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Category: Transport

  • MIL-OSI Russia: Six new regions of the Russian Federation are set to connect to Moscow’s AI medical services platform, MosMedAI

    Source: Center for Diagnostics and Telemedicine of the Moscow Health Department (MHD)

    The MosMedAI platform utilizes advanced artificial intelligence algorithms to assist healthcare professionals by highlighting potential pathologies in medical images through color-coded segmentation, along with generating radiology report.   These advanced solutions have undergone comprehensive testing and have been successfully implemented in hospitals for the past five years.

     Currently, over 75 percent of the country’s regions are utilizing medical services available on the MosMedAI platform. The integration of six new regions into this system marks a significant step toward the digital transformation of healthcare throughout the country. Sergey Sobyanin emphasized that the platform offers 17 AI-based services designed to enhance the speed and accuracy of diagnostic processes.

    The expansion of this AI-driven platform is part of a broader initiative to modernize healthcare delivery in Russia, improving access and quality for patients nationwide. This development was announced by the Mayor of Moscow, Sergey Sobyanin via his Telegram channel.

    MIL OSI Russia News –

  • MIL-OSI Russia: Moscow Leads in Transport Innovation with Autonomous Tram and Smart Contracts

    Source:  Moscow Metro

    Moscow continues to set new standards in transport innovation with the first autonomous tram, now insured using a smart contract. This milestone marks a first in Russia, made possible through a three-party agreement between the Moscow Metro, VTB Bank, and SOGAZ Insurance.

    Maksim Liksutov announced that the introduction of smart contract technology in urban transport insurance enhances transparency, efficiency, and security. The system allows for potential future transactions in digital rubles, aligning with Moscow’s broader push for technological advancements.

    Key benefits of smart contracts in transport insurance:

    Transparent execution and automation

    Elimination of human error

    Full control over targeted fund allocation

    “A smart contract is a self-executing algorithm that ensures all contractual obligations are met. This agreement became possible thanks to a collaboration between Moscow Mayor Sergey Sobyanin and the First Deputy Chairman of the Central Bank of Russia. By automating document workflows, we can accelerate contract execution and insurance settlements,” — said Maksim Liksutov.

    Moscow’s push for autonomous transport is driven by the Research and Development Center for Autonomous Transport, a hub for pioneering technological advancements. Located within the Moscow Center for Advanced Development in the Kuntsevo district, the facility was inaugurated by Mayor Sergey Sobyanin in May last year.

    The center is equipped with:

    A state-of-the-art laboratory for testing autopilot systems

    High-performance servers for tram behavior simulations and neural network training

    A 3D printer for prototyping sensor mounts and other components

    Experts at the center, many with backgrounds in leading Russian and international companies, are developing the software powering Moscow’s autonomous transport. Thanks to their work, the first autonomous tram in Russia has already been successfully launched.

    “This is a unique development for Europe, and it belongs entirely to the Moscow Government. We continue to lead in transport technology, integrating smart solutions that enhance efficiency and passenger experience,” — added Maksim Liksutov.

    MIL OSI Russia News –

  • MIL-OSI Europe: ASIA/INDIA – Food and “certain hope” for the poor, in the spirit of the Jubilee: the Capuchin mission in Tamil Nadu

    Source: Agenzia Fides – MIL OSI

    Dindigul (Agenzia Fides) – The “Assisi Free Food Support” initiative aims to offer food to the neediest students in rural areas, those who cannot afford even one meal a day, as well as to those who share this situation of deprivation. This initiative is launched today, February 5, at Anugraha College (whose name means “Providence of God”), a center run by the Capuchin Fathers in the diocese of Dindigul, in Tamil Nadu, and is presented as a prophetic gesture for the Jubilee Year. “We intend to demonstrate in a concrete way our closeness to the poorest, in the spirit of the Jubilee that announces hope to those in need,” says Father George Bernardshaw Jesudass OFM. Cap, director of the school, which houses 900 young people between 18 and 23 years old. The centre, dedicated to guiding students from rural families in their formation and higher education, is affiliated with the Kamaraj University of Madurai. “We are happy and receive support from both the friars of the Mary Queen of Peace Province and others, since any kind of help is prescious in order to generate a positive impact in the lives of our students and ensure the basis of food security necessary for study,” adds the friar, who is also Provincial Vicar. The initiative reflects the inclusive approach of the Indian Capuchins, especially in favour of the most disadvantaged in rural areas, without ethnic, cultural or caste distinctions. “When we are in heaven, the doors will be open to all, regardless of culture, language, social status or caste,” recalls Father Bernardshaw. “The caste mentality persists in society and even in some hierarchical structures of the Church, which represents a danger for the Catholic community. We, as Capuchin friars, do not impose barriers or hierarchies in our relationship with our neighbours; we are close to everyone and our doors remain open,” he says. The director reports that the province, made up of 150 Franciscan religious, is committed to various areas of the apostolate: “from aid and solidarity towards the needy, psychological and social counselling, the management of homes for abandoned elderly people and the mentally ill, to assistance to victims of addictions, especially among young people addicted to drugs or alcohol, without forgetting the important field of education, through schools that accompany the growth of students from rural families. This apostolate allows the friars to stay close to the people and to be widely appreciated.”“In the name of Francis of Assisi, we also try to give people that ‘certain hope’ that he preached,” explains the provincial father, Fr Arockiadoss Savarimuthu. The Capuchin friars have been present in India for almost 400 years. Their journey in the country is divided into four phases: at first, they were directly linked to the Sacred Congregation of Propaganda Fide (1632-1887); later, their missionary activities were promoted through provinces of other nations (1887-1982); then, with the birth of the “Commissariat of India”, Capuchin provinces were developed throughout the country (1922-1963); and, finally, the Indian Capuchins were consolidated and spread in their own land, also carrying out missions ad gentes (1963-today). During almost 400 years of mission, the friars have baptized thousands of people, founded various dioceses, contributed to the formation of the local clergy and erected 13 cathedrals, which remain a clear testimony of their dedication to the mission and to the Church in India. It is common for Capuchin convents to have annexes as charity centres, centres for social development and apostolic activities, also in the cultural field, through the publication of works of Franciscan theology and spirituality in the local language. Among the significant dates of this long history, the beginning of the Capuchin mission in India in 1632 stands out, marked by the landing of Brother Ephrem de Nevers, from France, in Madras, in the south of the country; and, later, in 1703, the missionary landing in Tibet and Nepal by Italian Capuchins from Le Marche area. In 2021, the friars celebrated the centenary of the opening of the first novitiate in India. (PA) (Agenzia Fides, 5/2/2025)
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  • MIL-OSI Europe: VATICAN/GENERAL AUDIENCE – Pope Francis: memory, mercy and promise are key words for the action of God in history

    Source: Agenzia Fides – MIL OSI

    Wednesday, 5 February 2025

    Vatican Media

    Vatican City (Agenzia Fides) – Memory, mercy, promise: these are the three key words for those who, like the Virgin Mary, recognize the action of God the Father in the history of humanity, said Pope Francis during today’s general audience in the Paul VI Hall.The Pope, who had a cold, did not read the text of the catechesis himself: “I apologize,” explained Pope Francis, “because with this severe cold it is difficult for me to speak.” A member of the Secretariat of State read the address for the Pope, which dealt with the themes “Blessed is she who believed,” the Visitation and the Magnificat.When the Virgin Mary visits Saint Elizabeth, the Bishop of Rome said, “it is above all Jesus who visits his people in the womb of his mother… Mary sets out, she does not choose to protect herself from the world, she does not fear danger or the judgment of others, but goes out to meet people.” Because “when you feel loved, you experience a strength that carries love forward. As the Apostle Paul says, ‘the love of Christ compels us’ (2 Cor 5:14), it pushes us, it moves us.”The meeting of the two women, Mary and Elizabeth, “has an astonishing effect: the voice of the ‘full of grace’ who greets Elizabeth provokes a prophetic movement in the child in her womb and causes Elizabeth to pronounce a double blessing (“Blessed are you among women, and blessed is the fruit of your womb”). And a beatitude (“Blessed is she who believed that what the Lord had spoken to her would be fulfilled”). “In the face of the recognition of the messianic identity of her Son and her own vocation as a mother, Mary does not speak of herself but of God. She raises a hymn full of faith, hope and joy, a song that resounds daily in the evening prayer of the Church: the Magnificat,” said the Pope.This praise “is permeated with biblical echoes, a sign that Mary does not want to ‘fall out of line’ but rather to harmonize with the Fathers and to praise God’s mercy for the humble.” The strong presence of the Easter motif makes the Magnificat “also a song of redemption. The verbs are all in the past,” explained the Pope, because they are “permeated by a loving memory that fills the present with faith and illuminates the future with hope: Mary sings of the grace of the past, but she is also the woman of the present who carries the future in her womb.”And while the first part of the canticle “praises the action of God in Mary, who, as a microcosm of the people of God, follows the covenant perfectly”, the second part expands “to the work of the Father in the macrocosm of the history of his children” and “unfolds around three key concepts: memory – mercy – promise”.God has indeed “saved his people, beginning with the Exodus, and has let a continuous stream of merciful love flow over his covenant people ‘from generation to generation’, and now reveals the fullness of salvation in his Son, whom he sent to redeem his people from their sins. From Abraham to Jesus Christ and to the community of believers, Easter appears as the key hermeneutical dimension to understand each subsequent liberation, up to that accomplished by the Messiah in the fullness of time”, the Pope concluded.Only at the end of the audience, during the greetings in Italian, did the Pope take the floor again to repeat the appeal for peace in the clearest possible terms: “Let us think of the countries where war is raging: the tormented Ukraine, Israel, Sudan, so many countries that are suffering there. Let us think of the displaced people in Palestine and let us pray for them,” said the Pope. Shortly before, in the greetings in Polish, Don Giroli read another prayer intention of the Pope for peace: “I encourage you to pray for the priests and consecrated men and women who carry out their ministry in poor and war-torn countries, especially in Ukraine, the Middle East and the Democratic Republic of Congo. For many, this presence is proof that God is thinking of them.” (F.B.) (Agenzia Fides, 5/2/2025)
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  • MIL-OSI Europe: AFRICA/SOUTH SUDAN – Local health authorities forced to suspend HIV & AIDS program in Yambio: thousands of lives at risk

    Source: Agenzia Fides – MIL OSI

    Wednesday, 5 February 2025

    Yambio (Agenzia Fides) – The suspension of the HIV & AIDS program in Yambio has placed thousands of lives at risk. Healthcare workers, patients, and local authorities are now calling for urgent intervention to restore funding and ensure continued access to life-saving treatment.Following the decision to halt the activities of the United States Agency for International Development (USAID) for 90 days, which makes the United States the main country for providing humanitarian aid, the Western Equatoria State Ministry of Health has confirmed the suspension of the HIV & AIDS program in Yambio due to funding cuts from the United States, leaving thousands of vulnerable individuals uncertain about their future.“The program was halted following decisions from the United States. I spoke with the program director of CMMB Yambio, and they assured me that discussions are ongoing. We expect to receive further updates soon,” said Health Minister James Abdallah Arona to the local press.The Minister expressed concern about the impact of the decision, emphasizing that the program was heavily reliant on international donors, including USAID and Sweden. “If funding stops, people will suffer. I urge the national government and our partners to engage donors to ensure continued support for our vulnerable population,” said Arona.According to reports, the HIV/AIDS prevalence in Western Equatoria is 6.8%. This is higher than the prevalence in the other states of the greater Equatoria region, which are Central Equatoria (3.1%) and Eastern Equatoria (4.0%).“We were instructed to halt all ongoing services. Before closing, we informed all county health departments about the development,” said the Prevention of Mother-to-Child Transmission (PMTCT) clinician from CMMB Yambio, Henry Biata Nzari. “The government must act swiftly to prevent further suffering. The community is highly vulnerable, and the impact of this suspension could be devastating,” he stressed.USAID was founded in 1961 with the aim of fighting global poverty, providing humanitarian assistance to countries affected by conflict or health emergencies, and supporting the development of democratic societies by improving their potential. Since the 1980s, USAID has worked in the areas of food security, the right to education and humanitarian assistance, focusing on combating the spread of pandemic threats and diseases such as HIV and malaria, as well as supporting maternal and child health. (AP) (Agenzia Fides, 5/2/2025)
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  • MIL-OSI Security: Kanawha County Man Pleads Guilty to Federal Gun Crime

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    CHARLESTON, W.Va. – Jason Douglas MaComber, 52, of St. Albans, pleaded guilty today to being a felon in possession of a firearm.

    According to court documents and statements made in court, on June 12, 2023, MaComber possessed a Remington model 870 Wingmaster 12-gauge shotgun in St. Albans.

    Federal law prohibits a person with a prior felony conviction from possessing a firearm or ammunition. MaComber knew he was prohibited from possessing a firearm because of his prior felony convictions for possession of dangerous drugs/controlled substances on November 20, 2007, possession of a firearm by a felon on June 24, 2014, and illegal firearm transportation on July 1, 2019, all in San Bernardino, California, Superior Court.

    The shotgun had a modified and shortened barrel. The short-barreled shotgun was not registered to MaComber in the National Firearms Registration and Transfer Record as required by federal law.

    MaComber is scheduled to be sentenced on April 22, 2025, and faces a maximum penalty of 15 years in prison, up to three years of supervised release, and a $250,000 fine.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the South Charleston Police Department and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

    United States District Judge Joseph R. Goodwin presided over the hearing. Assistant United States Attorney JC MacCallum is prosecuting the case.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-148.

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    MIL Security OSI –

  • MIL-OSI: Dayforce Reports Fourth Quarter and Full Year 2024 Results1

    Source: GlobeNewswire (MIL-OSI)

    Dayforce® recurring revenue of $347.9 million, up 19% year-over-year in the fourth quarter

    Total revenue of $465.2 million, up 16% year-over-year in the fourth quarter

    Full year 2024 net cash provided by operating activities of $281.1 million, up 28%

    Annual Dayforce gross revenue retention rate of 98%

    MINNEAPOLIS and TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) — Dayforce, Inc. (“Dayforce” or the “Company”) (NYSE:DAY) (TSX:DAY), a global leader in human capital management (“HCM”) technology, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2024.

    “2024 was a year of outstanding progress and innovation for Dayforce. We launched the Dayforce brand, maintained our product positioning as leaders in HCM, and drove significant innovation to help our customers achieve their best work,” said David Ossip, Chair and CEO of Dayforce. “We are optimistic about 2025 as current and prospective customers continue to recognize the value the Dayforce platform provides as they streamline HCM processes and navigate compliance complexities.”

    “The fourth quarter of 2024 was the strongest sales quarter in our history – helping us close out a successful year with robust growth across both new business and add-on sales,” said Stephen Holdridge, President and COO of Dayforce. “We saw a healthy mix of enterprise, major-market, and global sales on top of annual gross retention rate of 98% – another company record. This momentum, alongside the strength of our sales pipeline, gives us great confidence in our right to continue winning in 2025.” 

    “Looking out to 2025, we plan to continue executing on the vision laid out during our November investor day, operating the business for optimal cash generation while maintaining our pace of innovation and high levels of customer success,” said Jeremy Johnson, CFO of Dayforce. “I’m pleased that we are starting the year with demonstrable progress toward our profitability goals, raising our 2025 Adjusted EBITDA guidance 100 basis points to 32%.”

    Financial Highlights for the Fourth Quarter 20241

    • Total revenue was $465.2 million, an increase of 16.4%, or 17.0% on a constant currency basis.
    • Dayforce recurring revenue was $347.9 million, an increase of 19.1%, or 19.5% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $307.6 million, an increase of 20.0%, or 20.4% on a constant currency basis.
    • Cloud recurring gross margin was 80.0%, compared to 77.0%, an increase of 3.0 percentage points. Adjusted Cloud recurring gross margin was 80.4%, compared to 78.1%, an increase of 2.3 percentage points.
    • Operating profit was $28.5 million, compared to $38.8 million. Adjusted operating profit was $103.3 million, compared to $78.9 million.
    • Net income was $10.8 million, compared to $45.6 million. Adjusted net income was $97.1 million, compared to $80.3 million.
    • Adjusted EBITDA was $129.2 million, compared to $99.2 million. Adjusted EBITDA margin was 27.8%, compared to 24.8%, an increase of 3.0 percentage points.
    • Diluted net income per share was $0.07, compared to $0.29. Adjusted diluted net income per share was $0.60, compared to $0.50.

    Financial Highlights for the Full Year 20241

    • Total revenue was $1,760.0 million, an increase of 16.3%, or 16.7% on a constant currency basis.
    • Dayforce recurring revenue was $1,339.9 million, an increase of 20.6%, or 20.8% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $1,159.7 million, an increase of 20.4%, or 20.7% on a constant currency basis.
    • Cloud annualized recurring revenue (“ARR”) was $1,474.1 million, an increase of 17.9%, or $223.5 million.2
    • Cloud recurring gross margin was 78.9%, compared to 77.0%, an increase of 1.9 percentage points. Adjusted Cloud recurring gross margin was 79.8%, compared to 78.3%, an increase of 1.5 percentage points.
    • Operating profit was $104.1 million, compared to $133.1 million. Adjusted operating profit was $410.5 million, compared to $339.8 million.
    • Annual Dayforce gross revenue retention rate was 98.0% for the full year of 2024, compared to 97.1%.2
    • Net income was $18.1 million, compared to $54.8 million. Adjusted net income was $315.8 million, compared to $238.7 million.
    • Adjusted EBITDA was $501.5 million, compared to $410.2 million. Adjusted EBITDA margin was 28.5%, compared to 27.1%, an increase of 1.4 percentage points.
    • Diluted net income per share was $0.11, compared to $0.35. Adjusted diluted net income per share was $1.97, compared to $1.51.
    • Net cash provided by operating activities was $281.1 million, compared to $219.5 million.
    • Free cash flow was $171.5 million, compared to $105.1 million. Free cash flow margin was 9.7%, compared to 6.9%, an increase of 2.8 percentage points.
    • Cash and equivalents were $579.7 million, compared to $570.3 million.

