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  • MIL-OSI USA: Manchin Announces Medicare Open Enrollment Through December 7th

    US Senate News:

    Source: United States Senator for West Virginia Joe Manchin

    October 16, 2024

    Charleston, WV – Today, U.S. Senator Joe Manchin (I-WV) announced that the open enrollment period for Medicare has begun and it will remain open through December 7, 2024. For the second year, seniors are able to choose Medicare plans with cost-saving benefits that were included in Senator Manchin’s Inflation Reduction Act.

    “Thanks to the Inflation Reduction Act, seniors in West Virginia and across the United States are saving money on their healthcare costs,” said Senator Manchin.  “I encourage all those eligible for Medicare to take the time to compare coverage options and choose plans that best meet the health needs of themselves and their families. Medicare is a lifeline for thousands of West Virginians, and I pledge to continue working to bolster Medicare and lower healthcare costs.”

    Since January 2024, thanks to the Inflation Reduction Act, prescription drug costs have become more affordable:

    • Seniors and other Part D enrollee now have their out-of-pocket drug costs capped at about $3,500 and all enrollees will have their costs capped at $2,000 in 2025. 
    • Low-income seniors and disabled people are able to get extra help paying for their premiums and cost-sharing through the expanded Low Income Subsidy program.
    • Lastly, many Medicare beneficiaries will continue to save hundreds of dollars on their healthcare costs because the price of insulin is capped at $35 per month and recommended vaccines are free.

    To find out more about Medicare Open Enrollment, and how you can change your own plan or work with the seniors in your life to get them on Medicare, click here.



    MIL OSI USA News

  • MIL-OSI USA: Brown Joins Ashtabula Community to Demand That Coast Guard Make Ashtabula Station Fully Operational

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    ASHTABULA, OH – Today, U.S. Senator Sherrod Brown (D-OH) joined community members at the Ashtabula Fire Department to call on the Biden Administration to reopen the United States Coast Guard’s Ashtabula Harbor Station and restore Ashtabula and U.S. Coast Guard Fairport to full-time operation to better protect Ohioans on Lake Erie. Having a continued, fully-staffed Coast Guard presence at U.S. Coast Guard Ashtabula and Fairport Stations is critical to securing the water-based border and supporting the entire region’s coastal economy and tourism industry.

    “Together with the Ashtabula community, I’m demanding the Administration restore Ashtabula Harbor Station to its full capacity. Its closure is unacceptable,” said Brown. “Lake Erie is vital to our way of life in Northeast Ohio. Ohioans rely on our lake as a driver of economic growth that supports both commerce and recreation – but that hinges on a fully operational and well-staffed Coast Guard to keep Ohioans and visitors safe on the Lake.”

    Since 1893, the U.S. Coast Guard has had a presence in Ashtabula, serving a vital public safety role for the entire region by protecting our water-based border, combating the trafficking of illegal drugs like fentanyl, engaging in counterterrorism operations, supporting commerce, and protecting boaters. But last year, the Biden Administration significantly downsized the U.S. Coast Guard presence in Ashtabula and U.S. Coast Guard Fairport. As there are every year, there have been a number of emergencies and safety issues on Lake Erie this year – including one weekend where one boater died and 13 others were rescued.

    “We have an outstanding relationship with the men and women of our Coast Guard Station Ashtabula and their presence in our community is vital to the safety of our tourists, outdoor enthusiasts, boaters, and commercial vessels. It is a strain on our resources when they are not in port, and although we take the time to train for emergencies on the water, this is not our expertise. We cannot replace the skills and response of the Coast Guard when they are in our station. We are hopeful complete coverage will be restored,” said Jim Timonere, City Manager, City of Ashtabula.

    “The City of Conneaut is the Northeastern Gateway to our region with a seven-mile coastline for swimming, recreational boating and deepwater port commerce. It is crucial as a network of port communities like Ashtabula and Conneaut, steeped in diverse maritime history, to have these assets close to us in here in the City of Ashtabula,” said Nicholas A. Sanford, City Manager, City of Conneaut.

    Brown is leading the fight to reopen the station full-time and has repeatedly  urged the administration to reopen all operations along Lake Erie. Following Brown’s push, the U.S. Coast Guard staffed Ashtabula Harbor on weekends until this past Labor Day but have stopped since. Brown is continuing to demand the restoration of full-time staffing at U.S. Coast Guard Ashtabula and U.S. Coast Guard Fairport.

    MIL OSI USA News

  • MIL-OSI: Farmers & Merchants Bancorp (FMCB) Reports Record Third Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Highlights

    • Record net income of $22.1 million, or $29.96 per share; up 2.50% on a per share basis from third quarter 2023;
    • Achieved a return on average assets of 1.65% and a return on average equity of 15.03%;
    • Solid liquidity position with $1.5 billion in cash and investment securities and a borrowing capacity of $2.1 billion with no outstanding borrowings as of September 30, 2024;
    • Continued growth in capital with a total risk-based capital ratio of 14.95%, common equity tier 1 ratio of 13.47%, tier 1 capital ratio of 13.70% and a tangible common equity ratio of 10.91%;
    • Credit quality remains strong with a total allowance for credit losses of 2.11%.

    LODI, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported record third quarter net income of $22.1 million, or $29.96 per diluted common share for the third quarter of 2024 compared with $22.0 million, or $29.23 per diluted common share for the third quarter of 2023 an increase of 2.50% on a per share basis. Annualized return on average assets was 1.65% and return on average equity was 15.03% for the third quarter of 2024 compared with 1.65% and 16.80% for the same period the prior year. The decrease in return on average equity was primarily the result of a $72.1 million or 13.58% increase in total shareholder’s equity even after paying record common stock cash dividends of $13.1 million to shareholders and repurchasing and retiring $14.0 million of the Company’s common stock during the last twelve months.

    Net income over the trailing twelve months was $88.0 million compared with $86.9 million for the same trailing period a year earlier. Earnings per share over the trailing twelve months totaled $118.46, up 3.79% compared with $114.13 for the same trailing period a year ago and up from $90.70 for the same period two years ago.

    CEO Commentary

    Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are pleased with the Company’s strong ongoing financial performance including the results in the first nine months of 2024 highlighted by net income of $66.6 million, return on average assets of 1.65%, and a return on average equity of 15.55%. Our earnings per share over the trailing twelve months ended September 30, 2024 totaled $118.46, up 3.79% compared with $114.13 per share for the same trailing period a year ago. We achieved these strong results while continuing to maintain a solid liquidity position and balance sheet at quarter end with $1.5 billion of cash and investments, access to $2.1 billion in borrowing capacity and total shareholders’ equity of $602.7 million up $72.1 million or 13.58% from September 30, 2023. Capital levels continued to strengthen and are significantly above the regulatory thresholds for “well-capitalized” banks. Our longstanding established client relationships have contributed to our resilient and stable deposit balances of $4.7 billion as of September 30, 2024 and 2023. The loan portfolio continues to grow both during the third quarter and year over year as we continue to serve the needs of our customers and local communities. Consistent with the last several years, credit quality remains a strength of the Bank with a total allowance for credit losses of 2.11% and only $677,000 in non-accrual loans as of quarter-end. Our Company remains in excellent financial condition and is well positioned to meet any challenges ahead as we have for the past 108 years. We are also pleased to be recognized by others for our performance as Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. This follows our #1 ranking in the prior year of the top performing banks for 2022. The recognition over the last two years can be traced to our strong client relationships and the focus of our employees on serving our clients.”

    Earnings

    Net interest income for the quarter ended September 30, 2024 was $52.0 million, an increase from $50.8 million in the second quarter of 2024. For the third quarter of 2024 the net interest margin increased to 4.07% compared to 3.91% in the second quarter of 2024 driven by a decrease in the average cost of total deposits from 1.51% in the second quarter of 2024 to 1.39% in the third quarter of 2024. Net interest income for the nine-months ended September 30, 2024 was $154.5 million, a decrease of $7.1 million, or 4.39%, when compared with the $161.6 million for the same period in 2023 as the increase in deposit costs outpaced the increase in loan yields. Loan yields increased to 6.11% for the first nine-months of 2024 compared to 5.77% for the same period in 2023 while the average cost of total deposits increased to 1.39% for the first nine-months of 2024 compared to 0.70% in the first nine-months of 2023. The net interest margin of 4.04% and average cost of total deposits of 1.39% for the nine-months ended September 30, 2024 continue to outperform industry averages.

    For the nine-months ended September 30, 2024, net income was $66.6 million, a slight decrease from the nine-months ended September 30, 2023 of $66.9 million. The nine-months ended September 30, 2023 benefited from cash proceeds from non-taxable death benefits on bank-owned life insurance (BOLI) of $4.3 million. Annualized return on average assets was 1.65% and return on average equity was 15.55% for the nine-months ended September 30, 2024 compared with 1.70% and 17.43% for the same period a year earlier.

    Balance Sheet

    Total assets were $5.4 billion as of September 30, 2024 consistent with September 30, 2023. Total loans and leases outstanding were $3.7 billion, an increase of $146.9 million or 4.13% from September 30, 2023. As of September 30, 2024 our total investment securities portfolio was $1.2 billion, an increase of $249.6 million from September 30, 2023. Over the last year, the portfolio mix has shifted as available-for-sale securities have increased from $106.5 million as of September 30, 2023 to $401.6 million as of September 30, 2024 while the held-to-maturity securities have decreased from $826.0 million as of September 30, 2023 to $780.5 million as of September 30, 2024. The increase in available-for-sale securities is due to purchases of $326.3 million in 2024. Accumulated other comprehensive losses on the available-for-sale securities portfolio decreased to $8.8 million as of September 30, 2024 compared to $20.2 million as of September 30, 2023. Total deposits remained consistent totaling $4.7 billion as of September 30, 2024 and September 30, 2023. Total deposits, at September 30, 2024, increased $111.6 million or 2.4% compared to June 30, 2024. Our loan to deposit ratio was 78.9% as of September 30, 2024 compared to 75.1% as of September 30, 2023.

    Credit Quality

    The Company’s credit quality remained resilient with only $677,000 in non-accrual loans as of September 30, 2024 and a minimal delinquency ratio of only 0.21% of total loans. Net charge-offs were $216,000 in the third quarter of 2024 compared to net recoveries of $47,000 in the third quarter of 2023. Net charge-offs were $149,000 for the first nine-months of 2024 compared to net recoveries of $274,000 for the first nine-months of 2023. Net charge-offs over the trailing twelve months were $93,000. Based on the credit performance of the loan and lease portfolio, no provision for credit losses has been necessary in the first nine-months of 2024. The Company’s allowance for credit losses on loans and leases and unfunded commitments was $78.5 million or 2.11% as of September 30, 2024 compared to $78.7 million or 2.13% as of June 30, 2024. We believe our allowance for credit losses is appropriate given the current economic environment including some stress in the agricultural sector. A few agricultural commodity prices have softened over the past two years due to the strong US Dollar impeding export competitiveness. This coupled with the higher short term interest rates and the effects of high inflation has created financial stress for some agriculture producers. We are diligently working with all borrowers affected by these market conditions in an effort to optimize performance during the current cycle.

    Capital

    The Company’s and Bank’s regulatory capital ratios remain strong while increasing from June 30, 2024. At September 30, 2024, the Company’s preliminary total risk-based capital ratio was 14.95%, the common equity tier 1 capital ratio was 13.47% and the tier 1 capital ratio was 13.70% an increase from 14.58%, 13.09% and 13.32% as of June 30, 2024, respectively. At September 30, 2024, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized”. At September 30, 2024, the tangible common equity ratio was 10.91% an increase of 127 basis points from the 9.64% as of September 30, 2023. Tangible book value per share increased to $799.04 at September 30, 2024, up 16.21% compared with $687.57 a year ago. During the third quarter, the Company repurchased 1,313 shares bringing the total to 9,976 shares for the nine-months ended September 30, 2024. The Company has repurchased a total of 10,400 shares or $10.5 million under the $25.0 million share repurchase program authorized in November 2023 which was cancelled on September 10, 2024. On September 10, 2024, the Company authorized a new share repurchase program for $55.0 million and has purchased 40 shares or $38,404 as of September 30, 2024. On October 3, 2024 the Company entered into and executed a Stock Purchase Agreement with the trust of one of our largest shareholders who passed away in January 2024. As a result, the Company repurchased 37,990 shares or $34.8 million under the Stock Purchase Agreement on October 3, 2024 leaving approximately $20.2 million remaining under the current share repurchase program which expires on December 31, 2026. After this transaction our total risk-based capital ratio was approximately 14.18% on a pro-forma basis.

    About Farmers & Merchants Bancorp

    Farmers & Merchants Bancorp, trades on the OTCQX under the symbol FMCB, is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 32 convenient locations. F&M Bank is financially strong, with $5.4 billion in assets, and is consistently recognized as one of the nation’s safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 34 consecutive years, longer than any other commercial bank in the State of California.

    Farmers & Merchants Bancorp has paid dividends for 89 consecutive years and has increased dividends for 59 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 56 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increase.

    In August 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. Last year the Bank was named by Bank Director’s Magazine as the #1 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.

    In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of “America’s Best Banks” in 2023. Forbes’ annual “America’s Best Banks” list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024.

    In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence’s “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

    In October, 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients.

    F&M Bank is the 15th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California including, Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

    F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 108 years ago.

