NewzIntel.com

Category: Vehicles

  • MIL-OSI United Kingdom: Resurfacing work marks final stage of Abbey Gate revamp

    Source: City of Leicester

    A REVAMP of a busy Leicester road is nearly complete, with the final phase of resurfacing work due to begin next week.

    Leicester City Council has been carrying out an extensive programme of improvements to Abbey Gate, in the Fosse area of the city, to improve the road for walkers, wheelers and cyclists.

    A new two-way cycle track has been created and footpaths improved along the length of the road.

    Now work to resurface the main carriageway is due to be carried out as the final phase of the £1.3million highway improvement scheme.

    The road will be closed to all traffic on Sunday 23 March, between 9am and 4pm, while the road surface is prepared for new tarmac.

    Resurfacing work will then be carried out over four nights from Monday 24 March. The road will be closed to traffic between 7pm and 5am. Overnight working has been arranged to help minimise disruption. Full vehicle access will be maintained during the day and businesses will remain open as normal during the works.

    A short, well signposted diversion will be in place during the roadworks,

    Abbey Gate is expected to reopen to all traffic from 5am on Friday 28 March.

    The Abbey Gate improvement scheme will improve the important route for all road users. It will provide a safe and attractive direct route linking new cycleways on the A50, within the Waterside housing development area, to Route 6 of the National Cycle Network at Abbey Park.

    Cllr Geoff Whittle, assistant city mayor for environment and transport, said: “This important scheme will help provide a much-improved link to existing infrastructure for people on foot, on bikes or using wheelchairs or other mobility aids, extending the network of people-friendly routes in and around the thriving Waterside neighbourhood”.

    “It’s a further example of our commitment to deliver schemes that help make walking, wheeling and cycling the preferred choice for everyday trips for most people and to extend safe and attractive routes into our local neighbourhoods.”

    The Abbey Gate is being funded through a mix of Enterprise Zone funding and the Transforming Cities Fund following the city council’s successful bid for £32million of second tranche funding to support improvements to public transport and provide more safer routes for walkers, wheelers and cyclists in the city centre and local neighbourhoods.

    MIL OSI United Kingdom –

  • MIL-OSI USA: ICE Boston arrests fugitive wanted in Brazil for manslaughter

    Source: US Immigration and Customs Enforcement

    WALTHAM, Mass. — U.S. Immigration and Customs Enforcement apprehended an illegally present 29-year-old Brazilian alien convicted in his native country for manslaughter while driving a motor vehicle Jan. 25 in Waltham.

    The Brazilian fugitive failed to appear for his prison sentence following the manslaughter conviction.

    “This Brazilian fugitive attempted to flee justice in his home country by hiding out in Massachusetts,” said ICE Enforcement and Removal Operations Boston acting Field Office Director Patricia H. Hyde. “He presented a threat to the residents of our communities that we will not tolerate. ICE will not allow our New England communities to become a safe haven for the world’s bad actors. We will continue to arrest and remove them from our streets.”

    A Brazilian court convicted the fugitive Dec. 11, 2018, for manslaughter while driving a motor vehicle and sentenced him to serve a prison term of four years, eight months, and 21 days

    The U.S. Border Patrol arrested the Brazilian fugitive Nov. 22, 2018, after he illegally entered the United States near Hildalgo, Texas. Immigration Officials issued the fugitive an order of expedited removal and released him on his own recognizance.

    The Brazilian alien remains in ICE custody following his arrest.

    Members of the public can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X: @EROBoston.

    MIL OSI USA News –

  • MIL-OSI USA: Continued Progress Driving Down Gun Violence

    Source: US State of New York

    overnor Kathy Hochul today announced that gun violence in communities participating in the State’s Gun Involved Violence Elimination (GIVE) initiative declined during the first two months of the year after reaching its lowest level on record in 2024. Shooting incidents with injury decreased 18 percent in January and February, compared to those two months in 2024, and 18 fewer individuals were harmed by gunfire. The Governor’s Fiscal Year 26 Executive Budget Proposal continues record-level funding to further improve public safety and invests $370 million to support local and state law enforcement initiatives, youth employment programs and community-based organizations that increase opportunity for individuals and families and strengthen neighborhoods.

    “Reducing gun violence and implementing programs to make our streets safer is critical to ensuring that all New Yorkers feel safe and are protected from harm,” Governor Hochul said. “The initiatives we’ve implemented to eliminate gun crimes are working, and we will continue to invest in law enforcement and community based programs until each and every New Yorker is free from gun violence.”

    The 18 percent decline reflects 61 shooting incidents with injury reported in January and February 2025, compared to 74 during those two months last year, and the number of shooting victims decreased by 21 percent (68 vs. 86). The 28 police departments participating in GIVE report roughly 90 percent of violent crimes involving firearms and 85 percent of violent crime reported outside New York City.

    The Rochester and Buffalo police departments each reported 10 fewer individuals injured by gun violence, the most significant decreases reported. Shooting incidents with injury, shooting victims and shooting homicide data for each of the 28 GIVE agencies are available on the State Division of Criminal Justice Services (DCJS) website. In addition to the collective decrease in gun violence in GIVE communities, the New York City Police Department reported a 27 percent (111 vs. 151) decrease in shooting incidents through March 16, 2025.

    New York State Division of Criminal Justice Services Commissioner Rossana Rosado said, “Governor Hochul’s commitment to our law enforcement and community partners is unmatched. She has provided record-level funding for GIVE, our SNUG Street Outreach program, alternatives to incarceration programs and re-entry services, among others, allowing our local partners to address not only the consequences of crime, but its causes. I thank the Governor for her ongoing support and our partners across the State for their tireless efforts to improve public safety and strengthen communities.”

    New York State Police Superintendent Steven G. James said, “I appreciate Governor Hochul’s leadership on this issue and for providing the necessary resources to reduce gun violence and build safer communities. By working together, addressing the causes, providing education and support services, we are taking action to avert the senseless tragedies that result from gun violence. We will continue to work alongside our law enforcement partners on this integral mission to keep New York State safe.”

    Preliminary index crime reported by police departments and sheriffs’ offices outside of New York City showed an 8 percent decrease from January through September 2024 vs. 2023, the most current data available. There are seven index crime categories that are used to gauge overall crime trends: four violent (murder, rape, robbery, aggravated assault) and three property (burglary, larceny, motor vehicle theft). Violent crime declined by three percent and property, eight percent. In the five boroughs, data reported by the NYPD showed a 2 percent reduction in 2024 compared to 2023.

    To date, State Police have seized 318 guns in 2025. In 2024 and 2023 respectively, State Police seized 1,706 and 1,463 guns.

    Governor Hochul’s $370 million investment to reduce and prevent gun violence and strengthen communities disproportionately impacted by crime includes, but is not limited to, the following programs and initiatives administered by DCJS:

    • $50 million through the Law Enforcement Technology grant program, which provides funding so police departments and sheriffs’ offices can purchase new equipment and technology to modernize their operations and more effectively solve and prevent crime.
    • $36 million for GIVE, which funds the 28 police departments and district attorneys’ offices, probation departments and sheriffs’ offices in 21 counties outside of New York City.
    • $21 million for the SNUG Street Outreach Program, which operates in 14 communities across the State: Albany, the Bronx, Buffalo, Hempstead, Mount Vernon, Newburgh, Niagara Falls, Poughkeepsie, Rochester, Syracuse, Troy, Utica, Wyandanch and Yonkers. The program uses a public health approach to address gun violence by identifying the source, interrupting transmission and treating individuals, families and communities affected by the violence.
    • $18 million in continued support for the State’s unique, nationally recognized Crime Analysis Center Network, and $13 million in new funding to establish the New York State Crime Analysis and Joint Special Operations Command Headquarters, a strategic information, technical assistance and training hub for 11 Centers in the State’s network, and enhance existing partnerships and expand information sharing with the New York State Intelligence Center operated by the State Police, the locally run Nassau County Lead Development Center, and the State’s Joint Security Operations Center, which focuses on protecting the State from cyber threats.
    • $20 million for Project RISE (Respond, Invest, Sustain, Empower) in 10 communities to support mentoring, mental health services, restorative practices, trust building, employment and education support and youth development activities, among other programs and services that address trauma resulting from long-term exposure to violence, build resilience and strengthen youth, families and neighborhoods.

    The New York State Police, the State Department of Corrections and Community Supervision, the State Office of Temporary and Disability Assistance and the State Office of Victim Services also will receive funding through that $370 million allocation.

    In the Fiscal Year 26 Executive Budget Proposal, Governor Hochul allocated an additional $35 million for the next round of the Securing Communities Against Hate Crimes grants to increase safety and security of organizations at risk of hate crimes or attacks because of their ideology, beliefs, or mission; nearly $41 million to improve the public safety response to intimate partner violence and improve services for victims and survivors; and doubling funding for rape crisis centers to $12.8 million.

    MIL OSI USA News –

  • MIL-OSI Security: Florida Attorney Sentenced to 102 Months for an Attempted Bombing Near the Chinese Embassy in Washington, D.C.

    Source: Federal Bureau of Investigation (FBI) State Crime News

               WASHINGTON – Christopher Rodriguez, 45, of Panama City, Fla., was sentenced today to 102 months in federal prison for the September 2023 attempted bombing near the Embassy of the People’s Republic of China in Washington, D.C., and for the November 2022 bombing of a satirical sculpture depicting communist leaders Vladimir Lenin and Mao Zedong in San Antonio, Texas.

               The sentence was announced by U.S. Attorney Edward R. Martin, Jr., and Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Washington Field Division. 

               Rodriguez, a licensed Florida attorney and a U.S. Army veteran, pleaded guilty August 2, 2024, to damaging property occupied by a foreign government, explosive materials—malicious damage to federal property, and receipt or possession of an unregistered firearm (destructive device). 

               In addition to the 102-month prison term, U.S. District Court Chief Judge James E. Boasberg ordered Rodriguez to serve three years of supervised release.

               According to court documents, on September 23-24, 2023, Rodriguez drove from his home in Panama City, Fla., to Northern Virginia with a rifle and 15 pounds of explosive material. On the way, he stopped in Harrisonburg and Charlottesville, Va., to buy a black backpack, nitrile gloves, and a burner cell phone. On September 24, he parked his car in Arlington, Va., and used the burner phone to arrange for a taxi to drive him to within a few blocks of the Chinese Embassy. Between midnight and 3 a.m. near the back wall of the Embassy in Northwest Washington, Rodriguez placed the explosives-filled backpack next to a streetlight. Rodriguez then attempted to detonate the explosives by shooting at the backpack with a rifle. Rodriguez missed his target, and the device failed to detonate. Law enforcement officers later recovered the backpack containing explosive material, three shell casings, and bullet fragments from the ground along the outer perimeter wall of the Chinese Embassy. Impact marks were found on the Embassy wall near the bullet fragments behind the backpack.

               According to court documents, DNA obtained from the black backpack was found to be consistent with DNA evidence obtained from a previous arrest of Rodriguez in June 2021 in California. During the California incident, Rodriguez possessed three firearms and apparent explosive material consistent with the explosives used during the Chinese Embassy attack. DNA evidence obtained from Rodriguez pursuant to a buccal swab warrant later confirmed this DNA match.

             Between November 5 and 7, 2022, according to court documents, Rodriguez rented a vehicle in Pensacola, Fla., and drove to San Antonio, Texas. At about 2:25 a.m. on November 7, Rodriguez scaled an eight-foot fence to enter a courtyard on the 300 block of West Commerce Street, San Antonio. Inside the courtyard, he placed two canisters of explosive materials at the base of a satirical steel sculpture titled “Miss Mao Trying to Poise Herself at the Top of Lenin’s Head.” At 2:30 a.m., Rodriguez used a rifle to shoot at the canisters at the base of the statue, causing an explosion that caused damages of at least $325,000 to the Miss Mao sculpture.

    Law enforcement arrested Rodriguez on November 4, 2023, in Lafayette, Louisiana. He has been held since that date. 

               This case was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), Washington Field Division. Valuable assistance was provided by the U.S. Attorney’s Offices for the Northern District of Florida, the Western District of Louisiana, and the Western District of Texas; the ATF’s Tampa, New Orleans, and Houston Field Divisions; the FBI’s Washington and San Antonio Field Offices; the San Antonio Field Office of the Department of Homeland Security, Homeland Security Investigations; the U.S. Secret Service, Uniformed Division and Foreign Missions Detective Unit; the U.S. Department of State, Bureau of Diplomatic Security; and the Metropolitan Police Department. 

                The case is being prosecuted by Assistant U.S. Attorneys Jolie F. Zimmerman and Stuart D. Allen. Valuable assistance was provided by Assistant U.S. Attorneys Maeghan Mikorski and Kelly Stephenson and former Assistant U.S. Attorney Michael McCarthy.

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    MIL Security OSI –

  • MIL-OSI Global: Only 15 countries have met the latest Paris agreement deadline. Is any nation serious about tackling climate change?

    Source: The Conversation – UK – By Doug Specht, Reader in Cultural Geography and Communication, University of Westminster

    Svet Foto/Shutterstock

    The latest deadline for countries to submit plans for slashing the greenhouse gas emissions fuelling climate change has passed. Only 15 countries met it – less than 8% of the 194 parties currently signed up to the Paris agreement, which obliges countries to submit new proposals for eliminating emissions every five years.

    Known as nationally determined contributions, or NDCs, these plans outline how each country intends to help limit average global temperature rise to 1.5°C above pre-industrial levels, or at most 2°C. This might include cutting emissions by generating more energy from wind and solar, or adapting to a heating world by restoring wetlands as protection against more severe floods and wildfires.

    Each new NDC should outline more stringent emissions cuts than the last. It should also show how each country seeks to mitigate climate change over the following ten years. This system is designed to progressively strengthen (or “ratchet up”) global efforts to combat climate change.

    The February 2025 deadline for submitting NDCs was set nine months before the next UN climate change conference, Cop30 in Belém, Brazil.

    Without a comprehensive set of NDCs for countries to compare themselves against, there will be less pressure on negotiators to raise national ambitions. Assessing how much money certain countries need to decarbonise and adapt to climate change, and how much is available, will also be more difficult.

    While countries can (and some will) continue to submit NDCs, the poor compliance rate so far suggests a lack of urgency that bodes ill for avoiding the worst climate outcomes this century.

    Who submitted?

    The 15 countries that submitted NDCs on time include the United Arab Emirates, the UK, Switzerland, Ecuador and a number of small states, such as Andorra and the Marshall Islands.

    Cop30 host Brazil submitted a pledge to reduce greenhouse gas emissions by 59-67% by 2035, compared to 2005 levels. This is up from its previous commitment, a 37% reduction by 2025 and 43% by 2030. Unfortunately, Brazil is not on track to meet its 2025 target and has set a more recent emissions baseline that will make any reductions more modest than they’d otherwise be.

    Japan aims to reduce greenhouse gas emissions by 60% in 2035 and 73% in 2040, compared to 2013 levels. Japan’s previous target was for a 46% reduction by 2030. This demonstrates how the ratchet system is supposed to work.

    The UK’s NDC, which pledges to reduce all greenhouse gas emissions by at least 81% by 2035, compared to 1990 levels, was described by independent scientists as “compatible” with limiting global heating to 1.5°C.

    The US submitted a plan to reduce net greenhouse gas emissions by 61-66% below 2005 levels by 2035. However, this was before Donald Trump pulled the US out of the Paris agreement (for the second time), so the commitment of one of the world’s largest polluters is in doubt.

    Who didn’t submit?

    Some of the world’s largest emitters failed to submit new NDCs, including China, India and Russia.

    India pledged to reduce its emissions by 35% below 2005 levels by 2030 at the signing of the Paris agreement. All of the country’s subsequent NDCs have been rated as “insufficient” by independent scientists. India’s recent national budget announcement offered scant additional funding for climate mitigation and adaptation measures.

    China also made big promises in 2015 with its aim to lower its CO₂ emissions by 65% by 2030, from a 2005 baseline. However, China has been responsible for over 90% of global CO₂ emissions growth since the Paris agreement was signed. China and the US also suspended formal discussions on climate change in 2022. Increased economic competition between these two nations has resulted in export control restrictions and tariffs which have made green technologies like electric vehicles more expensive, which is certain to slow down the shift from fossil fuels.

    Russia joined the Paris agreement in 2019. Its first NDC was labelled “critically insufficient” by scientists, and its follow-up in 2020 did not include increased targets. Russia is maximising the extraction of resources such as oil, gas and minerals and its 2035 strategy for the Arctic included plans to sink several oil wells on the continental shelf.

    With the USA’s 2025 NDC in limbo, President Trump is eyeing mineral reserves in Ukraine and Greenland, further ramping up oil production and cutting international climate research funding.

    The European Union could have positioned itself as a leader of global climate action, in lieu of US involvement. But the EU, which submits NDCs as a bloc alongside individual country submissions, also failed to submit on time.

    Global shifts

    The failure of most nations to submit new emission plans suggests that the era of cooperation on climate change is over. The largest and most powerful of these nations are growing their military and diplomatic presence around the world, particularly in countries with large reserves of critical minerals for electric vehicles and other technology relevant to decarbonisation. The lack of NDCs from these nations may be less a matter of middling green ambitions, more an attempt to disguise their planned exploitation of other countries’ resources.

    If countries keep failing to submit enhanced NDCs, or even withdraw from their commitments entirely, scientists warn that global heating could reach a catastrophic 4.4°C by 2100. This scenario assumes the continued, unabated use of fossil fuels, with little regard for the climate.

    In a more optimistic scenario, countries could limit warming to around 1.8°C by 2100. This will require global cooperation and significant investment in green technology, and entail a transition to net zero emissions by mid-century. This is a process that must include everyone. Simply having the most powerful nations decarbonise by exploiting and hoarding resources will imperil this critical target.

    The actual outcome will probably fall somewhere between these two scenarios, depending on forthcoming NDCs and how quickly and thoroughly they are implemented. All of the scenarios envisaged by climate scientists will involve warming continuing for decades.

    The effects of this warming will vary, however, based on the path we choose today.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

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

    – ref. Only 15 countries have met the latest Paris agreement deadline. Is any nation serious about tackling climate change? – https://theconversation.com/only-15-countries-have-met-the-latest-paris-agreement-deadline-is-any-nation-serious-about-tackling-climate-change-250847

    MIL OSI – Global Reports –

  • MIL-OSI: Next Layer Capital Joins Bitcoin for Corporations Amid Growing Institutional Adoption

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 19, 2025 (GLOBE NEWSWIRE) — Next Layer Capital has officially become a member of Bitcoin for Corporations (BFC), an initiative led by BTC Inc to accelerate corporate Bitcoin adoption. This strategic move aligns the firm with a corporate network of teams integrating and advancing Bitcoin initiatives. 

    Next Layer Capital’s Role in the Digital Asset Ecosystem 
    Headquartered in Miami and New York City, Next Layer Capital brings together a team of Digital Asset and traditional finance experts in one entity.

    Their diversified expertise enables the firm to offer comprehensive services that assist both corporations and family offices with their Digital Asset goals. Their proficiency has led them to the development of turn-key digital asset allocation strategies. Additionally, Next Layer Capital provides institutional-grade financing solutions, crafting alternative capital structures that incorporate Bitcoin, thereby enhancing financial flexibility. The firm also optimizes deal structuring using ai-agent workflows in its backend to ensure efficient transaction processes. This multifaceted approach positions Next Layer Capital as a pivotal player in facilitating corporate, and ultra-high net worth, Bitcoin adoption.

    Bitcoin for Corporations: An Organization Dedicated to Advancing Institutional Adoption
    Bitcoin for Corporations serves as a key organization for businesses seeking to incorporate Bitcoin into their balance sheets and treasury strategies. The initiative connects corporate leaders with industry experts, offering education, financial models, and execution frameworks to facilitate large-scale adoption. By joining BFC, Next Layer Capital strengthens its role in expanding the Bitcoin ecosystem, offering advisory services that support corporate adoption.

    Strategy’s Aggressive Bitcoin Accumulation
    The announcement of Next Layer Capital’s membership in BFC coincides with significant developments in the institutional Bitcoin landscape. Notably, Strategy (formerly MicroStrategy) has continued its aggressive Bitcoin accumulation strategy. As of Mar 18, 2025, Strategy holds approximately 499,096 bitcoins, acquired at an average price of $66,473 per bitcoin, totaling nearly $27.95 billion in investment. To further bolster its Bitcoin holdings, Strategy unveiled plans to raise up to $21 billion through a stock-sale initiative, underscoring the company’s commitment to Bitcoin as a primary treasury reserve asset.

    Other Public Companies Embracing Bitcoin
    The following public companies are actively incorporating Bitcoin into their corporate treasury strategies:

    • MicroStrategy: The largest corporate holder of Bitcoin, with 499,096 BTC, valued at approximately $40.96 billion as of March 2025.
    • Metaplanet: A Japan-based hotel business that has integrated Bitcoin into its corporate treasury, holding 3,200 BTC, valued at approximately $262.84 million as of March 2025.
    • Semler Scientific: A medical technology company that develops healthcare diagnostic solutions, holding 3,192 BTC, valued at approximately $261.98 million as of March 2025.

    Notable companies with Bitcoin on their balance sheet:

    • Tesla, Inc: The electric vehicle manufacturer currently holds 11,509 BTC, valued at approximately $944.59 million as of March 2025.
    • Marathon Digital Holdings Inc.: One of the world’s largest Bitcoin mining companies, holding approximately 40,435 BTC, valued at $3.32 billion as of March 2025.
    • Coinbase Global Inc.: A leading cryptocurrency exchange and custodian, holding 9,000 BTC, valued at approximately $738.67 million as of March 2025.

    These developments indicate a broader acceptance of Bitcoin as a legitimate corporate asset class.

    Advancing the Institutional Bitcoin Narrative
    “Digital assets, like Bitcoin and Stablecoins more specifically, are reshaping financial strategies at both the corporate and sovereign levels,” said Brandon Turp, Co-Founder at Next Layer Capital. “Joining Bitcoin for Corporations is a step toward providing the expertise necessary for corporations and family offices to integrate Bitcoin effectively.”

    As macroeconomic pressures drive increased demand for non-sovereign financial assets, Next Layer Capital’s participation in Bitcoin for Corporations marks a significant milestone in the evolution of corporate Bitcoin adoption. Corporations and family offices interested in exploring Digital Asset Strategies, like Bitcoin and Stablecoin integration, are encouraged to consider Next Layer Capital’s advisory services. 

    This development highlights the growing institutional acceptance of Bitcoin and reflects a broader shift toward digital asset integration in corporate finance.

