send information to the central nervous system – are damaged and unable to function. This can be caused by a wide range of diseases (and is most well known in type 2 diabetes).

    The most common symptoms are numbness and tingling, though in some cases patients may experience difficulty with balance or walking.

    We don’t know exactly how excess vitamin B6 causes peripheral neuropathy, but it is thought to interfere with how the neurotransmitter GABA sends signals to the sensory nerves.

    Vitamin B6 can cause permanent damage to nerves. Studies have shown symptoms improved when the person stopped taking the supplement, although they didn’t completely resolve.

    What is considered excessive? And has this changed?

    Toxicity usually occurs only when people take supplements with high doses of B6.

    Until 2022, only products with more than 50mg of vitamin B6 were required to display a warning about peripheral neuropathy. But the Therapeutic Goods Administration lowered this and now requires any product containing more than 10mg of vitamin B6 to carry a warning.

    The Therapeutic Goods Administration has also halved the daily upper limit of vitamin B6 a product can provide – from 200mg to 100mg.

    These changes followed a review by the administration, after receiving 32 reports of peripheral neuropathy in people taking supplements. Two thirds of these people were taking less than 50mg of vitamin B6.

    The Therapeutic Goods Administration acknowledges the risk varies between individuals and a lot is unknown. Its review could not identify a minimum dose, duration of use or patient risk factors.

    But I thought B vitamins were good for me?

    Too much of anything can cause problems.

    The updated guidelines are likely to significantly lower the risk of toxicity. They also make consumers more aware of which products contain B6, and the risks.

    The Therapeutic Goods Administration will continue to monitor evidence and revise guidelines if necessary.

    While vitamin B6 toxicity remains very rare, there are still many questions about why some people get peripheral neuropathy with lower dose supplements.

    It could be that some specific vitamin B compounds have a stronger effect, or some people may have genetic vulnerabilities or diseases which put them at higher risk.

    So what should I do?

    Most people don’t need to actively seek vitamin B6 in supplements.

    However, many reports to the Therapeutic Goods Administration were of vitamin B6 being added to supplements labelled as magnesium or zinc – and some weren’t aware they were consuming it.

    It is important to always check the label if you are taking a new medicine or supplement, especially if it hasn’t been explicitly prescribed by a health-care professional.

    Be particularly cautious if you are taking multiple supplements. While one multivitamin is unlikely to cause an issue, adding a magnesium supplement for cramping, or a zinc supplement for cold and flu symptoms, may cause an excessive vitamin B6 dose over time, and increase your risk.

    Importantly, pay attention to symptoms that may indicate peripheral neuropathy, such as pins and needles, numbness, or pain in the feet or hands, if you do change or add a supplement.

    Most importantly, if you need advice, you should talk to your doctor, dietitian or pharmacist.

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

    – ref. Vitamin B6 is essential – but too much can be toxic. Here’s what to know to stay safe – https://theconversation.com/vitamin-b6-is-essential-but-too-much-can-be-toxic-heres-what-to-know-to-stay-safe-248443

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Global wildlife trade is an enormous market – the US imports billions of animals from nearly 30,000 species

    Source: The Conversation – USA – By Michael Tlusty, Professor of Sustainability and Food Solutions, UMass Boston

    U.S. Fish and Wildlife agents inspect a shipment of reptiles at the Port of Miami. U.S. GAO

    When people think of wildlife trade, they often picture smugglers sneaking in rare and endangered species from far-off countries. Yet most wildlife trade is actually legal, and the United States is one of the world’s biggest wildlife importers.

    New research that we and a team of colleagues published in the Proceedings of the National Academy of Sciences shows that, over the last 22 years, people in the U.S. legally imported nearly 2.85 billion individual animals representing almost 30,000 species.

    Some of these wild animals become pets, such as reptiles, spiders, clownfish, chimpanzees and even tigers. Thousands end up in zoos and aquariums, where many species on display come directly from the wild.

    Medical research uses macaque monkeys and imports up to 39,000 of them every year. The fashion trade imports around 1 million to 2 million crocodile skins every year. Hunting trophies are also included in wildlife.

    How many species are legally traded worldwide?
    Benjamin Marshall, et al., 2024, PNAS, CC BY-SA

    The largest number of imported species are birds – 4,985 different species are imported each year, led by Muscovy ducks, with over 6 million imported. Reptiles are next, with 3,048 species, led by iguanas and royal pythons. These largely become pets.

    Not all wildlife are wild

    We found that just over half of the animals imported into the U.S. come from the wild.

    Capturing wildlife to sell to exporters can be an important income source for rural communities around the world, especially in Africa. However, wild imported species can also spread diseases or parasites or become invasive. In fact, these risks are so worrying that many imported animals are classed as “injurious wildlife” due to their potential role in transmitting diseases to native species.

    Captive breeding has played an increasingly dominant role in recent years as a way to limit the impact on wild populations and to try to reduce disease spread.

    However over half the individual animals from most groups of species, such as amphibians or mammals, still come from the wild, and there is no data on the impact of the wildlife trade on most wild populations.

    Trade may pose a particular risk when species are already rare or have small ranges. Where studies have been done, the wild populations of traded species decreased by an average of 62% across the periods monitored.

    Sustainable wildlife trade is possible, but it relies on careful monitoring to balance wild harvest and captive breeding.

    Data is thin in many ways

    For most species in the wildlife trade, there is still a lot that remains unknown, including even the number of species traded.

    With so many species and shipments, wildlife inspectors are overwhelmed. Trade data may not include the full species name for groups like butterflies or fish. The values in many customs databases are reported by companies but never verified.

    Macaques, used in medical research, are the most-traded primates globally, according to an analysis of U.S. Fish and Wildlife data.
    Davidvraju, CC BY-SA

    In our study, we relied on the U.S. Fish and Wildlife Service’s Law Enforcement Management Information System, a wildlife import-export data collection system. However, few countries collate and release data in such a standardized way; meaning that for the majority of species legally traded around the world there is no available data.

    For example, millions of Tokay geckos are imported as pets and for medicine, and are often reported to be bred in captivity. However, investigators cannot confirm that they weren’t actually caught in the wild.

    Why tracking the wildlife trade is important

    Biodiversity has a great number of economic and ecological benefits. There are also risks to importing wildlife. Understanding the many species and number of animals entering the country, and whether they were once wild or farmed, is important, because imported wildlife can cause health and ecological problems.

    Wildlife can spread diseases to humans and to other animals. Wild-caught monkeys imported for medical research may carry diseases, including ones of particular risk to humans. Those with diseases are more likely to be wild than captive-bred.

    The most-traded mammals worldwide are minks, which are valued for their fur but can spread viruses to humans and other species. About 48 million minks are legally traded annually, about 2.8% wild-caught and the majority raised, according to U.S. Fish and Wildlife data.
    Colin Canterbury/USFWS

    Species that aren’t native to the U.S. may also escape or be released into the wild. Invasive species can cause billions of dollars in damage by consuming and outcompeting native wildlife and spreading diseases.

    We believe better data on the wildlife trade could be used to set management goals, such as harvest quotas or no-take policies for those species in their country of origin.

    What’s next

    The researchers involved in this study come from institutes around the world and are all interested in improving data systems for wildlife trade.

