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MIL-OSI: TransUnion Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Exceeded third quarter 2024 financial guidance for revenue and earnings
Accelerated revenue growth to 12 percent, driven by U.S. Financial Services, Insurance, Consumer Interactive and International, while executing on technology modernization and transformation program savings
Voluntarily prepaid $25 million in debt, bringing total prepayments to $105 million in 2024
Raising 2024 financial guidance, we now expect to deliver 9 percent revenue growth for the year

CHICAGO, Oct. 23, 2024 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended September 30, 2024.

Third Quarter 2024 Results

Revenue:

Total revenue for the quarter was $1,085 million, an increase of 12 percent (12 percent on a constant currency basis), compared with the third quarter of 2023.

Earnings:

Net income attributable to TransUnion was $68 million for the quarter, compared with a loss of $319 million for the third quarter of 2023. Diluted earnings per share was $0.35, compared with a loss per share of $1.65 in the third quarter of 2023. Net income attributable to TransUnion margin was 6.3 percent, compared with a loss of 32.9 percent in the third quarter of 2023. Our third quarter 2023 net income (loss) attributable to TransUnion, diluted loss per share and net income (loss) attributable to TransUnion margin were impacted by a $414 million non-cash goodwill impairment expense for our United Kingdom reporting unit in the period.
Adjusted Net Income was $205 million for the quarter, compared with $177 million for the third quarter of 2023. Adjusted Diluted Earnings per Share was $1.04, compared with $0.91 in the third quarter of 2023.
Adjusted EBITDA was $394 million for the quarter, compared with $356 million for the third quarter of 2023, an increase of 11 percent (11 percent on a constant currency basis). Adjusted EBITDA margin was 36.3 percent, compared with 36.8 percent in the third quarter of 2023.

“In the third quarter, TransUnion exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets grew by double-digits against stable market conditions, driven by mortgage strength, improving non-mortgage financial services, accelerating insurance growth and large breach remediation wins. Our International segment delivered double-digit organic constant currency revenue growth across India, Latin America, Asia Pacific and Africa.”

“We continue to progress well against our transformation program. We now expect to capture $85 million of operating expense savings in 2024, driven by strong execution against our operating model optimization to expand our Global Capability Center network. Additionally, our technology modernization is accelerating our pace of innovation with several new capabilities and products launched in the quarter, powered by OneTru.”

“We are raising our 2024 guidance and now expect to deliver 9 percent revenue growth, reflecting third quarter outperformance, stronger mortgage volumes and broad-based strength across the portfolio.”

Third Quarter 2024 Segment Results

U.S. Markets:

U.S. Markets revenue was $848 million, an increase of 12 percent compared with the third quarter of 2023.

Financial Services revenue was $367 million, an increase of 17 percent compared with the third quarter of 2023.
Emerging Verticals revenue was $307 million, an increase of 3 percent compared with the third quarter of 2023.
Consumer Interactive revenue was $174 million, an increase of 21 percent compared with the third quarter of 2023.

Adjusted EBITDA was $320 million, an increase of 9 percent compared with the third quarter of 2023.

International:

International revenue was $242 million, an increase of 11 percent (12 percent on a constant currency basis) compared with the third quarter of 2023.

Canada revenue was $39 million, an increase of 7 percent (9 percent on a constant currency basis) compared with the third quarter of 2023.
Latin America revenue was $33 million, an increase of 7 percent (13 percent on a constant currency basis) compared with the third quarter of 2023.
United Kingdom revenue was $58 million, an increase of 6 percent (4 percent on a constant currency basis) compared with the third quarter of 2023.
Africa revenue was $17 million, an increase of 12 percent (10 percent on a constant currency basis) compared with the third quarter of 2023.
India revenue was $68 million, an increase of 21 percent (23 percent on a constant currency basis) compared with the third quarter of 2023.
Asia Pacific revenue was $26 million, an increase of 11 percent (11 percent on a constant currency basis) compared with the third quarter of 2023.

Adjusted EBITDA was $110 million, an increase of 14 percent (15 percent on a constant currency basis) compared with the third quarter of 2023.

Liquidity and Capital Resources

Cash and cash equivalents was $643 million at September 30, 2024 and $476 million at December 31, 2023.

For the nine months ended September 30, 2024, cash provided by operating activities was $579 million, compared with $444 million in 2023. The increase in cash provided by operating activities was primarily due to improved operating performance, partially offset by employee separation payments and a penalty paid for the early termination of a facility lease, both of which were in connection with our operating model optimization program. For the nine months ended September 30, 2024, cash used in investing activities was $195 million, compared with $231 million in 2023. The decrease in cash used in investing activities was due primarily to prior year investments in non-consolidated affiliates and lower capital expenditures. For the nine months ended September 30, 2024, capital expenditures were $199 million, compared with $213 million in 2023. Capital expenditures as a percent of revenue represented 6% and 7% for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, cash used in financing activities was $220 million, compared with $375 million in 2023. The decrease in cash used in financing activities was primarily due to a decrease in debt prepayments.

Fourth Quarter and Full Year 2024 Outlook

Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

	Three Months Ended December 31, 2024						Twelve Months Ended December 31, 2024
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,014		$	1,034		$	4,161		$	4,181
Revenue growth¹:
As reported		6	%		8	%		9	%		9	%
Constant currency^{1, 2}		6	%		8	%		8	%		9	%
Organic constant currency^{1, 3}		6	%		8	%		8	%		9	%

Net income attributable to TransUnion	$	65		$	77		$	284		$	295
Net income attributable to TransUnion growth		n/m			n/m			238	%		243	%
Net income attributable to TransUnion margin		6.4	%		7.4	%		6.8	%		7.1	%

Diluted Earnings per Share	$	0.34		$	0.39		$	1.45		$	1.51
Diluted Earnings per Share growth	n/m				n/m			237	%		243	%

Adjusted EBITDA, as reported⁵	$	360		$	375		$	1,488		$	1,503
Adjusted EBITDA growth, as reported⁴		10	%		15	%		11	%		12	%
Adjusted EBITDA margin		35.5	%		36.2	%		35.8	%		36.0	%

Adjusted Diluted Earnings per Share⁵	$	0.92		$	0.98		$	3.87		$	3.93
Adjusted Diluted Earnings per Share growth		14	%		21	%		15	%		17	%

Additional revenue growth assumptions:
1. The impact of changing exchange rates is expected to have an insignificant impact for Q4 2024 and FY 2024.
2. There is no impact from recent acquisitions for Q4 2024 and FY 2024.
3. The impact of mortgage is expected to be approximately 5 points of benefit for Q4 2024 and approximately 4 points of benefit for FY 2024.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions. There is no impact from recent business acquisitions in Q4 2024 and FY 2024.
Additional Adjusted EBITDA assumptions:
1. The impact of changing foreign currency exchange rates is expected to have an insignificant impact for Q4 2024 and FY 2024.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at http://www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on http://www.transunion.com/tru.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

macroeconomic effects and changes in market conditions, including the impact of inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
our ability to provide competitive services and prices;
our ability to retain or renew existing agreements with large or long-term customers;
our ability to maintain the security and integrity of our data;
our ability to deliver services timely without interruption;
our ability to maintain our access to data sources;
government regulation and changes in the regulatory environment;
litigation or regulatory proceedings;
our ability to effectively manage our costs;
our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
our ability to remediate existing material weakness in our internal control over financial reporting and maintain effective internal control over financial reporting and disclosure controls and procedures;
economic and political stability in the United States and international markets where we operate;
our ability to effectively develop and maintain strategic alliances and joint ventures;
our ability to timely develop new services and the market’s willingness to adopt our new services;
our ability to manage and expand our operations and keep up with rapidly changing technologies;
our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
our ability to defend our intellectual property from infringement claims by third parties;
geopolitical conditions and other risks associated with our international operations;
the ability of our outside service providers and key vendors to fulfill their obligations to us;
further consolidation in our end-customer markets;
the increased availability of free or inexpensive consumer information;
losses against which we do not insure;
our ability to make timely payments of principal and interest on our indebtedness;
our ability to satisfy covenants in the agreements governing our indebtedness;
our ability to maintain our liquidity;
share repurchase plans; and
our reliance on key management personnel.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

For More Information

TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)

	September 30, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	643.2		$	476.2
Trade accounts receivable, net of allowance of $18.2 and $16.4		798.4			723.0
Other current assets		228.2			275.9
Total current assets		1,669.8			1,475.1
Property, plant and equipment, net of accumulated depreciation and amortization of $858.3 and $804.4		181.5			199.3
Goodwill		5,184.5			5,176.0
Other intangibles, net of accumulated amortization of $3,055.8 and $2,719.8		3,356.9			3,515.3
Other assets		661.1			739.4
Total assets	$	11,053.8		$	11,105.1
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	319.4		$	251.3
Short-term debt and current portion of long-term debt		66.5			89.6
Other current liabilities		609.8			661.8
Total current liabilities		995.7			1,002.7
Long-term debt		5,134.9			5,250.8
Deferred taxes		481.8			592.9
Other liabilities		120.2			153.2
Total liabilities		6,732.6			6,999.6
Stockholders’ equity:
Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2024 and December 31, 2023, 201.4 million and 200.0 million shares issued at September 30, 2024 and December 31, 2023, respectively, and 194.9 million and 193.8 million shares outstanding as of September 30, 2024 and December 31, 2023, respectively		2.0			2.0
Additional paid-in capital		2,524.3			2,412.9
Treasury stock at cost, 6.6 million and 6.2 million shares at September 30, 2024 and December 31, 2023, respectively		(333.0	)		(302.9	)
Retained earnings		2,312.6			2,157.1
Accumulated other comprehensive loss		(289.5	)		(260.9	)
Total TransUnion stockholders’ equity		4,216.4			4,008.2
Noncontrolling interests		104.8			97.3
Total stockholders’ equity		4,321.2			4,105.5
Total liabilities and stockholders’ equity	$	11,053.8		$	11,105.1

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenue	$	1,085.0		$	968.7		$	3,147.0		$	2,876.9
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		448.7			368.8			1,261.7			1,136.8
Selling, general and administrative		305.7			290.8			922.1			867.7
Depreciation and amortization		133.6			131.3			400.5			391.1
Goodwill impairment		—			414.0			—			414.0
Restructuring		40.5			—			66.8			—
Total operating expenses		928.6			1,205.0			2,651.0			2,809.6
Operating income (loss)		156.4			(236.3	)		495.9			67.3
Non-operating income and (expense)
Interest expense		(66.6	)		(72.7	)		(203.2	)		(217.2	)
Interest income		7.8			5.0			19.9			15.1
Earnings from equity method investments		4.7			3.7			14.0			11.7
Other (expense) and income, net		(5.4	)		8.7			(26.2	)		(16.3	)
Total non-operating income and (expense)		(59.6	)		(55.4	)		(195.4	)		(206.8	)
Income (loss) from continuing operations before income taxes		96.8			(291.7	)		300.5			(139.5	)
Provision for income taxes		(24.9	)		(22.2	)		(68.9	)		(60.1	)
Income (loss) from continuing operations		71.9			(313.9	)		231.6			(199.6	)
Discontinued operations, net of tax		—			(0.5	)		—			(0.7	)
Net income (loss)		71.9			(314.4	)		231.6			(200.3	)
Less: net income attributable to the noncontrolling interests		(3.9	)		(4.3	)		(13.4	)		(11.9	)
Net income (loss) attributable to TransUnion	$	68.0		$	(318.8	)	$	218.2		$	(212.2	)

Basic earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.35		$	(1.65	)	$	1.12		$	(1.09	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.35		$	(1.65	)	$	1.12		$	(1.10	)
Diluted earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.35		$	(1.65	)	$	1.11		$	(1.09	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.35		$	(1.65	)	$	1.11		$	(1.10	)
Weighted-average shares outstanding:
Basic		194.6			193.4			194.3			193.3
Diluted		197.0			193.4			196.3			193.3

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)

	Nine Months Ended September 30,
	2024			2023
Cash flows from operating activities:
Net income (loss)	$	231.6		$	(200.3	)
Less: Discontinued operations, net of tax		—			0.7
Income (loss) from continuing operations		231.6			(199.6	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		400.5			391.1
Goodwill impairment		—			414.0
Loss on repayment of loans		2.6			3.0
Deferred taxes		(94.1	)		(101.3	)
Stock-based compensation		85.6			72.9
Loss on early termination of lease		40.5			—
Other		17.9			13.1
Changes in assets and liabilities:
Trade accounts receivable		(88.9	)		(104.2	)
Other current and long-term assets		31.4			(42.4	)
Trade accounts payable		44.2			16.9
Other current and long-term liabilities		(92.8	)		(19.7	)
Cash provided by operating activities of continuing operations		578.5			443.8
Cash used in operating activities of discontinued operations		—			(0.2	)
Cash provided by operating activities		578.5			443.6
Cash flows from investing activities:
Capital expenditures		(198.7	)		(213.2	)
Proceeds from sale/maturities of other investments		—			63.9
Purchases of other investments		—			(43.7	)
Investments in nonconsolidated affiliates		(5.9	)		(36.9	)
Proceeds from the sale of investments in nonconsolidated affiliates		3.8			—
Payment related to disposal of discontinued operations		—			(0.5	)
Other		5.7			(0.1	)
Cash used in investing activities		(195.1	)		(230.5	)
Cash flows from financing activities:
Proceeds from term loans		934.9			—
Repayments of term loans		(927.9	)		—
Repayments of debt		(141.0	)		(310.9	)
Debt financing fees		(13.5	)		—
Proceeds from issuance of common stock and exercise of stock options		24.5			23.1
Dividends to shareholders		(61.7	)		(61.4	)
Employee taxes paid on restricted stock units recorded as treasury stock		(30.1	)		(17.6	)
Distributions to noncontrolling interests		(4.7	)		(8.5	)
Cash used in financing activities		(219.5	)		(375.3	)
Effect of exchange rate changes on cash and cash equivalents		3.1			(2.2	)
Net change in cash and cash equivalents		167.0			(164.4	)
Cash and cash equivalents, beginning of period		476.2			585.3
Cash and cash equivalents, end of period	$	643.2		$	420.9

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

Consolidated Adjusted EBITDA

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

Discontinued operations, net of tax, as reported on our Consolidated Statements of Operations. We exclude discontinued operations, net of tax because we believe it does not reflect the underlying and ongoing performance of our business operations.
Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
Provision for income taxes, as reported on our Consolidated Statements of Operations.
Depreciation and amortization, as reported on our Consolidated Statements of Operations.
Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
Operating model optimization program represents employee separation costs, facility lease exit costs, and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

Consolidated Adjusted EBITDA Margin

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

Adjusted Net Income

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

Discontinued operations, net of tax (see Consolidated Adjusted EBITDA above).
Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
Stock-based compensation (see Consolidated Adjusted EBITDA above).
Operating model optimization program (see Consolidated Adjusted EBITDA above).
Accelerated technology investment (see Consolidated Adjusted EBITDA above).
Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above).
Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

Adjusted Diluted Earnings Per Share

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

Adjusted Provision for Income Taxes

Management has excluded the following items from our provision for income taxes for the periods presented:

Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income from continuing operations before income taxes. We calculate adjusted income from continuing operations before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income from continuing operations before income taxes.

Leverage Ratio

Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Since the Leverage Ratio is calculated on a trailing twelve month basis, prior period goodwill impairment is excluded as this expense may not directly correlate to the underlying performance of our business operations during that period and may vary significantly between periods. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

SCHEDULE 1
TRANSUNION AND SUBSIDIARIES
Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
(Unaudited)

	For the Three Months Ended September 30, 2024 compared with the Three Months Ended September 30, 2023						For the Nine Months Ended September 30, 2024 compared with the Nine Months Ended September 30, 2023
	Reported		CC Growth¹		Organic CC Growth²		Reported		CC Growth¹		Organic CC Growth²
Revenue:
Consolidated	12.0	%	12.2	%	12.2	%	9.4	%	9.4	%	9.4	%
U.S. Markets	12.5	%	12.5	%	12.5	%	8.4	%	8.4	%	8.4	%
Financial Services	17.1	%	17.1	%	17.1	%	13.5	%	13.5	%	13.5	%
Emerging Verticals	3.3	%	3.3	%	3.3	%	4.0	%	4.0	%	4.0	%
Consumer Interactive	21.4	%	21.3	%	21.3	%	6.0	%	6.0	%	6.0	%
International	11.3	%	12.1	%	12.1	%	13.4	%	13.5	%	13.5	%
Canada	6.8	%	8.6	%	8.6	%	11.5	%	12.7	%	12.7	%
Latin America	7.2	%	12.7	%	12.7	%	11.8	%	10.9	%	10.9	%
United Kingdom	6.0	%	3.7	%	3.7	%	4.9	%	2.5	%	2.5	%
Africa	12.3	%	9.5	%	9.5	%	8.3	%	10.4	%	10.4	%
India	21.5	%	23.1	%	23.1	%	25.4	%	27.0	%	27.0	%
Asia Pacific	11.1	%	11.5	%	11.5	%	13.6	%	14.2	%	14.2	%

Adjusted EBITDA:
Consolidated	10.5	%	10.9	%	10.9	%	10.9	%	11.0	%	11.0	%
U.S. Markets	9.0	%	9.0	%	9.0	%	8.2	%	8.2	%	8.2	%
International	13.9	%	15.3	%	15.3	%	17.4	%	17.9	%	17.9	%

1.	Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.

2.	We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less the inorganic growth rate.

SCHEDULE 2
TRANSUNION AND SUBSIDIARIES
Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
(dollars in millions)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenue:
U.S. Markets gross revenue
Financial Services	$	367.2		$	313.7		$	1,077.6		$	949.6
Emerging Verticals		307.2			297.3			913.1			877.9
Consumer Interactive		173.7			143.1			455.1			429.4
U.S. Markets gross revenue	$	848.1		$	754.0		$	2,445.9		$	2,256.9

International gross revenue
Canada	$	39.4		$	36.9		$	115.9		$	103.9
Latin America		33.5			31.2			100.9			90.2
United Kingdom		57.8			54.5			168.6			160.7
Africa		17.1			15.2			48.0			44.3
India		68.2			56.1			202.8			161.8
Asia Pacific		25.6			23.1			77.1			67.9
International gross revenue	$	241.6		$	217.1		$	713.3		$	628.9

Total gross revenue	$	1,089.6		$	971.2		$	3,159.2		$	2,885.8

Intersegment revenue eliminations
U.S. Markets	$	(2.8	)	$	(1.0	)	$	(7.4	)	$	(4.6	)
International		(1.9	)		(1.5	)		(4.8	)		(4.3	)
Total intersegment revenue eliminations	$	(4.7	)	$	(2.5	)	$	(12.3	)	$	(8.9	)

Total revenue as reported	$	1,085.0		$	968.7		$	3,147.0		$	2,876.9

Adjusted EBITDA:
U.S. Markets	$	319.9		$	293.7		$	920.9		$	850.9
International		110.5			97.0			318.1			271.0
Corporate		(36.7	)		(34.5	)		(110.6	)		(104.3	)
Adjusted EBITDA Margin:¹
U.S. Markets		37.7	%		38.9	%		37.6	%		37.7	%
International		45.7	%		44.7	%		44.6	%		43.1	%

1.	Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Reconciliation of Net income (loss) attributable to TransUnion to consolidated Adjusted EBITDA:
Net income (loss) attributable to TransUnion	$	68.0		$	(318.8	)	$	218.2		$	(212.2	)
Discontinued operations, net of tax		—			0.5			—			0.7
Income (loss) from continuing operations attributable to TransUnion	$	68.0		$	(318.3	)	$	218.2		$	(211.5	)
Net interest expense		58.9			67.8			183.3			202.1
Provision for income taxes		24.9			22.2			68.9			60.1
Depreciation and amortization		133.6			131.3			400.5			391.1
EBITDA	$	285.4		$	(97.0	)	$	870.8		$	441.8
Adjustments to EBITDA:
Stock-based compensation		33.8			27.0			85.7			73.3
Goodwill impairment¹		—			414.0			—			414.0
Mergers and acquisitions, divestitures and business optimization²		7.3			(6.0	)		17.1			24.5
Accelerated technology investment³		21.8			16.3			58.6			53.5
Operating model optimization program⁴		47.3			—			86.4			—
Net other⁵		(2.0	)		1.8			9.7			10.6
Total adjustments to EBITDA	$	108.3		$	453.1		$	257.5		$	575.8
Consolidated Adjusted EBITDA	$	393.7		$	356.1		$	1,128.4		$	1,017.6

Net income (loss) attributable to TransUnion margin		6.3	%		(32.9	)%		6.9	%		(7.4	)%
Consolidated Adjusted EBITDA margin⁵		36.3	%		36.8	%		35.9	%		35.4	%

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

1.	During the three and nine months ended September 30, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Transaction and integration costs	$	3.6	$	5.8		$	7.0	$	21.0
Fair value and impairment adjustments		—		(10.7	)		0.8		0.8
Post-acquisition adjustments		3.7		—			9.4		5.1
Transition services agreement income		—		(1.1	)		—		(2.4	)
Total mergers and acquisitions, divestitures and business optimization	$	7.3	$	(6.0	)	$	17.1	$	24.5

3.