    About Next Layer
    Next Layer Capital is a digital asset advisory firm that provides institutional-grade capital markets solutions to corporations, family offices, and nation-states looking to gain exposure to the digital asset ecosystem. Founded in 2024, the firm is dedicated to accelerating the global adoption of Bitcoin and digital assets. 

    Contact

    Co-Founder
    Brandon Turp
    Next Layer Capital
    turp@nextlayer.capital

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6918b242-b1ae-440c-95c3-dc8dbadd5ce1

    The MIL Network –

  • MIL-OSI Economics: BYD’s fast-charging tech ignites influencer buzz, reveals GlobalData

    Source: GlobalData

    BYD Co Ltd (BYD) has become a trending company among social media influencers on the third week of March 2025, driven by the unveiling of its new electric vehicle (EV) fast-charging technology. The announcement, boasting the capability to charge a vehicle for approximately 400+ kilometers in just five minutes, has sparked significant interest. Influencers are actively discussing the potential implications of this technological advancement, particularly in the context of the EV market and BYD’s growing influence, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencers are expressing optimism, fueled by the potential of the fast-charging technology to revolutionize EV adoption. The ability to charge an EV nearly as quickly as refueling a gasoline car is viewed as a pivotal development that could address a major barrier for potential EV buyers. Several influencers highlight the convenience and practicality this technology could bring to EV ownership, making it a more attractive alternative to traditional vehicles.”

    Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

    1. Assaad Razzouk, Chief Executive Officer at Gurīn Energy:

    “Tesla who? BYD just unveiled new EV tech to charge a vehicle enough for 400km in just 5 minutes. 5 minutes! More evidence that China is the decisive leader of the world in clean tech innovation – by some distance.”

    1. Kim, Technology Expert:

    “EV: charging 100km in 2 seconds! BYD Breakthrough How comes that every big news is now from China? BYD unveils battery system that charges EVs in five minutes This is a huge breakthrough. And should it prove to be true, it would be a huge step forward. Robotics would also benefit massively from it. “BYD’s new EV platform will allow cars to reach a speed of 100 kilometers per hour in 2 seconds, Wang said at the event at the carmaker’s headquarters in Shenzhen.”

    1. Glen Gilmore, Founder at Gilmore Business Network:

    “China takes another tech win: Chinese automaker BYD shows off new battery and charging system capable of providing 470 kilometers (292 miles) of range in 5 minutes…”

    1. Dan Primack, Business Editor at Axios:

    “This could be an EV game changer: BYD unveils a new system for electric cars that the Chinese automaker says will allow them to charge almost as fast as it takes a regular car to refuel”

    1. James DePorre, CEO at Shark Investing:

    “$TSLA BYD Co. unveiled a new system for electric cars that the Chinese automaker says will allow them to charge almost as fast as it takes a regular car to refuel. BYD’s new battery and charging system was capable of providing 470 kilometers (292 miles) of range in 5 minutes in tests on its new Han L sedan, Chairman and founder Wang Chuanfu said Monday. The manufacturer will start selling vehicles with the new technology next month. Being able to charge a car in the time it takes a combustion engine vehicle to pull in and out of a gas station could convince drivers who aren’t willing to make lengthy stops to go electric.”

    1. Dirk Harbecke, Chairman of Rock Tech Lithium Inc:

    “Chinese #EV giant BYD achieves petrol-like 470km in 5 minutes charging. China expected to add >460,000 EV chargers this year. BYD looking for further plant locations in Europe. Plant constructions in #Hungary and #Turkey ongoing. Tough for EU car makers.”

    MIL OSI Economics –

  • MIL-OSI Global: Donald Trump’s nonstop news-making can be exhausting, making it harder for people to scrutinize his presidential actions

    Source: The Conversation – USA – By Jennifer Mercieca, Professor of Communication and Journalism, Texas A&M University

    President Donald Trump calls on reporters during a news conference at the White House on Jan. 30, 2025. Chip Somodevilla/Getty Images

    Like many other news organizations, The Associated Press maintains a “live updates” page, which posts the latest from the Trump administration in a ticker tape-like live scroll, with multiple updates per hour, 12 hours a day.

    President Donald Trump has kept the ticker busy.

    “Trump is moving with light speed and brute force to break the existing order and reshape America at home and abroad,” an Associated Press reporter wrote on Feb. 22, 2025.

    Many Americans find the amount and pace of news exhausting, confusing and overwhelming.

    “How do you push back against a tidal wave?” political communication expert Dannagal Young wrote of this media phenomenon on Feb. 21. “You can’t.”

    I study the relationship between communication and democracy. I teach university classes on propaganda, presidential communication and the dark arts of communication, and I’m the author of an award-winning 2020 book on Trump’s communication strategies.

    Deliberately overwhelming people with a flood of news content is a propaganda strategy used by authoritarians like Russian President Vladimir Putin to distort reality and prevent people from clearly evaluating their government’s actions.

    President Donald Trump’s official ‘Truth’ account is seen on a mobile phone.
    Beata Zawrzel/NurPhoto via Getty Images

    Trump communicates more than ‘The Great Communicator’

    When Ronald Reagan’s first term as president began in 1981, several prominent political scientists noted in an analysis that a “week scarcely goes by without at least one major news story devoted to coverage of a radio or TV speech, an address to Congress, a speech to a convention, a press conference, a news release, or some other presidential utterance.”

    It’s hard to believe that Reagan’s presidential communication only attracted one major news story per week, especially since he is often called “the Great Communicator.”

    The 1980s had a slower, pre-digital news environment than that of the current day, to be sure. But Trump is also simply generating a lot more news content than Reagan did.

    Today, Trump’s frequent press conferences, news releases, social media posts and other appearances and offhand remarks generate a constant flow of new stories and social media posts each day. The proliferation of cellphones and social media allows many people to follow the news throughout the day. People, in return, expect the president and other politicians to talk to the public constantly and often berate them when they fail to meet that expectation and go silent.

    In fact, Trump is generating a lot more media content in his second term than he did in his first.

    Trump’s intensified communication strategy

    Reagan averaged about 5.8 news conferences per year. Trump averaged 22 per year in his first term, according to data collected by a nonpartisan group at the University of California Santa Barbara called the American Presidency Project. Former President Joe Biden averaged 9.25 per year.

    Trump has already had 18 press gaggles or press conferences since taking office in January 2025.

    A news analysis conducted by National Journal White House reporter George Condon showed that Trump has already answered more than 1,000 questions from reporters since he returned to office, which is nearly five times more questions than he answered at this point in his first presidency.

    Trump has also made a lot of news by issuing almost 90 executive orders, which he has used both as a strategy for exercising executive power over issues like foreign aid and as a strategy for attracting media coverage.

    Reagan issued 50 executive orders in his first year in office in 1981. Trump issued 72 executive orders within his first 30 days in 2025. That’s more executive orders than any previous president has issued in their first month over the last 40 years, including himself. He only issued 33 at this point in his first term in 2017.

    Trump’s media strategy in his second term appears to intensify the approach he used in his first term. During Trump’s first term, according to The New York Times, “Mr. Trump told top aides to think of each presidential day as an episode in a television show in which he vanquishes rivals.”

    As former Trump aide and current host of the show “War Room” Steve Bannon said in 2018, “The real opposition is the media. And the way to deal with them is to flood the zone with shit.”

    In 2025, in order to win the day’s news coverage, Trump is flooding the media with an unrelenting tidal wave of news content to dominate and vanquish the zone.

    This strategy is evident in the Oval Office executive order signing events. Trump literally makes news by signing a large piece of paper in front of cameras and reporters. These events are carefully staged political theater for media consumption in which Trump casts himself as the nation’s hero protecting it from foreign invasions, diversity programs or paper straws.

    Many of Trump’s executive orders are facing legal challenges, and some have been shot down by federal judges. Nonetheless, it is the spectacle of signing the orders that I, as a communications scholar, believe is designed to win the day – they are effective at generating news coverage and making Trump look powerful.

    “Trump, as we know from this first month, is the most news-making person to occupy the Oval Office I’ve ever seen,” said New York Times Executive Editor Joe Kahn on Feb. 27.

    President Donald Trump and Tesla CEO Elon Musk speak to reporters in front of a red Model S Tesla vehicle outside the White House on March 11, 2025.
    Pool Image/Associated Press

    A strategy of control

    Media scholar Marshall McLuhan famously argued in 1964 that “The medium is the message.” Likewise, with Trump, the communication strategy is the message.

    Communication is a tool. It can be used to promote democracy or to erode it. Any politician’s communication strategy reveals, at least in part, how they think about governing, power and democracy. Some political leaders communicate in ways that encourage people to ask questions and use their reason and critical thinking skills to evaluate public policies.

    Other political leaders use communication in undemocratic ways to manipulate and coerce, preventing citizens from using their reason and critical thinking skills to evaluate policies.

    What does Trump’s tidal wave of news content say about how he thinks about governing, power and democracy?

    As a media and governing strategy, I think that creating an unrelenting tidal wave of content is designed to enable Trump to attract and keep the nation’s attention on himself and – in the process, drown out other voices.

    This method overwhelms the media and exhausts many Americans who cannot easily absorb so much information at once.

    And the tidal wave strategy prevents the public from scrutinizing the president’s actions – because no one can push back against a tidal wave.

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

    – ref. Donald Trump’s nonstop news-making can be exhausting, making it harder for people to scrutinize his presidential actions – https://theconversation.com/donald-trumps-nonstop-news-making-can-be-exhausting-making-it-harder-for-people-to-scrutinize-his-presidential-actions-250733

    MIL OSI – Global Reports –

  • MIL-OSI Canada: CBSA prevents over $11 million worth of cocaine from entering Canada leading to criminal charges by the RCMP

    Source: Government of Canada News (2)

    March 19, 2025      

    Point Edward, Ontario  

    Canada Border Services Agency / Royal Canadian Mounted Police

    The Canada Border Services Agency (CBSA) and the Royal Canadian Mounted Police (RCMP) are committed to intercepting and investigating smuggling attempts at our border and disrupting organized crime. 

    Today, the CBSA and the RCMP announce the seizure of approximately 419 kg of suspected cocaine from two recent enforcement actions at the Blue Water Bridge port of entry in Point Edward, Ontario, with an estimated street value of $11 million. 

    Working with law enforcement partners, the CBSA’s National Targeting Centre identified two commercial shipments potentially containing narcotics bound for Canada from the United States. 

    Based on this intelligence, on February 27, 2025, a commercial truck coming from the United States was referred for a secondary examination. During the inspection of the trailer, border services officers seized four duffle bags containing approximately 86 kg of suspected cocaine, with an estimated value of $2.3 million. The RCMP have charged Pawandeep Dhillon, 34, of Innisfil, Ontario, under the Controlled Drugs and Substances Act with importation of a controlled substance and possession of a controlled substance for the purpose of trafficking.

    A week later on March 6, 2025, the CBSA referred another tractor-trailer coming from the United States for a secondary examination. Border services officers seized 333 kg of suspected cocaine from the trailer of the commercial load, with an estimated value of $9 million. The RCMP have charged Ravinderbir Singh, 23, of Brampton, Ontario, under the Controlled Drugs and Substances Act with importation of a controlled substance and possession of a controlled substance for the purpose of trafficking.

    The drivers and the suspected narcotics were transferred to the custody of the RCMP. Both matters are currently before the Ontario Court of Justice, in Sarnia, Ontario.

    The success of these significant seizures is due to the collective contributions of law enforcement partners working together to ensure the security and safety of the country by exposing and dismantling dangerous criminal networks and holding those responsible accountable for their actions.

    MIL OSI Canada News –

  • MIL-OSI: Expansion in Nickel Mining Market Thriving from Heightened Demand Around the Globe

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – According to a report from Grand View Research, the nickel mining industry worldwide is expected to reach a projected revenue of US$83.813 Billion by 2030. A compound annual growth rate of 6.6% is expected of the worldwide nickel mining industry from 2023 to 2030.Growth in end-use industries such as construction, consumer durables, and machinery & equipment are propelling the growth of the stainless steel industry. Nickel is one of the key raw materials of stainless steel. Hence, development in the stainless steel industry is contributing to the growth of the market. According to the Nickel Institute, over two-thirds of the world’s nickel is utilized in the production of stainless steel. It acts as an alloying agent, enhancing essential properties such as formability, ductility, and weldability while also increasing corrosion resistance for specific applications. Another Grand View Research report said: “The nickel mining industry is highly competitive and to gain an edge, major players are acquiring their competitors. The batteries segment is anticipated to register the fastest CAGR of 7.2% in terms of revenue, over the forecast period (2030). Nickel batteries offer a cost-effective solution for achieving higher energy density and storage capabilities.” Active Companies in the market today include: First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN), Ballard Power Systems (NASDAQ: BLDP), First Hydrogen Corp. (OTCPK: FHYDF) (TSX-V: FHYD), Bloom Energy Corporation (NYSE: BE), FuelCell Energy, Inc. (NASDAQ: FCEL).

    Grand View Research continued: “Based on region, Asia Pacific held the largest revenue share of over 57.0% in 2022. The growth in various industries, such as battery manufacturing, automotive & defense, and petrochemicals, is increasing the demand for nickel, which is positively influencing its mining activity. The Russia-Ukraine war has benefitted the Philippines’ nickel industry, as Russia’s output has been declining in the past few years coupled with the aversion it is receiving in trade. Europe is anticipated to register a CAGR of 7.8% in terms of revenue over the forecast period (2030). The EU has recognized the importance of nickel in the energy transition and has added it to the list of critical minerals. To ensure a diversified supply chain, the EU has set benchmarks for the extraction of at least 10% of the annual consumption of nickel within the boundary of Europe. This move is expected to have a positive impact on the mining activity in the region. North America is anticipated to register the fastest CAGR of 8.1% over the forecast period (2030). The increasing demand for nickel-based products in aerospace and defense industries has raised its significance as a critical mineral. In addition, the growing emphasis on accomplishing a domestic supply chain for the EV battery segment is anticipated to boost production in the region.”

    First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN) AND COLORADO SCHOOL OF MINES LAUNCH RESEARCH PARTNERSHIP TO EXPLORE GEOLOGIC HYDROGEN POTENTIAL IN NEWFOUNDLAND OPHIOLITES – First Atlantic Nickel Corp. (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce a strategic research partnership with Colorado School of Mines to explore geologic hydrogen as an energy source. This collaboration will focus on two significant ophiolite complexes in Newfoundland, Canada: the St. Anthony Ophiolite Complex (Atlantis Project, 103 km²) and the Pipestone Ophiolite Complex (Atlantic Nickel Project, 71 km²). Both projects are 100% owned by First Atlantic and encompass extensive ultramafic rock formations, characterized by awaruite-bearing serpentinized peridotites, which are key indicators of geologic hydrogen.

    First Atlantic Nickel is primarily focused on exploring awaruite nickel-iron alloy mineralization. Additionally, it is partnering with Colorado School of Mines to conduct secondary research on geological hydrogen produced during serpentinization. This collaborative research will leverage data collected by First Atlantic during its ongoing exploration for awaruite nickel deposits. Notably, awaruite serves as an indicator mineral of geologic hydrogen within serpentinized peridotites found in ophiolites. Colorado School of Mines will carry out this hydrogen research component, enhancing the overall exploration program while leveraging First Atlantic’s extensive geological assets and expertise.

    Geologic Hydrogen: Ophiolites and Peridotite

    Ophiolites—sections of oceanic crust and upper mantle thrust onto continental crust—are globally recognized as prime sources of geologic hydrogen, often referred to as “white hydrogen” or “gold hydrogen.” These formations are dominated by ultramafic rocks, notably peridotite, which consists primarily of olivine and pyroxene minerals rich in nickel, chromium, magnesium, and iron. When peridotite interacts with water, it triggers serpentinization—a hydrothermal reaction in which iron oxidizes and water is reduced, releasing molecular hydrogen gas (H₂). This natural process can be represented by the equation:

    3FeO (in olivine) + H₂O → Fe₃O₄ (magnetite) + H₂ – During serpentinization, awaruite (Ni₃Fe) forms as a secondary mineral when liberated nickel (Ni2+) and iron (Fe2+) from the olivine, pyroxene, and chromite minerals react with the abundant hydrogen (H2) present. This natural process can be represented by the equation:

    3(Ni²⁺) + (Fe²⁺) + 4(H₂) → (Ni₃Fe) + 8(H⁺) – The formation of awaruite could not happen without the presence of hydrogen. This process occurs readily in ophiolitic peridotites at depth, where water saturated rocks in oxygen-poor, reducing conditions produce this exothermic reaction, generating heat that sustains further reactions. According to the Geological Survey of Finland, “In Europe and in regions outside the crystal shield, only ophiolites are often referred to as a source of geological hydrogen.” Within these ophiolite settings, serpentinized peridotites are the most promising targets, with peridotites producing significantly more hydrogen than other rocks, up to 4 kg per cubic meter. Ophiolites represent large potential sources of geologic hydrogen, with some of the most significant global geologic hydrogen discoveries occurring in ophiolites.

    “Geologic hydrogen systems are a combination of mineral systems and natural gas systems. In our group, we have the unique combination of expertise from both the mining industry and oil and gas industry to advance geologic hydrogen exploration and stimulated hydrogen monitoring,” said Dr. Yaoguo Li from Colorado School of Mines. CONTINUED… Read this and more news for First Atlantic Nickel at: https://www.fanickel.com/archive

    In other market news of interest:

    Ballard Power Systems (NASDAQ: BLDP) recently announced a multi-year supply agreement from Manufacturing Commercial Vehicles (‘MCV’, www.mcv-eg.com), a leading commercial vehicle manufacturer based in Egypt, for fuel cell engines totaling approximately 5 MW.

    The supply agreement for 50 FCmove®-HD+ engines, and initial order of 35 units, represents the continued growth of the relationship with MCV which started in 2022 with fuel cell engine integration support and the first fuel cell engine order placed in 2023. Deliveries of the 50 engines are expected between 2025 and 2026 and will initially support projects in the EU.

    First Hydrogen Corp. (TSXV: FHYD) (OTCPK: FHYDF) recently announced the launch of its subsidiary, First Nuclear Corp., an initiative dedicated to advancing clean energy through the innovative use of Small Modular Reactors (SMRs). First Nuclear Corp. (“First Nuclear”) aims to revolutionize green hydrogen production, supporting global decarbonization efforts and paving the way for a sustainable, zero-emission future.

    Harnessing the Power of SMRs for Green Hydrogen – First Nuclear seeks to integrate advanced nuclear technology with green hydrogen production. SMRs, known for their compact design, scalability, and ability to provide a continuous, weather-independent power supply, are the cornerstone of this initiative. By leveraging SMRs, First Nuclear ensures a stable, cost-effective, and efficient process for producing green hydrogen, addressing the growing demand for clean energy solutions worldwide. IDTechEx anticipates the installation rate of SMRs to grow significantly addressing the climate crisis. They project the global market for SMRs to reach US$72.4 billion by 2033 and US$295 billion by 2043, reflecting a compound annual growth rate (CAGR) of 30%.

    Bloom Energy Corporation (NYSE: BE), a global leader in power solutions, announced recently an expansion of its longstanding relationship with Equinix, the world’s digital infrastructure company®. The collaboration now exceeds 100MW of electricity capacity to support Equinix’s International Business Exchange™ (IBX®) data centers across the United States.

    With approximately 75MW already operational and another 30MW under construction, this latest expansion marks a significant milestone in the companies’ decade-long collaboration. What began as a pilot program in 2015 with just 1MW of fuel cells at a single IBX data center in Silicon Valley has scaled one hundredfold, supporting the critical digital infrastructure needed to meet increasing energy needs of AI-driven computing.

    FuelCell Energy, Inc. (NASDAQ: FCEL) and Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), a wholly owned subsidiary of Malaysia Marine and Heavy Engineering Holdings Berhad (MHB), have announced the signing of a Joint Development Agreement (JDA) to co-develop large-scale hydrogen production systems and technologies across Asia, New Zealand, and Australia.

    Building on a memorandum of understanding signed in February 2023, the JDA represents a pivotal step for the two companies, driven by a shared vision to make clean hydrogen production easily accessible and viable. The collaboration underscores FuelCell Energy and MHB’s commitment to advancing green energy solutions and supporting global decarbonization and energy transition goals.

    About FN Media Group:
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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated thirty four hundred dollars for news coverage of the current press releases issued by First Atlantic Nickel Corp. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI Banking: Chang Yong Rhee: Sustainability challenges in Korea

    Source: Bank for International Settlements

    I. Introduction

    Ladies and gentlemen, distinguished guests, I am Rhee Changyong, Governor of the Bank of Korea.

    It is an honor to join the Global Engagement & Empowerment Forum (GEEF) to discuss building a sustainable future. I sincerely thank Yonsei University President Yun Dongseob, former U.N. Secretary-General Ban Ki-moon, and everyone who made this event possible. I am also pleased to reconnect with former World Bank President Jim Yong Kim after my time in Washington, D.C.

    Over the years, the GEEF has brought together global leaders, international organizations, businesses, and stakeholders to explore solutions for achieving the United Nations’ Sustainable Development Goals (SDGs). I hope this forum continues driving practical solutions to today’s sustainability challenges.

    I am here to share Korea’s perspective on these issues. Some people say, “The Governor of the Bank of Korea is overstepping his bounds,” because I speak on social issues beyond monetary policy. Discussing the SDGs today may reinforce that perception. While central bankers debate their role in such discussions, sustainability challenges directly impact our economy and daily lives. For this reason, I cannot remain indifferent-not just as a central bank governor, but also as a citizen.

    Sustainability takes many forms, but today I will focus on two urgent challenges for Korea’s economy. The first is climate change, a global crisis affecting everyone. The second is our declining birth rate and aging population, a challenge that is especially severe in Korea.

    II. Climate Change

    There is global and domestic consensus that human activities drive global warming and reducing carbon emissions is essential. However, Korea faces significant resistance to accelerating carbon reduction due to its heavily export-oriented economy dominated by high-carbon manufacturing industries. Strengthening emission reduction policies and environmental regulations raises concerns about export companies losing competitiveness. Thus, balancing urgent carbon reduction with sustaining industrial competitiveness has become a central issue.

    However, climate change should not be viewed solely from the perspective of export industries. It is a crisis directly affecting our daily lives and quality of life. We are already experiencing more extreme heat waves, frequent flooding, and the gradual disappearance of familiar fruits and vegetables. Our summer rainfalls used to be predictable, but not anymore. If Los Angeles can experience massive wildfires, what is stopping Korea from experiencing similar disasters? Climate change is not distant-it is occurring now, and its impacts are unavoidable.