    Some of us focus on how e-commerce platforms such as Etsy and Instagram have become hotspots of wildlife trade and can be challenging to monitor without automation. Esty announced in 2024 that it would remove listings of endangered or threatened species. Others build tools to help wildlife inspectors process the large number of shipments in real time. Many of us examine the problems imported species cause when they become invasive.

    In the age of machine learning, artificial intelligence and big data, it’s possible to better understand the wildlife trade. Consumers can help by buying less, and making informed decisions.

    Michael Tlusty is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data..

    Andrew Rhyne is currently on sabbatical funded by the Canada Border Services Agency (CBSA), focused on the wildlife trade data. He is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data.

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

    – ref. Global wildlife trade is an enormous market – the US imports billions of animals from nearly 30,000 species – https://theconversation.com/global-wildlife-trade-is-an-enormous-market-the-us-imports-billions-of-animals-from-nearly-30-000-species-247197

    MIL OSI – Global Reports –

  • MIL-OSI Australia: 24-2025: Urgent Scheduled Service Disruption: Wednesday 29 January to Thursday 30 January 2025 – BICON

    Source: Australia Government Statements – Agriculture

    29 January 2025

    Who does this notice affect?

    All clients required to use the Biosecurity Import Conditions System (BICON) during this planned maintenance period.

    Information

    Due to scheduled infrastructure maintenance, BICON will experience brief intermittent outages between 23:00 Wednesday 29 January to 01:00 Thursday 30 January 2025 (AEDT).

    Action

    BICON users are advised to await the completion of this planned maintenance period before attempting…

    MIL OSI News –

  • MIL-Evening Report: What is the 90-year-old tax rule Trump could use to double US taxes on foreigners?

    Source: The Conversation (Au and NZ) – By Miranda Stewart, Professor of Law, The University of Melbourne

    US President Franklin D. Roosevelt. National Archives and Records Administration/Wikimedia Commons

    US President Donald Trump isn’t happy about the way some countries are taxing American citizens and companies. He has made clear he’s willing to retaliate, threatening to double taxes for their own citizens and companies.

    Can Trump really do that, unilaterally, as president? It turns out he can, under a 90-year-old provision of the US tax code – Section 891.

    In an executive memo signed on January 20 outlining his “America First Trade Policy”, Trump instructed US Treasury to:

    investigate whether any foreign country subjects United States citizens or corporations to discriminatory or extraterritorial taxes pursuant to Section 891 of Title 26, United States Code.

    A sweeping power

    Section 891 of the US Internal Revenue Code is short, but it is in sweeping terms.

    If the president finds that US citizens or corporations are being subjected to “discriminatory or extraterritorial taxes” under the laws of any foreign country, he “shall so proclaim” this. US income tax rates on the citizens or corporations of that country are then automatically doubled.

    The extra tax that could be collected is capped at 80% of the US taxable income of the taxpayer. The president can revoke a proclamation, if the foreign country reverses its “discriminatory or extraterritorial” taxation.

    Section 891 is an extraordinary provision – but it has never been applied. As far as I know, no other country has legislated such a rule. Importantly, it would only apply to a person or business subject to income taxation by the US.

    Take, for example, a foreign national earning a wage in the US. If this individual’s home country became subject to a proclamation under Section 891, their individual tax rate in the US would be doubled – to as much as 74%.

    A foreign company earning taxable profits in the US would face a doubling of the company tax rate from 21% to 42%.

    A bit of history

    A version of Section 891 has been in the US tax code since 1934, an earlier troubled time of tax disputes and economic depression.

    It was signed into law by Democratic President Franklin D. Roosevelt on May 10 1934, amid a tax dispute between the US and France.

    US President Franklin D. Roosevelt signed Section 891 into law in 1934, putting pressure on France to end a tax dispute.
    Vincenzo Laviosa/Wikimedia Commons

    According to US tax historian Joseph Thorndike, the move followed attempts by France to levy additional taxes on US companies operating there, beginning in the mid-1920s.

    France had tried to use an 1873 law to tax US companies operating in France on profits earned in the parent company back in the US, and in other subsidiaries around the world, not just the French company profits.

    The aim was to counter international profit-shifting, which could be used to reduce the tax payable by US subsidiaries operating in France by claiming deductions or shifting income to other group companies outside France.

    The dispute was long-standing and France tried to assess taxes going back decades for some US companies. The potentially massive tax bill (it seems the tax was never actually collected) became a geopolitical issue, and the companies asked the US government to intervene on their behalf.

    Thorndike explains that a bilateral tax treaty was negotiated between the US and France to remedy this “double tax” situation. But the French legislature refused to ratify it.

    In retaliation, US Congress passed Section 891, and six months later, France ratified its bilateral tax treaty with the US.

    Parallels with today

    In 1934, there were no digital multinational enterprises like Meta or Google. But that tax dispute nevertheless has parallels with modern concerns about taxing companies internationally.

    The French government was trying, with a rather heavy hand, to counter international profit-shifting by large US multinationals.

    Section 891 was re-enacted in later US tax codes, up to today, with minor amendments and no attempt to invoke it. It has remained in the background as a potential exercise of US fiscal and market power, supported by both sides of US politics.

    Tax professor Itai Grinberg, who worked in the Biden administration on the OECD tax deal, suggested it could be applied to the European Union decision that taxes Apple in Ireland.

    The US tech giants are only the latest in a long line of powerful American multinational corporations.
    Tada Images/Shutterstock

    What might Trump do?

    President Trump has specifically targeted the OECD global tax negotiations with this threat, just a month after Australia has legislated the global minimum tax under “Pillar Two” of the OECD Global Tax Deal.

    The OECD deal aims to ensure large multinational enterprises pay a minimum 15% effective tax rate in all the jurisdictions in which they operate, by applying a top-up tax and under-taxed profit tax.

    Trump asserted in a memorandum that the OECD Global Tax Deal is “extraterritorial”, instructing the US Secretary of the Treasury and the US Trade Representative to investigate it.

    Could Australia be singled out?

    Trump’s memorandum also ordered an investigation into “other discriminatory foreign tax practices” that may harm US companies.

    This includes whether any foreign countries are not complying with their US tax treaties or have, or are likely to put in place, any tax rules that “disproportionately affect American companies”.

    Notably, this could put Australia’s proposed “news bargaining incentive” in the crosshairs.

    Under this proposal, digital platforms (many of which are US-owned) would have to pay a new levy, which could be offset if they negotiate or renew deals with Australian news media publishers to pay for hosting news content.

    Section 891 could apply to such taxes if they were found by Trump to be “discriminatory” against US companies. What “discriminatory” means is not clear.

    Its been suggested that foreign citizens or companies could be protected from Section 891 by their country’s tax treaty with the US, under the standard approach that a later treaty prevails over an older code section. But Australia’s tax treaty with the US took effect in 1983, before the most recent re-enactment of Section 891 in the US tax code.



    Read more:
    News bargaining incentive: the latest move in the government’s ‘four-dimensional chess’ battle with Meta

    Miranda Stewart receives funding from the Australian Research Council. Miranda is on the Permanent Scientific Committee of the International Fiscal Association.