    F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of “Outstanding” in their last Community Reinvestment Act (“CRA”) evaluation.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements that are based on management’s current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan and deposit production (including any growth representations), balance sheet management, levels of net interest margin, the ability to control costs and expenses, the competitive environment, financial and regulatory policies of the United States government, water management issues in California and general economic conditions, inflation, recessions, natural disasters, pandemics, geopolitical risks, economic uncertainty in the United States, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions, competition, changes in accounting principles, policies or guidelines, legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting the Company’s operations, pricing, products and services. These and other important factors are detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

    For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

    Investor Relations Contact

    Farmers & Merchants Bancorp
    Bart R. Olson
    Executive Vice President and Chief Financial Officer
    Phone: 209-367-2485
    bolson@fmbonline.com

                           
    FINANCIAL HIGHLIGHTS                      
        Three-Months Ended     Nine-Months Ended
    (dollars in thousands, except share and per share amounts) September 30,
    2024
      June 30, 2024   September 30,
    2023
        September 30,
    2024
      September 30,
    2023
    Earnings and Profitability:                      
    Interest income   $ 68,635     $ 69,831     $ 65,713       $ 205,107     $ 186,362  
    Interest expense     16,642       19,050       12,272         50,620       24,777  
    Net interest income     51,993       50,781       53,441         154,487       161,585  
    Provision for credit losses                 3,000               7,057  
    Noninterest income     6,280       4,767       3,606         16,122       12,513  
    Noninterest expense     27,755       25,422       24,468         78,698       79,473  
    Income before taxes     30,518       30,126       29,579         91,911       87,568  
    Income tax expense     8,397       8,359       7,545         25,300       20,679  
    Net income   $ 22,121     $ 21,767     $ 22,034       $ 66,611     $ 66,889  
                           
    Diluted earnings per share   $ 29.96     $ 29.39     $ 29.23       $ 89.91     $ 88.06  
    Return on average assets     1.65 %     1.58 %     1.65 %       1.65 %     1.70 %
    Return on average equity     15.03 %     15.33 %     16.80 %       15.55 %     17.43 %
                           
    Loan yield     6.13 %     6.13 %     5.87 %       6.11 %     5.77 %
    Cost of average total deposits     1.39 %     1.51 %     1.01 %       1.39 %     0.70 %
    Net interest margin – tax equivalent     4.07 %     3.91 %     4.17 %       4.04 %     4.33 %
    Effective tax rate     27.51 %     27.75 %     25.51 %       27.53 %     23.61 %
    Efficiency ratio     47.63 %     45.77 %     42.89 %       46.13 %     45.65 %
    Book value per share   $ 816.67     $ 779.40     $ 705.60       $ 816.67     $ 705.60  
                           
    Balance Sheet:                      
    Total assets   $ 5,418,132     $ 5,267,485     $ 5,375,375       $ 5,418,132     $ 5,375,375  
    Cash and cash equivalents     293,250       295,936       668,361         293,250       668,361  
    of which held at Fed     198,637       225,676       597,739         198,637       597,739  
    Total securities     1,182,073       1,046,210       932,508         1,182,073       932,508  
       of which available-for-sale     401,563       251,413       106,493         401,563       106,493  
       of which held-to-maturity     780,510       794,797       826,015         780,510       826,015  
    Gross Loans     3,713,735       3,692,237       3,567,807         3,713,735       3,567,807  
    Allowance for credit losses – loans and leases     75,816       75,032       74,159         75,816       74,159  
    Total deposits     4,708,682       4,597,055       4,748,767         4,708,682       4,748,767  
    Borrowings                                
    Subordinated debentures     10,310       10,310       10,310         10,310       10,310  
    Total shareholders’ equity   $ 602,696     $ 576,220     $ 530,623       $ 602,696     $ 530,623  
                           
    Loan-to-deposit ratio     78.87 %     80.32 %     75.13 %       78.87 %     75.13 %
    Percentage of checking deposits to total deposits     50.01 %     48.60 %     51.72 %       50.01 %     51.72 %
                           
    Capital ratios (Bancorp) (1)                      
    Common equity tier 1 capital to risk-weighted assets     13.47 %     13.09 %     12.48 %       13.47 %     12.48 %
    Tier 1 capital to risk-weighted assets     13.70 %     13.32 %     12.72 %       13.70 %     12.72 %
    Risk-based capital to risk-weighted assets     14.95 %     14.58 %     13.97 %       14.95 %     13.97 %
    Tier 1 leverage capital ratio     11.32 %     10.66 %     10.22 %       11.32 %     10.22 %
    Tangible common equity ratio (2)     10.91 %     10.72 %     9.64 %       10.91 %     9.64 %
                           
    (1) Capital information is preliminary for September 30, 2024                    
    (2) Non-GAAP measurement                      
                           
    Non-GAAP measurement reconciliation:                      
    (Dollars in thousands)   September 30,
    2024
      June 30, 2024   September 30,
    2023
             
                           
    Shareholders’ equity   $ 602,696     $ 576,220     $ 530,623            
    Less: Intangible assets     13,007       13,145       13,563            
    Tangible common equity   $ 589,689     $ 563,075     $ 517,060            
                           
    Total assets   $ 5,418,132     $ 5,267,485     $ 5,375,375            
    Less: Intangible assets     13,007       13,145       13,563            
    Tangible assets   $ 5,405,125     $ 5,254,340     $ 5,361,812            
                           
    Tangible common equity ratio (1)     10.91 %     10.72 %     9.64 %          
                           
    (1) Tangible common equity divided by tangible assets                      
                           

    The MIL Network

  • MIL-OSI: Home Federal Bancorp, Inc. of Louisiana Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    SHREVEPORT, La., Oct. 16, 2024 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (NASDAQ: HFBL), the holding company for Home Federal Bank, announced today that its Board of Directors at their meeting on October 16, 2024, declared a quarterly cash dividend of $0.13 per share on the Company’s common stock. The dividend is payable on November 11, 2024, to the shareholders of record at the close of business on October 28, 2024.

    Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana. Additional information is available at http://www.hfb.bank.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” We undertake no obligation to update any forward-looking statements.

    Contact:    
    Home Federal Bancorp, Inc. of Louisiana
    James R. Barlow, Chairman of the Board, President and
    Chief Executive Officer
    (318) 222-1145
       
         

    The MIL Network

  • MIL-OSI: Israel Acquisitions Corp. Announces LOI with Gadfin Aero-Logistics Systems

    Source: GlobeNewswire (MIL-OSI)

    TEL AVIV, Oct. 16, 2024 (GLOBE NEWSWIRE) — Israel Acquisitions Corp. (NASDAQ: ISRL) today announced that it has signed a non-binding letter of intent (“LOI”) for a proposed business combination (the “Combination”) with Gadfin Aero-Logistics Systems (“Gadfin”), an Israeli technology company specializing in all-weather unmanned aerial delivery for necessary cargo such as medical supplies.

    Through the company’s patented technology, its unmanned aerial vehicles, powered by Hydrogen Fuel cells, that are able to deliver medical supplies and other cargo with ease, even under harsh weather conditions to long range destinations. This makes it possible to significantly improve logistics delivery in both combat zones and for civil purposes.

    “Israeli entrepreneurs have been known as lead innovators in technology, and Gadfin’s unmanned aerial vehicles are no exception,” says Izhar Shay, Executive Chairman of Israel Acquisitions Corp. “The company’s technology has the ability to revolutionize the speed of delivery of necessary medical supplies and other important cargo, including into high-risk areas. We look forward to partnering with Gadfin and supporting the growth of their business.”

    “We are excited to partner with Israel Acquisitions Corp and bring our unparalleled technology to the Nasdaq markets,” says Eyal Regev, Gadfin CEO. “With this public listing, we will be able to accelerate our production and bring to the market new models fulfilling backlog orders. This will bring this much needed technology to remote locations, hospitals, and other civil areas.”

    Israel Acquisitions Corp expects to announce additional details regarding the Combination when a definitive Business Combination Agreement is executed, which is expected in the fourth quarter of 2024.

    About Israel Acquisitions Corp.
    Israel Acquisitions Corp. is a Cayman Islands exempted company incorporated as a blank-check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus on high-growth technology companies that are domiciled in Israel, and that either carry out all or a substantial portion of their activities in Israel or have some other significant Israeli connection. The management team is led by Chairman, Izhar Shay, Chief Executive Officer, Ziv Elul, and Chief Financial Officer, Sharon Barzik Cohen.

    Forward Looking-Statements
    This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, http://www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Contact:
    contact@israelspac.com

    The MIL Network

  • MIL-OSI: Global Technology Acquisition Corp. I Announces Liquidation

    Source: GlobeNewswire (MIL-OSI)

    ZEPHYR COVE, NEVADA, Oct. 16, 2024 (GLOBE NEWSWIRE) — Global Technology Acquisition Corp. I (the “Company”) (Nasdaq: GTAC), announced today that it is unable to complete an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association, as amended (the “Charter”), and therefore intends to dissolve and liquidate in accordance with the provisions of the Charter, and will redeem all of the outstanding Class A ordinary shares that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $11.50 (after taking into account the removal of a portion of the accrued interest in the trust account to pay taxes and $100,000 to pay dissolution expenses).

    As of the close of business on October 18, 2024, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount. The Company anticipates that the last day of trading of the Public Shares and the Company’s publicly traded units and warrants on the Nasdaq Stock Market will be on or around October 17, 2024, and trading of Public Shares will be suspended effective before the opening of markets on October 18, 2024.

    In order to provide for the disbursement of funds from the trust account, the Company has instructed the trustee of the trust account to take all necessary actions to liquidate any securities held in the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. Record holders will receive their pro rata portion of the proceeds of the trust account by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed as promptly as practicable, but no later than October 25, 2024.

    All holders of the Company’s Class B ordinary shares have agreed to waive their redemption rights with respect to their outstanding Class B ordinary shares of the Company, and the Company’s former sponsor has waived its redemption rights with respect to 1,300,000 of the Company’s Class A ordinary shares that were issued upon the conversion of 1,300,000 of the Company’s Class B ordinary shares. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

    The Company expects that the Nasdaq Stock Market will file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended. 

    About Global Technology Acquisition Corp. I

    Global Technology Acquisition Corp. I is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. For more information, visit http://www.globaltechnologyacquisitioncorp.com.

    Forward-Looking Statements

    The information in this press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this press release including, without limitation, the estimated per-share redemption price and the timing for the completion of the redemption of the Public Shares, are forward-looking statements. Words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Commission on April 1, 2024, the Company’s subsequent Quarterly Reports on Form 10-Q and elsewhere in the Company’s filings with the SEC. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at http://www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

    Contact:
    Nicholas Geeza, Chief Financial Officer
    Global Technology Acquisition Corp. I
    ngeeza@hennessycapitalgroup.com

    The MIL Network

  • MIL-OSI: HCI Group Sets Third Quarter 2024 Earnings Call for Thursday, November 7, 2024, at 4:45 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., Oct. 16, 2024 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, will hold a conference call on Thursday, November 7, 2024, at 4:45 p.m. Eastern time to discuss results for the third quarter ended September 30, 2024. Financial results will be issued in a press release the same day after the close of the market.

    HCI management will host the presentation, followed by a question-and-answer period.

    Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company’s website at http://www.hcigroup.com.

    Date: Thursday, November 7, 2024
    Time: 4:45 p.m. Eastern time (1:45 p.m. Pacific time)
    Toll Free: 888-506-0062
    International: 973-528-0011
    Participant Access Code: 821320

    Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

    A replay of the call will be available after 8:00 p.m. Eastern time on the same day as the call and via the Investor Information section of the HCI Group website at http://www.hcigroup.com.

    Toll Free: 877-481-4010
    International: 919-882-2331
    Replay Passcode: 51444

    About HCI Group, Inc.
    HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.

    The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit http://www.hcigroup.com.

    Company Contact:
    Bill Broomall, CFA
    Investor Relations
    HCI Group, Inc.
    Tel (813) 776-1012
    wbroomall@typtap.com

    Investor Relations Contact:
    Matt Glover
    Gateway Group, Inc.
    Tel 949-574-3860
    HCI@gateway-grp.com

    The MIL Network

  • MIL-OSI New Zealand: DOC Northland readies for a busy summer

    Source: Department of Conservation

    Date:  17 October 2024

    Many sites are already booked out over the peak Christmas and New Year period, but there are still opportunities for those looking to explore Northland’s natural beauty over the upcoming summer period.

    DOC campsites offer affordable holiday options in pristine settings, and staff work hard to ensure campers can enjoy the summer season with minimal disruptions, says Bronwyn Bauer Hunt, Operations Manager Te Pēwhairangi (Bay of Islands).

    “Northland’s DOC campsites have always been a favourite for summer holidaymakers, offering unique experiences from coastal views to tranquil bush settings. We encourage people to plan ahead and book early where possible, especially during peak times and be aware of the rules in place to protect these special places.”

    “Our islands have special biodiversity values and are home to threatened plant and animal species, some of which only exist in a few places. Wildfire can be devastating to these native ecosystems and we are very concerned about the threat of pest seaweed Caulerpa,” says Bronwyn.

    Background information

    Important information for campers and day trippers

    • Fires: Visitors are reminded not to light fires on any of the islands due to the significant risk to local wildlife and ecosystems.
    • Biosecurity: It’s vital to follow biosecurity rules to protect these fragile environments—clean your gear and check for pests before visiting. It is illegal to fish or anchor a vessel in the defined controlled area of Te Rāwhiti Inlet to help control the spread of Caulerpa.
    • Marine Mammal Sanctuary Bay of Islands: Please respect the sanctuary rules and avoid entering designated safe zones to protect dolphins and other marine life.
    • Dogs: Dogs are not permitted at DOC campsites and areas to prevent disturbance or harm to native wildlife.