    Air quality is a clear example. Last week, I visited Cape Town, South Africa, for a BIS meeting. While it was winter in Korea, it was summer there, with warm weather, a refreshing sea breeze, and remarkably clean air. Within days, I realized, “This is truly clean air.” Upon returning to Incheon Airport, I immediately felt a headache-not just from the flood of emails about economic and political concerns, but also from the noticeably poorer air quality. Korea’s air quality has improved recently, but after experiencing cleaner air in Washington, D.C., I can clearly sense the difference. As someone sensitive to lung health after experiencing long COVID, this difference is especially noticeable. Although conditions have improved, fine dust remains a serious issue.

    Statistically, the cost of deteriorating air quality is undeniable. Over the past 15 years, diagnoses of atopic dermatitis and allergic rhinitis have doubled, and cases of heat exhaustion have quadrupled, now totaling 4,000. Climate change directly threatens our health, making the challenges of protecting public health increasingly severe as temperatures rise and pollution worsens.

    Another example is the increased frequency of sudden downpours, repeatedly flooding Seoul’s Gangnam Station area, one of Korea’s wealthiest neighborhoods, submerging numerous luxury vehicles over the past several years. Beyond property damage, the human toll has been devastating. Just two years ago, 14 people tragically lost their lives when an underpass collapsed after 500mm of rain fell in thirteen days. Observing these intense summer storms reminds me of tropical squalls typically seen in Thailand or South America.

    The Korea Meteorological Administration now classifies rainfall exceeding 50mm per hour or 90mm over three hours as “extreme heavy rain,” conditions responsible for 80% of flood damage. These extreme events have more than doubled since the 1970s. Given these dramatic changes, it is unclear whether our current flood prevention infrastructure-such as dams, embankments, and drainage systems-can handle the intensifying conditions. About 20% of national river embankments are already rated as “inadequate” or “poor,” and projections suggest half of Korea’s dams may fail to prevent flooding by 2040. We must proactively strengthen infrastructure now to withstand growing climate challenges.

    Third, climate change is disrupting our food supply. Last year, I faced criticism from agricultural stakeholders after suggesting apple imports due to soaring prices (Im et al., 2024). Initially, I anticipated resistance primarily from traditional apple-growing regions like Daegu and North Gyeongsang Province. However, apple production areas are gradually shifting northward. Apple cultivation in Daegu-Gyeongbuk has decreased by nearly half compared to 30 years ago. Once grown nationwide, except for the southern coast and Jeju Island, projections suggest high-quality apples will only be viable in Gangwon Province’s mountainous areas by the 2030s, due to rapid climate change (Rural Development Administration, 2022). Within a decade, importing apples will likely become a necessity rather than controversial.

    The fishing industry faces similar disruptions. Pollack, once a staple in Korea, has nearly vanished from local waters, with catches below one ton since 2019. Traditional species like croaker and anchovies are declining, while warmer-water species like yellowtail and mackerel are increasing. Korea’s fishing industry must rapidly adapt by modernizing vessels, gear, and aquaculture techniques to match the changing marine ecosystem.

    While countless examples exist, the core message is clear. Climate change is not just a challenge for export industries-it already deeply impacts our daily lives and various domestic sectors. Thus, addressing climate change and reducing carbon emissions is not a matter of choice-it is an urgent necessity.

    Although the government has initiated policy efforts, substantial progress remains necessary. First, Korea’s Green Taxonomy (K-Taxonomy) must align with international standards to clearly define “environmentally friendly” activities, signaling strong support for carbon reduction. Second, carbon pricing must be more realistic. Last April, the global average carbon price was approximately $30 per ton, reaching $60 per ton in the EU, compared to only $6 per ton in Korea. At this price, companies find it more economical to buy emission credits than reduce emissions, undermining carbon reduction targets. Third, structural improvements to Korea’s Emissions Trading System (K-ETS) are needed. Gradually reducing the 90% free allocation rate and tightening the emissions cap will create stronger market incentives for effective emissions trading.

    The Bank of Korea is also increasing its efforts by conducting financial stress tests on climate-related risks. Financial institutions traditionally manage risks like loan defaults and real estate fluctuations, but climate-driven risks introduce unexpected tail risks not yet fully considered. Events like Los Angeles’ wildfires or Australia’s six-month wildfire crisis in 2019 are not distant threats. They serve as warnings for Korea. Severe localized climate damage could cause significant financial losses for households and businesses, destabilizing financial institutions and spreading shocks throughout the economy.

    Thus, the Bank of Korea actively researches climate risks’ impacts on our industries and financial system, conducting stress tests with financial institutions under various scenarios. Next Tuesday, we will present these climate stress test results at a joint conference with the Financial Supervisory Service.

    Bank of Korea employees are also committed to reducing carbon emissions through research (Kim et al., 2024) and daily practices. Believing even small actions matter, we have adopted eco-friendly measures such as using recycled-paper business cards, reducing plastic use, turning off unused lights, and implementing license plate-based driving restrictions.

    III. Ultra Low Fertility and an Aging Population

    Beyond climate change, one of the most pressing sustainability challenges is our demographic crisis-an aging population combined with extremely low fertility rates. Korea’s total fertility rate slightly rose to 0.75 in 2024 from 0.72 in 2023. Although this small uptick is welcome, a fertility rate of 0.75 remains a national emergency. If this trend continues, Korea faces an irreversible population crisis that threatens economic stability and social cohesion.

    Some people suggest that population decline might have benefits, such as reduced pollution, lower energy consumption, and higher GDP per capita, possibly enhancing quality of life. However, this view dangerously oversimplifies the issue. A fertility rate of 0.75 leads not to gradual decline but rapid demographic collapse, undermining economic and social stability. By contrast, the OECD average fertility rate of 1.4 results in a more manageable and sustainable population decline.

    The difference between fertility rates of 0.75 and 1.4 significantly impacts economic growth prospects. At 0.75, Korea’s population would shrink from 51.7 million to 30 million in 50 years, just 58% of today’s figure, declining annually by 1.1%. In contrast, at a rate of 1.4, the population decline is less severe, reaching 43 million-83% of today’s level-with an annual drop of 0.4%. From a purely demographic standpoint, the difference in GDP growth between these two scenarios would amount to 0.4 percentage points annually. But the true cost goes beyond this simple calculation. A declining youth population, crucial for innovation, entrepreneurship, and economic dynamism, would severely undermine Korea’s long-term growth potential. According to a recent Bank of Korea study, Korea’s potential growth rate, currently around 2%, may approach near 0% by the late 2040s (Lee et al., 2024). If the fertility rate remains at 0.75, Korea will inevitably face prolonged negative economic growth after 2050. Conversely, at 1.4, Korea could maintain positive economic growth well into the future.

    Beyond GDP, persistently low fertility will create substantial fiscal strain, increasing the burden on younger generations. As the elderly population surges, spending on pensions, healthcare, and elder care will rise significantly. According to the National Assembly Budget Office (2025), Korea’s national debt-to-GDP ratio, currently 46.9%, is projected to reach 182% within 50 years if fertility remains at 0.75. If fertility improves to 1.4, the ratio would increase more slowly, reaching 163%. The burden on young Koreans will become particularly overwhelming. Currently, four working-age individuals support each elderly person. At a fertility rate of 0.75, this ratio will decline to one-to-one within 50 years. At 1.4, however, it remains more manageable, easing strain on future generations.

    Moreover, economic instability from demographic shifts increases society’s vulnerability to populism. Stagnant growth exacerbates income inequality, deepens generational and class divides, and fuels political polarization. Politicians and governments may resort to populist fiscal policies, such as direct cash handouts and temporary welfare measures, providing short-term relief without addressing underlying issues. Such policies risk creating a cycle of fiscal inefficiency and mounting national debt, exacerbating rather than resolving the core problems.

    To preserve economic sustainability, decisive action must be taken urgently. If Korea’s fertility rate remains critically low without significant expansion of the workforce through foreign labor, the country risks chronic negative growth, soaring debt, and escalating social tensions. Avoiding this scenario requires raising the fertility rate to a more viable level. Completely reversing population decline may be unrealistic since many advanced economies face similar demographic challenges, but Korea cannot afford to remain passive. At a minimum, we must strive to reach the OECD average fertility rate of 1.4.

    Why has Korea’s fertility rate fallen so drastically? The answer lies in structural barriers discouraging young people from marriage and parenthood. Bank of Korea studies indicate young Koreans delay or forgo marriage and childbirth due to intense competition and anxieties over employment, housing, and childcare. Young people today face fierce competition for scarce, high-quality jobs, making career stability difficult. Simultaneously, soaring housing prices make homeownership seem unattainable. Under these pressures, raising children is more than challenging-it is an overwhelming financial and emotional burden.

    A major driver of this crisis is the extreme concentration of population and economic activity in the Seoul metropolitan area. A recent Bank of Korea study analyzing fertility trends in 35 OECD countries identified Korea’s urban concentration as among the highest globally, pinpointing it as a key factor behind the country’s ultra-low fertility (Hwang et al., 2023). Over 50% of Korea’s GDP, population, and jobs are concentrated in the Seoul metropolitan area-much higher than 5% in the U.S. and Germany, 10-20% in the U.K. and Italy, 20-30% in France, and 30% in Japan. While Korea’s rapid economic development-the “Miracle on the Han River”-transformed the country into an economic powerhouse, it also centralized infrastructure, talent, and opportunities in Seoul. Consequently, young people continue migrating to the capital for career prospects, draining vitality from regional economies and pushing many toward demographic extinction.

    Korea’s highly competitive university entrance system further reinforces the population concentration in the Seoul metropolitan area. Admission to prestigious universities is considered essential-not only for stable employment but also for social status and marriage prospects. This fuels intense competition for limited spots at elite universities, overwhelmingly located in Seoul. Private education has become critical, prompting families to relocate to Seoul’s affluent areas like Gangnam-gu, known for high-quality private educational infrastructure. Many parents unable to afford homeownership instead rely on costly rental housing to secure educational advantages. This strategy appears justified, as students from Seoul account for 32% of admissions to Seoul National University (SNU), despite representing only 16% of school-age population. More strikingly, students from Gangnam-gu alone constitute 12% of SNU admissions, three times the district’s 4% share of school-age residents (Chung et al., 2024). Relocating to Gangnam-gu is thus seen as essential for top university admission, intensifying Seoul’s population density, raising housing prices, and worsening the fertility crisis.

    Korea’s university admission system is excessively competitive by any standard. Parents sacrifice their quality of life and retirement savings, investing considerable resources to secure their children’s admission to elite universities. Paradoxically, this intense pursuit of academic success imposes a heavy cost on both parents and children. From as early as kindergarten, students experience relentless pressure and burnout, depriving them of childhood joys and a healthy adolescence.

    Korea’s critically low fertility rate (0.75), extreme population concentration in the Seoul metropolitan area, and overheated university competition seem like separate issues but are deeply interconnected. Left unresolved, these challenges-drastic population decline, persistent negative economic growth, escalating social tensions, and diminishing opportunities for youth-will push Korea toward an unsustainable tipping point. Addressing these structural issues simultaneously is challenging, yet the urgency demands bold action. Recognizing this, the Bank of Korea recently proposed two policy suggestions: foster a limited number of regional hub cities and implement a “regional proportional admission system” for universities.

    First, to effectively reduce the extreme population concentration in the Seoul metropolitan area, we must strategically develop a small number of regional hub cities. Over the past two decades, regional development policies have been introduced to address this imbalance. However, due to political challenges and efforts to evenly distribute resources nationwide, these initiatives have been too fragmented to meaningfully curb Seoul’s dominance.

    According to Bank of Korea research, the optimal approach-given Korea’s land area and population-is to concentrate substantial investments in two to six carefully selected regional hub cities. Targeted, large-scale investment in critical infrastructure, such as healthcare, education, and cultural amenities, is essential to providing a quality of life comparable to Seoul, thus effectively attracting and retaining residents (Chung et al., 2023, 2024). Pursuing this focused strategy will rebalance population distribution, revitalize regional economies-including surrounding smaller cities-and achieve sustainable national development.

    In parallel, bold reforms to Korea’s college admissions system are essential. The Bank of Korea has proposed a “regional proportional admission system,” where universities voluntarily allocate admissions based on each region’s proportion of high school seniors (Chung et al., 2024). Despite multiple revisions to university entrance system, excessive competition in university admissions remains unresolved. BOK’s new proposal seeks to enhance universities’ autonomy in admissions while strongly requiring balanced regional representation-a crucial step to address extreme competition. Adopting this system offers several benefits. First, it reduces the disproportionate influence of socioeconomic factors such as parental wealth and private education, thus significantly enhancing social mobility. Second, dispersing admissions competition from Seoul would ease demographic pressures, stabilize housing prices, and improve fertility rates. Third, attracting students from diverse regions promotes mutual understanding, social cohesion, and reduces regional disparities.

    This proposal does not require government intervention or legal amendments, relying instead on the willingness and initiative of leading universities. In Korea, there remains a strong belief that selecting students based solely on academic scores is the fairest, leading resistance to this proposal. Some universities argue they already implement regional proportional admissions for roughly 15% of their freshmen. However, such limited quotas can stigmatize these students and have insufficient impact on demographic or housing pressures in Seoul. To be effective, regional proportional admissions must be applied to most incoming students’ admissions. In many advanced nations, regional diversity in admissions is widely accepted and encouraged. I believe Dr. Jim Yong Kim, joining us today and a former president of Dartmouth College, understands this issue well. He could highlight how Korea’s test score-based admissions approach is an exception globally, and how this reform could realistically occur through proactive leadership at major universities.

    In my view, allowing universities greater flexibility in evaluating applicants-under regional proportional requirements-would better acknowledge and fairly recognize diverse talents. Human talent is far too diverse to be measured by academic tests alone. Yet, Korea’s current admissions system prioritizes a narrow skillset: memorization, quick mathematical calculations, and rapid text summarization under time pressure. These skills, overly rewarded by standardized exams, limit the range of recognized talents. I happen to possess these particular skills and was a major beneficiary of Korea’s college admission system. However, if asked to write a creative essay over a week, I might not have excelled. Today, elite university students often share certain defining characteristics such as a personality that diligently follows instructions without rebellion, a willingness to endure 15 years of repetitive study from kindergarten, an IQ high enough to handle the academic workload, but not so high as to question or challenge its purpose.

    When Korea’s primary goal was catching up with more advanced nations, the current educational system was beneficial in developing individuals who excelled at following orders and carrying out assigned tasks. However, with Korea now at the forefront of global technological competition, we need people unafraid to explore new frontiers, bringing diverse backgrounds and innovative thinking. Additionally, we must foster an environment that encourages collaboration, creativity, and meaningful interaction. It is time for universities to broaden their evaluation criteria and nurture diverse talents by implementing regional proportional admissions.

    The challenges highlighted today-climate change and demographic crisis-pose critical threats and require urgent action. Korea has achieved remarkable economic progress, joining the ranks of advanced nations. Now we must focus on enhancing individual well-being, ensuring prosperity and happiness for all citizens. Through bold decisions, we can develop vibrant, youth-friendly, green regional hubs that combat climate change and support marriage and childbirth. The Bank of Korea remains fully committed to securing a sustainable, prosperous future for upcoming generations.

    Thank you for your time and attention.

    This speech was prepared with the assistance of Sanghun Park and Joonki Min from the Office of Sustainable Growth, and Inro Lee and Inkyung Yoo from the Economic Research Institute.

    References

    Kim J. Y., Ryu G. B., Hwang J. H., Kim H. J., Kim H. N., Lee H. A., and Sim S. B. 2024. “The Impact of Climate Change Risks on the Real Economy: Analysis by Climate Response Scenarios.” BOK Issue Note No. 2024-30, Bank of Korea.

    Rural Development Administration. 2022. “Prediction of Changes in Cultivation Areas for Six Major Fruits Considering Climate Change Scenarios.” Press Release.
    Lim W. J., Lee D. J., Lee Y. S., and Park C. H. 2024. “Characteristics and Implications of Korea’s Price Levels: A Comparison with Major Countries.” BOK Issue Note No. 2024-14, Bank of Korea.

    Chung M. S., Kim E. J., Lee H. S., Hong S. J., and Lee D. R. 2023. “Interregional Population Migration and Regional Economy.” BOK Issue Note No. 2023-29, Bank of Korea.

    Chung M. S., Lee Y. H., Yoo J. S., and Kim E. J. 2024. “Analysis of Regional Economic Growth Factors and Balanced Development Focused on Hub Cities.” BOK Issue Note No. 2024-15, Bank of Korea.

    Chung J. W., Lee D. W., and Kim H. J. 2024. “Adressing Social Issues Steming from Excessive Competition in College Admissions.” BOK Issue Note No. 2024-26, Bank of Korea.

    Hwang I. D., Nam Y. M., Sund W., Shim S. R., Yeom J., Lee B. J., Lee H. R., Chung J. W., Cho T. H., Choi Y. J., Hwang S. W., and Son M. K. 2023. “Lowest-low Fertility and Super-aged Society: Causes and Impacts of the Extreme Population Structure, and Policy Options.” In-Depth Analysis, Korea Economy Outlook, Bank of Korea.

    Lee E. K., Chun D. M., Kim J. W., and Lee D. J. 2024. “Potential Growth Rate of the Korean Economy and Future Outlook.” BOK Issue Note No. 2024-33, Bank of Korea.

    Lim W. J., Lee D. J., Lee Y. S., and Park C. H. 2024. “Characteristics and Implications of Korea’s Price Levels: A Comparison with Major Countries.” BOK Issue Note No. 2024-14, Bank of Korea.

    National Assembly Budget Office. 2025. “2025-2072 NABO Long-Term Fiscal Outlook.”

    MIL OSI Global Banks –

  • MIL-OSI: Global Interest in Nickel Mining Booming as Demand Skyrockets Around the World

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – According to a report from Grand View Research, the global nickel mining market size was estimated at USD 50.40 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030. Growth in end-use industries such as construction, consumer durables, and machinery & equipment are propelling the growth of the stainless steel industry. Nickel is one of the key raw materials of stainless steel. Hence, development in the stainless steel industry is contributing to the growth of the market. According to the Nickel Institute, over two-thirds of the world’s nickel is utilized in the production of stainless steel. It acts as an alloying agent, enhancing essential properties such as formability, ductility, and weldability while also increasing corrosion resistance for specific applications. The report said: “The nickel mining industry is highly competitive and to gain an edge, major players are acquiring their competitors.   The batteries segment is anticipated to register the fastest CAGR of 7.2% in terms of revenue, over the forecast period (2030). Nickel batteries offer a cost-effective solution for achieving higher energy density and storage capabilities.” Active Companies in the markets today include: First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN), Vale S.A. (NYSE: VALE), Chevron Corporation (NYSE: CVX), Glencore plc (OTCPK: GLNCY) (OTCPK: GLCNF), Quebec Innovative Materials Corp. (OTCQB: QIMCF) (CSE: QIMC).

    Grand View Research continued: “Based on region, Asia Pacific held the largest revenue share of over 57.0% in 2022. The growth in various industries, such as battery manufacturing, automotive & defense, and petrochemicals, is increasing the demand for nickel, which is positively influencing its mining activity. The Russia-Ukraine war has benefitted the Philippines’ nickel industry, as Russia’s output has been declining in the past few years coupled with the aversion it is receiving in trade.   Europe is anticipated to register a CAGR of 7.8% in terms of revenue over the forecast period (2030). The EU has recognized the importance of nickel in the energy transition and has added it to the list of critical minerals. To ensure a diversified supply chain, the EU has set benchmarks for the extraction of at least 10% of the annual consumption of nickel within the boundary of Europe. This move is expected to have a positive impact on the mining activity in the region.   North America is anticipated to register the fastest CAGR of 8.1% over the forecast period (2030). The increasing demand for nickel-based products in aerospace and defense industries has raised its significance as a critical mineral.   In addition, the growing emphasis on accomplishing a domestic supply chain for the EV battery segment is anticipated to boost production in the region.”

    First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN) AND COLORADO SCHOOL OF MINES LAUNCH RESEARCH PARTNERSHIP TO EXPLORE GEOLOGIC HYDROGEN POTENTIAL IN NEWFOUNDLAND OPHIOLITES – First Atlantic Nickel Corp. (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce a strategic research partnership with Colorado School of Mines to explore geologic hydrogen as an energy source. This collaboration will focus on two significant ophiolite complexes in Newfoundland, Canada: the St. Anthony Ophiolite Complex (Atlantis Project, 103 km²) and the Pipestone Ophiolite Complex (Atlantic Nickel Project, 71 km²). Both projects are 100% owned by First Atlantic and encompass extensive ultramafic rock formations, characterized by awaruite-bearing serpentinized peridotites, which are key indicators of geologic hydrogen.

    First Atlantic Nickel is primarily focused on exploring awaruite nickel-iron alloy mineralization. Additionally, it is partnering with Colorado School of Mines to conduct secondary research on geological hydrogen produced during serpentinization. This collaborative research will leverage data collected by First Atlantic during its ongoing exploration for awaruite nickel deposits. Notably, awaruite serves as an indicator mineral of geologic hydrogen within serpentinized peridotites found in ophiolites. Colorado School of Mines will carry out this hydrogen research component, enhancing the overall exploration program while leveraging First Atlantic’s extensive geological assets and expertise.

    Geologic Hydrogen: Ophiolites and Peridotite

    Ophiolites—sections of oceanic crust and upper mantle thrust onto continental crust—are globally recognized as prime sources of geologic hydrogen, often referred to as “white hydrogen” or “gold hydrogen.” These formations are dominated by ultramafic rocks, notably peridotite, which consists primarily of olivine and pyroxene minerals rich in nickel, chromium, magnesium, and iron. When peridotite interacts with water, it triggers serpentinization—a hydrothermal reaction in which iron oxidizes and water is reduced, releasing molecular hydrogen gas (H₂). This natural process can be represented by the equation:

    3FeO (in olivine) + H₂O → Fe₃O₄ (magnetite) + H₂ – During serpentinization, awaruite (Ni₃Fe) forms as a secondary mineral when liberated nickel (Ni2+) and iron (Fe2+) from the olivine, pyroxene, and chromite minerals react with the abundant hydrogen (H2) present. This natural process can be represented by the equation:

    3(Ni²⁺) + (Fe²⁺) + 4(H₂) → (Ni₃Fe) + 8(H⁺) – The formation of awaruite could not happen without the presence of hydrogen. This process occurs readily in ophiolitic peridotites at depth, where water saturated rocks in oxygen-poor, reducing conditions produce this exothermic reaction, generating heat that sustains further reactions. According to the Geological Survey of Finland, “In Europe and in regions outside the crystal shield, only ophiolites are often referred to as a source of geological hydrogen.” Within these ophiolite settings, serpentinized peridotites are the most promising targets, with peridotites producing significantly more hydrogen than other rocks, up to 4 kg per cubic meter. Ophiolites represent large potential sources of geologic hydrogen, with some of the most significant global geologic hydrogen discoveries occurring in ophiolites.

