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Category: Asia

  • MIL-OSI United Nations: Expert Meeting on Human Resources Management and Training

    Source: United Nations Economic Commission for Europe

    Information Notice 1 (concept note)  PDF
    Information Notice 2 (logistical information) UPDATED PDF
    Timetable PDF

    Session 1: Training, learning and development
    Leveraging learning and development to achieve organisational preparedness for mega trends such as AI – Zhasmin Kuneva and Herdis Pala Palsdottir (EFTA) Presentation
    The experience of the Statistics Agency under the President of the Republic of Uzbekistan in the in the training and management of HR, training and improvement of Agency’s staff potential – Zulkhumor Talipova (Uzbekistan) Presentation
    Data science academy – Internal capacity development program – Dominika Rogalińska and Anna Borowska (Statistics Poland) Presentation
    Training as a social experience: the laboratories at the Italian national institute of statistics – Tiziana Carrino (Istat, Italy) Presentation
    The Role of HR in the Professional Development of Trainings – Vjollca Lasku (Instat, Albania) Presentation
    Training and development of personnel potential of BNS – Gulmira Bexautova (Bureau of National Statistics of the Republic of Kazakhstan) Presentation

    Session 2: Integration, inclusion and ethics
    Reference Book on Ethics – progress report – Fabrizio Rotundi (Istat, Italy) Presentation
    Common framework for dealing with ethical dilemmas: some prompts to start – Angela Leonetti (Istat, Italy) Presentation
    The risk of corruption at Statistics Poland –   Ewa Adach-Stankiewicz and Anna Borowska (Statistics Poland) Presentation
    Communicate Ethically about NSO Ethics – Bukhari Fauzul Rahman, Maulana Faris and Ilmiawan Awalin (Statistics Indonesia, Airlangga University, Monash University)

    Paper

    Presentation
    Due Diligence: An essential components of effective anticorruption strategies – Katia Ambrosino (Istat, Italy) Presentation

    Session 3: ‘Employer of Choice’ brand development
    Presentation of employment branding survey results – Renata Nowicka and Anna Borowska (Statistics Poland) Presentation
    The important key to communication in building employer branding – Akhmad Nizar, Albert Purba, Tinon Padmi, Ilmiawan Awalin and Maulana Faris (Statistics Indonesia, Airlangga University)

    Paper

    Presentation
    Building an employer branding in a regional office – good practices of the Statistical Office in Kraków – Agnieszka Szlubowska (Statistics Poland)

    Paper

    Presentation
    External employer branding through internal events – Wendy Schelfaut (Statistics Belgium)

    Paper

    Presentation
    The importance of counseling centres for the mental health of statistical employees – Eni Lestariningsih, Yulias Untari, Rany Komala Dewi, Siti Fani Daulay, Aliya Tusya’ni and Maulana Faris (Statistics Indonesia and Airlangga University, Surabaya)

    Paper

    Presentation
    The onboarding process to promote a people-based organizational culture – Pietro Scalisi (Istat, Italy) Presentation
    Building the capabilities framework for managers in Statistics Poland – good practices – Renata Nowicka and Anna Borowska (Statistics Poland) Presentation

    Session 4: Evaluation of blended/hybrid working and data analytics
    Presentation of the results from the UNECE survey on blended/hybrid working in NSOs – Deirdre Harte (CSO, Ireland) Presentation
    Remote work: an organizational and reconciliation tool – Chiara Limiti (Istat, Italy)

    Paper

    Presentation
    Evaluation of hybrid working in BPS – Hanung Pramusito and Maulana Faris (Statistics Indonesia)

    Paper

    Presentation
    HR Data Analytics – Statistics Canada’s journey – Sarah Johnston-Way (Statistics Canada) Presentation
    Enhancing National Statistical Offices through HR analytics – Sarah Johnston-Way (Statistics Canada)

    Paper

     Presentation
    Interactive session: Ethical Exploration: The Journey of People Data in an Inclusive Analytics World – Gemma Kelly (ONS, UK) Presentation

    Session 5: Future work
    Future of NSOs – InKyung Choi (UNECE) Presentation
    Generic Growth Model – Jeremy Visschers (Statistics Netherlands) Presentation

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Ninth Joint OECD-UNECE Seminar on SEEA Implementation

    Source: United Nations Economic Commission for Europe

    Report PDF
    Programme  PDF
    Get to know the speakers PDF
    Concept note PDF
    Link to the Guidelines for Measuring Circular Economy  
    Session 1: Opening & Setting the Scene 
    		  
    Updates on related work from OECD PDF
    London Group on Environmental Accounting Update PDF
    SEEA-related activities in Asia and the Pacific, ESCAP PDF
    Relevant outcomes from UN Statistical Commission, and work of UNCEEA PDF
    Online inventory of thematic and extended accounts, UNECE PDF
    Session 2: Utilising SEEA for Measuring Circular Economy
    		  
    2a: Introduction, information needs, existing measurement frameworks and their links with SEEA
    		  
    The concept of a Circular Economy and the most important measurement points, University of Exeter PDF
    Circular Economy in EU policy, European Commission, DG Environment PDF
    CES Guidelines for Measuring Circular Economy, Finland PDF
    Circular material use rate indicator: how it is calculated, results and interpretation, Eurostat PDF
    2e: Waste Accounts for measuring circularity
    The difficulty of finding circularity in solid waste accounts, Luxembourg PDF
    Limitations of SEEA waste accounts: conceptual, data collection and experiences from policy use, Australia PDF
    Experimental study: Using waste accounts for measuring plastic flows in the EU economy, Eurostat PDF
    2c: New developments and utilising EGSS for measuring jobs, goods and services related to circular-economy
     
    Conceptual framework pillar “socio-economic opportunities of a circular economy”: main indicators, UNECE PDF
    Updating of related classifications-Classification of environmental purposes (CEP), Eurostat PDF
    Using EGSS data for measuring circular economy, France     PDF
    Comparison of EGSS and structural business statistics data on measuring circular economy, Finland PDF
    2d: Measuring flows of biomass and bio-based material in a circular economy
     
    The concept of a Circular Economy and some key agenda for biological materials, University of Exeter PDF
    The sustainable and circular bioeconomy in the EU, European Commission PDF
    Costa Rica: Use of environmental accounts for policy making on circular economy and bioeconomy PDF
    Measuring stocks in the urban mine to monitor circular economy with SEEA, The Netherlands PDF
    2b: Utilising SEEA for measuring physical flows of plastics
    		  
    Policy development and the development of a statistical guideline on measuring flows of plastic along the lifecycle, UNEP PDF
    Measuring plastic flows with Plastic-KEYs, UNITAR PDF
    What statistics tell us about international trade of plastics? UNCTAD PDF
    Statistics Canada’s Physical Flow Account for Plastic Material PDF
    The use of SEEA – material flow accounts for deriving circular economy indicators, North Macedonia PDF
    Session 3: Informing climate-change-adaptation and response policies with SEEA
    		  
    3a: Introduction, information needs, existing measurement frameworks and their links with SEEA
    Climate change adaptation policies and SEEA-related information demands, OECD PDF
    Disaster-related statistics and the linkages to SEEA, ESCAP PDF
    Role of NSOs in Achieving National Climate Objectives, UNECE PDF
    3b: Climate change expenditures 
     
    Update on the revision of the Classification of Functions of Government (COFOG), UNSD PDF
    An integrated Approach to the classification of public environmental expenditure, OECD PDF
    G20 Data Gaps Initiative, IMF PDF
    Climate mitigation investments, The Netherlands PDF
    Climate Change Mitigation and Adaptation Expenditures in the Economy: Towards an Operational Definition, United States PDF
    Environmental expenditures account and its application in the Republic of Kazakhstan

    ENG

    RUS
    3c: Measuring ecosystem condition, degradation and loss of ecosystem services
     
    Ecosystem services accounts: from the operational platform (INCA) to their economic bridging (LISBETH), Joint Research Centre  PDF
    The role of the SEEA in the Kunming-Montreal Global Biodiversity Framework (GBF), UNSD PDF
    Ecosystem condition accounting in Statistics Lithuania PDF
    Working with blue carbon ecosystem accounts: value of coastal ecosystems in alleviating impacts of climate change, Australia PDF
    Implementation of Environmental Accounts in Ukraine – results and challenges. Estimation of damages caused by war PDF
    Session 4: Conclusions & Recommendations
    		  
    Draft conclusions and recommendations  PDF

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Workshop on Financial Accounts | UNECE

    Source: United Nations Economic Commission for Europe

    Agenda   PDF PDF
    Report   PDF PDF
    Session 1: Recapitulation from the previous workshop
    Session 1: Video recording   Part 1, Part 2 Part 1, Part 2
    Consistency and Balancing (IMF)   PDF PDF
       Practical exercise, including solutions   EXCEL EXCEL
    Financial account in Kazakhstan   PDF PDF
    Financial accounts in Kyrgyzstan    PDF PDF
    Session 2: Financial accounts and monetary data      
    Session 2: Video recording   Video Video
    Monetary aggregates and financial accounts (Eurostat)   PDF PDF
    Monetary aggregates and financial accounts. Responses to the exercise (Eurostat)   PDF PDF
    Session 3: Whom-to-whom matrices      
    Session 3: Video recording   Part 1, Part 2 Part 1, Part 2
    Who-to-whom matrices (ECB)   PDF PDF
    Compiling the who-to-whom matrix for Belgium   PDF PDF
    Session 4: Issues related to financial corporations      
    Session 4: Video recording   Part 1, Part 2 Part 1, Part 2
    Compiling financial corporations sub-sectors (ECB)   PDF PDF
    Automation of the preparation process of financial corporations statistics with Python (Türkiye)   PDF PDF
    Financial corporations and interest rates, sectors’ sensitivity to interest rates, FISIM (Eurostat)   PDF PDF
    Financial corporations and interest rates. Interest rates – practical exercise, including solutions   PDF PDF
    Sessions 5: Issues related to non-financial corporations and household sectors      
    Session 5: Video recording   Part 1, Part 2, Part 3 Part 1, Part 2, Part 3
    Analysing non-financial corporate and household sectors issues using institutional sector accounts (IMF)   PDF PDF
    Analysing non-financial corporate and household sectors issues using institutional sector accounts. (IMF) OFVB exercise   EXCEL EXCEL
    Analysing non-financial corporate and household sectors issues using institutional sector accounts. (IMF) OFVB solution   EXCEL EXCEL
    Financial Accounts of the Household Sector: Sources, Compilation and some Results (Netherlands)   PDF PDF
    Compilation and utilisation of the financial account of the household sector (Indonesia)    PDF PDF
    Session 6: Conclusions and future work      
    Conclusions and way forward   PDF PDF
    Session 6: Video recording   Video Video

    MIL OSI United Nations News –

  • MIL-OSI Security: U.S. Attorney’s Office Secures 19-Year Sentence in Drug Trafficking Case

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Colorado man was sentenced to 228 months in prison for drug trafficking after being caught during a traffic stop on Interstate 25 within the Kewa Pueblo reservation.

    There is no parole in the federal system.

    According to court documents, on June 14, 2023, a BIA K9 Officer observed Juan Hugo Lugo, 29, speeding and following too closely to other vehicles on Interstate 25 near mile marker 250.

    During the subsequent traffic stop, the officer observed two large black and yellow storage bins partially covered with T-shirts in the rear cargo area, and another bin on the rear passenger seat containing multiple large plastic-wrapped bundles suspected to be methamphetamine. The officer also observed a white powdery substance inside Lugo‘s nostrils.

    When questioned in the police vehicle, Lugo admitted to possessing personal use cocaine and having just taken a “bump.”

    A probable cause search of the vehicle revealed multiple plastic-wrapped bundles containing a crystal-like substance suspected to be methamphetamine and five brick-shaped packages suspected to contain cocaine. Additionally, a loaded 9mm Glock 19 firearm was found in the passenger compartment.

    The total seizure was 96.1kilograms of methamphetamine and 4.9 kilograms of cocaine.

    Upon his release from prison, Lugo will be subject to five years of supervised release.

    U.S. Attorney Alexander M.M. Uballez made the announcement today.

    The Bureau of Indian Affairs investigated this case with the assistance of the U.S. Drug Enforcement Administration. Assistant United States Attorney Raquel Ruiz Velez is prosecuting the case.

    # # #

    MIL Security OSI –

  • MIL-OSI United Kingdom: Study shows potential of resveratrol to aid fertility

    Source: Anglia Ruskin University

    New research indicates that a natural compound found in the skin of grapes, blueberries and raspberries has the potential to improve female fertility.

    The systematic review into resveratrol, which is a polyphenolic compound known for its antiaging, anti-inflammatory and antioxidant properties, is published in the International Journal of Molecular Sciences.

    Researchers from Anglia Ruskin University (ARU), alongside colleagues from Italy, South Korea and the Queen Elizabeth Hospital King’s Lynn NHS Foundation Trust, examined all previously published research on resveratrol and female reproductive health.

    By collating and reviewing results from 24 in vitro and in vivo studies, involving a total of 9,563 human participants, they found evidence to suggest resveratrol can improve the quantity and quality of egg cells, called oocytes.

    Four studies specifically investigated resveratrol in connection with the quantity of matured oocytes. Two of these reported an increase, while two found no significant differences. Additionally, two studies assessed the quality of matured oocytes and both reported an improvement amongst women who took resveratrol.

    A possible explanation is that resveratrol reduces oxidative stress, helping to protect mitochondrial DNA from damage and enhance telomerase activity, to reduce cellular aging. Resveratrol also activates the molecule sirtuin 1 (SIRT1), which is typically reduced in aged oocytes, therefore potentially slowing cell aging and extending ovarian lifespan.

    The review also found evidence that resveratrol could potentially treat infertility associated with endometriosis, and have positive effects on polycystic ovary syndrome and obesity-related infertility, by inhibiting pathways involved in androgen production and reducing inflammation and oxidative stress.

    Crucially, the review found mixed results regarding miscarriage and pregnancy data. Five studies reported on pregnancy rates, with two indicating an increase, two found no difference, and one reporting a decrease amongst those taking resveratrol. The same study that noted a decrease in pregnancy rates also reported an increase in miscarriage rates, while a second study found no difference.

    Resveratrol is generally considered safe when consumed in moderate amounts through diet and through supplements, in doses up to five grams a day for a month, although the safety of high-dose supplementation, particularly over long periods, remains unclear.

    “Our systematic review on resveratrol and female fertility is a comprehensive overview of all current research, and it highlights the compound’s potential to improve reproductive outcomes and possibly pave the way for new, less invasive treatments, using natural substances.

    “However, our findings are based on a number of limitations, including the limited number of human studies, the different parameters of each study and the lack of robust data on dosage and side effects, particularly related to birth defects or foetal abnormalities.

    “Therefore, there is a need for further clinical trials, involving human participants, in order to translate these promising results into practical recommendations for women looking to improve their fertility, including guidance on the safe and effective dosage of resveratrol.”

    Lee Smith, Professor of Public Health at Anglia Ruskin University (ARU) and senior author of the paper

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Vitaly Savelyev summed up the celebration of the 50th anniversary of BAM

    Translartion. Region: Russians Fedetion –

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

    Vitaly Savelyev held the final meeting of the organizing committee for the preparation and holding of the celebration of the 50th anniversary of the Baikal-Amur Mainline

    January 30, 2025

    Vitaly Savelyev held the final meeting of the organizing committee for the preparation and holding of the celebration of the 50th anniversary of the Baikal-Amur Mainline

    January 30, 2025

    Previous news Next news

    Vitaly Savelyev held the final meeting of the organizing committee for the preparation and holding of the celebration of the 50th anniversary of the Baikal-Amur Mainline

    The final meeting of the organizing committee for the preparation and holding of the celebration of the 50th anniversary of the Baikal-Amur Mainline was held under the leadership of Deputy Prime Minister Vitaly Savelyev.

    “Our country celebrated an important and significant anniversary in 2024 – the 50th anniversary of the Baikal-Amur Mainline. It is important that the anniversary year was marked not only by ceremonial events, but also by great achievements in the modernization of the BAM and the entire Eastern Polygon, the carrying capacity of which has grown to 180 million tons. The main goal of the planned expansion of the Eastern Polygon is to increase the carrying capacity, providing domestic enterprises with stable, guaranteed access to the markets of the Asia-Pacific region. I would like to thank everyone who has contributed and is contributing to the implementation of the tasks at hand: BAM veterans, BAM 2.0 engineers and builders, and railway industry workers,” said Vitaly Savelyev.

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

    MIL OSI Russia News –

  • MIL-OSI Africa: Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation

    Source: The Conversation – Africa – By Solaja Mayowa Oludele, Lecturing, Olabisi Onabanjo University

    Plastic waste in Nigeria presents a dual challenge: cleaning up environmental pollution, and tapping into its economic potential.

    Many countries worldwide face similar challenges. India, for one, has chosen policies that give producers of plastic the responsibility to manage their waste. Rwanda has banned single-use plastic and promoted recycling initiatives led by communities.

    These approaches show it’s possible to address plastic waste issues while fostering economic opportunities.

    Read more: Nigeria’s plastic ban: why it’s good and how it can work

    In Nigeria, informal collectors of plastic bottle waste are central to achieving both of these goals. They turn waste into monetary value.

    Previous research has highlighted the environmental and economic benefits of collecting plastic bottle waste. There’s been less attention on what shapes perceptions of waste collection as a business, particularly in Nigeria.

    This article explores that gap, looking at the socio-cultural, economic and environmental influences on those perceptions.

    I am a researcher in the areas of plastic waste management, environmental governance and sustainable development. My work includes studying homes made from recycled plastic bottles in sustainable community-based housing projects.

    Here I’ll be drawing from an exploratory survey conducted in the Ijebu area of Ogun State, Nigeria. Using a questionnaire, we surveyed 86 participants who had at least five years of experience in the plastic waste industry.

    The study identified factors like education, family size, religion, gender, age, and economic dynamics as relevant to participation in the business of plastic bottle waste collection.

    Understanding these influences might help the government to target policies.

    Read more: Nigeria is the world’s 2nd biggest plastic polluter: expert insights into the crisis

    Education level and information

    Our study found that participants with higher education levels better understood the economic benefits of plastic waste collection as a systematic form of business. The less educated participants viewed waste collection more as a hand-to-mouth way of earning a living.

    Education programmes built into waste management campaigns could improve recognition of waste collection as a structured and profitable business opportunity and develop a business-like culture among the collectors.

    Parenthood, family size and financial obligations

    Family size was a factor affecting perceptions of plastic bottle waste collection as a business. People with large families saw waste collection as a feasible way to provide food, housing, education and other essentials.

    However, the association of waste collection with income instability highlights the need to formalise and stabilise the sector. Waste collection must be made into a sustainable and reliable business model.

    Religion and cultural norms

    Religion and cultural beliefs emerged as influences from our survey. This was evident in the responses of people who followed African traditional religions and Islam.

    These respondents viewed waste collection as financially feasible, aligning with religious teachings that emphasise resource management and stewardship. For example, Islamic teachings on israf (avoiding wastefulness) and zakat (charity) promote efficient resource use and economic activities that benefit communities.

    Similarly, African traditional religion often emphasises communal responsibility and the sustainable use of resources. These religious principles underscore the cultural acceptance of waste collection as both a practical and a morally guided economic activity.

    Other cultural norms, such as the value placed on communal responsibility and cooperation, also influenced attitudes towards waste collection. In communities with a strong tradition of collective action, where unity and mutual support are highly valued, waste collection is often viewed as a collaborative effort.

    These cultural norms reinforce the idea that waste collection is not just an individual task, but a collective duty that benefits the entire community.

    Read more: Informal waste management in Lagos is big business: policies need to support the trade

    Gender dynamics

    Gender plays a role in perception and practice in waste collection. Our survey found that male participants were more likely than female participants to perceive this activity as a business.

    As constrained as they are by lack of access to resources, women are involved in separating and marketing reusable items. Measures like microfinance could increase women’s engagement and business opportunities.

    This would empower women and make waste collection a more inclusive and sustainable business.

    Age and desire to be an entrepreneur

    Perceptions were influenced by age in our study. Younger individuals, up to 14 years old, viewed plastic bottle waste collection as a gateway to employment. Adults aged 33-38 used their experience to get better returns on the business.

