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Category: Americas

  • MIL-OSI USA: Hagerty, Blunt Rochester Introduce Bipartisan Legislation to Modernize Credit Union Boards

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—United States Senators Bill Hagerty (R-TN), a member of the Senate Banking Committee, and Lisa Blunt Rochester (D-DE) have reintroduced the Credit Union Board Modernization Act.

    The bipartisan legislation revises an antiquated federal law that requires credit union boards to meet every month. By reducing superfluous board meetings, the bill relaxes regulatory burdens and allows credit unions to focus on their core mission of providing financial services to their members.

    “Credit unions should be allowed to spend less time in unnecessary board meetings and more time serving their members,” said Senator Hagerty. “My legislation will revise outdated federal regulations by setting aside regulatory micromanagement and allowing credit unions the flexibility to focus on providing quality financial services to rural communities and members across the country.”

    “It is far past time that the arcane requirements for credit unions are removed,” said Senator Blunt Rochester. “This bill is an essential step toward improving the functionality of credit unions up and down my home state of Delaware, especially those small and rural. I look forward to continuing this bipartisan effort alongside Senator Hagerty and our colleagues to ensure credit unions spend less time maneuvering through red tape and more time serving their communities and promoting financial well-being.”

    “We greatly appreciate Sens. Bill Hagerty and Lisa Blunt Rochester for their introduction of the Credit Union Board Modernization Act,” said Carrie Hunt, America’s Credit Unions Chief Advocacy Officer. “Credit unions face several regulatory burdens, and this bill would provide flexibility so that credit unions can commit more resources and time to what matters most: serving their members and communities. This legislation has already passed the House, and we urge the Senate to swiftly take up the measure. We will continue to work with lawmakers on other reforms to ensure credit unions can thrive.”“The Tennessee League is grateful to Senator Hagerty for his leadership in introducing the Credit Union Board Modernization Act,” said Sarah Waters, Chief Advocacy Officer of the Tennessee Credit Union League. “As not-for-profit financial cooperatives, credit unions are governed by volunteer boards of directors. These dedicated community leaders work and serve alongside credit union members to ensure the financial well-being of all. By modernizing outdated board meeting requirements, this legislation will allow these volunteers and their credit unions to dedicate more time and resources to serving their communities.”

    Full text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: Rosen Blasts Republican Budget Plan to Give More Tax Cuts to Ultra-Wealthy on the Backs of Hardworking Families

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    Watch Senator Rosen’s Full Remarks HERE.
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) took to the Senate floor to call out Congressional Republicans for their budget plan, which cuts funding to vital programs like Medicaid and SNAP in favor of funding tax cuts for the ultra-wealthy. In her speech, Senator Rosen emphasized how these cuts will hurt hardworking Nevadans.
    Below are excerpts of Senator Rosen’s floor remarks:
    Mr. President,
    I rise today to speak on an issue that will affect millions of hardworking families, seniors, children, veterans, and any American who relies on essential services.
    As we’ll soon see, Republicans are going to use the budget reconciliation process, a tool that was originally designed to help rein in wasteful spending and lower the national debt, to pass massive new tax cuts for billionaires and the ultra-wealthy. 
    And to pay for these tax breaks, they’re proposing devastating cuts to vital programs that people in my state of Nevada rely on, including Medicaid, SNAP, and supplemental programs for women, infants, and children. 
    So let me say that again. Congressional Republicans are going to cut critical government programs like Medicaid and SNAP in order to give the wealthiest Americans even more tax cuts. You got that right.
    Their policies are, well, billionaires win, and families lose.
    This isn’t “fiscal responsibility,” it’s moral negligence. 
    This isn’t just about economic policy. This is about the livelihoods of everyday Americans. 

    At a time when Nevadans are already grappling with economic hardship and a rising cost of living, these actions by my Republican colleagues, well, they’re just plain wrong. They’re just out of step.
    Instead of using this budget process to provide relief for hardworking families, well, Republicans are exploiting it to push through policies that benefit billionaires like Elon Musk, while leaving millions of Americans – I’ll say it, everyday hardworking families, regular people, everyday people – leaving them all behind, leaving you in the lurch.
    Again, their motto seems to be billionaires win, families lose.
    […]
    The numbers tell the story. 
    Extending these tax cuts would give the top one percent of earners – those making roughly $750,000 a year or more – a tax cut averaging more than $60,000 a year.
    And I’m going to put that in perspective for a moment. The tax cut the top one percent would get is more than the total income of most families who rely on Medicare or SNAP, or just most families in general, it’s the top one percent. And the two programs Republicans are planning to cut – Medicare and SNAP – they’re going to cut them in order to pay for tax cuts – trillions of dollars – again, for who? Elon Musk and their billionaire buddies.
    So you heard that right. These expanded tax cuts will cost the federal government $4.2 trillion. 
    So you might be asking yourself “wait, so how are Republicans – how are they going to pay for all of this?” 

    Well, in order to help offset some of that cost, they’re going to decrease funding for Medicaid, for SNAP, and other services that support people with disabilities and elderly individuals. 
    […]
    These existing cuts coupled with the Republicans proposed budget cuts – it’s just going to be devastating for American families. 
    And the fact that these cuts are being made to give billionaires even more tax breaks, well, it’s unconscionable. 
    The American people deserve better. 
    They deserve a government that works for them, that works for our families, not for the ultra-wealthy. 
    At the end of the day, Mr. President, Republicans have to decide who they’re fighting for. 
    Because right now, with this budget proposal, they’re fighting for billionaires and the largest corporations who have already benefited from their 2017 tax cuts.
    We cannot and we must not turn our backs on the American people. 
    We cannot allow billionaires to get richer on the backs of everyday Americans.
    We cannot let the motto be for this Administration billionaires win and families lose. Because families are the backbone of America. Families are the backbone of America, and they deserve respect and attention. And we cannot allow the billionaires to break their backs.
    So I urge my colleagues on both sides of the aisle to come together and put the American people first. People over billionaires. Let’s work together to strengthen our economy, protect our vital programs, and ensure that everyone, regardless of their wealth or status, has an equal opportunity to succeed.
    Thank you.

    MIL OSI USA News –

  • MIL-OSI China: Alibaba Cloud launches first data center in Mexico

    Source: China State Council Information Office

    Alibaba Cloud, the cloud computing arm of Chinese tech giant Alibaba Group, announced the launch of its first data center in Mexico on Wednesday, as the company aims to expand its reach in the global cloud market.

    The new digital infrastructure will provide cloud computing services to businesses and developers across Latin America, underscoring Alibaba Cloud’s commitment to accelerating Mexico’s digital transformation and fostering innovation throughout the region.

    With the addition of this new data center, Alibaba Cloud’s global infrastructure now spans 87 availability zones across 29 regions.

    Selina Yuan, president of international business at Alibaba Cloud Intelligence said, “We are not only bringing cloud technology to support local businesses, but also building an inclusive and thriving ecosystem in Mexico together with local partners, developers and customers to foster innovation, collaboration and sustainable growth across Latin America.”

    Yuan added that by leveraging Alibaba Cloud’s global network, Mexican companies can tap into other markets, especially those in Asia.

    The Mexico facility was launched six days after Alibaba Cloud announced that it will commence operations at its second data center in Thailand to meet the country’s growing demand for cloud services and support generative artificial intelligence applications.

    MIL OSI China News –

  • MIL-OSI New Zealand: Foreign Affairs – New report highlights untapped potential in New Zealand-Viet Nam relationship

    Source: Asia New Zealand Foundation

    The Asia New Zealand Foundation Te Whītau Tūhono is thrilled to launch its latest report Viet Nam and New Zealand at 50: The next chapter. This report explores the growing potential of the bilateral relationship as the two nations celebrate 50 years of formal diplomatic ties.
    Commissioned by the Foundation and authored by Haike Manning, the report builds on the 2020 publication, Viet Nam & New Zealand: Let’s Go, offering fresh insights into Viet Nam’s dynamic environment and celebrating the people who have contributed to the New Zealand – Viet Nam relationship over the last 50 years. 
    “This report is timely, especially with the Prime Minister’s upcoming delegation to Viet Nam. Its insights will be a valuable resource for those who want to learn more about our bilateral relationship,” says Suzannah Jessep, CE of the Foundation.
    “Viet Nam is already our 14th biggest trading partner, with bilateral trade worth NZ$2.68 billion in 2024. Given Viet Nam’s booming economy, the potential for New Zealand businesses, from fashion and food to tech and the arts is huge. We do have a bit of a trade deficit at the moment, but that just means there’s room to grow.”
    The report’s author Haike Manning describes the pace of change in Viet Nam as “remarkable”.
    “It is expected to see some of the fastest income growth in the world over the next decade,” he says.
    “Viet Nam’s increasingly wealthy consumers trust our high quality, safe food, which has underpinned significant growth in our exports to Viet Nam over the past 10 years.”
    Beyond trade, the report also celebrates long-standing ties between the two countries, especially in areas like healthcare, education and diplomacy.
    People-to-people connections are flourishing, with 8,000 Vietnamese visiting New Zealand in 2023 and 40,000 New Zealanders visiting Viet Nam in 2024. New Zealand and Viet Nam also share a commitment to a stable international environment and are actively collaborating on defence and security matters.
    The full report is a great read for anyone looking to understand the incredible opportunities in Viet Nam, from businesses to policymakers, academics and anyone curious about understanding and engaging with this dynamic market.
    Additional Information:
    About the Author
    Haike Manning is the former New Zealand Ambassador to Viet Nam (2012-2016). Haike’s 20-year career as a New Zealand diplomat spanned key global economies (India, Brazil, China, as well as Viet Nam), with a strong focus on supporting trade, business and education outcomes for New Zealand.
    Since 2017, Haike has been based in Ho Chi Minh City, where he founded LightPath Consulting Group, a consulting business supporting international education providers to engage effectively in Viet Nam. In 2021, LightPath was acquired by Acumen, another international education consulting business. Haike subsequently joined Acumen to spearhead their expansion throughout Southeast Asia.
    About the Asia New Zealand Foundation Te Whītau Tūhono
    Established in 1994, the Asia New Zealand Foundation Te Whītau Tūhono is New Zealand’s leading authority on Asia. Its mission is to equip New Zealanders to thrive in Asia, by providing experiences and resources to build knowledge, skills and confidence. The Foundation’s activities cover more than 20 countries in Asia and are delivered through eight core programmes: arts, business, entrepreneurship, leadership, media, research, Track II diplomacy and sports. 

    MIL OSI New Zealand News –

  • MIL-OSI: SBM Offshore Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Amsterdam, February 20, 2025

    Record-level results, increasing total shareholder returns

    Highlights

    • Record Directional1 Revenue of US$6.1 billion (+35%), in line with guidance
    • Record Directional EBITDA of US$1.9 billion (+44%), in line with guidance
    • Record US$35.1 billion Directional backlog; US$9.5 billion or EUR51.6/share2 Directional net cash backlog3
    • 30% increase in cash return to US$1.59 per share4: US$155 million dividend5; US$150 million share repurchase6
    • US$1.7 billion cash return to shareholders over the coming 6 years
    • 2025 Directional Revenue guidance of above US$4.9 billion
    • 2025 Directional EBITDA guidance of around US$1.55 billion
    • Completion of FPSO Prosperity and Liza Destiny sales in Q4 2024
    • FPSO Almirante Tamandaré achieved first oil on February 15, 2025

    SBM Offshore’s 2024 Annual Report can be found on its website under: Annual Reports – SBM Offshore

    Øivind Tangen, CEO of SBM Offshore, commented:
            
    “SBM Offshore has delivered excellent results in 2024 with a record-level directional revenue of US$6.1 billion and record-level directional EBITDA of US$1.9 billion, reflecting three new awards and the purchases of FPSOs Prosperity and Liza Destiny by ExxonMobil Guyana. Thanks to the addition of three new awards, we ended the year with a record US$35.1 billion backlog. From this we expect to generate US$9.5 billion net cash, equivalent to almost 52 euro per share2. Based on this strong performance, we are increasing our fixed cash return by 30% to US$1.59 per share4 through a proposed US$155 million dividend5 and US$150 million share repurchase6 program. At this level we will deliver a minimum US$1.7 billion cash return to shareholders over the next 6 years.

    Our Fast4Ward® program is setting the pace for deepwater developments. FPSO Almirante Tamandaré achieved first oil on February 15, 2025. This vessel, which benefits from emission reduction technologies, is the largest operating unit in Brazil. Two additional units are on track to achieve first oil in 2025. First, FPSO Alexandre de Gusmão which sailed-away at the end of 2024, followed by FPSO ONE GUYANA. These three units have a combined capacity of 655,000 barrels of oil per day. With these achievements, we are further de-risking our construction portfolio.

    We strive for excellence both in terms of project execution and asset management. Our lifecycle approach in the FPSO market is unique and the focus on continuous improvement is setting a strong foundation for success. The outlook for new deepwater projects is strong given their low break-even prices and low emission intensity. In the next three years, we see 16 projects in the
    Company’s core market of large and complex FPSOs, driven by the promising prospects in Brazil, Guyana, Suriname and Namibia. We have ordered our 10th MPF hull giving us two hulls to support tendering activities. We will remain disciplined in selecting the highest quality projects.

    As the world’s ocean-infrastructure expert we are using our experience to further diversify and decarbonize the solutions we offer. In 2024, we created a joint venture, Ekwil, with Technip Energies to enhance our floating offshore wind product offering, and in early 2025 we completed a minority equity investment in Ocean-Power to offer lower-emission power solutions. We are now able to offer a market ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs.”

    Financial Overview7

        Directional   IFRS
                     
    in US$ million   FY 2024 FY 2023 % Change   FY 2024 FY 2023 % Change
    Revenue   6,111 4,532 35%   4,784 4,963 -4%
    Lease and Operate   2,369 1,954 21%   2,074 1,563 33%
    Turnkey   3,743 2,578 45%   2,710 3,400 -20%
    EBITDA   1,896 1,319 44%   1,041 1,239 -16%
    Lease and Operate   1,261 1,124 12%   842 695 21%
    Turnkey   724 296 145%   287 646 -56%
    Other   (89) (101) -12%   (88) (101) -13%
    Profit attributable to Shareholders   907 524 73%   150 491 -69%
    Earnings per share (US$ per share)   5.08 2.92 74%   0.84 2.74 -69%
                     
    in US$ billion   FY 2024 FY 2023 % Change   FY 2024 FY 2023 % Change
    Pro-forma Backlog   35.1 30.3 16%   – – –
    Net Debt   5.7 6.7 -15%   8.1 8.7 -7%

    Directional revenue increased by 35% to US$6,111 million compared with US$4,532 million in 2023. This increase is driven by the Directional Turnkey revenue which rose to US$3,743 million in 2024 compared with US$2,578 million in 2023. This 45% increase stems from (i) the sale of FPSOs Prosperity and Liza Destiny completed respectively in November and December 2024, (ii) the progress on awarded contracts for the FPSOs Jaguar and GranMorgu, (iii) the 13.5% divestment to CMFL completed in October 2024, and (iv) the increased support to the fleet through brownfield projects. This increase was partly offset by a reduction in charter revenues following (i) the sale of FPSO Liza Unity in November 2023, (ii) the completion of FPSO Prosperity during the last quarter of 2023 as well as a delay in the start-up of FPSO Sepetiba early 2024, and (iii) a comparatively lower level of progress on both FPSOs Almirante Tamandaré and Alexandre de Gusmão as those projects approached completion in 2024.