    – ref. What is the 90-year-old tax rule Trump could use to double US taxes on foreigners? – https://theconversation.com/what-is-the-90-year-old-tax-rule-trump-could-use-to-double-us-taxes-on-foreigners-248154

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Moscow enterprises will take part in 30 foreign exhibitions with the support of Mospromtsentr

    Translartion. Region: Russians Fedetion –

    Source: Moscow Metro

    This year, Moscow-based export-oriented companies will have more opportunities to communicate with foreign partners: the MosProm center will organize 25 international business missions and ensure participation in 5 major international exhibitions. These initiatives, which include both face-to-face and virtual meetings, will provide Moscow manufacturers with important platforms for negotiations with foreign partners, said Maxim Liksutov, Deputy Mayor of Moscow for Transport and Industry.

    Tastes of Moscow.

    On behalf of Sergei Sobyanin, the city prioritizes supporting export-oriented enterprises in expanding their presence in global markets. Our main task is to increase the volume of exports of industrial goods and agricultural products of Moscow production to friendly countries. Moscow manufacturers will present their products at international exhibitions in China, Saudi Arabia, Uzbekistan and Azerbaijan. They will also hold direct negotiations with potential buyers and distributors from Mexico, the UAE, Iran, Kuwait, Jordan, Turkey, Thailand, Vietnam, India, Mongolia, African countries and the CIS, said Maxim Liksutov.

    MosProm was established in 2019 with the aim of increasing the recognition and presence of Moscow-made products in foreign markets. One of the most effective programs offered by MosProm is the buyer program. It allows companies to participate in specialized international exhibitions and business missions, where they can negotiate with potential customers of Moscow-made products in the business-to-business (B2B) and business-to-government (B2G) formats. This enables local industrial companies to expand their export scope and product range, establish new partnerships and customer relationships, and attract valuable investments.

    Tastes of Moscow.

    MosProm specialists provide comprehensive support to Moscow producers at all stages of their foreign economic activity. Thanks to MosProm’s assistance, Moscow non-raw materials and non-energy producers have successfully reoriented their export flows and found new partners in the markets of Latin America, Africa, the Middle East, Southeast Asia and the CIS, – emphasized Anatoly Garbuzov, Minister of the Moscow Government, Head of the Moscow Department of Investment and Industrial Policy.

    In addition, Moscow exporters benefit significantly from national support programs. The national project “International Cooperation and Export” is a set of measures of information, financial, insurance and logistics support. The project includes the digital platform “My Export”, which offers a range of business support services. These include free expert consultations, market analytics, assistance in promoting goods on international platforms, online training programs and much more.

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Bolivia

    Source: IMF – News in Russian

    January 28, 2025

    Washington, DC: On March 22nd, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 for Bolivia. This also included a discussion of the findings of the Financial Sector Assessment Program (FSAP) exercise for Bolivia.[1]

    Bolivia’s growth momentum moderated in 2023, to 2.5 percent, from declining natural gas production, less public investment, and financial market turmoil. Price controls, food and fuel subsidies, export restrictions, and strong agricultural production held inflation below 2 percent at year-end. However, the combination of lower natural gas exports, high fuel imports, a large fiscal deficit―increasingly financed by the central bank―and an overvalued exchange rate contributed to a wider current account deficit (estimated at 5 percent of GDP for 2023) and near-depletion of international reserves. Public debt increased to nearly 84 percent of GDP by end-2023. Sovereign spreads rose sharply in early 2023 as the foreign exchange (FX) shortage became apparent and a mid-sized bank (Banco Fassil) failed. Consequently, banks were forced to restrict the withdrawal of FX deposits, heightening financial sector stability risks.

    Growth is anticipated to decelerate to 1.6 percent in 2024, holding at around 2.2-2.3 percent in the medium term under the continuation of the current policies. Inflation is forecast to reach 4.5 percent in 2024, stabilizing around 4 percent thereafter. The outlook is however predicated on significantly improved access to external financing, without which the risk of disorderly fiscal and/or exchange rate adjustment is elevated. External factors such as reduced demand, intensified global conflicts disrupting trade routes, commodity price volatility, or a renewed tightening of financial conditions could worsen fiscal and external imbalances, impede growth, and destabilize the domestic financial sector.

    Additionally, extreme weather events, like the 2023 droughts and recent floods, pose a risk to Bolivia’s agricultural sector and critical infrastructure. Domestically, a faster decline in hydrocarbon production, higher inflation due to FX scarcity, or confidence shocks could further impact growth, hurt real incomes and exacerbate financial stability risks. Social unrest stemming from inequality and security concerns remains a concern, as evidenced by the prolonged road blockages of early 2024. On the upside, Bolivia could potentially benefit from the global shift towards green energy due to its vast lithium resources, although developing the lithium sector and scaling up domestic production capacity will likely take time.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Bolivia’s socioeconomic progress over the past several years but expressed concerns about the difficult financial situation Bolivia currently finds itself in, with low reserves, uncertain fiscal financing, and pressures in parallel exchange markets. Directors stressed the urgency of a shift from current unsustainable policies to avoid a disorderly adjustment that would exert significant social and economic hardship.

    Directors called for continued constructive engagement on a sustainable policy mix that is likely to require both fiscal adjustment phased in over the next few years and an up front step devaluation to more quickly address the external imbalance and allow for a build up of reserves. They emphasized the importance of improving the social safety net to shield poorer households from inflation pressures following a realignment of the exchange rate. Directors also emphasized the importance of strengthening fiscal institutions to underpin the credibility of the planned adjustment and to improve central bank governance in support of a shift to a crawling peg and, eventually, to inflation targeting.

    Directors recommended a strengthening of the central banks’ capacity to conduct sterilization operations and to lift lending rate caps to improve the allocation of capital and enhance monetary policy transmission. They also underscored the need to improve crisis preparedness and contingency planning in line with FSAP recommendations to safeguard financial stability.

    Directors recommended a range of supply side reforms to unlock private investment, boost productivity and enhance competitiveness. These should include phasing out export ceilings and price controls and better prioritizing public investment projects. A stronger regulatory framework for hydrocarbon and lithium exploration could be instrumental in increasing investment in those sectors. Directors also called for enhancing AML/CFT framework and ensuring the timely publication of key macroeconomic data.

     

    Table 1. Bolivia: Selected Economic and Social Indicators, 2022–2026

    Population (millions, 2021)

    11.8

    Poverty rate (percent, 2021)

    36.3

    Population growth rate (percent, 2021)

    1.4

    Adult literacy rate (percent, 2021)

    94.8

    Life expectancy at birth (years, 2021)

    72

    GDP per capita (US$, 2021)

    3,437

    Total unemployment rate (2021)

    7.0

    IMF Quota (SDR, millions)

    240.1

    Est.