    This age-based distinction suggests that different stages of life bring unique motivations and approaches to waste collection.

    Policy actions that support entrepreneurship at various life stages can promote long-term engagement in the industry. This will help formalise waste collection as a sustainable and profitable business.

    Economic and social factors

    Income opportunities affected participants’ experiences more than social factors. Oftentimes, this determined how long they stayed in the business. Those earning more were likelier to reinvest and grow, while lower earnings often led to disengagement or exit. This highlights the importance of financial incentives in shaping waste collection practices.

    Social connections also play a role in fostering collaboration. It facilitates teamwork and the exchange of ideas, and creates a sense of shared purpose and collective outcomes among participants.

    Strengthening these economic and social bonds can formalise plastic bottle waste collection, making it a more efficient and profitable business.

    Read more: Waste disposal in Nigeria is a mess: how Lagos can take the lead in sorting and recycling

    Looking ahead

    The study has significant application to Nigeria’s waste management industry. Adding education programmes into waste management programmes will improve people’s business skills.

    Well-coordinated intervention strategies can remove cultural and gender-specific barriers. For instance, cooperatives and microfinance may make waste collection more financially appealing.

    Strategies can also draw on cultural norms to increase community acceptance of waste collection and make it more inclusive.

    Samuel Oludare Awobona, a doctoral student at Osun State University, Osogbo, Nigeria, contributed to this research.

    – Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation
    – https://theconversation.com/nigerias-plastic-bottle-collectors-turn-waste-into-wealth-survey-sheds-light-on-their-motivation-247819

    MIL OSI Africa –

  • MIL-OSI: SuperOps raises $25M in Series C and enters the IT market with game-changing AI-powered Endpoint Management tool

    Source: GlobeNewswire (MIL-OSI)

    Dallas, Jan. 30, 2025 (GLOBE NEWSWIRE) — SuperOps, the groundbreaking AI-driven IT platform transforming operations for IT service providers and internal IT teams, today announced it has raised $25 million in Series C funding, led by March Capital with participation from existing investors Addition and Z47. This brings SuperOps’ total funding to $54.4 million, a testament to the company’s exceptional growth and market disruption. Over the past year, SuperOps has tripled its customers and expanded its footprint to 104 countries, cementing its status as a global leader.

    SuperOps is now taking its proven expertise in Managed Service Provider (MSP) technology into the broader IT market with the launch of its revolutionary Endpoint Management tool. Designed to supercharge IT team productivity, the tool enables IT teams to achieve more with fewer resources.

    SuperOps founders: Arvind Parthiban and Jayakumar Karumbasalam.

    “IT teams worldwide are navigating complex challenges, including remote work and rising cybersecurity threats,” said Arvind Parthiban, Co-Founder and CEO of SuperOps. “At SuperOps, we are empowering these IT heroes with tools that transform their operations, reduce costs, and fuel growth. After revolutionizing the MSP space, we are thrilled to bring our AI expertise to internal IT teams with the launch of our Endpoint Management tool. The high demand and early successes validate that this is the future of IT operations.”

    Over the last four years, SuperOps has become a trusted partner for MSPs worldwide, helping thousands of such service providers optimize operations through its unified AI-powered platform. Now, internal IT teams—already comprising 20% of SuperOps’ customer base—stand to benefit from the same transformative technology.

    SuperOps provide full asset oversight across user IT services.

    The foundation of SuperOps’ success lies in its relentless focus on AI innovation. In 2024, the company unveiled Monica, a hyper-contextual AI guide that analyzes the MSP’s dataset to deliver personalized insights, automate routine workflows, and accelerate decision-making. With Monica, MSPs and IT teams have seen up to a 30% improvement in operational efficiency.

    SuperOps plans to use the new funding to expand its AI research and development, scale its offerings for mid-market and enterprise MSPs, and further extend its global reach. With IT spending projected to hit $5.74 trillion in 2025 (Gartner), the stakes have never been higher.

    “The SuperOps team has proven their capability to disrupt the MSP technology market. With rapid product advancements and significant growth in global markets, SuperOps has become a major player. We are excited to support the expansion of their AI platform and scaling of their offerings to larger MSPs and internal IT teams,” said Ravi Rajamony, Vice President at March Capital.

    The Series C round, entirely backed by existing investors, highlights the continued confidence in SuperOps’ vision and execution.

    “SuperOps has disrupted the stagnant MSP tools space, creating real value for MSPs through true innovation, and its entry into IT Endpoint Management promises to have similar impact. We are excited to continue to support the SuperOps team on their mission to empower IT service providers to scale, streamline operations and thrive in an increasingly competitive market,” said Todd Arfman at Addition.

    Tarun Davda, Managing Director at Z47 added: “We are delighted to be part of SuperOps’ impressive growth. The platform has improved the businesses of MSPs worldwide. I am impressed by the team’s customer-centric approach to innovation, and their AI advancements. I am confident that SuperOps will continue to outpace the competition and create significant value for IT service providers”. 

    Ends

    Media images can be found here. 

    About SuperOps
    SuperOps is an AI SaaS company offering a unified PSA-RMM platform for future-focused MSPs and IT teams. The company was founded in 2020 by serial entrepreneur Arvind Parthiban and Jayakumar Karumbasalam. With a deep commitment to innovation and a focus on customer success, SuperOps equips MSPs with the tools they need to streamline operations, enhance service delivery, and scale their businesses. SuperOps is backed by marquee investors, March Capital, Addition, Z47, Elevation Capital, and Tanglin Venture Partners.

    About March Capital
    March Capital is a top-tier venture growth firm headquartered in Santa Monica, California and has been investing globally since 2014. March is committed to partnering with exceptional entrepreneurs to build great technology companies and to scale them globally. With $1.65B+ in capital over 4 funds and across 25+ market-leading technology companies, March accelerates the digital transformation of enterprise applications, cloud & data infrastructure, vertical software, and scientific discovery. Our vision is to create a best-in-class technology investment platform by combining intense sector focus, patience, access to a global leadership network (including founding The Montgomery Summit), and high-impact portfolio engagement to inspire and to accelerate extraordinary AI-native companies like CrowdStrike, Essential AI, Forter, Generate:Biomedicines, Nile, and Uniphore. For more information, please visit www.marchcp.com.

    About Z47
    Z47 is a “founders-first” venture capital firm with an AUM of $3.5 billion, spanning over 100 investments since 2006. Our commitment is to founders who are determined to lead India to its destiny as a developed nation by 2047. We partner with early-stage startups, offering founders a unique blend of expertise, experience, and empathy. Our investment focus includes FinTech & Services, Consumer Brands & Tech, B2B Commerce & Manufacturing, and Enterprise SaaS & AI. Z47’s Enterprise SaaS & AI portfolio includes companies like Krutrim, Neysa Networks, MoEngage, Atomicwork, and more. We take pride in being a trusted partner to pioneering founders of industry-leading companies such as Ola, Ola Electric, Razorpay, Dailyhunt, Five Star Business Finance, Country Delight, and Of Business, among others. Z47 has offices in Mumbai, Delhi and Bangalore. For more information, visit www.z47.com or write to newsroom@z47.com.

    The MIL Network –

  • MIL-OSI Global: Australia’s social media ban shows how extreme the technology debate has become – there’s a better way

    Source: The Conversation – UK – By James Conroy, Professor of Religious and Philosophical Education and Vice Principal, Internationalisation, University of Glasgow

    Miyao/Shutterstock

    The recent decision by the Australian government to introduce a ban on social media for under-16s has been received with both praise and condemnation.

    Those who approve of the proposal tend to consider that children are being exploited by egregious levels of exposure to this technology. Opponents of the ban argue that it is not proportionate to the potential harms of denying young people appropriate access to what have become integral features of everyday existence.

    This somewhat adversarial situation falls prey to the twin perils of fatalism and
    disasterism. It characterises the wider conversation about how we engage with the digital world. Here, fatalism signifies a weary resignation and disasterism suggests that we are all going to hell in a handcart. More specifically, these impulses impinge directly on school policy making and practice.

    In our Economic and Social Research Council funded research project, Teaching for Digital Citizenship, my colleagues and I have sought to uncover more nuanced accounts of how young people engage with technology by collaborating with them.

    The students in our study pointed us away from an adversarial framing of the issue and towards the need to foster more traditional forms of democratic thought. These practices draw on a robust tradition of what’s known as education for citizenship. That is, teaching students how to be active, thoughtful and informed citizens in a democratic society.

    Such a robust notion of education for citizenship has been championed by a range of thinkers. Most notably, the British political theorist Bernard Crick in the 1990s and the educational thinker Lawrence Stenhouse in the 1970s. They both offered ideas about educational practices that rely not on the technology, nor on corporations, but on older “analogue” traditions of critical thought and engagement in subjects.

    The students in our project expressed anxiety and sometimes guilt that they had spent too much time on their apps. By their own estimation, they were using apps for about eight hours a day. They told us that they were working on self discipline, but struggled to maintain these habits.

    Proactively, the students’ response to their own growing awareness of the grip that their apps had over their time was to try to engage in more analogue study activities, such as reading books. But they were concerned to discover that their capacity for reading was limited. Some observed that they found it challenging to read more than five pages.

    This is not to suggest that there are only downsides to being immersed in digital life. Many students suggested that there were also huge benefits. For example, they reported that gaming helped them acquire new skills and perspective.

    These examples illustrate the ambiguities of social media apps and their effect on those of school age.

    Ambiguous effects

    In many countries, schools are required to provide remedies for a whole range of social ills – and often in a manner that is of questionable relevance to the purpose of education.

    In his Ruskin Speech in 1976, former British prime minister James Callaghan asked whether education should be more aligned with the needs of industry, especially in providing the skills for employment. Since then, education in the UK, as elsewhere, has slowly moved away from how we should live, and towards how we are to make our living.

    Today, educators accept that young people, along with the rest of us, will spend their lives entangled in a complex digital world. The task of education should therefore primarily be to act as a productive space in which students can critically reflect upon, and form judgments about that world.

    Australian prime minister Anthony Albanese said the country’s ban would reduce the
    Juergen Nowak / Shutterstock

    Our research project engaged representatives from a variety of different sectors, including big tech companies, policymakers, teachers and ethicists. We also carried out an extensive survey, which highlighted that online safety and harm prevention should be prioritised within schools.

    Our insights underscore the importance of recognising and reinforcing education as a way of reflecting on the way we live – and an opportunity for providing critical distance from the dilemmas of our everyday lives. The ban on social media in Australia, or indeed on any technology, therefore misses a key consideration about the purpose of education.

    As has been seen under governments that have restricted the internet, banning technology rather than securing students’ safety may only serve to heighten the allure of that technology. Indeed, in our discussions with the students, they frequently reported their ability to deploy virtual private networks to circumvent their schools’ firewalls.

    In November, Australian communications minister, Michelle Rowland, claimed that “there is wide acknowledgment that something must be done in the immediate term to help prevent young teens and children from being exposed to streams of content, unfiltered and infinite”.

    I believe that this misunderstands both the problem and the solution. The actual problem is not that the content is “unfiltered and infinite”. It’s that it is highly curated to serve the profit-making objectives of tech corporations, and not the interests of children.

    The solution, then, is not to banish the problem but to address it. Education in the digital age needs to be re-imagined as a vibrant way to reflect and critique the ways we live our lives.

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

    – ref. Australia’s social media ban shows how extreme the technology debate has become – there’s a better way – https://theconversation.com/australias-social-media-ban-shows-how-extreme-the-technology-debate-has-become-theres-a-better-way-245123

    MIL OSI – Global Reports –

  • MIL-OSI Global: Québec’s religious symbols law: Appealing to the Supreme Court for real rights under the Charter

    Source: The Conversation – Canada – By Natasha Bakht, Full professor, Faculty of Law, L’Université d’Ottawa/University of Ottawa

    The Supreme Court of Canada has announced that it will hear a challenge to Québec’s secularism law, known as Bill 21.

    The law, passed in 2019 “to affirm the laicity of the State,” restricts certain public sector employees in Québec from wearing religious symbols “while exercising their functions.”

    Those challenging Bill 21 have used a variety of legal tools to oppose a law they argue imposes discriminatory treatment, mainly on Muslim women.

    Muslim women who wear hijabs, and other visibly religious minorities, have been living with the ongoing effects of the law for more than five years. This includes the inability to be employed as a public-school teacher, government lawyer or judge, despite their expertise and training. For those who were already working in the public service while wearing a religious symbol, the law prohibits them from receiving any promotions or transfers.

    There are also restrictions when receiving public services, specifically that a person must uncover their face. This may deter niqab- and burqa-wearing women from accessing public services that they need and deserve.

    When a discriminatory law is enacted, it has implications beyond the legislated text. In Québec, it has promoted the rejection of those who live visibly religious lives through violence on the streets and an insistence that they do not belong to Canadian society.

    The exclusionary power of this law has created a culture of discrimination such that Muslim women are prohibited from wearing the clothing of their choice in employment sectors even beyond the parameters of Bill 21.

    Overriding rights: the notwithstanding clause

    The case is also significant because of the Québec government’s use of Section 33 of the Canadian Charter of Rights and Freedoms — known as the notwithstanding clause — and Section 52 of the Québec Charter of Human Rights and Freedoms to shield the law from legal challenges.

    Bill 21 was enacted with broad popular support in Québec. However, Canadian history is replete with examples of discriminatory laws, from the Indian Act to the Chinese Exclusion Act to the legal orders authorizing Japanese internment camps. Without strict guardrails around how Section 33 can be used, Canadian governments could gain great leeway to create legislation that infringes upon Charter rights.

    Typically, a discriminatory law like Bill 21 would never withstand a constitutional challenge since the Canadian and Québec Charters protect religious freedom and the right to equality. However, because the Québec government invoked both override provisions pre-emptively — before a court could decide on the law’s constitutionality — challenging the law has become more difficult.

    The Charter’s Section 33 is called the “notwithstanding clause” because it permits federal Parliament or provincial/territorial legislatures to make laws notwithstanding (in other words, despite) certain rights and freedoms guaranteed in the Charter. Essentially, it gives governments the power to override certain constitutional provisions. A Section 33 declaration is valid for five years, after which it ceases to have effect, unless it is renewed, as it was in the case of Bill 21.



    Read more:
    The history of the notwithstanding clause

    Despite the predominant view among legal experts that Bill 21 is discriminatory, and a finding by the Québec Superior Court that it has a cruel and dehumanizing impact on Muslim women, the law continues to stand because courts have interpreted Section 33 to have no substantive limits.

    Unwritten constitutional principles

    With this case, the Supreme Court of Canada has a critical opportunity to set reasonable parameters around the use of Section 33 that will have important implications for human rights cases in the future.

    The notwithstanding clause permits governments to override some of our most cherished Charter rights: religious freedom, equality, rights to life, liberty and security of the person, the right against unreasonable search and seizure, the right against arbitrary arrest and detention, and the right to legal counsel among other rights. Therefore, there must be constitutional constraints on its use.

    Section 33 should not be viewed as a bottomless pit where rights and freedoms go to die.

    The Canadian Constitution contains an irreducible minimum core of human rights embodied in unwritten constitutional principles that have been recognized multiple times by the Supreme Court of Canada.

    The Supreme Court has defined unwritten constitutional principles as norms that “inform and sustain the constitutional text.” The unwritten constitutional principle most relevant to addressing Bill 21 is “respect for or protection of minorities.” The protection of minorities was a key consideration motivating the enactment of the Charter of Rights and Freedoms and it is a fundamental norm of justice so basic that it must inform the scope of Section 33’s use.

    A CBC News report on the Supreme Court of Canada agreeing to hear arguments in a case about Québec’s Bill 21.

    ‘Blank cheque?’

    The unwritten constitutional principle of “respect for minorities” provides a constitutional guardrail against abuse of Section 33, which has been interpreted by judges as a constitutional blank cheque, allowing governments to reduce rights to discretionary entitlements.

    Since the notwithstanding clause lives within the Canadian Constitution itself, it must conform to the defining features of the constitutional structure. The use of Section 33 must be consistent with the fundamental “principles that define our society.” For rights to be real and meaningful — to be legal pillars that people can rely on — they must have enduring constitutional protection.

    To achieve this, the Supreme Court of Canada needs to draw appropriate boundaries around the use of Section 33. If the notwithstanding clause continues to be viewed as an open licence for governments to pick and choose which rights they respect, one might reasonably question whether Charter rights exist at all.

    Natasha Bakht has received funding from the Social Sciences and Humanities Research Council of Canada. She has also advised the National Council of Canadian Muslims and the Women’s Legal Education and Action Fund on their research/litigation regarding Bill 21.

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

    – ref. Québec’s religious symbols law: Appealing to the Supreme Court for real rights under the Charter – https://theconversation.com/quebecs-religious-symbols-law-appealing-to-the-supreme-court-for-real-rights-under-the-charter-248490

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Boundless future awaits: CE

    Source: Hong Kong Information Services

    Chief Executive John Lee

    I am delighted to join you at this fireworks extravaganza. Last night, we welcomed the Year of the Snake with a night parade. Tonight, we cheer it on with a fabulous fireworks show.

    Hong Kong, our vibrant city, is shining brighter than ever with its unique blend of Eastern and Western cultures. As we marvel with and over the dazzling pyrotechnics lighting up the skies above Victoria Harbour, let us remember that the display is more than a cheering spectacle – more importantly, every burst of colour celebrates the diversity and soaring promise of our home.

    The snake symbolises wisdom, resilience and renewal in Chinese culture. Hong Kong has long thrived on its dynamic spirit and adaptability, endlessly mingling tradition and innovation. In the Year of the Snake, Hong Kong will revitalise its strengths and boundless future.

    I invite you all to enjoy what Hong Kong has to offer in the Year of the Snake. Alongside magnificent mega events such as this evening’s, our city never fails to delight in its thriving wine and dine scene, breath-taking natural scenery, East-meets-West arts and cultural bounty, world-class sports and non-stop entertainment.

    My thanks to HSBC (The Hongkong & Shanghai Banking Corporation) for sponsoring tonight’s fireworks display. HSBC celebrates its 160th anniversary this year. My warmest congratulations on your most meaningful anniversary!

    I wish you all a very healthy and successful Year of the Snake. Enjoy the show, as we look forward to an even brighter tomorrow.

    Chief Executive John Lee gave these remarks at the 2025 Hong Kong Chinese New Year Fireworks Display on January 30.

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation

    Source: The Conversation – Africa – By Solaja Mayowa Oludele, Lecturing, Olabisi Onabanjo University

    Plastic waste in Nigeria presents a dual challenge: cleaning up environmental pollution, and tapping into its economic potential.

    Many countries worldwide face similar challenges. India, for one, has chosen policies that give producers of plastic the responsibility to manage their waste. Rwanda has banned single-use plastic and promoted recycling initiatives led by communities.

    These approaches show it’s possible to address plastic waste issues while fostering economic opportunities.



    Read more:
    Nigeria’s plastic ban: why it’s good and how it can work

    In Nigeria, informal collectors of plastic bottle waste are central to achieving both of these goals. They turn waste into monetary value.

    Previous research has highlighted the environmental and economic benefits of collecting plastic bottle waste. There’s been less attention on what shapes perceptions of waste collection as a business, particularly in Nigeria.

    This article explores that gap, looking at the socio-cultural, economic and environmental influences on those perceptions.

    I am a researcher in the areas of plastic waste management, environmental governance and sustainable development. My work includes studying homes made from recycled plastic bottles in sustainable community-based housing projects.

    Here I’ll be drawing from an exploratory survey conducted in the Ijebu area of Ogun State, Nigeria. Using a questionnaire, we surveyed 86 participants who had at least five years of experience in the plastic waste industry.

    The study identified factors like education, family size, religion, gender, age, and economic dynamics as relevant to participation in the business of plastic bottle waste collection.

    Understanding these influences might help the government to target policies.



    Read more:
    Nigeria is the world’s 2nd biggest plastic polluter: expert insights into the crisis

    Education level and information

    Our study found that participants with higher education levels better understood the economic benefits of plastic waste collection as a systematic form of business. The less educated participants viewed waste collection more as a hand-to-mouth way of earning a living.