    Directional Lease and Operate revenue stood at US$2,369 million compared with US$1,954 million in the year-ago period. This 21% increase mainly reflects (i) FPSO Prosperity joining the fleet during the last quarter of 2023 and Sepetiba joining the fleet in January 2024, (ii) a higher contribution of FPSOs N’Goma, Saxi Batuque and Mondo following the acquisition of interests held by Sonangol mid-2024, and (iii) an increase in reimbursable scope. This was partly offset by FPSO Liza Unity only contributing in 2024 as an operating contract following the purchase of the unit by ExxonMobil Guyana at the end of 2023.

    Directional EBITDA amounted to US$1,896 million, which is a 44% year-on-year increase compared with US$1,319 million in 2023. This was mostly attributable to the Turnkey segment which increased by over US$400 million to US$724 million in 2024. Directional Turnkey EBITDA was mainly impacted by (i) the same drivers as for Directional Turnkey revenue (except that being at relative early stages of completion, FPSO Jaguar only contributed marginally to Turnkey EBITDA and FPSO GranMorgu not at all), and (ii) a reduced investment on Floating Offshore Wind projects following the implementation of Ekwil Joint Venture in partnership with Technip Energies.

    Directional Lease and Operate EBITDA stood at US$1,261 million for the year-ended 2024 compared with US$1,124 million in the previous year. The 12% increase reflects (i) the same key factors as for Directional Lease and Operate revenue, (ii) the net gain on the acquisition of interests held by Sonangol in 3 FPSOs and the divestment in the parent company of the Paenal shipyard in Angola, and (iii) the dividends related to FPSO N’Goma partially offset by (iv) additional non-recurring maintenance costs for the fleet under operation.

    The other non-allocated costs charged to EBITDA amounted to US$(89) million in 2024, a US$(12) million improvement compared with the previous period mainly due to the one-off impact of US$11 million of restructuring costs in 2023.

    During the last quarter of 2024, the Company performed a review of revised estimates of cash flow, maintenance and repair costs. Based on this analysis, actual values and future cash flows related to FPSO Cidade de Anchieta were re-estimated leading to an impairment charge of US$(39) million, accounted for in the 2024 results.

    Directional net profit increased by over 70% standing at US$907 million in 2024, or US$5.08 per share, mainly reflecting the increase in Directional EBITDA.

    Liquidity, Funding and Directional Net Debt

    The Company’s financial position has remained strong as a result of the cash flow generated by the fleet, as well as the positive contribution of the Turnkey activities.

    Directional Net debt decreased by US$(936) million to US$5,719 million at year-end 2024. This was driven by the repayment of the FPSOs Prosperity and Liza Destiny financings, the proceeds from the sale of the vessels and the Lease and Operate segment’s strong operating cash flow. This was partially offset by drawings on project financing facilities to fund the construction portfolio. The Company drew on the project finance facilities for FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão; additionally, the US$1.5 billion construction financing for FPSO Jaguar was signed and partly drawn in November 2024.

    More than a third of the Company’s Directional debt for the year-ended 2024 consisted of non-recourse project financing (US$2.2 billion) in special purpose investees. The remainder (US$4 billion) consisted mainly of borrowings to support the ongoing construction of 3 FPSOs which will become non-recourse following achievement of first oil. The project loan for FPSO Jaguar will be repaid following completion of construction. The Company’s RCF was drawn for US$500 million as at December 31, 2024 and the Revolving Credit Facility for MPF hull financing was drawn for US$89 million.

    Directional cash and cash equivalents amounted to US$606 million and lease liabilities totaled US$93 million at December 31, 2024.

    Cash and undrawn committed credit facilities amount to US$2,639 million at December 31, 2024.

    Directional Pro-Forma Backlog

    Change in ownership scenarios and lease contract duration have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios and lease contract duration for the various projects.

    The pro-forma Directional backlog at the end of December 2024 increased by US$4.8 billion to a total of US$35.1 billion. This was mainly the result of (i) the FPSO Jaguar contract awarded in April 2024, (ii) the FSO Trion contract awarded in August 2024, and (iii) the FPSO GranMorgu contract awarded in November 2024, partially offset by (iv) turnover for the period which consumed approximately US$6.1 billion of backlog (including the sale of FPSO Prosperity completed in November 2024 and the sale of FPSO Liza Destiny completed in December 2024, in advance of the initial lease terms which were respectively in November 2025 and in December 2029), and (v) the 13.5% divestment to CMFL completed in October 2024, which was not reflected in the pro-forma Directional backlog end of 2023. The Company’s backlog provides cash flow visibility up to 2050.

    in US$ billion   Turnkey Lease & Operate Total
    2025   2.6 2.3 4.9
    2026   1.6 2.6 4.2
    2027   3.3 2.1 5.4
    Beyond 2028   0.2 20.3 20.5
    Total pro-forma Directional backlog   7.7 27.3 35.1

    The pro-forma Directional backlog at the end of 2024 reflects the following key assumptions:

    • The FPSO ONE GUYANA contract covers a maximum lease period of 2 years, within which the ownership of the FPSO will transfer to the client. The impact of the subsequent sale is reflected in the Turnkey backlog.
    • The FPSO Jaguar contract awarded to the Company in April 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
    • 10 years of operations and maintenance are considered for FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA following signature of the Operations & Maintenance Enabling Agreement in 2023. Regarding FPSO Jaguar, the pro-forma Directional backlog includes the operating and maintenance scope for 10 years as it has been agreed in principle, pending a final work order. This is consistent with prior years.
    • The FPSO GranMorgu contract awarded to the Company in November 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
    • The FSO Trion contract awarded to the Company in August 2024 is considered for 20 years in lease and operate contracts at the Company ownership share at year-end (100%).
    • The transaction with MISC Berhad related to the FPSO Espírito Santo and FPSO Kikeh announced on September 6, 2024, and completed on January 31, 2025, has been reflected in the pro-forma Directional backlog.

    Project Review and Fleet Operational Update

    Project Client/Country Contract SBM Share Capacity, Size Percentage of Completion Project delivery
    FPSO Alexandre de Gusmão Petrobras
    Brazil    		 22.5-year L&O 55% 180,000 bpd >75% 2025
    FPSO ONE GUYANA ExxonMobil
    Guyana    		 2-year BOT 100% 250,000 bpd >75% 2025
    FPSO Jaguar ExxonMobil
    Guyana    		 Sale & Operate 100% 250,000 bpd >25% <50% 2027
    FSO Trion Woodside 20-year Lease 100% n/a <25% n/a8
    FPSO GranMorgu TotalEnergies Sale & Operate 52% 220,000 bpd <25% 2028

    Projects are on track with one major delivery achieved in early 2025. After successful completion of the offshore commissioning activities, FPSO Almirante Tamandaré achieved first oil on February 15, 2025. An update on the individual ongoing projects is provided below considering the latest known circumstances.

    FPSO Alexandre de Gusmão – In December 2024, the vessel safely departed from the yard in China after successful completion of the onshore topsides’ integration and commissioning phase. The FPSO is on its way to Brazil. First oil is expected mid-2025.

    FPSO ONE GUYANA – Integration activities are completed and project teams are finalizing commissioning activities. First oil is expected in the second half of 2025.

    FPSO Jaguar – The Fast4Ward® MPF hull has been safely delivered and arrived in Singapore in preparation for the remaining vessel activities. The topside modules fabrication in Singapore continues as planned. First oil is expected in 2027.

    FSO Trion – Engineering and procurement are progressing in line with project schedule.

    FPSO GranMorgu – The Fast4Ward® MPF hull has been safely delivered. Engineering and procurement are progressing in line with project schedule.

    Fast4Ward®MPF hulls – Under the Company’s successful Fast4Ward® program, the 10th MPF hull has been ordered. 4 Fast4Ward® MPF hulls are in operation, another 4 allocated to projects and 2 reserved as part of tendering activities driven by the strong FPSO market outlook.

    Contract extension – The Company has agreed a contract extension related to the lease and operation of FPSO Saxi Batuque up to June 2026.

    Fleet Uptime – The fleet’s uptime was 95.9% in 2024.

    Safety and Sustainability

    Safety – The Total Recordable Injury Frequency Rate (“TRIFR”) year-to-date was 0.10, 17% below the yearly target of below 0.129, notwithstanding the high level of activity.

    Fleet emissions – For 2024, the Company set a target to further optimize operational excellence on the FPSOs for which it provides operations and maintenance services amounting to a maximum absolute volume of gas flared below 1.57 mmscft/d as an overall FPSO fleet average during the year. As of December 31, 2024, SBM Offshore outperformed this target with the actual being 1.33 mmscft/d, a 15% improvement compared with 2024 target and mainly driven by a continued focus on reducing the number of unplanned events in its operated fleet.

    Sustain-2 Notation – FPSO Liza Unity is the 1st FPSO which has received a Sustain-2 Notation by American Bureau of Shipping. This sustainability certificate recognizes the Company’s efforts in minimizing environmental impacts over the lifecycle of the FPSO including the use of low carbon technologies as well as the focus on workers’ wellbeing.

    ESG ratings – In recognition of the Company’s continued focus on sustainability, MSCI has improved SBM Offshore’s rating from AA in 2023 to AAA in 2024 and Sustainalytics included the Company in its 2024 ESG Industry Top Rated, with the Company ranking 2nd out of 106 industry peers.

    Sustainable recycling – The Deep Panuke Production Field Center recycling project reached completion in Nova Scotia, Canada, in early 2024 with 97% of the waste materials were sold, recycled or reused and the remainder 3% was safely disposed of. As for the FPSO Capixaba project, following the handover to M.A.R.S., the Company continues to monitor the safe execution of the decommissioning which is expected to reach completion in 2026.

    Blue Economy

    SBM Offshore is a blue economy company aiming to manage ocean resources for economic growth while preserving ecosystems. Using its deepwater expertise, the Company is advancing technologies focusing on decarbonizing and diversifying its ocean infrastructure solutions. Ranging from floating offshore wind to offshore hydrogen and ammonia, SBM Offshore remains selective and disciplined in developing innovative solutions and investing in new ocean infrastructure solutions.

    Provence Grand Large – The three floating offshore wind turbines that were installed by SBM Offshore at the end of 2023 for the Provence Grand Large project, jointly owned by EDF Renewables and Maple Power, were fully commissioned and started production in 2024.

    Floventis Energy Ltd – In December 2024, SBM Offshore reached an agreement with Cierco Energy to sell its shares in the joint venture company Floventis Energy Ltd, thus transferring the ownership of both Cademo and Llŷr Floating Wind projects to Cierco Energy. As planned, following the advancement of these pioneering projects and acquiring valuable knowledge in the offshore wind market, the Company will continue to concentrate its efforts on the remaining two larger scale projects in its portfolio.

    emissionZERO®program – SBM Offshore continues to address FPSO emissions reduction through its emissionZERO® program and is offering a market-ready near zero emission FPSO for 2025, featuring advanced technologies such as carbon capture, combined cycle gas turbines and deepwater intake risers.

    Carbon Capture Module – SBM Offshore has been awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs. The Carbon Capture Module for post combustion removal of CO2 from gas turbine exhaust gasses on FPSO’s has been developed in partnership with Mitsubishi Heavy Industries, Ltd.

    Blue Power Hub – With the aim to decarbonize the offshore power generation sector, SBM Offshore signed in December 2024 an investment agreement with the Norwegian company Ocean-Power AS to develop and commercialize offshore power generation units with CO2 capture and storage. This investment has been completed in early 2025.

    Capital allocation and Shareholder Returns

    The Company’s shareholder returns policy is to maintain a stable annual cash return to shareholders which grows over time, with flexibility for the Company to make such cash return in the form of a cash dividend and the repurchase of shares. Determination of the annual cash return is based on the Company’s assessment of its underlying cash flow position. The Company prioritizes a stable cash distribution to shareholders and funding of growth projects, with the option to apply surplus capital towards incremental cash returns to shareholders.

    As a result, following review of its cash flow position and forecast, the Company intends to pay US$1.59 per share through a proposed US$155m dividend5 (EUR150 million equivalent or US$0.88 per share4) and US$150 million (EUR141 million equivalent) share repurchase program6. This represents an increase of 30% compared with 2024. The objective of the share buyback program would be to reduce share capital and provide shares for regular management and employee share programs (maximum US$25 million). Shares repurchased as part of the cash return will be cancelled.

    The share repurchase program will be launched after the current share repurchase program has ended. The dividend will be proposed at the Annual General Meeting on April 9, 2025.

    Guidance

    The Company’s 2025 Directional revenue guidance is above US$4.9 billion of which above US$2.2 billion is expected from the Lease and Operate segment and around US$2.7 billion from the Turnkey segment.

    2025 Directional EBITDA guidance is around US$1.55 billion for the Company.

    Conference Call

    SBM Offshore has scheduled a conference call together with a webcast, which will be followed by a Q&A session, to discuss the Full Year 2024 Earnings release.

    The event is scheduled for Thursday February 20, 2025, at 10.00 AM (CET) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).

    Interested parties are invited to register prior the call using the link: Full Year 2024 Earnings Conference Call

    Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.

    The live webcast will be available at: Full Year 2024 Earnings Webcast

    A replay of the webcast, which is available shortly after the call, can be accessed using the same link.

    Corporate Profile

    SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

    More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

    For further information, please visit our website at www.sbmoffshore.com.

    Financial Calendar   Date Year
    Annual General Meeting   April 9 2025
    First Quarter 2025 Trading Update   May 15 2025
    Half Year 2025 Earnings   August 7 2025
    Third Quarter 2025 Trading Update   November 13 2025
    Full Year 2025 Earnings   February 26 2026

    For further information, please contact:

    Investor Relations

    Wouter Holties
    Corporate Finance & Investor Relations Manager

    Media Relations

    Giampaolo Arghittu
    Head of External Relations

    Market Abuse Regulation

    This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Disclaimer

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

    Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

    This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.

    Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

    “SBM Offshore®“, the SBM logomark, “Fast4Ward®”, “emissionZERO®” and “F4W®” are proprietary marks owned by SBM Offshore.

    1 Directional reporting, presented in the Financial Statements under section 4.3.2 Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
    2 Based on the number of shares outstanding and exchange rate EUR/US$ of 1.039 at December 31, 2024.

    3 Reflects a pro-forma view of the Company’s Directional backlog and expected net cash from Turnkey, Lease and Operate and Build Operate Transfer sales after tax and debt service.
    4 Based on the number of shares outstanding at December 31, 2024. Dividend amount per share depends on number of shares entitled to dividend.
    5 Equivalent of EUR150 million based on the EUR/US$ exchange rate on February 11, 2025. Dividends will be paid in Euro provided that the minimum Euro dividend shall amount to EUR150 million.
    6 Including maximum US$25 million for management and employee share plans.

    7 Numbers may not add up due to rounding.
    8 Project delivery not disclosed by the client.

    9 Measured per 200,000 work hours.

    Attachment

    The MIL Network –

  • MIL-OSI: Aegon reports second half year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    The Hague – February 20, 2025. Please click here to access all 2H 2024 results related documents. 

    2H 2024 IFRS results

    • Net profit of EUR 741 million as operating result and benefit from the a.s.r. stake are partly offset by restructuring charges and net impairments in the US
    • Operating result of EUR 776 million, up 14% compared with the second half of 2023, reflecting improved experience variance in the US and business growth in the US and asset management
    • Shareholders’ equity per share of EUR 4.53, increases by 13% compared with June 30, 2024, while contractual service margin per share after estimated tax adjustment increases by 5% to EUR 4.38. Valuation equity per share – the sum of these components – grew by 9% to EUR 8.91

    2H 2024 capital generation, cash and capital management

    • Operating capital generation before holding funding and operating expenses remained broadly stable at EUR 658 million compared with the second half of 2023. Aegon meets its increased guidance of EUR 1.2 billion for 2024
    • Capital ratios of Aegon’s main units remain above their respective operating levels and Cash Capital at Holding at EUR 1.7 billion per year-end 2024. EUR 200 million share buyback completed in December
    • Free cash flow of EUR 385 million, which includes capital distributions from a.s.r. Full-year free cash flow of EUR 759 million meets guidance of more than EUR 700 million
    • 2024 final dividend of EUR 0.19 per common share proposed, an increase of 19% compared with 2023 final dividend

    Lard Friese, Aegon CEO, commented:  
    In 2024, we continued to make good progress with our transformation and are on track to meet the 2025 targets we laid out at our 2023 Capital Markets Day (CMD). We will provide an update on our strategy and new group targets at our next CMD on December 10, 2025, in London. Looking back on the year, I am proud of what the teams achieved, and I am grateful for their hard work.

    We have delivered on both our increased guidance for operating capital generation (OCG) of EUR 1.2 billion, and on our free cash flow guidance of more than EUR 700 million for 2024. Our main business units remained well capitalized, and we have generated a full year IFRS operating result of EUR 1.5 billion. Our valuation equity per share, which is a measure of shareholder value, increased by 12% to EUR 8.91.

    We continued to execute our strategy to grow our businesses and improve the service we offer to customers. This included the roll-out of a new brand identity across our fully owned units that facilitates improved digital customer experiences. Taking a closer look at our commercial performance in 2024: in the Americas, we strengthened our distribution capabilities as World Financial Group (WFG) grew its number of licensed agents to over 86,000, up 17% compared with the prior year. This contributed to the 22% increase in the operating result of Transamerica’s distribution segment, which reached USD 191 million. Transamerica generated Individual Life sales of USD 473 million, slightly down compared with 2023. The Retirement Plans business experienced outflows but the mid-sized Retirement Plans business continued to grow with strong written plan sales and USD 557 million of net deposits. Throughout the year, we also continued to implement management actions to reduce our exposure to Financial Assets. This included achieving the goals of our program to purchase universal life policies from institutional owners earlier than anticipated.

    In the United Kingdom, we are executing the strategy we presented at our June 2024 Teach-In. Our UK Workplace platform performed strongly, with net deposits amounting to GBP 3.7 billion in 2024, due to the onboarding of new schemes and higher regular contributions from existing schemes. While outflows continued in our UK Adviser platform, we are executing our strategy to return the platform to growth by 2028 that includes targeting the top 500 financial adviser firms.

    2024 saw our Asset Management business return to growth, with third-party net deposits in Global Platforms and net deposits in Strategic Partnerships combined totaling around EUR 14 billion. This was driven by consecutive net deposits at both businesses during each quarter of 2024.

    Our International business saw 15% lower new life sales, mainly driven by pricing actions in China to reflect lower interest rates. At the same time, its value of new business grew by 18%, driven by Brazil and Spain & Portugal, underscoring our focus on profitable growth.

    Over the year, we remained disciplined in our management of capital. During the first half of 2024, we completed the EUR 1.535 billion share buyback program. In the second half, we completed a EUR 200 million share buyback program and announced a new EUR 150 million share buyback program, which began in January 2025.

    On the basis of our 2024 performance, we today propose a final dividend of 19 eurocents per share. This will result in a total dividend paid for the full-year 2024 of 35 eurocents, up 17% compared with 2023, and means we are on our way to achieve our target of around 40 eurocents per share over 2025.

    Additional information 
    Presentation
    The conference call presentation is available on aegon.com.

    Supplements
    Aegon’s second half 2024 Financial Supplement and other supplementary documents are available on aegon.com.

    Webcast and conference call including Q&A
    The webcast and conference call starts at 9:00 am CET. The audio webcast can be followed on aegon.com. To join the conference call and/or participate in the Q&A, you will need to register via the following registration link. Directly after registration you will see your personal pin on the confirmation screen, and you will also receive an email with the call details and your personal pin to enter the conference call. The link becomes active 15 minutes prior to the scheduled start time. To avoid any unforeseen connection issues, it is recommended to make use of the “Call me” option. Approximately two hours after the conference call, a replay will be available on aegon.com. 

    Click to join
    With “Call me”, there’s no need to dial-in. Simply click the following registration link and select the option “Call me”.
    Enter your information and you will be called back to directly join the conference. The link becomes active 15 minutes prior to the scheduled start time. Should you wish not to use the “Click to join” function, dial-in numbers are also available. For passcode: you will receive a personal pin upon registration.

    Dial-in numbers for conference call:
    United States: +1 864 991 4103 (local)
    United Kingdom: +44 808 175 1536 (toll-free)
    The Netherlands: +31 800 745 8377 (toll-free); or +31 970 102 86838 (toll)

    Financial calendar 2025
    First quarter 2025 trading update – May 16, 2025
    Annual General Meeting – June 12, 2025
    Second half 2025 results – August 21, 2025
    Third quarter 2025 trading update – November 13, 2025
    Capital Markets Day – December 10, 2025

    About Aegon
    Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

    Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com. More information can be found at aegon.com.

    Contacts

    Media relations Investor relations
    Richard Mackillican Yves Cormier
    +31(0) 6 27411546 +31(0) 70 344 8028
    richard.mackillican@aegon.com yves.cormier@aegon.com
       

    Local currencies and constant currency exchange rates
    This document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.

    Forward-looking statements
    The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

    • Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, diversity and inclusion or other “ESG” targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws;
    • Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the Netherlands and the United Kingdom;
    • Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:         
      • The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
      • The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
      • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
      • The impact from volatility in credit, equity, and interest rates;
    • Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
    • Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
    • Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
    • Changes affecting interest rate levels and low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • Changes affecting inflation levels, particularly in the United States, the Netherlands and the United Kingdom;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition, particularly in the United States, the Netherlands, the United Kingdom and emerging markets;
    • Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
    • Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Customer responsiveness to both new products and distribution channels;
    • Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
    • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows, and Aegon may be unable to adopt to and apply new technologies;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results, and its ability to separate businesses as part of divestitures;
    • Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
    • Changes in the policies of central banks and/or governments;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
    • Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
    • Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
    • Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
    • Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII);
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
    • Changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; and
    • Other risks and uncertainties identified in the Form 20-F and in other documents filed or to be filed by Aegon with the SEC.
    • Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future. 

    This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    WORLD FINANCIAL GROUP (WFG):
    WFG CONSISTS OF:
    IN THE UNITED STATES, WORLD FINANCIAL GROUP INSURANCE AGENCY, LLC (IN CALIFORNIA, DOING BUSINESS AS WORLD FINANCIAL INSURANCE AGENCY, LLC), WORLD FINANCIAL GROUP INSURANCE AGENCY OF HAWAII, INC., WORLD FINANCIAL GROUP INSURANCE AGENCY OF MASSACHUSETTS, INC., AND / OR WFG INSURANCE AGENCY OF PUERTO RICO, INC. (COLLECTIVELY WFGIA), WHICH OFFER INSURANCE AND ANNUITY PRODUCTS.
    IN THE UNITED STATES, TRANSAMERICA FINANCIAL ADVISORS, INC. IS A FULL-SERVICE, FULLY LICENSED, INDEPENDENT BROKER-DEALER AND REGISTERED INVESTMENT ADVISOR. TRANSAMERICA FINANCIAL ADVISORS, INC. (TFA), MEMBER  FINRA, MSRB, SIPC , AND REGISTERED INVESTMENT ADVISOR, OFFERS SECURITIES AND INVESTMENT ADVISORY SERVICES.
    IN CANADA, WORLD FINANCIAL GROUP INSURANCE AGENCY OF CANADA INC. (WFGIAC), WHICH OFFERS LIFE INSURANCE AND SEGREGATED FUNDS. WFG SECURITIES INC. (WFGS), WHICH OFFERS MUTUAL FUNDS.
    WFGIAC AND WFGS ARE AFFILIATED COMPANIES.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Growing concerns over phthalates in plastic packaging highlight importance of alternative packaging solutions, says GlobalData

    Source: GlobalData

    Growing concerns over phthalates in plastic packaging highlight importance of alternative packaging solutions, says GlobalData

    Posted in Packaging

    Environmental organizations are increasingly highlighting the numerous health risks associated with phthalates, leading to a rise in consumer awareness and concern over the use of plastic packaging in processed food and beverage products.

    The use of phthalates in plastic packaging is facing increased scrutiny due to a growing body of research that underscores significant health risks linked to these chemicals, observers GlobalData, a leading data and analytics company. This concern has led to legal action by environmental organizations such as Earthjustice and the Environmental Defense Fund against the FDA over its alleged refusal to address regulation concerning the issue.

    One notable health risk associated with plastics is their propensity to absorb flavors, colors, and odors, which consequently raises concerns about the potential leaching of harmful chemicals into food and beverage products packaged with this material.

    Chris Rowland, Packaging Consultant and Analyst at GlobalData, comments: “The European Union has implemented a ban or imposed restrictions on certain phthalate compounds that come into contact with food, a regulatory move adopted by other nations such as the United Kingdom and Canada. To future-proof their packaging capabilities, FMCG companies could explore innovative alternatives, including paper or plant-based materials, regardless of lagging regulation in the US. While initially this shift may entail higher costs, the growing consumer awareness of health risks associated with plastic packaging, coupled with a rising preference for sustainable packaging solutions and the tightening of global regulations on plastic packaging use, suggests that a failure to adapt could lead to a long-term competitive disadvantage.”

    Physical health and fitness concerns could be impacting packaging choices

    According to the latest consumer survey by GlobalData for Q4 2024, nearly half of global consumers (47%) are “extremely” or “quite” concerned about their physical fitness and health.

    The same survey also highlights that over 50% of consumers are “extremely” or “quite concerned” about the amount of processed food they eat or give to others in the “meat”, “pre-packaged meals”, and “food/drinks for children” categories.

    Rowland continues: “Consumers who are concerned about their physical fitness and dietary intake of processed foods tend to be more open to alternatives to plastic packaging. Consequently, an opportunity may arise for consumer packaged goods manufacturers to respond to these concerns, by providing packaging free from phthalates, prominently displaying this feature on the packaging, and working with their packaging suppliers to pioneer innovations in paper and biodegradable packaging for processed foods.”

    “Phthalate-Free” claims associated with personal care products

    At present, “Phthalate-Free” claims are predominantly associated with products within the personal care category, including soaps, cosmetics, and skincare products. Brands that provide phthalate-free options, such as Ecover, MyPure, and Natural Beauty, are at the forefront of this initiative. Additionally, certain niche food producers are making strides by advocating for packaging that is plastic-free, biodegradable, and recyclable. A case in point is Pheasants Hill Farm in the UK, which markets a range of food products, including steaks, mince, and burgers—in plastic-free pouches. These pouches are constructed from plant-based materials, which are claimed to be biodegradable, compostable, and ocean-friendly.

    Alternative packaging formats are increasing in both variety and popularity.

    Numerous packaging formats are now being presented as safer and more environmentally friendly alternatives to phthalate-containing plastic packaging. For example, mushroom packaging employs mycelium—the root structure of mushrooms—to bind agricultural waste into biodegradable packaging materials. This method is not only more sustainable but also provides natural insulation and protection for fragile goods. Seaweed is another material gaining popularity in the packaging industry because of its biodegradable properties and its ability to decompose without leaving harmful residues.

    Rowland adds: “The health and environmental concerns associated with plastic packaging are significant and complex. Addressing these issues necessitates a collaborative effort from consumers, businesses, and regulators to adopt sustainable practices and alternative materials. By adopting paper-based packaging and other alternative materials, brands can align with consumer preferences, comply with regulations, and demonstrate their commitment to health, well-being, and sustainability.”

    GlobalData Consumer Custom Solutions

    GlobalData Consumer Custom Solutions offers sector-level expertise in the Consumer Packaged Goods, Food, Beverages, Foodservice, Retail, Apparel, Packaging, Agribusiness and Automotive industries. We use our unique data, expert insights, and analytics to answer your bespoke questions with a tailored approach and deliverables. To learn more or have a chat, just drop us an email at consulting@globaldata.com or contact us here, and we’ll get in touch! CCS0210

    MIL OSI Economics –

  • MIL-OSI New Zealand: ACT welcomes further debate on banking wokery

    Source: ACT Party

    In response to the draw of the Financial Markets (Conduct of Institutions) Amendment (Duty to Provide) Amendment Bill from Parliament’s ballot:

    “When I first raised the problem of climate ideology in banking, it was an issue only grumbled about across the farm fence. Now it’s a mainstream concern, challenged in New Zealand’s highest chambers of power,” says ACT Rural Communities spokesperson Mark Cameron, who is also leading a select committee inquiry into rural banking practices.