    “Geologic hydrogen systems are a combination of mineral systems and natural gas systems. In our group, we have the unique combination of expertise from both the mining industry and oil and gas industry to advance geologic hydrogen exploration and stimulated hydrogen monitoring” said Dr. Yaoguo Li from Colorado School of Mines. CONTINUED… Read this and more news for First Atlantic Nickel at:   https://www.fanickel.com/archive

    In other market news of interest:

    Vale S.A. (NYSE: VALE) noted the Company leads the production of nickel metal that is considered one of the most versatile. Hard but also malleable, it is corrosion resistant and retains its properties even when subjected to extreme temperatures. It is part of everyday life: it is used in the production of batteries and items ranging from coins to cars.

    Highlights: The ore obtained from our mines contains more than just nickel. Therefore, by extracting and processing it, we also produce cobalt, copper and precious metals. Where we operate: Brazil, Canada and Indonesia.

    Chevron Corporation (NYSE: CVX) recently announced senior leadership changes as part of the company’s efforts to simplify its organizational structure, execute faster and more effectively, and be positioned for stronger long-term competitiveness.   The company’s Oil, Products & Gas organization will be consolidated into two segments: Upstream and Downstream, Midstream & Chemicals. Mark Nelson will continue to lead this organization as vice chairman and executive vice president, Oil, Products & Gas.

    The Upstream organizational model will drive value through greater standardization across Shale & Tight, Base Assets & Emerging Countries, Offshore, Eurasia and Australia.

    Ceibo, a clean copper extraction technology company, and Glencore plc‘s (OTCPK: GLNCY) (OTCPK: GLCNF) Lomas Bayas Mining Company have recently entered into a partnership to deploy Ceibo’s proprietary leaching technologies that enable a more effective extraction of copper from low-grade sulfides at one of Chile’s leading mines. Lomas Bayas has validated Ceibo’s technology and is moving toward scaling up to assess this as an alternative to extend the life of their mining operations. This partnership follows two years of testing by Glencore, an important contributor to Chile’s position as the world’s largest copper producer.

    Under the terms of the memorandum of understanding, Ceibo’s technology will scale up with on-site testing through the Lomas Lab, a Glencore world-scale test site, and the company’s research and development branch. This agreement opens a significant commercial avenue for Ceibo, demonstrating its unique approach with a major mining company and affirming the value that Ceibo’s advanced leaching technologies bring to copper assets globally.

    Quebec Innovative Materials Corp. (OTCQB: QIMCF) (CSE: QIMC) recently announced the signing of a Memorandum of Understanding (MOU) with Black Tree Energy Group Sàrl (BTEG), a Swiss-based energy infrastructure and project development firm. This partnership reinforces QIMC’s strategic expansion into the U.S., a key market for accelerating the commercialization of natural hydrogen. Together, QIMC and BTEG will drive large-scale hydrogen projects by integrating technical expertise with financial strategy, project development, and execution capabilities.

    With strong support for clean natural hydrogen initiatives, the United States presents a substantial opportunity for natural hydrogen development. Through this Memorandum of Understanding (MOU), QIMC intends to capitalize on its established expertise in natural renewable hydrogen—encompassing geological and geophysical analyses, project evaluation, and hydrogen fieldwork and drilling—to identify high-potential U.S. sites and accelerate the path to commercial production.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated thirty four hundred dollars for news coverage of the current press releases issued by First Atlantic Nickel Corp. by a non-affiliated third party.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI Security: Maryland Man Sentenced to Federal Prison for Pandemic Relief Loan Fraud and Commercial Loan Fraud

    Source: United States Department of Justice (National Center for Disaster Fraud)

    Defendant admitted to spending portions of fraudulent-loan proceeds on a Lamborghini and home renovations.

    Greenbelt, Maryland – U.S. District Judge Lydia K. Griggsby sentenced Andra Shirone Thompson, 48, of Silver Spring, Maryland, to a year and a day for two counts of conspiracy to commit wire fraud.

    Thompson pled guilty to conspiring to defraud Coronavirus Aid, Relief, and Economic Security (CARES) Act loan programs and his role in a years-long scheme to defraud commercial equipment financing companies. He was also sentenced to three years of supervised released and ordered to forfeit $847,280, and pay $813,363.01 in restitution to the victims of his schemes.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, made the announcement with Supervisory Official Matthew Galeotti, Justice Department’s Criminal Division; Executive Special Agent in Charge Kareem Carter, IRS Criminal Investigation (IRS-CI) Washington, D.C., Field Office; Jeffrey D. Pittano, Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG), Mid-Atlantic Region; Special Agent in Charge Amaleka McCall-Braithwaite, Small Business Administration Office of Inspector General (SBA-OIG), Eastern Region; and Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI) – Baltimore Field Office.

    According to his guilty plea, Thompson admitted to participating in a conspiracy to submit fraudulent applications for Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans on behalf of companies he controlled. The companies included Alpha Bravo Tango LLC., Senergy Consulting Group Inc., and Novus Ordo Seclorum LLC. Through the scheme, Thompson fraudulently obtained $716,375. He spent a portion of the proceeds on vehicles, including a 2014 Lamborghini Aventador, and on renovating a home in North Carolina.

    Thompson also joined a conspiracy to defraud equipment financing companies by submitting fraudulent invoices that falsely showed the sale of substantial quantities of computer servers and related equipment. Thompson and his co-conspirators caused borrowers to submit fraudulent invoices to lenders to support their loan applications to purchase items. After approval, lenders deposited loan proceeds into accounts controlled by Thompson and his co-conspirators. The lenders were unaware that the sales on the invoices never occurred. Thompson and his co-conspirators typically “kicked back” a portion of the proceeds to the borrower who submitted the application and kept the rest for themselves. Thompson personally participated in three executions of this scheme, causing approximately $813,362 in fraudulently induced lending.

    Additionally, the co-conspirators caused more than $60 million of fraudulently induced lending across more than 350 separate loans through this scheme. Thompson’s principal co-conspirator, Craig David Davis, 49, of Venice, California, pleaded guilty to wire fraud in the U.S. District Court for the Eastern District of Virginia and was sentenced earlier this month to 93 months incarceration.

    Financial assistance offered through the CARES Act included forgivable loans to small businesses for job retention and other expenses, through the PPP, administered through the Small Business Administration (SBA).  The SBA also offered an EIDL and/or an EIDL advance to help businesses meet their financial obligations.

    The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the CARES Act. The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.  Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    U.S. Attorney Hayes commended the IRS-CI, FDIC-OIG, SBA-OIG, and the FBI who investigated the case. Ms. Hayes also thanked Assistant U.S. Attorney Joseph Wenner, along with Trial Attorney David A. Peters from the Department of Justice’s Criminal Division’s Fraud Section, who prosecuted the federal case.

    For more information on the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI: ECN Capital Announces Closing of C$75 Million Offering of 6.50% Convertible Senior Unsecured Debentures

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

    TORONTO, March 19, 2025 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (“ECN Capital”) today announced that it has closed the previously announced offering (the “Offering”) of C$75 million aggregate principal amount of convertible senior unsecured debentures due April 30, 2030 (the “Debentures”). The Offering was conducted by a syndicate of underwriters co-led by CIBC Capital Markets, National Bank Financial Markets, BMO Capital Markets and RBC Capital Markets, and including Raymond James Ltd., TD Securities Inc., Canaccord Genuity Corp. and Cormark Securities Inc. (collectively, the “Underwriters”). ECN Capital has also granted the Underwriters an option to purchase up to an additional C$11.25 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering.

    The Debentures bear interest at a rate of 6.50% per annum, payable semi-annually in arrears on April 30 and October 31 of each year, with the first interest payment on October 31, 2025. The Debentures are convertible at the option of the holder into common shares of the Company (“Common Shares”) at an initial conversion price of C$3.77 per Common Share, being a conversion ratio of approximately 265.2520 Common Shares for each C$1,000 principal amount of Debentures, subject to adjustment in certain circumstances. The Debentures will mature on April 30, 2030.

    The Debentures will commence trading today on the Toronto Stock Exchange (“TSX”) under the symbol “ECN.DB.C”. Further details concerning the Offering are set out in ECN Capital’s prospectus supplement dated March 14, 2025, which is available on ECN Capital’s profile on SEDAR+ at www.sedarplus.com.

    ECN Capital intends to use the net proceeds of the Offering to redeem all of its outstanding 6.00% senior unsecured debentures due December 31, 2025 (the “2025 Debentures”), on April 25, 2025 (the “Redemption Date”). Notice of the redemption will be delivered to the registered holder(s) of the 2025 Debentures through the debenture trustee, Computershare Trust Company of Canada (“Computershare Trust”), in accordance with the trust indenture governing the 2025 Debentures between ECN Capital and Computershare Trust dated September 3, 2020. ECN Capital has obtained the consent of the majority of lenders required under its senior credit facility in order to proceed with the redemption of the 2025 Debentures prior to the maturity date.

    On the Redemption Date, the Company will pay holders of the 2025 Debentures a redemption price equal to the outstanding principal amount of 2025 Debentures held, plus accrued and unpaid interest thereon up to but excluding the Redemption Date, less any taxes required to be deducted or withheld.

    The 2025 Debentures are currently listed on the TSX under the symbol ECN.DB. ECN Capital expects that the 2025 Debentures will be de-listed from the TSX following their redemption.

    Beneficial holders of the 2025 Debentures are encouraged to contact their investment dealer if they have any questions about this redemption.

    The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About ECN Capital Corp.

    With managed assets of US$6.9 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American-based banks, institutional investors, insurance company, pension plan, bank and credit union partners (collectively, its “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan and rental) loans. Its Partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicle and Marine Finance.

    Contact

    Katherine Moradiellos
    561-631-8739
    kmoradiellos@ecncapitalcorp.com

    Forward-Looking Statements

    This release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include those relating to the use of proceeds of the Offering, the redemption of the 2025 Debentures (including the expected delisting of the 2025 Debentures), the exercise of the over-allotment option and the trading of the Debentures on the Toronto Stock Exchange. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause ECN Capital’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with these forward-looking statements can be found in ECN Capital’s Management Discussion and Analysis for the year ended December 31, 2024 and ECN Capital’s 2024 Annual Information Form dated February 27, 2025, each of which have been filed on SEDAR+ and can be accessed at www.sedarplus.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI: Progressive Reports February 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MAYFIELD VILLAGE, OHIO, March 19, 2025 (GLOBE NEWSWIRE) — The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended February 28, 2025:

      February
    (millions, except per share amounts and ratios; unaudited) 2025   2024   Change
    Net premiums written $ 6,684     $ 5,720   17   %
    Net premiums earned $ 6,036     $ 5,129   18   %
    Net income $ 928     $ 737   26   %
    Per share available to common shareholders $ 1.58     $ 1.24   28   %
    Total pretax net realized gains (losses) on securities $ (110 )   $ 80   (238 ) %
    Combined ratio   82.6       86.8   (4.2 ) pts.
    Average diluted equivalent common shares   587.6       587.3   0   %
      February
    (thousands; unaudited) 2025   2024   % Change
    Policies in Force          
    Personal Lines          
    Agency – auto 9,950   8,462   18
    Direct – auto 14,395   11,541   25
    Special lines 6,568   6,019   9
    Property 3,556   3,164   12
    Total Personal Lines 34,469   29,186   18
    Commercial Lines 1,151   1,098   5
    Companywide 35,620   30,284   18
               

    See Progressive’s complete monthly earnings release for additional information.

    About Progressive

    Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

    Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers. 

    Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

    The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

    Company Contact:
    Douglas S. Constantine
    (440) 395-3707
    investor_relations@progressive.com

    The Progressive Corporation
    300 North Commons Blvd.
    Mayfield Village, Ohio  44143
    http://www.progressive.com

    Download PDF: Progressive February 2025 Complete Earnings Release

    The MIL Network –

  • MIL-OSI: Reliance Global Group Launches RELI Auto Leasing—Delivering ANY Vehicle to ANY Location in the United States

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, NJ, March 19, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today announced the launch of RELI Auto Leasing, a groundbreaking service that enables RELI Exchange Agency Partners to seamlessly offer vehicle leasing to their clients while earning commissions on both the lease and the residual insurance policy. This innovative initiative reinforces the Company’s commitment to expanding revenue opportunities for agency partners while maintaining a strong focus on insurance services.

    Home and auto policies are the core products of personal lines insurance. When clients seek a new vehicle, their insurance agent is often part of the discussion, advising on coverage options and facilitating policy transitions. After a vehicular accident, clients often look toward their insurance agent to discuss how to approach their replacement vehicle. Using our newly launched RELI Auto Leasing, insurance agents can now connect clients to vehicle leasing options without stepping outside their core business.

    “One of the most important aspects of RELI Auto Leasing, is that our agency partners can earn more commissions without becoming trained in auto leasing. Instead, the agency partner seamlessly connects their clients with our trusted leasing partners from within their agent dashboard,” said Ezra Beyman, Chairman and CEO of Reliance Global Group. “This initiative is a game-changer for independent agents, enabling them to offer an added service without losing focus on their core insurance business. By incorporating auto leasing into client conversations, agents not only enhance their value proposition but also unlock new revenue streams that complement their existing insurance offerings. The leasing pricing is both competitive and convenient, making it an attractive choice for clients exploring vehicle lease options. Our agency partners have provided outstanding feedback on our advanced Insurtech white-labelled quoting engine and CRM, positioning RELI Exchange as the obvious choice as an insurance partner. We believe this additional path of revenue for our agency partners furthers our positive differentiator in the insurance industry.”

    Clients benefit from a wide selection of vehicles, all available for delivery anywhere in the U.S., offering unmatched convenience. Whether seeking a new lease or upgrading a current vehicle, clients are now able to enjoy a streamlined process with guidance from a trusted insurance advisor. By bridging the gap between auto leasing and insurance, RELI Exchange empowers agency partners to deepen client relationships, foster long-term loyalty, and generate additional income—without added complexity.

    Moshe Fishman, Director of Insurtech and Operations said, “RELI Auto Leasing is another win for our RELI Exchange Agency Partners, enabling them to strengthen their client relationships while earning additional commissions. When consumers are in the market for a new car, they often overlook how the make and model of their new car can impact their auto insurance premium. When clients include their RELI Exchange agency partner in the car buying process, they can project the effect that each car will have to their insurance premium. This proactive approach eliminates the surprise that happens all too often in the industry when someone gets a new car, only to learn later that their insurance premium increased far more than anticipated. We are proud that RELI Exchange agency partners are adding even more peace of mind to their clients.”

    “Our vision for RELI Exchange has always been to maximize opportunities for our agency partners by providing a comprehensive suite of solutions aligned with their business model,” added Mr. Beyman. “RELI Auto Leasing is another step in our commitment to innovation—empowering independent agents to compete on a national scale through technology and strategic partnerships. As we continue expanding our ecosystem, we remain dedicated to delivering cutting-edge tools and services that drive success for our partners while enhancing the customer experience.”

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, while reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere ,and risks and uncertainties related to the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as the same may be updated from time to time. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, the Company’s Quarterly Reports on Form 10-Q, the Company’s Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact:
    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: One Stop Systems Reports Q4 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Strength in both segments contributed to consolidated year-over-year revenue growth for Q4 2024

    Consolidated revenue increased sequentially every quarter throughout 2024, reflecting the success of the Company’s transformation strategy to higher-growth markets

    Management expects double-digit consolidated revenue growth in 2025, driven by anticipated OSS segment revenue of over 20% and consolidated EBITDA break even for the year

    ESCONDIDO, Calif., March 19, 2025 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (“OSS” or the “Company”) (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) autonomy and sensor processing at the edge, reported results for the three- and twelve-month periods ended December 31, 2024. Comparisons for the three- and twelve-month periods are to the same year-ago periods unless otherwise noted.

    “I am pleased to report a return to consolidated year-over-year revenue growth for the fourth quarter, as sales from both our OSS and Bressner segments grew at double digit rates. Throughout 2024 we executed on our multi-year transformation, making significant progress in shifting our business toward higher-margin, higher-growth markets. We invested in our platform, strengthened our pipeline, and deepened collaboration with customers developing high-performance, Enterprise Class, edge computing solutions for both commercial and defense applications,” stated OSS President and CEO, Mike Knowles.

    “As efforts to reposition the Company for revenue growth gained momentum during 2024 and our business model evolved, we adjusted our legacy inventory and program costs to better align with our focus on improving efficiencies and increasing profitability. We believe the progress we made in 2024 strengthened our business, positioning the Company for higher sales and profitability in 2025 and beyond,” concluded Mr. Knowles.

    2024 Fourth-Quarter Financial Summary

    Consolidated revenue was $15.1 million, compared to $13.2 million in the fourth quarter of 2023. The 15.1% year-over-year increase was a result of a $1.3 million increase in Bressner segment revenue and a $642,000 year-over-year increase in OSS segment revenue. The 10% year-over-year increase in OSS segment revenue was primarily due to higher revenue from defense and commercial customers, as well as new customer-funded development orders, aligned directly with the Company’s strategic focus and plan.

    The following table sets forth net revenue by segment for the three months ended December 31, 2024, and December 31, 2023 (Dollars may not calculate due to rounding):

      Three Months Ended
    Entity: December 31, 
    2024
    		   % of Net
    Revenue
    		   December 31, 
    2023
    		   % of Net
    Revenue
    		   % Change  
    OSS $ 7,042,613   46.5 %   $ 6,401,047   48.7 %   10.0 %
    Bressner   8,097,533   53.5 %     6,754,161   51.3 %   19.9 %
    Total net revenue $ 15,140,146   100.0 %   $ 13,155,209   100.0 %   15.1 %
     

    During the fourth quarter ended December 31, 2024, the Company took a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2022.   This charge reduced reported gross margin, net income, and adjusted EBITDA for the three- and twelve-month periods ended December 31, 2024. Management does not currently foresee any further charges related to this customer-funded development contract.  

    Consolidated gross margin percentage was 15.7%, compared to 33.7% in the prior year quarter. Gross margin, excluding the one-time charges, was 23.8%, compared to 33.7% in the same period last year. The decrease in gross margin was primarily due to product mix.

    On a segment basis, the OSS segment had a gross margin of 9.4%, compared to 45.9% for the same period a year ago. OSS segment gross margin, excluding the one-time charges, was 26.8%, compared to 45.9%. The decrease from the same period last year was primarily driven by product mix. The Company’s Bressner segment had a gross margin percentage of 21.2%, compared to 22.2% in the same period last year.  

    Total operating expenses increased 15.1% to $5.5 million. This increase was predominantly attributable to higher general and administrative costs related to planned sales and program management investments made during the quarter.

    The Company reported a net loss of $3.1 million, or $(0.15) per share, as compared to a net loss of $278,000, or $(0.01) per share, in the prior year period.

    Adjusted EBITDA, a non-GAAP metric, was a loss of $2.3 million, inclusive of $1.2 million in one-time charges, compared to adjusted EBITDA of $322,000 in the prior year period.

    As of December 31, 2024, the Company reported cash and short-term investments of $10.0 million and total working capital of $24.0 million, compared to cash and short-term investments of $11.8 million and total working capital of $35.6 million at December 31, 2023. The reduction in cash and short-term investments was primarily driven by the paydown of $1 million of notes payable.  

    2024 Twelve Months Financial Summary

    Consolidated revenue was $54.7 million, compared to $60.9 million for the same period last year. The 10.2% year-over-year reduction in consolidated revenue was primarily a result of approximately $4.8 million related to a former media customer, for whom shipments ceased in the second quarter of 2023. This decrease was partially offset by higher sales to customers in the military and defense end markets. In addition, Bressner segment revenue declined by $2.0 million on a year-over-year basis, associated with slower economic activity in the German economy.  

    The following table sets forth net revenue by segment for the twelve months ended December 31, 2024, and December 31, 2023 (Dollars may not calculate due to rounding):

      Twelve Months Ended
    Entity: December 31, 
    2024
    		   % of Net
    Revenue
    		   December 31, 
    2023
    		   % of Net
    Revenue
    		   % Change
    OSS $ 24,558,809   44.9 %   $ 28,809,888   47.3 %   (14.8 )%
    Bressner   30,135,550   55.1 %     32,086,910   52.7 %   (6.1 )%
    Total net revenue $ 54,694,358   100.0 %   $ 60,896,798   100.0 %   (10.2 )%
                                 

    For the year ended December 31, 2024, the Company incurred a total of $8.3 million of one-time charges that reduced reported gross margin, net income, and adjusted EBITDA. During the fourth quarter of 2024, the Company took a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2022.   Additionally, during the year, OSS incurred $7.1 million of inventory charges related to obsolete and slow-moving inventory associated with the transition of the Company’s business model and operating strategies, as well as slower adoption and movement in certain commercial and defense edge compute markets. Management does not currently foresee any further significant adjustments to costs related to this customer-funded development contract or inventory charges, outside of historical trends.  

    Consolidated gross margin percentage was 14.1%, compared to 29.5% in the prior year. On a full year basis, consolidated gross margin, excluding one-time charges, was 29.3%, compared to 29.5% in 2023.

    On a segment basis, the Company’s OSS segment had a gross margin of 2.5%, compared to 35.6% for the same period a year ago. OSS segment gross margin, excluding one-time charges, was 36.4%, up from 35.6% for 2023. The Company’s Bressner segment had a gross margin of 23.5%, compared to 24.0% in the same period last year.  

    Total operating expenses decreased 18.6% to $21.1 million. This decrease was predominantly attributable to a charge of $5.6 million for an impairment of goodwill that occurred during the 2023 twelve-month period, the elimination of costs associated with organizational restructuring, timing of certain new product introduction activities and the deployment of engineering resources onto customer funded development efforts, partially offset by increased costs for personnel and for tradeshow participation.

    The Company reported a net loss of $13.6 million, or $(0.65) per share, as compared to a net loss of $6.7 million, or $(0.32) per share, in the prior year. Non-GAAP net loss and loss per share was $11.6 million, or $(0.56) per share, as compared to non-GAAP net loss and loss per share of $415,000, or $(0.02) per share, in the prior year period. Net loss and non-GAAP net loss for the period ended December 31, 2024, are inclusive of $8.3 million of one-time charges.

    Adjusted EBITDA, a non-GAAP metric, was a loss of $10.3 million, inclusive of $7.1 million of inventory-related charges and a $1.2 million contract loss related to a customer-funded development contract that was entered into in 2022, compared to adjusted EBITDA of $1.1 million in the prior year.