    Supplemental Detail

    • 7.62 million global employees were live on the Dayforce platform as of December 31, 2024, up 11.4% compared to 6.84 million global employees as of December 31, 2023.3
    • 6,876 customers were live on the Dayforce platform as of December 31, 2024, an increase of 146 customers since September 30, 2024 and an increase of 483 customers since December 31, 2023, or 7.6% year-over-year.3
    • Dayforce recurring revenue per customer was $163,101 for the trailing twelve months ended December 31, 2024, an increase of 11.1%.4
    • The average float balance for Dayforce’s customer funds during the quarter was $4.68 billion and the average yield on Dayforce’s float balance was 3.8%, a decrease of 10 basis points year-over-year. Float revenue from invested customer funds was $45.1 million for the three months ended December 31, 2024.
    • The average U.S. dollar to Canadian dollar foreign exchange rate was $1.40 for the three months ended December 31, 2024, compared to $1.36 for the three months ended December 31, 2023. Dayforce presents percentage change in revenue on a constant currency basis in order to exclude the effect of foreign currency rate fluctuations, which it believes is useful to management and investors. Percentage change in revenue was calculated on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period.

    1 The financial highlights are on a year-over-year basis, unless otherwise stated. All financial results are reported in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the U.S. (“GAAP”), unless otherwise stated.
    2 Excluding Ascender and eloomi.
    3 Excluding Ascender, ADAM HCM, and eloomi.
    4 Excluding float revenue, Ascender, ADAM HCM, and eloomi revenue, and on a constant currency basis. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.

    Business Highlights

    • The Company launched its first mass advertising campaign across the U.S. after uniting its global brand as Dayforce.
    • Dayforce announced the launch of the Dayforce Partner Network to create growth opportunities and provide an exceptional experience for customers.
    • Dayforce was named a Leader in the IDC MarketScape – Worldwide Cloud-Enabled Human Capital Management 2024 Vendor Assessment and a Leader in the Nucleus Research Full Suite Talent Acquisition Technology Value Matrix 2024.
    • Dayforce won the gold medal and was named a Leader in Software Reviews Data Quadrant Awards for both HCM Enterprise Software and WFM Enterprise Software and was recognized by Constellation Research for excellence in Workforce Management Suites, HCM Suites with a North American Focus, Global HCM Suites, and Payroll for North American SMBs.
    • For the second consecutive year, Dayforce was named by Newsweek magazine and the Best Practice Institute as one of the Top 100 Most Loved Workplaces in America, made Computerworld’s list of Best Places to Work in IT, and earned a place on the United Kingdom’s (“U.K.”) Most Loved Workplace list.
    • Dayforce achieved record attendance at Dayforce Discover 2024, its annual customer conference in Las Vegas, where it welcomed its global community of customers, prospective customers, partners, and industry disruptors.

    Sales Highlights

    • A large member-owned retail cooperative selected the full Dayforce suite to support all 66,000 employees at 362 stores across nine states in the U.S.
    • A large global manufacturer and distributor of paints and coatings supporting 60,000 employees has expanded its partnership with Dayforce Payroll and Workforce Management for its regions beyond the U.S.
    • A global air services provider with over 48,000 employees across 35 countries has expanded its partnership with Dayforce to its U.S. operations. The company, which employs 3,200 in the U.S., has purchased the full suite of Dayforce products, including Managed Payroll.
    • A space exploration company selected Dayforce Payroll and Time and Attendance to support its 18,000 employees.
    • A global manufacturer of construction equipment selected Dayforce for Managed Payroll and Time and Attendance, supporting 6,500 employees and 500 pensioners globally.
    • A large Indigenous organization in the U.S. selected the full Dayforce suite to support 5,000 employees across Arizona, New Mexico, Utah, and Colorado.
    • A specialty food distributor with 5,000 employees across the U.S. and Canada has expanded its Dayforce partnership to include Advanced Experience Hub, Succession Planning, Co-Pilot, Career Explorer, Engagement, and Talent Acquisition Management.
    • A global beverage company has expanded its partnership with Dayforce choosing Time and Managed Payroll, to support 3,100 employees across the United States and Canada.
    • A global leader specializing in radiation detection, measurement, and monitoring solutions opted for the full Dayforce HCM suite to support its 3,000 employees globally.

    Customer Highlights

    • A global aviation services provider with over 55,000 employees across 36 countries has successfully gone live with Dayforce HR and Payroll for 8,000 employees in the U.K. and plans to continue its global rollout of the platform.
    • A leading American entertainment company with 23,000 employees successfully launched Dayforce Talent – Performance, Learning, Compensation, and Succession Planning – across its U.S. operations.
    • A leading U.K. contract catering and support services provider successfully implemented Dayforce HR and Payroll for its 10,500 employees.
    • A large public sector organization in North Carolina has gone live with Dayforce HR, Payroll, Benefits, Time, and People Analytics to support 8,000 employees.
    • A U.S gaming and digital entertainment company has successfully gone live with Dayforce HR, Payroll, Time and People Analytics, supporting 5,800 employees across the U.S. and Canada.
    • A global cybersecurity company has gone live with Dayforce HR, Payroll, and Time and Attendance, supporting 2,900 employees across the U.S.
    • A leading U.S. based commercial real estate company has successfully implemented Dayforce, using HR, Managed Payroll, Managed Benefits, Time and Talent to support its 2,650 employees.

    Product Roadmap Highlights

    In the fourth quarter, Dayforce continued to set a new standard for the HCM industry by bringing product capabilities to market to help organizations invest in their people and push their businesses forward.

    • 900+ compliance updates in 2024 further strengthen the company’s industry-leading position in compliance by addressing taxes, workers’ compensation, garnishments, dependent care, and multiple state and city rate changes.
    • New intelligence capabilities across the Dayforce suite will help customers simplify and accelerate business processes including:
      • Dayforce Co-Pilot, made generally available to all customers in Q4, optimizes people operations by enabling a more informed, empowered, and productive workforce through a powerful GenAI assistant that is personalized to answer contextual questions, summarize data, and provide step-by-step guidance.
      • Dayforce Artificial Intelligence (“AI”) Agents, announced at Dayforce Discover, will help customers accelerate workflows, efficiencies, and decision-making by automating repetitive tasks across the employee lifecycle.
      • AI-enhanced Dayforce Demand Forecasting, a new capability, better predicts demand and labor needs by delivering AI-enhanced insights through machine learning algorithms to help organizations plan more effectively.
      • Dayforce Workforce Insights, a new feature, provides critical workforce insights and serves as a one-stop shop for people leaders.
    • Dayforce Shift Marketplace supercharges staffing mobility by enabling workers to search for, select, and fill open shifts, right from their mobile device. Shift Marketplace provides workers with the up-front information required to understand their role, work, and compensation.
    • Dayforce Talent enhancements elevate the experience for talent acquisition professionals by enabling them to hire at scale, reduce complexities in recruitment, and view qualified candidates quickly and efficiently.
    • Dayforce Wallet updates include new direct-to-bank functionality with the option to continue to access available pay using Dayforce Wallet or to choose to send pay directly to another personal bank account and expanded access to on-demand pay using Dayforce Mobile.

    Business Outlook

    Based on information available as of February 5, 2025, Dayforce is issuing the following guidance for the full year and first quarter of 2025 as indicated below. Comparisons are on a year-over-year basis, unless stated otherwise.

    First Quarter 2025 Guidance

    • Total revenue, excluding float, of $421 million to $427 million, an increase of approximately 13.5% to 15% on a GAAP basis, or approximately 15.5% to 17% on a constant currency basis.
    • Float revenue of $53 million.
    • Adjusted EBITDA margin of 31% to 32%.

    Full Year 2025 Guidance

    • Total revenue, excluding float, of $1,745 million to $1,760 million, an increase of approximately 11.9% to 12.8% on a GAAP basis, or approximately 14% to 15% on a constant currency basis.
    • Dayforce recurring revenue, excluding float, of $1,315 million to $1,340 million, an increase of approximately 13.4% to 15.5% on a GAAP basis, or approximately 15% to 17% on a constant currency basis.
    • Float revenue of $180 million.
    • Adjusted EBITDA margin of 32%.
    • Free cash flow margin of 12%.

    Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” section for a reconciliation of Dayforce’s free cash flow margin guidance. Dayforce has not reconciled the Adjusted EBITDA margin ranges for the first quarter or full year of 2025 to the directly comparable GAAP financial measures because applicable information for the future period, on which these reconciliations would be based, is not available without unreasonable efforts due to uncertainty regarding, and the potential variability of, depreciation and amortization, share-based compensation expense and related employer taxes, changes in foreign currency exchange rates, and other items.

    Foreign Exchange

    For the first quarter and full year of 2025, Dayforce’s guidance assumes an average U.S. dollar to key foreign currencies as follows:

      % of 2024 total
    revenue    		 Foreign exchange
    rate assumed in
    guidance    		 Foreign exchange rate
    in Q1 2024    		 Foreign exchange rate
    in FY 2024
    U.S. dollar to Canadian dollar 21% 1.44 1.35 1.37
    U.S. dollar to Australian dollar 4% 1.61 1.52 1.52
    U.S. dollar to Great British pound 3% 0.81 0.79 0.78
             

    Conference Call Details

    Dayforce will host a live webcast and conference call to discuss the fourth quarter and full year 2024 earnings at 8:00 a.m. Eastern Time on February 5, 2025. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

    About Dayforce

    Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

    Forward-Looking Statements

    This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements give Dayforce’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance, and business. Users can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements in this press release include statements relating to the full year and first quarter of 2025, as well as those relating to future growth initiatives. These statements may include words such as “anticipate,” “estimate,” “expect,” “assume”, “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on assumptions that Dayforce has made in light of its industry experience and its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. As users consider this press release, it should be understood that these statements are not guarantees of performance or results. These assumptions and Dayforce’s future performance or results involve risks and uncertainties (many of which are beyond its control). In particular:

    • its inability to maintain its high Cloud solutions growth rate, manage its domestic and international growth effectively, or execute on its growth strategy;
    • the impact of disruptions to the movement of funds to initiate payroll-related transactions on behalf of  customers;
    • its failure to manage its aging technical operations infrastructure;
    • system breaches, interruptions or failures, including cyber-security breaches, identity theft, or other disruptions that could compromise customer information or sensitive company information, including its ongoing consent order with the Federal Trade Commission regarding data protection;
    • its failure to comply with applicable privacy, data protection, information security, and financial services laws, regulations and standards;
    • its inability to successfully compete in the markets in which Dayforce operates and expand its current offerings into new markets or further penetrate existing markets due to competition;
    • its failure to properly update its solutions to enable its customers to comply with applicable laws;
    • its failure to provide new or enhanced functionality and features, including those that may involve artificial intelligence or machine learning;
    • its inability to maintain necessary third-party relationships, and third-party software licenses, and identify errors in the software it licenses;
    • its inability to offer and deliver high-quality technical support, implementation, and professional services;
    • its inability to attract and retain senior management employees and highly skilled employees;
    • the impact of its outstanding debt obligations on its financial condition, results of operations, and value of its common stock;
    • its ability to maintain effective internal control over financial reporting, and the effect of the existing material weakness in its internal control over financial reporting on its business, financial condition, and results of operations; or
    • the impact of adverse economic and market conditions on its business, operating results, or financial condition.

    Although Dayforce has attempted to identify important risk factors, additional factors or events that could cause Dayforce’s actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for Dayforce to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of Dayforce’s assumptions prove incorrect, its actual financial condition, results of operations, future performance, and business may vary in material respects from the performance projected in these forward-looking statements. In addition to any factors and assumptions set forth above in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the general economy remains stable; the competitive environment in the HCM market remains stable; the demand environment for HCM solutions remains stable; Dayforce’s implementation capabilities and cycle times remain stable; foreign exchange rates, both current and those used in developing forward-looking statements, specifically U.S. dollar to Canadian dollar, remain stable at, or near, current rates; Dayforce will be able to maintain its relationships with its employees, customers, and partners; Dayforce will continue to attract qualified personnel to support its development requirements and the support of its new and existing customers; and that the risk factors noted above, individually or collectively, do not have a material impact on Dayforce. Any forward-looking statement made by Dayforce in this press release speaks only as of the date on which it is made. Dayforce undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

         
    Dayforce, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
         
      December 31,  
      2024     2023  
    (In millions, except per share data)          
    Assets          
    Current assets:          
    Cash and equivalents $ 579.7     $ 570.3  
    Restricted cash   —       0.8  
    Trade and other receivables, net   264.8       228.8  
    Prepaid expenses and other current assets   137.5       126.7  
    Total current assets before customer funds   982.0       926.6  
    Customer funds   5,001.5       5,028.6  
    Total current assets   5,983.5       5,955.2  
    Right of use lease assets, net   12.3       19.1  
    Property, plant, and equipment, net   223.7       210.1  
    Goodwill   2,336.7       2,293.9  
    Other intangible assets, net   189.2       230.2  
    Deferred sales commissions   231.8       192.1  
    Other assets   139.8       110.3  
    Total assets $ 9,117.0     $ 9,010.9  
               
    Liabilities and stockholders’ equity          
    Current liabilities:          
    Current portion of long-term debt $ 7.3     $ 7.6  
    Current portion of long-term lease liabilities   5.7       7.0  
    Accounts payable   77.0       66.7  
    Deferred revenue   42.3       40.2  
    Employee compensation and benefits   126.8       92.9  
    Other accrued expenses   31.5       30.4  
    Total current liabilities before customer funds obligations   290.6       244.8  
    Customer funds obligations   5,024.2       5,090.1  
    Total current liabilities   5,314.8       5,334.9  
    Long-term debt, less current portion   1,209.1       1,210.1  
    Employee benefit plans   5.9       27.7  
    Long-term lease liabilities, less current portion   10.8       18.9  
    Other liabilities   30.1       21.1  
    Total liabilities   6,570.7       6,612.7  
    Commitments and contingencies          
    Stockholders’ equity:          
    Common stock, $0.01 par, 500.0 shares authorized, 159.0 and 156.3 shares issued and outstanding, respectively   1.6       1.6  
    Additional paid in capital   3,363.2       3,151.1  
    Accumulated deficit   (335.8 )     (317.8 )
    Accumulated other comprehensive loss   (482.7 )     (436.7 )
    Total stockholders’ equity   2,546.3       2,398.2  
    Total liabilities and stockholders’ equity $ 9,117.0     $ 9,010.9  
                   
    Dayforce, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
               
      Three Months Ended December 31,     Year Ended December 31,  
      2024     2023     2024     2023  
    (In millions, except per share data)                      
    Revenue:                      
    Recurring $ 393.7     $ 339.1     $ 1,517.3     $ 1,297.3  
    Professional services and other   71.5       60.6       242.7       216.4  
    Total revenue   465.2       399.7       1,760.0       1,513.7  
    Cost of revenue:                      
    Recurring   87.6       85.5       352.7       324.9  
    Professional services and other   80.2       68.6       291.0       265.6  
    Product development and management   57.0       56.4       223.8       209.9  
    Depreciation and amortization   21.8       19.4       80.4       66.8  
    Total cost of revenue   246.6       229.9       947.9       867.2  
    Gross profit   218.6       169.8       812.1       646.5  
    Selling and marketing   93.5       72.7       342.0       250.2  
    General and administrative   96.6       58.3       366.0       263.2  
    Operating profit   28.5       38.8       104.1       133.1  
    Interest expense, net   7.4       8.9       40.6       36.1  
    Other expense (income), net   20.2       (5.6 )     25.9       1.0  
    Income before income taxes   0.9       35.5       37.6       96.0  
    Income tax (benefit) expense   (9.9 )     (10.1 )     19.5       41.2  
    Net income $ 10.8     $ 45.6     $ 18.1     $ 54.8  
    Net income per share:                      
    Basic $ 0.07     $ 0.29     $ 0.11     $ 0.35  
    Diluted $ 0.07     $ 0.29     $ 0.11     $ 0.35  
    Weighted average shares outstanding:                      
    Basic   158.3       156.2       157.8       155.3  
    Diluted   161.8       159.2       160.4       158.5  
                                   
    Dayforce, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
         
      Year Ended December 31,  
      2024     2023  
    (In millions)          
    Cash flows from operating activities          
    Net income $ 18.1     $ 54.8  
    Adjustments to reconcile net income to net cash provided by operating activities:          
    Deferred income tax (benefit) expense   (34.1 )     4.1  
    Depreciation and amortization   209.8       132.5  
    Amortization of debt issuance costs and debt discount   4.2       4.4  
    Loss on debt extinguishment   4.3       —  
    Provision for doubtful accounts   10.1       5.4  
    Net periodic pension and postretirement cost   10.1       1.1  
    Share-based compensation expense   155.5       136.7  
    Change in fair value of contingent consideration   9.0       4.3  
    Other   0.1       1.0  
    Changes in operating assets and liabilities, excluding effects of acquisitions:          
    Trade and other receivables   (48.0 )     (48.3 )
    Prepaid expenses and other current assets   (3.3 )     (22.1 )
    Deferred sales commissions   (43.9 )     (39.5 )
    Accounts payable and other accrued expenses   15.7       9.3  
    Deferred revenue   (4.4 )     (1.3 )
    Employee compensation and benefits   12.8       (7.5 )
    Accrued taxes   (3.6 )     (4.7 )
    Payment of contingent consideration   (20.9 )     —  
    Other assets and liabilities   (10.4 )     (10.7 )
    Net cash provided by operating activities   281.1       219.5  
               
