Source: South Australia Police
Emergency services are at the scene of a serious crash at Craigmore.
Just after 8.30am today (Friday 31 January) a two-car collision occurred on Uley Road.
Road closures will be in place motorists are asked to avoid the area.
US Senate News:
Source: United States Senator for Illinois Dick Durbin
January 30, 2025
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today questioned Kash Patel, President Trump’s nominee to lead the Federal Bureau of Investigation (FBI), during his nomination hearing. Durbin first asked Mr. Patel about President Trump’s decision to pardon the violent January 6 insurrections—several of whom have already been rearrested or are wanted for vile crimes committed prior to January 6, 2021, including soliciting a sexual relationship with a minor.
“[Matthew Huddle] is a man found guilty of numerous crimes… he beat his three-year-old child to a point where the poor kid could not sit down for a week. Mr. Huddle was one of the demonstrators who came to the Capitol on January 6. He was incarcerated and charged and pled guilty to crimes that he had committed—violence against police officers. After he was released by President Trump, he returned to Indiana. A few days later, he was stopped on the road, pulled a gun on a policeman, and the policeman and the sheriff’s deputy shot and killed him. This is not the only instance of a person who received President Trump’s clemency committing another crime. Peter Schwartz was mentioned this morning on the radio—38 criminal convictions. He had been sentenced to 14 years in prison. He was released because of the President’s unconditional clemency as well. My question is this: was President Donald Trump wrong to [grant] blanket clemency for January 6 defendants?” Durbin asked.
In his response, Mr. Patel broke with President Trump and stated, “I do not agree with the commutation of any sentence of any individual who committed violence against law enforcement.”
“Do you think that America is safer because these [1,500] people have come out of serving their sentences and live in our communities again?” Durbin asked.
Mr. Patel responded that he has “always advocated for imprisoning those who cause harm to our law enforcement and civilian communities,” again, breaking away from President Trump’s views.
Durbin continued, “You will not answer the question. I do not think we are safer that Matthew Huddle was sent back to Indiana. I do not think we are safer with Peter Schwartz, and I can go through a long list of individuals.”
Durbin then asked Mr. Patel about his involvement with the “J6 prison choir.” He co-produced, promoted, and sold a record recorded by the so-called “J6 prison choir”—a group of January 6 insurrectionists who were incarcerated in the D.C. jail in February 2023. Mr. Patel has described the choir’s members as “political prisoners.” Notably, he has declined to identify the members of the choir.
Durbin said, “My understanding is that the performers of this ‘J6 choir’ were the rioters who were imprisoned.”
Mr. Patel responded that “he had nothing to do with the recording.”
Durbin followed up, “You are not aware of who made the recording?”
To which Mr. Patel responded “no.”
Durbin then asked about Mr. Patel’s affiliations with problematic individuals. He has frequently associated with—and sometimes praised—extremist figures with well-documented histories of racist, antisemitic, conspiratorial, or violent statements or beliefs.
“In September of 2023 you appeared with Laura Loomer [at] an event promoting your book, [Government Gangsters]. You shared a photo of yourself where you held her book and she held hers. Just a few months before this event, Ms. Loomer posted on ‘X’ that the September 11 terrorists attacks were ‘an inside job’ and accused Florida’s First Lady, Casey DeSantis, of exaggerating her cancer diagnosis to gain voter sympathy. A number of my Republican colleagues have criticized Ms. Loomer’s extremism. One of my colleagues described her as ‘a crazy conspiracy theorist who regularly utters disgusting garbage.’ Given all of this, why did you associate with Ms. Loomer?” Durbin asked.
Mr. Patel dismissed the question.
Durbin then asked about his relationship with Stew Peters—an alt-right internet personality. Between October 2021 and June 2022, Mr. Patel made eight separate appearances on a podcast hosted by Stew Peters. Before and during that stint, Mr. Peters promoted outrageous conspiracy theories and worked with a prominent neo-Nazi. In mid-2021, Mr. Peters promoted a baseless assertion that Chief Justice John Roberts and former Vice President Mike Pence were pedophiles.
“Are you familiar with Mr. Stew Peters? Does that ring a bell?” Durbin asked.
“I’m sorry, what?” Patel said.
“Are you familiar with Mr. Stew Peters?” Durbin asked.
“Not off of the top of my head,” said Patel.
“You made eight separate appearances on his podcast, and he promoted outrageous conspiracy theories and worked with a prominent neo-Nazi. The list goes on. I am just asking when it comes to your association with individuals, why are so many of them in this category?” Durbin asked.
Mr. Patel responded that he went on these seriously problematic podcasts “to take on” people who are putting out conspiracy theories and “de-vow them of their false impressions and to talk to them about the truth.”
Video of Durbin’s first round of questions in Committee is available here.
Audio of Durbin’s first round of questions in Committee is available here.
Footage of Durbin’s first round of questions in Committee is available here for TV Stations.
-30-
Source: Green Party
Green Party MP Steve Abel this morning joined Coromandel locals in Waihi to condemn new mining plans announced by Shane Jones in the pit of the town’s Australian-owned Gold mine.
“These communities have successfully opposed mining for the best part of 50 years – Jones’ latest announcement is a mere blip in history that will be undone when there’s a new Green Government,” says Green Party Spokesperson for Resources, Steve Abel.
“They know first-hand that long after the jobs have dried up and the mine bosses have taken the profits overseas the locals are left with a toxic legacy of cyanide tailings dams and acid mine drainage.
“Our public conservation lands exist to protect our rich natural landscapes, and the unique native plants and animals that they sustain.
“When John Key’s National government proposed a similar policy in 2010, 40,000 people marched up Queen Street in vehement opposition. Now, Christopher Luxon is resurrecting the same terrible idea.
“Mining more conservation land was a terrible idea 15 years ago and it’s a worse idea now. The message back in 2010 was clear: conservation land is for all of us, not for the profits of a wealthy few. Nothing’s changed.
“We can’t mine our way to a liveable planet. The resources we need for energy transition need to come from better waste recovery. Coal and gold are not critical minerals.
“We can’t rip, strip and bust our way to real prosperity – our well-being relies on a thriving natural world and a stable climate–and that’s why the extractive mindset is unfit for the 21st century,” says Steve Abel.
Source: US State of California
Note: View the indictment here.
Two men were arrested today on charges of participating in a neo-Nazi child exploitation enterprise that groomed and then coerced minors to produce child sexual abuse material (CSAM) and images of self-harm. The group allegedly victimized at least 16 minors around the world, including two in Southern California.
Colin John Thomas Walker, 23, of Bridgeton, New Jersey, and Clint Jordan Lopaka Nahooikaika Borge, 41, of Pahoa, Hawaii, were arrested this morning pursuant to a grand jury indictment that charges them with one count of engaging in a child exploitation enterprise. They are expected to make their initial appearances in court later today in New Jersey and Hawaii.
The indictment also charges two other defendants who are already in custody: Rohan Sandeep Rane, 28, of Antibes, France, and Kaleb Christopher Merritt, 24, of Spring, Texas. The indictment returned by a grand jury on Jan. 17 and unsealed today, also charges Rane and Walker with one count of engaging in a child exploitation enterprise.
According to the indictment, from at least 2019 to 2022, Rane, Walker, Merritt, and Borge were members of CVLT (pronounced “cult”), an online group that espoused neo-Nazism, nihilism, and pedophilia as its core principles. Members of the international enterprise engaged in online child sexual exploitation offenses and trafficked CSAM. Rane, Walker, and Merritt acted as leaders and administrators in the CVLT enterprise, hosting and running CVLT online servers and controlling membership for the group.
CVLT members worked collectively to entice and coerce children to self-produce CSAM on a platform run by CVLT members where they groomed children for the eventual production of CSAM through various means of degradation, including exposing the victims to extremist and violent content. CVLT specifically targeted vulnerable victims, including ones suffering from mental health challenges or a history of sexual abuse.
Victims were encouraged to engage in increasingly dehumanizing acts, including cutting and eating their own hair, drinking their urine, punching themselves, calling themselves racial slurs, and using razor blades to carve CVLT members’ names into their skin. CVLT members’ coercion escalated to pressuring victims to kill themselves on a video livestream.
When victims hesitated, resisted, or threatened to tell parents or authorities, CVLT members would threaten to distribute already-obtained compromising photos and videos of the victims to their family and friends. For victims who stopped participating in the CSAM, CVLT would sometimes carry through on their threats.
Rane previously was charged with several child exploitation and related offenses in France and has been in French custody since 2022. Merritt is currently in Virginia state custody, serving a 50-year sentence for child sex abuse crimes committed in 2020 and 2021.
If convicted, the defendants would face a minimum penalty of 20 years in prison and a statutory maximum penalty of life in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.
Homeland Security Investigations (HSI), the Los Angeles Police Department, San Bernardino County Sheriff’s Office, Henry County Sheriff’s Office (Virginia), Iowa State University Police, Police Nationale (France), the National Crime Agency (United Kingdom), the New Zealand Department of Internal Affairs, and EUROPOL are investigating this matter.
Assistant U.S. Attorney Catharine A. Richmond for the Central District of California and Trial Attorneys Justin Sher and James Donnelly of the National Security Division’s Counterterrorism Section are prosecuting this case.
An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: United Nations 4
By Vibhu Mishra
The UN Secretary-General on Thursday said Myanmar’s military must relinquish power to allow a return to civilian rule through an inclusive democratic transition, as the country marks four years since the junta seized power.
Following the coup, President Win Myint and State Counsellor Aung San Suu Kyi were detained and the country was plunged into a humanitarian and human rights crisis that has only worsened amid an intensifying civil conflict.
“Secretary-General António Guterres condemns all forms of violence and calls on all parties to the conflict to exercise maximum restraint, uphold human rights and international humanitarian law, and prevent further incitement of violence and intercommunal tensions,” UN Spokesperson Stéphane Dujarric said in statement.
The situation in Myanmar is in freefall, with nearly 20 million people – a third of the population – expected to need humanitarian aid this year.
Hunger has reached alarming levels, with 15 million people projected to face acute food insecurity in 2025, up from 13.3 million last year. The cost of basic food staples has risen by 30 percent in the past year due to soaring inflation and supply chain disruptions caused by conflict.
“Even if some food is available in local markets, people simply don’t have the resources to buy the basics, which means they are eating less and going hungry,” said Michael Dunford, UN World Food Programme (WFP) Representative in Myanmar.
Fighting between junta forces and opposition armed groups – marked by indiscriminate aerial bombardments, village burnings, and executions – has displaced over 3.5 million people within the country.
Many others have fled across borders seeking safety, particularly in Thailand and Bangladesh.
Those in conflict-affected areas, including Chin, Kachin, Rakhine and Sagaing regions, are suffering the worst levels of food insecurity. The collapse of Myanmar’s economy, combined with access restrictions and disasters, has left communities on the brink.
Secretary-General Guterres also expressed concerns over the military’s plan to hold elections, warning that intensifying conflict and widespread human rights violations do not permit free and peaceful polls.
He said more cooperation was essential on the part of political and military leaders to bring an end to hostilities and help the people of Myanmar forge a path towards an inclusive democratic transition.
“A viable future for Myanmar must ensure safety, accountability, and opportunity for all its communities, including the Rohingya, and address the root causes of conflict, discrimination and disenfranchisement in all its forms,” the statement noted.
Tom Andrews, the UN’s independent human rights expert on Myanmar, criticized the junta’s election plans as “a fraud,” stressing that it is not possible to hold a legitimate vote while arresting, detaining, and executing opposition leaders and criminalizing media freedom.
“Junta forces have slaughtered thousands of civilians, bombed and burned villages, and displaced millions of people. More than 20,000 political prisoners remain behind bars,” he said.
“The economy and public services have collapsed. Famine and starvation loom over large parts of the population,” he added.
Calling on the international community “to help end the nightmare” in Myanmar, Mr. Andrews praised the resilience of Myanmar’s pro-democracy activists, journalists, and humanitarian workers who continue to document abuses and provide aid.
“The resilience and courage of Myanmar’s people continue to amaze and inspire others around the world…These heroic efforts are compelling indicators that Myanmar’s best days lie ahead,” he said.
The Special Rapporteur urged governments to impose stronger sanctions, restrict the junta’s access to weapons and support international justice mechanisms, including efforts to bring Myanmar’s military leaders to justice in the International Criminal Court (ICC).
“Impunity has enabled a decades-long cycle of violence and oppression in Myanmar. Ultimately, this sad chapter of Myanmar’s history must end with junta leaders being prosecuted for their crimes,” he said.
Mandated and appointed by the Geneva-based Human Rights Council, Mr. Andrews is works independently of the UN Secretariat. He is not a staff member and draws no salary.
Source: New Zealand Government
Firstly I want to thank OceanaGold for hosting our event today. Your operation at Waihi is impressive. I want to acknowledge local MP Scott Simpson, local government dignitaries, community stakeholders and all of you who have gathered here today.
It’s a privilege to welcome you to the launch of the Minerals Strategy for New Zealand and our Critical Minerals List.
Of course our joint presence fulfils a deeper presence. It is a validation of an industry that has suffered from excessive regulation and poisonous politics. It is a chance to stand with a skilled workforce that is literally worth its weight in gold.
A year of delivery for the minerals sector under the Coalition Government
In May last year I stood in front of a packed hall in Blackball on the West Coast, people who depend on our mineral resources.
I presented to them a vision for the future – a vision that would see our wealth base grow by utilising our mineral reserves to benefit all New Zealanders, increasing our domestic resilience by reducing reliance on imported minerals.
I said this meant owning up to the fact that we will use our indigenous fossil fuels. Resources integral to our modern industrial civilisation. We do have valuable minerals, oil and gas.
These minerals include coal, a vital ingredient to steel-making, a source of energy and jobs, a stream of export earnings.
I spoke of our focus on cutting barriers to development but not corners, and increasing New Zealand’s contributions to global supply chains, especially for minerals that are needed to support the transition to diverse sources of energy.
Dealing with banks
It is not widely known but some barriers are not imposed by government but come in the form of corporate straitjackets. One should look no further than the directors and executives of our banking sector. Some are in thrall to climate group-think.
They are the new corporate gatekeepers, imposing moral priorities under the cover of saving the planet upon regional communities. Not only are they inflicting their luxury beliefs on our farming industry but they are actively de-banking mineral firms.
Kiwi enterprises legitimately operating in the natural resource sector are being driven to despair by these woke-riddled, corporate undertakers.
This malevolence flows from cult like accords fostered within the UN where banks and their sustainability units foolishly believe they can change the weather. New Zealand banks should abandon such agreements as the Net Zero Banking Alliance. These instruments are alien and represent a foreign threat to regional development.
To this end New Zealand First will be introducing a members bill stopping the banks and related corporate bodies from behaving in this harmful manner. We cannot let them hold our economic development to ransom to suit the privileged cabal employed on environmental, social and inclusion matters.
This will include the ability for regulators to remove a bank’s operating licence if it persist with virtue-signalling destructiveness.
As an Associate Finance Minister, I will be working closely with the Minister for Regulation to identify how elements of our bill can be used in the wider government work programme.
I would like to acknowledge the work of ACT MP Mark Cameron on this issue so far. He is a champion for the farming sector.
I want the mining sector on an enduring pathway to boost regional opportunities and jobs, increase our self-sufficiency, to be a critical part of our export-led focus, especially as we take advantage of the global opportunities for new minerals uses.
How can we achieve such outcomes if key intermediaries such as banks and insurance companies are going to bully our Kiwi businesses and their employees out of the economy? When did citizens authorise corporates to use climate extremism to bankrupt firm and family alike?
It is bad enough that Aussie-owned banks are behaving in this predatory manner but it is especially galling that Kiwibank is treating Kiwis in this vein. Had New Zealand First known this would be their attitude we may very well have formed a different view about their recent recapitalisation initiative.
Our Government has progressed in enabling an environment for a responsible and productive minerals sector to thrive.
Resources-friendly policy
We’ve moved quickly to enact policy and legislative fixes. Our upgrades have included introducing the Crown Minerals Amendment Bill that will not only remove the ban on petroleum exploration beyond onshore Taranaki – it will deliver a new tier of minerals permit to make it easier for people to undertake small-scale non-commercial gold mining activity across the country. We expect to finalise and pass the Bill in the coming months.
We’ve made changes to the Resource Management Act to align consenting for coal mining with other forms of mining to reduce barriers that are holding back economic development.