    2025 Full Year Outlook

    The Company anticipates consolidated revenue of $59 to $61 million for the full year of 2025. This includes expected OSS segment revenue of approximately $30 million, representing over 20% year-over-year growth in the OSS segment. In addition, the Company expects to be EBITDA break-even for the full year of 2025. Management expects revenue and profitability to improve at a higher rate in the second half of 2025 based on current trends and the Company’s expanding sales pipeline.   

    Conference Call

    OSS will hold a conference call to discuss its results for the fourth quarter of 2024, followed by a question-and-answer period.

    Date: Wednesday, March 19, 2025
    Time: 10:00 a.m. ET (7:00 a.m. PT)
    Toll-free dial-in: 1-800-717-1738
    International dial-in: 1-646-307-1865
    Conference ID: 35863 (required for entry)
    Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1706031&tp_key=7e52a82afd

    A replay of the call will be available after 1:00 p.m. ET on March 19, 2025, through April 2, 2025.

    Toll-free replay: 1-844-512-2921
    International replay: 1-412-317-6671
    Passcode: 1135863

    About One Stop Systems

    One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

    OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

    OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

    As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require—and OSS delivers—the highest level of performance in the most challenging environments without compromise.

    OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.

    Non-GAAP Financial Measures

    We believe that the use of adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, is helpful for an investor to assess the performance of the Company. The Company defines adjusted EBITDA as income (loss) before interest, taxes, depreciation, amortization, acquisition expense, impairment of long-lived assets, financing costs, government funded programs, fair value adjustments from purchase accounting, stock-based compensation expense, and expenses related to discontinued operations.

    Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States, or GAAP. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash operating expenses, we believe that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time.

    Our adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. Our adjusted EBITDA is not a measurement of financial performance under GAAP, and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

      For the Three Months Ended
    December 31,    		     For the Year Ended 
    December 31,    		  
      2024     2023     2024     2023  
    Net loss $ (3,134,782 )   $ (277,560 )   $ (13,634,333 )   $ (6,716,176 )
    Depreciation and amortization of intangibles   226,417       263,743       1,041,837       1,077,516  
    Amortization of right-of-use assets, net of changes in lease liability   (2,488 )     (30,208 )     29,885       22,592  
    Stock-based compensation expense   564,176       454,461       1,988,125       2,345,358  
    Interest expense   3,206       29,662       74,116       117,774  
    Interest income   (100,805 )     (159,487 )     (477,745 )     (544,958 )
    Impairment of goodwill   –       –       –       5,630,788  
    Employee retention credit (ERC)   –       –       –       (1,716,727 )
    Provision for income taxes   157,120       41,796       726,502       927,128  
    Adjusted EBITDA $ (2,287,156 )   $ 322,407     $ (10,251,613 )   $ 1,143,296  
                           

    FOOTNOTE: Adjusted EBITDA for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023. Adjusted EBITDA for the full year ended December 31, 2024, also included inventory-related charges of $7.1 million.  

    (Dollars may not calculate due to rounding)

    Adjusted EPS excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. We believe that exclusion of certain selected items assists in providing a more complete understanding of our underlying results and trends and allows for comparability with our peer company index and industry. We use this measure along with the corresponding GAAP financial measures to manage our business and to evaluate our performance compared to prior periods and the marketplace. The Company defines non-GAAP income (loss) as income or (loss) before amortization, government funded programs, impairment of long lived assets, stock-based compensation, expenses related to discontinued operations, and acquisition costs. Adjusted EPS expresses adjusted income (loss) on a per share basis using weighted average diluted shares outstanding.

    Adjusted EPS is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. We expect to continue to incur expenses similar to the adjusted income from continuing operations and adjusted EPS financial adjustments described above, and investors should not infer from our presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring.

    The following table reconciles non-GAAP net income and basic and diluted earnings per share:

      For the Three Months Ended 
    December 31,    		     For the Full Year Ended
    December 31,    		  
      2024     2023     2024     2023  
    Net loss $ (3,134,782 )   $ (277,560 )   $ (13,634,333 )   $ (6,716,176 )
    Amortization of intangibles   –       –       –       42,154  
    Impairment of goodwill   –       –       –       5,630,788  
    Employee retention credit (ERC)   –       –       –       (1,716,727 )
    Stock-based compensation expense   564,176       454,461       1,988,125       2,345,358  
    Non-GAAP net loss $ (2,570,606 )   $ 176,901     $ (11,646,208 )   $ (414,603 )
    Non-GAAP net loss per share:                      
    Basic $ (0.12 )   $ 0.01     $ (0.56 )   $ (0.02 )
    Diluted $ (0.12 )   $ 0.01     $ (0.56 )   $ (0.02 )
    Weighted average common shares outstanding:                      
    Basic   21,120,396       20,632,300       20,953,397       20,854,777  
    Diluted   21,120,396       20,632,300       20,953,397       20,854,777  
                           

    FOOTNOTE: Non-GAAP net loss for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023. Non-GAAP net loss for the full year ended December 31, 2024, also included an inventory charge of $6.1 million.  

    (Dollars may not calculate due to rounding)

    Forward-Looking Statements

    One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved, including but not limited to, our ability to expand our product offerings and further penetrate our target markets, future demand for AI/ML integrations, expected or anticipated increase in revenues, and our business strategies. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Media Contacts:
    Robert Kalebaugh
    One Stop Systems, Inc.
    Tel (858) 518-6154
    Email contact

    Investor Relations:
    Andrew Berger
    Managing Director
    SM Berger & Company, Inc.
    Tel (216) 464-6400
    Email contact

    ONE STOP SYSTEMS, INC. (OSS)
    CONSOLIDATED BALANCE SHEETS
     
      Audited     Audited  
      December 31,     December 31,  
      2024     2023  
    ASSETS          
    Current assets          
    Cash and cash equivalents $ 6,794,093     $ 4,048,948  
    Short-term investments   3,217,065       7,771,820  
    Accounts receivable, net   8,177,371       8,318,247  
    Inventories, net   13,176,156       21,694,748  
    Prepaid expenses and other current assets   836,364       611,066  
    Total current assets   32,201,048       42,444,829  
    Property and equipment, net   1,669,026       2,370,224  
    Operating lease right-of use assets   1,536,094       1,922,784  
    Deposits and other   38,093       38,093  
    Goodwill   1,489,722       1,489,722  
    Total Assets $ 36,933,982     $ 48,265,652  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Current liabilities          
    Accounts payable $ 2,068,017     $ 1,201,781  
    Accrued expenses and other liabilities   4,806,675       3,202,519  
    Current portion of operating lease obligation   285,937       390,926  
    Current portion of notes payable   1,035,050       2,077,895  
    Total current liabilities   8,195,679       6,873,121  
    Deferred tax liability, net   52,574       44,673  
    Operating lease obligation, net of current portion   1,513,684       1,765,536  
    Total liabilities   9,761,937       8,683,330  
    Commitments and contingencies          
    Stockholders’ equity          
    Common stock, $0.0001 par value; 50,000,000 shares authorized; 21,148,810 and 20,661,341 shares issued and outstanding at December 31, 2024 and 2023, respectively   2,115       2,066  
    Additional paid-in capital   49,082,737       47,323,673  
    Accumulated other comprehensive income   140,254       675,310  
    Accumulated deficit   (22,053,061 )     (8,418,727 )
    Total stockholders’ equity   27,172,045       39,582,322  
    Total Liabilities and Stockholders’ Equity $ 36,933,982     $ 48,265,652  
               
    ONE STOP SYSTEMS, INC. (OSS)
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars may not calculate due to rounding)
     
      For the Three Months Ended
    December 31,    		     For the Year Ended
    December 31,    		  
      2024     2023     2024     2023  
    Revenue:                      
    Product $ 14,280,939     $ 12,335,554     $ 51,003,350     $ 59,200,580  
    Customer funded development   859,207       819,655       3,691,009       1,696,217  
        15,140,146       13,155,209       54,694,358       60,896,797  
    Cost of revenue:                      
    Product   10,829,859       8,229,397       42,953,344       41,907,604  
    Customer funded development   1,930,800       491,242       4,022,707       1,034,571  
        12,760,659       8,720,639       46,976,051       42,942,175  
    Gross (loss) profit   2,379,487       4,434,570       7,718,307       17,954,622  
    Operating expenses:                      
    General and administrative   2,413,102       1,970,746       8,971,909       9,264,447  
    Impairment of goodwill   –       –       –       5,630,788  
    Marketing and selling   1,821,918       1,667,765       8,005,982       6,651,516  
    Research and development   1,250,377       1,127,194       4,097,229       4,331,024  
    Total operating expenses   5,485,397       4,765,704       21,075,120       25,877,775  
    Loss from operations   (3,105,910 )     (331,134 )     (13,356,813 )     (7,923,153 )
    Other income (expense), net:                      
    Interest income   100,805       159,487       477,745       544,958  
    Interest expense   (3,206 )     (29,662 )     (74,116 )     (117,774 )
    Employee retention credit (ERC)   –       418,431       –       1,716,727  
    Other income (expense), net   30,647       (452,886 )     45,353       (9,806 )
    Total other income, net   128,246       95,370       448,982       2,134,105  
    Loss before income taxes   (2,977,664 )     (235,764 )     (12,907,831 )     (5,789,048 )
    Provision for income taxes   157,119       41,796       726,502       927,128  
    Net loss $ (3,134,783 )   $ (277,560 )   $ (13,634,333 )   $ (6,716,176 )
                           
    Net loss per share:                      
    Basic $ (0.15 )   $ (0.01 )   $ (0.65 )   $ (0.32 )
    Diluted $ (0.15 )   $ (0.01 )   $ (0.65 )   $ (0.32 )
                           
    Weighted average common shares outstanding:                      
    Basic   21,120,396       20,632,300       20,953,397       20,854,777  
    Diluted   21,120,396       20,632,300       20,953,397       20,854,777  
                                   
    ONE STOP SYSTEMS, INC. (OSS)
    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
     
      For the Twelve Months Ended
    December 31,
      2024     2023 
    Cash flows from operating activities:        
    Net loss $ (13,634,333 )   $ (6,716,176 )
    Adjustments to reconcile net loss to net cash provided by operating activities:        
    Deferred income taxes   28,082       (95,496 )
    Loss (gain) on disposal of property and equipment   354       –  
    Provision for bad debt   85,447       4,160  
    Impairment of goodwill   –       5,630,788  
    Warranty reserves   (79,962 )     11,846  
    Amortization of intangibles   –       42,154  
    Depreciation   1,041,837       1,035,362  
    Amortization of right-of-use assets   377,206       1,241,445  
    Inventory reserves   7,348,390       962,458  
    Stock-based compensation expense   1,988,125       2,345,358  
    Employee retention credit   –       (1,716,727 )
    Changes in operating assets and liabilities:        
    Accounts receivable   (190,339 )     3,095,701  
    Inventories   658,303       (1,636,153 )
    Prepaid expenses and other current assets   (238,554 )     (100,848 )
    Accounts payable   926,231       (3,408,487 )
    Accrued expenses and other liabilities   1,928,436       83,789  
    Operating lease liabilities   (347,321 )     (1,218,853 )
    Net cash provided by operating activities   (108,098 )     (439,679 )
             
    Cash flows from investing activities:        
    Redemption of short-term investment grade securities   4,553,535       2,342,552  
    Purchases of property and equipment, including capitalization of labor   (362,748 )     (821,753 )
    Net cash provided by investing activities   4,190,787       1,520,799  
             
    Cash flows from financing activities:        
    Proceeds from exercise of stock options and warrants   237,749       62,422  
    Payment of payroll taxes on net issuance of employee stock options   (466,762 )     (597,856 )
    Repayments on notes payable   (954,939 )     (1,352,637 )
    Employee retention credit benefit   –       1,716,727  
    Net cash (used in) provided by financing activities   (1,183,952 )     (171,344 )
             
    Net change in cash and cash equivalents   2,898,737       909,776  
    Effect of exchange rates on cash   (153,592 )     26,977  
    Cash and cash equivalents, beginning of period   4,048,948       3,112,196  
    Cash and cash equivalents, end of period $ 6,794,093     $ 4,048,948  

    The MIL Network –

  • MIL-OSI USA: NSF Project Evaluates Students’ Attitudes Toward Human Rights in Engineering 

    Source: US State of Connecticut

    Every year, more than 2 million tourists flock to the Peruvian Andes town of Cusco, to visit remnants of the Inca Empire and its world-famous citadel, Machu Picchu. Rapid urbanization with this tourism boom however, didn’t develop at the same pace as infrastructure and transportation services. 

    “As a result, low-income residents who live on the outskirts of the city’s center have less access to employment, medical care, education, and social events because they don’t own a private vehicle or their communities lack public transportation,” explains Davis Chacón-Hurtado, an assistant professor jointly appointed in Civil and Environmental Engineering and the Gladstein Family Human Rights Institute. “This is a key barrier for many people to access opportunities and services, resulting in barriers to participation and disparities in access.”

    By using an engineering for human rights-based approach, Chacón-Hurtado and doctoral student Ashley Benítez Ou developed a metric of transport disadvantage and equal access in Cusco’s outer districts. Their goal is to provide data-driven insights so that rural Cusco residents have equal access to essential services. 

    “We as engineers have the potential to either alleviate or intensify societal challenges. Engineering shapes every facet of human life, and with this level of influence comes a profound responsibility.” — Davis Chacón-Hurtado

    “Having the ability to see a doctor or travel to the inner city to work is a human right,” Chacón-Hurtado says. “We as engineers have the potential to either alleviate or intensify societal challenges. Engineering shapes every facet of human life, and with this level of influence comes a profound responsibility.” 

    Chacón-Hurtado is Principal Investigator on a recently awarded National Science Foundation grant, “Measuring Changes in Attitudes Towards Human Rights in Engineering Students,” that explores ways expand students’ awareness of engineering’s societal impact. He and fellow UConn researchers will use the study’s findings to shape human rights curriculum for engineering students. 

    Other members of the research team include Arash Esmaili Zaghi, professor of civil and environmental engineering; Shareen Hertel, Wiktor Osiatyński Chair of Human Rights and professor of political science; and Betsy McCoach, professor of research methods, measurements, and evaluation from the Neag School of Education. Chacón-Hurtado and Hertel also co-direct UConn’s Engineering for Human Rights Initiative, a collaborative venture between UConn’s College of Engineering and the UConn’s Gladstein Family Human Rights Institute. 

    “As students progress through their undergraduate education, their concern for societal well-being tends to diminish,” Chacón-Hurtado says. “The Measuring Changes project proposes that incorporating human rights—particularly principles like indivisibility of rights, accountability, and participation—into the engineering curricula can bridge this gap, fostering a more socially aware generation of engineers.” 

    The Learning Modules  

    Chacón-Hurtado and his team are developing contextualized training modules that will be deployed within current engineering curriculum. The four main modules are aligned with specific learning objectives. They cover foundational concepts of human rights and related ethical paradigms; historical perspectives and connections between engineering and human rights; human rights-based and ethical approaches to engineering practice; and tools used by engineers to assess the impact of human rights and consideration of human rights impacts. The content is based in part on critical observations gleaned during teaching that Chacón-Hurtado carried out jointly with Sandra Sirota, assistant professor in residence in Human Rights and Experiential Global Learning—in particular, from their course on “Engineering for Human Rights” (ENGR/HRTS 2300). The team has the help of a graduate research assistant, Natalie Goncalves, a Master’s student in Human Rights.  

    During the NSF grant period, the research team will integrate the four modules within a controlled comparative research setting, by applying them selectively to student cohorts across two classes: Transportation Engineering and Planning (CE 2710) and Civil Engineering Projects (CE 4900W). Not every student will receive the extra training modules. As part of this quasi-experimental design structure, one group is considered the “treatment” and the other the “control” group.  

    After deploying the modules, the team will survey both groups to measure the effectiveness of the modules by measuring the change in attitudes towards human rights in engineering. They’ll derive psychometric measures from the survey results and use statistical reports to support the quantitative differences.  

    “Our hypothesis is that tailored engineering modules focused on human rights positively influence the attitudes of engineering students towards human rights and the social impact of engineering in society, when compared to a control group of students who do not receive human rights education using a quasi-experimental design,” Zaghi says.  

    Beyond UConn 

    Assistant Professor Davis Chacón-Hurtado, pictured here at an EWB project in Peru, received an NSF grant to study how engineering students perceive human rights in engineering. Findings from this project are relevant to broader human rights education in STEM (contributed photo)

    Once the study is completed, the outcomes and modules will be available freely to both English and Spanish speakers on the Engineering for Human Rights website. 

    “We hope that these dissemination efforts will reach not only engineering educators but also human rights organizations and community-based groups with experience in engaging communities in New England and abroad,” Chacón-Hurtado says. “We hope this will also facilitate research on the development of practical and cross-culturally appropriate tools for education, training, and mentorship tools from diverse contexts and schools in both the U.S. and Global South.”  

    “Human rights are critical enablers of economic development and shared prosperity, promoting progress within the United States and throughout the world – whether in global regions like Cusco, Peru or rural parts of the US,” Chacón-Hurtado says.  

    Ongoing Efforts in Engineering for Human Rights  

    This innovative approach to engineering education is integral to the broader Engineering for Human Rights Initiative at UConn, which applies a human rights framework to diverse engineering challenges—from sanitation to sustainable transportation, and from environmental risk management to economic resilience research. Several students, faculty, and alumni have already completed projects in the discipline: 

    • Faculty are contributing to the UConn Brownfields Program, supporting the remediation of contaminated sites throughout New England.  
    • And alumnus Kevin Musco ’19 (ENG, Human Rights), H’23 JD is using his degree in human rights to objectively assess risk and opportunities in a more wholistic manner. He uses these skills in his current job as an associate attorney at Cohen and Wolf, P.C. in New York City.  

     “The field of human rights offers something for everyone,” Musco says in this past Engineering News article. “For those who currently study the natural or applied sciences, concepts from human rights can be applied to ‘humanize’ subjects which otherwise lack a prominent social aspect.” 

     Additionally, UConn has already gained national recognition for its novel integrative approach to developing the engineering and human curriculum.  

     In November 2024, Chacón-Hurtado and Hertel collaborated with staff of the National Academy of Engineering’s Cultural, Ethical, Social, and Environmental Responsibility in Engineering (CESER) Program and the National Academies’ Committee on Human Rights (CHR) to develop and host a two-day symposium on “Issues at the Intersection of Engineering and Human Rights.” The workshop engaged academic, industry, government and NGO representatives in considering together how engineering solutions could be aligned with human rights principles to address local and global challenges. Chacón-Hurtado, who was integral to the organizing committee, characterized the symposium as “an inspiring event to understand the many ways in which engineering can not only impact human rights but also be enriched by incorporating them at its core.” 

    Recordings of the symposium are available on YouTube.   

     Zaghi believes attitudes toward human rights in engineering should focus on epistemic justice, which means valuing diverse talent, perspectives, and knowledge without forcing any political agendas or ideologies. 
     “Engineering should serve humanity as a whole,” he says. “Engineers need to ensure fairness by including different voices and avoiding biased designs. The focus must remain on technical evidence and practical solutions rather than virtuous narratives. Human rights in engineering are about creating systems that are fundamentally fair, accessible, and enable economic development and shared prosperity. This approach keeps engineering grounded in universal principles and ensures that it benefits everyone.” 

    Read more about human-rights centered engineering at UConn in this recent UConn Today story.

    MIL OSI USA News –

  • MIL-OSI: GDS Holdings Limited Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 19, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

    DayOne Data Centers Limited (“DayOne”), previously known as GDS International or GDSI, completed and closed its Series B equity raise on December 31, 2024. At closing, GDS’s equity interest in DayOne was diluted from 52.7% to 35.6%. Accordingly, GDS deconsolidated DayOne as a subsidiary and recognized DayOne as an equity investee. In the consolidated financial statements for the quarter and year ended December 31, 2024, DayOne’s operational results and cash flows have been excluded from the Company’s financial results from continuing operations and have been separately itemized under discontinued operations. Retrospective adjustments to the historical statements of operations and cash flows have also been made to provide a consistent basis of comparison for the financial results. Furthermore, retrospective adjustments were made to categorize and label DayOne’s assets and liabilities as “assets or liabilities of discontinued operations” on balance sheets for the comparative periods. Additionally, DayOne’s operating metrics have also been excluded from the Company’s operating metrics and have been separately itemized under discontinued operations.

    Fourth Quarter 2024 Financial Highlights For Continuing Operations

    • Net revenue increased by 9.1% year-over-year (“Y-o-Y”) to RMB2,690.7 million (US$368.6 million) in the fourth quarter of 2024 (4Q2023: RMB2,465.3 million).
    • Net loss from continuing operations was RMB173.4 million (US$23.8 million) in the fourth quarter of 2024 (4Q2023: RMB3,074.6 million).
    • Adjusted EBITDA (non-GAAP) increased by 13.9% Y-o-Y to RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024 (4Q2023: RMB1,139.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
    • Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024 (4Q2023: 46.2%).

    Full Year 2024 Financial Highlights For Continuing Operations

    • Net revenue increased by 5.5% Y-o-Y to RMB10,322.1 million (US$1,414.1 million) in 2024 (2023: RMB9,782.4 million).
    • Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024 (2023: RMB3,926.0 million).
    • Adjusted EBITDA (non-GAAP) increased by 3.0% Y-o-Y to RMB4,876.4 million (US$668.1 million) in 2024 (2023: RMB4,733.0 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
    • Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024 (2023: 48.4%).

    Fourth Quarter and Full Year 2024 Operating Highlights For Continuing Operations

    • Total area committed and pre-committed increased by 1.8% Y-o-Y to 629,997 sqm as of December 31, 2024 (December 31, 2023: 618,942 sqm).
    • Area utilized increased by 11.8% Y-o-Y to 453,094 sqm as of December 31, 2024 (December 31, 2023: 405,302 sqm).
    • Utilization rate for area in service was 73.8% as of December 31, 2024 (December 31, 2023: 73.9%).

    “In 2024, we executed our business strategy in a disciplined way,” stated Mr. William Huang, Chairman and CEO of GDS. “We focused on backlog delivery while being selective on new commitments. At the same time, we made significant progress with our asset monetisation program with first ever data center ABS issue in China. Looking forward, we are well positioned strategically and financially to capture new business opportunities arising from AI.”

    Fourth Quarter 2024 Financial Results For Continuing Operations

    Net revenue in the fourth quarter of 2024 was RMB2,690.7 million (US$368.6 million), a 9.1% increase over the same period last year of RMB2,465.3 million. The Y-o-Y increase was mainly due to continued ramp-up of our data centers.

    Cost of revenue in the fourth quarter of 2024 was RMB2,112.5 million (US$289.4 million), a 3.9% increase over the same period last year of RMB2,032.4 million. The Y-o-Y increase was in line with the continued growth of our business.