    2022

    2023

    2024

    2025

    2026

    Income and prices

    Real GDP

    3.6

    2.5

    1.6

    2.2

    2.2

    Nominal GDP

    8.9

    4.9

    6.2

    6.5

    6.2

    CPI inflation (period average)

    1.7

    2.6

    4.5

    4.2

    3.9

    CPI inflation (end of period)

    3.1

    2.1

    4.8

    4.0

    3.9

    Investment and savings 1/

    Total investment

    15.1

    15.9

    16.6

    16.3

    16.0

    Of which: Public sector

    5.7

    5.0

    6.0

    6.0

    6.0

    Gross national savings

    12.5

    8.6

    10.5

    10.3

    10.5

    Of which: Public sector

    -1.4

    -2.0

    -1.9

    -1.5

    -1.2

    Combined public sector

    Revenues and grants

    28.9

    28.3

    27.6

    27.4

    27.1

    Of which: Hydrocarbon related revenue

    6.0

    5.4

    4.3

    3.9

    3.5

    Expenditure

    36.0

    35.3

    35.5

    34.8

    34.3

    Current

    30.3

    30.3

    29.5

    28.8

    28.3

    Capital 2/

    5.7

    5.0

    6.0

    6.0

    6.0

    Net lending/borrowing (overall balance)

    -7.1

    -7.0

    -7.9

    -7.5

    -7.2

    Of which: Non-hydrocarbon balance

    -12.8

    -12.2

    -12.0

    -11.2

    -10.5

    Total gross NFPS debt 3/

    80.4

    83.6

    86.7

    88.9

    90.9

    External sector

    Current account 1/

    -0.4

    -5.0

    -5.7

    -5.8

    -5.6

    Exports of goods and services

    32.6

    28.5

    27.0

    26.9

    26.5

    Of which: Natural gas

    6.7

    3.8

    3.4

    3.0

    2.7

    Imports of goods and services

    32.9

    34.4

    33.6

    33.6

    32.7

    Capital account

    0.0

    0.0

    0.0

    0.0

    0.0

    Financial account (-= net inflow)

    -1.5

    -0.5

    -5.3

    -5.8

    -5.6

    Of which: Direct investment net

    -0.8

    -0.6

    -0.6

    -0.9

    -0.9

    Of which: Other investment, net

    -0.3

    -0.3

    -4.6

    -4.7

    -5.1

    Net errors and omissions

    -3.0

    0.0

    0.0

    0.0

    0.0

    Terms of trade index (percent change)

    -1.6

    1.2

    -0.6

    0.0

    0.2

    Central Bank gross foreign reserves 4/ 5/ 6/

    In millions of U.S. dollars

    3,796

    1,808

    1,653

    1,555

    1,556

    In months of imports of goods and services

    2.8

    1.3

    1.1

    1.0

    1.0

    In percent of GDP

    8.6

    3.9

    3.4

    3.0

    2.8

    In percent of ARA

    44.5

    20.8

    18.2

    16.2

    15.5

    Money and credit

    Credit to the private sector (percent change)

    6.3

    -0.4

    3.0

    4.3

    5.1

    Credit to the private sector (percent of GDP)

    74.2

    70.5

    68.4

    67.0

    66.3

    Broad money (percent of GDP)

    85.2

    82.8

    81.2

    80.0

    78.9

    Memorandum items:

    Nominal GDP (in billions of U.S. dollars)

    44.3

    46.5

    49.3

    52.5

    55.8

    Bolivianos/U.S. dollar (end-of-period) 7/

    6.9

    6.9

    …

    …

    …

    REER, period average (percent change) 8/

    -0.9

    -1.9

    …

    …

    …

    Oil prices (in U.S. dollars per barrel)

    96.4

    80.6

    77.7

    73.8

    70.9

    Energy-related subsidies to SOEs (percent of GDP) 9/

    4.4

    4.0

    3.5

    2.7

    2.4

    Sources: Bolivian authorities (MEFP, Ministry of Planning, BCB, INE, UDAPE); IMF; Fund staff calculations.
    1/ The discrepancy between the current account and the savings-investment balance reflects methodological differences. For the projection years, the discrepancy is assumed to remain constant in dollar value.
    2/ Includes nationalization costs and net lending.
    3/ Public debt includes SOE’s borrowing from the BCB (but not from other domestic institutions) and BCB loans to FINPRO and FNDR.
    4/ Excludes reserves from the Latin American Reserve Fund (FLAR) and Offshore Liquidity Requirements (RAL).
    5/ All foreign assets valued at market prices.
    6/ Includes a repurchase line of US$99.2 million maturing in 2025.
    7/ Official (buy) exchange rate.
    8/ The REER based on authorities’ methodology is different from that of the IMF (see 2018 and 2017 Staff Reports).
    9/ Includes the cost of subsidy borne by public enterprises and incentives for hydrocarbon exploration investments in the projection period.

    1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [1] The Financial Sector Assessment Program (FSAP), established in 1999, is a comprehensive and in-depth assessment of a country’s financial sector. FSAPs provide input for Article IV consultations and thus enhance Fund surveillance. FSAPs are mandatory for the 47 jurisdictions with systemically important financial sectors and otherwise conducted upon request from member countries. The key findings of an FSAP are summarized in a Financial System Stability Assessment (FSSA).

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.


    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rosa Hernandez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/01/28/PR25018-Bolivia-IMF-Executive-Board-Concludes-2024-Article-IV-Consultation-with-Bolivia

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: On holding auctions on January 29, 2025 to place OFZ issues No. 26235RMFS and No. 26238RMFS

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    For bidders

    We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

    1.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26235RMFS from 10/12/2020
    Date of the auction January 29, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SE26235RMFS0
    ISIN code RO000A1028E3
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

    2.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26238RMFS from 11.06.2021
    Date of the auction January 29, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SE26238RMFS4
    ISIN code RO000A1038V6
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Moscow enterprises will take part in 30 foreign exhibitions with the support of the Mosprom Centre

    Source: Moscow Metro

    This year, Moscow’s export-focused companies will have enhanced opportunities to connect with international partners, with the MosProm center organizing 25 international business missions and facilitating participation in 5 major international trade shows. These initiatives, which include both in-person and virtual engagements, will provide Moscow producers with vital platforms for discussions with overseas collaborators. This was announced by Maksim Liksutov, Deputy Mayor of Moscow for Transport and Industry.

    Tastes of Moscow.

    As directed by Sergey Sobyanin, the city is prioritizing support for export-oriented enterprises in expanding their presence in global markets. Our main objective is to increase the volume of exports of Moscow-produced industrial goods and agricultural products to friendly nations. Moscow manufacturers will showcase their products at international exhibitions in China, Saudi Arabia, Uzbekistan, and Azerbaijan. They will also engage in direct negotiations with potential buyers and distributors from Mexico, the UAE, Iran, Kuwait, Jordan, Turkey, Thailand, Vietnam, India, Mongolia, and countries across Africa and the CIS, – stated Maksim Liksutov.

    MosProm was established in 2019 to increase the recognition and presence of Moscow-made products in overseas markets. One of the most effective programs offered by MosProm is its buyer program. This initiative allows companies to participate in specialized international trade shows and business missions, where they can conduct business-to-business (B2B) and business-to-government (B2G) negotiations with prospective clients for Moscow-produced goods. This offers local industrial companies the opportunity to expand their export reach and product offerings, establish new partnerships and client relationships, and attract valuable investment.

    Tastes of Moscow.

    MosProm specialists provide comprehensive support to Moscow-based manufacturers at every stage of their foreign trade activities. Thanks to MosProm’s assistance, Moscow’s non-resource, non-energy producers have successfully reoriented their export flows and found new partners in markets across Latin America, Africa, the Middle East, Southeast Asia, and the CIS, – emphasized Anatoly Garbuzov, Minister of the Moscow Government and Head of the city’s Department of Investment and Industrial Policy.

    Furthermore, Moscow exporters benefit greatly from national support programs. The International Cooperation and Export national project is a comprehensive suite of informational, financial, insurance, and logistical support measures. The project includes the My Export digital platform, which offers a range of support services for businesses. These services include free expert consultations, market analytics, assistance in marketing goods on international marketplaces, online training programs, and more.

    MIL OSI Russia News –

  • MIL-OSI: Wearable Devices Ltd. Announces Pricing of $2.5 Million Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Illit, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, today announced the pricing of its “reasonable best efforts” public offering with a single institutional investor for the purchase and sale of up 2,500,000 ordinary shares (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,500,000 ordinary shares, at a combined offering price of $1.00 per share and accompanying warrant (the “Offering”). The Company expects to receive aggregate gross proceeds of approximately $2.5 million, before deducting placement agent fees and other offering expenses and assuming no exercise of the warrants. The warrants will have an exercise price of $1.00 per share, will be exercisable immediately and will expire five years from the issuance date.

    The closing of the Offering is expected to occur on or about January 30, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

    A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

    In connection with the Offering, the Company also agreed to amend existing warrants that were previously issued to the investor participating in the Offering to purchase up to 822,000 ordinary shares of the Company, with an exercise price of $2.50 per share. Effective upon closing of the Offering, such existing warrants will be amended to reduce the exercise price to $1.00 per share and will expire five years following the closing of the Offering.

    The securities described above are being offered pursuant to a registration statement on Form F-1, as amended (File No. 333-284023), previously filed with the Securities and Exchange Commission (“SEC”), which was declared effective on January 28, 2025. The Offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the Offering may be obtained on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the Offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in this Offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” “will” or other comparable terms. For example, we are using forward-looking statements when we discuss the expected closing date of the Offering, the use of proceeds, and the satisfaction of customary closing conditions. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC, including the registration statement on Form F-1, as amended (File No. 333-284023). We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty
    IR@wearabledevices.co.il

    The MIL Network –

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Bolivia

    Source: International Monetary Fund

    January 28, 2025

    Washington, DC: On March 22nd, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 for Bolivia. This also included a discussion of the findings of the Financial Sector Assessment Program (FSAP) exercise for Bolivia.[1]

    Bolivia’s growth momentum moderated in 2023, to 2.5 percent, from declining natural gas production, less public investment, and financial market turmoil. Price controls, food and fuel subsidies, export restrictions, and strong agricultural production held inflation below 2 percent at year-end. However, the combination of lower natural gas exports, high fuel imports, a large fiscal deficit―increasingly financed by the central bank―and an overvalued exchange rate contributed to a wider current account deficit (estimated at 5 percent of GDP for 2023) and near-depletion of international reserves. Public debt increased to nearly 84 percent of GDP by end-2023. Sovereign spreads rose sharply in early 2023 as the foreign exchange (FX) shortage became apparent and a mid-sized bank (Banco Fassil) failed. Consequently, banks were forced to restrict the withdrawal of FX deposits, heightening financial sector stability risks.

    Growth is anticipated to decelerate to 1.6 percent in 2024, holding at around 2.2-2.3 percent in the medium term under the continuation of the current policies. Inflation is forecast to reach 4.5 percent in 2024, stabilizing around 4 percent thereafter. The outlook is however predicated on significantly improved access to external financing, without which the risk of disorderly fiscal and/or exchange rate adjustment is elevated. External factors such as reduced demand, intensified global conflicts disrupting trade routes, commodity price volatility, or a renewed tightening of financial conditions could worsen fiscal and external imbalances, impede growth, and destabilize the domestic financial sector.

    Additionally, extreme weather events, like the 2023 droughts and recent floods, pose a risk to Bolivia’s agricultural sector and critical infrastructure. Domestically, a faster decline in hydrocarbon production, higher inflation due to FX scarcity, or confidence shocks could further impact growth, hurt real incomes and exacerbate financial stability risks. Social unrest stemming from inequality and security concerns remains a concern, as evidenced by the prolonged road blockages of early 2024. On the upside, Bolivia could potentially benefit from the global shift towards green energy due to its vast lithium resources, although developing the lithium sector and scaling up domestic production capacity will likely take time.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Bolivia’s socioeconomic progress over the past several years but expressed concerns about the difficult financial situation Bolivia currently finds itself in, with low reserves, uncertain fiscal financing, and pressures in parallel exchange markets. Directors stressed the urgency of a shift from current unsustainable policies to avoid a disorderly adjustment that would exert significant social and economic hardship.

    Directors called for continued constructive engagement on a sustainable policy mix that is likely to require both fiscal adjustment phased in over the next few years and an up front step devaluation to more quickly address the external imbalance and allow for a build up of reserves. They emphasized the importance of improving the social safety net to shield poorer households from inflation pressures following a realignment of the exchange rate. Directors also emphasized the importance of strengthening fiscal institutions to underpin the credibility of the planned adjustment and to improve central bank governance in support of a shift to a crawling peg and, eventually, to inflation targeting.

    Directors recommended a strengthening of the central banks’ capacity to conduct sterilization operations and to lift lending rate caps to improve the allocation of capital and enhance monetary policy transmission. They also underscored the need to improve crisis preparedness and contingency planning in line with FSAP recommendations to safeguard financial stability.

    Directors recommended a range of supply side reforms to unlock private investment, boost productivity and enhance competitiveness. These should include phasing out export ceilings and price controls and better prioritizing public investment projects. A stronger regulatory framework for hydrocarbon and lithium exploration could be instrumental in increasing investment in those sectors. Directors also called for enhancing AML/CFT framework and ensuring the timely publication of key macroeconomic data.

     

    Table 1. Bolivia: Selected Economic and Social Indicators, 2022–2026

    Population (millions, 2021)

    11.8

    Poverty rate (percent, 2021)

    36.3

    Population growth rate (percent, 2021)

    1.4

    Adult literacy rate (percent, 2021)

    94.8

    Life expectancy at birth (years, 2021)

    72

    GDP per capita (US$, 2021)

    3,437

    Total unemployment rate (2021)

    7.0

    IMF Quota (SDR, millions)

    240.1

    Est.

    2022

    2023

    2024

    2025

    2026

    Income and prices

    Real GDP

    3.6

    2.5

    1.6

    2.2

    2.2

    Nominal GDP

    8.9

    4.9

    6.2

    6.5

    6.2

    CPI inflation (period average)

    1.7

    2.6

    4.5

    4.2

    3.9

    CPI inflation (end of period)

    3.1

    2.1

    4.8

    4.0

    3.9

    Investment and savings 1/

    Total investment

    15.1

    15.9

    16.6

    16.3

    16.0

    Of which: Public sector

    5.7

    5.0

    6.0

    6.0

    6.0

    Gross national savings

    12.5

    8.6

    10.5

    10.3

    10.5

    Of which: Public sector

    -1.4

    -2.0

    -1.9

    -1.5

    -1.2

    Combined public sector

    Revenues and grants

    28.9

    28.3

    27.6

    27.4

    27.1

    Of which: Hydrocarbon related revenue

    6.0

    5.4

    4.3

    3.9

    3.5

    Expenditure

    36.0

    35.3

    35.5

    34.8

    34.3

    Current

    30.3

    30.3

    29.5

    28.8

    28.3

    Capital 2/

    5.7

    5.0

    6.0

    6.0

    6.0

    Net lending/borrowing (overall balance)

    -7.1

    -7.0

    -7.9

    -7.5

    -7.2

    Of which: Non-hydrocarbon balance

    -12.8

    -12.2

    -12.0

    -11.2

    -10.5

    Total gross NFPS debt 3/

    80.4

    83.6

    86.7

    88.9

    90.9

    External sector

    Current account 1/

    -0.4

    -5.0

    -5.7

    -5.8

    -5.6

    Exports of goods and services

    32.6

    28.5

    27.0

    26.9

    26.5

    Of which: Natural gas

    6.7

    3.8

    3.4

    3.0

    2.7

    Imports of goods and services

    32.9

    34.4

    33.6

    33.6

    32.7

    Capital account

    0.0

    0.0

    0.0

    0.0

    0.0

    Financial account (-= net inflow)

    -1.5

    -0.5

    -5.3

    -5.8

    -5.6

    Of which: Direct investment net

    -0.8

    -0.6

    -0.6

    -0.9

    -0.9

    Of which: Other investment, net

    -0.3

    -0.3

    -4.6

    -4.7

    -5.1

    Net errors and omissions

    -3.0

    0.0

    0.0

    0.0

    0.0

    Terms of trade index (percent change)

    -1.6

    1.2

    -0.6

    0.0

    0.2

    Central Bank gross foreign reserves 4/ 5/ 6/

    In millions of U.S. dollars

    3,796

    1,808

    1,653

    1,555

    1,556

    In months of imports of goods and services

    2.8

    1.3

    1.1

    1.0

    1.0

    In percent of GDP

    8.6

    3.9

    3.4

    3.0

    2.8

    In percent of ARA

    44.5

    20.8

    18.2

    16.2

    15.5

    Money and credit

    Credit to the private sector (percent change)

    6.3

    -0.4

    3.0

    4.3

    5.1

    Credit to the private sector (percent of GDP)

    74.2

    70.5

    68.4

    67.0

    66.3

    Broad money (percent of GDP)

    85.2

    82.8

    81.2

    80.0

    78.9

    Memorandum items:

    Nominal GDP (in billions of U.S. dollars)

    44.3

    46.5

    49.3

    52.5

    55.8

    Bolivianos/U.S. dollar (end-of-period) 7/

    6.9

    6.9

    …

    …

    …

    REER, period average (percent change) 8/

    -0.9

    -1.9

    …

    …

    …

    Oil prices (in U.S. dollars per barrel)

    96.4

    80.6

    77.7

    73.8

    70.9

    Energy-related subsidies to SOEs (percent of GDP) 9/

    4.4

    4.0

    3.5

    2.7

    2.4

    Sources: Bolivian authorities (MEFP, Ministry of Planning, BCB, INE, UDAPE); IMF; Fund staff calculations.
    1/ The discrepancy between the current account and the savings-investment balance reflects methodological differences. For the projection years, the discrepancy is assumed to remain constant in dollar value.
    2/ Includes nationalization costs and net lending.
    3/ Public debt includes SOE’s borrowing from the BCB (but not from other domestic institutions) and BCB loans to FINPRO and FNDR.
    4/ Excludes reserves from the Latin American Reserve Fund (FLAR) and Offshore Liquidity Requirements (RAL).
    5/ All foreign assets valued at market prices.
    6/ Includes a repurchase line of US$99.2 million maturing in 2025.
    7/ Official (buy) exchange rate.
    8/ The REER based on authorities’ methodology is different from that of the IMF (see 2018 and 2017 Staff Reports).
    9/ Includes the cost of subsidy borne by public enterprises and incentives for hydrocarbon exploration investments in the projection period.

    1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [1] The Financial Sector Assessment Program (FSAP), established in 1999, is a comprehensive and in-depth assessment of a country’s financial sector. FSAPs provide input for Article IV consultations and thus enhance Fund surveillance. FSAPs are mandatory for the 47 jurisdictions with systemically important financial sectors and otherwise conducted upon request from member countries. The key findings of an FSAP are summarized in a Financial System Stability Assessment (FSSA).

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.


    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rosa Hernandez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Brexit cost: higher energy bills and lower investment

    Source: Scottish Government

    Scottish Government calls for closer energy links with Europe.

    The Scottish Government is calling for closer co-operation with Europe to help lower energy bills and boost investment.

    Ahead of upcoming UK Government talks with the EU the Scottish Government has published a report, identifying  a number of opportunities to more closely align with the European Union on energy matters.

    These include:

    • accelerating the adoption of more efficient UK-EU electricity trading arrangements to bring down energy costs for consumers
    • linking the UK and EU Emissions Trading Schemes (ETS) to help reduce costs and barriers to trade

    Estimates from the UK energy industry predict that unless the UK moves toward closer cooperation with the EU on energy and climate, it may lead to additional costs of up to £10billion in 2024-25, through higher energy bills and lower Treasury revenues.

    The Scottish Government’s wants Scotland to be an EU member state, however the report published today sets out immediate actions which would rebuild closer collaboration with the EU on energy and climate matters and offset some of the damage caused by Brexit.

    Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said: “As we approach the fifth anniversary of Brexit, the costs to the people of Scotland are becoming ever clearer.

    “The best future for Scotland is to be a member state of the EU. But we will always be a voice for closer co-operation with our fellow Europeans – in particular around issues which impact us all such as lowering energy bills and driving up investment in renewables.

    “This paper highlights the key areas where working together is vital for achieving our shared ambitions – driving economic growth, reducing costs, strengthening energy security and substantially contributing to our shared climate goals.

    “We have a pivotal role to play and stand ready to work collaboratively with the UK Government and wider partners to re-build a closer relationship with Europe in this space.”

    Background

    Read the Closer energy and climate cooperation with the EU report

    Energy UK Explains: the cost of the UK-EU relationship for energy – Energy UK

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: ‘Africa Can Lead Clean Energy Transition,’ Deputy Secretary-General Tells Region’s Energy Summit

    Source: United Nations General Assembly and Security Council

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks at the opening of the African Heads of State Energy Summit, in Dar es Salaam, United Republic of Tanzania, today:

    It is a pleasure to join you here all today.  I extend my heartfelt thanks to Her Excellency President Hassan and her Government of the United Republic of Tanzania for hosting the Mission 300 Africa Energy Summit.

    But, I would also like to underscore that it is because of her incredible leadership and her vision, that we are all here today and gathered as an African continent.  I would also thank the African Union for keeping the fire under our feet to do right thing for the continent.

    Congratulations to my two brothers, the African Development Bank Group, Akin, and the World Bank Group, Ajay.  These are incredible partnerships, that bring genuine experience, decades of work from the public sector to the private sector.

    That is why we are looking to them for the success of this union.  But, we also look to the Rockefeller Foundation for a strong and meaningful partnership — one that brings key stakeholders together in this room.  Your bold investments are a testament to Africa’s potential for a sustainable and resilient future.

    Today, Africa has one of the lowest levels of energy access, as we have heard, but it is also one of the most vulnerable to intensifying climate shocks.

    Yet, our continent is rich in renewable energy resources and critical minerals.  Which are all essential for the energy transition, and benefit from limited sunk costs in fossil fuel-intensive energy infrastructures.  Africa is also home to a vibrant, young and enterprising population.

    This provides immense potential for Africa to show the rest of the world what a new economic development paradigm grounded in sustainability, resilience, justice and inclusivity can look like.

    Enhanced energy access, affordability and reliability is not only crucial for achieving our Sustainable Development Goal (SDG) 7, but also serves as a catalyst for broader development goals.  Access to clean and sustainable energy underpins progress in health, in education, in gender equality, while driving economic growth and climate action — many of the 17 Goals.

    By advancing long-term energy security and sovereignty, we can foster peace, we can create green jobs and build resilient livelihoods — paving the way for improved stability and prosperity across the continent.

    With renewables now being the cheapest source of new electricity almost everywhere on earth, Mission 300’s bold commitment to connect 300 million people to electricity by 2030 represents a transformative opportunity for Africa.

    Combined with systemic initiatives like the African Continental Free Trade Agreement, Africa is uniquely positioned to lead the global energy transition.

    By powering essential sectors such as healthcare, education and commerce, bolstering industries like solar manufacturing, grid infrastructure and clean energy solutions, renewable energy can unlock unprecedented economic potential.

    With reliable energy access, the continent’s 147 million small and medium-sized enterprises — key drivers of economic growth — will have the tools to scale, innovate and create jobs, turning energy into a true catalyst for inclusive and sustainable progress.

    The United Republic of Tanzania stands as a shining example of how rural electrification and off-grid renewable energy solutions can transform lives, particularly in remote and underserved areas.

    The country has made remarkable strides, with electricity access increasing from just 14 per cent in 2011 to 46 per cent in 2022.  And what does that mean?  It has led to over 1 million new connections, driving the rural electrification rate to 72 per cent. 

    In November 2024, more than 60,000 social institutions were connected by REA [Rural Electrification Agency], benefiting 12,905 educational institutions, 6,768 health facilities, over 8,000 places of worship and 29,000 commercial areas.

    This progress means that more boys and girls in remote areas can now study in well-lit classrooms, health workers can deliver life-saving services to off-grid populations and rural businesses can thrive with reliable power.  The United Republic of Tanzania demonstrates how energy access is not just about electricity — it’s about opportunity, equity and the foundation of a brighter future and a life in dignity for everyone.

    We must ensure that Mission 300 seizes the opportunity that lies ahead.  With five years to the endpoint of the SDGs and having completed the first decade of implementing the African Union’s Agenda 2063, it is clear that transformation efforts remain insufficient.

    I would like to deeply commend the African leadership that is here today, as you seek solutions to address Africa’s energy access, climate vulnerability and development challenges holistically.

    We must accelerate our collective efforts to fast-track solutions for SDG7, but also the Paris Agreement and propel Africa to become a clean energy powerhouse.  This requires urgent action in three key areas beyond this Summit.

    First, creating the right enabling environment to attract scaled private and public investments through stronger, stable and more coherent policy and regulatory frameworks.

    We are very pleased to see — thank you, Ajay — the private sector that is here today and we hope they will accompany us through this very difficult but at the end profitable journey.

    This year, every party to the UN Climate Convention has committed to submit a new economy-wide national climate action plan, that is aligned with the 1.5°C world that we need, well before COP30 [thirtieth Conference of the Parties to the United Nations Framework Convention on Climate Change] in November.

    If done right, these climate plans should align with national energy strategies and development priorities — and they would doubling as investment plans to seize the potential of renewables, helping to eradicate poverty and achieve the Sustainable Development Goals and the Paris Agreement.

    Furthermore, the Secretary-General’s panel on Critical Energy Transition Minerals offers important Principles and Actionable Recommendations to ensure we do not repeat historical patterns of exploitation on this continent.

    Second, mobilizing affordable, accessible and adequate finance. The chronic underinvestment in renewable energy in Africa, and long-standing structural barriers, such as exorbitant capital costs, mean that a continent with the potential to be a renewable powerhouse accounts for less than one percent of global installed solar capacity.

    It is why we are calling for an SDG Stimulus to scale up affordable, long-term financing for developing countries, and for the “Baku-to-Belém Roadmap to $1.3 trillion” to bridge the climate finance gap by leveraging all sources and by addressing unjust and structural barriers.

    Last year’s Pact of the Future sent an unequivocal message — reform of the international finance architecture is urgent and essential to:

    And this Pact would have not gotten over the line, if not for the leadership of the African leaders in the United Nations.  It spoke to strengthening the voice and the representation of developing countries.  It spoke to mobilizing far greater levels of financing for the SDGs, and directing that financing to countries most in need.  It spoke to enabling countries to borrow sustainably, and with confidence, to invest in their long-term development.  But, it also spoke to provide effective and equal support to countries during systemic shocks.

    Finally, multilateralism — our international cooperation — still remains our best hope for delivering solutions at the necessary scale and speed.

    And I note to many of us, as I look to the geopolitical challenges that we have today.  Multilateralism does not seem like the best offer on the table — but it is.  It is a place that we come to.  It is a global town hall for our global village.  It is where we have visibility and where we can shine a light on the opportunities.  But, also, where we can give hope to the millions that look to us — to serve them.

    The United Nations remains dedicated to supporting your efforts every step of the way.  Through our UN expertise and presence in the country, we are committed to supporting Mission 300, the African Development Bank and the World Bank.  And we are committed to help identify and attract investments, strengthen policy, and secure the support you need to make Mission 300 a success.

    Finally, I would like to also commend our Special Representative.  It is not often that we have women in leadership positions.  Today, we are hosted by a great leader that is a woman. But, we also have the Special Representative of the UN on Sustainable Energy for All, Damilola Ogunbiyi, who is playing a critical role within the Mission 300.

    In this critical countdown to 2030, let us ensure that Mission 300 delivers concrete outcomes towards the SDGs, the Paris Agreement and Agenda 2063.

    Let us seize this moment to accelerate and to deliver transformative progress.  Together, I am sure that Africa can lead the clean energy transition, creating lasting prosperity and resilience for generations to come and actions and aspiration fulfilled today for our women and our youth.

    MIL OSI United Nations News –

  • MIL-OSI China: Shenzhen, Hong Kong jointly conserve mangrove wetlands

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

    SHENZHEN/HONG KONG, Jan. 28 — In the heart of the Guangdong-Hong Kong-Macao Greater Bay Area, the Guangdong Neilingding Futian National Nature Reserve in Shenzhen and the Mai Po Nature Reserve in Hong Kong are jointly safeguarding a vibrant expanse of mangrove wetlands.

    These wetlands are ecologically linked and integral parts of the Shenzhen Bay (Deep Bay) wetland ecosystem, which serves as an internationally important overwintering site and a refueling station for waterbirds on the East Asian-Australasian Flyway.

    In February 2023, Shenzhen’s Futian mangrove was designated as Wetlands of International Importance under the Ramsar Convention on Wetlands. Together with the wetlands in Mai Po Nature Reserve, Shenzhen Bay now hosts two internationally recognized wetlands of significance.

    “Mangroves are unique and complex ecosystems, often difficult for humans to access. Their dense canopy provides birds with quiet, undisturbed nesting areas, making them vital for wildlife conservation,” said Simon Wong, nature officer (management) at the Agriculture, Fisheries & Conservation Department (AFCD), Hong Kong Special Administrative Region (HKSAR) government.

    Moreover, mangroves protect coastlines from erosion caused by waves, while the mudflats they create harbor countless species and provide feeding and resting areas for migratory waterbirds, benefiting surrounding regions and other habitats, he added.

    According to Wong, mangroves and their soil have a high capacity for carbon sequestration through microbial activity, helping reduce atmospheric CO2 concentrations and mitigating the impacts of global warming and climate change. Mangroves can also accumulate heavy metals, help degrade organic pollutants, and exhibit an ecological interception effect against microplastics.

    The wetlands of the nature reserves in Futian and Mai Po not only support rich biodiversity but also symbolize the close cooperation between Shenzhen and Hong Kong in ecological conservation.

    Since signing the framework arrangement for the conservation of Shenzhen Bay (Deep Bay) wetlands in January 2023, the two cities have made significant strides in protecting mangroves and wetlands, offering valuable insights into the harmonious coexistence between humans and nature.

    “The Shenzhen Bay is essentially a shared wetland between Shenzhen and Hong Kong. Despite being separated by the Shenzhen River, the ecosystem remains consistent,” said Yang Qiong, a senior engineer at Guangdong Neilingding Futian National Nature Reserve Administration Bureau.

    According to the framework, Shenzhen and Hong Kong will collaborate on ecological baseline and waterbird monitoring, synchronized surveys of black-faced spoonbills and their habitats, protection of inter-tidal mudflat and native mangrove species, capacity building, and experience sharing on environmental education.

    The framework provides an excellent platform for sharing experience in the wetland ecosystem conversation in Shenzhen Bay, said Toby Cheung, nature reserve officer (education) at the AFCD.

    The black-faced spoonbill, a key species in Shenzhen Bay and one of China’s top protected animals, has experienced a notably impressive population recovery. From fewer than 300 individuals in the 1990s to 6,988 counted globally in January 2024, the growth of black-faced spoonbill highlights the importance of Shenzhen Bay’s role in their protection.

    To accurately monitor the numbers and distribution of black-faced spoonbills, Shenzhen and Hong Kong conduct synchronized surveys and smart monitoring. Monthly synchronized data reflects the status of black-faced spoonbill throughout Shenzhen Bay, while annual global synchronized surveys provide a comprehensive understanding of population dynamics.

    High-definition cameras and AI-powered bird recognition technology are used for automated monitoring, particularly at night, reducing disturbance to resting birds while improving monitoring efficiency.

    On Nov. 6, 2024, an agreement was signed to establish the International Mangrove Center in Shenzhen, marking the beginning of deeper cross-border joint protection efforts in wetland conservation. In the future, the two cities aim to build a more comprehensive cross-border joint protection model and extend their cooperation to global mangrove conservation efforts.

    Yang said that Shenzhen and Hong Kong can learn from each other’s advanced experience and practices in wetland protection and implement cross-border joint conservation efforts. She noted that the wetland protection model in Shenzhen Bay, developed through collaboration between the two cities, could serve as a standout example for exchange at the International Mangrove Center.

    Nora Tam, chair professor of environmental science and conservation at Hong Kong Metropolitan University, noted that through the platform of the International Mangrove Center, Shenzhen and Hong Kong can increase exchanges and cooperation in science and technology, resources, management, and information, promoting wetland protection cooperation within the Greater Bay Area and beyond.

    MIL OSI China News –

  • MIL-OSI United Nations: Endorsing Resolution, General Assembly Calls Upon All Stakeholders to Implement 2024–2034 Programme of Action for Landlocked Developing Countries

    Source: United Nations General Assembly and Security Council

    Text on UN Cooperation with Community-Portuguese-Speaking Countries Also Adopted

    The General Assembly today adopted a resolution containing the “Programme of Action for Landlocked Developing Countries for the Decade 2024–2034” — which focuses on diversifying economies, promoting trade, supporting jobs and enhancing climate resilience over the next 10 years in that group of nations — calling upon all stakeholders to commit to implementing it.

    In that action programme — listed in the annex of document A/79/L.21 — the Assembly recommitted to expediting action on the Sustainable Development Goals, calling for increased investment, including through international cooperation, and taking necessary measures to harmonize skills development and training programmes at the national and regional levels.

    The Programme of Action, which was originally adopted 24 December 2024 (see Press Release GA/12671), also lays out Member States’ commitments to substantially increasing investment from all sources in research and development, and in building accessible, reliable and affordable digital infrastructure.  The Assembly committed to doubling the contribution of manufacturing value added to the gross domestic product (GDP) of the landlocked developing countries by 2034.  Further, 193-member body urged development partners to support landlocked developing countries in strengthening strategic coherence between trade and investment policies, and industrial policy objectives.

    “The 570 million people living in the landlocked developing countries deserve nothing less,” said Assembly President Philémon Yang (Cameroon).  “For too long, they have faced unique challenges to trade, connectivity and development,” he added.  Recent shocks, such as the COVID-19 pandemic, rising prices worldwide, geopolitical tensions and the deepening impact of climate change, have only intensified their vulnerabilities.

    “The combined gross domestic product of landlocked developing countries in 2023 came in at 8 per cent below pre-pandemic projections,” he went on to say, commending these countries for their “resilience and ability to quickly reverse negative trends”.  The Assembly, “the great drum that gives voice to all peoples and nation”, will monitor implementation of the programme of action, he pledged.

    Rabab Fatima, Secretary-General of the third United Nations Conference on Landlocked Developing Countries, said the group of countries face profound challenges.  To address their issues, the new Programme of Action proposes regional agricultural hubs, which can help transform the sector and spearhead efforts toward sustainable development.

    “Internet usage is far below the global average,” she added, emphasizing the need to bridge the gender gap in the area.  On trade, she said that landlocked developing countries face 40 per cent higher trade costs than coastal States.  Climate finance remains grossly insufficient for landlocked developing countries, she added, noting that the Programme of Action underscores the need to urge development partners to honour their official development assistance (ODA) commitments.

    “This instrument must be a catalyst to eliminate structural barriers,” said Diego Pary Rodríguez (Bolivia), Chair of the Group of Landlocked Developing Countries.  Many of these countries have taken many measures to diversify their economies, but the Programme of Action has the potential to build new alliances that can provide them with the economic, political and technological tools to overcome barriers.

    He pointed out that the lack of development of regional transport corridors continues to undermine their participation in global trade. “Trade remains a critical means for the landlocked developing countries to achieve economic growth,” he said.  “We also ask for your support in capacity-building initiatives that will allow landlocked developing countries to comply with global trade standards,” he added, stressing the importance of fostering international cooperation in the transfer of clean technology to strengthen responses to climate change. 

    Cooperation between United Nations and Community of Portuguese-Speaking Countries

    By adopting a text titled “Cooperation between the United Nations and the Community of Portuguese-speaking Countries” (document A/79/L.43), the Assembly also stressed the importance of strengthening the cooperation between the Community and United Nations specialized agencies and other entities and programmes.

    By other terms of that resolution, the Assembly stressed the importance of partnership and cooperation between the UN and other relevant organizations, including the Community, to improve coordination and cooperation in peacebuilding and sustaining peace.

    Appointment of Member of Advisory Committee on Administrative and Budgetary Questions 

    On other matters, the Assembly appointed Alexandra Arias (Dominican Republic) as a member of the Advisory Committee on Administrative and Budgetary Questions (ACABQ) for a term of office beginning on 31 January and expiring on 31 December.  She replaces Olivio Fermín, also of the Dominican Republic, who resigned effective 31 January.

    Application of Article 19 of UN Charter 

    The Assembly also noted that Antigua and Barbuda has made the payments necessary to reduce its arrears in assessed contributions to the United Nations below the amount specified in Article 19 of the Charter.

    MIL OSI United Nations News –