    Education programmes built into waste management campaigns could improve recognition of waste collection as a structured and profitable business opportunity and develop a business-like culture among the collectors.

    Parenthood, family size and financial obligations

    Family size was a factor affecting perceptions of plastic bottle waste collection as a business. People with large families saw waste collection as a feasible way to provide food, housing, education and other essentials.

    However, the association of waste collection with income instability highlights the need to formalise and stabilise the sector. Waste collection must be made into a sustainable and reliable business model.

    Religion and cultural norms

    Religion and cultural beliefs emerged as influences from our survey. This was evident in the responses of people who followed African traditional religions and Islam.

    These respondents viewed waste collection as financially feasible, aligning with religious teachings that emphasise resource management and stewardship. For example, Islamic teachings on israf (avoiding wastefulness) and zakat (charity) promote efficient resource use and economic activities that benefit communities.

    Similarly, African traditional religion often emphasises communal responsibility and the sustainable use of resources. These religious principles underscore the cultural acceptance of waste collection as both a practical and a morally guided economic activity.

    Other cultural norms, such as the value placed on communal responsibility and cooperation, also influenced attitudes towards waste collection. In communities with a strong tradition of collective action, where unity and mutual support are highly valued, waste collection is often viewed as a collaborative effort.

    These cultural norms reinforce the idea that waste collection is not just an individual task, but a collective duty that benefits the entire community.



    Read more:
    Informal waste management in Lagos is big business: policies need to support the trade

    Gender dynamics

    Gender plays a role in perception and practice in waste collection. Our survey found that male participants were more likely than female participants to perceive this activity as a business.

    As constrained as they are by lack of access to resources, women are involved in separating and marketing reusable items. Measures like microfinance could increase women’s engagement and business opportunities.

    This would empower women and make waste collection a more inclusive and sustainable business.

    Age and desire to be an entrepreneur

    Perceptions were influenced by age in our study. Younger individuals, up to 14 years old, viewed plastic bottle waste collection as a gateway to employment. Adults aged 33-38 used their experience to get better returns on the business.

    This age-based distinction suggests that different stages of life bring unique motivations and approaches to waste collection.

    Policy actions that support entrepreneurship at various life stages can promote long-term engagement in the industry. This will help formalise waste collection as a sustainable and profitable business.

    Economic and social factors

    Income opportunities affected participants’ experiences more than social factors. Oftentimes, this determined how long they stayed in the business. Those earning more were likelier to reinvest and grow, while lower earnings often led to disengagement or exit. This highlights the importance of financial incentives in shaping waste collection practices.

    Social connections also play a role in fostering collaboration. It facilitates teamwork and the exchange of ideas, and creates a sense of shared purpose and collective outcomes among participants.

    Strengthening these economic and social bonds can formalise plastic bottle waste collection, making it a more efficient and profitable business.



    Read more:
    Waste disposal in Nigeria is a mess: how Lagos can take the lead in sorting and recycling

    Looking ahead

    The study has significant application to Nigeria’s waste management industry. Adding education programmes into waste management programmes will improve people’s business skills.

    Well-coordinated intervention strategies can remove cultural and gender-specific barriers. For instance, cooperatives and microfinance may make waste collection more financially appealing.

    Strategies can also draw on cultural norms to increase community acceptance of waste collection and make it more inclusive.

    Samuel Oludare Awobona, a doctoral student at Osun State University, Osogbo, Nigeria, contributed to this research.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation – https://theconversation.com/nigerias-plastic-bottle-collectors-turn-waste-into-wealth-survey-sheds-light-on-their-motivation-247819

    MIL OSI – Global Reports –

  • MIL-OSI Global: How nonprofits abroad can fill gaps when the US government cuts off foreign aid

    Source: The Conversation – USA – By Susan Appe, Associate Professor of Public Administration and Policy, University at Albany, State University of New York

    The U.S. Agency for International Development distributes a lot of foreign aid through local partners in other countries. J. David Ake/Getty Images

    The U.S. government gives other nations US$68 billion of foreign assistance annually – more than any other country. Over half of this sum is managed by the U.S. Agency for International Development, including funds for programs aimed at fighting hunger and disease outbreaks, providing humanitarian relief in war zones, and supporting other lifesaving programs such as the President’s Emergency Plan for AIDS Relief.

    President Donald Trump suspended most U.S. foreign aid on Jan. 20, 2025, the day he took office for the second time. The next day, Secretary of State Marco Rubio issued a stop-work order that for 90 days halted foreign aid funding disbursements by agencies like USAID.

    A week later, dozens of senior USAID officials were put on leave after the Trump administration reportedly accused them of trying to “circumvent” the aid freeze. The Office of Management and Budget is now pausing and evaluating all foreign aid to see whether it adheres to the Trump administration’s policies and priorities.

    I’m a scholar of foreign aid who researches what happens to the U.S. government’s local partners in the countries receiving this assistance when funding flows are interrupted. Most of these partners are local nonprofits that build schools, vaccinate children, respond to emergencies and provide other key goods and services. These organizations often rely on foreign funding.

    A ‘reckless’ move

    Aid to Egypt and Israel was spared, along with some emergency food aid. The U.S. later waived the stop-work order for the distribution of lifesaving medicines.

    Nearly all of the other aid programs remained on hold as of Jan. 29, 2025.

    Many development professionals criticized the freeze, highlighting the disruption it will cause in many countries. A senior USAID official issued an anonymous statement calling it “reckless.”

    InterAction, the largest coalition of international nongovernmental organizations in the U.S., called the halt contrary to U.S. global leadership and values.

    Of the $35 billion to $40 billion in aid that USAID distributes annually, $22 billion is delivered through grants and contracts with international organizations to implement programs. These can be further subcontracted to local partners in recipient countries.

    When this aid is frozen, scaled back or cut off altogether, these local partners scramble to fill in the gaps.

    The State Department manages the rest of the $68 billion in annual U.S. foreign aid, along with other agencies, such as the Peace Corps.

    The start of Marco Rubio’s tenure as U.S. secretary of state was marked by chaos and confusion regarding foreign aid flows.
    Kevin Dietsch/Getty Images

    How local nonprofits respond and adapt

    While sudden disruptions to foreign aid are always destabilizing, research shows that aid flows have fluctuated since 1960, growing more volatile over the years. My research partners and I have found that these disruptions harm local service providers, although many of them manage to carry on their work.

    Over the years, I have conducted hundreds of interviews with international nongovernmental organizations and these nonprofits’ local partners across Latin America, Africa and Asia about their services and funding sources. I study the strategies those development and humanitarian assistance groups follow when aid gets halted. These four are the most common.

    1. Shift to national or local government funding

    In many cases, national and local governments end up supporting groups that previously relied on foreign aid, filling the void.

    An educational program spearheaded by a local Ecuadorian nonprofit, Desarrollo y Autogestión, called Accelerated Basic Cycle is one example. This program targets young people who have been out of school for more than three years. It allows them to finish elementary school – known as the “basic cycle” in Ecuador – in one year to then enter high school. First supported in part by funding from foreign governments, it transitioned to being fully funded by Ecuador’s government and then became an official government program run by the country’s ministry of education.

    2. Earn income

    Local nonprofits can also earn income by charging fees for their services or selling goods, which allows them to fulfill their missions while generating some much-needed cash.

    For example, SEND Ghana is a development organization that has promoted good governance and equality in Ghana since its founding in 1998. In 2009, SEND Ghana created a for-profit subsidiary called SENDFiNGO that administers microfinance programs and credit unions. That subsidiary now helps fund SEND Ghana’s work.

    Bangladesh Rural Advancement Committee and the Grameen Bank, which is also in Bangladesh, use this approach too.

    3. Tap local philanthropy

    Networks such as Worldwide Initiatives for Grantmaker Support and Global Fund for Community Foundations have emerged to promote local philanthropy around the world. They press governments to adopt policies that encourage local philanthropy. This kind of giving has become easier to do thanks to the emergence of crowdfunding platforms.

    Still, complex tax systems and the lack of incentives for giving in many countries that receive foreign aid are persistent challenges. Some governments have stepped in. India’s corporate social responsibility law, enacted in 2014, boosted charitable incentives. For example, it requires 2% of corporate profits to go to social initiatives in India.

    4. Obtain support from diaspora communities

    Diasporas are people who live outside of their countries of origin, or where their families came from, but maintain strong ties to places they consider to be their homeland.

    Local nonprofits around the globe are leveraging diaspora communities’ desire to contribute to economic development in their countries of origin. In Colombia, for example, Fundación Carla Cristina, a nongovernmental organization, runs nursery schools and provides meals to low-income children.

    It gets some of its funding from diaspora-led nonprofits in the U.S., such as the New England Association for Colombian Children, which is based outside of Boston, and Give To Colombia in Miami.

    A push for the locals to do more

    Trump’s stop-work order coincided with a resurgence of a localization push that’s currently influencing foreign aid from many countries.

    With localization, nations providing foreign aid seek to increase the role of local authorities and organizations in development and humanitarian assistance. USAID has been a leading proponent of localization.

    I believe that the abruptness of the stop-work order is likely to disrupt many development projects. These projects include support to Ukrainian aid groups that provide emergency humanitarian assistance and projects serving meals to children who don’t get enough to eat.

    To be sure, sometimes there are good reasons for aid to be halted. But when that happens, sound and responsible donor exit strategies are essential to avoid the loss of important local services.

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

    – ref. How nonprofits abroad can fill gaps when the US government cuts off foreign aid – https://theconversation.com/how-nonprofits-abroad-can-fill-gaps-when-the-us-government-cuts-off-foreign-aid-248378

    MIL OSI – Global Reports –

  • MIL-OSI: ITS Logistics January Supply Chain Report: Recession Risks Heighten for US Economy as Consumer Confidence Decreases for Second Consecutive Month

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Jan. 30, 2025 (GLOBE NEWSWIRE) — ITS Logistics released the January ITS Supply Chain Report, revealing the U.S. economy was relatively stable last month but faced several headwinds. The job market remained strong, and inflation cooled significantly, but concerns about core inflation, higher interest rates, tariffs, and potential economic slowdown loomed. The Federal Reserve’s cautious approach to monetary policy and the housing market’s ongoing challenges also continued to influence the overall economic outlook.

    “As the U.S. entered December 2024, the economic outlook carried both positive and negative trends that could influence the trajectory of the economy in 2025 and beyond,” said Stan Kolev, Chief Financial Officer of ITS Logistics. “While many indicators suggest resilience, a number of challenges pose significant risks to continued growth.”

    Key concerns that supply chain professionals should be privy to include:

    • Inflationary Pressure: If inflationary pressures persist or accelerate, it could erode consumer spending and confidence
    • Monetary Policy Uncertainty: The risk of inflation becoming entrenched could lead to more aggressive action from the Federal Reserve, with possible interest rate hikes impacting consumer borrowing and business investment
    • Global Economic Uncertainty: The global supply chain disruptions and rising geopolitical tensions could negatively impact US exports and supply chains, hurting sectors that rely on international trade
    • Consumer Confidence: If inflation and high borrowing costs weigh too heavily on households, it could lead to reduced discretionary spending, further slowing growth in key sectors like retail, travel, and housing
    • Tariffs: Per the recent incoming Trump Administration announcement, there is a potential for an increase in tariffs. Companies should prepare for the potential of a front-loading event similar to 2018, disrupting transpacific trade lanes from Asia into North America

    The Conference Board reported that this month alone, U.S. consumer confidence decreased for the second consecutive month. Its consumer confidence index declined to 104.1 from 109.5 in December. This is considered to be worse than the projections presented by economists, which were expected to result in a reading of 105.8. The index measures Americans’ assessment of current economic conditions and their outlook for the next six months. Overall, consumers’ outlook of current market conditions decreased by 9.7 points to a reading of 134.3 this month, while the views on current labor market conditions fell for the first time since September.

    “In December 2024, the U.S. labor market remained strong but showed some signs of slowing as the year came to a close,” continued Kolev. “The U.S. economy added about 200,000 to 250,000 jobs last month, continuing a solid pace of hiring. While lower than the stronger job growth observed in 2021 and 2022, it still represented a healthy expansion, especially given the higher interest rate environment. The unemployment rate remained steady at 3.5%, continuing near historic lows. This suggested a tight labor market, with many employers still struggling to find workers.”

    Although job growth slowed compared to earlier in the recovery, demand for workers remained robust, particularly in healthcare, hospitality, and blue-collar industries. However, concerns about higher interest rates and a potential economic slowdown in 2025 could bring more caution to the labor market.

    While the U.S. economy was not yet in recession in December 2024, the risks are heightened as we move into 2025. The key concerns include how inflationary pressures, high interest rates, and global uncertainties will impact growth, consumer confidence, and business investment in the year ahead.

    ITS Logistics offers a full suite of network transportation solutions across North America and distribution and fulfillment services to 95% of the U.S. population within two days. These services include drayage and intermodal in 22 coastal ports and 30 rail ramps, a full suite of asset and asset-lite transportation solutions, omnichannel distribution and fulfillment, LTL, and outbound small parcel.

    The monthly ITS Supply Chain Report serves to inform ITS employees, partners, and customers of marketplace changes and updates. The information in the report combines data provided through DAT and various industry sources with insights from the ITS team. Visit here for a comprehensive copy of the report with expected industry insights and market updates.

    About ITS Logistics
    ITS Logistics is one of North America’s fastest-growing, asset-based modern 3PLs, providing solutions for the industry’s most complicated supply chain challenges. With a people-first culture committed to excellence, the company relentlessly strives to deliver unmatched value through best-in-class service, expertise, and innovation. The ITS Logistics portfolio features North America’s #19 asset-lite freight brokerage, the #12 drayage and intermodal solution, a top 50 dedicated fleet, an innovative cloud-based technology ecosystem, and a nationwide distribution and fulfillment network.

    Media Contact
    Amber Good
    LeadCoverage
    amber@leadcoverage.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4910ceb2-75a8-407d-b57a-1342bbc2d3f0

    The MIL Network –

  • MIL-OSI Security: Meet the Richmonds: A Navy Family Committed to Advancing Navy Medicine Through Service

    Source: United States Navy (Medical)

    Story by: Lieutenant Julius C. Wiseman III, DBA, MBA, MPS, USNMRTC Sigonella

    SIGONELLA, Sicily – In a remarkable testament to dedication and service, Petty Officers Samantha and Albert Richmond recently celebrated a significant milestone in their military careers. Last November, they were both promoted, earning the distinguished title of Hospital Corpsman First Class (HM1). This achievement is not merely a rank; it symbolizes their unwavering commitment to the Navy and their pivotal roles in enhancing Navy Medicine.

    The story of the Richmonds is one of serendipity and shared purpose. Both Petty Officers arrived at the United States Navy Medicine Readiness and Training Command (USNMRTC) Sigonella, in Sicily, Italy, in 2022, drawn by their respective duties within the Navy. Although their paths diverged before this point, it was in this picturesque Mediterranean locale that their lives intertwined. In 2023, they not only solidified their bond through marriage but also welcomed their daughter, Danielle, into the world, marking a new chapter in their family’s journey.

    Samantha Richmond, hailing from the small, close-knit town of Saint Marys, Georgia, has been a beacon of resilience and service since enlisting in the U.S. Navy in 2013. Her career has taken her to various esteemed commands, including Navy Medicine Readiness and Training Command Pensacola, the Naval Medical Center Portsmouth, and the USS PORT ROYAL (CG-73). During her tenure aboard the USS PORT ROYAL, she completed a notable Fifth Fleet deployment and two Seventh Fleet deployments in the Western Pacific, experiences that have enriched her medical expertise and honed her leadership skills. Currently, HM1 Samantha Richmond serves in the Multi-Service Ward, where she has taken on the critical role of Leading Petty Officer. In this capacity, she not only oversees the day-to-day operations of the ward but also ensures that her team is well-coordinated and prepared to meet the diverse medical needs of service members from various branches. Her leadership extends beyond patient care; she also serves as the Assistant Security Manager for the Command, which underscores her versatility and commitment to maintaining the safety and security of her fellow personnel.

    When asked about her favorite aspect of her job, Samantha responded with heartfelt sincerity, “My favorite part of the job has always been helping people, in all aspects, administratively and through patient care.” This statement reflects her deep-rooted passion for service and her belief in the importance of compassion and support in the healthcare environment. Whether she is managing administrative tasks or providing direct patient care, her goal is to make a positive impact on the lives of those she serves.

    Samantha also shared her perspective on what serving in the Navy means to her personally. “Serving to me means embracing a lifestyle that sometimes requires long periods away from home and committing to defend national security,” she explained. This sentiment captures the essence of military life, where personal sacrifice is often required in the name of a greater cause. For Samantha, the challenges of military service are balanced by the profound sense of purpose that comes from contributing to the safety and well-being of her country.
    In reflecting on her journey, she identifies the birth of their daughter, Danielle, and being promoted alongside her husband, Albert, as her most noteworthy accomplishments. These milestones not only represent personal triumphs but also signify the strength of their partnership as they navigate the complexities of military life together.

    HM1 Albert Richmond, a dedicated member of the U.S. Navy, was born and raised in the vibrant and diverse urban environment of Southeast San Diego, California. Growing up in such a dynamic city, he was surrounded by a rich tapestry of cultures and experiences that shaped his outlook on life and his aspirations for the future. Albert cites his upbringing as a significant motivator in his decision to enlist in the Navy. “Lessons that I learned from my hometown that have stuck with me to this day are that we can choose whether to be products of our environment or representations of something greater. I chose to be a representation as a United States Sailor,” HM1 Richmond reflected. This powerful statement encapsulates his commitment to rise above challenges and embody the values of honor, courage, and commitment that define the Navy.

    In just eight years of service, Petty Officer Albert Richmond has already made an impressive mark on his military career. He has completed three deployments, including significant contributions to Operation Inherent Resolve, a mission aimed at combating terrorism in the Middle East, and Cobra Gold, a multinational military exercise conducted annually in Thailand that enhances interoperability among allied forces. His experience with a Special Marine Group Task Force during these missions has equipped him with a wealth of knowledge and skills, further solidifying his role as a competent and reliable service member.

    Albert’s previous command at the 1st Marine Division allowed him to hone his skills in a fast-paced and demanding environment, preparing him for the challenges he would face in subsequent roles. Now stationed at USNMRTC Sigonella, he has taken on a pivotal role as the Command’s Career Counselor. In this capacity, he plays an essential part in shaping the futures of his fellow sailors. His mentorship has had a direct and positive impact on retention rates, as he works diligently to help sailors navigate their career paths, set goals, and develop visions for their futures. Albert’s commitment to fostering professional growth within the ranks exemplifies his dedication to the Navy and its personnel.

    Simultaneously, he also serves as the Leading Petty Officer of the Flight Line Clinic, where he oversees operations and ensures that the medical needs of personnel are met efficiently and effectively. This dual role showcases his ability to balance multiple responsibilities while maintaining a high standard of care and leadership. Albert’s contributions to both the Career Counseling program and the Flight Line Clinic illustrate his unwavering commitment to the Navy’s mission and the well-being of his fellow sailors.

    The Richmonds are just one example of the many co-spouses who serve within the ranks of the United States Navy, embodying the unique challenges and rewards that come with dual-military careers. As they embark on their next adventure, they are en route to Japan, where they will be stationed on the beautiful and strategically significant Island of Okinawa. This move represents not only a new chapter in their professional lives but also an opportunity to immerse themselves in a rich cultural environment that is steeped in history and tradition.

    HM1 Samantha Richmond will continue her mission at United States Navy Medicine Readiness and Training Command Okinawa, where she will apply her extensive experience and dedication to enhancing medical readiness and patient care. Meanwhile, HM1 Albert Richmond will be returning to his roots with the Marine Corps at the III Marine Expeditionary Force (III MEF). This assignment is particularly meaningful for him, as it allows him to reconnect with the Marine Corps legacy that has shaped his military journey.

    Together, the Richmonds stand as a guiding light of inspiration to many within the military community. Their journey exemplifies the resilience and adaptability required of dual military families, showcasing how they can successfully navigate the complexities of service while maintaining their family bond. Their experiences serve as a testament to how the Navy actively supports dual military families, offering resources and programs designed to help them thrive both personally and professionally.