Timely permit decisions are vital in supporting the sector to get to work. Following direction on my expectations, regulator New Zealand Petroleum and Minerals has made significant progress dealing with the backlog of permit decisions while managing the growing influx of new applications as activity ramps up.
Figures for 2024 show a 74 per cent increase in minerals permitting output – that’s the number of outcomes made on minerals applications – compared to the previous calendar year.
In 2023, NZP&M received 288 new and change minerals permit applications and in 2024 it was 447. That is a 55 per cent increase – and a very good indicator of a sector that is really starting to hum.
We have begun our journey to rebuild international investor awareness in our mining sector through the delivery of investment aids such as the GNS Endowment Study. This is a specialist report bringing together extensive technical research to identify short, medium, and long-term prospects for potential development.
We have returned to the international mining stage to make sure New Zealand is back on the agenda for international investors and challenge responsible operators to explore what we have to offer.
Finally, I can’t understate the impact that our new Fast-track Approvals legislation will have in sending well-planned, investment-ready projects along the path of development.
The Act’s broad and overarching purpose statement is to recognise the contributions significant projects such as mining operations can make to our communities and economy.
At long last the gate-keepers behind the outdated Wildlife Act and cumbersome Conservation Act will be brought to heel. On the former there is more to do. Sadly it is often delivered at an operational level in a way inimical to our productivity.
Previously mining companies were unable to secure permits under these statutes for dubious reasons. That has now disappeared. If there are implementation problems the Government will make additional amendments to the law.
A one-stop shop will streamline the pathway to attaining the approvals required for mining activities, removing the multiple application processes operators currently must navigate to mine in New Zealand.
Land access
One of the key areas I see this process improving is concessions for land access. An array of high-value mining and quarrying projects are already approved to travel this consenting pathway.
Officials estimate the number of jobs across the mining projects listed in Schedule 2 of the Fast-track Approvals Act at over 2,500 direct fulltime jobs at peak production. Many of these roles will be well-paying regional jobs with significant opportunities for training and growing skills.
I don’t need to tell the good folks of Waihi that every direct employee of a mining company generates many more job opportunities. The environmental scientists that provide expert advice, the drilling companies that contract with OceanaGold, and all the other skills needed to run a successful operation spread out over the local, regional, and national economy.
For the seven listed mining projects that will generate export revenue, estimates are a peak of $2.5 billion in 2033, with gold playing a big part. This is what our minerals potential looks like.
Going forward, this is what consenting will look like for significant mining projects in our country.
As our industry expands, we need to ensure that Paamu and statutes such as the Queen Elizabeth the Second National Trust Act are fit for purpose and do not inhibit the growth of critical minerals.
When there is opportunity, we are going to say yes
I will make one further note about this Government’s work to provide the certainty that the sector needs to push forward.
Not all conservation land is equal. We have an inordinately large conservation estate of varying quality.
Stewardship land is managed by the Department of Conservation until it is appropriately assessed for its conservation value and classified. Around 30 per cent of conservation areas are held in stewardship – that’s over 2.7 million hectares or 9 per cent of New Zealand’s total land area.
A lot of that land isn’t considered to have special conservation or scenic values, but we do know that there are areas there likely to contain mineral deposits.
This Government supports sustainable and environmentally approved mining on stewardship land and other categories of DOC land but we are very clear that national parks and other land categories identified under schedule 4 of the Crown Minerals Act are not on the table.
It would be remiss of me not to also mention my favourite amphibian, Freddy the Frog at this point. I raise this not in a flippant way, but as realist wanting to have a genuine conversation about how we focus our efforts and limited resources in protecting the natural assets that New Zealanders value most.
It is correct that our Archey’s frog is endangered – but it is not from mining. The real threat to Freddy is the rats, stoats and pigs that populate significant extents of our stewardship and conservation land.
I put to you that the work we are doing to enable responsible mining in New Zealand is the best news Freddy has had for a long time. As part of its listed Fast-track Approvals project, OceanaGold will be stepping up with an intensive predator control programme in the Coromandel Forest Park.
In fact, it’s because of OceanaGold and its specialist conservationists that we have some of the most insightful research collected on the species to date. Over $600,000 towards ecological outcomes around this mining site.
Actually a much larger sum when one considers the broader commercial footprint including Macraes, Otago, South Island. Such a quantum is not possible without a successful business.
It is time for Kiwis to have an honest and considered debate on mining. On this score I am going to pay more attention to the blue collar community than woke collar spongers.
This engagement will lead us to the complex and deadweight nature of our climate change regulations. They are excessive for our small economy. They run the risk of deindustrialisation, exporting jobs and importing carbon.
Of course this is all intertwined with environmental, social and government reporting requirements. dubious value and should be discretionary at best. Green scrub that has spread too far and needs a severe prune.
We need to acknowledge the criticality of minerals to our daily lives, the importance of maintaining a strong, independent economy with well-paying jobs and opportunities in our regions. Why import materials we can perfectly adequately supply ourselves?
Some people argue against minerals extraction, but gladly rely on the conveniences of modern society and economy built by those resources. As our Prime Minister said, we don’t have the luxury of turning off growth.
A strategy to ensure momentum is enduring
Some of you in the sector may be looking at this progress and feeling like we’ve been here before, only for the hard-won momentum to die with a change in Government.
I hear your concerns. I’ve spoken at length about how a lack of long-term, enduring strategic direction has hindered this country in reaping the economic and security benefits our bounty of natural resources presents.
Today we change that.
The Minerals Strategy for New Zealand adopts a strategic lens out to 2040, focusing our approach to the development of our minerals estate with a delivery roadmap to get us there. This is a holistic picture of minerals production from the earth, from reprocessing waste material, and from potential recycling and recovery.
There are three main changes to the strategy follow consultation with New Zealanders.
We have reframed the strategy to have a clear vision, goal and succinct outcomes.
Our key outcomes for the sector are productive, valued, and resilient, and are guided by overarching principles that respect Treaty settlement obligations and ensure responsible practices.
Minerals developments in New Zealand will happen in a responsible manner where environmental guard rails are appropriate to the risks being managed. The protection, the health and safety of our workers, and impacts on regional communities is important.
This means we are working towards sector growth and innovation that contributes to New Zealand’s prosperity. The sector’s performance and responsible practices need to be emphasised. Advocacy and being forward leaning is important. I recognise the sector has been subject to misinformation but the mute button is not an option.
We have updated the goal of doubling our exports to $3 billion by 2035 from the previous goal of $2 billion. Statistics NZ reports that mineral exports for the financial year ending June 2023 totalled $1.46 billion and our submitters were clear – we needed a more ambitious goal.
Finally, I want to assure you that we are not downing tools when there is still work to do. The addition of a Delivery Roadmap clearly sets out the key actions the Government will take to achieve the strategy’s goal and vision.
In the short term, key actions include creating a network to support minerals research and development, making information about minerals and regulations more accessible to potential investors, and engaging with countries to support supply chain resilience for critical minerals.
Longer term, we will deliver a minerals research strategy and address workforce development needs, skills and training programmes.
Through our Minerals Strategy we have formed the foundations. Soon our government will roll out the refreshed approach to inward foreign direct investment. You have told me that an overseas investment process that is efficient, timely and not too costly is important.
We have a pathway forward. A permitting regime which acknowledges the principle of risk proportionality. A recognition that excessive climate net zero regulations will thwart economic growth. A consideration of ecological, community, tangata whenua issues that is balanced and does not present scope for veto power.
An expanded Critical Minerals List
I don’t have to explain to anyone here today how we rely on a wide range of minerals to enable the comforts of our lives. Every road you drive on, every light switch you turn on, our schools, hospitals and homes. All are enabled in some way by the extraction of our natural resources.
If suddenly we couldn’t access aggregate to construct our roads, phosphate to support the growth of our crops or iron sand to make steel for our buildings, our economy would grind to a halt.
On the matter of iron sands, the recent Taharoa RMA hearing process for consents to continue an activity that has been happening for over 50 years was a circus. It shows that more robustness is needed. Hopefully the treatment this firm receives will be inordinately better under the Fast-track processes.
Equally, there is no low emissions energy transition without minerals – no batteries, no electric cars, no wind turbines and no solar panels.
Unfortunately, we have never sought a comprehensive picture of the minerals needs of New Zealand now and in the future, or how we ensure those supplies are secure and affordable.
I am delighted today to release New Zealand’s Critical Minerals List, a holistic picture of the minerals that are economically important and are vulnerable to supply risk or essential to unlocking other critical minerals.
Following public consultation last September, the Critical Minerals List now features 37 minerals, up from 35.
The Coalition Government agreed to include both gold and metallurgical coal, which is used in steelmaking, on the list in recognition of their importance to our minerals sector and economy, and in unlocking other critical minerals.
Together, they represent 80 per cent of our mineral exports, generating export revenues of around $1.2 billion in the year to June 2023.
Simply put, OceanaGold’s Waihi Operation today shows gold investments needs skills, machinery, resources, and capacity to support our modern industrial system.
The legacy of gold- and coal-mining is that of a catalyst for transformation – for our economy, for our development, for our technical skills and trades, and for our place on the world stage.
Future mining in New Zealand will play to our strengths in terms of existing production while we develop new opportunities. That means gold and metallurgical coal.
We will also offer more bespoke and boutique opportunities for the right investors.
Of our 37 critical minerals, we produce or have the potential to produce 21 here in New Zealand. We are a prospective destination for sought-after minerals like antimony and we have operators working rare earth, vanadium and titanium projects – all exciting opportunities for New Zealand to support the international transition to a clean energy future.
Our list will contribute to New Zealand’s work on critical international supply chains and allow us to investigate specific actions for securing better access to the minerals we’ve deemed critical.
This could include preferential pathways and settings for development and supply of minerals on the list, or building international relationships to ensure secure supply of those we can’t produce. This work programme forms part of the Strategy’s delivery roadmap and will kick off shortly.
Close
When I left Blackball last year, I did so with the promise I would continue to be a dogged champion for the minerals sector and the economic prosperity it can offer New Zealand, if done right.
I hope I have shown you that with the work we have done to get the right direction and settings in place, you can have confidence that we have an enduring pathway forward.
This Government is taking an active, deliberate and co-ordinated approach to harnessing the potential of our natural resources to take us from ‘open for business’ to ‘doing business’.
The sector has been a transformative agent in the past, and I expect it to play a transforming role into the future.
Source: New Zealand ParliamentThe Justice Committee has decided how submitters will be selected for the remaining 70 hours of hearings on the Principles of the Treaty of Waitangi Bill. The committee has also issued an indicative hearings schedule.
MIL OSI
Source: United States Attorneys General 11
Note: View the indictment here.
Two men were arrested today on charges of participating in a neo-Nazi child exploitation enterprise that groomed and then coerced minors to produce child sexual abuse material (CSAM) and images of self-harm. The group allegedly victimized at least 16 minors around the world, including two in Southern California.
Colin John Thomas Walker, 23, of Bridgeton, New Jersey, and Clint Jordan Lopaka Nahooikaika Borge, 41, of Pahoa, Hawaii, were arrested this morning pursuant to a grand jury indictment that charges them with one count of engaging in a child exploitation enterprise. They are expected to make their initial appearances in court later today in New Jersey and Hawaii.
The indictment also charges two other defendants who are already in custody: Rohan Sandeep Rane, 28, of Antibes, France, and Kaleb Christopher Merritt, 24, of Spring, Texas. The indictment returned by a grand jury on Jan. 17 and unsealed today, also charges Rane and Walker with one count of engaging in a child exploitation enterprise.
According to the indictment, from at least 2019 to 2022, Rane, Walker, Merritt, and Borge were members of CVLT (pronounced “cult”), an online group that espoused neo-Nazism, nihilism, and pedophilia as its core principles. Members of the international enterprise engaged in online child sexual exploitation offenses and trafficked CSAM. Rane, Walker, and Merritt acted as leaders and administrators in the CVLT enterprise, hosting and running CVLT online servers and controlling membership for the group.
CVLT members worked collectively to entice and coerce children to self-produce CSAM on a platform run by CVLT members where they groomed children for the eventual production of CSAM through various means of degradation, including exposing the victims to extremist and violent content. CVLT specifically targeted vulnerable victims, including ones suffering from mental health challenges or a history of sexual abuse.
Victims were encouraged to engage in increasingly dehumanizing acts, including cutting and eating their own hair, drinking their urine, punching themselves, calling themselves racial slurs, and using razor blades to carve CVLT members’ names into their skin. CVLT members’ coercion escalated to pressuring victims to kill themselves on a video livestream.
When victims hesitated, resisted, or threatened to tell parents or authorities, CVLT members would threaten to distribute already-obtained compromising photos and videos of the victims to their family and friends. For victims who stopped participating in the CSAM, CVLT would sometimes carry through on their threats.
Rane previously was charged with several child exploitation and related offenses in France and has been in French custody since 2022. Merritt is currently in Virginia state custody, serving a 50-year sentence for child sex abuse crimes committed in 2020 and 2021.
If convicted, the defendants would face a minimum penalty of 20 years in prison and a statutory maximum penalty of life in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.
Homeland Security Investigations (HSI), the Los Angeles Police Department, San Bernardino County Sheriff’s Office, Henry County Sheriff’s Office (Virginia), Iowa State University Police, Police Nationale (France), the National Crime Agency (United Kingdom), the New Zealand Department of Internal Affairs, and EUROPOL are investigating this matter.
Assistant U.S. Attorney Catharine A. Richmond for the Central District of California and Trial Attorneys Justin Sher and James Donnelly of the National Security Division’s Counterterrorism Section are prosecuting this case.
An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: GlobeNewswire (MIL-OSI)
Fourth-quarter highlights
Full-year highlights
HOUSTON and LONDON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the fourth-quarter and full-year 2024.
“2024 proved to be a momentous year for Baker Hughes. We closed out the year with exceptional fourth-quarter results, setting new quarterly and annual records for revenue, free cash flow and our adjusted measures of EPS, EBITDA, and EBITDA margin. Our strategy to drive profitable growth and continuous margin improvement is working. Looking forward, we will continue our journey to transform the Company, and we expect 2025 to demonstrate another strong year of EBITDA growth, led by our IET segment,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
“IET booked $3.8 billion of orders in the fourth quarter, supported by strong LNG orders and another gas infrastructure award. Including this strong end to the year, 2024 orders totaled $13 billion, the second highest order year ever. This order performance highlights the end-market diversity and versatility of our portfolio.”
“Overall, our margin increase across both segments continues to demonstrate strong progress on the journey toward 20% segment EBITDA margins. Transformation actions will continue to be a major driver of our margin improvements as we progress through 2025 and beyond. We remain confident in achieving our 20% EBITDA margin targets for OFSE this year and IET in 2026.”
“As reflected in our strong 2024 results and our exceptional margin improvement, Baker Hughes has evolved into a more profitable energy and industrial technology company. Company results are benefiting from strong execution, sharpened commercial focus and improved productivity gains. Our confidence in the durability and growth of our earnings and free cash flow positions us to continue growing our dividend, highlighted by the announcement to increase our quarterly dividend by 10% to $0.23.”
“I would like to thank the Baker Hughes team for yet again delivering outstanding results. As we continue our journey to move Baker Hughes forward, we remain committed to our customers, shareholders, and employees,” concluded Simonelli.
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
| Three Months Ended | Variance | ||||||||||
| (in millions except per share amounts) | December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
Sequential | Year-over-year | ||||||
| Orders | $ | 7,496 | $ | 6,676 | $ | 6,904 | 12 | % | 9 | % | |
| Revenue | 7,364 | 6,908 | 6,835 | 7 | % | 8 | % | ||||
| Net income attributable to Baker Hughes | 1,179 | 766 | 439 | 54 | % | 168 | % | ||||
| Adjusted net income attributable to Baker Hughes* | 694 | 666 | 511 | 4 | % | 36 | % | ||||
| Operating income | 665 | 930 | 651 | (29 | )% | 2 | % | ||||
| Adjusted operating income* | 1,019 | 930 | 816 | 10 | % | 25 | % | ||||
| Adjusted EBITDA* | 1,310 | 1,208 | 1,091 | 8 | % | 20 | % | ||||
| Diluted earnings per share (EPS) | 1.18 | 0.77 | 0.43 | 54 | % | 171 | % | ||||
| Adjusted diluted EPS* | 0.70 | 0.67 | 0.51 | 4 | % | 37 | % | ||||
| Cash flow from operating activities | 1,189 | 1,010 | 932 | 18 | % | 28 | % | ||||
| Free cash flow* | 894 | 754 | 633 | 19 | % | 41 | % | ||||
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.