    Cash flows from investing activities          
    Purchases of customer funds marketable securities   (541.1 )     (528.1 )
    Proceeds from sale and maturity of customer funds marketable securities   353.4       445.5  
    Purchases of marketable securities   (16.2 )     (6.8 )
    Proceeds from sale and maturity of marketable securities   14.7       2.0  
    Expenditures for property, plant, and equipment   (14.3 )     (19.0 )
    Expenditures for software and technology   (95.3 )     (95.4 )
    Acquisition costs, net of cash acquired   (173.1 )     —  
    Other   —       (1.0 )
    Net cash used in investing activities   (471.9 )     (202.8 )
               
    Cash flows from financing activities          
    Increase in customer funds obligations, net   51.8       200.9  
    Proceeds from issuance of common stock under share-based compensation plans   56.6       49.0  
    Repurchases of common stock   (36.1 )     —  
    Proceeds from debt issuance   650.0       —  
    Repayment of long-term debt obligations   (648.3 )     (7.9 )
    Payment of debt refinancing costs   (11.4 )     —  
    Payment of contingent consideration   (3.0 )     —  
    Net cash provided by financing activities   59.6       242.0  
               
    Effect of exchange rate changes on cash, restricted cash, and equivalents   (36.3 )     11.5  
    Net (decrease) increase in cash, restricted cash, and equivalents   (167.5 )     270.2  
    Cash, restricted cash, and equivalents at beginning of period   3,421.4       3,151.2  
    Cash, restricted cash, and equivalents at end of period $ 3,253.9     $ 3,421.4  
               
    Reconciliation of cash, restricted cash, and equivalents to the
    consolidated balance sheets    		          
    Cash and equivalents $ 579.7     $ 570.3  
    Restricted cash   —       0.8  
    Restricted cash and equivalents included in customer funds   2,674.2       2,850.3  
    Total cash, restricted cash, and equivalents $ 3,253.9     $ 3,421.4  
               
    Supplemental cash flow information          
    Cash paid for interest $ 45.3     $ 52.4  
    Cash paid for income taxes   56.4       43.0  
    Cash received from income tax refunds   0.8       0.6  
                   
    Dayforce, Inc.
    Revenue Financial Measures
    (Unaudited)
                           
      Three Months Ended
    December 31,    		     Percentage
    change in
    revenue    		     Impact of
    changes in
    foreign
    currency
    (a)    		     Percentage
    change in
    revenue on
    a constant
    currency
    basis (a)    		  
      2024     2023     2024 vs.
    2023    		           2024 vs.
    2023    		  
      (In millions)                    
    Revenue:                            
    Recurring revenue:                            
    Dayforce recurring, excluding float $ 307.6     $ 256.4       20.0 %     (0.4 )%     20.4 %
    Dayforce float   40.3       35.7       12.9 %     (0.5 )%     13.4 %
    Total Dayforce recurring   347.9       292.1       19.1 %     (0.4 )%     19.5 %
    Powerpay recurring, excluding float   23.1       23.1       (— )%     (2.6 )%     2.6 %
    Powerpay float   4.4       5.0       (12.0 )%     (4.0 )%     (8.0 )%
    Total Powerpay recurring   27.5       28.1       (2.1 )%     (2.8 )%     0.7 %
    Total Cloud recurring   375.4       320.2       17.2 %     (0.7 )%     17.9 %
    Other recurring (b)   18.3       18.9       (3.2 )%     0.5 %     (3.7 )%
    Total recurring revenue   393.7       339.1       16.1 %     (0.6 )%     16.7 %
    Professional services and other (c)   71.5       60.6       18.0 %     (0.8 )%     18.8 %
    Total revenue $ 465.2     $ 399.7       16.4 %     (0.6 )%     17.0 %
    a) Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
    b) Float attributable to Other recurring was $0.4 million and $0.5 million for the three months ended December 31, 2024, and 2023, respectively.
    c) For the three months ended December 31, 2024, Professional services and other consisted of $69.4 million, $1.9 million, $0.2 million associated with Dayforce, Other, and Powerpay, respectively. For the three months ended December 31, 2023, Professional services and other consisted of $57.6 million, $2.7 million, and $0.3 million associated with Dayforce, Other, and Powerpay, respectively.
       
      Year Ended December 31,     Percentage
    change in
    revenue    		     Impact of
    changes in
    foreign
    currency
    (a)    		     Percentage
    change in
    revenue on
    a constant
    currency
    basis (a)    		  
      2024     2023     2024 vs.
    2023    		           2024 vs.
    2023    		  
      (In millions)                    
    Revenue:                            
    Recurring revenue:                            
    Dayforce recurring, excluding float $ 1,159.7     $ 962.9       20.4 %     (0.3 )%     20.7 %
    Dayforce float   180.2       148.2       21.6 %     (0.3 )%     21.9 %
    Total Dayforce recurring   1,339.9       1,111.1       20.6 %     (0.2 )%     20.8 %
    Powerpay recurring, excluding float   83.7       81.9       2.2 %     (1.6 )%     3.8 %
    Powerpay float   18.8       18.4       2.2 %     (1.6 )%     3.8 %
    Total Powerpay recurring   102.5       100.3       2.2 %     (1.6 )%     3.8 %
    Total Cloud recurring   1,442.4       1,211.4       19.1 %     (0.3 )%     19.4 %
    Other recurring (b)   74.9       85.9       (12.8 )%     (0.7 )%     (12.1 )%
    Total recurring revenue   1,517.3       1,297.3       17.0 %     (0.3 )%     17.3 %
    Professional services and other (c)   242.7       216.4       12.2 %     (0.3 )%     12.5 %
    Total revenue $ 1,760.0     $ 1,513.7       16.3 %     (0.4 )%     16.7 %
    a) Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
    b) Float attributable to Other recurring was $1.3 million and $2.1 million for the years ended December 31, 2024 and 2023, respectively.
    c) For the year ended December 31, 2024, Professional services and other consisted of $233.8 million, $8.5 million, and $0.4 million associated with Dayforce, Other, and Powerpay, respectively. For the year ended December 31, 2023, Professional services and other consisted of $202.1 million, $13.8 million, and $0.5 million associated with Dayforce, Other, and Powerpay, respectively.
       
    Dayforce, Inc.
    Share-Based Compensation Expense and Related Employer Taxes
    (Unaudited)
               
      Three Months Ended
    December 31,    		     Twelve Months Ended
    December 31,    		  
      2024     2023     2024     2023  
      (in millions)  
    Cost of revenue – Cloud $ 1.7     $ 3.5     $ 11.3     $ 15.4  
    Cost of revenue – Other   0.5       0.3       2.2       1.5  
    Professional services and other   2.5       3.7       14.2       17.2  
    Product development and management   7.6       6.8       32.6       32.5  
    Sales and marketing   9.1       4.5       36.3       23.5  
    General and administrative   16.8       —       60.0       47.0  
    Total $ 38.2     $ 18.8     $ 156.6     $ 137.1  
                                   
    Dayforce, Inc.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (Unaudited)
     
    The following tables reconcile Dayforce’s reported results to its non-GAAP financial measures:
         
      Three Months Ended December 31, 2024  
      As
    reported    		     As
    reported
    margins
    (a)    		     Share-based
    compensation    		     Amortization     Other (b)     As
    adjusted
    (b)    		     As
    adjusted
    margins
    (a)    		  
      (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue $ 75.2       80.0 %   $ 1.7     $ —     $ 0.1     $ 73.4       80.4 %
                                             
    Operating profit $ 28.5       6.1 %   $ 38.2     $ 32.5     $ 4.1     $ 103.3       22.2 %
                                             
    Net income $ 10.8       2.3 %   $ 38.2     $ 32.5     $ 15.6     $ 97.1       20.9 %
    Interest expense, net   7.4             —       —       —       7.4        
    Income tax benefit (c)   (9.9 )           —       —       (8.8 )     (1.1 )      
    Depreciation and amortization   58.3             —       32.5       —       25.8        
    EBITDA $ 66.6           $ 38.2     $ —     $ 24.4     $ 129.2       27.8 %
                                             
    Net income per share – diluted $ 0.07           $ 0.24     $ 0.20     $ 0.10     $ 0.60        
    (a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    (b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items. The adjustment to operating profit consists of $4.1 million of restructuring expenses. The adjustments to net income also include $17.1 million of foreign exchange loss, $3.2 million of costs associated with the planned termination of its frozen U.S. pension plan, and a $8.8 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    (c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
       
      Three Months Ended December 31, 2023  
      As
    reported    		     As
    reported
    margins
    (a)    		     Share-based
    compensation    		     Amortization     Other (b)     As
    adjusted
    (b)    		     As
    adjusted
    margins
    (a)    		  
      (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue $ 73.7       77.0 %   $ 3.5     $ —     $ —     $ 70.2       78.1 %
                                             
    Operating profit $ 38.8       9.7 %   $ 18.8     $ 27.8     $ (6.5 )   $ 78.9       19.7 %
                                             
    Net income $ 45.6       11.4 %   $ 18.8     $ 27.8     $ (11.9 )   $ 80.3       20.1 %
    Interest expense, net   8.9             —       —       —       8.9        
    Income tax benefit (c)   (10.1 )           —       —       0.5       (10.6 )      
    Depreciation and amortization   48.4             —       27.8       —       20.6        
    EBITDA $ 92.8           $ 18.8     $ —     $ (12.4 )   $ 99.2       24.8 %
                                             
    Net income per share – diluted $ 0.29           $ 0.12     $ 0.17     $ (0.07 )   $ 0.50        
    (a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    (b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items. The adjustments to operating profit consist of a $7.5 million gain related to the impact of the fair value adjustment for the DataFuzion contingent consideration, a $0.3 million gain related to the abandonment of certain leased facilities, and $1.3 million of restructuring expenses. The adjustments to net income also include $5.9 million of foreign exchange gain and a $0.5 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    (c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
       
      Year Ended December 31, 2024  
      As
    reported    		     As
    reported
    margins
    (a)    		     Share-based
    compensation    		     Amortization     Other (b)     As
    adjusted
    (b)    		     As
    adjusted
    margins
    (a)    		  
      (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue $ 303.7       78.9 %   $ 11.3     $ —     $ 1.0     $ 291.4       79.8 %
                                             
    Operating profit $ 104.1       5.9 %   $ 156.6     $ 120.0     $ 29.8     $ 410.5       23.3 %
                                             
    Net income $ 18.1       1.0 %   $ 156.6     $ 120.0     $ 21.1     $ 315.8       17.9 %
    Interest expense, net   40.6             —       —       —       40.6        
    Income tax expense (c)   19.5             —       —       (35.8 )     55.3        
    Depreciation and amortization   209.8             —       120.0       —       89.8        
    EBITDA $ 288.0           $ 156.6     $ —     $ 56.9     $ 501.5       28.5 %
                                             
    Net income per share – diluted $ 0.11           $ 0.98     $ 0.75     $ 0.13     $ 1.97        
    (a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    (b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items. The adjustments to operating profit consist of $19.8 million of restructuring expenses, $9.0 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, and $1.0 million of fees associated with initiating the receivables securitization program. The adjustments to net income also include $14.2 million of foreign exchange loss, $12.9 million of costs associated with the planned termination of our frozen U.S. pension plan, and a $35.8 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    (c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
       
      Year Ended December 31, 2023  
      As
    reported    		     As
    reported
    margins
    (a)    		     Share-based
    compensation    		     Amortization     Other (b)     As
    adjusted
    (b)    		     As
    adjusted
    margins
    (a)    		  
      (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue $ 278.5       77.0 %   $ 15.4     $ —     $ —     $ 263.1       78.3 %
                                             
    Operating profit $ 133.1       8.8 %   $ 137.1     $ 60.5     $ 9.1     $ 339.8       22.4 %
                                             
    Net income $ 54.8       3.6 %   $ 137.1     $ 60.5     $ (13.7 )   $ 238.7       15.8 %
    Interest expense, net   36.1             —       —       —       36.1        
    Income tax expense (c)   41.2             —       —       (22.2 )     63.4        
    Depreciation and amortization   132.5             —       60.5       —       72.0        
    EBITDA $ 264.6           $ 137.1     $ —     $ 8.5     $ 410.2       27.1 %
                                             
    Net income per share – diluted $ 0.35           $ 0.86     $ 0.38     $ (0.09 )   $ 1.51        
    (a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    (b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items. The adjustments to operating profit consist of $4.7 million of restructuring expenses, $4.3 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, and $0.1 million related to the abandonment of certain leased facilities. The adjustments to net income also include $0.6 million of foreign exchange gain and a $22.2 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    (c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
       
    Dayforce, Inc.
    Reconciliation of Free Cash Flow
    (Unaudited)
     
    The following table reconciles Dayforce’s reported results to free cash flow:
               
      Three Months Ended December 31,     Year Ended December 31,  
      2024     2023     2024     2023  
      (In millions)  
    Net cash provided by operating activities $ 81.0     $ 89.9     $ 281.1     $ 219.5  
    Capital expenditures   (26.8 )     (26.1 )     (109.6 )     (114.4 )
    Free cash flow $ 54.2     $ 63.8     $ 171.5     $ 105.1  
                           
    Operating cash flow margin (a)   17.4 %     22.5 %     16.0 %     14.5 %
    Free cash flow margin (b)   11.7 %     16.0 %     9.7 %     6.9 %
                                   

    The following table reconciles Dayforce’s free cash flow guidance:

      Year Ended December 31,
    2025    		  
      Low range     High range  
      (In millions)  
    Net cash provided by operating activities $ 334     $ 339  
    Capital expenditures   (105 )     (105 )
    Free cash flow $ 229     $ 234  
               
    Operating cash flow margin (a)   17.4 %     17.5 %
    Free cash flow margin (b)   11.9 %     12.1 %
    (a) Operating cash flow margin is determined by calculating the percentage that operating cash flow is of total revenue.
    (b) Free cash flow margin is determined by calculating the percentage that free cash flow is of total revenue.
       

    Non-GAAP Financial Measures

    Dayforce uses certain non-GAAP financial measures in this release including:

    Non-GAAP Financial Measure   GAAP Financial Measure
    EBITDA   Net income
    Adjusted EBITDA   Net income
    Adjusted EBITDA margin   Net profit margin
    Adjusted Cloud recurring gross margin   Cloud recurring gross margin
    Adjusted operating profit   Operating profit
    Adjusted operating profit margin   Operating profit margin
    Adjusted net income   Net income
    Adjusted net profit margin   Net profit margin
    Adjusted diluted net income per share   Diluted net income per share
    Free cash flow   Net cash provided by operating activities
    Free cash flow margin   Operating cash flow margin
    Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis   Percentage change in revenue, including total revenue and revenue by solution
    Cloud annualized retention rate   No directly comparable GAAP measure
    Dayforce revenue retention rate   No directly comparable GAAP measure
    Dayforce recurring revenue per customer   No directly comparable GAAP measure
         

    Dayforce believes that these non-GAAP financial measures are useful to management and investors as supplemental measures to evaluate its overall operating performance including comparison across periods and with competitors. Dayforce’s management team uses these non-GAAP financial measures to assess operating performance because these financial measures exclude the results of decisions that are outside the normal course of its business operations, and are used for internal budgeting and forecasting purposes both for short- and long-term operating plans. Additionally, Adjusted EBITDA is a component of its management incentive plan and Adjusted Cloud recurring gross margin and Adjusted operating profit are components of certain performance based equity awards for its named executive officers. Additionally, Dayforce believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in understanding and evaluating the strength of Dayforce’s liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business. The exclusion of capital expenditures facilitates comparisons of Dayforce’s liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of Dayforce’s liquidity.

    These non-GAAP financial measures are not required by, defined under, or presented in accordance with, GAAP, and should not be considered as alternatives to Dayforce’s results as reported under GAAP, have important limitations as analytical tools, and its use of these terms may not be comparable to similarly titled measures of other companies in its industry. Dayforce’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by similar items to those eliminated in this presentation. Please refer to Dayforce’s full financial results, including further discussion of non-GAAP financial measures, on the Investor Relations portion of its website at investors.dayforce.com.