    Gross profit was RMB578.1 million (US$79.2 million) in the fourth quarter of 2024, a 33.5% increase over the same period last year of RMB432.9 million.

    Gross profit margin was 21.5% in the fourth quarter of 2024, compared with 17.6% in the same period last year. The Y-o-Y increase was mainly due to a lower level of depreciation and amortization costs as percentage of net revenue as the data centers continue to ramp up.

    Adjusted Gross Profit (“Adjusted GP”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,396.7 million (US$191.3 million) in the fourth quarter of 2024, an 11.8% increase over the same period last year of RMB1,249.3 million. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

    Adjusted GP margin (non-GAAP) was 51.9% in the fourth quarter of 2024, compared with 50.7% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue.

    Selling and marketing expenses, excluding share-based compensation expenses of RMB6.9 million (US$0.9 million), were RMB23.7 million (US$3.2 million) in the fourth quarter of 2024, a 4.1% decrease over the same period last year of RMB24.7 million (excluding share-based compensation of RMB9.3 million). The Y-o-Y decrease was mainly due to less marketing activities.

    General and administrative expenses, excluding share-based compensation expenses of RMB55.9 million (US$7.7 million), depreciation and amortization expenses of RMB79.0 million (US$10.8 million) and operating lease cost relating to prepaid land use rights of RMB15.6 million (US$2.1 million), were RMB108.5 million (US$14.9 million) in the fourth quarter of 2024, a 3.3% increase over the same period last year of RMB105.1 million (excluding share-based compensation expenses of RMB35.8 million, depreciation and amortization expenses of RMB88.9 million and operating lease cost relating to prepaid land use rights of RMB16.6 million). The Y-o-Y increase was due to an increase in corporate activities as business continues to grow.

    Research and development costs were RMB6.9 million (US$0.9 million) in the fourth quarter of 2024, compared with RMB12.8 million in the same period last year.

    Impairment losses of long-lived assets was zero in the fourth quarter of 2024, compared with RMB3,013.4 million in the same period last year.

    Net interest expenses for the fourth quarter of 2024 were RMB458.7 million (US$62.8 million), a 1.8% increase over the same period last year of RMB450.7 million. The Y-o-Y increase was mainly due to a higher level of total borrowings.

    Foreign currency exchange gain for the fourth quarter of 2024 was RMB8.1 million (US$1.1 million), compared with a loss of RMB6.0 million in the same period last year.

    Others, net for the fourth quarter of 2024 was RMB29.7 million (US$4.1 million), compared with RMB30.3 million in the same period last year.

    Income tax expenses for the fourth quarter of 2024 were RMB34.1 million (US$4.7 million), compared with income tax benefits of RMB225.3 million in the same period last year.

    Net loss from continuing operations in the fourth quarter of 2024 was RMB173.4 million (US$23.8 million), compared with RMB3,074.6 million in the same period last year.

    Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets. Adjusted EBITDA was RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024, a 13.9% increase over the same period last year of RMB1,139.2 million.

    Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024, compared with 46.2% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue and a decrease in corporate expenses as percentage of net revenue.

    Full Year 2024 Financial Results For Continuing Operations

    Net revenue in 2024 was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023, or a 6.3% increase excluding previously disclosed one-time items in 2023.

    Cost of revenue in 2024 was RMB8,099.4 million (US$1,109.6 million), a 3.4% increase from RMB7,831.2 million in 2023.

    Gross profit was RMB2,222.6 million (US$304.5 million) in 2024, a 13.9% increase from RMB1,951.2 million in 2023. Gross profit margin was 21.5% in 2024, compared with 19.9% in 2023.

    Selling and marketing expenses, excluding share-based compensation expenses of RMB25.0 million (US$3.4 million), were RMB91.4 million (US$12.5 million) in 2024, a 5.9% decrease from RMB97.1 million (excluding share-based compensation of RMB43.8 million) in 2023.

    General and administrative expenses, excluding share-based compensation expenses of RMB165.6 million (US$22.7 million), depreciation and amortization expenses of RMB291.7 million (US$40.0 million) and operating lease cost relating to prepaid land use rights of RMB65.3 million (US$8.9 million), were RMB395.3 million (US$54.2 million) in 2024, a 13.9% increase from RMB347.1 million (excluding share-based compensation expenses of RMB162.9 million, depreciation and amortization expenses of RMB387.8 million and operating lease cost relating to prepaid land use rights of RMB68.2 million) in 2023.

    Research and development costs were RMB36.3 million (US$5.0 million) in 2024, compared with RMB38.2 million in 2023.

    Impairment losses of long-lived assets was zero in 2024, compared with RMB3,013.4 million in 2023.

    Net interest expenses were RMB1,834.9 million (US$251.4 million) in 2024, a 0.4% decrease from RMB1,842.5 million in 2023.

    Others, net was RMB49.1 million (US$6.7 million) in 2024, compared with RMB109.7 million in 2023.

    Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024, compared with RMB3,926.0 million in 2023.

    Adjusted EBITDA (non-GAAP) was RMB4,876.4 million (US$668.1 million) in 2024, a 3.0% increase from RMB4,733.0 million in 2023, or a 5.1% increase excluding previously disclosed one-time items in 2023.

    Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024, compared with 48.4% in 2023, or 47.8% excluding previously disclosed one-time items in 2023.

    Fourth Quarter and Full Year 2024 Financial Results for Discontinued Operations

    Net revenue was RMB443.4 million (US$60.7 million) in the fourth quarter of 2024, a 331.1% increase from RMB102.9 million in the same period last year. For the full year 2024, net revenue was RMB1,262.1 million (US$172.9 million), a 618.2% increase from RMB175.7 million in 2023.

    Loss from operations of discontinued operations, net of income taxes in the fourth quarter of 2024 was RMB190.5 million (US$26.1 million), compared with RMB90.0 million in the same period last year. Loss from operations of discontinued operations, net of income taxes in 2024 was RMB400.8 million (US$54.9 million), compared with RMB359.4 million in 2023.

    Adjusted EBITDA (non-GAAP) for discontinued operations is defined as loss from operations of discontinued operations, net of income taxes excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs. Adjusted EBITDA (non-GAAP) was RMB109.7 million (US$15.0 million) in the fourth quarter of 2024, compared with RMB3.8 million in the same period last year. For the full year 2024, Adjusted EBITDA (non-GAAP) was RMB332.3 million (US$45.5 million), compared with negative RMB98.5 million in 2023.

    Adjusted EBITDA margin (non-GAAP) was 24.7% in the fourth quarter of 2024, compared with 3.7% in the same period last year. For the full year 2024, adjusted EBITDA margin (non-GAAP) was 26.3% compared with negative 56.1% in 2023.

    Gain on Deconsolidation of Subsidiaries

    Gain on deconsolidation of subsidiaries in the fourth quarter of 2024 and full year of 2024 was RMB4,475.5 million (US$613.1 million), arising from the difference between the aggregate of the fair value of retained non-controlling equity interest and the carrying amount of equity interest owned by other investors in former subsidiaries at the date of deconsolidation, and the carrying amount of the deconsolidated subsidiaries’ assets and liabilities.

    Net Income

    Net income in the fourth quarter of 2024 was RMB4,111.6 million (US$563.3 million), compared with a net loss of RMB3,164.6 million in the same period last year.

    Net income was RMB3,303.8 million (US$452.6 million) in 2024, compared with a net loss of RMB4,285.4 million in 2023.

    Basic and diluted income per ordinary share in the fourth quarter of 2024 was RMB2.81 (US$0.39), compared with loss of RMB2.16 in the same period last year.

    Basic and diluted income per American Depositary Share (“ADS”) in the fourth quarter of 2024 was RMB22.51 (US$3.08), compared with loss of RMB17.30 in the same period last year.

    Basic and diluted income per ordinary share was RMB2.29 (US$0.31) in 2024, compared with loss of RMB2.96 in 2023.

    Basic and diluted income per ADS was RMB18.28 (US$2.50) in 2024, compared with loss of RMB23.67 in 2023.

    Liquidity for GDS Excluding DayOne

    GDS deconsolidated DayOne as a subsidiary on December 31, 2024. As a result, the following financial information excludes DayOne’s assets and liabilities.

    As of December 31, 2024, cash was RMB7,867.7 million (US$1,077.9 million).

    Total short-term debt was RMB4,978.4 million (US$682.0 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB4,341.6 million (US$594.8 million), the current portion of convertible bonds payable of RMB575 thousand (US$79 thousand) and the current portion of finance lease and other financing obligations of RMB636.2 million (US$87.2 million). Total long-term debt was RMB38,084.2 million (US$5,217.5 million), comprised of long-term borrowings (excluding current portion) of RMB21,906.0 million (US$3,001.1 million), the non-current portion of convertible bonds payable of RMB8,576.6 million (US$1,175.0 million) and the non-current portion of finance lease and other financing obligations of RMB7,601.7 million (US$1,041.4 million).

    During the fourth quarter of 2024, the Company obtained new debt financing and refinancing facilities of RMB960.0 million (US$131.5 million) for continuing operations.

    During the full year of 2024, the Company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US$785.5 million) for continuing operations.

    Liquidity For DayOne

    As of December 31, 2024, upon deconsolidation, cash was RMB9,930.9 million (US$1,360.5 million). Total gross debt, including borrowings and finance lease and other financing obligations, was RMB10,417.6 million (US$1,427.2 million).

    Fourth Quarter and Full Year 2024 Operating Results For Continuing Operations

    Sales

    Total area committed and pre-committed at the end of the fourth quarter of 2024 was 629,997 sqm, compared with 618,942 sqm at the end of the fourth quarter of 2023 and 626,783 sqm at the end of the third quarter of 2024, an increase of 1.8% Y-o-Y and 0.5% quarter-over-quarter (“Q-o-Q”), respectively. In the fourth quarter of 2024, gross additional total area committed was 9,387 sqm, mainly contributed by data centers in Shanghai. Net additional total area committed was 3,214 sqm. In the full year of 2024, gross additional total area committed was 49,452 sqm, and net additional total area committed was 11,055 sqm.

    Data Center Resources

    Area in service at the end of the fourth quarter of 2024 was 613,583 sqm, compared with 548,352 sqm at the end of the fourth quarter of 2023 and 595,606 sqm at the end of the third quarter of 2024, an increase of 11.9% Y-o-Y and 3.0% Q-o-Q. In the fourth quarter of 2024, net additional area in service for China was 17,977 sqm, mainly from data centers in Changshu, Langfang and Huizhou.

    Area under construction at the end of the fourth quarter of 2024 was 102,691 sqm, compared with 151,602 sqm at the end of the fourth quarter of 2023 and 120,422 sqm at the end of the third quarter of 2024, a decrease of 32.3% Y-o-Y and 14.7% Q-o-Q, respectively.

    Commitment rate for area in service was 91.9% at the end of the fourth quarter of 2024, compared with 92.5% at the end of the fourth quarter of 2023 and 92.1% at the end of the third quarter of 2024. Pre-commitment rate for area under construction was 64.1% at the end of the fourth quarter of 2024, compared with 73.8% at the end of the fourth quarter of 2023 and 65.1% at the end of the third quarter of 2024.

    Move-In

    Area utilized at the end of the fourth quarter of 2024 was 453,094 sqm, compared with 405,302 sqm at the end of the fourth quarter of 2023 and 438,654 sqm at the end of the third quarter of 2024, an increase of 11.8% Y-o-Y and 3.3% Q-o-Q. In the fourth quarter of 2024, gross additional area utilized was 16,390 sqm, mainly contributed by data centers in Langfang, Huizhou and Shanghai. Net additional area utilized was 14,440 sqm. In the full year of 2024, gross additional area utilized was 79,431 sqm, and net additional area utilized was 47,792 sqm.

    Utilization rate for area in service was 73.8% at the end of the fourth quarter of 2024, compared with 73.9% at the end of the fourth quarter of 2023 and 73.6% at the end of the third quarter of 2024.

    Fourth Quarter and Full Year 2024 Operating Results for Discontinued Operations

    Total power committed was 469 MW as of December 31, 2024, an increase from 433 MW as of September 30, 2024. The contribution was mainly from the two sites in Johor, Malaysia.

    Power Capacity in Service was 132 MW as of December 31, 2024, compared to 131 MW as of September 30, 2024. Power Capacity Under Construction was 369 MW as of December 31, 2024, an increase from 320 MW as of September 30, 2024. This increase was primarily driven by the progress of two new data centers under construction in Johor sites.

    Power utilized was 123 MW as of December 31, 2024, an increase from 105 MW as of September 30, 2024. Utilization Rate was 93.6% as of December 31, 2024.

    Recent Development

    Reference is made to the Company’s press release on March 10, 2025 where it announced that it has entered into definitive agreements to monetize, on a net basis, a 70% equity interest in certain of its data centers, at an implied enterprise value (“EV”) to EBITDA multiple of around 13 times. In such transaction, GDS is selling a 100% equity interest in certain data center project companies to a purchaser which is special purpose vehicle involving the issue of an Asset Backed Security (“ABS”). The ABS is 70% subscribed by top tier institutional investors in China, led by China Life Insurance Company Limited (“China Life”), whilst GDS subscribes for the remaining 30% and retains the rights for on-going operation of the underlying data centers. The ABS will be registered on the Shanghai Stock Exchange as a privately-held standardized security product. The ABS is specifically designed to facilitate an eventual injection into a public REIT vehicle (commonly referred to as “C-REIT”) for public offering and listing in the future, when certain qualification requirements under the ABS scheme are satisfied. Notwithstanding the above, such potential injection remains subject to, among other things, the satisfaction of relevant regulatory and disclosure requirements (including but not limited to the Hong Kong Listing Rules requirement on spin-off listing) and there is currently no concrete or definitive plan in this regard.

    Business Outlook For Continuing Operations

    For the full year of 2025, the Company expects its total revenues to be between RMB11,290 million to RMB11,590 million, implying a year-on-year increase of between approximately 9.4% to 12.3%; and its Adjusted EBITDA to be between RMB5,190 million to RMB5,390 million, implying a year-on-year increase of between approximately 6.4% to 10.5%. In addition, the Company expects capex to be around RMB4,300 million for the full year of 2025.

    This forecast assumes completion of the ABS transaction and deconsolidation of the underlying data center project companies. However, the gain on sale is not included in Adjusted EBITDA.

    This forecast reflects the Company’s preliminary view on the current business situation and market conditions, which are subject to change.

    Conference Call

    Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on March 19, 2025 (8:00 p.m. Beijing Time on March 19, 2025) to discuss financial results and answer questions from investors and analysts.

    Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

    Participant Online Registration:
    https://register-conf.media-server.com/register/BI4cc739e1f3c748ffa22f7df4125e5079

    A live and archived webcast of the conference call will be available on the Company’s investor relations website at investors.gds-services.com.

    Non-GAAP Disclosure

    Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance, whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.

    We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company’s core operating performance.

    We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets, each of which have been and may continue to be incurred in our business.

    We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned “Business Outlook For Continuing Operations” set forth in this press release.

    For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

    Exchange Rate

    This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all.

    Statement Regarding Preliminary Unaudited Financial Information

    The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

    About GDS Holdings Limited

    GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    GDS Holdings Limited
    Laura Chen
    Phone: +86 (21) 2029-2203
    Email: ir@gds-services.com

    Piacente Financial Communications
    Ross Warner
    Phone: +86 (10) 6508-0677
    Email: GDS@tpg-ir.com

    Brandi Piacente
    Phone: +1 (212) 481-2050
    Email: GDS@tpg-ir.com

    GDS Holdings Limited

    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
        As of December 31, 2023 As of December 31, 2024
        RMB RMB US$
             
      Assets      
    Current assets      
      Cash 7,354,809   7,867,659   1,077,865  
      Accounts receivable, net of allowance for credit losses 2,493,059   3,021,956   414,006  
      Value-added-tax (“VAT”) recoverable 214,385   240,506   32,949  
      Prepaid expenses and other current assets 483,833   482,950   66,164  
      Current assets of discontinued operations 437,567   0   0  
      Total current assets 10,983,653   11,613,071   1,590,984  
             
    Non-current assets      
      Long-term investments in equity investees 7,298   7,544,555   1,033,600  
      Property and equipment, net 40,098,423   40,204,133   5,507,944  
      Prepaid land use rights, net 22,388   21,774   2,983  
      Operating lease right-of-use assets 5,310,723   5,193,408   711,494  
      Goodwill and intangible assets, net 6,574,669   6,367,493   872,343  
      Other non-current assets 2,538,542   2,704,194   370,473  
      Non-current assets of discontinued operations 8,910,994   0   0  
      Total non-current assets 63,463,037   62,035,557   8,498,837  
      Total assets 74,446,690   73,648,628   10,089,821  
             
      Liabilities, Mezzanine Equity and Equity      
    Current liabilities      
      Short-term borrowings and current portion of long-term borrowings 2,582,350   4,341,649   594,803  
      Convertible bonds payable, current 0   575   79  
      Accounts payable 2,749,896   2,593,305   355,281  
      Accrued expenses and other payables 1,265,259   1,389,072   190,302  
      Operating lease liabilities, current 132,811   117,345   16,076  
      Finance lease and other financing obligations, current 547,847   636,152   87,152  
      Current liabilities of discontinued operations 1,027,313   0   0  
      Total current liabilities 8,305,476   9,078,098   1,243,693  
             
    Non-current liabilities      
      Long-term borrowings, excluding current portion 23,088,055   21,905,985   3,001,108  
      Convertible bonds payable, non-current 8,434,766   8,576,583   1,174,987  
      Operating lease liabilities, non-current 1,344,264   1,279,726   175,322  
      Finance lease and other financing obligations, non-current 7,894,185   7,601,651   1,041,422  
      Other long-term liabilities 1,586,012   1,537,952   210,699  
      Non-current liabilities of discontinued operations 3,670,129   0   0  
      Total non-current liabilities 46,017,411   40,901,897   5,603,538  
      Total liabilities 54,322,887   49,979,995   6,847,231  
             
    Mezzanine equity      
      Redeemable preferred shares 1,064,766   1,080,656   148,049  
      Total mezzanine equity 1,064,766   1,080,656   148,049  
             
    GDS Holdings Limited shareholders’ equity      
      Ordinary shares 516   527   72  
      Additional paid-in capital 29,337,095   29,596,268   4,054,672  
      Accumulated other comprehensive loss (974,393 ) (1,094,377 ) (149,929 )
      Accumulated deficit (9,469,758 ) (6,044,372 ) (828,075 )
      Total GDS Holdings Limited shareholders’ equity 18,893,460   22,458,046   3,076,740  
    Non-controlling interests 165,577   129,931   17,801  
      Total equity 19,059,037   22,587,977   3,094,541  
             
      Total liabilities, mezzanine equity and equity 74,446,690   73,648,628   10,089,821  
                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for number of shares and per share data)
     
        Three months ended   Year ended  
        December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
        RMB RMB RMB US$   RMB RMB US$
                       
    Net revenue                
    Service revenue 2,465,283   2,619,578   2,690,482   368,595     9,781,884   10,321,888   1,414,093  
    Equipment sales 0   0   180   25     564   180   25  
    Total net revenue 2,465,283   2,619,578   2,690,662   368,620     9,782,448   10,322,068   1,414,118  
    Cost of revenue (2,032,352 ) (2,061,995 ) (2,112,545 ) (289,417 )   (7,831,222 ) (8,099,439 ) (1,109,619 )
    Gross profit 432,931   557,583   578,117   79,203     1,951,226   2,222,629   304,499  
                       
    Operating expenses                
      Selling and marketing expenses (34,050 ) (32,356 ) (30,571 ) (4,188 )   (140,890 ) (116,440 ) (15,952 )
      General and administrative expenses (246,274 ) (211,392 ) (259,048 ) (35,490 )   (965,982 ) (917,877 ) (125,748 )
      Research and development expenses (12,800 ) (8,588 ) (6,862 ) (940 )   (38,159 ) (36,319 ) (4,976 )
      Impairment losses of long-lived assets (3,013,416 ) 0   0   0     (3,013,416 ) 0   0  
    (Loss) income from continuing operations (2,873,609 ) 305,247   281,636   38,585     (2,207,221 ) 1,151,993   157,823  
    Other income (expenses):              
      Net interest expenses (450,700 ) (463,327 ) (458,745 ) (62,848 )   (1,842,529 ) (1,834,851 ) (251,374 )
      Foreign currency exchange (loss) gain, net (5,991 ) 586   8,117   1,112     (1,573 ) 18,942   2,595  
      Others, net 30,347   5,001   29,727   4,072     109,729   49,057   6,721  
    Loss from continuing operations before income taxes (3,299,953 ) (152,493 ) (139,265 ) (19,079 )   (3,941,594 ) (614,859 ) (84,235 )
    Income tax benefits (expenses) 225,342   347   (34,144 ) (4,678 )   15,577   (156,053 ) (21,379 )
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
                       
    Discontinued operations                
      Loss from operations of discontinued operations, net of income taxes (90,033 ) (78,963 ) (190,491 ) (26,097 )   (359,376 ) (400,796 ) (54,909 )
      Gain on deconsolidation of subsidiaries 0   0   4,475,539   613,146     0   4,475,539   613,146  
    (Loss) income from discontinued operations (90,033 ) (78,963 ) 4,285,048   587,049     (359,376 ) 4,074,743   558,237  
                       
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
                       
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
    Net income from continuing operations attributable to non-controlling interests (1,676 ) (1,755 ) (1,268 ) (174 )   (5,026 ) (6,209 ) (851 )
    Net loss from continuing operations attributable to GDS Holdings Limited shareholders (3,076,287 ) (153,901 ) (174,677 ) (23,931 )   (3,931,043 ) (777,121 ) (106,465 )
                       
    (Loss) income from discontinued operations (90,033 ) (78,963 ) 4,285,048   587,049     (359,376 ) 4,074,743   558,237  
    Net loss from discontinued operations attributable to non-controlling interests 366   5,092   3,373   462     366   7,317   1,003  
    Net loss from discontinued operations attributable to redeemable non-controlling interests 0   35,432   75,550   10,350     0   120,447   16,501  
    Net (loss) income from discontinued operations attributable to GDS Holdings Limited shareholders (89,667 ) (38,439 ) 4,363,971   597,861     (359,010 ) 4,202,507   575,741  
                       
    Net (loss) income attributable to GDS Holdings Limited shareholders (3,165,954 ) (192,340 ) 4,189,294   573,930     (4,290,053 ) 3,425,386   469,276  
    Cumulative dividend on redeemable preferred shares (13,679 ) (13,618 ) (13,679 ) (1,874 )   (53,625 ) (54,232 ) (7,430 )
    Net (loss) income available to GDS Holdings Limited ordinary shareholders (3,179,633 ) (205,958 ) 4,175,615   572,056     (4,343,678 ) 3,371,154   461,846  
                       