    “The ACT team will be looking at the detail of this bill before forming a position.

    “In the meantime, ACT will continue to make the case for tackling woke banking practices at the cause. That includes the Net Zero Banking Alliance, which major banks in the United States, Canada, and Australia are rightly fleeing. We’ve also challenged the stupid climate commitments placed on banks by the Financial Markets Authority.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Senator Reverend Warnock’s Issues Statement for the Official Record on Nomination of Jamieson Greer to be USTR

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock’s Issues Statement for the Official Record on Nomination of Jamieson Greer to be USTR

    Today, U.S. Senator Reverend Raphael Warnock (D-GA), issued the following statement on consideration of the Nomination of Jamieson Greer, of Maryland, to be United States Trade Representative, with the rank of Ambassador Extraordinary and Plenipotentiary.
    “I will vote against the nomination of Mr. Jamieson Greer to serve as the United States Trade Representative. Despite Mr. Greer’s qualifications, he would be responsible for implementing President Trump’s haphazard and reckless trade policies, which I believe are harmful to Georgia businesses, farmers, and families. I am particularly concerned that, instead of advising the President on trade, Mr. Greer would be forced to appease President Trump’s chaotic tariff impulses.”
    “President Trump has used the threat of tariffs on America’s closest allies and trading partners—including Mexico, Canada, and even the European Union—merely to advance partisan or political goals that have little to do with our economy. These actions risk increasing costs for Georgia families and threatening good-paying American jobs.”  
    “Should Mr. Greer be confirmed, as Ranking Member of the Senate Subcommittee on International Trade, Customs, and Global Competitiveness, I will work with him, holding him accountable when necessary, to fight for domestic manufacturing in critical sectors like clean energy and electric vehicles, which are leading Georgia’s economic growth and reducing our dependence on China; to identify new international market access opportunities for Georgia’s farmers and small businesses, while protecting them from harmful trade wars; and to lower costs for hard-working families.”

    MIL OSI USA News –

  • MIL-Evening Report: US backing for Pacific disinformation media course casualty of Trump aid ‘freeze’

    Pacific Media Watch

    A New Zealand-based community education provider, Dark Times Academy, has had a US Embassy grant to deliver a course teaching Pacific Islands journalists about disinformation terminated after the new Trump administration took office.

    The new US administration requested a list of course participants and to review the programme material amid controversy over a “freeze” on federal aid policies.

    The course presentation team refused and the contract was terminated by “mutual agreement” — but the eight-week Pacific workshop is going ahead anyway from next week.

    Dark Times Academy’s co-founder Mandy Henk . . . “A Bit Sus”, an evidence-based peer-reviewed series of classes on disinfiormation for Pacific media. Image: Newsroom

    “As far as I can tell, the current foreign policy priorities of the US government seem to involve terrorising the people of Gaza, annexing Canada, invading Greenland, and bullying Panama,” said Dark Times Academy co-founder Mandy Henk.

    “We felt confident that a review of our materials would not find them to be aligned with those priorities.”

    The course, called “A Bit Sus”, is an evidence-based peer-reviewed series of classes that teach key professions the skills needed to identify and counter disinformation and misinformation in their particular field.

    The classes focus on “prebunking”, lateral reading, and how technology, including generative AI, influences disinformation.

    Awarded competitive funds
     Dark Times Academy was originally awarded the funds to run the programme through a public competitive grant offered by the US Embassy in New Zealand in 2023 under the previous US administration.

    The US Embassy grant was focused on strengthening the capacity of Pacific media to identify and counter disinformation. While funded by the US, the course was to be a completely independent programme overseen by Dark Times Academy and its academic consultants.

    Co-founder Henk was preparing to deliver the education programme to a group of Pacific Island journalists and media professionals, but received a request from the US Embassy in New Zealand to review the course materials to “ensure they are in line with US foreign policy priorities”.

    Henk said she and the other course presenters refused to allow US government officials to review the course material for this purpose.

    She said the US Embassy had also requested a “list of registered participants for the online classes,” which Dark Times Academy also declined to provide as compliance would have violated the New Zealand Privacy Act 2020.

    Henk said the refusal to provide the course materials for review led immediately to further discussions with the US Embassy in New Zealand that ultimately resulted in the termination of the grant “by mutual agreement”.

    However, she said Dark Times Academy would still go ahead with running the course for the Pacific Island journalists who had signed up so far, starting on February 26.

    Continuing the programme
    “The Dark Times Academy team fully intends to continue to bring the ‘A Bit Sus’ programme and other classes to the Pacific region and New Zealand, even without the support of the US government,” Henk said.

    “As noted when we first announced this course, the Pacific Islands have experienced accelerated growth in digital connectivity over the past few years thanks to new submarine cable networks and satellite technology.

    “Alongside this, the region has also seen a surge in harmful rumours and disinformation that is increasingly disrupting the ability to share accurate and truthful information across Pacific communities.

    “This course will help participants from the media recognise common tactics used by disinformation agents and support them to deploy proven educational and communications techniques.

    “By taking a skills-based approach to countering disinformation, our programme can help to spread the techniques needed to mitigate the risks posed by digital technologies,” Henk said.

    Especially valuable for journalists
    Dark Times Academy co-founder Byron Clark said the course would be especially valuable for journalists in the Pacific region given the recent shifts in global politics and the current state of the planet.

    Dark Times Academy co-founder and author Byron Clark . . . “We saw the devastating impacts of disinformation in the Pacific region during the measles outbreak in Samoa.” Image: APR

    “We saw the devastating impacts of disinformation in the Pacific region during the measles outbreak in Samoa, for example,” said Clark, author of the best-selling book Fear: New Zealand’s Underworld of Hostile Extremists.

    “With Pacific Island states bearing the brunt of climate change, as well as being caught between a geopolitical stoush between China and the West, a course like this one is timely.”

    Henk said the “A Bit Sus” programme used a “high-touch teaching model” that combined the current best evidence on how to counter disinformation with a “learner-focused pedagogy that combines discussion, activities, and a project”.

    Past classes led to the creation of the New Zealand version of the “Euphorigen Investigation” escape room, a board game, and a card game.

    These materials remain in use across New Zealand schools and community learning centres.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Flags to Fly at Half-Staff on Feb. 27 Honoring State Trooper Kyle McAcy

    Source: US State of Nebraska

    . 27 Honoring State Trooper Kyle McAcy

     

    LINCOLN, NE – Today, Governor Jim Pillen ordered that all U.S. and state flags be flown at half-staff on Thursday, Feb. 27, for the funeral of Nebraska State Patrol (NSP) Trooper Kyle McAcy. McAcy was killed in the line of duty on Feb. 17 while responding to the scene of a crash on I-80. Services will begin at 11 o’clock that morning at the Liberty First Credit Union Arena in Ralston. Flags should be flown at half-staff from sunrise until sunset that day.

     

    This morning, Gov. Pillen and First Lady Suzanne visited the Troop A office in Omaha, leaving flowers on Trooper McAcy’s cruiser, which bears his badge #302. Community members have also been encouraged to stop by, should they wish to pay their respects. The office location is 4411 S. 108th Street in Omaha.

    MIL OSI USA News –

  • MIL-Evening Report: Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case

    Source: The Conversation (Au and NZ) – By Matt Nichol, Lecturer in Law, CQUniversity Australia

    The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.

    Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.



    Read more:
    Tennis is facing an existential crisis over doping. How will it respond?

    The fallout

    “Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.

    Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.

    The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.

    WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.

    Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.

    Both WADA and the International Tennis Integrity Agency accepted this version of events.

    In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.

    Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.

    For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.

    In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.

    Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.

    Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.

    However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.

    Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.

    Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.

    Intentional and unintentional doping

    The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.

    Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:

    • had not intended to cheat using clostebol
    • received no performance-enhancing benefit from the substance
    • had no knowledge of the administration of the substance.

    But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.

    WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.

    WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.

    Lessons from the Sinner case

    So what can be learned from Sinner’s case?

    One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.

    This distinction explains the difference in penalties between Sinner and other athletes.

    Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.

    An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.

    Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.

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

    – ref. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Further night closures planned for SH1 between Johnsonville and Tawa for resurfacing works

    Source: New Zealand Transport Agency

    People travelling on State Highway 1 between Johnsonville and Tawa need to prepare for night-time closures from this Sunday, 23 February for resurfacing works.

    While originally scheduled for this week have, these works have been delayed due to rain. It means extra time is needed to complete the works on this section of the highway.

    Weather permitting, night works are planned from Sunday, 23 February until Thursday, 27 February. It will affect the highway’s northbound lanes, as well as the Takapu Road on and offramps.

    Crews will be resurfacing northbound lanes north of Johnsonville as well as the Tawa/Glenside onramp.

    Local road detours will be available via Johnsonville and Glenside along Middleton Road.

    Every effort is being made to reduce the impact of the work on the public. It is being done at night when fewer vehicles on the road. Closing the northbound lanes allows the project to be completed quicker with lower traffic management costs. It is also safer for road workers and the public.

    Drivers can expect resurfacing work on the highway to continue during March between Newlands and Tawa. An update will be provided once its timing is confirmed.

    This work on State Highway 1 is a key part of wellington’s state highway summer maintenance programme.

    On an average, more than 30,000 vehicles use the northbound lanes on State Highway 1 between Ngauranga and Porirua every day. This is why regular resurfacing and road maintenance is essential – it improves the road’s surface, making it more resilient and safer for drivers.

    Work schedule and detour maps:

    Sunday, 23 February, Monday, 24 February and Tuesday, 25 February. 9 pm – 4.30 am

    Northbound road closure between Johnsonville and Glenside. Vehicles will need to follow the detour using Johnsonville off-ramp and Glenside on-ramp

    Wednesday, 26 February. 9 pm – 4.30 am

    Northbound road closure between Glenside and Tawa. Vehicles will need to follow detour using Glenside off-ramp and Takapu road on-ramp.

    Thursday, 27 February. 9 pm – 4.30 am

    Tawa/Grenada onramp CLOSED

    MIL OSI New Zealand News –

  • MIL-OSI: Diversified Energy Announces Pricing of Offering of Ordinary Shares

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, Ala., Feb. 19, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the “Company“), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the pricing of its previously announced underwritten public offering (the “Offering”) of 8,500,000 ordinary shares (the “Shares”) at a public offering price of $14.50 per Share for total gross proceeds of approximately $123.3 million. The Offering is expected to settle on February 21, 2025, subject to customary closing conditions. In addition, Diversified has granted the underwriters a 30-day option to purchase up to an additional 850,000 ordinary shares at the public offering price, less underwriting discount.

    Citigroup and Mizuho are acting as joint book-running managers and underwriters for the Offering. KeyBanc Capital Markets, Truist Securities, Jefferies and Raymond James are also acting as joint book-running managers and underwriters for the Offering. Johnson Rice & Company, Pickering Energy Partners, Stephens Inc. and Stifel are acting as co-managers and underwriters for the Offering.

    The Company intends to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on January 27, 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. The consummation of the Offering is not conditioned upon the completion of the Acquisition, and the completion of the Acquisition is not conditioned upon the consummation of the Offering.

    A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC“) on February 11, 2025 and became effective upon filing. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus relating to and describing the terms of the Offering were filed with the SEC and are available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus related to the Offering can be accessed through the SEC’s website free of charge at www.sec.gov or obtained free of charge from either of the joint book-running managers for the Offering: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Mizuho Securities USA LLC, Attention: Equity Capital Markets Desk, at 1271 Avenue of the Americas, New York, NY 10020, or by email at US-ECM@mizuhogroup.com.

    This announcement does not constitute an offer to sell or the solicitation of an offer to buy our ordinary shares nor shall there be any sale of securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

    In connection with the admission of the Shares to listing on the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (“Admission”), the Company intends to publish a prospectus as required under the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Applications will be made to the FCA and LSE for Admission, and Admission is expected to become effective at 8:00 am (London time) on February 24, 2025.

    Post Transaction Report

    In accordance with the Statement of Principles (November 2022) published by the Pre-Emption Group, Diversified announces the following post transaction report in connection with the Offering.

    Name of Issuer Diversified Energy Company PLC
    Transaction Details The Company issued 8,500,000 new Ordinary Shares (the “Shares”), representing 16.6% of the Company’s ordinary share capital as of 14 February 2025.

    Admission of the Shares representing 16.6% of the Company’s ordinary share capital as of 14 February 2024 is expected to occur at 8.00 am (London time) on 24 February 2024.
    Use of Proceeds The directors of the Company intend to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on 27 January 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. 
    Quantum of Proceeds Total gross proceeds from the Offering, amounted to US$123.3 million (approximately £97.9 million), approximately US$118.3 million net of expenses (approximately £93.9 million net of expenses).
    Discount The Offering was completed at a price of US$14.50 per Share, representing a 3.4% percent discount from the NYSE closing price of US$15.01 per Share on 19 February 2025 (being the last business day prior to the pricing of the Offering).
    Allocations Soft pre-emption has been adhered to in the allocations process, where possible. Management was involved in the allocations process, which has been carried out in compliance with the MIFID II Allocation requirements.
    Consultation The Underwriters undertook a pre-launch wall-crossing process, including consultation with major shareholders, to the extent reasonably practicable and permitted by law.
    U.K. Retail Investors Following discussions between the Underwriters and the Company, it was decided that a retail offer would not be included in the Offering. The Offering structure was chosen to minimize cost, time to completion and complexity.


    CONTACTS

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations & Corporate Communications  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Media Relations  


    About Diversified

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Forward-Looking Statements

    This press release includes forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “targets”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “projects”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of management or the Company concerning, among other things, expectations regarding the proposed Offering of securities and the Acquisition. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the Company’s filings with the SEC and other important factors that could cause actual results to differ materially from those projected.

    Important Notice to UK and EU Investors

    This announcement contains inside information for the purposes of Regulation (EU) No. 596/2014 on market abuse and the UK Version of Regulation (EU) No. 596/2014 on market abuse, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (together, “MAR”). In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of such inside information as permitted by MAR. Upon the publication of this announcement, the inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information in relation to the Company and its securities.

    Members of the public are not eligible to take part in the Offering. This announcement is directed at and is only being distributed to persons: (a) if in member states of the European Economic Area, “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors“); or (b) if in the United Kingdom, “qualified investors” within the meaning of Article 2(e) of the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, who are (i) persons who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom they may otherwise lawfully be communicated (each such person above, a “Relevant Person“). No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. This announcement must not be acted on or relied on by persons who are not Relevant Persons, if in the United Kingdom, or Qualified Investors, if in a member state of the EEA. Any investment or investment activity to which this announcement or the Offering relates is available only to Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA, and will be engaged in only with Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA.