    Northland campsite availability for summer 2024/2025:

    While some campsites are booked solid through the busy holiday period, others still have availability for those seeking an adventure later in the summer.

    • Uretiti Campsite—50% availability from Christmas onwards, with more space opening up after the peak holiday period.
    • Trounson Kauri Park and Puketi campsites—plenty of availability through December and January.
    • Puriri, Waikahoa, Urupukapuka Island Campsites—fully booked until mid-January, with availability after that.
    • Otamure Campsite—booked out until the end of January, with some availability from February onwards.

    Some campsites do not need to be booked and operate on a first-come, first-served basis.

    How to camp responsibly:

    • Be prepared—check the latest information on weather, travel conditions, wildlife, walking tracks, and the gear you’ll need before heading out.
    • Respect nature—use biodegradable products, and keep your washing away from rivers, lakes, and the ocean to protect local ecosystems. Most camps have a pack in pack out policy.
    • Check campsite rules—understand where to pitch your tent and whether there are fire restrictions before lighting any outdoor fires.
    • Plan for waste—not all campsites have waste disposal, so campers should take rubbish with them when leaving.
    • Book early—secure your spot at a DOC campsite by booking in advance, especially during peak periods.

    “A lot of these islands are also pest free so checking your boat for any rodent stowaways and other unwanted pests is vital. Dogs are not permitted on islands managed by DOC as they disturb or threaten wildlife.’’

    There is a total fire ban on conservation islands in Northland. Anyone who lights an unauthorised fire could face up to two years’ imprisonment or a fine of up to $200,000, plus the costs of the damage and putting out the fire.

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Brunei Darussalam

    Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

    • Reviewed: 18 November 2022, 09:26 NZDT
    • Still current at: 17 October 2024

    Related news features

    If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.

    Exercise increased caution in Brunei Darussalam (level 2 of 4).

    Brunei Darussalam

    Crime
    Petty crime such as theft and burglary can occur in Brunei Darussalam. We advise New Zealanders to be alert to their surroundings at all times and take steps to safeguard and secure their personal belongings.

    Civil unrest
    Civil unrest is extremely rare in Brunei Darussalam, but protests and demonstrations could have the potential to result in violence. We advise monitoring local media and following any instructions from local authorities.

    General travel advice
    New Zealanders in Brunei Darussalam are strongly advised to familiarise themselves with and observe local laws and customs, which can be very different to New Zealand. This includes in relation to alcohol and tobacco, and public expression of political views.

    Brunei Darussalam has a dual legal system with both civil law and syariah (sharia) law. Both laws include provisions for corporal and capital punishments. Penalties for possession, use or trafficking of illegal drugs are severe and can include the death penalty, physical punishment, and lengthy imprisonment.

    Further information about the Syariah Penal Code can be found on Brunei Darussalam’s Attorney General’s Chambers website. A non-exhaustive list of illegal activities under syariah law includes blasphemy, sodomy, and adultery. Syariah law applies to Muslims, non-Muslims, and foreigners.

    New Zealanders are advised to respect religious, social and cultural traditions in Brunei Darussalam to avoid offending local sensitivities (including around members of the Royal Family and during religious occasions). Modesty and discretion should be exercised in both dress and behaviour.

    New Zealanders travelling or living in Brunei Darussalam should have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air.

    New Zealanders in Brunei Darussalam are encouraged to register their details with the Ministry of Foreign Affairs and Trade.


    The New Zealand High Commission Kuala Lumpur, Malaysia is accredited to Brunei Darussalam

    Street Address Level 21, Menara IMC, 8 Jalan Sultan Ismail, Kuala Lumpur 50250 Telephone +60 3 2078 2533 Fax +60 3 2078 0387 Email klinfo@mfat.govt.nz Web Site http://www.mfat.govt.nz/malaysia Hours Mon-Fri 0830am to 1230 hrs (reception); Mon-Thurs 0800-1630 hrs, Fri 0800-1600 hrs (telephone enquiries and pre-arranged appointments)

    See our regional advice for South East Asia

    MIL OSI New Zealand News

  • MIL-OSI Security: Leaders of Dangerous Mexican Drug Cartel Responsible for Extreme Violence Charged with International Drug Trafficking and Firearms Offenses

    Source: United States Attorneys General 7

    Note: View the fifth superseding indictment here.

    An indictment was unsealed in the District of Columbia charging leaders of the violent drug trafficking organization known as Los Zetas, and its successor organization, Cartel del Noreste (CDN), with engaging in a continuing criminal enterprise; drug trafficking conspiracy; firearms offenses; and international money laundering conspiracy.

    According to the indictment, Miguel Trevino Morales, 51, also known as Z-40, and his brother, Omar Trevino Morales, 48, also known as Z-42, allegedly assumed control of Los Zetas after more than a decade as members of the violent drug trafficking organization. Los Zetas previously served as an armed militaristic wing for the Gulf Cartel to maintain control of drug trafficking routes throughout Mexico. Since becoming leaders of Los Zetas in 2012, which they later renamed the Cartel del Noreste, the defendants have allegedly continued its history and pattern of using extreme violence to control large swaths of Northern Mexico, including along the U.S. border. Based on allegations in the indictment, Miguel and Omar Trevino Morales were incarcerated in Mexico in 2013 and 2015, respectively, but continued to control the CDN through various means, including by installing various family members to run operations at their behest. Miguel and Omar Trevino Morales are alleged to be personally responsible for committing dozens of murders and for directing assassinations, kidnappings, and acts of torture by Los Zetas and CDN members to promote and protect the Cartel’s drug trafficking activities and enrich its members.

    “As alleged in the indictment, the defendants ran a transnational drug trafficking organization that was responsible for committing extreme violence and trafficking massive quantities of narcotics into the United States,” said Principal Deputy Assistant Attorney General Nicole Argentieri, head of the Justice Department’s Criminal Division. “The Justice Department is committed to holding cartel leaders like the defendants accountable for poisoning American communities and fueling violence here and abroad. We are also committed to working with our domestic and international colleagues in this effort, and we are grateful to our Mexican law enforcement partners for their ongoing collaboration in this case.”

    “This superseding indictment underscores the Justice Department’s commitment to pursuing the leaders of the world’s most dangerous drug cartels, no matter how long it takes,” said U.S. Attorney Breon Peace for the Eastern District of New York. “The defendants’ prolific crimes and extreme acts of violence have wreaked havoc in the Eastern District of New York and across the country, and we look forward to holding the defendants accountable in a U.S. court of law.”

    “For decades, these individuals have controlled one of the most violent drug organizations in Mexico, committing and directing the commission of horrible atrocities against our neighbors, the people of Mexico, and also in the United States,” said U.S. Attorney Jaime Esparza for the Western District of Texas. “Nothing is more important than bringing dangerous individuals like this to justice. We look forward to working with the government of Mexico in bringing these brutal Cartel leaders to justice for the numerous crimes they have committed.”

    “Homeland Security Investigations (HSI) stands with our partners in the fight against transnational criminal organizations to protect our citizens from their unlawful actions,” said HSI Executive Associate Director Katrina W. Berger. “The harm caused by the Los Zetas cartel reaches well beyond our borders, hurting communities and ruining lives here in the United States.”

    “For decades, Los Zetas operated as one of the most violent drug trafficking organizations in the United States and Mexico under the direction of brothers Miguel (Zeta 40) and Omar Trevino Morales (Zeta 42),” said Special Agent in Charge Daniel C. Comeaux of the Drug Enforcement Administration (DEA) Houston Field Division. “The DEA has never wavered from the global fight against this vicious, ruthless cartel which thrived on the devastation they imparted on American communities. Through countless investigations, DEA brought high-ranking members of this destructive organization to justice. These latest indictments will continue to cripple this violent organization and force them to release the stranglehold they have exerted along the southwest border of the United States.”

    If convicted, the defendants face a maximum penalty of life in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The DEA Houston Division investigated the case, with assistance from the DEA Mexico City Country Office. HSI New York contributed substantially to the investigation, as did the following: DEA San Antonio Division, DEA Eagle Pass Division, DEA Del Rio Division, DEA Laredo Division, DEA New York Division, FBI Washington Field Office, FBI El Paso Field Office, FBI San Antonio Field Office, FBI Laredo Field Office, FBI Del Rio Field Office, HSI San Antonio, HSI Del Rio, HSI Laredo, Texas Department of Public Safety, Texas Rangers, San Antonio Police Department, Bexar County Sherriff’s Office, Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) San Antonio Field Division, ATF Laredo Field Division, IRS Criminal Investigation (IRS-CI) San Antonio, IRS-CI Waco, and the U.S. Border Patrol.

    The Justice Department’s Office of International Affairs and Criminal Division’s Office of Enforcement Operations provided significant assistance in this case.

    Trial Attorneys Kirk Handrich and Tara Arndt of the Criminal Division’s Narcotic and Dangerous Drug Section, numerous prosecutors for the Western District of Texas, and Assistant U.S. Attorney Andrew Wang for the Eastern District of New York are prosecuting the case.

    This case is part of an Organized Crime and Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Security: Connecticut Fisherman Sentenced for Tax Evasion

    Source: United States Attorneys General

    A Connecticut man was sentenced today to one year and one day in prison for evading taxes on income he earned from commercial fishing in Massachusetts.

    According to court documents and statements made in court, Brian Kobus, of Durham, worked as a commercial fisherman and deckhand for various fishing companies in Massachusetts. After each fishing trip, the companies paid Kobus by check. Despite receiving over $1.2 million in fishing income between 2011 through 2013, and 2017 through 2021, Kobus never filed a federal income tax return or paid the taxes that he owed. To conceal the source and disposition of his income from the IRS, Kobus regularly cashed his paychecks from the fishing companies and used the cash to fund his personal lifestyle.

    In total, Kobus caused a tax loss to the IRS of approximately $377,839.90.

    In addition to his prison sentence, U.S. District Court Judge Nathaniel M. Gorton for the District of Massachusetts ordered Kobus to serve one year of supervised release and to pay $377,839.90 in restitution to the United States.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Joshua S. Levy for the District of Massachusetts made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Matthew L. Cofer of the Tax Division and Assistant U.S. Attorney Victor Wild for the District of Massachusetts prosecuted the case.

    MIL Security OSI

  • MIL-OSI Banking: Phillips 66 provides notice of its plan to cease operations at Los Angeles-area refinery

    Source: Phillips

    Facility expects to cease operations in the fourth quarter of 2025
    Company will work with the state of California to supply fuel markets and meet ongoing consumer demand

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) announced plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet ongoing consumer demand.
    “We understand this decision has an impact on our employees, contractors and the broader community,” said Mark Lashier, chairman and CEO of Phillips 66. “We will work to help and support them through this transition.” Approximately 600 employees and 300 contractors currently operate the Los Angeles-area refinery.
    “With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles,” said Lashier. “Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands.”
    As the California Energy Commission’s analysis has indicated, expanding supply capabilities will be critical. Phillips 66 supports these efforts and will work with California to maintain current levels and potentially increase supplies to meet consumer needs. The company will supply gasoline from sources inside and outside its refining network as well as renewable diesel and sustainable aviation fuels from its Rodeo Renewable Energy Complex in the San Francisco Bay area.
    Phillips 66 has engaged Catellus Development Corporation and Deca Companies, two leading real estate development firms, to evaluate the future use of the 650-acre sites in Wilmington, California, and Carson, California. The firms bring strong track records of solving complex redevelopment challenges and will collaborate with Phillips 66 in an advisory role to advance potential commercial development options that support the regional economy and other key stakeholder objectives.
    “These sites offer an opportunity to create a transformational project that can support the environment, generate economic development, create jobs and improve the region’s critical infrastructure,” Lashier said.
    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
    CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
    This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition or conversion that we may pursue; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

    Source: Phillips 66

    MIL OSI Global Banks

  • MIL-OSI Economics: ESA orders 6 additional radar-based satellites to Thales Alenia Space for IRIDE Earth observation constellation

    Source: Thales Group

    Headline: ESA orders 6 additional radar-based satellites to Thales Alenia Space for IRIDE Earth observation constellation

    This new batch of radar satellites will also be based on the innovative and scalable NIMBUS (New Italian Micro Bus) platform

    • This new contract strengthens Thales Alenia Space’s engineering and industrial capabilities in making innovative and flexible observation satellites
    • IRIDE to provide dual Earth observation capabilities to monitor the Italian territory and Europe from space
    • With this new contract, Thales Alenia Space will build a total of 13 satellites for IRIDE constellation: 12 small-sized satellites based on SAR (Synthetic Aperture Radar) technology and 1 satellite based on optical technology.

    Milan, October 16th, 2024 –Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), has signed a 107-Million-Euro contract with the European Space Agency (ESA) for the supply of 6 additional radar-based satellites dedicated to the Italian Earth observation constellation, IRIDE.

    This second batch of satellites, as the previous batch of six, will rely on the innovative and scalable NIMBUS (New Italian Micro Bus) platform. Built by Thales Alenia Space, the high-performance NIMBUS will be produced rapidly and is designed for high-revisit and high-capacity constellations in addition to very high throughput.

    IRIDE ©Thales Alenia Space

    For the Italian Earth Observation Constellation IRIDE, Thales Alenia Space will build a total of 13 satellites: 12 small-sized satellites based on SAR (Synthetic Aperture Radar) technology and 1 satellite based on optical technology.