    As they look toward the future, the Richmonds undoubtedly have bright prospects ahead of them in the United States Navy. Their dedication to service, commitment to one another, and willingness to embrace new challenges will continue to inspire those around them. In a world where military families often face unique hurdles, the Richmond story highlights the strength found in partnership, shared values, and a common mission, reinforcing the idea that together, they can achieve great things both in their careers and as a family.

    MIL Security OSI –

  • MIL-OSI: Military Drones Market Heating Up as Multi-Billion Dollar Industry Realizing Rapidly Increasing Demand

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla. , Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Military drone refers to unmanned aerial vehicles that are specifically used for military purposes such as border surveillance, battle damage management, combat operations, communication, delivery, and anti-terrorism weaponry. The main types of military drones are fixed-wing, rotary-wing, and hybrid. A fixed-wing drone is a plane that doesn’t have a human pilot on board. Fixed-wing UAVs can be commanded remotely by a human or Autonomously by onboard systems. The different types of drones include MALE, HALE, TUAV, UCAV, SUAV and involve various technologies such as remotely operated, semi-autonomous, autonomous. It is used in Search And Rescue, national defense, military exercises, and others. According to a report from The Business Research Company, the military drones market size has grown strongly in recent years. It will grow from $15.93 billion in 2024 to $17.05 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing military expenditure, increasing the use of military drones, increasing government funding for military drones and low interest rates. The report said: “The military drones market size is expected to see strong growth in the next few years. The growth in the forecast period can be attributed to an increase in government funds and increasing internal and external security threats. Major trends in the forecast period include strategic mergers and acquisitions, focus on use of 3D printing, use of the internet of things (IoT), focus on implementing autonomous systems and focusing on implementing emerging technologies such as artificial intelligence (AI).” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Northrop Grumman Corporation (NYSE: NOC), AeroVironment, Inc. (NASDAQ: AVAV), The Boeing Company (NYSE: BA), Red Cat Holdings, Inc. (NASDAQ: RCAT).

    The Business Research Company concluded: “The increasing terrorism is expected to boost the growth of the military drone market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm IT would do. Governments and military organizations often use military drones in counter-terrorism efforts. Drones can provide valuable intelligence, surveillance, and reconnaissance (ISR) capabilities to monitor and track terrorist activities. The need for real-time data and actionable intelligence in counter-terrorism operations drives the demand for military drones… Asia-Pacific was the largest region in military drones’ market in 2024. Western Europe is expected to be the fastest-growing region in the global military drones market share during the forecast period.”

    ZenaTech (NASDAQ:ZENA) Announces Spider Vision Sensors Collaborates with Suntek Global to Apply for First Blue UAS Certification of IQ Nano Drone Sensor for US Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiaries ZenaDrone and Spider Vision Sensors are collaborating with Taiwan-based certified electronics manufacturer and partner, Suntek Global, to apply for the company’s first Blue UAS (Unmanned Aerial System) certified IQ Nano drone sensor for use by US Defense branches.

    A drone sensor is a device onboard a drone that collects data, such as cameras for imaging, LiDAR for mapping, or infrared sensors for thermal detection. Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection.

    “We have been working with Suntek on Blue UAS certification for our cameras and sensors since signing a partnership agreement in early December, in conjunction with our Spider Vision Sensors manufacturing subsidiary in Taiwan,” said CEO Shaun Passley, Ph.D. “Our immediate goal is to utilize Suntek’s expertise having achieved Blue UAS certification, to help us source and manufacture our own compliant components as well as help us with the Blue UAS application process for our components and the IQ Nano drone. If approved, the drone is placed on the Blue UAS Cleared List, allowing military and federal agencies to directly purchase our drones.

    “The IQ Nano drone is ideal for indoor operations in scenarios requiring precision, maneuverability, and minimal collateral damage, and can also improve efficiency and costs managing inventories of supplies in the Department of Defense (DoD) warehouse and storage facilities,” concluded Dr. Passley.

    The company also intends to file for the less stringent and faster to achieve Green UAS certification for IQ Nano sensor and the drone in the second quarter of 2025. The Green certification is considered a pathway to the Blue certification list, with the main difference being that it is a commercial certification for secure drones led by a drone industry association (AUVSI). The Blue UAS is a military-grade approval for DoD use and has strict country of origin requirements that must not include a set list of Chinese suppliers. The Blue UAS Certification Process for DoD use is managed by the Defense Innovation Unit (DIU) and includes additional security and performance evaluations. Continued… Read this full release for ZENA by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the defense/military industry include:

    Northrop Grumman Corporation (NYSE: NOC) recently announced that its fourth quarter and full-year 2024 financial results will be posted on its investor relations website on January 30, 2025. Prior to the market opening, the company will issue an advisory release notifying the public of the availability of the complete and full text earnings release on the company’s website at http://investor.northropgrumman.com.

    The company’s fourth quarter and 2024 conference call will be held at 9 a.m. Eastern time, Thursday, January 30, 2025. The conference call will be webcast live on Northrop Grumman’s website at http://investor.northropgrumman.com. Replays of the call will be available on the Northrop Grumman website for a limited time. Presentations may be supplemented by a series of slides appearing on the company’s investor relations home page.

    AeroVironment, Inc. (NASDAQ: AVAV) recently reported financial results for the fiscal second quarter ended October 26, 2024. Second Quarter Highlights were: Record second quarter revenue of $188.5 million up 4% year-over-year; Second quarter net income of $7.5 million and non-GAAP adjusted EBITDA of $25.9 million; Funded backlog of $467.1 million as of October 26, 2024; and announced its entry into an agreement for the acquisition of BlueHalo in an all-stock transaction with an enterprise value of approximately $4.1 billion.

    “AeroVironment continues to deliver strong results, including record second-quarter revenue along with a healthy funded backlog that is 25% higher than the prior quarter,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Key wins from our Loitering Munition Systems segment continue to drive growth for the company.

    “We expect our proposed acquisition of BlueHalo to further advance our growth opportunities with a highly complementary portfolio of products, customers and capabilities in key defense space and intelligence sectors and establish AeroVironment as the next generation defense technology company for our customers. We look forward to continued momentum beyond fiscal year 2025.”

    The Boeing Company (NYSE: BA) recently released Fourth Quarter Results which were: Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs; Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year; Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP) loss per share of ($5.90); and Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion. Full Year 2024; Delivered 348 commercial airplanes and recorded 279 net orders; Total company backlog grew to $521 billion, including over 5,500 commercial airplanes.

    The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP) of ($5.90) (Table 1) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP).

    “We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan,” said Kelly Ortberg, Boeing president and chief executive officer. “My team and I are focused on making the fundamental changes needed to fully recover our company’s performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us.”

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced it has secured new orders for its Edge 130 drone from the Army National Guard and another U.S. Government Agency (OGA), totaling $518,000.

    FlightWave, a leading provider of VTOL drone, sensor and software solutions was acquired by Red Cat in September 2024. The acquisition brought FlightWave’s flagship drone, the Edge 130 Blue into its family of low-cost, portable unmanned reconnaissance and precision lethal strike systems. FlightWave’s size, weight and vertical take off capabilities makes it ideal for maritime operations and littoral environments.

    About FN Media Group:

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

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

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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI China: 9th Asian Winter Games to be held in Harbin on Feb. 7

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

    9th Asian Winter Games to be held in Harbin on Feb. 7

    Updated: January 30, 2025 21:40 Xinhua
    This aerial photo taken on Jan. 27, 2025 shows Heilongjiang Ice Events Training Center Multifunctional Hall in Harbin, northeast China’s Heilongjiang Province. The 9th Asian Winter Games will take place in Harbin, capital of northeast China’s Heilongjiang Province from Feb. 7 to 14, 2025. The Games will feature six sports, 11 disciplines and 64 events. The ice events will be held in Harbin, using the existing venues from the 1996 Asian Winter Games, while the snow events will be in Yabuli, 193 km from Harbin. The regional games will be staged in China for the third time, following Harbin in 1996 and Changchun, capital city of Jilin Province, in 2007. [Photo/Xinhua]
    This aerial photo taken on Jan. 27, 2025 shows Heilongjiang Ice Events Training Center Speed Skating Oval in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 16, 2025 shows Yabuli Ski Resort in Yabuli, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 26, 2025 shows the night view of the Harbin Ice-Snow World in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 21, 2025 shows Harbin Pingfang District Curling Arena in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 16, 2025 shows Slopestyle Stadium and Big Air Stadium at the Yabuli Ski Resort in Yabuli, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 16, 2025 shows Biathlon Gymnasium at the Yabuli Ski Resort in Yabuli, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 27, 2025 shows Harbin Sport University Student Skating Rink in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 27, 2025 shows the Athletes’ Village for the ice sports competitions, the Main Press Center and Harbin International Conference, Exhibition and Sports Center, the venue for the opening and closing ceremonies, in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 27, 2025 shows Harbin Ice Hockey Arena in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Europe: Trump 2.0: the rise of an “anti-elite” elite in US politics

    Source: Universities – Science Po in English

    US president Donald Trump is surrounded by a new cohort of politicians and officials. While one of his campaign promises was to overthrow the “corrupt elites” he accuses of flooding the American political arena, his second term in office has elevated elites chosen, above all, for their political loyalty to him. Does his second term open the door to elites who can operate without concern for justice and truth?

    An article by William Genieys, CNRS Research Director at the Centre for European Studies and Comparative Politics (CEE) at Sciences Po, and Mohammad-Saïd Darviche, Senior Lecturer at the University of Montpellier, originally published by our partner The Conversation.

    The media’s focus on Trump’s comments on making Canada the 51st US state and annexing Greenland and billionaire Elon Musk’s support for some far-right parties in Europe has obscured the ambitious programme to transform the federal government that the new political elite intends to implement.

    In the wake of Trump’s inauguration on January 20, the Republican elites most loyal to the MAGA (“Make America Great Again”) leader, who staunchly oppose Democratic elites and their policies, are operating amid their party’s control over the executive and legislative branches (at least until the midterm elections in 2026), a conservative-dominated Supreme Court that includes three Trump-appointed justices, and a federal judiciary that shifted right during his first term.

    However, the political project of the Trumpist camp consists less of challenging elitism in general than attacking a specific elite: one particular to liberal democracies.

    Castigating democratic elitism

    Typical anti-elite political propaganda, along the lines of “I speak for you, the people, against the elites who betray and deceive you,” claims that a populist leader would be able to exercise power for and on behalf of the people without the mediation of an elite disconnected from their needs.

    Political theorist John Higley sees behind this form of anti-elite discourse an association between so-called “forceful leaders” and “leonine elites” (who take advantage of the former and their political success): a phenomenon that threatens the future of Western democracies.

    Since the Second World War, there has been a consensus in US politics on the idea of democratic elitism. According to this principle, elitist mediation is inevitable in mass democracies and must be based on two criteria: respect for the results of elections (which must be free and competitive); and the relative autonomy of political institutions.

    The challenge to this consensus has been growing since the 1990s with the increased polarization of American politics. It gained new momentum during and after the 2016 presidential campaign, which was marked by anti-elite rhetoric from both Republicans and Democrats (such as senators Bernie Sanders and Elizabeth Warren). At the heart of some of their diatribes was an aversion to “the Establishment” on the east and west coasts of the United States, where many prestigious financial, political and academic institutions are based, and the conspiracy notion of the “deep state”.

    The re-election of Trump, who has never admitted defeat in the 2020 presidential vote, growing political hostility and the direct involvement of tech tycoons in political communication –especially on the Republican side– further reinforce the denial of democratic elitism.

    Trump’s populism from above: a revolt of the elites

    The idea that democracy could be betrayed by “the revolt of the elites”, put forward by the US historian Christopher Lasch (1932-1994), is not new. For the anthropologist Arjun Appadurai, it is a particular feature of contemporary populism, which comes “from above.” Indeed, if the 20th century was the era of the “revolt of the masses”, the 21st century, according to Appadurai, “is characterized by the ‘revolt of the elites’.” This would explain the rise of populist autocracies (such as those currently led by Viktor Orban in Hungary, Recep Tayyip Erdogan in Turkey and Narendra Modi in India, and formerly led by Jair Bolsonaro in Brazil), but also the election successes of populist leaders in consolidated democracies (including those of Trump in the US, Giorgia Meloni in Italy, and Geert Wilders in the Netherlands, for example).

    As Appadurai explains, the success of Trumpian populism, which represents a revolt by ordinary Americans against the elites, casts a veil over the fact that, following Trump’s victory in November, “it is a new elite that has ousted from power the despised Democratic elite that had occupied the White House for nearly four years.”

    The aim of this “alter elite” is to replace the “regular” Democrat elites, but also the moderate Republicans, by deeply discrediting their values (such as liberalism and so-called “wokeism”) and their supposedly corrupt political practices. As a result, this populism “from above” carried out by the President’s supporters constitutes an alternative elite configuration, the effects of which on American democratic life could be more significant than those observed during Trump’s first term.

    Beyond the idea of a ‘Muskoligarchy’

    The idea that we are witnessing the formation of a “Muskoligarchy” –in other words, an economic elite (including tech barons such as Jeff Bezos, Mark Zuckerberg and Marc Andreessen) rallying around the figurehead of Elon Musk, whom Trump asked to lead what the president has called a “Department of Government Efficiency” (DOGE) –is seductive. It perfectly combines the vision of an alliance between a “conspiratorial, coherent, conscious” ruling class and an oligarchy made up of the “ultra-rich”. For the Financial Times columnist Martin Wolf, it is even a sign of the development of “pluto-populism”. (It is also worth noting that former president Joe Biden, in his farewell speech, referred to “an oligarchy… of extreme wealth” and “the potential rise of a tech-industrial complex.”)

    However, some observers are cautious about the advent of a “Muskoligarchy.” They point to the sociological eclecticism of the new Trumpian elite, whose facade of unity is held together above all by a political loyalty, for the time being unfailing, to the MAGA leader. The fact remains, however, that the various factions of this new “anti-elite” elite are converging around a common agenda: to rid the federal government of the supposed stranglehold of Democratic “insiders.”

    An ‘anti-elite’ elite against the ‘deep state’

    In his presidential inauguration speech in 1981, Ronald Reagan said: “Government is not the solution to our problem; government is the problem.” The anti-elitism of the Trump elite is inspired by this diagnosis, and defends a simple political programme: rid democracy of the “deep state.”

    Although the idea that the US is “beleaguered” by an “unelected and unaccountable elite” and “insiders” who subvert the general interest has been shown to be unfounded, it is nonetheless predominant in the new Trump Administration.

    This conspiracy theory has been taken to the extreme by Kash Patel, the candidate being considered to head the FBI. In his book, Government Gangsters, a veritable manifesto against the federal administration, the former lawyer writes about the need to resort to “purges” in order to bring elite Democrats to justice. He lists around 60 people, including Biden, ex-secretary of state Hillary Clinton and ex-vice president Kamala Harris.

    The appointment of Russell Vought as head of the Office of Management and Budget at the White House, a person who is known for having sought to obstruct the transition to the Biden Administration in 2021, also highlights the hard turn that the Trump administration is likely to take.

    Reshaping the state around political loyalty

    To “deconstruct the administrative state”, the “anti-elite” elites are relying on Project 2025, a 900-plus page programme report that the conservative think-tank The Heritage Foundation, which published it, says was produced by “more than 400 scholars and policy experts.” According to former Project 2025 director Paul Dans, “never before has the entire movement… banded together to construct a comprehensive plan” for this purpose. On this basis, the “anti-elite” elite want to impose loyalty to Project 2025 on federal civil servants.

    But this idea is not new. At the end of his first term, Trump issued an executive order facilitating the dismissal of statutory federal civil servants occupying “policy-related positions” and considered to be “disloyal”. The decree was rescinded by president Biden, but Trump on his first day back in office signed an executive order that seeks to void Biden’s rescindment. As President, Trump is also able to allocate senior positions within the federal administration to his supporters.

    The “anti-elite” elite not only want to reduce the size of the state, as was the case under Reagan’s “neoliberalism”, but to deconstruct and rebuild it in their own image. Their real aim is a more lasting victory: the transformation of democratic elitism into populist elitism.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Speech by CE at 2025 Hong Kong Chinese New Year Fireworks Display (with photos)

    Source: Hong Kong Government special administrative region

         â€‹Following is the speech by the Chief Executive, Mr John Lee, at the 2025 Hong Kong Chinese New Year Fireworks Display today (January 30):

    王冬�主席（香港上海滙�銀行有�公�主席）�廖宜建行政總�（香港上海滙�銀行有�公�亞太��席行政總�）���嘉賓���朋�：

         å¤§å®¶æ–°å¹´å¥½ï¼�今日是乙巳蛇年的大年åˆ�二，我首先在此å�‘大家ç¥�ç¦�，蛇年身體å�¥åº·ï¼Œèº«å£¯åŠ›å�¥ï¼Œå¿ƒæƒ³äº‹æˆ�。

         å¤§å¹´åˆ�二的煙花匯演，是香港æ¯�年賀歲活動的é‡�頭戲。全港市民和來自海內外的旅客，都å�¯ä»¥è§€è³žåœ¨ç¶­æ¸¯é†‰äººå¤œæ™¯çš„襯托下，絢麗多彩ã€�璀璨奪目的煙花。

         ä»Šå¹´çš„賀歲煙花別開生é�¢ï¼Œå°‡å‘ˆç�¾å¤§ç†Šè²“的圖案，與所有觀眾分享香港大熊貓家庭共六ä½�æˆ�員的喜悅。相信大家都留æ„�到，香港æ¯�年的新春煙花都有ä¸�å�Œçš„新元素，為維港上空帶來新的璀璨，就如é�ˆè›‡è±¡å¾µçš„é�ˆæ´»è®Šé€šï¼Œèˆ‡é¦™æ¸¯äººé�ˆæ´»æ‡‰è®Šã€�創新求進的精神互相è¼�映。

         æ–°çš„一年，特å�€æ”¿åºœæœƒç¹¼çºŒæŽ¨å‹•é¦™æ¸¯è®Šé�©å‰µæ–°ï¼Œé�ˆæ´»æ‡‰å°�å�„種挑戰和機é�‡ï¼Œç¹¼çºŒç™¼æ�®ã€Œä¸€åœ‹å…©åˆ¶ã€�çš„ç�¨ç‰¹å„ªå‹¢ï¼ŒåŠ å¼·å…§è�¯å¤–通的工作，讓香港在國際舞å�°ä¸Šä¸�斷大放異彩。

         æˆ‘知é�“維港兩岸數å��è�¬è¨ˆçš„市民和旅客，都很期待今晚的煙花匯演，希望大家好好享å�—這個晚上。我在此感è¬�今年æˆ�ç«‹160周年的香港上海滙è±�銀行，贊助今晚的煙花匯演，為這個喜慶的節日帶來更多歡樂。

         æˆ‘ç¥�願國家富強昌盛，香港ç¹�榮興旺，市民事事如æ„�。接ç�€æˆ‘用英語來歡迎來自ä¸�å�Œåœ°æ–¹çš„朋å�‹ã€‚

         I’m delighted to join you at this fireworks extravaganza. Last night, we welcomed the Year of the Snake with a night parade. Tonight, we cheer it on with a fabulous fireworks show.

         Hong Kong, our vibrant city, is shining brighter than ever with its unique blend of Eastern and Western cultures. As we marvel with and over the dazzling pyrotechnics lighting up the skies above Victoria Harbour, let’s remember that the display is more than a cheering spectacle – more importantly, every burst of colour celebrates the diversity and soaring promise of our home.

         The snake symbolises wisdom, resilience and renewal in Chinese culture. Hong Kong has long thrived on its dynamic spirit and adaptability, endlessly mingling tradition and innovation. In the Year of the Snake, Hong Kong will revitalise its strengths and boundless future. 

         I invite you all to enjoy what Hong Kong has to offer in the Year of the Snake. Alongside magnificent mega events such as this evening’s, our city never fails to delight in its thriving wine and dine scene, breath-taking natural scenery, East-meets-West arts and cultural bounty, world-class sports and non-stop entertainment.

         My thanks to HSBC for sponsoring tonight’s fireworks display. HSBC celebrates its 160th anniversary this year. My warmest congratulations on your most meaningful anniversary!