    (Loss) income per ordinary share              
    Basic and diluted (2.16 ) (0.14 ) 2.81   0.39     (2.96 ) 2.29   0.31  
                       
    Weighted average number of ordinary share outstanding              
    Basic and diluted 1,469,982,015   1,476,130,132   1,484,083,188   1,484,083,188     1,468,187,956   1,475,079,754   1,475,079,754  
                                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Foreign currency translation adjustments, net of nil tax 117,674   538,739   (391,639 ) (53,654 )   (125,118 ) 74,741   10,239  
    Defined benefit plan, net of nil tax 0   0   (41 ) (6 )   0   (41 ) (6 )
    Amounts reclassified from accumulated other comprehensive loss 0   0   (96,957 ) (13,283 )   0   (96,957 ) (13,283 )
    Comprehensive (loss) income (3,046,970 ) 307,630   3,623,002   496,349     (4,410,511 ) 3,281,574   449,573  
    Comprehensive (income) loss attributable to non-controlling interests (1,678 ) (5,287 ) 6,631   908     (5,575 ) (1,076 ) (147 )
    Comprehensive (income) loss attributable to redeemable non-controlling interests 0   (107,365 ) 126,721   17,361     0   24,904   3,412  
    Comprehensive (loss) income attributable to GDS Holdings Limited shareholders (3,048,648 ) 194,978   3,756,354   514,618     (4,416,086 ) 3,305,402   452,838  
                                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      Three months ended   Year ended
      December
    31, 2023    		 September
    30, 2024    		 December 31, 2024   December 31,
    2023    		 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Net loss (income) from discontinued operations 90,033   78,963   (4,285,048 ) (587,049 )   359,376   (4,074,743 ) (558,237 )
    Depreciation and amortization 865,485   803,535   865,896   118,627     3,368,474   3,243,004   444,290  
    Amortization of debt issuance cost and debt discount 34,010   33,467   18,290   2,506     140,625   110,724   15,169  
    Share-based compensation expense 80,765   61,194   82,965   11,366     336,616   296,487   40,619  
    Impairment losses of long-lived assets 3,013,416   0   0   0     3,013,416   0   0  
    Others (202,637 ) (63,810 ) (29,703 ) (4,069 )   (187,844 ) (115,941 ) (15,884 )
    Changes in operating assets and liabilities 326,171   (42,362 ) 315,821   43,267     (385,994 ) (543,700 ) (74,487 )
    Net cash provided by operating activities from continuing operations 1,042,599   639,878   1,079,860   147,940     2,359,276   2,219,662   304,093  
    Net cash (used in) provided by operating activities from discontinued operations (93,209 ) 1,636   (150,554 ) (20,626 )   (294,019 ) (281,297 ) (38,538 )
    Net cash provided by operating activities 949,390   641,514   929,306   127,314     2,065,257   1,938,365   265,555  
                     
    Purchase of property and equipment and land use rights (282,591 ) (788,123 ) (381,382 ) (52,249 )   (3,175,406 ) (2,965,384 ) (406,256 )
    (Payments) receipts related to acquisitions and investments (396,051 ) 0   27,000   3,699     (1,339,639 ) 1,125,023   154,128  
    Net cash used in investing activities from continuing operations (678,642 ) (788,123 ) (354,382 ) (48,550 )   (4,515,045 ) (1,840,361 ) (252,128 )
    Net cash used in investing activities from discontinued operations (784,990 ) (2,110,682 ) (3,011,040 ) (412,511 )   (2,827,863 ) (6,920,177 ) (948,060 )
    Net cash used in investing activities (1,463,632 ) (2,898,805 ) (3,365,422 ) (461,061 )   (7,342,908 ) (8,760,538 ) (1,200,188 )
                     
    Net cash (used in) provided by financing activities from continuing operations (271,778 ) (392,325 ) (612,447 ) (83,905 )   1,266,936   174,295   23,878  
    Net cash provided by financing activities from discontinued operations 958,799   2,334,112   11,441,448   1,567,472     2,892,824   16,883,042   2,312,967  
    Net cash provided by financing activities 687,021   1,941,787   10,829,001   1,483,567     4,159,760   17,057,337   2,336,845  
    Effect of exchange rate changes on cash and restricted cash 4,705   (28,109 ) (6,457 ) (885 )   154,302   (13,592 ) (1,862 )
                     
    Net increase (decrease) of cash and restricted cash 177,484   (343,613 ) 8,386,428   1,148,935     (963,589 ) 10,221,572   1,400,350  
    Cash and restricted cash at beginning of period 7,740,395   10,096,689   9,753,076   1,336,166     8,882,066   7,917,932   1,084,752  
    Reclassification as assets of disposal group classified as held for sale 53   0   0   0     (545 ) 0   0  
    Cash and restricted cash at end of period 7,917,932   9,753,076   18,139,504   2,485,101     7,917,932   18,139,504   2,485,102  
    Less: Cash and restricted cash of discontinued operations at end of period or deconsolidation date (420,610 ) (1,760,719 ) (10,045,974 ) (1,376,293 )   (420,610 ) (10,045,974 ) (1,376,293 )
    Cash and restricted cash of continuing operations at end of period 7,497,322   7,992,357   8,093,530   1,108,808     7,497,322   8,093,530   1,108,809  
                                   
    GDS HOLDINGS LIMITED
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31,
    2023    		 September 30,
    2024    		 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Gross profit 432,931   557,583   578,117   79,203     1,951,226   2,222,629   304,499  
    Depreciation and amortization 775,122   731,630   786,869   107,801     2,974,546   2,947,444   403,798  
    Operating lease cost relating to prepaid land use rights 10,615   11,536   11,996   1,643     38,792   44,872   6,147  
    Accretion expenses for asset retirement costs 1,588   1,730   1,709   234     6,599   6,827   935  
    Share-based compensation expenses 29,066   20,549   18,002   2,466     116,467   92,402   12,659  
    Adjusted GP 1,249,322   1,323,028   1,396,693   191,347     5,087,630   5,314,174   728,038  
    Adjusted GP margin 50.7%   50.5%   51.9%   51.9%     52.0%   51.5%   51.5%  
                                   
    GDS HOLDINGS LIMITED
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Loss (income) from discontinued operations 90,033   78,963   (4,285,048 ) (587,049 )   359,376   (4,074,743 ) (558,237 )
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
    Net interest expenses 450,700   463,327   458,745   62,848     1,842,529   1,834,851   251,374  
    Income tax (benefits) expenses (225,342 ) (347 ) 34,144   4,678     (15,577 ) 156,053   21,379  
    Depreciation and amortization 865,485   803,535   865,896   118,627     3,368,474   3,243,004   444,290  
    Operating lease cost relating to prepaid land use rights 27,199   27,602   27,609   3,782     106,964   110,126   15,087  
    Accretion expenses for asset retirement costs 1,588   1,730   1,709   234     6,599   6,827   935  
    Share-based compensation expenses 80,765   61,194   82,965   11,366     336,616   296,487   40,619  
    Impairment losses of long-lived assets 3,013,416   0   0   0     3,013,416   0   0  
    Adjusted EBITDA 1,139,200   1,204,895   1,297,659   177,778     4,733,004   4,876,436   668,070  
    Adjusted EBITDA margin 46.2%   46.0%   48.2%   48.2%     48.4%   47.2%   47.2%  
    Additional Information for Discontinued Operations
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      As of December
    31, 2023    		 As of December 31, 2024
      RMB RMB US$
    Property and equipment, net 7,401,071 16,646,191 2,280,519
    Cash 355,902 9,930,915 1,360,530
    Gross debt 5,169,734 (1) 10,417,647 1,427,212

    Note:

    1. Including amounts due to GDSH.
    Additional Information for Discontinued Operations Cont’d
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net revenue 102,853   363,209   443,413   60,747     175,737   1,262,063   172,902  
    Cost of revenue (90,862)   (252,211)   (290,131)   (39,748)     (194,570)   (859,254)   (117,717)  
    Operating expenses (66,214)   (88,776)   (150,543)   (20,624)     (233,249)   (400,336)   (54,846)  
    (Loss) income from operations (54,223)   22,222   2,739   375     (252,082)   2,473   339  
    Other expenses, net (35,020)   (110,846)   (126,457)   (17,324)     (106,494)   (346,145)   (47,422)  
    Loss from operations of discontinued operations before income taxes (89,243)   (88,624)   (123,718)   (16,949)     (358,576)   (343,672)   (47,083)  
    Income tax (expenses) benefits (790)   9,661   (66,773)   (9,148)     (800)   (57,124)   (7,826)  
    Loss from operations of discontinued operations, net of income taxes (90,033)   (78,963)   (190,491)   (26,097)     (359,376)   (400,796)   (54,909)  
    Net interest expenses 42,060   76,069   102,991   14,110     107,286   280,652   38,449  
    Income tax expenses (benefits) 790   (9,661)   66,773   9,148     800   57,124   7,826  
    Depreciation and amortization 50,650   107,739   128,662   17,627     151,271   393,735   53,941  
    Operating lease cost relating to prepaid land use rights 295   0   1,778   244     1,290   1,782   244  
    Accretion expenses for asset retirement costs 52   0   (1)   0     206   (211)   (29)  
    Adjusted EBITDA 3,814   95,184   109,712   15,032     (98,523)   332,286   45,522  
    Adjusted EBITDA margin 3.7%   26.2%   24.7%   24.7%     (56.1)%   26.3%   26.3%  
                     
    Net cash (used in) provided by operating activities (93,209)   1,636   (150,554)   (20,626)     (294,019)   (281,297)   (38,538)  
    Net cash used in investing activities (784,990)   (2,110,682)   (3,011,040)   (412,511)     (2,827,863)   (6,920,177)   (948,060)  
    Net cash provided by financing activities 958,799   2,334,112   11,441,448   1,567,472     2,892,824   16,883,042   2,312,967  
                                   

    The MIL Network –

  • MIL-OSI Economics: Toyota Automobile Museum to Hold the 35th Classic Car Festival

    Source: Toyota

    Headline: Toyota Automobile Museum to Hold the 35th Classic Car Festival

    The Toyota Automobile Museum, a cultural facility of Toyota, will host the 35th Toyota Museum Classic Car Festival on Sunday, April 20, at Expo 2005 Aichi Commemorative Park. The event aims to foster and preserve automobile culture in the community. Under the theme “The Evolution of Japanese Automobile Culture,” the festival will feature vehicle displays and demonstration runs, with support from domestic automakers, transcending brand boundaries.

    MIL OSI Economics –

  • MIL-OSI USA: Spend Your FEMA Wildfire Recovery Funds Wisely

    Source: US Federal Emergency Management Agency

    Headline: Spend Your FEMA Wildfire Recovery Funds Wisely

    Spend Your FEMA Wildfire Recovery Funds Wisely

    LOS ANGELES – Remember to use your FEMA assistance funds only for approved disaster-related expenses

    FEMA’s notification letter will specify the appropriate uses for your disaster assistance

    Spending the funds for something other than their intended purpose may result in repayment to FEMA

    FEMA sends each applicant a notification letter informing them of the types of assistance they are eligible to receive, and the amounts of aid FEMA is providing for each eligible need

    These may include:Repairs to make a home safe, sanitary, and secure to live in

    Rental assistance to temporarily pay for a place to stay

    Repair or replacement of a disaster-damaged essential vehicle

    Medical care for an injury caused by the disaster

    Replacing clothing, occupational tools and educational materials

    Moving and storage expenses related to the disaster

    Replacing medical equipment

    Federal law prohibits FEMA from duplicating assistance that is available from other sources, such as insurance

    If you do not use your FEMA assistance funds as described above, you may be asked to repay FEMA

     Do not use your assistance funds for vacation, entertainment, or any expenses not related to the disaster

    You should keep receipts for three years to show how you spent FEMA grants and document how your disaster funds were used

    As you start receiving funds for rental assistance, home repairs, or other categories of assistance, be assured federal disaster assistance funds are tax-free and will not affect payments from other federal programs such as Medicare or Social Security

    Follow FEMA online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page or Espanol page and at FEMA’s YouTube account

    For preparedness information follow the Ready Campaign on X at @Ready

    gov, on Instagram @Ready

    gov or on the Ready Facebook page

    California is committed to supporting residents impacted by the Los Angeles Hurricane-Force Firestorm as they navigate the recovery process

    Visit CA

    gov/LAFires for up-to-date information on disaster recovery programs, important deadlines, and how to apply for assistance

    alberto

    pillot
    Wed, 03/19/2025 – 00:57

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Cabinet approves construction of 6- lane access controlled Greenfield Highway starting from JNPA Port (Pagote) to Chowk (29.219 km) in Maharashtra on BOT (Toll) mode

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:13PM by PIB Delhi

    The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi, has approved the construction of 6- lane access controlled Greenfield High Speed National Highway starting from JNPA Port (Pagote) to Chowk (29.219 km) in Maharashtra. The project will be developed on Build, Operate and Transfer (BOT) mode at a total capital cost of Rs. 4500.62 Crore.

    Development of road connecting infrastructure to major and minor ports in India is one of the main focus areas of integrated infrastructure planning under PM Gatishakti National Master Plan principles. With increasing container volume in JNPA port and the development of the Navi Mumbai International Airport, a need was identified for augmenting National highway connectivity in the region.

    Currently, it takes 2-3 hours for vehicles to move from JNPA Port to the arterial Golden Quadrilateral (GQ) section of NH-48 and Mumbai – Pune Expressway due to heavy congestion in urban areas like Palaspe Phata, D-Point, Kalamboli junction, Panvel with traffic ~1.8 Lakh PCU/day. After the operationalization of Navi Mumbai airport in 2025, the need for direct connectivity is expected to increase further.

    Accordingly, this project is designed to address these connectivity requirements and for improving the logistic efficiency of connecting JNPA port and Navi Mumbai International Airport.

    The project alignment starts at JNPA port (NH 348) (Pagote village) and ends at Mumbai-Pune Highway (NH-48) while also linking Mumbai Pune Expressway and Mumbai Goa National highway (NH-66).

    Two tunnels passing through Sahayadri are provided for ease of movement for commercial vehicles instead of ghat section in hilly terrain ensuring high speed and ease in movement for large container trucks.

    The new 6 lane green field project corridor will lead to better port connectivity help in safe and efficient freight movement. The project will open new avenues of growth, development and prosperity in developing regions in and around Mumbai and Pune.

    Map of Corridor

    *****

    MJPS/BM

     

    (Release ID: 2112783) Visitor Counter : 25

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: GAGANYAAN-1 MISSION

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:01PM by PIB Delhi

    Gaganyaan Programme is currently approved with a financial sanction of ~20,193 Crores. The envisaged expenditure is categorised into Revenue (~ 341 Crores) and Capital (~19852 Crores) elements catering to necessary technology development activities and undertaking uncrewed/ crewed flight missions. (Total: 8 Nos.).

    There has been a revision in the scope and financial sanction of Gaganyaan Programme. The vision for space in the Amrit kaal envisages including other things, creation of an operational Bharatiya Antariksh Station by 2035 and Indian Crewed Lunar Mission by 2040. Towards building these new capabilities to enable longer duration Indian human space missions, various technologies have to be developed and validated. As per the revised scope, demonstration of these technologies is planned through eight missions (2 Crewed+ 6 Uncrewed) in a phased manner.

    ISRO together with collaborating national agencies is responsible for development of various technologies which are planned to be demonstrated in this mission. Private enterprises are contributing enormously to the programme specifically in areas such as realization of launch vehicle systems, sub-systems and critical structures (simulated Crew Module/ Crew Module) for ground/ flight test program, Crew Module Recovery Models, Virtual reality based training simulators, realization of various subsystems of indigenous Environment Control and Life Support System (ECLSS) as well as avionics packages for ground simulations. Some of these contributing private enterprises are Tata Advanced Systems Limited, Tata Elxsi, Larsen & Toubro, Walchand nagar Industries, Manjira Machine Builders, Godrej Aerospace, Data Patterns India, Centum Electronics etc.

    The Government of India has announced reforms, on June, 2020, in the space sector towards enabling the private players to provide end-to-end services towards enhancing the Indian space economy to a significant level. Indian Space Policy-2023 was released in April 2023 as an overarching, composite and dynamic framework to implement the space reform vision. It helps to promote greater participation of Non-Governmental Entities (NGEs) in the value chain of space economy in order to develop robust, innovative and competitive space ecosystem aiming for a larger share of India in global space economy. It also enables the NGEs to make use of infrastructure created through public funds. Further, amendment was made to the Foreign Direct Investment policy for space sector, enabling higher threshold of foreign investments in various space domains. Indian National Space Promotion and Authorisation Centre {IN-SPACe), a single-window agency, was formed under Department of Space, to promote, regulate and authorize space activities of Non-Governmental Entities {NG Es). Further, in order to carry out space activities, the facilities across various ISRO centres will also be permitted for use by private sector through IN-SPACe. New Space India Ltd (NSIL}, a CPSE under the Department of Space will transfer the matured technologies developed by ISRO to Indian industries. ISRO will also nurture Indian space industries by sharing its experiences on quality and reliability protocols, documentation, testing procedures etc. Announcement of Opportunities and initiatives like ‘Atmanirbharta in development of space technologies/ products/ systems through Indian industry’ are also being undertaken offering challenges in new domains of space technology.

    This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Lok Sabha today.

    ***

    NKR/PSM

    (Release ID: 2112766) Visitor Counter : 36

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Government adopts comprehensive strategy for Women’s Empowerment, focusing on Political Participation and Local Governance

    Source: Government of India (2)

    Government adopts comprehensive strategy for Women’s Empowerment, focusing on Political Participation and Local Governance

    Government launches Model Women-Friendly Gram Panchayats Initiative with an aim to establish at least one Model Gram Panchayat in each District in the country

    Posted On: 19 MAR 2025 3:56PM by PIB Delhi

    The Government of India has adopted a “whole-of-government” and “whole-of-society” approach to address issues on a life-cycle continuum basis for the holistic empowerment of women from all sections of the society, and this includes political empowerment of women. Through various policies, the Government of India is promoting greater participation of women in local governance and political leadership roles.

    In 2023, Parliament of India passed the Constitution (One Hundred and Sixth Amendment) Act, 2023, “Nari Shakti Vandan Adhiniyam”, marking a historic milestone in its national journey to foster equitable representation of women in public life at all levels of the federal structure. This landmark legislation rotationally reserves one-third of all seats for women in the Lower House of Parliament, Lok Sabha, and in all federal State Legislative Assemblies, including Legislative Assembly of National Capital Territory of Delhi, thus institutionalizing representation of women in politics at the highest levels of public decision-making.

    This recent landmark is built on the foundation of more than three decades of honing women’s leadership affirmative action at grassroots level by reserving one-third (33 percent) of the seats in in the rural and urban bodies of local governance, i.e., Panchayati Raj Institutions (PRIs) and Municipal bodies, through the 73rd and 74th Constitutional Amendments (1992). Keeping with decentralized federal structure, over two-third states (21 states / and 2 UTs with PRIs) have made provisions of 50% reservation for women in their Panchayati Raj Institutions. As a result, today, out of approximately 31 lakh elected representatives in local governments, nearly half (46 percent), comprising 14.5 lakh, are women – a scale of representation unparalleled anywhere else in the world.

    The Government has launched the “Sashakt Panchayat-Netri Abhiyan”, a comprehensive and targeted capacity-building initiative aimed at strengthening Women Elected Representatives of Panchayati Raj Institutions across the nation. It focuses on sharpening their leadership acumen, enhancing their decision-making capabilities, and reinforcing their role in grassroots governance. The Government has prepared specialized training modules designed specifically for capacity building of Women Elected Representatives of Panchayati Raj Institutions. Recognizing the on-ground challenges faced by women duty bearers and women leaders contesting elections, a comprehensive “Primer on Law Addressing Gender Based Violence and Harmful Practices” for Panchayat Elected Representatives has also been prepared.

    Recently, the Government has launched Model Women-Friendly Gram Panchayats Initiative with an aim to establish at least one Model Gram Panchayat in each District in the country that is both women and girl friendly, reinforcing the commitment to gender equality and sustainable rural development.

    The Government also aims to engage 01 lakh youth, including young women, in politics without political affiliations and provide them a national platform to make their ideas for Viksit Bharat, a reality.

    Further, there are a number of schemes being implemented by various Ministries and Departments of the Government of India for holistic educational, economic, social, political empowerment of women. The Government is moving with a saturation approach through saturation of essential services for the poor and marginalised such as affordable housing, incentivizing women’s property ownership, and universal health coverage, linkages to formal credit, insurance and banking services, as well as financial support to pregnant women and lactating mothers to rest and recover after childbirth, tracking nutrition and well-being of children and mothers, amongst others.

    Envisioning Self Help Groups as vehicles of change, today 10 crore women are transforming the rural landscape economically, and taking greater leadership at grassroots level.

    This information was given by the Minister of State for Women and Child Development Smt. Savitri Thakur in Rajya Sabha in reply to a question today.

    *****

    SS/MS

    (Release ID: 2112762) Visitor Counter : 72

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Development of Fisheries in Odisha

    Source: Government of India (2)

    Posted On: 19 MAR 2025 2:10PM by PIB Delhi

    The Department of Fisheries (DoF), Ministry of Fisheries, Animal Husbandry & Dairying (MoFAH&D), Government of India is implementing the Pradhan Mantri Matsya Sampada Yojana (PMMSY) for a period of five years from 2020-21 to 2024-25 in all States and Union Territories including Odisha. The DoF, MoFAH&D, Government of India under PMMSY has approved the proposals received from the Government of Odisha at a cost of Rs.1264.23 Crore with central share of Rs.510.94 Crore during the last four years and in the current financial year. Out of this, Rs.271.17 crore of central share has been released to the Government of Odisha so far based on the utilization reports submitted by the State Government.

    The ‘National Policy on Marine Fisheries, 2017 notified by the Government of India, provides guiding principles of conservation and optimum utilization of fisheries resources for ensuring sustainability. The DoF, GoI is implementing fishing ban in India’s EEZ along the east and west coast during the major breeding season of the commercial fish species to ensure successful spawning and strong recruitment for sustaining the fisheries. On the east coast, including the coasts of Odisha, the fishing ban is implemented annually from April 15th to June 15th. The Government of Odisha, through the Orissa Marine Fisheries Regulation Act, 1981, also regulates fishing activities in the state’s territorial waters to support the sustainable management of fisheries along the Odisha coast. In addition, the Government of India has prohibited harmful fishing practices, such as pair or bull trawling, and the use of LED or artificial lights for fishing within the EEZ.