    “I would like to thank the European and Italian Space Agencies for once again entrusting Thales Alenia Space’s competences and expertise,” said Giampiero Di Paolo, Senior Vice President Observation, Exploration and Navigation for Thales Alenia Space. “Leveraging our experience onbaord major Earth observation programs, we are ready to reinforce our capabilities in the small satellite segment. Based on a series of sensing instruments and technologies, the IRIDE constellation will range from microwave imaging with radar sensors to optical imaging at various spatial resolutions and in different frequency ranges, making it a cutting-edge space program in Earth Observation. The radar technology on board this program will be a crucial pillar of our ALL-IN-ONE Earth observation solution, which effectively combines optical and radar small satellites to ensure high revisit frequency and control for near real-time monitoring.”

    About IRIDE Earth observation constellation:

    IRIDE is one of the most important European space programs in the field of Earth Observation. It is a government project funded as part of Italy’s National Recovery and Resilience Plan (PNRR), complemented by funding from the National Integration Plan (PNC). IRIDE is a constellation of satellites, operational by 2026, managed by the European Space Agency (ESA) in conjunction with the Italian Space Agency (ASI).

    IRIDE features a hybrid constellation of different satellites with dedicated Earth observation sensors; this end-to-end system comprises a series of low Earth orbit (LEO) satellite sub-constellations, ground infrastructures (downstream) and services dedicated to the Italian Public Administration.

    Thales Alenia Space’s responsibility in the program:

    Thales Alenia Space will contribute to the achievement of this innovative constellation of satellites that feature sophisticated operating modes to support high revisit rates, providing data that can be integrated with that from other existing or future programs and infrastructures, including COSMO-SkyMed Second Generation and Prisma, as well as Europe’s vast Copernicus Earth observation and protection program.

    Thales Alenia Space will further contribute to the constellation by supplying an optical satellite with a performance tailored to its needs. Built on the platform NIMBUS, the optical payload is developed by the Italian companies Media Lario and TSD-space, specialized in the creation of instruments and electronics for space.

    The satellites will be built in Italy under the responsibility of Thales Alenia Space and thanks to the contribution of the entire supply chain of SMEs in the space sector. They will provide valuable data not only to researchers studying the evolution of the environmental conditions of Italy but also to the Civil Protection and other Public Administrations to protect coasts, monitor critical infrastructures, air quality and weather conditions. IRIDE’s data will be of paramount importance. This data will allow the development of commercial applications by start-ups, small and medium-sized enterprises and industries in the geospatial sector.

    ABOUT THALES ALENIA SPACE

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023. Thales Alenia Space has around 8,600 employees in 9 countries, with 16 sites in Europe and a plant in the US.

    http://www.thalesaleniaspace.com

    THALES ALENIA SPACE – PRESS CONTACTS

    Tarik Lahlou
    Tel: +33 (0)6 87 95 89 56
    tarik.lahlou@thalesaleniaspace.com

    Catherine des Arcis
    Tel: +33 (0)6 78 64 63 97
    catherine.des-arcis@thalesaleniaspace.com

    Cinzia Marcanio

    Tel.: +39 (0)6 415 126 85
    cinzia.marcanio@thalesaleniaspace.com

    MIL OSI Economics

  • MIL-OSI Economics: Thales demonstrates its capacity to deploy drone swarms with unparalleled levels of autonomy using AI

    Source: Thales Group

    Headline: Thales demonstrates its capacity to deploy drone swarms with unparalleled levels of autonomy using AI

    • On 16 October 2024, in the first flight tests of their kind, Thales demonstrated the potential of deploying swarms of drones with different levels of autonomy. Autonomous functionality optimised by Artificial Intelligence (AI) and intelligent agents reduces the cognitive load on operators yet ensures that they remain in control at all times, particularly during critical mission phases.
    • In this latest step in its Drone Warfare strategy, Thales and its partners are applying the principles of interoperability and integration to improve the coordination of drone swarms for deployment on a wide range of mission types.
    • To meet the requirements of the armed forces, Thales is proposing an innovative AI-based system architecture that provides drone swarms with an unparalleled level of supervised autonomy and enables them to adapt their behaviour to changing operational requirements.

    The operational value of drones on the battlefield is now firmly established, but their effectiveness is still limited by two factors: they usually require one operator per drone, and a secure, resilient datalink must be available throughout the mission. Flight tests organised for the JDEC (1) demonstrations on 16 October 2024 turned the spotlight on the latest breakthroughs by Thales and its partners in their efforts to overcome these limitations and support drone swarm operations tailored to military requirements. In the tests, Thales’s COHESION demonstrator showed how AI and intelligent agents can be used to achieve an unparalleled level of autonomous operation in drone swarm deployments.

    The system architecture of the COHESION demonstrator enables operators to adapt the level of autonomy of their drone swarms to the operational requirements of each phase of the mission. This new possibility offers an unprecedented level of flexibility in contested environments, where electronic warfare measures can saturate communication systems and jam datalinks that rely on GNSS signals. Autonomous operation by single drones and/or entire swarms overcomes the need for a permanent datalink with the control station. The drones are capable of perceiving and analysing their local environment, sharing target information, analysing enemy intent and prioritising missions. They can also utilise collaborative tactics and optimise their trajectories to increase resilience and boost force effectiveness, helping to accelerate the OODA(2) loop and enhance battlefield transparency.

    This innovative approach acts as a force multiplier without increasing the cognitive load on operators, who remain in charge of the most critical decisions. The use of trusted, cybersecure, human-in-the-loop AI guarantees safe human supervision at all times, in line with Thales’s principles of TrUE AI (3).

    “We are proud to be developing innovative solutions aligned with strong ethical values. Our solutions are demonstrable, applicable, incremental and deployable, acting as a force multiplier without increasing the cognitive burden on operators, yet guaranteeing that they retain their central role in the decision-making process.” Hervé Dammann, Executive Vice President, Land and Air Systems, Thales

    Positioned as a systems provider and integrator, Thales has developed its Drone Warfare offering to accelerate interoperability between a wide range of land, airland, air and naval platforms. The Group is also a key player in an ecosystem of French industries and tech companies working to expand the capabilities of front-line drones in the theatre of operations.

    • In June 2023, Thales unveiled OpenDRobotics, a revolutionary AI-based solution that ties together robotics technologies and different types of unmanned air and ground-based assets to build complete human-in-the-loop mission systems.
    • Thales is also an established manufacturer of unmanned air systems: its Spy’Ranger 330 system, for example, has been selected for the French Army’s SMDR (4) programme.
    • Thales’s acquisition of Aeromapper in 2024 has expanded its range of drone products to include the TOUTATIS loitering munition.

    In March 2024, Thales created cortAIx to speed development of trusted AI for critical systems. Among its short-term objectives, cortAIx aims to integrate and industrialise AI development tools to enable the armed forces to optimise analysis of the data generated by sensors and decision support solutions while addressing the specific cybersecurity, embeddability and frugality requirements of systems operating in constrained environments.

    1JDEC: Journée de Démonstrations d’Essaims de Drones de Contact / Front-line drone swarm demonstrations

    2OODA: Observe, Orient, Decide, Act

    3TrUE AI: Transparent, Understandable, Ethical AI

    4SMDR: Système de Mini-Drones de Reconnaissance / mini-drone system for reconnaissance missions

    MIL OSI Economics

  • MIL-OSI Economics: Verizon to grant $73K to DC-area Latino-serving orgs, host panel, take headshots at networking event

    Source: Verizon

    Headline: Verizon to grant $73K to DC-area Latino-serving orgs, host panel, take headshots at networking event

    ROCKVILLE, Md. – Celebrating $73,300 in new Verizon donations to local Latino-serving organizations that boost workforce development, digital inclusion and small businesses, the company will host its second Washington, D.C.-area “Connected By Culture” event Oct. 17 at the Verizon store at 1701 Rockville Pike in Rockville, Md.

    With a theme of “Innovadores del Futuro – Empowering Rising Latino Community Tech Leaders,” the Oct. 17 event will connect community members with career and networking opportunities from 3 to 6 p.m. In the spirit of the recently concluded Hispanic Heritage Month (Sept. 15 through Oct. 15), the celebration reinforces Verizon’s year-round dedication to and investment in the Latino community, as it follows comparable “Connected By Culture” celebrations held earlier this year in D.C., Philadelphia, Chicago, New York City and Boston.

    The Oct. 17 “Connected By Culture” event will feature top leaders – many of whom are from Maryland – supporting the next generation of Latino community leaders pursuing careers in tech and entrepreneurship; offer free professional headshots; foster networking opportunities; highlight ongoing Verizon initiatives that bolster the community; and stage a performance showcasing a Baila4Life dance ensemble.

    Starting at 5 p.m., a workforce development panel discussion will feature insights from influential leaders in the Latino community, including Adriana Dawson, Community Engagement Director, Verizon; Cristina Oviedo, Howard County Liaison, Maryland Hispanic Chamber of Commerce; Francisco Cartagena, Program Manager, Bowie State University Women’s Center; Frank Chambergo, Part-Time Faculty, IgnITe Hub, Montgomery College; and Leo Hernandez, Small Business Development Manager, Latino Economic Development Center.

    “Verizon’s ‘Connected By Culture’ event series highlights the impactful contributions of Latino leaders and their organizations helping to move our communities forward, and our next event in Rockville does just that while celebrating the local Latino community,” said Mario Acosta Velez, a Senior Director of Local Engagement and Responsible Business for Verizon. “This serves as a testament of our commitment to serve our customers, communities and partners with pride and culture.”

    “As we continue to foster innovation and business growth in Maryland, it is essential that we create pathways for the next generation of Hispanics/Latinos,” said Marco V Ávila, P.E. President/CEO & Chairman of the Board, Maryland Hispanic Chamber of Commerce. “Verizon’s ‘Connected By Culture’ series not only provides immediate opportunities but also helps to build a stronger, more inclusive future for Hispanics/Latinos in technology and entrepreneurship across the state of Maryland.”

    Verizon’s $73,300 in combined donations renew or establish partnerships with six local Latino-serving organizations: Maryland Hispanic Chamber of Commerce, the Latino Economic Development Center, ignITe Hub Montgomery College, Baila4Life, Latin American Youth Center and the Maryland Women’s Business Center.

    Aligning with Verizon’s responsible-business plan, the Connected By Culture series reinforces Verizon’s continuing commitment to workforce development, including the Verizon Skill Forward program, which provides access to free skills building online courses. With no prior experience or college degree required, Verizon Skill Forward participants can access self-paced, expert-led free online courses designed by universities and industry experts for one year, including dedicated courses in Spanish.

    MIL OSI Economics

  • MIL-OSI Economics: Burkina Faso formally accepts Agreement on Fisheries Subsidies

    Source: World Trade Organization

    Director-General Okonjo-Iweala said: “I am delighted that Burkina Faso has formally accepted the Agreement on Fisheries Subsidies. As a landlocked, least-developed country, Burkina Faso’s commitment underscores the vital role that all WTO members must play in advancing this Agreement closer towards entry into force to foster sustainable global fisheries worldwide for the benefit of all people’s livelihoods and food security. I hope more members swiftly follow suit.”

    Minister Traoré said: “Burkina Faso’s ratification of the Agreement on Fisheries Subsidies is testimony to the emphasis our country places on honouring its international commitments, in this case its WTO commitments. The significance of an international commitment promoting the sustainability of oceans and their resources, which benefit all — irrespective of geographical location — cannot be overstated

    Moreover, we wish to see implementation of this Agreement benefiting all countries, including landlocked ones, through technical capacity-building of stakeholders in the fisheries sector. We are pinning our hopes on the effectiveness of this Agreement in all its dimensions.”

    Burkina Faso’s instrument of acceptance brings to 85 the total number of WTO members that have formally accepted the Agreement. Seventeen African members have formally accepted the Agreement, of which nine are least-developed countries. Twenty-six more formal acceptances are needed for the Agreement to come into effect. The Agreement will enter into force upon acceptance by two-thirds of the membership.

    Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12), held in Geneva on 12-17 June 2022, the Agreement on Fisheries Subsidies sets new, binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world’s fish stocks. In addition, the Agreement recognizes the needs of developing economies and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.

    The Agreement prohibits subsidies for illegal, unreported and unregulated (IUU) fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.

    Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the Agreement.

    The full text of the Agreement can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.

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    MIL OSI Economics

  • MIL-OSI Economics: Registration opens for second public hearing in US-Argentina tubular goods dispute

    Source: World Trade Organization

    The meeting is scheduled to start at 9.00 (Geneva time) on 19 November 2024 and may continue until 17.00. It will resume at 9.00 the following day, 20 November. Subject to prior registration as set out below, the meeting can be viewed remotely via livestreaming or in a viewing room at the WTO.

    The meeting may be closed by the panel at any time to discuss business confidential information. The panel may also close the meeting to public viewing at any time, on its own initiative or at the request of either party, if there is a risk of breach of confidentiality or of disruption of the meeting.

    The public observation of the meeting will be held in English only; interpretation will not be available.

    To register for the meeting, please complete the application form. Completed forms must be sent as an email attachment to [email protected]. Applications will be accepted until 17.00, Geneva time, on 12 November 2024. Those who have successfully registered will be informed by a confirmation email by 15 November 2024, which will include further details on how to access the viewings.

    Please note that the names of registered viewers may be communicated to the parties, Argentina and United States, at their request.

    All registered individuals viewing the meeting on-site at the WTO will need to present a valid identification document (passport, ID card or driver’s licence) on-site to gain access to the viewing room. Places in the viewing room reserved for the public will be allocated on a first-come first-served basis upon receipt of a completed registration form.