         I wish you all a very healthy and successful Year of the Snake. Enjoy the show, as we look forward to an even brighter tomorrow. 

         ç¥�願å�„ä½�蛇年進步，心想事æˆ�，大家共å�Œåœ¨é€™å€‹æ­¡æ¨‚的春節氣氛è£�欣賞我們今晚璀璨的煙花。多è¬�大家ï¼�      

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: FEHD arrests unlicensed hawkers for selling cable car ticket redemption vouchers

    Source: Hong Kong Government special administrative region

         In response to the illegal hawking without licence of cable car tickets in Tung Chung, the Food and Environmental Hygiene Department (FEHD) and the Lantau North Division of the Hong Kong Police Force conducted a joint operation against illegal hawking without licence at Mei Tung Street, Tung Chung today (January 30). During the operation, the police officers disguised as customers to gather evidence at the stalls located at the mentioned address. It was discovered that a man and a woman were selling Ngong Ping 360 cable car tickets. FEHD officers promptly intervened, arresting and charging the above-mentioned persons for illegal hawking without licence and causing obstruction in public place.

         The arrested persons were a 49-year-old man and a 21-year-old woman (both holding Hong Kong identity cards). During the operation, FEHD officers seized items such as cable car ticket redemption vouchers, price tags, metal folding tables and Octopus Mobile POS (point of sale).

         The FEHD reminds that according to the Public Health and Municipal Services Ordinance (Cap. 132), no one is allowed to trade on the streets unless he holds a valid hawker licence issued by the Department. Offenders will be prosecuted and, upon conviction, a maximum penalty of $10,000 fine and six months’ imprisonment will be imposed, and the commodities and equipment involved will be seized and confiscated. In addition, if the illegal hawking activities also cause obstruction to the public place, the offender will also be charged under the Summary Offenses Ordinance (Cap. 228). Upon conviction, a maximum penalty of $25,000 or three months’ imprisonment will be imposed.

         The FEHD will continue the discussions with relevant organisations and departments to address the issue at its source and curb the illegal hawking without licence of cable car tickets.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Coal Transportation Rates to the Electric Power Sector

    Source: US Energy Information Administration

    This recent update of the Coal Transportation Rates to the Electric Power Sector web page incorporates final data for 2023 from Form EIA-923, Power Plant Operations Report, and updates the tables with data in nominal and real 2023 dollars. The data tables are based on primary data that we collect from plant owners and operators on Form EIA-923 and on supplement data and analysis of coal transportation costs that we released in June 2011 and November 2012.

    The initial report on coal transportation rates covered 2001 through 2008, applied only to railroad shipments, and was based exclusively on waybill sample data obtained from the U.S. Surface Transportation Board (STB). The supplemental report provided an additional year of waybill sample data and incorporated data that we collected on Form EIA-923 for shipments by railroad, waterway, and truck for 2008 through 2010. The third set of tables on coal transportation rates were based on Form EIA-923 data for 2008 through 2012. The rates for 2008 and 2010 were slightly different from the rates we previously published due to minor changes in methodology. Transportation rates for 2011 and 2012 had not been previously published. The current release provides final rates for the years 2008 through 2023. We can no longer update waybill data due to STB’s modified interpretation of its data confidentiality obligation.

    As in previous iterations of Form EIA-923 data, the rates are based on primary mode of transportation. Because some shipments include a primary and secondary mode of transportation, these rates do not necessarily reflect the rates associated with only one transportation mode. In addition, the rates do not reflect shipments made to cogenerators and other end users of electricity, and they are based only on shipments made to plants in the electric power sector. We define the electric power sector as consisting of electric utilities and regulated and unregulated independent power producers.

    We calculate nominal rates by subtracting the commodity cost of the delivered coal from the total delivered cost, as reported by owners and operators of power plants with a combined nameplate capacity of 50 megawatts or greater. Because the commodity cost and delivered cost data are reported in terms of energy content (that is, million British thermal units), the costs are converted to dollars per ton using the average energy content of each shipment reported on the form. The representative transportation cost for each coal mine state, destination state, and transportation mode is a weighted average. Lastly, we convert the values to constant 2023 dollars by using the Implicit Price Deflators for Gross Domestic Product, as published by the U.S. Bureau of Economic Analysis in Table 1.1.9 of the National Income and Products Accounts tables.

    We make several assumptions when calculating the transportation costs. Most notably, we apply an internal methodology to identify and exclude costs that we believe to be outliers. In addition, we use only records that have reported values for commodity cost and delivered cost (in other words, we do not use imputed values).

    We assign coal shipments to basins based on counties as set out below.

    Basin State County
    Northern Appalachia Maryland  
    Ohio  
    Pennsylvania  
    West Virginia (northern)  
    Central Appalachia Kentucky (eastern)  
    Virginia  
    West Virginia (southern)  
    Tennessee Anderson, Campbell, Claiborne, Cumberland, Fentress, Morgan, Overton, Pickett, Putnam, Roane, and Scott
    Southern Appalachia Alabama  
    Tennessee Bledsoe, Coffee, Franklin, Grundy, Hamilton, Marion, Rhea, Sequatchie, Van Buren, Warren, and White
    Illinois Basin Illinois  
    Indiana  
    Kentucky (western)  
    Powder River Basin Montana Big Horn, Custer, Powder River, Rosebud, and Treasure 
    Wyoming Campbell, Converse, Crook, Johnson, Natrona, Niobrara, Sheridan, and Weston
    Uinta Basin Colorado Delta, Garfield, Gunnison, Mesa, Moffat, Pitkin, Rio Blanco, and Routt
    Utah Carbon, Duchesne, Emery, Grand, Sanpete, Sevier, Uintah, Utah, and Wasatch

    Our data include shipments to blank counties that originated in 13 states (generally because the plant purchases coal from a blender that uses coal purchased from multiple mines). In such cases, we assign the shipments to a coal basin based on the origin state and, when appropriate, other factors. We assign shipments originating in Alabama to southern Appalachia because it is the only coal basin in the state. Similarly, we assign shipments originating in Maryland, Ohio, and Pennsylvania to northern Appalachia, and we assign all shipments originating in Illinois and Indiana to the Illinois Basin. Although Tennessee overlaps both central Appalachia and southern Appalachia, coal has not been produced in southern Appalachia since 1990, so we assign all shipments to central Appalachia. In addition, we assign all shipments originating in Utah to the Uinta Basin even though, in theory, a small number of the shipments originated in coal mines that are not technically part of the basin.

    For coal with a missing county that originated in Kentucky, we assign all shipments with an average sulfur content greater than 2.4% to the Illinois Basin and the others to central Appalachia. For coal with a missing county that originated in West Virginia, we assign all shipments with an average sulfur content greater than 1.6% to northern Appalachia and the others to central Appalachia. For coal with a missing county that originated in Wyoming, we only assigned shipments with an average energy content less than or equal greater 17.9 million British thermal units per ton to the Powder River Basin.

    Because cost data collected on Form EIA-923 are confidential, we had to ensure that we suitably aggregated rates to prevent any individual rates from being observed or inferred. To meet this requirement, we withheld rates where the number of plants within a particular aggregation of rates was less than three.

    Contacts:

    David Fritsch
    Phone: 202-287-6538
    Email: David Fritsch

    Jonathan Church
    Phone: 202-586-7693
    Email: Jonathan Church

    MIL OSI USA News –

  • MIL-OSI Economics: Result of OMO Purchase auction held on January 30, 2025 and Settlement on January 31, 2025

    Source: Reserve Bank of India

    I. SUMMARY OMO PURCHASE RESULTS

    Aggregate Amount (Face value) notified by RBI : ₹20,000 crore
    Total amount offered (Face value) by participants : ₹1,20,626 crore
    Total amount accepted (Face value) by RBI : ₹20,020 crore

    II. DETAILS OF OMO PURCHASE ISSUE

    Security 7.59% GS 2029 7.18% GS 2033 7.10% GS 2034 6.79% GS 2034 7.18% GS 2037
    No. of offers received 33 170 117 100 181
    Total amount (face value) offered (₹ in crores) 12,492 33,760 19,491 14,147 40,736
    No. of offers accepted NIL 18 30 36 21
    Total offer amount (face value) accepted by RBI (₹ in crores) NIL 4,375 4,125 5,000 6,520
    Cut off yield (%) NA 6.7764 6.7448 6.6747 6.8521
    Cut off price (₹) NA 102.58 102.39 100.80 102.72
    Weighted average yield (%) NA 6.7803 6.7527 6.6843 6.8601
    Weighted average price (₹) NA 102.55 102.34 100.73 102.65
    Partial allotment % of competitive offers at cut off price NA NA NA 39.68 12.82

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2046

    MIL OSI Economics –

  • MIL-OSI USA: NASA, Partners to Welcome Fourth Axiom Space Mission to Space Station

    Source: NASA

    NASA and its international partners have approved the crew for Axiom Space’s fourth private astronaut mission to the International Space Station, launching from the agency’s Kennedy Space Center in Florida no earlier than spring 2025.
    Peggy Whitson, former NASA astronaut and director of human spaceflight at Axiom Space, will command the commercial mission, while ISRO (Indian Space Research Organization) astronaut Shubhanshu Shukla will serve as pilot. The two mission specialists are ESA (European Space Agency) project astronaut Sławosz Uznański-Wiśniewski of Poland and Tibor Kapu of Hungary.
    “I am excited to see continued interest and dedication for the private astronaut missions aboard the International Space Station,” said Dana Weigel, manager of NASA’s International Space Station Program at the agency’s Johnson Space Center in Houston. “As NASA looks toward the future of low Earth orbit, private astronaut missions help pave the way and expand access to the unique microgravity environment.”
    The Axiom Mission 4, or Ax-4, crew will launch aboard a SpaceX Dragon spacecraft and travel to the space station. Once docked, the private astronauts plan to spend up to 14 days aboard the orbiting laboratory, conducting a mission comprised of science, outreach, and commercial activities. The mission will send the first ISRO astronaut to the station as part of a joint effort between NASA and the Indian space agency. The private mission also carries the first astronauts from Poland and Hungary to stay aboard the space station.
    “Working with the talented and diverse Ax-4 crew has been a deeply rewarding experience,” said Whitson. “Witnessing their selfless dedication and commitment to expanding horizons and creating opportunities for their nations in space exploration is truly remarkable. Each crew member brings unique strengths and perspectives, making our mission not just a scientific endeavor, but a testament to human ingenuity and teamwork. The importance of our mission is about pushing the limits of what we can achieve together and inspiring future generations to dream bigger and reach farther.”
    The first private astronaut mission to the station, Axiom Mission 1, lifted off in April 2022 for a 17-day mission aboard the orbiting laboratory. The second private astronaut mission to the station, Axiom Mission 2, also was commanded by Whitson and launched in May 2023 with four private astronauts who spent eight days in orbit. The most recent private astronaut mission, Axiom Mission 3, launched in January 2024; the crew spent 18 days docked to the space station.
    The International Space Station is a convergence of science, technology, and human innovation that enables research not possible on Earth. For more than 24 years, NASA has supported a continuous human presence aboard the orbiting laboratory, through which astronauts have learned to live and work in space for extended periods of time.
    The space station is a springboard for developing a low Earth economy. NASA’s goal is to achieve a strong economy in low Earth orbit where the agency can purchase services as one of many customers to meet its science and research objectives in microgravity. NASA’s commercial strategy for low Earth orbit will provide the government with reliable and safe services at a lower cost, enabling the agency to focus on Artemis missions to the Moon in preparation for Mars while also continuing to use low Earth orbit as a training and proving ground for those deep space missions. 
    Learn more about NASA’s commercial space strategy at:
    https://www.nasa.gov/commercial-space
    -end-
    Josh Finch / Claire O’SheaHeadquarters, Washington202-358-1100joshua.a.finch@nasa.gov / claire.a.o’shea@nasa.gov
    Anna SchneiderJohnson Space Center, Houston281-483-5111anna.c.schneider@nasa.gov
    Alexis DeJarnetteAxiom Space850-368-9446alexis@axiomspace.com

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom proclaims Lunar New Year 2025

    Source: US State of California 2

    Jan 29, 2025

    Los Angeles, California – Governor Gavin Newsom today issued a proclamation declaring January 29, 2025, as Lunar New Year.

    The text of the proclamation and a copy can be found below:

    PROCLAMATION

    California joins people throughout the country and around the world in celebrating Lunar New Year, ushering in good fortune and good wishes with the new year, and lifting up the diverse and dynamic communities that help make our state and nation what they are today.
     
    Asian American and Pacific Islander (AAPI) communities have shaped this state through foundational contributions to our past, present, and future. As we celebrate this rich heritage, with its many amazing leaders and accomplishments, we also recognize the ugly history of violence and discrimination against these communities, and reaffirm that, for the sake of our neighbors and fellow Californians, all of us must confront racism in all its forms, both past and present. 
     
    Our state’s vibrant diversity is a deep point of pride and a source of enduring strength, and as we recognize Lunar New Year as an official state holiday for the third year, we invite everyone to appreciate the traditions of this special holiday. Two years after the tragedy in Monterey Park, we also honor the memory of those senselessly taken from us, and hold in our hearts the brave survivors and all those mourning lost friends and loved ones.
     
    Today and every day, let us show support and solidarity for our AAPI friends, family, and neighbors and recognize their irreplaceable contributions to our California story. As the Year of the Snake begins, we wish happiness and good fortune to all.
     
    NOW THEREFORE I, GAVIN NEWSOM, Governor of the State of California, do hereby proclaim January 29, 2025, as “Lunar New Year.”

    IN WITNESS WHEREOF I have hereunto set my hand and caused the Great Seal of the State of California to be affixed this 28th day of January 2025.

    GAVIN NEWSOM
    Governor of California

    ATTEST:
    SHIRLEY N. WEBER, Ph.D.
    Secretary of State

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  • MIL-OSI: Enphase Energy Expands in Southeast Asia with Market Entry in Vietnam and Malaysia

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia. Enphase is now shipping IQ8P™ Microinverters, with peak output AC power of 480 W, for residential and commercial applications in Vietnam and Malaysia to support newer high-powered solar modules. Enphase announced first shipments of IQ8P Microinverters in Thailand and the Philippines last year.

    IQ8™ Microinverters are designed to maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher-powered solar modules through increased energy harvesting. The IQ8P Microinverters are the most powerful microinverters available to date from Enphase. The product features a peak output power of 480 W and is built to seamlessly pair with a full range of solar modules up to 640 W DC. All IQ8P Microinverters activated in Vietnam, Malaysia, Thailand, and the Philippines come with an industry-leading 25-year limited warranty.

    “The Vietnamese solar market is poised for explosive growth thanks to the new Decree 135/2024/ND-CP on October 22, 2024,” said Phan Ngoc Anh, CEO of Alena Energy, a distributor of Enphase products in Vietnam. “This will be a major boost to the government’s ambitious 2050 net-zero carbon goal. Enphase IQ8P Microinverters are a game-changer, delivering unparalleled performance and safety – perfect for our solar installations.”

    “In Malaysia, the demand for energy savings and reliable, clean power solutions is driving solar adoption,” said Bernard Fok, general manager of MYSOLARPOWER SDN BHD, a distributor of Enphase products in Malaysia. “As the global leader in microinverter technology, Enphase offers the IQ8P Microinverters, which provide an ideal blend of efficiency and reliability. This empowers our customers to enjoy consistent energy production while reducing both their carbon footprint and utility costs.”

    The Enphase IQ8P Microinverter is built to use low-voltage alternating current (AC) power instead of high-voltage direct current (DC) power used by central (“string”) inverter-based solar systems. Additionally, Enphase IQ® Microinverters include built-in rapid shutdown to help keep first responders and utility workers safe. In an emergency, solar power can be turned off instantly and easily.

    “At KG Solar, we prioritize safety and reliability in every project, whether it’s a simple installation or a sensitive site like a gas station,” said Gunn Teeraniti, engineering director of KG Solar, an Enphase installer in Thailand. “That’s why we choose Enphase. The Enphase IQ8P Microinverters, backed by their impressive 25-year warranty, provide unmatched peace of mind for us and our customers. Their advanced safety features and consistent energy savings make them the ideal choice for all types of installations, from straightforward setups to the most demanding environments.”

    “As homeowners, our homes are likely to be one of the most expensive investments we’ll ever make in our entire lives,” said Hsin Yao Cheng, CEO at Helios, an installer of Enphase products in the Philippines. “We care a lot about our homes and the loved ones we nurture in them. Therefore, it’s a no brainer to put in the absolute safest and highest quality equipment to protect your investment and your family. Enphase IQ8P Microinverters stand out for their safety, durability, and exceptional performance. The 25-year limited warranty reassures us of their long-term reliability, while the system’s efficiency helps our clients achieve significant energy savings.”

    “At Enphase, our focus remains on expanding access to leading-edge, reliable energy technology across Southeast Asia,” said Ken Fong, senior vice president and general manager of the Americas and APAC at Enphase Energy. “We deeply value our partnerships with regional solar installers and are committed to supporting their work as we drive the adoption of resilient, renewable energy solutions.” 

    For more information about IQ8P Microinverters, please visit the Enphase websites for Vietnam, Malaysia, Thailand, and the Philippines.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 78.0 million microinverters, and over 4.5 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. in the United States and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; and the availability and market adoption of Enphase’s products in Vietnam, Malaysia, Thailand, and the Philippines. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: First Merchants Corporation Announces Fourth Quarter 2024 Earnings Per Share

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., Jan. 30, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

    Fourth Quarter 2024 Highlights:

    • Net income available to common stockholders was $63.9 million and diluted earnings per common share totaled $1.10, compared to $48.7 million and $0.84 in the third quarter of 2024, and $42.0 million and $0.71 in the fourth quarter of 2023. Excluding the impact of the branch sale and repositioning of the available for sale securities portfolio, adjusted net income available to common stockholders1was $58.1 million or $1.00 per share for the fourth quarter of 2024.
    • Strong capital position with Common Equity Tier 1 Capital Ratio of 11.43% and Tangible Common Equity to Tangible Assets Ratio of 8.81%.
    • Net interest margin was 3.28% compared to 3.23% on a linked quarter basis and 3.16% in the fourth quarter of 2023.
    • Total loans grew $185.6 million, or 5.9% annualized, on a linked quarter basis, and $368.1 million, or 2.9% during the last twelve months.
    • Total deposits increased $156.5 million, or 4.4% annualized, on a linked quarter basis, and declined $32.4 million, or 0.2%, during the last twelve months after normalizing for deposits sold during the fourth quarter.
    • Nonperforming assets to total assets were 43 basis points compared to 35 basis points on a linked quarter basis.
    • Adjusted efficiency ratio totaled 53.60%1for the quarter.
    • Completed the sale of five Illinois branches and certain loans and deposits to Old Second National Bank on December 6, 2024.

    “The fourth quarter was a strong finish to the year and showed the momentum we have built with healthy increases in core earnings, NIM and ROA,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “We restructured a portion of our securities portfolio and completed the Illinois branch sale to help prioritize our core markets. These actions and the completion of multiple technology initiatives in 2024 have positioned First Merchants to deliver strong results in 2025.”

    Fourth Quarter Financial Results:

    First Merchants Corporation (the “Corporation”) reported fourth quarter 2024 net income available to common stockholders of $63.9 million compared to $42.0 million during the same period in 2023. Diluted earnings per common share for the period totaled $1.10 compared to the fourth quarter of 2023 result of $0.71. Excluding non-core income and expenses incurred in each period, adjusted net income available to common stockholders1 for the fourth quarter 2024 was $58.1 million, or $1.00 diluted earnings per common share compared to $53.4 million, or $0.90 in the same period in 2023.

    During the quarter, the Corporation completed the sale of five Illinois branches along with loans of $7.4 million and deposits of $267.4 million, generating a gain of $20.0 million recorded in non-interest income. The sale of these branches represents the Corporation’s exit from suburban Chicago markets.

    Total assets equaled $18.3 billion and loans totaled $12.9 billion as of quarter-end. During the past twelve months, total loans grew by $368.1 million, or 2.9%. On a linked quarter basis, loans grew $185.6 million, or 5.9% annualized, with growth primarily in commercial loans.