    The DoF, GoI has approved 38 units of cold storages and ice plants, 1125 units of fish marketing facilities including fish kiosks, live fish vending centers, insulated vehicles, refrigerated vehicles, three wheelers with ice box and motor cycles with ice box. Two state-of-the-art Wholesale Fish Markets having processing facilities are also approved at Balasore and Khorda districts of Odisha. Activities such as construction of new ponds for brackish water and fresh water aquaculture, recirculatory aquaculture system (RAS), biofloc and reservoir cage culture are also approved under the PMMSY to increase fish production and export from Odisha. Besides, the DoF, GoI has recently notified development of scampi production and processing cluster in Balasore, Bhadrak, and Mayurbhanj districts of Odisha.

    The DoF, GoI under PMMSY has approved proposals of the Government of Odisha for construction of fishing harbor at Astaranga, Puri at a cost of Rs.179.90 crore. Further, the proposal of Paradip Port Trust for modernization and up-gradation of the Paradip fishing harbor at a cost of Rs.108.91 crore has been approved by DoF, GoI with 100% central share under PMMSY.

    This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Rajya Sabha on 19th March, 2025.

    *****

    AA

    (Release ID: 2112694) Visitor Counter : 67

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Inland fisheries promotion in Kerala

    Source: Government of India (2)

    Posted On: 19 MAR 2025 2:07PM by PIB Delhi

    The Department of Fisheries, Government of India (DoF, GoI) through its schemes, policies and programs has been taking several initiatives towards holistic development of both marine and inland fisheries sector in all States and Union Territories including Kerala. Promotion of fish production and strengthening of fisheries value chain system have been the core of these initiatives.

    The DoF, GoI is implementing flagship scheme ‘Pradhan Mantri Matsya Sampada Yojana’ (PMMSY) in all the States and Union Territories of India including Kerala for a period of 5(five) years from FY 2020-21 to FY 2024-25. The PMMSY inter-alia aims at harnessing of fisheries potential including inland fisheries in a sustainable manner, enhancing fish production and productivity through expansion, intensification, diversification and productive utilization of land and water, strengthening of value chain, doubling fishers and fish farmers incomes and generation of employment and also ensuring social & economic security for fishers and fish farmers.

    During last four years (2020-21 to 2023-24) and current financial year (2024-25) under PMMSY, the DoF, GoI has accorded approvals to the fisheries developmental proposals of Government of Kerala amounting Rs.1358.10 Crore.  The approved activities inter alia included inland fisheries development activities like assistance towards construction of freshwater finfish hatcheries (05 Nos), new rearing & grow-out ponds for fish culture (89 ha.), fish feed mills (05 Nos), ornamental fish rearing and breeding units (798 Nos), cage culture in reservoirs (750 Nos), high-tech culture systems like Re-circulatory Aquaculture System (646 Nos), Biofloc culture units (850 Nos), pen culture units (31 ha.), integrated development of reservoirs (07 Nos), boats and nets to traditional fishermen (200 Nos), extension and support services under ‘Matsya Seva Kendras’ (10 Nos).

    The approved activity also included cold chain and marketing activities like iceplants/cold storages (16 Nos), fish transportation vehicles (468 Nos), live fish vending centre (77 Nos), value added enterprises (10 Nos), fish retail markets (05 Nos), whole sale fish markets (02 Nos) and also referral lab and disease diagnostic labs (02 Nos) for timely disease diagnostics. Awareness campaigns and capacity building programs have been also taken up in Kerala through National Fisheries Development Board (NFDB) in various areas of inland fisheries. Besides, the GoI has also extended facilities of Kisan Credit Card (KCC) to the fisheries and fish farmers from FY 2018-19 to meet their working capital requirement in all States/UTs including Kerala.

    Further, Government of Kerala has informed that under the State plan scheme, Janakeeya Matsya Krishi, includes different schemes like diversification of species & aquaculture practices, Kerala reservoir fisheries development programme for effective utilization of potential in reservoirs, ranching, establishment of fish/clam protected areas. It is also informed that hi-tech fish marts in various districts of Kerala are established through Matsyafed wherein the fresh fish are directly procured from fishers/farmers and supplied to consumers. It is further informed that due to changing food habits and enabling convenience, easy to cook/ready to eat kind of value added products like fish curry, fish cutlets, fish pickles are sold through Matsyafed in some districts.

    Government of Kerala has informed that due to these interventions from Centre and State the inland fish production has increased from 2.05 lakh tonnes in 2019-20 to 2.51 lakh tonnes in 2023-24.

    This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Rajya Sabha on 19th March, 2025.

    *****

    AA

    (Release ID: 2112689) Visitor Counter : 11

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fund for fisheries sector in Kerala

    Source: Government of India (2)

    Posted On: 19 MAR 2025 2:06PM by PIB Delhi

    The Department of Fisheries, Government of India (DoF, GoI) through its schemes, policies and programs has been taking several initiatives towards holistic development of fisheries sector in all States/UTs including Kerala. The major initiatives include Blue Revolution Scheme implemented during 2015-16 to 2019-20, extending Kisan Credit Card (KCC) to fisheries (since 2018-19), creation of Fisheries and Aquaculture Infrastructure Development Fund (FIDF) (2018-19 to 2025-26) enabling concessional financing in fisheries, flagship scheme ‘Pradhan Mantri Matsya Sampada Yojana’ (PMMSY)’ (2020-21 to 2024-25). Enhancing fish production, strengthening of value chain, employment generation, ensuring safety & security of fisheries and ensuring sustainability of the resources have been the core of these initiatives.

    Under the flagship scheme ‘Pradhan Mantri Matsya Sampada Yojana’ (PMMSY) during last four years (2020-21 to 2023-24) and current financial year (2024-25)  the Department of Fisheries, GoI has accorded approval to the fisheries developmental proposals of Government of Kerala worth Rs.1358.10 Crore with central share of Rs. 574.90 Crore. Central funds of Rs.344.15 Crore has been also released to Kerala during this period.  

    The approved activities included support for fish production oriented activities like establishment of brood bank (01), hatcheries (09 Nos), rearing & grow of ponds (89 ha.), brackish water culture (172 ha.), establishment of ornamental rearing units (798 Nos), cage culture in reservoirs (750 Nos), Re-Circulatory Aquaculture System (RAS) (646 Nos), Biofloc units (850 Nos), integrated development of reservoirs (07 Nos), and deep sea fishing vessels (20 Nos). The approval also included support for infrastructure and cold chain activities including upgradation of fishing harbors (11 Nos), iceplants/cold storages (16 Nos), fish transportation vehicles (468 Nos), live fish vending centres (77 Nos), value added enterprises (10 Nos), fish retail markets (05 Nos), whole sale fish markets (02 Nos) and also referral lab and disease diagnostic labs (02 Nos) for timely disease diagnostics. Further, activities like pen culture in open water bodies (31 ha.), stocking of fish seeds (10 ha.), bivalve cultivation units (1140 Nos), boats & nets to traditional fishermen (200 Nos) are also approved under the PMMSY.

    In addition, under the PMMSY, Integrated Modern Coastal Fishing Villages (09 Nos), Climate Resilient Coastal Villages (06 Nos), Artificial Reefs (42 units), extension support services like Matsya Seva Kendras (10 Nos), Sagar Mitras (222 Nos) are also approved to Kerala. Besides livelihood and nutritional support to 1,79,316 fishers during fishing ban period are also approved to Kerala. Awareness campaigns and capacity building programs have also been taken up in Kerala through National Fisheries Development Board (NFDB) in various areas of inland fisheries. Government of Kerala has informed that within the State Plan Scheme, the State has taken up initiatives towards aquaculture, diversification, increasing seed production, conservation & management of resources, regular patrolling, coaching programmes for fishermen students for higher education, interest free loans to fisher women, group insurance scheme including pension schemes.  

    There is no such special scheme announced exclusively for riverine fisheries. However, the schemes implemented by the Department of Fisheries, GoI already comprises of activities for development of riverine fisheries like pen culture, stocking of fish seeds, boats & nets to traditional fishermen, ranching programmes etc. In addition. Government of Kerala has informed that as part of riverine fisheries, embankment and pen culture activities in rivers, canals and other suitable water bodies are taken up. Under the State plan project regarding ‘Integrated Fishery Management in Inland Aquatic Ecosystem’ implemented since FY 2022 ranching of fish & shrimp seeds, establishment of fish/clam protected areas have also been implemented. The Government of Kerala has informed that during last five years, funds amounting to Rs.20.07 crore is allocated for the same wherein, Rs.8.54 crore has been disbursed and Rs.7.24 crore has been utilized.

    This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Rajya Sabha on 19th March, 2025.

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  • MIL-OSI Asia-Pac: LCQ17: Handling of waste vehicle tyres

    Source: Hong Kong Government special administrative region

    LCQ17: Handling of waste vehicle tyres 
    Question:
     
         According to the paper submitted by the Environment and Ecology Bureau to the Panel on Environmental Affairs of this Council in November 2023 (the paper), nearly 30 000 tonnes of waste vehicle tyres were generated in Hong Kong in 2021, of which 70 per cent were generally first cut and disposed of at landfills, and only some 20 per cent were retreaded and reused or recycled. It has been learnt that although waste vehicle tyres disposed of at landfills will be cut first, it still takes a long time for them to decompose, which also leads to the problem of landfills being exhausted. In this connection, will the Government inform this Council:
     
    (1) of the total weight of waste vehicle tyres generated in Hong Kong in each of the past three years, with a breakdown by the following methods for their disposal: (i) recovered and recycled locally, (ii) ‍recovered and exported after treatment, and (iii) disposed of at landfills;
     
    (2) of the weight of landfilled waste vehicle tyres that were handled by the Government in the past three years, and its percentage in the weight of all waste vehicle tyres disposed of at landfills; the reasons for not recovering and recycling such waste vehicle tyres;
     
    (3) Whether the Government has compiled statistics on the maximum handling capacity, actual handling capacity and remaining handling capacity of waste vehicle tyre recyclers in the market at present; if so, of the details; if not, whether it will compile such statistics;
     
    (4) Given that it has been learnt that in order to promote the local recycling industry, the Government had allocated 20 sites for lease to the industry by January 2024, of the details of such sites, including their location and size, the recycling projects involved, and the number of such sites used for handling waste vehicle tyres; and
     
    (5) Given that the paper proposes that landfills no longer accept and handle the disposal of waste vehicle tyres, when the proposal is expected to be formally implemented?
     
    Reply:
     
    President,

         About 20 000 tonnes of vehicle tyre waste are generated in Hong Kong every year, of which some are retreaded for reuse or recycled. Vehicle tyre waste can be processed to recover metals, cut and shredded into crumb rubber as raw materials for other products, or utilised as alternative fuel as a means of converting waste to energy.  
     
         The reply to the question raised by the Hon Frankie Yick is as follows:
     
    (1) Statistics on vehicle tyre waste generation by weight and handling method each year from 2021 to 2023 are tabulated below. The figures show that the proportion of vehicle tyre waste being recycled and retreaded for reuse is increasing year by year. Statistics for 2024 are still under compilation.
     

    Year(tonnes)(tonnes)(tonnes)(tonnes)Note 2: The sum of individual items may not equal to total due to rounding.
     
    (2) and (5) At present, tyres replaced during vehicle maintenance services undertaken by government departments are usually sent to contractors for retreading and reuse, or to recyclers for shredding and recycling. Vehicle tyre waste collected in public places by government departments and their outsourced service contractors is currently delivered to landfills for disposal. The relevant figures from 2021 to 2023 are tabulated below. Statistics of 2024 are still under compilation. 
     

    Year(tonnes)(Per cent)     The Government has been maintaining regular meetings with the tyre trade and disseminating information on recycling of vehicle tyre waste (such as contact information of collectors and recyclers) through relevant trade associations, tyre dealers, retailers as well as vehicle repair workshops, with a view to facilitating their recycling arrangement.
     
         Meanwhile the Government plans to introduce an amendment bill to the Legislative Council in the first half of 2025 to establish a common legislative framework for the producer responsibility schemes (PRSs). Upon the passage of the amendment bill by the Legislative Council, we will progressively cover more products under the PRSs, including vehicle tyres, in the light of prevailing circumstances. The Government shall implement the PRSs based on a market-led approach by which recycling service will be provided by the market, allowing the relevant stakeholders to jointly share the eco-responsibility. We will also set statutory recovery targets in order to ensure vehicle tyre waste are properly collected and treated, for the sake of enhancing the recycling rate of vehicle tyre waste as well as promoting the development of local circular economy.
     
         In addition, the amendment bill will amend the scope of waste control to accommodate the subsequent implementation of various PRSs. Upon the implementation of the PRS for vehicle tyres in future, designated waste disposal facilities (including landfills) will no longer accept and handle vehicle tyre waste, for the purpose of diverting them to recycling facilities for recycling.
     
    (3) Based on the Waste Recovery Survey conducted by the Environmental Protection Department, the maximum recycling capacity for vehicle tyre waste was around 25 000 tonnes while the actual recycling quantity was around 14 000 tonnes in 2023.
     
    (4) As of January 31, 2025, among the 20 short-term tenancy (STT) sites for exclusive bidding and use by the recycling industry, one of them is being used for the processing of tyre waste. Information on the 20 STT sites is set out at Annex.
    Issued at HKT 12:48

    NNNN

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  • MIL-OSI Asia-Pac: LCQ19: Crackdown on black taxis in rural and tourist areas

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Vincent Cheng and a written reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (March 19):

    Question:

         It has been reported that there are black taxis in quite a number of rural and tourist areas (e.g. Sai Kung and the Peak), and the unlawful acts of the drivers concerned (including overcharging, cherry-picking passengers, refusing hire and failing to take the most direct route) have seriously affected tourists’ experience and Hong Kong’s reputation as a “hospitable city”. In this connection, will the Government inform this Council:

    (1) of the number of complaints received by the authorities since the implementation of the Taxi-Driver-Offence Points system involving unlawful acts of black-taxi drivers in rural and tourist areas and, among them, the number of taxi drivers with points incurred; the respective offences in which those taxi drivers with points incurred are involved and the penalties imposed on them;

    (2) whether the authorities have stepped up law enforcement against black taxis in rural areas over the past three years; if so, of the details (including the number of law enforcement operations, the number of drivers arrested in each of such law enforcement operations, the reasons for their arrests, the number of drivers prosecuted and convicted, as well as the relevant penalties imposed); if not, the reasons for that;

    (3) as some tourists have indicated that they are not clear about how to lodge complaints against law-offending taxi drivers, whether the authorities will step up publicity and education, such as by providing tourists with clear information, including taxi fares and channels for lodging complaints, at the entrances and exits of the airport, various boundary control points and major rural tourist spots; and

    (4) as there are views pointing out that the problem of black taxis stems from the inadequacy of ancillary public transport facilities in rural and tourist areas (e.g. in the vicinity of High Island Reservoir in Sai Kung), whether the authorities have considered improving the public transport services in such areas, such as increasing the frequency of green minibus services, thereby combating black taxi operations in the market and tying in with the development of eco-tourism?

    Reply:

    President,

         After consulting the Security Bureau and the Hong Kong Police Force (HKPF), our reply to the Hon Vincent Cheng’s question is as follows:

    The Government has earlier reviewed the overall taxi operation and management, and put forward a series of measures to enhance taxi services. Such measures include introducing a Taxi-Driver-Offence Points (TDOP) system and a two-tier penalty system for certain taxi-driver-related offences, in order to combat taxi drivers’ illegal acts and strengthen the deterrent effect against repeat offenders. The relevant legislative provisions were passed by the Legislative Council and are in effect.

    In addition, with a view to enhancing taxi services, the Government proposes to mandate the installation of in-vehicle cameras, dash cameras and global navigation satellite systems in all taxi compartments. Installation of such devices can help caution the few black sheep in the taxi industry against violating the law, and facilitate the follow-up actions and investigations on suspected malpractices (e.g. overcharging, driving to a destination other than by the most direct practicable route, etc) by the Police or the Transport Department (TD), thus better protecting the rights of the passengers. We have consulted the Panel on Transport of the Legislative Council and the Transport Advisory Committee in end 2024, and Members have expressed support for the proposal. We are carrying out the law drafting work, and will endeavour to introduce the proposed legislative amendments into the Legislative Council in the second quarter of 2025.

    (1) The TDOP system has taken effect on September 22, 2024. It covers 11 taxi-driver related offences (e.g. overcharging, refusing to accept a hire and driving to a destination other than by the most direct practicable route, etc). If a taxi driver becomes liable to a fixed penalty for or is convicted of such taxi-driver-related offence, he or she will incur three, five or 10 points, depending on the offence committed. If a taxi driver incurs 15 or more points under the TDOP system within a two-year period, he or she will be disqualified from driving a taxi for a certain period of time.

    In accordance with the records of the TD, until March 9, 2025, 66 taxi drivers incurred points under the TDOP system. The relevant offences committed include overcharging, refusing to accept a hire or driving to a destination other than by the most direct practicable route. Among all, five taxi drivers incurred three points, 12 taxi drivers incurred five points and 49 taxi drivers incurred 10 points. So far, no taxi driver is liable to disqualification from driving a taxi due to incurrence of 15 or more points.

    The TD and the HKPF do not maintain the breakdown of the numbers of complaints about taxi services and the numbers of taxi drivers who incurred points under the TDOP system by countryside and tourism zone.

    (2) The numbers of enforcement actions taken as well as the numbers of prosecution and conviction against the offences related to taxi services during the period from 2022 to the third quarter of 2024 are set out at the Annex. The Security Bureau and the HKPF do not maintain the breakdown of the aforementioned figures by countryside and tourism zone.

    (3) To help tourists understand the taxi fare arrangements in Hong Kong, the TD has published leaflets showing the taxi fare rates and the reference fares for journeying to and from major tourist areas and attractions in Hong Kong for distribution to tourists at the airport, major border crossings and tourist spots (e.g. Shenzhen Bay Port, Lok Ma Chau Control Point, Heung Yuen Wai Boundary Control Point and Hong Kong Disneyland). The TD has also uploaded the leaflet onto its website for public viewing. The telephone numbers of the 1823 Call Centre, the Transport Complaints Unit (TCU), the Hong Kong Tourism Board and the HKPF are also provided on the leaflet for tourists to seek assistance and lodge complaints when needed. The Government has set up signs of the telephone number of the TCU at major public transport interchange as well. And the TD has also set up taxi information boards at major taxi stands to display information on taxi fares.

    If a member of the public suspects that a taxi driver has committed offences such as refusing to accept a hire or overcharging, he or she can record the name of the driver, vehicle registration mark of the taxi, time and location, etc, and report the matter to the HKPF. 

    (4) The Government attaches importance to the travelling needs of tourists to and from countryside and major tourist areas. Having regard to factors such as tourist traffic and overall operation of attractions, the relevant arrangement of public transport services is timely reviewed. In respect of the area of the High Island Reservoir in Sai Kung, apart from travelling by urban or New Territories taxi, citizens and tourists may make use of New Territories green minibus route no. 9A (Pak Tam Chung – the East Dam, High Island Reservoir) on Saturdays, Sundays and Public Holidays. Green minibus route no. 9A has been in service since July 2018. The TD has been liaising with the minibus operator continuously with regard to passenger needs, in order to coordinate with the operator on service enhancement in the form of extension of service period and service hours, as well as increasing the frequency of the services. 

    The timetable of green minibus route no. 9A which is temporarily implemented from December 7, 2024 to March 30, 2025 is as follows:

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  • MIL-OSI Russia: Government meeting (2025, No. 9)

    Translartion. Region: Russians Fedetion –

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

    1. On the draft federal law “On Amending Articles 14 and 15 of the Federal Law “On Amending Certain Legislative Acts of the Russian Federation, Suspending Certain Provisions of Legislative Acts of the Russian Federation, Recognizing Certain Provisions of Legislative Acts of the Russian Federation as Invalid and Establishing Specifics for the Execution of Budgets of the Budget System of the Russian Federation in 2025”

    The implementation of the bill will allow for the prompt allocation of budgetary allocations to financial support for the implementation of priority activities, including those aimed at achieving the national development goals of the Russian Federation, and will also increase the efficiency of providing subsidies for the development of economic sectors.

    2. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Ministry of the Russian Federation for the Development of the Far East and the Arctic)

    The draft resolution was developed in order to update the regulatory framework in the area of preferential regimes for carrying out economic activities.

    3. On the allocation by the Ministry for the Development of the Russian Far East of budgetary allocations reserved in the federal budget for the provision of subsidies to the budgets of the constituent entities of the Russian Federation for the implementation of measures of the social development plans of the economic growth centers of the constituent entities of the Russian Federation that are part of the Far Eastern Federal District

    The draft order is aimed at ensuring the implementation in 2025–2027 of the activities of the social development plans for the economic growth centers of the constituent entities of the Russian Federation that are part of the Far Eastern Federal District.

    4. On the draft federal law “On Amendments to Article 65 of the Water Code of the Russian Federation”

    The bill is aimed at ensuring the possibility of using motor vehicles in water protection zones without building permanent roads during the period of creation of recreational facilities in order to ensure construction and installation work, delivery of necessary equipment and inventory.

    5. On the draft federal law “On Amendments to the Federal Law “On the Safety of Hydraulic Structures””

    The bill is aimed at clarifying the powers of federal executive bodies that exercise functions in developing and implementing state policy and legal regulation in the field of safety of hydraulic structures, established by Federal Law No. 117-FZ of July 21, 1997 “On the Safety of Hydraulic Structures”.

    6. On the allocation to the Ministry of Construction of Russia in 2025 from the reserve fund of the Government of the Russian Federation of budgetary appropriations for the provision of one-time financial assistance in the form of a subsidy from the federal budget to the budget of the Republic of Crimea for the purpose of co-financing the expenditure obligations of the said subject of the Russian Federation arising from the implementation of measures to restore coastal protection structures

    The development of the draft order was dictated by the need to carry out urgent repair work on coastal protection structures.

    7. On amendments to the order of the Government of the Russian Federation of January 17, 2025 No. 31-r (in terms of increasing the volume of budgetary allocations to the Ministry of Construction of Russia in 2025 due to the redistribution of funds reserved as part of the approved budgetary allocations of the federal budget for the provision of subsidies to support measures to ensure the balance of the budgets of the Donetsk People’s Republic, the Lugansk People’s Republic and the Zaporizhia region

    The draft order is aimed at financial support for expenses related to pension provision for citizens living in the territories of the Donetsk People’s Republic, the Lugansk People’s Republic and the Zaporizhia region.

    Moscow, March 18, 2025

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

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

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