    As a condition for registering to view the meeting, viewers will be required to confirm their understanding that any recording or sharing of the livestream or the closed-circuit broadcast (including via filming, screenshots, audio recordings, or any other media) is strictly prohibited.

    Additionally, those viewing the meeting remotely via livestreaming will be required to confirm their understanding that sharing the web-link or access credentials in any form is strictly prohibited. For those viewing the meeting on-site at the WTO viewing room, mobile phones must be switched off.

    The WTO cannot offer any support, including financial, for accommodation, flight arrangements and visas.

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  • MIL-OSI Economics: German Armed Forces receive final Ground Alerter 10 sense and warn camp protection system

    Source: Thales Group

    Headline: German Armed Forces receive final Ground Alerter 10 sense and warn camp protection system

    • On 16 October 2024, Thales officially handed over the final commissioned Ground Alerter (GA) 10 radar, from a total order of 17 GA 10 warning and alerting systems delivered to the German Armed Forces in Koblenz.
    • The GA10 is a portable C-RAM (Counter – Rocket, Artillery, Mortar) alert and impact zone early warning system for camp protection as well as dismounted operations in convoy protection
    • The radar system has already proven itself in asymmetric scenarios and saved numerous lives in the past.

    DITZINGEN / KOBLENZ — [16 October 2024] — In a ceremony held today at its Koblenz site, Thales handed over the final radar of a total of 17 Ground Alerter 10 (GA 10) warning and alerting systems for protection against indirect fire (WASI) to the Bundeswehr. In February 2021, the company was awarded the contract by the Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw) to supply an initial five systems, with the option for further systems, following a competitive tendering process. The contract, which in addition to the delivery of the systems also includes training, documentation and an initial supply of spare parts, was completed today with the handover of the last system on time and on budget and to the satisfaction of all parties involved.

    Eric Huber, Vice President Surface Radars Thales, commented “We are very pleased with this successful project completion on time and on budget, demonstrating Thales capabilities in camp protection and warning alerts. The GA10 contributes significantly to the protection of German soldiers during their important missions at home and abroad. Our Ground Alerter 10, manufactured in Ditzingen as a European military off-the-shelf product, draws on strong radar expertise and operational experience, and has already saved many lives in the past, and we are particularly proud of that.”

    The Ground Alerter 10 is a portable counter rocket, artillery and mortar (C-RAM) system for Force Protection. It is combat proven in various missions, such as convoy protection, camp protection and has saved many lives in the recent past. Its integrated alert network warns military personnel of missile and mortar threats by generating an acoustic and visual alert at the estimated impact point area. This takes place as soon as the trajectory indicates an imminent impact in the respective safety area and the system simultaneously provides reliable data on the firing position at an early stage to facilitate necessary countermeasures. To date, various GA10s are already in use to protect UN camps in North East and Eastern Mali, as well as by the French Forces in several out-of-area camps

    Easy to set-up, operate and transport, the GA10 is well suited for deployment in dismounted operations for convoy protection. Two people can accomplish en-camp/de-camp and only one person is required for system initialization and monitoring. Being the lightest system of its class and completely portable (only 1- or 2-men loads), re-deployment of the system is possible with protected vehicles or by helicopter. Mandatory for mobile operations, the GA10 prime power consumption only amounts to 350 Watts and facilitates battery-only supply.

    Expertise in radar technology

    At Thales Germany’s Baden-Württemberg site in Ditzingen near Stuttgart, tried-and-tested, highly mobile radars for ground and coastal surveillance are developed and manufactured that are used by armed and security forces worldwide for stationary or mobile protection of complex environments.

    Note to the editors

    The Ground Alerter 10 is a complete sense and warn system consisting of a UHF radar, an integrated alarm network with multiple wireless and wired alarm devices and an operating unit (ruggedized laptop).

    The radar system consists of the main elements:

    • Antenna (incl. GPS positioning system) with 6 m telescopic mast
    • electronic radar frequency control unit (RFC)
    • electronic signal processing unit (SPC)

    The power supply is also possible with a battery system. This consists of two 6-packs (6-fold battery arrangement) of Li-Ion batteries of the internationally used type BB2590 in a transport box that also serves as a charging station.

    With a corresponding interconnection (J-unit), the battery boxes can be alternately replaced during operation. The set of two boxes is sufficient to operate the radar for > 2×4 hours. The system is operated with a ruggedized laptop with a European keyboard via the VENUS operating software. The integrated alarm network selectively generates an audible and visual alarm only in the area of the point of impact.

    MIL OSI Economics

  • MIL-OSI Economics: Members explore ways of boosting developing economies’ integration into global trade

    Source: WTO

    Headline: Members explore ways of boosting developing economies’ integration into global trade

    This was the first meeting of the Committee’s negotiating session since the 13th WTO Ministerial Conference (MC13), at which ministers adopted a Declaration on Special and Differential Treatment that seeks to ensure that developing economies — including LDCs — receive timely training and technical assistance to help them implement standards or technical regulations. The Declaration also provides guidance for members to continue working towards enhancing the implementation of special and differential treatments in the Agreement on the Application of Sanitary and Phytosanitary Measures and the Agreement on Technical Barriers to Trade, and instructs them to report on any progress by December 2024. The Declaration also instructs WTO members to continue to work on improving the application of special and differential treatment provisions, and to report on progress to the General Council before the 14th WTO Ministerial Conference (MC14).
    There are currently three facilitators working with members on the Agreement-specific proposals on special and differential treatment tabled by the G90 group, covering sanitary and phytosanitary measures and technical barriers to trade, technology transfer for LDCs and trade-related investment measures, respectively.
    On sanitary and phytosanitary measures (SPS) and technical barriers to trade (TBT), the facilitator from Singapore updated the Committee on recent informal discussions. Members explored synergies between the work in the Special Session and in the two Committees respectively overseeing these issues. The chairpersons of the SPS and TBT Committees — Cecilia Risolo from Argentina and Daniela García from Ecuador, respectively — provided updates on their work to fulfil the MC13 mandate for a precise, effective and operational implementation of special and differential treatment provisions of the SPS and TBT Agreements.
    The facilitators for technology transfer to LDCs (Saint Vincent and the Grenadines) and for trade-related investment measures (Brazil) also provided updates on their consultations to advance the work in their respective areas.
    The three facilitators suggested holding thematic sessions with a view to achieving a shared understanding of the challenges faced by developing economies, including LDCs, and the solutions suggested by the G90. Members are considering these suggestions.
    Ambassador Kadra Ahmed Hassan of Djibouti, Chair of the Committee on Trade and Development in Special Session, encouraged the facilitators to continue engaging with members. “If we are to deliver on development at MC14, we need to keep moving forward,” she said.
    Developing economies and LDCsreceive special and differential treatment provisions according to over 150 provisions of the WTO agreements. These include access to technical assistance activities and longer transition periods to implement agreements and decisions. The negotiations taking place in the Special Session of the Committee on Trade and Development are mandated by Paragraph 44 of the 2001 Doha Ministerial Declaration.
    More information on special and differential treatment is available here.

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  • MIL-OSI Economics: Christine Lagarde: Lessons from Ljubljana in uncertain times

    Source: European Central Bank

    Speech by Christine Lagarde, President of the ECB, at the official dinner of Banka Slovenije in Ljubljana, Slovenia

    Ljubljana, 16 October 2024

    It is a pleasure to be here this evening.

    Not far from here, tucked away in the National and University Library, lie copies of the Abecedarium and the Catechism. These two texts, written by the religious reformer Primož Trubar in 1550, were the first ever books to be printed in Slovenian.[1]

    At a time when German was the language of the ruling classes, Trubar’s pioneering act was fundamental in helping to establish the national identity of Slovenians.[2]

    Today, his portrait graces the €1 coin in Slovenia, framed by the famous words found in the Catechism, “Stati inu Obstati” – “to stand and withstand”.[3]

    It is telling that both books – one a primer for the Slovenian language, the other guidelines for religious observance – were designed to teach, for there is much that Europe can learn from Slovenia in the uncertain world we now face.

    The global order we knew is fading. Open trade is being replaced with fragmented trade, multilateral rules with state-sponsored competition and stable geopolitics with conflict.

    Europe had invested considerably in the old order, so this transition is challenging for us. As the most open of the major economies, we are more exposed than others.

    So, in this new landscape, we too must learn “to stand and withstand”. And we can do so by drawing on two valuable lessons from Ljubljana.

    Opportunity in times of uncertainty

    The first lesson is that uncertainty can create opportunity.

    While many in Europe are anxious about the future, Slovenians are no strangers to uncertainty.

    Within a single generation, Slovenia made a success of the extraordinarily difficult transition from a planned economy to a market economy. Policymakers defied the odds by implementing tough structural reforms to first join the EU and, later, the euro area.

    Today, Slovenia is a success story. It is a developed, stable and high-income economy, with the highest GDP per capita at purchasing power parity of central and eastern European countries (CEECs).

    The nation’s success owes much to the creativity and vigour of its people and their innate ability to seize economic turning points and transform them into opportunities.

    For example, when Slovenia joined the EU, it was exposed to greater levels of competition from other Member States in the economic bloc.

    But Slovenia quickly capitalised on its skilled workforce to develop a new business model based on deep integration in the Single Market. Today, every single car produced in Europe has at least one component that is made in Slovenia.[4]

    For Europe, the changes in the global economy today represent a similar turning point. But if we approach it with the right spirit, I believe it can be an opportunity for renewal.

    A less favourable global economy can push us to complete our domestic market. Fiercer foreign competition can encourage us to develop new technologies. More volatile geopolitics can drive us to become more energy secure and self-sufficient in our supply chains.

    For Slovenia, the transformation of the automotive supply chain will be a particular challenge. But the economy is already adapting. For example, in July this year Slovenia secured a major investment in domestic electric vehicle production.[5]

    For many Slovenians, striding into an unpredictable future may seem like second nature.

    One of your most famous paintings, “The Sower”, hangs on display here at the National Gallery. Depicting an agricultural labourer at the crack of dawn hard at work sowing seeds in a field, the painting represents Slovenians’ resolute determination in the face of uncertainty.

    The rest of us in Europe will need to draw on this example in the uncertain times ahead. If we do so, we can also turn uncertainty into opportunity.

    The importance of sharing the benefits of change

    The second lesson from Slovenia is that the benefits of change can – and should – be more widely shared.

    The path of renewal for Europe is inescapably linked with new technology, especially digitalisation. But new technologies can sometimes lead to uneven labour market outcomes.

    Slovenia has undergone remarkable technological change over the past 20 years. Today, the country’s level of digital development is 7% above the CEEC average and it can compete with some of the most digitally developed EU countries in certain areas.[6]

    Yet Slovenia’s Gini coefficient – a measure of income inequality – is the second lowest in the OECD.[7] The country also benefits from high levels of gender equality. Female labour force participation is higher than the EU average and nearly equal to that of men.[8]

    Many in Europe are worried about the challenges ahead, such as the effects of artificial intelligence on social inclusion. But we should let Slovenia’s example inspire us.

    With the right approach, we can move forward and become more technologically advanced while ensuring everyone can benefit from the gains.

    And when everyone benefits, Europe benefits too. Over three-quarters of citizens in Slovenia feel attached to Europe, and almost two-thirds identify as both Slovenian and European – levels that are well above their respective EU averages.[9]

    Conclusion

    Let me conclude.

    In today’s uncertain world, Europe must learn “to stand and withstand”. And it can do so by looking to Slovenia as an example of how to overcome challenges that come its way.

    First, we must work hard to sow the seeds of success. And then, as the folk singer Vlado Kreslin sings, “vse se da” – “everything is possible”.

    Thank you.

    MIL OSI Economics

  • MIL-OSI USA: The Marshall Star for October 16, 2024

    Source: NASA

    NASA’s Europa Clipper has embarked on its long voyage to Jupiter, where it will investigate Europa, a moon with an enormous subsurface ocean that may have conditions to support life. The spacecraft launched at 11:06 a.m. CDT on Oct. 14 aboard a SpaceX Falcon Heavy rocket from Launch Pad 39A at NASA’s Kennedy Space Center.