    No offering document or prospectus will be available in any jurisdiction in connection with the matters contained or referred to in this announcement in the United Kingdom and no such offering document or prospectus is required (in accordance with the Prospectus Regulation or UK Prospectus Regulation) to be published. The Company will publish a prospectus in connection with Admission as required under the UK Prospectus Regulation in due course.

    Neither the content of the Company’s website (or any other website) nor the content of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

    The Company has consulted with a number of existing shareholders and other investors ahead of the release of this announcement, including regarding the rationale for the offering. Consistent with each of its prior offerings, the Company will respect the principles of pre-emption, so far as is possible, through the allocation process, in the Offering.

    In connection with the Offering, Citigroup or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Shares or effect other transactions with a view to supporting the market price of the Shares at a higher level than that which might otherwise prevail in the open market. Citigroup may, for stabilization purposes, over-allot Shares up to a maximum of 10 per cent. of the total number of Shares comprised in the Offering. Citigroup will not be required to enter into such transactions and such transactions may be effected on any stock market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of adequate public disclosure of the final price of the securities and ending no later than 30 calendar days thereafter. However, there will be no obligation on Citigroup or any of its agents to effect stabilizing transactions and there is no assurance that stabilizing transactions will be undertaken. Such stabilizing measures, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilize the market price of the Shares above the offer price. Save as required by law or regulation, neither Citigroup nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilization transactions conducted in relation to the Offering.

    Citigroup and Mizuho are acting exclusively for the Company and no one else in connection with the Offering and will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for giving advice in relation to the Offering or the contents of this announcement or any transaction, arrangement or other matter referred to herein.

    In connection with the Offering, Citigroup and Mizuho or any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Shares and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references in the US prospectus, once published, to the Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, Citigroup and Mizuho or any of their respective affiliates acting as investors for their own accounts. Citigroup and Mizuho or any of their respective affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

    Neither Citigroup nor Mizuho, nor any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

    The MIL Network –

  • MIL-OSI Global: Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case

    Source: The Conversation – Global Perspectives – By Matt Nichol, Lecturer in Law, CQUniversity Australia

    The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.

    Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.



    Read more:
    Tennis is facing an existential crisis over doping. How will it respond?

    The fallout

    “Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.

    Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.

    The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.

    WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.

    Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.

    Both WADA and the International Tennis Integrity Agency accepted this version of events.

    In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.

    Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.

    For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.

    In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.

    Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.

    Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.

    However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.

    Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.

    Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.

    Intentional and unintentional doping

    The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.

    Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:

    • had not intended to cheat using clostebol
    • received no performance-enhancing benefit from the substance
    • had no knowledge of the administration of the substance.

    But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.

    WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.

    WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.

    Lessons from the Sinner case

    So what can be learned from Sinner’s case?

    One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.

    This distinction explains the difference in penalties between Sinner and other athletes.

    Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.

    An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.

    Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.

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

    – ref. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143

    MIL OSI – Global Reports –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Ends Taxpayer Subsidization of Open Borders

    Source: The White House

    PRESERVING FEDERAL BENEFITS FOR AMERICAN CITIZENS: Today, President Donald J. Trump signed an Executive Order to ensure taxpayer resources are not used to incentivize or support illegal immigration.

    • The Order directs Federal departments and agencies to identify all federally funded programs currently providing financial benefits to illegal aliens and take corrective action.
    • It ensures that Federal funds to states and localities will not be used to support “sanctuary” policies or assist illegal immigration.
    • It mandates improvements in eligibility verification to prevent benefits from going to individuals unlawfully present in the United States.
    • President Trump is committed to safeguarding Federal public benefits for American citizens who are truly in need, including individuals with disabilities and veterans.

    TAXPAYERS ARE FOOTING THE BILL FOR ILLEGAL IMMIGRATION: With this Executive Order, President Trump is ensuring taxpayer resources are used to protect the interests of American citizens, not illegal aliens.

    • The surge in illegal immigration, enabled by the previous Administration, is siphoning dollars and essential services from American citizens while state and local budgets grow increasingly strained.
    • Under current welfare laws, specifically the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA), illegal aliens are generally barred from welfare programs. But if they’re granted parole, they are classified as “qualified aliens” and become eligible for various welfare programs on a sliding scale, with full eligibility granted within five years.
    • According to the Center for Immigration Studies (CIS), providing welfare to one million illegal aliens could cost American taxpayers an additional $3 billion annually.
    • The U.S. House Homeland Security Committee estimated that taxpayers could pay as much as $451 billion to care for illegal aliens and gotaways that have entered the United States unlawfully since January 2021.
    • The Federation for American Immigration Reform (FAIR) calculated that American taxpayers spend at least $182 billion annually to cover the costs incurred by the presence of 20 million illegal aliens and their children, which includes $66.5 billion in Federal expenses plus an additional $115.6 billion in state and local expenses.
    • The Congressional Budget Office (CBO) estimated that the Biden Administration’s open borders agenda, which sought to provide Medicaid-funded emergency services to illegal aliens, has cost Federal and state taxpayers more than $16.2 billion.
    • The Biden Administration gave billions in taxpayer dollars to left-wing groups that facilitated mass illegal migration and provided legal services to challenge deportation orders.
    • In addition, since 2021, more than $1 billion has been allocated through the Federal Emergency Management Agency (FEMA) to illegal aliens.

    SECURING THE BORDER AND PUTTING AMERICANS FIRST: President Trump has delivered on his promise to secure the border and prioritize the needs of American citizens, taking immediate action to put an end to the previous Administration’s border crisis. Since taking office, President Trump has:

    • Declared a national emergency at the southern border.
    • Deployed additional personnel to the border, including members of the Armed Forces and the National Guard.
    • Restarted border wall construction.
    • Designated international cartels and other criminal organizations – such as MS-13 and Tren de Aragua – as Foreign Terrorist Organizations and Specially Designated Global Terrorists.
    • Suspended the entry of aliens into the U.S.
    • Called for enhanced vetting and screening of aliens.
    • Required the identification of countries that warrant a partial or full suspension on the admission of nationals.
    • Restarted the detention and removal of aliens who are in violation of Federal law.
    • Directed the Administration to resume the Migrant Protection Protocols – also known as “Remain in Mexico” – as soon as practicable.
    • Ended the use of the CBP One app.
    • Terminated all categorical parole programs, such as the “Processes for Cubans, Haitians, Nicaraguans, and Venezuelans,” that are contrary to President Trump’s immigration agenda.
    • Ended automatic citizenship for children of illegal aliens.
    • Paused the operation of the U.S. Refugee Admissions Program (USRAP).
    • Ended catch-and-release policies.
    • Revoked Biden’s disastrous executive actions that essentially opened our southern border.
    • Detained the most dangerous illegal criminal aliens in Guantanamo Bay.  

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Reduces the Federal Bureaucracy

    Source: The White House

    SHRINKING THE FEDERAL GOVERNMENT: Today, President Donald J. Trump signed an Executive Order continuing the reduction of Federal bureaucracy and waste.

    • The Order aims to further decrease the size of the Federal Government to enhance accountability, reduce waste, and promote innovation.
    • It eliminates or reduces to the minimum level of activity and expenditure required by law unnecessary governmental entities and Federal advisory committees.
    • Within 30 days, a list of additional unnecessary government entities and advisory committees must be submitted to the President for termination.

    REDUCING GOVERNMENT OVERREACH: President Trump’s Executive Order is consistent with his Administration’s policy to dramatically reduce the size of the Federal Government, while increasing its accountability to the American people.  

    • The Department of Government Efficiency (DOGE) has already identified billions in waste, fraud, and abuse.
    • Cutting these governmental entities and Federal advisory committees will save taxpayer dollars, reduce unnecessary government spending, and streamline government priorities.
    • By reducing the Federal footprint, President Trump is returning power to local communities and state governments.

    REFORMING THE FEDERAL BUREAUCRACY: The American people elected President Trump to drain the swamp and end ineffective government programs that empower government without achieving measurable results.

    • The government wastes billions of dollars each year on duplicative programs and frivolous expenditures that fail to align with American values or address the needs of the American people.
    • President Trump recently eliminated the Federal Executive Institute, a government program purportedly designed to provide bureaucratic leadership training.  
    • President Trump temporarily paused foreign aid to many non-governmental organizations, international organizations, and contractors to ensure every dollar of U.S. foreign assistance supports American values.
    • President Trump established the “Department of Government Efficiency” to examine how to streamline the Federal Government, eliminate unnecessary programs, and reduce bureaucratic inefficiency.
    • President Trump launched a 10-to-1 deregulation initiative, ensuring every new rule is justified by clear benefits.
    • Through these actions, President Trump is keeping his promise to restore efficiency and accountability in the Federal Government.

    MIL OSI USA News –

  • MIL-OSI USA News: 80th Anniversary of the Battle of Iwo Jima

    Source: The White House

    class=”has-text-align-center”>By the President of the United States of America

    A Proclamation

    On the morning of February 19, 1945, the first wave of United States Marines landed on the island of Iwo Jima — commencing 36 long, perilous days of gruesome warfare, and one of the most consequential campaigns of the Second World War.  With ruthless fervor, the Japanese struck our forces with mortars, heavy artillery, and a steady barrage of small arms fire, but they could not shake the spirit of the Marines, and American forces did not retreat.

    Five days into the conflict, six Marines ascended the island’s highest peak and hoisted Old Glory into the summit of Mount Suribachi — a triumphant moment that has stood the test of time as a lasting symbol of the grit, resolve, and unflinching courage of Marines and all of those who serve our Nation in uniform.

    After five weeks of unrelenting warfare, the island was declared secure, and our victory advanced America’s cause in the Pacific Theater — but at a staggering cost.  Of the 70,000 men assembled for the campaign, nearly 7,000 Marines and Sailors died, and 20,000 more were wounded.

    The battle was defined by massive casualties, but also acts of gallantry — 27 Marines and Sailors received the Medal of Honor for their valor during Iwo Jima.  No other single battle in our Nation’s history bears this distinction.  Eighty years later, we proudly continue to honor their heroism.

    American liberty was secured, in part, by young men who stormed the black sand shores of Iwo Jima and defeated the Japanese Imperial Army eight decades ago.  In spite of a brutal war, the United States–Japan Alliance represents the cornerstone of peace and prosperity in the Indo-Pacific.

    Nonetheless, our victory at Iwo Jima stands as a legendary display of American might and an eternal testament to the unending love, nobility, and fortitude of America’s Greatest Generation.  To every Patriot who selflessly rose to the occasion, left behind his family and his home, and gallantly shed his blood for freedom on the battlefields at Iwo Jima, we vow to never forget your intrepid devotion — and we pledge to build a country, a culture, and a future worthy of your sacrifice.

    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim February 19, 2025, as the 80th Anniversary of the Battle of Iwo Jima.  I encourage all Americans to remember the selfless patriots of the Greatest Generation.

         IN WITNESS WHEREOF, I have hereunto set my hand this nineteenth day of February, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Reins in Government Overreach and Begins Deconstruction of Unconstitutional Administrative State

    Source: The White House

    ENSURING LAWFUL ENFORCEMENT: Today, President Donald J. Trump signed an Executive Order ensuring lawful governance and implementing the President’s Department of Government Efficiency (DOGE) deregulatory initiative. The Executive Order will end Federal overreach in regulation and enforcement and restore the constitutional separation of powers:

    • Agency heads shall, in coordination with their DOGE team leads and the Office of Management and Budget (OMB), review all regulations subject to their jurisdiction for consistency with law and Trump Administration policy, prioritizing rules that impose heavy costs.
      • A Unified Agenda will be developed to rescind and/or modify regulations that are inconsistent with law or the Trump Administration’s policy.
    • Agencies shall utilize enforcement discretion to de-prioritize enforcement actions that stretch statutory authority or exceed the constitutional powers of the Federal Government.
    • The Order exempts, among other things, any action respecting a military, national security, homeland security, foreign affairs, or immigration-related function of the United States.

    ELIMINATING UNLAWFUL REGULATIONS AND ENFORCEMENT: The accumulation of federal regulations and their burdensome enforcement, including legally suspect regulations, has stifled economic growth and constrained Americans’ freedom.    

    • The Biden Administration imposed a historic $1.7 trillion in costs on the American people. 
    • This Executive Order stops and reverses the regulatory overreach and abusive enforcement, ensuring that the operation of the government is responsible, lawful, and efficient.

    BUILDING ON PAST SUCCESS: President Trump’s first term was the most successful deregulatory undertaking in American history. This Executive Order builds on these foundations and furthers the deregulatory project to improve the daily lives of the American people and unleash a new Golden Age of America.

    MIL OSI USA News –

  • MIL-OSI USA News: Ensuring Lawful Governance and Implementing the President’s “Department of Government Efficiency” Regulatory Initiative

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:
     

         Section 1.  Purpose.  It is the policy of my Administration to focus the executive branch’s limited enforcement resources on regulations squarely authorized by constitutional Federal statutes, and to commence the deconstruction of the overbearing and burdensome administrative state.  Ending Federal overreach and restoring the constitutional separation of powers is a priority of my Administration.  

         Sec. 2.  Rescinding Unlawful Regulations and Regulations That Undermine the National Interest.  (a)  Agency heads shall, in coordination with their DOGE Team Leads and the Director of the Office of Management and Budget, initiate a process to review all regulations subject to their sole or joint jurisdiction for consistency with law and Administration policy.  Within 60 days of the date of this order, agency heads shall, in consultation with the Attorney General as appropriate, identify the following classes of regulations:
    (i)    unconstitutional regulations and regulations that raise serious constitutional difficulties, such as exceeding the scope of the power vested in the Federal Government by the Constitution;
    (ii)   regulations that are based on unlawful delegations of legislative power;
    (iii)  regulations that are based on anything other than the best reading of the underlying statutory authority or prohibition;
    (iv)   regulations that implicate matters of social, political, or economic significance that are not authorized by clear statutory authority;
    (v)    regulations that impose significant costs upon private parties that are not outweighed by public benefits;
    (vi)   regulations that harm the national interest by significantly and unjustifiably impeding technological innovation, infrastructure development, disaster response, inflation reduction, research and development, economic development, energy production, land use, and foreign policy objectives; and
    (vii)  regulations that impose undue burdens on small business and impede private enterprise and entrepreneurship.
    (b)  In conducting the review required by subsection (a) of this section, agencies shall prioritize review of those rules that satisfy the definition of “significant regulatory action” in Executive Order 12866 of September 30, 1993 (Regulatory Planning and Review), as amended.
    (c)  Within 60 days of the date of this order, agency heads shall provide to the Administrator of the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget a list of all regulations identified by class as listed in subsection (a) of this section.
    (d)  The Administrator of OIRA shall consult with agency heads to develop a Unified Regulatory Agenda that seeks to rescind or modify these regulations, as appropriate.

         Sec. 3.  Enforcement Discretion to Ensure Lawful Governance.  (a)  Subject to their paramount obligation to discharge their legal obligations, protect public safety, and advance the national interest, agencies shall preserve their limited enforcement resources by generally de-prioritizing actions to enforce regulations that are based on anything other than the best reading of a statute and de-prioritizing actions to enforce regulations that go beyond the powers vested in the Federal Government by the Constitution.
    (b)  Agency heads shall determine whether ongoing enforcement of any regulations identified in their regulatory review is compliant with law and Administration policy.  To preserve resources and ensure lawful enforcement, agency heads, in consultation with the Director of the Office of Management and Budget, shall, on a case-by-case basis and as appropriate and consistent with applicable law, then direct the termination of all such enforcement proceedings that do not comply with the Constitution, laws, or Administration policy.

         Sec. 4.  Promulgation of New Regulations.  Agencies shall continue to follow the processes set out in Executive Order 12866 for submitting regulations for review by OIRA.  Additionally, agency heads shall consult with their DOGE Team Leads and the Administrator of OIRA on potential new regulations as soon as practicable.  In evaluating potential new regulations, agency heads, DOGE Team Leads, and the Administrator of OIRA shall consider, in addition to the factors set out in Executive Order 12866, the factors set out in section 2(a) of this order.   

         Sec. 5.  Implementation.  The Director of the Office of Management and Budget shall issue implementation guidance, as appropriate.

         Sec. 6.  Definitions.  (a)  “Agency” has the meaning given to it in 44 U.S.C. 3502, except it does not include the Executive Office of the President or its components.
    (b)  “Agency head” shall mean the highest-ranking official of an agency, such as the Secretary, Administrator, Chairman, or Director.
    (c)  “DOGE Team Lead” shall mean the leader of the DOGE Team at each agency as described in Executive Order 14158 of January 20, 2025 (Establishing and Implementing the President’s “Department of Government Efficiency”).
    (d)  “Enforcement action” means all attempts, civil or criminal, by any agency to deprive a private party of life, liberty, or property, or in any way affect a private party’s rights or obligations, regardless of the label the agency has historically placed on the action.
    (e)  “Regulation” shall have the meaning given to “regulatory action” in section 3(e) of Executive Order 12866, and also includes any “guidance document” as defined in Executive Order 13422 of January 18, 2007 (Further Amendment to Executive Order 12866 on Regulatory Planning and Review).
    (f)  “Senior appointee” means an individual appointed by the President, or performing the functions and duties of an office that requires appointment by the President, or a non-career member of the Senior Executive Service (or equivalent agency system).

         Sec. 7.  Exemptions.  Notwithstanding any other provision in this order, nothing in this order shall apply to:
    (a)  any action related to a military, national security, homeland security, foreign affairs, or immigration-related function of the United States;
    (b)  any matter pertaining to the executive branch’s management of its employees; or
    (c)  anything else exempted by the Director of the Office of Management and Budget.

         Sec. 8.  Severability.  If any provision of this order, or the application of any provision to any person or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other persons or circumstances shall not be affected thereby. 

         Sec. 9.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:  
    (i)   the authority granted by law to an executive department, agency, or the head thereof; or  
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.  
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.  
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. 
     
     
     
    THE WHITE HOUSE,
        February 19, 2025.

    MIL OSI USA News –

  • MIL-OSI USA News: Commencing the Reduction of the Federal Bureaucracy

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

         Section 1.  Purpose.  It is the policy of my Administration to dramatically reduce the size of the Federal Government, while increasing its accountability to the American people.  This order commences a reduction in the elements of the Federal bureaucracy that the President has determined are unnecessary.  Reducing the size of the Federal Government will minimize Government waste and abuse, reduce inflation, and promote American freedom and innovation.

         Sec. 2.  Reducing the Scope of the Federal Bureaucracy.   (a)  The non-statutory components and functions of the following governmental entities shall be eliminated to the maximum extent consistent with applicable law, and such entities shall reduce the performance of their statutory functions and associated personnel to the minimum presence and function required by law:
    (i)    the Presidio Trust;
    (ii)   the Inter-American Foundation;
    (iii)  the United States African Development Foundation; and
    (iv)   the United States Institute of Peace.
    (b)  Within 14 days of the date of this order, the head of each unnecessary governmental entity listed in subsection (a) of this section shall submit a report to the Director of the Office of Management and Budget (OMB Director) confirming compliance with this order and stating whether the governmental entity, or any components or functions thereof, are statutorily required and to what extent.
    (c)  In reviewing budget requests submitted by the governmental entities listed in subsection (a) of this section, the OMB Director or the head of any executive department or agency charged with reviewing grant requests by such entities shall, to the extent consistent with applicable law and except insofar as necessary to effectuate an expected termination, reject funding requests for such governmental entities to the extent they are inconsistent with this order.
    (d)  The Presidential Memorandum of November 13, 1961 (Need for Greater Coordination of Regional and Field Activities of the Government), is hereby revoked.  The Director of the Office of Personnel Management (OPM Director) is directed to initiate the process to withdraw the regulations at title 5, part 960, Code of Federal Regulations, thereby eliminating the Federal Executive Boards.  
    (e)  The OPM Director is directed to initiate the process to withdraw the regulations at title 5, part 362, subpart D, Code of Federal Regulations, and to take any other steps necessary to promptly terminate the Presidential Management Fellows Program.  On the effective date of the final regulations promulgated by the OPM Director, Executive Order 13318 of November 21, 2003, is revoked and Executive Order 13562 of December 27, 2010, is amended by:
    (i)    striking from section 2 the words “along with the Presidential Management Fellows Program, as modified herein,”;
    (ii)   striking section 5;
    (iii)  striking from section 6(b) the words “or PMF Programs” and inserting in their place “program”;
    (iv)   striking from section 7(b)(iii) the words “the competitive service of Interns, Recent Graduates, or PMFs (or a Government-wide combined conversion cap applicable to all three categories together)” and inserting in their place “the competitive service of Interns or Recent Graduates (or a Government-wide combined conversion cap applicable to both categories together)”; and
    (v)    redesignating sections 6, 7, 8, and 9 as sections 5, 6, 7, and 8 respectively.  
    (f)  Within 14 days of the date of this order, the following heads of executive departments and agencies (agencies) shall take the following actions with respect to the following Federal Advisory Committees within their respective agencies:
    (i) the Administrator of the United States Agency for International Development shall terminate the Advisory Committee on Voluntary Foreign Aid; 
    (ii)   the Director of the Bureau of Consumer Financial Protection shall terminate the Academic Research Council and the Credit Union Advisory Council;
    (iii)  the Board of Directors of the Federal Deposit Insurance Corporation shall terminate the Community Bank Advisory Council;
    (iv)   the Secretary of Health and Human Services shall terminate the Secretary’s Advisory Committee on Long COVID; and
    (v)    the Administrator of the Centers for Medicare and Medicaid Services shall terminate the Health Equity Advisory Committee.
    (g)  Within 30 days of the date of this order, the Assistant to the President for National Security Affairs, the Assistant to the President for Economic Policy, and the Assistant to the President for Domestic Policy shall identify and submit to the President additional unnecessary governmental entities and Federal Advisory Committees that should be terminated on grounds that they are unnecessary.  

         Sec. 3.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department, agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
     
     
     
    THE WHITE HOUSE,
        February 19, 2025.

    MIL OSI USA News –

  • MIL-OSI USA News: President Trump Announces Appointments to the Council of Governors

    Source: The White House

    class=”has-text-align-left”>Today, President Donald J. Trump announced new appointments to the Council of Governors, a bipartisan group of state leaders tasked with strengthening state-federal partnerships on key national security, disaster response, and military coordination issues.
     
    Appointed Members

    • Governor Glenn Youngkin (VA) – Co-Chair
    • Governor Josh Stein (NC) – Co-Chair
    • Governor Ron DeSantis (FL)
    • Governor Brian Kemp (GA)
    • Governor Jeff Landry (LA)
    • Governor Wes Moore (MD)
    • Governor Gretchen Whitmer (MI)
    • Governor Kathy Hochul (NY)
    • Governor Josh Shapiro (PA)
    • Governor Henry McMaster (SC)

    About the Council of Governors
    The Council of Governors was established by the National Defense Authorization Act of 2008 and formally created by Executive Order 13528 in 2010. It serves as a key forum for governors and federal officials to enhance collaboration on disaster response, National Guard operations, and military integration within the states.

    MIL OSI USA News –

  • MIL-OSI USA: Hickenlooper, Bennet, Colleagues Introduce Bipartisan Legislation to Exclude Catastrophe Mitigation Payments from Income Taxes

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper
    WASHINGTON – U.S. Senators John Hickenlooper and Michael Bennet joined nine of their Senate colleagues in introducing the bipartisan Disaster Mitigation and Tax Parity Act of 2025 to prevent disaster mitigation funds from being taxed as part of gross income. These funds help communities prepare for and recover from natural disasters.
    “Coloradans know the damage caused by wildfires and other natural disasters too well. This is a critical step we can take to keep our families and homes safe and give communities the resources they need to rebuild,” said Hickenlooper.
    “This commonsense legislation takes a critical step toward empowering individuals and communities to better protect themselves from the devastating effects of natural disasters like Hurricane Helene,” said Tillis. “By excluding qualified catastrophe mitigation payments from income tax, we are incentivizing property owners to make the necessary improvements that reduce damage and save lives. This proactive approach to disaster preparedness not only helps families rebuild faster but strengthens our resilience in the face of future disasters.”
    “The devastating fires in Southern California underscored the urgent need to empower homeowners to take proactive steps to keep their families and homes safe,” said Padilla. “As these disasters become more frequent and more extreme due to the climate crisis, we should incentivize — not penalize — taxpayers for protecting their homes. That’s why the Disaster Mitigation and Tax Parity Act would provide a tax exemption on payments from state-based programs for homeowner investments in critical disaster-related improvements.”
    “Louisianans understand the impact of devastating storms, but with the help of state and local programs, we have tools to rebuild and return to wholeness,” said Cassidy. “If communities need tax relief, let’s give it to them!”
    “We have seen how natural disasters have devastated communities around the country, and we must ensure we have the resources and programs in place to respond,” said Schiff. “Homeowners should not face additional taxes for wanting to protect their homes and our bipartisan legislation will provide the needed tax relief to help affected Americans recover from these disasters.”
    The bill defines a “qualified catastrophe mitigation payment” as any amount received for making improvements to an individual’s property for the sole purpose of reducing the damage that would be done to such property by a windstorm, earthquake, flood, or wildfire.
    Full text of the bill is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy: if Your Plan is to Destroy the Rule of Law, Kash Patel is the Perfect Person to Lead the FBI

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy
    [embedded content]
    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Wednesday spoke on the U.S. Senate floor to sound the alarm on President Donald Trump’s blatant disregard for the rule of law. Murphy condemned Trump’s efforts to use the justice system as a tool to punish his critics and protect his allies, warning the confirmation of Kash Patel to lead the FBI would be a dangerous step toward dismantling American democracy.
    On the dangerous nomination of Kash Patel to lead the FBI, Murphy said: “If your plan is to destroy the rule of law and turn the Department of Justice into a political weapon that rewards loyalty and punishes dissent, then Kash Patel is the perfect person to lead the FBI, and that is likely exactly why he was chosen. […] He has an enemies list. He thinks that people who helped elect Joe Biden are criminals. […] Honestly, how on Earth are we going to let someone lead the world’s most important, most revered law enforcement agency, who is secretly in business with the Chinese Communist Party, who believes that the FBI organized the invasion of the Capitol, who runs a fake charity, who has a brand in order to make money off of his affiliation with Donald Trump?”
    Murphy called out Patel’s sham foundation: “While he believes this, he also knows that there’s a money-making opportunity in all of this. This is his logo: K$H. He’s a brand. He says all these things because he believes them, but also because it makes him a hero to the gullible conspiracy theorists inside MAGA. He uses them. He sells stuff to them: sweatshirts, T-shirts, lapel pins. K$H. Now if you buy this sweatshirt for $55, it says all net profits go to the Kash Foundation. But you know what we found out, unsurprisingly, is that in 2023, by selling all these sweatshirts and merch, the K$H Foundation had $1.3 million in revenues. Now it purports to support heroic whistleblowers with legal services and other support services. You know what percentage of that $1.3 million went to actual services? Less than 15%. Kash Patel pocketed almost all the money that he made from selling these T-shirts.”
    Murphy detailed how President Trump is brazenly using the Department of Justice to curry favor and punish critics: “Trump ordered the Department of Justice to cut a deal with the indicted mayor of New York City, Eric Adams. The deal was simple. If Adams pledged loyalty to Trump and agreed specifically to cooperate with Trump’s immigration raids in the city, Trump would look the other way regarding Adams’ corruption. The charges would be dropped, and Adams could keep stealing money as long as he was politically loyal to Trump. They didn’t hide this deal. Adams and a high-ranking Trump official literally went on TV to announce that they had formed an alliance based upon the release of charges in exchange for political loyalty.
    He added: “There is not a rule of law anymore. There is one set of law for people or entities who are loyal to Donald Trump, and there is one set of law for people who dare criticize him. That is not democracy. And if we don’t find a way, Republicans and Democrats, to come together to defend the rule of law, if we don’t say that what is happening today – deals being cut with corrupt politicians in exchange for their pledges of loyalty to Donald Trump – if we can’t speak with one voice about that kind of corruption, well, then our democracy is cooked.”
    He concluded: “The law loses all meaning when it becomes simply what the president, what the leader, on any given day decides. This is the worst possible moment to put a person like Kash Patel in charge of the FBI. It is heartbreaking to see so many of my Republican colleagues, many of whom I admire, put loyalty to Donald Trump ahead of loyalty to this country, and more specifically loyalty to that sacred principle, the rule of law. My prediction is that if you vote for Kash Patel, more than any other confirmation vote you make, you will come to regret this one to your grave.”
    A full transcript of his remarks can be found below:
    MURPHY: “Thank you, Mr. President. Mr. President, the idea that men and women citizens are bound by a common set of laws that are applied consistently and universally, regardless of one’s income or political power or political affiliation, it’s a fairly modern invention. Because for thousands of years, laws were simply what rulers used to impose and maintain power, to control people. Laws were applied or crimes were invented for the ruler’s critics, and laws were ignored or waived away for those in favor with the regime.
    “Now early Americans had watched the British kings apply laws selectively, both in Britain and in the colonies, and they sought – our founders sought – to create a nation where all men were equal in the face of the law, and [where] the law was applied uniformly and justly. 
    “That idea – equal justice, the law applies to everybody regardless of who you support politically or who you are aligned with politically – was in many ways the founders’ most vital check against tyranny. That’s the difference between a democracy made of equal citizens and an autocracy where the law is simply whatever the ruler decides. It is a foundational principle of American constitutional democracy. It is not something that we can take for granted. 
    “Now, I will admit, likely every president has made a decision or decisions that compromised that belief in the rule of law. Often those decisions were related to one of the maximalist powers that the president supposes. That’s the power of the pardon. I, for instance, did not agree with President Biden’s decision to issue pardons to his family members. I thought that was excessive. I thought that compromised the rule of law. 
    “But this President’s contempt for the rule of law, Donald Trump’s contempt for the rule of law, is unprecedented. What we are all watching right now is Donald Trump throwing away the idea that laws apply to everyone equally. And it is astonishing to watch so many of my Republican colleagues fall in line. Some of them may be on board for the destruction of the rule of law because they want the Trump family to rule forever, but many of them know that this is wrong, what is happening, and their silence is heartbreaking. 
    “Donald Trump issued a statement over the weekend: quote, ‘He who saves the country does not violate any law.’ That’s a quote attributed to one of the most notorious dictators of the last half millennium: Napoleon Bonaparte. It’s a stunning claim that Trump, not the law or Congress, decides what is legal and illegal. 
    “If he had said that in 2017, maybe we could just write it off as Trump being Trump, as just bluster trolling. But this time he is actually implementing a methodical campaign to seize control of the law and apply it differently depending on whether you support him or oppose him. 
    “Take, for example, what happened on Friday night. Trump ordered the Department of Justice to cut a deal with the indicted mayor of New York City, Eric Adams. The deal was simple. If Adams pledged loyalty to Trump and agreed specifically to cooperate with Trump’s immigration raids in the city, Trump would look the other way regarding Adams’ corruption. The charges would be dropped, and Adams could keep stealing money as long as he was politically loyal to Trump. 
    “They didn’t hide this deal. Adams and a high-ranking Trump official literally went on TV to announce that they had formed an alliance based upon the release of charges in exchange for political loyalty. But when Trump told the highest-ranking Justice Department employees in New York City to execute the corrupt deal, they wouldn’t. The top official resigned rather than take part in the corruption. So did the next in the chain of command. By the time that Trump found someone who would implement the deal, seven DOJ lawyers and four of Adams’ deputy mayors had resigned because what was happening in plain view was a fundamental challenge, a fundamental corruption to the rule of law, a rule of law that up until today Republicans and Democrats had both revered. 
    “Meanwhile, other parts of Trump’s team are engaging on the other side of the ledger, targeting and harassing – using the law – the President’s critics. Because that’s what happens in a nation without the rule of law. Law enforcement lets loyalists like Adams off the hook and is overzealous in targeting critics. 
    “Let me give you just one example of what is happening right now as we speak. Last month, Trump’s new FCC Chairman opened an investigation into a single radio station that had the audacity to simply file a news report about an ICE raid that was happening locally. Multiple other sources filed similar reports with similar footage, but only one investigation was opened, and you guessed it, it was against the radio station that was owned by a high-profile critic of Donald Trump, George Soros. 
    “So the game is clear. Like, we can see it. They’re not even hiding it. There is not a rule of law anymore. There is one set of law for people or entities who are loyal to Donald Trump, and there is one set of law for people who dare criticize him. That is not democracy.  And if we don’t find a way, Republicans and Democrats, to come together to defend the rule of law, if we don’t say that what is happening today – deals being cut with corrupt politicians in exchange for their pledges of loyalty to Donald Trump – if we can’t speak with one voice about that kind of corruption, well, then our democracy is cooked.
    “Which brings us to the pending nominee to lead the FBI, Kash Patel. If your plan is to destroy the rule of law and turn the Department of Justice into a political weapon that rewards loyalty and punishes dissent, then Kash Patel is the perfect person to lead the FBI, and that is likely exactly why he was chosen.
    “Listen, Kash Patel is a joke. Many of my Republican colleagues know this. He has spent the last four years taking the most extreme positions inside the world of MAGA in order to make money for himself. 
    “For instance, he says that he can provide proof beyond a reasonable doubt that the FBI was behind the January 6 invasion of this building. Let me say that again. The man that my Republican colleagues are about to vote to lead the FBI believes that there is irrefutable proof that the agency he is about to lead secretly organized the violent assault on the Capitol. That is bananas. My Republican colleagues know that. That is a lie. And we’re about to put this guy in charge of the FBI? An agency that he claims organized a secret plot to invade the Capitol?
    “He wrote a book called ‘Government Gangsters’ and at the end he added an Appendix entitled ‘Enemies List.’ Like, straight out of the McCarthy era. He has a list – he wrote it down – of people he believes are enemies of America. And, shocker, they’re all Democrats, or Republicans who dared speak out and criticize Donald Trump. 
    “You’re going to put at the head of the FBI – the agency that can arrest anyone they want, put people in jail – a man who thinks that anyone who disagrees with Donald Trump politically is an enemy of the United States. Patel has further suggested that anybody who administered the 2020 election could be subject to arrest. Why? Because he believes in his heart that the election was rigged, despite the fact that Joe Biden won by seven million votes – far, far more than Trump won by in 2024. So anybody who helped rig the 2020 election is, in his mind, a potential criminal. 
    “This is off-the-wall stuff. But of course it is, because while he believes this, he also knows that there’s a money-making opportunity in all of this. This is his logo: K$H. He’s a brand. He says all these things because he believes them, but also because it makes him a hero to the gullible conspiracy theorists inside MAGA. He uses them. He sells stuff to them: sweatshirts, T-shirts, lapel pins. K$H.
    “Now if you buy this sweatshirt for $55, it says all net profits go to the Kash Foundation. But you know what we found out, unsurprisingly, is that in 2023, by selling all these sweatshirts and merch, the K$H Foundation had $1.3 million in revenues. 
    “Now it purports to support heroic whistleblowers with legal services and other support services. You know what percentage of that $1.3 million went to actual services? Less than 15%. Kash Patel pocketed almost all the money that he made from selling these T-shirts. 
    “He even hocks a COVID vaccine reversal pill. Let me say that again: the incoming director of the FBI, in addition to selling T-shirts and pocketing most of the proceeds, also sells a vaccine reversal pill that is just pure snake oil. But if there are enough people loyal to Donald Trump to buy anything Trump’s lieutenants sell on the internet, then fair game. 
    “To top it all off, just recently after his confirmation hearing, we also found out that Kash Patel has been a fashion consultant to a shadowy holding company controlled, it seems, by members of the Chinese Communist Party. Honestly, how on Earth are we going to let someone lead the world’s most important, most revered law enforcement agency, who is secretly in business with the Chinese Communist Party, who believes that the FBI organized the invasion of the Capitol, who runs a fake charity, who has a brand in order to make money off of his affiliation with Donald Trump? He has an enemies list. He thinks that people who helped elect Joe Biden are criminals. 
    “This is a really dangerous moment. It’s a really dangerous moment. This deal that Donald Trump just cut with the mayor of New York, it’s a big deal. It’s a big deal. I admit that prior presidents have made decisions that compromise the rule of law. But we’ve never seen anything like this, so brazen and out in the open, that the mayor of New York and a Trump official would go on national TV to announce that they had made an arrangement in which Mayor Adams could continue his corruption as long as he was politically loyal to Donald Trump. 
    “They did that out in the open on TV because it’s a signal to everybody else out there that the law will be applied differently to you if you are loyal to the president and that the law will be zealously applied to you, maybe in excess of the letter of the law, if you are a critic of the president. That’s why they went on TV, to show the world the corruption, as a signal that things are different now, that the law is not the law, the law is what President Trump decides the law is. 
    “The law loses all meaning when it becomes simply what the president, what the leader, on any given day decides. This is the worst possible moment to put a person like Kash Patel in charge of the FBI. It is heartbreaking to see so many of my Republican colleagues, many of whom I admire, put loyalty to Donald Trump ahead of loyalty to this country, and more specifically loyalty to that sacred principle, the rule of law. My prediction is that if you vote for Kash Patel, more than any other confirmation vote you make, you will come to regret this one to your grave. I yield the floor.”

    MIL OSI USA News –

  • MIL-OSI USA: Statement by Performing the Duties of Deputy Secretary of Defense Robert G. Salesses

    Source: United States Department of Defense

    President Trump’s charge to the Department is clear: to achieve peace through strength. We will do this by putting forward budgets that revive the warrior ethos, rebuild our military, and reestablish deterrence.

    To achieve our mandate from President Trump, we are guided by his priorities including Securing our borders, building the Iron Dome for America, and ending radical and wasteful government DEI programs and preferencing.

    Accordingly, Secretary Hegseth has directed a review to identify offsets from the Biden Administration’s FY26 budget that could be realigned from low-impact and low-priority Biden-legacy programs to align with President Trump’s America First priorities for our national defense.

    The Department will develop a list of potential offsets that could be used to fund these priorities, as well as to refocus the Department on its core mission of deterring and winning wars. The offsets are targeted at 8% of the Biden Administration’s FY26 budget, totaling around $50 billion, which will then be spent on programs aligned with President Trump’s priorities.

    The Department of Defense is conducting this review to ensure we are making the best use of the taxpayers’ dollars in a way that delivers on the President Trump’s defense priorities efficiently and effectively.

    Through our budgets, the Department of Defense will once again resource warfighting and cease unnecessary spending that set our military back under the previous administration, including through so-called “climate change” and other woke programs, as well as excessive bureaucracy. The time for preparation is over – we must act swiftly to deter current and impending threats and make the best use of taxpayers’ dollars in doing so.

    MIL OSI USA News –

  • MIL-OSI USA: On Senate Floor, Shaheen Blasts Trump Administration’s Reckless Firing of FAA Personnel Critical to Aviation Safety

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – On the Senate floor, U.S. Senator Jeanne Shaheen (D-NH) raised concerns for public safety after the Trump Administration recklessly decided to fire hundreds of Federal Aviation Administration (FAA) personnel critical to aviation safety. This week’s decision will further strain the system at a time when incidents and near-misses are at a high. Last week, Shaheen and U.S. Senator John Hoeven (R-ND) sent a bipartisan letter calling on Acting Administrator of the FAA, Chris Rochelau to urgently work with Congress to address air safety workforce staffing shortages. You can watch her remarks in full here. 

    Key Quotes:

    • “Many towers and facilities are operating buildings and on equipment that’s five, ten, even fifteen years old and when something goes wrong, they need to know there’s someone on call to fix things because lives literally depend on it. Americans need to know that the skies are secure and that their safety is a top priority.” 
    • “I think we should do everything we can to make government run efficiently and effectively. But indiscriminately freezing hiring across the board [and] pushing out thousands of civil servants makes that problem worse, not better.” 
    • “I don’t think people elected Donald Trump to dismantle this country’s air traffic control system. I think they elected him because they wanted to see inflation go down, they wanted to see their grocery prices reduced, they wanted to see help with rental costs, mortgage rates, with energy costs, and what have we seen in the weeks since Donald Trump got inaugurated? No effort to address any of those things.” 

    Full Remarks as Delivered:

    I come to the floor today to call attention to the Trump Administration’s unconscionable disregard for air safety. 

    Last month, here in Washington, we saw the deadliest commercial aviation event on U.S. soil in over 23 years.

    And while this loss of life was horrifying, it was unfortunately not unimaginable. 

    In recent years, near misses at airports across the country have increased, and the incident at DCA illustrated just how quickly these dangerous situations can take a turn for the worst. 

    Several times last year, runway incidents were narrowly avoided, due in no small part to the heroic actions of certified professional air traffic controllers who staff our towers. 

    These controllers are hardworking Americans.

    They often log six-day weeks and ten-hour days—and that’s on a good week.

    So even before this week’s misguided and, frankly, stupid—I mean, I have to say, I think it’s a stupid decision to lay off hundreds of FAA workers and air traffic controllers who have been overworked and understaffed.

    And this is not a new problem.

    We’ve known about it for years. 

    For years in Congress, we’ve been sounding the alarm about the need to invest in our air traffic control workforce.  

    In last year’s FAA reauthorization bill, we worked in a bipartisan fashion to address this issue—to support our air traffic control workforce so they can do their vital, often lifesaving jobs effectively.

    By partnering with the National Air Traffic Control Union and the FAA, we successfully adopted a new staffing method, model, staffing model, in the reauthorization bill, and they’ve been making good progress, but of course we have more work to do.

    It’s important to acknowledge that any response to the tragedy at Reagan National Airport must include a commitment to reinforce all parts of our aviation safety workforce. 

    Controllers would be the first ones to tell you that they don’t work in a vacuum. 

    The equipment they use is maintained by hundreds of dedicated support personnel who go through years of highly specialized training.

    Many towers and facilities operate in buildings and on equipment that’s five, ten, even fifteen years old, and when something goes wrong, they need to know that there’s someone on call to fix things because lives literally depend on it.

    Americans need to know that the skies are secure and that their safety is a top priority. 

    Sadly, I can’t say that the actions we’re seeing from this administration does any of that. 

    Secretary Duffy said he wants to surge air traffic controller hiring.  
     

    I agree with him on that. 

    We can and we should hire more air traffic controllers, but not at the expense of the rest of FAA’s workforce. 

    We can hire any number of air traffic controllers tomorrow, but without the dedicated support staff that make their work possible, it wouldn’t matter. 

    So how is the Administration responding to the American people’s distress over increasingly frequent close calls and, indeed crashes, sadly, like the one we saw in Toronto this week?

    Well, over the weekend this administration fired nearly 400 FAA employees, some of them in my state of New Hampshire. 

    We heard an outpouring of concern over the weekend from controllers, pilots, airlines and passengers who want to know that they’re going to be safe when they fly.

    I’m sure the Administration must be hearing this too.

    But when asked about the impact of the irresponsible and reckless effort, this is what Secretary Duffy had to say, he said and I quote, “zero critical safety personnel were let go.”

    Well, so I’m not sure I understand this. 

    We’re telling the American people that if a communications system goes down while the plane is approaching the runway, the person who knows how to get it back up and running isn’t critical?

    That if the power goes out at an en-route facility while 747s are flying overhead, the eighteen fired maintenance personnel who know how to turn the lights back on won’t be necessary?

    That the staffers who develop innovative safety and flight procedures every time there is an incident, to make sure your plane takes off on time and arrives safely, are fair game to be fired?

    Because we just lost 13 of them. 

    And to anyone who’s worried about our national security, good news: According to this administration, the FAA employees working on a classified radar system to detect cruise missiles, aren’t all that important either, and they also were fired.

    So I’m going to say that again because this administration thinks that the civil servants at the FAA’s National Airspace System Defense Program are apparently not critical to our safety. 

    None of this makes me or my constituents sleep better at night, but I bet you it makes our enemies happy. 

    The Administration has tried to defend this by saying that everyone who [they] fired was probationary.

    They’d like you to believe that these are all brand-new employees. 

    Sort of the philosophy that the last one in, is the first one out. 

    But that’s not how the system works, and it sure as heck isn’t how you keep Americans safe. 

    In fact, employees who were promoted based on stellar performance within the last year, many of them who have been with the FAA for ten or fifteen years, are also labeled as probationary employees when they start their new positions.

    So in fact, the Administration just fired some of the people with the most experience, not the least.

    And this speaks to what is a bigger problem. 

    Time and again, we’re seeing this happen with so-called “government efficiency,” in quotes, experts. 

    Listen, like most of us in this chamber, I think we should do everything we can to make government run efficiently and effectively, but indiscriminately freezing hiring across the board, pushing out thousands of civil servants, makes that problem worse, not better. 

    Last week, hundreds of employees at the National Nuclear Security Administration were fired without warning. 

    This week, the Administration is scrambling to try and hire most of them back because they didn’t realize they oversee our nuclear stockpile.

    And the Department of Energy fired more than a thousand employees, including three-quarters of the State and Community Energy Program’s office.

    Now, I don’t know if the people who are making these decisions in the Administration even know what that office does.

    But I can tell you that in New Hampshire we depend on them because they help keep weatherization programs up and running, they support emergency operations in the wake of disasters.

    And with folks in New Hampshire dealing with some of the highest home heating costs, who are worried about how they’re going to keep themselves warm this winter, and states around the country still recovering from floods and fires and winter storms, I can’t imagine why anybody would think that it’s a good idea to get rid of the people who are helping make sure those programs operate. 

    And then on Monday, we found out that dozens of USDA employees, so the Department of Agriculture, who have been working to prevent bird flu, were fired. 

    And then the White House realized what they had done, they panicked and they tried to bring them back. 

    Now that’s on top of all of the people around the globe who have been monitoring the bird flu potential epidemic—who have already been fired with the closure of the U.S. Agency for International Development.

    And just this afternoon, we heard that nearly 500 employees at the National Institute of Standards and Technology would be fired, including almost 60 percent of the CHIPS office.

    So the effort that we stood up, that this Congress stood up, to try and make sure we could compete with China, with Taiwan in the production of semiconductors, which are included in almost everything we use from our cell phones to our refrigerators to our cars, 60 percent of those people are now gone.

    So who’s going to provide that effort that we need in order to compete with China? 

    These are the staff that make sure our high-tech semiconductor manufacturing industry stays competitive. 

    Example after example shows that the firings that Elon Musk has taken credit for have not been thought through. 

    Either he’s doing it deliberately in an effort to undermine the United States or he’s doing it because he’s so ignorant he has no idea what any of these people do or what their operations do.

    Either way, it’s inexcusable. 

    I heard from a constituent this week who works, who worked, past tense, for the New Hampshire Fish and Game Department for 24 years, and she just took a job as a wildlife biologist with the U.S. Fish and Wildlife Service last year. 

    Her job focused on implementing the Pittman-Robinson Wildlife Restoration Act. 

    As my colleagues on both sides of the aisle know, this involves conserving bird and wildlife habitat, hunter education and shooting ranges. 

    Its funds come not from taxpayer dollars, but from excise taxes on firearms, ammunition and archery equipment.

    And yet, her job was terminated under the guise of government efficiency. 

    She has a mortgage; she has kids in college who need health care coverage, but her main ask to me was to help put a stop to these firings and to simply help her get her job back because like most of our public servants, she cares about the mission of her work.

    Over and over, we’re seeing this administration take out irresponsible, reckless initiatives with devastating consequences for critical positions without taking a second to think through or learn about what those positions do. 

    And when things inevitably break as a result, they don’t own up to their mistakes. 

    Instead, they try to convince you that keeping the lights on at control towers or inspecting airplane engines, making plans to manage some of the busiest airspace in the country really isn’t critical to your safety. 

    Well, I don’t believe that and I don’t think you should either. 

    For the sake of the American people, we can and we must do better.

    I don’t think people elected Donald Trump to dismantle this country’s air traffic control system. 

    I think they elected him because they wanted to see inflation go down, they wanted to see their grocery prices reduced, they wanted to see help with rental costs, with mortgage rates, with energy costs and what have we seen in the weeks since Donald Trump got inaugurated?

    No effort to address any of those things. 

    All we’ve seen is an effort at retribution against his perceived enemies, at firing and undermining of services and programs within the government to serve the American people. 

    For the sake of our citizens, we must do better. 

    I’m calling on this administration to right this wrong as quickly as possible, before it’s too late. 

    I yield the floor.

    MIL OSI USA News –

  • MIL-OSI Security: CN25 tests partner nations fifth-generation capability

    Source: United States INDO PACIFIC COMMAND

    This year’s main focus is the relationship of the U.S. Air Force, joint services, Japan Air Self Defense Force and Royal Australian Air Force fifth-generation aircraft and strengthening the interoperability of allies. 

    “Cope North 25 is an opportunity for the USAF, RAAF and JASDF to integrate at a level of training that you can’t accomplish anywhere else,” said U.S. Air Force Capt. Bobby Evans, 134th Fighter Squadron electronic combat pilot. “The airspace here is unrestrictive, and the amount of time we are able to spend tackling problems together is a fantastic experience.”

    CN25 marks the first year where there are F-35A Lightning IIs from all three participating nations with the U.S. Marine Corps bringing in the F-35B Lightning II. 

    The F-35A Lightning II is the coalition forces’ latest 5th generation aircraft. This specific aircraft was designed to operate with its ability to survive in a contested environment, with its advanced avionics, situational awareness, aerodynamic performance and reduced vulnerability for the United States and partner nations. 

    “The number one goal of Cope North is the integration of the F-35 tactics between the three nations, Japan, Australia and the United States,” said U.S. Air Force Col. Charles Schuck, 3rd Wing commander. “We all use the F-35, so you would think that one airplane means that we do everything the same, but that’s an assumption we have to validate.” He went on to explain that each country operates in a unique way, which is why trilateral integration exercises such as CN25 are vital. 

    With a few days left of CN25, JASDF, RAAF, USAF and other joint nations continue to sharpen aerial warfighting integration, strengthening joint integration and partnership for a free and open Indo-Pacific. 

    MIL Security OSI –

  • MIL-OSI Security: 38th Air Defense Artillery Brigade Strengthens Bonds with Japanese Ground Self Defense Force through Co-Op Program

    Source: United States INDO PACIFIC COMMAND

    During the visit, JGSDF Soldiers were provided an in-depth mission briefing on the sophisticated integrated air and missile defense systems of the brigade, which included insights into the capabilities of the mobile interceptor missile – 104 surface-to-air missile system Patriot and the terminal high altitude area defense systems. This knowledge-sharing initiative is pivotal to bolstering the interoperable defense architecture between the United States and Japan, showcasing a unified stance against a myriad of aerial threats.

    As tensions and strategic interests heighten across the Indo-Pacific theater, such collaborations are pivotal to ensure shared understanding and interoperability among allies. The Co-Op Program, spanning nine compelling weeks, immerses JGSDF members in the nerve center of U.S. Army operations at Camp Zama, the heart of U.S. Army Japan’s mission to safeguard peace and security in the region.

    During their stay, JGSDF soldiers did not only gain insights into the operational imperatives of the 38th ADA brigade but also engaged in intensive language training designed to facilitate seamless communication in mission-critical scenarios. Each participant is paired with a counterpart from a different unit at Camp Zama, who guides them through their daily responsibilities, promoting a hands-on experience of the U.S. Army’s rigorous duties and responsibilities.

    This holistic approach to exchange and cooperation underscores the U.S. Army’s commitment to deepening ties with its Japanese partners. By fostering such interpersonal and professional relationships, the 38th ADA brigade and USARJ are paving the way for a resilient and responsive integrated defense force, ready to confront the challenges of the 21st century.

    The 38th Air Defense Artillery Brigade is a key component of the 94th Army Air and Missile Defense Command, U.S. Army Pacific, strategically forward-deployed and tasked with the vital mission of integrated air and missile defense in Japan as well as across the Indo-Pacific region. With a focus on readiness, modernization, and integration, the brigade stands at the forefront of strategic defense operations, ensuring peace and stability through unwavering vigilance and strong alliances.

    MIL Security OSI –

  • MIL-Evening Report: NZ has long suffered from low productivity. A simple fix is keeping workers happy

    Source: The Conversation (Au and NZ) – By Dougal Sutherland, Clinical Psychologist, Te Herenga Waka — Victoria University of Wellington

    bbernard/Shutterstock

    The low-productivity bogeyman has long haunted New Zealand, with people working longer hours for lower output than other comparable countries. The country is now one of the least productive in the OECD.

    At its most basic level, productivity measures how much output can be produced with a set of inputs. The inputs can be the work of staff, as well as technical innovation, research and development and automation to encourage more efficient processes.

    Prime Minister Christopher Luxon has committed to resolving this persistent productivity crisis with science sector reforms and overseas investment.

    But after decades of lagging behind the rest of the world, a growing body of research shows the answer could lie in greater support for workers’ mental health.

    Linking productivity and mental health

    For many, increasing productivity equates to people working “harder” for longer hours – the implication being that if only we “pulled finger” and “knuckled down” the country’s productivity would magically increase.

    Instead, could the answer to our productivity crisis be in improving the psychological functioning and mental health of our workforce?

    There is a substantial body of evidence showing poor mental health is related to poor productivity. Recent New Zealand data show workers with the poorest mental health lost more than three times the number of productive workdays annually (71 days) than those with the highest mental health (19 days).

    Poor mental health can take a toll in the form of time away from work (absenteeism), loss of focus, and emotional exhaustion (presenteeism).

    Conversely, measures taken by employers to improve the mental health of workers show a strong positive relationship with increased productivity.

    Data from more than 1,600 publicly listed companies in the United States found employee wellbeing predicts higher company valuations, return on assets, gross profits and stock market performance.

    Of those interventions used to improve mental health and productivity at work, the most promising appear to target leadership capability, health screening and psycho-socially healthy working environments.

    One of the more notable initiatives happened in our own backyard. Andrew Barnes from Perpetual Guardian has been a vocal proponent of four-day work week.

    This doesn’t mean packing a 40-hour week into four days instead of five. Rather, its central tenet is reducing the working week (usually to 32 hours), keeping workers’ salaries at 100%, and continuing productivity at 100% (at least) of its existing level.

    Results from a pilot with 61 companies in the United Kingdom show an average increase of 36% per annum in revenue for participating businesses, with over 90% of UK businesses that have trialled the programme choosing to continue with it.

    Similarly positive results came from a widespread trial of a shorter working week (at full pay) in Iceland, involving 1% of the working population, including office workers, teachers, and healthcare workers.

    The four-day work week trial in Iceland has been heralded as a success.
    Canadastock/Shutterstock

    More than a ‘nice-to-have’

    But despite the need to improve productivity and the growing business case for improving employee wellbeing, demand for organisational mental health services has dipped.

    Anecdotally, organisations involved in supporting the mental health of New Zealand workplaces have reported a decrease in demand, with many businesses and government agencies citing budget constraints as a major barrier to investing in this area.

    This is likely a sign of the economic times, with more than three-quarters of New Zealand business leaders citing economic uncertainty as a key threat to their organisation in 2025.

    To some, providing psychological support to workplaces may appear frivolous at worst, and a “nice-to-have” at best. Understanding the mechanisms by which these interventions can boost productivity may help dispel these doubts.

    If we consider some of the core symptoms of poor mental health at work – namely exhaustion, reduced focus and greater sickness absence – it’s easy to see how improving workers’ mental health can improve the productivity of a business.

    Maintaining workers

    The idea of sustainable labour practices isn’t new or radical, nor is it just another attempt to load businesses with extra responsibility for worker mental health.

    It is a way to enable people to work more efficiently in the time they have, and to keep them in their jobs for longer. In turn, this improves overall company performance and, crucially, improves population health.

    For many businesses, people are their biggest asset. Ensuring your biggest asset is functioning well is as essential to enhancing productivity as regular maintenance and capital expenditure on physical machinery and buildings.

    Like any business strategy worth its while, it’s not always easy. But there is too much at stake not to get it right.

    Dougal Sutherland is an Honorary Teaching Fellow at Te Herenga Waka. He is also Principal Psychologist at Umbrella Wellbeing.

    Dr Amanda Wallis from Umbrella Wellbeing contributed to this article

    – ref. NZ has long suffered from low productivity. A simple fix is keeping workers happy – https://theconversation.com/nz-has-long-suffered-from-low-productivity-a-simple-fix-is-keeping-workers-happy-248752

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Duckworth Reaction to Trump’s Latest Betrayal of Our Partners in Ukraine in Favor of Authoritarian Dictator Vladimir Putin

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    February 19, 2025
    [WASHINGTON, D.C.] – Today, U.S. Senator Tammy Duckworth (D-IL) released the following statement in response to President Donald Trump’s latest false claims about Russia’s unjustified war and his outrageous prioritization of Vladimir Putin over our partners in Ukraine:
    “Trump’s latest comments parroting Vladimir Putin’s talking points are a complete betrayal of the Ukrainian people, American leadership and our values. By inviting Putin to visit the U.S., suggesting President Zelenskyy is a ‘dictator’ or claiming that anyone other than Putin ‘started this war,’ our Commander-in-Chief is proving again and again that one of America’s main adversaries has him exactly where he wants him—and that should terrify all of us.
    “Adding insult to injury, it is extremely alarming that Trump would even consider beginning negotiations with Putin without Ukraine or our European allies—allies who be on the front lines if Putin continues his march West. The more Donald Trump cozies up to this dictator, the more he emboldens Russian aggression that puts Ukraine, our national security and the security of all NATO allies at risk.
    “My Republican colleagues need to grow a spine and condemn Trump’s remarks for what they are: wrong, unhinged and dangerous. America’s allies are watching.”
    -30-

    MIL OSI USA News –