    Dayforce defines its non-GAAP financial measures as follows:

    • EBITDA is defined as net income before interest, taxes, depreciation, and amortization, and Adjusted EBITDA is EBITDA, as adjusted to exclude share-based compensation expense and related employer taxes, and certain other items.
    • Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of total revenue.
    • Adjusted Cloud recurring gross margin is defined as Cloud recurring gross margin, as adjusted to exclude share-based compensation and related employer taxes, and certain other items, as a percentage of total Cloud recurring revenue.
    • Adjusted operating profit is defined as operating profit, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items.
    • Adjusted net income is defined as net income, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items, all of which are adjusted for the effect of income taxes.
    • Adjusted net profit margin is determined by calculating the percentage Adjusted net income is of total revenue.
    • Adjusted diluted net income per share is calculated by dividing adjusted net income by diluted weighted average common shares outstanding. When adjusted diluted net income per share is positive, diluted weighted average common shares outstanding incorporate the effect of dilutive equity instruments.
    • Free cash flow is defined as net cash provided by operating activities, as adjusted to exclude capital expenditures.
    • Free cash flow margin is determined by calculating the percentage that free cash flow is of total revenue.
    • Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis is calculated by applying the average foreign exchange rate in effect during the comparable prior period.
    • Cloud ARR is calculated by starting with recurring revenue at year end, excluding revenue from Ascender and eloomi, subtracting the once-a-year charges, annualizing the revenue for customers live for less than a full year to reflect the revenue that would have been realized if the customer had been live for a full year, and adding back the once-a-year charges. We have not reconciled Cloud ARR because there is no directly comparable GAAP financial measure.
    • Annual Dayforce revenue retention rate is calculated as a percentage, excluding Ascender and eloomi, where the numerator is the Dayforce ARR for the prior year, less the Dayforce ARR from lost Dayforce customers during that year; and the denominator is the Dayforce ARR for the prior year. We have not reconciled Annual Dayforce revenue retention rate because there is no directly comparable GAAP financial measure.
    • Dayforce recurring revenue per customer is an indicator of the average size of Dayforce recurring revenue customers. To calculate Dayforce recurring revenue per customer, we start with Dayforce recurring revenue on a constant currency basis by applying the same exchange rate to all comparable periods for the trailing twelve months and excludes float revenue, and Ascender, ADAM HCM, and eloomi revenue. This amount is divided by the number of live Dayforce customers at the end of the trailing twelve month period, excluding Ascender, ADAM HCM, and eloomi. We have not reconciled the Dayforce recurring revenue per customer because there is no directly comparable GAAP financial measure.

    Source: Dayforce, Inc.

    For further information, please contact:

    Investor Relations
    1-844-829-9499
    investors@dayforce.com

    Public Relations
    1-647-417-2117
    teri.murphy@dayforce.com

    The MIL Network –

  • MIL-OSI United Kingdom: Second consultation on Drax Power Limited permit variation opens

    Source: United Kingdom – Executive Government & Departments

    The Environment Agency has opened a second consultation into a permit variation application from Drax Power Limited in Yorkshire.

    The operator first applied for the variation in May 2023 to request permission to incorporate carbon capture at its bioenergy plant near Selby.

    At the time, the Environment Agency held a public consultation to offer people the opportunity to comment on the application.

    During the Environment Agency’s review of this 2023 application, it considered the applicant had not included sufficient information, so it requested a more detailed assessment.

    Drax has now provided the potential substances that could be formed in the carbon capture plant and with a more detailed justification for the substances it considers could be emitted to air.

    A second consultation for the application has now been opened and will run from Tuesday 4 February to Tuesday 4 March, 2025.

    Tim Shaw, Installations Team Leader, said:

    We have now received updated information from the applicant and this can be found in a revised air emissions risk assessment.

    It’s important to hold a second consultation so the public have the opportunity to view the new documents and provide their views on environmental factors they feel are important.

    We are committed to carrying out a detailed and rigorous assessment of this permit variation application.

    Carbon capture

    Carbon capture is the removal of carbon dioxide from waste gases (usually by absorbing the carbon dioxide in a special solvent) and either using it or storing it underground, reducing the amount of emissions into the atmosphere.

    Drax Power Ltd wants to capture the carbon dioxide emitted during electricity generation, to prevent the majority of it from entering the atmosphere.

    The carbon dioxide captured will be transported via a pipeline for permanent storage under the North Sea.

    To capture carbon dioxide from the combustion process, Drax will need to vary its existing environmental permit.

    The Environment Agency assesses applications for environmental permits, or to vary existing environmental permits, under the Environmental Permitting Regulations (EPR).

    Its role is to assess the application and decide if it meets all requirements under relevant environmental legislation and provides a high level of protection to the environment and human health.

    It will only vary the environmental permit if it is satisfied this would be the case.

    After the consultation has closed, the Environment Agency will review the comments received from the consultation process and take them into account in the determination of the application.

    The documentation can be found on the Environment Agency’s Citizen Space page

    Background

    More information about Drax’s permit application can be found on the application pages on Citizen Space.

    • Responses to the consultation can be made electronically.
    • Information on the website explains how people can view the consultation documents and how they can provide comments. It also explains what the EA can and can’t take into account when deciding on the application.
    • Anyone wishing to comment on the proposals is urged to read the documentation online before responding directly on the website or by email
    • People can respond directly on the website or alternatively by email to pscpublicresponse@environment-agency.gov.uk 
    • Those unable to view the documents or make representation via the consultation website or by email should contact the Environment Agency on 03708 506 506.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Deal for Council to take over D&E Coaches completed

    Source: Scotland – Highland Council

    Pictured are L to R – General Manager Gayle McEwan, former owner and Managing Director Donald Mathieson, Council Leader Cllr Raymond Bremner and Chair of the Economy and Infrastructure Committee, Cllr Ken Gowans.

    Yesterday (Tuesday 4 February) the Leader of The Highland Council Cllr Raymond Bremner along with the Chair of the Economy and Infrastructure Committee Cllr Ken Gowans visited the depot of D&E Coaches following the completion of the deal for the council to acquire the business.

    There to meet them was the former owner Donald Mathieson, who started the business nearly 30 years ago with one minibus. Speaking to the media who were invited along to the depot yesterday afternoon he said:

    “We’ve taken the company as far as we can and I’m now ready to retire from the business. Moving forward, we feel that the Council taking on ownership is the best move for the company, and everyone concerned, including our staff and customers.”

    There will however still be a family connection to the business as Donald’s daughter Gayle McEwan is taking on the role of General Manager.

    The Council spends around £25m on school and public transport throughout the region, with well over 300 separate contracts.  The last tendering round saw an increase of £8m in one financial year, which led to the Council setting up an in-house bus team. 

    Council Leader Raymond Bremner said: “I see this deal very much as a positive move forward. D&E operate a significant number of school contracts for the Council, so we now can take ownership and look for opportunities in future tendering rounds to compete more effectively. However, I want to stress that we intend to operate D&E very much as a going concern so it’s business as usual. I wish Gayle all the very best in her role and we look forward to maintaining the legacy and service standards set by Donald and the whole team over the course of many years.”   

    Chair of the Economy and Infrastructure Committee, Councillor Ken Gowans said: “Purchasing D&E Coaches on behalf of Highland Council is a fantastic opportunity and offers us more flexibility moving forward. D&E is a well-established company, and we’re delighted to have reached a deal. We’re looking forward to working with the same team who have a wealth of experience which will be of great benefit to Highland Council.”

    Earlier in the day the Council launched its new shopper service – the “108 Shopper Bus”, which will run every Tuesday and Thursday starting at Torvean Park and Ride. The route will be going through all the housing areas along Sir Walter Scott Drive (Distributor Road) to include Holm Dell, Culduthel Mains, Slackbuie, Miller Street, Boswell Road. It will then pass through the back of Inshes Retail Park and then go through the UHI Campus to the Inverness Shopping Park.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah chairs a high-level review meeting on the security situation in Jammu and Kashmir in New Delhi

    Source: Government of India

    Union Home Minister and Minister of Cooperation, Shri Amit Shah chairs a high-level review meeting on the security situation in Jammu and Kashmir in New Delhi

    Under the leadership of Prime Minister Shri Narendra Modi, the Government is committed to wipe out terrorism from Jammu and Kashmir

    The ecosystem of terrorism in J&K has been weakened due to the sustained and coordinated efforts of the Modi government

    Union Home Minister directed all security agencies to step up the fight against terrorism with the goal of ‘zero infiltration’

    Our goal should be to uproot the existence of terrorists

    Terror funding from the proceeds of the narcotics trade has to be curbed with alacrity and rigour

    Posted On: 05 FEB 2025 3:40PM by PIB Delhi

    Union Home Minister and Minister of Cooperation, Shri Amit Shah chaired a high-level review meeting on the security situation in Jammu and Kashmir in New Delhi today. The meeting was attended by the Lieutenant Governor of Jammu and Kashmir, Shri Manoj Sinha, the Union Home Secretary, the Director of the Intelligence Bureau, the Chief Secretary and the Director General of Police of Jammu and Kashmir, along with senior officials of the Ministry of Home Affairs and the Jammu and Kashmir administration. Union Home Minister, Shri Amit Shah, yesterday also held an important review meeting on the security situation in Jammu and Kashmir, which was attended by the Chief of the Army Staff, General Upendra Dwivedi, the Home Secretary and other senior officers of MHA and Army.

    Addressing the meeting, Union Home Minister and Minister of Cooperation said that the government under the leadership of Prime Minister Shri Narendra Modi is committed to completely wipe out terrorism from Jammu and Kashmir. He said that due to the sustained and coordinated efforts of the Modi government, the terrorism ecosystem in Jammu and Kashmir has been significantly weakened. The Home Minister directed all security agencies to step up the fight against terrorism by aiming for the ‘zero infiltration’ goal. He asked all security agencies to take more stringent action on infiltration and acts of terror with a ruthless approach. He said that it should be our goal to uproot the existence of terrorists.

    Shri Amit Shah said that the narco network is providing support to infiltrators and terrorists to carry out their activities. He said that there is a need to take prompt action against terror funding from the proceeds of the narcotics trade with alacrity and rigour.

    Shri Amit Shah directed the agencies to make new appointments in the posts of Forensic Science Laboratory (FSL) in view of the timely implementation of the new criminal laws.

    Shri Amit Shah emphasised the Modi government’s ‘policy of zero tolerance’ against terrorism to achieve the goal of a terrorism-free Jammu and Kashmir. He directed all security agencies to remain vigilant and continue to work in synergy to eliminate terrorism in Jammu and Kashmir.

    Union Home Minister appreciated the efforts of the security agencies for significant improvement in all parameters of the security scenario in Jammu and Kashmir.

    ******

    Raj Kumar/Vivek/Ashutosh/Pankaj

     

    (Release ID: 2099997) Visitor Counter : 87

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fraudulent websites, internet banking login screens and mobile applications (Apps) related to China Construction Bank (Asia) Corporation Limited

    Source: Hong Kong Government special administrative region

    Fraudulent websites, internet banking login screens and mobile applications (Apps) related to China Construction Bank (Asia) Corporation Limited
    Fraudulent websites, internet banking login screens and mobile applications (Apps) related to China Construction Bank (Asia) Corporation Limited
    ******************************************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:      The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by China Construction Bank (Asia) Corporation Limited relating to fraudulent websites, internet banking login screens and Apps, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.           The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).           Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites, login screens or Apps concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

     
    Ends/Wednesday, February 5, 2025Issued at HKT 16:35

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CARGO VOLUME HANDLED BY INDIAN PORTS

    Source: Government of India

    Posted On: 05 FEB 2025 1:38PM by PIB Delhi

    The cargo volumes handled by Indian Ports in FY 2024 and trend over the last three years is as under:   

    Year

    Cargo handled by Major Ports

    (Million Tonnes)

    Cargo handled by Non- Major Ports (Million Tonnes)

    Total

    (Million Tonnes)

    2020-21

    672.68

    575.04

    1247.72

    2021-22

    720.05

    598.63

    1318.68

    2022-23

    784.31

    650.00

    1434.31

    2023-24

    819.23

    721.00

    1540.23

    The government has taken various steps to streamline logistics for export-oriented industries such as the construction of new berths, terminals and parking plazas, mechanization / modernisation / optimisation of existing berths and terminals, streamlining of processes through digitalisation, expansion of hinterland connectivity through rail and road, etc.

    This information was given by the Union Minister of Ports, Shipping and Waterways, Shri Sarabananda Sonowal in a written reply to the Rajya Sabha.

    *****

    G.D. Hallikeri/Henry

    (Release ID: 2099964) Visitor Counter : 79

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: TRENDS IN CARGO WEIGHT AND SIZE

    Source: Government of India

    Posted On: 05 FEB 2025 1:37PM by PIB Delhi

    The cargo handled at Major Ports has increased from 581.34 million tonnes in 2014-15 to 819.23 million tonnes in FY 2023-24, a CAGR of 3.5 % which is comparable to global standards. During 2023-24, the cargo handled consisted of 33.80% liquid bulk, 44.04% dry bulk, and 22.16% container cargo. Infrastructure development and capacity augmentation of Major Ports is a continuous process. It involves the construction of new berths and terminals, mechanization of existing berths and terminals, capital dredging for deepening of drafts for attracting larger vessels, development of road and rail connectivity, etc. Further, Vadhavan Port in Maharashtra has been approved to be developed as the mega container port in the country catering the requirement of handling new generation mega size container vessels.

    Based on consultation with Major Ports, State Maritime Boards, Ministry of Railway and Ministry of Road Transport and Highways, 107 road and rail connectivity infrastructure gaps for major and non-major ports have been identified and included in the Comprehensive Port Connectivity Plan (CPCP) prepared by Department for Promotion of Industry and Internal Trade (DPIIT) in September 2022. These projects aim to enhance connectivity between ports and domestic production / consumption centres.

    This information was given by the Union Minister of Ports, Shipping and Waterways, Shri Sarabananda Sonowal in a written reply to the Rajya Sabha.

    *****

    G.D. Hallikeri/Henry

    (Release ID: 2099963) Visitor Counter : 68

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong Customs detects two seaborne smuggling cases with seizure of tobacco products worth about $65 million (with photo)

    Source: Hong Kong Government special administrative region

         Hong Kong Customs detected two cases of tobacco products smuggling activities involving containers in Kwai Chung and Tuen Mun on January 27. A total of about 5 800 kilograms of suspected duty-not-paid manufactured tobacco and about 5.9 million of suspected illicit cigarettes with a total estimated market value of about $65 million and a duty potential of about $43 million in total were seized.

         In the first case, through risk assessment and intelligence analysis, Customs on January 27 selected and inspected a 40-foot container, arriving from Singapore to Hong Kong and declared as carrying cosmetics, at the Kwai Chung Customhouse Cargo Examination Compound. Upon inspection, Customs officers seized about 3.4 million suspected illicit cigarettes inside the container.

         In the second case, Customs at the Tuen Mun River Trade Terminal Customs Cargo Examination Compound on the same day examined a 40-foot container, arriving in Hong Kong from Guangdong and declared as carrying household goods. A total of about 5 800kg of suspected duty-not-paid manufactured tobacco and about 2.5 million suspected illicit cigarettes were seized therein.

         Investigations into the two cases are ongoing, and Customs will continue to trace the source and the flow of the illicit cigarettes.

         Customs will continue its risk assessment and intelligence analysis, and step up enforcement actions to combat the smuggling of illicit cigarettes. Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years.
          
         Under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.
          
         Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/).   

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Auctions of personalised vehicle registration marks to be held on February 22 and 23

    Source: Hong Kong Government special administrative region

    Auctions of personalised vehicle registration marks to be held on February 22 and 23
    Auctions of personalised vehicle registration marks to be held on February 22 and 23
    ************************************************************************************

         The Transport Department (TD) today (February 5) announced that two auctions of personalised vehicle registration marks (PVRMs) will be held on February 22 (Saturday) and 23 (Sunday) in Meeting Room N101, L1, New Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.      “A total of 240 approved PVRMs will be put up for public sale at each auction. The lists of the marks have been uploaded to the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/index.html,” a department spokesman said.      The reserve price of each of these marks is $5,000. Applicants who have paid a deposit of $5,000 should also participate in the bidding (including the first bid at the reserve price). Otherwise, the PVRM concerned may be sold to another bidder at the reserve price.      People who wish to participate in the bidding at the auctions should take note of the following points: (1) Bidders are required to produce the following documents for completion of registration and payment procedures immediately after successful bidding: (i) the identity document of the successful bidder;(ii) the identity document of the purchaser (if the purchaser and the successful bidder are different persons);(iii) a copy of the Certificate of Incorporation (if the purchaser is a body corporate); and(iv) a crossed cheque made payable to “The Government of the Hong Kong Special Administrative Region” or “The Government of the HKSAR”. For an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed. Successful bidders may also pay through the Easy Pay System (EPS), but are reminded to note the maximum transfer amount in the same day of the payment card. Payment by post-dated cheque, cash, credit card or other methods will not be accepted. (2) Purchasers must make payment of the purchase price through EPS or by crossed cheque and complete the Memorandum of Sale of PVRM immediately after the bidding. Subsequent alteration of the particulars in the Memorandum will not be permitted. (3) A PVRM can only be assigned to a motor vehicle which is registered in the name of the purchaser. The Certificate of Incorporation must be produced immediately by the purchaser if a vehicle registration mark purchased is to be registered under the name of a body corporate. (4) The display of a PVRM on a motor vehicle should be in compliance with the requirements stipulated in Schedule 4 of the Road Traffic (Registration and Licensing of Vehicles) Regulations. (5) Any change to the arrangement of letters, numerals and blank spaces of a PVRM, i.e. single and two rows as auctioned, will not be allowed. (6) The purchaser shall, within 12 months after the date of auction, apply to the Commissioner for Transport for the PVRM to be assigned to a motor vehicle registered in the name of the purchaser. If the purchaser fails to assign the PVRM within 12 months, allocation of the PVRM will be cancelled and arranged for reallocation in accordance with the statutory provision without prior notice to the purchaser.      “Upon completion of the Memorandum of Sale of PVRM, the purchaser will be issued a receipt and a Certificate of Allocation of Personalised Registration Mark. The Certificate of Allocation will serve to prove the holdership of the PVRM. Potential buyers of vehicles bearing a PVRM should check the Certificate of Allocation with the sellers and pay attention to the details therein. For transfer of vehicle ownership, this certificate together with other required documents should be sent to the TD for processing,” the spokesman added.      For other auction details, please refer to the Guidance Notes – Auction of PVRM, which is available at the department’s licensing offices or can be downloaded from its website, www.td.gov.hk/en/public_services/vehicle_registration_mark/pvrm_auction/index.html.

