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Category: Transport

  • MIL-OSI United Kingdom: CMA publishes interim report in logistics merger

    Source: United Kingdom – Executive Government & Departments

    CMA independent inquiry group’s initial assessment is that GXO’s purchase of Wincanton is likely to reduce competition in the supply of dedicated warehousing services to UK grocers.

    iStock

    The Competition and Markets Authority (CMA) independent inquiry group’s initial assessment is that GXO’s purchase of Wincanton is likely to reduce competition in the supply of dedicated warehousing services to grocery customers in the UK.  

    Logistics, including warehousing, is essential to the operation of supermarkets and many other businesses in the UK. Efficient logistics systems help to lower costs for both businesses and consumers and ensure that products are available in stores when needed.  

    GXO and Wincanton are currently two of the three suppliers of dedicated warehousing services used by grocers in the UK. The inquiry group considers that some alternatives would remain for supermarket customers following the transaction, in particular they could switch to the third supplier, DHL, and some could switch some of their activities to their own in-house warehouses. The inquiry group’s initial assessment, however, is that these remaining alternatives would not be sufficient to prevent fees rising and that the deal could raise costs for grocers that rely on dedicated warehousing services as part of their logistics.  

    Richard Feasey, Chair of the independent inquiry group, said:  

    Contract logistics services play a critical role in ensuring that supermarket shelves are fully stocked for customers in the UK every day of the year. Our initial view is that this merger could raise the costs of these services and reduce choice for supermarkets who rely on these services for moving goods across the country.  

    We want to ensure competition in this market is working as well as it can to manage costs for supermarkets and grocers, and ensure products continue to reach supermarket shelves efficiently.

    The CMA invites any interested parties to respond to these provisional findings by no later than 5pm on Wednesday 12 March 2025. 

    For more information, visit the GXO / Wincanton case page.

    Notes to Editors:

    1. GXO announced its deal to acquire Wincanton in February 2024. The deal was then completed in April 2024, although an interim enforcement order (IEO) is in place to prevent the 2 organisations integrating while the CMA conducts its merger review. 

    2. Contract logistics services (CLS) encompass a range of B2B and B2C supply chain-related services, which enable businesses to supply goods to customers and consumers. These services include transport and distribution, warehousing and additional value-added services. 

    3. The interim report contains the inquiry group’s provisional findings on whether the merger gives rise, or may be expected to give rise, to a substantial lessening of competition in any market in the UK. 

    4. The inquiry group also assessed other areas of CLS including the supply of transport services and shared warehousing. At this stage, the inquiry group has not found significant competition concerns in relation to those markets.  

    5. CLS to retail customers includes the provision of services to customers whose products are consumer-facing such as groceries or fashion and apparel. This includes products that are ordered online, products that sell quickly and have a short shelf life due to high consumer demand or perishability (known as Fast Moving Consumer Goods), and products that require temperature-controlled logistic services (including certain food and drink products). CLS to non-retail customers involves the provision of services to customers whose products and services are not consumer-facing, such as automotive, construction, energy and manufacturing businesses. 

    6. The inquiry group analysed evidence which showed that customers often prioritise reputation, reliability and track record when choosing CLS providers. Despite there being other alternatives in the CLS market, GXO and Wincanton (alongside DHL) are regarded as leading suppliers of mainstream CLS services, particularly for warehousing for grocery retail customers. The evidence shows that customers’ preference for suppliers with a track record creates a barrier to entry and expansion for smaller providers. 

    7. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk or by phone on 020 3738 6460.

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    Published 19 February 2025

    MIL OSI United Kingdom –

    February 20, 2025
  • MIL-OSI United Kingdom: expert reaction to study looking at life expectancy changes in 20 European countries from 1990-2021

    Source: United Kingdom – Executive Government & Departments

    February 18, 2025

    A study published in The Lancet Public Health looks at life expectancy changes across 20 European countries from 1990-2020. 

    Prof Jennifer Dowd, Professor of Demography and Population Health, University of Oxford, said:

    Does the press release accurately reflect the science?

    “While accurate overall, the press release at times oversimplifies and overstates the conclusions of the paper, including the press release title: “We are no longer living longer.”  The paper looks at mortality trends from 1990-2021 and finds slowing improvements in life expectancy in the decade prior to COVID–but improvements still mean we are living longer.  Life expectancy declined due to COVID-19 in 2020 and 2021, but this is likely a temporary shock and doesn’t mean we will die sooner than our parents and grandparents, as implied. The press release also states that food, physical activity, and obesity are largely to blame for these trends, but this overstates what we can confidently say about these causes.”

     

    Is this good quality research?  Are the conclusions backed up by solid data?

    “This is good quality research, especially in the standard estimation of life expectancy trends and the causes of death contributing to these trends. The part of the analysis that tries to attribute slower mortality improvements to specific risk factors such as cholesterol, hypertension, and “dietary risks” is on shakier ground. The estimates used for this part of the analysis were based on different data and analysis that are not discussed in detail here. The estimation of how risk factors such as diet causally impact mortality is methodologically very challenging, and there is a lot of uncertainty about any single estimate. In addition, the population-representative data on the prevalence and trends of these risk factors across all the countries is not readily available. Putting these two sources of uncertainty together means it is very difficult to attribute country-level life expectancy trends to specific risk factors with high confidence. The “under the hood” part of how these estimates are produced is largely glossed over in the paper, but they are presented as established facts.”

    How does this work fit with the existing evidence?

    “The analysis of trends in life expectancy is consistent with previous work that has shown similar trends and slowdowns in improvements in the decade prior to COVID. For example, see a recent review “Progress Stalled? The Uncertain Future of Mortality in High-Income Countries””

    Have the authors accounted for confounders?  Are there important limitations to be aware of?

    “The portion of the paper attributing life expectancy changes to specific risk factors like diet and physical activity is based on other analyses that are highly vulnerable to bias due to confounding. The conclusions for this portion of the analysis should be tempered.”

     

    What are the implications in the real world?  Is there any overspeculation? 

    “We are seeing slowdowns in life expectancy improvements after decades of often rapid gains. But even slow improvements mean we are living longer on average. Slowing improvements may be a warning sign of things to come, so we need to continue tracking these trends. This paper makes strong statements about the specific risk factors responsible for slowing life expectancy improvements, including obesity, high cholesterol, and “occupational risks.” While these risk factors are no doubt important for health, we can’t say with certainty how each one contributes to these trends.”

     

    How confident can we be as to the causes of the decline in life expectancy in England?

    “The reported decline in life expectancy in England was only during COVID. Prior to that there were slower improvements in life expectancy compared to the previous period and compared to other countries. There is not broad agreement on the cause of these slowdowns, as it is difficult to directly test mechanisms such as austerity cuts. We have good evidence that the slower improvements were largely attributable to slowing improvements in cardiovascular disease, as well as some increases in external cause mortality such as drug deaths at younger ages and midlife. For more thorough examinations, please see paper here and here.”

     

    Could these trends be potentially linked to current state of NHS/ waiting lists? Also could the use of weight-loss drugs potentially help reverse this trend if they tackle rising obesity rates?

    “Challenges with the NHS are one potential contributor to mortality trends in England, but the size of their contribution is not well established. These trends likely reflect much longer-term trends in risk factors such as obesity that accumulate over time. Since the obesity epidemic is now many decades old, more people are entering midlife and older age having been obese for a long time, which could be contributing to these trends. There is cautious optimism that the new GLP-1 class of diabetes and weight-loss drugs could be a game-changer for treating obesity have some long-term benefits for life expectancy, though more evidence is needed to confirm this.”

    Dr Yize Wan, NIHR Clinical Lecturer in Intensive Care Medicine & Anaesthesia, William Harvey Research Institute (WHRI), Queen Mary University London (QMUL), said:

    “The reasons for these findings are complex and likely to be a combination of both individual risk factors from health behaviours and the need to improve access and delivery of healthcare systems. This study has highlighted the importance of addressing modifiable risk factors and preventing and not just treating long-term disease. It would be important to see if these trends are seen across the whole population or whether people from more socioeconomically deprived or different ethnic backgrounds are disproportionally affected. Particularly as we know that socioeconomically and ethnically disadvantaged population groups are more likely to be exposed to common risk factors such as poor diet and low physical activity as well as have more limited access to healthcare.”

     

    Prof Tom Sanders, Professor emeritus of Nutrition and Dietetics, King’s College London (KCL), said:

    “This is a useful analysis of changes in life expectancy across Europe since 2011 compared with the period 1990-2011.  Prior to this life expectancy had increased by about 11 years compared with 1960s for a variety of reasons particularly better control of high blood pressure, blood pressure and immunisation against flu as well as lifestyle changes (smoking cessation and better diet) including increased prosperity. This study shows overall across the 20 countries there was an improvement in life expectancy increased from 1990 up to 2011 by on average 0.23 years but this rate of improvement slowed to 0.15 years between 2011 and 2019. The UK, France and Germany showed bigger declines in life-expectancy compared to the Nordic countries.

    “It is important to recognise that the demographics of the European population have changed markedly in some countries such as the UK, France and Germany because of increased migration compared to Nordic countries. In the UK, the population growth had been due to migration often from countries where life expectancy is much lower.

    “The authors attribute the small decline in life-expectancy to increasing prevalence of obesity particularly in younger and middle-aged adults. While, obesity is likely to contribute to decreased life expectancy in future generations, the prevalence was not particularly high in the older generation, who accounted for most of the deaths in the period 2011-2019.”

    ‘Changing life expectancy in European countries 1990–2021: a subanalysis of causes and risk factors from the Global Burden of Disease Study 2021’ by Nicholas Steel et al. was published in The Lancet Public Health at 23:30 UK time Tuesday 18th February 2025. 

    DOI: 10.1016/S2468-2667(25)00009-X

    Declared interests

    Dr Yize Wan: I have no declarations of interest.

    Prof Jennifer Dowd: No conflicts.

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom –

    February 20, 2025
  • MIL-OSI Russia: Bashneft replenished hydrocarbon reserves by 114% in 2024

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    In 2024, ANK Bashneft (part of Rosneft) increased its hydrocarbon reserves by 19.8 million tons of oil equivalent due to successful geological exploration and revaluation of the resources of the fields being exploited, replenishing oil and gas production by 114%.

    Based on the results of drilling prospecting, exploration and production wells, Bashneft geologists discovered the Gubeyevskoye field in the Republic of Bashkortostan in 2024, as well as 21 new oil deposits at fields in various regions of their operations.

    Improving the efficiency of reserve replenishment is one of the key elements of Rosneft’s development strategy. Every year, Bashneft ensures more than 100% of liquid hydrocarbon production replenishment due to reserve growth. In total, over the past five years, Bashneft has increased its industrial-grade oil and gas reserves by about 153 million tons of oil equivalent. Thus, the company effectively fulfills its tasks to replenish the resource base, and also extends the life of mature fields in Bashkortostan.

    Reference:

    PJSC ANK Bashneft is one of the oldest enterprises in the country’s oil and gas industry, carrying out a full production cycle – oil and gas production, their processing and production of oil products and petrochemicals. Bashneft’s key assets, including an oil refining and petrochemical complex, are located in the Republic of Bashkortostan.

    Bashneft also conducts oil exploration and production in the Khanty-Mansiysk Autonomous Okrug – Yugra, Nenets Autonomous Okrug, Perm Krai, Orenburg Oblast and the Republic of Tatarstan.

    Department of Information and Advertising of PJSC NK Rosneft February 19, 2025

    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 –

    February 20, 2025
  • MIL-OSI Economics: Samsung India Launches Galaxy A06 5G: ‘Kaam ka 5G’ with Superfast Connectivity & Powerful Performance at an Affordable Price

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today announced the launch of Galaxy A06 5G, bringing an awesome 5G experience at an affordable price. As the most affordable budget Galaxy A series 5G smartphone, Galaxy A06 5G is designed to offer consumers maximum value with its reliable performance and longevity.
     
    Starting today, Galaxy A06 5G will be available across all retail outlets in India, Samsung exclusive stores, as well as other offline channels, in multiple storage variants. Starting just INR 10499 for the 4GB RAM variant with 64GB storage, Galaxy A06 5G comes in three sleek and attractive colours – Black, Gray and Light Green. As a special launch offer, customers can avail one-year screen protection plan with Samsung Care+ package at just INR 129, providing additional protection and peace of mind.
     
    “With the launch of Galaxy A06 5G, we are bringing segment-leading 12 5G bands for a great 5G experience. Designed to offer awesome connectivity, powerful performance, and segment leading innovations, the device reaffirms our commitment to making cutting-edge technology accessible to everyone. With this device, we are also ensuring that users can enjoy high-speed connectivity for work and entertainment along with unmatched durability,” said Akshay S Rao, General Manager, MX Business, Samsung India.
     
     
    Awesome Performance
    Galaxy A06 5G supports all network compatibility, 12 5G bands and features carrier aggregation for enhanced network connectivity and faster speeds across all telecom operators. Powered by the MTK D6300 processor, Galaxy A06 5G ensures powerful performance and makes multitasking, gaming, and streaming an effortless exercise. The smartphone also provides RAM up to 12GB with RAM Plus feature.
     
     
    Awesome Camera and Display
    The device is equipped with a 50MP main rear camera for capturing sharp and detailed images and a 2MP depth camera for enhanced clarity, while the 8MP front camera ensures high-quality selfies and video calls. The smartphone also features a sleek and stylish design while ensuring a vivid visual experience with its expansive 6.7-inch HD+ display with a 20:9 aspect ratio. The smartphone also features a 5,000 mAh battery with best in segment 25W fast charging support.
     
     
    Awesome Trustworthiness
    Galaxy A06 5G will be available with Android 15 and Samsung’s One UI 7, ensuring users get the latest software experience. Samsung is redefining reliability with Galaxy A06 5G, offering an impressive 4 generations of OS upgrades and 4 years of security updates, a commitment that sets it apart in this segment. These industry-leading upgrades and updates are set to keep the device always up to date and ensure smoother usage experiences for users for a long period. Built for durability, Galaxy A06 5G comes with an IP54 rating, providing protection against dust and splashes.
     
     
    Awesome Galaxy Experience
    Samsung is also introducing ‘Voice Focus’ in the smartphone for the first time, an India-first innovation designed to enhance call clarity in noisy environments, making conversations clearer and more effective. This feature reflects Samsung’s commitment to bringing meaningful innovations tailored to the needs of Indian consumers. The device also prioritizes security and privacy by incorporating Samsung’s defense-grade Knox Vault security that empowers users to manage their data securely, enhancing their overall experience.
     
     
    Price and Launch Offers
    Product
    Colors
    Variant
    Price (INR)
    Offers
     
    Galaxy A06 5G
    Black, Gray, Light Green
    4GB + 64GB
    10499
    One year screen protection plan @ INR 129 with Samsung Care + package against standard market price of INR 699
    4GB + 128GB
    11499
    6GB + 128GB
    12999
     
    Galaxy A06 5G also comes with attractive EMI offers with Samsung Finance+, NBFC and banks, wherein consumers can own the smartphone for as low as INR 875 per month.

    MIL OSI Economics –

    February 20, 2025
  • MIL-OSI Africa: CORRECTION – African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact

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

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

    • “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
    • Governments across Africa pay tribute to Adesina’s exceptional leadership
    • UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms

    African Development Bank Group (www.AfDB.org) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, an innovative facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

    Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

    “It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

    During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025.

    The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

    Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:

    • 127 million people gained access to better services in terms of health.
    • 61 million people gained access to clean water.
    • 33 million people benefited from improved sanitation.
    • 46 million people gained access to ICT services, and
    • 25 million people gained access to electricity.

    He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

    The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative mandated by the African Union Heads of State and Government. Co-led by the African Union Commission and the African Development Bank, it could generate, if immediately implemented, approximately USD 20 billion in debt servicing savings for African countries by 2035. The Assembly also adopted the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

    On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

    “The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

    A Decade of Transformative Impact

    With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

    Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

    Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

    The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

    Historic Financial Mobilization for Africa

    Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

    The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

    As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

    “As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.  

    The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

    Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

    Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

    She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

    Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

    “In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

    MIL OSI Africa –

    February 20, 2025
  • MIL-OSI United Kingdom: Coventry Job Shop get ready to host ‘I Can’ International Women’s Day Event

    Source: City of Coventry

    Coventry Job Shop are excited to host an event exclusively for female customers on Wednesday 5 March, dedicated to empowering women to secure high-quality jobs and meaningful careers.

    The ‘I Can’ International Women’s Day Jobs and Careers Event is designed to inspire and shatter stereotypes, opening doors for women in industries they may not have previously considered.

    Each session will welcome up to 100 women, offering them the chance to hear from trailblazing female leaders in fields such as construction, manufacturing, armed services and logistics.

    Guest speakers from Coventry City Council will also be at the event to deliver powerful talks. This includes Cabinet Member for Education and Skills, Councillor Dr Kindy Sandhu.

    After these motivational talks, those at the event will be able to see what jobs are on offer. Attendees will be able to apply for live positions and connect with skills providers to gain the necessary qualifications for these exciting roles.

    Councillor Dr Kindy Sandhu, Cabinet Member for Education and Skills said: “This will be a really powerful careers event to mark International Women’s Day and support our female residents looking to either start their career or break into a new industry.

    “We have some fantastic employers who will be attending, equipped with plenty of advice. I would encourage any women looking for their next career journey to join me at the Job Shop for this exciting event.”

    This exclusive event (with the Job Shop closed to other customers) offers a unique opportunity to inspire and empower women on their career journeys.

    Some of the confirmed employers and training providers for the event include Hill Group, Balfour Beatty Vinci, The British Army, Octavious and Tarmac. Coventry Adult Education, NIS Group, Hercules Academy, Challenge TRG and RMF will also be on hand to offer valuable advice on relevant training courses.

    To find out more about the event, or to request an event invite, drop into the Job Shop to speak to one of the Employment Coaches, or contact the Job Shop on: 024 7678 5740 or jobshop@coventry.gov.uk.

    To keep up to date with the latest news, sign up for our Your Coventry email newsletter or follow the Council on Facebook, X (formerly Twitter), YouTube, Instagram, LinkedIn and TikTok.

    Published: Wednesday, 19th February 2025

    MIL OSI United Kingdom –

    February 20, 2025
  • MIL-OSI: TransUnion Appoints Tiffani Chambers Chief Operations Officer

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 19, 2025 (GLOBE NEWSWIRE) — Tiffani Chambers has joined TransUnion (NYSE: TRU) as Executive Vice President and Chief Operations Officer, effective February 19, 2025.

    TransUnion’s Global Operations team serves an important role delivering premium experiences for consumers and customers. Tiffani will oversee activities including consumer relations, customer delivery and relationship management, TransUnion’s Global Capability Center network, procurement and real estate. She will report to TransUnion President and CEO Chris Cartwright and serve on the executive leadership team.

    “Our vision is to make trust possible in global commerce, and our Operations team delivers information services and support every day that help consumers and businesses transact with confidence,” said Cartwright. “Tiffani is a proven leader with highly relevant global operations and financial services experience, and I’m confident she will be a great addition to our team as we work to drive greater innovation and service for the consumers and customers we serve.”

    Chambers joins TransUnion from Bank of America, where she most recently served as chief operating officer to the retail banking division, leading all business management, strategy growth, digital transformation and control functions for the 30,000-person division. Prior to that, she served as chief operating officer for the bank’s global banking and markets, risk, finance and infrastructure technology team. She also served as managing director of global client strategy and operations for the operations division of Goldman Sachs, and previously held leadership roles with JP Morgan Chase, Lehman Brothers and American Express. She earned an MBA from Harvard Business School and a BBA from Emory University, and she serves on the advisory board of the Center for Multicultural and Community Affairs at Mount Sinai Hospital.

    About TransUnion (NYSE: TRU)
    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

    Contact Dave Blumberg
    TransUnion
    E-mail david.blumberg@transunion.com
    Telephone 312-972-6646

    The MIL Network –

    February 20, 2025
  • MIL-OSI: Amplify ETFs Changes Fund Name to Highlight 12% Option Income Strategy: Amplify Bloomberg U.S. Treasury 12% Premium Income ETF (TLTP) 

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 19, 2025 (GLOBE NEWSWIRE) — Amplify ETFs, a leading provider of innovative exchange-traded funds, emphasizes its 12% option income strategy by renaming the TLTP ETF to the Amplify Bloomberg U.S. Treasury 12% Premium Income ETF (formerly Amplify Bloomberg U.S. Treasury Target High Income ETF), effective today. The fund will continue trading under its existing CBOE ticker, TLTP.

    The name change helps investors quickly recognize the fund’s primary strategy to generate 12% annualized option premium income with a monthly scheduled distribution frequency. The fund provides convenient, efficient entry to a tailored weekly U.S. Treasury covered call option strategy via a single ticker and has the potential for additional U.S. Treasury bond income. There are no changes to the fund’s investment strategy, structure or management.

    TLTP seeks to track the performance (before fees and expenses) of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, which is designed to provide a targeted annualized option premium income of 12% through writing weekly covered call options. This approach seeks to generate higher levels of income by targeting 12% option premium income as well as the income from underlying U.S. Treasuries.

    For more information about the Amplify Bloomberg U.S. Treasury 12% Premium Income ETF (TLTP), please visit AmplifyETFs.com/TLTP.

    About Amplify ETFs
    Amplify ETFs, sponsored by Amplify Investments, has over $10.6 billion in assets across its suite of ETFs (as of 1/31/2025). Amplify ETFs delivers expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. To learn more visit AmplifyETFs.com.

    Sales Contact:
    Amplify ETFs
    855-267-3837
    info@amplifyetfs.com
    Media Contact:
    Gregory FCA for Amplify ETFs
    Kerry Davis
    610-228-2098
    amplifyetfs@gregoryfca.com
       

    *A covered call refers to a financial transaction in which the investor selling call options owns an equivalent amount of the underlying security.

    Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

    Investing involves risk, including the possible loss of principal. You could lose money by investing in the Fund. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. There can be no assurance that the Fund’s investment objectives will be achieved. Interest Rate Risk is the risk when interest rates rise, there is a corresponding decline in bond values. Conversely, very low or negative interest rates may magnify interest rate risk. The Fund is subject to the risks associated with the Underlying Funds specifically U.S. Treasury Securities Risk. The Fund bears its proportionate share of the Underlying ETF’s expenses.

    The Fund is non-diversified and can invest a greater portion of its assets in individual securities than a diversified fund; changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Covered call risk is the risk that the Fund will forgo, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. The Fund will also utilize FLEX Options and is subject to the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. The Fund currently expects to make distributions on a regular basis, a portion of which may be considered return of capital.

    Amplify Investments LLC is the Investment Adviser to the Fund, and Samsung Asset Management (New York), Inc. serves as the Investment Sub-Adviser.

    Amplify ETFs are distributed by Foreside Fund Services, LLC.

    The MIL Network –

    February 20, 2025
  • MIL-OSI: Global-e Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) — Global-e Online Ltd. (Nasdaq: GLBE) the platform powering global direct-to-consumer e-commerce, today reported financial results for the fourth quarter of 2024 and full year 2024.

    “2024 was yet another record-breaking year for Global-e, and it came to a great close with a fourth quarter which was our strongest quarter ever, as we continued to execute on our strategy and further solidify Global-e’s leadership position in the global e-commerce space,” said Amir Schlachet, Founder and CEO of Global-e. “In addition, we achieved two important financial milestones during the quarter. For the first time in our journey, we crossed the 20% Adjusted EBITDA Margin mark, which was the long-term target we set for ourselves at the IPO, and we reached GAAP profitability for the first time as a public company; a testament to our relentless focus on delivering fast yet durable growth.”

    “As we head into 2025, we remain as committed as ever to continue on our growth path, deliver more cutting-edge and market-leading solutions to our merchants and seize more and more of the great opportunities that lie ahead of us in the world of global e-commerce. In 2025, we also expect to achieve three additional key financial milestones: surpass the 20% Adjusted EBITDA Margin mark on a full year basis, achieve annual GAAP profitability, and most importantly, for the first time, cross an annual run-rate of $1 billion in Revenues.”

    Q4 2024 Financial Results

    • GMV1 in the fourth quarter of 2024 was $1,713 million, an increase of 44% year over year
    • Revenue in the fourth quarter of 2024 was $262.9 million, an increase of 42% year over year, of which service fees revenue was $117.3 million and fulfillment services revenue was $145.6 million
    • Non-GAAP gross profit2 in the fourth quarter of 2024 was $120.9 million, an increase of 53% year over year. GAAP gross profit in the fourth quarter of 2024 was $118.7 million
    • Non-GAAP gross margin2 in the fourth quarter of 2024 was 46%, an increase of 330 basis points from 42.7% in the fourth quarter of 2023. GAAP gross margin in the fourth quarter of 2024 was 45.1%
    • Adjusted EBITDA3 in the fourth quarter of 2024 was $57.1 million compared to $35.2 million in the fourth quarter of 2023, an increase of 62% year over year
    • Net profit in the fourth quarter of 2024 was $1.5 million
    • Net cash provided by operating activities in the fourth quarter of 2024 was $129.3 million, while capital expenditures totaled $0.5 million, leading to free cash flow of $128.8 million

    FY 2024 Financial Results

    • GMV1 for the full year was $4,858 million, an increase of 37% year over year
    • Revenue for the full year was $752.8 million, an increase of 32% year over year, of which service fees revenue was $350.3 million and fulfillment services revenue was $402.5 million
    • Non-GAAP gross profit2 for the full year was $349.4 million, an increase of 43% year over year. GAAP gross profit for the full year was $339.4 million
    • Non-GAAP gross margin2 for the full year was 46.4%, an increase of 350 basis points from 42.9% in 2023. GAAP gross margin for the full year was 45.1%
    • Adjusted EBITDA3 for the full year was $140.8 million compared to $92.7 million in 2023, an increase of 51.8% year over year
    • Net loss for the full year was $75.5 million
    • Net cash provided by operating activities in the full year was $169.4 million, while capital expenditures totaled $2.3 million, leading to free cash flow of $167.1 million

    Recent Business Highlights

    • Throughout 2024, our existing merchant base continued to stay and grow with us, as reflected in our annual enterprise NDR rate of 119% and GDR rate of 93.5%. GDR and NDR were negatively impacted by the out of the ordinary bankruptcy of Ted Baker and by several Borderfree merchants that chose not to re-platform to the Global-e platform. NDR and GDR excluding the out of the ordinary churn for 2024 is close to 123% and 97%, respectively
    • Recently launched with Logitech, one of the world’s largest and most innovative providers of computer peripherals and input devices, gaming accessories, audio and video gear and smart home device
    • On-boarded many additional new merchants located around the globe and trading in various verticals, including:
      • North America – shapewear brand Spanx, Thursday Boots, and the web store of famous fashion designer Tom Ford
      • UK and Europe – Spanish brand Tous, Italian fashion brand Slowear, UK footwear brand Phoebe Philo, German brand IvyOak, Swiss running gear brand Compressport, famous Austrian lingerie brand Triumph, French brands ZAPA and MOLLI, and the Finish brand HURTTA
      • APAC – Japanese brands Komehyo, one of Japan’s largest retailers of second-hand goods, Kyoto-based wristwatch brand Kuoe, novelty brands Mofusand and Taito, and the tailored shirt brand Kamakura Shirts, as well as the renowned Korean cosmetics brand Depology, and Australian fashion brands Zoe Kratzmann and SECONDLEFT
    • Expanded to new lanes with existing merchants – added Romania and Croatia to the markets we operate for Adidas, went live with a new outlet site for John Smedley, and added Strellson, the third brand to go live with us out of the Swiss Holy Fashion Group
    • Shopify Managed Markets – continued joint work with Shopify to add new features and functionalities to the Managed Markets offering, aimed at making it applicable to a wider range of merchants on the Shopify platform

    Q1 2025 and Full Year Outlook

    Global-e is introducing first quarter and full year guidance as follows:

        Q12025   FY 2025
        (in millions)
    GMV(1) $1,210 – $1,250   $6,190 – $6,490
    Revenue $184.5 – $191.5   $917 – $967
    Adjusted EBITDA(3) $29.5 – $33.5   $179 – $199

    1 Gross Merchandise Value (GMV) is a key operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
    2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
    3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.

    Conference Call Information

    Global-e will host a conference call at 8:00 a.m. ET on Wednesday, February 19, 2025.
    The call will be available, live, to interested parties by dialing:

    United States/Canada Toll Free:  1-800-717-1738
    International Toll: 1-646-307-1865

    A live webcast will also be available in the Investor Relations section of Global-e’s website at: https://investors.global-e.com/news-events/events-presentations

    Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30 calendar days.

    Non-GAAP Financial Measures and Key Operating Metrics

    To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including:

    • Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
    • Adjusted EBITDA, which Global-e defines as operating profit (loss) adjusted for stock-based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles and merger related contingent consideration.
    • Free cash flow, which Global-e defines as net cash provided by operating activities less purchase of property and equipment.

    Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.

    The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.

    Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

    For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

    Cautionary Note Regarding Forward Looking Statements

    This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, and our ongoing partnership with Shopify, are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; the ability to retain merchants or the GMV generated by such merchants; the ability to retain existing, and attract new merchants; our business acquisitions and ability to effectively integrate acquired businesses; our ability to anticipate merchant needs or develop or acquire new functionality or enhance our existing platforms to meet those needs; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets; increased attention to ESG matters and our ability to manage such matters; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our ability to adapt to changes in mobile devices, systems, applications, or web browsers that may degrade the functionality of our platforms; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our dependency on the continued use of the internet for commerce; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; the effect of the situation in Ukraine on our business, financial condition and results of operations; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a direct to consumer model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events such as war, health pandemics, climate change, macroeconomic events and the recent economic slowdown; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 28, 2024 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

    About Global-E Online Ltd.

    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,000 brands and retailers across the United States, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    Investor Contact:
    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    IR@global-e.com 
    +1 617-542-6180

    Press Contact:
    Sarah Schloss
    Headline Media
    Globale@headline.media 
    +1 786-233-7684 

    Global-E Online Ltd.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
     
        Period Ended  
        December 31,     December 31,  
        2023     2024  
              (Unaudited)  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 200,081     $ 250,773  
    Short-term deposits     96,939       187,322  
    Accounts receivable, net     27,841       41,171  
    Prepaid expenses and other current assets     63,967       84,613  
    Marketable securities     20,403       36,345  
    Funds receivable, including cash in banks     111,232       122,984  
    Total current assets     520,463       723,208  
    Property and equipment, net     10,236       10,440  
    Operating lease right-of-use assets     23,052       24,429  
    Long term deposits     3,552       3,786  
    Deferred contract acquisition costs, noncurrent     2,668       3,787  
    Other assets, noncurrent     4,078       4,527  
    Commercial agreement asset   192,721       66,527  
    Goodwill     367,566       367,566  
    Intangible assets     78,024       59,212  
    Total long-term assets     681,897       540,274  
    Total assets   $ 1,202,360     $ 1,263,482  
    Liabilities and Shareholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 50,943     $ 79,559  
    Accrued expenses and other current liabilities     107,306       141,551  
    Funds payable to Customers     111,232       122,984  
    Short term operating lease liabilities     4,031       4,347  
    Total current liabilities     273,512       348,441  
    Long-term liabilities:                
    Deferred tax liabilities     6,507       –  
    Long term operating lease liabilities     19,291       20,510  
    Other long-term liabilities     1,071       1,098  
    Total liabilities   $ 300,381     $ 370,049  
                     
    Shareholders’ deficit:                
    Share capital and additional paid-in capital     1,360,250       1,425,317  
    Accumulated comprehensive income     (1,420 )     515  
    Accumulated deficit     (456,851 )     (532,399 )
    Total shareholders’ (deficit) equity     901,979       893,433  
    Total liabilities and shareholders’ equity   $ 1,202,360     $ 1,263,482  
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except share and per share data)
     
        Three Months Ended   Year Ended  
        December 31,   December 31,  
        2023     2024     2023       2024  
        (Unaudited)           (Unaudited)  
    Revenue   $ 185,401     $ 262,912     $ 569,946       $ 752,764  
    Cost of revenue     109,080       144,253       336,343         413,331  
    Gross profit     76,321       118,659       233,603         339,433  
                                     
    Operating expenses:                                
    Research and development     25,169       28,284       97,568         105,487  
    Sales and marketing     58,756       70,936       217,035         250,661  
    General and administrative     15,451       14,257       56,059         51,213  
    Total operating expenses, net     99,376       113,477       370,662         407,361  
    Operating profit (loss)     (23,055 )     5,182       (137,059 )       (67,928 )
    Financial expenses (income), net     (5,010 )     6,073       (5,262 )       11,465  
    Loss before income taxes     (18,045 )     (891 )     (131,797 )       (79,393 )
    Income tax (benefit) expenses     4,055       (2,400 )     2,008         (3,845 )
    Net profit (loss) attributable to ordinary shareholders   $ (22,100 )   $ 1,509     $ (133,805 )     $ (75,548 )
    Net profit (loss) per share attributable to ordinary shareholders, basic   $ (0.13 )   $ 0.01     $ (0.81 )     $ (0.45 )
    Net profit (loss) per share attributable to ordinary shareholders, diluted   $ (0.13 )   $ 0.01     $ (0.81 )     $ (0.45 )
    Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic     165,626,904       168,419,800       164,353,909         167,323,350  
    Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted     165,626,904       175,674,929       164,353,909         167,323,350  
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
        Three Months Ended     Year Ended
        December 31,     December 31,
        2023     2024     2023     2024  
        (Unaudited)             (Unaudited)  
    Operating activities                                
    Net profit (loss)   $ (22,100 )   $ 1,509     $ (133,805 )   $ (75,548 )
    Adjustments to reconcile net profit (loss) to net cash provided by operating activities:                                
    Depreciation and amortization     489       547       1,788       2,131  
    Share-based compensation expenses     12,180       9,538       44,960       39,158  
    Commercial agreement asset     37,433       37,433       150,451       148,594  
    Amortization of intangible assets     5,091       4,402       20,434       18,812  
    Unrealized loss (gain) on foreign currency     (3,011 )     3,554       (1,901 )     4,468  
    Changes in accrued interest and exchange rate on short-term deposits     72       (1,373 )     (416 )     (1,329 )
    Changes in accrued interest and exchange rate on long-term deposits     (144 )     364       (255 )     200  
    Accounts receivable     (14,390 )     15,925       (11,417 )     (13,330 )
    Prepaid expenses and other assets     61       (24,164 )     (11,736 )     (18,019 )
    Funds receivable     (9,038 )     8,726       (11,074 )     (3,205 )
    Long-term receivables     (1,497 )     51       (339 )   551  
    Funds payable to customers     40,817       2,564       33,107       11,752  
    Operating lease ROU assets     786       991       3,230       3,691  
    Deferred contract acquisition costs     (772 )     (322 )     (1,207 )     (1,382 )
    Accounts payable     18,438       37,176       (1,277 )     28,617  
    Accrued expenses and other liabilities     25,345       35,945       30,625       34,272  
    Deferred taxes     3,635       (2,592 )     120       (6,507 )
    Operating lease liabilities     99       (987 )     (3,067 )     (3,533 )
    Net cash provided by operating activities     93,494       129,287       108,222       169,393  
    Investing activities                                
    Investment in marketable securities     (851 )     (18,331 )     (3,728 )     (21,128 )
    Proceeds from marketable securities   –     2,028         671       4,988  
    Investment in short-term deposits     (43,250 )     (77,848 )     (175,237 )     (269,601 )
    Proceeds from short-term deposits     34,318       22,298       125,068       180,548  
    Purchases of long-term investments     (4 )     (307 )     (82 )     (1,459 )
    Proceeds from long-term deposits     10       24       10       24  
    Purchases of property and equipment     (926 )     (482 )     (1,741)       (2,335 )
    Net cash used in investing activities     (10,703 )     (72,618 )     (55,039 )     (108,963 )
    Financing activities                                
    Proceeds from exercise of Warrants to ordinary shares     –     3       22     5  
    Proceeds from exercise of share options     244       1,632       1,969       3,271  
    Net cash provided by financing activities     244       1,635       1,991       3,276  
    Exchange rate differences on balances of cash, cash equivalents and restricted cash     3,011       (3,554 )     1,901       (4,468 )
    Net Increase in cash, cash equivalents, and restricted cash     86,046       54,750       57,075       59,238  
    Cash and cash equivalents and restricted cash—beginning of period     182,551       273,086       211,522       268,597  
    Cash and cash equivalents and restricted cash—end of period   $ 268,597     $ 327,835     $ 268,597     $ 327,835  
    Global-E Online Ltd.
    SELECTED OTHER DATA
    (In thousands)
     
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2023     2024     2023     2024  
        (Unaudited)     (Unaudited)  
    Key performance metrics            
    Gross Merchandise Value     1,189,467               1,712,903               3,557,444               4,857,970          
    Adjusted EBITDA (a)     35,178               57,102               92,735               140,767          
                                                                     
    Revenue by Category                                                                
    Service fees     89,936       49 %     117,268       45 %     262,255       46 %     350,311       47 %
    Fulfillment services     95,465       51 %     145,644       55 %     307,692       54 %     402,453       53 %
    Total revenue   $ 185,401       100 %   $ 262,912       100 %   $ 569,946       100 %   $ 752,764       100 %
                                                                     
    Revenue by merchant outbound region                                                                
    United States     94,887       51 %     146,250       56 %     285,619       50 %     399,596       53 %
    United Kingdom     54,962       30 %     55,807       21 %     173,584       30 %     182,904       24 %
    European Union     29,421       16 %     44,469       17 %     92,566       16 %     125,547       17 %
    Israel     479       0 %     1,671       1 %     1,806       0 %     2,746       0 %
    Other   5,652     3 %     14,715       5 %   16,371     3 %     41,971       6 %
    Total revenue   $ 185,401       100 %   $ 262,912       100 %   $ 569,946       100 %   $ 752,764       100 %

    (a) See reconciliation to adjusted EBITDA table

    Global-E Online Ltd.
    RECONCILIATION TO Non-GAAP GROSS PROFIT
    (In thousands)
     
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2023     2024     2023     2024  
      (Unaudited)
    Gross Profit     76,321       118,659       233,603       339,433  
                                     
    Amortization of acquired intangibles included in cost of revenue     2,796       2,198       11,183       9,994  
    Non-GAAP gross profit     79,117       120,857       244,786       349,427  
    Global-E Online Ltd.
    RECONCILIATION TO ADJUSTED EBITDA
    (In thousands)
     
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2023     2024     2023     2024    
        (Unaudited)  
    Operating profit (loss)     (23,055 )     5,182       (137,059 )     (67,928 )  
    (1) Stock-based compensation:                                
    Cost of revenue     186       275       639       929    
    Research and development     6,962       4,153       26,266       17,291    
    Selling and marketing     1,238       1,528       4,259       5,836    
    General and administrative     3,794       3,582       13,796       15,102    
    Total stock-based compensation     12,180       9,538       44,960       39,158    
                                     
    (2) Depreciation and amortization     489       547       1,788       2,131    
                                     
    (3) Commercial agreement asset amortization   37,433       37,433     150,451       148,594    
                                 
    (4) Amortization of acquired intangibles   5,091       4,402     20,434       18,812    
                                 
    (5) Merger related contingent consideration   3,040       –     12,161       –    
                                 
    Adjusted EBITDA     35,178       57,102       92,735       140,767    
    Global-E Online Ltd.
    RECONCILIATION TO FREE CASH FLOW
    (In thousands)
        Three Months Ended   Year Ended
        December 31,   December 31,
        2023     2024     2023     2024  
      (Unaudited)
    Net cash provided by operating activities     93,434       129,287       108,222       169,393  
    Less:                          
    Purchase of property and equipment     (926 )     (482 )     (1,741 )     (2,335 )
    Free cash flow     92,508       128,805       106,481       167,058  

    The MIL Network –

    February 20, 2025
  • MIL-OSI Russia: “The Most Comfortable Introduction to the Specialty”: Marketing Course from HSE

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    On March 10, HSE will launch an online course in strategic marketing and advertising, thanks to which students will be able to become “their own” in the professional community. Over six months of live and comfortable training, students will master the basic competencies and advanced skills necessary for an Internet marketer, and learn what is needed to prepare, launch and run marketing campaigns. What makes the program unique and why it is worth joining was explained by a professor at HSE in Nizhny Novgorod, head of the professional retraining program “Basic Marketing Course» Mikhail Shushkin.

    — Who is the HSE Basic Marketing Course intended for?

    — Firstly, for those who want to master a new profession of a marketer. Graduates of the program will be able to work both in agencies and in companies of various industries: banks, manufacturing, construction industry, retail, marketplaces, media projects, medicine, IT, tourism, restaurants and hotels. Marketers are needed everywhere.

    Secondly, for those who already work in the advertising industry and want to increase their value in the labor market or improve their knowledge of new marketing trends.

    HSE diplomas are highly valued by employers. This is because we provide only relevant tools. We are practitioners, we are inside the marketing industry, where everything changes every month. Therefore, we have the latest expertise and work with the newest tools.

    Thirdly, the course will be useful for small and medium business owners. Almost every business faces the problem of attracting new customers and retaining existing ones. Therefore, entrepreneurs inevitably interact with marketing. It is quite difficult to understand it on your own, and transferring all marketing tasks to one agency is not always effective. The marketing industry is quite complex, and the cost of advertising is constantly growing. In order to develop an effective marketing strategy and competently select contractors for various types of work, knowledge in the field of marketing is necessary.

    — What are the features of the program?

    — The program is implemented online in the form of live classes with teachers. This means a lot of interaction, feedback, case discussions, debates and practical blocks. 60% of the classes are practice.

    The distance format has a number of advantages. For example, your group can include students from different cities and countries. I will give an example from one of the classes. Classes start at 18:00 Moscow time. The teacher and students connect in advance, 10 minutes before the start. There is time to chat a little about life and marketing news. Ivan logs into the system and suggests watching the sunrise. Ivan is now in Los Angeles, he is a jazz musician. At this moment, Ekaterina shows the sunset in Kaliningrad. The “city game” begins: Beijing, Tashkent, Novosibirsk, Irkutsk, Yekaterinburg, Kazan, Nizhny Novgorod, Moscow, St. Petersburg, Belgrade, Madrid…

    — What industries do the program’s listeners come from?

    — Among them are employees of Gazprom, Baltika, LUKOIL, Magnit, X5, Dodo Pizza, Channel One, as well as theaters, universities (for example, Moscow State University), restaurants and cafes, IT businesses, startups and musical groups. Their basic education does not matter. Among our students are drilling rig operators in the Far North, sailors from the Far East, restaurant waiters in New Moscow, theater actors on Arbat and contextual advertising specialists in Moscow City. They are all united by an interest in marketing.

    Some people need marketing to build a career in their company, others – to develop their own business projects, and still others – to enter a new, highly paid and interesting profession.

    — Can a person without knowledge enter and successfully master the program?

    — Definitely yes! Often complex terms mean simple things. Working in classifieds, digital PR, retail media, analytical tools, castdev, building a customer journey map, digital advertising algorithms, SMM, brand pyramid, media plan, sales funnels, conversion, marketing metrics — all this is not as difficult as it seems. It sounds serious, but believe me, these are logical and easy-to-understand tools. Their competent use helps to develop your own business or improve the efficiency of the current one.

    The “language of marketers” is a separate topic altogether – it has become the subject of many memes and jokes. It seems that marketers deliberately use professional slang to create a closed club, like in youth culture. But in fact, these are convenient and standardized terms that help specialists from different cities and countries easily understand each other.

    — Who teaches the classes?

    — The next stream will be taught by marketers from companies such as MTS Ads, e-Promo, Dodo Pizza, Sber, and the NORMA agency. Among them are experts implementing marketing projects for LUKOIL, Mega shopping centers, Rostelecom, Alfa-Bank, and other companies.

    All teachers are active practitioners in their fields: marketing research, digital advertising, customer service, PR, branding, creation and implementation of advertising concepts and communication strategies.

    — What is the atmosphere like in the classes?

    — The atmosphere in the classes is comfortable, friendly, I would even say family-like. The teachers are deeply versed in their disciplines, as they are practitioners.

    Students do not feel pressure from teachers and classmates. The principle of the program is the most comfortable introduction to the specialty. Classmates and teachers are always ready to help and support each other.

    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 –

    February 20, 2025
  • MIL-OSI China: China to cut gasoline, diesel retail prices on Thursday

    Source: China State Council Information Office

    China will reduce the retail prices of gasoline and diesel on Thursday, the first such move this year, based on recent changes in international oil prices, the country’s top economic planner said on Wednesday.

    Gasoline prices will be slashed by 170 yuan (about 23.71 U.S. dollars) per tonne and diesel prices by 160 yuan per tonne, the National Development and Reform Commission (NDRC) revealed.

    China’s three biggest oil companies — China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation — as well as oil refineries, have been directed to maintain oil production and facilitate transportation to ensure stable supplies.

    Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.

    Relevant departments in various regions should intensify market supervision and inspection efforts, and implement strict measures to crack down on activities which violate national price policies to ensure market order, the NDRC said. 

    MIL OSI China News –

    February 20, 2025
  • MIL-OSI: NNIT A/S: Notice convening the annual general meeting for NNIT A/S

    Source: GlobeNewswire (MIL-OSI)

    The Board of Directors gives notice of the annual general meeting for NNIT A/S, company registration (CVR) no. 21 09 31 06 (the “Company”), to be held Thursday, March 13, 2025, 2:00 pm (CET) at Novo Holdings A/S, Tuborg Havnevej 19, DK-2900 Hellerup.

    The general meeting will for shareholders be webcasted live on the Company’s investor portal. It is not possible to vote or ask questions via webcast.

    The notice for the annual general meeting, including Appendix A: Candidates for (re-)election to the Board of Directors, is attached.

    For more information, please contact:

    Investor Relations
    Carsten Ringius
    EVP & CFO
    Tel: +45 3077 8888
    carr@nnit.com 

    Media Relations
    Sofie Mand Steffens
    Senior Communications Consultant
    Tel: +45 3077 8337
    smst@nnit.com 

    ABOUT NNIT

    NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.

    We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.

    We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.

    We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.

    NNIT consists of group company NNIT A/S, subsidiaries in Region Europe, Asia and US and subsidiary SCALES in Region Denmark. Together, these companies employ more than 1,700 people in Europe, Asia and USA.

    Attachments

    • NNIT – Notice to convene AGM 2025
    • Annex A – Board of Directors CV (UK)

    The MIL Network –

    February 20, 2025
  • MIL-OSI: DT Midstream Sets 2025 Annual Meeting Date

    Source: GlobeNewswire (MIL-OSI)

    DETROIT, Feb. 19, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) announced that its 2025 Annual Meeting of Stockholders will be Tuesday, May 6. Stockholders of record at the close of business Wednesday, March 12, 2025, are eligible to vote at the meeting.

    About DT Midstream

    DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

    The MIL Network –

    February 20, 2025
  • MIL-OSI Asia-Pac: Northern Metropolis advisors named

    Source: Hong Kong Information Services

    The Government today announced the appointment of non-official members to the Advisory Committee on the Northern Metropolis (ACNM) and its four sub-committees for a new term of two years.

         

    The newly appointed ACNM members are Cheng Jie, Lee Shing-put, Sunny Lee, Timothy Ma and Simon Ng, who will also serve on the respective sub-committees.

     

    Additionally, Prof Karl Tsim was newly appointed to the Sub-committee on Development of Industries as a co-opted member.

         

    Members will serve a new term of two years from February 10.

     

    The ACNM is chaired by Financial Secretary Paul Chan. The four sub-committees conduct in-depth discussions and provide recommendations in areas of planning, land and conservation; development of industries; transport and other infrastructure; and promotion and public engagement.

     

    Commenting on the appointments, Mr Chan said: “The development of the Northern Metropolis has been advancing on all fronts at full speed. The valuable insights provided by the ACNM members are instrumental in our work.”

     

    After thanking members of the last term for their contributions, the Financial Secretary expressed that he looks forward to working closely with members of the new term to continue promoting the advancement of the Northern Metropolis development.

    MIL OSI Asia Pacific News –

    February 20, 2025
  • MIL-OSI: WTW and Cornell University partner to predict drought and prepare for water scarcity

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, announced today a new scientific partnership with Cornell University to quantify the risks of severe and sustained drought worldwide. This collaboration will provide an in-depth view of global exposure to drought risks and the potential effects of water shortages on business operations.

    Around two-thirds of the global population live in places that encounter water stress for at least part of the year. When water supplies are further diminished by drought, many communities experience reduced agricultural yield, energy production, and slower economic growth. The adverse effects of drought are more serious in low-income and middle-income countries and are particularly disruptive to agriculture-dominated areas of the developing world.

    Climate change has already increased drought risks in many regions, but unfortunately even the latest generation of climate models still underestimate the potential severity, duration, and correlation of future droughts. Under this new initiative, WTW and Cornell University will collaborate to identify geographical ‘hotspots’ for climate-amplified drought, produce more accurate estimates of drought risk, and create new tools and datasets to anticipate single and multi-year drought. At Cornell, the research is supported by the Atkinson Center for Sustainability and led by Prof. Toby Ault, a leading global expert in future drought under climate change.

    Scott St. George, Head of Weather & Climate Research for the WTW Research Network, said, “Water is essential to all industries, so no one can afford to have drought take them by surprise. We know climate change has already supercharged droughts in some places — witness the ongoing drought in the American Southwest, now in its third decade. Prof. Ault and his team at Cornell will provide us with a clear view of the real risk of drought and water scarcity. Those insights are absolutely critical for our clients’ operations and planning in water-dependent sectors such as food and beverage, energy producers, and waterborne transport.”

    “We’re excited to work with WTW to translate cutting-edge climate science into actionable insights for the insurance industry,” said Prof. Toby Ault, Associate Professor in the Department of Earth and Atmospheric Sciences at Cornell University. “Our research has shown that traditional climate models often underestimate the risk of severe, prolonged droughts, particularly in regions already facing water stress. By combining our expertise in drought modeling with WTW’s industry knowledge, we can better prepare for the complex drought risks of the future.”

    About Cornell University
    Cornell University is an Ivy League and statutory land-grant research university located in Ithaca, New York. Founded in 1865, Cornell is consistently ranked among the world’s leading academic institutions, with strengths in atmospheric sciences, engineering, and environmental research. The university’s Department of Earth and Atmospheric Sciences is internationally recognized for its leadership work in climate science, drought research, and applied climatology.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.

    Media Contacts

    Sarah Booker
    Sarah.Booker@wtwco.com
    +44 20 3124 7671

    The MIL Network –

    February 20, 2025
  • MIL-OSI United Kingdom: Additional funding for Council’s digital inclusion programme.

    Source: City of Coventry

    Coventry City Council’s efforts to promote digital inclusion across the city have received a major funding boost.

    The Council’s digital inclusion programme, #CovConnects, has received £340,000 to support its ongoing work within in the city.

    The funding, which comes from the Government’s UK Shared Prosperity Fund and the West Midlands Combined Authority, will help the team secure 1250 Mi-Fi units which will be distributed through the programme’s #CovConnects Device Bank.

    Mi-fi units are small, portable devices which allow people to use 4g/5g units to connect to the internet. Each of the units comes with 2 years’ worth of unlimited data enabling residents to connect to the digital world. The mi-fi devices and sim cards have been provided thanks to the Council’s ongoing partnership with Vodafone.

    The Device Bank launched in July 2023 and has distributed over 3850 devices to organisations across the city. These devices are used by these groups to help support residents in their everyday lives allowing the most vulnerable in the city to complete everyday task such as online banking, filling our job applications and accessing vital NHS services.

    Cllr Richard Brown, Cabinet Member for Strategic Finance and Resources, said: “As an organisation, we’re committed to ensuring that as many residents as possible can access the digital world. This funding will help us do just that.

    “It will allow us to expand our efforts and get more of these devices into the hands of those who need it most. Having your own device, which you can use every day, is something that has the potential to completely transform your life. “

    Richard Parker, the Mayor of the West Midlands, said: “So much in life is reliant on us being online, whether that’s finding a job, booking a GP appointment, or managing finances. Too many people are still locked out of opportunities because they don’t have reliable internet or the right digital skills and this can be isolating. It’s why I want more people to have the digital access they need to get on in life. This scheme is a step towards breaking down those barriers, helping more people access the services, support, and training they need to build a better future.”

    The #CovConnects Device Bank is part funded by the UK Government through the UK Shared Prosperity Fund.

    To find out more about the device bank and applying for devices for your organisation, visit: #CovConnects Device Bank – Coventry City Council 

    The UK Shared Prosperity Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills. Please visit the UK Shared Prosperity Fund webpage for more information 

    Get in touch with us to find out more about the digital inclusion programme in Coventry, devices, data and skills provisions we can help with: covconnectsdigital@coventry.gov.uk 

    MIL OSI United Kingdom –

    February 20, 2025
  • MIL-OSI: Canadian Consumer Debt Continues to Grow Despite Macroeconomic Relief

    Source: GlobeNewswire (MIL-OSI)

    Key findings from TransUnion report:

    • Despite stabilization of macroeconomic conditions, total consumer debt and delinquency rates continue to rise
    • Gen Z consumers continue to drive credit market activity
    • Credit card balances hit new milestone of $124 billion and delinquency rates rise even as average monthly card spend declines

    TORONTO, Feb. 19, 2025 (GLOBE NEWSWIRE) — Total consumer debt in Canada hit a historic high of $2.5 trillion as outstanding balances across all credit products grew by 4.5% year-over-year (YoY) in Q4 2024, according to TransUnion’s Q4 2024 Credit Industry Insights Report (CIIR). Balances grew due to a combination of increases in both mortgage debt and non-mortgage debt. Non-mortgage debt increased 5.8% YoY with balances continuing to rise across revolving products in Q4 2024. Line of credit balances grew 4.2%, while credit card balances continued a more rapid pace of growth, increasing 9.2%. Although the rate of growth has been slowing, the overall increase remains significant.

    Credit participation grew by 2.5% YoY, with 32.3 million Canadians holding at least one open credit product, a trend fueled in part by the recent decline in interest rates and inflation. Millennial and Gen Z consumers were at the forefront of this increase, collectively holding $1.1 trillion in outstanding balances, a 10% rise YoY. Gen Z consumers were the fastest-growing segment, with a 29% increase in credit participation as they diversify their debt beyond credit card debt.

    Canada Consumer Credit Index Hits Lowest Level Since 2021

    The Canada Consumer Credit Index fell YoY to 99.8 in Q4 2024, its lowest December level since 2020. The decline indicates a deterioration in the overall health of the Canadian retail credit market, reflecting declining consumer behaviours and weakening market conditions. Although all elements of the index were lower than the prior years’ values, slowing balances, declining demand and continued increase in delinquency rates were the strongest drivers of the decline.

    Credit Card Market Growth Slowing

    Credit card balances continued to grow, marking 31 months of consecutive YoY balance growth. However, this growth has moderated in recent quarters, indicating a stabilization in the market may be expected in 2025.

    Bankcard originations trended lower in recent quarters, though totals remained elevated in comparison to pre-2018 levels. The recent decline in origination totals was seen across most risk tiers, with subprime leading the decline, influenced by the decrease in new Canadians entering the market after a significant reduction in immigration volume.

    In an effort to manage delinquency rates, lenders have become more conservative within their risk tier targets at origination. Overall, bankcard originations dropped by 3.7% YoY, with the largest decline led by subprime at 6.9% YoY, while prime and near prime consumers grew by 3.7% and 0.4% respectively. The risk mix of originated bankcard accounts and credit lines remains consistent with 2018 and 2019 levels, indicating market moderation, metric stabilization and reversion to more familiar business cycles.

    Originations growth fell across all generations. Gen Z showed the least year-over-year impact, remaining relatively flat at a decline of only 0.1% from prior year as more young adults in this generation continue to enter the credit market each year. The remaining generations saw a significant drop off from prior years, as demand in these groups for additional credit may have waned as the economy improved.

    Year-over-Year Card Origination by Generation
      Q3’22 – Q3’23 Q3’23 – Q3’24
    Baby Boomer 6.2%   -9.0%  
    Gen X 9.3%   -6.8%  
    Gen Y/Millennial 11.6%   -2.9%  
    Gen Z 28.5%   -0.1%  

    Lower inflation in recent quarters, combined with continued employment resiliency for consumers, may be driving consumers towards an improved financial health, where they balance their monthly expenses and monthly budgets. Reduced lender appetite may also play a role in this slowdown, resulting in a decrease in new credit card originations. However, despite the slowing of originations, credit card balance growth remained strong, up 9% YoY, though below the previous year’s 13% growth. The growth fueled a new balance milestone of $124 billion in Q4 2024. This was driven by higher revolving balances as consumers paid down a smaller portion of their balances. Approximately 64% of outstanding balances were revolving in Q4 2024 (+157 bp YoY) indicating that consumers are increasingly carrying balances on their cards from month to month.

    Average credit card debt per borrower hit $4,681 in Q4, but has also been slowing relative to prior years, with average debt per borrower rising 6.0% YoY in Q4 2024 as opposed to 7.2% the year prior. Prime and below risk segments are increasingly tapping into their available credit, highlighting potential pockets of growing financial needs and a greater dependence on revolving debt to cover daily expenses.

    Despite positive economic indicators, including lower interest rates boosting home-related purchases, ongoing economic uncertainty, and high prices for goods and services have continued to weigh on consumer spending decisions. There has been a corresponding drop-off in average monthly card spend, which fell 2.6% from prior year. Overall pressure on consumers related to the higher costs of living and lower savings rates contributed to a rise in bankcard delinquency rates. Bankcard serious consumer-level delinquency levels, defined as 90 or more days past due (DPD), continued to climb higher to 0.93% in Q2 2024, up 9 bps YoY.

    “In an environment where new account growth is slowing, credit card issuers need to focus on optimizing account management strategies,” said Matthew Fabian, director of financial services research and consulting at TransUnion Canada. “Strengthening customer loyalty, fostering prudent balance growth and engaging younger consumers to enhance lifetime value are crucial. Equally important is vigilant monitoring for early warning signs of rising delinquencies.”

    Credit Card Lending Metric (Bankcard) Q4 2024 Q4 2023 Q4 2022
    Number of Credit Cards (millions) 50.8 47.6 44.5
    New Card Originations (millions)* 1.8 1.9 1.7
    Average New Card Credit Limit* $5,963 $5,771 $5,688
    Total Credit Card Balances (Market) in $ billions $124.7 $114.2 $100.9
    Average Card Balance per Consumer $4,681 $4,430 $4,076
    Average Credit Limit Per Consumer $19,124 $17,973 $16,969
    Average Monthly Spend $2,136 $2,193 $2,137
    Consumer-Level Delinquency Rate (90+ DPD) 0.93% 0.84% 0.75%

    * Acquisition results are presented one quarter in arrears

    Non-Bankcard Delinquencies Also Increase Despite Economic Improvements

    The current economic landscape is unique in that, despite relatively stable employment, there has been a rise in consumer loan delinquency rates. Solid employment has been offset by high interest rates that have put pressure on consumer wallets.

    Overall serious consumer delinquency continues to rise on a year-over-year basis, up 16 basis points to 1.83% and reaching a five-year high, back on par with the pre-pandemic levels. From a demographic perspective, Gen Z consumers are driving high delinquency rates with delinquencies up YoY 26 bps to 2.74% in Q4 2024. Gen Z credit consumers generally have lower risk scores as they are new to credit and have a shorter lending history. They may also be feeling a greater impact from inflation and the high cost of living, which may strain their budgets. Lenders will need to continue applying advanced analytics to grow and retain this segment, as Gen Z will remain a growing proportion of new credit consumers over the next few years and ultimately will become core credit consumers throughout their lifecycle.


    YoY Growth in delinquency by Cohort and Risk Segment

    Q4 2023 – Q4 2024 (bps)
      Baby Boomer Gen X Millennial Gen Z
    Subprime 91 134 114 189
    Near Prime 11 12 9 14
    Prime 3 4 2 1

    “As the Canadian credit market expands, Gen Z consumers present a significant growth opportunity for lenders, especially through tailored credit card offerings,” Fabian said. “Gen Z are educated and active credit users with a growing propensity to utilize credit throughout their lifecycle. Early management is crucial, as credit cards can be a valuable financial tool for Gen Z when managed responsibly. By implementing strategies such as education and regular credit monitoring, credit cards can become an asset rather than a financial burden for Gen Z consumers, creating loyalty to lenders who provide those services.”

    ** All data is sourced from the TransUnion Canada consumer credit database.

    About TransUnion®(NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries, including Canada, where we’re the credit bureau of choice for the financial services ecosystem and most of Canada’s largest banks. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this by providing an actionable view of consumers, stewarded with care.

    Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    For more information visit: www.transunion.ca

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    The MIL Network –

    February 20, 2025
  • MIL-OSI: Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

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

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

    Financial Highlights

    Full year 2024

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

    3 months ending December 31, 2024

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

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

      For the twelve months ended   For the three months ended
     ($ millions) 31/12/2024 31/12/2023 % change 31/12/2024 31/12/2023 % change
    Revenue and Income 399 261 53% 104 77 35%
    Net Income 67 98 (32%) 8 16 (48%)
    Adjusted EBITDA 289 194 49% 65 50 31%
    Cash Flow from Operating Activities 193 150 29% 36 24 49%
    • In 2023 the net income contained substantial one-time items
    • A detailed analysis of financial results appears below

    2024 Guidance vs Actual Results

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

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

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

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

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

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

    Portfolio Review

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

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

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

    ________________________
    2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5
    3
    Does not include income from tax benefits for under construction and pre-construction projects.

    4 Based on the midpoint of 2025 guidance.

    • Operating component of the portfolio: 3 FGW
      • Start of commercial operations of 1.1 FGW in 2024, including projects Atrisco in the U.S., Pupin and Tapolca in Europe, the Israel Solar and Storage Cluster in MENA. These additions contribute approximately $100m to the annual revenue run rate.
    • Under Construction component of the portfolio: 1.8 FGW
      • Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; and a solar and storage cluster in Israel. 35% of the cluster is expected to reach operations in 2025, with the rest commissioning in 2026.
      • Projects under construction are expected to contribute $175m to the annual revenue run rate during their first full year of operation.
    • Pre-construction component of the portfolio: 3.8 FGW
      • Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $246m to revenues on an annualized basis.
      • Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25 and contribute $31m to revenues on an annualized basis.
    • Advanced Development component of the portfolio component: 7 FGW
      • 5.3 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
      • The U.S. portfolio includes several mega-projects and follow-ons to Mature projects, such as Cedar Island (1.4 FGW), Snowflake B (1.2 FGW), and Atrisco 2 (0.7 FGW).
      • These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
      • 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
      • 1 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.5 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.
    • Development component of the portfolio: 14.7 FGW
      • 10 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions.
      • 2.7 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
      • 2 FGW in MENA, focused on solar combined storage projects and stand alone storage facilities.

    Projected COD Timeline for the Mature Portfolio5

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

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

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

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

    Financing Activities

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

    2025 Guidance

    Construction and commissioning

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

    Financial guidance

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

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

    Financial Results Analysis

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

    Revenues & Income

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

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

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

    Net Income

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

    Adjusted EBITDA9

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

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

    Conference Call Information

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

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

    Supplemental Financial and Other Information

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

    Non-IFRS Financial Measures

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

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

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

    Special Note Regarding Forward-Looking Statements

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

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

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

    About Enlight

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

    Company Contacts

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

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

    Appendix 1 – Financial information

    Consolidated Statements of Income
           
        For the year ended at
    December 31
        2024   2023(*)
        USD in   USD in
        thousands   thousands
    Revenues   377,935   255,702
    Tax benefits   20,860   5,438
    Total revenues and income   398,795   261,140
             
    Cost of sales (**)   (80,696)   (52,794)
    Depreciation and amortization   (108,889)   (65,796)
    General and administrative expenses   (38,847)   (31,356)
    Development expenses   (11,601)   (6,347)
    Total operating expenses   (240,033)   (156,293)
    Gains from projects disposals   601   9,846
    Other income, net   16,172   43,450
    Operating profit   175,535   158,143
             
    Finance income   20,439   36,799
    Finance expenses   (107,844)   (68,143)
    Total finance expenses, net   (87,405)   (31,344)
             
    Profit before tax and equity loss   88,130   126,799
    Share of loss of equity accounted investees   (3,350)   (330)
    Profit before income taxes   84,780   126,469
    Taxes on income   (18,275)   (28,428)
    Profit for the year   66,505   98,041
             
    Profit for the year attributed to:        
    Owners of the Company   44,209   70,924
    Non-controlling interests   22,296   27,117
        66,505   98,041
    Earnings per ordinary share (in USD) with a par value of        
    NIS 0.1, attributable to owners of the parent Company:        
    Basic earnings per share   0.37   0.61
    Diluted earnings per share   0.36   0.57
    Weighted average of share capital used in the        
    calculation of earnings:        
    Basic per share   118,293,556   115,721,346
    Diluted per share   123,312,565   123,861,293
     

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

    (**) Excluding depreciation and amortization

    Consolidated Statements of Financial Position as of        
        December 31   December 31
        2024   2023
        USD in   USD in
        Thousands   Thousands
    Assets        
             
    Current assets        
    Cash and cash equivalents   387,427   403,805
    Deposits in banks   –   5,308
    Restricted cash   100,090   142,695
    Trade receivables   50,692   43,100
    Other receivables   99,651   60,691
    Current maturities of contract assets   –   8,070
    Other financial assets   975   976
    Assets of disposal groups classified as held for sale   81,661   –
    Total current assets   720,496   664,645
             
    Non-current assets        
    Restricted cash   48,251   38,891
    Other long-term receivables   61,045   32,540
    Deferred costs in respect of projects   357,358   271,424
    Deferred borrowing costs   276   493
    Loans to investee entities   18,112   35,878
    Contract assets   –   91,346
    Fixed assets, net   3,699,192   2,947,369
    Intangible assets, net   291,442   287,961
    Deferred taxes assets   10,744   9,134
    Right-of-use asset, net   210,941   121,348
    Financial assets at fair value through profit or loss   69,216   53,466
    Other financial assets   59,812   79,426
    Total non-current assets   4,826,389   3,969,276
             
    Total assets   5,546,885   4,633,921
    Consolidated Statements of Financial Position as of (Cont.)         
        December 31   December 31
        2024   2023
        USD in   USD in
        Thousands   Thousands
    Liabilities and equity    
             
    Current liabilities      
    Credit and current maturities of loans from        
    banks and other financial institutions   212,246   324,666
    Trade payables 161,991   105,574
    Other payables 107,825   103,622
    Current maturities of debentures   44,962   26,233
    Current maturities of lease liability   10,240   8,113
    Financial liabilities through profit or loss   –   13,860
    Other financial liabilities   8,141   1,224
    Liabilities of disposal groups classified as held for sale   46,635   –
    Total current liabilities   592,040   583,292
             
    Non-current liabilities    
    Debentures 433,994   293,751
    Other financial liabilities   107,865   62,020
    Convertible debentures   133,056   130,566
    Loans from banks and other financial institutions   1,996,137   1,702,925
    Loans from non-controlling interests   75,598   92,750
    Financial liabilities through profit or loss   25,844   34,524
    Deferred taxes liabilities   41,792   44,941
    Employee benefits 1,215   4,784
    Lease liability 211,941   119,484
    Deferred income related to tax equity   403,384   60,880
    Asset retirement obligation   83,085   68,047
    Total non-current liabilities   3,513,911   2,614,672
             
    Total liabilities 4,105,951   3,197,964
             
    Equity        
    Ordinary share capital   3,308   3,293
    Share premium 1,028,532   1,028,532
    Capital reserves 25,273   57,730
    Proceeds on account of convertible options   15,494   15,494
    Accumulated profit 107,919   63,710
    Equity attributable to shareholders of the Company   1,180,526   1,168,759
    Non-controlling interests   260,408   267,198
    Total equity 1,440,934   1,435,957
    Total liabilities and equity   5,546,885   4,633,921
    Consolidated Statements of Cash Flows    
         
      For the year ended at
    December 31
      2024 2023
      USD in USD in
      Thousands Thousands
         
    Cash flows for operating activities    
    Profit for the period 66,505 98,041
         
    Income and expenses not associated with cash flows:    
    Depreciation and amortization 108,889 65,796
    Finance expenses, net 83,560 28,805
    Share-based compensation 8,360 4,970
    Taxes on income 18,275 28,428
    Tax benefits (20,860) (5,438)
    Other income, net (4,963) (46,991)
    Company’s share in losses of investee partnerships 3,350 330
      196,611 75,900
         
    Changes in assets and liabilities items:    
    Change in other receivables 12,261 (3,241)
    Change in trade receivables (9,892) (2,841)
    Change in other payables 294 6,382
    Change in trade payables 746 15,474
      3,409 15,774
         
    Interest receipts 12,684 12,490
    Interest paid (74,891) (54,469)
    Income Tax paid (11,246) (12,236)
    Repayment of contract assets – 14,120
         
    Net cash from operating activities 193,072 149,620
         
    Cash flows for investing activities    
    Sale (Acquisition) of consolidated entities, net 1,871 (6,975)
    Changes in restricted cash and bank deposits, net 29,959 (53,131)
    Purchase, development, and construction in respect of projects (899,257) (730,976)
    Loans provided and Investment in investees (26,444) (28,174)
    Payments on account of acquisition of consolidated entity (32,777) (5,728)
    Proceeds from sale (purchase) of financial assets measured at fair value     
    through profit or loss, net (14,719) 26,919
    Net cash used in investing activities (941,367) (798,065)
    Consolidated Statements of Cash Flows (Cont.)   
      For the year ended at
    December 31
      2024  2023 
      USD in USD in
      Thousands Thousands
         
    Cash flows from financing activities    
    Receipt of loans from banks and other financial institutions 939,627 623,927
    Repayment of loans from banks and other financial institutions (699,586) (203,499)
    Issuance of debentures 177,914 83,038
    Repayment of debentures (26,016) (14,735)
    Dividends and distributions by subsidiaries to non-controlling interests (25,534) (13,328)
    Proceeds from investments by tax-equity investors 410,845 198,758
    Repayment of tax equity investment (839) (82,721)
    Deferred borrowing costs (21,637) (1,984)
    Receipt of loans from non-controlling interests – 274
    Repayment of loans from non-controlling interests (2,960) (1,485)
    Increase in holding rights of consolidated entity (169) –
    Issuance of shares – 266,451
    Exercise of share options 15 9
    Repayment of lease liability (5,852) (4,848)
    Proceeds from investment in entities by non-controlling interest 179 5,448
         
    Net cash from financing activities 745,987 855,305
         
    Increase (Decrease) in cash and cash equivalents (2,308) 206,860
         
    Balance of cash and cash equivalents at beginning of period 403,805 193,869
         
    Changes in cash of disposal groups classified as held for sale (5,753) –
         
    Effect of exchange rate fluctuations on cash and cash equivalents (8,317) 3,076
         
    Cash and cash equivalents at end of period 387,427 403,805

    Information related to Segmental Reporting

      For the year ended December 31, 2024
      MENA(**)   Europe(**)   USA   Total reportable segments   Others   Total
      USD in thousands
    Revenues 155,693   197,143   15,748   368,584   9,351   377,935
    Tax benefits –   –   20,860   20,860   –   20,860
    Total revenues and income 155,693   197,143   36,608   389,444   9,351   377,935
                           
    Segment adjusted EBITDA 123,724   165,385   33,539   322,648   4,141   326,789
       
    Reconciliations of unallocated amounts:  
    Headquarter costs (*) (37,774)
    Intersegment profit 100
    Depreciation and amortization and share-based compensation (117,249)
    Other incomes not attributed to segments 3,669
    Operating profit 175,535
    Finance income 20,439
    Finance expenses (107,844)
    Share in the losses of equity accounted investees (3,350)
    Profit before income taxes 84,780
     

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

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

    Information related to Segmental Reporting

      For the year ended December 31, 2023
      MENA   Europe   USA   Total reportable segments   Others   Total
      USD in thousands
    Revenues 67,687   177,471   2,274   247,432   8,270   255,702
    Tax benefits –   –   5,438   5,438   –   5,438
    Total revenues and income 67,687   177,471   7,712   252,870   8,270   261,140
                           
    Segment adjusted EBITDA 71,350   150,677   12,133   234,160   3,035   237,195
       
    Reconciliations of unallocated amounts:  
    Headquarter costs (*) (30,434)
    Intersegment profit 1,587
    Repayment of contract asset under concession arrangements (14,120)
    Depreciation and amortization and share-based compensation (70,766)
    Other incomes not attributed to segments 34,681
    Operating profit 158,143
    Finance income 36,799
    Finance expenses (68,143)
    Share in the losses of equity accounted investees (330)
    Profit before income taxes 126,469
     

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

    Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

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

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

    Appendix 3 – Debentures Covenants

    Debentures Covenants

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

    February 20, 2025
  • MIL-OSI United Kingdom: expert reaction to study looking at genetic and lifestyle factors, and premature death, ageing and age-related diseases

    Source: United Kingdom – Executive Government & Departments

    February 19, 2025

    A paper published in Nature Medicine looks at the contribution of genetic and lifestyle factors to risk of premature death, ageing, and age-related diseases. 

    Prof Felicity Gavins, Professor of Pharmacology at Brunel University of London, and Royal Society Wolfson Fellow, said:

    “This is an exciting study.  The fact that most of the risk factors identified are modifiable highlights an enormous opportunity for prevention.  By addressing social inequalities, promoting healthy behaviours and reducing harmful exposures, we can really make a meaningful difference in reducing age-related diseases and premature mortality.

    “However, some caution is needed.  This is an observational study, so further research is needed to confirm causal relationships, especially before any long-term policy changes are made.  Furthermore, targeted interventions will be essential to translating these findings into real-world impact.”

    Dr Stephen Burgess, Group Leader at the MRC Biostatistics Unit, University of Cambridge, said:

    “This is a large and detailed investigation into the predictors of major causes of mortality in a UK-based population.  It provides further demonstration supporting previous research that, in the majority of cases, our genes do not determine our future.  There are exceptions, including rare conditions that are caused by a single genetic variation.  But for the majority of conditions that Western people die from, disease risk is more strongly attributable to modifiable risk factors and our wider environment, as shaped by our upbringing and choices.  Genetics can load the dice, but it is up to us how we play our hand.

    “A limitation of the work is that it does not highlight particular risk factors, nor can it make specific causal claims about what would happen if we changed our risk factors and environment.”

    Prof Frances Flinter, Emeritus Professor of Clinical Genetics, Guy’s and St Thomas’ NHS Foundation Trust; and Member of the Nuffield Council on Bioethics, said:

    “This is a very impressive, thorough and detailed analysis of a vast amount of genetic and non-genetic data from the UK Biobank.  The authors compare the relative contributions to ageing and premature mortality of genetic susceptibility markers (polygenic risk scores) and environmental factors, which they refer to as the ‘exposome’ (including alcohol, diet, smoking, housing, type of heating, weight in childhood etc).

    “Overall, polygenic risk scores (PRS) for twenty-two major diseases explained less than 2% of additional variation in mortality, whereas the exposome explained 17%.  In particular, the exposome explained a greater proportion of the variation than polygenic risk scores for the incidence of disease of the lung, heart and liver, whereas polygenic risk scores explained a greater proportion of the variation than the exposome for dementia and breast, prostate and colorectal cancers.

    “The risk of premature mortality was lower in Black, Asian and ethnicities other than white, even after adjustment for socio-demographic deprivation factors, which is currently unexplained.

    “With so much focus on genetic determinism these days, it is good to be reminded of the significance of environmental contributions to health, particularly as the risk factors are known and many can be modified.”

    Prof Ilaria Bellantuono, Professor in Musculoskeletal Ageing; and Co-Director of The Healthy Lifespan Institute, University of Sheffield, said:

    “This important study comprehensively confirms what smaller studies have suggested: multiple socioeconomic and environmental factors significantly influence the risk of developing age-related diseases.  More critically, it highlights that health is shaped by multiple interacting factors.  This has important policy implications, meaning that policies targeting only one or two of these factors will have limited impact on extending healthspan.  The findings support the need for an integrated, multi-faceted approach to prevention and to identify the most influential domains for intervention (smoking, socioeconomic status and deprivation, physical activity, sleep and mental and physical wellness including tiredness, as well as early life exposures including height and body size at 10 years and maternal smoking around birth).

    “The study is rigorously conducted and transparently acknowledges its limitations, which are inevitable in research of this nature.”

    Dr Julian Mutz, King’s Prize Research Fellow at the Social, Genetic & Developmental Psychiatry Centre, King’s College London, said:

    “The study by Argentieri, van Duijn, and colleagues sought to tease apart the relative contributions of environmental exposures (termed the “exposome”) and genetic risk on biological ageing and premature mortality.

    “The authors analysed data from the UK Biobank, a unique resource with a wealth of information on sociodemographic characteristics, health records, genetics and biomarker data from half a million UK residents.

    “They employed a complex analytical design to identify environmental exposures that were independently associated with biological ageing (defined using a proteomic ageing clock that they developed in a previous high-profile study) and mortality, while minimising the risk of reverse causation, confounding and correlation between exposures.  The approach is elegant, though certain assumptions warrant caution.  For example, the finding that many exposures independently associated with mortality (e.g., diet or mental health) were not associated with the proteomic ageing clock (or had an association in the opposite direction) does not necessarily mean that these exposures do not impact ageing biology.

    “Key findings from the study were that a higher income, Asian or Black ethnic background, higher levels of physical activity and living with a partner were associated with lower mortality risk and a protein-predicted age younger than chronological age.  Smoking, living in council housing (reflecting socio-economic status) and the frequency of feeling tired were associated with higher mortality risk and a protein-predicted age older than chronological age.

    “Each of the 25 independent exposures that the authors identified was associated with incident diseases and ageing biomarkers.

    “To investigate the relative contribution of the environmental exposures compared to genetics, the authors calculated polygenic scores for 22 diseases.  Polygenic scores aggregate the small effects of many common genetic variants to estimate an individual’s predisposition to specific traits or diseases.  However, there are several caveats to this approach: first, polygenic scores only capture part of the genetic risk; and second, many environmental exposures also have a genetic component.  The broad headline of the press release that “environmental factors affect health and ageing more than our genes” should be viewed in light of these limitations.

    “One of the most interesting findings from this study is the comparison of the contributions of chronological age and sex (both non-modifiable risk factors), environmental exposures and polygenic scores across several disease endpoints.  For example, for certain diseases (e.g., dementia), genetics appears to be more important.

    “A key implication of the study is that there is a broad range of modifiable risk factors that could be targeted to reduce the risk of premature mortality and age-related disease.  How successful this will be remains to be seen.  We already know much about the health-promoting effects of lifestyle interventions, such as physical activity and smoking cessation, but a significant intention–behaviour gap remains.

    “The authors have, for the most part, carefully highlighted that the observed associations may not be causal.”

    Prof Kevin McConway, Emeritus Professor of Applied Statistics, Open University, said:

    “This new study involves a large dataset, using data from almost half a million participants in the UK Biobank, data on 164 different environmental exposures (using ‘exposure’ in the broad epidemiologists’ sense, from smoking and intake of various foods, to how plump they were at age 10, to their ethnicity) and (for some of them) genetic and blood measures too.  It’s big data, and the researchers use some big-data methods.

    “The aim was to quantify the contributions of environmental exposures and genetics to aging and premature mortality, taking into account many aspects of people’s environment rather than concentrating on a few risk factors determined in advance.

    “The results are interesting, and I think they do support the researchers’ view that we can learn more by looking at many environmental exposures together rather than trying to pick them off one (or a few) at a time.  However, there are some important limitations (as the researchers make clear).

    “It would be easy to dismiss this new research by saying that all they have really found is that, if you want to be healthy in old age, you need to give up smoking, do some exercise and not be poor, and we already knew that.  But that’s not (in my view) the important finding at all.  The important finding is that you get more by looking at more aspects of the environment, if you have enough good data to do that – but that needs careful statistical analysis, including aspects that this study could not do itself.  However I think there are good reasons not to pay too much attention to the exact numerical results in the paper, for reasons I’ll come to.

    “This is an observational study – the UK Biobank researchers did not choose how the participants acted, but only observed and recorded what they said and did.  Like all observational studies, the findings are about correlations and associations, not about cause and effect.  The statistical methods used by the researchers can’t determine whether the associations between exposures and ill health and mortality, that they observed, are there because the exposures cause the ill health and mortality.  They might, or they might not.

    “The way the researchers filtered out exposures that might have showed up as associated with ill health only because they were correlated with other exposures, or because the exposure was actually caused by ill health (reverse causation, as it’s called), does to some extent make it a bit more likely that the associations they mainly report on are ones of cause and effect – but they certainly can’t confirm that they are cause and effect.  The researchers say, in their conclusion, that their results indicate that interventions based on environmental exposures are possibly (my emphasis) the best starting point for improving age-related health, but they add that “future causal modelling [that is, research that specifically looks at cause and effect, which uses different methodology] will be needed to study specific exposures of interest.”

    “In view of these issues about cause, it’s unfortunate that the press release uses a lot of language that implies the associations are indeed reflecting cause and effect.  They talk about the impact of environmental factors on mortality and aging.  If something isn’t causing the ill health, ‘impact’ is the wrong word – if you change a factor that is correlated with ill health but doesn’t cause it, you won’t change the level of ill health.

    “And when the release says that environmental factors explained 17% of the variation in risk of death, compared to less than 2% for genetic predisposition, this is presenting a misleading picture of what is reported in the research paper.  The paper talks about additional mortality variation (in addition to the variation explained by age and biological sex, which are the most important factors, unsurprisingly, along with smoking).  And in this context, statisticians are using ‘variation explained’ to mean something statistically technical that has nothing direct to do with cause and effect, even though it sounds as if it does.

    “There are other important limitations.  The UK Biobank population isn’t typical of the general UK population.  And the exposures were all measured at only one time point, when people first entered the UK Biobank study.  Therefore, even though the UK Biobank is a major study that goes on through time, these findings can’t, for instance, look at the impact on ill health if someone gives up smoking, or becomes wealthier, or changes what they eat.  The researchers emphasise the importance of studying what leads to ill health across the life course, not just at one or a few time points, but like most studies using UK Biobank data, they could not actually do that in this study, beyond looking at some things that participants said about their childhood when they entered the study.

    “There is no implication that the 25 independent environmental factors that were identified in this research are the most important environmental factors, or the only important ones.  The filtering process that removed factors that might have been correlated to strongly with other factors, or might have been liable to reverse causation, may have removed some that were in fact important to health.  (I’m not saying that they should not have been removed, in the light of the overall aims of this study – just that removing them could have led to something being missed.)

    “And obviously the researchers could only take into account environmental exposures that were recorded in the UK Biobank data, and that’s not everything.  The early life exposures, mentioned in the press release and the paper as being important, were actually recorded alongside all the others when people entered the study, so based on what they recalled, and not actually followed up over time.

    “Ideally in a study like that using a big and complicated data set, researchers would model the data statistically using just part of the data set, and then check with the rest of the data set whether the findings hold and are not just a statistical fluke.  These researchers did that, splitting the data on English UK Biobank participants into two and checking the results from one half on the other half, and then checking several aspects of the statistical modelling by validating the results on data from UK Biobank participants in Scotland and Wales.  That’s good, but not ideal, because the Scottish and Welsh participants are likely to be too similar to the English participants to give an independent enough validation.

    “It’s interesting that the research paper says that they sought to validate the findings using a different study based in Rotterdam, which would have been much better than the Scottish and Welsh UK Biobank data.  But they could not do that because the Rotterdam study did not have enough recorded environmental exposures that matched those in the UK Biobank.  They point out that this is likely to be a more widespread problem, because there’s no standard way across different studies of this kind to choose which exposures to record, or how to define them.

    “I have to say that I personally wouldn’t pay too much attention to any of the exact figures on associations that are given in the paper.  That’s partly because of the limitations I’ve mentioned (and the researchers give more limitations in the paper).  But it’s mainly because the data set is big and complicated, and the statistical methods used involved many stages and are complicated.  The researchers had to make a long series of choices on which data to analyse and how to analyse it.  Another team of researchers would not have made the same choices in each case.  That doesn’t mean that this team is wrong and another team would be right – just that there often isn’t a clear best choice to be made.  And other choices would have led to different findings, in terms of the detailed numbers at least.

    “Statisticians sometimes refer to the series of choices of how to analyse a data set, not entirely seriously, as ‘researcher degrees of freedom’.  This study has a lot of researcher degrees of freedom.  The researchers did check out some of their choices by carrying out sensitivity analyses, but that doesn’t get near to dealing with every choice they had to make.  If time and money were no object, it would be very interesting to see what a different research team made of the same data – but in the real world, that’s not going to happen.

    “One final point about the press release.  It says that 23 of the 25 independent environmental factors, identified in the research as contributing to the association between environmental exposure and ill health, ‘are modifiable’.  The research paper says only that they are potentially modifiable.  This sounds like a nit-pick, and maybe it is – but look at the factors (in Figure 2d in the paper, which shows the 25 along with age and biological sex).  Smoking is modifiable, even if it can be hard for individuals to make that modification.  But for some of the others it’s not easy to see what the modification might be.  How do you modify things so that you are living with a partner, if you currently aren’t?  (Living with a partner is associated with better health.)  How do you modify how often you feel fed up, or how often you feel unenthusiastic?  These potential modifications could maybe be done, but saying they are ‘modifiable’ is too much of a simplification.  And it’s certainly important to understand that modifying some of them would be possible only by changes in society – it’s not just a question of individuals choosing what to do.  (It also bears repeating that this study, because of the issues about cause and effect, can’t actually tell us with any certainty whether modifying these facts would actually change health anyway.)”

    Dr Divyangana Rakesh, Lecturer and Researcher in the Department of Neuroimaging, Institute of Psychiatry, Psychology & Neuroscience, King’s College London, said:

    “This study makes clear just how much our environment shapes aging and mortality, and it is not surprising that environmental risk often outweighs genetic risk.  The authors used a rigorous approach to show that while genetics play a role in specific diseases, our environment – from socioeconomic status to lifestyle factors – shapes overall health trajectories in powerful ways.  We see this in developmental research as well, where environmental factors, including socioeconomic status and deprivation, play a crucial role in shaping children’s outcomes.  Findings like these reinforce the urgent need to address environmental determinants of health if we want to support healthy development and aging for everyone.”

    Prof Joyce Harper, Head of the Reproductive Science and Society Group, UCL Institute for Women’s Health, UCL, said:

    “This extensive study systematically examined environmental factors linked to aging using data from the UK Biobank.  The researchers conducted an exposome-wide analysis of all-cause mortality in a cohort of 492,567 individuals and investigated how these exposures influenced a proteomic age clock.  Their findings identified 25 independent environmental factors associated with both mortality risk and proteomic aging.

    “It is so great to see this brilliant study from Oxford Population Health.  In today’s society, so many are trying to get a quick fix to improve health and longevity, but this study and others are showing the importance of our lifestyle and environment on healthy aging.  It is the first study to show how the combined effect of individual exposures affects us through the life course.  I hope people are listening.”

    ‘Integrating the environmental and genetic architectures of aging and mortality’ by M. Austin Argentieri et al. was published in Nature Medicine at 10.00am UK time on Wednesday 19 February 2025.

    DOI: 10.1038/s41591-024-03483-9

    Declared interests

    Prof Felicity Gavins: “No conflicts.”

    Prof Frances Flinter: “No CoI.”

    Prof Ilaria Bellantuono: “I am funded by the Michael J Fox Foundation, Dunhill Medical Trust.  I co-lead UkAgeNet (https://ukagenet.co.uk/ ) and I am co-director of the Healthy Lifespan Institute.”

    Dr Julian Mutz: “I report no conflicts.”

    Prof Kevin McConway: “Previously a Trustee of the SMC and a member of its Advisory Committee.”

    Dr Divyangana Rakesh: “I have no conflicts of interest to declare.”

    Prof Joyce Harper: “No conflicts. I am writing a book on health and happiness over 50 but I do not think that conflicts.”

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI United Kingdom: Stoke-on-Trent and Staffordshire unveil new vision for better transport in the region

    Source: City of Stoke-on-Trent

    Published: Wednesday, 19th February 2025

    Stoke-on-Trent is set to give the green light to an ambitious vision of better transport across the city and wider county.

    The document – called the Joint Strategic Transport Statement – has been drawn up by senior leaders from Stoke-on-Trent City Council and Staffordshire County Council.

    It sets out a series of shared priorities that include:

    • Improving public transport – through greater rail capacity, a joined-up approach to growing bus use and regional integrated ticketing
    • Supporting zero-emission infrastructure – through measures including decarbonising bus and taxi fleets and increasing access to residential EV charging
    • Making the road network more efficient and safe – by maintaining and enhancing key road corridors, prioritising road safety through better design and enforcement and better management of traffic flows
    • Promoting active travel – by, for example, developing area cycle networks, improving active travel routes and delivering housing in locations that enable walking, wheeling and cycling
    • Investing in digital connectivity and modernisation – such as smart traffic management systems, better real-time travel information, and sharing data.

    Priority projects include a Bus Rapid Transport network across North Staffordshire, multi-modal upgrades of the A52 and A53 and a package of rail station improvements that includes Stoke-on-Trent and potential new stations at Meir and Etruria.

    Other projects include new mobility hubs for places without fixed bus services, a connected and segregated cycle network making use of the region’s extensive canal paths, an upgrade of junction 15 of the M6 and a bus-only link road at Newport Lane, which will help to open up job and economic opportunities at Etruria Valley.

    The statement also calls for “substantial” capacity and service improvements on the West Coast Main Line following the cancellation of the second phase of HS2. That would include more services stopping at Stoke-on-Trent and Staffordshire stations.

    And it makes the environmental as well as economic case for enhanced public transport – noting that 40 per cent of carbon from trips into, out of, and inside Staffordshire are from trips of under 10 miles.

    Councillor Finlay Gordon-McCusker, Stoke-on-Trent City Council’s cabinet member for transport, infrastructure and regeneration, said: “We’re already getting on with the job of improving transport in Stoke-on-Trent. Our Bus Service Improvement Plan has reduced fares and introduced new routes and technology to prioritise buses at key junctions – and our Transforming Cities Fund project is delivering major upgrades at Stoke-on-Trent Railway Station, which will make a real difference to passengers.

    “But we can’t afford build walls at our borders. The challenges we face – whether it’s fixing our roads, improving rail links, or making public transport a better option for more people – don’t stop at the city limits. If we want real progress, we need to work closely with our neighbours and push together for the investment we need.

    “That’s what this Joint Strategic Transport Statement is about. Devolution is a chance to take control of our own future, but it only works if we work together – and we will work together to get things done.

    “By strengthening our partnerships with Staffordshire County Council, transport operators and government, we can deliver a transport system that actually works for people – one that’s reliable, sustainable, and fit for the future. And when we do that, we don’t just improve transport, we unlock new jobs, attract investment and help Stoke-on-Trent and Staffordshire grow.”

    Staffordshire County Council’s cabinet member for strategic highways Mark Deaville said: “Our joint transport statement sets out a vision for Staffordshire and Stoke-on-Trent where we recognise that networks and operations span administrative borders.

    “Through close collaboration and by pooling our resources and knowledge, we can work effectively with central government and other key organisations, attracting the investment needed to improve transport corridors and both local and regional services.

    “We’re committed to creating an efficient and sustainable transport system for Staffordshire and Stoke-on-Trent. This will increase opportunities for our communities, boost economic growth and support carbon reduction, whilst optimising our central location and existing connectivity.”

    The Joint Strategic Transport Statement will be discussed at a Stoke-on-Trent City Council cabinet meeting on Tuesday 25 February.

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI United Kingdom: University takes leading role in boosting UK hydrogen distribution network A project that will help establish a sustainable distribution network of hydrogen in Scotland and across the UK has got underway at the University of Aberdeen.