Quarter Highlights
Industrial & Energy Technology (“IET”) recorded another strong quarter of gas infrastructure orders, booking an equipment award from Tecnicas Reunidas for the third expansion phase of the Jafurah unconventional gas field in the Kingdom of Saudi Arabia. Gas Technology Equipment (“GTE”) will supply a total of 12 electric motor-driven compression trains and auxiliary treatment equipment for gas processing. This contract builds upon Baker Hughes’ long-standing relationship with Aramco and follows previous contract awards in 2022, bringing the total to 24 electric motor-driven compressors and an additional 14 compressors supplied by Baker Hughes for multiple Jafurah gas processing plants.
In demonstration of its well-established leadership position in liquefied natural gas (“LNG”) technology solutions, Baker Hughes received multiple project awards in the fourth quarter. As part of a master equipment supply agreement, IET received a major contract to provide a modularized LNG system and power island to Venture Global. IET also received, from Bechtel Energy, a GTE award to supply eight LM6000 PF+ driven main refrigeration compressors and eight expander compressors across two LNG trains for a nameplate capacity of approximately 11 million ton per annum for Phase 1 of Woodside Energy’s Louisiana project.
Gas Technology Services (“GTS”) continues to demonstrate leadership in turbomachinery aftermarket service, booking several notable service and upgrade awards to backlog. GTS signed a long-term services agreement to support Phases 1 and 2 of Venture Global’s Plaquemines LNG project, and also signed a 25-year services agreement with a NextDecade affiliate to support its Rio Grande LNG facility. Additionally, GTS received an award from an energy operator to provide planned maintenance activities to assure reliability, availability, and efficiency of turbomachinery at their LNG facility in Asia Pacific. The capabilities of IET’s iCenter™ will also be utilized to drive improved outcomes for the customer. Finally, GTS booked multiple upgrade awards for gas infrastructure projects in the Middle East and Europe.
Climate Technology Solutions (“CTS”) secured multiple awards targeting flare reduction. As announced at COP29 in Baku, Azerbaijan, CTS will provide SOCAR, the state-owned oil company of Azerbaijan, with an integrated gas recovery and hydrogen sulfide removal system to significantly reduce downstream flaring at the Heydar Aliyev Oil Refinery. Separately in the Middle East, CTS will supply electric-driven centrifugal compressors for one of the largest gas processing and flare gas recovery projects globally.
Oilfield Services & Equipment (“OFSE”), through its Mature Assets Solutions (“MAS”) offering, received a multi-year contract from Eni to help unlock bypassed reserves in one of Europe’s largest developments. Baker Hughes will utilize its AutoTrak eXact™ rotary steerable drilling system to reduce risks and execution costs for Eni. OFSE also booked another MAS award in the Middle East to provide artificial lift services in a super-giant oilfield, including advanced permanent magnet motors for improved electric submersible pump efficiency.
Baker Hughes experienced a strong order quarter for flexible pipe systems in Brazil. Following a third-quarter 2024 award, OFSE received another flexible pipe systems award from Petrobras after an open tender, reinforcing this important relationship and Baker Hughes’ leading position in the product line. The capability of Baker Hughes’ flexible pipe systems to address the critical issue of stress-induced corrosion cracking from CO2 resulted in this significant award for approximately 48 miles of flexible pipe systems to be installed across four different fields. Additionally, OFSE received an order from Brava Energia to supply 9 miles of flexible pipe systems to be deployed in the Campos Basin.
OFSE also advanced its digitalization and artificial intelligence capabilities, signing an agreement with AIQ, ADNOC and CORVA to launch the AI Rate of Penetration (ROP) Optimization initiative. The project aims to enhance drilling efficiency in real-time by providing insights and recommendations for optimizing weight on bit, rotations per minute and other critical parameters.
Consolidated Revenue and Operating Income by Reporting Segment
| (in millions) | Three Months Ended | Variance | ||||||||||||
| December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
Sequential | Year-over-year | ||||||||||
| Oilfield Services & Equipment | $ | 3,871 | $ | 3,963 | $ | 3,956 | (2 | )% | (2 | )% | ||||
| Industrial & Energy Technology | 3,492 | 2,945 | 2,879 | 19 | % | 21 | % | |||||||
| Segment revenue | 7,364 | 6,908 | 6,835 | 7 | % | 8 | % | |||||||
| Oilfield Services & Equipment | 526 | 547 | 492 | (4 | )% | 7 | % | |||||||
| Industrial & Energy Technology | 584 | 474 | 412 | 23 | % | 42 | % | |||||||
| Corporate(1) | (91 | ) | (91 | ) | (88 | ) | — | % | (3 | )% | ||||
| Inventory impairment(2) | (73 | ) | — | (2 | ) | NM | NM | |||||||
| Restructuring, impairment and other | (281 | ) | — | (163 | ) | NM | (73 | )% | ||||||
| Operating income | 665 | 930 | 651 | (29 | )% | 2 | % | |||||||
| Adjusted operating income* | 1,019 | 930 | 816 | 10 | % | 25 | % | |||||||
| Depreciation & amortization | 291 | 278 | 274 | 5 | % | 6 | % | |||||||
| Adjusted EBITDA* | $ | 1,310 | $ | 1,208 | $ | 1,091 | 8 | % | 20 | % | ||||
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
“NM” is used when the percentage variance is not meaningful.
(1) Corporate costs are primarily reported in “Selling, general and administrative” in the consolidated statements of income (loss).
(2) Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).
Revenue for the fourth quarter of 2024 was $7,364 million, an increase of 7% sequentially and an increase of 8% year-over-year. The increase in revenue year-over-year was driven by IET.
The Company’s total book-to-bill ratio in the fourth quarter of 2024 was 1.0; the IET book-to-bill ratio was 1.1.
Operating income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), for the fourth quarter of 2024 was $665 million. Operating income decreased $265 million sequentially and increased $13 million year-over-year. Restructuring, impairment, and other charges were $281 million in the fourth quarter of 2024, primarily related to streamlining of the OFSE operating model.
Adjusted operating income (a non-GAAP financial measure) for the fourth quarter of 2024 was $1,019 million, which excludes adjustments totaling $354 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the fourth quarter of 2024 was up 10% sequentially and up 25% year-over-year.
Depreciation and amortization for the fourth quarter of 2024 was $291 million.
Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2024 was $1,310 million, which excludes adjustments totaling $354 million. See Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the fourth quarter was up 8% sequentially and up 20% year-over-year.
The sequential increase in adjusted operating income and adjusted EBITDA was driven by higher volume in IET and structural cost-out initiatives in both segments, primarily offset by lower volume in OFSE. The year-over-year increase in adjusted operating income and adjusted EBITDA was driven by higher pricing and structural cost-out initiatives in both segments, and increased volume in IET primarily from higher proportionate growth in GTE, partially offset by decreased volume in OFSE and cost inflation in both segments.
Other Financial Items
Remaining Performance Obligations (“RPO”) in the fourth quarter of 2024 ended at $33.1 billion, a decrease of $0.3 billion from the third quarter of 2024. OFSE RPO was $3.0 billion, down 6% sequentially, while IET RPO was $30.1 billion, down $100 million sequentially. Within IET RPO, GTE RPO was $11.8 billion and GTS RPO was $15.0 billion.
Income tax benefit in the fourth quarter of 2024 was $398 million reflecting the impact of a valuation allowance release in the U.S. The valuation allowance has been released primarily as a result of the U.S. moving into a cumulative three-year profit position.
Other non-operating income in the fourth quarter of 2024 was $181 million. Included in other non-operating income were net mark-to-market gains in fair value and gains from sale for certain equity investments of $196 million.
GAAP diluted earnings per share was $1.18. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.70. Excluded from adjusted diluted earnings per share were all items listed in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Cash flow from operating activities was $1,189 million for the fourth quarter of 2024. Free cash flow (a non-GAAP financial measure) for the quarter was $894 million. A reconciliation from GAAP has been provided in Table 1d in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Capital expenditures, net of proceeds from disposal of assets, were $295 million for the fourth quarter of 2024, of which $195 million was for OFSE and $87 million was for IET.
| Results by Reporting Segment |
The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.
Oilfield Services & Equipment
| (in millions) | Three Months Ended | Variance | ||||||||||||
| Segment results | December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
Sequential | Year-over-year | |||||||||
| Orders | $ | 3,740 | $ | 3,807 | $ | 3,874 | (2 | )% | (3 | )% | ||||
| Revenue | $ | 3,871 | $ | 3,963 | $ | 3,956 | (2 | )% | (2 | )% | ||||
| Operating income | $ | 526 | $ | 547 | $ | 492 | (4 | )% | 7 | % | ||||
| Operating margin | 13.6 | % | 13.8 | % | 12.4 | % | -0.2pts | 1.1pts | ||||||
| Depreciation & amortization | $ | 229 | $ | 218 | $ | 217 | 5 | % | 6 | % | ||||
| EBITDA* | $ | 755 | $ | 765 | $ | 709 | (1 | )% | 7 | % | ||||
| EBITDA margin* | 19.5 | % | 19.3 | % | 17.9 | % | 0.2pts | 1.6pts | ||||||
| (in millions) | Three Months Ended | Variance | |||||||||
| Revenue by Product Line | December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
Sequential | Year-over-year | ||||||
| Well Construction | $ | 943 | $ | 1,050 | $ | 1,122 | (10 | )% | (16 | )% | |
| Completions, Intervention, and Measurements | 1,022 | 1,009 | 1,086 | 1 | % | (6 | )% | ||||
| Production Solutions | 974 | 983 | 990 | (1 | )% | (2 | )% | ||||
| Subsea & Surface Pressure Systems | 932 | 921 | 758 | 1 | % | 23 | % | ||||
| Total Revenue | $ | 3,871 | $ | 3,963 | $ | 3,956 | (2 | )% | (2 | )% | |
| (in millions) | Three Months Ended | Variance | |||||||||
| Revenue by Geographic Region | December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
Sequential | Year-over-year | ||||||
| North America | $ | 971 | $ | 971 | $ | 1,018 | — | % | (5 | )% | |
| Latin America | 661 | 648 | 708 | 2 | % | (7 | )% | ||||
| Europe/CIS/Sub-Saharan Africa | 740 | 933 | 707 | (21 | )% | 5 | % | ||||
| Middle East/Asia | 1,499 | 1,411 | 1,522 | 6 | % | (2 | )% | ||||
| Total Revenue | $ | 3,871 | $ | 3,963 | $ | 3,956 | (2 | )% | (2 | )% | |
| North America | $ | 971 | $ | 971 | $ | 1,018 | — | % | (5 | )% | |
| International | 2,900 | 2,992 | 2,938 | (3 | )% | (1 | )% | ||||
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.
OFSE orders of $3,740 million for the fourth quarter of 2024 decreased by $67 million sequentially. Subsea and Surface Pressure Systems orders were $802 million, up 3% sequentially, and up 23% year-over-year.
OFSE revenue of $3,871 million for the fourth quarter of 2024 was down 2% sequentially, and down 2% year-over-year.
North America revenue was $971 million, flat sequentially. International revenue was $2,900 million, down 3% sequentially, driven by declines in Europe/CIS/Sub-Saharan Africa region partially offset by growth in Middle East/Asia and Latin America.
Segment operating income for the fourth quarter was $526 million, a decrease of $22 million, or 4%, sequentially. Segment EBITDA for the fourth quarter of 2024 was $755 million, a decrease of $10 million, or 1% sequentially. The sequential decrease in segment operating income and EBITDA was driven by lower volume, partially mitigated by positive price and productivity from structural cost-out initiatives.
Industrial & Energy Technology
| (in millions) | Three Months Ended | Variance | ||||||||||||
| Segment results | December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
Sequential | Year-over-year | |||||||||
| Orders | $ | 3,756 | $ | 2,868 | $ | 3,030 | 31 | % | 24 | % | ||||
| Revenue | $ | 3,492 | $ | 2,945 | $ | 2,879 | 19 | % | 21 | % | ||||
| Operating income | $ | 584 | $ | 474 | $ | 412 | 23 | % | 42 | % | ||||
| Operating margin | 16.7 | % | 16.1 | % | 14.3 | % | 0.6pts | 2.4pts | ||||||
| Depreciation & amortization | $ | 56 | $ | 54 | $ | 51 | 4 | % | 8 | % | ||||
| EBITDA* | $ | 639 | $ | 528 | $ | 463 | 21 | % | 38 | % | ||||
| EBITDA margin* | 18.3 | % | 17.9 | % | 16.1 | % | 0.4pts | 2.2pts | ||||||
| (in millions) | Three Months Ended | Variance | |||||||||
| Orders by Product Line | December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
Sequential | Year-over-year | ||||||
| Gas Technology Equipment | $ | 1,865 | $ | 1,088 | $ | 1,297 | 71 | % | 44 | % | |
| Gas Technology Services | 902 | 778 | 808 | 16 | % | 12 | % | ||||
| Total Gas Technology | 2,767 | 1,866 | 2,105 | 48 | % | 31 | % | ||||
| Industrial Products | 515 | 494 | 514 | 4 | % | — | % | ||||
| Industrial Solutions | 320 | 293 | 288 | 9 | % | 11 | % | ||||
| Total Industrial Technology | 835 | 787 | 802 | 6 | % | 4 | % | ||||
| Climate Technology Solutions | 154 | 215 | 123 | (28 | )% | 25 | % | ||||
| Total Orders | $ | 3,756 | $ | 2,868 | $ | 3,030 | 31 | % | 24 | % | |
| (in millions) | Three Months Ended | Variance | |||||||||
| Revenue by Product Line | December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
Sequential | Year-over-year | ||||||
| Gas Technology Equipment | $ | 1,663 | $ | 1,281 | $ | 1,206 | 30 | % | 38 | % | |
| Gas Technology Services | 796 | 697 | 714 | 14 | % | 11 | % | ||||
| Total Gas Technology | 2,459 | 1,978 | 1,920 | 24 | % | 28 | % | ||||
| Industrial Products | 548 | 520 | 513 | 5 | % | 7 | % | ||||
| Industrial Solutions | 282 | 257 | 276 | 10 | % | 2 | % | ||||
| Total Industrial Technology | 830 | 777 | 789 | 7 | % | 5 | % | ||||
| Climate Technology Solutions | 204 | 191 | 170 | 7 | % | 20 | % | ||||
| Total Revenue | $ | 3,492 | $ | 2,945 | $ | 2,879 | 19 | % | 21 | % | |
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.
IET orders of $3,756 million for the fourth quarter of 2024 increased by $726 million, or 24% year-over-year. The increase was driven primarily by GTE orders which were up $568 million, or 44% year-over-year.
IET revenue of $3,492 million for the fourth quarter of 2024 increased $613 million, or 21% year-over-year. The increase was driven primarily by Gas Technology, up 28% year-over-year.
Segment operating income for the quarter was $584 million, an increase of $172 million, or 42% year-over-year. Segment EBITDA for the quarter was $639 million, an increase of $176 million, or 38% year-over-year. The year-over-year increase in segment operating income and segment EBITDA was driven by increased volume primarily from higher proportionate growth in GTE, positive pricing, and productivity, partially offset by cost inflation.
2024 Total Year Results
| (in millions) | Twelve Months Ended | Variance | ||||||
| December 31, 2024 | December 31, 2023 | Year-over-year | ||||||
| Oilfield Services & Equipment | $ | 15,240 | $ | 16,344 | (7)% | |||
| Industrial & Energy Technology | 13,000 | 14,178 | (8)% | |||||
| Orders | $ | 28,240 | $ | 30,522 | (7)% | |||
| Oilfield Services & Equipment | $ | 15,628 | $ | 15,361 | 2% | |||
| Industrial & Energy Technology | 12,201 | 10,145 | 20% | |||||
| Segment Revenue | $ | 27,829 | $ | 25,506 | 9% | |||
| Oilfield Services & Equipment | $ | 1,988 | $ | 1,746 | 14% | |||
| Industrial & Energy Technology | 1,830 | 1,310 | 40% | |||||
| Corporate(1) | (363 | ) | (380 | ) | 5% | |||
| Inventory impairment(2) | (73 | ) | (35 | ) | (110)% | |||
| Restructuring, impairment & other | (301 | ) | (323 | ) | 7% | |||
| Operating income | 3,081 | 2,317 | 33% | |||||
| Adjusted operating income * | 3,455 | 2,676 | 29% | |||||
| Depreciation & amortization | 1,136 | 1,087 | 4% | |||||
| Adjusted EBITDA * | $ | 4,591 | $ | 3,763 | 22% | |||
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
(1) Corporate costs are primarily reported in “Selling, general and administrative” in the consolidated statements of income (loss).
(2) Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).
Reconciliation of GAAP to non-GAAP Financial Measures
Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted operating income; EBITDA; EBITDA margin; adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.
Table 1a. Reconciliation of GAAP and Adjusted Operating Income
| Three Months Ended | Twelve Months Ended | ||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||
| (in millions) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||
| Operating income (GAAP) | $ | 665 | $ | 930 | $ | 651 | $ | 3,081 | $ | 2,317 | |
| Restructuring, impairment & other | 281 | — | 163 | 301 | 323 | ||||||
| Inventory impairment(1) | 73 | — | 2 | 73 | 35 | ||||||
| Total operating income adjustments | 354 | — | 165 | 375 | 358 | ||||||
| Adjusted operating income (non-GAAP) | $ | 1,019 | $ | 930 | $ | 816 | $ | 3,455 | $ | 2,676 | |
(1) Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).
Table 1a reconciles operating income, which is the directly comparable financial result determined in accordance with GAAP, to adjusted operating income. Adjusted operating income excludes the impact of certain identified items.
Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to EBITDA and Adjusted EBITDA
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||||||
| (in millions) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 1,179 | $ | 766 | $ | 439 | $ | 2,979 | $ | 1,943 | |||||
| Net income attributable to noncontrolling interests | 11 | 8 | 11 | 29 | 27 | ||||||||||
| Provision (benefit) for income taxes | (398 | ) | 235 | 72 | 257 | 685 | |||||||||
| Interest expense, net | 54 | 55 | 45 | 198 | 216 | ||||||||||
| Other non-operating (income) loss, net | (181 | ) | (134 | ) | 84 | (382 | ) | (554 | ) | ||||||
| Operating income (GAAP) | 665 | 930 | 651 | 3,081 | 2,317 | ||||||||||
| Depreciation & amortization | 291 | 278 | 274 | 1,136 | 1,087 | ||||||||||
| EBITDA (non-GAAP) | 956 | 1,208 | 926 | 4,216 | 3,405 | ||||||||||
| Total operating income adjustments(1) | 354 | — | 165 | 375 | 358 | ||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 1,310 | $ | 1,208 | $ | 1,091 | $ | 4,591 | $ | 3,763 | |||||
(1) See Table 1a for the identified adjustments to operating income.
Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to EBITDA. Adjusted EBITDA excludes the impact of certain identified items.
Table 1c. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||
| (in millions, except per share amounts) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 1,179 | $ | 766 | $ | 439 | $ | 2,979 | $ | 1,943 | ||||||
| Total operating income adjustments(1) | 354 | — | 165 | 375 | 358 | |||||||||||
| Other adjustments (non-operating)(2) | (189 | ) | (99 | ) | 89 | (335 | ) | (554 | ) | |||||||
| Tax adjustments(3) | (650 | ) | (1 | ) | (181 | ) | (663 | ) | (124 | ) | ||||||
| Total adjustments, net of income tax | (485 | ) | (100 | ) | 72 | (623 | ) | (320 | ) | |||||||
| Less: adjustments attributable to noncontrolling interests | — | — | — | — | — | |||||||||||
| Adjustments attributable to Baker Hughes | (485 | ) | (100 | ) | 72 | (623 | ) | (320 | ) | |||||||
| Adjusted net income attributable to Baker Hughes (non-GAAP) | $ | 694 | $ | 666 | $ | 511 | $ | 2,356 | $ | 1,622 | ||||||
| Denominator: | ||||||||||||||||
| Weighted-average shares of Class A common stock outstanding diluted | 999 | 999 | 1,010 | 1,001 | 1,015 | |||||||||||
| Adjusted earnings per share – diluted (non-GAAP) | $ | 0.70 | $ | 0.67 | $ | 0.51 | $ | 2.35 | $ | 1.60 | ||||||
(1) See Table 1a for the identified adjustments to operating income.
(2) All periods primarily reflect the net gain or loss on changes in fair value for certain equity investments.
(3) All periods reflect the tax associated with the other operating and non-operating adjustments. 4Q’24 and fiscal year 2024 include $664 million and 4Q’23 and fiscal year 2023 include $81 million, respectively, related to the release of valuation allowances for certain deferred tax assets.
Table 1c reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.
Table 1d. Reconciliation of Net Cash Flows From Operating Activities to Free Cash Flow
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||
| (in millions) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net cash flows from operating activities (GAAP) | $ | 1,189 | $ | 1,010 | $ | 932 | $ | 3,332 | $ | 3,062 | ||||||
| Add: cash used for capital expenditures, net of proceeds from disposal of assets | (295 | ) | (256 | ) | (298 | ) | (1,075 | ) | (1,016 | ) | ||||||
| Free cash flow (non-GAAP) | $ | 894 | $ | 754 | $ | 633 | $ | 2,257 | $ | 2,045 | ||||||
Table 1d reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.
| Financial Tables (GAAP) | |||||||||
| Condensed Consolidated Statements of Income (Loss) (Unaudited) |
|||||||||
| Three Months Ended | |||||||||
| (In millions, except per share amounts) | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||
| Revenue | $ | 7,364 | $ | 6,908 | $ | 6,835 | |||
| Costs and expenses: | |||||||||
| Cost of revenue | 5,833 | 5,366 | 5,386 | ||||||
| Selling, general and administrative | 585 | 612 | 634 | ||||||
| Restructuring, impairment and other | 281 | — | 163 | ||||||
| Total costs and expenses | 6,699 | 5,978 | 6,183 | ||||||
| Operating income | 665 | 930 | 651 | ||||||
| Other non-operating income (loss), net | 181 | 134 | (84 | ) | |||||
| Interest expense, net | (54 | ) | (55 | ) | (45 | ) | |||
| Income before income taxes | 792 | 1,009 | 522 | ||||||
| Benefit (provision) for income taxes | 398 | (235 | ) | (72 | ) | ||||
| Net income | 1,190 | 774 | 450 | ||||||
| Less: Net income attributable to noncontrolling interests | 11 | 8 | 11 | ||||||
| Net income attributable to Baker Hughes Company | $ | 1,179 | $ | 766 | $ | 439 | |||
| Per share amounts: | |||||||||
| Basic income per Class A common share | $ | 1.19 | $ | 0.77 | $ | 0.44 | |||
| Diluted income per Class A common share | $ | 1.18 | $ | 0.77 | $ | 0.43 | |||
| Weighted average shares: | |||||||||
| Class A basic | 990 | 993 | 1,001 | ||||||
| Class A diluted | 999 | 999 | 1,010 | ||||||
| Cash dividend per Class A common share | $ | 0.21 | $ | 0.21 | $ | 0.20 | |||
| Condensed Consolidated Statements of Income (Loss) (Unaudited) |
|||||||||
| Year Ended December 31, | |||||||||
| (In millions, except per share amounts) | 2024 | 2023 | 2022 | ||||||
| Revenue | $ | 27,829 | $ | 25,506 | $ | 21,156 | |||
| Costs and expenses: | |||||||||
| Cost of revenue | 21,989 | 20,255 | 16,756 | ||||||
| Selling, general and administrative | 2,458 | 2,611 | 2,510 | ||||||
| Restructuring, impairment and other | 301 | 323 | 705 | ||||||
| Total costs and expenses | 24,748 | 23,189 | 19,971 | ||||||
| Operating income | 3,081 | 2,317 | 1,185 | ||||||
| Other non-operating income (loss), net | 382 | 554 | (911 | ) | |||||
| Interest expense, net | (198 | ) | (216 | ) | (252 | ) | |||
| Income before income taxes | 3,265 | 2,655 | 22 | ||||||
| Provision for income taxes | (257 | ) | (685 | ) | (600 | ) | |||
| Net income (loss) | 3,008 | 1,970 | (578 | ) | |||||
| Less: Net income attributable to noncontrolling interests | 29 | 27 | 23 | ||||||
| Net income (loss) attributable to Baker Hughes Company | $ | 2,979 | $ | 1,943 | $ | (601 | ) | ||
| Per share amounts: | |||||||||
| Basic income (loss) per Class A common share | $ | 3.00 | $ | 1.93 | $ | (0.61 | ) | ||
| Diluted income (loss) per Class A common share | $ | 2.98 | $ | 1.91 | $ | (0.61 | ) | ||
| Weighted average shares: | |||||||||
| Class A basic | 994 | 1,008 | 987 | ||||||
| Class A diluted | 1,001 | 1,015 | 987 | ||||||
| Cash dividend per Class A common share | $ | 0.84 | $ | 0.78 | $ | 0.73 | |||
| Condensed Consolidated Statements of Financial Position (Unaudited) |
||||
| December 31, | ||||
| (In millions) | 2024 | 2023 | ||
| ASSETS | ||||
| Current Assets: | ||||
| Cash and cash equivalents | $ | 3,364 | $ | 2,646 |
| Current receivables, net | 7,122 | 7,075 | ||
| Inventories, net | 4,954 | 5,094 | ||
| All other current assets | 1,771 | 1,486 | ||
| Total current assets | 17,211 | 16,301 | ||
| Property, plant and equipment, less accumulated depreciation | 5,127 | 4,893 | ||
| Goodwill | 6,078 | 6,137 | ||
| Other intangible assets, net | 3,951 | 4,093 | ||
| Contract and other deferred assets | 1,730 | 1,756 | ||
| All other assets | 4,266 | 3,765 | ||
| Total assets | $ | 38,363 | $ | 36,945 |
| LIABILITIES AND EQUITY | ||||
| Current Liabilities: | ||||
| Accounts payable | $ | 4,542 | $ | 4,471 |
| Short-term and current portion of long-term debt | 53 | 148 | ||
| Progress collections and deferred income | 5,672 | 5,542 | ||
| All other current liabilities | 2,724 | 2,830 | ||
| Total current liabilities | 12,991 | 12,991 | ||
| Long-term debt | 5,970 | 5,872 | ||
| Liabilities for pensions and other postretirement benefits | 988 | 978 | ||
| All other liabilities | 1,359 | 1,585 | ||
| Equity | 17,055 | 15,519 | ||
| Total liabilities and equity | $ | 38,363 | $ | 36,945 |
| Outstanding Baker Hughes Company shares: | ||||
| Class A common stock | 990 | 998 | ||
| Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||||
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||
| (In millions) | 2024 | 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 1,190 | $ | 3,008 | $ | 1,970 | |||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||
| Depreciation and amortization | 291 | 1,136 | 1,087 | ||||||
| Benefit for deferred income taxes | (706 | ) | (671 | ) | (59 | ) | |||
| Gain on equity securities | (196 | ) | (367 | ) | (555 | ) | |||
| Stock-based compensation cost | 49 | 202 | 197 | ||||||
| Property, plant and equipment impairment, net | 77 | 77 | (1 | ) | |||||
| Gain on business dispositions | — | — | (40 | ) | |||||
| Working capital | 63 | 7 | 42 | ||||||
| Other operating items, net | 421 | (60 | ) | 421 | |||||
| Net cash flows provided by operating activities | 1,189 | 3,332 | 3,062 | ||||||
| Cash flows from investing activities: | |||||||||
| Expenditures for capital assets | (353 | ) | (1,278 | ) | (1,224 | ) | |||
| Proceeds from disposal of assets | 58 | 203 | 208 | ||||||
| Proceeds from sale of equity securities | 71 | 92 | 372 | ||||||
| Proceeds from business dispositions | — | — | 293 | ||||||
| Net cash paid for acquisitions | — | — | (301 | ) | |||||
| Other investing items, net | 6 | (33 | ) | (165 | ) | ||||
| Net cash flows used in investing activities | (218 | ) | (1,016 | ) | (817 | ) | |||
| Cash flows from financing activities: | |||||||||
| Repayment of long-term debt | (9 | ) | (143 | ) | (651 | ) | |||
| Dividends paid | (208 | ) | (836 | ) | (786 | ) | |||
| Repurchase of Class A common stock | (9 | ) | (484 | ) | (538 | ) | |||
| Other financing items, net | (8 | ) | (64 | ) | (53 | ) | |||
| Net cash flows used in financing activities | (234 | ) | (1,527 | ) | (2,028 | ) | |||
| Effect of currency exchange rate changes on cash and cash equivalents | (37 | ) | (71 | ) | (59 | ) | |||
| Increase in cash and cash equivalents | 700 | 718 | 158 | ||||||
| Cash and cash equivalents, beginning of period | 2,664 | 2,646 | 2,488 | ||||||
| Cash and cash equivalents, end of period | $ | 3,364 | $ | 3,364 | $ | 2,646 | |||
| Supplemental cash flows disclosures: | |||||||||
| Income taxes paid, net of refunds | $ | 307 | $ | 1,040 | $ | 595 | |||
| Interest paid | $ | 99 | $ | 298 | $ | 309 | |||
Supplemental Financial Information
Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.
Conference Call and Webcast
The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Friday, January 31, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target”, “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31,2024; and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.
These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:
About Baker Hughes:
Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com
For more information, please contact:
Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com
Media Relations
Adrienne Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com
Source: The Conversation (Au and NZ) – By Naomi Milthorpe, Senior Lecturer in English, University of Tasmania
I’m at the park with my daughter, who is jumping in and out of puddles, splashing, shrieking at me (Mum! Look what I can do!), as I read frantically, taking one-handed notes on my phone (Mum! Look at this!). Part of me wishes I could enjoy with her this moment of pleasure in movement. The other, more insistent part is thinking about this essay: where to start, what to say, how to sum up the extraordinary legacy of the book I’m re-reading, Virginia Woolf’s Mrs Dalloway, which this year marks 100 years since its first publication in 1925. How am I supposed to write about this book?
If you were to read a synopsis, it might seem like a book purely for an academic specialist (which, admittedly, I am). One day in London in June 1923, an ageing rich woman, Clarissa Dalloway, prepares to give a party. Across town, a shell-shocked Great War veteran, Septimus Warren Smith, loses his grip on sanity. Between them oscillate other characters: Clarissa’s former lover Peter Walsh, Clarissa’s husband Richard and daughter Elizabeth, Elizabeth’s tutor Doris Kilman, Septimus’s wife Rezia, and his doctors Holmes and Bradshaw.
Like that other modernist monument, James Joyce’s Ulysses (1922), Mrs Dalloway is explicitly quotidian. It follows ordinary people through ordinary activities on an ordinary day – shopping, walking in the park, riding the bus, going to appointments, mending a dress. As Woolf’s characters go about their day, scenes and impressions are filtered through their individual consciousnesses, threaded together with language, images and memories.
The novel opens with the famous line “Mrs Dalloway said she would buy the flowers herself”, a sentence remarkable for its banality, as well as for its commitment to the in medias res plunge into life that Woolf was so keen on. The iconic status of the line is demonstrated by the number of online parodies it inspires, perhaps only surpassed by William Carlos Williams’s poem This Is Just To Say, which has become a verified meme.
On Good Friday 1924, Woolf wrote on a page of the manuscript she was drafting – then called “The Hours” – that “I will write whatever I want to write.” She could write whatever she wanted to write because she owned her own publishing house, The Hogarth Press. The actual press was in the basement of her suburban Richmond home.
Mrs Dalloway was the second of Woolf’s novels to be self-published in this way. Being a small-press publisher allowed her to experiment formally in ways that would have been impossible if she was working with a mainstream publisher. In A Writer’s Diary, she describes her process as both exploratory and technical. On August 30, 1923, she wrote: “I dig out beautiful caves behind my characters”. Later, in October 1924: “I practise writing; do my scales”.
I recently co-hosted a conference here in Hobart, which included a panel on contemporary Tasmanian experimental writing. The writers who spoke that day talked of the struggle to place work that pushed the boundaries of form and genre. A hundred years after Woolf’s efforts to unearth what she called a new “seam”, commercial imperatives continue to constrain writers and their work.
Despite Woolf’s refusal to compromise with mainstream tastes, Mrs Dalloway was well received. Her contemporaries recognised the novel’s importance immediately. “An intellectual triumph”, proclaimed P.C. Kennedy in the New Statesman; “a cathedral”, pronounced E.M. Forster in the New Criterion.
It sold moderately well: 1,500 copies within about a month of its publication on May 14 – more than her prior novel, Jacob’s Room, had sold in a year. Her biographer Hermione Lee records that in 1926 income from writing allowed Woolf and her husband Leonard to install a hot water range and toilet at their country home.
Woolf’s novel was revolutionary for its depiction of same-sex attraction and mental illness, as well as for its challenge to the novel form and representation of time. Clarissa remembers the jolt of desire she felt as an 18-year-old for her friend Sally Seton, who kisses her on the terrace of her house at Bourton:
the most exquisite moment of her whole life passing a stone urn with flowers in it. Sally stopped; picked a flower; kissed her on the lips. The whole world might have turned upside down! The others disappeared; there she was alone with Sally. And she felt that she had been given a present, wrapped up, and told just to keep it, not to look at it – a diamond, something infinitely precious, wrapped up, which, as they walked (up and down, up and down), she uncovered, or the radiance burnt through, the revelation, the religious feeling!
Clarissa, made “virginal” in middle age by illness and marital boredom, is surprised by this irrupting memory. She connects it to her sense of joy in life itself: “the moment of this June morning on which was the pressure of all the other mornings […] collecting the whole of her at one point”.
Clarissa and Septimus Smith – though they never meet – are shadow versions of each other. Both have beaky noses, thin pale birdlike bodies, and histories of illness.
Septimus, so capable as a soldier in the Great War, buries the trauma of seeing his commanding officer Evans killed, only to have it resurface in visual and aural hallucinations, of Evans behind the trees, and birds singing in Greek. He perceives, as Clarissa does, the burden of the past upon the present, and he suffers as a result of the coercion of the social system – what Woolf’s narrator ironises as the sister goddesses Conversion and Proportion.
“Worshipping proportion […] made England prosper”, because proportion forbids despair, illness, and emotional extremes. Conversion, the strong arm of Empire, “offers help, but desires power; smites out of her way roughly the dissentient, the dissatisfied”. Conversion “loves blood better than brick, and feasts most subtly on the human will”. Together, they suck the life from those who cannot or will not comply with them.
For Septimus, who has witnessed the dreadful disproportion of the war, ordinary social life becomes a torturous pressure cooker, a “gradual drawing together of everything to one centre before his eyes, as if some horror had come almost to the surface and was about to burst into flames”. A reviewer for the Times Literary Supplement emphasised this aspect of its experimentalism:
Watching Mrs Woolf’s experiment, certainly one of the hardest and very subtly planned, one reckons up its cost. To get the whole value of the present you must enhance it, perhaps, with the past.
Watching my daughter lark about is shadowed by the two surgeries she had in early childhood to correct her developmental hip dysplasia. I hear her screech with joy in the park, rocketing about freely; I hear her scream in pain in the hospital, encased in plaster from the midsection down. As Woolf knew, the past and the present are experienced within us simultaneously.
“In this book I have almost too many ideas,” Woolf wrote in her diary on June 19, 1923. “I want to give life and death, sanity and insanity; I want to criticise the social system, and to show it at work, at its most intense.”
Woolf’s ideas have inspired scores of interpretations, focusing on time, space, reality, psychology, domesticity, history, sexual relations, politics, fashion, the environment, health and illness. She is now probably the most written-about 20th century English author. I can remember vividly first reading this novel as an undergraduate, after which I devoured Woolf’s revolutionary 1929 essay A Room of One’s Own, which criticised the educational, economic and social constraints that prevented women, in many instances, from writing anything at all.
Woolf, of course, could and did write. This was a function, as she knew, of her financial and class privilege. Feminist politics has progressed beyond Woolf, but she laid one of the foundation stones. In her fiction, she modelled a method of writing that critiques patriarchal thinking. She focuses our attention on overlooked individuals and their inner lives, and she splendidly undoes the Victorian conception of plot.
The same year Woolf published Mrs Dalloway, she also published her important collection of essays, The Common Reader. The first piece in that book, on the medieval letters of the Paston family, describes the illumination cast by these ordinary, non-literary pieces of writing:
Like all collections of letters, they seem to hint that we need not care overmuch for the fortunes of individuals. The family will go on, whether Sir John lives or dies. It is their method to heap up in mounds of insignificant and often dismal dust the innumerable trivialities of daily life, as it grinds itself out, year after year. And then suddenly they blaze up; the day shines out, complete, alive, before our eyes.
Mrs Dalloway encompasses this doubled experience of insignificance and blazing life. Woolf writes of the past emerging into the present day and the present’s capacity to reshape the past. In her diary, she called this her “tunnelling process, by which I tell the past in instalments, as I have need of it”.
In tunnelling through narrative, digging out caves behind her characters, Woolf flung out a lot of what seems to be dust – buying flowers, ogling girls, table manners and weight gain, advertising, letter writing, doctor’s appointments, eating eclairs in a department store cafe. The novel reminds us of these moments’ triviality, and their significance, through repeated reference to the bells and clocks of London striking the hour.
This is why the opening line – and the novel as a whole – is so remarkable. It catches drops of shimmering reality from moments that can so easily go unremarked. This, Woolf knew, was what writing needed to do: to stop time. As she wrote of the Pastons’ letters: “There is the ancient day, spread out before us, hour by hour.”
Her metaphor shows that Woolf’s thinking about time also had a spatial dimension. These two dimensions of space and time structure Mrs Dalloway’s theme and method, As David Daiches explained in his 1939 book The Novel and the Modern World, Woolf first links a series of different perspectives through a single shared moment in time – marked by the sound of the bells – then switches to an individual perspective, anchored in space, and moves through that individual’s memories.
Woolf wrote in her diary that “the caves shall connect and each comes to daylight at the present moment.” Daiches diagrammed these relations in time and space as a series of connected trees, arguing that they illustrated the novel’s concern with “the importance of contact and at the same time the necessity of keeping the self inviolable, of the extremes of isolation and domination”.
Since its publication, Mrs Dalloway has continued to inspire. For second-wave feminism, Woolf was a touchstone. Since the 1970s, she has enjoyed an unparalleled position in the history of 20th century letters, inspiring the recovery of other contemporaneous women writers connected with the Bloomsbury group.
Michael Cunningham’s The Hours, Robin Lippincott’s Mr Dalloway and John Lanchester’s Mr Phillips all appeared in the three years between 1998 and 2000, all of them reflecting Woolf’s legacy, tacitly or explicitly.
Because of the Oscar-winning film adaptation by Stephen Daldry, Cunningham’s novel is the most recognisable of these three. The Hours revises Mrs Dalloway through the stories of three women: Virginia Woolf herself; Laura Brown, a 1950s housewife who reads Mrs Dalloway; and Clarissa Vaughan, nicknamed Mrs Dalloway by her former lover Richard, for whom she throws a literary party.
Cunningham’s novel counterpoints, as Woolf did, the work of living with the work of art. The homemaker Laura Brown tries to bake a cake to equal a work of art, hoping “to be as satisfied and as filled with anticipation as a writer putting down the first sentence, a builder beginning to draw the plans.” Later, her delirious dying son Richard regrets what he views as the failure of his art to compete with simply living:
I wanted to create something alive and shocking enough that it could stand beside a morning in somebody’s life. The most ordinary morning. Imagine trying to do that. What foolishness.
More recently, Michelle Cahill’s Daisy & Woolf (2023) and Miranda Darling’s Thunderhead (2024) have wrestled with Mrs Dalloway the character, and with Woolf’s legacy. Darling’s novel revives a new “Mrs” Dalloway, Winona, a wealthy Sydney suburban writer, wife and mother, who struggles to break through “to something more real” than the constraint of middle class domestication.
Cahill’s Daisy & Woolf explores a minor character from Mrs Dalloway, whom Woolf failed to make properly live: Daisy Simmons, Peter Walsh’s Anglo-Indian fiancee. In Woolf’s novel, Daisy exists entirely offstage. She is a romantic memory of Peter’s, “dark, adorably pretty”. Daisy, writes Cahill, is
trapped in the past, in a moment, a vignette, but not the kind that would enter a room, open a window, to a life inside, a life in the mind, as it does for Clarissa with a squeak of hinges on the very first page of Mrs Dalloway! Not a real girl, Daisy, too arch perhaps, the air not stirring for her, seeing as she has no present tense.
Cahill’s present-day narrator Mina, writing back to Woolf, sees Daisy as a fully fleshed character: a mixed-race woman living in Calcutta in the twilight of Empire, as the Indian independence movement grows in strength. In recovering Daisy’s rich personal and political history, narrated through letters to Peter, Cahill reclaims interiority for this marginalised character.
In her 1937 essay Craftsmanship, the BBC broadcast of which is the only surviving recording of her voice, Woolf wrote: “Words, English words, are full of echoes, of memories, of associations.”
Mrs Dalloway shows us the ways that words can both connect and sever. Characters pass each other on the street, muse on a shared past, or witness the same event from different vantage points and through different filters of personality and psyche. As Hermione Lee explained, for Woolf “the really important life was ‘within’”.
Peter remembers Clarissa’s theory of life, which is expounded on top of a bus going down Shaftesbury Avenue:
She felt herself everywhere; not here here here; […] but everywhere. […] so that to know her, or any one, one must seek out the people who completed them; even the places […] since our apparitions, the part of us which appears, are so momentary compared with the other, the unseen part of us, which spreads wide, the unseen might survive, be recovered somehow attached to this person or that, or even haunting certain places, after death.
Late in the book, Septimus’s suicide is reported to Clarissa at the party. “Oh,” she thinks, “in the middle of my party, here’s death”. And in the middle of her party, Clarissa feels not only the disaster of death – “her disaster, her disgrace […] and she forced to stand here in her evening dress” – but the deep pulsing joy of life. “Nothing could be slow enough; nothing last too long.”
In certain lights – to paraphrase Michael Cunningham – Mrs Dalloway might look like the book of one’s own life, a book that will locate you, parent you, arm you for life’s changes. As an undergraduate, I was mesmerised by Woolf’s language and her grasp on the inner life.
Though Clarissa Dalloway is 52, Woolf turned 43 the year her novel was published. I’m turning 43 this year, too. Woolf, ravaged by long periods of illness and partially toothless, thought of herself as elderly. I do not, though I am no longer young. But to re-read this novel at this age reminds me to relish these long hours and short years: to sniff flowers, feel the lift of the gusting wind, jump and splash with my children, read the patterns made by the clouds. To seize the day.
Naomi Milthorpe 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. Friday essay: Seize the day – Virginia Woolf’s Mrs Dalloway at 100 – https://theconversation.com/friday-essay-seize-the-day-virginia-woolfs-mrs-dalloway-at-100-246331
Source: Tertiary Education Commission
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If you are delivering qualifications eligible for TEC funding at Level 3 and above, with a source of funding code of 01, 29, 11 or 37, you need to provide an equivalent full-time student (EFTS) forecast with each round. The forecast should not include TEC-funded provision for Levels 1 and 2 or Youth Guarantee.
Correct funding codes
Before submitting your SDR, please check that you have used the correct funding codes. (These are in the 2023 SDR Manual). If you use the wrong codes, you may need to resubmit your SDR. If you have any questions about the codes, please refer to the SDR Manual or contact us at 0800 601 301 or customerservice@tec.govt.nz.
New course/qualification requests
You can change the credits, fees, levels or classifications of your courses and qualifications at any time. You don’t need to wait until just before your SDR is due. But it’s important to submit the change request through the STEO application before you submit a trial SDR.
If you want to make multiple changes to courses (as a result of changing the disaggregation approach for a qualification), you need to do this before the courses start each year. We don’t approve in-year change requests resulting from substantial disaggregation for the current year.
Completing a trial SDR
So you have time to correct any errors in your data, it’s important to complete a trial SDR before submitting your final SDR. For help completing a SDR, please refer to the STEO user guide.
Importance of data accuracy and timeliness
We use data from every SDR to plan our ongoing investment in tertiary education. If you submit your data late or with errors, or resubmit it with changes, this can have flow-on effects for us and for other TEOs.
To manage this, we don’t accept resubmissions of August or December SDRs unless we have approved the resubmission (which we will do only in exceptional circumstances).
We will accept resubmissions of the April SDR during a set period (which we will let you know about each year) to allow you to review your educational performance indicator (EPI) data. Outside this set period, we will only accept resubmissions of the April SDR in exceptional circumstances. We may ask you to consider making any corrections in later SDR submissions in the next SDR round.
We will treat all resubmissions outside published timeframes as late.
What are “exceptional circumstances”?
“Exceptional circumstances” are those that are genuinely unforeseeable and that you could not have proactively managed.
We are unlikely to consider the following circumstances to be exceptional:
Data issues identified during or after the sale and purchase of a TEO. If you are purchasing a TEO, you need to be confident that its historical SDR data is accurate.
Student Management System (SMS) software errors. Submit trial SDRs early to identify and address any issues well in advance of the final submission deadline.
A change of SMS, resulting in errors. If you are changing your SMS, you need to be confident you can do this without risking errors.
Errors made by a staff member that were only identified at a later stage. You are responsible for ensuring that your staff submit accurate data.
Not checking your organisation’s EPI data from the April SDR in time. You are responsible for reading and responding to our announcements about when data is available for you to review.
Late or inaccurate data
If you don’t provide a timely and accurate SDR, your current or future funding may be affected.
If you continue to submit inaccurate, incomplete or late data, we may introduce an extra monitoring process. For example, you could be asked to use an external auditor to confirm that your data is valid and accurate before you submit each SDR.
Our Stop Gate process
Our Stop Gate helps us manage late submissions and resubmissions of a full set of files. This means you need to submit a full set of SDR files by the due date for each round.
We will decide whether or not to approve a submission outside of the SDR round on a case-by-case basis. You can also resubmit your data if we find an error after submission, with our permission.
The process is as follows:
Contact us on 0800 601 301 or customerservice@tec.govt.nz as soon as possible.
We will then send you an SDR late/resubmission request (Stop Gate request) form to complete and submit.
Once your SDR submission has the status of “Processed” (with zero errors) please send the completed form to customerservice@tec.govt.nz with the subject line [EDUMIS #] – SDR Stop Gate Request.
Your request will be forwarded to the Customer Contact Group Manager to consider for approval.
If we approve your request, we will advise you of the due date and lift the Stop Gate, allowing you to submit your processed (with zero errors) SDR.
If we decline your request, we will advise you of the reason for that decision.
This does not affect the SDR validation, processing and submission process. You can still submit course register, course and qualification completion files at any time, and we encourage you to do so, particularly after the December round so we can confirm your EPIs as early as possible.
Notes:
This does not affect the SDR validation, processing and submission process. You can still submit course register, course and qualification completion files at any time, and we encourage you to do so, particularly after the December round so we can confirm your EPIs as early as possible.
Any amendment to a previously submitted SDR may have an impact on future funding and performance monitoring.
If the data from an SDR has been published in a report (such as statistical reporting), the published data can no longer be altered.
Resources to help you submit your SDR
For help with the submissions process, see the STEO user guide.
For a helpful guide to SDR, see the 2023 SDR Manual.
For general assistance, guidance with validation errors and help with course, qualification and delivery site approvals, contact us on 0800 601 301 or customerservice@tec.govt.nz with the subject [EDUMIS #] Dec SDR enquiry.
For help with your Education Sector Login (ESL), contact the Education Service Desk on 0800 422 599 or desk@education.govt.nz.
Source: New Zealand Government
Resources Minister Shane Jones has launched New Zealand’s national Minerals Strategy and Critical Minerals List, documents that lay a strategic and enduring path for the mineral sector, with the aim of doubling exports to $3 billion by 2035.
Mr Jones released the documents, which present the Coalition Government’s transformative vision for the sector and identify minerals essential to our economy, at OceanaGold’s Waihi Operation in Hauraki today.
“I’ve spoken at length about how a lack of long-term strategic direction has hindered this country in reaping the economic and security benefits our natural resources present. I am delighted to say that that ends now,” Mr Jones says.
The creation of the strategy and list have come about through coalition agreement between New Zealand First and National to investigate the country’s mineral resources, including vanadium, and devise a plan to develop opportunities.
“Through the Minerals Strategy this Government has formed the foundations of a considered, enduring approach to minerals development that prioritises delivering for New Zealanders, now and into the future, by supporting a productive and resilient economy through responsible and sustainable practices. This is a holistic picture of minerals production from the land and sea, from reprocessing waste material, and from potential recycling and recovery.
“The final strategy addresses the feedback received during consultation with our three key outcomes refocused around productivity, value, and resilience, guided by overarching principles to honour Te Tiriti o Waitangi obligations and responsible practices. With revised export statistics from Statistics NZ, we are now targeting a goal of doubling our exports to $3b by 2035, up from the previous target of $2b, with a roadmap for how we will get there,” Mr Jones says.
Following public consultation, the Critical Minerals List now features 37 minerals, up from 35 in the draft list.
“The key change to the Critical Minerals List is the addition of gold and metallurgical coal in recognition of their importance to our minerals sector. Together, they represent 80 per cent of our mineral exports, generating export revenues of around $1.2b in the year to June 2023.
“Simply put, New Zealand wouldn’t have the skills, machinery, resources, and capability to support a modern and responsible mining sector without them,” Mr Jones says.
“With the increasing demand and volatility in international markets, I want New Zealand to contribute to the growing critical minerals market as a trusted and reliable partner, particularly where we can support global mineral supply chains of minerals necessary for clean energy technologies.
“Of the 37 minerals included on the list, we produce or have the potential to produce 21 here in New Zealand. We are a prospective destination for sought-after minerals like antimony and we have operators working rare earth, vanadium and titanium projects, which I note are all ways for New Zealand to support a transition to a clean energy future.”
The Minerals Strategy and Critical Minerals List are the latest government initiatives led by Mr Jones to unleash the potential of New Zealand’s natural resources to boost regional opportunities and jobs, increase self-sufficiency, and support an export-led recovery for the economy.
“This Government sees increasing the scale and pace of mineral resources development as a key pillar of a strong economy, as well as international trade, co-operation and investment,” Mr Jones says.
“Our minerals sector will increase national and regional prosperity, strengthen critical supply chains, and leverage our relationships and international partnerships to drive economic benefits for New Zealanders. As I have said before, our minerals sector has been a transformative agent for our country in the past, and it will play a transforming role into the future.”
Source: United Nations General Assembly and Security Council
Speakers Highlight Pact for Future’s Prioritization of Conflict Prevention, Mediation and Peacebuilding
Amid escalating conflicts, widening geopolitical divisions and deepening climate crisis, the Peacebuilding Commission is “more critical than ever”, said the UN Chief, stressing that the Pact for the Future charts a course to reforming international cooperation by prioritizing prevention, mediation and peacebuilding.
“Now we have the chance to consolidate and expand [the Commission’s] work,” said António Guterres, Secretary-General of the United Nations, recognizing its vital advisory role to the Security Council — including in the context of UN mission transitions. He also commended its convening role within the UN and beyond, engaging civil society, the private sector, international and regional organizations and financial institutions.
This year’s Review of the United Nations Peacebuilding Architecture offers an opportunity to strengthen the Commission’s role, he said, pointing to his recent report on Peacebuilding and Sustaining Peace, which suggests mobilizing political and financial support for nationally owned peacebuilding and prevention strategies.
On the issue of financing, he said the General Assembly’s approval of assessed contributions to the Peacebuilding Fund marks “an important step”. However, it is still a far cry from the “quantum leap” of $500 million per year that is needed. Emphasizing that “voluntary contributions remain paramount”, he encouraged countries to provide additional support to the Fund. Additionally, given the urgent and expanding needs for peacebuilding support, the Review of the Peacebuilding Architecture shall further examine how to ensure the Fund’s predictability, adequacy and sustainability by exploring innovative financing mechanisms, public-private partnerships and blended funding models.
“We must never waver in our commitment to pursue, achieve and sustain peace,” he stated, noting that the UN’s peacebuilding architecture — in collaboration with UN country teams — is essential to help “translate aspirations into reality”.
Following the Secretary-General’s opening remarks, the Commission adopted the body’s report on its eighteenth session, whose final version will be transmitted to the General Assembly and the Security Council for their respective annual consideration.
Election of Officers for Nineteenth Session
The Commission also elected officers for its nineteenth session by acclamation, including Germany as Chair and Japan, Poland, Brazil and Morocco as Vice-Chairs. Further, it re-elected the following countries to chair the Commission’s country-specific configurations: Morocco, for the Central African Republic; Brazil, for Guinea-Bissau; and Sweden, for Liberia.
Outgoing Commission Chair Highlights 2024 Efforts to Address Peacebuilding Challenges
As outgoing Chair of the Commission’s eighteenth session, the representative of Brazil noted the Commission’s “robust” mandate as a platform for countries seeking assistance for their peacebuilding and conflict-prevention priorities. “Through the [Commission], political, technical and financial support can be mobilized, and real impact on the ground can be achieved,” he said. In that context, he highlighted that the body’s work in 2024 focused on exploring “concrete peacebuilding challenges” and showcasing “what has worked, lessons learned, frustrations and challenges different countries face”.
He added that, during 2024, the Commission also engaged in preparation for the 2025 peacebuilding architecture review. Expressing hope that Member States see such review “as an opportunity that should not be missed”, he urged better synergy between the Commission, the Peacebuilding Support Office and the Peacebuilding Fund. “We should also explore ways to provide adequate institutional support to the [Commission] at all levels,” he said, expressing hope that the Trusteeship Council room may one day be renamed the Peacebuilding Council room.
Pointing out that the Security Council’s permanent members are also permanent Commission members, he expressed hope that those States will participate more in Commission meetings in the future. “With great power comes great responsibility,” he observed.
Incoming Commission Chair Cites Strong Focus in 2025 on National Ownership, Closer Relationship with Peacebuilding Fund and Improving Impact
The representative of Germany, Chair of the Commission’s nineteenth session, noted her intention to continue supporting a strong emphasis on national ownership, the body’s convening power and its “unique bridging role” across the pillars of the United Nations. Also pointing to opportunities to improve the Commission’s coherence and efficacy, she said that she will ensure follow-up with countries after a Commission meeting, work on a closer relationship between the Commission and the Peacebuilding Fund, and make the Fund’s work more visible — “especially with a view to the first-time-ever use of assessed contributions”.
She also detailed her hope to strengthen evidence-based discussion and peer-to-peer learning and consider the question of peacebuilding impact — “to ensure that the work we do here in New York has an impact on people’s lives on the ground”. Work will also be done to build on previous efforts to foster the Commission’s relationship with regional organizations, strengthen coherence within the UN and enhance cooperation with international financial institutions. She added that a close, meaningful exchange with other UN bodies is “key”.
Assistant Secretary-General Says Commission Uniquely Positioned to Offer Platform for Member States
The Assistant Secretary-General of the Peacebuilding Commission said that, in the current context of the proliferation of conflict and violence worldwide, the Commission is “uniquely positioned” to offer a platform for Member States that wish to come to it. She added that 2025 presents new opportunities to strengthen the Commission’s role, including by accompanying countries’ peacebuilding journey.
Incoming Vice Commission Chairs and Chairs of Country-Specific Configurations Share Perspectives
Incoming Vice Chairs for the nineteenth session echoed that sentiment, with the representative of Poland saying 2025 “presents itself as a truly unique and exceptional year”. The Pact for the Future, adopted in 2024, must be made to work “in the best possible way”, he said, particularly in the context of strengthening peacebuilding and conflict prevention.
Morocco’s speaker stressed that the Commission should expand its geographic and thematic scope while upholding the principle of national ownership. Underscoring the need to optimize the Commission’s collaboration with the Council and other UN organs, he called for a comprehensive approach towards sustaining peace by leveraging and utilizing each body’s unique characteristics in a mutually complementary manner.
The representative of Morocco said he will work to promote reconciliation, post-conflict reconstruction, development and inclusive peace processes. As Chair of the Commission’s country-specific configuration for the Central African Republic, he will continue to work to mobilize the necessary resources for organizing upcoming local elections in that country — a “crucial stage for strengthening local governance and legitimacy of the authorities”.
Brazil’s delegate stated: “Our region faces its own peacebuilding and conflict prevention challenges [while] developing solutions.” Noting his country’s readiness to share lessons learned, he said “this exchange is most useful in our common task as peacebuilders”.
The representative of Sweden, Chair of the Commission’s country-specific configuration for Liberia, said that Liberia has made “remarkable gains over the years”. Peaceful elections held in 2023 and the orderly transfer of power in 2024 “were true milestones”, he stressed, noting that the configuration’s focus for 2025 will be consolidating long-term peacebuilding gains in the country. Liberia, he added, “has important experiences and lessons learned” to share with the Commission, including sustaining peace, inclusive development and reconciliation.
Commission Members Stress Need to Invest in Addressing Root Causes of Conflict and Violence
In the ensuing discussion, Commission members underscored the need to invest in addressing the root causes of conflict and violence, adding that the Pact for the Future has gained recognition for conflict prevention as a universally shared responsibility.
“2025 will be a crucial year for peacebuilding,” said the representative of the European Union, in its capacity as observer. The Council has demonstrated overwhelming support for this agenda by holding two open debates on conflict prevention. “We have collectively recognized that elaborating national prevention strategies, anchored in national ownership, should be an aspiration for all countries,” he stressed. The peacebuilding architecture review is “an opportunity to consolidate these gains” and to further strengthen the Commission as “an institution that can act as a bridge at the UN”, he continued. As the Commission’s biggest donors, the bloc and its member States have matched this political commitment with funding support.
Spotlighting the Commission’s “significant achievements”, Australia’s delegate said it expanded its regional engagement, provided input into the review and facilitated the revised terms of reference for peacebuilding funding. Underlining the need to strengthen the Commission’s engagement with his region, he said it should encourage Member States to present their peacebuilding priorities.
“Although, at times, we may have had divergent views on how peacebuilding should be conducted, we continue to agree on the foundational principles of peacebuilding,” said his counterpart from South Africa. Namely, that it should be nationally owned and led, context-specific and adaptable, and that more can be done to support peacebuilding in post-conflict contexts.
“It is high time to match the ambitions with the capacities,” said Egypt’s delegate, underscoring the need to expand resources and guarantee the Commission’s more structured cooperation with the Council.
Colombia’s representative, noting that the Commission regularly invites her delegation to share his country’s “experience of peace”, said that doing so helps States “better elucidate a horizon of peace in other places”. The legitimacy of the UN and the future of multilateralism “depend on our capacity to tackle complex crises, contribute to peace and security and ensure a better life for our peoples”, she asserted.
The speaker for Bangladesh, noting that the Commission has “always” based its work on national ownership, said that the body should continue supporting local needs and national priorities “by bringing all stakeholders into the discussion”. Further, the Commission should strengthen its advisory role to facilitate the smooth transition of peacekeeping operations, leading to long-lasting peace.
For his part, the Russian Federation’s representative said that the upcoming peacebuilding-architecture review “should not reinvent the wheel but, rather, use existing mechanisms”. He also stressed that the Commission must not focus solely on conflict prevention, losing sight of countries affected by conflict and post-conflict countries. “It is them that need the political and financial support so that crises don’t return,” he said. Also emphasizing the need to avoid duplication of work, he observed: “The strong suit of the UN system is the principle of division of labour between its main organs.”
Source: New Zealand ParliamentThe Foreign Affairs, Defence and Trade Committee is calling for submissions on its international treaty examination of the New Zealand – United Arab Emirates Comprehensive Economic Partnership Agreement, and Agreement between the Government of New Zealand and the Government of the United Arab Emirates on the Promotion and Protection of Investments.
MIL OSI
Source: Office of United States Attorneys
OKLAHOMA CITY – A federal Grand Jury has charged JACKIE ANTONIO DUNCAN, 35, and NIA HALL, 30, both of Lawton, with sex trafficking of children, sex trafficking by force, fraud, or coercion, and conspiracy to commit sex trafficking, announced U.S. Attorney Robert J. Troester.
According to public record, in May 2024, two juveniles ran away from a juvenile group home in Lawton, Oklahoma, and were entered into law enforcement databases as missing juveniles. One of the juveniles was located by officers with the Plano Police Department on July 16, 2024, at a motel in Collin County, Texas, where she disclosed she and the other missing juvenile had been sex-trafficked. The juvenile told officers that after she and the other juvenile had fled the group home, they were approached by two people, later identified as Hall and Duncan, at a gas station. The juveniles began living with Hall and Duncan, who soon after transported the juveniles to various cities in Texas, where they performed sex acts for money, which Hall and Duncan kept. In return, the juveniles were provided food and shelter. The juvenile told authorities she had recently escaped Hall and Duncan’s car in the Dallas area. On September 30, 2024, the second juvenile was found and recovered in San Antonio, Texas. She recounted a similar story of being sex-trafficked by Hall and Duncan in exchange for food and shelter. During the investigation, local and federal law enforcement reviewed sex advertisements associated with Hall. These advertisements contained photos of the juveniles.
Public record further reflects that Hall and Duncan were arrested on December 16, 2024. On January 21, 2025, a federal Grand Jury returned a three-count Indictment against Duncan and Hall, charging them with sex trafficking of children; sex trafficking by force, fraud, or coercion; and conspiracy to commit sex trafficking. If found guilty, Hall and Duncan face up to life in federal prison and fines of up to $250,000 on each count.
The public is reminded these charges are merely allegations, and that the defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt.
This case is the result of an investigation by the Bureau of Indian Affairs, FBI Oklahoma City Field Office, Lawton Police Department, Choctaw Nation Lighthorse Police Department, Oklahoma Highway Patrol, Oklahoma Bureau of Narcotics & Dangerous Drugs Control, Fort Smith Police Department, Arkansas State Police, San Antonio Police Department, Plano Police Department, and Fort Worth Police Department. Assistant U.S. Attorneys Jordan Ganz and Brandon Hale are prosecuting the case.
Reference is made to public filings for additional information.
Source: GlobeNewswire (MIL-OSI)
AYER, Mass., Jan. 30, 2025 (GLOBE NEWSWIRE) — AMSC® (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of our Navy’s fleet, announced today that it plans to release its third quarter fiscal year 2024 financial results after the market close on Wednesday, February 5, 2025. In conjunction with this announcement, AMSC management will participate in a conference call with investors and covering analysts beginning at 10:00 a.m. Eastern Time on Thursday, February 6, 2025. On this call, management will discuss the Company’s recent accomplishments, financial results, and business outlook.
Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://www.amsc.com. The live call can be accessed 15 minutes prior to the scheduled start time by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call.
A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 9514460.
About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec® Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.
©2024 AMSC. AMSC, American Superconductor, NEPSI, Neeltran, D-VAR, D-VAR VVO, Amperium, Gridtec, Marinetec, Windtec, Orchestrate the Rhythm and Harmony of Power on the Grid and Smarter, Cleaner … Better Energy are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks, or service marks belong to their respective holders.
Source: GlobeNewswire (MIL-OSI)
SUNNYVALE, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — GSI Technology, Inc. (NASDAQ: GSIT) today reported financial results for its third fiscal quarter ended December 31, 2024.
Summary Financial Results Table (in thousands, except per share amounts)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| Dec. 31, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | |||||||||||||||
| Net revenues | $ | 5,414 | $ | 4,550 | $ | 5,318 | $ | 14,635 | $ | 16,613 | |||||||||
| Gross margin (%) | 54.0 | % | 38.6 | % | 55.9 | % | 46.7 | % | 55.2 | % | |||||||||
| Operating expenses | $ | 6,978 | $ | 7,341 | $ | 9,660 | $ | 15,400 | $ | 25,082 | |||||||||
| Operating loss | $ | (4,055 | ) | $ | (5,584 | ) | $ | (6,685 | ) | $ | (8,559 | ) | $ | (15,917 | ) | ||||
| Net loss | $ | (4,029 | ) | $ | (5,458 | ) | $ | (6,601 | ) | $ | (8,409 | ) | $ | (15,766 | ) | ||||
| Net loss per share, diluted | $ | (0.16 | ) | $ | (0.21 | ) | $ | (0.26 | ) | $ | (0.33 | ) | $ | (0.63 | ) | ||||
Lee-Lean Shu, Chairman and Chief Executive Officer, stated, “In the third quarter, revenue reached $5.4 million, up 2% year-over-year and 19% sequentially. Our core SRAM sales are strengthening as customer orders rebound due to normalized inventory levels and increasing demand from a key customer whose systems are integral to manufacturing leading AI chips. We anticipate this customer to become our largest revenue contributor in fiscal 2025.”
Mr. Shu concluded, “The development of our APU technology is progressing steadily. The Gemini-II chip is on track for a February tape-out with availability in May, aligning with a milestone with the Space Development Agency SBIR. The latest version of Gemini-II takes AI to the next level by combining advanced neural networks with cutting-edge radar imaging technology, like Synthetic Aperture Radar (SAR), designed to tackle important challenges in defense and aerospace. We can leverage Gemini-II’s architecture to accelerate the development of Plato, our next-generation chip, with a cost-effective, faster-to-market strategy. Plato’s ultra-low-power design will target rapidly growing markets for edge AI and large language model solutions. Additionally, increased operational efficiency and SRAM sales improvement position us for stability as we continue to evaluate strategic alternatives.”
Commenting on the outlook for GSI’s fourth quarter of fiscal 2025, Mr. Shu stated, “Our current expectations for the upcoming fourth quarter is for net revenues in a range of $5.4 million to $6.2 million, with gross margin of approximately 55% to 57%.”
Third Quarter Fiscal Year 2025 Summary Financials
The Company reported net revenues of $5.4 million for the third quarter of fiscal 2025, compared to $5.3 million for the third quarter of fiscal 2024 and $4.6 million for the second quarter of fiscal 2025. Gross margin was 54.0% in the third quarter of fiscal 2025 compared to 55.9% in the third quarter of fiscal 2024 and 38.6% in the preceding second quarter of fiscal 2025. The sequential increase in gross margin in the third quarter of fiscal 2025 was primarily due to higher revenue, product mix and severance costs associated with manufacturing workforce reductions in the prior quarter.
In the third quarter of fiscal 2025, sales to Nokia were $239,000, or 4.4% of net revenues, compared to $807,000, or 15.2% of net revenues, in the same period a year ago and $812,000, or 17.8% of net revenues, in the prior quarter. Military/defense sales were 30.0% of third quarter shipments compared to 28.2% of shipments in the comparable period a year ago and 40.2% of shipments in the prior quarter. SigmaQuad sales were 39.1% of third quarter shipments compared to 46.9% in the third quarter of fiscal 2024 and 38.6% in the prior quarter.
Total operating expenses in the third quarter of fiscal 2025 were $7.0 million, compared to $9.7 million in the third quarter of fiscal 2024 and $7.3 million in the prior quarter. Research and development expenses were $4.0 million in the third quarter of fiscal 2025, compared to $7.0 million in the prior-year period and $4.8 million in the prior quarter. Selling, general and administrative expenses were $3.0 million in the quarter ended December 31, 2024, compared to $2.7 million in the prior-year period and $2.6 million in the previous quarter.
Third quarter fiscal 2025 operating loss was $(4.1) million compared to an operating loss of $(6.7) million in the prior-year period and $(5.6) million in the prior quarter. Third quarter fiscal 2025 net loss included interest and other income of $70,000 and a tax provision of $44,000, compared to $155,000 in interest and other income and a tax provision of $71,000 for the same period a year ago. In the preceding second quarter, net loss included interest and other income of $149,000 and a tax provision of $23,000.
Net loss in the third quarter of fiscal 2025 was $(4.0) million, or $(0.16) per diluted share, compared to a net loss of $(6.6) million, or $(0.26) per diluted share, for the third quarter of fiscal 2024 and a net loss of $(5.5) million, or $(0.21) per diluted share, for the second quarter of fiscal 2025.
Total third quarter pre-tax stock-based compensation expense was $429,000 compared to $649,000 in the comparable quarter a year ago and $663,000 in the prior quarter.
At December 31, 2024, the Company had $15.1 million in cash and cash equivalents, compared to $14.4 million at March 31, 2024. Working capital was $17.9 million as of December 31, 2024 versus $19.1 million at March 31, 2024. Stockholders’ equity as of December 31, 2024 was $29.9 million, compared to $36.0 million as of the fiscal year ended March 31, 2024.
Conference Call
Management will conduct a conference call to review the Company’s financial results for the third quarter of fiscal year 2025 and its current outlook for the fourth quarter of fiscal 2025 at 1:30 p.m. Pacific time (4:30 p.m. Eastern Time) today.
To participate in the call, please dial 1-877-407-3982 in the U.S. or 1-201-493-6780 for international approximately 10 minutes prior to the above start time and provide Conference ID 13751185. The call will also be streamed live via the internet at www.gsitechnology.com.
A replay will be available from January 30, 2025, at 7:30 p.m. Eastern Time through February 6, 2025, at 11:59 p.m. Eastern Time by dialing toll-free for the U.S. 1-844-512-2921 or international 1-412-317-6671 and entering pin number 13751185. A webcast of the call will be archived on the Company’s investor relations website under the Events and Presentations tab.
About GSI Technology
Founded in 1995, GSI Technology, Inc. is a leading provider of semiconductor memory solutions. GSI’s resources are focused on bringing new products to market that leverage existing core strengths, including radiation-hardened memory products for extreme environments and Gemini-I, the associative processing unit designed to deliver performance advantages for diverse artificial intelligence applications. GSI Technology is headquartered in Sunnyvale, California, and has sales offices in the Americas, Europe, and Asia. For more information, please visit www.gsitechnology.com.
Forward-Looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding GSI Technology’s expectations, beliefs, intentions, or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to GSI Technology as of the date hereof, and GSI Technology assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a variety of risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include those associated with the normal quarterly and fiscal year-end closing process. Examples of risks that could affect our current expectations regarding future revenues and gross margins include those associated with fluctuations in GSI Technology’s operating results; GSI Technology’s historical dependence on sales to a limited number of customers and fluctuations in the mix of customers and products in any period; global public health crises that reduce economic activity; the rapidly evolving markets for GSI Technology’s products and uncertainty regarding the development of these markets; the need to develop and introduce new products to offset the historical decline in the average unit selling price of GSI Technology’s products; the challenges of rapid growth followed by periods of contraction; intensive competition; delays or unanticipated costs that may be encountered in the development of new products based on our in-place associative computing technology and the establishment of new markets and customer and partner relationships for the sale of such products; and delays or unexpected challenges related to the establishment of customer relationships and orders for GSI Technology’s radiation-hardened and tolerant SRAM products. Many of these risks are currently amplified by and will continue to be amplified by, or in the future may be amplified by, economic and geopolitical conditions, such as changing interest rates, worldwide inflationary pressures, military conflicts and declines in the global economic environment. Further information regarding these and other risks relating to GSI Technology’s business is contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.
Source: GSI Technology, Inc.
Contacts:
Investor Relations:
Hayden IR
Kim Rogers
385-831-7337
kim@haydenir.com
Media Relations:
Finn Partners for GSI Technology
Ricca Silverio
415-348-2724
gsi@finnpartners.com
Company:
GSI Technology, Inc.
Douglas M. Schirle
Chief Financial Officer
408-331-9802
| GSI TECHNOLOGY, INC. | ||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| Dec. 31, |
Sept. 30, |
Dec. 31, | Dec. 31, |
Dec. 31, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Net revenues | $ | 5,414 | $ | 4,550 | $ | 5,318 | $ | 14,635 | $ | 16,613 | ||||||||||||
| Cost of goods sold | 2,491 | 2,793 | 2,343 | 7,794 | 7,448 | |||||||||||||||||
| Gross profit | 2,923 | 1,757 | 2,975 | 6,841 | 9,165 | |||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||
| Research & development | 4,037 | 4,788 | 6,976 | 13,039 | 16,871 | |||||||||||||||||
| Selling, general and administrative | 2,997 | 2,553 | 2,684 | 8,154 | 8,211 | |||||||||||||||||
| Gain from sale of assets | (56 | ) | – | – | (5,793 | ) | – | |||||||||||||||
| Total operating expenses | 6,978 | 7,341 | 9,660 | 15,400 | 25,082 | |||||||||||||||||
| Operating loss | (4,055 | ) | (5,584 | ) | (6,685 | ) | (8,559 | ) | (15,917 | ) | ||||||||||||
| Interest and other income, net | 70 | 149 | 155 | 274 | 306 | |||||||||||||||||
| Loss before income taxes | (3,985 | ) | (5,435 | ) | (6,530 | ) | (8,285 | ) | (15,611 | ) | ||||||||||||
| Provision for income taxes | 44 | 23 | 71 | 124 | 155 | |||||||||||||||||
| Net loss | $ | (4,029 | ) | $ | (5,458 | ) | $ | (6,601 | ) | $ | (8,409 | ) | $ | (15,766 | ) | |||||||
| Net loss per share, basic | $ | (0.16 | ) | $ | (0.21 | ) | $ | (0.26 | ) | $ | (0.33 | ) | $ | (0.63 | ) | |||||||
| Net loss per share, diluted | $ | (0.16 | ) | $ | (0.21 | ) | $ | (0.26 | ) | $ | (0.33 | ) | $ | (0.63 | ) | |||||||
| Weighted-average shares used in | ||||||||||||||||||||||
| computing per share amounts: | ||||||||||||||||||||||
| Basic | 25,546 | 25,467 | 25,256 | 25,463 | 25,094 | |||||||||||||||||
| Diluted | 25,546 | 25,467 | 25,256 | 25,463 | 25,094 | |||||||||||||||||
| Stock-based compensation included in the Condensed Consolidated Statements of Operations: | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| Dec. 31, |
Sept. 30, |
Dec. 31, | Dec. 31, |
Dec. 31, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Cost of goods sold | $ | 50 | $ | 51 | $ | 51 | $ | 157 | $ | 175 | ||||||||||||
| Research & development | 121 | 336 | 325 | 747 | 1,080 | |||||||||||||||||
| Selling, general and administrative | 258 | 276 | 273 | 846 | 890 | |||||||||||||||||
| $ | 429 | $ | 663 | $ | 649 | $ | 1,750 | $ | 2,145 | |||||||||||||
| GSI TECHNOLOGY, INC. | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (in thousands) | ||||||
| (Unaudited) | ||||||
| Dec. 31, 2024 | March 31, 2024 | |||||
| Cash and cash equivalents | $ | 15,085 | $ | 14,429 | ||
| Accounts receivable | 3,583 | 3,118 | ||||
| Inventory | 3,885 | 4,977 | ||||
| Other current assets | 1,267 | 1,954 | ||||
| Assets held for sale | – | 5,629 | ||||
| Net property and equipment | 883 | 1,148 | ||||
| Operating lease right-of-use assets | 9,858 | 1,553 | ||||
| Other assets | 9,572 | 9,656 | ||||
| Total assets | $ | 44,133 | $ | 42,464 | ||
| Current liabilities | $ | 5,900 | $ | 5,365 | ||
| Long-term liabilities | 8,300 | 1,129 | ||||
| Stockholders’ equity | 29,933 | 35,970 | ||||
| Total liabilities and stockholders’ equity | $ | 44,133 | $ | 42,464 | ||
US Senate News:
Source: United States Senator for Massachusetts Ed Markey
Washington (January, 29, 2025) – Today, Senator Edward J. Markey (D-Mass.) and Congresswoman Ayanna Pressley (MA-07) marked the Lunar New Year by celebrating the enactment of their legislation to name the U.S. Postal Service office on Dorchester Avenue in Boston after the late Caroline Chang (1940-2018), a community leader and lifelong AAPI activist in Boston’s Chinatown community. The bill passed the House in February of last year and was signed into law by President Biden in November.
“I am proud that our legislation to honor community leader, public servant, and activist Caroline Chang is law,” said Senator Markey. “Caroline Chang played an instrumental role in Boston’s Asian American community and her decades of public service to her community will now finally be physically memorialized.”
“Who we honor in our federal buildings and monuments matters, and I am so thrilled that Caroline Chang is getting the recognition she deserves for her lifelong service to Boston, the Massachusetts 7th, and our Commonwealth,” said Congresswoman Pressley. “I was especially honored to celebrate the Lunar New Year with Caroline’s family and celebrate the enactment of this bill, the very first federal building in the Commonwealth to be named in honor of an AAPI individual. This is a living tribute to her life, values, and incredible impact she’s had on Boston’s Chinatown community and beyond. I’m grateful to Caroline’s family, our community partners, our Senate colleagues, and President Biden for working with us to get this bill over the finish line.”
“Caroline dedicated her life to ensure all people were treated equally and fairly. Born to an immigrant family, Caroline spoke for those who couldn’t speak for themselves. She saw firsthand, discrimination towards her community and did something about it. She recognized the deficiencies in health care in minority neighborhoods, and did something about it. She recognized shortages in affordable housing, and did something about it. Her career and achievements will forever be remembered through the dedication of this post office in her name,” said Russell Eng, Caroline Chang’s nephew. “Our family is proud of Caroline’s work, and are very grateful to Congresswoman Pressley, her incredible staff, the Massachusetts delegation to Congress and the Senate, President Biden for signing this law, and especially the Asian Community of Massachusetts for nominating her.
“The Asian American community is forever great full for the work of Caroline Chang in uplifting the needs and rights of the Chinese Immigrant community. She is a pioneer in our community to fight for equal access to government resources for the public good. Many of our non profit community organizations such as South Cove Health Center, Asian American Civil Association, Asian American Community Development Corporation and Chinese Historical Society are the fruit of Caroline’s work,” said Suzanne Lee, Founder of Chinese Progressive Association. “We are excited to have the Post Office named in honor of her. There’s no better representation of public service than Caroline Chang.”
There are currently 617 postal facilities in Massachusetts. Of those facilities renamed, only one honors a woman and five honor a person of color. With the enactment of this bill, the USPS office at 25 Dorchester Avenue is now the first federal building in Massachusetts to be named after an AAPI individual.
Caroline Chang spent her life serving the Boston Chinatown community. Born and raised in Chinatown, Caroline served as an interpreter in her early life for community members seeking medical care. In 1970, Boston Mayor Kevin White appointed Chang as the manager of Chinatown’s Little City Hall, where she advocated on behalf of residents. Chang went on to receive her law degree from Suffolk Law School in 1970 and spent more than 30 years with the United States Department of Health and Human Services as the Regional Manager for the Office for Civil Rights, making her the highest-ranking Asian American in the federal government in New England at the time.
Throughout her years of public service, Caroline Chang played a founding role in several organizations that continue to serve the Boston Chinatown community, including:
The South Cove Community Health Center
The Asian Community Development Corporation (ACDC)
The Chinese Historical Society of New England (CHSNE)
The Harry H. Dow Memorial Legal Assistance Fund
The Asian American Civic Association (AACA)
The Greater Boston Chinese Golden Age Center
A copy of the bill text can be found here, and Caroline’s biography is available here.
Source: Associated News Network
As new rounds of mass layoffs at major technology companies are being announced in 2025, I am reaching out with our latest report, examining the workforce reductions that occurred around the world in 2024. We also discovered at least 11,000 employees in the technology sector have lost their jobs since the beginning of the year.
The team at RationalFX aggregated layoff announcements sourced from U.S. WARN notices, the job portal TrueUp, TechCrunch and the Layoffs.fyi layoff tracker for the entirety of 2024. We also looked into the latest layoffs since the beginning of January 2025, focusing on companies in the technology sector.
According to our research, at least 280,991 employees in tech companies were laid off last year, while January brought another 11,299 job reductions from major companies, including Meta, Microsoft, and Amazon.
Here are a few key takeaways from the report:
Together, the 21 companies with the largest layoffs in 2024 announced a total of 156,654 job reductions. The wave of layoffs continues as companies focus on cutting costs, downsizing, and streamlining operations following significant hiring sprees during the COVID-19 pandemic. Investments in artificial intelligence have also pushed the number of layoffs high as simpler, repetitive tasks are assigned to AI systems, while human workers are either transferred to other departments or laid off.
Further details about the layoffs in the tech sector and the reasons for job reductions, as well as the complete methodology behind our research, are available in the full report. (ref. https://www.rationalfx.com/forex-brokers/the-tech-industrys-workforce-crisis-2024s-layoffs-surpass-280000-and-continue-in-2025/ )
Daniel Lane
Data Analyst
AssociatedNews Network
Property values in Aotearoa New Zealand edged -0.1% lower in January, marking the fifth month in a row with limited movement.
“After all, not all areas have stopped falling, including Wellington. Given that the economy remains soft and the labour market subdued, it is unlikely we will see a sharp upturn in values.”
Index results for January 2025 – national and main centres
Tāmaki Makaurau Auckland
Tamaki Makaurau Auckland’s sub-markets were a mixed bag in January, with North Shore recording a 0.3% rise, and Waitakere and Manukau flat (with Auckland City only down slightly, by -0.1%). However, in the more outlying areas the value patterns were weaker, with falls of between -0.3% and -0.5% in Papakura, Franklin, and Rodney.
Over a slightly longer three-month horizon, there have been signs of growth in North Shore and Waitakere (0.8% and 0.7% respectively), although other parts of Auckland have remained more subdued.
Mr Davidson commented: “It would appear that the downwards momentum across many parts of Auckland is slowing, and North Shore certainly looks to be a market worth keeping an eye on as a possible guide to where the rest of the city goes in the next few months.”
“Even so, with buyers still having plenty of choice, not least because of the pipeline of new property still being completed in Auckland, it’s difficult to see a broad-based upturn kicking off anytime soon.”
Te Whanganui-a-Tara Wellington
The wider Te Whanganui-a-Tara Wellington area still stands out in terms of lingering property value weakness. Indeed, values dipped across the board in January, ranging from fairly modest declines in Kapiti Coast and Porirua, up to drops of 0.6% in Lower Hutt and 0.7% in Wellington City itself.
As Mr Davidson noted: “Parts of the Wellington area may be showing signs of optimism, or at least less pessimism.”
“But the latest data still shows that values in and around the Capital are generally facing continued downwards pressure, linked to the elevated level of listings available on the market, and presumably also the underlying concerns about public sector employment.”
Regional results
The early signs of some modest gains in property values that had started to become evident around regional areas in November and December have continued into January. That being said, Gisborne did drop by -0.5%, and Palmerston North and Invercargill also edged lower in January. But seven of the other eight markets covered in this section were either flat or rose by up to 0.3%, with New Plymouth showing a more robust 0.9% increase.
“It remains early in the process, but there are signs in a number of provincial areas that lower mortgage rates have brought the falls in property values to an end, and some modest growth might even have restarted in certain markets,” Mr Davidson said.
“Again, there’s cause for caution about how strong or sudden an upturn in property values might be in 2025, especially with the unemployment rate still rising. But the first signs of growth nevertheless seem to be emerging.”
Property market outlook
Looking ahead, Mr Davidson noted that the continued slowdown in net migration continues to dampen overall population growth and marginal demand for property, especially in the rental sector.
He said that would likely weigh on investor sentiment in the near term.
“Even so, the tax rules have become more favourable for mortgaged investors again, and of course lower interest rates are shrinking the top-ups from other income that are typically required to sustain rental property cashflows. Some extra demand from investors this year is firmly on the cards, although the debt to income ratio rules will be something this group may have to weigh up too.”
“Other buyer groups will also tend to target property in a lower mortgage rate environment, and certainly conditions remain favourable for first home buyers too. A more liquid and faster-moving market may also help existing owner-occupiers to get their house sold and allow them to press ahead with the next purchase.”
“All in all, 2025 looks set to be a stronger year for the property market than 2024, but the slowly emerging growth in values in some areas is not universal yet, and the upturn this year could well be more muted than in the past,” he concluded.
For more property news and insights, visit www.corelogic.co.nz/news-research.
Notes:
The CoreLogic Hedonic Home Value Index (HVI) is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property into its various formational and locational attributes, observed sales values for each property can be distinguished between those attributed to the property’s attributes and those resulting from changes in the underlying residential property market. Additionally, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in the market value of the entire residential property stock can be accurately tracked through time.
The detailed ‘frequently asked questions’ and methodological information can be found at: https://www.corelogic.co.nz/our-data/hedonic-index
Source: New Zealand Government
Racing Minister, Winston Peters has announced the Government is preparing public consultation on GST policy proposals which would make the New Zealand racing industry more competitive.
“The racing industry makes an important economic contribution. New Zealand thoroughbreds are in demand overseas as racehorses and for breeding. The domestic thoroughbred industry put nearly a billion dollars into the economy in 2022/23,” Mr Peters says.
Bloodstock breeders often join together in a joint venture when investing in a thoroughbred, helping with the initial purchase price and ongoing costs.
Mr Peters says common practice amongst joint ventures including bloodstock breeders is to individually claim GST deductions in their own GST returns. Inland Revenue has however recently concluded that the current rules do not allow this.
“To comply with this, breeders would incur the compliance cost of registering and filing GST returns for each horse separately every month or every two months. The Government is proposing to take a pragmatic approach and avoid imposing compliance costs by allowing current practice.
“If this proposal proceeds, it will place the New Zealand industry on a more equal footing with the Australian industry,” Mr Peters said.
The consultation document is expected to be published in the coming months on taxpolicy.ird.govt.nz.
Mr Peters also congratulated New Zealand Bloodstock on the just completed 99th National Yearling Sales at Karaka, with combined sales of $86m.
A highlight was the record $2.4m paid for a Savabeel-sired filly – the highest price ever paid for a filly sold in New Zealand.
“The sales show the New Zealand bloodstock industry is in good health and the industry presents major potential for growth both domestically and through international interest,” Mr Peters says.
US Senate News:
Source: United States Senator for Hawaii Brian Schatz
Published: 01.29.2025
WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) released the following statement after voting against Lee Zeldin’s nomination to be Administrator of the U.S. Environmental Protection Agency.
“In just the last week, Donald Trump banned wind energy and stopped federal funding for clean energy projects – actions that will create an energy shortage and raise people’s energy bills. Republicans aren’t trying to cut costs for people – they’re focused on helping their Big Oil friends make money. And the person who will be leading these efforts for the Trump Administration, including to roll back critical environmental protections, is Lee Zeldin. Climate change is happening, and it’s costing billions and billions of dollars, and more importantly, it’s costing lives. We need an EPA Administrator who is for climate action, not Lee Zeldin.”
US Senate News:
Source: United States Senator for North Carolina Thom Tillis
WASHINGTON, D.C. – Today, Senator Thom Tillis, a member of the Senate Judiciary Committee, introduced Kash Patel at his nomination hearing before the Senate Judiciary Committee to be the Director of the Federal Bureau of Investigation (FBI).
Watch the introduction here.
Read Senator Tillis’ statement below:
Chairman Grassley, Ranking Member Durbin and my colleagues on the Senate Judiciary Committee, it’s my honor to introduce Kash Patel, President Trump’s nominee to be FBI Director. I’ve completed due diligence on his life and career, and I’m convinced Kash possesses significant expertise and an ironclad commitment to justice. I have concluded he’s an outstanding choice to lead the FBI.
Kash’s parents are Indian immigrants of Gujarati ancestry. The Gujarat state is a melting pot of religions, including Hinduism, Islam, and Jainism, with temples, mosques, and other religious sites scattered across the state. His father was raised in Uganda, but his family fled the country to escape repression under Idi Amin. His mother was born and raised in Tanzania. They met and married in India and ultimately made their way to New York City by way of Canada, where his parents along with 7 brothers and sisters, their spouses, and at least a half dozen kids lived under the same roof. His parents raised Kash in the Hindu faith, and they instilled in him the values of hard work and education. Kash is a devout Hindu, and consistent with his faith, he has shown respect to people of all faiths.
Kash attended the University of Richmond, where he earned his bachelor’s degree in criminal justice and history. He went to Pace University School of Law, where he earned his JD and an International Law Certificate from the University College of London, Faculty of Laws.
Kash began his career as a public defender in Florida where he led or co-led more than 60 jury trials to verdict in state and federal courts. Kash has clearly demonstrated devotion to upholding the rule of law and defending the rights of individuals.
Kash led the defense of Jose Buitrago in United States v. Buitrago, a high-profile drug case in Florida in 2015. Buitrago was one of the Colombian nationals arrested in a major drug bust involving Operation BACRIM. Kash and his co-counsel successfully argued that key evidence was withheld by the prosecution, leading to Buitrago’s release. I suspect some of Kash’s disdain for prosecutorial misconduct stems from this firsthand experience.
Kash was hired as senior counsel on the House Permanent Select Committee on Intelligence in 2017. He told me he distinctly remembers my friend Trey Gowdy’s comment shortly after they were introduced. He said, “Kash, Congress is where righteous investigations go to die, I hope you’re ready.” Kash wasready and he went on to establish a solid reputation for pursuing the facts. From there, he held senior posts at the NSC, DoD, and DNI.
Since leaving the administration after 2020, Kash has written articles and books on national security, law, and governance. Through his work as an author, Kash continues to advocate for justice and transparency and to be ever vigilant in defending our great democracy and the rule of law.
Colleagues, I’ve created a Kash BINGO that is available to any of my colleagues who would like on the other side of the aisle. Some may view this as an unserious caricature and not appropriate for this committee, but sadly I consider it a serious caricature of what I expect to be witnessed today. I think we will have words like “enemies list” and “deep state”, but the fact of the matter is some people will be here to substantiate a false narrative. At worst, they may just be going through an unfounded litany of quote and half quote and half-truths, some that have already been dispelled in the Chairman’s opening statement.
In my 10 years in the Senate, I hope I have established a reputation for being fair, doing my homework, and taking tough positions that have been met with harsh criticism. Heck, I’ve been censured by my party for taking tough positions, and I stand by those positions today and my position to support Kash Patel.
When President Trump announced his intent to nominate Kash, I contacted Trey Gowdy and others who’ve worked with Kash, and they gave glowing recommendations. So, I called Kash on December 2nd and offered to help with his nomination. Since then, we’ve spent hours together in person and on the phone.
I’ve asked him difficult questions and I’ve urged him to reach out to members across the aisle. He’s met with 60 members of the U.S. Senate, including several members of this committee.
Chair Grassley, Ranking Member Durbin, friends, and colleagues on the committee. I’ve completed my due diligence on Kash Patel, and I am honored to provide my strongest recommendation for his confirmation.
Source: The White House
EMPOWERING PARENTS AND STUDENTS THROUGH SCHOOL CHOICE: Every child deserves the best education available, regardless of their zip code. However, for generations, our government-assigned education system has failed millions of parents, students, and teachers. This Executive Order begins to rectify that wrong by opening up opportunities for students to attend the school that best fits their needs.
FULFILLING THE PROMISE TO STRENGTHEN EDUCATION THROUGH FREEDOM AND OPPORTUNITY: President Trump promised to bring school choice to every family in the Nation. Today’s historic executive order is a critical step in delivering on that promise, and builds on the long list of accomplishments from the first Trump Administration, including:
Parents can be confident that under his Administration, President Trump will provide every available opportunity for parents to enrich the education of their children through individual choice.
US Senate News:
Source: United States Senator for Washington State Patty Murray
Murray: “There are political realities, we all get that—but there is also right and wrong, fact and fiction. And there’s also people staying healthy, or people dying pointlessly from diseases we can prevent because they thought Congress took its job vetting our health care secretary seriously.”
Murray, a longtime congressional leader on health care who has led hearings on addressing vaccine hesitancy, has been a leading vocal opponent of RFK Jr.’s nomination—speaking out on the Senate floor, holding events, raising the alarm after meeting with him
*** VIDEO of Senator Murray’s FULL questioning with RFK Jr. HERE***
Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, questioned RFK Jr. at the Senate HELP Committee hearing on his nomination for Secretary of Health and Human Services (HHS)—pressing him forcefully on whether he stands by false statements he made about the HPV vaccine and asking about credible accusations of sexual harassment and assault against him.
RFK Jr. has long been one of the anti-vaccine movement’s loudest, proudest champions—peddling dangerous, debunked views and funding anti-vaccine causes—and there is much he could do as HHS Secretary to cause chaos and real harm to families, from firing top scientists and researchers, to ripping away the approval or insurance coverage of all kinds of vaccines and medicines, to ending our focus on infectious disease research, as he has threatened to do.
Murray began her questioning at today’s hearing by reiterating that HHS has broad and critical responsibilities to protect and preserve health care and social services, from advancing women’s health, to improving child care, to bolstering biomedical research—all priorities of hers—but she would use her limited time for questioning to ask about vaccines. Also noting the tragic plane crash last night in DC, Murray called it “a painful reminder that we need competent people running our federal agencies to respond when a crisis strikes.”
“I think we can agree that cancer is particularly a nefarious chronic disease. And the American Cancer Society reported earlier this month that women under 50 are experiencing a dramatic increase in incidence of the disease. Fortunately, there is clear data showing that the HPV vaccine has saved lives and cut cervical cancer rates dramatically. You have called the HPV vaccine ‘dangerous and defective’ and said it ‘actually increases the risk of cervical cancer.’ Do you stand by those statements? Yes or no?”
Kennedy filibustered, refusing to answer directly—Murray pressed him to answer the question, then continued, “You said that: ‘no loving parents would allow their daughter to receive this vaccine.’ If confirmed as HHS Secretary, would you recommend that parents get their children vaccinated against HPV? Yes or no?”
“I’ll just remind everybody—parents look to our health leaders for advice on these decisions; you would be a health leader,” Murray said, asking unanimous consent to enter Mr. Kennedy’s numerous statements disparaging the HPV vaccine and others into the record.
Murray continued by asking Mr. Kennedy about accusations of sexual harassment and assault by Eliza Cooney, who was hired as a part-time babysitter by his family. “When you were confronted about this accusation, you said you were ‘not a church boy’ and that you ‘have so many skeletons in my closet,’ Murray said. “You then texted Miss Cooney an apology and indicated you had no memory of what she described. Mr. Kennedy, I’m asking you to respond to those accusations seriously in front of this committee. Did you make sexual advances towards Miss Cooney without her consent?”
Kennedy denied the allegations, calling them “debunked,” despite credible reporting to the contrary, when pressed on why he apologized, Kennedy claimed he texted Cooney an apology for a separate reason—in contrast to the published texts. Mr. Kennedy then told the full committee that he had never made any unwanted sexual advances towards any individual without their consent.
“My time is almost up, but having read a lot and listened a lot, I just want to remind all my colleagues that by voting to confirm Mr. Kennedy, we would be telling our constituents he is worth listening to,” Murray said. “That alone will get people killed—before he even lifts a finger. Because he does not even need the levers of power to influence people, as we saw in Samoa—all he needs is a megaphone.
“To affirm his views by voting to confirm him as our highest health official—we should not mince words about what that will mean. When babies die from whooping cough because parents weren’t sure if the vaccine was safe, we will have to look them in the eye. When measles sweeps through schools, hospitals, nursing wards—will this be worth it?”
“There are political realities, we all get that—but there is also right and wrong, fact and fiction. And there’s also people staying healthy, or people dying pointlessly from diseases we can prevent because they thought Congress took its job vetting our health care secretary seriously,” Murray concluded.
When President-elect Donald J. Trump first announced his intention to select Robert F. Kennedy Jr. as Secretary of HHS, Murray immediately and forcefully condemned the move—and she has consistently spoken out and laid out for her colleagues the case against his nomination since, including in a lengthy Senate floor speech earlier this month—VIDEO HERE. Murray met with RFK Jr. on January 15th and released a statement afterward reiterating her opposition to his nomination and urging her colleagues, “to be honest with themselves about the stakes of putting one of the anti-vaccine movement’s loudest, proudest champions in charge of HHS and join me in opposing RFK Jr.’s nomination.” In December, Murray held a roundtable discussion at UW Medicine on the importance of scientific research and vaccines—especially for children—and spoke about how having RFK Jr. lead HHS would threaten Americans’ health and safety.
As a longtime appropriator and former Chair of the Senate HELP Committee, Murray has long fought to boost biomedical research, strengthen public health infrastructure, and make health care more affordable and accessible. Over her years as a senior member of the Appropriations Committee, she has secured billions of dollars in increases for biomedical research at the National Institutes of Health, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. As Chair of the HELP Committee, Murray was also instrumental in crafting the American Rescue Plan Act, including its landmark investments in public health and health care. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments. Murray is also the lead sponsor of the Public Health Infrastructure Saves Lives Act (PHISLA), legislation to establish $4.5 billion in dedicated, annual funding for a grant program to build up and maintain the nation’s public health system across the board.
In 2019, Senator Murray co-led a bipartisan hearing in the HELP Committee on vaccine hesitancy and spoke about the importance of addressing vaccine skepticism and getting people the facts they need to keep their families and communities safe and healthy. Ahead of the hearing, as multiple states were facing measles outbreaks in under-vaccinated areas, Murray sent a bipartisan letter with former HELP Committee Chair Lamar Alexander (R-TN) pressing the Centers for Disease Control and Prevention (CDC) Director and HHS Assistant Secretary for Health on their efforts to promote vaccination and vaccine confidence.