     
    Ends/Wednesday, February 5, 2025Issued at HKT 14:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hongkong Post to issue “Public Architecture in Hong Kong II” special stamps (with photos)

    Source: Hong Kong Government special administrative region

         â€‹Hongkong Post announced today (February 5) that a set of special stamps and associated philatelic products on the theme of “Public Architecture in Hong Kong II” will be released for sale on February 20 (Thursday).
          
         Public architecture is closely related to the daily lives of people. Following the “Public Architecture in Hong Kong” special stamps issued in 2016, Hongkong Post will present a set of six stamps and associated philatelic products themed “Public Architecture in Hong Kong II”. The stamps, which feature six distinctive public buildings, namely Che Kung Temple Sports Centre, Oi!, Woosung Street Temporary Cooked Food Hawker Bazaar, GREEN@WAN CHAI, Tai Po Lung Mei Beach Building and Hong Kong Children’s Hospital, highlight the innovative construction technologies and building designs that are inclusive and environmentally friendly.
                
         Official first day covers for “Public Architecture in Hong Kong II” will be on sale at all post offices and Hongkong Post’s online shopping mall ShopThruPost (shopthrupost.hongkongpost.hk) from tomorrow (February 6), while postcards will be available at philatelic offices only. This set of special stamps and associated philatelic products will be on sale at all post offices and ShopThruPost from February 20, while serviced first day covers affixed with the special stamps and maximum cards will be available at philatelic offices only.
          
         A hand-back date-stamping service will be provided on February 20 at all post offices for official first day covers/souvenir covers/privately made covers bearing the first day of issue indication and a local address.
          
         Information about this set of special stamps and associated philatelic products is available on the Hongkong Post Stamps website (stamps.hongkongpost.hk).                  

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: APEDA’s financial assistance schemes boost 47.3% surge in India’s fruit and vegetable exports

    Source: Government of India

    Posted On: 04 FEB 2025 7:58PM by PIB Delhi

    • APEDA strengthens exporter growth with new schemes for infrastructure, quality, and market development
    • India’s fruit and vegetable exports reach 123 countries, with 17 new market added in 3 years

    The Department of Commerce through Agricultural and Processed Food Products Export Development Authority (APEDA) provides financial assistance to its member exporters of APEDA from across the country, for export promotion of its Scheduled products, including for Fruits & vegetables, under Agriculture and Processed Foods Export Promotion Scheme of APEDA for the 15th Finance Commission Cycle (2021-22 to 2025-26) in following three broad areas:

    Scheme for infrastructure Development – Financial assistance for setting up of packhouse facilities with packing / grading lines, pre-cooling unit with cold storage and refrigerated transportation etc., cable system for handling of crops like banana, pre-shipment treatment facilities such as irradiation, vapor heat treatment, hot water dip treatment and common infrastructure facilities, reefer vans and missing gap in the existing infrastructure of individual exporters.

    Scheme for Quality Development – Financial assistance for purchase of laboratory testing equipment, installation of quality management system, handheld devices for capturing farm level coordinates for traceability and testing of water, soil, residues and pesticides etc.

    Scheme for Market Promotion – The assistance covers participation of exporters in international trade fairs, organizing buyer seller meets and developing packaging standards for new products and upgrading the existing packaging standards.

    The details of financial assistance guidelines are available at APEDA Website www.apeda.gov.in under the “Scheme” tab.

    As a result of these initiatives, there has been a growth of 47.3%, in the volume of exports of fruits and vegetables between the period 2019-20 to 2023-24.

    Export data of fruits and vegetables in last five years

    Country: All

    Product: Fresh Fruits & Vegetables

     

    Value In USD Million

    Qty In Thousand MT

    Products

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    Fresh Fruits & Vegetables

    1,282.43

    1,342.13

    1,527.63

    1,635.95

    1,814.58

    2,659.48

    3,148.08

    3,376.25

    4,335.68

    3,911.95

    Source: DGCIS

     

    Growth in terms of Volume in the last five years =47.30%

    Growth in terms of Value in the last five years= 41.50 %

    The Government maintains the record of total exports of fruits and vegetables from India. The export figures of States are compiled on the basis of the State-of-Origin code reported by the exporters in the shipping bills. Thus, the state wise data of exports of Fruits and vegetables is not available as the same is not validated by DGCI&S. However, the major states producing Fruits and vegetables are Uttar Pradesh, Madhya Pradesh, West Bengal, Maharashtra, Andhra Pradesh, Gujarat, Bihar, Tamil Nadu, Odisha, Karnataka.

    India’s Export of Mango and Onion to World (By Variety)

    Product

    Variety

    USD Million

    Qty in MT

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    Mango

    Other Mangoes

    0.00

    25.42

    23.48

    33.26

    36.18

    0.00

    15795.09

    17448.90

    17257.28

    23786.16

    Kesar

    0.00

    2.92

    6.91

    4.97

    11.25

    0.00

    983.73

    2319.08

    1749.97

    3787.01

    Alphonso (Hapus)

    0.00

    6.08

    10.09

    7.84

    8.68

    0.00

    3195.86

    5994.86

    2829.76

    2673.39

    Banganapalli

    0.00

    1.46

    3.01

    2.00

    3.20

    0.00

    830.55

    1674.04

    856.91

    1081.68

    Chausa

    0.00

    0.05

    0.05

    0.03

    0.24

    0.00

    40.98

    25.64

    19.72

    488.26

    Langda

    0.00

    0.08

    0.16

    0.12

    0.19

    0.00

    48.99

    122.16

    70.02

    81.94

    Dasheri

    0.00

    0.09

    0.11

    0.06

    0.17

    0.00

    49.50

    75.92

    34.70

    75.54

    Totapuri

    0.00

    0.07

    0.17

    0.20

    0.16

    0.00

    47.47

    151.01

    116.60

    91.95

    Mallika

    0.00

    0.03

    0.09

    0.06

    0.07

    0.00

    41.40

    61.16

    28.81

    38.17

    Mangoes , Fresh/Dried,

    56.11

    0.00

    0.00

    0.00

    0.00

    49658.68

    0.00

    0.00

    0.00

    0.00

    Total Mangoes

    56.11

    36.20

    44.07

    48.54

    60.14

    49658.68

    21033.57

    27872.77

    22963.77

    32104.10

    Onion

    Other Onions Fresh of Chilled

    0.00

    0.00

    0.00

    0.00

    434.78

    0.00

    0.00

    0.00

    0.00

    1606683.97

    Rose Onions Fresh of Chilled

    0.00

    0.00

    0.00

    0.00

    38.94

    0.00

    0.00

    0.00

    0.00

    110755.38

    Onions, Fresh/Chilled

    324.20

    378.49

    460.56

    561.38

    0.00

    1149896.84

    1578016.57

    1537496.85

    2525258.35

    0.00

    Total Onions

    324.20

    378.49

    460.56

    561.38

    473.72

    1149896.84

    1578016.57

    1537496.85

    2525258.35

    1717439.35

     

    Source: DGCIS

     

    Note :- ITC HS Code with (*) mark of the Commodity is either dropped or re-allocated

     

    In FY 2023-24, India’s exports of Fresh Fruits and Vegetables reached 123 countries. In the last 3 years, Indian fresh produce entered 17 new markets, some of which are Brazil, Georgia, Uganda, Papua New Guinea, Czech Republic, Uganda, Ghana etc. This has been achieved through a host of measures such as participation in international trade fairs, actively pursuing market access negotiations, organizing buyer seller meets etc.

    Department of Commerce is working in close coordination with the MoA&FW in prioritizing agriculture products for market access negotiations to reach new markets. As a result, India has achieved new market access in following commodities in the last three years:

    • Indian Potatoes and Onions in Serbia
    • Baby corn and fresh banana in Canada
    • Pomegranate arils in Australia, USA, Serbia, and New Zealand
    • Whole pomegranates in Australia via Irradiation treatment

     

    The barriers in accessing new markets differ from product to product and are dynamic in nature. Some of the major barriers in accessing new markets for fruits & vegetables are:

    • Long geographic distance from India raising the costs of logistics.
    • Delay in grant of market access by importing countries for certain products.
    • Stringent Phyto-sanitary requirements imposed by some importing countries.
    • Delay in registration of enterprises in certain countries.

    To address the above issues, various steps are being taken by the Department of Commerce:

    • For expand market access to our products, MoA&FW & APEDA have identified key products and key countries for intensifying market access negotiations.
    • Development of Sea protocols for horticulture products to reduce logistic expenses and to enable larger volume of exports.
    • Regular follow up with the counterpart authorities of importing countries with support of our Missions abroad for registration of facilities and market access negotiations.
    • For meeting stringent Phyto-sanitary requirements, setting up of traceability system and a system of farmer and facility registration.

     

    This information has been provided by the Union Minister of Commerce and Industry, Shri Piyush Goyal in a written reply in the Lok Sabha today.

    ***

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2099814) Visitor Counter : 374

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: First application under New Industrialisation Acceleration Scheme supported by Vetting Committee and number of smart production lines supported under New Industrialisation Funding Scheme exceeding 100

    Source: Hong Kong Government special administrative region

    First application under New Industrialisation Acceleration Scheme supported by Vetting Committee and number of smart production lines supported under New Industrialisation Funding Scheme exceeding 100
    First application under New Industrialisation Acceleration Scheme supported by Vetting Committee and number of smart production lines supported under New Industrialisation Funding Scheme exceeding 100
    ******************************************************************************************

         The Innovation and Technology Commission (ITC) announced today (February 5) that the New Industrialisation Vetting Committee under the Innovation and Technology Fund (ITF) has supported an application under the New Industrialisation Acceleration Scheme (NIAS) submitted by Jean-Marie Pharmacal Company Limited, a subsidiary of the Jacobson Group, covering the life and health technology sector. The project plans to set up smart production lines for sterilised eye drops, oral solid dose and oral liquid dose. This is the first NIAS project supported by the Vetting Committee. The total cost of the project is projected to be around $600 million, and the expected NIAS funding amount involved will be around $200 million.           At the same time, the ITC announced that the number of new smart production lines supported by the Vetting Committee under the New Industrialisation Funding Scheme (NIFS) has exceeded 100 since the launch of NIFS, involving industries such as food manufacturing and processing (including health food), textiles and clothing, construction materials, medical devices, nanofiber materials, new energy, pharmaceutical (including Chinese medicine), electronics, printing and product accessories with a total estimated project cost of around $1.3 billion, of which $930 million came from private investment.           The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, “The Government proactively engages in innovation and technology (I&T) industry development. By launching the NIFS and the NIAS, we aim to promote new industrialisation and secure room for high-quality development in Hong Kong. We are glad to see that enterprises are actively participating in the two funding schemes, making use of I&T to achieve smart production and enhance competitiveness. The Government will continue to assist more enterprises to set up new smart production facilities in Hong Kong and support local enterprises in technology upgrade and achieving new industrialisation, so as to foster the development of Hong Kong’s manufacturing industry and diversified economy.”           The Chief Executive announced in the 2023 Policy Address the establishment of the $10 billion NIAS, which was launched in September 2024. The NIAS provides funding support on a 1 (Government): 2 (enterprise) matching basis for enterprises engaging in industries of strategic importance (i.e. life and health technology, artificial intelligence and data science, advanced manufacturing and new energy technologies) and contributing no less than $200 million to set up new smart production facilities in Hong Kong. For each project, the minimum total project cost is $300 million. The enterprise has to contribute no less than $200 million, and the Government will cover a maximum of one-third of the total approved project cost or $200 million, whichever is lower. Each enterprise can receive up to $200 million in funding under the NIAS.           In addition, the Government encourages enterprises with approved projects under the NIAS to carry out research or increase their scale of research in Hong Kong by providing additional funding for them to engage research talent, as well as facilitating such enterprises in employing non-local talent required for setting up or operating the new production facilities in Hong Kong.           The NIFS aims to subsidise manufacturers on a 1 (Government): 2 (enterprise) matching basis to set up new smart production lines in Hong Kong. The funding ceiling for each project is one-third of the total project cost or $15 million, whichever is lower. Each enterprise can carry out up to three projects concurrently to receive a maximum total funding of up to $45 million under the NIFS.           The NIAS and the NIFS are open for applications throughout the year. Details are available on the website of the Innovation and Technology Fund (www.itf.gov.hk). For enquiries, please contact the Secretariat of the schemes (Tel: 3655 5678; email: enquiry@itf.gov.hk).

     
    Ends/Wednesday, February 5, 2025Issued at HKT 11:50

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: IICA and CMAI Sign MoU to Enhance Capacity for Decarbonisation

    Source: Government of India (2)

    IICA and CMAI Sign MoU to Enhance Capacity for Decarbonisation

    Shri Nitin Gadkari, Minister for Road, Transport & Highways, Graced the Day 1 of the IICA-CMAI Masterclass on Global & Indian Carbon Markets

    Under the agreement, CMAI and IICA will collaborate on Training Programmes, Joint Research, Conferences and Policy Advocacy on Carbon markets, low-carbon industrial solutions, and sustainable finance

    Posted On: 05 FEB 2025 5:10PM by PIB Delhi

    In a significant step towards strengthening India’s carbon markets and advancing decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and Carbon Market Association of India (CMAI) have signed a Memorandum of Understanding (MoU) in New Delhi. The landmark agreement was announced on the inaugural day of the IICA-CMAI Masterclass on Global & Indian Carbon Markets on 4th February, graced by Shri Nitin Gadkari, Minister for Road, Transport & Highways, Government of India, who emphasized the pivotal role of biofuels and green hydrogen in shaping India’s economic and environmental future.

    He shared pilot projects related to Bio Bitumin, Bio Aviation-fuel, Bio CNG and highlighted that “Conversion of Knowledge into wealth is the future and No Material is waste”. While emphasizing the importance of PPP, he shared that “Hydrogen is fuel for the future”. The Minister also shared his vision for the cost of hydrogen to be 1 dollar per kg, which he is confident India will be the pioneering nation to achieve due to its state-of-the-art research and development initiatives in this field. While citing landmark initiatives being undertaken related to the biofuels and alternative fuels, he  also mentioned that though the initial cost of capital and technology seems high but significant research is currently underway which will eventually unleash as well as lead to the realisation of its true potential. He further highlighted the government’s commitment to developing a diversified biofuels sector, acknowledging the vast potential of various fuels to create a cleaner, more sustainable energy landscape and soon India will become a Green Hydrogen exporting country. At the end, he congratulated the organisation for launching the Sustainable Aviation Fuel (SAF) Alliance and the capacity building initiatives in this domain.

     

    Dr. Garima Dadhich, Head, School of Business Environment, IICA, stated that the IICA Certificate Programme in Decarbonisation will be focused on creating a pool of corporates with advanced expertise to develop carbon offset mechanisms for climate mitigation, as well as integrate long-term strategy to decarbonise their operations.

    Mr Manish Dabkara, President, CMAI remarked that the MoU with IICA marks a significant step towards building a robust ecosystem for carbon markets in India. Training programs, research opportunities, workshops, and conferences are a huge part of accelerating sustainable business initiatives. CMAI is looking forward to a successful partnership in this area. Mr. Rohit Kumar, Secretary General, CMAI remarked that awareness has been a major challenge in this area. By combining CMAI’s industry expertise with IICA’s institutional strength, the collaboration will aim to create impactful learning opportunities that will help accelerate India’s transition to a low-carbon economy.

    This strategic partnership aims to equip industry professionals, policymakers and academicians with the necessary knowledge and expertise to navigate India’s evolving carbon markets.  CMAI, a leading industry association focused on accelerating sustainable business initiatives, will serve as the knowledge partner to IICA, a think tank under the Ministry of Corporate Affairs, to support the growth and development of the corporate sector in India.

    Under the agreement, CMAI and IICA will collaborate on:

    • Training Programmes: Developing and delivering courses on carbon markets, low-carbon industrial solutions, and sustainable finance.
    • Joint Research: Conducting studies and publishing insights on decarbonisation strategies and carbon trading mechanisms.
    • Workshops and Conferences: Organising events to facilitate dialogue among industry stakeholders, policymakers, and academics.
    • Policy Advocacy: Supporting regulatory and policy frameworks that drive India’s net zero ambitions.

    The Day 1 of the Masterclass witnessed the participation of more than 70 professionals from leading corporates, PSUs as well as delegations from governmental bodies, embassies and international organisations. The Masterclass on Global and Indian Carbon Markets is being organised by IICA as part of the India Climate Week. Ms. Shivangi Vashishta, Senior Research Associate, School of Business Environment, IICA, led a case-study based discussion which led to enhanced delegate engagement. The Day 1 of the Masterclass concluded with an insightful session from Managing Partner, ERM India. The Day 2 of the Masterclass will witness a series of sessions on International Carbon Markets.

    About Indian Institute of Corporate Affairs (IICA):

    The Indian Institute of Corporate Affairs (IICA), is an autonomous institution under the aegis of the Ministry of Corporate Affairs. School of Business Environment (SBE) is a specialised vertical within IICA promoting the responsible business conduct focusing on the forward-looking areas of Environmental-Social-Governance (ESG), Corporate Social Responsibility (CSR), Sustainable Finance, Business & Biodiversity Conservation, Business and Human Rights, Responsible Trade, ESG Audit & Assurance and other aligned areas.