    The largest spacecraft NASA ever built for a mission headed to another planet, Europa Clipper also is the first NASA mission dedicated to studying an ocean world beyond Earth. The spacecraft will travel 1.8 billion miles on a trajectory that will leverage the power of gravity assists, first to Mars in four months and then back to Earth for another gravity assist flyby in 2026. After it begins orbiting Jupiter in April 2030, the spacecraft will fly past Europa 49 times.
    “Congratulations to our Europa Clipper team for beginning the first journey to an ocean world beyond Earth,” said NASA Administrator Bill Nelson. “NASA leads the world in exploration and discovery, and the Europa Clipper mission is no different. By exploring the unknown, Europa Clipper will help us better understand whether there is the potential for life not just within our solar system, but among the billions of moons and planets beyond our Sun.”
    Approximately five minutes after liftoff, the rocket’s second stage fired up and the payload fairing, or the rocket’s nose cone, opened to reveal Europa Clipper. About an hour after launch, the spacecraft separated from the rocket. Ground controllers received a signal soon after, and two-way communication was established at 12:13 p.m. with NASA’s Deep Space Network facility in Canberra, Australia. Mission teams celebrated as initial telemetry reports showed Europa Clipper is in good health and operating as expected.
    “We could not be more excited for the incredible and unprecedented science NASA’s Europa Clipper mission will deliver in the generations to come,” said Nicky Fox, associate administrator, Science Mission Directorate at NASA Headquarters. “Everything in NASA science is interconnected, and Europa Clipper’s scientific discoveries will build upon the legacy that our other missions exploring Jupiter – including Juno, Galileo, and Voyager – created in our search for habitable worlds beyond our home planet.”
    The main goal of the mission is to determine whether Europa has conditions that could support life. Europa is about the size of our own Moon, but its interior is different. Information from NASA’s Galileo mission in the 1990s showed strong evidence that under Europa’s ice lies an enormous, salty ocean with more water than all of Earth’s oceans combined. Scientists also have found evidence that Europa may host organic compounds and energy sources under its surface.
    If the mission determines Europa is habitable, it may mean there are more habitable worlds in our solar system and beyond than imagined.
    “We’re ecstatic to send Europa Clipper on its way to explore a potentially habitable ocean world, thanks to our colleagues and partners who’ve worked so hard to get us to this day,” said Laurie Leshin, director, NASA’s Jet Propulsion Laboratory (JPL). “Europa Clipper will undoubtedly deliver mind-blowing science. While always bittersweet to send something we’ve labored over for years off on its long journey, we know this remarkable team and spacecraft will expand our knowledge of our solar system and inspire future exploration.”
    In 2031, the spacecraft will begin conducting its science-dedicated flybys of Europa. Coming as close as 16 miles to the surface, Europa Clipper is equipped with nine science instruments and a gravity experiment, including an ice-penetrating radar, cameras, and a thermal instrument to look for areas of warmer ice and any recent eruptions of water. As the most sophisticated suite of science instruments NASA has ever sent to Jupiter, they will work in concert to learn more about the moon’s icy shell, thin atmosphere, and deep interior.
    To power those instruments in the faint sunlight that reaches Jupiter, Europa Clipper also carries the largest solar arrays NASA has ever used for an interplanetary mission. With arrays extended, the spacecraft spans 100 feet from end to end. With propellant loaded, it weighs about 13,000 pounds.
    In all, more than 4,000 people have contributed to Europa Clipper mission since it was formally approved in 2015.
    “As Europa Clipper embarks on its journey, I’ll be thinking about the countless hours of dedication, innovation, and teamwork that made this moment possible,” said Jordan Evans, project manager, JPL. “This launch isn’t just the next chapter in our exploration of the solar system; it’s a leap toward uncovering the mysteries of another ocean world, driven by our shared curiosity and continued search to answer the question, ‘are we alone?’”
    Europa Clipper’s three main science objectives are to determine the thickness of the moon’s icy shell and its interactions with the ocean below, to investigate its composition, and to characterize its geology. The mission’s detailed exploration of Europa will help scientists better understand the astrobiological potential for habitable worlds beyond our planet.
    Managed by Caltech in Pasadena, California, JPL leads the development of the Europa Clipper mission in partnership with the Johns Hopkins Applied Physics Laboratory (APL) in Laurel, Maryland, for NASA’s Science Mission Directorate. The main spacecraft body was designed by APL in collaboration with JPL and NASA’s Goddard Space Flight Center, Marshall Space Flight Center, and Langley Research Center. The Planetary Missions Program Office at Marshall executes program management of the Europa Clipper mission.
    NASA’s Launch Services Program, based at NASA Kennedy, managed the launch service for the Europa Clipper spacecraft.
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    [embedded content]

    Get ready, get set, and let’s go take a look back at NASA’s 2024 Human Exploration Rover Challenge! Watch as talented student teams from around the world gather in Huntsville for the 30th annual competition to push the boundaries of innovation and engineering. These student teams piloted their human-powered rovers over simulated lunar and Martian terrain for a chance at winning an award during this Artemis student challenge. From jaw-dropping triumphs to unexpected setbacks, this year’s competition was a thrilling ride from start to finish. Buckle up and enjoy the ride as you witness the future of space exploration unfold!
    The challenge is managed by NASA’s Southeast Regional Office of STEM Engagement at the agency’s Marshall Space Flight Center. Learn more about the challenge.
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    NASA’s Chandra X-ray Observatory and other telescopes have identified a supermassive black hole that has torn apart one star and is now using that stellar wreckage to pummel another star or smaller black hole, as described in our latest press release. This research helps connect two cosmic mysteries and provides information about the environment around some of the bigger types of black holes.

    This artist’s illustration shows a disk of material (red, orange, and yellow) that was created after a supermassive black hole (depicted on the right) tore apart a star through intense tidal forces. Over the course of a few years, this disk expanded outward until it intersected with another object – either a star or a small black hole – that is also in orbit around the giant black hole. Each time this object crashes into the disk, it sends out a burst of X-rays detected by Chandra. The inset shows Chandra data (purple) and an optical image of the source from Pan-STARRS (red, green, and blue).
    In 2019, an optical telescope in California noticed a burst of light that astronomers later categorized as a “tidal disruption event”, or TDE. These are cases where black holes tear stars apart if they get too close through their powerful tidal forces. Astronomers gave this TDE the name of AT2019qiz.
    Meanwhile, scientists were also tracking instances of another type of cosmic phenomena occasionally observed across the Universe. These were brief and regular bursts of X-rays that were near supermassive black holes. Astronomers named these events “quasi-periodic eruptions,” or QPEs.
    This latest study gives scientists evidence that TDEs and QPEs are likely connected. The researchers think that QPEs arise when an object smashes into the disk left behind after the TDE. While there may be other explanations, the authors of the study propose this is the source of at least some QPEs.
    In 2023, astronomers used both Chandra and Hubble to simultaneously study the debris left behind after the tidal disruption had ended. The Chandra data were obtained during three different observations, each separated by about 4 to 5 hours. The total exposure of about 14 hours of Chandra time revealed only a weak signal in the first and last chunk, but a very strong signal in the middle observation.
    From there, the researchers used NASA’s Neutron Star Interior Composition Explorer (NICER) to look frequently at AT2019qiz for repeated X-ray bursts. The NICER data showed that AT2019qiz erupts roughly every 48 hours. Observations from NASA’s Neil Gehrels Swift Observatory and India’s AstroSat telescope cemented the finding.
    The ultraviolet data from Hubble, obtained at the same time as the Chandra observations, allowed the scientists to determine the size of the disk around the supermassive black hole. They found that the disk had become large enough that if any object was orbiting the black hole and took about a week or less to complete an orbit, it would collide with the disk and cause eruptions.
    This result has implications for searching for more quasi-periodic eruptions associated with tidal disruptions. Finding more of these would allow astronomers to measure the prevalence and distances of objects in close orbits around supermassive black holes. Some of these may be excellent targets for the planned future gravitational wave observatories.
    The paper describing these results appears in the Oct. 9 issue of the journal Nature. The first author of the paper is Matt Nicholl of Queen’s University Belfast in Ireland.
    NASA’s Marshall Space Flight Center manages the Chandra program. The Smithsonian Astrophysical Observatory’s Chandra X-ray Center controls science operations from Cambridge, Massachusetts, and flight operations from Burlington, Massachusetts.
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    The study of X-ray emission from astronomical objects reveals secrets about the universe at the largest and smallest spatial scales. Celestial X-rays are produced by black holes consuming nearby stars, emitted by the million-degree gas that traces the structure between galaxies, and can be used to predict whether stars may be able to host planets hospitable to life. X-ray observations have shown that most of the visible matter in the universe exists as hot gas between galaxies and have conclusively demonstrated that the presence of “dark matter” is needed to explain galaxy cluster dynamics, that dark matter dominates the mass of galaxy clusters, and that it governs the expansion of the cosmos.

    X-ray observations also enable us to probe mysteries of the universe on the smallest scales. X-ray observations of compact objects such as white dwarfs, neutron stars, and black holes allow us to use the universe as a physics laboratory to study conditions that are orders of magnitude more extreme in terms of density, pressure, temperature, and magnetic field strength than anything that can be produced on Earth. In this astrophysical laboratory, researchers expect to reveal new physics at the subatomic scale by conducting investigations such as probing the neutron star equation of state and testing quantum electrodynamics with observations of neutron star atmospheres.
    At NASA’s Marshall Space Flight Center, a team of scientists and engineers is building, testing, and flying innovative optics that bring the universe’s X-ray mysteries into sharper focus.
    Unlike optical telescopes that create images by reflecting or refracting light at near-90-degree angles (normal incidence), focusing X-ray optics must be designed to reflect light at very small angles (grazing incidence). At normal incidence, X-rays are either absorbed by the surface of a mirror or penetrate it entirely. However, at grazing angles of incidence, X-rays reflect very efficiently due to an effect called total external reflection. In grazing incidence, X-rays reflect off the surface of a mirror like rocks skipping on the surface of a pond.
    A classic design for astronomical grazing incidence optics is the Wolter-I prescription, which consists of two reflecting surfaces, a parabola and hyperbola (see figure below). This optical prescription is revolved around the optical axis to produce a full-shell mirror (i.e., the mirror spans the full circumference) that resembles a gently tapered cone. To increase the light collecting area, multiple mirror shells with incrementally larger diameters and a common focus are fabricated and nested concentrically to comprise a mirror module assembly (MMA).
    Focusing optics are critical to studying the X-ray universe because, in contrast to other optical systems like collimators or coded masks, they produce high signal-to-noise images with low background noise. Two key metrics that characterize the performance of X-ray optics are angular resolution, which is the ability of an optical system to discriminate between closely spaced objects, and effective area, which is the light collecting area of the telescope, typically quoted in units of cm2. Angular resolution is typically measured as the half-power diameter (HPD) of a focused spot in units of arcseconds. The HPD encircles half of the incident photons in a focused spot and measures the sharpness of the final image; a smaller number is better. 

    Marshall has been building and flying lightweight, full-shell, focusing X-ray optics for over three decades, always meeting or exceeding angular resolution and effective area requirements. Marshall utilizes an electroformed nickel replication technique to make these thin full-shell X-ray optics from nickel alloy.
    X-ray optics development at Marshall began in the early 1990s with the fabrication of optics to support NASA’s Advanced X-ray Astrophysics Facility (AXAF-S) and then continued via the Constellation-X technology development programs. In 2001, Marshall launched a balloon payload that included two modules each with three mirrors, which produced the first focused hard X-ray images of an astrophysical source by imaging Cygnus X-1, GRS 1915, and the Crab Nebula. This initial effort resulted in several follow-up missions over the next 12 years and became known as the High Energy Replicated Optics (HERO) balloon program.
    In 2012, the first of four sounding rocket flights of the Focusing Optics X-ray Solar Imager (FOXSI) flew with Marshall optics onboard, producing the first focused images of the Sun at energies greater than 5 keV. In 2019 the Astronomical Roentgen Telescope X-ray Concentrator (ART-XC) instrument on the Spectr-Roentgen-Gamma Mission launched with seven Marshall-fabricated X-ray MMAs, each containing 28 mirror shells. ART-XC is currently mapping the sky in the 4-30 keV hard X-ray energy range, studying exotic objects like neutron stars in our own galaxy as well as active galactic nuclei, which are spread across the visible universe. In 2021, the Imaging X-ray Polarimetry Explorer (IXPE), flew and is now performing extraordinary science with a Marshall-led team using three, 24-shell MMAs that were fabricated and calibrated in-house.
    Most recently, in 2024, the fourth FOXSI sounding rocket campaign launched with a high-resolution Marshall MMA. The optics achieved 9.5 arcsecond HPD angular resolution during pre-flight test with an expected 7 arcsecond HPD in gravity-free flight, making this the highest angular resolution flight observation made with a nickel-replicated X-ray optic. Currently Marshall is fabricating an MMA for the Rocket Experiment Demonstration of a Soft X-ray (REDSoX) polarimeter, a sounding rocket mission that will fly a novel soft X-ray polarimeter instrument to observe active galactic nuclei. The REDSoX MMA optic will be 444 mm in diameter, which will make it the largest MMA ever produced by MSFC and the second largest replicated nickel X-ray optic in the world.
    The ultimate performance of an X-ray optic is determined by errors in the shape, position, and roughness of the optical surface. To push the performance of X-ray optics toward even higher angular resolution and achieve more ambitious science goals, Marshall is currently engaged in a fundamental research and development effort to improve all aspects of full-shell optics fabrication.

    Given that these optics are made with the electroformed nickel replication technique, the fabrication process begins with creation of a replication master, called the mandrel, which is a negative of the desired optical surface. First, the mandrel is figured and polished to specification, then a thin layer of nickel alloy is electroformed onto the mandrel surface. Next, the nickel alloy layer is removed to produce a replicated optical shell, and finally the thin shell is attached to a stiff holding structure for use.
    Each step in this process imparts some degree of error into the final replicated shell. Research and development efforts at Marshall are currently concentrating on reducing distortion induced during the electroforming metal deposition and release steps. Electroforming-induced distortion is caused by material stress built into the electroformed material as it deposits onto the mandrel. Decreasing release-induced distortion is a matter of reducing adhesion strength between the shell and mandrel, increasing strength of the shell material to prevent yielding, and reducing point defects in the release layer.
    Additionally, verifying the performance of these advanced optics requires world-class test facilities. The basic premise of testing an optic designed for X-ray astrophysics is to place a small, bright X-ray source far away from the optic. If the angular size of the source, as viewed from the optic, is smaller than the angular resolution of the optic, the source is effectively simulating X-ray starlight. Due to the absorption of X-rays by air, the entire test facility light path must be placed inside a vacuum chamber.
    At the center, a group of scientists and engineers operate the Marshall 100-meter X-ray beamline, a world-class end-to-end test facility for flight and laboratory X-ray optics, instruments, and telescopes. As per the name, it consists of a 100-meter-long vacuum tube with an 8-meter-long, 3-meter-diameter instrument chamber and a variety of X-ray sources ranging from 0.25 – 114 keV. Across the street sits the X-Ray and Cryogenic Facility (XRCF), a 527-meter-long beamline with an 18-meter-long, 6-meter-diameter instrument chamber. These facilities are available for the scientific community to use and highlight the comprehensive optics development and test capability that Marshall is known for.
    Within the X-ray astrophysics community there exist a variety of angular resolution and effective area needs for focusing optics. Given its storied history in X-ray optics, Marshall is uniquely poised to fulfill requirements for large or small, medium- or high-angular-resolution X-ray optics. To help guide technology development, the astrophysics community convenes once per decade to produce a decadal survey. The need for high-angular-resolution and high-throughput X-ray optics is strongly endorsed by the National Academies of Sciences, Engineering, and Medicine report, Pathways to Discovery in Astronomy and Astrophysics for the 2020s.In pursuit of this goal, Marshall is continuing to advance the state of the art in full-shell optics. This work will enable the extraordinary mysteries of the X-ray universe to be revealed.
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    NASA’s Hubble Space Telescope and New Horizons spacecraft simultaneously set their sights on Uranus recently, allowing scientists to make a direct comparison of the planet from two very different viewpoints. The results inform future plans to study like types of planets around other stars.

    Astronomers used Uranus as a proxy for similar planets beyond our solar system, known as exoplanets, comparing high-resolution images from Hubble to the more-distant view from New Horizons. This combined perspective will help scientists learn more about what to expect while imaging planets around other stars with future telescopes.
    “While we expected Uranus to appear differently in each filter of the observations, we found that Uranus was actually dimmer than predicted in the New Horizons data taken from a different viewpoint,” said lead author Samantha Hasler of the Massachusetts Institute of Technology in Cambridge and New Horizons science team collaborator.
    Direct imaging of exoplanets is a key technique for learning about their potential habitability, and offers new clues to the origin and formation of our own solar system. Astronomers use both direct imaging and spectroscopy to collect light from the observed planet and compare its brightness at different wavelengths. However, imaging exoplanets is a notoriously difficult process because they’re so far away. Their images are mere pinpoints and so are not as detailed as the close-up views that we have of worlds orbiting our Sun. Researchers can also only directly image exoplanets at “partial phases,” when only a portion of the planet is illuminated by their star as seen from Earth.
    Uranus was an ideal target as a test for understanding future distant observations of exoplanets by other telescopes for a few reasons. First, many known exoplanets are also gas giants similar in nature. Also, at the time of the observations, New Horizons was on the far side of Uranus, 6.5 billion miles away, allowing its twilight crescent to be studied – something that cannot be done from Earth. At that distance, the New Horizons view of the planet was just several pixels in its color camera, called the Multispectral Visible Imaging Camera.
    On the other hand, Hubble, with its high resolution, and in its low-Earth orbit 1.7 billion miles away from Uranus, was able to see atmospheric features such as clouds and storms on the day side of the gaseous world.
    “Uranus appears as just a small dot on the New Horizons observations, similar to the dots seen of directly imaged exoplanets from observatories like Webb or ground-based observatories,” Hasler said. “Hubble provides context for what the atmosphere is doing when it was observed with New Horizons.”
    The gas giant planets in our solar system have dynamic and variable atmospheres with changing cloud cover. How common is this among exoplanets? By knowing the details of what the clouds on Uranus looked like from Hubble, researchers can verify what is interpreted from the New Horizons data. In the case of Uranus, both Hubble and New Horizons saw that the brightness did not vary as the planet rotated, which indicates that the cloud features were not changing with the planet’s rotation.

    However, the importance of the detection by New Horizons has to do with how the planet reflects light at a different phase than what Hubble, or other observatories on or near Earth, can see. New Horizons showed that exoplanets may be dimmer than predicted at partial and high phase angles, and that the atmosphere reflects light differently at partial phase.
    NASA has two major upcoming observatories in the works to advance studies of exoplanet atmospheres and potential habitability.
    “These landmark New Horizons studies of Uranus from a vantage point unobservable by any other means add to the mission’s treasure trove of new scientific knowledge, and have, like many other datasets obtained in the mission, yielded surprising new insights into the worlds of our solar system,” added New Horizons principal investigator Alan Stern of the Southwest Research Institute.
    NASA’s upcoming Nancy Grace Roman Space Telescope, set to launch by 2027, will use a coronagraph to block out a star’s light to directly see gas giant exoplanets. NASA’s Habitable Worlds Observatory, in an early planning phase, will be the first telescope designed specifically to search for atmospheric biosignatures on Earth-sized, rocky planets orbiting other stars.
    “Studying how known benchmarks like Uranus appear in distant imaging can help us have more robust expectations when preparing for these future missions,” concluded Hasler. “And that will be critical to our success.”
    Launched in January 2006, New Horizons made the historic flyby of Pluto and its moons in July 2015, before giving humankind its first close-up look at one of these planetary building block and Kuiper Belt object, Arrokoth, in January 2019. New Horizons is now in its second extended mission, studying distant Kuiper Belt objects, characterizing the outer heliosphere of the Sun, and making important astrophysical observations from its unmatched vantage point in distant regions of the solar system.
    The Hubble Space Telescope has been operating for over three decades and continues to make ground-breaking discoveries that shape our fundamental understanding of the universe. Hubble is a project of international cooperation between NASA and ESA (European Space Agency). NASA’s Goddard Space Flight Center manages the telescope and mission operations. Lockheed Martin Space, based in Denver, Colorado, also supports mission operations at Goddard. The Space Telescope Science Institute in Baltimore, Maryland, which is operated by the Association of Universities for Research in Astronomy, conducts Hubble science operations for NASA.
    The Johns Hopkins Applied Physics Laboratory (APL) in Laurel, Maryland, built and operates the New Horizons spacecraft and manages the mission for NASA’s Science Mission Directorate. Southwest Research Institute, based in San Antonio and Boulder, Colorado, directs the mission via Principal Investigator Alan Stern and leads the science team, payload operations and encounter science planning. New Horizons is part of NASA’s New Frontiers program, managed by NASA’s Marshall Space Flight Center.
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    Four International Space Station crew members continue waiting for their departure date as mission managers monitor weather conditions off the coast of Florida. The rest of the Expedition 72 crew stayed focused Oct. 14 on space biology and lab maintenance aboard the orbital outpost.

    NASA and SpaceX mission managers are watching unfavorable weather conditions off the Florida coast right now for the splashdown of the SpaceX Crew-8 mission with NASA astronauts Matthew Dominick, Mike Barratt, and Jeanette Epps, and Roscosmos cosmonaut Alexander Grebenkin. The homebound quartet spent Oct. 14 mostly relaxing while also continuing departure preps. Mission teams are currently targeting Dragon Endeavour’s undocking for no earlier than 2:05 a.m. CDT on Oct. 18. The Crew-8 foursome is in the seventh month of their space research mission that began on March 3.
    The other seven orbital residents will stay aboard the orbital outpost until early 2025. NASA astronaut Don Pettit is scheduled to return to Earth first in February with Roscosmos cosmonauts Alexey Ovchinin and Ivan Vagner aboard the Soyuz MS-26 crew ship. Next, station Commander Suni Williams and flight engineer Butch Wilmore are targeted to return home aboard SpaceX Dragon Freedom with SpaceX Crew-9 Commander Nick Hague, all three NASA astronauts, and Roscosmos cosmonaut Aleksandr Gorbunov.
    Williams had a light duty day Oct. 14 disassembling life support gear before working out for a cardio fitness study. Wilmore installed a new oxygen recharge tank and began transferring oxygen into tanks located in the Quest airlock. Hague collected his blood and saliva samples for incubation and cold stowage to learn how microgravity affects cellular immunity. Pettit also had a light duty day servicing biology hardware including the Cell Biology Experiment Facility, a research incubator with an artificial gravity generator, and the BioLab, which supports observations of microbes, cells, tissue cultures and more.
    The Huntsville Operations Support Center (HOSC) at NASA’s Marshall Space Flight Center provides engineering and mission operations support for the space station, the CCP, and Artemis missions, as well as science and technology demonstration missions. The Payload Operations Integration Center within HOSC operates, plans, and coordinates the science experiments onboard the space station 365 days a year, 24 hours a day.
    The first flight of Sierra Space’s Dream Chaser to the space station is now scheduled for no earlier than May 2025 to allow for completion of spacecraft testing. Dream Chaser, which will launch atop a ULA (United Launch Alliance) Vulcan rocket and later glide to a runway landing at NASA’s Kennedy Space Center, will carry cargo to the orbiting laboratory and stay on board for approximately 45 days on its first mission.
    Learn more about station activities by following the space station blog.
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    MIL OSI USA News

  • MIL-OSI: Carlyle Secured Lending, Inc. Schedules Earnings Release and Quarterly Earnings Call to Discuss its Financial Results for the Third Quarter Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) — Carlyle Secured Lending, Inc. (“Carlyle Secured Lending”) (NASDAQ: CGBD) will host a conference call at 11:00 a.m. EST on Wednesday, November 6, 2024 to announce its financial results for the third quarter ended September 30, 2024. A news release containing the quarterly results will be issued on Tuesday, November 5, 2024.

    The conference call will be available via public webcast via a link on Carlyle Secured Lending’s website at carlylesecuredlending.com and will also be available on the website soon after the call’s completion.

    About Carlyle Secured Lending, Inc.    

    Carlyle Secured Lending, Inc. is a publicly traded (NASDAQ: CGBD) business development company (“BDC”) which began investing in 2013. The Company focuses on providing directly originated, financing solutions across the capital structure, with a focus on senior secured lending to middle-market companies primarily located in the United States. Carlyle Secured Lending is externally managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and wholly owned subsidiary of Carlyle.

    Web: carlylesecuredlending.com

    About Carlyle   

    Carlyle (“Carlyle,” or the “Adviser”) (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at http://www.carlyle.com. Follow Carlyle on LinkedIn and X.

    Contacts:

    Investors: Media:
    Nishil Mehta Kristen Greco Ashton
    +1-212-813-4900 +1-212-813-4763
    publicinvestor@carlylesecuredlending.com kristen.ashton@carlyle.com

    The MIL Network

  • MIL-OSI: Paycor Announces Date of First Quarter Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CINCINNATI, Oct. 16, 2024 (GLOBE NEWSWIRE) — Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (HCM) software, today announced that it will release financial results for the first quarter of fiscal year 2025, ended September 30, 2024, after the U.S. financial markets close on Wednesday, November 6, 2024.

    Paycor will host a conference call and webcast presentation on Wednesday, November 6, 2024 at 5:00 p.m. Eastern Time to discuss the company’s financial results.

    To listen to the conference call live, dial 1-877-407-4018 (domestic) or 1-201-689-8471 (international). The access code is 13748589. A live webcast and replay of the event will be available on the Paycor Investor Relations website at investors.paycor.com.

    About Paycor

    Paycor’s human capital management (HCM) platform modernizes every aspect of people management, from recruiting, onboarding and payroll to career development and retention, but what really sets us apart is our focus on leaders. For more than 30 years we’ve been listening to and partnering with leaders, so we know what they need: a unified HR platform, easy integration with third party apps, powerful analytics, talent development tools, and configurable technology that supports specific industry needs. That’s why more than 30,000 customers trust Paycor to help them solve problems and achieve their goals. Learn more at paycor.com.

    Investor Relations:

    Rachel White

    513-954-7388

    IR@paycor.com

    Media Relations:

    Carly Pennekamp

    513-954-7282

    PR@paycor.com

    The MIL Network

  • MIL-OSI: Royalty Pharma to Announce Third Quarter 2024 Financial Results on November 6, 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) today announced that it will report its third quarter 2024 financial results on Wednesday, November 6, 2024 before the U.S. financial markets open. The company will host a conference call and simultaneous webcast at 8:30 a.m. Eastern Time that day.

    Conference Call Information

    Please visit the “Investors” page of the company’s website at https://www.royaltypharma.com/investors/events/ to obtain conference call information and to view the live webcast. A replay of the conference call and webcast will be archived on the company’s website for at least 30 days.

    About Royalty Pharma

    Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 16 development-stage product candidates. For more information, visit http://www.royaltypharma.com.

    Royalty Pharma Investor Relations and Communications

    +1 (212) 883-6637
    ir@royaltypharma.com

    The MIL Network

  • MIL-OSI: Compass Diversified Announces Third Quarter 2024 Earnings and Conference Call Information

    Source: GlobeNewswire (MIL-OSI)

    WESTPORT, Conn., Oct. 16, 2024 (GLOBE NEWSWIRE) — Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an owner of leading middle market businesses, announced today that it plans to release financial results for the third quarter ended September 30, 2024, on Wednesday, October 30, 2024, after the close of market trading. The Company has scheduled a conference call to discuss the results on Wednesday, October 30, 2024, at 5:00 p.m. ET.

    In conjunction with reporting third quarter 2024 results, CODI will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT with the Company’s Chief Executive Officer, Elias Sabo, the Company’s Chief Financial Officer, Stephen Keller, and Pat Maciariello, the Chief Operating Officer of Compass Group Management. A live webcast of the call will be available on the Investor Relations section of CODI’s website. To access the call by phone, please go to this link (registration link) and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time on the Company’s website.

    About Compass Diversified

    Since its IPO in 2006, CODI has consistently executed its strategy of owning and managing a diverse set of highly defensible, middle-market businesses across the industrial, branded consumer and healthcare sectors. The Company leverages its permanent capital base, long-term disciplined approach, and actionable expertise to maintain controlling ownership interests in each of its subsidiaries, maximizing its ability to impact long-term cash flow generation and value creation. The Company provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI utilizes the cash flows generated by its subsidiaries to invest in the long-term growth of the Company and has consistently generated strong returns through its culture of transparency, alignment and accountability. For more information, please visit compassdiversified.com.

    Forward Looking Statements

    This press release may contain certain forward-looking statements, including statements with regard to the expected timing of earnings announcements and the future performance of CODI and its subsidiaries. Words such as “believes,” “expects,” and “future” or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10-K filed by CODI with the SEC for the year ended December 31, 2023 and in other filings with the SEC. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Investor Relations
    Compass Diversified
    irinquiry@compassdiversified.com

    Gateway Group
    Cody Slach
    949.574.3860
    CODI@gateway-grp.com

    Media Relations
    Compass Diversified
    Mediainquiry@compassdiversified.com

    The IGB Group
    Leon Berman
    212.477.8438
    lberman@igbir.com

    The MIL Network

  • MIL-OSI: PKS Investments, a Subsidiary of Binah Capital Group, Recognized as One of Albany’s Best Places to Work

    Source: GlobeNewswire (MIL-OSI)

    ALBANY, N.Y., Oct. 16, 2024 (GLOBE NEWSWIRE) — Binah Capital Group (NASDAQ: BCG) (“Binah” or the “Company”) is proud to announce that its subsidiary, PKS Investments (“PKS”), has been recognized as one of Albany’s Best Places to Work for by the Albany Business Review. This prestigious award places PKS Investments among the top large companies (100+ employees) in the Albany area for employee satisfaction and workplace culture.

    The Best Places to Work annual award program, now in its 21st year, is based on employee feedback collected through surveys conducted by Quantum Workplace. Companies are selected based on their ability to create an exceptional work environment that fosters employee engagement and satisfaction.

    PKS Investments stands out among a diverse group of winners, including companies from industries such as financial services, healthcare, and gaming. This award reinforces PKS Investments’ position as a top employer of choice in the Albany region.

    “We are incredibly honored that PKS has been recognized as one of Albany’s Best Places to Work for,” said Craig Gould, Chief Executive Officer of Binah Capital Group. “This recognition is a testament to our commitment to creating a workplace where our employees can thrive, grow, and feel valued. Our team’s dedication and passion are the driving forces behind our success, and we will continue to invest in their well-being and professional development. As a core part of Binah’s family of companies, PKS exemplifies our group-wide dedication to excellence, both in serving clients and in nurturing our workforce.”

    This recognition comes at an exciting time for Binah Capital Group, which went public earlier this year. The award underscores the strength of PKS as a key subsidiary and reinforces Binah’s position as a leader in the wealth management industry.

    About Binah Capital Group

    Binah Capital Group (NASDAQ: BCG) is a leading national financial services enterprise specializing in the aggregation of broker-dealers. The Company offers a unique dual-registered hybrid-friendly model that encompasses over 1,900 registered advisors across more than 700 offices in 50 states. Binah focuses on supporting independent financial advisors by providing them with high-quality tools, resources, and services to foster their growth and independence.

    Contacts

    ir@binahcap.com
    media@binahcap.com

    The MIL Network

  • MIL-OSI: HCI Group Provides Hurricane Season Update

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., Oct. 16, 2024 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today the estimated losses attributable to Hurricanes Debby, Helene, and Milton.

    “Our policyholders have experienced three major catastrophe events over the past few months. We are responding to the needs of our policyholders and ensuring that their claims are handled quickly and efficiently,” said HCI’s Chairman and Chief Executive Officer Paresh Patel. “Across all three events, HCI expects to pay $600 to $750 million to our policyholders to help them rebuild their lives.”

    Third Quarter Update:
    Net retained losses from Hurricanes Debby and Helene, after considering reinsurance recoveries as well as the reversal of benefits accrued under a multi-year reinsurance agreement, are expected to result in a net expense to the company in the third quarter of approximately $60 million. Including this loss, the company expects to report a pre-tax profit for the third quarter of 2024.

    Fourth Quarter Update:
    Net retained losses from Hurricane Milton, after considering reinsurance recoveries as well as the reversal of benefits accrued under a multi-year reinsurance agreement, is expected to result in a net expense to the company in the fourth quarter of approximately $125 million.

    “The company is able to absorb these losses because of our strong balance sheet, our conservative reinsurance program with over $2 billion of occurrence reinsurance limit and over $3 billion of aggregate reinsurance limit, and our profitability,” said HCI’s Chairman and Chief Executive Officer Paresh Patel. “We are continuing our participation in Citizens’ Depopulation Program in the fourth quarter and early indications show a strong rate of adoption.”

    HCI Group will hold an earnings conference call on Thursday, November 7, 2024, at 4:45 p.m. Eastern time to discuss results for the third quarter ended September 30, 2024. Financial results will be issued in a press release the same day after the close of the market.

    About HCI Group, Inc.
    HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.

    The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit http://www.hcigroup.com.

    Forward-Looking Statements
    This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “confident,” “prospects” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. For example, the estimation of losses and loss adjustment expenses is an inherently imprecise process involving many assumptions and considerable management judgment. Some of these risks and uncertainties are identified in the company’s filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company’s business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.

    Company Contact:
    Bill Broomall, CFA
    Investor Relations
    HCI Group, Inc.
    Tel (813) 776-1012
    wbroomall@typtap.com

    Investor Relations Contact:
    Matt Glover
    Gateway Group, Inc.
    Tel 949-574-3860
    HCI@gatewayir.com

    The MIL Network

  • MIL-OSI: Union Bankshares Announces Earnings for the three and nine months ended September 30, 2024 and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    MORRISVILLE, Vt., Oct. 16, 2024 (GLOBE NEWSWIRE) — Union Bankshares, Inc. (NASDAQ – UNB) today announced results for the three and nine months ended September 30, 2024 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended September 30, 2024 was $1.3 million, or $0.29 per share, compared to $2.5 million, or $0.56 per share, for the same period in 2023, and $5.8 million, or $1.27 per share, for the nine months ended September 30, 2024, compared to $8.2 million, or $1.82 per share for the same period in 2023. The decrease in earnings for the comparison periods was primarily due to the impact of the previously announced strategic balance sheet repositioning executed during the third quarter. The Company’s wholly-owned subsidiary, Union Bank, executed the sale of $38.8 million in book value of its lower-yielding available-for-sale debt securities for a pre-tax realized loss of $1.3 million, which was recorded in the third quarter of 2024.

    Balance Sheet

    Total assets were $1.52 billion as of September 30, 2024 compared to $1.40 billion as of September 30, 2023, an increase of $123.9 million, or 8.9%. Loan growth was the primary driver of the increase in total assets with total loans reaching $1.13 billion as of September 30, 2024 including $8.4 million in loans held for sale, compared to $1.03 billion as of September 30, 2023, with $6.5 million in loans held for sale. Asset quality remains strong with minimal past due loans and net recoveries of $5 thousand and $15 thousand for the three and nine months ended September 30, 2024, respectively.

    Loan demand has remained strong during the third quarter of 2024 with growth in the residential, commercial, and municipal portfolios, despite higher interest rates and low residential inventory. Qualifying residential loans of $76.1 million were sold during the first nine months of 2024 compared to sales of $54.2 million for the first nine months of 2023.

    Total deposits were $1.17 billion as of September 30, 2024 and include $80.0 million of purchased brokered deposits compared to deposits of $1.22 billion as of September 30, 2023 with $153.0 million of purchased deposits. Federal Home Loan Bank advances of $230.7 million were outstanding as of September 30, 2024 compared to $90.7 million outstanding as of September 30, 2023. In addition to borrowings from the Federal Home Loan Bank, $10.0 million in advances from the Federal Reserve’s Bank Term Funding Program were outstanding as of September 30, 2024.

    The Company had total equity capital of $72.3 million and a book value per share of $15.98 as of September 30, 2024 compared to $49.2 million and a book value of $10.92 per share as of September 30, 2023. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of September 30, 2024 was $26.8 million compared to $47.1 million as of September 30, 2023.

    Income Statement

    Consolidated net income was $1.3 million for the third quarter of 2024 compared to $2.5 million for the third quarter of 2023, a decrease of $1.2 million, or 47.7%. The decrease in net income was comprised of the $1.3 million net loss on the sale of available-for-sale securities mentioned above, increases in credit loss expense of $564 thousand and noninterest expenses of $483 thousand, partially offset by increases of $282 thousand in net interest income, $431 thousand in noninterest income, and a decrease in income tax expense of $419 thousand.

    Net interest income was $9.4 million for the three months ended September 30, 2024 compared to $9.1 million for the three months ended September 30, 2023, an increase of $282 thousand, or 3.1%. Interest income was $17.2 million for the three months ended September 30, 2024 compared to $14.8 million for the same period in 2023, an increase of $2.4 million, or 15.8%, due to the larger earning asset base and higher interest rates on new loan volume. Interest expense increased $2.1 million to $7.8 million for the three months ended September 30, 2024 compared to $5.7 million for the same period in 2023, due to utilization of higher cost wholesale funding, such as Federal Home Loan Bank advances and brokered deposits, and customers seeking higher returns on their deposits.

    Credit loss expense of $425 thousand was recorded for the third quarter of 2024 compared to a benefit of $139 thousand recorded for the third quarter of 2023. The increase in expense was to support loan growth during the period and was not due to a deterioration in credit quality. Management continues to assess the adequacy of the Allowance for Credit Losses quarterly.

    Noninterest income, excluding the loss on the bond sale, was $2.9 million for the three months ended September 30, 2024 compared to $2.5 million for the same period in 2023. Sales of qualifying residential loans to the secondary market for the third quarter of 2024 were $35.2 million resulting in net gains of $540 thousand, compared to sales of $24.7 million and net gains on sales of $336 thousand for the same period in 2023. Noninterest expenses increased $483 thousand, or 5.4%, to $9.4 million for the three months ended September 30, 2024 compared to $8.9 million for the same period in 2023. The increase during the comparison period was due to increases of $295 thousand in salaries and wages, $305 thousand in employee benefits, $46 thousand in occupancy expenses, $71 thousand in equipment expenses, partially offset by a decrease of $234 thousand in other expenses.

    Income tax benefit was $123 thousand for the three months ended September 30, 2024 a decrease of $419 thousand compared to income tax expense of $296 thousand for the same period in 2023. The decrease is primarily attributable to the income tax benefit resulting from the $1.3 million loss on the bond sale.

    Dividend Declared

    The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable November 7, 2024 to shareholders of record as of October 26, 2024.

    About Union Bankshares, Inc.

    Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 19 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint.

    Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank’s employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and “Outstanding” rating for its compliance with the Community Reinvestment Act (“CRA”) in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values–combined with financial expertise, quality products and the latest technology–make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender.

    Forward-Looking Statements

    Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words “believes,” “expects,” “anticipates” or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets’ acceptance of and demand for the Company’s products and services; technological changes, including the impact of the internet on the Company’s business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company’s reports filed with the Securities and Exchange Commission at http://www.sec.gov or on our investor page at http://www.ublocal.com.

    Contact: David S. Silverman
    (802) 888-6600

    The MIL Network

  • MIL-OSI: Triumph Financial Releases Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 16, 2024 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN) has released its third quarter 2024 financial results. The 3Q 2024 financial results and shareholder letter are available on the Company’s website at tfin.com through the News & Events, Events & Presentations links.

    Aaron P. Graft, Vice Chairman & CEO, and Brad Voss, CFO, will review the financial results in a conference call with investors and analysts beginning at 9:30 a.m. central time on Thursday, October 17, 2024.

    The live video conference option may be accessed directly through this link, https://triumph-financial-inc-earnings-q3fy24.open-exchange.net/ or via the Company’s website at tfin.com through the News & Events, Events & Presentations links. Alternatively, a live conference call option is available by dialing 1-833-928-4610 (International: 1-800-456-1369) requesting to be joined to meeting ID 984 7640 9638 at the prompt. An archive of this conference call will subsequently be available at this same location, referenced above, on the Company’s website.

    About Triumph

    Triumph Financial, Inc. (Nasdaq: TFIN) is a financial holding company focused on payments, factoring and banking. Headquartered in Dallas, Texas, its diversified portfolio of brands includes TriumphPay, Triumph and TBK Bank.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 13, 2024. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

    Source: Triumph Financial, Inc.

    Investor Relations:
    Luke Wyse
    Senior Vice President, Head of Investor Relations
    lwyse@tfin.com
    214-365-6936

    Media Contact:
    Amanda Tavackoli
    Senior Vice President, Director of Corporate Communication
    atavackoli@tfin.com
    214-365-6930

    The MIL Network

  • MIL-OSI: Stifel Financial Schedules Third Quarter 2024 Financial Results Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Oct. 16, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) will release its third quarter 2024 financial results before the market opens on Wednesday, October 23, 2024. The company will host a conference call to review the results at 9:30 a.m. Eastern time that same day. The conference call may include forward-looking statements.

    All interested parties are invited to listen to Stifel Chairman and CEO Ronald J. Kruszewski by dialing (866) 409-1555 and referencing participant ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the company’s results, will be available through Stifel’s website, http://www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced website beginning approximately one hour following the completion of the call.

    Stifel Company Information
    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at http://www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

    Stifel Investor Relations Contact
    Joel Jeffrey, Senior Vice President
    (212) 271-3610 direct
    investorrelations@stifel.com                                 

    The MIL Network