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foundational Capabilities	$	9.9	$	8.0	$	25.0	$	27.7
Migration Management		11.0		7.2		29.9		21.9
Program Enablement		0.9		1.1		3.8		3.9
Total accelerated technology investment	$	21.8	$	16.3	$	58.6	$	53.5

4.	Operating model optimization consisted of the following adjustments:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Employee separation	$	—	$	—	$	24.7	$	—
Facility exit		40.5		—		42.1		—
Business process optimization		6.8		—		19.6		—
Total operating model optimization	$	47.3	$	—	$	86.4	$	—

5.	Net other consisted of the following adjustments:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Deferred loan fee expense from debt prepayments and refinancing	$	0.1		$	1.0		$	9.2		$	3.1
Other debt financing expenses		0.5			0.3			1.6			1.5
Currency remeasurement on foreign operations		(1.7	)		0.8			(0.4	)		6.5
Other non-operating (income) expense		(0.8	)		(0.3	)		(0.7	)		(0.5	)
Total other adjustments	$	(2.0	)	$	1.8		$	9.7		$	10.6

6.	Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

SCHEDULE 3
TRANSUNION AND SUBSIDIARIES
Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
(in millions, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income (loss) from continuing operations attributable to TransUnion	$	68.0		$	(318.3	)	$	218.2		$	(211.5	)
Discontinued operations, net of tax		—			(0.5	)		—			(0.7	)
Net income (loss) attributable to TransUnion	$	68.0		$	(318.8	)	$	218.2		$	(212.2	)

Weighted-average shares outstanding:
Basic		194.6			193.4			194.3			193.3
Diluted		197.0			193.4			196.3			193.3

Basic earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.35		$	(1.65	)	$	1.12		$	(1.09	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.35		$	(1.65	)	$	1.12		$	(1.10	)
Diluted earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.35		$	(1.65	)	$	1.11		$	(1.09	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.35		$	(1.65	)	$	1.11		$	(1.10	)

Reconciliation of Net income (loss) attributable to TransUnion to Adjusted Net Income:
Net income (loss) attributable to TransUnion	$	68.0		$	(318.8	)	$	218.2		$	(212.2	)
Discontinued operations, net of tax		—			0.5			—			0.7
Income (loss) from continuing operations attributable to TransUnion	$	68.0		$	(318.3	)	$	218.2		$	(211.5	)
Adjustments before income tax items:
Amortization of certain intangible assets¹		71.5			72.1			214.9			221.2
Stock-based compensation		33.8			27.0			85.7			73.3
Goodwill impairment²		—			414.0			—			414.0
Mergers and acquisitions, divestitures and business optimization²		7.3			(6.0	)		17.1			24.5
Accelerated technology investment³		21.8			16.3			58.6			53.5
Operating model optimization program⁴		47.3			—			86.4			—
Net other⁵		(2.1	)		1.8			8.6			9.6
Total adjustments before income tax items	$	179.6		$	525.2		$	471.3		$	796.0
Total adjustments for income taxes⁶		(43.1	)		(29.5	)		(112.9	)		(85.2	)
Adjusted Net Income	$	204.5		$	177.4		$	576.6		$	499.3

Weighted-average shares outstanding:
Basic		194.6			193.4			194.3			193.3
Diluted		197.0			194.6			196.3			194.8

Adjusted Earnings per Share:
Basic	$	1.05		$	0.92		$	2.97		$	2.58
Diluted	$	1.04		$	0.91		$	2.94		$	2.56

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Reconciliation of Diluted earnings (loss) per share from Net income (loss) attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings (loss) per common share from:
Net income (loss) attributable to TransUnion	$	0.35		$	(1.65	)	$	1.11		$	(1.10	)
Discontinued operations, net of tax		—			—			—			—
Income (loss) from continuing operations attributable to TransUnion	$	0.35		$	(1.65	)	$	1.11		$	(1.09	)
Adjustments before income tax items:
Amortization of certain intangible assets¹		0.36			0.37			1.09			1.14
Stock-based compensation		0.17			0.14			0.44			0.38
Goodwill impairment²		—			2.13			—			2.13
Mergers and acquisitions, divestitures and business optimization³		0.04			(0.03	)		0.09			0.13
Accelerated technology investment⁴		0.11			0.08			0.30			0.27
Operating model optimization program⁵		0.24			—			0.44			—
Net other⁶		(0.01	)		0.01			0.04			0.05
Total adjustments before income tax items	$	0.91		$	2.70		$	2.40		$	4.09
Total adjustments for income taxes⁷		(0.22	)		(0.15	)		(0.57	)		(0.44	)
Adjusted Diluted Earnings per Share	$	1.04		$	0.91		$	2.94		$	2.56

Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

1.	Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
2.	During the three and nine months ended September 30, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
3.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Transaction and integration costs	$	3.6	$	5.8		$	7.0	$	21.0
Fair value and impairment adjustments		—		(10.7	)		0.8		0.8
Post-acquisition adjustments		3.7		—			9.4		5.1
Transition services agreement income		—		(1.1	)		—		(2.4	)
Total mergers and acquisitions, divestitures and business optimization	$	7.3	$	(6.0	)	$	17.1	$	24.5

4.

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foundational Capabilities	$	9.9	$	8.0	$	25.0	$	27.7
Migration Management		11.0		7.2		29.9		21.9
Program Enablement		0.9		1.1		3.8		3.9
Total accelerated technology investment	$	21.8	$	16.3	$	58.6	$	53.5

5.	Operating model optimization consisted of the following adjustments:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Employee separation	$	—	$	—	$	24.7	$	—
Facility exit		40.5		—		42.1		—
Business process optimization		6.8		—		19.6		—
Total operating model optimization	$	47.3	$	—	$	86.4	$	—

6.	Net other consisted of the following adjustments:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2024			2023		2024			2023
Deferred loan fee expense from debt prepayments and refinancing	$	0.1		$	1.0	$	9.2		$	3.1
Currency remeasurement on foreign operations		(1.7	)		0.8		(0.4	)		6.5
Other non-operating (income) and expense		(0.5	)		—		(0.2	)		—
Total other adjustments	$	(2.1	)	$	1.8	$	8.6		$	9.6

7.	Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.

SCHEDULE 4
TRANSUNION AND SUBSIDIARIES
Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
(dollars in millions)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income (loss) from continuing operations before income taxes	$	96.8		$	(291.7	)	$	300.5		$	(139.5	)
Total adjustments before income tax items from Schedule 3		179.6			525.2			471.3			796.0
Adjusted income (loss) from continuing operations before income taxes	$	276.4		$	233.5		$	771.8		$	656.5

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:
Provision for income taxes		(24.9	)		(22.2	)		(68.9	)		(60.1	)
Adjustments for income taxes:
Tax effect of above adjustments		(41.8	)		(27.9	)		(108.5	)		(90.1	)
Eliminate impact of excess tax (benefit) expense for stock-based compensation		(2.3	)		0.7			(1.4	)		2.7
Other¹		0.9			(2.2	)		(3.0	)		2.2
Total adjustments for income taxes	$	(43.1	)	$	(29.5	)	$	(112.9	)	$	(85.2	)
Adjusted Provision for Income Taxes	$	(68.0	)	$	(51.7	)	$	(181.8	)	$	(145.3	)

Effective tax rate		25.7	%		(7.6	)%		22.9	%		(43.1	)%
Adjusted Effective Tax Rate		24.6	%		22.2	%		23.6	%		22.1	%

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.

Other adjustments for income taxes include:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Deferred tax adjustments	$	3.8		$	(0.2	)	$	(1.4	)	$	0.6
Valuation allowance adjustments		(2.3	)		(1.9	)		(2.1	)		(0.8	)
Return to provision, audit adjustments, and reserves related to prior periods		(1.2	)		1.4			1.2			2.6
Other adjustments		0.7			(1.6	)		(0.7	)		(0.3	)
Total other adjustments	$	0.9		$	(2.2	)	$	(3.0	)	$	2.2

SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Leverage Ratio (Unaudited)
(dollars in millions)

	Trailing Twelve Months Ended September 30, 2024
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	224.2
Net interest expense		248.6
Provision for income taxes		53.6
Depreciation and amortization		533.8
EBITDA	$	1,060.2
Adjustments to EBITDA:
Stock-based compensation	$	113.0
Mergers and acquisitions, divestitures and business optimization¹		27.2
Accelerated technology investment²		75.6
Operating model optimization program³		164.0
Net other⁴		14.4
Total adjustments to EBITDA	$	394.3
Leverage Ratio Adjusted EBITDA	$	1,454.5

Total debt	$	5,201.4
Less: Cash and cash equivalents		643.2
Net Debt	$	4,558.2

Ratio of Net Debt to Net income attributable to TransUnion		20.3
Leverage Ratio		3.1

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Trailing Twelve Months Ended September 30, 2024
Transaction and integration costs	$	16.9
Fair value and impairment adjustments		10.3
Post-acquisition adjustments		0.1
Transition services agreement income		(0.1	)
Total mergers and acquisitions, divestitures and business optimization	$	27.2

2.

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Trailing Twelve Months Ended September 30, 2024
Foundational Capabilities	$	33.0
Migration Management		37.5
Program Enablement		5.1
Total accelerated technology investment	$	75.6

3.	Operating model optimization consisted of the following adjustments:

	Trailing Twelve Months Ended September 30, 2024
Employee separation	$	96.6
Facility exit		45.5
Business process optimization		21.9
Total operating model optimization	$	164.0

4.	Net other consisted of the following adjustments:

	Trailing Twelve Months Ended September 30, 2024
Deferred loan fee expense from debt prepayments and refinancings	$	15.4
Other debt financing expenses		2.3
Currency remeasurement on foreign operations		(2.2	)
Other non-operating (income) and expense		(1.2	)
Total other adjustments	$	14.4

SCHEDULE 6
TRANSUNION AND SUBSIDIARIES
Segment Depreciation and Amortization (Unaudited)
(in millions)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

U.S. Markets	$	99.3	$	99.3	$	299.4	$	292.3
International		33.4		31.0		98.1		95.5
Corporate		1.0		1.1		3.0		3.3
Total depreciation and amortization	$	133.6	$	131.3	$	400.5	$	391.1

As a result of displaying amounts in millions, rounding differences may exist in the table above.

SCHEDULE 7
TRANSUNION AND SUBSIDIARIES
Reconciliation of Non-GAAP Guidance (Unaudited)
(in millions, except per share data)

	Three Months Ended December 31, 2024						Twelve Months Ended December 31, 2024
	Low			High			Low			High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion	$	65		$	77		$	284		$	295
Interest, taxes and depreciation and amortization		216			219			868			872
EBITDA	$	281		$	296		$	1,152		$	1,167
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		79			79			336			336
Adjusted EBITDA	$	360		$	375		$	1,488		$	1,503

Net income attributable to TransUnion margin		6.4	%		7.4	%		6.8	%		7.1	%
Consolidated Adjusted EBITDA margin²		35.5	%		36.2	%		35.8	%		36.0	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.34		$	0.39		$	1.45		$	1.51
Adjustments to diluted earnings per share¹		0.58			0.58			2.42			2.42
Adjusted Diluted Earnings per Share	$	0.92		$	0.98		$	3.87		$	3.93

As a result of displaying amounts in millions, rounding differences may exist in the table above.

These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

The MIL Network –

January 24, 2025

MIL-OSI Asia-Pac: Bazaar to mark 75th National Day

Source: Hong Kong Information Services

The Home Affairs Department and 28 provincial-level Clansmen Associations will hold a bazaar carnival from October 25 to 29 at Sha Tin Park to celebrate the 75th anniversary of the founding of the People’s Republic of China.

The five-day bazaar carnival will feature 75 market stalls, offering specialty foods and hometown products from across the country.

Citizens and tourists may also experience a rich variety of customs and unique cultures from across the country via the cultural performances, film screenings and an introduction to different provincial cultures at the carnival.

The event is free and admission tickets are not required.

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Second-day auction results for Victoria Park Lunar New Year Fair stalls

Source: Hong Kong Government special administrative region

A total of 59 regular size dry goods stalls and 40 large size dry goods stalls were all successfully let on the second-day auction for stalls at the 2025 Victoria Park Lunar New Year Fair today (October 23).

Around 460 people attended the auction at the Assembly Hall, 2/F, Lai Chi Kok Government Offices, 19 Lai Wan Road, Lai Chi Kok, Kowloon, from 9am to 5.30pm today, a spokesman for the Food and Environmental Hygiene Department said.

The average bid price for the regular size dry goods stalls today was $11,729, with the successful bids ranging from $8,540 to $30,000. The highest bid, $30,000, was about 3.5 times the opening price of $8,540.

The average bid price for the large size dry goods stalls today was $16,230, with the successful bids ranging from $12,810 to $41,000. The highest bid, $41,000, was about 3.2 times the opening price of $12,810.

The auction for the remaining 117 dry goods stalls will be held at 9am tomorrow (October 24) at the same venue.

The spokesman reminded the successful bidders to comply with all the stipulations and provisions as set out in the licence agreement. Otherwise, the department is entitled to terminate the agreement and the licensee shall immediately vacate the stall.

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya Chairs Stakeholders Consultation Meeting with Athletes and Coaches on Draft National Sports Governance Bill 2024

Source: Government of India (2)

Dr. Mansukh Mandaviya Chairs Stakeholders Consultation Meeting with Athletes and Coaches on Draft National Sports Governance Bill 2024

More we empower our coaches, the better they will be able to produce outstanding athletes for the nation: Dr. Mandaviya

Draft Bill to Establish Comprehensive Framework for Sportspersons Development and Welfare: Union Minister

Posted On: 23 OCT 2024 3:55PM by PIB Delhi

Union Minister of Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya chaired a stakeholders’ consultation meeting to discuss the Draft National Sports Governance Bill 2024 in New Delhi today. This consultation is part of a series of meetings being held with various stakeholders to gather inputs on the Draft Bill, aimed at shaping a robust governance framework for sports in India.

In his address, Dr. Mandaviya emphasized that the Draft National Sports Governance Bill 2024 aims to establish a comprehensive framework to promote the development and welfare of sportspersons, ensure ethical governance, and provide effective dispute resolution mechanisms. “The Bill has been drafted with a holistic approach, keeping in mind the diverse needs of athletes, coaches, and other stakeholders,” he added.

Dr. Mandaviya invited participants to share their insights and suggestions, stating, “You have been called here for your valuable inputs to make this Bill more effective so that athletes, coaches, and other stakeholders can truly benefit.” He acknowledged the significant role of coaches in nurturing sports talent, saying, “I am clear that the more we empower our coaches, the better they will be able to produce outstanding athletes for the nation.”

Union Minister also stressed the potential of India’s youth and the importance of channelling their talent in the right direction. “There is no shortage of youth, talent, or brainpower in our country. Our aim is to provide them with the right direction in the spirit of good governance,” he remarked.

During the meeting, athletes and coaches expressed their appreciation for the opportunity to contribute to the discussion on the Draft Bill. They shared their suggestions and emphasized that this initiative marks a positive step toward inclusive and athlete-centric governance in Indian sports.

The event witnessed participation from a diverse group of distinguished athletes, including Arjuna Awardees, Khel Ratna Awardees, Olympians, Paralympians, and Dronacharya award winning coaches. Approximately 40 sportspersons and coaches attended the meeting in person, while around 120 joined virtually. Prominent former and current sportspersons and coaches such as Ronjon Sodhi, Mansher Singh, Neeraj Chopra, Gurbax Singh, Ashok Kumar Dhyan Chand, Bhawani Devi, Nikhat Zareen, Ankur Dhama, Maha Singh Rao, Dr. Satya Pal Singh, among others, gave their views and suggestions on the draft Bill.

Ministry of Youth Affairs and Sports has put in public domain the Draft National Sports Governance Bill, 2024 for inviting comments/suggestions of general public and the stakeholders, as part of pre-legislative consultation process. Stakeholders and general public have been requested to send suggestions/comments to the Ministry preferably by email at email id draft.sportsbill[at]gov[dot]inby 25.10.2024.

Draft National Sports Governance Bill 2024 can be accessed at https://yas.nic.in/sports/draft-national-sports-governance-bill-2024-inviting-comments-suggestions-general-public-and.

*****

Himanshu Pathak

(Release ID: 2067331) Visitor Counter : 72

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: IFFI 2024 celebrates Australia’s Rich Film Traditions and Vibrant Cinema Culture

Source: Government of India

IFFI 2024 celebrates Australia’s Rich Film Traditions and Vibrant Cinema Culture

Australia to be the “Country of Focus” at the 55th edition of the International Film Festival of India

Australia-India Co-Production Panel to explore collaboration opportunities at ‘Film Bazaar’

Academy award winning Cinematographer John Seale to host Master Class at IFFI 2024

Posted On: 23 OCT 2024 3:05PM by PIB Mumbai

#IFFIWood, 23^rd October 2024

The Ministry of Information & Broadcasting is proud to announce that Australia has been nominated as the “Country of Focus” at the 55th edition of the International Film Festival of India (IFFI), to be held in Goa from 20th November to 28th November 2024. This special recognition aims to celebrate the dynamic contributions of Australian cinema to the global film industry, highlighting its rich storytelling traditions, vibrant film culture and innovative cinematic techniques. India & Australia are already parties to an Audio Visual Co-production Treaty.

Country of Focus at IFFI

The “Country of Focus” segment is a key feature of IFFI, offering a dedicated showcase of a nation’s best contemporary films. Australia’s diverse cultural background and globally acclaimed filmmakers have had a lasting impact on cinema, making it a fitting selection for this year. This inclusion reflects the strengthening collaboration between the Indian and Australian film industries.

Showcase of Australian Films

IFFI will present a carefully curated selection of seven Australian films, offering a diverse blend of genres, from critically acclaimed dramas to powerful documentaries, visually stunning thrillers, and light-hearted comedies. These films will showcase the unique cultural identity of Australia, reflecting the vibrant spectrum of stories from its indigenous and contemporary communities.

Participation in Film Bazaar

Film Bazaar, the largest South Asian film market held alongside the International Film Festival of India (IFFI), will see a sizeable Australian participation with a strong delegation from Screen Australia, State Screen Commissions and also Ausfilm, the agency promoting Australia as a filming destination. They will showcase their offerings including Australian locations and incentives at the special Film Office exhibition area. The Film Bazaar will also see a Producers’ delegation with upto six producers receiving funding from the Australian Government to attend Film Bazaar and explore co-production opportunities. There will also be a special Australian Co-production Day at the Film Bazaar where filmmaker delegates from both the countries will be given an opportunity to network. Film Bazaar has also selected the Australian project Home Before Night as one of its official entries in the Co-Production Market.

Australia-India Film Co-Production Panel

In line with the growing collaboration between the Indian and Australian film industries, a dedicated panel discussion in the Knowledge Series will focus on co-production opportunities between the two countries. Featuring producers and industry experts, the panel will explore the creative and logistical aspects of co-productions and highlight successful ventures.

Master Class by Cinematographer John Seale

A major attraction will be a Cinematography Master Class led by Academy Award-winning cinematographer John Seale, known for his work on iconic films such as Mad Max: Fury Road and The English Patient. This session will delve into his artistic journey and offer invaluable technical insights to budding filmmakers and enthusiasts.

The 55th IFFI is set to be an exhilarating celebration of world cinema, bringing together an eclectic mix of films from across the globe, stimulating panel discussions, engaging workshops, and exclusive screenings. This year’s “Country of Focus” spotlight on Australia is sure to enhance IFFI’s mission of fostering cultural exchange and promoting cinematic art that transcends borders.

Founded in 1952, the International Film Festival of India is one of Asia’s most significant film festivals, serving as a platform for filmmakers worldwide to present their works. Held annually in Goa, IFFI attracts directors, producers, actors, and film enthusiasts to celebrate the finest in world cinema.

PIB IFFI CAST AND CREW | Dharmendra/ Rajith/ Kshitij/ Nikita/ Sriyanka/ Priti IFFI 55 – 3

Follow us on social media: @PIBMumbai /PIBMumbai /pibmumbai pibmumbai[at]gmail[dot]com /PIBMumbai /pibmumbai

(Release ID: 2067309) Visitor Counter : 88

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Government of India, under the leadership of Prime Minister Shri Narendra Modi, to commemorate 150th birth anniversary of Sardar Patel with a two-year-long nationwide celebration from 2024 to 2026 to honor his monumental contributions

Source: Government of India

Government of India, under the leadership of Prime Minister Shri Narendra Modi, to commemorate 150th birth anniversary of Sardar Patel with a two-year-long nationwide celebration from 2024 to 2026 to honor his monumental contributions

Announcing the decision Union Home Minister Shri Amit Shah says, this celebration will serve as a testament to Sardar Patel’s remarkable achievements and the spirit of unity that he epitomized

Sardar Patel Ji’s enduring legacy as the visionary behind the establishment of one of the world’s most robust democracies and his pivotal role in unifying India from Kashmir to Lakshadweep remains indelible

Posted On: 23 OCT 2024 3:20PM by PIB Delhi

Union Home Minister and Minister of Cooperation, Shri Amit Shah has announced that the Government of India, under the leadership of Prime Minister Shri Narendra Modi, will commemorate 150th birth anniversary of Sardar Patel with a two-year-long nationwide celebration from 2024 to 2026.

Announcing this decision in a post on X platform, Union Home Minister and Minister of Cooperation said that “Sardar Patel Ji’s enduring legacy as the visionary behind the establishment of one of the world’s most robust democracies and his pivotal role in unifying India from Kashmir to Lakshadweep remains indelible. To honor his monumental contributions, the government of India, under the leadership of PM Shri Narendra Modi Ji, will commemorate his 150th birth anniversary with a two-year-long nationwide celebration from 2024 to 2026. This celebration will serve as a testament to his remarkable achievements and the spirit of unity that he epitomized.”

Sardar Patel Ji’s enduring legacy as the visionary behind the establishment of one of the world’s most robust democracies and his pivotal role in unifying India from Kashmir to Lakshadweep remains indelible. To honor his monumental contributions, the government of India, under…

— Amit Shah (@AmitShah) October 23, 2024

*****

RK / VV / RR / PS

(Release ID: 2067316) Visitor Counter : 96

Read this release in: Hindi

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: English Translation of Prime Minister’s Remarks at the Closed Plenary of the 16th BRICS Summit

Source: Government of India

Posted On: 23 OCT 2024 3:25PM by PIB Delhi

Your Highness,
Excellencies,

I express my heartfelt gratitude to President Putin for the wonderful organisation of todays, meeting.

I am very pleased that we are meeting for the first time today, as the extended BRICS Family.I warmly welcome all the new friends that have joined the BRICS family.

I congratulate President Putin for Russia’s successful Presidency of BRICS over the last one year.

Friends,

Our meeting is taking place at a time, when the world is facing several pressing challenges such as wars, economic uncertainty, climate change and terrorism. The world is talking about the North South divide and the East West divide.

Preventing inflation, ensuring food security, energy security , health security, water security, are matters of priority for all countries in the world.

And in this era of technology, new challenges have emerged such as cyber deepfake, disinformation.

At such a time, there are high expectations of BRICS. I believe that as a diverse and inclusive platform, BRICS can play a positive role in all areas.

In this regard, our approach must remain people centric.We have to give the world the message that BRICS is not a divisive organisation but one that works in the interest of humanity.

We support dialogue and diplomacy, not war. And just as we were able to overcome a challenge like COVID together, we are certainly able to create new opportunities to ensure a secure , strong and prosperous future for future generations.

In order to counter terrorism and Terror financing, we need the single minded, firm support of all. There is no place for double standards on this serious matter. We need to take active steps to stop radicalization of youth in our countries.

We must work together on the long pending matter in the UN of the Comprehensive Convention on International Terrorism.

The same way, we need to work on global regulations for cyber security and for safe and secure AI.

Friends,

India is ready to welcome new countries into BRICS as Partner Countries.

In this regard all decisions should be taken by consensus, and the views of BRICS founding members should be respected. The Guiding principles , standards, criteria and procedures adopted during the Johanesburg summit, should be complied with by all members and partner countries.

Friends,

BRICS is an organisation, which is willing to evolve with time.By giving our own example to the world we must collectively and in a united manner, raise our voice for reforms of global institutions.

We must move forward in a time bound manner on reforms in global institutions such as the UN Security Council, Multilateral development banks, and the WTO.

As we take our efforts forward in BRICS, we must be careful to ensure that this organisation does not acquire the image of one that is trying to replace global instutions, instead of being perceived as one that wishes to reform them.

The hopes , aspirations and expectations of the countries of the Global south must also be kept in mind. During our Voice of Global South Summits and G20 Presidency, India put the voices of these countries on the global stage.I am pleased that these efforts are being strengthened under BRICS as well.Last year countries of Africa were integrated into BRICS.

This year, as well, several countries of the Global south have been invited by Russia.

Friends,

The BRICS grouping , created by the confluence of different viewpoints and ideologies, is a source of inspiration for the world,fostering positive cooperation.

Our diversity, respect for each other and our tradition of moving forward on the basis of consensus, are the basis for our cooperation.This quality of ours, and our BRICS spirit, are attracting other countries as well to this forum. I am confident that in the times to come we will together make this unique platform a model for dialogue, cooperation and coordination.

In this regard, as a Founding member of BRICS, India will always continue to fulfill its responsibilities.

Once again, a big thank you to all of you.

DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Shri Dharmendra Pradhan addresses Australian International Education Conference

Source: Government of India (2)

Shri Dharmendra Pradhan addresses Australian International Education Conference

Shri Dharmendra Pradhan holds a bilateral meeting with his Australian counterpart Hon. Jason Clare, MP in Melbourne

Establishment of Australian university campuses in India just the beginning, much more potential to be realized – Shri Dharmendra Pradhan

Cooperation in education is the fulcrum of India-Australia relationship – Shri Dharmendra Pradhan

NEP 2020 has transformed India’s learning landscape into a powerhouse of possibilities – Shri Dharmendra Pradhan

As a ‘Vishwa-Bandhu’, India is committed to being a trusted partner in human-centric development – Shri Dharmendra Pradhan

By 2035 one in four people around the world who get a university degree will get it in India – Hon. Jason Clare, MP

Posted On: 23 OCT 2024 3:09PM by PIB Delhi

Union Minister for Education, Shri Dharmendra Pradhan, delivered the plenary speech at the Australian International Education Conference in Melbourne, Australia, today. Shri Pradhan also held a Bilateral Meeting with his counterpart Minister for Education, Government of Australia, Mr. Jason Clare MP. Members of the Indian delegation, heads of the universities of both countries, and other dignitaries were also present at the event.

Shri Pradhan in his speech commended the strong and evolving partnership between India and Australia that ties the history of the two countries and will also pave the way for a brighter future together. He also reaffirmed the further strengthening of these ties under the visionary leadership of Prime Minister Shri Narendra Modi and Prime Minister of Australia Mr. Anthony Albanese.

Shri Pradhan also highlighted that in the 4th Industrial Revolution, education must prepare students to be creators and managers of technology. India’s National Education Policy provides a framework emphasising digital literacy, soft skills, critical thinking, and interdisciplinary studies to adapt to evolving job markets, he added.

Shri Pradhan emphasized that cooperation in education is the fulcrum of the India-Australia relationship. He stated that the main objective is to enhance India’s education system into a competency-based framework, focusing on skills-based education as outlined in India’s National Education Policy (NEP).

The Minister spoke about how NEP 2020 has transformed India’s learning landscape into a powerhouse of possibilities, the enduring India-Australia ties and the remarkable strides made in education cooperation powered by NEP 2020. The establishment of Australian university campuses in India is just the beginning, with much more potential to be realized, he added.

He also added that together, the countries can advance knowledge, leverage technology for global challenges, and create endless opportunities for innovation and entrepreneurship for the students.

The Minister also expressed that as a ‘Vishwa-Bandhu’, India is committed to being a trusted partner in human-centric development. The idea is to build and nurture global citizens, contributing to a brighter future for the next generation, he said.

Mr. Jason Clare MP, in his speech, emphasised the importance of a good education system that can change more than just lives. It can change nations, he added. Commending India’s education systems, he said that by 2035 one in four people around the world who get a university degree will get it in India. He mentioned how Australian universities like Deakin had been in India for 30 years and now Wollongong has one campus. He expressed his gratitude to Shri Pradhan for encouraging these initiatives. He also praised the work the six Innovative Research Universities are doing by exploring options for a consortium campus in India.

Earlier in the day, Shri Pradhan also met Mr. Jason Clare MP for a discussion regarding shared priorities of India and Australia in early childhood care, capacity building of teachers, and the potential for school twinning initiatives. Building on the strong institutional linkages between Indian and Australian higher education institutions, they agreed to further strengthen the partnership in critical and emerging technologies. They also explored the possibility of establishing branch campuses of Australian universities in India.

During these discussions, Shri Pradhan also met the Assistant Minister of Foreign Affairs, Mr. Tim Watts MP.

Shri Pradhan met Mrs. Jacinta Allan MP, Premier of Victoria, Australia. He highlighted that Victoria is home to the largest Indian diaspora in Australia. They had engaging conversations on ways to strengthen institutional linkages of schools and universities in Victoria with India.

Shri Pradhan also visited South Melbourne Primary School and engaged with young learners. He explored the school’s innovative approaches to early childhood education. He emphasized how NEP 2020 in India places a strong focus on Early Childhood Care and Education (ECCE), which is essential for a child’s holistic development. He reaffirmed his commitment to adopting global best practices to make early learning universal, enjoyable, and stress-free.

Shri Dharmendra Pradhan visited the Royal Melbourne Institute of Technology (RMIT), a hub for technology, design, and enterprise. He explored their ‘Discovery to Device’ med-tech facility, fast-tracking ideas to products. He also appreciated the university’s emphasis on industry experience, hands-on skills, and focus on transforming ideas into products. Shri Pradhan explored how RMIT can partner and work with top Indian HEIs to equip Indian students with future skills and jobs.

Discovery to Device transforms ideas into products, through prototyping and scale-up manufacture, to create real-world impact.

Shri Pradhan also visited Monash University, which has notably welcomed Indian students since the late 1960s. Shri Pradhan received key insights into the university’s research & innovation ecosystem and their plans to strengthen educational ties with Indian institutions through its New India Plan. He also toured the Innovation Lab & Center for Nanofabrication— commending their impressive facilities supporting talent in driving ideas into impactful innovations.

In a significant move to enhance bilateral cooperation in the education sector, Shri Pradhan is visiting Australia from 22 to 26 October 2024. The visit is expected to foster collaboration, participation, and synergy in critical areas of mutual interest in education. Earlier this week from 20-21 October, Shri Pradhan visited Singapore and met the Prime Minister, Deputy Prime Minister, Education Minister and other dignitaries to expand bilateral cooperation in skill-based education and research.

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SS/AK

(Release ID: 2067313) Visitor Counter : 69

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Ministry of Mines Organizes One-Day Workshop on Study on State Best Practices in Mining in Collaboration with FIMI

Source: Government of India

Posted On: 23 OCT 2024 2:51PM by PIB Delhi

The Ministry of Mines, in collaboration with the Federation of Indian Mineral Industries (FIMI) successfully organized a one-day workshop on Study on State Best Practices in Mining, in Delhi today. It was attended by representatives of 20 States and from mining industry. This interactive workshop aimed at building an understanding on various initiatives & policy reforms undertaken by the States. The objective of the study is to assess and identify the different best practices that State governments have implemented/ adopted within their jurisdictions and showcase how other States can replicate/ adopt these practices to further improve mining sector growth. This Study will complement the on-going work of the Ministry to develop a State Mining Index, the Framework of which was issued to the States in September for data submission.

The Secretary, Ministry of Mines, Govt. of India, Shri V. L. Kantha Rao was the Chief Guest at the inaugural session of the workshop. In his keynote address, Shri Rao emphasized the crucial role of States in fostering a strong regulatory environment by introducing innovative policies, initiatives, and administrative measures that drive impactful and sustainable progress of the sector. Emphasizing the active participation of States being important in successful completion of study, he encouraged the representatives from the States to share the information on best practices undertaken/ adopted by them.

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ST

(Release ID: 2067303) Visitor Counter : 48

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: ICG implements preventive measures in view of Cyclone Dana’s likely landfall along West Bengal & Odisha coasts

Source: Government of India

ICG implements preventive measures in view of Cyclone Dana’s likely landfall along West Bengal & Odisha coasts

Vessels & aircraft strategically positioned; Weather warnings & safety advisories being broadcast; Disaster relief teams on standby

Posted On: 23 OCT 2024 2:49PM by PIB Delhi

As Cyclone Dana is forecast to make landfall on October 24-25, 2024 along the coasts of West Bengal and Odisha, Indian Coast Guard (ICG) Region (North-East) has implemented a series of preventive measures to safeguard lives and property at sea. The ICG has been closely monitoring the situation and has taken proactive steps to ensure preparedness for dealing with any emergency arising from the cyclone’s impact.

ICG has tasked ships, aircraft and Remote Operating Stations at West Bengal and Odisha to broadcast regular weather warnings and safety advisories to fishermen and mariners. These alerts are being transmitted continuously to all fishing vessels, urging them to return to shore immediately and seek safe shelter.

The ICG has mobilised its vessels and aircraft, positioning them strategically to respond swiftly to any emergency situation at sea. Additionally, ICG personnel are working in coordination with local administrations and disaster management authorities to ensure a coordinated and effective response.

Fishing communities along the coastline have been informed through various channels, including village heads, to avoid venturing into the sea until the cyclone passes. The ICG is on high alert, with its dedicated disaster relief teams and assets ready to provide assistance, rescue & relief operations.

***

SR/Savvy/KB

(Release ID: 2067301) Visitor Counter : 65

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Mid Term Progress of Ministry of Steel under Special Campaign 4.0 for Disposal of Pending Matters

Source: Government of India (2)

Posted On: 23 OCT 2024 1:54PM by PIB Delhi

Ministry of Steel, in collaboration with its CPSEs has initiated efforts and prepared action plans for implementing Special Campaign for Disposal of Pending Matters (SCDPM) 4.0 from 02 October 2024 to 31 October 2024.

The SCDPM aims to systematically address and dispose of pending references across various categories, including Member of Parliament (MP) references, Prime Minister’s Office (PMO) references, VIP and Cabinet references, State Government references, and CPGRAM matters and other important matters.

The mid-term progress of SCDPM 4.0 highlights significant achievements, with 87% of references from Members of Parliament already replied to and 80% of the public grievances target reached. Additionally, 9,690 physical files have been weeded out, freeing up 21,379 sq. ft. of space due to scrap disposal and file weeding. Out of a target of 375, 159 cleanliness campaigns have been conducted so far. Regular review meetings with nodal officers of CPSEs are also being held to monitor progress effectively.

One Stop Centre functionaries in MECON Delhi Office carried out cleaning of drainage, grass cutting and cleanliness drive under ongoing Special Campaign 4.0

BEFORE AFTER

One Stop functionaries in Bhilai (SAIL) conducted drive on cleanliness in Streets, Office and Garden with focus on maintaining hygiene for prevention of Dengue and Malaria.

MSTC Carried out awareness among its employees and public about importance of SCDPM 4.0

The Ministry of Steel, under Special Campaign 4.0 for Disposal of Pending Matters, has undertaken various initiatives to promote cleanliness and environmental sustainability across its units. SAIL-Bhilai Steel Plant concluded its “Swachhata Hi Seva 2024” program with a Shramdaan activity and honored Safai Mitra workers for their dedication. Additionally, MOIL demonstrated leadership in Nagpur by conducting eco-friendly initiatives, including Shramdaan, contributing to the Swachhata Hi Seva campaign. These activities, shared through social media, underscore the Ministry’s commitment to fostering a cleaner and greener India.

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MG

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MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Union Food and Consumer Affairs Minister Shri Pralhad Joshi launches retail of Bharat Chana Dal Phase – II in Delhi-NCR by flagging off mobile vans

Source: Government of India

Union Food and Consumer Affairs Minister Shri Pralhad Joshi launches retail of Bharat Chana Dal Phase – II in Delhi-NCR by flagging off mobile vans

Chana Dal at MRP Rs.70 per kg and Chana Whole at Rs.58 per kg is made available to consumers from 3 lakh ton of Chana stock

Government of India committed towards ensuring availability of essential food items to consumers at affordable prices: Shri Pralhad Joshi

Posted On: 23 OCT 2024 1:38PM by PIB Delhi

Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy, Shri Pralhad Joshi, launched the retail of Bharat Chana Dal Phase – II in Delhi-NCR by flagging off mobile vans of NCCF, NAFED and Kendriya Bhandar here today, in the presence of Ministers of State, Shri B.L. Verma and Smt. Nimuben Jayantibhai Bambhaniya.

In Phase – II of Bharat Chana Dal, 3 lakh tons of Chana stock from the price stabilisation buffer is being converted to Chana Dal and Chana Whole for retail sale to consumers at MRP of Rs.70 per kg and Rs.58 per kg, respectively. Apart from Chana, the government had also expanded the Bharat brand to Moong and Masur Dals. The Bharat Moong Dal is retailed at Rs.107 per kg, Bharat Moong Sabut at Rs.93 per kg and Bharat Masur Dal at Rs.89 per kg. The resumption of Bharat Chana Dal at this time will enhance the supplies to consumers of Delhi-NCR in this festive season.

While interacting with media persons during the event, Shri Joshi stated that the initiative is an affirmation of the Government of India’s commitment to ensuring the availability of essential food to the consumers at affordable prices. Direct interventions through retail sale of basic food items such as rice, atta, dals and onion have also helped in maintaining stable price regime.

The Centre has taken various policy measures to ensure availability of pulses. In order to encourage domestic production, the government has raised the MSP of pulses year after year, and also announced the policy to procure Tur, Urad and Masur without ceiling for 2024-25 season. During Kharif 2024-25 sowing season, NCCF and NAFED had conducted awareness campaigns, seed distribution and pre-registration of farmers for assured procurement, and the same activities are being continued in upcoming Rabi sowing season. To augment domestic production and facilitate seamless import, the government has allowed duty free import of Tur, Urad, Masur and Chana till 31^st March, 2025 and Yellow Peas import till 31^st December, 2024. Enhanced area coverage of Kharif pulses this year, together with continuous inflow of imports have led to declining trend in the prices of most pulses since July, 2024. The retail prices of Tur dal, Urad dal, Moong dal and Masur dal have either declined or remained stable during the past three months.

In respect of vegetables, the government had procured 4.7 lakh tonnes onions from the rabi crop for price stabilisation buffer through NCCF and NAFED. The government started the disposal of onions from the buffer from 5^th September, 2024 and till date, 1.15 lakh tonnes has been disposed. NCCF has disposed onions in 77 centres across 21 States and NAFED in 43 centres in 16 States. To augment the pace of disposal, bulk transportation of onions by rail rakes have been adopted for the first time. NCCF had transported 1,600 MT (42 BCN wagons i.e. approximately 53 trucks) by Kanda Express from Nashik which arrived at Delhi on 20^th October, 2024. NAFED has also arranged the transportation of 800 – 840 MT of onions to Chennai by rail rake. The rail rake to Chennai has left Nashik on 22^nd October, 2024.

Indent for shipments by rail rake to Lucknow and Varanasi has been placed by NCCF. The Department of Consumer affairs has also requested Indian Railways to allow transportation of onion rakes from Nashik to multiple locations across the North-eastern region which would include (i) NJP: New Jalpaiguri (Siliguri), (ii) DBRG- Dibrugarh, (iii) NTSK- New Tinsukia, and (iv) CGS: Changsari. This will ensure wider availability of onions in different regions of India ensuring its availability at a very reasonable price to consumers.

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Nihi Sharma

(Release ID: 2067286) Visitor Counter : 105

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Union Minister, Ministry of Panchayati Raj, Shri Rajiv Ranjan Singh to Launch “Weather Forecasts at the Gram Panchayat Level” on 24th October 2024 at Vigyan Bhawan, New Delhi

Source: Government of India (2)

Union Minister, Ministry of Panchayati Raj, Shri Rajiv Ranjan Singh to Launch “Weather Forecasts at the Gram Panchayat Level” on 24th October 2024 at Vigyan Bhawan, New Delhi

Villages to become Climate Resilient: Weather Forecasts will now be Available to Gram Panchayats

Gram Panchayats to Get Access to 5-Day and Hourly Weather Forecasts

Posted On: 23 OCT 2024 9:53AM by PIB Delhi

The Ministry of Panchayati Raj (MoPR), in collaboration with the India Meteorological Department (IMD), Ministry of Earth Sciences (MoES), is set to launch a landmark and a transformative initiative to provide Gram Panchayats with 5 days daily weather forecasting and provision to check hourly weather forecast – Gram Panchayat-Level Weather Forecasting – on 24^th October 2024 at Vigyan Bhawan, New Delhi. This initiative, aimed at empowering rural communities and enhancing disaster preparedness at the grassroots, will directly benefit farmers and villagers across the country. As part of the Government’s 100 Days Agenda, this initiative strengthens grassroots governance and promotes sustainable agricultural practices, making rural populations more climate-resilient and better equipped to tackle environmental challenges.

This is the first time that localized weather forecasts will be available at the Gram Panchayat level, supported by IMD’s expanded sensor coverage. The forecasts will be disseminated through the Ministry’s digital platforms: e-GramSwaraj, which enables efficient governance, project tracking, and resource management; the Meri Panchayat app, which fosters community engagement by allowing citizens to interact with local representatives and report issues; and Gram Manchitra, a spatial planning tool that provides geospatial insights for development projects.

The launch will be graced by the presence of Shri Rajiv Ranjan Singh alias Lalan Singh, Minister of Panchayati Raj, Shri (Dr.) Jitendra Singh, Minister of State (Independent Charge) for Science and Technology & Earth Sciences, and Shri Prof. S. P. Singh Baghel, Minister of State for Panchayati Raj along with Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Shri Devesh Chaturvedi, Secretary, Ministry of Agriculture & Farmers Welfare, Dr. M. Ravichandran, Secretary, Ministry of Earth Sciences, Dr. Mrutyunjay Mohapatra, DG, India Meteorological Department, Shri Alok Prem Nagar, Joint Secretary, Ministry of Panchayati Raj and other senior officials from the Ministries of Panchayati Raj, Agriculture, Rural Development, National Disaster Management Authority (NDMA), Department of Science and Technology (DST), and other key stakeholders.

A Training Workshop on “Weather Forecasts at the Gram Panchayat Level” will be organized to mark the launch of this pioneering initiative. The workshop will be attended by more than 200 participants, including Elected Representatives of Panchayati Raj Institutions and State Panchayati Raj officials. This training session will equip Panchayat representatives and functionaries with the knowledge and skills to effectively utilize weather forecasting tools and resources at the grassroots level, empowering them to make informed decisions and enhance climate resilience in their communities.

This endeavour, a key component of the Government’s 100 Days Agenda, is a significant stride toward boosting local-level governance and cultivating climate-resilient villages. As weather patterns become increasingly unpredictable, the introduction of weather forecasting at the Gram Panchayat level will serve as a crucial tool in safeguarding agricultural livelihoods and enhancing rural preparedness against natural disasters. Gram Panchayats will receive daily updates on temperature, rainfall, wind speed, and cloud cover, empowering them to make critical decisions in agriculture, such as planning sowing, irrigation, and harvesting activities. These tools will also strengthen disaster preparedness and infrastructure planning. Furthermore, SMS alerts will be sent to Panchayat representatives regarding extreme weather events like cyclones and heavy rainfall, ensuring immediate action to protect lives, crops, and property. This endeavour is a transformative step toward building climate-resilient communities at the grassroots level.

***

AA

(Release ID: 2067232) Visitor Counter : 53

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Day 2 of ITU Kaleidoscope 2024 Highlights Cutting-Edge AI Innovations for Sustainable Development

Source: Government of India

Day 2 of ITU Kaleidoscope 2024 Highlights Cutting-Edge AI Innovations for Sustainable Development

“ITU Kaleidoscope 2024: Bridging Technology and Sustainability for a more secure, equitable, and sustainable digital ecosystem “: Rohit Sharma Member (Services), Digital Communications Commission, DoT

Posted On: 23 OCT 2024 8:42AM by PIB Delhi

The second day of ITU Kaleidoscope 2024, which concluded yesterday on the sidelines of ITU-WTSA 2024 in New Delhi, brought forward transformative discussions focused on AI and digital technologies driving sustainable development. Kicking off with a special presentation by Mari Carmen Aguayo Torres, the day emphasized inclusive technology solutions, particularly through public-private partnerships to attract women to tech fields.

Kicking off with a special presentation by Mari Carmen Aguayo Torres, the day emphasized inclusive technology solutions, particularly through public-private partnerships to attract women to tech fields.

Eva Ibarrola, from the University of the Basque Country, Spain, chaired the session for the presentation on Attracting Girls to Technology Through Public-Private Partnership, and Applications and Services for Sustainable Development. Mr. Rohit Sharma, Member (services), Department of Telecommunications, Government of India and Mr. Sunil Kumar, President – IETE chaired the sessions on Social, economic, environmental and policy aspects for sustainable development.

The event presented groundbreaking insights into AI applications for healthcare, education, and sustainable development. Themes included AI’s impact on healthcare, education, and agriculture, with discussions on AI-driven diagnostics and AI’s role in rural education access. The sessions also emphasized the importance of cybersecurity in IoT applications and explored AI’s ethical implications in content creation. Overall, the event underscored the critical need for innovation and international collaboration in developing technologies that support the UN Sustainable Development Goals (SDGs). The afternoon poster session fostered vibrant research collaboration, with topics covering AI’s role in education and the use of space systems to achieve the UN Sustainable Development Goals (SDGs).

Mr. Rohit Sharma Member (Services), Digital Communications Commission, DoT said, “ITU Kaleidoscope 2024 provided a crucial platform for exploring the intersection of technology and sustainability. From the cybersecurity implications of agricultural IoT devices to the complexities of AI-generated copyright and the future of international taxation for ICT solutions, the discussions highlighted the importance of global cooperation in ensuring that technological advancements contribute to sustainable development. The insights shared by experts across fields underscore the need for robust policies and innovative standards to create a more secure, equitable, and sustainable digital ecosystem.”

Mr. Atul Sinha Dy. Director General National Communications Academy said that, “The diverse research presented today showcases practical solutions to pressing global challenges, emphasizing the need for cross-disciplinary collaboration. I am confident that the ideas shared will help shape the future of technology for the greater good.”

ITU WTSA New Delhi 2024 witnessed another happening day yesterday with Mr. Sunil Kumar, President IETE, who chaired sessions on Social, economic, environmental and policy aspects for sustainable development, with presentations on “The Role of Refurbished Mobile Phones in Digital Inclusion and Sustainable Development”, “Advancing Trustworthy AI for Sustainable Development: Recommendations for Standardising AI Incident Reporting” and on “Modelling Internet Use in the Global Development Context.”

Concluding the day, interactive discussions focused on the social, economic, and policy impacts of AI, particularly cybersecurity challenges in agriculture and copyright issues in AI-generated content. These sessions provided critical insights into real-world challenges and opportunities that arise with the integration of AI into key sectors.

On Day 3, two important panel discussions will take the spotlight, delving into the future of global standards and innovation opportunities, followed by the presentation of paper awards.

Kaleidoscope 2024 continues to inspire meaningful dialogue around technology, standards, and sustainability, propelling forward global efforts for a more inclusive digital future.

About ITU Kaleidoscope

ITU Kaleidoscope is an annual event that has been instrumental in bridging the gap between academia and industry, promoting the exchange of ideas that contribute to the global standardization of telecommunications technologies. Since its inception in 2008, Kaleidoscope has become one of the most influential platforms for discussing the future of digital communications, providing a space where researchers and innovators can present their most promising work.

Visit the official ITU Kaleidoscope 2024 website at https://www.itu.int/en/ITU-T/academia/kaleidoscope/2024/Pages/default.aspx or simply type ITU Kaleidoscope 2024 in google and select the first displayed website for detailed information on the event program, speakers, and sessions.

About WTSA 2024:

WTSA 2024, organized by the International Telecommunication Union (ITU), serves as a platform for the development and implementation of global telecommunications standards, uniting regulators, industry leaders, and policymakers to shape the future of communications worldwide.

******

SB/DP/ARJ

(Release ID: 2067228) Visitor Counter : 38

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Economics: The Crypto Game of Lazarus APT: Investors vs. Zero-days

Source: Securelist – Kaspersky

Headline: The Crypto Game of Lazarus APT: Investors vs. Zero-days

Introduction

Lazarus APT and its BlueNoroff subgroup are a highly sophisticated and multifaceted Korean-speaking threat actor. We closely monitor their activities and quite often see them using their signature malware in their attacks — a full-feature backdoor called Manuscrypt. According to our research, Lazarus has been employing this malware since at least 2013 and we’ve documented its usage in 50+ unique campaigns targeting governments, diplomatic entities, financial institutions, military and defense contractors, cryptocurrency platforms, IT and telecommunication operators, gaming companies, media outlets, casinos, universities, and even security researchers — the list goes on.

On May 13, 2024, our consumer-grade product Kaspersky Total Security detected a new Manuscrypt infection on the personal computer of a person living in Russia. Since Lazarus rarely attacks individuals, this piqued our interest and we decided to take a closer look. We discovered that prior to the detection of Manuscrypt, our technologies also detected exploitation of the Google Chrome web browser originating from the website detankzone[.]com. On the surface, this website resembled a professionally designed product page for a decentralized finance (DeFi) NFT-based (non-fungible token) multiplayer online battle arena (MOBA) tank game, inviting users to download a trial version. But that was just a disguise. Under the hood, this website had a hidden script that ran in the user’s Google Chrome browser, launching a zero-day exploit and giving the attackers complete control over the victim’s PC. Visiting the website was all it took to get infected — the game was just a distraction.

We were able to extract the first stage of the attack — an exploit that performs remote code execution in the Google Chrome process. After confirming that the exploit was based on a zero-day vulnerability targeting the latest version of Google Chrome, we reported our findings to Google the same day. Two days later, Google released an update and thanked us for discovering this attack.

Acknowledgement for finding CVE-2024-4947 (excerpt from the security fixes included into Chrome 125.0.6422.60)

Having notified Google about the discovered vulnerability, we followed responsible vulnerability disclosure policy and refrained from sharing specific details in public, giving users sufficient time to apply the patch. This approach is also intended to prevent further exploitation by threat actors. Google took additional steps by blocking detankzone[.]com and other websites linked to this campaign, ensuring that anyone attempting to access these sites — even without our products — would be warned of their malicious nature.

While we respected Google’s request for a set disclosure period, on May 28, 2024, Microsoft published a blog post titled “Moonstone Sleet emerges as new North Korean threat actor with new bag of tricks,” which partially revealed our findings. According to the blog, Microsoft had also been tracking the campaign and associated websites since February 2024. However, their analysis overlooked a key point in the malicious campaign: the presence of the browser exploit and the fact that it was a high-severity issue — a zero-day. In this report, we explore in great detail the vulnerabilities exploited by the attackers and the game they used as bait (spoiler alert: we had to develop our own server for this online game).

The exploit

The website used by the attackers as a cover for their campaign was developed in TypeScript/React, and one of its index.tsx files contained a small piece of code that loads and executes the Google Chrome exploit.

Website facade and the hidden exploit loader

The exploit contains code for two vulnerabilities: the first is used to gain the ability to read and write Chrome process memory from the JavaScript, and the second is used to bypass the recently introduced V8 sandbox.

First vulnerability (CVE-2024-4947)

The heart of every web browser is its JavaScript engine. The JavaScript engine of Google Chrome is called V8 — Google’s own open-source JavaScript engine. For lower memory consumption and maximum speed, V8 uses a fairly complex JavaScript compilation pipeline, currently consisting of one interpreter and three JIT compilers.

V8’s JavaScript compilation pipeline

When V8 starts to execute JavaScript, it first compiles the script into bytecode and executes it using the interpreter called Ignition. Ignition is a register-based machine with several hundred instructions. While executing bytecode, V8 monitors the program’s behavior, and may JIT-compile some functions for better performance. The best and fastest code is produced by TurboFan, a highly optimizing compiler with one drawback — the code generation takes too much time. Still, the difference in performance between Ignition and TurboFan was so significant that a new non-optimizing JIT compiler was introduced in 2021 called Sparkplug, which compiles bytecode into equivalent machine code almost instantly. Sparkplug-generated code runs faster than the interpreter, but the performance gap between Sparkplug- and TurboFan-generated code was still big. Because of this, in Chrome 117 (released in Q4 2023), the developers introduced a new optimizing compiler, Maglev, whose goal is to generate good enough code fast enough by performing optimizations based solely on feedback from the interpreter. CVE-2024-4947 (issue 340221135) is the vulnerability in this new compiler.

To understand this vulnerability and how it was exploited, let’s take a look at the code the attackers used to trigger it.

import * as moduleImport from ‘export var exportedVar = 23;’;

function trigger() {
moduleImport.exportedVar;
const emptyArray = [1, 2];
emptyArray.pop();
emptyArray.pop();
const arrHolder = {xxarr: doubleArray, xxab: fakeArrayBuffer};

function f() {
try {
moduleImport.exportedVar = 3.79837e-312;
} catch (e) { return false; }
return true;
}

while (!f()) { }

weakRef = new WeakRef(moduleImport);
return {emptyArray, arrHolder};
}

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import * as moduleImport from ‘export var exportedVar = 23;’;

function trigger() {

moduleImport.exportedVar;

const emptyArray = [1, 2];

emptyArray.pop();

const arrHolder = {xxarr: doubleArray, xxab: fakeArrayBuffer};

function f() {

try {

moduleImport.exportedVar = 3.79837e–312;

} catch (e) { return false; }

return true;

}

while (!f()) { }

weakRef = new WeakRef(moduleImport);

return {emptyArray, arrHolder};

}

Code used by the attackers to trigger CVE-2024-4947

We can see in this code that it first accesses the exported variable exportedVar of the moduleImport module and then creates the emptyArray array and the arrHolder dictionary. However, it seems that no real work is done with them, they are just returned by the function trigger. And then something interesting happens – the f function is executed until it returns “true”. However, this function returns “true” only if it can set the exported variable moduleImport.exportedVar to the “3.79837e-312” value, and if an exception occurs because of this, the f function returns “false”. How could it be that executing the same expression moduleImport.exportedVar = 3.79837e–312; should always return “false” until it returns “true”?

LdaImmutableCurrentContextSlot [53] Star1 LdaConstant [0] SetNamedProperty r1, [1], [0] // moduleImport.exportedVar = 3.79837e-312;

LdaImmutableCurrentContextSlot [53]

Star1

LdaConstant [0]

SetNamedProperty r1, [1], [0] // moduleImport.exportedVar = 3.79837e-312;

Bytecode produced by the Ignition interpreter for “moduleImport.exportedVar = 3.79837e-312;”

If we take a look at the bytecode produced for this expression by Ignition and at the code of the SetNamedProperty instruction handler, which is supposed to set this variable to the “3.79837e-312” value, we can see that it will always throw an exception — according to the ECMAScript specification, storing in a module object is always an error in JavaScript.

mov rax, 309000D616Dh // JS object ptr for “moduleImport” mov edi, [rax+3] add rdi, r14 mov rax, 309001870B5h // JS object ptr for “3.79837e-312” mov [rdi-1], eax

mov rax, 309000D616Dh // JS object ptr for “moduleImport”

mov edi, [rax+3]

add rdi, r14

mov rax, 309001870B5h // JS object ptr for “3.79837e-312”

mov [rdi–1], eax

JIT code produced by Maglev for “moduleImport.exportedVar = 3.79837e-312;”

But if we wait until this bytecode has been executed enough times and V8 decides to compile it using the Maglev compiler, we’ll see that the resulting machine code doesn’t throw an exception, but actually sets this property somewhere in the moduleImport object. This happens due to a missing check for storing to module exports — which is the CVE-2024-4947 vulnerability (you can find the fix here). How do attackers exploit it? To answer this, we need to understand how JavaScript objects are represented in memory.

Structure of JS objects

All JS objects begin with a pointer to a special object called Map (also known as HiddenClass) which stores meta information about the object and describes its structure. It contains the object’s type (stored at a +8 offset), number of properties, and so on.

Structure of the “moduleImport” JS object

The moduleImport module is represented in memory as a JSReceiver object, which is the most generic JS object and is used for types for which properties can be defined. It includes a pointer to the array of properties ( PropertyArray) which is basically a regular JS object of the FixedArray type with its own Map. If in the expression moduleImport.exportedVar = 3.79837e–312; moduleImport was not a module but a regular object, the code would set the property #0 in that array, writing at a +8 offset; however, since it is a module and there is a bug, the code sets this property, writing at a +0 offset, overwriting the Map object with the provided object.

Structure of the “3.79837e-312” number JS object

Since 3.79837e-312 is a floating-point number, it is converted to a 64-bit value (according to the IEEE 754 standard) and stored in a HeapNumber JS object at a +4 offset. This allows the attackers to set their own type for the PropertyArray object and cause a type confusion. Setting the type to 0xB2 causes V8 to treat the PropertyArray as a PropertyDictionary, which results in memory corruption because the PropertyArray and PropertyDictionary objects are of different sizes and the kLengthAndHashOffset field of the PropertyDictionary falls outside the bounds of the PropertyArray.

Now the attackers need to get the right memory layout and corrupt something useful. They defragment the heap and perform the actions that you can see in the trigger function.

Memory layout created by the “trigger” function

What happens in this function is the following:

It accesses the exported module variable moduleImport.exportedVar to allocate moduleImport’s PropertyArray.
It creates an emptyArray with two elements.
Removing elements from this array reallocates the object that is used for storing the elements and sets emptyArray’s length to 0. This is an important step because in order to overwrite emptyArray’s length with PropertyDictionary’s hash, the length/hash must be equal to 0.
The trigger function creates the arrHolder dictionary with two objects. This step follows the creation of the emptyArray to allow the pointers of these two objects to be accessed and overwritten when the length of emptyArray is corrupted. The first object, xxarr: doubleArray is used to construct a primitive for getting the addresses of JS objects. The second object, xxab: fakeArrayBuffer is used to construct a primitive for getting read/write access to the whole address space of the Chrome process.
Next, the trigger function executes the f function until it is compiled by Maglev, and overwrites the type of the PropertyArray so it is treated as a PropertyDictionary object.
Executing new WeakRef(moduleImport) triggers the calculation of PropertyDictionary’s hash, and the length of emptyArray is overwritten with the hash value.
The trigger function returns emptyArray and arrHolder containing objects that can be overwritten with emptyArray.

After this, the exploit again abuses Maglev, or rather the fact that it optimizes the code based on the feedback collected by the interpreter. The exploit uses Maglev to compile a function that loads a double value from an array obtained using arrHolder.xxarr. When this function is compiled, the attackers can overwrite the pointer to an array obtained using arrHolder.xxarr via emptyArray[5] and use this function to get the addresses of JS objects. Similarly, the attackers use arrHolder.xxab to compile a function that sets specific properties and overwrites the length of another ArrayBuffer-type object along with the pointer to its data (backing_store_ptr). This becomes possible when the pointer to the object accessible via arrHolder.xxab is replaced via emptyArray[6] with a pointer to the ArrayBuffer. This gives the attackers read and write access to the entire address space of the Chrome process.

Second vulnerability (V8 sandbox bypass)

At this point, the attackers can read and write memory from JavaScript, but they need an additional vulnerability to bypass the newly introduced V8 (heap) sandbox. This sandbox is purely software-based and its main function is to isolate the V8 memory (heap) in such a way that attackers cannot access other parts of the memory and execute code. How does it do this? You may have noticed that all the pointers in the previous section are 32 bits long. This is not because we’re talking about a 32-bit process. It’s a 64-bit process, but the pointers are 32 bits long because V8 uses something called pointer compression. The pointers are not stored in full, but just as their lower parts, or they could also be seen as a 32-bit offset from some “base” address. The upper part (the “base” address) is stored in CPU registers and added by the code. In this case, attackers should not be able to obtain real pointers from the isolated memory and have no way to obtain addresses for the stack and JIT-code pages.

To bypass the V8 sandbox, the attackers used an interesting but very common vulnerability associated with interpreters — we have previously seen variations of this vulnerability in multiple virtual machine implementations. In V8, regular expressions are implemented using its own interpreter, Irregexp, with its own set of opcodes. The Irregexp VM is completely different from Ignition, but it is also a register-based VM.

RegisterT& operator[](size_t index) { return registers_[index]; }

BYTECODE(PUSH_REGISTER) {
ADVANCE(PUSH_REGISTER);
if (!backtrack_stack.push(registers[LoadPacked24Unsigned(insn)])) {
return MaybeThrowStackOverflow(isolate, call_origin);
}
DISPATCH();
}

BYTECODE(SET_REGISTER) {
ADVANCE(SET_REGISTER);
registers[LoadPacked24Unsigned(insn)] = Load32Aligned(pc + 4);
DISPATCH();
}

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RegisterT& operator[](size_t index) { return registers_[index]; }

BYTECODE(PUSH_REGISTER) {

ADVANCE(PUSH_REGISTER);

if (!backtrack_stack.push(registers[LoadPacked24Unsigned(insn)])) {

return MaybeThrowStackOverflow(isolate, call_origin);

}

DISPATCH();

}

BYTECODE(SET_REGISTER) {

ADVANCE(SET_REGISTER);

registers[LoadPacked24Unsigned(insn)] = Load32Aligned(pc + 4);

DISPATCH();

}

Examples of vulnerable code in Irregexp VM instruction handlers

The vulnerability is that the virtual machine has a fixed number of registers and a dedicated array for storing them, but the register indexes are decoded from the instruction bodies and are not checked. This allows attackers to access the memory outside the bounds of the register array.

PUSH_REGISTER r(REGISTERS_COUNT + idx) POP_REGISTER r(0) PUSH_REGISTER r(REGISTERS_COUNT + idx + 1) POP_REGISTER r(1) // Overwrite “output_registers” ptr SET_REGISTER r(REGISTERS_COUNT), holderAddressLow SET_REGISTER r(REGISTERS_COUNT + 1), holderAddressHigh // Overwrite “output_register_count” SET_REGISTER r(REGISTERS_COUNT + 2), 2 // MemCopy(output_registers_, registers_.data(), output_register_count_ * sizeof(RegisterT)); SUCCEED

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PUSH_REGISTER r(REGISTERS_COUNT + idx)

POP_REGISTER r(0)

PUSH_REGISTER r(REGISTERS_COUNT + idx + 1)

POP_REGISTER r(1)

// Overwrite “output_registers” ptr

SET_REGISTER r(REGISTERS_COUNT), holderAddressLow

SET_REGISTER r(REGISTERS_COUNT + 1), holderAddressHigh

// Overwrite “output_register_count”

SET_REGISTER r(REGISTERS_COUNT + 2), 2

// MemCopy(output_registers_, registers_.data(), output_register_count_ * sizeof(RegisterT));

SUCCEED

Malicious Irregexp VM bytecode for reading the memory outside of the register array bounds

Coincidentally, the pointers to output_registers and output_register_count are located right next to the register array. This allows the attackers to read and write the memory outside of the V8 sandbox with the help of the SUCCEED opcode. Attackers use this to overwrite JIT’ed code with shellcode and execute it.

This issue (330404819) was submitted and fixed in March 2024. It is unknown whether it was a bug collision and the attackers discovered it first and initially exploited it as a 0-day vulnerability, or if it was initially exploited as a 1-day vulnerability.

Shellcode

At this point, the attackers need additional vulnerabilities to escape the Chrome process and gain full access to the system. In the best practices of sophisticated attackers, they run a validator in the form of a shellcode that collects as much information as possible and sends it to the server to decide whether to provide the next stage (another exploit) or not. This decision is made based on the following information: CPUID information (vendor, processor name, etc), whether it’s running on a VM or not, OS version and build, number of processors, tick count, OS product type, whether it’s being debugged or not, process path, file version info of system modules, file version info of process executable, and SMBIOS firmware table.

By the time we analyzed the attack, the attackers had already removed the exploit from the decoy website, preventing us from easily obtaining the next stage of the attack. At Kaspersky, we possess technologies that have allowed us to discover and help to fix a huge number of 0-day privilege escalation vulnerabilities exploited by sophisticated attackers in various malware campaigns over the years; however, in this particular case we would have to wait for the next attack in order to extract its next stage. We’ve decided to not wait, preferring to let Google fix the initial exploit used to perform the remote code execution in Google Chrome.

List of in-the-wild 0-days caught and reported by Kaspersky over the past 10 years

What never ceases to impress us is how much effort Lazarus APT puts into their social engineering campaigns. For several months, the attackers were building their social media presence, regularly making posts on X (formerly Twitter) from multiple accounts and promoting their game with content produced by generative AI and graphic designers.

Attackers’ accounts on X

One of the tactics used by the attackers was to contact influential figures in the cryptocurrency space to get them to promote their malicious website and most likely to also compromise them.

Attackers’ attempts to contact crypto-influencers

The attackers’ activity was not limited to X — they also used professionally designed websites with additional malware, premium accounts on LinkedIn, and spear phishing through email.

The game

Malicious website offering to download a beta version of the game

What particularly caught our attention in this attack was that the malicious website attacking its visitors using a Google Chrome zero-day was inviting them to download and try a beta version of a computer game. As big computer games fans ourselves, we immediately wanted to try it. Could the attackers have developed a real game for this campaign? Could this be the first computer game ever developed by a threat actor? We downloaded detankzone.zip and it looked legit: the 400 MB-archive contained a valid file structure of a game developed in Unity. We unpacked the game’s resources and found “DeTankZone” logos, HUD elements, and 3D model textures. Debugging artifacts indicated that the game had been compiled by the attackers. We decided to give it a spin.

Start menu of the DeTankZone game

After an intro with the game’s logo, we are greeted with a typical online gaming start menu, asking us to enter valid account credentials to access the game. We tried to log in using some common account names and passwords, and then tried to register our own account through the game and the website — but nothing worked.

Is that really all this game has to offer? We started reverse engineering the game’s code and discovered that there was more content available beyond this start menu. We found the code responsible for communication with the game server and started reverse engineering that as well. The game was hardcoded to use the server running at “api.detankzone[.]com,” which clearly wasn’t working. But we really wanted to check this game out! What to do? We decided to develop our own game server, of course.

First, we discovered that the game uses the Socket.IO protocol to communicate with the server, so we chose the python–socketio library to develop our own server. We then found a function with a list of all supported command names (event names) and reverse engineered how they are obfuscated. After that, we reverse engineered how the data was encoded: it turned out to be a JSON encrypted with AES256 and encoded with Base64. For the AES key it uses the string “Full Stack IT Service 198703Game”, while the string “MatGoGameProject” is used for the IV. We hoped that this information might reveal the identities of the game’s developers, but a Google search yielded no results. Finally, we reverse engineered the data format for a couple of commands, implemented them on our server, and replaced the server URL with the address of our own server. Success! After all this we were able to log into the game and play with the bots!

Screenshot from the game running with our custom server

Yes, it turned out to be a real game! We played it for a bit and it was fun — it reminded us of some shareware games from the early 2000s. Definitely worth the effort. The textures look a little tacky and the game itself closely resembles a popular Unity tutorial, but if Lazarus had developed this game themselves, it would have set a new bar for attack preparation. But no — Lazarus stayed true to themselves. It turns out that the source code for this game was stolen from its original developers.

The original game

DeFiTankLand (DFTL) – the original game

We found a legitimate game that served as a prototype for the attacker’s version – it’s called DeFiTankLand (DFTL). Studying the developers’ Telegram chat helped us build a timeline of the attack. On February 20, 2024, the attackers began their campaign, advertising their game on X. Two weeks later, on March 2, 2024, the price of the DeFiTankLand’s currency, DFTL2 coin, dropped, and the game’s developers announced on their Telegram that their cold wallet had been hacked and $20,000 worth of DFTL2 coins had been stolen. The developers blamed an insider for this. Insider or not, we suspect that this was the work of Lazarus, and that before stealing the coins they first stole the game’s source code, modified all the logos and references to DeFiTankLand, and used it to make their campaign more credible.

Conclusions

Lazarus is one of the most active and sophisticated APT actors, and financial gain remains one of their top motivations. Over the years, we have uncovered many of their attacks on the cryptocurrency industry, and one thing is certain: these attacks are not going away. The attackers’ tactics are evolving and they’re constantly coming up with new, complex social engineering schemes. Lazarus has already successfully started using generative AI, and we predict that they will come up with even more elaborate attacks using it. What makes Lazarus’s attacks particularly dangerous is their frequent use of zero-day exploits. Simply clicking a link on a social network or in an email can lead to the complete compromise of a personal computer or corporate network.

Historically, half of the bugs discovered or exploited in Google Chrome and other web browsers have affected its compilers. Huge changes in the code base of the web browser and the introduction of new JIT compilers inevitably lead to a large number of new vulnerabilities. What can end users do about this? While Google Chrome continues to add new JIT compilers, there is also Microsoft Edge, which can run without JIT at all. But it’s also fair to say that the newly introduced V8 sandbox might be very successful at stopping bugs exploitation in compilers. Once it becomes more mature, exploiting Google Chrome with JIT may be as difficult as exploiting Microsoft Edge without it.

Indicators of Compromise

Exploit
B2DC7AEC2C6D2FFA28219AC288E4750C
E5DA4AB6366C5690DFD1BB386C7FE0C78F6ED54F
7353AB9670133468081305BD442F7691CF2F2C1136F09D9508400546C417833A

Game
8312E556C4EEC999204368D69BA91BF4
7F28AD5EE9966410B15CA85B7FACB70088A17C5F
59A37D7D2BF4CFFE31407EDD286A811D9600B68FE757829E30DA4394AB65A4CC

Domains
detankzone[.]com
ccwaterfall[.]com

MIL OSI Economics –

January 24, 2025

MIL-OSI Banking: Thales reports its order intake and sales as of September 30, 2024

Source: Thales Group

Headline: Thales reports its order intake and sales as of September 30, 2024

23 Oct 2024

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Order intake: €15.6 billion, up 23% on an organic basis¹(+26% total change)
Sales: €14.1 billion, up 6.2% on an organic basis (+9.4% total change)
2024 targets confirmed:
- Book-to-bill ratio above 1
- Organic sales growth between +5% and +6%²
- EBIT margin: 11.7% to 11.8%

Thales (Euronext Paris: HO) today announced its order intake and sales for the period ending September 30, 2024.

^{Reminder: 9m 2023 figures have been restated to include Cyber civil activities transferred from Defence and Security to Digital Identity & Security.}

“The third quarter confirmed the continued strong commercial momentum and organic sales growth in most of Thales’ businesses.
The Defence business enjoyed unparalleled visibility thanks to emblematic long-term contracts. Avionics was driven by the recovery in air traffic and solid growth prospects. The cybersecurity and biometrics businesses benefited from a robust environment.
We are also proud of Thales’ inclusion in the CAC 40 ESG index. This is a strong external endorsement of our non-financial performance and of our contribution to the protection of society, the planet and citizens.
We are confident that we will achieve our annual financial targets for 2024, thanks to our teams’ unwavering involvement.”

Patrice Caine, Chairman & Chief Executive Officer

Order intake

Order intake over the first nine months of 2024 amounted to €15,551 million, up 23% on an organic basis⁴ compared with the first nine months of 2023 (up 26% total change). The Group continued to benefit from an excellent commercial momentum in all its businesses, particularly in Defence & Security.

Over the period, Thales recorded 19 large orders with a unit value of more than €100 million, the cumulative amount of which came to €4,983 million:

Four large orders booked in Q1 2024:
- The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
- Order of an aerial surveillance system for a military customer in the Middle East;
- Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles;
- Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN).
Eight large orders booked in Q2 2024:
- Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
- Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
- Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
- Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition;
- Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
- Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
- Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
- Service contract for the maintenance of the Royal Australian Navy fleet.
Seven major orders recorded in Q3 2024:
- Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program;
- Order for the renovation of an air traffic management system;
- Order from the UK Ministry of Defence for the supply of LMM missiles to strengthen Ukraine’s air defence capabilities;
- Order of LMM missiles for the British armed forces;
- Order for the supply of Ground Fire multifunction radars and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
- Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
- Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5.

At €10,567 million, order intake with a unit value of less than €100 million increased by 6% compared to the first nine months of 2023; while order intake with a unit value of less than €10 million was up by 7% at September 30, 2024.

From a geographical⁵ point of view, order intake in mature markets recorded organic growth of 12%, to €11,413 million, driven by strong sales momentum in the United Kingdom (up 28% on an organic basis) as well as in Australia and New Zealand (up 34% on an organic basis). Order intake in emerging markets amounted to €4,137 million, with strong organic growth of 69% as at September 30, 2024. This performance reflected excellent momentum in the Near and Middle East (up 175% on an organic basis) and in Asia (up 49% on an organic basis).

Order intake in the Aerospace segment totaled €3,639 million, versus €3,403 million over the first nine months of 2023 (+8% at constant scope and exchange rates). This increase reflects two contrasting trends. On the one hand, the avionics market remained strong, our activities growing double-digit organically. On the other hand, the order intake in the space business declined due to a high comparison basis (two large orders signed as at September 30, 2024 versus five as of September 30, 2023).

At €8,951 million (compared with €6,404 million for the first nine months of 2023), order intake in the Defence & Security segment continued to record a strong momentum, with organic growth of 40%. Seven new orders with a unit value of more than €100 million in the third quarter were added to the nine already recorded in the first half of the year. The order book stood at €37.0 billion, compared with €35.1 billion at September 30, 2023.

At €2,905 million, order intake in the Digital Identity & Security segment was in line with sales over the period, as most of the activities in this segment operate on short cycles.

Sales

Sales for the first nine months of 2024 amounted to €14,069million, compared with €12,854 million for the same period in 2023, an increase of 6.2% at constant scope and exchange rates.

From a geographical⁵ point of view, sales growth was strong in mature markets (+6.3% on an organic basis), driven in particular by Europe (+9.0%) including France (+9.4%), and Australia and New Zealand (+8.5%). Emerging markets posted organic growth of +5.8% over the period.

Sales in the Aerospace segment amounted to €3,839 million, up 5.6% compared to the first nine months of 2023 (+5.3% at constant scope and exchange rates). This growth reflected ongoing robust demand in the avionics market, leading the activity to grow mid-single digit plus. It was however mitigated by the low-single digit organic growth of the space business.

Sales in the Defence & Security segment totaled €7,239 million, up +8.8% compared to the first nine months of 2023 (+8.5% at constant scope and exchange rates). After sustained growth recorded in the first half of the year, this segment confirmed its strong momentum in the third quarter. Growth was driven in particular by land and air systems.

In the Digital Identity & Security segment, sales totaled €2,914 million, up 15.7% in the first nine months of 2024 (+0.3% at constant scope and exchange rates), including the positive scope effect linked to the acquisitions of Tesserent and Imperva. The stability in organic growth in this segment reflects contrasting trends:

Banking and Payment solutions, negatively affected by a high comparison basis, continued to suffer from further destocking in North America;
Steady pace of growth in Cyber and Biometrics activities;
Continued ramp-up on Connectivity Solutions market, recording double-digit organic growth.

Outlook

Thales continues to benefit from its solid positioning in all its major markets and enjoys robust medium-term outlook, as illustrated by the continued strong sales momentum in the third quarter of 2024.

As a result, assuming there are no major new disruptions in the global economy or global supply chains, Thales confirms its 2024 annual targets:

A book-to-bill ratio above 1;
Organic sales growth of between +5% and +6%, corresponding to sales in the range of €19.9 billion to €20.1 billion⁶;
An EBIT margin between 11.7% and 11.8%.

****

This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).

¹_{In this press release, “organic” means “at constant scope and exchange rates”.}

²_{Between €19.9 billion and €20.1 billion based on September 2024 scope and exchange rates.}

³_{Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries.}

⁴_{Taking into account a negative currency effect of -€45 million and a positive net scope effect of €441 million.}

⁵_{See table on page 6.}

⁵_See_table_{on page 6.}

⁶_{Based on September 2024 scope and exchanges rates.}

MIL OSI Global Banks –

January 24, 2025

MIL-OSI Banking: Committee on Market Access holds third thematic session on supply chain resilience

Source: WTO

Headline: Committee on Market Access holds third thematic session on supply chain resilience

The moderator of the session, Mr Iain Fifer of the United Kingdom, emphasized the critical role of trade data in analyzing and enhancing the resilience of supply chains. He noted the challenges in gathering reliable, timely and relevant data, and underlined how such information can inform decision-making.
Thailand highlighted logistical challenges related to train freight routes from Thailand to Europe. While rail transport is faster than ocean freight and cheaper than air freight, it faces significant obstacles such as customs clearance issues at multiple borders, a lack of harmonized standards, and higher costs compared to sea freight. Additionally, it stressed how limitations in rail infrastructure add complexity.
China emphasized the importance of multilateral and bilateral trade frameworks, such as those supported by the WTO, in ensuring smooth supply chain operations. It underscored technological advances, particularly in big data and green energy, as key influencers of the development of global supply chains. China also announced the upcoming release of its Global Supply Chain Connectivity Index at the second China International Supply Chain Expo in November 2024. The document will provide a quantitative assessment of the resilience and stability of global supply chains.
India focused on the three fundamental pillars of supply chains — production, logistics and markets. It also underlined the importance of digital infrastructure in bolstering supply chain resilience. Additionally, India discussed initiatives such as the Unified Logistics Interface Platform and the PM Gati Shakti National Master Plan, which utilize geospatial data to enhance infrastructure connectivity and logistics efficiency.
The United States introduced its newly established Supply Chain Center within the Department of Commerce, designed to enhance supply chain resilience. The unit’s “Scale” tool assesses risks across sectors of the US economy by evaluating more than 40 indicators of criticality, vulnerability and resiliency in supply chains. The tool provides an in-depth view of current risks to better inform policy decisions, the United States underlined.
Switzerland presented an initiative led by the Organisation for Economic Cooperation and Development (OECD) aimed at improving the transparency and resilience of medical supply chains. The initiative was prompted by the supply shortages experienced during the COVID-19 pandemic. Switzerland’s project involves a monitoring mechanism designed to increase visibility in global medical supply chains and address future disruptions through international cooperation and the use of advanced technologies such as artificial intelligence.
In his conclusion, the moderator emphasized the importance of data design and collection in creating a comprehensive understanding of various supply chains. He stressed that data sharing and collaboration were central themes of the discussion, noting that swift and accurate exchange of information between stakeholders and governments is essential. Additionally, he acknowledged the significant analytical work required after data collection and pointed out that once data analysis is completed, it must be effectively utilized to guide policymaking. The session also featured examples of ongoing policy initiatives shaped by data-driven projects.
The interim Chair of the Market Access Committee, Ms Nicola Waterfield of Canada, expressed appreciation for the presentations and highlighted the importance of the discussions. She also announced that the Committee’s next formal meeting is scheduled for 19-20 November 2024.

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MIL OSI Global Banks –

January 24, 2025

MIL-OSI Video: Transforming Social Safety Nets: A Digital Revolution

Source: International Monetary Fund – IMF (video statements)

This Analytical Corner focuses on how digital technologies are transforming social safety nets in various country settings such as Brazil, DRC, India, Pakistan, Togo, and Türkiye. Join us to discover innovative strategies to identify, verify, and pay social benefits to enhance support for vulnerable households, even in low-capacity settings. Related publication: Expanding and Improving Social Safety Nets Through Digitalization: Conceptual Framework and Review of Country Experiences (IMF Note, December 2023).

https://www.youtube.com/watch?v=XIh2aySlzvo

MIL OSI Video –

January 24, 2025

MIL-OSI Video: The Nexus of Climate and Monetary Policy: Evidence from the Middle East and Central Asia

Source: International Monetary Fund – IMF (video statements)

This paper investigates the effects of climate shocks on inflation and monetary policy in the Middle East and Central Asia (ME&CA) region.

We first introduce a theoretical model to understand the impact of climate risks on headline and food inflation. In particular, the model shows how climate shocks could affect the path of policy rates through food prices.
We then use local projections to estimate the impact of climate shocks on headline and food inflation. The results show that price stability is more easily achievable under positive climate conditions.

Overall, our findings shed new light on the importance of considering climate-related supply shocks when designing monetary policy, particularly in countries where food makes up a significant part of the CPI-basket.

https://www.youtube.com/watch?v=j5eyFAxtXc4

MIL OSI Video –

January 24, 2025

MIL-OSI China: Xi underscores BRICS’ role in building multipolar world, driving globalization

Source: People’s Republic of China – State Council News

KAZAN, Russia, Oct. 23 — The BRICS mechanism is a pillar in promoting a multipolar world and fostering an inclusive economic globalization, said Chinese President Xi Jinping on Tuesday as leaders gathered in Kazan for the 16th BRICS Summit.

Xi made the remarks while meeting with Russian President Vladimir Putin ahead of the leaders’ formal meetings. He noted that BRICS is the world’s most important platform for solidarity and cooperation between emerging markets and developing countries.

He also voiced his hope to have in-depth discussions with Putin and other leaders participating in the summit on the future development of the BRICS mechanism, so as to secure more opportunities for the Global South.

Putin thanked China for its support during Russia’s presidency of BRICS, stressing that Russia is ready to closely cooperate with China to ensure the success of the first BRICS Summit after its expansion and bolster BRICS cooperation.

Kazan, the capital of Tatarstan and the fifth-largest city in Russia, holds historical and cultural significance. Xi told Putin during their meeting that around 400 years ago, the Great Tea Road that connected the two countries went past Kazan, through which tea leaves from China’s Wuyi Mountain region found their way into many Russian households.

The city is also home to Kazan Federal University, where notable figures like the Russian writer Leo Tolstoy and Russian revolutionary leader Vladimir Lenin studied.

Russian fighter jets escorted Xi’s plane before its landing at the Kazan International Airport around noon on Tuesday. Guards of honor lined both sides of a red carpet to salute Xi, while Russian youths in traditional attire offered him a warm welcome.

Kazan Mayor Ilsur Metshin, one of the Russian officials who greeted Xi at the airport, told Xinhua that the city is honored to host the Chinese president.

During the three-day summit, Xi will attend small- and large-scale leaders’ meetings and the BRICS Plus leaders’ dialogue. He will also have in-depth exchanges with leaders of other countries on the current international situation, BRICS cooperation, the development of the BRICS mechanism and important issues of common concern, according to Chinese Foreign Ministry Spokesperson Mao Ning.

GREATER BRICS

Observers see the BRICS Summit as an opportunity for Global South countries to voice their needs.

Victoria Fedosova, deputy director of the Institute for Strategic Research and Forecasts of the Russian Peoples’ Friendship University, said the very dynamic development of BRICS and the growth in its membership reflect a demand for a platform to address global issues.

“The BRICS mechanism has enormous potential in adjusting the imbalances in global development accumulated over the last 80 years,” said Fedosova.

The New Development Bank (NDB) is a flagship project of BRICS cooperation. As the first multilateral development bank established by emerging economies, the NDB, headquartered in Shanghai, provides financing support for infrastructure development, clean energy, environmental protection, and the building of cyber infrastructure across BRICS countries.

Dilma Rousseff, president of the NDB who is also in Kazan, told Putin during a meeting on Tuesday that the summit is “very important.”

BRICS has emerged as “the core of this multipolar world” alongside other global and regional organizations, said British author and political commentator Carlos Martinez. “It is essential to move away from the dominance of Western voices and allow countries from the Global South to have a meaningful say in international relations.”

“BRICS, with its focus on inclusivity and equality, serves as a shining star of this new type of international relations,” he said.

Zukiswa Roboji, a researcher at Walter Sisulu University in South Africa, said that BRICS has “undoubtedly made notable strides in recent years,” offering emerging economies easier access to financial resources and better opportunities for trade, investment and development.

Experts also highlighted China’s role in BRICS cooperation and development. Timirkhan Alishev, vice rector for International Affairs at Kazan Federal University, told Xinhua that all initiatives introduced by China are rooted in multilateralism, fostering communication and dialogue on multiple levels.

“We see China puts a lot of efforts into developing BRICS,” said Alishev, adding that there are no preconditions for BRICS cooperation as one can begin dialogue on equal footing with everyone.

STRONGER APPEAL

The term BRIC was initially coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.

Following last year’s expansion, the BRICS grouping now represents approximately 30 percent of global GDP, nearly half of the world’s population, and one-fifth of global trade.

“Measured by GDP, the BRICS countries have already surpassed the G7 in importance,” said Rousseff in a recent interview with Xinhua.

One of the key priorities of Russia’s BRICS chairmanship is integrating the new members into the BRICS framework, according to the official website. Other areas of practical cooperation include boosting trade and direct investment, as well as fostering a balanced and equitable transition to a low-carbon economy.

As BRICS’ influence grows, its appeal has strengthened. Over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in its membership, while many other developing countries are seeking deeper cooperation with the group.

“Joining BRICS will benefit Thailand in many ways, including advancing cooperation with other developing countries and increasing its influence in the international arena,” said Tang Zhimin, director of China ASEAN Studies at the Bangkok-based Panyapiwat Institute of Management.

BRICS “has become an engine of growth for the world economy and plays an important role in global policymaking,” Tang added.

MIL OSI China News –

January 24, 2025

MIL-OSI USA: Administrator Samantha Power Visits Siem Reap, Cambodia

Source: USAID

The below is attributable to Spokesperson Benjamin Suarato:

Today, Administrator Samantha Power arrived in Siem Reap, Cambodia. She began the day by visiting a Cambodian foster family who is receiving support through USAID in caring for a 11-month-old child with a disability. The family’s caseworker and USAID partners who support persons with disabilities and family-focused care also participated. Administrator Power recognized the tireless efforts of Cambodian partners, social workers, and foster families who are supporting child protection in Cambodia. She discussed ways for USAID to continue supporting and advocating for the rights and inclusion of people living with disabilities in Cambodia.

Administrator Power then traveled to the Svay Thom Pagoda to discuss USAID’s efforts to support local partners in delivering innovative tuberculosis (TB) screening and diagnostic solutions. Despite Cambodia being removed from the WHO High TB Burden Country list in 2021, it remains on the global TB watchlist and experienced setbacks in TB case finding during the COVID-19 pandemic. The Administrator also announced one of USAID’s largest direct awards to a local organization in Cambodia, through which USAID will continue supporting Cambodia’s ambitious goal of ending TB as a public health threat by 2030.

Administrator Power then met with trade union members and labor activists working at Angkor Wat, a UNESCO-recognized World Heritage Site located in Siem Reap, to discuss working conditions and other pressing labor rights issues, and how USAID support helps tourism-oriented and other trade unions address them. Administrator Power noted the Biden Administration’s strong support for labor rights, including through the 2023 Presidential Memorandum on Advancing Worker Empowerment, Rights, and High Labor Standards Globally. USAID has supported the trade union movement in Cambodia for decades, and Administrator Power discussed with the union members and activists USAID’s continued commitment to working with Cambodian worker organizations.

MIL OSI USA News –

January 24, 2025

MIL-OSI USA: Administrator Samantha Power at a Press Gaggle in Siem Reap

Source: USAID

ADMINISTRATOR SAMANTHA POWER: Good afternoon, everyone. Thank you for coming. Thanks also to our partners from the Cambodian government who have joined us here today.

This is my fourth trip to Cambodia, but it is my first trip to Cambodia as USAID Administrator. But, maybe more significant than that, it is the first trip to Cambodia ever by the USAID Administrator, despite decades of investments that USAID has made in economic development, health development, food security, and the like. So, I feel really personally privileged to be back in a country that I find incredibly beautiful, filled with such warm and hospitable people who have welcomed me many times over the years. To now get to come back as USAID Administrator, it’s a great privilege.

I had the chance to tour a tuberculosis screening clinic here at the Svay Thom Pagoda. Over the past five years, USAID’s Community Mobilization Initiatives to End TB, which we have called COMMIT, has helped Cambodia make remarkable progress preventing, detecting, and treating tuberculosis. And, I got to see this screening effort, at least in one of them, up close.

In the past 20 years, Cambodia has cut the rate of tuberculosis in this country by almost half, and the country is no longer on the World Health Organization’s list of the 30 highest TB Burden Countries. That is genuine progress. But, of course, the fight against TB is not over. An estimated 54,000 Cambodians contract TB still every year, and about a third of TB cases go undetected.

So, to help Cambodia meet its goal of ending TB in this country by 2030, I am pleased today to announce a new five year initiative, which we will call COMMIT II, the second phase of our investment here. We will start with an initial $4 million investment for the first year of the program, with additional funding to come.

I want to stress that this is one of the largest local direct awards that USAID has ever given to a local Cambodian organization. We think it’s extremely important to invest directly in Cambodian organizations that are doing the work out in their communities to advance the health and the interests of the Cambodian people.

Through this program, COMMIT II, we will work directly with local communities to improve TB screening, diagnosis, and TB preventive therapy. We will focus especially on identifying and treating the cases that are currently going undetected. And, we know that getting at these undetected cases is the key to preventing the spread of this terrible disease.

Our work together, that of USAID with the Cambodian people, that of USAID with the Cambodian health ministry, is really just one example of the productive health partnership that has developed over the last decades. And it is also, I think, reflective of what is a deepening partnership between the United States and Cambodia, and between the American people and the Cambodian people.

I’d like to say a word about malaria as well. Over the past decade, the U.S. has invested $87 million to support Cambodia’s efforts to eliminate malaria. These efforts, led by the Cambodian people, have been a stunning success, with Cambodia registering zero malaria deaths since 2017 and now on track to completely eliminate malaria as soon as next year.

We have also supported Cambodia’s efforts to make childbirth safer for mothers and for infants. Since 2005, Cambodia has reduced maternal deaths by 67 percent, infant deaths by 71 percent, and deaths of children under five by 81 percent.

The United States and the American people also stood with the Cambodian people during the COVID-19 pandemic, delivering 3.3 million vaccines and providing $16 million in other support.

We are really gratified now that Cambodia has become a new partner in the U.S. Global Health Security Strategy, which aims at making sure that Cambodia has the infrastructure to have the surveillance capacity in communities, the lab equipment and testing equipment that it needs in order to prevent, detect, and respond to future health threats.

Now we are supporting Cambodia taking on another urgent health threat, and this is one that – while I know the press has covered TB in the past, has covered the incredible progress made against malaria – this may be a harm and a form of illness that even the press has not yet given significant coverage to. And, this issue is lead poisoning, and specifically the lead poisoning of children.

Lead poisoning slows a child’s brain development. It harms their bodies, and it can even kill children. Lead poisoning affects an estimated six million children here in Cambodia. That’s over 70 percent of all kids in this country.

Taking on this global menace of lead poisoning is extremely important to USAID. It is an urgent priority for the United States government as a whole, and Cambodia has already made itself a really important partner in this effort. Cambodia was one of just 26 founding member countries in a brand new Partnership for a Lead-Free Future that we just launched in September at the UN General Assembly. And, we are really thankful to the Cambodian Health Ministry and to the government for stepping forward and being a leader in raising its hand and committing itself to eliminating lead poisoning for children here in Cambodia.

Lead poisoning, unlike a lot of other diseases, is really hard to detect. It is tough to know also what the source of lead poisoning is. Is it spices? Is it paint? Is it the recycling of batteries that is causing lead poisoning?

Today, which as it happens, is part of international Lead Poisoning Prevention Week, I am pleased to announce that USAID will support Cambodia’s first-ever national survey to evaluate the levels of lead and other heavy metals in the blood levels of children and pregnant women. We will also look together at the level of lead in products in Cambodian stores. And, we will together work to understand how prevalent lead is in the environment. To be clear, understanding where lead poisoning is coming from here in Cambodia is absolutely critical to preventing it going forward.

USAID will also work together with the Royal Government of Cambodia and with UNICEF to take steps to mitigate lead exposure by raising awareness and developing policies and regulations that will prevent future exposure. Together, I am confident that just as we have on malaria and TB and just as we did on COVID-19, together we will make progress against this invisible threat.

USAID stands ready to support the doctors, the teachers, the parents, the government officials and the citizens who want to rid their communities of lead poisoning once and for all. This partnership matters a great deal to the United States. We see how far it can go, and we are very satisfied with the progress that we have seen in the health sector, and eager to learn from it, to see how we can propel progress in other sectors as well.

And with that, I am happy to take your questions. Thank you.

QUESTION: My name is Chamna. I am from Cambodianess, a news outlet based in Siem Reap and Phnom Penh, ma’am. So, ma’am, my first question is that you know, as the first USAID Administrator to Cambodia, visited Cambodia for two days, can you give us, like, a brief activity that you have done and also you will do tomorrow?

And, the second question is that, why do you choose Siem Reap, one of the cultural provinces of Cambodia, to visit, ma’am? And, also the third question, I was informed that you will visit Prime Minister Hun Manet tomorrow. So, what do you hope to communicate with the Prime Minister, ma’am?

ADMINISTRATOR POWER: That’s a lot of questions. So, let me start with why did I come to Siem Reap. This is my third trip to Siem Reap. Once a person has come to Siem Reap once, they always insist on coming back. And, any tourist who has come if they haven’t come back, it is only because it is so far away. But, for me, when I knew I was coming to Cambodia, I’ve had such beautiful connections with the people of this town in my previous visits, such rich conversations. And again, the privilege for me is now to come as USAID Administrator and to actually see the work that we have been doing as the United States, as the American people, with the Cambodian people in communities, you know, in a manner that is not only advancing the U.S.-Cambodian partnership, but touching real lives. And so, just as the Cambodian people have touched me over the years, I felt I had to come back.

And in terms of the content of the visit – my visit follows on, of course, the visit of Secretary [Lloyd] Austin, our Secretary of Defense. We believe really strongly in the United States in what we call the three Ds – diplomacy, defense, and development – because the three Ds reflect the needs, in a way, of all individuals, which is to be physically secure, to be free, to express oneself, and to live as one chooses and as one, and to raise children in a manner where you can imagine them fulfilling their dreams.

And then, of course, to develop economically. And we think that, you know, an enhanced security partnership of the kind that Secretary Austin discussed with more exchanges and more familiarity between us, more diplomatic engagement, and these really significant development investments will hopefully support those incredible Cambodians who are doing work to build a brighter Cambodia for the next generation. And, of course, young people are at the heart of Cambodia’s economic progress, and will be at the heart of its progress in strengthening its institutions, its governance, the rule of law, et cetera.

My visit will include, yes, a meeting with Prime Minister. I’m very much looking forward to that. I already had the chance in January of this year to meet with the Prime Minister in Davos when he attended, and I attended, the World Economic Forum. But, of course, now we have had a chance, over many more months, to work on shared challenges like strengthening global health security; to initiate new partnerships like the new partnership to combat lead poisoning. And, I look forward to talking about what more can be done, recognizing that we all want to see Cambodia’s economy continue to grow. He has been very specific, of course, about Cambodia – wanting Cambodia to become an upper middle-income country by 2030. We, as USAID, want to understand how we can be catalytic in supporting certain sectors, and so hearing directly from him about his priorities now deeper into his tenure as Prime Minister will be very important.

And, of course, we recognize as well that non-governmental organizations, community-based organizations, civil society organizations, that those organizations who are in the community have such an important role to play as well in delivering services like we saw being delivered, in screening tuberculosis, or in educating the community, but also in rooting out corruption and exposing those forces that get in the way of Cambodia’s economy reaching its full potential, and above all, the Cambodian people benefiting as much as they should from all that Cambodia offers and all that young people are investing in that economy. So, I will see the Prime Minister.

I will, of course, later today – I can’t come to Siem Reap without seeing some of Angkor Wat. I will engage with individuals outside of government who are looking at, you know, what more can be done, again, to strengthen freedom and governance and the rule of law in this country. And, you know, I’m really looking forward to learning. On every trip, I learned so much, and Cambodia has changed really so much since my last visit to this country, which was back in 2012. Even just driving around, I can see so many of the changes. But again, my privilege is to be here as USAID Administrator and to talk to our incredible team about what more we can do to accelerate the progress in support of Cambodian leaders, inside and outside ministries.

QUESTION: Okay, ma’am. Also, my second question has two parts, of course. Now, you’re touring the TB, you know, let’s say, progress. How to eliminate them, how to make the system better. So, what are the development[s] that you see so far back then, back there, when you tour the, you know, the mechanism, and also, what are the challenges that still remain? That, you know, when you talk to the expert, they say, there are many challenges out there that needs to be done. That is the first part of the question.

And, the second part of the question can be cultural, again, because I see doctors, I see, you know, organization experts, but, at the same time, they are working on health. But, they are not in the clinic. They are not in the hospital. They are in a pagoda, which is a sanctuary for Cambodia, so Buddhism for hundreds of years. So, when you see, you know, expert, modern, expert, modern equipment coming together with old people in the sanctuary of Cambodian religion, how do you make of the situation?

ADMINISTRATOR POWER: Well, and this is really important, I think, to stress what is so significant about what Cambodians are doing here, is that they are coming to the people. They are bringing the equipment to diagnose whether TB is present in a person to a more central location than the people would otherwise be able to access. So, normally, this very sophisticated X-ray equipment, and the computers that process the X-rays to diagnose whether somebody is likely to have TB, these individuals would have to go very, very far [to access].

And, what USAID, in partnership with the Cambodian Ministry of Health and with this non-governmental organization that has been at the forefront, what we have done together is come up with activities that are designed to move the diagnosis and, ultimately, the treatment closer to the people. And, that is what you saw here, is a large group of individuals who were told that if you come to this place at this time, you won’t have to drive miles and miles in order to get the X-rays. And so, everyone here either had some symptom of TB, or had someone in their family who had some symptom. So, in their mind, they were worried, “Maybe, would I?” but maybe they weren’t worried enough to drive so far. Maybe they couldn’t afford a bus fare, or, you know, they didn’t have a motorbike in order to be able to make it that far.

And so, among the people who are here, I’m sure, are people whose TB cases would have gone undetected if we had relied on the old way of doing things. And so, this is really a partnership that looks at the data, sees that a third of TB cases in Cambodia go undetected, and so we have to fix that. If Cambodia is to reach its goal of getting rid of TB by 2030, that is going to require detecting all the cases of TB so that TB then isn’t spread in communities. And, mobile clinics, mobile health workers, mobile screening is going to be a big part of that solution.

And, you know, I think that when one seeks out meeting places, gathering places, one looks and here again, we as the United States and as USAID, we defer entirely to the Cambodian Ministry of Health about where best to situate these mobile screening, this equipment. We may invest the resources to purchase this equipment, but fundamentally, when it comes to respecting Cambodian culture, we are the guests of the Cambodian people. We are the guests of the Cambodian Government, and we take their lead and follow their guidance about how best to, again, meet people where they are likely to feel comfortable traveling to and sitting for some time as they go through the different stages of diagnosis, you know, starting, of course, with with the X-ray. But then, if they are deemed, if it is deemed possible that they have TB, going further, and then even waiting for a couple hours to get the formal diagnosis, then the counseling that is going to come. That is a long afternoon. It’s a lot to ask of particularly elderly people, who are among those who gathered. And so to do so in a manner that is culturally sensitive, but that also allows the individuals who come the comfort of not being out in the blazing sun for the entire day. I’m assuming that is why this location was chosen.

QUESTION: Okay, so my final question is not related to TB or but it’s more like related to your, let’s say, journalism career. So, in Cambodia right now, a lot of young people are interested in journalism, if not you know the media subject. And also, you said that you were a former journalist working in many countries and zones, and now you are a diplomat, so it’s like a career transition. So, just a message for young people in Cambodia, how does journalism help shape, you know, a person’s career in the future? I mean, after they do journalism, of course.

ADMINISTRATOR POWER: I think journalism is an incredibly important form of civic participation. All of you are bringing to your communities news and facts and often vital information that citizens need to learn. For example, when journalists cover a local happening like this in Siem Reap that there was a gathering where people were able to get TB screening and diagnosis right here, somebody reads that or they see that on the news, and then they think to themselves, “Oh, I haven’t been feeling that well. Maybe I will go and find a screening facility. Or I will ask someone if they know when next this kind of gathering is going to happen, this kind of screening, mobile screening is going to be available.” That’s an example of the kind of good that a journalist can do for their community.

Obviously, they’re also in countries where corruption has been an issue. Journalism can be extremely important in also helping law enforcement know where corruption is happening so that it can be rooted out. The Cambodian government really wants to continue to grow the economy. All of us would like to see more American investment in Cambodia. Journalists have a really vital role to play in shining a spotlight on the kinds of things that might need to change in order for that investment to come at a faster clip than it has up to this point.

So, you know, I look back on my journalism career, and I feel grateful that I had that chance to be a journalist. I feel grateful to have made some small contribution, I hope, through my journalism. But, the other thing that young people should know as they think about their careers is, if you’re a curious person, journalism is incredible. Look at you. You’ve asked that’s your sixth question. You’re clearly a very, very curious person. But, journalism is incredible because you just get to go around and ask questions, any question that comes into your mind. You can actually earn a living asking questions and learning. And so, you get to perform something that hopefully helps your community grow and progress, while also yourself satisfying the kinds of questions that you’ve had maybe since you were a small child. So, I think it’s a great career.

The more that Cambodia can strengthen its checks and balances, where it has more and more independent institutions, that will give investors confidence. And journalists, over time, will become more and more independent, and will be a very important source of sunlight on all the developments in Cambodia, helping it progress into a more stable and prosperous society.

MIL OSI USA News –

January 24, 2025

MIL-OSI NGOs: UK: Make it a compassionate Christmas with Amnesty’s new retail range

Source: Amnesty International –

Shop for Christmas gifts that support defending human rights

Hundreds of products mean sustainable and ethical shopping couldn’t be easier

‘A gift from the Amnesty festive range works as a present two-fold, as every purchase help us continue defending human rights and fighting atrocities around the globe’ – Sacha Deshmukh

Samples and high-res images available

Amnesty International UK has launched its Christmas catalogue with hundreds of ethically sourced and imaginative gift ideas that will delight recipients and support communities around the world.

Shoppers can choose from a wide range of sustainable, festive cards with each set of ten featuring the message inside of ‘Season’s Greetings’ in nine different languages – Russian, Chinese, Irish, Scots Gaelic, English, Welsh, Arabic, French and Spanish.

For those who want to impress an interior-design aficionado in their life, there are dazzling décor options from patchwork kantha throws, recycled sari hanging wreaths to Chara hammered vases, which have been handmade in India.

For friends and family who enjoy seasonal snacks there are tantalising treats to be snapped up from chocolates and fudge to spicy sauces. And for the lovers of kitchen kits and culinary curios, options include beautiful recycled Izaan spice jars, tea-towels emblazoned with powerful prints and charming handmade bread baskets, handwoven in Vietnam using water hyacinth.

Amnesty is also showcasing their own range of handmade bath and body care for those who deserve a little luxury, with options of wellbeing gift sets, vegan lip balms and natural soaps.

Gift-grabbers can also peruse garden gifts for the green-fingered, the stunning collection of elegant fairtrade jewellery, children’s toys, gifts and organic cotton clothing and a cosy range of knitwear – seasonal socks included, of course!

Sacha Deshmukh, Amnesty International UK’s Chief Executive, said:

“A gift from the Amnesty Christmas range works as a present two-fold, as every purchase helps us continue defending human rights and fighting atrocities around the globe.

“The unique and beautiful products featured provide much-needed support to the incredible craft-makers and will connect the lucky recipients to global communities from their home.”

With prices to suit all shoppers, more highlights from the 2024 catalogue include:

Guatemalan Christmas Angel: A charming and unique tree decoration.

The World in your Kitchen 2025 Calendar: Every month features a new vegetarian recipe accompanied by a beautiful illustration.

Gaza collection: Tote bags, T-shirts and candles created by Aya Mobaydeen, an illustrator from Amman, Jordan, in collaboration with Amnesty.

These Rights are your Rights: With a foreword by Angelina Jolie, this paperback guide to child rights is packed with fun facts, top tips, comic illustrations by Sue Cheung and inspiring stories of young activists from around the world.

Virtual gifts:   For minimum fuss and maximum impact, money raised from Amnesty’s virtual gifts will be used wherever its needed most, from responding to crisis and conflict, campaigning for refugee rights, or educating the next generation of leaders and change makers. Shoppers can choose either e-card or traditional greeting card’

Products can be purchased online, by phone or by post. Free packaging and posting is available on all orders over £75.

For more information, please visit: https://amnestyshop.org.uk/

MIL OSI NGO –

January 24, 2025

MIL-OSI: UP Fintech Announces Pricing of Follow-on Public Offering of American Depositary Shares

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Oct. 23, 2024 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced the pricing of a public offering of 15,000,000 American Depositary Shares (“ADSs”), each representing 15 Class A ordinary shares of the Company, at a public offering price of US$6.25 per ADS. The underwriters will have an option to purchase up to an aggregate of 2,250,000 additional ADSs from the Company at the public offering price, less underwriting discounts and commissions, exercisable within 20 days from the date of the prospectus supplement.

The ADS offering is expected to close on October 24, 2024, subject to customary closing conditions.

The Company expects to use the net proceeds of approximately US$90.0 million from the ADS offering for strengthening the Company’s capital base and furthering the Company’s business development initiatives.

Deutsche Bank AG, Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited and US Tiger Securities, Inc. are acting as the joint bookrunners for the proposed ADS offering.

The ADS offering has been made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at http://www.sec.gov. The ADS offering has been made only by means of a prospectus supplement and an accompanying prospectus included in the Form F-3. The Form F-3 and the prospectus supplement are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus may be obtained by contacting Deutsche Bank AG, Hong Kong Branch, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong; China International Capital Corporation Hong Kong Securities Limited 29/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong; or, US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, NY 10022, United States of America.

This announcement shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About UP Fintech Holding Limited

UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

For more information on the Company, please visit: https://ir.itigerup.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

For investor and media inquiries please contact:

Investor Relations Contact
UP Fintech Holding Limited
Email: ir@itiger.com

The MIL Network –

January 24, 2025

MIL-OSI: EBC Financial Group and the University of Oxford’s Department of Economics Announce WERD Episode on Macroeconomics and Climate

Source: GlobeNewswire (MIL-OSI)

OXFORD, United Kingdom, Oct. 23, 2024 (GLOBE NEWSWIRE) — EBC Financial Group (EBC) is proud to announce its continued collaboration with the University of Oxford’s Department of Economics for the 2024-2025 edition of the acclaimed “What Economists Really Do” (WERD) webinar series. The upcoming event will be the first WERD event to feature a dedicated panel discussion session in a hybrid setting, titled “Sustaining Sustainability: Balancing Economic Growth and Climate Resilience”. It also marks the second collaboration between EBC and the University of Oxford’s Department of Economics this year, following an earlier success in March. EBC’s ongoing collaboration with the University of Oxford’s Department of Economics builds on the success of their previous WERD webinar, which focused on The Economics of Tax Evasion. That session explored the impact of tax evasion on both global and local economies, highlighting the importance of financial literacy in addressing complex economic issues.

The hybrid event will take place on 14 November 2024 at the Sir Michael Dummett Lecture Theatre, Christ Church College, and will bring together prominent thought leaders to discuss the intersection of economic policies and environmental sustainability.

As global climate challenges intensify, this event comes at a critical time when the financial sector’s role in fostering sustainable development is under increased scrutiny. In today’s economic landscape, aligning financial strategies with environmental stewardship is essential. Through sponsoring this upcoming WERD episode, EBC will shift its focus toward addressing the pressing issues of climate resilience and sustainable economic growth. The panel discussion will explore how macroeconomic policies can help address some of the world’s most urgent environmental challenges while ensuring economic stability. This timely dialogue underscores EBC’s commitment to fostering discussions on how financial markets can lead the charge in sustainability.

David Barrett, CEO of EBC Financial Group (UK) Ltd, expressed his enthusiasm for the ongoing collaboration: “We are excited to partner once more with the University of Oxford’s Department of Economics for the second episode of the ‘What Economists Really Do’ webinar series for the 2024-2025 edition. This collaboration embodies our commitment to advancing academic research and addressing the pressing issue of climate change through macroeconomic perspectives. At EBC Financial Group, we believe in the power of strategic partnerships to drive meaningful change, and we are proud to support such an esteemed partner in a collective mission to shape a more sustainable future.”

Banu Demir Pakel, session moderator and the Associate Head of External Engagement and Associate Professor of Economics, added: “We are pleased to welcome EBC Financial Group back to sponsor another special episode of ‘What Economists Really Do’ (WERD). In the previous WERD episode, we welcomed David Barrett, CEO of EBC Financial Group (UK) Ltd to discuss ‘The Economics of Tax Evasion’—proving how invaluable industry insights can be to an academic discussion. On the basis of this success, we are looking forward to hosting a larger hybrid panel event with further guests from the industry, plus a keynote lecture from Professor Andrea Chiavari on the topic of ‘Macroeconomics and Climate.’ The Department of Economics is proud to facilitate thought-leadership discussions between academia and industry, and we are grateful for EBC’s ongoing support. We look forward to a prosperous event.”

The University of Oxford’s Department of Economics is globally celebrated for its rigorous academic research and significant contributions to economic policy. Attendees will gain valuable insights into how macroeconomic principles can align with sustainable growth objectives, informed by perspectives from both academia and the financial sector. With discussions that bridge the gap between theory and practice, this event will provide a forward-looking view of how economic policies can uplift environmental resilience and ensure global economic stability. Participants will also hear from industry leaders about the practical steps businesses and institutions can and are taking to achieve sustainable growth.

Embracing a Broader Vision of Sustainable Development
EBC Financial Group’s support for this initiative comes at a time of strategic global expansion. With a growing presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, and Sydney, as well as emerging markets in Southeast Asia, Latin America, Africa, and India, EBC is committed to empowering local markets with financial solutions that are both robust and sustainable. By engaging with leading academic institutions like the University of Oxford’s Department of Economics, EBC aims to strengthen its role as a catalyst for positive change in regions that are traditionally underserved by major financial institutions.

The proceeds from this year’s WERD event will support the Department and its goal to produce leading research and world-class education. Registration for the event is now open, offering both in-person and online access to accommodate a global audience. To reserve your spot, please visit this link.

About EBC Financial Group
Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

https://www.ebc.com/

Media Contact:

Savitha Ravindran
Global Public Relations Manager (EMEA, LATAM)
savitha.ravindran@ebc.com

Chyna Elvina
Global Public Relations Manager (APAC, LATAM)
chyna.elvina@ebc.com

Douglas Chew
Global Public Relations Lead
douglas.chew@ebc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aaaa905a-4c02-44a0-bf7d-b8be3dec4b36

The MIL Network –

January 24, 2025

MIL-OSI Europe: VATICAN/GENERAL AUDIENCE – Pope Francis: marriage needs the support of the Holy Spirit

Source: Agenzia Fides – MIL OSI

Wednesday, 23 October 2024

Vatican Media

Vatican City (Agenzia Fides) – “Never place a finger, never intervene, between husband and wife, says an Italian proverb. Yet, there is in fact a ‘finger’ to be placed between husband and wife, the ‘finger of God’: the Holy Spirit!”, said Pope Francis this morning, despite the heavy autumn rain, when he returned to St. Peter’s Square for the traditional Wednesday general Audience.The Pope thus continued the cycle of catechisms on the Holy Spirit and today he discussed the action of the third person of the Trinity in the sacrament of marriage.Pope Francis quotes the Fathers of the Church in this regard, in particular Saint Augustine, whose reflections start from the revelation that “God is love”, as we read in the New Testament. Love, said the Pope, presupposes “someone who loves; someone who is loved – and love itself that unites the two. In the Trinity, the Father is, the one who loves, the source and the beginning of everything; the Son is the one who is loved, and the Holy Spirit is the love that unites them”. “The God of Christians is therefore a ‘unique’ but not a solitary God; he is a unity of communion and love.”“What does the Holy Spirit have to do with marriage?” asks Pope Francis. “Very much, perhaps the essential thing, and I will now try to explain why! Christian marriage is the sacrament of the mutual gift of man and woman. This is how it was intended by the Creator. The human couple is therefore the first and most fundamental realization of the communion of love that is the Trinity”. The spouses too, the Pope stresses, “should form a first person plural, a ‘we’; they should face each other as ‘I’ and ‘you’ and appear to the rest of the world, including their children, as ‘we’. How much children need this unity of parents! How much the children of parents who separate suffer, how much they suffer!””However, in order to respond to this vocation,” Pope Francis continued, “marriage needs the support of the One who is the gift, or rather the gift par excellence.””Where the Holy Spirit enters, the capacity to give oneself is reborn.” “No one claims that such a union is an easy goal to achieve, least of all in today’s world. But this is the truth of things as the Creator intended them, and therefore lies in their nature,” the Pope said. “This is not a pious illusion: it is what the Holy Spirit has done in so many marriages – namely when spouses have decided to invoke him.” “It would therefore not be bad not only to give future married couples legal, psychological and moral information, but also to deepen the “spiritual” preparation of the engaged couple for marriage,” the Pope concluded.After the catechesis, Pope Francis addressed those present with two appeals. The first is addressed to all the faithful: “The month of October invites us to renew our active collaboration in the mission of the Church. Be missionaries of the Gospel everywhere, offering the spiritual support of prayer and your concrete help to those who strive to bring it to those who do not yet know it”.The second is for peace: “Let us pray for peace. Today I received the latest statistics on the victims of the war in Ukraine: It is terrible! War is irreconcilable; war is a defeat from the start.” And “Let us not forget Myanmar, let us not forget Palestine, which suffers inhuman attacks, let us not forget Israel and let us not forget all the nations at war. One number should frighten us: the most profitable investments today are the weapons factories. They make money from death. Let us pray for peace,” is the Pope’s appeal. (F.B.) (Agenzia Fides, 23/10/2024)
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MIL OSI Europe News –

January 24, 2025

MIL-OSI: Stock Yards Bancorp Reports Third Quarter Earnings of $29.4 Million or $1.00 Per Diluted Share

Source: GlobeNewswire (MIL-OSI)

LOUISVILLE, Ky., Oct. 23, 2024 (GLOBE NEWSWIRE) — Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported earnings of $29.4 million, or $1.00 per diluted share, for the third quarter ended September 30, 2024. This compares to net income of $27.1 million, or $0.92 per diluted share, for the third quarter of 2023. Continued strong loan growth and net interest margin expansion fueled third quarter operating results.



(dollar amounts in thousands, except per share data)	3Q24			2Q24			3Q23
Net income	$	29,360		$	27,598		$	27,092
Net income per share, diluted		1.00			0.94			0.92

Net interest income	$	64,979		$	62,022		$	61,315
Provision for credit losses⁽¹⁾		4,325			1,300			2,775
Non-interest income		24,797			23,655			22,896
Non-interest expenses		48,452			49,109			46,702

Net interest margin		3.33	%		3.26	%		3.34	%
Efficiency ratio⁽²⁾		53.92	%		57.26	%		55.38	%
Tangible common equity to tangible assets⁽³⁾		8.79	%		8.42	%		7.69	%
Annualized return on average assets⁽⁴⁾		1.39	%		1.35	%		1.38	%
Annualized return on average equity⁽⁴⁾		12.83	%		12.64	%		13.26	%

“Stock Yards delivered the best third quarter in our history, highlighted by strong loan demand and production, solid contributions from our non-interest income revenue sources and linked quarter net interest margin expansion,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “Total loans increased $661 million, or 12%, over the last 12 months, with $207 million of growth generated during the third quarter. We experienced growth within all loan categories and across all markets. Deposit balances expanded $323 million, or 5%, over the past 12 months, with balances growing $157 million, or 2%, during the third quarter. Deposit growth was also spread across all markets, enhanced by strategic time deposit marketing efforts. We continue to focus on organic growth, while avoiding brokered deposits and improving our funding position, which is contributing meaningfully to our net interest margin expansion.”

“Non-interest revenue once again contributed to our strong operating results for the third quarter of 2024, led by expansion in several categories,” Hillebrand continued. “Treasury management fees continued to benefit from customer base growth and increased transaction volume. WM&T income was boosted by estate fees and solid market conditions. In addition, mortgage, brokerage and card income all posted meaningful contributions. As previously mentioned, we are encouraged by our net interest margin improvement and prospects for continued expansion. Third quarter net interest margin expanded seven basis points on the linked quarter, boosted by substantial loan growth, higher interest earning asset yields and a moderating cost of funds expansion.”

As of September 30, 2024, the Company had $8.44 billion in assets, $6.28 billion in loans and $6.73 billion in total deposits. The Company’s combined enterprise, which encompasses 72 branch offices across three contiguous states, will continue to benefit from a diversified geographic footprint.

Key factors contributing to the third quarter of 2024 results included:

Total loans increased $661 million, or 12%, over the last 12 months, while growing $207 million, or 3%, on the linked quarter. Broad based loan growth during the quarter included increases in all markets and across all loan categories, with Construction Land & Development (CL&D) growth of $88 million posting the largest gain. The yield earned on loans increased to 6.17% for the third quarter of 2024, benefiting primarily from significant average loan balance growth.
Deposit balances expanded $323 million, or 5%, over the last 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Non-interest-bearing demand accounts declined $207 million, or 12%, while interest-bearing deposits grew $530 million, or 11%, led by time deposit growth. On the linked quarter, total deposits expanded $157 million, or 2%. Non-interest-bearing demand accounts increased $26 million, or 2%, while total interest-bearing deposit accounts increased $131 million, or 3%.
Net interest income increased $3.7 million, or 6%, for the third quarter of 2024 compared to the third quarter a year ago, with net interest margin compressing one basis point to 3.33%. On the linked quarter, net interest income increased $3.0 million, or 5%, while net interest margin expanded 7 basis points to 3.33%.
Provision for credit loss expense⁽¹⁾ of $4.3 million was recorded for the third quarter of 2024, primarily attributed to strong loan growth and deterioration within the Federal Reserve Bank’s unemployment rate forecast used in the CECL allowance model. Traditional credit quality statistics remained strong for the quarter.
Non-interest income increased $1.9 million, or 8%, over the third quarter of 2023. WM&T income expanded $901,000, or 9%, to $10.9 million, with strong estate fees and improved market conditions more than offsetting a decline in net new business expansion. Treasury management fees grew $304,000, or 12%, over the last 12 months to a record $2.9 million. Card income increased $213,000, or 4% over the third quarter of 2023 consistent with increased transaction volume. Other non-interest income increased $315,000 over the third quarter of 2023, mainly due to increased swap fees collected.
Total non-interest expenses increased $1.8 million, or 4%, during the third quarter of 2024 compared to the third quarter of 2023, and decreased $657,000, or 1%, on the linked quarter. Overall, non-interest expenses continued to track closely to management expectations.
Tangible common equity per share⁽³⁾ was $24.58 on September 30, 2024, compared to $23.22 on June 30, 2024, and $20.17 on September 30, 2023.

Hillebrand concluded, “In September, we were one of only 30 banks in the U.S. to be named a “Sm-All Star” in Piper Sandler’s annual list of top-performing small-cap banks and thrifts in its “Class of 2024.” This elite annual list reflects the top banks in the industry across various metrics including growth, profitability, credit quality and capital strength. We are honored to be recognized by Piper Sandler as one of the top performing community banks in the nation, a testament to the solid foundation we have built to generate long term growth. Being named to this prestigious group is a noteworthy recognition of the hard work and dedication of the entire Stock Yards team.” Stock Yards Bancorp has been named to Piper Sandler’s Sm-All Stars list six times in 2008, 2011, 2019, 2020, 2022 and 2024.

Results of Operations – Third Quarter 2024, Compared with Third Quarter 2023

Net interest income, the Company’s largest source of revenue, increased by $3.7 million, or 6%, to $65.0 million. Strong organic loan growth and correlating interest income expansion contributed to net interest income growth.

Total interest income increased by $16.8 million, or 19%, to $105.7 million.
- Interest income and fees on loans increased $17.5 million, or 22%, over the prior year quarter. Consistent with the $688 million, or 13%, increase in average loans and interest rate expansion, the average quarterly yield earned on loans increased 51 basis points over the past 12 months to 6.17%.
- Interest income on securities decreased $1.1 million, or 13%, compared to the third quarter of 2023. While average securities balances have declined $235 million, or 14%, over the past 12 months, the rate earned on securities improved three basis points to 2.07%. Over the past 12 months, cash flows from investment portfolio maturities and pay downs have been utilized to fund loan growth and in lieu of redeployment into the portfolio.
- Interest income on overnight funds increased $306,000, or 19%, consistent with the $24 million quarter over prior year quarter average balance increase.
Total interest expense increased $13.1 million, or 48%, to $40.7 million, as the cost of interest-bearing liabilities increased 68 basis points to 2.84%. For the sixth consecutive linked quarter end, the pace of expansion of total interest-bearing liability costs has slowed.
- Interest expense on deposits increased $12.6 million over the past 12 months, as the overall cost of interest- bearing deposits increased to 2.68% in the third quarter of 2024 from 1.88% in the third quarter of 2023. Interest expense expansion was spread over most deposit categories, with time deposits and money market interest expense expanding the most at $5.5 million and $4.1 million, respectively.
- Interest expense on Federal Home Loan Bank (FHLB) advances increased $292,000, or 6%, with the cost of funds declining 37 basis points to 4.49%. Consistent with third quarter investment securities maturities, the Bank relied less on overnight advances during the third quarter of 2024.

For the third quarter of 2024, consistent with strong loan growth, a deterioration in unemployment rate projections and a slight increase in net charge-offs, offset by a reduction in specific reserves and other factors within the CECL allowance model, the Company recorded provision expense ⁽¹⁾ of $4.3 million for loans. In addition, no provision expense for off balance sheet exposures was recorded. For the third quarter of 2023, the Company recorded $2.3 million in provision expense for loans and $475,000 of provision expense for off balance sheet exposures associated with expansion of C&LD and Commercial & Industrial (C&I) lines of credit.

Non-interest income increased $1.9 million, or 8%, to $24.8 million compared to the third quarter of 2023.

WM&T income ended the third quarter of 2024 at $10.9 million, increasing $901,000, or 9%, over the third quarter of 2023. Despite positive equity market performance and strong estate fee revenue, WM&T income was muted by negative net new business.
Compared to the third quarter of 2023, treasury management fees increased $304,000, or 12%, to a record $2.9 million. The consistent treasury management growth has been driven by strong transaction volume, organic growth, modified fee schedules, strong foreign exchange income and new product sales.
Card income increased $213,000, or 4%, over the third quarter of 2023. Credit card interchange income and annual merchant incentives drove credit card income to a record $1.7 million. In addition, debit card income also posted growth over the prior period.
Other non-interest income, which includes swap fees, letter of credit fees and OREO activity, increased by $315,000. While swap fee income was strong in the third quarter of 2024, the Company’s Insurance Captive, which was not renewed in 2024, contributed approximately $302,000 to other non-interest income in the third quarter of 2023.

Non-interest expenses, which tracked closely with management expectations, increased $1.8 million, or 4%, compared to the third quarter of 2023, to $48.5 million.

Compensation and benefits expense increased $2.3 million, or 9%, compared to the third quarter of 2023, consistent with annual merit-based increases and increased bonus levels, partially offset by lower health insurance claims.
Technology and communication expenses, which include computer software amortization, equipment depreciation and expenditures related to investments in technology needed to maintain and improve the quality of customer delivery channels, information security and internal resources, increased $264,000, or 6%, consistent with software upgrades and increased compliance-related expense.
Card processing expense increased $208,000, or 13%. Debit card interchange expense increased $103,000 while credit card expense increased $105,000, consistent with transaction growth and fraud mitigation efforts.
Amortization of investments in tax credit partnerships declined $323,000 compared to the third quarter of 2023. Effective January 1, 2024, the Bank adopted ASU 2023-02 and began booking tax credit amortization expense for all income tax credit projects as a component of tax expense via the proportional amortization method.
Other non-interest expenses declined $831,000, or 31%, compared to the third quarter of 2023, primarily due to modifications made to the corporate credit card reward program and significant declines in check and card losses, as well as the Company’s strategic decision to exit its Insurance Captive, which contributed $275,000 in expense to the third quarter of 2023.

Financial Condition – September 30, 2024, Compared with September 30, 2023

Total assets increased $534 million, or 7%, year over year to $8.44 billion.

Total loans increased $661 million, or 12%, to $6.28 billion, with growth spread across all categories and markets. Total line of credit usage ended at 43.2% as of September 30, 2024, compared to 38.8% as of September 30, 2023, boosted by increased CL&D and C&I line usage. C&I line of credit usage expanded to 31.8% as of period end.

Total investment securities decreased $229 million, or 16%, year over year. The overall portfolio yield was 2.07% for the third quarter of 2024, compared to 2.04% for the third quarter of 2023. Over the past 12 months, cash flows from the investment portfolio have been utilized to fund loan growth and provide liquidity in lieu of redeployment.

Total deposits increased $323 million, or 5%, over the past 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Non-interest-bearing demand accounts declined $207 million, or 12%, while interest-bearing deposits grew $530 million, or 11%, led by $313 million of time deposit growth and $174 million of growth in money market balances.

Non-performing loans totaled $17 million, or 0.27% of total loans outstanding on September 30, 2024, compared to $17 million, or 0.31% of total loans outstanding on September 30, 2023. The ratio of allowance for credit losses to loans ended at 1.36% on September 30, 2024, compared to 1.39% on September 30, 2023.

As of September 30, 2024, the Company continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with all capital ratios experiencing meaningful growth. Total equity to assets⁽³⁾ was 11.07% and the tangible common equity ratio⁽³⁾ was 8.79% on September 30, 2024, compared to 10.21% and 7.69% on September 30, 2023, respectively.

In August 2024, the board of directors increased the quarterly cash dividend to $0.31 per common share. The dividend was paid October 1, 2024, to shareholders of record as of September 16, 2024.

No shares have been purchased since 2020, and approximately 741,000 shares remain eligible for repurchase under the current buy-back plan, which expires in May 2025.

Results of Operations – Third Quarter 2024, Compared with Second Quarter 2024

Net interest margin improved seven basis points on the linked quarter to 3.33%, boosted by strong loan growth, higher interest earning asset yields and a slow-down in cost of funds expansion.

Net interest income increased $3.0 million, or 5%, over the prior quarter to $65.0 million.

Total interest income increased $5.4 million, or 5%.
- Interest income, including fees, on loans increased $5.7 million, or 6%. Average loans increased $201 million, or 3%, and the corresponding yield earned increased 11 basis points to 6.17%.
Total interest expense increased $2.5 million, or 6%.
- Interest expense on deposits increased $2.4 million, or 8%, led by a $76 million increase in average interest-bearing deposits concentrated within the time and money market categories.

The Company recorded $4.3 million in provision for credit losses on loans⁽¹⁾ and no credit loss expense for off-balance sheet exposures during the third quarter of 2024. During the second quarter of 2024, the Company recorded $1.3 million in provision for credit losses, which included a $1.1 million provision for credit losses on loans and $225,000 of credit loss expense for off-balance sheet exposures.

Non-interest income increased $1.1 million, or 5%, on the linked quarter, with increases in nearly every category.

Non-interest expenses decreased $657,000 to $48.5 million, as increases in compensation expense were more than offset by decreases in employee benefits, marketing and business development and technology and communication expenses.

Financial Condition – September 30, 2024, Compared with June 30, 2024

Total assets increased $122 million, or 1%, on the linked quarter to $8.44 billion.

Total loans expanded $207 million, or 3%, on the linked quarter, led by increases in nearly every loan category. Total line of credit usage was 43.2% as of September 30, 2024, compared to 41.1% as of June 30, 2024. C&I line of credit usage totaled 31.8% as of September 30, 2024, compared to 30.8% as of June 30, 2024.

Total deposits increased $157 million, or 2%, on the linked quarter. Non-interest-bearing demand accounts increased $26 million, or 2%, while total interest-bearing deposit accounts increased $131 million, or 3%. Time deposits increased by $119 million and money market balances increased by $82 million on the linked quarter.

About the Company

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $8.44 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on The Nasdaq Stock Market under the symbol “SYBT.”

This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company’s management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its banking subsidiary operates; competition for the Company’s customers from other providers of financial services; changes in, or forecasts of, future political and economic conditions, inflation and efforts to control it; government legislation and regulation, which change and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company’s customers; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. Refer to Stock Yards’ Annual Report on Form 10-K for the year ended December 31, 2023, as well as its other filings with the SEC for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.


Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release
(In thousands unless otherwise noted)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Income Statement Data	2024			2023			2024			2023

Net interest income, fully tax equivalent (5)	$	65,064		$	61,437		$	187,344		$	185,757
Interest income:
Loans	$	95,689		$	78,234		$	271,547		$	219,329
Federal funds sold and interest bearing due from banks	(1,946		)	(1,640		)	(6,199		)	(4,885		)
Mortgage loans held for sale	47			55			152			173
Federal Home Loan Bank stock	663			499			1,601			939
Investment securities	7,377			8,497			23,072			26,129
Total interest income	105,722			88,925			302,571			251,455
Interest expense:
Deposits	33,997			21,360			97,486			51,940
Securities sold under agreements to repurchase	937			597			2,639			1,429
Federal funds purchased	120			157			395			504
Federal Home Loan Bank advances	5,209			4,917			13,469			10,613
Subordinated debentures	480			579			1,511			1,653
Total interest expense	40,743			27,610			115,500			66,139
Net interest income	64,979			61,315			187,071			185,316
Provision for credit losses (1)	4,325			2,775			7,050			7,750
Net interest income after provision for credit losses	60,654			58,540			180,021			177,566
Non-interest income:
Wealth management and trust services	10,931			10,030			32,497			29,703
Deposit service charges	2,314			2,272			6,630			6,622
Debit and credit card income	5,083			4,870			14,688			14,064
Treasury management fees	2,939			2,635			8,389			7,502
Mortgage banking income	1,112			814			3,077			2,882
Net investment product sales commissions and fees	915			791			2,580			2,345
Bank owned life insurance	634			569			1,817			1,677
Gain (loss) on sale of premises and equipment	(59		)	302			(39		)	75
Other	928			613			2,084			2,933
Total non-interest income	24,797			22,896			71,723			67,803
Non-interest expenses:
Compensation	25,534			23,379			74,389			67,382
Employee benefits	4,629			4,508			15,591			14,622
Net occupancy and equipment	3,775			3,821			11,264			11,234
Technology and communication	4,500			4,236			14,463			12,706
Debit and credit card processing	1,845			1,637			5,402			4,762
Marketing and business development	1,438			1,357			4,109			4,236
Postage, printing and supplies	901			938			2,740			2,701
Legal and professional	968			1,049			3,268			2,665
FDIC insurance	1,095			937			3,368			2,851
Capital and deposit based taxes	825			629			2,128			1,875
Intangible amortization	1,052			1,167			3,155			3,519
Amortization of investments in tax credit partnerships	–			323			–			970
Other	1,890			2,721			6,645			8,293
Total non-interest expenses	48,452			46,702			146,522			137,816
Income before income tax expense	36,999			34,734			105,222			107,553
Income tax expense	7,639			7,642			22,377			23,749
Net income	$	29,360		$	27,092		$	82,845		$	83,804

Net income per share – Basic	$	1.00		$	0.93		$	2.83		$	2.87
Net income per share – Diluted	1.00			0.92			2.82			2.86
Cash dividend declared per share	0.31			0.30			0.91			0.88

Weighted average shares – Basic	29,299			29,223			29,277			29,208
Weighted average shares – Diluted	29,445			29,336			29,396			29,347

							September 30,
Balance Sheet Data							2024			2023

Investment securities							$	1,236,744		$	1,465,463
Loans							6,278,133			5,617,084
Allowance for credit losses on loans							85,343			78,075
Total assets							8,437,280			7,903,430
Non-interest bearing deposits							1,508,203			1,714,918
Interest bearing deposits							5,217,870			4,687,889
Federal Home Loan Bank advances							325,000			350,000
Accumulated other comprehensive income (loss)							(75,273		)	(127,905		)
Stockholders’ equity							934,094			806,918

Total shares outstanding							29,414			29,323
Book value per share (3)							$	31.76		$	27.52
Tangible common equity per share (3)							24.58			20.17
Market value per share							61.99			39.29

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Average Balance Sheet Data	2024			2023			2024			2023

Federal funds sold and interest bearing due from banks	$	148,818		$	124,653		$	153,755		$	132,421
Mortgage loans held for sale	4,862			7,112			5,230			7,333
Investment securities	1,424,815			1,659,888			1,498,092			1,710,838
Federal Home Loan Bank stock	31,193			27,290			27,364			22,663
Loans	6,174,309			5,486,262			5,986,366			5,337,493
Total interest earning assets	7,783,997			7,305,205			7,670,807			7,210,748
Total assets	8,384,605			7,805,154			8,262,017			7,660,658
Non-interest bearing deposits	1,510,515			1,731,724			1,508,947			1,796,586
Interest bearing deposits	5,047,771			4,509,411			5,026,185			4,468,160
Total deposits	6,558,286			6,241,135			6,535,132			6,264,746
Securities sold under agreements to repurchase	156,865			127,063			156,392			120,740
Federal funds purchased	8,480			11,776			9,585			13,857
Federal Home Loan Bank advances	461,141			401,630			392,609			305,220
Subordinated debentures	26,806			26,606			26,802			26,508
Total interest bearing liabilities	5,701,063			5,076,486			5,611,573			4,934,485
Accumulated other comprehensive income (loss)	(88,362		)	(112,329		)	(94,560		)	(107,374		)
Total stockholders’ equity	910,274			810,710			883,267			796,172

Performance Ratios
Annualized return on average assets (4)	1.39		%	1.38		%	1.34		%	1.46		%
Annualized return on average equity (4)	12.83		%	13.26		%	12.53		%	14.07		%
Net interest margin, fully tax equivalent	3.33		%	3.34		%	3.26		%	3.44		%
Non-interest income to total revenue, fully tax equivalent	27.59		%	27.15		%	27.69		%	26.74		%
Efficiency ratio, fully tax equivalent (2)	53.92		%	55.38		%	56.56		%	54.35		%

Capital Ratios
Total stockholders’ equity to total assets (3)							11.07		%	10.21		%
Tangible common equity to tangible assets (3)							8.79		%	7.69		%
Average stockholders’ equity to average assets							10.69		%	10.39		%
Total risk-based capital							12.73		%	12.71		%
Common equity tier 1 risk-based capital							11.16		%	11.17		%
Tier 1 risk-based capital							11.52		%	11.57		%
Leverage							10.05		%	9.80		%

Loan Segmentation
Commercial real estate – non-owner occupied							$	1,686,448		$	1,508,615
Commercial real estate – owner occupied							949,538			945,122
Commercial and industrial							1,379,293			1,251,027
Residential real estate – owner occupied							783,337			696,162
Residential real estate – non-owner occupied							381,051			350,386
Construction and land development							674,918			480,120
Home equity lines of credit							236,819			203,184
Consumer							143,684			143,703
Leases							16,760			14,710
Credit cards							26,285			24,055
Total loans and leases							$	6,278,133		$	5,617,084

Asset Quality Data
Non-accrual loans							$	16,288		$	17,227
Modifications to borrowers experiencing financial difficulty							–			–
Loans past due 90 days or more and still accruing							870			1
Total non-performing loans							17,158			17,228
Other real estate owned							10			427
Total non-performing assets							$	17,168		$	17,655
Non-performing loans to total loans							0.27		%	0.31		%
Non-performing assets to total assets							0.20		%	0.22		%
Allowance for credit losses on loans to total loans							1.36		%	1.39		%
Allowance for credit losses on loans to average loans							1.43		%	1.46		%
Allowance for credit losses on loans to non-performing loans							497		%	453		%
Net (charge-offs) recoveries	$	(1,137	)	$	(1,935	)	$	(606	)	$	(2,156	)
Net (charge-offs) recoveries to average loans (6)	-0.02		%	-0.04		%	-0.01		%	-0.04		%

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release

	Quarterly Comparison
Income Statement Data	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23

Net interest income, fully tax equivalent (5)	$	65,064		$	62,113		$	60,167		$	62,112		$	61,437
Net interest income	$	64,979		$	62,022		$	60,070		$	62,016		$	61,315
Provision for credit losses (1)	4,325			1,300			1,425			6,046			2,775
Net interest income after provision for credit losses	60,654			60,722			58,645			55,970			58,540
Non-interest income:
Wealth management and trust services	10,931			10,795			10,771			10,099			10,030
Deposit service charges	2,314			2,180			2,136			2,244			2,272
Debit and credit card income	5,083			4,923			4,682			5,374			4,870
Treasury management fees	2,939			2,825			2,625			2,531			2,635
Mortgage banking income	1,112			1,017			948			823			814
Loss on sale of securities	–			–			–			(44		)	–
Net investment product sales commissions and fees	915			800			865			860			791
Bank owned life insurance	634			595			588			576			569
Gain (loss) on sale of premises and equipment	(59		)	20			–			(105		)	302
Other	928			500			656			2,059			613
Total non-interest income	24,797			23,655			23,271			24,417			22,896
Non-interest expenses:
Compensation	25,534			24,634			24,221			24,494			23,379
Employee benefits	4,629			5,086			5,876			3,829			4,508
Net occupancy and equipment	3,775			3,819			3,670			5,150			3,821
Technology and communication	4,500			4,894			5,069			4,612			4,236
Debit and credit card processing	1,845			1,811			1,746			1,719			1,637
Marketing and business development	1,438			1,596			1,075			1,754			1,357
Postage, printing and supplies	901			913			926			903			938
Legal and professional	968			1,185			1,115			1,293			1,049
FDIC insurance	1,095			1,161			1,112			1,060			937
Capital and deposit based taxes	825			673			630			601			629
Intangible amortization	1,052			1,051			1,052			1,167			1,167
Amortization of investments in tax credit partnerships	–			–			–			324			323
Other	1,890			2,286			2,469			3,107			2,721
Total non-interest expenses	48,452			49,109			48,961			50,013			46,702
Income before income tax expense	36,999			35,268			32,955			30,374			34,734
Income tax expense	7,639			7,670			7,068			6,430			7,642
Net income	$	29,360		$	27,598		$	25,887		$	23,944		$	27,092


Net income per share – Basic	$	1.00		$	0.94		$	0.89		$	0.82		$	0.93
Net income per share – Diluted	1.00			0.94			0.88			0.82			0.92
Cash dividend declared per share	0.31			0.30			0.30			0.30			0.30

Weighted average shares – Basic	29,299			29,283			29,250			29,226			29,223
Weighted average shares – Diluted	29,445			29,383			29,361			29,331			29,336

	Quarterly Comparison
Balance Sheet Data	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23

Cash and due from banks	$	108,825		$	85,441		$	71,676		$	94,466		$	79,538
Federal funds sold and interest bearing due from banks	144,241			118,910			88,547			171,493			113,499
Mortgage loans held for sale	4,822			6,438			6,462			6,056			6,535
Investment securities	1,236,744			1,342,354			1,379,212			1,471,016			1,465,453
Federal Home Loan Bank stock	29,419			31,462			24,675			16,236			26,241
Loans	6,278,133			6,070,963			5,849,715			5,771,038			5,617,084
Allowance for credit losses on loans	85,343			82,155			80,897			79,374			78,075
Goodwill	194,074			194,074			194,074			194,074			194,074
Total assets	8,437,280			8,315,325			8,123,128			8,170,102			7,903,430
Non-interest bearing deposits	1,508,203			1,482,514			1,481,217			1,548,624			1,714,918
Interest bearing deposits	5,217,870			5,086,724			5,127,863			5,122,124			4,687,889
Securities sold under agreements to repurchase	149,852			152,948			162,528			152,991			113,894
Federal funds purchased	6,442			10,029			9,961			12,852			11,518
Federal Home Loan Bank advances	325,000			400,000			200,000			200,000			350,000
Subordinated debentures	26,806			26,806			26,806			26,740			26,641
Accumulated other comprehensive income (loss)	(75,273		)	(94,980		)	(95,054		)	(92,798		)	(127,905		)
Stockholders’ equity	934,094			894,535			874,711			858,103			806,918

Total shares outstanding	29,414			29,388			29,393			29,329			29,323
Book value per share (3)	31.76			$	30.44		$	29.76		$	29.26		$	27.52
Tangible common equity per share (3)	24.58			23.22			22.50			21.95			20.17
Market value per share	61.99			49.67			48.91			51.49			39.29

Capital Ratios
Total stockholders’ equity to total assets (3)	11.07		%	10.76		%	10.77		%	10.50		%	10.21		%
Tangible common equity to tangible assets (3)	8.79		%	8.42		%	8.36		%	8.09		%	7.69		%
Average stockholders’ equity to average assets	10.86		%	10.65		%	10.56		%	10.07		%	10.39		%
Total risk-based capital	12.73		%	12.62		%	12.69		%	12.56		%	12.71		%
Common equity tier 1 risk-based capital	11.16		%	11.07		%	11.11		%	11.04		%	11.17		%
Tier 1 risk-based capital	11.52		%	11.43		%	11.49		%	11.43		%	11.57		%
Leverage	10.05		%	9.95		%	9.82		%	9.62		%	9.80		%

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release

	Quarterly Comparison
Average Balance Sheet Data	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23

Federal funds sold and interest bearing due from banks	$	148,818		$	158,512		$	153,990		$	258,950		$	124,653
Mortgage loans held for sale	4,862			6,204			4,629			5,305			7,112
Investment securities	1,424,815			1,491,865			1,578,401			1,618,799			1,659,888
Federal Home Loan Bank stock	31,193			29,735			21,121			20,519			27,290
Loans	6,174,309			5,973,801			5,808,924			5,676,193			5,486,262
Total interest earning assets	7,783,997			7,660,117			7,567,065			7,579,766			7,305,205
Total assets	8,384,605			8,246,735			8,153,364			8,116,569			7,805,154
Non-interest bearing deposits	1,510,515			1,515,708			1,500,602			1,663,962			1,731,724
Interest bearing deposits	5,047,771			4,971,804			5,058,743			5,025,240			4,509,411
Total deposits	6,558,286			6,487,512			6,559,345			6,689,202			6,241,135
Securities sold under agreement to repurchase	156,865			147,327			164,979			130,148			127,063
Federal funds purchased	8,480			10,127			10,161			13,606			11,776
Federal Home Loan Bank advances	461,141			441,484			274,451			205,435			401,630
Subordinated debentures	26,806			26,806			26,794			26,706			26,606
Total interest bearing liabilities	5,701,063			5,597,548			5,535,128			5,401,135			5,076,486
Accumulated other comprehensive income (loss)	(88,362		)	(99,640		)	(95,747		)	(125,843		)	(112,329		)
Total stockholders’ equity	910,274			878,233			861,029			817,682			810,710

Performance Ratios
Annualized return on average assets (4)	1.39		%	1.35		%	1.28		%	1.17		%	1.38		%
Annualized return on average equity (4)	12.83		%	12.64		%	12.09		%	11.62		%	13.26		%
Net interest margin, fully tax equivalent	3.33		%	3.26		%	3.20		%	3.25		%	3.34		%
Non-interest income to total revenue, fully tax equivalent	27.59		%	27.58		%	27.89		%	28.22		%	27.15		%
Efficiency ratio, fully tax equivalent (2)	53.92		%	57.26		%	58.68		%	57.80		%	55.38		%

Loans Segmentation
Commercial real estate – non-owner occupied	$	1,686,448		$	1,652,614		$	1,609,483		$	1,561,689		$	1,508,615
Commercial real estate – owner occupied	949,538			943,013			931,973			907,424			945,122
Commercial and industrial	1,379,293			1,356,970			1,293,696			1,307,128			1,251,027
Residential real estate – owner occupied	783,337			749,870			723,234			708,893			696,162
Residential real estate – non-owner occupied	381,051			365,846			360,958			358,715			350,386
Construction and land development	674,918			586,820			532,183			531,324			480,120
Home equity lines of credit	236,819			223,304			212,443			211,390			203,184
Consumer	143,684			151,221			145,022			145,340			143,703
Leases	16,760			17,258			16,619			15,503			14,710
Credit cards	26,285			24,047			24,104			23,632			24,055
Total loans and leases	$	6,278,133		$	6,070,963		$	5,849,715		$	5,771,038		$	5,617,084

Asset Quality Data
Non-accrual loans	$	16,288		$	17,371		$	13,984		$	19,058		$	17,227
Modifications to borrowers experiencing financial difficulty	–			–			–			–			–
Loans past due 90 days or more and still accruing	870			186			106			110			1
Total non-performing loans	17,158			17,557			14,090			19,168			17,228
Other real estate owned	10			10			10			10			427
Total non-performing assets	$	17,168		$	17,567		$	14,100		$	19,178		$	17,655
Non-performing loans to total loans	0.27		%	0.29		%	0.24		%	0.33		%	0.31		%
Non-performing assets to total assets	0.20		%	0.21		%	0.17		%	0.23		%	0.22		%
Allowance for credit losses on loans to total loans	1.36		%	1.35		%	1.38		%	1.38		%	1.39		%
Allowance for credit losses on loans to average loans	1.38		%	1.38		%	1.39		%	1.40		%	1.42		%
Allowance for credit losses on loans to non-performing loans	497		%	468		%	574		%	414		%	453		%
Net (charge-offs) recoveries	$	(1,137	)	$	183		$	348		$	(4,472	)	$	(1,935	)
Net (charge-offs) recoveries to average loans (6)	-0.02		%	0.00		%	0.01		%	-0.08		%	-0.04		%

Other Information
Total WM&T assets under management (in millions)	$	7,317		$	7,479		$	7,496		$	7,160		$	6,670
Full-time equivalent employees	1,068			1,051			1,062			1,075			1,056

(1) – Detail of Provision for credit losses follows:
	Quarterly Comparison
(in thousands)	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23
Provision for credit losses – loans	$	4,325		$	1,075		$	1,175		$	5,771		$	2,300
Provision for credit losses – off balance sheet exposures	–			225			250			275			475
Total provision for credit losses	$	4,325		$	1,300		$	1,425		$	6,046		$	2,775

(2) – The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income.
	Quarterly Comparison
(Dollars in thousands)	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23
Total non-interest expenses (a)	$	48,452		$	49,109		$	48,961		$	50,013		$	46,702

Total net interest income, fully tax equivalent	$	65,064		$	62,113		$	60,167		$	62,112		$	61,437
Total non-interest income	24,797			23,655			23,271			24,417			22,896
Total revenue – Non-GAAP (b)	89,861			85,768			83,438			86,529			84,333

Efficiency ratio – Non-GAAP (a/b)	53.92		%	57.26		%	58.68		%	57.80		%	55.38		%

(3) – The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:
	Quarterly Comparison
(In thousands, except per share data)	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23
Total stockholders’ equity – GAAP (a)	$	934,094		$	894,535		$	874,711		$	858,103		$	806,918
Less: Goodwill	(194,074		)	(194,074		)	(194,074		)	(194,074		)	(194,074		)
Less: Core deposit and other intangibles	(17,149		)	(18,201		)	(19,252		)	(20,304		)	(21,471		)
Tangible common equity – Non-GAAP (c)	$	722,871		$	682,260		$	661,385		$	643,725		$	591,373

Total assets – GAAP (b)	$	8,437,280		$	8,315,325		$	8,123,128		$	8,170,102		$	7,903,430
Less: Goodwill	(194,074		)	(194,074		)	(194,074		)	(194,074		)	(194,074		)
Less: Core deposit and other intangibles	(17,149		)	(18,201		)	(19,252		)	(20,304		)	(21,471		)
Tangible assets – Non-GAAP (d)	$	8,226,057		$	8,103,050		$	7,909,802		$	7,955,724		$	7,687,885

Total stockholders’ equity to total assets – GAAP (a/b)	11.07		%	10.76		%	10.77		%	10.50		%	10.21		%
Tangible common equity to tangible assets – Non-GAAP (c/d)	8.79		%	8.42		%	8.36		%	8.09		%	7.69		%

Total shares outstanding (e)	29,414			29,388			29,393			29,329			29,323

Book value per share – GAAP (a/e)	$	31.76		$	30.44		$	29.76		$	29.26		$	27.52
Tangible common equity per share – Non-GAAP (c/e)	24.58			23.22			22.50			21.95			20.17

(4) – Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity.

(5) – Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.

(6) – Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.

Contact:	T. Clay Stinnett
	Executive Vice President,
	Treasurer and Chief Financial Officer
	(502) 625-0890

The MIL Network –

January 24, 2025

MIL-OSI Asia-Pac: First dinosaur fossils found in HK

Source: Hong Kong Information Services

Dinosaur fossils initially confirmed to be dated to the Cretaceous period were discovered for the first time on Port Island in the Hong Kong UNESCO Global Geopark in the northeastern waters of Hong Kong, the Development Bureau (DEVB) today announced.

The bureau also today signed a framework agreement with the Institute of Vertebrate Paleontology & Paleoanthropology (IVPP) of the Chinese Academy of Sciences to conduct scientific research, specimen management and identification, training, and exchanges in the fields of palaeontology, palaeoanthropology and palaeolithic sites.

Witnessed by Secretary for Development Bernadette Linn, the Framework Agreement on Deepening Exchange & Collaboration regarding Stratigraphy, Palaeontology & Prehistoric Sites was signed by the DEVB’s Commissioner for Heritage Ivanhoe Chang and IVPP Vice Director Liu Jun, with the study of dinosaur fossils discovered on Port Island as the inaugural project under the framework agreement.

Ms Linn said the discovery is of great significance and provides new evidence for research on palaeoecology in Hong Kong.

In March, the DEVB’s Antiquities & Monuments Office (AMO) was informed by the Agriculture, Fisheries & Conservation Department (AFCD) that the sedimentary rock on Port Island might contain suspected vertebrate fossils.

The DEVB then commissioned experts from the IVPP to come to Hong Kong to conduct field investigations, study fossil specimens, recommend management plans and discuss follow-up actions.

Experts from the IVPP and officers from the DEVB, the AMO and the AFCD conducted site visits to Port Island to collect specimens which contain suspected vertebrate fossils.

After taking a preliminary osteohistological analysis of specimens by the IVPP experts, the specimens have been identified as large aged dinosaur bone fossils.

Thereafter, IVPP experts prepared specimens containing dinosaur bone fossils, and it was initially confirmed that the fossils dated to the Cretaceous period about 145 million to 66 million years ago. Further studies will have to be conducted to confirm the species of the dinosaur.

The AMO, the AFCD and the IVPP will jointly take forward the study of dinosaur fossils, including excavation of the fossils on Port Island and preparation of the fossils.

They will also collaborate with universities in Hong Kong and other places to conduct scientific research, and construct the story of dinosaurs in Hong Kong.

The AMO will hold talks tomorrow afternoon at the Heritage Discovery Centre, where experts from the IVPP will talk about dinosaurs in China and relevant research. Participants will have the chance to preview the dinosaur fossils afterwards.

The dinosaur fossils will be on public display at the centre from Friday. In addition, the temporary workshop and exhibition space being built at the centre is expected to open by the end of this year for the public to observe the experts’ preparation work and the fossils prepared.

The Government will also devise plans for the long-term display of the fossils to enhance the public’s interest and knowledge in palaeontology.

To facilitate future investigations, excavations and research on Port Island, the Director of Agriculture, Fisheries & Conservation announced the closure of the entire area of Port Island within Plover Cove (Extension) Country Park from today until further notice. Patrols have been arranged together with Marine Police.

During the closure, no person shall land or enter Port Island, except for approved experts and relevant personnel. Offenders are liable on conviction to a maximum fine of $2,000 and imprisonment for three months.

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Economics: Galaxy AI to Support 20 Languages by End of 2024

Source: Samsung

Samsung Electronics Co., Ltd. today announced the upcoming expansion of four new languages for Galaxy AI1: Turkish, Dutch, Swedish and Romanian. Existing supported languages will also expand to cover additional dialects in traditional Chinese and Portuguese (Europe). This expanded support will begin rolling out from the end of October.
Galaxy AI currently supports 16 languages2, and by the end of the year that number will go up to 20 with these new additions. This update means even more users will be able to lower language barriers and step into a larger world with the power of Galaxy AI. The new languages and dialects will be available for download as language packs from the Settings app of compatible Galaxy devices.
For more information about Galaxy AI, please visit: Samsung Newsroom, Samsungmobilepress.com or Samsung.com.

1 Galaxy AI features by Samsung will be provided for free until the end of 2025 on supported Samsung Galaxy devices.
2 Supported languages include Arabic, Chinese (China mainland, Hong Kong), English (Australia, India, United Kingdom, United States), French (Canada, France), German, Hindi, Indonesian, Italian, Japanese, Korean, Polish, Portuguese (Brazil), Russian, Spanish (Mexico, Spain, United States), Thai and Vietnamese.

MIL OSI Economics –

January 24, 2025

MIL-OSI: Westport to Issue Q3 2024 Financial Results on November 12, 2024

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Oct. 23, 2024 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) (“Westport” or “The Company”) announces that the Company will release financial results for the third quarter of 2024 on Tuesday, November 12, 2024, after market close. A conference call and webcast to discuss the financial results and other corporate developments will be held on Wednesday, November 13, 2024.

Time: 10:00 a.m. ET (7:00 a.m. PT)
Call Link: https://register.vevent.com/register/BI0e453d34cd1c4f7da856b4eec14f0d4c
Webcast: https://investors.wfsinc.com

Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

The webcast will be archived on Westport’s website and a replay will be available at https://investors.wfsinc.com.

About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit http://www.wfsinc.com.

Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com

The MIL Network –

January 24, 2025

Category: Asia

Dr. Mansukh Mandaviya Chairs Stakeholders Consultation Meeting with Athletes and Coaches on Draft National Sports Governance Bill 2024More we empower our coaches, the better they will be able to produce outstanding athletes for the nation: Dr. Mandaviya

IFFI 2024 celebrates Australia’s Rich Film Traditions and Vibrant Cinema CultureAustralia to be the “Country of Focus” at the 55th edition of the International Film Festival of India

Shri Dharmendra Pradhan addresses Australian International Education ConferenceShri Dharmendra Pradhan holds a bilateral meeting with his Australian counterpart Hon. Jason Clare, MP in Melbourne

ICG implements preventive measures in view of Cyclone Dana’s likely landfall along West Bengal & Odisha coasts Vessels & aircraft strategically positioned; Weather warnings & safety advisories being broadcast; Disaster relief teams on standby

Union Food and Consumer Affairs Minister Shri Pralhad Joshi launches retail of Bharat Chana Dal Phase – II in Delhi-NCR by flagging off mobile vansChana Dal at MRP Rs.70 per kg and Chana Whole at Rs.58 per kg is made available to consumers from 3 lakh ton of Chana stock

Union Minister, Ministry of Panchayati Raj, Shri Rajiv Ranjan Singh to Launch “Weather Forecasts at the Gram Panchayat Level” on 24th October 2024 at Vigyan Bhawan, New DelhiVillages to become Climate Resilient: Weather Forecasts will now be Available to Gram Panchayats

Introduction

The exploit

First vulnerability (CVE-2024-4947)

Second vulnerability (V8 sandbox bypass)

Shellcode

Social activity

The game

The original game

Conclusions

Indicators of Compromise

Order intake

Sales

Outlook

Dr. Mansukh Mandaviya Chairs Stakeholders Consultation Meeting with Athletes and Coaches on Draft National Sports Governance Bill 2024

More we empower our coaches, the better they will be able to produce outstanding athletes for the nation: Dr. Mandaviya

IFFI 2024 celebrates Australia’s Rich Film Traditions and Vibrant Cinema Culture

Australia to be the “Country of Focus” at the 55th edition of the International Film Festival of India

Shri Dharmendra Pradhan addresses Australian International Education Conference

Shri Dharmendra Pradhan holds a bilateral meeting with his Australian counterpart Hon. Jason Clare, MP in Melbourne

ICG implements preventive measures in view of Cyclone Dana’s likely landfall along West Bengal & Odisha coasts

Vessels & aircraft strategically positioned; Weather warnings & safety advisories being broadcast; Disaster relief teams on standby

Union Food and Consumer Affairs Minister Shri Pralhad Joshi launches retail of Bharat Chana Dal Phase – II in Delhi-NCR by flagging off mobile vans

Chana Dal at MRP Rs.70 per kg and Chana Whole at Rs.58 per kg is made available to consumers from 3 lakh ton of Chana stock

Union Minister, Ministry of Panchayati Raj, Shri Rajiv Ranjan Singh to Launch “Weather Forecasts at the Gram Panchayat Level” on 24th October 2024 at Vigyan Bhawan, New Delhi

Villages to become Climate Resilient: Weather Forecasts will now be Available to Gram Panchayats