    Contact: https://iica.nic.in/, sobe@iica.in or 0124-2640044

    About Carbon Market Association of India (CMAI):

    The Carbon Markets Association of India (CMAI) is a leading not-for-profit industry group driving India’s transition to a net-zero future by decarbonising hard-to-abate sectors. Collaborating with key ministries like MoEFCC, MoP, MNRE, and NITI Aayog, CMAI provides policy advocacy, capacity building, and knowledge support.

    Contact: https://cma-india.in/, secretary@cma-india.in or +91 98117 79580

    ****

    NB/AD

    (Release ID: 2100046) Visitor Counter : 65

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Interdepartmental working group on festival arrangements summarises visitor arrivals to Hong Kong during Chinese New Year Golden Week of Mainland

    Source: Hong Kong Government special administrative region

         The interdepartmental working group on festival arrangements, led by the Chief Secretary for Administration, Mr Chan Kwok-ki, today (February 5) announced that the overall number of visitors to Hong Kong reached around 1.4 million following the conclusion of the eight-day Chinese New Year Golden Week of the Mainland (January 28 to February 4) yesterday, with various arrangements for receiving visitors rolling out smoothly.
     
         Mr Chan said, “During this Chinese New Year Golden Week, the wide range of celebration events held in Hong Kong, including the Cathay International Chinese New Year Night Parade on the first day of Chinese New Year, the fireworks display on the second day, the Chinse New Year Raceday on the third day and the Chinese New Year Cup football match on the fourth day, were well received by the public and visitors from the Mainland and different parts of the world, allowing them to immerse themselves in a vibrant festive atmosphere.”
     
    Visitor flow and situation of boundary control points
     
         During the eight-day Chinese New Year Golden Week, the Immigration Department recorded a total of around 1.4 million inbound visitors to Hong Kong through various sea, land and air control points. Among them, Mainland visitors accounted for about 1.2 million, representing around 85 per cent of the total arrivals. The daily average of Mainland visitors was around 150 000.
     
         The arrival of Mainland visitors peaked on January 30 (the second day of Chinese New Year) with around 190 000 Mainland visitors arriving in Hong Kong. During the Chinese New Year Golden Week, the Express Rail Link West Kowloon Control Point received the highest number of Mainland visitors, followed by the Lok Ma Chau Spur Line Control Point. The overall operation of the control points and transport services ran smoothly.
     
    Major tourist attractions, inbound tour groups and hotel occupancy rate
     
         Visitors went to different parts of Hong Kong during the Chinese New Year Golden Week, with high visitor flow observed at major tourist attractions including the West Kowloon Cultural District, Ocean Park, Hong Kong Disneyland, the Peak Tram and Ngong Ping 360. Smooth and effective crowd management measures were implemented. In addition, according to the information provided by the hotel industry, the hotel occupancy rate during the Chinese New Year Golden Week reached 90 per cent in general.
     
         In terms of Mainland inbound tour groups, according to the Travel Industry Authority’s information, over 2 200 Mainland inbound tour groups visited Hong Kong during the Chinese New Year Golden Week, with around 83 per cent engaged in overnight itineraries. These tour groups involved around 79 000 visitors, accounting for around 7 per cent of all Mainland visitors, and they were orderly in general.
     
    Cross-boundary traffic
     
         Throughout the Chinese New Year Golden Week, the Transport Department had been steering public transport operators to enhance their service capacity with a view to meeting the cross-boundary passenger demand. The traffic conditions at various boundary control points were mostly smooth.
     
         Mr Chan said, “Thanks to the close collaboration of all relevant government departments, organisations and the trade in making comprehensive preparations and responses, as well as the co-operation of the public and tourists, the various reception arrangements during the Chinese New Year Golden Week operated smoothly this year, enabling citizens and tourists to celebrate the Chinese New Year in Hong Kong in a joyous and festive manner.”

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PRESS RELEASE – New Zealand supports with 6000 Doses of Boostrix Vaccines in Samoa

    Source: Government of Western Samoa

    Share this:

    29 January 2025

    The Government of Samoa is pleased to acknowledge the generous support of 6,000 doses of Boostrix vaccines from New Zealand. This timely contribution comes as Samoa addresses a Pertussis (Whooping Cough) outbreak, providing crucial support to safeguard public health and protect vulnerable populations.

    Boostrix is an adult vaccine that protects against Tetanus, Diphtheria, and Pertussis. This particular vaccine has not previously been available in Samoa, making this contribution an invaluable asset during the current health challenge.

    The Boostrix vaccine, authorized by Medsafe New Zealand for adults, is especially recommended for pregnant women. Administering the vaccine during the second or third trimester of pregnancy provides vital protection to infants during the first few months of life, when they are most at risk, until they are able to receive their own vaccinations.

    Vaccines will be prioritized for healthcare workers, frontline responders, and pregnant mothers as part of the vaccine distribution plan. It is critical to note that this initiative does not replace the importance of routine immunization services for infants and children. Parents are strongly encouraged to ensure that their children receive vaccinations on time.

    As Samoa works to mitigate the effects of the Pertussis outbreak, this support from New Zealand will play a pivotal role in reducing the spread of the disease and protecting lives.

    The Government of Samoa and its healthcare partners extend their heartfelt gratitude for this vital and timely

    support.

    For further information, please contact Tagaloa Dr. Robert Thomsen – Deputy Director General for Public Health Services on 66600 or 66697.

    END.

    SOURCE – Ministry of Health

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  • MIL-OSI Asia-Pac: TD proactively coordinates with operators to strengthen bus services in response to MTR East Rail Line incident

    Source: Hong Kong Government special administrative region

         The Transport Department (TD) today (February 5) received notification from the MTR Corporation Limited (MTRCL) that, due to an equipment fault on an engineer’s train near Tai Wo Station, the East Rail Line train service frequencies between Admiralty and Fo Tan, Fo Tan and Tai Po Market, Tai Po Market and Lo Wu, and Sheung Shui and Lok Ma Chau have been adjusted. 

         The TD has requested the MTRCL to make all-out efforts to follow up and complete the necessary maintenance, with a view to resuming normal service as soon as possible. Crowd management measures are now in place in individual stations on East Rail Line and longer waiting times are expected. The TD urged members of the public to consider other transport modes and plan their journeys early with more time for travel. 

         The TD’s Emergency Transport Co-ordination Centre has been closely monitoring the traffic conditions and public transport services of various districts and affected stations. In addition, the TD has been proactively coordinating with franchised bus operators to strengthen their services to cope with the passenger demand, including:
     

    KMB Route No. 270A (Sheung Shui to Tsim Sha Tsui East (Mody Road));
    KMB Route No. 978 (Fanling (Wah Ming) to Exhibition Centre Station); and 
    Citybus Route No. 79 (Queen’s Hill to Tai Wai Station). 

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Assistance Available for Self-Employed Wildfire Survivors

    Source: US Federal Emergency Management Agency

    Headline: Assistance Available for Self-Employed Wildfire Survivors

    Assistance Available for Self-Employed Wildfire Survivors

    LOS ANGELES – Self-employed individuals in Los Angeles who became unemployed as a direct result of the wildfires, may apply for FEMA Individual Assistance, Disaster Unemployment Assistance (DUA) and/or U.S. Small Business Administration (SBA) Disaster Loans.  FEMA Individual AssistanceFEMA may be able to provide funds to repair or replace disaster-damaged tools and equipment required for your job. This help is available to a wide variety of applicants, including artists, musicians, mechanics, and many other occupations.Eligible Occupational ToolsOccupational tools are tools and equipment required for self-employment or not provided by an employer but required for employment. Examples of essential tools include:Computers required by an employer or for self-employment when you are responsible for the replacement of the computer. Technology and equipment involved in the creation of art, music, photography, etc.Tools and equipment such as power tools, tractors, plows, seeders, planters, harvesters, sprayers, hay balers, utility vehicles, lawnmowers, etc.Art materials, paint, brushes, canvas, clay, musical instruments, theatrical tools such as movable flooring, drapery, makeup, costumes as well as sound and lighting equipment.Uniforms required for work when you are responsible for replacement of the uniforms.This assistance may be available if the items were damaged by the disaster, you do not have another working item that can meet this need, and the loss of the item was not covered by insurance.Required DocumentationTo be eligible for self-employment assistance, you must provide documentation that proves you are self-employed, such as federal tax return documents, and meet the general eligibility criteria for FEMA assistance. Self-employed survivors should provide FEMA with:Insurance documents for all potential coverages and benefits.Itemized receipts or estimates for repairing or replacing the requested items. A written statement that explains the items are needed for self-employment.To find out if you are eligible, apply to FEMA:Go online to disasterassistance.gov/.Download the FEMA App for mobile devices.Call the FEMA helpline at 800-621-3362 every day from 7 a.m. to 10 p.m. Pacific Standard Time.Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.Visit a Disaster Recovery Center.UCLA Research Park West10850 West Pico Blvd., Los Angeles, CA 90064Open Daily: 9 a.m. to 8 p.m.Altadena Disaster Recovery Center540 W. Woodbury Rd., Altadena, CA 91001Open Daily: 9 a.m. to 8 p.m.The deadline to apply for FEMA Individual Assistance is March 10, 2025.Disaster Unemployment Assistance Los Angeles County workers impacted by the severe wildfires and winds can now apply for Disaster Unemployment Assistance (DUA) or regular unemployment benefits. The Employment Development Department (EDD) administers these benefits. DUA is for workers – such as self-employed people – who are not eligible for regular unemployment benefits and lost their jobs or had hours reduced because of the disaster. The deadline to submit a DUA application is March 10, 2025. Visit the State of California’s Employment Development Department for more information on how to apply. U.S. Small Business Administration Disaster LoansThe U.S. Small Business Administration (SBA), FEMA’s federal partner in disaster recovery, offers low-interest disaster loans to help homeowners, renters, private non-profit organizations, and business of all sizes recover from declared disasters, Applicants may apply online and receive additional disaster assistance information at SBA gov/disaster. Disaster loan information and application forms can be obtained by scheduling an in-person appointment at a SBA Disaster Recovery Center or by calling the SBA’s Customer Service Center at 800-659-2955.
    sasha.kirsch
    Wed, 02/05/2025 – 02:10

    MIL OSI USA News –

  • MIL-OSI USA: Bullseye!

    Source: NASA

    This image from NASA’s Hubble Space Telescope, released on Feb. 4, 2025, shows the gargantuan galaxy LEDA 1313424, aptly nicknamed the Bullseye. A far smaller blue dwarf galaxy went through the Bullseye’s center, leaving nine star-filled rings. Astronomers using Hubble identified eight visible rings, more than previously detected by any telescope in any galaxy, and confirmed a ninth using data from the W. M. Keck Observatory in Hawaii. Previous observations of other galaxies show a maximum of two or three rings.
    Hubble and Keck’s follow-up observations also helped the researchers prove which galaxy plunged through the center of the Bullseye — a blue dwarf galaxy to its center-left. This relatively tiny interloper traveled like a dart through the core of the Bullseye about 50 million years ago, leaving rings in its wake like ripples in a pond. A thin trail of gas now links the pair, though they are currently separated by 130,000 light-years.
    Read more about this “serendipitous discovery.”
    Image credit: NASA, ESA, Imad Pasha (Yale), Pieter van Dokkum (Yale)

    MIL OSI USA News –

  • MIL-OSI USA: NASA Tests in Simulated Lunar Gravity to Prep Payloads for Moon

    Source: NASA

    The old saying — “Practice makes perfect!” — applies to the Moon too. On Tuesday, NASA gave 17 technologies, instruments, and experiments the chance to practice being on the Moon… without actually going there. Instead, it was a flight test aboard a vehicle adapted to simulate lunar gravity for approximately two minutes.
    The test began on February 4, 2025, with the 10:00 a.m. CST launch of Blue Origin’s New Shepard reusable suborbital rocket system in West Texas. With support from NASA’s Flight Opportunities program, the company, headquartered in Kent, Washington, enhanced the flight capabilities of its New Shepard capsule to replicate the Moon’s gravity — which is about one-sixth of Earth’s — during suborbital flight.
    “Commercial companies are critical to helping NASA prepare for missions to the Moon and beyond,” said Danielle McCulloch, program executive of the agency’s Flight Opportunities program. “The more similar a test environment is to a mission’s operating environment, the better. So, we provided substantial support to this flight test to expand the available vehicle capabilities, helping ensure technologies are ready for lunar exploration.”
    NASA’s Flight Opportunities program not only secured “seats” for the technologies aboard this flight — for 16 payloads inside the capsule plus one mounted externally — but also contributed to New Shepard’s upgrades to provide the environment needed to advance their readiness for the Moon and other space exploration missions.
    “An extended period of simulated lunar gravity is an important test regime for NASA,” said Greg Peters, program manager for Flight Opportunities. “It’s crucial to reducing risk for innovations that might one day go to the lunar surface.”
    One example is the LUCI (Lunar-g Combustion Investigation) payload, which seeks to understand material flammability on the Moon compared to Earth. This is an important component of astronaut safety in habitats on the Moon and could inform the design of potential combustion devices there. With support from the Moon to Mars Program Office within the Exploration Systems Development Mission Directorate, researchers at NASA’s Glenn Research Center in Cleveland, together with Voyager Technologies, designed LUCI to measure flame propagation directly during the Blue Origin flight.
    The rest of the NASA-supported payloads on this Blue Origin flight included seven from NASA’s Game Changing Development program that seek to mitigate the impact of lunar dust and to perform construction and excavation on the lunar surface. Three other NASA payloads tested instruments to detect subsurface water on the Moon as well as to study flow physics and phase changes in lunar gravity. Rounding out the manifest were payloads from Draper, Honeybee Robotics, Purdue University, and the University of California in Santa Barbara.
    Flight Opportunities is part of the agency’s Space Technology Mission Directorate and is managed at NASA’s Armstrong Flight Research Center.
    By Nancy Pekar, NASA’s Flight Opportunities program

    MIL OSI USA News –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on NFLY ($1.0705), CONY ($1.0468), PYPY ($0.6665), YMAX ($0.1944), YMAG ($0.1862) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, Feb. 05, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group C ETFs listed in the table below.

    ETF Ticker1 ETF Name Reference Asset Distribution per Share Distribution Frequency Ex-Date & Record Date Payment Date
    GPTY* YieldMax™ AI & Tech Portfolio Option Income ETF Multiple $0.3353 Weekly 2/7/2025 2/10/2025
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Multiple $0.6280 Weekly 2/6/2025 2/7/2025
    YMAX YieldMax™ Universe Fund of Option Income ETFs Multiple $0.1944 Weekly 2/6/2025 2/7/2025
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Multiple $0.1862 Weekly 2/6/2025 2/7/2025
    CONY YieldMax™ COIN Option Income Strategy ETF COIN $1.0468 Every 4 Weeks 2/6/2025 2/7/2025
    FIAT YieldMax™ Short COIN Option Income Strategy ETF COIN $0.5498 Every 4 Weeks 2/6/2025 2/7/2025
    MSFO YieldMax™ MSFT Option Income Strategy ETF MSFT $0.3615 Every 4 Weeks 2/6/2025 2/7/2025
    AMDY YieldMax™ AMD Option Income Strategy ETF AMD $0.3812 Every 4 Weeks 2/6/2025 2/7/2025
    NFLY YieldMax™ NFLX Option Income Strategy ETF NFLX $1.0705 Every 4 Weeks 2/6/2025 2/7/2025
    ABNY YieldMax™ ABNB Option Income Strategy ETF ABNB $0.4033 Every 4 Weeks 2/6/2025 2/7/2025
    PYPY YieldMax™ PYPL Option Income Strategy ETF PYPL $0.6665 Every 4 Weeks 2/6/2025 2/7/2025
    ULTY YieldMax™ Ultra Option Income Strategy ETF Multiple $0.5369 Every 4 Weeks 2/6/2025 2/7/2025
    CVNY** YieldMax™ CVNA Option Income Strategy ETF CVNA   – Every 4 Weeks – –
    Weekly Payers & Group D ETFs scheduled for next week: GPTY LFGY YMAX YMAG MSTY YQQQ AMZY APLY AIYY DISO SQY SMCY

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

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

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

    *GPTY’s nonstandard dates are for this distribution only. The dates for GPTY’s future distributions will be those set forth in the YieldMax Distribution Schedule.

    **The inception date for CVNY is January 29, 2025.

    1Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

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

    Important Information

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

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

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

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

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

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

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

    Risk Disclosures (applicable only to GPTY)

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

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

    Risk Disclosure (applicable only to MARO)

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

    Risk Disclosures (applicable only to BABO and TSMY)

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

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

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

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

    Risk Disclosures (applicable only to GDXY)

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

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

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

    Risk Disclosures (applicable only to YBIT)

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

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

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

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

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Risk Disclosures (applicable only to YQQQ)

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

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

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

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

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI Economics: Luis de Guindos: Interview with Hospodárske Noviny

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Mário Blaščák

    5 February 2025

    The ECB lowered its interest rates by 25 basis points last week. How low can rates go given the current inflation and growth outlook?