    Investments totaling $3.5 billion decreased $350.7 million, or 9.2%, during the last twelve months and decreased $201.5 million on a linked quarter basis. The decline during the quarter was partially due to the sale of $109.6 million of available for sale securities with a weighted average tax-equivalent yield of 2.31%, which resulted in a loss of $11.6 million. The remaining decline for the quarter was due to security paydowns and maturities, as well as a decline in valuation of securities reflecting the movement of interest rates. Sales of available for sale securities in 2024 totaled $268.5 million and resulted in a loss of $20.8 million.

    Total deposits were $14.5 billion as of quarter-end and decreased by $299.8 million, or 2.0%, over the past twelve months. The decline was primarily due to the sale of the Illinois branches during the fourth quarter which included $267.4 million of deposits. Excluding this impact, deposits declined by $32.4 million in 2024. On a linked quarter basis, deposits grew by $156.5 million, or 4.4% annualized. The loan to deposit ratio increased slightly to 88.5% at period end from 88.0% in the prior quarter.

    The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.8 million as of quarter-end, or 1.50% of total loans, an increase of $4.9 million from prior quarter. Loan charge-offs, net of recoveries totaled $0.8 million and provision for loans of $5.7 million was recorded during the quarter. Reserves for unfunded commitments totaled $18.0 million declining during the quarter due to reserve release of $1.5 million. Net provision for the quarter totaled $4.2 million. Non-performing assets to total assets were 43 basis points for the fourth quarter of 2024, an increase of eight basis points compared to 35 basis points in the prior quarter.

    Net interest income totaled $134.4 million for the quarter, an increase of $3.3 million, or 2.5%, compared to the prior quarter and an increase of $4.3 million, or 3.3%, compared to the fourth quarter of 2023. Fully taxable equivalent net interest margin was 3.28%, an increase of five basis points compared to the third quarter of 2024, and an increase of 12 basis points compared to the fourth quarter of 2023. The increase in net interest margin compared to the third quarter was due to lower funding costs and a more favorable earning asset and funding mix.

    Noninterest income totaled $42.7 million for the quarter, an increase of $17.9 million compared to the third quarter of 2024 and an increase of $16.3 million compared to the fourth quarter of 2023. When excluding non-core income from each period, noninterest income totaled $34.4 million for the quarter, an increase of $0.4 million compared to third quarter of 2024, and an increase of $5.6 million compared to the fourth quarter of 2023. The increase in core noninterest income over the fourth quarter of 2023 was primarily due to an increase in gains on sales of loans and CRA investment income.

    Noninterest expense totaled $96.3 million for the quarter, an increase of $1.7 million from the third quarter of 2024 and a decrease of $11.8 million from the fourth quarter of 2023. The increase in the linked quarter was from higher marketing costs and other one-time operating expenses. The decrease from the fourth quarter of 2023 was due to one-time charges incurred in the prior year which included an FDIC special assessment, early retirement and severance costs, and a lease termination.

    The Corporation’s total risk-based capital ratio totaled 13.31%, common equity tier 1 capital ratio totaled 11.43%, and the tangible common equity ratio totaled 8.81%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

    1 See “Non-GAAP Financial Information” for reconciliation

    CONFERENCE CALL

    First Merchants Corporation will conduct a fourth quarter earnings conference call and webcast at 11:30 a.m. (ET) on Thursday, January 30, 2025.

    To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register.vevent.com/register/BIc49ad0293a7844dca2e7171f51e600dd95f36e86b6)

    To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/9t5v76m2) during the time of the call. A replay of the webcast will be available until January 30, 2026.

    Detailed financial results are reported on the attached pages.

    About First Merchants Corporation

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    Forward-Looking Statements

    This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

    CONSOLIDATED BALANCE SHEETS      
    (Dollars In Thousands) December 31,
        2024       2023  
    ASSETS      
    Cash and due from banks $ 87,616     $ 112,649  
    Interest-bearing deposits   298,891       436,080  
    Investment securities, net of allowance for credit losses of $245,000 and $245,000   3,460,695       3,811,364  
    Loans held for sale   18,663       18,934  
    Loans   12,854,359       12,486,027  
    Less: Allowance for credit losses – loans   (192,757 )     (204,934 )
    Net loans   12,661,602       12,281,093  
    Premises and equipment   129,743       133,896  
    Federal Home Loan Bank stock   41,690       41,769  
    Interest receivable   91,829       97,664  
    Goodwill and other intangibles   731,830       739,101  
    Cash surrender value of life insurance   304,906       306,301  
    Other real estate owned   4,948       4,831  
    Tax asset, deferred and receivable   92,387       99,883  
    Other assets   387,169       322,322  
    TOTAL ASSETS $ 18,311,969     $ 18,405,887  
    LIABILITIES      
    Deposits:      
    Noninterest-bearing $ 2,325,579     $ 2,500,062  
    Interest-bearing   12,196,047       12,321,391  
    Total Deposits   14,521,626       14,821,453  
    Borrowings:      
    Federal funds purchased   99,226       —  
    Securities sold under repurchase agreements   142,876       157,280  
    Federal Home Loan Bank advances   822,554       712,852  
    Subordinated debentures and other borrowings   93,529       158,644  
    Total Borrowings   1,158,185       1,028,776  
    Interest payable   16,102       18,912  
    Other liabilities   311,073       289,033  
    Total Liabilities   16,006,986       16,158,174  
    STOCKHOLDERS’ EQUITY      
    Preferred Stock, $1,000 par value, $1,000 liquidation value:      
    Authorized — 600 cumulative shares      
    Issued and outstanding – 125 cumulative shares   125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:      
    Authorized — 10,000 non-cumulative perpetual shares      
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000  
    Common Stock, $.125 stated value:      
    Authorized — 100,000,000 shares      
    Issued and outstanding – 57,974,535 and 59,424,122 shares   7,247       7,428  
    Additional paid-in capital   1,188,768       1,236,506  
    Retained earnings   1,272,528       1,154,624  
    Accumulated other comprehensive loss   (188,685 )     (175,970 )
    Total Stockholders’ Equity   2,304,983       2,247,713  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,311,969     $ 18,405,887  
     
    CONSOLIDATED STATEMENTS OF INCOME Three Months Ended   Twelve Months Ended
    (Dollars In Thousands, Except Per Share Amounts) December 31,   December 31,
        2024       2023       2024       2023  
    INTEREST INCOME              
    Loans:              
    Taxable $ 197,536     $ 197,523     $ 803,652     $ 747,837  
    Tax-exempt   9,020       8,197       34,262       31,954  
    Investment securities:              
    Taxable   9,024       8,644       36,086       35,207  
    Tax-exempt   12,754       13,821       53,487       58,117  
    Deposits with financial institutions   5,350       8,034       16,992       17,719  
    Federal Home Loan Bank stock   958       771       3,527       3,052  
    Total Interest Income   234,642       236,990       948,006       893,886  
    INTEREST EXPENSE              
    Deposits   89,835       96,655       386,127       306,092  
    Federal funds purchased   26       1       481       1,421  
    Securities sold under repurchase agreements   680       827       3,057       3,451  
    Federal Home Loan Bank advances   8,171       6,431       29,886       27,206  
    Subordinated debentures and other borrowings   1,560       3,013       7,341       10,316  
    Total Interest Expense   100,272       106,927       426,892       348,486  
    NET INTEREST INCOME   134,370       130,063       521,114       545,400  
    Provision for credit losses   4,200       1,500       35,700       3,500  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   130,170       128,563       485,414       541,900  
    NONINTEREST INCOME              
    Service charges on deposit accounts   8,124       7,690       32,606       30,837  
    Fiduciary and wealth management fees   8,665       8,187       34,215       30,840  
    Card payment fees   4,957       4,437       19,317       18,862  
    Net gains and fees on sales of loans   5,681       4,111       20,840       15,659  
    Derivative hedge fees   1,594       1,049       3,082       3,385  
    Other customer fees   316       237       1,547       1,880  
    Earnings on cash surrender value of life insurance   2,188       3,202       8,464       8,347  
    Net realized losses on sales of available for sale securities   (11,592 )     (2,317 )     (20,757 )     (6,930 )
    Gain on branch sale   19,983       —       19,983       —  
    Other income (loss)   2,826       (152 )     6,283       2,722  
    Total Noninterest Income   42,742       26,444       125,580       105,602  
    NONINTEREST EXPENSES              
    Salaries and employee benefits   55,437       60,967       221,167       228,745  
    Net occupancy   7,335       9,089       28,387       29,859  
    Equipment   7,028       6,108       26,802       24,113  
    Marketing   2,582       2,647       7,389       7,427  
    Outside data processing fees   6,029       5,875       27,140       25,165  
    Printing and office supplies   377       402       1,462       1,552  
    Intangible asset amortization   1,771       2,182       7,271       8,743  
    FDIC assessments   3,744       7,557       15,029       14,674  
    Other real estate owned and foreclosure expenses   227       1,743       2,076       3,318  
    Professional and other outside services   3,777       3,981       14,586       16,172  
    Other expenses   7,982       7,552       27,957       28,502  
    Total Noninterest Expenses   96,289       108,103       379,266       388,270  
    INCOME BEFORE INCOME TAX   76,623       46,904       231,728       259,232  
    Income tax expense   12,274       4,425       30,326       35,446  
    NET INCOME   64,349       42,479       201,402       223,786  
    Preferred stock dividends   469       469       1,875       1,875  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 63,880     $ 42,010     $ 199,527     $ 221,911  
    Per Share Data:              
    Basic Net Income Available to Common Stockholders $ 1.10     $ 0.71     $ 3.42     $ 3.74  
    Diluted Net Income Available to Common Stockholders $ 1.10     $ 0.71     $ 3.41     $ 3.73  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.34     $ 1.39     $ 1.34  
    Average Diluted Common Shares Outstanding (in thousands)   58,247       59,556       58,533       59,489  
     
    FINANCIAL HIGHLIGHTS              
    (Dollars in thousands) Three Months Ended   Twelve Months Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    NET CHARGE-OFFS $ 771     $ 3,148     $ 49,377     $ 25,643  
                   
    AVERAGE BALANCES:              
    Total Assets $ 18,478,303     $ 18,397,200     $ 18,400,495     $ 18,186,507  
    Total Loans   12,757,676       12,396,451       12,634,324       12,297,974  
    Total Earning Assets   17,089,198       17,222,714       17,054,267       16,991,787  
    Total Deposits   14,788,294       15,000,580       14,816,564       14,721,498  
    Total Stockholders’ Equity   2,312,270       2,130,993       2,252,491       2,127,262  
                   
    FINANCIAL RATIOS:              
    Return on Average Assets   1.39 %     0.92 %     1.09 %     1.23 %
    Return on Average Stockholders’ Equity   11.05       7.89       8.86       10.43  
    Return on Tangible Common Stockholders’ Equity   16.75       12.75       13.71       16.76  
    Average Earning Assets to Average Assets   92.48       93.62       92.68       93.43  
    Allowance for Credit Losses – Loans as % of Total Loans   1.50       1.64       1.50       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.02       0.10       0.39       0.21  
    Average Stockholders’ Equity to Average Assets   12.51       11.58       12.24       11.70  
    Tax Equivalent Yield on Average Earning Assets   5.63       5.64       5.69       5.40  
    Interest Expense/Average Earning Assets   2.35       2.48       2.50       2.05  
    Net Interest Margin (FTE) on Average Earning Assets   3.28       3.16       3.19       3.35  
    Efficiency Ratio   48.48       63.26       53.55       55.17  
    Tangible Common Book Value Per Share $ 26.78     $ 25.06     $ 26.78     $ 25.06  
     
    NONPERFORMING ASSETS                  
    (Dollars In Thousands) December 31,   September 30,   June 30,   March 31,   December 31,
        2024       2024       2024       2024       2023  
    Nonaccrual Loans $ 73,773     $ 59,088     $ 61,906     $ 62,478     $ 53,580  
    Other Real Estate Owned and Repossessions   4,948       5,247       4,824       4,886       4,831  
    Nonperforming Assets (NPA)   78,721       64,335       66,730       67,364       58,411  
    90+ Days Delinquent   5,902       14,105       1,686       2,838       172  
    NPAs & 90 Day Delinquent $ 84,623     $ 78,440     $ 68,416     $ 70,202     $ 58,583  
                       
    Allowance for Credit Losses – Loans $ 192,757     $ 187,828     $ 189,537     $ 204,681     $ 204,934  
    Quarterly Net Charge-offs   771       6,709       39,644       2,253       3,148  
    NPAs / Actual Assets %   0.43 %     0.35 %     0.36 %     0.37 %     0.32 %
    NPAs & 90 Day / Actual Assets %   0.46 %     0.43 %     0.37 %     0.38 %     0.32 %
    NPAs / Actual Loans and OREO %   0.61 %     0.51 %     0.53 %     0.54 %     0.47 %
    Allowance for Credit Losses – Loans / Actual Loans (%)   1.50 %     1.48 %     1.50 %     1.64 %     1.64 %
    Net Charge-offs as % of Average Loans (Annualized)   0.02 %     0.21 %     1.26 %     0.07 %     0.10 %
     
    CONSOLIDATED BALANCE SHEETS                  
    (Dollars In Thousands) December 31,   September 30,   June 30,   March 31,   December 31,
        2024       2024       2024       2024       2023  
    ASSETS                  
    Cash and due from banks $ 87,616     $ 84,719     $ 105,372     $ 100,514     $ 112,649  
    Interest-bearing deposits   298,891       359,126       168,528       410,497       436,080  
    Investment securities, net of allowance for credit losses   3,460,695       3,662,145       3,753,088       3,783,574       3,811,364  
    Loans held for sale   18,663       40,652       32,292       15,118       18,934  
    Loans   12,854,359       12,646,808       12,639,650       12,465,582       12,486,027  
    Less: Allowance for credit losses – loans   (192,757 )     (187,828 )     (189,537 )     (204,681 )     (204,934 )
    Net loans   12,661,602       12,458,980       12,450,113       12,260,901       12,281,093  
    Premises and equipment   129,743       129,582       133,245       132,706       133,896  
    Federal Home Loan Bank stock   41,690       41,716       41,738       41,758       41,769  
    Interest receivable   91,829       92,055       97,546       92,550       97,664  
    Goodwill and other intangibles   731,830       733,601       735,373       737,144       739,101  
    Cash surrender value of life insurance   304,906       304,613       306,379       306,028       306,301  
    Other real estate owned   4,948       5,247       4,824       4,886       4,831  
    Tax asset, deferred and receivable   92,387       86,732       107,080       101,121       99,883  
    Other assets   387,169       348,384       367,845       331,006       322,322  
    TOTAL ASSETS $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803     $ 18,405,887  
    LIABILITIES                  
    Deposits:                  
    Noninterest-bearing $ 2,325,579     $ 2,334,197     $ 2,303,313     $ 2,338,364     $ 2,500,062  
    Interest-bearing   12,196,047       12,030,903       12,265,757       12,546,220       12,321,391  
    Total Deposits   14,521,626       14,365,100       14,569,070       14,884,584       14,821,453  
    Borrowings:                  
    Federal funds purchased   99,226       30,000       147,229       —       —  
    Securities sold under repurchase agreements   142,876       124,894       100,451       130,264       157,280  
    Federal Home Loan Bank advances   822,554       832,629       832,703       612,778       712,852  
    Subordinated debentures and other borrowings   93,529       93,562       93,589       118,612       158,644  
    Total Borrowings   1,158,185       1,081,085       1,173,972       861,654       1,028,776  
    Deposits and other liabilities held for sale   —       288,476       —       —       —  
    Interest payable   16,102       18,089       18,554       19,262       18,912  
    Other liabilities   311,073       292,429       329,302       327,500       289,033  
    Total Liabilities   16,006,986       16,045,179       16,090,898       16,093,000       16,158,174  
    STOCKHOLDERS’ EQUITY                  
    Preferred Stock, $1,000 par value, $1,000 liquidation value:                  
    Authorized — 600 cumulative shares                  
    Issued and outstanding – 125 cumulative shares   125       125       125       125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:                  
    Authorized — 10,000 non-cumulative perpetual shares                  
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000       25,000       25,000       25,000  
    Common Stock, $.125 stated value:                  
    Authorized — 100,000,000 shares                  
    Issued and outstanding   7,247       7,265       7,256       7,321       7,428  
    Additional paid-in capital   1,188,768       1,192,683       1,191,193       1,208,447       1,236,506  
    Retained earnings   1,272,528       1,229,125       1,200,930       1,181,939       1,154,624  
    Accumulated other comprehensive loss   (188,685 )     (151,825 )     (211,979 )     (198,029 )     (175,970 )
    Total Stockholders’ Equity   2,304,983       2,302,373       2,212,525       2,224,803       2,247,713  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803     $ 18,405,887  
                       
    CONSOLIDATED STATEMENTS OF INCOME                  
    (Dollars In Thousands, Except Per Share Amounts) December 31,   September 30,   June 30,   March 31,   December 31,
        2024       2024       2024       2024       2023  
    INTEREST INCOME                  
    Loans:                  
    Taxable $ 197,536     $ 206,680     $ 201,413     $ 198,023     $ 197,523  
    Tax-exempt   9,020       8,622       8,430       8,190       8,197  
    Investment securities:                  
    Taxable   9,024       9,263       9,051       8,748       8,644  
    Tax-exempt   12,754       13,509       13,613       13,611       13,821  
    Deposits with financial institutions   5,350       2,154       2,995       6,493       8,034  
    Federal Home Loan Bank stock   958       855       879       835       771  
    Total Interest Income   234,642       241,083       236,381       235,900       236,990  
    INTEREST EXPENSE                  
    Deposits   89,835       98,856       99,151       98,285       96,655  
    Federal funds purchased   26       329       126       —       1  
    Securities sold under repurchase agreements   680       700       645       1,032       827  
    Federal Home Loan Bank advances   8,171       8,544       6,398       6,773       6,431  
    Subordinated debentures and other borrowings   1,560       1,544       1,490       2,747       3,013  
    Total Interest Expense   100,272       109,973       107,810       108,837       106,927  
    NET INTEREST INCOME   134,370       131,110       128,571       127,063       130,063  
    Provision for credit losses   4,200       5,000       24,500       2,000       1,500  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   130,170       126,110       104,071       125,063       128,563  
    NONINTEREST INCOME                  
    Service charges on deposit accounts   8,124       8,361       8,214       7,907       7,690  
    Fiduciary and wealth management fees   8,665       8,525       8,825       8,200       8,187  
    Card payment fees   4,957       5,121       4,739       4,500       4,437  
    Net gains and fees on sales of loans   5,681       6,764       5,141       3,254       4,111  
    Derivative hedge fees   1,594       736       489       263       1,049  
    Other customer fees   316       344       460       427       237  
    Earnings on cash surrender value of life insurance   2,188       2,755       1,929       1,592       3,202  
    Net realized losses on sales of available for sale securities   (11,592 )     (9,114 )     (49 )     (2 )     (2,317 )
    Gain on branch sale   19,983       —       —       —       —  
    Other income (loss)   2,826       1,374       1,586       497       (152 )
    Total Noninterest Income   42,742       24,866       31,334       26,638       26,444  
    NONINTEREST EXPENSES                  
    Salaries and employee benefits   55,437       55,223       52,214       58,293       60,967  
    Net occupancy   7,335       6,994       6,746       7,312       9,089  
    Equipment   7,028       6,949       6,599       6,226       6,108  
    Marketing   2,582       1,836       1,773       1,198       2,647  
    Outside data processing fees   6,029       7,150       7,072       6,889       5,875  
    Printing and office supplies   377       378       354       353       402  
    Intangible asset amortization   1,771       1,772       1,771       1,957       2,182  
    FDIC assessments   3,744       3,720       3,278       4,287       7,557  
    Other real estate owned and foreclosure expenses   227       942       373       534       1,743  
    Professional and other outside services   3,777       3,035       3,822       3,952       3,981  
    Other expenses   7,982       6,630       7,411       5,934       7,552  
    Total Noninterest Expenses   96,289       94,629       91,413       96,935       108,103  
    INCOME BEFORE INCOME TAX   76,623       56,347       43,992       54,766       46,904  
    Income tax expense   12,274       7,160       4,067       6,825       4,425  
    NET INCOME   64,349       49,187       39,925       47,941       42,479  
    Preferred stock dividends   469       468       469       469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 63,880     $ 48,719     $ 39,456     $ 47,472     $ 42,010  
    Per Share Data:                  
    Basic Net Income Available to Common Stockholders $ 1.10     $ 0.84     $ 0.68     $ 0.80     $ 0.71  
    Diluted Net Income Available to Common Stockholders $ 1.10     $ 0.84     $ 0.68     $ 0.80     $ 0.71  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.35     $ 0.35     $ 0.34     $ 0.34  
    Average Diluted Common Shares Outstanding (in thousands)   58,247       58,289       58,328       59,273       59,556  
    FINANCIAL RATIOS:                  
    Return on Average Assets   1.39 %     1.07 %     0.87 %     1.04 %     0.92 %
    Return on Average Stockholders’ Equity   11.05       8.66       7.16       8.47       7.89  
    Return on Tangible Common Stockholders’ Equity   16.75       13.39       11.29       13.21       12.75  
    Average Earning Assets to Average Assets   92.48       92.54       92.81       92.91       93.62  
    Allowance for Credit Losses – Loans as % of Total Loans   1.50       1.48       1.50       1.64       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.02       0.21       1.26       0.07       0.10  
    Average Stockholders’ Equity to Average Assets   12.51       12.26       12.02       12.17       11.58  
    Tax Equivalent Yield on Average Earning Assets   5.63       5.82       5.69       5.65       5.64  
    Interest Expense/Average Earning Assets   2.35       2.59       2.53       2.55       2.48  
    Net Interest Margin (FTE) on Average Earning Assets   3.28       3.23       3.16       3.10       3.16  
    Efficiency Ratio   48.48       53.76       53.84       59.21       63.26  
    Tangible Common Book Value Per Share $ 26.78     $ 26.64     $ 25.10     $ 25.07     $ 25.06  
    LOANS                  
    (Dollars In Thousands) December 31,   September 30,   June 30,   March 31,   December 31,
        2024       2024       2024       2024       2023  
    Commercial and industrial loans $ 4,114,292     $ 4,041,217     $ 3,949,817     $ 3,722,365     $ 3,670,948  
    Agricultural land, production and other loans to farmers   256,312       238,743       239,926       234,431       263,414  
    Real estate loans:                  
    Construction   792,144       814,704       823,267       941,726       957,545  
    Commercial real estate, non-owner occupied   2,274,016       2,251,351       2,323,533       2,368,360       2,400,839  
    Commercial real estate, owner occupied   1,157,944       1,152,751       1,174,195       1,137,894       1,162,083  
    Residential   2,374,729       2,366,943       2,370,905       2,316,490       2,288,921  
    Home equity   659,811       641,188       631,104       618,258       617,571  
    Individuals’ loans for household and other personal expenditures   166,028       158,480       162,089       161,459       168,388  
    Public finance and other commercial loans   1,059,083       981,431       964,814       964,599       956,318  
    Loans   12,854,359       12,646,808       12,639,650       12,465,582       12,486,027  
    Allowance for credit losses – loans   (192,757 )     (187,828 )     (189,537 )     (204,681 )     (204,934 )
    NET LOANS $ 12,661,602     $ 12,458,980     $ 12,450,113     $ 12,260,901     $ 12,281,093  
     
    DEPOSITS                  
    (Dollars In Thousands) December 31,   September 30,   June 30,   March 31,   December 31,
      2024   2024   2024   2024   2023
    Demand deposits $ 7,980,061   $ 7,678,510   $ 7,757,679   $ 7,771,976   $ 7,965,862
    Savings deposits   4,522,758     4,302,236     4,339,161     4,679,593     4,516,433
    Certificates and other time deposits of $100,000 or more   1,043,068     1,277,833     1,415,131     1,451,443     1,408,985
    Other certificates and time deposits   692,068     802,949     889,949     901,280     849,906
    Brokered certificates of deposits1   283,671     303,572     167,150     80,292     80,267
    TOTAL DEPOSITS2 $ 14,521,626   $ 14,365,100   $ 14,569,070   $ 14,884,584   $ 14,821,453

    1 – Total brokered deposits of $955.7 million, which includes brokered CD’s of $283.7 million at December 31, 2024.
    2 – Total deposits at September 30, 2024 excluded $287.7 million of deposits reclassified to Deposits and other liabilities held for sale related to the Illinois branch sale. The sale of $267.4 million of deposits associated with the Illinois branch sale was subsequently completed on December 6, 2024.

    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS            
    (Dollars in Thousands)                      
      For the Three Months Ended
      December 31, 2024   December 31, 2023
      Average Balance   Interest
    Income /
    Expense    		   Average
    Rate    		   Average Balance   Interest
    Income /
    Expense    		   Average
    Rate
    ASSETS                      
    Interest-bearing deposits $ 522,868   $ 5,350   4.09 %   $ 700,705   $ 8,034   4.59 %
    Federal Home Loan Bank stock   41,703     958   9.19       41,792     771   7.38  
    Investment Securities:(1)                      
    Taxable   1,677,554     9,024   2.15       1,801,533     8,644   1.92  
    Tax-exempt(2)   2,089,397     16,144   3.09       2,282,233     17,495   3.07  
    Total Investment Securities   3,766,951     25,168   2.67       4,083,766     26,139   2.56  
    Loans held for sale   36,219     550   6.07       16,355     246   6.02  
    Loans:(3)                      
    Commercial   8,753,723     156,414   7.15       8,533,233     159,190   7.46  
    Real estate mortgage   2,177,351     24,401   4.48       2,118,060     21,829   4.12  
    HELOC and installment   841,537     16,171   7.69       820,728     16,258   7.92  
    Tax-exempt(2)   948,846     11,418   4.81       908,075     10,376   4.57  
    Total Loans   12,757,676     208,954   6.55       12,396,451     207,899   6.71  
    Total Earning Assets   17,089,198     240,430   5.63 %     17,222,714     242,843   5.64 %
    Total Non-Earning Assets   1,389,105             1,174,486        
    TOTAL ASSETS $ 18,478,303           $ 18,397,200        
    LIABILITIES                      
    Interest-Bearing Deposits:                      
    Interest-bearing deposits $ 5,564,228   $ 37,049   2.66 %   $ 5,504,725   $ 40,996   2.98 %
    Money market deposits   3,189,334     25,463   3.19       3,096,085     27,909   3.61  
    Savings deposits   1,362,705     3,102   0.91       1,587,758     3,913   0.99  
    Certificates and other time deposits   2,313,284     24,221   4.19       2,225,528     23,837   4.28  
    Total Interest-Bearing Deposits   12,429,551     89,835   2.89       12,414,096     96,655   3.11  
    Borrowings   1,049,677     10,437   3.98       1,013,856     10,272   4.05  
    Total Interest-Bearing Liabilities   13,479,228     100,272   2.98       13,427,952     106,927   3.19  
    Noninterest-bearing deposits   2,358,743             2,586,484        
    Other liabilities   328,062             251,771        
    Total Liabilities   16,166,033             16,266,207        
    STOCKHOLDERS’ EQUITY   2,312,270             2,130,993        
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,478,303     100,272       $ 18,397,200     106,927    
    Net Interest Income (FTE)     $ 140,158           $ 135,916    
    Net Interest Spread (FTE)(4)         2.65 %           2.45 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.63 %           5.64 %
    Interest Expense / Average Earning Assets         2.35 %           2.48 %
    Net Interest Margin (FTE)(5)         3.28 %           3.16 %
                           
    (1)Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2)Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $5,788 and $5,853 for the three months ended December 31, 2024 and 2023, respectively.
    (3)Non accruing loans have been included in the average balances.
    (4)Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5)Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
                           
    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS            
    (Dollars in Thousands)                      
      For the Twelve Months Ended
      December 31, 2024   December 31, 2023
      Average Balance   Interest
    Income /
    Expense    		   Average
    Rate    		   Average Balance   Interest
    Income /
    Expense    		   Average
    Rate
    Assets:                      
    Interest-bearing deposits $ 418,163   $ 16,992   4.06 %   $ 431,581   $ 17,719   4.11 %
    Federal Home Loan Bank stock   41,736     3,527   8.45       41,319     3,052   7.39  
    Investment Securities:(1)                      
    Taxable   1,759,578     36,086   2.05       1,854,438     35,207   1.90  
    Tax-exempt(2)   2,200,466     67,705   3.08       2,366,475     73,566   3.11  
    Total Investment Securities   3,960,044     103,791   2.62       4,220,913     108,773   2.58  
    Loans held for sale   29,650     1,792   6.04       21,766     1,292   5.94  
    Loans:(3)                      
    Commercial   8,687,638     641,393   7.38       8,519,706     603,611   7.08  
    Real estate mortgage   2,158,743     94,890   4.40       2,035,488     82,183   4.04  
    HELOC and installment   830,079     65,577   7.90       830,006     60,751   7.32  
    Tax-exempt(2)   928,214     43,370   4.67       891,008     40,448   4.54  
    Total Loans   12,634,324     847,022   6.70       12,297,974     788,285   6.41  
    Total Earning Assets   17,054,267     971,332   5.69 %     16,991,787     917,829   5.40 %
    Total Non-Earning Assets   1,346,228             1,194,720        
    Total Assets $ 18,400,495           $ 18,186,507        
    Liabilities:                      
    Interest-Bearing deposits:                      
    Interest-bearing deposits $ 5,506,492   $ 157,984   2.87 %   $ 5,435,733   $ 138,012   2.54 %
    Money market deposits   3,061,461     106,026   3.46       2,884,271     83,777   2.90  
    Savings deposits   1,463,707     14,587   1.00       1,694,230     14,606   0.86  
    Certificates and other time deposits   2,413,900     107,530   4.45       1,923,268     69,697   3.62  
    Total Interest-Bearing Deposits   12,445,560     386,127   3.10       11,937,502     306,092   2.56  
    Borrowings   1,005,017     40,765   4.06       1,111,472     42,394   3.81  
    Total Interest-Bearing Liabilities   13,450,577     426,892   3.17       13,048,974     348,486   2.67  
    Noninterest-bearing deposits   2,371,004             2,783,996        
    Other liabilities   326,423             226,275        
    Total Liabilities   16,148,004             16,059,245        
    Stockholders’ Equity   2,252,491             2,127,262        
    Total Liabilities and Stockholders’ Equity $ 18,400,495     426,892       $ 18,186,507     348,486    
    Net Interest Income (FTE)     $ 544,440           $ 569,343    
    Net Interest Spread (FTE)(4)         2.52 %           2.73 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.69 %           5.40 %
    Interest Expense / Average Earning Assets         2.50 %           2.05 %
    Net Interest Margin (FTE)(5)         3.19 %           3.35 %
                           
    (1)Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2)Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $23,326 and $23,943 for the years ended December 31, 2024 and 2023, respectively.
    (3)Non accruing loans have been included in the average balances.           
    (4)Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5)Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
    ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
    (Dollars In Thousands, Except Per Share Amounts) Three Months Ended   Twelve Months Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024       2024       2024       2024       2023       2024       2023  
    Net Income Available to Common Stockholders – GAAP $ 63,880     $ 48,719     $ 39,456     $ 47,472     $ 42,010     $ 199,527     $ 221,911  
    Adjustments:                          
    PPP loan income   —       —       —       —       (7 )     —       (49 )
    Net realized losses on sales of available for sale securities   11,592       9,114       49       2       2,317       20,757       6,930  
    Gain on branch sale   (19,983 )     —       —       —       —       (19,983 )     —  
    Non-core expenses1,2,3   762       —       —       3,481       12,682       4,243       12,682  
    Tax on adjustments   1,851       (2,220 )     (12 )     (848 )     (3,652 )     (1,229 )     (4,767 )
    Adjusted Net Income Available to Common Stockholders – Non-GAAP $ 58,102     $ 55,613     $ 39,493     $ 50,107     $ 53,350     $ 203,315     $ 236,707  
                               
    Average Diluted Common Shares Outstanding (in thousands)   58,247       58,289       58,328       59,273       59,556       58,533       59,489  
                               
    Diluted Earnings Per Common Share – GAAP $ 1.10     $ 0.84     $ 0.68     $ 0.80     $ 0.71     $ 3.41     $ 3.73  
    Adjustments:                          
    PPP loan income   —       —       —       —       —       —       —  
    Net realized losses on sales of available for sale securities   0.20       0.15       —       —       0.04       0.35       0.12  
    Gain on branch sale   (0.34 )     —       —       —       —       (0.34 )     —  
    Non-core expenses1,2,3   0.01       —       —       0.06       0.21       0.07       0.21  
    Tax on adjustments   0.03       (0.04 )     —       (0.01 )     (0.06 )     (0.02 )     (0.08 )
    Adjusted Diluted Earnings Per Common Share – Non-GAAP $ 1.00     $ 0.95     $ 0.68     $ 0.85     $ 0.90     $ 3.47     $ 3.98  

    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
    3 – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.

    NET INTEREST MARGIN (“NIM”), ADJUSTED                
    (Dollars in Thousands)                
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024       2024       2024       2024       2023       2024       2023  
    Net Interest Income (GAAP) $ 134,370     $ 131,110     $ 128,571     $ 127,063     $ 130,063     $ 521,114     $ 545,400  
    Fully Taxable Equivalent (“FTE”) Adjustment   5,788       5,883       5,859       5,795       5,853       23,326       23,943  
    Net Interest Income (FTE) (non-GAAP) $ 140,158     $ 136,993     $ 134,430     $ 132,858     $ 135,916     $ 544,440     $ 569,343  
                               
    Average Earning Assets (GAAP) $ 17,089,198     $ 16,990,358     $ 17,013,984     $ 17,123,851     $ 17,222,714     $ 17,054,267     $ 16,991,787  
    Net Interest Margin (GAAP)   3.15 %     3.09 %     3.02 %     2.97 %     3.02 %     3.06 %     3.21 %
    Net Interest Margin (FTE) (non-GAAP)   3.28 %     3.23 %     3.16 %     3.10 %     3.16 %     3.19 %     3.35 %
     
    RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
    (Dollars In Thousands) Three Months Ended   Twelve Months Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024       2024       2024       2024       2023       2024       2023  
    Total Average Stockholders’ Equity (GAAP) $ 2,312,270     $ 2,251,547     $ 2,203,361     $ 2,242,139     $ 2,130,993     $ 2,252,491     $ 2,127,262  
    Less: Average Preferred Stock   (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )
    Less: Average Intangible Assets, Net of Tax   (728,218 )     (729,581 )     (730,980 )     (732,432 )     (734,007 )     (730,295 )     (736,601 )
    Average Tangible Common Equity, Net of Tax (Non-GAAP) $ 1,558,927     $ 1,496,841     $ 1,447,256     $ 1,484,582     $ 1,371,861     $ 1,497,071     $ 1,365,536  
                               
    Net Income Available to Common Stockholders (GAAP) $ 63,880     $ 48,719     $ 39,456     $ 47,472     $ 42,010     $ 199,527     $ 221,911  
    Plus: Intangible Asset Amortization, Net of Tax   1,399       1,399       1,399       1,546       1,724       5,744       6,906  
    Tangible Net Income (Non-GAAP) $ 65,279     $ 50,118     $ 40,855     $ 49,018     $ 43,734     $ 205,271     $ 228,817  
                               
    Return on Tangible Common Equity (Non-GAAP)   16.75 %     13.39 %     11.29 %     13.21 %     12.75 %     13.71 %     16.76 %
     
    EFFICIENCY RATIO – NON-GAAP                          
    (Dollars In Thousands) Three Months Ended   Twelve Months Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024       2024       2024       2024       2023       2024       2023  
    Non Interest Expense (GAAP) $ 96,289     $ 94,629     $ 91,413     $ 96,935     $ 108,103     $ 379,266     $ 388,270  
    Less: Intangible Asset Amortization   (1,771 )     (1,772 )     (1,771 )     (1,957 )     (2,182 )     (7,271 )     (8,743 )
    Less: OREO and Foreclosure Expenses   (227 )     (942 )     (373 )     (534 )     (1,743 )     (2,076 )     (3,318 )
    Adjusted Non Interest Expense (Non-GAAP) $ 94,291     $ 91,915     $ 89,269     $ 94,444     $ 104,178     $ 369,919     $ 376,209  
                               
    Net Interest Income (GAAP) $ 134,370     $ 131,110     $ 128,571     $ 127,063     $ 130,063     $ 521,114     $ 545,400  
    Plus: Fully Taxable Equivalent Adjustment   5,788       5,883       5,859       5,795       5,853       23,326       23,943  
    Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) $ 140,158     $ 136,993     $ 134,430     $ 132,858     $ 135,916     $ 544,440     $ 569,343  
                               
    Non Interest Income (GAAP) $ 42,742     $ 24,866     $ 31,334     $ 26,638     $ 26,444     $ 125,580     $ 105,602  
    Less: Investment Securities (Gains) Losses   11,592       9,114       49       2       2,317       20,757       6,930  
    Adjusted Non Interest Income (Non-GAAP) $ 54,334     $ 33,980     $ 31,383     $ 26,640     $ 28,761     $ 146,337     $ 112,532  
    Adjusted Revenue (Non-GAAP) $ 194,492     $ 170,973     $ 165,813     $ 159,498     $ 164,677     $ 690,777     $ 681,875  
    Efficiency Ratio (Non-GAAP)   48.48 %     53.76 %     53.84 %     59.21 %     63.26 %     53.55 %     55.17 %
                               
    Adjusted Non Interest Expense (Non-GAAP) $ 94,291     $ 91,915     $ 89,269     $ 94,444     $ 104,178     $ 369,919     $ 376,209  
    Less: Acquisition-related Expenses   —       —       —       —       —       —       —  
    Less: Non-core Expenses1,2,3   (762 )     —       —       (3,481 )     (12,682 )     (4,243 )     (12,682 )
    Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP) $ 93,529     $ 91,915     $ 89,269     $ 90,963     $ 91,496     $ 365,676     $ 363,527  
                               
    Adjusted Revenue (Non-GAAP) $ 194,492     $ 170,973     $ 165,813     $ 159,498     $ 164,677     $ 690,777     $ 681,875  
    Less: Gain on Branch Sale   (19,983 )     —       —       —       —       (19,983 )     —  
    Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP) $ 174,509     $ 170,973     $ 165,813     $ 159,498     $ 164,677     $ 670,794     $ 681,875  
    Adjusted Efficiency Ratio (Non-GAAP)   53.60 %     53.76 %     53.84 %     57.03 %     55.56 %     54.51 %     53.31 %

    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
    3 – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.

    For more information, contact:
    Nicole M. Weaver, Vice President and Director of Corporate Administration
    765-521-7619
    http://www.firstmerchants.com

    SOURCE: First Merchants Corporation, Muncie, Indiana

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Vadali Nagarik Sahakari Bank Ltd., Dist. Sabarkantha, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Vadali Nagarik Sahakari Bank Ltd., Dist. Sabarkantha, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are Interested’; ‘Placement of deposits with other banks by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. sanctioned a loan wherein relative of its director stood as guarantor;

    2. failed to adhere to the prudential inter-bank (gross) and counterparty exposure limits; and

    3. failed to carry out periodic review of risk categorisation of certain accounts at least once in six months.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2043

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Kosamba Mercantile Co-operative Bank Ltd., Dist. Surat, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Kosamba Mercantile Co-operative Bank Ltd., Dist. Surat, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had failed to:

    1. adhere to the prudential inter-bank (gross) and counterparty exposure limits;

    2. upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed time; and

    3. carry out periodic review of risk categorisation of accounts at least once in six months.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2044

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Shree Savli Nagrik Sahakari Bank Ltd., Dist. Vadodara, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 27, 2025, imposed a monetary penalty of ₹2.10 lakh (Rupees Two Lakh Ten Thousand only) on Shree Savli Nagrik Sahakari Bank Ltd., Dist. Vadodara, Gujarat (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with certain directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’, ‘Know Your Customer (KYC)’ and ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act and Section 25 of the Credit Information Companies (Regulation) Act, 2005.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions/non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions and directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time;

    2. breached the ceiling of total investments held under Held to Maturity (HTM) category;

    3. failed to upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed time; and

    4. failed to submit credit information of its borrowers to three CICs.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2045

    MIL OSI Economics –

  • MIL-OSI: Parker Reports Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CLEVELAND, Jan. 30, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter ended December 31, 2024, that included the following highlights (compared with the prior year quarter):

    Fiscal 2025 Second Quarter Highlights:

    • Sales were $4.7 billion; organic sales growth was 1%
    • Net income was $949 million, an increase of 39%, or $853 million adjusted, an increase of 6%
    • EPS were $7.25, an increase of 39%, or $6.53 adjusted, an increase of 6%
    • Segment operating margin was 22.1%, an increase of 100 bps, or 25.6% adjusted, an increase of 110 bps
    • YTD cash flow from operations increased 24% to $1.7 billion, or 17.4% of sales

    “Our performance this quarter reflects our focus on operational excellence and the strength of our balanced portfolio,” said Jenny Parmentier, Chairman and Chief Executive Officer. “We delivered record segment operating margin across all businesses, record earnings per share and year-to-date cash flow from operations. Strong cash flow from operations coupled with proceeds from previously announced divestitures allowed us to substantially reduce debt by $1.1 billion this quarter. We are encouraged to see industrial orders turn positive mainly in our longer-cycle businesses. Looking ahead, we have updated our outlook for fiscal year 2025 to reflect stronger Aerospace growth, currency headwinds and a continued delay in the expected industrial recovery. Our strong cash generation creates capital deployment optionality, and we remain committed to our strategy of actively deploying capital to drive shareholder value.”