    Source: University of Aberdeen

    New Materials and Methods for Hydrogen Transportation and Storage: Repurposing the Economic Future of the North Sea (MHYSTIC) will see existing energy asset and skills used to develop a suite of innovations that will boost the UK’s hydrogen distribution network.A project that will help establish a sustainable distribution network of hydrogen in Scotland and across the UK has got underway at the University of Aberdeen.
    Led by a team of researchers at the University of Aberdeen with expertise in chemical, mechanical and materials engineering along with economic analysis for field applications in geological settings, the MHYSTIC project is one of 10 selected by the UK-HyRES Flexible Fund to advance hydrogen and alternative liquid fuels technologies.
    The projects represent a broad spectrum of groundbreaking research, each aligned with the mission to accelerate the UK’s hydrogen transition and drive impactful scientific innovation. Collectively, nearly £3 million in funding has been awarded, enabling pioneering studies across multiple institutions and disciplines.
    New Materials and Methods for Hydrogen Transportation and Storage: Repurposing the Economic Future of the North Sea (MHYSTIC) will see existing energy asset and skills used to develop a suite of innovations that will boost the UK’s hydrogen distribution network.
    With support from international collaborators at the Lithuanian Energy Institute, industry partners including Aberdeen Renewable Energy Group, ABL Group, the European Marine Energy Centre, the Net Zero Technology Centre, John Lawrie Group, Statera Energy and  Dräger Ltd will also play a crucial role in developing and disseminating outputs from the project.

    The characterisation methods and models will reveal detailed mechanisms of H2 adsorption and material failure at a granular level, which will result in stepwise advances in knowledge with high academic impact and will help implement hydrogen economies in Scotland and the UK.” Project lead Dr Alfonso Martinez-Felipe

    “MHYSTIC is one of the only 10 projects funded in this first round of applications and will have research, commercial and societal impacts by transferring its innovations to productive actors involved in the project,” explained project lead Dr Alfonso Martinez-Felipe from the University’s School of Engineering.
    “The characterisation methods and models will reveal detailed mechanisms of H2 adsorption and material failure at a granular level, which will result in stepwise advances in knowledge with high academic impact and will help implement hydrogen economies in Scotland and the UK.”
    Dr Martinez-Felipe is joined by colleagues Dr Amin Sharifi, Dr M. Amir Siddiq, Dr Marcin Kapitaniak and Dr Mehmet Kartal, all from the School of Engineering; and Professor John Underhill, Director of the Interdisciplinary Center for Energy Transition at the University of Aberdeen.
    “Being the smallest molecule, hydrogen is prone to leakage. It also embrittles steel,” said Professor Underhill. “Consequently, it’s essential to find new materials for hydrogen’s safe and secure storage and transportation if it is to play a role in the energy transition, something this research will address.”
    UK-HyRES aims to define and tackle the research challenges blocking the wider use of low carbon fuels in the UK – funded by UK Research and Innovation (UKRI) through the Engineering and Physical Sciences Research Council (EPSRC). The project is expected to run for 2.5 years.

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI United Kingdom: Council to Launch a New Support Service to Help Keep Families Together

    Source: City of Liverpool

    Liverpool City Council and its partner agencies are set to introduce a transformative way of working to help families recovering from drug and alcohol addiction and who are receiving specialist care.  

    The Family Drug and Alcohol Court (FDAC) offers an alternative to the family court process by providing parents with specialised support to address the root causes of substance misuse. This approach helps families create a healthier, more stable future.

    Set to launch in April 2025, Liverpool will establish its own FDAC service at the Liverpool Civil and Family Court. 

    The Council’s Children’s and Public Health teams will work with partner agencies, including CAFCASS to develop a dedicated team of professionals, with the expert guidance of HHJ Parker, the Designated Family Judge for Cheshire and Merseyside, who has been a strong advocate for establishing FDAC for Liverpool families.

    This team will specialise in substance use, mental health, domestic abuse, and child protection, ensuring comprehensive assistance to families who are under specialist care.

    Parents will receive help and guidance to abstain from drugs and alcohol and are also provided with advice, treatment, and assistance in understanding and addressing any underlying issues.

    Families are also supported in fostering stronger relationships and developing a lifestyle that prioritises children’s needs. 

    The Council has seen a significant increase in care applications, with a 55% rise in cases from January to July 2024. 

    Nationally parental use of drugs and alcohol is estimated to be involved in two-thirds of care applications, making it a leading cause of child neglect and abuse.  

    The introduction of FDAC will help address these challenges by ensuring families receive the right support at the right time, ultimately aiming to reduce the number of children entering care. 

    Evidence from national research shows the effectiveness of FDACs: 

    • 52% of children with a primary carer in FDAC care proceedings were reunified, compared to 12.5% in non-FDAC cases. 
    • FDAC parents are more likely to sustain abstinence from substance use long-term, reducing the likelihood of repeat care proceedings. 
    • FDAC interventions lead to fewer contested hearings and shorter court proceedings, generating cost savings for local authorities and the judicial.

    Councillor Liz Parsons, Cabinet Member for Children and Young People’s Services, said: “Our children and young people deserve the best start in life, which means growing up in safe, stable, and loving homes. Introducing the Family Drug and Alcohol Court model represents a significant step forward in helping families overcome substance misuse challenges.  

    “By addressing the underlying causes that put families at risk, we’re providing them the opportunity to stay together and thrive. This approach not only eases pressure on the courts and vital services but, most importantly, puts our families’ needs first.” 

    Jenny Turnross Corporate Director of Children’s Services said: “The introduction of the Family Drug and Alcohol Court offers a real opportunity to give parents the support they need to turn their lives around. There is strong evidence that FDAC increases the chances of children being reunified with their parents. Additionally, parents in FDAC are more likely to achieve abstinence from substances by the end of proceedings.

    “By working closely with our partners, families can receive the wrap-around care they need to stay together and build a more stable future. We will continue to monitor outcomes to ensure the best possible support for families in our community.”

    Designated Family Judge for Cheshire and Merseyside, HHJ Steven Parker, said: “The establishment of the Family Drug and Alcohol Court (FDAC) in Liverpool represents a major achievement for the family justice system in this great city, and the realisation of a personal ambition as Designated Family Judge.

    “The intensive programme, run by a multi-disciplinary team, helps families affected by the complex challenges presented by the damaging effects of drug and alcohol abuse, domestic abuse, and mental health problems. We know this problem-solving approach works and gives families the best chance of staying together or being re-united, when it is safe and in the best interests of the children to do so.”

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI United Kingdom: Mayor to be grilled on final budget for 2025-26

    Source: Mayor of London

    The Mayor is responsible for overseeing a budget of over £20 billion, and published his final Draft Consolidated Budget for 2025-26 on Monday 17 February.1

    Key changes from the original draft Consolidated Budget published last month include:

    • Gross additional funding of £130m, however £26m of this has been allocated to cover the additional NI costs introduced by the Government on all employees across the Greater London Authority (GLA) Group in the Autumn 2024 Budget, which has not been covered by further funding.
    • The additional funding is mainly from further Government funding for policing of £73m, business rates £39m, and council tax £14m.
    • The policing funding includes a one-off grant of £50m in 2024-25 that will be carried forward to spend in 2025-26.
    • The majority of the additional funding has been allocated to the Mayor’s Office for Policing and Crime (MOPAC) which receives £83m.

    MOPAC has announced a projected net reduction of 1,479 officers by March 2026 and cuts to the Mounted branch, Dogs unit and closure of the Royal Parks Operational Command Unit. However, further calculations will be made to reflect the additional £83m announced in the Mayor’s final Draft Consolidated Budget.2

    Tomorrow, the London Assembly Budget and Performance Committee will meet to question the Mayor on his final draft budget.

    Guests include:

    • Sir Sadiq Khan, Mayor of London
    • David Bellamy, Mayor’s Chief of Staff
    • Fay Hammond, Chief Finance Officer, GLA

    The meeting will take place on Thursday 20 February from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

    Media and members of the public are invited to attend.

    The meeting can also be viewed LIVE or later via webcast or YouTube.

    Follow us @LondonAssembly.

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI Russia: Alexander Novak met with the Special Representative for Climate Change of the President of Kenya, Chairman of the African Group of Negotiators Ali Daoud Mohamed

    Translartion. Region: Russians Fedetion –

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

    Alexander Novak met with the Special Representative for Climate Change of the President of Kenya, Chairman of the African Group of Negotiators Ali Daoud Mohamed

    February 19, 2025

    Alexander Novak met with the Special Representative for Climate Change of the President of Kenya, Chairman of the African Group of Negotiators Ali Daoud Mohamed

    February 19, 2025

    Alexander Novak met with the Special Representative for Climate Change of the President of Kenya, Chairman of the African Group of Negotiators Ali Daoud Mohamed

    February 19, 2025

    Previous news Next news

    Alexander Novak met with the Special Representative for Climate Change of the President of Kenya, Chairman of the African Group of Negotiators Ali Daoud Mohamed

    Deputy Prime Minister of Russia Alexander Novak met with the Special Representative for Climate Change of the President of Kenya, Chairman of the African Group of Negotiators within the framework of the UN Framework Convention on Climate Change (UNFCCC) process Ali Daoud Mohamed.

    The parties discussed national efforts and international cooperation in implementing the goals of the Paris Agreement to limit global warming and climate change.

    The meeting also discussed cooperation in the carbon market, the need to take into account the contribution of forests to absorbing emissions, and the possibility of coordinating the efforts of Russia and African countries in matters of adaptation to climate change.

    Alexander Novak stressed the need to implement a smooth transition to a zero-emissions economy with equal access to modern technologies.

    “The transition to a low-carbon economy must be fair and take into account various national climate and natural conditions and development priorities. I believe that the transition to zero emissions will be gradual, using a wide range of technologies. Harmonious coexistence of both green and traditional energy, which can complement each other, is necessary. The transition from fossil fuels is not the only way to reduce emissions, but one of the possible ways. A ban on investment in projects related to the use of fossil fuels cannot be the basis for a fair transition,” said Alexander Novak.

    The Deputy Prime Minister noted the important role of the transition from coal to natural gas in the process of moving towards carbon neutrality. This allows for a significant reduction in greenhouse gas emissions and helps to overcome technological gaps.

    The meeting participants recognized that any unilateral barriers or artificial restrictions that hinder the achievement of climate goals are inappropriate, since global warming is one of the main challenges for future generations.

    Russia has emphasized its commitment to climate issues and intends to continue participating in the international dialogue on combating climate change regardless of the changing course of other countries. In total, Russia has already managed to reduce emissions by almost 70% compared to the 1990 level – this is an absolute record among all countries participating in the international climate agenda.

    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 –

    February 19, 2025
  • MIL-OSI China: Einstein Probe captures rare X-ray flash from binary star system

    Source: China State Council Information Office 2

    A Long March-2C carrier rocket carrying a new astronomical satellite named Einstein Probe (EP) blasts off from the Xichang Satellite Launch Center in southwest China’s Sichuan Province, Jan. 9, 2024. [Photo/Xinhua]
    China’s Einstein Probe (EP) astronomical satellite has captured an X-ray flash from a rare and elusive binary star system, offering new insights into the interaction and evolution of massive stars.
    The research, a collaboration between Chinese and international scientists, was published in the latest issue of The Astrophysical Journal Letters.
    The binary system consists of a large, hot star 12 times the mass of the Sun, and a compact white dwarf with a mass similar to that of the Sun but only the size of the Earth. Only a handful of such systems have been identified, and this is the first time scientists have tracked the X-ray light from the pair as it flared up and then faded.
    On May 27, 2024, the Wide-field X-ray Telescope (WXT) onboard the EP satellite detected X-rays from the Small Magellanic Cloud, a neighboring galaxy. To trace the source, identified as EP J0052, scientists used EP’s Follow-up X-ray Telescope (FXT) and also enlisted NASA’s Swift and NICER X-ray telescopes, as well as the European Space Agency (ESA)’s XMM-Newton telescope.
    Data analysis revealed the source to be a rare and intriguing celestial pair.
    “We realized that we were looking at something unusual, that only EP could catch. This is because, among current telescopes monitoring the X-ray sky, WXT is the only one that can see lower energy X-rays with sufficient sensitivity to catch the novel source,” says Alessio Marino, a researcher at the Institute of Space Sciences in Spain, and lead author of the study.
    “The unusual duo consists of a massive star that we call a ‘Be star,’ weighting 12 times the Sun, and a stellar ‘corpse’ known as a white dwarf, a compact and hyper-dense object, with a mass similar to that of our star,” explains Marino.
    The two stars orbit closely, with the white dwarf’s strong gravitational field pulling material from its companion. This process eventually leads to a catastrophic nuclear explosion, creating a bright flash across multiple wavelengths, including visible light, UV and X-rays.
    According to the scientists, the two stars’ interaction began with the larger star exhausting its nuclear fuel, shedding material onto its companion. As the Be star grew to 12 times the mass of the Sun, the remaining core of the other star collapsed into a white dwarf. Now, the white dwarf is pulling material from the Be star’s outer layers.
    “This study gives us new insights into a rarely observed phase of stellar evolution, which is the result of a complex exchange of material that must have happened among the two stars,” said Ashley Chrimes, an X-ray astronomer at ESA. “It’s fascinating to see how an interacting pair of massive stars can produce such an intriguing outcome.”
    Erik Kuulkers, ESA project scientist for EP, noted that outbursts from Be-white dwarf systems are extraordinarily difficult to observe. “The advent of EP offers the unique chance to spot these fleeting sources and test our understanding of how massive stars evolve.”
    The EP mission is one of a series of space science missions led by the Chinese Academy of Sciences. It is also an international collaboration mission with contributions from the ESA, the Max Planck Institute for Extraterrestrial Physics in Germany, and the French space agency CNES.
    Launched on Jan. 9, 2024, from Xichang Satellite Launch Center in Sichuan Province, southwest China, the EP satellite carries two scientific instruments: the WXT, which provides a wide view of the X-ray sky, and the FXT, which allows for detailed observation of transient sources detected by the WXT.
    EP is an international collaborative mission, and its science team comprises about 300 researchers worldwide. The recent publication of the first paper led by scientists from the ESA member states based on EP data highlights the project’s openness and collaborative spirit in scientific research, said Yuan Weimin, EP’s principal investigator.
    “We hope that the EP satellite will continue to provide invaluable observational datasets for the worldwide astronomical community, driving advancements in humanity’s understanding of the ever-changing universe,” he added.

    MIL OSI China News –

    February 19, 2025
  • MIL-OSI China: Researchers develop new frost-resistant sand-control agent

    Source: China State Council Information Office 2

    A Chinese research team has developed a chemical sand-fixation material suitable for use in cold desert regions, which is expected to serve as a new tool for sand control and desertification prevention in such areas.
    The application of chemical materials to stabilize shifting sands is one of the primary methods of desertification control. This approach involves the use of adhesive chemical substances to bind loose sand particles together, thereby mitigating encroachment by wind-blown sand.
    However, conventional chemical sand-fixation materials have been mainly designed for hot and arid regions. In colder, high-altitude or high-latitude desert regions, such as the Qinghai-Xizang Plateau and the Mongolian Plateau, which are located in northwest, southwest and north China, cooler temperatures often render traditional methods of sand control ineffective.
    Researchers from the Northwest Institute of Eco-Environment and Resources (NIEER), under the Chinese Academy of Sciences, modified cellulose acetate-based waterborne polyurethane sand-fixing agents by incorporating glycerol triglycidyl ether and glycerin to enhance frost resistance.
    Notably, cellulose acetate can be produced from the cellulose extracted from crop straw.
    Experiments have demonstrated that this novel frost-resistant sand-fixation agent exhibits excellent degradability, with the primary volatile substances released during thermal degradation being water vapor, ammonia and carbon dioxide — ensuring no environmental pollution.
    In addition, under low-temperature conditions of minus 20 degrees Celsius, the consolidation strength of this sand-fixation agent remains stable, a critical feature necessary for high-altitude and high-latitude desert regions.
    Field applications in Gonghe County, northwest China’s Qinghai Province, have proven that this agent not only effectively stabilizes shifting sands but also promotes plant growth, thus providing robust support for ecological restoration in desert areas.
    “The environmental conditions in cold desert regions are extremely harsh. Sand-fixation materials must not only possess strong low-temperature resistance but also exhibit excellent oxygen permeability and hydrophilic antifreeze properties — all without hindering the germination of plant seeds,” said Liu Benli, a researcher from the NIEER.
    Industrialization of this scientific research achievement will also promote the development of the environmentally friendly sand-fixation materials industry, Liu added.

    MIL OSI China News –

    February 19, 2025
  • MIL-OSI Economics: Spam and phishing in 2024

    Source: Securelist – Kaspersky

    Headline: Spam and phishing in 2024

    The year in figures

    • 27% of all emails sent worldwide and 48.57% of all emails sent in the Russian web segment were spam
    • 18% of all spam emails were sent from Russia
    • Kaspersky Mail Anti-Virus blocked 125,521,794 malicious email attachments
    • Our Anti-Phishing system thwarted 893,216,170 attempts to follow phishing links
    • Chat Protection in Kaspersky mobile solutions prevented more than 60,000 redirects via phishing links from Telegram

    Phishing and scams in 2024

    Phishing for travelers

    In 2024, cybercriminals targeted travel enthusiasts using fake hotel and airline booking websites. In one simple scheme, a fraudulent site asked users to enter their login credentials to complete their booking — these credentials ended up in criminal hands. Sometimes, the fake login form appeared under multiple brand names at once (for example, both Booking and Airbnb).

    Another scheme involved a more sophisticated fake site, where users could even select the purpose of their trip (business or leisure). To complete the booking, the scammers requested bank card details, claiming that a certain sum would be temporarily blocked on the account to verify the card’s authenticity. Legitimate booking services regularly request payment details, so the victim may not suspect anything in this case. To rush users into entering their data carelessly, on the phishing page, the scammers displayed warnings about dwindling accommodation availability and an imminent payment deadline for the booking. If the victim entered their data, the funds were not frozen but went straight into the criminals’ pockets.

    Cyberthreats in the travel sector affected not only tourists but also employees of travel agencies. By gaining access to a corporate account, criminals could conduct financial transactions on behalf of employees and gain access to large customer databases.

    Fake accommodation sites often sent messages to property owners, telling them to log in to “manage their property.” This scheme targeted people renting out their homes through online booking platforms.

    Other scam pages featured surveys, offering respondents gifts or prize draws for participating. In this case, victims risked both their credentials and their money. Such fake giveaways are a classic scam tactic. They are often timed to coincide with a significant date for the travel industry or a specific company. For example, the screenshot below shows an offer to take part in a giveaway of airline tickets to celebrate Ryanair’s birthday.

    After completing the survey, users may be asked to share the offer with a certain number of contacts, and then pay a small fee to receive the expensive gift. Of course, these prizes are non-existent.

    Trapped in social networks

    To steal credentials for social media and messenger accounts, scammers used another classic technique: asking users to verify themselves. In one scheme, the victim was redirected to a website that completely replicated WhatsApp’s design. The user entered their phone number and login code, handing their credentials straight over to the cybercriminals.

    Beyond verification scams, fraudsters also lured victims with attractive offers. For example, in the screenshot below, the victim is promised free Instagram followers.

    Some cybercriminals also used the promise of adult content to lure victims into entering their credentials in a fake authorization form.

    Other scammers took advantage of Facebook and Instagram being owned by the same company. On a fraudulent page, they claimed to offer a service that allowed users to find Instagram profiles by entering their Facebook login and password.

    Some scams offered users a surprise “gift” — a free Telegram Premium subscription. To enable the messenger’s premium features, the victim only had to enter their phone number and a one-time code on a fraudulent website.

    Some fake social media and messenger pages were designed not to steal login credentials but to install malware on victims’ devices. Taking advantage of the popularity of Facebook Lite for Android, scammers offered users a “more advanced official version”, claiming it had extra features missing in the original app. However, instead of an upgraded app, users downloaded malware onto their devices.

    Similarly, installing a supposedly free Telegram client with an activated Premium subscription often led to downloading malware.

    Social media business services were increasingly used as a pretext for credential theft, as they play a key role in developing and promoting businesses and are directly linked to financial operations. Cybercriminals tricked Telegram channel owners into logging in to a phishing platform imitating the official Telegram Ads tool, thereby stealing their Telegram credentials. To make the scam more convincing, the attackers detailed how Telegram advertising works and promised millions of ad views per month.

    TikTok users have also been targeted. TikTok Shop allows sellers to list curated products—items featured in videos—for potential buyers to find and purchase. Scammers created fake TikTok Shop pages to steal seller credentials, potentially leading to both reputational and financial damage.

    In another case, fraudsters informed Facebook fan page owners of unusual activity in their accounts. Potential victims were prompted to check their profile by entering their login credentials into a phishing form.

    Cryptocurrency: don’t mistake scams for real deals

    One of last year’s most sensational stories was the cryptocurrency game Hamster Kombat. This clicker game, simulating the creation of a crypto exchange in a gamified format, quickly attracted a massive audience. Players eagerly awaited the moment when the in-game coins could be exchanged for real virtual currency. But while the official listing was delayed, the fraudulent schemes wasted no time.

    Fraudsters claimed to offer cash-out services for in-game coins by converting them into rubles. To withdraw money, criminals claimed, users just had to log in through a fake Telegram page.

    The growing anticipation for the new cryptocurrency’s market launch was frequently exploited by cybercriminals to steal seed phrases from crypto wallets. Scammers announced an early token sale, requiring users to log in through a fake page to participate. Of course, there was no mention of such promotions on official resources.

    The popularity of Hamster Kombat was also abused in scam schemes. For example, users were offered access to a crypto wallet supposedly containing a significant sum in virtual coins. To claim it, the unsuspecting victims had to share information about the “opportunity” with a certain number of contacts in messaging apps. Having made their potential victim an accomplice in spreading false information, the scammers demanded a small commission for the withdrawal and disappeared with the stolen money.

    A more elaborate scam also aimed to trick users into paying a “commission”, but with a slightly different approach. First, visitors to the page were asked to register to learn about some new activity related to Hamster Kombat.

    Once registered, they were suddenly informed of having won a large amount of the HMSTR cryptocurrency supposedly as part of an experiment conducted on the platform. Exploiting uncertainty around the token’s listing, scammers urged victims to bypass the official trading launch and exchange their in-game currency for Bitcoin immediately.

    To make it more convincing, the page displayed an exchange rate at which the “prize” would be converted.

    However, after clicking the “Exchange coins” button, users were prompted to pay a commission for the service.

    Everyone who paid this fee lost their money and received no Bitcoin.

    Phishing attacks also targeted TON wallet users. In this case, scammers lured victims with promises of bonuses, requiring them to link their crypto wallets on fraudulent websites.

    TON cryptocurrency was also used as bait in scam schemes. In a classic scenario, users were promised a quick way to earn digital currency. Fraudsters advertised a cloud mining service that allegedly generated high profits without any effort. After registering, unsuspecting users could monitor their “earnings” but had to pay a commission in cryptocurrency to withdraw funds.

    Another “profitable” crypto scam resembled a Ponzi scheme: victims were required to recruit at least five new participants into the program—without receiving any money, of course. The scam site mimicked an online earning platform.

    Visitors were instructed to install Telegram and use an unofficial bot to activate a crypto wallet where profits would supposedly be deposited.

    According to the instructions, users then had to buy Toncoin and register in the program through a referral link from another participant. The scam worked by enticing people to make a small investment in the hopes of making big profits—the victims used their own funds to purchase the cryptocurrency for registration. But as with any pyramid scheme, only those at the top profited, while everyone else was left with nothing but empty dreams.

    All or nothing: multipurpose phishing

    Victims of phishing frequently included bank clients and users of government service portals. In such schemes, users first received a notification that they needed to update their account credentials. Cybercriminals used various communication channels to contact their victims: email, text messages, and chats in messaging apps. The victims were then led to fake sites where they were asked to provide their personal data. First, they entered their personal login credentials on the organization’s website.

    Next, they were prompted to provide their email account credentials. The scammers also attempted to collect identity document details and other data, including the bank card PIN code.

    Additionally, these phishing forms requested answers to security questions commonly used for additional verification in banking transactions.

    This way, the cybercriminals gained full access to the victim’s account. Even the PIN code could be useful for the scammers in gaining access to the account. Security questions served as an extra safeguard for fraudsters in case the bank’s security service detected suspicious activity.

    False idols

    Phishing schemes also exploited the images of real people. For example, users browsing YouTube could stumble upon ad videos of celebrities announcing giveaways for their fans. Clicking the link in such a video led users to a page containing a post supposedly from the celebrity’s social media account, explaining how to claim the prize. However, when attempting to collect the “winnings”, visitors were asked to pay a small commission—insignificant compared to the value of the “gift.” Needless to say, those who paid the fee lost their money. The prize never existed, and the video was nothing more than a deepfake.

    Spam in 2024

    Scams

    Token giveaway scam

    Throughout the year, we frequently encountered emails announcing fake cryptocurrency airdrops, allegedly from teams of well-known crypto projects. The recipients, referred to as the platform’s “most valuable users,” were invited to participate in an “exclusive” event as a thank you for their loyalty and exceptional engagement.

    New users unfamiliar with cryptocurrency were lured in with a unique opportunity to take part in the token giveaway and win a large sum—all they had to do was register on the platform, which was, of course, fake.

    Scammers in 2024 closely monitored cryptocurrency market news. For example, in the spring, ahead of Notcoin’s upcoming listing, scam messages appeared featuring countdown timers, urging potential victims to participate in an airdrop allegedly arranged just for them.

    Scam emails also targeted users of the cryptocurrency game Hamster Kombat, popular among Russian-speakers. Players eagerly awaited the HMSTR token listing, which was repeatedly postponed—a delay that scammers were quick to exploit. In the fall of 2024, they began sending emails pretending to be from the Hamster Kombat team, promising generous cash prizes if victims clicked a link to a fake game site.

    Similar offers were distributed via a fraudulent website mimicking a major cryptocurrency exchange. In both cases, to claim the coveted tokens, victims had to link their cryptocurrency wallets.

    “Nigerian” scam

    In 2024, the Nigerian scam remained popular among spammers. Furthermore, fraudsters used both time-tested and trending themes to deceive victims. Cybercriminals employed various tricks and manipulations to engage with email recipients, with the ultimate goal of extracting money.

    Most often, users were lured into classic schemes: fraudsters posed as terminally ill wealthy individuals seeking a worthy heir, lottery winners eager to share their prize, or investors offering opportunities in a promising business. Sometimes, to evade suspicion, scammers “rescued” their victims from other fraudsters and offered to compensate them for any financial losses. For example, in the summer of 2024, we came across an interesting case where an alleged victim of crypto fraud suggested that fellow sufferers contact a group of noble hackers for help recovering lost cryptocurrency.

    Some scam offers were quite unexpected, as they didn’t promise vast riches, and, therefore, might not attract such a wide audience. In mid-to-late 2024, we saw scam emails claiming to be looking for new owners for pianos due to relocation or the previous owner’s passing.

    We also encountered even more creative scam narratives. For example, an email allegedly sent from a secret society of Illuminati promising to share their wealth, power and fame if the recipients agree to join their grand brotherhood.

    Other “Nigerian” scam emails capitalized on current news events. Thus, the most talked-about event of 2024, the US presidential election, significantly influenced the types of scams we saw. For example, one scam email claimed that the recipients were incredibly lucky to be eligible to receive millions of dollars from Donald Trump’s foundation.

    Scam in the Russian segment

    Last year, the Russian segment of the internet was not spared from mass scam mailings. We frequently encountered schemes mimicking investment projects of major banks, promising users easy earnings and bonuses. Fraudsters also sent out emails with promotional offers from home appliance and electronics stores. Customers were informed of huge discounts on sales that were supposedly about to end.

    The links in such emails led to fraudulent websites that looked identical to legitimate online stores but stood out with extremely low prices. After paying for their desired items, customers lost their money, as orders were never actually placed.

    Beyond electronics, scammers also offered other discounted products. In one such campaign, users received an email advertising a sneaker store selling popular models at affordable prices.

    Judging by the technical headers of the emails, both the sneaker store and electronics store promotions were sent by the same fraudsters.

    Additionally, we came across emails offering recipients to apply for debit or credit cards under favorable conditions. Unlike the electronics and shoe sale scams, these messages were legitimate referral programs from major banks, which enterprising spammers tried to monetize. Technically, such emails are not scams, as their links lead to real banking websites, and recipients do not face any risks. However, senders profit from registrations via the referral program. Nevertheless, we do not recommend clicking links from unknown senders, as seemingly harmless emails from a referral platform could be phishing or scam messages.

    Emails with malicious links and attachments

    Password-protected archives

    In 2024, there was an increase in emails distributing password-protected archives containing malicious content. Sometimes, these files were included not as attachments but via download links, which also required a password. Presumably, this was the attackers’ attempt to bypass email security filters. Typically, the archive password was mentioned in the email text, and sometimes in the attachment’s filename. Notably, fraudsters often disguised malicious archives or links as files with other extensions, such as PDF, XLS, or DOC.

    Since April 2024, we have been recording similar distributions of files with the double extension .PDF.RAR, targeting employees of Russian companies in the government, financial, manufacturing, and energy sectors.

    We assume that these messages were sent from compromised email accounts of the recipients’ business partners. Some emails contained real correspondence, to which attackers replied with an email containing the malware. All the emails we examined in this campaign were unique. The attackers likely crafted messages to closely mimic the style of the compromised business partner.

    Similar messages containing malicious files were also found in other languages. However, unlike campaigns targeting Russian-speaking users, these had more general themes—attachments were disguised as invoices, commercial offers, supply orders, tender schedules, court notices, and other documents.

    Pre-trial claims and lawsuits

    Last year, attackers frequently threatened legal action to convince victims to click dangerous links or open malicious attachments. These messages primarily targeted Russian companies but were also observed in other languages. Typically, fraudsters posed as business partners, demanding debt repayment; otherwise, they “would be forced to take the matter to arbitration court.” In one such campaign, pre-trial claims in attachments were .DOC files containing VBA scripts. These scripts established connections with command servers and downloaded, saved, and executed malicious files on the victim’s device. Kaspersky’s products detect this payload with the verdict HEUR:Trojan-Downloader.MSOffice.Sload.gen.

    In some cases, cybercriminals gave no reason for their legal threats but instead attempted to shock victims with an already “filed” lawsuit to pressure them into opening the attachment. Of course, it contained malware.

    Emails with malicious SVG files

    According to our observations, the past year saw a rise in the distribution of malicious SVG files. Disguised as harmless images, these files contained scripts that downloaded and installed additional malware on the victim’s device. (Our solutions detect these scripts as Trojan.Script.Agent.sy and Trojan.Script.Agent.qe.) The emails we encountered were written in Spanish and posed as fake legal case notifications and court summons. The text included a password for opening the attached file.

    Threats to businesses

    Fake deals

    A special category of emails that users complained about in 2024 was requests for quotation from suspicious senders. These emails were sent either from free email addresses or recently created domains. Attackers signed the emails with the names of large companies, included links to their websites, and sometimes even used official company logos. These emails followed a uniform template: the “buyers” briefly introduced themselves, expressed interest in the recipient’s products, and requested a catalog or price list. Interestingly, the fraudsters did not seem to care about the type of goods involved.

    If the recipient responded, events could unfold in two ways. In some cases, after receiving a reply to the initial seemingly legitimate request, the fraudsters sent malicious attachments or links in the next email.

    In another scenario, the “buyers” engaged in further correspondence with their “potential partner”—the victim—discussing details and insisting on their conditions, including post-payment and requiring the seller to cover customs duties. This meant that the supplier bore all the risks of delivery and could lose their goods without receiving any payment.

    Facebook

    In the spring of 2024, we discovered an interesting phishing email scheme that leveraged legitimate Facebook notifications. The service sent entirely legitimate emails to users mentioned in threatening posts. The attackers used compromised Facebook accounts, renamed to “24 Hours Left To Request Review. See Why,” and changed the profile picture to an icon featuring an orange exclamation mark.

    Then, the fraudsters created posts on these pages tagging the business accounts of potential victims. The tagged users received notifications from the alarmingly-named pages.

    These posts contained more details than the emails: victims were warned about an impending account ban due to a complaint from another user. To dispute the ban for violating service terms, the recipient of the “notification” was required to follow a phishing link from the post—leading to a fake site with Meta logos that requested Facebook login credentials.

    We also found phishing emails containing legitimate Facebook links in October 2024, but this time without using the platform’s infrastructure. These emails contained notifications of lawsuits for copyright infringement and the removal of unlawful posts from the recipient’s profile. The target was warned that their personal and business pages would be blocked within 24 hours, pressuring them to take hasty and careless action.

    However, they were immediately offered the chance to appeal by contacting the “Appeal Support Center.” The link in the email led to a phishing site disguised as Meta’s support service, where the victim was also asked to enter their profile password. To make the phishing link more convincing, a legitimate mechanism for redirecting users to external Facebook resources was used.

    At the end of 2024, we noticed an email campaign targeting companies promoting their business pages on Facebook. These emails mimicked official Meta for Business notifications and threatened to block the user’s account and business page for violating the platform’s rules and community policies.

    To dispute these accusations, the fraudsters urged the profile owners to click a link to contact “Facebook support” in a legitimate messenger. However, in reality, the victim was communicating with the owner of a fan page called “Content Moderation Center,” imitating an official support service employee. The scam could have been identified by the “Fan Page” label in the chat, though it was easy to miss.

    News agenda

    In 2024, scammers continued to exploit news agenda in spam campaigns.

    During the UEFA Euro 2024 football championship in Germany, emails began to appear offering merchandise with UEFA EURO 2024 logos.

    After Pavel Durov’s arrest in Paris, we noticed English-language messages calling for donations to supposedly fund his legal defense.

    In the fall of last year, a scam campaign began circulating, offering not-yet-released MacBook Pro M4 devices at low prices or even for free. The links in these emails led to fake websites imitating major marketplaces.

    Before Black Friday, we recorded a surge in spam offering exclusive discounts. The links in these messages lured victims to sites disguised as marketplaces, electronics stores, and financial institutions.

    B2B spam campaigns

    Online promotion services

    One of the most common categories of spam email in 2024, complained of frequently by our corporate clients, was commercial offers for online promotion. Users were offered services such as creating or redesigning websites, setting up SEO tools, and purchasing databases with potential client contacts and other information. Other advertised services included guest post placement with backlinks to the client’s site, writing positive reviews, removing negative reviews, and creating personalized email campaigns. While these messages are not malicious or fraudulent, they are mass-distributed and unsolicited, causing inconvenience to users. The popularity of this type of spam is likely driven by the development of digital marketing tools and the search for new clients for small- and medium-sized businesses amid growing online competition.

    Buying likes and followers on social media

    We also frequently encountered business offers for the online promotion of company accounts on social media. Spammers sell fake likes and followers. They often pose as employees of real social media marketing firms, claiming to be industry leaders. At the end of their emails, the spammers included a link to a marketing platform and payment options for their services. One such campaign, which we observed throughout the past year and is still active, stood out due to the variety of languages used in the emails and the diversity of domain names. With these tactics, the spammers aimed to reach a global audience.

    AI in B2B emails

    The growing popularity of neural networks has led companies to actively integrate AI into their business processes. We assume that clients of such organizations, in turn, are drawn to service offers that incorporate neural networks. As a natural consequence of this trend, AI-driven solutions began appearing in spam campaigns advertising online marketing services.

    Spammers emphasized using AI, particularly ChatGPT, to perform various business tasks. We identified the following themes in these emails:

    • Attracting website traffic
    • Creating advanced lead generation strategies
    • Developing unique approaches tailored to a brand’s identity
    • Producing and publishing content
    • Launching personalized multi-channel marketing campaigns
    • Creating custom videos for YouTube channels

    Other topics also appeared in spam emails, but they all shared the same goal—enhancing business processes and attracting potential clients.

    Another particularly popular category of spam related to neural networks was advertising online events. Last year, we encountered numerous examples of emails promoting webinars about the promising capabilities and practical applications of AI in business operations.

    Targeted phishing in 2024

    In 2024, two main trends were observed in targeted phishing:

    1. Notifications on behalf of a company’s HR department. Employees were asked to fill out or sign a document, such as a vacation schedule, accessible via a link in an email. Sometimes, instead of routine requests, attackers resorted to more extravagant tactics—such as inviting employees to check if they were on a list of staff to be dismissed.

    Phishing email from HR

    In all these cases, the common factor was that clicking the link led the employee to a phishing login page instead of the actual corporate portal. Most often, attackers targeted Microsoft accounts, though some phishing forms mimicked internal corporate resources.

    Fake login form

    1. Emails from a seller to a buyer, or vice versa. One common scheme involved a buyer or seller asking the victim to review an offer or respond to questions about product delivery and required specifications. These emails contained attached documents that actually concealed phishing links.

    Example of a phishing email from a seller

    When attempting to open the attachment, the user was redirected to a phishing page. As in the previous case, these fake forms harvested Microsoft credentials and corporate account logins.

    Fake password entry form

    Statistics: phishing

    The number of phishing attacks in 2024 increased compared to the previous year. Kaspersky solutions blocked 893,216,170 attempts to follow phishing links—26% more than in 2023.

    Number of Anti-Phishing triggerings, 2024 (download)

    Map of phishing attacks

    Users from Peru (19.06%) encountered phishing most often. Greece (18.21%) ranked second, followed by Vietnam (17.53%) and Madagascar (17.17%). They are closely followed by Ecuador (16.90%), Lesotho (16.87%) and Somalia (16.70%). The final places in the TOP 10 are occupied by Brunei (16.55%), Tunisia (16.51%) and Kenya (16.38%).

    Country/territory Share of attacked users*
    Peru 19.06
    Greece 18.21
    Vietnam 17.53
    Madagascar 17.17
    Ecuador 16.90
    Lesotho 16.87
    Somalia 16.70
    Brunei 16.55
    Tunisia 16.51
    Kenya 16.38

    * Share of users who encountered phishing out of the total number of Kaspersky users in the country/territory, 2024

    Top-level domains

    The most common domain zone hosting phishing sites remains the COM zone (29.78%)—its popularity has increased one and a half times compared to 2023. In second place is the XYZ domain (7.10%), which ranked fifth last year, followed by TOP (6.97%), which retained its position in the top ten. Next, with a slight margin from each other, are the ONLINE (4.25%) and SITE (3.87%) domain zones, where phishing sites were less actively hosted last year. The Russian RU domain (2.23%) and the global NET domain (2.02%) are in sixth and seventh place, respectively. Following them are CLICK (1.41%) and INFO (1.35%)—the year before, these zones were not frequently used. Closing the top ten is another national domain: UK, with a share of 1.33%.

    Most frequent top-level domains for phishing pages, 2024 (download)

    Organizations targeted by phishing attacks

    The rating of organizations targeted by phishers is based on the detections of the deterministic component in the Anti-Phishing system on user computers. The component detects all pages with phishing content that the user has tried to open by following a link in an email message or on the web, as long as links to these pages are present in the Kaspersky database.

    In 2024, the highest number of attempts to access phishing links blocked by Kaspersky solutions was associated with pages imitating various web services (15.75%), surpassing global internet portals (13.88%), which held the top position in 2023. The third and fourth positions in last year’s top ten also swapped places: banks moved ahead (12.86%), overtaking online stores at 11.52%. Attackers were also interested in social media (8.35%) and messengers (7.98%): attacks targeting them strengthened their positions in the ranking. For websites imitating delivery services, we observed a decline in phishing activity (6.55%), while the share of payment systems remained unchanged at 5.82%. Also included in the list of the most frequently targeted organizations were online games (5.31%) and blogs (3.75%).

    Distribution of organizations targeted by phishers, by category, 2024 (download)

    Statistics: spam

    Share of spam in email traffic

    In 2024, spam emails accounted for 47.27% of the total global email traffic, an increase of 1.27 p.p. compared to the previous year. The lowest spam levels were recorded in October and November, with average shares dropping to 45.33% and 45.20%, respectively. In December, we observed a seemingly slight upward trend in junk emails, resulting in the fourth quarter of the year being the calmest. Spam activity peaked in the summer, with the highest number of emails recorded in June (49.52%) and July (49.27%).

    Share of spam in global email traffic, 2024 (download)

    In the Russian internet segment, the average spam share exceeded the global figure, reaching 48.57%, which is 1.98 p.p. higher than in 2023. As in the rest of the world, spammers were least active at the end of the year: in the fourth quarter, 45.14% of emails were spam. However, unlike global trends, in Runet, we recorded four months during which the spam share exceeded half of all traffic: March (51.01%), June (51.53%), July (51.02%), and September (51.25%). These figures identified the third quarter as the most active, with a share of 50.46%. December was the calmest month, and interestingly, despite spam levels being generally high or the same in Russia, the number of spam emails in December was lower than the global figure: 44.56%.

    Share of spam in Runet email traffic, 2024 (download)

    Countries and territories where spam originated

    We continue to observe an increase in the share of spam sent from Russia—from 31.45% to 36.18%. The United States and mainland China, which held second and third place last year, swapped positions, with China’s share increasing by 6 p.p. (17.11%) and the US share decreasing by 3 p.p. (8.40%). Kazakhstan, which entered the top twenty for the first time last year, rose from eighth to fourth place (3.82%), pushing Japan (2.93%) down, and causing Germany, previously in fifth place, to drop one position with a share of 2.10%. India’s share slightly decreased, but the country moved up two positions from last year to seventh place. Conversely, the amount of spam sent from Hong Kong more than doubled (1.75%), allowing this territory to take eighth place in the top twenty. Next come Brazil (1.44%) and the Netherlands (1.25%), whose shares continued to decline.

    TOP 20 countries and territories where spam originated in 2024 (download)

    Malicious email attachments

    In 2024, Kaspersky solutions detected 125,521,794 attempts to open malicious email attachments, ten million fewer than the previous year. Interestingly, one of the peaks in email antivirus detections occurred in April—in contrast to 2023, when this month had the lowest malicious activity. In January and December, we observed a relative decrease in detections, while increases were noted in spring and autumn.

    Number of email antivirus detections, 2024 (download)

    The most common malicious email attachments were Agensla stealers (6.51%), which ranked second last year. Next were Badun Trojans (4.51%), which spread in archives disguised as electronic documents. The Makoob family moved from eighth to third place (3.96%), displacing the Noon spyware (3.62%), which collects browser passwords and keystrokes. The malicious Badur PDFs, the most common attachments in 2023, dropped to fifth place with a 3.48% share, followed by phishing HTML forms from the Hoax.HTML.Phish family (2.93%). Next in line were Strab spyware Trojans (2.85%), capable of tracking keystrokes, taking screenshots, and performing other typical spyware actions. Rounding out the top ten were SAgent VBS scripts (2.75%), which were not as actively used last year, the Taskun family (2.75%), which maintained its previous share, and PDF documents containing phishing links, Hoax.PDF.Phish (2.11%).

    TOP 10 malware families distributed as email attachments, 2024 (download)

    The list of the most widespread malware reflects trends similar to the distribution of families, with a few exceptions: the Hoax.HTML.Phish variant of malicious HTML forms dropped two positions (2.20%), and instead of a specific Strab Trojan sample, the top ten included the ISO image Trojan.Win32.ISO.gen, distributed via email (1.39%).

    TOP 10 malicious programs distributed as email attachments, 2024 (download)

    Countries and territories targeted by malicious mailings

    In 2024, users in Russia continued to face malicious email attachments more frequently than other countries, although the share of email antivirus detections in this country decreased compared to last year, to 11.37%. China ranked second (10.96%), re-entering the top twenty after several years. Next came Spain (8.32%), Mexico (5.73%), and Turkey (5.05%), which dropped one position each with a slight decline in malicious attachments. Switzerland (4.82%) took sixth place, appearing in the ranking for the first time. Following them were Vietnam (3.68%), whose share declined, and the UAE (3.24%), which strengthened its position in the ranking. Also among frequent targets of malicious spam were users from Malaysia (2.99%) and Italy (2.54%).

    TOP 20 countries and territories targeted by malicious mailings, 2024 (download)

    Conclusion

    Political and economic crises will continue to provide new pretexts for fraudulent schemes. In some cases presented in the 2024 report, we can observe the “greed” of cybercriminals: the use of two different company brands on the same page; a credible fake of a resource aimed not at stealing credentials but at stealing money; comprehensive questionnaires that can lead not only to loss of access to funds but also to identity theft. Such multi-layered threats may become a new trend in phishing and scam attacks.

    We continue to observe major news events being exploited in spam campaigns that promise easy earnings and discounted goods or services. The growing user interest in artificial intelligence tools is actively being leveraged by spammers to attract an audience, and this trend will undoubtedly continue.

    MIL OSI Economics –

    February 19, 2025
  • MIL-OSI Russia: Polytechnic University and Rekond Plant Open Joint Laboratory

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Polytechnic University and the university’s industrial partner, JSC Rekond Plant, opened a joint laboratory at the Institute of Electronics and Telecommunications of SPbPU to study promising elements of the electronic component base (ECB) — capacitors and resistors — and to train highly qualified specialists in areas related to the plant’s activities.

    The Rekond plant provided the institute with modern, expensive equipment for free use: two units for measuring the electrophysical parameters of passive electronic components for capacitors and resistors.

    The laboratory was created within the framework of implementation of the roadmap of the strategic partnership between the university and the company based on the scientific laboratory “Passive Electronics (REKOND-Polytech)”, which has been operating since December 2024.

    “Today, students are interested in high-tech science-intensive production, and it is very pleasant that serious enterprises are ready to participate in the training of future personnel, a new generation of engineers,” said Maxim Pasholikov, Vice-Rector for Youth Policy and Communication Technologies at SPbPU, at the opening of the laboratory. “Thank you for fulfilling an important mentoring function for our youth by coming to our site and allowing them to work on such equipment.”

    Andrey Burlakov, assistant to the Plenipotentiary Representative of the President of the Russian Federation in the Northwestern Federal District, who was present at the opening, congratulated the representatives of the university and the plant on the beginning of a new stage of productive interaction and wished to develop cooperation.

    “We have been working closely with the university for a long time, we have established a dialogue, work that is aimed at creating new products within the framework of import substitution. The tasks and challenges that time throws at us show that we cannot exist separately, only together can we achieve good results, – is confident General Director of JSC “Rekond Plant” Yulia Novoselskaya. – We have a huge production base, accumulated experience, but without a scientific approach there will be no intensive development. We need new technologies and materials, and without qualified personnel that your university trains, we cannot move forward. Many students come for practical training, many stay to work. The guys have developed an interest in the industry, in the products that we produce, in the materials from which they are made. Of course, there is some lag behind foreign analogues. But with joint efforts we are reducing it. I invite all students to production, it will be interesting and useful for everyone.”

    Director of the Institute of Economics and Technology Alexander Korotkov noted that the opening of the laboratory took place in the anniversary year of the Polytechnic University and on the eve of the 126th anniversary of the university.

    “The basis of cooperation with the Rekond plant goes back to the times of the USSR, when it was still Positron, and our department of physics, dielectrics and polymers was fully oriented to the needs of the plant’s research activities,” recalled Alexander Stanislavovich. “And today, from our cooperation, we have received a synergistic effect, which allows us to train specialists for the Rekond plant at a new level.”

    “The university should go hand in hand with the industry, only in this case we can set ambitious goals and achieve them,” says Nadezhda Grashchenko, head of the Directorate of Basic Educational Programs. “Educational programs should meet the needs of partners, quickly respond to questions that are raised here and now, but at the same time calculate tasks three or four steps ahead. If we do not set this vector, we will not know where to move. And when new laboratories open, students have access to industrial equipment, such steps are much easier to take.”

    Representatives of other structural divisions of the university also dropped in on the opening. Acting Director of the Higher Engineering Physics School Roman Burkovsky noted that if 30 percent of Polytechnic University classrooms look like the new laboratory, more motivated students will come to the university.

    Photo archive

    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 –

    February 19, 2025
  • MIL-OSI Asia-Pac: HK committed to Web3 ecosystem

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan

    It is my pleasure to be here at Consensus Hong Kong 2025. Let me begin by expressing my heartfelt gratitude to CoinDesk for choosing Hong Kong as the first Asian city for hosting this iconic conference. Your decision underscores Hong Kong’s growing prominence as a global hub for Web3 and crypto innovation. This event also reflects our commitment to building a thriving digital asset ecosystem.

    Vast potential of Web3 and AI

    Consensus 2025 is a congregation of Web3 talent from around the world, and its agenda reflects the most pressing topics and trends in the Web3 space today. From the convergence of AI and blockchain to the tokenisation of real-world assets (RWA), crypto and consumers, and DeFi 2.0 (decentralised finance), the discussions here are set to shape the future landscape of digital finance and the digital economy.

    One of the most exciting developments is, of course, the intersection of AI and blockchain, where decentralised AI can unlock many new applications and opportunities. For example, AI can assist blockchain platforms in performing more accurate credit assessments, improving smart contract audits, providing tailored investment advice, and more.

    Globally, the application of Web3 in finance is gaining traction. Blockchain innovations not just reduce transaction costs but also enhance market transparency, and the efficiency and accessibility of financial services. Indeed, we are seeing more institutional adoption where traditional banks, asset managers and brokers increasingly integrate digital assets into their offerings. The benefits are clear. The World Economic Forum, for example, estimates that financial institutions could free up some US$100 billion per year by leveraging distributed ledger technology for collateral management.

    Hong Kong, with its advanced financial infrastructure and robust regulatory environment, is at the forefront of this transformation. Hong Kong has already made history by issuing the world’s first tokenised government green bonds in 2023, followed by a groundbreaking multi-currency issuance in 2024.

    Beyond finance, Web3 plus AI innovations are inspiring a host of applications in the real economy. From streamlining supply chain management to enhancing game players’ experience; and from improving healthcare management to making agricultural and industrial production more intelligent, they are empowering and transforming business operations and public services.

    Rapid tech innovation does not come without challenges. Often, the progress of innovation outpaces regulatory response, creating gaps that can lead to substantial risks. The fallout from several crypto exchanges’ failures in recent years serves as vivid reminders that we must pay attention to market integrity, investor protection, money laundering and cybersecurity risks, as financial products and services continue to innovate and digitalise.

    On a positive note, the history of financial innovations shows that we learnt and adapted fast, and put in better guardrails and became more resilient. The key to success lies in maintaining an open, fair, balanced and forward-looking regulatory approach that is conducive to the sustainable and responsible development of financial innovation, including Web3.

    Hong Kong’s unparalleled advantages

    This is the path taken by Hong Kong. While some major jurisdictions have recently begun to embrace cryptocurrencies, which has undoubtedly fuelled a boom of the crypto market, Hong Kong stands out as a market with consistent, predictable, forward-looking policies, and a balanced regulatory framework. For innovators and companies committed to building the future of Web3, or financial institutions looking to bridge traditional and digital finance, Hong Kong is where you want to be.

    Our regime is premised on the “same activity, same risk, same regulation” principle, which ensures a level playing field for all market participants. In this regard, Hong Kong has already put in place a licensing regime for digital asset trading platforms. Our Securities & Futures Commission has already issued nine such licences, with more in the pipeline. We are also advancing on the regulation of stable coins, and have introduced the relevant piece of legislation.

    To facilitate further innovation, regulatory sandboxes have been set up by our regulators to allow innovators to test and refine their ideas, and to get early regulatory feedback. Besides, initiatives like the Hong Kong Monetary Authority’s Project Ensemble are accelerating the development of tokenisation ecosystems, covering RWAs like fixed income, investment funds, green finance and trade finance.

    Indeed, this pro-innovation and collaborative regulatory approach is a unique value proposition of Hong Kong to Web3 innovators and participants.

    AI is constantly evolving and increasingly applied to finance. Its convergence with blockchain will create more use cases, with both new opportunities to be captured, and challenges to be addressed. Hong Kong has set out a clear policy stance on the use of AI in financial services. The Government and financial regulators are working closely with the industry to monitor technology and market development and establish a transparent supervisory framework.

    Hong Kong’s commitment to Web3 extends beyond regulation. We are investing heavily in the related infrastructure and talent development. Our Cyberport and Science Park have become vibrant hubs for Web3 innovation and fintech, while our universities and partnerships with the industry are nurturing generations of blockchain experts. Through talent admission schemes, we are also attracting top-notch professionals from around the world, ensuring that Hong Kong remains at the cutting edge of technological advancement.

    Concluding remarks

    Ladies and gentlemen, while the tides of change may ebb and flow, the quest for innovation has never stopped. The digital asset market today may somewhat resemble the early days of all great transformative paradigms: as new frontiers emerge, there will always be champions of progress and cautious observers. What remains true is that the market ultimately rewards those who dare to innovate, and adapt and persevere.

    The tides of change are upon us, and Hong Kong is ready to ride the wave. As the Web3 ecosystem continues to evolve, Hong Kong will remain a stable, open and vibrant market for digital assets. I am confident that global companies and institutions will join force with us to lead its development.

    Once again, my heartfelt thanks to CoinDesk for hosting this event in Hong Kong. I wish you all a productive and inspiring event over the next two days. And do remember to take some time to enjoy Hong Kong, Asia’s world city. Thank you.

    Financial Secretary Paul Chan gave these remarks at Consensus Hong Kong 2025 on February 19.

    MIL OSI Asia Pacific News –

    February 19, 2025
  • MIL-OSI Russia: TGK-1 to open high-tech auditorium at Polytechnic

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    TGK-1 and Peter the Great St. Petersburg Polytechnic University have entered into an agreement to provide services for the purpose of improving educational programs for students and programs for special training of power plant workers, as well as for the professional orientation of power engineering students for work in the TGK-1 group of companies.

    Under the agreement, Polytech will integrate cases from the actual operation of TGK-1 power plants into the educational process, offer options for using digital twins of thermal power plants developed by the university for TGK-1 in the educational process, and conduct a sociological study among students. Polytech will use the income from the provision of services to equip a special high-tech classroom designed to train future power engineers.

    We are extremely interested in the Polytechnic University’s competencies in training highly qualified power engineers, the opportunity, starting from the first years, to interact with students – potential employees of TGK-1, as well as competencies in the field of innovation. For our part, we contribute to the improvement of the material and educational base of the university, which improves the quality of training specialists. Such a mechanism of mutually beneficial cooperation can be used for other universities that are our support, – emphasized Eduard Lisitsky, Deputy Managing Director for Development and Property Management of PJSC TGK-1.

    Cooperation with TGK-1 is a strategically important step for the Institute of Power Engineering and the entire Polytechnic University. As an engineering university, we strive to bring the student’s experience as close as possible to solving real industry problems. And the implementation of cases and the use of digital twins are the necessary tools to achieve this goal. It is especially valuable that such a partnership will be able to give talented students the opportunity to meet and get a job at a leading energy company as part of career guidance and close interaction with professionals. We are grateful to TGK-1 for their support and joint development of the educational and scientific material and technical base. I am sure that this project will become a successful example of mutually beneficial cooperation, – noted Viktor Barskov, Director of the Institute of Power Engineering.

    PJSC TGK-1 (part of the Gazprom Energoholding Group) is a leading producer and supplier of electric and thermal energy in the North-West region of Russia. TGK-1 unites 52 power plants in four regions of Russia — St. Petersburg, Karelia, Leningrad and Murmansk regions.

    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 –

    February 19, 2025
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