    We have been very clear that we are not following any predetermined path and will decide meeting by meeting, based on the incoming economic data. This is because the level of uncertainty is huge. Now that we see inflation approaching our 2% target, we have been reducing the restriction of our monetary policy. How much lower rates will go depends on the data confirming that inflation is converging towards our target in a sustainable manner. We are confident that this will happen this year, but there are still a number of uncertainties, particularly surrounding the geopolitical situation, that we need to take into account. So, even if our current trajectory under the current circumstances is clear, nobody knows the level at which interest rates will end up.

    At the press conference, ECB President Christine Lagarde described the current level of interest rates as being in restrictive territory. Národná banka Slovenska Governor Peter Kažimír recently suggested that rates would decline to a neutral level close to 2%. Do you agree?

    I usually agree with my friend Peter Kažimír on a lot of things [laughs]. The neutral rate is an interesting concept from an academic standpoint. However, using it as a reference for monetary policy decisions is not the right approach, in my view. The range of the neutral rate, based on different models, can be very ample. Our bank lending surveys provide a much better indicator of the restrictiveness of our monetary policy, by showing how banks are easing or tightening financing conditions. For policy decisions we need to consider all relevant incoming data and a vast range of indicators to form our assessment of the inflation outlook, underlying inflation and the strength of monetary policy transmission. So while the neutral rate makes for an interesting academic concept, it is not very useful from a policymaking standpoint.

    Why don’t academic concepts hold up? Are we living through unusual times?

    Academic research is crucial for the conceptual framework of the things we do. But the high level of uncertainty we are now dealing with potentially calls for a more pragmatic approach, placing less weight on unobservable variables or model-based estimates with shortcomings and results expressed in wide ranges.

    Services inflation is double the target level and wage growth is near 5%. How confident are you that the projected moderation in inflation will actually materialise?

    As we can clearly see at the moment, not all the components of inflation evolve in parallel. You are right that while goods inflation stands at 0.5%, services inflation is at 4%. It is important that services inflation starts to decelerate. We believe this will happen because services are very wage-sensitive, and we expect wage growth to start to decelerate. We also see our corporate surveys confirming our belief that wage dynamics will start to slow down, so we expect this to help bring down services inflation.

    How is inflation expected to evolve over the next few months?

    On average, we may see an increase in headline inflation over the next couple of months because of base effects, mostly due to energy prices. Nevertheless, we are convinced that headline inflation will start to decelerate later on in the spring and converge towards our 2% target on a sustainable basis.

    Is there any time lag between the projected moderation in wage growth and services inflation?

    There is always a certain delay in that respect. But looking only at wage growth data is like looking into a rear-view mirror. Looking ahead, we pay attention to expectations about inflation, which are firmly anchored. At the same time, there is the crucial “catch-up” process, which is almost complete. While the purchasing power of workers’ wages in the euro area fell during the period of high inflation, it has now recovered. These two elements lead us to believe that wage increases will start to decelerate.

    Eurostat released data on GDP growth in the euro area, which has been stagnating. Forward-looking indicators point to an economic slowdown, affecting wages and, in turn, consumer demand. Is that the reason why you are expecting weak growth in household consumption?

    You raised a very important issue. In order to understand what will happen to the economy, consumer behaviour is key. Right now, we don’t see consumption picking up even though the moderation in inflation has restored households’ purchasing power. It is likely that this is related to consumer confidence. The impact of past shocks like the pandemic, the post-pandemic period and the energy shock, as well as the current geopolitical situation and the general level of uncertainty worldwide, is moderating consumption. But we believe that confidence will be restored over time, as real wages recover.

    A recovery in consumption will be key for a rebound of euro area economic growth. The lack of consumer confidence is one of the reasons why this has not been the case yet.

    What would happen if the war in Ukraine were to end tomorrow? Would it change everything we think about the economy and the course of monetary policy?

    From a human standpoint, a peace agreement would obviously be very positive. And generally speaking, an end to the war would also benefit the economy. But this would depend on how the war is resolved and whether the terms of the settlement are good for Ukraine and for the rest of Europe.

    In its pursuit of price stability, the ECB targets inflation, but what role did weak economic growth play in your decision to lower interest rates?

    Even though we target inflation, our decision-making of course involves a broader perspective. We consider a wide range of indicators, such as consumer demand, investment, energy prices and exchange rate developments, as well as actual and potential economic growth. We calibrate all of these components on an ongoing basis to produce the most accurate projection of inflation over time in order to support our decisions.

    Slovakia is an automotive power. However, the car sector has been struggling in the wake of the green transition. After your dinner with European Commission President Ursula von der Leyen last week, how do you see the green transition evolving?

    This question would be better put to the European Commission. Ms von der Leyen explained the main features of the Competitiveness Compass, with simplification and flexibility being major drivers. This means looking at decarbonisation targets also through the lens of the competitiveness of European industries.

    Slovakia is one of Europe’s fiscal sinners, but it has implemented consolidation measures, including income tax and VAT hikes and the introduction of a transaction tax. Do you think it will be enough if small euro area countries take action while large countries do not?

    Every country needs to do their part to comply with the new fiscal framework. The new rules need to be implemented fully, faithfully and by all countries, because the credibility of fiscal policy is crucial. This does not apply to Europe alone, but to other countries in the world too. Markets are monitoring each country’s fiscal position very closely, and any doubts about the sustainability of public finances are quickly reflected in increased government bond yields, as we have seen in the United States and the United Kingdom. An increase in government bond yields is detrimental to growth and financial stability. That is why we must maintain the credibility of the new fiscal framework, as this a prerequsite for keeping long-term yields at a low level, which is vital for the economic recovery. The new fiscal rules are flexible to allow sustainable deficit cuts and they will not jeopardise efforts to invest in areas such as climate change or defence.

    Global debt is on track to hit 100% of world GDP this year. Is this alarming? And who is the biggest debt sinner?

    I won’t name any countries, because the figures are already out there. In general, the policy response to the pandemic played a big part in increasing sovereign debt, as there was a combination of very loose fiscal and monetary policy. But this was an exceptional situation – extraordinary times require extraordinary measures.

    That being said, many countries have seen their fiscal positions deteriorate. Public debt ratios are now high, and a number of countries have increased their structural deficits. This is why it is so important to implement the new fiscal governance framework in its entirety. This means not only reducing the fiscal deficit and the public debt-to-GDP ratio, but also implementing structural reforms.

    Do you view the consolidation measures adopted by the Slovak Government as positive?

    It is not for us to assess the fiscal measures of individual countries. Looking at Slovakia’s fiscal profile, we see that its debt is below the euro area average, at around 60% of GDP. The budget deficit is higher, which means that Slovakia is subject to an excessive deficit procedure. In general, it’s important to reduce the deficit in a way that ensures the sustainability of public finances. This can be done through a combination of cutting expenditure and increasing tax revenue. But how to do that, and by how much, is for each country to decide.

    12 years ago, Italy’s fiscal sustainability triggered a crisis. Today, France is under the spotlight of the markets and its government bond yields are on the rise. Does this pose a threat to the stability of the euro area?

    We have seen an increase in yields in several countries. In the case of France, this may have been somewhat stronger, mainly because of the political situation. But the plans submitted to the European Commission are fully compliant with the new fiscal framework. So what I hope for France, and for other euro area countries, is political stability, and for them to be able to implement the plans approved by the European Commission.

    Mortgages are very important for people in Slovakia, as Slovaks prefer to live in their own homes. But interest rates went from levels below 1% all the way up to 5.3% in November 2023. In view of the monetary policy easing cycle, is the ECB a messenger of good news for Slovaks?

    We are trying to do our job. When inflation was high, we increased interest rates, and now that it is falling, we are reducing them. On average, inflation peaked at above 10% in October 2022 and it now stands at 2.5%, which is why we have cut interest rates by 125 basis points since June last year. This has an impact on financing conditions and on mortgage rates, but the structure of the mortgage market is also important in determining how quickly our monetary policy is transmitted. In countries where most of the mortgage market is at variable rates, interest rate cuts are rapidly reflected in household mortgage payments. In countries where there are more fixed-rate mortgages, this process is slower. But the transmission of monetary policy easing will eventually be reflected in mortgages across the board, and people will feel that they are less costly than before we started to reduce rates.

    So monetary policy is a bit of a bittersweet symphony? Bitter in bad times and sweet in good times?

    Yes, bitter when inflation is high and we need to tighten financing conditions, and sweet when it is low. Now that inflation is declining, and if it continues to do so, we will adjust our monetary policy accordingly. If inflation had not declined, we would not have cut rates.

    How big a threat are Donald Trump’s economic policies to the ECB’s inflation target?

    With regard to tariffs, our analyses suggest that the main impact will be on growth. If the world embarks on the path towards a trade war, this will have an extremely negative impact on the growth prospects of the global economy. Increases in tariffs and quotas are a negative supply shock, especially if accompanied by retaliation. This vicious circle should be avoided. Estimating the impact on inflation is more difficult owing to the dampening effect of tariffs on demand and growth, as well as the fact that selective tariffs can lead to trade being redirected and diverted.

    Are you concerned about stagflation, i.e. a stagnation in growth accompanied by rising prices, which the ECB’s monetary policy cannot reach? Could it lead to a reversal of the monetary policy stance?

    If inflation moves according to our projections, the path of our monetary policy is clear. Although there are always some external factors affecting the economy, and potentially shocks, our baseline scenario sees inflation on track to converge towards our target this year, with a slight recovery in economic growth. We expect euro area GDP growth to reach 1.1% this year, following 0.7% last year.

    To support the economic recovery, we will need a growth-oriented fiscal policy that also guarantees the fiscal sustainability of public finances, as well as structural reforms. This is where the European Commission’s Competitiveness Compass will play a key role. To achieve real unity, we need to simplify processes and integrate markets in Europe. That means the Single Market, the capital markets union and the banking union. These will be key elements in improving the growth prospects and growth potential of the euro area.

    MIL OSI Economics –

  • MIL-OSI Economics: Belgium: Staff Concluding Statement of the 2025 Article IV Mission

    Source: International Monetary Fund

    February 5, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    An IMF team led by Jean-François Dauphin visited Brussels to conduct the 2025 Article IV consultation with Belgium. The mission’s discussions (January 22-February 3) took place before the formation of the new government and the present statement, which summarizes the mission’s findings and recommendations, does not reflect the new government’s policy intentions.

    The IMF team thanks the Belgium authorities andother counterpartsfor the constructive dialogue and productive collaboration. It congratulates the new government on its nomination and looks forward to future engagement.

    ******

    The Belgian economy has been resilient to a series of shocks, but growth has slowed, and disinflation has faced headwinds. The labor market has been strong but shows signs of cooling. Labor-cost competitiveness has declined with wage growth outpacing sluggish productivity growth. Absent policy change, pressures from an aging population will weigh on Belgium’s social model and further increase the fiscal deficit and public debt, heightening vulnerability to changes in market sentiment. The outlook is subject to high uncertainty, amid risks that could push growth down and inflation up, including deepening geoeconomic and trade fragmentation, and adverse energy price developments.

    • Sustained fiscal consolidation is needed to support disinflation, rebuild buffers, lower market vulnerabilities, and address spending pressures from aging and the green transition. All federal and federated entities need to contribute to the adjustment. Rationalizing current spending while preserving (or increasing) public investment in infrastructure, healthcare, and education and enhancing its efficiency is a priority.
    • To preserve macrofinancial stability, current capital buffer requirements and prudential limits on mortgage loans should be maintained. Recent progress in strengthening systemic risk assessment, supervision, the macroprudential framework, and crisis management and resolution preparedness is welcome and should be sustained.
    • Reforms are needed to enhance growth potential through higher labor force participation, increased productivity, and a more efficient resource allocation. Priorities include increasing the income gap between work and nonwork through tax and social benefits reforms, reforming the wage-setting mechanism, and upgrading labor skills. Together with efforts with EU partners to deepen the single market, further product market reforms to reduce barriers to entry, foster greater competition, and improve the insolvency regime will improve firm dynamics and the diffusion of innovation. Sustaining the green transition requires strong commitment and enhanced coordination among the federal and regional governments.

    Economic outlook and risks

    Growth is expected to be stable in 2025 and inflation to slowly return to target. Output is expected to grow by 1.1 percent in 2025 and slightly increase by 2027 supported by monetary policy easing and a higher contribution from net exports. Inflation is projected to gradually decline as wage growth moderates and the projected drop in international energy prices passes through to retail prices. The external current account is expected to return to small surpluses over the medium term as energy prices ease and external demand increases. Under unchanged policies, pressures from the aging population would further increase the fiscal deficit to about 7 percent and public debt about 125 percent of GDP in 2030, heightening vulnerabilities.

    The baseline outlook is subject to sizeable risks, tilted down for growth and up for inflation. Growth could be weaker if the expected recovery in external demand falters amid escalating geoeconomic tensions and trade fragmentation. Inflation could be higher than projected due to adverse energy price developments, or if persistently-high core inflation affects expectations. Fiscal sustainability concerns could arise and lead to a sharp increase in borrowing costs—especially if global risk aversion increases—, necessitating abrupt fiscal consolidation with negative consequences for growth and potentially financial stability.

    Rebuilding Fiscal Buffers Despite Pressures

    Significant fiscal consolidation is needed to address large structural deficits and rising public debt that were exacerbated by the pandemic and energy crisis. In the short term, consolidation will help further reduce inflation, notwithstanding still-high wage growth and looser monetary policy. This would also help address significant upside risks to inflation. Critically, a sustained reduction in fiscal deficits is needed to reduce vulnerability to changes in market sentiment, rebuild space to address potential future shocks, address long-term spending pressures, and ultimately, preserve the core of Belgium’s social model, which places a high premium on solidarity and equity.

    Consolidation under the new EU economic governance framework (EGF) would significantly improve fiscal sustainability. Given the magnitude of the needed adjustment, the medium-term fiscal structural plan (MTFSP) under the EGF would benefit from a seven-year rather than a four-year adjustment path, accompanied by credible and front-loaded growth-enhancing reforms. Under such an adjustment, an annual reduction in the structural primary balance of about 0.5 percentage points of GDP until 2031 will be necessary to reach an overall deficit below 3 percent of GDP by 2031 and maintain it until 2041, per the EGF.

    Fiscal adjustment should center on rationalizing current spending, while making room for public investment. Rationalizing social benefits and the public wage bill is crucial for achieving budgetary savings. Public investment should be preserved, or ideally, increased to mitigate the growth impact of fiscal consolidation, support green transition, and bolster the economy’s productive capacity.

    Improving the efficiency of public investment is critical amid competing demands for resources. This includes laying out clear infrastructure investment strategies, strengthening project appraisal, selection, and governance, and improving coordination within and among the federal and federated entities. In healthcare, increasing the focus on preventive care and reforming the organization and role of hospitals would help absorb part of the projected increase in spending due to aging and better prepare the system to the evolving need of an older population. Education reforms can help achieve the same education outcomes at lower costs or improve outcomes without increasing spending.

    Pension reforms are essential to address cost pressures from aging. The focus should be on raising the effective retirement age in line with healthy-life expectancy and facilitating longer employment through life-long learning and upskilling. Additionally, reviewing eligibility criteria for specific pension regimes (e.g., disability pensions) and limiting increases in pension benefits by reviewing automatic indexation are necessary steps. A review of special provisions (e.g., arduous jobs) could inform reforms to balance fairness and costs.

    Tax reforms should aim to shift part of the tax burden from labor to capital, without revenue loss, and to reduce tax exemptions. Belgium has the highest labor-tax wedge in the OECD. Reducing labor taxation will help increase the employment rate. All revenue from capital (e.g., interests, dividends, and capital gains) should be taxed in the same way to ensure neutrality in investment decisions, ideally by incorporating these revenues into the overall taxable income subject to personal income tax. Reducing preferential regimes and treatments in the tax system, a significant source of foregone revenue, also needs to be part of the reform package. Tax reforms should be coordinated among the federal and federated entities for their revenue and distributional impacts.

    The new EGF provides an opportunity to strengthen Belgian’s fiscal framework through a revitalized fiscal council and greater accountability among federated entities. The implementation of the 2013 federal-regional coordination agreement has proved challenging, given the complexities of Belgium’s fiscal federalism. The new EGF provides a renewed opportunity to introduce binding rules for burden sharing the fiscal adjustment, with clear accountability for the federal and all federated entities. A strengthened fiscal council (e.g., with enhanced staffing and direct reporting to parliaments) would help ensure that the federal and each federated entity’s fiscal behavior is consistent with Belgium’s European commitments.

    Preserving Macrofinancial Stability

    Overall systemic risks in the financial sector remain moderate but are evolving due to changing macroeconomic and market conditions. While the economy is slowing and real estate markets cooling, interest rates are now decreasing. Household indebtedness has stabilized, and corporate indebtedness has declined due to substantial investments being largely cash financed. Corporate bankruptcies have been increasing but remain aligned with pre-pandemic trends. Risks from residential real estate have moderated, but commercial real estate market activity has dropped sharply, and vacancies have risen, reflecting low demand for office space. Overall, exposures to real estate remain broadly stable.

    With the level of financial stability risks expected to remain unchanged, capital buffers and prudential limits on residential mortgages should be maintained . Since last year, macroprudential policies have tightened, with capital buffers significantly raised. The NBB also appropriately encouraged banks to lengthen new mortgage maturities to ease the debt servicing burden of households and pre-empt borrower distress. Progress has been made in implementing the 2023 Financial Stability Assessment Program (FSAP) recommendations and this effort should be accelerated now that a new government is in place and the required legislative changes can be pushed forward.