    This news release contains non-GAAP financial measures. Reconciliations of adjusted numbers and certain non-GAAP financial measures are included in the financial tables of this press release.

    Outlook

    Guidance for the fiscal year ending June 30, 2025 has been updated. The company expects:

    • Sales growth in fiscal 2025 of (2%) to 1%, with organic sales growth of approximately 2%; divestitures of (1.5%) and unfavorable currency of (1.0%)
    • Total segment operating margin of approximately 22.7%, or approximately 25.8% on an adjusted basis
    • EPS of $24.46 to $25.06, or $26.40 to $27.00 on an adjusted basis

    Segment Results

    Diversified Industrial Segment

    North America Businesses              
    $ in mm FY25 Q2   FY24 Q2   Change   Organic Growth
    Sales $ 1,928     $ 2,110       -8.6 %     -5.0 %
    Segment Operating Income $ 427     $ 462       -7.6 %    
    Segment Operating Margin   22.1 %     21.9 %   20 bps    
    Adjusted Segment Operating Income $ 473     $ 510       -7.2 %    
    Adjusted Segment Operating Margin   24.6 %     24.2 %   40 bps    
    • Achieved record adjusted segment operating margin
    • Continued softness in transportation and off-highway markets
    • Delayed industrial recovery
    International Businesses      
    $ in mm FY25 Q2   FY24 Q2   Change   Organic Growth
    Sales $ 1,325     $ 1,404       -5.7 %     -3.0 %
    Segment Operating Income $ 284     $ 290       -2.2 %        
    Segment Operating Margin   21.4 %     20.7 %   70 bps        
    Adjusted Segment Operating Income $ 320     $ 323       -1.2 %        
    Adjusted Segment Operating Margin   24.1 %     23.0 %   110 bps        
    • Achieved record adjusted segment operating margin
    • Broad-based softness continued in Europe
    • Gradual recovery continued in Asia

    Aerospace Systems Segment

    $ in mm FY25 Q2   FY24 Q2   Change   Organic Growth
    Sales $ 1,490     $ 1,306       14.0 %     14.0 %
    Segment Operating Income $ 338     $ 263       28.5 %    
    Segment Operating Margin   22.7 %     20.1 %   260 bps    
    Adjusted Segment Operating Income $ 420     $ 347       21.2 %    
    Adjusted Segment Operating Margin   28.2 %     26.5 %   170 bps    
    • Achieved record sales and adjusted segment operating margin
    • Achieved 14% organic sales growth
    • 20%+ aftermarket and mid-single digit OEM sales growth

    Order Rates

      FY25 Q2
    Parker +5 %
    Diversified Industrial Segment – North America Businesses +3 %
    Diversified Industrial Segment – International Businesses +4 %
    Aerospace Systems Segment +9 %
    • Company order rates increased across all reported businesses
    • North America orders turned positive on long-cycle strength
    • International order growth continued, led by Asia
    • Aerospace orders accelerated against a tough prior year comparison

    About Parker Hannifin
    Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.

    Contacts:  
    Media: Financial Analysts:
    Aidan Gormley Jeff Miller
    216-896-3258 216-896-2708
    aidan.gormley@parker.com jeffrey.miller@parker.com
       

    Notice of Webcast
    Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2025 second quarter results are available to all interested parties via live webcast today at 11:00 a.m. ET, at investors.parker.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit investors.parker.com.

    Note on Orders The company reported orders for the quarter ending December 31, 2024, compared with the same quarter a year ago. All comparisons are at constant currency exchange rates, with the prior year quarter restated to the current-year rates, and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations.

    Note on Non-GAAP Financial Measures
    This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted operating margin and segment operating margins; (d) adjusted operating income and segment operating income and (e) organic sales growth. The adjusted net income, adjusted earnings per share, adjusted operating margin, adjusted segment operating margin, adjusted operating income, adjusted segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Although adjusted net income, adjusted earnings per share, adjusted operating margin and segment operating margins, adjusted operating income and segment operating income, and organic sales growth are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

    Forward-Looking Statements
    Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance.

    Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.

    CONSOLIDATED STATEMENT OF INCOME
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands, except per share amounts)   2024       2023       2024       2023  
    Net sales $ 4,742,593     $ 4,820,947     $ 9,646,577     $ 9,668,435  
    Cost of sales   3,022,229       3,101,962       6,119,948       6,199,311  
    Selling, general and administrative expenses   782,421       806,802       1,631,210       1,680,493  
    Interest expense   100,802       129,029       213,893       263,497  
    Other income, net   (328,716 )     (85,011 )     (359,517 )     (163,466 )
    Income before income taxes   1,165,857       868,165       2,041,043       1,688,600  
    Income taxes   217,208       186,108       393,866       355,471  
    Net income   948,649       682,057       1,647,177       1,333,129  
    Less: Noncontrolling interests   107       206       215       451  
    Net income attributable to common shareholders $ 948,542     $ 681,851     $ 1,646,962     $ 1,332,678  
                   
    Earnings per share attributable to common shareholders:              
    Basic earnings per share $ 7.37     $ 5.31     $ 12.80     $ 10.38  
    Diluted earnings per share $ 7.25     $ 5.23     $ 12.60     $ 10.23  
                   
    Average shares outstanding during period – Basic   128,752,836       128,426,247       128,707,962       128,449,398  
    Average shares outstanding during period – Diluted   130,758,808       130,367,351       130,716,482       130,314,326  
                   
                   
    CASH DIVIDENDS PER COMMON SHARE              
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Amounts in dollars)   2024       2023       2024       2023  
    Cash dividends per common share $ 1.63     $ 1.48     $ 3.26     $ 2.96  
                   
    RECONCILIATION OF ORGANIC GROWTH
    (Unaudited) Three Months Ended
      As Reported           Adjusted
      December 31, 2024   Currency   Divestitures   December 31, 2024
    Diversified Industrial Segment   (7.4 )%     (1.3 )%     (1.9 )%     (4.2 )%
    Aerospace Systems Segment   14.0 %     — %     — %     14.0 %
    Total   (1.6 )%     (0.9 )%     (1.4 )%     0.7 %
                   
    (Unaudited) Six Months Ended
      As Reported           Adjusted
      December 31, 2024   Currency   Divestitures   December 31, 2024
    Diversified Industrial Segment   (5.9 )%     (0.8 )%     (1.0 )%     (4.1 )%
    Aerospace Systems Segment   15.9 %     0.3 %     — %     15.6 %
    Total   (0.2 )%     (0.5 )%     (0.8 )%     1.1 %
    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Net income attributable to common shareholders $ 948,542     $ 681,851     $ 1,646,962     $ 1,332,678  
    Adjustments:              
    Acquired intangible asset amortization expense   138,126       142,027       278,247       297,547  
    Business realignment charges   20,855       14,354       30,361       27,446  
    Integration costs to achieve   6,893       10,014       13,304       16,420  
    Gain on sale of building   —       —       (10,461 )     —  
    Gain on divestitures   (249,748 )     (12,391 )     (249,748 )     (25,651 )
    Tax effect of adjustments1   (11,437 )     (33,476 )     (45,648 )     (69,624 )
    Adjusted net income attributable to common shareholders $ 853,231     $ 802,379     $ 1,663,017     $ 1,578,816  
                   
    RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Amounts in dollars)   2024       2023       2024       2023  
    Earnings per diluted share $ 7.25     $ 5.23     $ 12.60     $ 10.23  
    Adjustments:              
    Acquired intangible asset amortization expense   1.06       1.09       2.13       2.28  
    Business realignment charges   0.16       0.11       0.23       0.21  
    Integration costs to achieve   0.05       0.08       0.10       0.13  
    Gain on sale of building   —       —       (0.08 )     —  
    Gain on divestitures   (1.91 )     (0.10 )     (1.91 )     (0.20 )
    Tax effect of adjustments1   (0.08 )     (0.26 )     (0.33 )     (0.53 )
    Adjusted earnings per diluted share $ 6.53     $ 6.15     $ 12.74     $ 12.12  
                   
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
    BUSINESS SEGMENT INFORMATION              
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Net sales              
    Diversified Industrial $ 3,252,806     $ 3,514,473     $ 6,708,964     $ 7,133,001  
    Aerospace Systems   1,489,787       1,306,474       2,937,613       2,535,434  
    Total net sales $ 4,742,593     $ 4,820,947     $ 9,646,577     $ 9,668,435  
    Segment operating income              
    Diversified Industrial $ 710,562     $ 752,334     $ 1,494,108     $ 1,559,088  
    Aerospace Systems   338,184       263,112       661,170       489,372  
    Total segment operating income   1,048,746       1,015,446       2,155,278       2,048,460  
    Corporate general and administrative expenses   56,264       49,902       105,058       105,558  
    Income before interest expense and other income, net   992,482       965,544       2,050,220       1,942,902  
    Interest expense   100,802       129,029       213,893       263,497  
    Other income, net   (274,177 )     (31,650 )     (204,716 )     (9,195 )
    Income before income taxes $ 1,165,857     $ 868,165     $ 2,041,043     $ 1,688,600  
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Diversified Industrial Segment sales $ 3,252,806     $ 3,514,473     $ 6,708,964     $ 7,133,001  
                   
    Diversified Industrial Segment operating income $ 710,562     $ 752,334     $ 1,494,108     $ 1,559,088  
    Adjustments:              
    Acquired intangible asset amortization   62,570       67,309       127,834       135,260  
    Business realignment charges   19,343       13,285       28,243       25,924  
    Integration costs to achieve   627       871       1,405       2,010  
    Adjusted Diversified Industrial Segment operating income $ 793,102     $ 833,799     $ 1,651,590     $ 1,722,282  
                   
    Diversified Industrial Segment operating margin   21.8 %     21.4 %     22.3 %     21.9 %
    Adjusted Diversified Industrial Segment operating margin   24.4 %     23.7 %     24.6 %     24.1 %
                   
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Aerospace Systems Segment sales $ 1,489,787     $ 1,306,474     $ 2,937,613     $ 2,535,434  
                   
    Aerospace Systems Segment operating income $ 338,184     $ 263,112     $ 661,170     $ 489,372  
    Adjustments:              
    Acquired intangible asset amortization   75,556       74,718       150,413       162,287  
    Business realignment charges   386       (123 )     394       330  
    Integration costs to achieve   6,266       9,143       11,899       14,410  
    Adjusted Aerospace Systems Segment operating income $ 420,392     $ 346,850     $ 823,876     $ 666,399  
                   
    Aerospace Systems Segment operating margin   22.7 %     20.1 %     22.5 %     19.3 %
    Adjusted Aerospace Systems Segment operating margin   28.2 %     26.5 %     28.0 %     26.3 %
                   
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Total net sales $ 4,742,593     $ 4,820,947     $ 9,646,577     $ 9,668,435  
                   
    Total segment operating income $ 1,048,746     $ 1,015,446     $ 2,155,278     $ 2,048,460  
    Adjustments:              
    Acquired intangible asset amortization   138,126       142,027       278,247       297,547  
    Business realignment charges   19,729       13,162       28,637       26,254  
    Integration costs to achieve   6,893       10,014       13,304       16,420  
    Adjusted total segment operating income $ 1,213,494     $ 1,180,649     $ 2,475,466     $ 2,388,681  
                   
    Total segment operating margin   22.1 %     21.1 %     22.3 %     21.2 %
    Adjusted total segment operating margin   25.6 %     24.5 %     25.7 %     24.7 %
    CONSOLIDATED BALANCE SHEET      
    (Unaudited) December 31,   June 30,
    (Dollars in thousands)   2024       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 395,507     $ 422,027  
    Trade accounts receivable, net   2,445,845       2,865,546  
    Non-trade and notes receivable   304,829       331,429  
    Inventories   2,806,983       2,786,800  
    Prepaid expenses   246,467       252,618  
    Other current assets   148,831       140,204  
    Total current assets   6,348,462       6,798,624  
    Property, plant and equipment, net   2,800,992       2,875,668  
    Deferred income taxes   87,400       92,704  
    Investments and other assets   1,232,636       1,207,232  
    Intangible assets, net   7,444,670       7,816,181  
    Goodwill   10,357,303       10,507,433  
    Total assets $ 28,271,463     $ 29,297,842  
           
    Liabilities and equity      
    Current liabilities:      
    Notes payable and long-term debt payable within one year $ 2,373,286     $ 3,403,065  
    Accounts payable, trade   1,794,884       1,991,639  
    Accrued payrolls and other compensation   420,477       581,251  
    Accrued domestic and foreign taxes   364,143       354,659  
    Other accrued liabilities   1,034,501       982,695  
    Total current liabilities   5,987,291       7,313,309  
    Long-term debt   6,667,955       7,157,034  
    Pensions and other postretirement benefits   409,873       437,490  
    Deferred income taxes   1,394,882       1,583,923  
    Other liabilities   684,401       725,193  
    Shareholders’ equity   13,118,553       12,071,972  
    Noncontrolling interests   8,508       8,921  
    Total liabilities and equity $ 28,271,463     $ 29,297,842  
    CONSOLIDATED STATEMENT OF CASH FLOWS      
      Six Months Ended
    (Unaudited) December 31,
    (Dollars in thousands)   2024       2023  
    Cash flows from operating activities:      
    Net income $ 1,647,177     $ 1,333,129  
    Depreciation and amortization   454,869       468,165  
    Stock incentive plan compensation   106,472       108,061  
    Gain on sale of businesses   (250,373 )     (25,964 )
    (Gain) loss on property, plant and equipment and intangible assets   (6,975 )     5,097  
    Net change in receivables, inventories and trade payables   70,981       (42,804 )
    Net change in other assets and liabilities   (405,002 )     (407,366 )
    Other, net   61,584       (86,331 )
    Net cash provided by operating activities   1,678,733       1,351,987  
    Cash flows from investing activities:      
    Capital expenditures   (216,493 )     (204,117 )
    Proceeds from sale of property, plant and equipment   13,259       1,360  
    Proceeds from sale of businesses   622,182       74,595  
    Other, net   (6,941 )     (2,954 )
    Net cash provided by (used in) investing activities   412,007       (131,116 )
    Cash flows from financing activities:      
    Net payments for common stock activity   (189,681 )     (136,394 )
    Acquisition of noncontrolling interests   —       (2,883 )
    Net payments for debt   (1,494,484 )     (784,847 )
    Dividends paid   (420,061 )     (381,115 )
    Net cash used in financing activities   (2,104,226 )     (1,305,239 )
    Effect of exchange rate changes on cash   (13,034 )     (7,999 )
    Net decrease in cash and cash equivalents   (26,520 )     (92,367 )
    Cash and cash equivalents at beginning of year   422,027       475,182  
    Cash and cash equivalents at end of period $ 395,507     $ 382,815  
           
    RECONCILIATION OF FORECASTED ORGANIC GROWTH  
    (Unaudited)  
    (Amounts in percentages) Fiscal Year 2025
    Forecasted net sales (2%) to 1%
    Adjustments:  
    Currency 1.0%
    Divestitures 1.5%
    Adjusted forecasted net sales 0.5% to 3.5%
       
    RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN
       
    (Unaudited)  
    (Amounts in percentages) Fiscal Year 2025
    Forecasted segment operating margin ~ 22.7%
    Adjustments:  
    Business realignment charges 0.2%
    Costs to achieve 0.1%
    Acquisition-related intangible asset amortization expense 2.8%
    Adjusted forecasted segment operating margin ~ 25.8%
       
     
    RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
       
    (Unaudited)  
    (Amounts in dollars) Fiscal Year 2025
    Forecasted earnings per diluted share $24.46 to $25.06
    Adjustments:  
    Business realignment charges 0.39
    Costs to achieve 0.15
    Acquisition-related intangible asset amortization expense 4.22
    Net gain on divestitures (1.91)
    Gain on sale of building (0.08)
    Tax effect of adjustments1 (0.83)
    Adjusted forecasted earnings per diluted share $26.40 to $27.00
       
       
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
       
    Note: Totals may not foot due to rounding
    SUPPLEMENTAL INFORMATION
                   
    BUSINESS SEGMENT INFORMATION              
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Net sales              
    Diversified Industrial:              
    North America businesses $ 1,928,008     $ 2,110,203     $ 4,028,332     $ 4,340,109  
    International businesses   1,324,798       1,404,270       2,680,632       2,792,892  
                   
    Segment operating income              
    Diversified Industrial:              
    North America businesses $ 426,567     $ 461,850     $ 911,130     $ 967,903  
    International businesses   283,995       290,484       582,978       591,185  
    RECONCILIATION OF ORGANIC GROWTH            
    (Unaudited) Three Months Ended
      As Reported               Adjusted
      December 31, 2024     Currency     Divestitures   December 31, 2024
    Diversified Industrial Segment:                          
    North America businesses   (8.6 )%     (0.4 )%     (3.2 )%     (5.0 )%
    International businesses   (5.7 )%     (2.7 )%     — %     (3.0 )%
                               
    (Unaudited) Six Months Ended
        As Reported                   Adjusted  
        December 31, 2024       Currency     Divestitures     December 31, 2024  
    Diversified Industrial Segment:                          
    North America businesses   (7.2 )%     (0.5 )%     (1.7 )%     (5.0 )%
    International businesses   (4.0 )%     (1.3 )%     — %     (2.7 )%
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Diversified Industrial Segment:              
    North America businesses sales $ 1,928,008     $ 2,110,203     $ 4,028,332     $ 4,340,109  
                   
    North America businesses operating income $ 426,567     $ 461,850     $ 911,130     $ 967,903  
    Adjustments:              
    Acquired intangible asset amortization   40,985       44,699       83,960       89,382  
    Business realignment charges   5,444       3,250       8,888       5,834  
    Integration costs to achieve   445       562       1,050       1,507  
    Adjusted North America businesses operating income $ 473,441     $ 510,361     $ 1,005,028     $ 1,064,626  
                   
    North America businesses operating margin   22.1 %     21.9 %     22.6 %     22.3 %
    Adjusted North America businesses operating margin   24.6 %     24.2 %     24.9 %     24.5 %
                   
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Diversified Industrial Segment:              
    International businesses sales $ 1,324,798     $ 1,404,270     $ 2,680,632     $ 2,792,892  
                   
    International businesses operating income $ 283,995     $ 290,484     $ 582,978     $ 591,185  
    Adjustments:              
    Acquired intangible asset amortization   21,585       22,610       43,874       45,878  
    Business realignment charges   13,899       10,035       19,355       20,090  
    Integration costs to achieve   182       309       355       503  
    Adjusted International businesses operating income $ 319,661     $ 323,438     $ 646,562     $ 657,656  
                   
    International businesses operating margin   21.4 %     20.7 %     21.7 %     21.2 %
    Adjusted International businesses operating margin   24.1 %     23.0 %     24.1 %     23.5 %

    The MIL Network –