    Strengthening Labor Markets

    Labor market fragmentation and rigidity in Belgium are impeding growth potential. The coexistence of local or sectoral pockets of high vacancies and pockets of high unemployment highlights inefficiencies in labor allocation that hinder potential growth. Employment gaps for low-skilled workers, older workers, women, and individuals with an immigration background or disabilities remain high. Fostering a more inclusive labor market will enhance overall economic performance and mitigate fiscal pressures.

    Enhancing labor market incentives is essential. Labor market, tax, and social benefit reforms should consistently aim to increase the income gap between work and nonwork and reduce the cost of hiring and dismissal. Reducing the duration of unemployment benefits and linking social benefits to income levels would incentivize re-entry into the labor force. Policy efforts should also focus on facilitating re-integration of workers from long-term sick leave.

    Reforming the wage-setting mechanism will help increase labor market efficiency, improve competitiveness, and reduce fiscal costs. Automatic wage and social benefit indexation protected household purchasing power during the inflation shock. However, it also increased structural fiscal deficits and led to labor-cost increases exceeding those of major trading partners when accounting for productivity differential, weighing on competitiveness. Consideration should be given to abolishing the automatic indexation and the 1996 wage law which, together, define a floor and a ceiling for wage growth, that do not allow for an optimal allocation of labor and increased employment. At a minimum, the labor market would already benefit from reforms including adjusting the basis for indexation to exclude volatile prices, broadening the group of comparator countries in the wage law, using productivity-adjusted wage growth as the basis for comparison, and allowing firms to partially index wages considering specific local and sectoral labor market conditions.

    Reforms in education and life-long training are necessary to upskill the labor force, enhance employment rates, and promote growth. While educational outcomes in Belgium are comparable to peers, they are achieved at a higher cost. Addressing teacher shortages, reducing grade repetition rates, and achieving greater equality of educational outcomes irrespective of backgrounds will require a comprehensive reform of the educational system. Actions should seek to align education with the needs of Belgian companies, better leverage teachers’ time, and strengthen support provided to students who face difficulties. These reforms would help increase employment, productivity, and the creation and diffusion of innovation.

    Boosting Productivity

    Boosting productivity will require further product market reforms to improve firm dynamics and the diffusion of innovation. Despite significant investment in innovation, Belgium’s long-term productivity slowdown is worse than peers, suggesting room to improve the transmission of innovation to productivity gains. Lagging productivity is linked to insufficient firm dynamics—the entry, growth, and exit of firms—, with Belgium experiencing some of the lowest firm entry and exit rates in the EU. To enhance productivity and dynamics, further product market reforms are necessary to reduce regulatory and administrative barriers and improve the insolvency regime.

    Deepening the European single market and advancing the capital market union would benefit firms in Belgium. Removing remaining barriers to trade within the EU and harmonizing regulations and bankruptcy frameworks would enhance Belgian firms’ access to a much larger customer base, improve competition and firm dynamics, and provide buffers against risks from geo-fragmentation. Moreover, developing venture capital within an EU-wide push toward capital market union would help widen Belgian firms’ options to finance growth.

    Sustaining the Green Transition

    Despite progress, much effort remains needed to achieve climate objectives. The expansion of the EU emissions trading system should be complemented by timely implementation of carbon taxation and phasing out fossil fuel subsidies, while ensuring support for vulnerable population. The consolidation of federal and regional climate efforts into a coherent and cohesive national strategy is essential. Improved coordination and accountability among the federal and regional governments will facilitate the design, execution, and evaluation of climate policies. Adequate investments in the green transition are necessary to ensure Belgium meets its climate goals and contributes to the European Green Deal.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    MIL OSI Economics –

  • MIL-OSI Economics: Investors, Trump and the Illuminati: What the “Nigerian prince” scams became in 2024

    Source: Securelist – Kaspersky

    Headline: Investors, Trump and the Illuminati: What the “Nigerian prince” scams became in 2024

    “Nigerian” spam is a collective term for messages designed to entice victims with alluring offers and draw them into an email exchange with scammers, who will try to defraud them of their money. The original “Nigerian” spam emails were sent in the name of influential and wealthy individuals from Nigeria, hence the name of the scam.

    The themes of these phishing emails evolved over time, with cybercriminals leveraging contemporary events and popular trends to pique the interest of their targets. However, the distinctive characteristics of the messages that placed them in the “Nigerian” scam category remained unchanged:

    • The user is encouraged to reply to an email. It is usually enough for the attackers to receive a reply in any format, but sometimes they ask the victim to provide additional information, such as contact details or an address.
    • Typically, scammers mention a large amount of money that they claim the recipient is entitled to, either due to sheer luck or because of their special status. However, some emails use other types of bait: investment opportunities, generous gifts, invitations to an exclusive community, and so on.
    • The body of most “Nigerian” scam emails includes the email address – often registered with a free email service – of the alleged benefactor or an agent, which may be different from the sender’s address. Sometimes the return address is given in the Reply-To field rather than the message itself, and the address also differs from the one in the From field. Alternatively, the message body might contain a phone number in place of an email address.
    • The messages are often poorly written, with a large number of mistakes and typos. The text may well be the product of low-quality machine translation or generated by a large language model poorly trained on that language.

    Types of “Nigerian” email messages

    Email from wealthy benefactors

    A fairly common tactic that has superseded the original “Nigerian” scam involves messages purportedly from wealthy individuals suffering from a terminal illness and facing imminent death. They claim to have no heirs, and therefore wish to bequeath their vast fortune to the recipient, whom they deem worthy.

    The narrative may change slightly from one email to the next. For example, a “wealthy benefactor” might ask the recipient to act as a go-between for a monetary transfer to a third party in exchange for a reward, as described in the email above, or simply offer a valuable gift. The message can claim to be written by either a dying millionaire or, as in the example below, a legal representative of the deceased.

    Alternatively, the “millionaires” may be in good health and supposedly donating their money purely out of the goodness of their hearts. To enhance credibility, attackers can embed links to publicly available data about the individual they’re posing as.

    Compensation scams

    Beyond the “millionaire giveaway” scam, fraudsters frequently use the lure of compensations from governments, banks and other trusted entities. By doing so, they exploit the victim’s vulnerability rather than their greed. Scammers sometimes take their victims on an emotional rollercoaster ride. They start by frightening people with bad news, then calm them down by saying the problem has been fixed, and finally surprise them with a generous offer of compensation.

    For example, in the email screenshot below, the attackers, posing as high-ranking officials at a major bank, claim that “corrupt employees” were attempting to steal the recipient’s money. The bank claims to have taken action and is offering an exorbitant amount as damage compensation. To get it, the recipient is urged to contact a correspondent bank as soon as possible at an email address, which is, unsurprisingly, registered with a free email service.

    Scammers have another trick up their sleeve when it comes to compensations: they pretend to be from the police or some international organization and promise to give victims of “Nigerian” scams or other rip-offs their money back. In the example below, scammers, posing as the Financial Stability Council and the United Bank for Africa (UBA), promise the victim a payout from a so-called “fraud victims compensation fund”.

    Sometimes scammers pretend to be “victims of fraud” themselves. The screenshot below shows a common example: scammers masquerade as victims of cryptocurrency fraud, offering help from “noble hackers” who they claim helped them recover their losses.

    Lottery scams

    Lottery win notification scams share many similarities with “Nigerian” scams. Fraudsters promise recipients large sums of money and provide their contact details for further communication. It’s likely that the victim has never heard of the lottery they’ve supposedly won.

    In some cases, scammers employ unusual tactics. For example, in a message claiming to be from a European lottery director, the email body is all but empty. All the “win” details and next steps are in a PDF attachment. The file includes a free email address, which is typical of “Nigerian” scams, and asks you to send fairly detailed personal information, such as your full name, address, and both your mobile and landline phone numbers. They even ask for your job position.

    In other similar emails, we noticed image attachments that included all the details about the supposed “win” and contact information.

    Another lottery scam tactic combines two types of bait: a lottery win (fraudsters pretend to be someone else who has won and is now offering you money) and offering a donation from a wealthy elderly person.

    In some cases, to make their scams more convincing, scammers attach photos of documents to their emails that supposedly confirm the sender’s identity or their winnings.

    Online dating scams

    Some “Nigerian” scams are so sophisticated that they can be hard to spot right away. These include offers of friendship that often develop into romantic conversations, which can be almost indistinguishable from real-life interactions. We’ve seen examples of really long email exchanges where a whole drama played out. A man and a woman met online and hit it off, chatting for hours about everything under the sun. Now, one of them is finally ready to meet the other in person. However, they can’t afford the ticket or visa, and they’re pleading with their partner for financial help so they can meet.

    In a different scenario, the scammer pretends to send an expensive gift to their partner. Eventually, they claim they can’t afford the postage and ask the victim to cover the costs. If the victim agrees, they’ll be hit with a series of additional fees, and the package will never materialize.

    “Nigerian” spam for businesses

    While “Nigerian” scams are often targeted at individual users, similar spam can also be found in the B2B sector. Cybercriminals claim to be seeking businesses to invest in, and the recipient’s company may be their target. To arrange a “partnership”, they ask the recipient to reply to the email.

    Current “Nigerian” spam themes

    Some of the spam samples above reference recent or current real-world events, such as the COVID-19 pandemic or Saudi Arabia’s possible BRICS membership. This is typical of “Nigerian” scams. There are countless ways scammers exploit various global or local, significant or ordinary, positive or negative events, news, incidents, and activities to pursue their selfish goals.

    The most talked-about event of 2024, the US presidential election, significantly influenced the types of scams we saw. Emails that took advantage of this topic were sent to users around the globe. For instance, in the following message, the scammers claimed that the recipient, who uses a German email address, was lucky enough to win millions of dollars from the Donald J. Trump Foundation.

    Creativity unbound

    While most spam fits into well-known categories, scammers can come up with some very surprising offers. We’ve seen quite a few messages from people claiming they’re giving away a piano because they’re moving or because the previous owner has passed away, as is often the case.

    Sometimes you find some really unusual specimens. For example, in the screenshot below, there’s an email allegedly sent from a secret society of Illuminati who claim to be ready to share their wealth and power, as well as make the lucky recipient famous if they agree to become part of their grand brotherhood.

    Conclusion

    “Nigerian” spam has existed for a long time and is characterized by its diversity. Fraudsters can pose as both real and fictitious individuals: bank employees, lawyers, businesspeople, magnates, bankers, ambassadors, company executives, law enforcement officers, presidents or even members of secret societies. They use a variety of stories to hook the user: compensations and reimbursements, donations and charity, winnings, inheritances, investments, and much more. Messages can be anything from short and captivating to long and persuasive, filled with numerous convincing claims designed to lull the victim into a false sense of security. The main danger of such emails lies in the fact that at first glance, there is nothing harmful in them: no links to phishing sites and no suspicious attachments. Scammers exclusively rely on social engineering and are willing to correspond with the victim for an extended period, increasing the credibility of their fabricated story.

    To avoid falling victim to such scams, it’s important to understand the dangers of tempting offers and to be critical of emails allegedly sent from influential individuals. If possible, it’s best to avoid responding to messages from unverified senders altogether. If for some reason you can’t avoid corresponding with a stranger, before responding to even an innocent message about finding a new owner for a piano, it’s worth double-checking the information in it, paying attention to inconsistencies, grammatical errors, etc. If the reply-to address is different from the sender’s address, or if you see a different address in the email body, this may be a sign of fraud.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Time and change at El Cabril

    Source: United Kingdom – Executive Government & Departments

    Four Committee on Radioactive Waste Management (CoRWM) members travelled to Andalucia to visit the El Cabril low and intermediate level nuclear waste disposal facility.

    The true extent of the 29 October floods on the Spanish regions of Valencia and Andalucia did not become immediately apparent, but the flood waters caused the death of over 230 people and was one of the deadliest natural disasters in Spanish history. On what became one of the most devastating weeks in history for Valencia and Andalucia, 4 CoRWM members travelled to Andalucia to visit the El Cabril low and intermediate level nuclear waste disposal facility. These sobering statistics added a pertinence to our visit.

    Flooding events and ‘extreme’ weather – the torrential rain in Spain on 29 October brought a years’ worth of precipitation in a single day– are increasing in frequency and highlight the pressing need for robust, zero carbon energy systems that can sustain our energy needs without causing environmental and human disaster. This contextual framing of our visit to the nuclear waste disposal site at El Cabril is important. We need to securely dispose of our nuclear waste without leaving a burden for future generations. Disposal must be safe in the short and long term from environmental change. This becomes increasingly pertinent if we are to use nuclear in a portfolio of energy choices to meet out net zero targets.

    CoRWM were welcomed to Spain and the El Cabril site by Nuria Prieto Serrano from ENRESA (Empresa Nacional de Residuos Radiactivos S.A.). Nuria is Senior Technician working in the department of International Co-operation and Research and Development at ENRESA. She is a philologist and lawyer with over 20 years’ experience in radioactive waste management and was an excellent guide and source of knowledge. We started our visit by sharing information on the countries respective nuclear waste disposal strategies and current progress.

    Spain is currently decommissioning all their nuclear energy plants in the wake of a decision to discontinue nuclear energy production. Wastes described as very low, low and intermediate level wastes, in the Spanish categorisation of radioactive waste as described on the ENRESA website, can be disposed of at El Cabril. These wastes are similar to low and intermediate level wastes in the UK, but high-level wastes and some special wastes will need to be disposed of in a geological facility. Therefore, the process of designing and delivering a geological disposal facility is now starting in Spain.

    Penny Harvey (CoRWM Deputy Chair) spoke about the work of CoRWM, and CoRWM’s role in the management and disposal of nuclear wastes in the UK. The role of a body such as CoRWM was of interest to ENRESA, as Spain progresses towards developing its strategy for and delivery of a deep geological disposal facility.

    Visitors centre displays showing the site layout (left) and canister types (right)

    El Cabril is on a former uranium mine and it is this legacy that led to the first wastes being stored here. The old mining cottages are still on site. Now empty, they appear like a row of little white teeth in the landscape evidence of the complex nature of human involvement on the site and the ties between geology, energy, people and landscape. Nuria describes how a future siting of a deep geological disposal facility would be open and transparent with community engagement in the process. We reflect on the importance of the community engagement process in the UK and the time and effort it takes to do it well and to gain trust and respect. Aspects of heritage, place, peoples, combined with the geology and other logistics all need to come together to create the right environment for a geological disposal facility.

    As ever, with such visits, time was short and there was much to discuss and see. We had a quick tour of the visitor’s centre, which receives a staggering c.3,000 visitors/year; despite being many hours’ drive from any centre of major population. The visitor’s centre is a simple, clear and informative space with great views out onto the site. Our next stop was the watch tower, which affords fabulous views across the rolling Spanish countryside in which the El Cabril site is embedded. The watch tower is, as its name suggests, a security post; but not focused on risks such as terrorism threats that might first come to mind as a UK citizen. The watch tower’s main function is fire watch, as forest fire is deemed the biggest risk to site safety, and there are helicopter pads and reservoirs built into the landscape ready for firefighting. This simple fact provokes thoughts of climate change, shifting weather patterns and the increased frequency of extreme events. Much of Spain had temperatures over 40 degrees in the summer of 2024. Risks to infrastructure are changing as weather patterns destabilise. In a region where fire is the highest risk to a nuclear waste disposal site, but has also just seen the worst floods in its history, managing waste carefully and predicting future scenarios is a must.

    The view from the Watch Tower across the El Cabril site (left), and the Handling and Operations area (right).

    The central operations room provided an insight into the control systems and monitoring. Viewed through a one-way window that cleverly can be come two-way if the operators allow, we glimpsed the complexities of the monitoring and evaluation systems. Here we also learnt the operational workflow from delivery of waste at the site through to disposal, with graphics and text combined with real site photography. Then Nuria walked us through the loading, handling, testing and monitoring areas. We also saw the transportation truck systems that bring waste to the site from different nuclear operators. Despite being only 4 members from CoRWM we brought expertise in siting and engagement, in geology, regulation, risk management, transport and disposal logistics, so there was much to discuss and see.

    The fluid draining and sampling pipes beneath the El Cabril low and intermediate level waste vaults (left), and Nuria Prieto Serrano explaining the fluid sampling system (right)

    The highlight was the disposal vaults themselves. Firstly, we were taken into the passageways below the completed low and intermediate level waste vaults to see the water sampling and analysis system. Although dry the system and monitoring is designed so that any fluid collected in the base of the silos can be drained and tested. The system allows testing of fluid from individual silos so that any issues can be isolated. Above ground large tents cover the operational very low-level waste disposal sites and layers of waste and barriers are stacked up to create the stores within each concrete silo. It is possible to walk out on top of these very low-level wastes and to see the waste and back-fill up close. Eventually the disposal areas will be landscaped. The tops of the rolling hills were removed to create the disposal areas, and these will be recreated when the vaults are full, returning the landscape to its past form. Or at least how it was most recently.

    These aspects of time, change and expectation are interesting, always framed in the human timescale and often within a single generation or two, rather than anything close to geological (millions and billions of years) or even timescales of some radioactive decay (tens of thousands of years). The Valencia floods and the environmental and human disaster that ensued signal potentially rapid change on relatively short (human) timescales. We will need to learn to adapt and be resilient, and act collectively for the common good. Sharing best practice and understanding internationally is key, learning from each other’s challenges and solutions. The timescales are both long and short and change is inevitable as we navigate our way to optimal nuclear waste disposal solutions.

    With special thanks to Nuria Prieto Serrano, and ENRESA for hosting CoRWM’s visit.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –