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Category: Asia

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi writes LinkedIn post on India’s recent strides in defence manufacturing

    Source: Government of India (2)

    Posted On: 30 OCT 2024 6:09PM by PIB Delhi

    The Prime Minister Shri Narendra Modi today wrote a post on LinkedIn sharing his thoughts on the significant achievement in India’s defence and aerospace journey as he inaugurated the C-295 aircraft manufacturing complex in Vadodara.

    The post is titled ‘India’s Defence Revolution Takes Flight!’

    The Prime Minister posted on X:

    “My latest @LinkedIn post focuses on India’s recent strides in defence manufacturing. We are going to be adding even more momentum in this sector in the coming times.”

     

    My latest @LinkedIn post focuses on India’s recent strides in defence manufacturing. We are going to be adding even more momentum in this sector in the coming times. Do read.https://t.co/34R5MP9dEQ

    — Narendra Modi (@narendramodi) October 30, 2024

     

    ***

    MJPS/SS

    (Release ID: 2069620) Visitor Counter : 87

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: Union Minister Dr. Jitendra Singh to Inaugurate the prestigious International 52nd Annual Conference of RSSDI at New Delhi

    Source: Government of India (2)

    Union Minister Dr. Jitendra Singh to Inaugurate the prestigious International 52nd Annual Conference of RSSDI at New Delhi

    27 Global Luminaries to Share Insights at RSSDI’s 52nd Annual Conference on Diabetes

    Posted On: 30 OCT 2024 6:08PM by PIB Delhi

    Union Minister Dr. Jitendra Singh, who is also a nationally known Diabetologist , will inaugurate and also be the chief guest at the upcoming International 52nd Annual Conference of the Research Society for the Study of Diabetes in India (RSSDI), one of the largest global societies of diabetes physicians in the world. The Conference is set to be held from November 14 to 17 at Yashobhoomi, Dwarka, New Delhi.

    National President of the RSSDI, Dr B.M. Makkar confirmed this after calling on Dr Jitendra Singh today and seeking his consent to be the chief guest.

    Pertinent to mention that Dr Jitendra Singh also happens to be the Life Patron of the RSSDI and a Lifetime Achievement Award winner.

    This prestigious premier event, which is held by rotation at different venues, was last held in Delhi in 2013 when incidentally Dr Jitendra Singh was himself the Scientific Chairman of the Conference.

    The November Conference will gather distinguished experts, researchers, and practitioners in diabetes care from across India and abroad to share cutting-edge knowledge, explore new research, and advance collaborative efforts in tackling diabetes.

    With an anticipated gathering of over 20,000 participants, this year’s RSSDI conference promises a robust and varied program designed to stimulate advancements in diabetes treatment and public health approaches. Participants will have the opportunity to engage in an array of keynote lectures, plenary sessions, interactive workshops, research presentations, and poster sessions, covering crucial topics spanning diabetes research, clinical care, and public health strategies.

    The 52nd Annual Conference of RSSDI will also feature an impressive lineup of 27 internationally renowned faculty speakers, each bringing unique expertise to this prestigious event. These global luminaries, who are leaders in diabetes research, clinical practice, and public health, will share their insights and latest findings, enriching discussions on managing and preventing diabetes. Their participation underscores the conference’s significance as a platform for exchanging knowledge on a global scale, promoting innovative approaches, and fostering international collaboration in diabetes care.

    Special highlights include a sand art installation by renowned artist Sudarshan Patnaik, an oath-taking ceremony uniting thousands of attendees, and the release of a comprehensive white paper on diabetes care and research in India. This white paper, an ambitious project by RSSDI, is set to offer pivotal insights and potential guidelines to standardize diabetes care across India.

    According to a handout by the Organising Committee of the Conference, Dr. Jitendra Singh’s acceptance to grace the occasion underscores his commitment to healthcare and the impact of his visionary leadership across multiple sectors. As a Patron of RSSDI, his presence will be a source of inspiration for attendees, reinforcing the government’s dedication to public health and innovative solutions for chronic health issues such as diabetes.

    The RSSDI, one of the largest global societies of diabetes physicians with over 12,000 members, is recognized for its sustained efforts in promoting research and education in diabetes. Their annual conference remains a vital platform for the exchange of groundbreaking ideas and best practices, contributing to India’s progress in combating diabetes.

    This event holds promise not only for the diabetes community but for the nation, as it brings focus to the collaborative role of research, medical expertise, and governmental support in achieving a healthier future.

    ***

    NKR/KS/AG

    (Release ID: 2069615) Visitor Counter : 60

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: BSNL Accelerates Swadeshi 4G Rollout, Bringing High-Speed Connectivity to India’s Most Remote Regions

    Source: Government of India

    BSNL Accelerates Swadeshi 4G Rollout, Bringing High-Speed Connectivity to India’s Most Remote Regions

    Over 50,000 Sites Now On-Air Nationwide Under Atma Nirbhar Bharat

    Posted On: 30 OCT 2024 5:34PM by PIB Delhi

    In a landmark move under the Government’s Atma Nirbhar Bharat initiative, Bharat Sanchar Nigam Limited (BSNL) has successfully deployed more than 50,000 indigenous 4G sites nationwide, significantly advancing India’s digital connectivity goals. This deployment, in collaboration with Indian tech giants like Tata Consultancy Services (TCS), Tejas Networks, the Centre for Development of Telematics (C-DOT), and ITI Ltd., showcases the strength of India’s homegrown technology in fulfilling the country’s connectivity needs. Designed, developed, and implemented entirely by Indian companies, BSNL’s 4G network embodies the concept of “Poorn Swadeshi” (Completely Indigenous) innovation, ushering in a new era for telecom in India.

    As of October 29, 2024, BSNL has installed over 50,000 sites, of which more than 41,000 are now operational, with nearly 36,747 sites established under the Phase IX.2 of the project and 5,000 sites under the 4G Saturation Project funded by Digital Bharat Nidhi Fund erstwhile Universal Service Obligation Fund (USOF). These efforts are bolstering BSNL’s goal to deploy over 1,00,000 4G sites, a testament to its swift pace of expansion.

    Till July,2024, BSNL has put on Air 15000 sites. Moreover, the last three months have witnessed the addition of over 25,000 new 4G sites, serving as a powerful reminder of the impact of Swadeshi technology and BSNL’s commitment to connecting all of India.

    ****

    SB/P/ARJ                                      

    (Release ID: 2069595) Visitor Counter : 24

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: NTPC Ltd develops Indigenous Catalyst for Methanol production from Flue Gas CO2 in collaboration with Indian Institute of Petroleum (IIP), Dehradun

    Source: Government of India

    Posted On: 30 OCT 2024 5:31PM by PIB Delhi

    CO2 mitigation is one of critical challenge being faced by fossil fired power plant.  Therefore, capturing CO2 from the flue gas and converting it to valuable fuel & chemicals is in focus, globally.

    NETRA, the R&D wing of NTPC, has developed Indigenous Catalyst for Hydrogenation of CO2 to Methanol in collaboration with Indian Institute of Petroleum (IIP), Dehradun. A catalyst is an essential component for any chemical synthesis. After characterization of catalyst, long duration quantitative & qualitative performance assessment of catalyst is being carried out in a specially designed 10 Kg/day methanol pilot plant. Here, 1 mole CO2 and 3 moles of H2 passed through fix bed down flow reactor. The purity of methanol produced by this catalyst is more than 99%.

    NTPC has taken significant strides in its commitment towards greenhouse gas (GHG) reduction, setting a benchmark for sustainable practices in the energy sector. NTPC Green Energy Limited, a wholly owned subsidiary of NTPC, is aggressively pursuing initiatives aimed at reducing its carbon footprint, in line with global climate action targets and India’s pledge to achieve net-zero emissions by 2070.

     

    ***

     

    JN/ SK

    (Release ID: 2069594) Visitor Counter : 27

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: National Unity Day observed in Ministry of Minority Affairs

    Source: Government of India

    Posted On: 30 OCT 2024 5:30PM by PIB Delhi

    The Ministry of Minority Affairs  observed the National Unity Day today (October 30, 2024) at an event organised in the Ministry . The event included a pledge ceremony held in Manthan Hall, where the Secretary, Ministry of Minority Affairs,administered the Rashtriya Ekta Diwas pledge to all officers and officials.

          

     

    During the ceremony, participants reaffirmed their commitment to preserving the unity, integrity, and security of the nation. The pledge emphasized the importance of spreading this message among fellow countrymen and was taken in the spirit of unification of the country which was made possible by the vision and actions  of Sardar Vallabhbhai Patel.

     

    ***

    SS/PRK

    (Release ID: 2069593) Visitor Counter : 46

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA’S GREETINGS ON THE EVE OF DIWALI

    Source: Government of India

    Posted On: 30 OCT 2024 5:28PM by PIB Delhi

    The President of India, Smt. Droupadi Murmu has sent greetings to her fellow citizens on the eve of Diwali.

    In a message, the President has said, “On the auspicious occasion of Diwali, I extend my warm greetings and good wishes to all Indians living in India and abroad.

    Diwali is a festival of happiness and enthusiasm. This festival symbolises the victory of knowledge over ignorance and good over evil. Various communities in India and abroad celebrate this festival with a great zeal. This festival also kindles hope for a brighter future.

    On the auspicious occasion of Diwali, we should illuminate our conscience, adopt virtues of love and compassion, and promote social harmony. This festival is also an opportunity to help the deprived and needy and share our happiness with them.

    Let us be proud of the glorious heritage of India. With faith in goodness, let us celebrate a pollution-free Diwali and pledge to build a healthy, prosperous and responsible society”.

    Please click here to see the President’s Message:-

     

    *****

     MJPS/VJ/BM

    (Release ID: 2069592) Visitor Counter : 51

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: Inauguration of Electronics Grade B-11 Enrichment Facility by Dr. A.K. Mohanty, Chairman, Atomic Energy Commission& Secretray, Department of Atomic Energy at HWBF, Talcher on 23-10-2024

    Source: Government of India (2)

    Posted On: 30 OCT 2024 5:19PM by PIB Delhi

    Dr. A. K. Mohanty, Chairman, Atomic Energy Commission (AEC)& Secretary, Department of Atomic Energy (DAE) inaugurated Electronics Grade Boron-11 (B11) Enrichment Facility at Heavy Water Board Facilities  (HWBF), Talcher on October 23, 2024. With technology demonstartion of B11 enrichment to electronics grade (>99.8%) at HWBF, Talcher, now India has joined the elite club of nations who are having this technology and it is a significant step towards Atmanirbhar Bharat. Electronics grade B11 is used for production of BF3 gas which is used as p-type dopant in the manufacturing of semiconductor chips.
    
    HWBF, Talcher, which is sub-unit of Heavy Water Board, Mumbai under the Department of Atomic Energy, Government of India, is pioneer in the field of production of various specialty materials for nuclear as well as non-nuclear applications. The unit is involvedin the production of nuclear control rod grade (> 67% IP ) and neutron detector grade(>96% IP) of Boron-10 (B10) isotopes. These B10enriched products are essential for 3-stage nuclear power programme. HWBF, Talcher also produces different organophosporous solvents used in front end and back end of nuclear fuel cycle. 
     
     
    
    
     
    During the inauguration ceremony, Chairman, AEC addressed the officials of Heavy Water Board Facilities, Talcher and shared his views on the importance of Nuclear Energyfor thefuture energy security of India. He appreciated the research efforts put up at HWBF, Talcher where various technologies related to specialty materials were developed, demonstrated and subsequently transfered to other units. He also mentioned about the role being played by Heavy Water Board in Nuclear Power Programme and societal benefit through diversified activities. 
    
    Dr. A. K. Mohanty, Chairman, AEC and Shri S. Satyakumar, Chairman & Chief Executive, Heavy Water Board planted saplings under “Ek Ped Maa Ke Naam” campaign at begining of the programme. 
     
     
     
     
    
    
     
    During the occassion, Shri B.M.Sinha, General Manager (Safety Health & Environment and Quality Assurance), Heavy Water Board; Shri D.C. Ojha, Officer on Special Duty, HWBF, Talcher; Shri M.R. Mishra, Maintenance Manager (Officiating); Shri A.K.Rath, Engineer In-charge (Production), all Section Heads and other officials & staff of HWBF, Talcherwere also present. 
    
     
    *** 
    NKR/KS/AG
    

    (Release ID: 2069588) Visitor Counter : 33

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: Special Campaign 4.0 – Department of Atomic Energy

    Source: Government of India (2)

    Posted On: 30 OCT 2024 5:18PM by PIB Delhi

    Department of Atomic Energy along with all its Constituent Units/Public Sector Undertaking/Aided Institutions are putting all their efforts and are working with determination to achieve the targets which have been set for Special Campaign 4.0. As on 17.10.2024, 12612 files have been reviewed and 12155 files have been identified for weeding out. 51 cleanliness campaigns have been conducted by the Constituent Units/Public Sector Undertaking /Aided Institutions of DAE and revenue amounting to Rs. 481238/- has been earned by disposal of Scrap.

    Institute of Plasma Research (IPR), Gujarat, an Aided Institute under DAE, has exemplified a good example of ‘Waste to Best’ by using old dried bamboos and MS pipes from unused scrap materials,  for constructing fence which helps to protect plants and shrubs from animals such as Blue Bull.

    Cleanliness activities are being undertaken by all the Constituent Units/Public Sector Undertaking/Aided Institutions of DAE which are being showcased through tweets on ‘X’.

    Department of Atomic Energy shall maintain the spirit of Special Campaign 4.0 and work towards the completion of the targets within the Campaign period.

    ***

    NKR/KS/AG

    (Release ID: 2069587) Visitor Counter : 40

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR SEPTEMBER, 2024

    Source: Government of India (2)

    Posted On: 30 OCT 2024 5:00PM by PIB Delhi

    The combined Index of Eight Core Industries (ICI) increased by 2.0per cent (provisional) in September, 2024 as compared to the Index in September, 2023. The production of Cement, Refinery Products, Coal, Fertilizers and Steel recorded positive growth in September 2024. The details of annual indices, monthly indices and growth rates are provided at Annex I and Annex II.

    The ICI measures the combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

    The final growth rate of Index of Eight Core Industries for June2024stands at 5.0per cent. The cumulative growth rate of ICI during April to September, 2024-25is4.2per cent (provisional) as compared to the corresponding period of last year.

    The summary of the Index of Eight Core Industries is given below:

    Coal – Coal production (weight: 10.33 per cent) increased by 2.6 per cent in September, 2024 over September, 2023. Its cumulative index increased by 5.9 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Crude Oil – Crude Oil production (weight: 8.98 per cent) declined by 3.9 per cent in September, 2024 over September, 2023. Its cumulative index declined by 2.1 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Natural Gas – Natural Gas production (weight: 6.88 per cent) declined by 1.3 per cent in September, 2024 over September, 2023. Its cumulative index increased by 2.0per cent during April to September, 2024-25 over corresponding period of the previous year.

    Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 5.8 per cent in September, 2024 over September, 2023. Its cumulative index increased by 2.3 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Fertilizers – Fertilizer production (weight: 2.63 per cent) increased by 1.9 per cent in September, 2024 over September, 2023. Its cumulative index increased by 1.7 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Steel – Steel production (weight: 17.92 per cent) increased by 1.5 per cent in September, 2024 over September, 2023. Its cumulative index increased by 6.1 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Cement – Cement production (weight: 5.37 per cent) increased by 7.1 per cent in September, 2024 over September, 2023. Its cumulative index increased by 1.6 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Electricity – Electricity generation (weight: 19.85 per cent) declined by 0.5 per cent in September, 2024 over September, 2023. Its cumulative index increased by 5.9 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Note 1: Data forJuly, 2024, August, 2024 and September, 2024are provisional. Index numbers of Core Industries are revised/finalized as per updated data from source agencies.

    Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.

    Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

    Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

    Note 5: Release of the index for October, 2024 will be on Friday29thNovember, 2024.

     

    Annex I

    Performance of Eight Core Industries

    Yearly Index & Growth Rate

    Base Year: 2011-12=100

    Index

    Sector

    Coal

    Crude Oil

    Natural Gas

    Refinery Products

    Fertilizers

    Steel

    Cement

    Electricity

    Overall Index

    Weight

    10.33

    8.98

    6.88

    28.04

    2.63

    17.92

    5.37

    19.85

    100.00

    2012-13

    103.2

    99.4

    85.6

    107.2

    96.7

    107.9

    107.5

    104.0

    103.8

    2013-14

    104.2

    99.2

    74.5

    108.6

    98.1

    115.8

    111.5

    110.3

    106.5

    2014-15

    112.6

    98.4

    70.5

    108.8

    99.4

    121.7

    118.1

    126.6

    111.7

    2015-16

    118.0

    97.0

    67.2

    114.1

    106.4

    120.2

    123.5

    133.8

    115.1

    2016-17

    121.8

    94.5

    66.5

    119.7

    106.6

    133.1

    122.0

    141.6

    120.5

    2017-18

    124.9

    93.7

    68.4

    125.2

    106.6

    140.5

    129.7

    149.2

    125.7

    2018-19

    134.1

    89.8

    69.0

    129.1

    107.0

    147.7

    147.0

    156.9

    131.2

    2019-20

    133.6

    84.5

    65.1

    129.4

    109.8

    152.6

    145.7

    158.4

    131.6

    2020-21

    131.1

    80.1

    59.8

    114.9

    111.6

    139.4

    130.0

    157.6

    123.2

    2021-22

    142.3

    77.9

    71.3

    125.1

    112.4

    163.0

    156.9

    170.1

    136.1

    2022-23

    163.5

    76.6

    72.4

    131.2

    125.1

    178.1

    170.6

    185.2

    146.7

    2023-24

    182.7

    77.1

    76.8

    135.9

    129.8

    200.4

    185.7

    198.3

    157.8

    Apr-Sep 2023-24

    157.0

    77.1

    75.3

    134.4

    130.9

    194.0

    182.2

    204.9

    154.7

    Apr-Sep 2024-25*

    166.2

    75.5

    76.8

    137.5

    133.1

    205.9

    185.2

    216.9

    161.2

    *Provisional

    Growth Rates (on Y-o-Y basis in per cent)

    Sector

    Coal

    Crude Oil

    Natural Gas

    Refinery Products

    Fertilizers

    Steel

    Cement

    Electricity

    Overall Growth

    Weight

    10.33

    8.98

    6.88

    28.04

    2.63

    17.92

    5.37

    19.85

    100.00

    2012-13

    3.2

    -0.6

    -14.4

    7.2

    -3.3

    7.9

    7.5

    4.0

    3.8

    2013-14

    1.0

    -0.2

    -12.9

    1.4

    1.5

    7.3

    3.7

    6.1

    2.6

    2014-15

    8.0

    -0.9

    -5.3

    0.2

    1.3

    5.1

    5.9

    14.8

    4.9

    2015-16

    4.8

    -1.4

    -4.7

    4.9

    7.0

    -1.3

    4.6

    5.7

    3.0

    2016-17

    3.2

    -2.5

    -1.0

    4.9

    0.2

    10.7

    -1.2

    5.8

    4.8

    2017-18

    2.6

    -0.9

    2.9

    4.6

    0.03

    5.6

    6.3

    5.3

    4.3

    2018-19

    7.4

    -4.1

    0.8

    3.1

    0.3

    5.1

    13.3

    5.2

    4.4

    2019-20

    -0.4

    -5.9

    -5.6

    0.2

    2.7

    3.4

    -0.9

    0.9

    0.4

    2020-21

    -1.9

    -5.2

    -8.2

    -11.2

    1.7

    -8.7

    -10.8

    -0.5

    -6.4

    2021-22

    8.5

    -2.6

    19.2

    8.9

    0.7

    16.9

    20.8

    8.0

    10.4

    2022-23

    14.8

    -1.7

    1.6

    4.8

    11.3

    9.3

    8.7

    8.9

    7.8

    2023-24

    11.8

    0.6

    6.1

    3.6

    3.7

    12.5

    8.9

    7.1

    7.6

    Apr-Sep 2023-24

    12.2

    -0.4

    4.3

    4.0

    7.0

    15.9

    11.6

    6.1

    8.2

    Apr-Sep 2024-25*

    5.9

    -2.1

    2.0

    2.3

    1.7

    6.1

    1.6

    5.9

    4.2

    *Provisional.

       Y-o-Y is calculated over the corresponding financial year of previous year

     

    Annex II

    Performance of Eight Core Industries

    Monthly Index & Growth Rate

    Base Year: 2011-12=100

    Index

    Sector

    Coal

    Crude Oil

    Natural Gas

    Refinery Products

    Fertilizers

    Steel

    Cement

    Electricity

    Overall Index

    Weight

    10.33

    8.98

    6.88

    28.04

    2.63

    17.92

    5.37

    19.85

    100.00

    Sep-23

    147.9

    74.9

    76.8

    126.8

    132.3

    198.4

    166.2

    205.9

    151.7

    Oct-23

    172.6

    78.4

    80.3

    128.8

    136.4

    201.4

    181.5

    203.8

    156.4

    Nov-23

    185.7

    75.5

    77.2

    134.5

    133.5

    192.6

    156.5

    176.3

    150.4

    Dec-23

    204.3

    77.4

    79.5

    145.0

    137.5

    206.7

    191.9

    181.6

    161.2

    Jan-24

    219.6

    78.8

    79.3

    135.9

    135.0

    217.8

    192.2

    197.2

    165.4

    Feb-24

    212.1

    73.5

    74.5

    132.5

    113.3

    202.9

    194.3

    187.2

    157.7

    Mar-24

    256.0

    78.9

    79.3

    147.0

    116.6

    219.8

    219.4

    204.2

    175.0

    Apr-24

    173.3

    76.3

    74.8

    137.9

    117.8

    210.0

    192.3

    212.0

    161.7

    May-24

    184.7

    77.9

    78.7

    141.8

    135.9

    209.7

    190.6

    229.3

    168.2

    Jun-24

    186.4

    74.4

    75.8

    134.1

    134.0

    204.0

    198.5

    222.8

    163.7

    Jul-24*

    163.0

    76.6

    78.0

    143.3

    138.8

    204.0

    175.2

    220.2

    162.6

    Aug-24*

    138.2

    75.7

    77.4

    134.0

    137.5

    206.1

    176.5

    212.3

    156.1

    Sep-24*

    151.8

    72.0

    75.8

    134.1

    134.8

    201.3

    178.0

    204.9

    154.8

    *Provisional

    Growth Rates (on Y-o-Y basis in per cent)

    Sector

    Coal

    Crude Oil

    Natural Gas

    Refinery Products

    Fertilizers

    Steel

    Cement

    Electricity

    Overall Growth

    Weight

    10.33

    8.98

    6.88

    28.04

    2.63

    17.92

    5.37

    19.85

    100.00

    Sep-23

    16.0

    -0.4

    6.5

    5.5

    4.2

    14.8

    4.7

    9.9

    9.5

    Oct-23

    18.4

    1.3

    10.0

    4.3

    5.3

    13.6

    16.9

    20.4

    12.7

    Nov-23

    10.9

    -0.4

    7.5

    12.4

    3.3

    9.7

    -4.7

    5.8

    7.9

    Dec-23

    10.8

    -1.0

    6.7

    4.1

    5.9

    8.3

    3.8

    1.2

    5.1

    Jan-24

    10.6

    0.6

    5.5

    -4.3

    -0.6

    9.2

    4.1

    5.7

    4.2

    Feb-24

    11.6

    7.9

    11.2

    2.6

    -9.5

    9.4

    7.8

    7.6

    7.1

    Mar-24

    8.7

    2.1

    6.3

    1.6

    -1.3

    7.5

    10.6

    8.6

    6.3

    Apr-24

    7.5

    1.7

    8.6

    3.9

    -0.8

    9.8

    0.2

    10.2

    6.9

    May-24

    10.2

    -1.1

    7.5

    0.5

    -1.7

    8.9

    -0.6

    13.7

    6.9

    Jun-24

    14.8

    -2.6

    3.3

    -1.5

    2.4

    6.3

    1.8

    8.6

    5.0

    Jul-24*

    6.8

    -2.9

    -1.3

    6.6

    5.3

    6.4

    5.5

    7.9

    6.1

    Aug-24*

    -8.1

    -3.4

    -3.6

    -1.0

    3.2

    3.9

    -3.0

    -3.7

    -1.6

    Sep-24*

    2.6

    -3.9

    -1.3

    5.8

    1.9

    1.5

    7.1

    -0.5

    2.0

    *Provisional.

    Y-o-Y is calculated over the corresponding financial year of previous year

               

    ***

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    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: Brief Note on Special Campaign 4.0 – 2nd October, 2024 to 30th October, 2024.

    Source: Government of India (2)

    Posted On: 30 OCT 2024 4:56PM by PIB Delhi

    The objective of this campaign is to minimize pendency, institutionalize swachhata, and strengthen internal monitoring mechanisms, digitization of physical records and monitoring mechanisms for swachhata. Sanitization and cleanliness is going on priority basis under Swachhata Campaign 4.0.           

    On 2nd October, 2024 on the occasion of Mahatma Gandhi Jayanti and Swachh Bharat Diwas a Shramdaan event has been organized in the premises of Shastri Bhawan led by Shri Udaya Kuamara, Additional Secretary, Shri R.K. Pattanayak, Joint Secretary/Nodal Officer, Dr. K.V. Kumar, Joint Secretary and other senior officers and staff including Safai Karmacharis of this Department and attached offices. In addition to that Shri Udaya Kumara, Additional Secretary and Shri R.K. Pattanayak, Joint Secretary/Nodal Officer have also visited all the Sections and corridors/toilets etc. and reviewed the ongoing campaign.

    On 3rd October, 2024 Dr. Rajiv Mani, Secretary Legislative Department along with Shri R.K. Pattanayak, JS&LC/Nodal Officer, Smt. Rakhi Biswas, Under Secretary, Shri Prashant Bhardwaj, Section Officer, Shri Sushil  Kumar, Dealing Head visited Record Room, Digitization Unit and Sections to review progress of the Campaign. 57,988 files/office records were digitized and 32 files were reviewed and weeded /shredded. 

    On 12th October, 2024 Admn.II Section has been renovated and open up space and Cleanliness drive has been undertaken by the Department in corridors and sections. During the Campaign, One of the best practices viz beautification of walls (wall art) in the corridors/premises housed by Legislative Department was carried out.

    The internal mechanized cleanliness in workplace on 15th October, 2024, were made such as cleaning activities, dusting, sanitizing surfaces, and proper waste disposal to ensure a hygienic workspace, to identification of unwanted records and article in sections for weeding out, preparing a list of obsolete items for auction under the supervision of Shri R.K. Pattanayak, Nodal Officers/JS&LC in the Legislative Department were also made.

    During the Campaign, on 20th October, 2024 the Legislative Department organized a shramdaan event at a black spot i.e. Ghazipur, round about, East Delhi which was identified by the Department for cleanliness drive and to spread the message of cleanliness and hygiene.  The event of sharmdaan was led by Dr. Rajiv Mani, Secretary Legislative Department along with other senior officers of the Legislative Department namely Shri Udaya Kumara, Additional Secretary, Shri R.K. Pattanayak, JS&LC/Nodal Officer, Dr. K.V. Kumar, JS&LC and Shri Dhruv Kumar Singh, CCA along with several officers and staff of the Department including attached offices and the Department of Legal Affairs. On the occasion, Secretary (LD) distributed Swachhata Kit/ T-Shirt/ Cap to the Safai Karamchari and emphasized upon the importance of the Campaign, the overall benefit of the society and the nation.

    On 22nd October 2024, Legislative Department has successfully completed e-Auction for old and obsolete items in presence of Auction Committee and earned revenue of Rs. 5,01,000/- and cleanliness drive undertaken by the Department under the supervision of Shri R.K Pattanayak, JS&LC/Nodal Officer.

    On 26th October, 2024 experts hired by the department for weeded/shredded out of unwanted files/records of the Legislative Department in the supervision of Shri R.K. Pattanayak, JS&LC/Nodal Officer.

    On 28th October 2024, circular has been issued to all sections of the Legislative Department including attached offices i.e. Official Language Wing and Vidhi Sahitya Prakashan for providing information reducing pendency of the Department and thereafter all sections have been instructed to dispose of pending matters of Special Campaign 4.0.

     

    *****

               

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    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: Annual Survey of Industries (ASI) Publications for 2022-23

    Source: Government of India

    Posted On: 30 OCT 2024 4:47PM by PIB Delhi

    Introduction

    Annual Survey of Industries is conducted with the primary objective to provide a meaningful insight into the dynamics of change in the composition, growth and structure of various manufacturing industries in terms of output, value added, employment, capital formation and a host of other parameters. It provides valuable input to the National Accounts Statistics at national and state level. The results are prepared at state and major industry level.

    Ministry of Statistics and Programme Implementation (MoSPI) has released the results of Annual Survey of Industries (ASI) for the reference periods April 2022 to March 2023 (i.e. financial year 2022-23) referred to as ASI 2022-23 on 30th September 2024 in the form of press note and seven (07) website tables. All the said tables of ASI 2022-23 along with write-up are available in the website of the Ministry (https://www.mospi.gov.in).

    The detailed publications of ASI 2022-23, viz. Volume I, Volume II, “Summary Results of Factory Sector” along with unit level data are now available for dissemination.

    ASI Publications

    The ASI 2022-23 publications contain detailed results of factory sector in two volumes. Volume I of the publication presents data relating to capital, employment, emoluments and several other economic parameters relevant to industrial sector such as (i) number of factories, (ii) fixed/working capital, (iii) total input, (iv) total output, (v) depreciation, (vi) gross value added, (vii) employment details, (viii) fuels consumption details, etc. The results are released at 2/3/4-digit industry-code wise [National Industrial Classification (NIC), 2008] for all-India and at 2/3 digit level of NIC-2008 for States/UTs.

    Volume II of the publication provides details on materials consumed and ex-factory value of products and by-products both at all India level as well as at the level of State/UTs. Volume II contains 3-digit industry-code wise by State/UT-wise materials consumed as well as products & by-products generated by the manufacturing establishments. These input/output items are classified as per National Product Classification for Manufacturing Sector (NPC-MS), 2011 (Revised).

    While Volume I is uploaded on the website of the Ministry (www.mospi.gov.in), Volume II publication is available in pen drive/ CD-ROM. In addition to Volume I & Volume II, “Summary Results for Factory Sector” is also brought out as a separate publication based on ASI 2022-23 results for easy comprehension.

    The Summary Results for Factory Sector is prepared with the objective to draw attention to certain key features of the ASI results and the same is being brought out as a separate publication. The Summary Results aim to present a comprehensive overview of the ASI findings through specialized tables highlighting key characteristics such as employment size, capital investment, gross output and net value added at both the national and state/UT levels. These tables provide a comprehensive overview of the industrial landscape at the regional as well as at the national level. “Summary Results of Factory Sector” is also uploaded on the website of the Ministry (www.mospi.gov.in).

    Unit level data of ASI 2022-23 are also available in the website of the Ministry (https://www.mospi.gov.in).

    ****

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    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: US lawmakers condemned

    Source: Hong Kong Information Services

    The Hong Kong Special Administrative Region Government today again strongly condemned the US lawmakers requesting a review of a number of Hong Kong SAR Government officials, judges and prosecutors in a list of “sanctions” in an attempt to intimidate the Hong Kong SAR personnel concerned who safeguard national security as well as the unfounded and biased remarks which deliberately misled the public and smeared the Hong Kong National Security Law (NSL).

    In a statement, the Hong Kong SAR Government said it is the constitutional duty of the Hong Kong SAR to safeguard national security. In accordance with international law and international practice based on the Charter of the United Nations, safeguarding national security is an inherent right of all sovereign states.

    It pointed out that many common law jurisdictions, including western countries such as the US, the UK, Canada, Australia and New Zealand as well as Singapore, have enacted multiple pieces of legislation to safeguard national security. Turning a blind eye to the fact and making exaggerated remarks, the US politicians have demonstrated typical political hegemony and hypocrisy with double standards.

    The statement elaborated that the implementation of the NSL in the past four years has enabled the livelihood and economic activities of the Hong Kong community at large to swiftly resume as normal and the business environment to be restored and improved continuously.

    It noted that in the Economic Freedom of the World 2024 Annual Report, Hong Kong ranks as the world’s freest economy among 165 economies. In the World Competitiveness Yearbook 2024, Hong Kong’s ranking improved by two places to fifth globally.

    However, those US politicians insist on turning a blind eye to all these facts and even clamour for “sanctions” against the Hong Kong SAR personnel who dutifully safeguard national security. The Hong Kong SAR Government strongly condemned their political grandstanding rife with ill intentions, which have been seen through by all.

    The statement also pointed out that the Hong Kong SAR despises any “sanctions” and shall never be intimidated. It shall continue to resolutely discharge the responsibility of safeguarding national security.

    The Hong Kong SAR Government strongly urged the US politicians concerned to discern facts from fallacies, and immediately stop acting against international law and basic norms of international relations and interfering in Hong Kong matters, which are purely China’s internal affairs.

    Additionally, it said the Hong Kong SAR’s judicial system has always been highly regarded by international communities. Any attempt by any country, organisation, or individual to interfere with the judicial proceedings in the Hong Kong SAR by means of political power is a reprehensible act undermining the Hong Kong SAR’s rule of law.

    It highlighted that making any statement with the intent to interfere with or obstruct the course of justice, or engaging in conduct with the same intent, is very likely to constitute the offence of criminal contempt of court or the offence of perverting the course of justice.

    The Hong Kong SAR Government reiterated the Hong Kong SAR steadfastly safeguards national sovereignty, security and development interests, and fully and faithfully lives up to this top priority of the “one country, two systems” principle.

    The Hong Kong SAR Government will, as always, resolutely, fully and faithfully implement the NSL, the Safeguarding National Security Ordinance and other relevant laws safeguarding national security in the Hong Kong SAR, to effectively prevent, suppress and impose punishment for acts and activities endangering national security in accordance with the law, whilst upholding the rights and freedoms of Hong Kong people in accordance with the law, so as to ensure the steadfast and successful implementation of the principle of “one country, two systems,” it added.

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Economics: Participants in the Netherlands Trainee Programme make study visit to The Hague

    Source: WTO

    Headline: Participants in the Netherlands Trainee Programme make study visit to The Hague

    The participants were accompanied on the study trip by Willie Chatsika, Head of the English-speaking Africa Regional Desk in the WTO’s Institute for Training and Technical Cooperation (ITTC).
    The NTP is a joint initiative of the WTO and the Government of the Kingdom of the Netherlands aimed at improving participants’ capacity through “learning by doing”. Officials taking part in this year’s edition are from Africa, Asia and the Pacific region.
    The study trip was coordinated by the Clingendael Institute, an independent academic and research institute engaged by the Ministry of Foreign Affairs of the Netherlands under the framework of the NTP. The main objectives of the study trip were to enhance the participants’ trade policy-making skills, enable them to gain insight into how the needs of different national stakeholders are translated into trade policy, and to learn more about the nexus between international trade and development.
    During the study trip, participants were given first-hand exposure to the formulation of trade policy during various presentations by officials from the International Trade Directorate of the Ministry of Foreign Affairs. The Clingendael Institute also organized sessions on negotiations and presentation skills, considered critical for trade negotiators.
    The study trip also included visits to selected institutions in The Hague which have an input in trade policy formulation. These were the Social and Economic Council (SER), the Confederation of Netherlands Industry and Employers (VNO-NCW) and the Horti Centre which brings together multiple enterprises in the horticultural sector to form a collective bargaining position for their products. A guided tour of the Port of Rotterdam, a major gateway for international trade, was another aspect of the study visit.  
    The group also had a visit to the Peace Palace, which houses the International Court of Justice (ICJ) and the Permanent Court of Arbitration (PCA). The PCA provided a detailed presentation of its structure and functions and allowed the group to access the chamber of the ICJ.
    The NTP is a ten-month internship programme funded by the Government of the Netherlands and undertaken in the WTO Secretariat, with the aim of assisting in the economic and social development of least developed countries (LDCs), other low-income countries and comparable small and vulnerable economies in areas related to trade policy, with a particular focus on Africa.
    The 2024 NTP cohort comprises 14 government officials, whose diversity reflects the different targets of the programme — a focus on LDCs and Africa, geographical diversity and gender balance. Eight of the participants are from Africa (Benin, Burkina Faso, Cameroon, Ghana, Lesotho, Namibia, Tunisia and Uganda), five are from Asia (Bangladesh, Bhutan, Cambodia, Myanmar and Pakistan) and one from the Pacific (Solomon Islands). Eight of the NTPs are from LDCs, and six out of the 14 are women.
    The NTP was launched in 2005 and has been regularly renewed. The current phase was launched in 2023 and will continue until 2028.

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    MIL OSI Economics –

    January 25, 2025
  • MIL-OSI Economics: WTO members review safeguard actions during latest committee meeting

    Source: WTO

    Headline: WTO members review safeguard actions during latest committee meeting

    Japan and Australia took the floor to stress that safeguards are emergency measures, and members taking safeguard actions must ensure that they comply with the relevant rules.
    Review of legislative notifications
    The legislative notifications from Cabo Verde and the Solomon Islands were tabled at the meeting. Both members notified that they did not currently have regulations or administrative procedures relating to safeguard measures. The Committee also continued the review of legislative notifications from Liberia and from Ghana.
    Specific notifications of safeguard actions
    Notifications of various safeguard actions from the following members were reviewed by the Committee: the European Union (1 investigation); Ghana (1 investigation); India (1 investigation); Indonesia (8 investigations); Madagascar (3 investigations); the Philippines (1 investigation); South Africa (1 investigation); Türkiye (4 investigations); Ukraine (1 investigation), the United Kingdom (1 investigation); and the United States (2 investigations).
    Six members took the floor in respect to the European Union’s update of the status of its safeguard measure on certain steel products. One member referred to its proposal to suspend substantially equivalent concessions against European Union imports in reaction to the European Union’s measure.
    Five members took the floor to comment on the latest status of the United Kingdom’s safeguard measure on certain steel products, with several members recalling that the UK applies this measure having “transitioned” it from the EU following its departure from the European Union.
    Japan expressed concerns about two specific safeguards: Viet Nam’s safeguard measure on “certain semi-finished and finished products of alloy and non-alloy steel” and Indonesia’s safeguard measure on “articles of apparel and clothing accessories”.
    Indonesia’s request regarding Türkiye’s proposed suspension of concessions against its exports
    On 11 July 2024, Indonesia submitted, pursuant to Article 13.1 (e) of the Safeguards Agreement, a request in relation to Türkiye’s proposal to suspend substantially equivalent concessions or other obligations against imports from Indonesia. Türkiye had proposed the suspension of concessions in response to Indonesia’s safeguard measure on carpets and other textile floor coverings.
    Article 13.1 (e) of the Safeguards Agreement stipulates, as one of the functions of the Committee, to “review … whether proposals to suspend concessions or other obligations are ‘substantially equivalent’, and report as appropriate to the Council for Trade in Goods”. The Chair explained how he intends to move forward on this matter. Several members took the floor to describe their views, including with respect to the relevant period to use for the purpose of determining the value of the substantially equivalent concessions.
    Discussion Group regarding safeguard proceedings
    A member, on behalf of 13 other members, explained that a meeting of an informal discussion group regarding safeguard proceedings would take place after the Committee meeting. While it was not part of the Committee meeting, the discussion was open to all members. The idea behind this discussion group was to provide a broader perspective than in formal Committee meetings where members review particular notifications, and to focus more on each other’s experiences and to learn from each other.
    Creation of online portal for submission of safeguard notifications
    Under “Other Business”, the Chair provided an update regarding the creation by the WTO Secretariat of an online portal for the submission of safeguard notifications. The Chair reported that a prototype was now ready for delegations to test.
    Next meeting
    The next meeting of the Committee on Safeguards is scheduled for the week of 28 April 2025.
    Background
    Under the WTO rules, a member may apply measures to imports of a product temporarily (take “safeguard” actions) through higher tariffs or other measures if it determines through an investigation that increased imports of a product are causing or threatening to cause serious injury to its domestic industry. Unlike anti-dumping duties, safeguard measures cover imports from all sources, although imports from developing country members with a small share of imports are exempted through special and differential treatment provisions.
    More background on safeguards is available here.

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    MIL OSI Economics –

    January 25, 2025
  • MIL-OSI NGOs: Hurricane Unpreparedness in the Caribbean, Disaster by Imperial Design

    Source: Council on Hemispheric Affairs –

    St. Lucia during and post Hurricane Beryl

    by Tamanisha J. John

    Toronto, Ontario

    Whenever a hurricane hits in the Caribbean, people rush to point out that it is an indicator of “disaster capitalism” and/or that “disaster capitalism” will surely come. While I agree that non-governmental organizations (NGO) and other organizations profit from disasters in the Caribbean region, and have a long history of doing so, I am less inclined to believe that “disaster capitalism” exists there unless one takes an ahistorical view. Disaster capitalism in the Caribbean can only exist in those states whose revolutions have been defeated and/or undermined, but overall, there has been no massive structural changes in these states. The region is already, and historically has been, ultra-accommodating to capitalism. Disaster capitalism refers to “the use of the shock of disastrous situations to dismantle state participation in the economy and to implant structural changes in the form of laissez-faire capitalism” (Schwartz, 2015, p. 311). To claim that disaster capitalism will come to the Caribbean region would thus indicate a marked period of state participation in the Caribbean that provided for the peoples living there.

    Instead, all states’ independence was marked by US interventions given the ideological and economic struggle of the Cold War and the neoliberal turn, which attacked state input and intervention in the market. Caribbean states’ independence was marked by debt and lack of access to capital. It occurred alongside financial institutions’ proliferation of structural adjustment policies whose implementation was necessitated for states in the region to acquire access to loaned capital (John, 2023). Though struggles for nationalizations did occur – in industries like mining, banking, insurance, and others – harsh retaliations from the US and Canada made them unsustainable (John, 2023, p. 134) – with no real reductions in foreign ownership “despite the changes in legal forms of ownership” (Thomas, 1984, p. 168-9). Thus, large foreign ownership of resource extractive industries and financial institutions remained a feature of Caribbean societies when they became independent – just as it also marked the colonial landscape in these spaces. The foreign players that controlled corporations, land, and industries in these countries did change somewhat, but this was also typical with imperial rivalries (Caribbean states themselves having been subject to multiple phases of European colonization throughout their histories).

    It was Walter Rodney, who in his 1972 text How Europe Underdeveloped Africa, put forward a critique of the thesis that capitalism had to develop prior to ushering in socialism – which was Marx’s estimation – given that this thesis went against the trajectory of capitalist development in both the Caribbean and in Africa, where the capitalist logics of extraction with disregard for these societies left them in almost permanent states of underdevelopment, that only physical and ideological anti-imperialism could rectify. One of the consequences of this underdevelopment, I argue, is the lack of hurricane preparedness. The logic of “getting people back to work” and “security” in these colonized spaces have always trumped wellbeing for the people and environment – precisely because the people in them have always been categorized as disposable, while the natural resources have been reduced to instruments for the generation of profit. This ideology was true under European empires, and now true under US hegemony in the region – where foreign imposing actors continue to have more say on preparedness, wealth distribution, land ownership, security, economic development, and entrepreneurship (innovation).

    In a Region Prone to Hurricanes, Unpreparedness is an Ideological Policy Choice

    “Hurricanes are not random phenomena. Atmospheric conditions and physics limit their movement” (Schwartz, 2015, p. xvi). In the Caribbean, the Yucatán Peninsula, the Gulf of Mexico, and the South-Eastern United States, we have come to expect a lack of preparedness whenever hurricanes strike. Though Hurricane Beryl’s strength and early formation in June was unprecedented for the Caribbean’s hurricane season, what is precedent is the lack of regional preparedness for hurricanes in a region prone to have them – no matter when these hurricanes form. Forming around June 25th it was clear that Beryl would break the record for earliest formed Category 5 hurricane by the time that it made way into the Caribbean. This was due to the unusually warm temperatures registered in both the Atlantic Ocean and the Caribbean Sea as early as March, various heatwave advisories and warnings were placed on the region acknowledging that the summer 2024 would be “hotter than usual” (Loop News 2024). When news of Beryl’s formation first spread, people expected the worst given unusually hot increases in temperatures (+4°c) for the region so early in the year.

    Making landfall as a Category 4 hurricane in one of the smaller islands of Grenada, Carriacou, on July 1st Beryl would destroy 95% of the infrastructure there before strengthening to a Category 5 hurricane. It would bring even worse devastation to a smaller island of St. Vincent and the Grenadines, Mayreu, where reports proclaim that island to have nearly been “erased from the map” (AP News 2024). In its Caribbean path, Beryl brought devastation as a Category 5 and 4 storm to Grenada, St. Vincent and the Grenadines, Dominica, Tobago and northern Venezuela, Barbados, and the southern portion of Jamaica. In its North American path, Beryl brought devastation as a Category 2 and 1 storm to Mexico’s Yucatan Peninsula, before making landfall in Texas and Louisiana. Thereafter the storm was experienced elsewhere in the form of a tropical cyclone and massive downpours of rain. Beryl eventually tapered off in Canada on July 11th where it left heavy rain that caused massive flooding (due to Canada’s neglected flood systems). Beryl’s death toll currently stands at 33, with the storm causing 6 deaths “in Venezuela, 1 in Grenada, 2 in Carriacou, 6 in St. Vincent and the Grenadines, 4 in Jamaica […] at least 11 in the Greater Houston area, 1 in Louisiana, and 2 in Vermont.” (TT Weather Center 2024)”

    Now that the storm has passed, people in impacted areas must contend with the loss of life, destruction of physical infrastructure – including homes and businesses, the lack of food and other basic products, as well as the lack of power and electricity. While contending with loss, victims of this severe weather will start to question the inability of their governments – rich or poor – to adequately address the post hurricane scenarios that they find themselves in repeatedly. This discontent with unpreparedness is now prevalent even before the hurricane season itself has ended.

    A Note on Cuba’s Hurricane Preparedness, The Importance of Ideology

    One of the most infuriating elements of hurricanes in this region is the “disaster” narratives that come after them, which falsely assert the “naturalness” of unpreparedness given the chaos of the disaster itself – when unpreparedness is, in fact, an ideological policy choice. Poorer states in this region are shackled by an unwillingness of the state to drastically deviate from “larger institutional constraints from which the logic of colonial administration derived its central purpose” and are inherited (Pérez Jr., 2001, p. 133-4).  On the other hand, richer states are shackled by their individualist ideologies which offer “vigorous critiques of government expenditure” which leave preparedness up to “market-driven, neoliberal economic policies,” that turn state and local responsibilities over “to charitable institutions, to churches, or to the victims themselves and their communities” (Schwartz, 2015, p. 300).

    When looking at states in the Western Hemisphere which frequently experience hurricanes, Cuba stands out as a state which tends to fare better in the post hurricane environment given that state’s policies of shared responsibility towards its people. This even as Cuba has been subjected to a draining embargo and sanctions which places a burden on economic growth there. Yet still, Washington maintains that Cuba’s successful hurricane response and disaster mitigation strategies amount to “the exchange of liberty for effectiveness” (Schwartz, 2015, p. 293-4). Though couched in this language of ‘liberty,’ mitigating the loss of life ensures one’s longtime enjoyment of liberty – as opposed to dying for ‘liberty’s’ sake during a hurricane (or other disasters like the COVID-19 pandemic). For example, Cuba’s hurricane preparedness in relation to the US stands out. Cuba’s disaster response compares a bit more favorably to the Federal Emergency Management Agency (FEMA). FEMA “oversaw 15 times more deaths from hurricanes than Cuba from 2005 — the year that Katrina struck New Orleans — to 2015” (Wolfe, 2021).

    This is because Cuba’s disaster preparedness is proactive, prioritizing human life and well-being given the ideological foundations of its revolution that transformed political, social, economic, and environmental relations in the country. US disaster preparedness on the other hand prioritizes profit at the expense of people – it is reactionary and reactive, often blaming victims of hurricane disasters for the lack of state preparedness.

    The Caribbean Hurricane as Natural Phenomena, the Disaster as Colonial Inheritance

    Hurricanes are not experienced equally amongst states in the Western Hemisphere. People living on Caribbean islands tend to experience the worst effects of hurricanes when they do strike, and it is also people on these same islands which tend to have less resources to recover from the impacts of a hurricane. Though Cuba’s hurricane preparedness is commendable, infrastructure and livelihoods there are still devastated by hurricanes. Many of the Caribbean islands are geographically located “in the Atlantic Hurricane Alley, [and] the region is sensitive to large-scale fluctuation of ocean patterns that are disrupted by warming seas” (Zodgekar, et. al 2023, p. 321). Additionally, populations and infrastructure on these islands tend to be concentrated on the coast – a colonial holdover – given that European “settlements were established directly in the path of oncoming hurricanes (Pérez Jr., 2001, p. 8). Initially due to lack of knowledge, this trend remained unchanged amongst Europeans given the need to export what was being extracted from these islands using the ports developed on the coasts.

    Historically, environmental disasters (hurricanes, earthquakes, and droughts) throughout the 1600s-1900s would consolidate land amongst the wealthiest European settlers on different islands and would foil settler attempts to diversify agriculture on islands. This was because wealthy settlers could more easily recover and rebuild what was lost in the aftermath of a hurricane, due to their ability to access credit from Europe and resort to using their own fortunes (wealth and networks). On the other hand, smaller settlers unable to rebuild and recover from hurricane losses had a harder time accessing credit – and creditors within Europe viewed loaning to smaller settlers as a financial burden. If these smaller settlers were already in debt, the passing of a hurricane meant that they would either have to work off debt by giving all that they had to a creditor in Europe, or one on the island, by entering into a credit arrangement with a wealthier plantation owner (Mulcahy, 2006, p. 86-8). These losses were quite frequent, as it is known that these phenomena made it so that some European creditors in Europe would amass plantation wealth, even if they themselves had never visited a Caribbean island or formally engaged in plantation life (Mulcahy, 2006, p. 87-8).

    These dynamics, in part, explain the predominance of the cultivation of sugar (and rice in what would become the South-Eastern United States) within the region, and even then, “plantership […] necessitated deep pockets (or strong credit) to survive its constant and rapid fluctuations” (Mulcahy, 2006, p. 66). “Without access to credit, smaller farmers were forced to sell their lands to wealthier and more secure planters, who thereby expanded their landholdings and production capabilities” (Mulcahy, 2006, p. 86). This consolidation of larger and wealthier plantations also made other concerns arise, namely the depopulation of settlers from the islands, as debtors opted to leave in the aftermath of storms, and later the transfers of estates to owners outside of the colonies (Mulcahy, 2006, p. 86-7). In essence, settlers’ decision to flee in the wake of, or after, a hurricane shaped population dynamics and demographics in colonies. They also shaped the lack of hurricane preparedness in colonies. Wealthier planters on the islands, and Europeans in Europe, who could suffer from hurricane losses (hurricanes themselves not being guaranteed every season), rebuild afterwards, and recover previous losses given the profit from plantation trade goods – had less incentives to plan ahead if they were not as risk of losing everything they had amassed in their life after a hurricane.

    In smaller island states’, where plantation systems were heavily disrupted or stunted in growth due to geography of the land (especially in the Lesser Antilles), even fewer attempts were made to develop any infrastructure which could protect against storms (Mulcahy, 2006). To be clear, this does not mean that these landscapes were spared from destruction which made the impacts of hurricanes worse: deforestation, overgrazing, and over-cultivation of Caribbean islands during centuries of European colonialism that included dispossession of indigenous groups and the enslavement of Africans, also impacted how hurricanes came to be experienced. While planter consolidation, rebuilding, and profits have so far been underscored here – the elephant in the room is that all of this occurred alongside the massive death toll of enslaved Africans who suffered the most both during and after the passage of a hurricane. Outside of the high death tolls for enslaved Africans on the islands, once a hurricane passed, the ultimate goal in the colonies became the reestablishment of ‘law-and-order’ given fears of slave revolt in the wake of destruction (Mulcahy, 2006; Schwartz, 2015). Although slave-revolts post hurricane remained a consistent fear of settlers, slave revolts did not occur after a hurricane due to its disproportionate toll on enslaved populations who were “often the most debilitated by the shortage of food and the diseases that followed the hurricane” (Schwartz, 2015, p. 49).

    Caribbean Indigenous Peoples Blamed European Imperial Settlement for Increased Hurricane Devastation

    From historical accounts, we know that the Spaniards were the first Europeans to experience a hurricane within the Western Hemisphere during Columbus’s second voyage in 1494/5 (Pérez Jr., 2001; Mulcahy, 2006; Schwartz, 2015). The hurricane experience was unlike anything that Europeans had observed in Europe, and it was from this experience that they sought out intel from the indigenous peoples in the Caribbean. For Caribbean indigenous peoples, “the great storms were part of the annual cycle of life. They respected their power and often deified it, but they also sought practical ways to adjust their lives to the storms. Examples were many: The Calusas of southwest Florida planted rows of trees to serve as windbreaks to protect their villages from hurricanes. On the islands of the Greater Antilles—Cuba, Jamaica, Hispaniola, and Puerto Rico—the Taino people preferred root crops like yucca, malanga, and yautia because of their resistance to windstorm damage. The Maya of Yucatan generally avoided building their cities on the coast because they understood that such locations were vulnerable to the winds and to ocean surges that accompanied the storms” (Schwartz, 2015, p. 5). Further, Indigenous representations of hurricanes were overall accurate and are similar to modern meteorological mapping of these storms. Europeans also learned from Caribbean Indigenous groups that you could “track” when a hurricane would strike. These developments meant that Indigenous Caribbean knowledge of the hurricane was not only limited to the occurrence of storm, but also meant that Indigenous Caribbean societies factored in preparedness for hurricanes within their worldviews.

    Given Caribbean Indigenous knowledge of hurricanes, it is these same people who also recognized that the changes to the landscape by European colonialism contributed to the increased devastation caused by hurricanes between the 1600s-1900s. As such, English colonists who would also come to experience the hurricanes report that “several elderly Caribs stated that hurricanes had become more frequent in recent years, which they viewed as a punishment for their interactions with Europeans” and the main “alteration that our people attribute the more frequent happenings of Hurricanes” (Mulcahy, 2006, p. 35). What these settler accounts reveal about Indigenous Caribbean peoples is what Schwartz notes in his 2015 book, Sea of Storms: A History of Hurricanes in the Greater Caribbean from Columbus to Katrina, that although “hurricanes were a natural phenomenon; what made them disasters was the patterns of settlement, economic activity, and other human action” (p. 74). Nonetheless, colonial ecological and environmental destruction in the Caribbean – which increased the felt impact of hurricanes – remained worthwhile for Europeans given the high profits to be made from export crops, which kept people there to rebuild after hurricanes. Mulcahy in his 2006 book, Hurricanes and Society in the British Greater Caribbean, 1624 – 1783, writes “European settlers and colonists were engaged in a never-ending struggle against nature in their quest for wealth” (p. 93)

    Additionally, the European empire’s responses to hurricanes also influenced decisions to stay. Because colonial societies in the Caribbean were stratified along racial and other social hierarchies – hurricanes presented opportunities for large scale consolidation of plantation property on islands which privileged wealthy plantation owners. Additionally, smaller merchants and plantations which could not recover post hurricane were sometimes forced to transfer ownership to merchants in Europe – who never had to visit these properties while amassing wealth from them thereafter (Mulcahy 2006, p. 88). Disaster relief to the colonies thus came to be historically designed as a way for further economic integration, and “assistance to the colonies in times of disaster would bring wealth and affluence to the empire” (Mulcahy 2006, p. 162). Disaster assistance – while increasing inequalities between all peoples in the colonies – did overall benefit imperial capitalism and patriotism within the empire, amongst loyal subjects, especially amongst elite classes, who received the majority of aid based on their losses.

    Banking on Hurricanes and Absolving Empire of Responsibility: Debates in Europe

    While debates in Europe raged regarding enriching the already wealthy within the colonies with disaster relief – these debates did not change the post-hurricane reality of which those most needing of aid (Indigenous groups, enslaved Africans, indentured workers, small merchants, and small planters) were the least likely to receive it, which was true across all of the different European colonies (Pérez Jr., 2001; Mulcahy, 2006; Schwartz, 2015). “Vulnerability to the hurricane itself was a function of the material determinants” around which colonial social hierarchies were arranged (Pérez Jr., 2001, p. 111). In Europe, debates focused primarily on creditors, so it was argued that the wealthy were more primed to repay creditors when/if they received disaster relief after a hurricane. On the other hand, the proliferation of print news meant that individuals and organizations (e.g., the Church) could send aid to the colonies after disaster struck. Previously, when disaster struck it would take months for news to reach those in Europe, even as the disruptions in trade were more readily felt. Moreover, it was hard for the public in Europe to understand the scale of destruction caused by hurricanes in the Americas, given that this kind of natural disaster did not occur in Europe.

    With the establishment of print media, the destruction caused by hurricanes and the damages that they did to plantation systems – which would require a lot of assistance to recover – was made much more readily available to people who could empathize and assist in recovery efforts. Within the British empire, some newspapers even published who would send what amount and type of post disaster relief to the colonies, which undoubtedly contributed to the charitable giving of some wealthy individuals (Mulcahy 2006; Schwartz 2015). Given that the voyage from Europe to the various colonies was long, there was illegal trading between different colonies to provide relief to one another faster – including with the United States, even after the American Revolution.

    It is this colonial history which still shapes the lack of hurricane preparedness in a region prone to have them. Thus, most scholars on hurricanes in the region continue to highlight the colonial and slave legacies which have shaped regional unpreparedness to hurricanes. Though the United States is a wealthier country today with the capabilities to develop hurricane preparedness – even if only within its own borders – it is elite US security interests and ideological leanings which have prevented it from doing so. Additionally, historians like Schwartz (2015) make a compelling argument that “the United States, by its military and political expansion into the Caribbean after 1898, its foreign policy objectives in the Cold War, and through its advocacy of certain forms of capitalism joined with its ability to impose its preferences on international institutions, has also influenced the way in which the whole region has faced hurricanes and other disasters” (Schwartz, 2015, p. xviii-xix). This implies that the United States – like the European empire’s past – also has a stake, or interest, in regional hurricane unpreparedness for both political, economic, and security objectives.

    US Imperial Extensions in the Caribbean, Impact on Hurricane Preparedness

    From this overview of the history of hurricanes in the Caribbean, the Yucatán Peninsula, the Gulf of Mexico, and the South-Eastern United States a few things become clear: hurricane preparedness has never been a concern for colonial capitalist development. Hurricane disasters came to be recognized as extremely ruinous to those occupying the lowest rungs of colonial societies, aid was given to the wealthy people who were understood as being able to put aid to better usage, and disaster situations consolidated preferred modes of accumulation in otherwise “chaotic” and uncivilized landscapes. Thus, outside of patriotic tales and misremembering of the storm events, historically “hopes of communal solidarity” in the wake and aftermath of hurricanes “were either naïve or disingenuous [… with] social divisions ha[ving] always shaped the responses to hurricanes (Schwartz, 2015, p. 68-9). Given strict colonial hierarchies, the maintenance of order – to dissuade slave revolts and looting – were always preeminent concerns of empires and those with wealth and power. This is important to plainly state, given that little has changed in today’s experience with hurricanes in the region.

    Today’s granting of conditioned relief and temporary debt removals still serve to subordinate Caribbean states to the Western capitalist system and the US security apparatus. Those areas hardest hit by storms and less likely to receive aid, continue to be occupied by the poor populations that are largely non-white/Euro peoples. Settlements on islands continue to be concentrated on coasts, where the tourist industry quickly rebuilds its infrastructure post-hurricane and are the first to receive aid. This at once dispels the myths that recovery is impossible, as it happens in the large coastal areas owned and controlled by foreign hotel chains and entities which quickly beckon tourists back to their “lovely beaches” less than a day after a hurricane. Preparedness for hurricanes in the Caribbean islands are “subordinated to political, military, or what today would be called ‘security’ concerns” (Schwartz, 2015, p. 276). I would include economic and ideological concerns as well. These latter concerns are maintained by the wealthiest states in the hemisphere – the United States and Canada.

    Hurricane Flora in the 1960s claimed the lives of over 5,000 Haitians under the Duvalier dictatorship – which failed to even warn Haitians about the arrival of the hurricane so that disorder against Duvalier would not take over the country. The lack of preparedness was accepted by both the United States and Canadian governments given their fear of communism in the Caribbean region. Thus “unlike Haiti’s U.S.-backed right-wing president, François Duvalier, Castro’s Communist government ordered residents living in the hurricane’s projected path to evacuate their homes, and if they were unable, to stay and prepare appropriately for the storm.” This preparation and the establishment of Cuba’s defense system in 1966 accounted for significantly less deaths (1,157) in Cuba (Wolfe, 2021). Today, unpreparedness remains a feature in most Caribbean countries that put corporate interests and the interests of the US (and its allies) security objectives above the prioritization of human life and livelihoods in the Caribbean.

    As further illustration of this point, even though the 2004 Hurricane Jeanne hit Cuba a lot harder than Haiti – killing 3,000 Haitians – no Cuban lives were lost due to the hurricane (Wolfe, 2021). The historical and present-day case of Haiti is both informative and a cause for worry as we expect future hurricane seasons to be quite bad. Not only is Haiti a fully privatized economy (Wilentz, 2008); but it is also one that has been under the tutelage of the CORE group – a group composed primarily of foreign ambassadors from the US, France, Canada, Spain, Brazil, Germany, and a few representatives from the European Union (EU), the United Nations (UN), and the Organization of American States (OAS) – for over two decades. The CORE group’s tutelage of Haiti has been exceptionally negative, as these states and their ambassadors secure their own corporate and labor interests in the country at the expense of that state’s democracy and national sovereignty (Edmonds, 2024). Thus, disaster preparedness in Haiti has never been an agenda item – and has only gotten worse as those governing the country continue to benefit from political, economic, and environmental disasters there. Present day armed intervention and occupation in Haiti, further makes it unlikely that Haiti will be able to weather the next hurricane season.

    Hurricane Unpreparedness, A Note on Canada

    It is important to remind here that although much is said about US imperialism and security concerns trumping human rights and pro-people development in the region – Canada is not exempt from this critique. For instance, although Canada touts that its military base (OSH-LAC) in the Caribbean is a “support hub” – that also seeks to assist states experiencing disasters, of which hurricanes are included – in 2017 when Category 5 Hurricane’s Irma and Maria wreaked havoc on Dominica, OSH-LAC warships monitored the situation but provided no on the ground help to Caribbean peoples there (John, 2024, p. 12-3). The Canadian government also enacted restrictive migration policies towards those fleeing from the hurricane and its damages. This practice would be repeated by Canada again in 2019 during the aftermath of Hurricane Dorian in The Bahamas (John, 2024, p. 12-3). Given that I am currently living in Canada, it is important to point out that Canada is a state that frequently touts progressive rhetoric on climate change, resiliency, and disaster preparedness in the Caribbean region. However, Canada’s actions continue to render the Caribbean region unprepared alongside the actions of the US.

    In the 2023 Canada-CARICOM summit hosted by Canada, Caribbean prime ministers sought to place climate issues and climate infrastructure at the top of the agenda – however, Canada was mainly concerned with getting support for an armed intervention in Haiti (Thurton, 2023). Haiti remains the most unprepared country in the Caribbean when disasters hit, which made Canada’s insistence on armed intervention and occupation even more tone deaf. Haiti’s unpreparedness is directly tied to US, Canada, France, and CORE group members tutelage and rejection of Haitian democracy ever since that country’s integration into the Western capitalist system via US occupation. These examples illuminate the fact that the wealthier states in the Western Hemisphere, namely the US and Canada, actively disregard the lives of those impacted by hurricanes and other natural disasters to their south – while first and foremost safeguarding their own economic, ideological, and security priorities. In my analysis of ‘south,’ the Caribbean, the Yucatán Peninsula, the Gulf of Mexico, and the South-Eastern United States are included.

    Conclusion

    Ideologically, the promotion of capitalism, colonialism, and imperialism in the Caribbean (of which the South-Eastern United States, the Gulf of Mexico and Yucatán Peninsula is included) continues to pose an obstacle to disaster preparedness in a region prone to hurricanes.  More importantly, the promotion of these harmful ideologies often comes at the expense of human life. Nothing makes this clearer than the fact that it is the revolutionary state – which is also the most heavily economically sanctioned state in the region – Cuba, that continues to be the most prepared state in times of disaster. This stands in stark contrast to other Caribbean states and to wealthier states, like the US, which mandate regional unpreparedness. Today, while we await (but hope that it is not so) a bad hurricane season, the Caribbean region is more militarized than it has been since the end of the 20th century and beginning of the 21st century. Militarization is directly due to US security objectives that aim to keep China’s investments (thus competition) out of the region. This policy is backed by Canada, which seeks to advance its own corporate interests in the region.

    The US and Canada continue to militarize the Caribbean region, exacerbating climate change and neglecting the urgency of developing resiliency infrastructure. In fact, militarization in the Caribbean region today (and in Africa and Asia) occurs alongside the tightening of both the US and Canadian borders given hostile narratives towards immigrants and immigration within them. This even with the region’s long history (as has been pointed out) of people fleeing the region both during and after a hurricane. All of which indicates that while these states are undoubtedly deepening the climate crisis with their global “security” endeavors, they view the people harmed and negatively impacted by their actions as disposable.

    Postscript

    Three months after the writing of this document, 5 hurricanes – Debby, Ernesto, Francine, Helene, and Milton – have impacted peoples and infrastructure in the south. The 2024 Atlantic Hurricane season thus far (October 11th, 2024) has taken almost 400 lives – with the actual figure being uncertain, given that the damage from Milton is still being assessed. Each storm is estimated to have cost between $80 – $250 billion (USD) in damages across the region. While governments talk about costs and recovery efforts to get economies “back on track” and provide people with temporary and conditional aid – which is the post disaster norm – we are presented with an uncomfortable, yet undeniable fact: states in the region, whether by colonial inheritance or commitment to capitalism, are banking on unpreparedness continuing well into the future. We must be proactive in defeating this dangerous ideology that places people’s lives, livelihoods and the physical environment at stake; while perpetuating, in its aftermath, conditions that make it so.

    References

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    Direct Relief. 2024. “Direct Relief Responds as Hurricane Beryl Impacts the Caribbean. The Region, Watchful and Ready, Will Weather the Storm Today.” Direct Relief. https://www.directrelief.org/2024/07/direct-relief-responds-as-hurricane-beryl-impacts-the-caribbean-the-region-watchful-and-ready-will-weather-the-storm-today/.

    Edmonds, Kevin. 2024. “CARICOM, Regional Arm of the Core Group, Sells Out Haiti Again.” Black Agenda Report. https://www.blackagendareport.com/caricom-regional-arm-core-group-sells-out-haiti-again.

    Forecast Centre. 2024. “Atlantic Canada Next in Line for a Soaking, Flood Risk from Beryl Remnants.” The Weather Network.https://www.theweathernetwork.com/en/news/weather/forecasts/atlantic-canada-next-in-line-for-a-soaking-flood-risk-from-beryl-remnants.

    IFRC. 2024. “Humanitarian Needs Ramp up in the Aftermath of ‘unprecedented’ Hurricane Beryl, Signaling New Reality for Caribbean.” The International Federation of Red Cross and Red Crescent Societies (IFRC). https://www.ifrc.org/press-release/humanitarian-needs-ramp-aftermath-unprecedented-hurricane-beryl-signaling-new-reality.

    Jobson, Ryan C. 2024. “Hurricane Beryl at the Gates: The Grenadines and Caribbean Autonomy.” Medium. https://medium.com/clash-voices-for-a-caribbean-federation-from-below/hurricane-beryl-at-the-gates-the-grenadines-and-caribbean-autonomy-86834fb43bcd.

    John, Tamanisha J. 2023. “Canadian Imperialism in Caribbean Structural Adjustment, 1980-2000.” In Class Power and Capitalism, Brill Publishers, 136–79.

    John, Tamanisha J. 2024. “Capitalism, Global Militarism, and Canada’s Investment in the Caribbean.” Class, Race and Corporate Power 12(1): 25.

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    McGrath, Gareth. 2024. “Hurricane Beryl Was the Earliest Category 5 Storm. What Could That Mean for NC?” Star News Online. https://www.starnewsonline.com/story/news/local/2024/07/11/what-hurricane-beryl-the-earliest-category-5-storm-could-mean-for-nc/74288495007/.

    Mulcahy, Matthew. 2006. Hurricanes and Society in the British Greater Caribbean, 1624 – 1783. Baltimore, Maryland: The Johns Hopkins University Press.

    NACLA. 2024. “This Week: Hurricane Beryl Slams the Caribbean, a Victory for Midwives in Mexico, Venezuelan Elections, and More.” https://nacla.salsalabs.org/july_12_24?wvpId=37c1b636-52b7-44b5-af75-9a38617519d5.

    NASA. 2024. “Carriacou After Beryl.” NASA Earth Observatory. https://earthobservatory.nasa.gov/images/153039/carriacou-after-beryl.

    Pérez Jr., Louis A. 2001. Winds of Change: Hurricanes & The Transformation of Nineteenth-Century Cuba. Chapel Hill & London: The University of North Carolina Press.

    Rodney, Walter. 2018. How Europe Underdeveloped Africa. Verso Books.

    Schwartz, Stuart B. 2015. Sea of Storms: A History of Hurricanes in the Greater Caribbean from Columbus to Katrina. Princeton University Press.

    Thomas, Clive Y. 1984. Plantations, Peasants and State: A Study of the Mode of Sugar Production in Guyana. Los Angeles: UCLA Center for Afro-American Studies.

    Thurton, David. 2023. “Caribbean Looks to Trudeau to Put Quest for Climate Change Funding on the World’s Agenda.” CBC News. https://www.cbc.ca/news/politics/caricom-trudeau-caribbean-1.6999106.

    TT Weather Center. 2024. “Hurricane Beryl Death Toll Now At 33.” Trinidad and Tobago Weather Center. https://ttweathercenter.com/2024/07/11/hurricane-beryl-death-toll-now-at-33/.

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    Wagner, Bryce, and Cristiana Mesquita. 2024. “In St. Vincent and the Grenadines, Beryl Nearly Erased the Smallest Inhabited Island from the Map.” AP News. https://apnews.com/article/hurricane-beryl-mayreau-island-caribbean-bb64fc9b61da76685704b8f42f97736c?eType=EmailBlastContent&eId=fffcba4b-3154-47e9-b4ce-e0349f4225db.

    Wilentz, Amy. 2008. “Hurricanes and Haiti.” Los Angeles Times. https://www.latimes.com/la-oe-wilentz13-2008sep13-story.html.

    Wolfe, Mikael. 2021. “When It Comes to Hurricanes, the U.S. Can Learn a Lot from Cuba: Cuba Devised a System That Minimizes Death and Destruction from Hurricanes.” The Washington Post. https://www.washingtonpost.com/outlook/2021/09/01/when-it-comes-hurricanes-us-can-learn-lot-cuba/.

    Zodgekar, Ketaki, Avery Raines, Fayola Jacobs, and Patrick Bigger. 2023. A Dangerous Debt-Climate Nexus. NACLA Report on the Americas. https://doi.org/10.1080/10714839.2023.2247773.

    Photo Credit: InOldNews, by Delia Louis
    Description: Depicts St. Lucia during and post Hurricane Beryl
    License info: Creative Commons taken from Flickr.

    About the author: Tamanisha J. John is an Assistant Professor at York University in the Department of Politics

    MIL OSI NGO –

    January 25, 2025
  • MIL-OSI USA: USAID Announces New Project to Strengthen Systems that Prevent, Detect, and Respond to New and Emerging Health Threats

    Source: USAID

    Today, the United States Agency for International Development announced a new project that will strengthen the capacity of our partner countries to prevent, detect, and respond to the increasing occurrence and severity of epidemics, pandemics, and novel infectious disease threats.  

    Under the new project, Strengthening Infectious Disease Detection Systems (STRIDES), USAID will work with partner countries to build more reliable, safe and secure laboratory and disease surveillance systems, as well as more effective data management and reporting platforms – systems that are critical to preventing new and emerging infectious disease threats from spreading widely and rapidly.

    In more than 50 countries, USAID is strengthening the specific components necessary for strong global health security and pandemic preparedness. The work of STRIDES will be integral to these efforts, and to USAID’s role in achieving the United States commitment to apply a whole-of-government, science-based approach to strengthening global health security, as laid out in the U.S. Global Health Security Strategy and the National Biodefense Strategy and Implementation Plan for Countering Biological Threats, Enhancing Pandemic Preparedness, and Achieving Global Health Security. 

    STRIDES will be implemented by a consortium led by FHI 360 and consisting of other partners including PATH, Black & Veatch and Panagora Group, and six regional-based public health organizations: Amref Health Africa, African Society for Laboratory Medicine, Prisma, Africa One Health University Network, Southeast Asia One Health University and The Eastern Mediterranean Public Health Network.

    MIL OSI USA News –

    January 25, 2025
  • MIL-Evening Report: 215 million hectares of forest – an area bigger than Mexico – could grow back by itself, if we can just leave it alone

    Source: The Conversation (Au and NZ) – By Brooke Williams, Research Fellow, School of Biology & Environmental Science, Queensland University of Technology

    Gustavo Frazao/Shutterstock

    About 215 million hectares of land – an area bigger than Mexico – could be reforested naturally and without costly manual planting, our new research shows.

    This would allow us to offset around 23.4 gigatonnes of global carbon emissions over the next three decades. That’s about 50 years worth of Australia’s carbon emissions (assuming 2023 emission rates continue).

    Extensive and effective forest restoration is crucial to mitigating climate change and conserving biodiversity.

    It’s vital we find cost-effective ways to get and keep more trees in the ground. One way to do this is just to let forests grow back by themselves. However, this isn’t possible in all deforested lands, as certain environmental conditions are needed for this approach to work.

    Our research identified land where this approach had strong potential.

    Allowing forests to grow back naturally in deforested areas, such as this degraded land in Brazil, could be more cost-effective than manual reforestation projects.
    Author provided

    The benefits of natural regeneration

    Globally, 65% of original tropical forest extent has been lost to make way for human development such as agriculture, roads, and urbanisation. Deforestation has contributed to climate change and biodiversity loss.

    We’ve also lost a worrying amount of what researchers call “ecosystem services”, meaning the benefits people derive from nature, such as clean water.

    Forest restoration is an important strategy for reversing the damage.

    Our paper, published in the journal Nature, looked at where natural regeneration is likely to be successful due to the surrounding environmental conditions.

    Natural regeneration is important because it is sometimes better than manual tree planting, which includes the costs of saplings, manual labour, fertilisation and maintenance.

    Using manual techniques in degraded landscapes can be expensive. It can also be less effective in terms of native biodiversity recovery and keeping water systems functioning well.

    Natural regeneration is a less costly alternative. That means allowing forests to grow back on their own or with carefully planned human intervention.

    For example, natural reforestation may cost between $US12 and $3,880 per hectare. By contrast, active regeneration methods in the tropics would cost between $105 and $25,830 per hectare.

    Natural regeneration restoration methods often have better long-term success and biodiversity outcomes than full manual tree-planting.

    Studies have found that biodiversity “success” – meaning richer biodiversity and more species – can be up to 56% higher when natural regeneration approaches were used (rather than manual planting projects).

    It’s vital we find cost-effective ways to get and keep more trees in the ground.
    Richard Whitcombe/Shutterstock

    Where might natural reforestation projects succeed?

    Until now, it’s not always been clear how to predict areas where natural regeneration is most likely to occur. That’s made it hard to do large-scale natural regeneration projects.

    Our research addresses this gap. We identified the best areas to roll out natural approaches in the tropics.

    We focused on tropical forested regions because they are particularly important.

    Their biodiversity is unparalleled and they provide vast economic, cultural, and recreational services to people.

    They also grow much faster than other forest types, and many large tropical forests have already been cleared and degraded.

    Factors that make a forest likely to regenerate naturally include:

    • the amount of surrounding forest
    • distance to existing forest and
    • soil organic carbon content

    This suggests areas with higher levels of landscape degradation and intensive land uses would be less likely to regenerate naturally.

    We found suitable environmental conditions for natural regeneration occur across:

    • 98 million hectares in the Neotropics (which includes many areas in South and Central America)

    • 90 million hectares in the Indomalayan tropics (which includes many areas in Southeast Asia, Malaysia, and India)

    • 25.5 million hectares in the continent of Africa

    Up to 52% of this natural regeneration could occur in just five countries: Brazil, Indonesia, China, Mexico, and Colombia.

    This suggests these countries would be excellent candidates for large scale natural regeneration projects.

    We also found that 29 other countries have at least one million hectares each that could be naturally reforested.

    We identified 400,000 hectares of deforested lands with potential for natural forest regeneration in the Australian tropics.

    Fixing forests will also improve biodiversity.
    Martin Prochazkacz/Shutterstock

    The world has committed to fixing forests

    The world has committed to ambitious forest restoration targets in order to substantially increase the area of forest ecosystems by 2050.

    These commitments include the Bonn Challenge, which aims to restore 350 million hectares by 2030.

    Another is Target 2 of the recently adopted Global Biodiversity Framework, which calls for 30% of the area of degraded ecosystems to be restored by 2030.

    Achieving these targets, especially for nations with emerging economies, will not be possible using active restoration techniques alone. This due to cost and feasibility constraints.

    To assist with this global task, we have made our dataset publicly available and free to use.

    Local communities at the centre

    Encouraging natural regeneration remains a major challenge, particularly on privately held and communally managed land because it can mean reduced land available for other uses.

    Providing local people with training and support to grow, harvest and market products sourced from naturally regenerating forests is also crucial. This could help keep young naturally regenerating forests standing and growing.

    This income could supplement or replace payments landowners and local people currently receive to look after land and prevent it from being deforested. Payment-based approaches are not always sustainable in the long term.

    Currently, many forests are controlled and managed by central or national governments. Giving local and Indigenous communities control over their forests would help encourage restoration that meets local needs.

    However, this requires appropriate technical support and monitoring.

    Importantly, our analysis does not define where restoration activities should or should not occur. We only show where natural forest regeneration is possible or more likely to succeed.

    We echo calls to ensure restoration occurs as equitably as possible, and foregrounds the needs of local people.

    Forest restoration should be as equitable as possible, and foreground the needs of local people.
    WNDR Worlds/Shutterstock

    Let’s give it a chance

    Natural forest regeneration presents an opportunity to restore vast areas of forest cheaply and effectively. It can help mitigate the effects of climate change and help countries meet their emissions reduction targets.

    Other benefits include conserving biodiversity, regulating water resources, reducing erosion, and making ecosystems more resilient.

    Recognising the massive regeneration capacity of tropical forests is key.

    It’s also crucial it occurs alongside protecting intact forests, and reducing deforestation.

    Robin Chazdon is the global co-director of the Assisted Natural Regeneration Alliance. She is a senior fellow with the World Resources Institute’s Global Restoration Initiative.

    Brooke Williams 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. 215 million hectares of forest – an area bigger than Mexico – could grow back by itself, if we can just leave it alone – https://theconversation.com/215-million-hectares-of-forest-an-area-bigger-than-mexico-could-grow-back-by-itself-if-we-can-just-leave-it-alone-236696

    MIL OSI Analysis – EveningReport.nz –

    January 25, 2025
  • MIL-OSI USA: Cambodia stops publishing details of new citizenships issued to foreigners – The Straits Times

    Source: United States Institute of Peace

    SINGAPORE – Cambodia has stopped publishing data on new citizenships issued by the kingdom to foreigners, in the wake of the $3 billion money laundering probe in Singapore.

    Checks by The Straits Times and investigative journalism group, Organised Crime and Corruption Reporting Project (OCCRP), showed that the last time new citizenship details were published was in February.

    The latest Royal Gazette, published on Sept 27, did not contain any new citizenship data.

    Observers had zoomed in on the ease of access to Cambodian citizenship and passports after it emerged that nine of the 10 foreigners arrested in August 2023 in the probe in Singapore held Cambodian passports.

    All 10 were originally from China, which does not recognise dual citizenship.

    In 2018, Cambodia moved to allow foreign immigrants to request citizenship through the naturalisation process.

    To be granted citizenship, foreigners have to maintain good behaviour and morality, and have no convictions for serious crime.

    They must also legally reside in Cambodia for more than seven years, be able to speak Khmer, and understand the local culture and history.

    Of the nine foreigners apprehended in Singapore, at least five were convicted for online gambling or were wanted by the authorities in China.

    They are Wang Dehai, Vang Shuiming, Su Jianfeng, Chen Qingyuan and Su Wenqiang.

    Another 17 associates of the 10 foreigners held Cambodian passports as well.

    They include Su Binghai, Su Yongcan, Wang Huoqiang, Su Shuiming, Su Shuijun, Su Fuxiang and Chen Mulin.

    Cambodia had averaged around 50 new citizens every month between January 2020 and August 2023, with details published monthly in the Royal Gazette.

    After the raids in Singapore, the kingdom granted citizenship status to only four individuals in total between September 2023 and December 2023.

    A representative from the Royal Embassy of Cambodia in Singapore told ST on Sept 18 that it could not confirm the figures as it does not have access to the data.

    The representative added that he was unable to confirm if Cambodia’s citizenship by investment scheme, or naturalisation process, is still in place.

    ST had also reached out to government spokesman Pen Bona, the Prime Minister’s spokesman Meas Sophorn, the office of the council of ministers, and Cambodia’s immigration office.

    Established in 1996, the kingdom’s law on nationality also allows foreigners to obtain citizenship through investment in the nation.

    Under the law, foreigners who invest a minimum of US$300,000 (S$384,000) in the country, or donate at least US$250,000 to the economy, will have the right to apply for citizenship.

    Mr Jacob Sims, a visiting expert on transnational crime at the United States Institute of Peace, told ST that for years, Cambodia’s citizenship for investment scheme has served as a channel for individuals from sophisticated organised crime syndicates to migrate.

    Said Mr Sims: “The removal of that data from the public record helps to obscure the nature of the relationship between Cambodian state actions and those criminals, as well as the sheer volume of monied crime actors Cambodia has absorbed in recent years.”

    By removing the once publicly available data, Cambodia can protect those who have purchased citizenship while shielding the government from international scrutiny, he said.

    Associate Professor Kristin Surak from the London School of Economics and Political Science said that not all countries strictly vet citizenship by investment applications.

    She added: “I would say the scheme is very easy to exploit in Cambodia because the government does not do its due diligence. It has issues with corruption and does not have an effective bureaucratic process to ensure applications are properly checked and vetted.”

    Name changes have also made it harder for the authorities to track criminals.

    Dr Surak, the author of The Golden Passport: Global Mobility For Millionaires, pointed out that many applicants in the past have changed their names.

    “This makes it extremely easy for someone to take on a new identity, making Cambodia a target for those with criminal intent to take advantage of,” she added.

    One such example is casino kingpin She Zhijiang. ST previously reported on She and his links to scam operations in Myanmar and Cambodia.

    She, who was originally from China, became a naturalised citizen of Cambodia in 2017. He then changed his name to Tang Kriang Kai.

    He was arrested in Thailand in August 2022 and is currently fighting deportation to China.

    Businessman David Yong, chief executive of Evergreen Group Holdings, had similarly obtained Cambodian citizenship.

    Yong, who is currently facing four charges in Singapore of falsifying accounts, obtained Cambodian citizenship some time in 2023 and changed his name to Duong Dara.

    He was arrested on Aug 1, just three months after he appeared in Netflix series Super Rich In Korea.

    Yong’s lawyer said in court that he had surrendered his Cambodian passport to the authorities in Phnom Penh in June 2024.

    In response, the authorities in Singapore said they wrote several times to their Cambodian counterparts in August to confirm the fact, but have yet to receive any reply.

    Of the 10 foreigners convicted in Singapore’s largest money laundering case, eight were deported to Cambodia – which has an extradition treaty with China.

    Wang Dehai was deported to the UK, while Vang Shuiming was deported to Japan.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI Submissions: Research – Great Place To Work® Releases Study On Workplace Well-being With Johns Hopkins University

    Source: Great Place To Work®

    Great Place To Work® Releases Study On Workplace Well-being With Johns Hopkins University In Critical Areas Of Mental And Emotional Support, Teamwork, Psychological Safety And Finance Stability

    Singapore, 30 October 2024 – Great Place To Work® Singapore marked its 10th anniversary at its Best Workplaces in Singapore 2024 event with the release of the Great is Possible: Charting a Decade of Progress in Singapore Workplaces (2015-2024) insights report. The report highlights the transformation of Singapore’s workplaces over the past decade, with a special focus on well-being and mental health. This year’s event also introduced the new Legends category, honouring organisations that have consistently made the Best Workplaces list for five or more consecutive years.

    Held at The Ritz-Carlton, the milestone celebration was graced by Deputy Prime Minister Heng Swee Keat and attended by close to 420 guests, including business leaders and employees from Great Place To Work Certified companies.

    Michael C. Bush, Chief Executive Officer of Great Place To Work®, giving his keynote address at the 10th Anniversary of Best Workplaces in Singapore / Great Place to Work® Singapore.

    A Decade of Change in Singapore’s Workplaces

    Over the past ten years, Great Place To Work has led the way in understanding what makes workplaces thrive in Singapore. Great Place To Work Singapore has administered over 400,000 surveys across nearly 1,000 workplaces from more than 440,000 employees since its establishment in 2015.

    In conjunction with its 10th anniversary, Great Place To Work Singapore unveiled the Great is Possible: Charting a Decade of Progress in Singapore Workplaces (2015-2024) insights report, which provides a comprehensive analysis of data collected from 2015 to 2024. The report, based on input from approximately 440,000 employees in the Trust Index Employee Survey, examines the evolving trends and shifts in workplace culture, leadership, and employee well-being. Key findings include:

    • Leadership integrity and psychological safety remain pivotal in fostering positive employee experiences
    • Concerns about fairness in compensation and bridging experience gaps across different organisational levels
    • Employee trust and satisfaction have been on the rise at Best Workplaces for the past ten years, evidenced by a steady increase in overall Trust Index scores

    Spotlight on Employee Well-Being and Burnout

    In response to the rising focus on employee burnout and mental health, Great Place To Work also conducted a study on workplace well-being over the past five years in Singapore. Produced in collaboration with Johns Hopkins University’s Human Capital Development Lab, Well-Being At Work: Fostering a Healthy Work Climate For All examines well-being trends from 2019 to 2024, identifying key factors that influence workplace well-being in Singapore. It draws on data from Great Place To Work’s proprietary Trust Index survey, which included insights from over 200 organisations and 40,000 respondents in the critical areas of mental and emotional support, teamwork, psychological safety, and financial stability.

    The results revealed significant variations in well-being across several dimensions:

    Age and Gender
    • Women and younger employees reported lower well-being levels
    • However, the gender gap narrows among younger generations, suggesting future workforces may experience fewer gender-based disparities.

    Management Levels
    • Senior management reported higher well-being scores, attributed to a sense of purpose, personal growth, and financial stability.

    Impact of COVID-19
    • The pandemic initially boosted employee well-being as organisations prioritised care for their teams.
    • A decline in overall well-being levels was observed as businesses returned to traditional work environments.

    Importance of Connections
    • Strong connections and personal support play a crucial role in fostering a positive work climate.
    • There are strong correlations between teamwork, psychological safety, and overall well-being.

    Notably, Best Workplaces lead the way in well-being, consistently demonstrating higher employee well-being scores. Many of these companies achieve this through certified mental well-being ambassadors and comprehensive health and wellness programs. However, the success of such initiatives depends on employee perceptions influenced by organisational culture and values, highlighting the need for solutions that align with management practices and HR processes, rather than merely addressing issues superficially.

    “Over the past decade, Great Place To Work has witnessed the evolving needs of Singapore’s workplaces. Our reports highlight the growing importance of leadership integrity, psychological safety, and employee well-being. Despite the challenges of the past few years, leading organisations have shown that prioritising inclusion and investing in their people is essential for creating thriving work environments. We hope our findings will inspire more organisations to create high-trust, high-performing workplace cultures where everyone can thrive,” shared Ms Evelyn Kwek, Managing Director of Great Place To Work ASEAN and ANZ.

    Looking Ahead: “Great is Possible”

    This year’s milestone event embraced the theme “Great is Possible,” acknowledging the resilience and innovation of organisations in the face of an ever-changing business climate. A highlight of the 10th anniversary celebration was the introduction of the new Legends category to recognise exceptional companies with an impressive record—having been placed on the Best Workplaces in Singapore List for at least five consecutive years. These Legends stand as models of excellence in what Great looks like in the ever-evolving landscape of the modern workplace.

    The inaugural Legends list includes:
    • Cisco (5 Years)
    • DHL Express (Singapore) Pte Ltd (8 Years)
    • HP (5 Years)
    • Micron Technology (6 Years)
    • Salesforce (10 Years)
    • World Wide Technology (5 Years)

    CEO Michael C. Bush delivered a keynote address on how businesses can transform into great workplaces by prioritising trust, inclusion, and employee value. He emphasised the necessity of achieving greatness for both the present and future of work, and urged leaders to take actionable steps to create environments where all employees can thrive and drive outstanding business outcomes.

    Managing Director of Great Place To Work ASEAN and ANZ, Ms Evelyn Kwek said, “As we celebrate 10 years of the Best Workplaces list in Singapore, we are proud to honour our Legends. They have set the standard for what it means to be a truly Great Workplace, and their success shows what organisations can achieve when they put their people first. We hope our list-makers continue to inspire more organisations to reach for Great.”

    About Great Place To Work®

    As the global authority on workplace culture, Great Place To Work brings 30 years of ground-breaking research and data to help every place become a great place to work for all. Their proprietary platform and For AllTM Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified or receiving recognition on a coveted Best Workplaces List. Follow Great Place To Work® on LinkedIn, Facebook, and Instagram or visit greatplacetowork.com.sg to learn more.

    About Great Place To Work® Certification

    Great Place To Work Certification is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place To Work Certification is recognised worldwide by employees and employers alike and is the global benchmark for identifying and recognising outstanding employee experience. Every year, more than 10,000 companies across 97 countries apply to earn Great Place To Work Certification.

    MIL OSI – Submitted News –

    January 25, 2025
  • MIL-OSI USA: 56th Security Consultative Meeting Joint Communique

    Source: United States Department of Defense

    1. The 56th United States (U.S.)-Republic of Korea (ROK) Security Consultative Meeting (SCM) was held in Washington, D.C., on October 30, 2024. U.S. Secretary of Defense Lloyd J. Austin III and ROK Minister of National Defense Kim Yong Hyun led their respective delegations, which included senior defense and foreign affairs officials. On October 17, 2024, the U.S. Chairman of the Joint Chiefs of Staff, General Charles Q. Brown Jr., and ROK Chairman of the Joint Chiefs of Staff, Admiral Kim Myung-soo, presided over the 49th ROK-U.S. Military Committee Meeting (MCM).

    2. The Secretary and the Minister reaffirmed that the U.S.-ROK Alliance is the linchpin of peace, stability, and prosperity on the Korean Peninsula and beyond based on our shared values, including freedom, human rights, and the rule of law. The two leaders reviewed progress taken during 2024 to implement the “Defense Vision of the U.S.-ROK Alliance,” including enhancing extended deterrence against the Democratic People’s Republic of Korea (DPRK), modernizing Alliance capabilities based on science and technology cooperation, and strengthening solidarity and regional security cooperation with like-minded partners. They noted that the SCM has played a pivotal role in developing the ROK-U.S. Alliance into a Global Comprehensive Strategic Alliance and would continue maintaining its role as a core consultative mechanism to discuss the future development of the Alliance and provide strategic direction.  The two leaders also provided direction and guidance for continued progress in 2025 through a newly endorsed framework of U.S.-ROK bilateral defense consultative mechanisms that effectively and efficiently support Alliance objectives.  Both concurred that the current U.S.-ROK Alliance is stronger than ever and reaffirmed the two nations’ unwavering mutual commitment to a combined defense posture to defend the ROK as stated in the U.S-ROK Mutual Defense Treaty, and as reflected in the Washington Declaration. The two leaders also resolved to continue to strengthen the Alliances’ deterrence and defense posture against DPRK aggression and promote stability on the Korean Peninsula and throughout the region.

    3. The Secretary and the Minister reviewed the current security environment in and around the Korean Peninsula and discussed cooperative measures between the two nations. The Secretary and Minister expressed grave concern that the DPRK continues to modernize and diversify its nuclear and ballistic missile capabilities.  The two sides condemned the DPRK’s multiple missile launches, including ballistic missiles, its attempted launches of a space launch vehicle, and Russian-DPRK arms trade as clear violations of existing UN Security Council resolutions (UNSCRs).  They noted that these actions present profound security challenges to the international community and pose an increasingly serious threat to peace and stability on the Korean Peninsula and throughout the Indo-Pacific region, as well as in the Euro-Atlantic region.

    4. Secretary Austin reiterated the firm U.S. commitment to provide extended deterrence to the ROK, utilizing the full range of U.S. defense capabilities, including nuclear, conventional, missile defense, and advanced non-nuclear capabilities.  He noted that any nuclear attack by the DPRK against the United States or its Allies and partners is unacceptable and would result in the end of the Kim regime in line with the 2022 U.S. Nuclear Posture Review.  He highlighted the increased frequency and routinization of U.S. strategic asset deployments as committed to by President Biden in the Washington Declaration, and noted that these were tangible evidence of the U.S. commitment to defend the ROK.

    5. The two leaders highly appreciated the work of the Nuclear Consultative Group (NCG) inaugurated following the Washington Declaration.  Both applauded the completion on July 11, 2024, of “United States and Republic of Korea Guidelines for Nuclear Deterrence and Nuclear Operations on the Korean Peninsula,” which represents tremendous progress of the NCG commended and endorsed by President Biden and President Yoon. The two leaders affirmed that the completion of the Guidelines established the foundation for enhancing ROK-U.S. extended deterrence in an integrated manner.  Minister Kim noted that, through such progress, the ROK-U.S. Alliance was elevated to a nuclear-based alliance. The two leaders stressed that the principles and procedures contained in the Guidelines enable Alliance policy and military authorities to maintain an effective nuclear deterrence policy and posture.  The Secretary and Minister also welcomed the successful execution of the ROK-U.S. NCG table-top simulations and table-top exercises to enhance decision-making about nuclear deterrence and operations, and planning for potential nuclear contingencies on the Korean Peninsula.  Both sides affirmed that the full capabilities of the two countries would contribute to the Alliance’s combined deterrence and defense posture, and in this regard the Secretary welcomed the recent establishment of the ROK Strategic Command.  The Secretary and Minister directed the NCG to continue swift progress on NCG workstreams, including security protocols and expansion of information sharing; nuclear consultation processes in crises and contingencies; nuclear and strategic planning; ROK conventional support to U.S. nuclear operations in a contingency through conventional-nuclear integration (CNI); strategic communications; exercises, simulations, training, and investment activities; and risk reduction practices.  They noted that such efforts would be coordinated to strengthen capabilities of the ROK and United States to enhance U.S.-ROK extended deterrence cooperation in an integrated manner, and looked forward to receiving regular updates on NCG progress activities at future SCMs.

    6. The two sides pledged to continue coordinating efforts to deter DPRK’s nuclear threat with the Alliance’s overwhelming strength, while continuing to pursue efforts through sanctions and pressure to dissuade and delay DPRK’s nuclear development.  Both leaders stressed the importance of full implementation of UNSCRs by the entire international community, including the People’s Republic of China (PRC) and Russia, both permanent members of the UN Security Council.  The two leaders urged the international community to prevent and respond to DPRK’s sanctions evasion so that it abandons its illegal nuclear and ballistic missile development.  To this end, they decided to work closely with each other and the international community to combat the DPRK’s illegal and malicious cyber activities, cryptocurrency theft, overseas laborer dispatches, and ship-to-ship transfers.  The Secretary and Minister expressed concern that Russia-DPRK military cooperation, which has been intensified since the signing of a Comprehensive Strategic Partnership Treaty between the two, is deepening regional instability.  The two leaders made clear that military cooperation, including illegal arms trade and high-technology transfers between Russia and the DPRK, constitute a clear violation of UNSCRs, and called on Russia to uphold its commitments.  The two leaders also strongly condemned in the strongest terms with one voice that the military cooperation between Russia and the DPRK has expanded beyond transfers of military supplies to actual deployment of forces, and pledged to closely coordinate with the international community regarding this issue. 

    7. Both leaders reiterated the willingness of their Presidents to pursue dialogue and diplomacy, backed by a robust and credible deterrence and defense posture.  In this regard, Secretary Austin expressed support for the goals of the ROK’s Audacious Initiative and President Yoon’s vision of a free, peaceful, and prosperous unified Korean Peninsula, and welcomed President Yoon’s desire to open a path for serious and sustained diplomacy with the DPRK.  Both sides reaffirmed that they remain open to dialogue with the DPRK without preconditions and pledged to continue close coordination.

    8. The Minister and the Secretary noted concerns that the DPRK’s claims of “two hostile countries,” and activities near the Military Demarcation Line (MDL) could threaten peace and the Armistice on the Korean Peninsula.  The two leaders strongly condemned DPRK’s activities that raise tension on the Korean Peninsula, such as multiple unmanned aerial vehicle (UAV) infiltrations in the past, as well as the recent unilateral detonation of sections of inter-Korean roads and ongoing launches of “filth and trash balloons,” and urged the DPRK to immediately cease such activities.  The Secretary and the Minister concurred that the Armistice Agreement remains in effect as an international norm guaranteeing the stable security order on the Korean Peninsula, and that all parties of the Korean War should abide by it while it remains in force.  Both sides noted that the Northern Limit Line (NLL) has been an effective means of separating military forces and preventing military tension over the past 70 years, and urged the DPRK to respect the NLL.

    9. Secretary Austin and Minister Kim reaffirmed the role of the United Nations Command (UNC) in implementing, managing, and enforcing the Korean Armistice Agreement, deterring DPRK aggression, and coordinating a multinational, united response in case of contingencies on the Korean Peninsula.  They reaffirmed that UNC has successfully contributed to those aims for more than 70 years and continues to carry out its mission with the utmost respect for the sovereignty of ROK, the primary host nation.  Both sides welcomed the successful organization of the second ROK-UNC Member States Defense Ministerial Meeting and expressed their appreciation for UNC Member State contributions.  They welcomed the addition of Germany to UNC, and noted that peace and prosperity in the Indo-Pacific, including the Korean Peninsula, and Euro-Atlantic regions are increasingly connected.  The two leaders are determined to continue seeking the expanded participation in UNC by like-minded countries that share the values of the 1953 Washington Declaration, anchored in the principles of the UN Charter and mandates of relevant UNSCRs. Secretary Austin thanked Minister Kim for the ROK’s efforts to support the UNC’s role to maintain and enforce the Armistice Agreement, and to support the defense of the ROK against DPRK aggression.  In this regard, the Secretary and Minister both highlighted their desire to expand combined exercises, information sharing, and interoperability between the ROK, the Combined Forces Command, and UNC Member States.

    10. The Secretary and the Minister also noted the critical role that U.S. forces in the ROK have played for more than 70 years and reaffirmed that U.S. Forces Korea (USFK) continues to play a decisive role in preventing armed conflict on the Korean Peninsula, and in promoting peace and stability in Northeast Asia.  Secretary Austin reiterated the U.S. commitment to maintain current USFK force levels to defend the ROK. 

    11. The Secretary and Minister also reviewed the work of the various bilateral mechanisms such as the U.S.-Korea Integrated Defense Dialogue (KIDD).  They welcomed efforts to enhance information sharing through the U.S. Shared Early Warning System (SEWS) for strengthening the Alliance’s detection capabilities in response to advancing DPRK missile threats.  They also commended the work of the Counter-Missile Working Group (CMWG) and reviewed “the Joint Study on Alliance Comprehensive Counter-Missile Strategy” aimed at informing recommendations for counter-missile capabilities and posture of ROK and United States.  The Secretary and Minister also discussed concrete efforts to strengthen cooperation in space and cyber to robustly deter and defend against growing threats.  They endorsed efforts by the Space Cooperation Working Group (SCWG) to improve space situational awareness information sharing and interoperability, and acknowledged the need to expand ROK participation in exercises and training that can strengthen Alliance space capability and improve resilience against growing space threats.  In particular, the Secretary also welcomed ROK participation in the Joint Commercial Operations (JCO) cell to leverage space industry and strengthen allied space capabilities.  The Secretary and Minister also pledged to deepen cyber cooperation through the Cyber Cooperation Working Group and improve coordination through cyber defense exercises, such as Cyber Alliance and Cyber Flag.  Overall, both leaders expressed appreciation for the continuing cooperation to ensure the Alliance’s space, cyber, and counter-missile efforts to keep pace with the evolving threats posed by the DPRK.

    12. Noting the importance of science and technology (S&T) cooperation, the Secretary and Minister decided to establish the Defense Science and Technology Executive Committee (DSTEC) at the Vice-Minister-Under Secretary level within this year, to guide and prioritize Alliance defense S&T cooperation.  They noted priority areas for cooperation including autonomy, artificial intelligence, and crewed-uncrewed teaming are particularly vital to ensure the ROK is able to achieve the goals of Defense Innovation 4.0 and modernize Alliance capabilities.  Both leaders also welcomed future S&T cooperation related to quantum technologies, future-generation wireless communication technologies, and directed energy to ensure that S&T advancements enhance the combined capabilities of the Alliance.  This included efforts to identify potential areas of collaboration on AUKUS Pillar II.  The Secretary welcomed the Minister’s proposal to host a Defense Science and Technology conference in 2025, and concurred that the DSTEC should leverage this conference to baseline and prioritize Alliance defense S&T collaboration.

    13. The Secretary and Minister also reviewed efforts to improve the interoperability, interchangeability, and resilience of the U.S. and ROK defense industrial base.  They underscored the need to improve efficient and effective collaboration in the development, acquisition, fielding, logistics, sustainment, and maintenance of defense capabilities, and to ensure that S&T advancements are swiftly and seamlessly transitioned into acquisition and sustainment efforts.  Both leaders welcomed progress under the U.S. Regional Sustainment Framework (RSF) and welcomed ROK participation in a Maintenance, Repair, and Overhaul (MRO) pilot project on Air Force aviation maintenance.  The two leaders noted that this pilot project could lead to more bilateral co-sustainment opportunities, and also expand defense industrial collaboration with like-minded partners in the region in light of the ROK’s key role in the Partnership for Indo-Pacific Industrial Resilience (PIPIR) contact group.  The Secretary and Minister also noted with satisfaction the recent U.S. Navy contract with ROK shipyards to conduct MRO services for U.S. vessels, and underscored the potential to expand such work to improve the resilience of the Alliance’s posture in the Indo-Pacific Region.  The Secretary and Minister also recognized the need to improve reciprocal market access to deepen defense industrial cooperation and enhance supply chain resiliency, and are committed to accelerate cooperation with the goal of signing the Reciprocal Defense Procurement Agreement next year based on guidance from both Presidents.

    14. The Secretary and the Minister received and endorsed the MCM Report to the SCM presented by the U.S. Chairman of the Joint Chiefs of Staff, General Charles Q. Brown.  They welcomed the efforts of General Brown, Admiral Kim, and the MCM to enhance military plans, posture, training, exercises, and efforts to coordinate U.S.-ROK Combined Forces Command (CFC) activities and enhance military strength of the Alliance.  The Secretary and Minister concurred that the Freedom Shield 24 (FS 24) and Ulchi Freedom Shield 24 (UFS 24) exercises, which included realistic threats from the DPRK advancing nuclear, missile, space, and cyber threats, enhanced the Alliance’s crisis management and strengthened deterrence and defense capabilities.  In addition, they assessed that combined field training exercises (FTX), which were more extensive than the past year and conducted in land, maritime and air domains, enhanced interoperability and combined operations execution capabilities.  Based on such outcomes, both leaders decided to continue strengthening combined exercises and training in line with the rapidly changing security environment of the Korean Peninsula, and further decided that future combined exercises should include appropriate and realistic scenarios including responses to DPRK nuclear use.  The Secretary and the Minister also emphasized that ensuring consistent training opportunities for USFK is critical to maintaining a strong combined defense posture.  Secretary Austin noted the efforts of ROK Ministry of National Defense (MND) to improve the training conditions for U.S. and ROK forces and stressed the importance of maintaining close cooperation between USFK and MND for the joint use of ROK facilities and airspace for training. 

    15. Given the growth and diversification of the DPRK’s chemical, biological, radiological, and nuclear (CBRN) weapons and delivery systems, both leaders assessed efforts and works to ensure execution of Alliance missions under a CBRN-challenged environment.  In particular, they welcomed progress by the Countering Weapons of Mass Destruction Committee (CWMDC), including the expansion of information sharing required for nuclear elimination operations consistent with the Nuclear Weapons Non-proliferation Treaty (NPT), and the strengthening of cooperation to prevent proliferation of WMD in the Indo-Pacific region. Both leaders welcomed continued multinational counter-proliferation activities in the region amidst advancements of DPRK nuclear and missile program and intensification of arms trade between Russia and the DPRK following the Comprehensive Strategic Partnership Treaty.  Secretary Austin expressed appreciation for ROK contributions to various global security efforts such as Proliferation Security Initiative (PSI), and the Minister and the Secretary concurred on the importance of maintaining cooperative efforts to enforce relevant counter-proliferation UNSCRs.

    16. The Secretary and Minister also reviewed the progress and works to fulfill the Conditions-based Wartime Operational Control (OPCON) Transition Plan (COTP).  Both leaders reaffirmed that the conditions stated in the bilaterally approved COTP must be met before wartime OPCON is transitioned in a stable and systematic manner.  They received the results of the annual U.S.-ROK bilateral evaluation on the capabilities and systems for conditions #1 and #2 based on the bilaterally-approved assessment criteria and standards.  Both leaders affirmed that there was a significant progress of this year’s bilateral evaluation on readiness posture and capabilities, and pledged to continue close consultations between the ROK and the United States. for the establishment of the Future-CFC.  The Secretary and the Minister also reaffirmed that Future-CFC Full Operational Capability (FOC) Certification would be pursued when the results of the bilateral evaluation on the capabilities and systems of conditions #1 and #2 meet the mutually approved levels.  Regarding condition #3, the Secretary and the Minister decided to remain in close consultation for the assessment of the security environment.  Both sides pledged to support continued evaluation and progress in wartime OPCON transition implementation through annual MCMs and SCMs, and affirmed that the wartime OPCON transition would strengthen ROK and Alliance capabilities and the combined defense posture. 

    17. The Secretary and the Minister reviewed the regional security environment, and plans to expand U.S.-ROK security cooperation throughout the Indo-Pacific region to support maintaining a free and open Indo-Pacific that is connected, prosperous, secure, and resilient.  They also reaffirmed support for Association of Southeast Asian Nation (ASEAN) centrality and the ASEAN-led regional architecture as well as regional efforts of the Pacific Islands Forum.  In particular, the two leaders noted the importance of enhancing cooperation during the implementation of both the ROK and U.S. respective strategies for the Indo-Pacific region.  To this end, the Secretary and the Minister endorsed the “Regional Cooperation Framework for U.S.-ROK Alliance Contributions to Security in the Indo-Pacific,” and discussed priorities areas and partners to better respond to the complex regional and global security situation.  After reviewing the work of the ROK-U.S. Regional Cooperation Working Group (RCWG), both leaders reaffirmed their commitment to strengthen defense cooperation with ASEAN members and work together with the Pacific Island Countries to contribute to regional security.  The Secretary and the Minister also acknowledged the importance of preserving peace and stability in the Taiwan Strait as reflected in the April 2023 “Joint Statement in Commemoration of the 70th Anniversary of the Alliance between the United States of America and the Republic of Korea.”  

    18. The Secretary and the Minister reflected on the remarkable progress made during 2024 to fulfill the historic understandings at the Camp David Summit.  They welcomed the Memorandum of Cooperation on the Trilateral Security Cooperation Framework (TSCF), signed by the Ministers and the Secretary of the United States, ROK, and Japan in July, along with enhanced sharing of missile warning information and efforts to systematically conduct trilateral exercises, including the first execution of the multi-domain trilateral exercise FREEDOM EDGE.  The Secretary and the Minister reaffirmed their commitment to continuing to promote and expand trilateral security cooperation including senior-level policy consultations, trilateral exercises, information sharing, and defense exchange cooperation.

    19. The two sides also took the opportunity to reaffirm that expediting the relocation and return of U.S. military bases in the ROK is in the interests of both countries, and decided to work closely to ensure the timely return of the bases in accordance with the Status of Forces Agreement (SOFA) and related agreements.  The two leaders noted the significance of the complete construction of Yongsan Park, and pledged to expedite the remaining return of Yongsan Garrison.  The Minister and the Secretary also reaffirmed their mutual commitment to discuss the return of other U.S. military bases through regular consultations through SOFA channels to reach mutually acceptable outcomes in the future.

    20. Secretary Austin expressed his gratitude that the ROK is contributing toward ensuring a stable environment for U.S. Forces Korea.  The Secretary and Minister also welcomed the recent conclusion of consultations related to a 12th Special Measures Agreement (SMA), and concurred that it would greatly contribute to the strengthening of the U.S.-ROK combined defense posture.

    21. Secretary Austin and Minister Kim affirmed that the discussions during the 56th SCM and the 49th MCM contributed to strengthening the U.S.-ROK Alliance with a vision toward the further development of a truly global alliance.  The two leaders commended the U.S. and ROK military and civilian personnel that worked to strengthen the bond of the Alliance, and expressed appreciation for their shared commitment and sacrifice.  Both sides expect to hold the 57th SCM and 50th MCM in Seoul at a mutually convenient time in 2025.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI USA: Regional Cooperation Framework for U.S.-ROK Alliance Contributions to Security in the Indo-Pacific

    Source: United States Department of Defense

    The United States (U.S.) – Republic of Korea (ROK) Alliance remains the linchpin of peace and security not only on the Korean Peninsula but also in the Indo-Pacific region.

    Today the U.S. Department of Defense and ROK Ministry of National Defense announce the following Regional Cooperation Framework for U.S.-ROK Alliance Contributions to Security in the Indo-Pacific to facilitate deeper collaboration between our two countries and to demonstrate our commitment to maintaining a free, peaceful, and prosperous Indo-Pacific region.

    Our two nations share fundamentally common interests and values that underpin regional security efforts, such as respect for democratic governance, the rule of law, territorial integrity, and sovereignty. We seek to better align our efforts in the Indo-Pacific to help realize the vision of a global comprehensive strategic alliance and to advance the security and prosperity of our people, the region, and the globe.

    This framework builds upon our respective strategies for the region – the U.S. Indo-Pacific Strategy, and the ROK Strategy for a Free, Peaceful, and Prosperous Indo-Pacific region – to help develop and maintain a sustainable, secure, and resilient regional order. Our cooperative efforts also draw upon the 2023 Defense Vision of the U.S.-ROK Alliance, which identifies strengthening solidarity and regional security cooperation with like-minded partners as one of our key bilateral priorities, and are intended to support the Republic of Korea’s goal of becoming a “Global Pivotal State.” 

    To advance this cooperation, the U.S. Secretary of Defense and the ROK Minister of National Defense endorse the following general principles and seek to chart a path forward that ensures our common national interest:

    • Our cooperative efforts should seek to create a region that is more connected, prosperous, secure, and resilient. We intend to utilize approaches and pursue initiatives that are based on mutual confidence, trust, reciprocity, and respect for relevant international laws, standards, and norms.
    • Both the U.S. and ROK recognize that our national interests, as well as those of our bilateral Alliance, can be advanced by firmly upholding and strengthening the rules-based order in the Indo-Pacific region; this includes the freedoms of navigation and overflight, and other uses of the sea guaranteed to all nations under international law.
    • Both sides reaffirm their strong support for Association of Southeast Asian Nations (ASEAN) centrality, unity, and the ASEAN-led regional architecture; we commit to partnering closely with ASEAN to advance implementation of the ASEAN Outlook on the Indo-Pacific in defense-related areas; we are also determined to work closely with Pacific Island countries and the Pacific Islands Forum to build capacity in the region.
    • Both sides intend to pursue initiatives and activities together that more comprehensively build partner capacity, bolster maritime security, and foster collaboration and interoperability with like-minded countries in the region.
    • Through increased participation in multilateral exercises, both sides are determined to enhance the readiness, capability, and resilience of combined forces to be prepared to respond to evolving and complex threats in the region.
    • To expand comprehensive security cooperation, the U.S. and ROK intend to pursue initiatives that strengthen collaboration in the areas of non-proliferation, counter-terrorism, humanitarian aid and disaster relief, climate change, and the prevention of infectious diseases as well as empower regional organizations to contribute to greater regional stability; both sides also intend to increase information sharing with like-minded countries to better address challenges in the region.
    • In the area of defense exports and defense industrial cooperation, both sides intend to work together on issues of mutual interest including: sharing best practices on export controls, foreign direct investment, and technology security; exchanging information on expert planning and decision-making; and cooperating effectively to secure supply chains.
    • Both sides are also determined to work together to increase information sharing in the cyber domain to enhance regional cybersecurity practices and situational awareness, and build cyber resilience to defend against globally-expanding malicious cyber threats.
    • Finally, both sides also pledge to continue using established forums such as the Regional Cooperation Working Group (RCWG), and other existing bilateral mechanisms, to develop and sustain dialogue between the U.S. and ROK on defense cooperation in priority areas identified in both the government and industrial sectors. The mechanisms will report to the annual Security Consultative Meeting (SCM) through the Korea-U.S. Integrated Defense Dialogue (KIDD).

    To implement this framework, both sides intend to present concepts for cooperative projects through government channels and, where appropriate, facilitate business-to-business connections that may advance opportunities for collaboration and cooperation. These projects should complement other efforts being undertaken by other like-minded countries in the region and seek to effectively utilize public sector resources.

    Initiatives and projects under this framework will focus on the following areas, which both sides have identified as priority areas for cooperation, with a particular focus on cooperation with ASEAN and Pacific Island countries:

    Maritime Security 

    Multilateral Exercises

    Capacity Building 

    Defense Exports and Defense Industrial Cooperation

    Technical Cooperation (e.g., cyber security and emerging capabilities)

    Information Sharing

    Both sides intend to identify points of contact responsible for coordinating engagements and tracking the implementation of cooperative projects decided upon under this framework. The lead points of contact should review potential opportunities and prioritize actions, with the goal of presenting at least one project or initiative each year before the SCM.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI: FormFactor, Inc. Reports 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    Record Quarterly Revenue, Profitability at the Top End of the Outlook Range;
    Sees Reduced Demand for Foundry and Logic in Q4, Partially Offset by Continued Strength in DRAM

    LIVERMORE, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal 2024 ended September 28, 2024. Quarterly revenues were $207.9 million, a company record and an increase of 5.3% compared to $197.5 million in the second quarter of fiscal 2024, and an increase of 21.2% from $171.6 million in the third quarter of fiscal 2023.

    • Record revenue in the third quarter exceeded outlook range and non-GAAP EPS was at the top end of the range.
    • Strong DDR5 demand produced third consecutive record-setting quarter of DRAM probe-card revenue.
    • FormFactor’s diversification strategy enabled participation in expanding investments in generative AI and data center applications.

    “We are proud to have posted our all-time revenue record in the third quarter,” said Mike Slessor, CEO of FormFactor, Inc. “This performance was driven by continued strength in our DRAM probe-card business, layered on top of moderate growth in our Foundry & Logic and Systems businesses.”

    Third Quarter and Fiscal 2024 Highlights

    On a GAAP basis, net income for the third quarter of fiscal 2024 was $18.7 million, or $0.24 per fully-diluted share, compared to net income for the second quarter of fiscal 2024 of $19.4 million, or $0.25 per fully-diluted share, and net income for the third quarter of fiscal 2023 of $4.4 million, or $0.06 per fully-diluted share. Gross margin for the third quarter of 2024 was 40.7%, compared with 44.0% in the second quarter of 2024, and 40.4% in the third quarter of 2023.

    On a non-GAAP basis, net income for the third quarter of fiscal 2024 was $27.2 million, or $0.35 per fully-diluted share, compared to net income for the second quarter of fiscal 2024 of $27.3 million, or $0.35 per fully-diluted share, and net income for the third quarter of fiscal 2023 of $17.3 million, or $0.22 per fully-diluted share. On a non-GAAP basis, gross margin for the third quarter of 2024 was 42.2%, compared with 45.3% in the second quarter of 2024, and 41.9% in the third quarter of 2023.

    A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

    GAAP net cash provided by operating activities for the third quarter of fiscal 2024 was $26.7 million, compared to $21.9 million for the second quarter of fiscal 2024, and $20.6 million for the third quarter of fiscal 2023. Free cash flow for the third quarter of fiscal 2024 was $20.0 million, compared to free cash flow for the second quarter of fiscal 2024 of $14.2 million, and free cash flow for the third quarter of 2023 of $16.9 million. A reconciliation of net cash provided by operating activities to non-GAAP free cash flow is provided in the schedules included below.

    Outlook

    Dr. Slessor added, “We continue to experience record levels of DRAM probe card demand, with contributions from both DDR5 and High Bandwidth Memory applications. This, combined with slightly higher Systems Segment revenue, is helping to partially offset the forecasted reduction in Foundry & Logic probe-card demand.”

    For the fourth quarter ending December 28, 2024, FormFactor is providing the following outlook*:

      GAAP   Reconciling Items**   Non-GAAP
    Revenue $190 million +/- $5 million   —   $190 million +/- $5 million
    Gross Margin 40% +/- 1.5%   $3 million   41% +/- 1.5%
    Net income per diluted share $0.16 +/- $0.04   $0.13   $0.29 +/- $0.04
    *This outlook assumes consistent foreign currency rates.
    **Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.
       

    We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

    The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

    Use of Non-GAAP Financial Information:

    To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and nine months ended September 28, 2024, and for outlook provided before, as well as for the comparable periods of fiscal 2023, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

    About FormFactor:

    FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

    Forward-looking Statements:

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, customer demand, conditions in the semiconductor industry, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” and “continue,” the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions, investments in capacity and investments in new electronic data systems and information technology; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

    FORMFACTOR, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share amounts)
    (Unaudited)

      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Revenues $ 207,917     $ 197,474     $ 171,575     $ 574,116     $ 494,939  
    Cost of revenues   123,212       110,574       102,290       339,773       304,293  
    Gross profit   84,705       86,900       69,285       234,343       190,646  
    Operating expenses:                  
    Research and development   31,243       31,564       31,014       91,434       87,599  
    Selling, general and administrative   35,607       37,874       35,564       106,560       101,561  
    Total operating expenses   66,850       69,438       66,578       197,994       189,160  
    Gain on sale of business   —       310       —       20,581       —  
    Operating income   17,855       17,772       2,707       56,930       1,486  
    Interest income, net   3,650       3,415       1,662       10,221       4,420  
    Other income (expense), net   (558 )     360       788       322       1,261  
    Income before income taxes   20,947       21,547       5,157       67,473       7,167  
    Provision for income taxes   2,211       2,155       786       7,564       626  
    Net income $ 18,736     $ 19,392     $ 4,371     $ 59,909     $ 6,541  
    Net income per share:                  
    Basic $ 0.24     $ 0.25     $ 0.06     $ 0.77     $ 0.08  
    Diluted $ 0.24     $ 0.25     $ 0.06     $ 0.76     $ 0.08  
    Weighted-average number of shares used in per share calculations:                
    Basic   77,406       77,235       77,571       77,364       77,265  
    Diluted   78,439       78,717       78,412       78,495       77,860  
    FORMFACTOR, INC.
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    GAAP Gross Profit $ 84,705     $ 86,900     $ 69,285     $ 234,343     $ 190,646  
    Adjustments:                  
    Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   530       584       1,118       1,661       3,580  
    Stock-based compensation   1,934       1,932       1,376       5,794       4,801  
    Restructuring charges   524       —       —       607       357  
    Non-GAAP Gross Profit $ 87,693     $ 89,416     $ 71,779     $ 242,405     $ 199,384  
                       
    GAAP Gross Margin   40.7 %     44.0 %     40.4 %     40.8 %     38.5 %
    Adjustments:                  
    Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   0.3 %     0.3 %     0.7 %     0.3 %     0.7 %
    Stock-based compensation   0.9 %     1.0 %     0.8 %     1.0 %     1.0 %
    Restructuring charges   0.3 %     — %     — %     0.1 %     0.1 %
    Non-GAAP Gross Margin   42.2 %     45.3 %     41.9 %     42.2 %     40.3 %
                       
    GAAP operating expenses $ 66,850     $ 69,438     $ 66,578     $ 197,994     $ 189,160  
    Adjustments:                  
    Amortization of intangibles and other   (240 )     (240 )     (466 )     (720 )     (3,563 )
    Stock-based compensation   (7,002 )     (8,277 )     (9,463 )     (23,756 )     (24,532 )
    Restructuring charges   (249 )     —       —       (249 )     (1,183 )
    Costs related to sale of business   (13 )     (43 )     (2,139 )     (702 )     (2,139 )
    Non-GAAP operating expenses $ 59,346     $ 60,878     $ 54,510     $ 172,567     $ 157,743  
                       
    GAAP operating income $ 17,855     $ 17,772     $ 2,707     $ 56,930     $ 1,486  
    Adjustments:                  
    Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   770       824       1,584       2,381       7,143  
    Stock-based compensation   8,936       10,209       10,839       29,550       29,333  
    Restructuring charges   773       —       —       856       1,540  
    Gain on sale of business and related costs   13       (267 )     2,139       (19,879 )     2,139  
    Non-GAAP operating income $ 28,347     $ 28,538     $ 17,269     $ 69,838     $ 41,641  
    FORMFACTOR, INC. 
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    GAAP net income $ 18,736     $ 19,392     $ 4,371     $ 59,909     $ 6,541  
    Adjustments:                  
    Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   770       824       1,584       2,381       7,143  
    Stock-based compensation   8,936       10,209       10,839       29,550       29,333  
    Restructuring charges   773       —       —       856       1,540  
    Gain on sale of business and related costs   13       (267 )     2,139       (19,879 )     2,139  
    Income tax effect of non-GAAP adjustments   (2,002 )     (2,835 )     (1,617 )     (3,924 )     (5,650 )
    Non-GAAP net income $ 27,226     $ 27,323     $ 17,316     $ 68,893     $ 41,046  
                       
    GAAP net income per share:                  
    Basic $ 0.24     $ 0.25     $ 0.06     $ 0.77     $ 0.08  
    Diluted $ 0.24     $ 0.25     $ 0.06     $ 0.76     $ 0.08  
                       
    Non-GAAP net income per share:                  
    Basic $ 0.35     $ 0.35     $ 0.22     $ 0.89     $ 0.53  
    Diluted $ 0.35     $ 0.35     $ 0.22     $ 0.88     $ 0.53  
    FORMFACTOR, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
      Nine Months Ended
      September 28,
    2024
      September 30,
    2023
    Cash flows from operating activities:      
    Net income $ 59,909     $ 6,541  
    Selected adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation   22,197       22,880  
    Amortization   1,920       6,043  
    Stock-based compensation expense   29,550       29,333  
    Provision for excess and obsolete inventories   10,052       12,566  
    Gain on sale of business   (20,581 )     —  
    Other activity impacting operating cash flows   (21,426 )     (22,011 )
    Net cash provided by operating activities   81,621       55,352  
    Cash flows from investing activities:      
    Acquisition of property, plant and equipment   (30,773 )     (46,094 )
    Proceeds from sale of business   21,585       —  
    Purchases of marketable securities, net   (15,464 )     (3,900 )
    Purchase of promissory note receivable   (1,500 )     —  
    Net cash used in investing activities   (26,152 )     (49,994 )
    Cash flows from financing activities:      
    Purchase of common stock through stock repurchase program   (37,211 )     —  
    Proceeds from issuances of common stock   9,748       8,822  
    Principal repayments on term loans   (803 )     (781 )
    Tax withholdings related to net share settlements of equity awards   (17,990 )     (9,349 )
    Net cash used financing activities   (46,256 )     (1,308 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   3       (3,324 )
    Net increase in cash, cash equivalents and restricted cash   9,216       726  
    Cash, cash equivalents and restricted cash, beginning of period   181,273       112,982  
    Cash, cash equivalents and restricted cash, end of period $ 190,489     $ 113,708  
    FORMFACTOR, INC. 
    RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW
    (In thousands)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Net cash provided by operating activities $ 26,731     $ 21,878     $ 20,571     $ 81,621     $ 55,352  
    Adjustments:                  
    Sale of business related payments in working capital   2,134       630       2,139       2,811       2,139  
    Cash paid for interest   97       101       105       298       317  
    Capital expenditures   (8,939 )     (8,398 )     (5,917 )     (30,773 )     (46,094 )
    Free cash flow $ 20,023     $ 14,211     $ 16,898     $ 53,957     $ 11,714  
    FORMFACTOR, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited) 
     
      September 28,
    2024
      June 29,
    2024
      December 30,
    2023
    ASSETS          
    Current assets:          
    Cash and cash equivalents $ 184,506     $ 195,914     $ 177,812  
    Marketable securities   169,961       161,710       150,507  
    Accounts receivable, net of allowance for credit losses   116,866       113,277       102,957  
    Inventories, net   105,374       114,814       111,685  
    Restricted cash   3,773       5,939       1,152  
    Prepaid expenses and other current assets   34,302       28,964       29,667  
    Total current assets   614,782       620,618       573,780  
    Restricted cash   2,210       2,098       2,309  
    Operating lease, right-of-use-assets   25,034       26,650       30,519  
    Property, plant and equipment, net of accumulated depreciation   204,108       204,102       204,399  
    Goodwill   200,137       199,548       201,090  
    Intangibles, net   11,017       11,657       12,938  
    Deferred tax assets   92,826       88,841       78,964  
    Other assets   3,669       2,751       2,795  
    Total assets $ 1,153,783     $ 1,156,265     $ 1,106,794  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Current liabilities:          
    Accounts payable $ 52,086     $ 62,235     $ 63,857  
    Accrued liabilities   46,508       49,523       41,037  
    Current portion of term loan, net of unamortized issuance costs   1,098       1,090       1,075  
    Deferred revenue   20,972       17,953       16,704  
    Operating lease liabilities   8,512       8,240       8,422  
    Total current liabilities   129,176       139,041       131,095  
    Term loan, less current portion, net of unamortized issuance costs   12,488       12,765       13,314  
    Long-term operating lease liabilities   19,731       21,441       25,334  
    Deferred grant   18,000       18,000       18,000  
    Other liabilities   19,378       17,102       10,247  
    Total liabilities   198,773       208,349       197,990  
               
    Stockholders’ equity:          
    Common stock   77       77       77  
    Additional paid-in capital   845,466       863,283       861,448  
    Accumulated other comprehensive loss   (1,773 )     (7,948 )     (4,052 )
    Accumulated income   111,240       92,504       51,331  
    Total stockholders’ equity   955,010       947,916       908,804  
    Total liabilities and stockholders’ equity $ 1,153,783     $ 1,156,265     $ 1,106,794  
     

    About our Non-GAAP Financial Measures:

    We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” and “Reconciliation of Cash Provided by Operating Activities to non-GAAP Free Cash Flow” included in this press release.

    Source: FormFactor, Inc.
    FORM-F

    Investor Contact:
    Stan Finkelstein
    Investor Relations
    (925) 290-4321
    ir@formfactor.com

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Enovix Announces Proposed Public Offering of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (NASDAQ: ENVX), a global high-performance battery company, today announced that it has commenced an underwritten public offering of $100.0 million of shares of its common stock, subject to market and other conditions. In connection with the offering, Enovix expects to grant the underwriter a 30-day option to purchase up to an additional $15.0 million of the shares of common stock offered in the public offering. There can be no assurances as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the shares of common stock in the offering will be sold by Enovix.

    Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.

    Enovix intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and short-term investments, for general corporate purposes, and for working capital and capital expenses to achieve high-volume manufacturing at its high-volume production facility “Fab2” in Penang, Malaysia.

    The securities described above are being offered by Enovix pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed on August 9, 2023 and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on August 18, 2023. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering, when available, may also be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, or by email at prospectus@cantor.com.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

    About Enovix
    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding Enovix’s anticipated public offering. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “achieve”, “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

    Any forward-looking statements in this press release, such as the intended offering terms, are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions, the completion of the public offering on the anticipated terms or at all and Enovix’s intention to grant the underwriter an option to purchase additional shares. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Enovix’s Annual Report on Form 10-K for the year ended December 31, 2023, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024. In addition, any forward-looking statements contained in this press release represent the Enovix’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Enovix explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

    For investor and media inquiries, please contact:

    Enovix Corporation
    Robert Lahey
    Email: ir@enovix.com

    The MIL Network –

    January 25, 2025
  • MIL-OSI: AMSC Reports Second Quarter Fiscal Year 2024 Financial Results and Provides Business Outlook

    Source: GlobeNewswire (MIL-OSI)

    Financial Highlights:

    • Reported Second Quarter Net Income of Nearly $5 Million
    • Generated Nearly $13 Million of Operating Cash Flow During the Quarter
    • Increased Revenue by 60% Year Over Year to Above $54 Million

    Company to host conference call tomorrow, October 31, at 10:00 am ET 

    AYER, Mass., Oct. 30, 2024 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its second quarter of fiscal year 2024 ended September 30, 2024. The second quarter results include results from NWL, Inc. beginning as of the acquisition date, August 1, 2024.

    Revenues for the second quarter of fiscal 2024 were $54.5 million compared with $34.0 million for the same period of fiscal 2023. The year-over-year increase was primarily driven by the acquisition of NWL, Inc., increased shipments of new energy power systems and electrical control system shipments, versus the year ago period. 

    AMSC’s net income for the second quarter of fiscal 2024 was $4.9 million, or $0.13 per share, compared to a net loss of $2.5 million, or $0.09 per share, for the same period of fiscal 2023. The Company’s non-GAAP net income for the second quarter of fiscal 2024 was $10.0 million, or $0.27 per share, compared with a non-GAAP net income of less than $0.1 million, or $0.00 per share, in the same period of fiscal 2023. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

    Cash, cash equivalents, and restricted cash on September 30, 2024, totaled $74.8 million, compared with $95.5 million at June 30, 2024.

    “AMSC delivered fiscal second quarter net income of nearly $5 million and grew revenue by 60% when compared to the same period last year,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “During the second quarter of fiscal 2024 we booked nearly $60 million of new orders, with new energy power systems orders coming in stronger than previously demonstrated. We ended the quarter with over $200 million in 12-month backlog and over $300 million in total backlog. We are very excited for the second half of the fiscal year and remain focused on our execution as well as improving the resiliency of the power grid.”

    Business Outlook
    For the third quarter ending December 31, 2024, AMSC expects that its revenues will be in the range of $55.0 million to $60.0 million. The Company’s net loss for the third quarter of fiscal 2024 is expected not to exceed $1.0 million, or $0.03 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $2 million, or $0.05 per share.

    Conference Call Reminder
    In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, October 31, 2024, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 5836897.

    About AMSC (Nasdaq: AMSC)
    AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance.  Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety.  Through its Windtec® Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

    AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding execution of our goals and strategies; backlog; expectations regarding the second half of fiscal 2024; our expected GAAP and non-GAAP financial results for the quarter ending December 31, 2024; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have a history of operating losses, which may continue in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; We have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; We may be required to issue performance bonds or provide letters of credit, which restricts our ability to access any cash used as collateral for the bonds or letters of credit; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may not realize all of the sales expected from our backlog of orders and contracts; Our contracts with the U.S. government are subject to audit, modification or termination by the U.S. government and include certain other provisions in favor of the government. The continued funding of such contracts remains subject to annual congressional appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Pandemics, epidemics or other public health crises may adversely impact our business, financial condition and results of operations; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationship; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Our business and operations would be adversely impacted in the event of a failure or security breach of our or any critical third parties’ information technology infrastructure and networks; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; If we fail to implement our business strategy successfully, our financial performance could be harmed; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Our success depends upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our products may not develop; Industry consolidation could result in more powerful competitors and fewer customers; Increasing focus and scrutiny on environmental sustainability and social initiatives could increase our costs, and inaction could harm our reputation and adversely impact our financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy: Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition; and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2024, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
     
        Three Months Ended     Six Months Ended  
        September 30,     September 30,  
        2024     2023     2024     2023  
    Revenues                                
    Grid   $ 46,936     $ 28,515     $ 79,272     $ 54,251  
    Wind     7,535       5,489       15,489       10,007  
    Total revenues     54,471       34,004       94,761       64,258  
                                     
    Cost of revenues     38,858       25,418       66,923       49,390  
                                     
    Gross margin     15,613       8,586       27,838       14,868  
                                     
    Operating expenses:                                
    Research and development     2,646       1,641       4,931       3,493  
    Selling, general and administrative     10,525       7,946       19,423       15,815  
    Amortization of acquisition-related intangibles     433       538       845       1,076  
    Change in fair value of contingent consideration     2,762       850       6,682       2,200  
    Restructuring     —       (20 )     —       (14 )
    Total operating expenses     16,366       10,955       31,881       22,570  
                                     
    Operating loss     (753 )     (2,369 )     (4,043 )     (7,702 )
                                     
    Interest income, net     979       194       2,099       368  
    Other expense, net     (329 )     (204 )     (489 )     (321 )
    Loss before income tax expense (benefit)     (103 )     (2,379 )     (2,433 )     (7,655 )
                                     
    Income tax (benefit) expense     (4,990 )     106       (4,796 )     228  
                                     
    Net income (loss)   $ 4,887     $ (2,485 )   $ 2,363     $ (7,883 )
                                     
    Net income (loss) per common share                                
    Basic   $ 0.13     $ (0.09 )   $ 0.07     $ (0.28 )
    Diluted   $ 0.13     $ (0.09 )   $ 0.06     $ (0.28 )
                                     
    Weighted average number of common shares outstanding                                
    Basic     36,952       28,828       36,317       28,545  
    Diluted     37,499       28,828       36,951       28,545  
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except per share data)
     
        September 30, 2024     March 31, 2024  
    ASSETS                
    Current assets:                
    Cash and cash equivalents   $ 72,131     $ 90,522  
    Accounts receivable, net     40,059       26,325  
    Inventory, net     70,880       41,857  
    Prepaid expenses and other current assets     10,806       7,295  
    Restricted cash     1,201       468  
    Total current assets     195,077       166,467  
                     
    Property, plant and equipment, net     38,765       10,861  
    Intangibles, net     7,329       6,369  
    Right-of-use assets     3,744       2,557  
    Goodwill     48,950       43,471  
    Restricted cash     1,454       1,290  
    Deferred tax assets     1,201       1,119  
    Equity-method investments     1,245       —  
    Other assets     683       637  
    Total assets   $ 298,448     $ 232,771  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
                     
    Current liabilities:                
    Accounts payable and accrued expenses   $ 25,158     $ 24,235  
    Lease liability, current portion     555       716  
    Debt, current portion     —       25  
    Contingent consideration     —       3,100  
    Deferred tax liabilities, current portion     16       —  
    Deferred revenue, current portion     69,356       50,732  
    Total current liabilities     95,085       78,808  
                     
    Deferred revenue, long term portion     11,915       7,097  
    Lease liability, long term portion     2,814       1,968  
    Deferred tax liabilities     1,591       300  
    Other liabilities     28       27  
    Total liabilities     111,433       88,200  
                     
    Stockholders’ equity:                
    Common stock     398       373  
    Additional paid-in capital     1,253,168       1,212,913  
    Treasury stock     (3,765 )     (3,639 )
    Accumulated other comprehensive income     1,509       1,582  
    Accumulated deficit     (1,064,295 )     (1,066,658 )
    Total stockholders’ equity     187,015       144,571  
    Total liabilities and stockholders’ equity   $ 298,448     $ 232,771  
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
     
        Six Months Ended September 30,  
        2024     2023  
    Cash flows from operating activities:                
                     
    Net income (loss)   $ 2,363     $ (7,883 )
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:                
    Depreciation and amortization     2,395       2,234  
    Stock-based compensation expense     2,072       2,468  
    Provision for excess and obsolete inventory     780       1,070  
    Amortization of operating lease right-of-use assets     546       122  
    Deferred income taxes     (5,165 )     —  
    Change in fair value of contingent consideration     6,682       2,200  
    Other non-cash items     (15 )     273  
    Changes in operating asset and liability accounts:                
    Accounts receivable     2,538       3,152  
    Inventory     (6,672 )     (11,935 )
    Prepaid expenses and other assets     (2,082 )     8,015  
    Operating leases     (1,048 )     (123 )
    Accounts payable and accrued expenses     (4,455 )     (9,399 )
    Deferred revenue     18,182       8,458  
    Net cash provided by (used in) operating activities     16,121       (1,348 )
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (852 )     (430 )
    Cash paid to settle contingent consideration liabilities     (3,278 )     —  
    Cash paid for acquisition, net of cash acquired     (29,577 )     —  
    Change in other assets     218       (10 )
    Net cash used in investing activities     (33,489 )     (440 )
                     
    Cash flows from financing activities:                
    Repurchase of treasury stock     (126 )     —  
    Repayment of debt     (25 )     (33 )
    Cash paid related to registration of common stock shares     (148 )     —  
    Proceeds from exercise of employee stock options and ESPP     157       136  
    Net cash (used in) provided by financing activities     (142 )     103  
                     
    Effect of exchange rate changes on cash     16       (10 )
                     
    Net decrease in cash, cash equivalents and restricted cash     (17,494 )     (1,695 )
    Cash, cash equivalents and restricted cash at beginning of period     92,280       25,675  
    Cash, cash equivalents and restricted cash at end of period   $ 74,786     $ 23,980  
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
    (In thousands, except per share data)
     
        Three Months Ended
    September 30,
        Six Months Ended
    September 30,
     
        2024     2023     2024     2023  
    Net income (loss)   $ 4,887     $ (2,485 )   $ 2,363     $ (7,883 )
    Stock-based compensation     843       1,111       2,072       2,468  
    Acquisition costs     850       —       1,080       —  
    Amortization of acquisition-related intangibles     608       538       1,020       1,082  
    Change in fair value of contingent consideration     2,762       850       6,682       2,200  
    Non-GAAP net income (loss)   $ 9,950     $ 14     $ 13,217     $ (2,133 )
                                     
    Non-GAAP net income (loss) per share – basic   $ 0.27     $ –     $ 0.36     $ (0.07 )
    Non-GAAP net income (loss) per share – diluted   $ 0.27     $ –     $ 0.36     $ (0.07 )
    Weighted average shares outstanding – basic     36,952       28,828       36,317       28,545  
    Weighted average shares outstanding – diluted     37,499       28,828       36,951       28,545  
    Reconciliation of Forecast GAAP Net Loss to Non-GAAP Net Income
    (In millions, except per share data)

        Three Months Ending  
        December 31, 2024  
    Net loss   $ (1.0 )
    Stock-based compensation     2.3  
    Amortization of acquisition-related intangibles     0.7  
    Non-GAAP net income   $ 2.0  
    Non-GAAP net income per share   $ 0.05  
    Shares outstanding     38.5  


    Note: Non-GAAP net income (loss) is defined by the Company as net loss before; stock-based compensation; amortization of acquisition-related intangibles; acquisition costs; change in fair value of contingent consideration, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income (loss) and non-GAAP net income (loss) per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net loss for the fiscal quarter ending December 31, 2024, including the above adjustments, may differ materially from those forecasted in the table above. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net loss is set forth in the table above.

    AMSC Contacts
    Investor Relations Contact:
    LHA Investor Relations
    Carolyn Capaccio
    (212) 838-3777
    amscIR@lhai.com

    Public Relations Contact:
    RooneyPartners
    Joe Luongo
    (914) 906-5903

    AMSC Director, Communications:
    Nicol Golez
    978-399-8344
    Nicol.Golez@amsc.com

    The MIL Network –

    January 25, 2025
  • MIL-OSI: iRhythm Technologies Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 30, 2024 (GLOBE NEWSWIRE) —  iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended September 30, 2024.

    Third Quarter 2024 Financial Highlights

    • Revenue of $147.5 million, an 18% increase compared to third quarter 2023
    • Gross margin of 68.8%, a 260-basis point increase compared to third quarter 2023
    • Unrestricted cash, cash equivalents and marketable securities of $522.0 million as of September 30, 2024

    Recent Operational Highlights

    • Strong quarterly registration volume driven by record demand from existing accounts combined with another record quarter of new account openings in the United States and record registrations in the United Kingdom
    • Received FDA 510(k) clearance for updates previously made to the Zio AT device as letter to file
    • Expanded global reach with commercial launch of Zio monitor in Austria, the Netherlands, Switzerland, and Spain, and received Japanese PMDA regulatory approval for Zio monitor, highlighting our continued commitment to bringing our innovative digital healthcare solutions to millions of people worldwide
    • Entered into technology license agreement with BioIntelliSense to incorporate medical grade, connected, multi-sensor capabilities into our future ambulatory cardiac monitoring products, positioning us to expand the capabilities of our product platform
    • Upcoming data at American Heart Association’s Scientific Sessions 2024 in Chicago from November 16–18

    “The third quarter of 2024 was an exceptional quarter of execution as our teams drove significant demand in our core business, made substantial progress in expanding our Zio services into global markets, and established an important licensing agreement with an external partner to drive future platform capabilities for long term growth,” said Quentin Blackford, president and chief executive officer of iRhythm. “Third quarter revenue growth of over 18% year-over-year was driven by record volume demand from existing accounts, and our field teams were also able to open a record number of new accounts during the quarter while continuing our expansion into primary care channels. We were also very pleased to be able to celebrate one million patients having been registered for Zio monitor – our newest generation, long-term continuous monitoring system – in October and have officially launched our first commercial account using Aura – Epic’s specialty diagnostics and devices suite.”

    “We also made tangible progress towards long-term initiatives to drive future growth. For the first time ever, we have achieved more than 10,000 billable registrations in a single quarter in the UK, and we are excited that we have begun receiving physician orders following commercial launch in four additional European countries. Furthermore, we have recently received a FDA 510(k) clearance for updates to our Zio AT device associated with our FDA remediation efforts, an ongoing and critical priority for our teams to demonstrate our commitment to quality, compliance and performance. With strong execution across multiple growth levers and with additional catalysts on the horizon, we could not be more excited about the future of iRhythm.”

    Third Quarter Financial Results
    Revenue for the third quarter of 2024 was $147.5 million, up 18% from $124.6 million during the same period in 2023. The increase was driven by growth in demand for Zio services.

    Gross profit for the third quarter of 2024 was $101.5 million, up 23% from $82.5 million during the same period in 2023, while gross margin was 68.8%, up from 66.2% during the same period in 2023. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to operational efficiencies as well as the absence of increased reserves for excess Zio XT printed circuit board assembly (PCBA) components that were incurred during the prior year.

    Operating expenses for the third quarter of 2024 were $151.8 million, compared to $110.1 million for the same period in 2023. Adjusted operating expenses for the third quarter of 2024 were $143.8 million, compared to $107.1 million during the same period in 2023. The increase in adjusted operating expenses was primarily driven by a $32.1 million charge for license consideration payable to BioIntelliSense that was recognized on iRhythm’s unaudited condensed consolidated statements of operations as acquired in-process research and development (“IPR&D”) expense during the third quarter of 2024. In alignment with SEC guidance around non-GAAP financial measures relating to acquired IPR&D expense, iRhythm does not exclude expenses related to acquired IPR&D from its non-GAAP results.

    Net loss for the third quarter of 2024 was $46.2 million, or a diluted loss of $1.48 per share, compared with net loss of $27.1 million, or a diluted loss of $0.89 per share, for the same period in 2023. Adjusted net loss for the third quarter of 2024 was $39.2 million, or a diluted loss of $1.26 per share, compared with an adjusted net loss of $24.1 million, or a diluted loss of $0.79 per share, for the same period in 2023. The increase in net loss was primarily driven by a $32.1 million charge for license consideration payable to BioIntelliSense that was recognized on iRhythm’s unaudited condensed consolidated statements of operations as acquired IPR&D expense during the third quarter of 2024.

    Unrestricted cash, cash equivalents, and marketable securities were $522.0 million as of September 30, 2024.

    2024 Annual Guidance
    iRhythm projects revenue for the full year 2024 to grow approximately 18% to 19% compared to prior year results, ranging from approximately $582.5 million to $587.5 million. Gross margin for the full year 2024 is expected to range from 68.5% to 69.0%. iRhythm now expects adjusted EBITDA margin for the full year 2024 to range from approximately negative 2% to negative 1.5% of full year revenues. Adjusted EBITDA guidance includes license consideration payable to BioIntelliSense that is recognized on iRhythm’s consolidated statements of operations as acquired IPR&D expenses, including a charge of approximately $32 million of expense incurred during the third quarter of 2024. In alignment with SEC guidance around non-GAAP financial measures relating to acquired IPR&D expense, iRhythm will not exclude expenses related to acquired IPR&D from its non-GAAP results, which include adjusted EBITDA.

    Webcast and Conference Call Information
    iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

    Reclassifications
    Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.

    Use of Non-GAAP Financial Measures
    We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA estimates for full year 2024 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

    Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, anticipated productivity improvements and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about October 30, 2024. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except par value)
    (unaudited)

     
      September 30, 2024   December 31, 2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 519,535     $ 36,173  
    Marketable securities   2,496       97,591  
    Accounts receivable, net   77,427       61,484  
    Inventory   15,032       13,973  
    Prepaid expenses and other current assets   13,419       21,591  
    Total current assets   627,909       230,812  
    Property and equipment, net   122,390       104,114  
    Operating lease right-of-use assets   45,570       49,317  
    Restricted cash, long-term   8,358       —  
    Goodwill   862       862  
    Long-term strategic investments   59,059       3,000  
    Other assets   45,540       45,039  
    Total assets $ 909,688     $ 433,144  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 7,593     $ 5,543  
    Accrued liabilities   73,958       83,362  
    Deferred revenue   3,031       3,306  
    Operating lease liabilities, current portion   15,522       15,159  
    Total current liabilities   100,104       107,370  
    Long-term senior convertible notes   645,821       —  
    Debt, noncurrent portion   —       34,950  
    Other noncurrent liabilities   17,978       1,012  
    Operating lease liabilities, noncurrent portion   74,019       79,715  
    Total liabilities   837,922       223,047  
    Stockholders’ equity:      
    Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at September 30, 2024 and December 31, 2023   —       —  
    Common stock, $0.001 par value – 100,000 shares authorized; 31,516 shares issued and 31,287 shares outstanding at September 30, 2024, respectively; and 30,954 shares issued and outstanding at December 31, 2023   31       31  
    Additional paid-in capital   854,363       855,784  
    Accumulated other comprehensive loss   (66 )     (112 )
    Accumulated deficit   (757,562 )     (645,606 )
    Treasury stock, at cost; 229 and 0 shares at September 30, 2024 and December 31, 2023, respectively   (25,000 )     —  
    Total stockholders’ equity   71,766       210,097  
    Total liabilities and stockholders’ equity $ 909,688     $ 433,144  
    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (unaudited)

     
        Three Months Ended September 30,   Nine Months Ended September 30,
          2024       2023       2024       2023  
    Revenue, net   $ 147,538     $ 124,604     $ 427,514     $ 360,170  
    Cost of revenue     46,062       42,130       135,051       115,790  
    Gross profit     101,476       82,474       292,463       244,380  
    Operating expenses:                
    Research and development     15,694       16,309       52,378       44,828  
    Acquired in-process research and development     32,069       —       32,069       —  
    Selling, general and administrative     103,375       93,768       318,797       285,531  
    Impairment charges     641       —       641       —  
    Total operating expenses     151,779       110,077       403,885       330,359  
    Loss from operations     (50,303 )     (27,603 )     (111,422 )     (85,979 )
    Interest and other income (expense), net:                
    Interest income     6,456       1,717       16,198       4,619  
    Interest expense     (3,329 )     (927 )     (9,501 )     (2,709 )
    Loss on extinguishment of debt     —       —       (7,589 )     —  
    Other income (expense), net     1,182       (108 )     772       (143 )
    Total interest and other income (expense), net     4,309       682       (120 )     1,767  
    Loss before income taxes     (45,994 )     (26,921 )     (111,542 )     (84,212 )
    Income tax provision     188       195       414       495  
    Net loss   $ (46,182 )   $ (27,116 )   $ (111,956 )   $ (84,707 )
    Net loss per common share, basic and diluted   $ (1.48 )   $ (0.89 )   $ (3.59 )   $ (2.78 )
    Weighted-average shares, basic and diluted     31,262       30,607       31,147       30,470  
    IRHYTHM TECHNOLOGIES, INC.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (in thousands, except per share data)
    (unaudited)

        Three Months Ended September 30,   Nine Months Ended September 30,
          2024       2023       2024       2023  
    Adjusted EBITDA reconciliation*                
    Net loss1   $ (46,182 )   $ (27,116 )   $ (111,956 )   $ (84,707 )
    Interest expense     3,329       927       9,501       2,709  
    Interest income     (6,456 )     (1,717 )     (16,198 )     (4,619 )
    Changes in fair value of strategic investments     (1,059 )     —       (1,059 )     —  
    Income tax provision     188       195       414       495  
    Depreciation and amortization     5,135       4,067       15,426       11,434  
    Stock-based compensation     17,158       21,008       59,970       53,358  
    Impairment charges     641       —       641       —  
    Business transformation costs     7,360       2,999       8,656       14,094  
    Loss on extinguishment of debt     —       —       7,589       —  
    Adjusted EBITDA   $ (19,886 )   $ 363     $ (27,016 )   $ (7,236 )
                     
    Adjusted net loss reconciliation*                
    Net loss, as reported1   $ (46,182 )   $ (27,116 )   $ (111,956 )   $ (84,707 )
    Impairment charges     641       —       641       —  
    Business transformation costs     7,360       2,999       8,656       14,094  
    Changes in fair value of strategic investments     (1,059 )     —       (1,059 )     —  
    Loss on extinguishment of debt     —       —       7,589       —  
    Adjusted net loss   $ (39,240 )   $ (24,117 )   $ (96,129 )   $ (70,613 )
                     
    Adjusted net loss per share reconciliation*                
    Net loss per share, as reported1   $ (1.48 )   $ (0.89 )   $ (3.59 )   $ (2.78 )
    Impairment charges per share     0.02       —       0.02       —  
    Business transformation costs per share     0.24       0.10       0.28       0.46  
    Changes in fair value of strategic investments per share     (0.03 )     —       (0.03 )     —  
    Loss on extinguishment of debt per share     —       —       0.24       —  
    Adjusted net loss per share   $ (1.26 )   $ (0.79 )   $ (3.09 )   $ (2.32 )
    Weighted-average shares, basic and diluted     31,262       30,607       31,147       30,470  
                     
    Adjusted operating expense reconciliation*                
    Operating expense, as reported   $ 151,779     $ 110,077     $ 403,885     $ 330,359  
    Impairment charges     (641 )     —       (641 )     —  
    Business transformation costs     (7,360 )     (2,999 )     (8,656 )     (14,094 )
    Adjusted operating expense   $ 143,778     $ 107,078     $ 394,588     $ 316,265  

    *Certain numbers expressed may not sum due to rounding.
    1 Net loss for the three and nine months ended September 30, 2024 includes $32.1 million of acquired in-process research and development expense.

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Magic Empire Global Limited Announces First Half 2024 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Oct. 30, 2024 (GLOBE NEWSWIRE) — Magic Empire Global Limited (“MEGL” or the “Company”) (NASDAQ: MEGL), a financial services provider in Hong Kong which principally engages in the provision of corporate finance advisory services, today announced its unaudited financial results for the six months ended June 30, 2024.

    Overview:

      ● Revenue increased by approximately 26.9% from approximately HK$6.1 million for the six months ended June 30, 2023 to approximately HK$7.7 million (US$1.0 million) for the six months ended June 30, 2024
         
      ● Net income decreased by approximately 13.6% from approximately HK$0.7 million for the six months ended June 30, 2023 to approximately HK$0.6 million (US$80,000) for the six months ended June 30, 2024
         

    Six Month Financial Results Ended June 30, 2024

    Revenue. Revenue increased by approximately 26.9% from approximately HK$6.1 million for the six months ended June 30, 2023 to approximately HK$7.7 million (US$1.0 million) for the six months ended June 30, 2024. During the six months ended June 30, 2024, the Hong Kong capital markets and the general economic environment in Hong Kong remained difficult. In view of the market conditions of Hong Kong market, we diversified our business to explore projects of listing in other key capital markets such as the United States and we completed two financial advisory projects for clients pursuing listing on Nasdaq and our revenue from financial and independent advisory services significantly increased from approximately HK$0.2 million for the six months ended June 30, 2023 to approximately HK$6.9 million (US$0.9 million) for the six months ended June 30, 2024. Revenue from compliance advisory services decreased from approximately HK$1.4 million for the six months ended June 30, 2023 to approximately HK$0.5 million (US$59,000) for the six months ended June 30, 2024 due to completion of several of our compliance advisory projects during the six months ended June 30, 2024 and the decrease in the number of new IPOs in the Hong Kong market.

    Selling, general and administrative expenses. Selling, general and administrative expenses increased by approximately 27.6% from approximately HK$7.2 million for the six months ended June 30, 2023 to approximately HK$9.2 million (US$1.2 million) for the six months ended June 30, 2024, which was mainly due to (i) increase in staff costs resulting from increase in payroll and bonus to our staff; (ii) increase in travelling, accommodation and entertainment expenses due to increase in travelling for business development initiatives; and (iii) increase in depreciation charge.

    Other income, net. Other net income increased by approximately 13.7% from approximately HK$1.9 million for the six months ended June 30, 2023 to approximately HK$2.1 million (US$0.3 million) for the six months ended June 30, 2024, which was mainly due to the increase in interest income resulting from the increase in average cash balance.

    Income tax expense. Income tax expense was nil for the six months ended June 30, 2024 (six months ended June 30, 2023: nil) as we have available tax losses brought forward.

    Net income. Net income decreased by 13.6% from approximately HK$0.7 million for the six months ended June 30, 2023 to approximately HK$0.6 million (US$80,000) for the six months ended June 30, 2024, which was mainly due to the increase in selling, general and administrative expenses, partially offset by increase in revenue.

    Basic and diluted EPS. Basic and diluted EPS were approximately HK$0.03 (US$0.004) per ordinary share for the six months ended June 30, 2024, as compared to HK$0.04 per ordinary share for the six months ended June 30, 2023, respectively.

    About Magic Empire Global Limited

    Magic Empire Global Limited is a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting services. Its service offerings mainly comprise (i) IPO sponsorship services; (ii) financial advisory and independent financial advisory services; (iii) compliance advisory services; and (iv) underwriting services. For more information, visit the Company’s website at http://www.meglmagic.com.

    Exchange Rate Information

    This announcement contains translations of certain HK$ amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.8083 to US$1.00, the exchange rate on June 28, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

    Hong Kong:

    Magic Empire Global Limited
    Ms. Vivien Tai
    Tel: +852 3577 8770
    E-mail: meglir@giraffecap.com 

    MAGIC EMPIRE GLOBAL LIMITED

    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

        As of  
        December 31,
    2023
        June 30,
    2024
        June 30,
    2024
     
        HK$     HK$     US$  
    ASSETS                        
    Current assets:                        
    Cash     92,407,813       92,659,337       11,866,775  
    Accounts receivable     2,302,436       1,656,000       212,082  
    Interest receivables     449,550       346,457       44,370  
    Deposits and prepayments     1,096,249       1,055,783       135,213  
                             
    Total current assets     96,256,048       95,717,577       12,258,440  
                             
    Non-current assets:                        
    Property and equipment, net     1,695,006       1,504,509       192,681  
    Right-of-use assets     1,658,382       710,735       91,023  
    Long-term investment     38,647,738       38,647,738       4,949,571  
                             
    Total non-current assets     42,001,126       40,862,982       5,233,275  
    Total assets     138,257,174       136,580,559       17,491,715  
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                        
    Current liabilities:                        
    Accruals and other payables     1,079,000       263,003       33,682  
    Contract liabilities     1,164,000       664,000       85,038  
    Operating lease liabilities     1,746,317       757,717       97,040  
                             
    Total current liabilities     3,989,317       1,684,720       215,760  
                             
    Total liabilities     3,989,317       1,684,720       215,760  
                             
    COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY                        
    Ordinary shares, US$0.0001 par value, 300,000,000 shares authorized, and 20,256,099 shares outstanding as of December 31, 2023 and June 30, 2024 respectively     15,826       15,826       2,027  
    Additional paid-in capital     138,662,858       138,662,858       17,758,393  
    Accumulated deficits     (4,410,827 )     (3,782,845 )     (484,465 )
    Total shareholders’ equity     134,267,857       134,895,839       17,275,955  
    Total liabilities and shareholders’ equity     138,257,174       136,580,559       17,491,715  

      

    MAGIC EMPIRE GLOBAL LIMITED

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

        For the six months ended  
        June 30,
    2023
        June 30,
    2024
        June 30,
    2024
     
        HK$     HK$     US$  
    REVENUE     6,081,430       7,719,600       988,640  
                             
    OPERATING EXPENSES:                        
    Selling, general and administrative expenses     (7,230,225 )     (9,224,710 )     (1,181,399 )
    Total operating expenses     (7,230,225 )     (9,224,710 )     (1,181,399 )
                             
    INCOME FROM OPERATIONS     (1,148,795 )     (1,505,110 )     (192,759 )
                             
    OTHER INCOME (EXPENSE)                        
    Interest income     1,957,509       2,166,502       277,461  
    Other expenses     (81,527 )     (33,410 )     (4,279 )
    Total other income, net     1,875,982       2,133,092       273,182  
                             
    INCOME BEFORE INCOME TAXES     727,187       627,982       80,423  
    INCOME TAX EXPENSES     –       –       –  
    NET INCOME     727,187       627,982       80,423  
                             
    WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES                        
    Basic and diluted     20,256,099       20,256,099       20,256,099  
                             
    EARNINGS PER SHARE                        
    Basic and diluted     0.04       0.03       0.004  

    The MIL Network –

    January 25, 2025
  • MIL-OSI: SEACOR Marine Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2024.

    SEACOR Marine’s consolidated operating revenues for the third quarter of 2024 were $68.9 million, operating loss was $6.5 million, and direct vessel profit (“DVP”)(1) was $16.0 million. This compares to consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023, and consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024.

    Notable third quarter items include:

    • 10.4% decrease in revenues from the third quarter of 2023 and a 1.4% decrease from the second quarter of 2024.
    • Average day rates of $18,879, a 4.6% increase from the third quarter of 2023, and a 1.4% decrease from the second quarter of 2024.
    • 67% utilization, a decrease from 73% in the third quarter of 2023 and a decrease from 69% in the second quarter of 2024.
    • DVP margin of 23.2%, a decrease from 47.8% in the third quarter of 2023 and a decrease from 29.1% in the second quarter of 2024, due in part to $8.3 million of drydocking and major repairs during the quarter compared to $2.0 million in the third quarter of 2023 and $8.5 million in the second quarter of 2024, all of which are expensed as incurred.

    For the third quarter of 2024, net loss was $16.3 million ($0.59 loss per basic and diluted share). This compares to a net loss for the third quarter of 2023 of $0.9 million ($0.03 loss per basic and diluted share). Sequentially, the third quarter 2024 results compare to a net loss of $12.5 million ($0.45 earnings per basic and diluted share) in the second quarter of 2024.

    Chief Executive Officer John Gellert commented:

    “The third quarter results reflect overall lower utilization driven by our heavy 2024 maintenance schedule and softer than expected demand during the quarter, particularly in the U.S. Gulf of Mexico and the North Sea markets. While we made progress in remarketing and repositioning our available tonnage, these efforts reduced the utilization of these vessels during the quarter. Our utilization figures were also affected by continuing work on drydockings and major repairs, some of which experienced additional delays as a result of ongoing shipyard and vendor capacity issues. We continue to see challenges as shipyards and other vendors expand their support teams, expertise and production capacity to respond to demand growth. In addition to lower utilization, these results also reflect higher operating expenses, driven mostly by 9.9% higher crewing costs and 30.0% higher maintenance costs relative to the year to date third quarter of 2023, both of which we attribute primarily to increased industry demand and vendor capacity constraints. Nevertheless, our average day rates held steady and we continued to add charters that will contribute improvements to our utilization, with contracted revenue backlog, including options, in excess of $360.0 million.

    In the near term, one of our premium liftboats located in the U.S. Gulf of Mexico will return to work in early November after being in the shipyard for maintenance since April. We are also seeing a stronger volume of inquiries for decommissioning work for our liftboats in the 2025-2026 timeframe, which is coming from both the U.S. Gulf of Mexico as well as international markets. We own one of the youngest and most fuel efficient and versatile fleets of offshore vessels in the world. Although demand for our services remains highly correlated to the underlying commodity prices, which have been very volatile during 2024, we are well positioned to capture attractive opportunities servicing offshore energy.”
    ___________________

    (1)   Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)

     
        Three Months Ended September 30,     Nine months ended September 30,  
        2024     2023     2024     2023  
    Operating Revenues   $ 68,916     $ 76,900     $ 201,553     $ 206,428  
    Costs and Expenses:                        
    Operating     52,907       40,142       150,526       116,381  
    Administrative and general     11,019       12,300       33,825       37,636  
    Lease expense     364       651       1,331       2,069  
    Depreciation and amortization     12,928       13,462       38,749       40,799  
          77,218       66,555       224,431       196,885  
    Gains (Losses) on Asset Dispositions and Impairments, Net     1,821       (512 )     1,857       3,352  
    Operating (Loss) Income     (6,481 )     9,833       (21,021 )     12,895  
    Other Income (Expense):                        
    Interest income     358       340       1,396       1,222  
    Interest expense     (10,127 )     (9,536 )     (30,626 )     (27,060 )
    Loss on debt extinguishment     —       (2,004 )     —       (2,004 )
    Derivative gains (losses), net     67       —       (372 )     —  
    Foreign currency (losses) gains, net     (1,717 )     571       (2,357 )     (857 )
    Other, net     29       —       (66 )     —  
          (11,390 )     (10,629 )     (32,025 )     (28,699 )
    Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies     (17,871 )     (796 )     (53,046 )     (15,804 )
    Income Tax (Benefit) Expense     (513 )     2,360       (270 )     2,421  
    Loss Before Equity in Earnings of 50% or Less Owned Companies     (17,358 )     (3,156 )     (52,776 )     (18,225 )
    Equity in Earnings of 50% or Less Owned Companies     1,012       2,273       878       3,182  
    Net Loss   $ (16,346 )   $ (883 )   $ (51,898 )   $ (15,043 )
                             
    Net Loss Per Share:                        
    Basic   $ (0.59 )   $ (0.03 )   $ (1.88 )   $ (0.56 )
    Diluted   $ (0.59 )   $ (0.03 )   $ (1.88 )   $ (0.56 )
    Weighted Average Common Stock and Warrants Outstanding:                        
    Basic     27,772,733       27,181,754       27,615,699       27,048,656  
    Diluted     27,772,733       27,181,754       27,615,699       27,048,656  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
     (in thousands, except statistics and per share data)

              Three Months Ended
        Sep. 30,
    2024
        Jun. 30,
    2024
        Mar. 31,
    2024
        Dec. 31,
    2023
        Sep. 30,
    2023
       
    Time Charter Statistics:                                
    Average Rates Per Day   $ 18,879     $ 19,141     $ 19,042     $ 18,031     $ 18,046    
    Fleet Utilization     67 %     69 %     62 %     71 %     73 %  
    Fleet Available Days(2)     5,026       4,994       5,005       5,170       5,182    
    Operating Revenues:                                
    Time charter   $ 63,313     $ 65,649     $ 59,263     $ 66,498     $ 68,668    
    Bareboat charter     372       364       364       368       368    
    Other marine services     5,231       3,854       3,143       6,217       7,864    
          68,916       69,867       62,770       73,083       76,900    
    Costs and Expenses:                                
    Operating:                                
    Personnel     21,940       21,566       21,670       22,080       19,943    
    Repairs and maintenance     9,945       10,244       9,763       7,604       7,418    
    Drydocking     6,068       6,210       6,706       2,561       1,768    
    Insurance and loss reserves     2,584       3,099       1,738       2,944       1,833    
    Fuel, lubes and supplies     6,574       3,966       4,523       3,683       5,047    
    Other     5,796       4,435       3,699       4,397       4,133    
          52,907       49,520       48,099       43,269       40,142    
    Direct Vessel Profit(1)     16,009       20,347       14,671       29,814       36,758    
    Other Costs and Expenses:                                
    Lease expense     364       486       481       679       651    
    Administrative and general     11,019       10,889       11,917       11,547       12,300    
    Depreciation and amortization     12,928       12,939       12,882       13,022       13,462    
          24,311       24,314       25,280       25,248       26,413    
    Gains (Losses) on Asset Dispositions and Impairments, Net     1,821       37       (1 )     18,057       (512 )  
    Operating (Loss) Income     (6,481 )     (3,930 )     (10,610 )     22,623       9,833    
    Other Income (Expense):                                
    Interest income     358       445       593       222       340    
    Interest expense     (10,127 )     (10,190 )     (10,309 )     (10,444 )     (9,536 )  
    Derivative gains (losses), net     67       104       (543 )     608       —    
    Loss on debt extinguishment     —       —       —       —       (2,004 )  
    Foreign currency (losses) gains, net     (1,717 )     (560 )     (80 )     (1,276 )     571    
    Other, net     29       —       (95 )     —       —    
          (11,390 )     (10,201 )     (10,434 )     (10,890 )     (10,629 )  
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (17,871 )     (14,131 )     (21,044 )     11,733       (796 )  
    Income Tax (Benefit) Expense     (513 )     (682 )     925       6,378       2,360    
    (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (17,358 )     (13,449 )     (21,969 )     5,355       (3,156 )  
    Equity in Earnings (Losses) of 50% or Less Owned Companies     1,012       966       (1,100 )     374       2,273    
    Net (Loss) Income   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729     $ (883 )  
                                     
    Net (Loss) Earnings Per Share:                                
    Basic   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.21     $ (0.03 )  
    Diluted   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.20     $ (0.03 )  
    Weighted Average Common Stock and Warrants Outstanding:                                
    Basic     27,773       27,729       27,344       27,182       27,182    
    Diluted     27,773       27,729       27,344       28,401       27,182    
    Common Shares and Warrants Outstanding at Period End     28,950       28,941       28,906       28,489       28,481    

     ____________________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)

        Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023    
    United States, primarily Gulf of Mexico                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 17,188     $ 22,356     $ 28,156     $ 22,584     $ 23,663    
    Fleet utilization     42 %     37 %     27 %     50 %     57 %  
    Fleet available days     920       921       927       1,152       1,196    
    Out-of-service days for repairs, maintenance and drydockings     116       179       137       61       151    
    Out-of-service days for cold-stacked status(2)     175       127       182       254       206    
    Operating Revenues:                                
    Time charter   $ 6,593     $ 7,697     $ 6,957     $ 12,929     $ 16,236    
    Other marine services     1,188       480       1,026       5,346       5,478    
          7,781       8,177       7,983       18,275       21,714    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     6,297       6,284       5,781       6,906       6,712    
    Repairs and maintenance     1,655       1,879       1,404       819       1,560    
    Drydocking     2,615       2,570       1,968       303       462    
    Insurance and loss reserves     799       943       396       1,297       332    
    Fuel, lubes and supplies     964       866       667       1,032       958    
    Other     225       226       (171 )     475       375    
          12,555       12,768       10,045       10,832       10,399    
    Direct Vessel (Loss) Profit(1)   $ (4,774 )   $ (4,591 )   $ (2,062 )   $ 7,443     $ 11,315    
    Other Costs and Expenses:                                
    Lease expense   $ 140     $ 141     $ 138     $ 141     $ 116    
    Depreciation and amortization     3,194       3,194       2,750       3,479       3,810    
                                     
    Africa and Europe                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 18,875     $ 18,580     $ 15,197     $ 15,233     $ 15,388    
    Fleet utilization     77 %     74 %     76 %     82 %     84 %  
    Fleet available days     1,990       1,969       1,775       1,748       1,748    
    Out-of-service days for repairs, maintenance and drydockings     203       203       238       124       111    
    Out-of-service days for cold-stacked status     58       91       91       92       54    
    Operating Revenues:                                
    Time charter   $ 28,809     $ 27,047     $ 20,555     $ 21,791     $ 22,528    
    Other marine services     3,048       1,028       169       189       1,943    
          31,857       28,075       20,724       21,980       24,471    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     6,083       4,969       5,181       6,007       5,089    
    Repairs and maintenance     3,455       3,161       3,209       2,807       2,214    
    Drydocking     681       1,226       2,032       1,298       320    
    Insurance and loss reserves     599       819       334       416       573    
    Fuel, lubes and supplies     2,514       1,170       1,287       623       2,573    
    Other     3,975       2,801       2,199       2,267       2,448    
          17,307       14,146       14,242       13,418       13,217    
    Direct Vessel Profit(1)   $ 14,550     $ 13,929     $ 6,482     $ 8,562     $ 11,254    
    Other Costs and Expenses:                                
    Lease expense   $ 75     $ 172     $ 178     $ 289     $ 372    
    Depreciation and amortization     4,540       4,565       3,915       3,747       3,821    

      ____________________
    (1) See full description of footnote above.
    (2) Includes one liftboat and one FSV cold-stacked in this region as of September 30, 2024.

    SEACOR MARINE HOLDINGS INC.
     UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)

     
        Three Months Ended  
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Middle East and Asia                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 17,825     $ 17,083     $ 16,934     $ 17,590     $ 16,313  
    Fleet utilization     71 %     82 %     71 %     69 %     67 %
    Fleet available days     1,288       1,296       1,365       1,461       1,472  
    Out-of-service days for repairs, maintenance and drydockings     229       168       224       360       297  
    Operating Revenues:                              
    Time charter   $ 16,411     $ 18,073     $ 16,477     $ 17,729     $ 16,087  
    Other marine services     375       619       350       539       267  
          16,786       18,692       16,827       18,268       16,354  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     5,769       6,930       5,963       5,522       5,157  
    Repairs and maintenance     3,318       3,443       2,712       2,590       2,623  
    Drydocking     832       707       1,483       624       1,056  
    Insurance and loss reserves     927       798       618       1,022       711  
    Fuel, lubes and supplies     1,043       1,103       1,198       1,242       743  
    Other     1,131       989       1,000       1,133       943  
          13,020       13,970       12,974       12,133       11,233  
    Direct Vessel Profit(1)   $ 3,766     $ 4,722     $ 3,853     $ 6,135     $ 5,121  
    Other Costs and Expenses:                              
    Lease expense   $ 73     $ 71     $ 85     $ 158     $ 59  
    Depreciation and amortization     3,261       3,247       3,496       3,643       3,721  
                                   
    Latin America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 21,984     $ 22,437     $ 28,308     $ 20,745     $ 20,656  
    Fleet utilization     63 %     71 %     58 %     84 %     87 %
    Fleet available days(2)     828       808       938       809       766  
    Out-of-service days for repairs, maintenance and drydockings     94       41       1       —       67  
    Operating Revenues:                              
    Time charter   $ 11,500     $ 12,832     $ 15,274     $ 14,049     $ 13,817  
    Bareboat charter     372       364       364       368       368  
    Other marine services     620       1,727       1,598       143       176  
          12,492       14,923       17,236       14,560       14,361  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     3,791       3,383       4,745       3,645       2,985  
    Repairs and maintenance     1,517       1,761       2,438       1,388       1,021  
    Drydocking     1,940       1,707       1,223       336       (70 )
    Insurance and loss reserves     259       539       390       209       217  
    Fuel, lubes and supplies     2,053       827       1,371       786       773  
    Other     465       419       671       522       367  
          10,025       8,636       10,838       6,886       5,293  
    Direct Vessel Profit(1)   $ 2,467     $ 6,287     $ 6,398     $ 7,674     $ 9,068  
    Other Costs and Expenses:                              
    Lease expense   $ 76     $ 102     $ 80     $ 91     $ 104  
    Depreciation and amortization     1,933       1,933       2,721       2,153       2,110  

     _______________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)

        Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023    
    AHTS                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 10,316     $ 8,125     $ 8,538     $ 8,937     $ 9,947    
    Fleet utilization     46 %     49 %     75 %     64 %     50 %  
    Fleet available days     334       364       364       368       368    
    Out-of-service days for repairs, maintenance and drydockings     87       29       —       41       111    
    Out-of-service days for cold-stacked status     58       91       91       92       54    
    Operating Revenues:                                
    Time charter   $ 1,576     $ 1,459     $ 2,331     $ 2,102     $ 1,831    
    Other marine services     13       219       —       6       930    
          1,589       1,678       2,331       2,108       2,761    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 981     $ 1,045     $ 1,064     $ 944     $ 1,019    
    Repairs and maintenance     239       465       220       612       484    
    Drydocking     436       280       68       58       747    
    Insurance and loss reserves     66       97       43       73       88    
    Fuel, lubes and supplies     90       69       616       375       428    
    Other     263       230       287       295       378    
          2,075       2,186       2,298       2,357       3,144    
    Other Costs and Expenses:                                
    Lease expense   $ 4     $ 164     $ 171     $ 253     $ 331    
    Depreciation and amortization     175       175       175       175       249    
                                     
    FSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 13,102     $ 12,978     $ 11,834     $ 11,841     $ 11,441    
    Fleet utilization     81 %     80 %     72 %     74 %     79 %  
    Fleet available days     2,024       2,002       2,002       2,105       2,116    
    Out-of-service days for repairs, maintenance and drydockings     96       128       216       337       227    
    Out-of-service days for cold-stacked status     83       36       91       92       69    
    Operating Revenues:                                
    Time charter   $ 21,606     $ 20,698     $ 17,081     $ 18,502     $ 19,135    
    Other marine services     1,012       516       126       163       652    
          22,618       21,214       17,207       18,665       19,787    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,637     $ 5,829     $ 5,649     $ 5,320     $ 5,144    
    Repairs and maintenance     4,378       4,572       3,093       2,691       2,787    
    Drydocking     448       457       1,869       1,710       870    
    Insurance and loss reserves     532       546       277       507       185    
    Fuel, lubes and supplies     1,962       993       1,051       1,441       1,501    
    Other     2,238       1,850       1,649       1,632       1,552    
          15,195       14,247       13,588       13,301       12,039    
    Other Costs and Expenses:                                
    Depreciation and amortization   $ 4,744     $ 4,746     $ 4,744     $ 4,879     $ 5,002    
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)

        Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023    
    PSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 21,819     $ 20,952     $ 19,133     $ 19,778     $ 19,528    
    Fleet utilization     58 %     66 %     53 %     77 %     78 %  
    Fleet available days(1)     1,932       1,900       1,911       1,902       1,870    
    Out-of-service days for repairs, maintenance and drydockings     349       291       307       109       110    
    Operating Revenues:                                
    Time charter   $ 24,488     $ 26,390     $ 19,390     $ 29,140     $ 28,580    
    Bareboat charter     372       364       364       368       368    
    Other marine services     2,855       2,266       416       595       696    
          27,715       29,020       20,170       30,103       29,644    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 9,360     $ 8,979     $ 8,850     $ 9,017     $ 8,793    
    Repairs and maintenance     3,798       3,151       4,393       3,520       2,504    
    Drydocking     2,629       2,616       3,386       472       232    
    Insurance and loss reserves     636       1,037       395       690       682    
    Fuel, lubes and supplies     3,594       1,575       1,889       1,027       2,352    
    Other     2,821       1,850       1,395       1,922       1,761    
          22,838       19,208       20,308       16,648       16,324    
    Other Costs and Expenses:                                
    Lease expense   $ (3 )   $ 3     $ —     $ —     $ —    
    Depreciation and amortization     4,117       4,128       4,073       4,073       4,073    

    ___________________
    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)

        Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023    
    Liftboats                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 36,423     $ 43,204     $ 53,506     $ 40,181     $ 39,419    
    Fleet utilization     58 %     54 %     53 %     52 %     59 %  
    Fleet available days     736       728       728       795       828    
    Out-of-service days for repairs, maintenance and drydockings     109       143       78       60       111    
    Out-of-service days for cold-stacked status     92       91       91       162       137    
    Operating Revenues:                                
    Time charter   $ 15,643     $ 17,102     $ 20,461     $ 16,754     $ 19,122    
    Other marine services     1,142       666       1,772       4,666       4,710    
          16,785       17,768       22,233       21,420       23,832    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,926     $ 6,842     $ 6,140     $ 5,316     $ 4,983    
    Repairs and maintenance     1,531       2,054       2,035       769       1,643    
    Drydocking     2,555       2,857       1,383       321       (81 )  
    Insurance and loss reserves     1,334       1,482       1,282       1,554       1,148    
    Fuel, lubes and supplies     928       1,329       967       838       766    
    Other     473       519       343       531       445    
          12,747       15,083       12,150       9,329       8,904    
    Other Costs and Expenses:                                
    Depreciation and amortization     3,866       3,865       3,866       3,867       4,099    
                                     
    Other Activity                                
    Operating Revenues:                                
    Other marine services   $ 209     $ 187     $ 829     $ 787     $ 876    
          209       187       829       787       876    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 36     $ (1,129 )   $ (33 )   $ 1,483     $ 4    
    Repairs and maintenance     (1 )     2       22       12       —    
    Insurance and loss reserves     16       (63 )     (259 )     120       (270 )  
    Fuel, lubes and supplies     —       —       —       2       —    
    Other     1       (14 )     25       17       (3 )  
          52       (1,204 )     (245 )     1,634       (269 )  
    Other Costs and Expenses:                                
    Lease expense   $ 363     $ 319     $ 310     $ 426     $ 320    
    Depreciation and amortization     26       25       24       28       39    
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)

     
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    ASSETS                              
    Current Assets:                              
    Cash and cash equivalents   $ 35,601     $ 40,605     $ 59,593     $ 67,455     $ 55,840  
    Restricted cash     2,263       2,255       2,566       16,676       2,796  
    Receivables:                              
    Trade, net of allowance for credit loss     76,497       70,770       58,272       63,728       63,246  
    Other     7,841       6,210       12,210       11,049       8,662  
    Tax receivable     983       983       983       983       445  
    Inventories     3,139       3,117       2,516       1,609       1,738  
    Prepaid expenses and other     4,840       5,659       3,425       2,686       2,957  
    Assets held for sale     —       500       500       500       6,093  
    Total current assets     131,164       130,099       140,065       164,686       141,777  
    Property and Equipment:                              
    Historical cost     921,445       921,443       919,139       918,823       936,520  
    Accumulated depreciation     (362,604 )     (349,799 )     (337,001 )     (324,141 )     (318,549 )
          558,841       571,644       582,138       594,682       617,971  
    Construction in progress     11,935       11,518       13,410       10,362       9,413  
    Net property and equipment     570,776       583,162       595,548       605,044       627,384  
    Right-of-use asset – operating leases     3,575       3,683       3,988       4,291       4,907  
    Right-of-use asset – finance leases     19       28       29       37       45  
    Investments, at equity, and advances to 50% or less owned companies     2,046       2,641       3,122       4,125       3,857  
    Other assets     1,864       1,953       2,094       2,153       2,095  
    Total assets   $ 709,444     $ 721,566     $ 744,846     $ 780,336     $ 780,065  
    LIABILITIES AND EQUITY                              
    Current Liabilities:                              
    Current portion of operating lease liabilities   $ 494     $ 861     $ 1,285     $ 1,591     $ 1,856  
    Current portion of finance lease liabilities     17       26       33       35       35  
    Current portion of long-term debt     28,605       28,605       28,605       28,365       28,005  
    Accounts payable     22,744       17,790       23,453       27,562       32,468  
    Other current liabilities     28,808       23,795       21,067       19,533       21,340  
    Total current liabilities     80,668       71,077       74,443       77,086       83,704  
    Long-term operating lease liabilities     3,221       3,276       3,390       3,529       3,571  
    Long-term finance lease liabilities     4       5       —       6       15  
    Long-term debt     272,325       277,740       281,989       287,544       291,843  
    Deferred income taxes     26,802       30,083       33,873       35,718       33,078  
    Deferred gains and other liabilities     1,416       1,447       2,285       2,229       2,217  
    Total liabilities     384,436       383,628       395,980       406,112       414,428  
    Equity:                              
    SEACOR Marine Holdings Inc. stockholders’ equity:                              
    Common stock     287       286       286       280       280  
    Additional paid-in capital     477,661       476,020       474,433       472,692       471,158  
    Accumulated deficit     (154,374 )     (138,028 )     (125,609 )     (102,425 )     (108,154 )
    Shares held in treasury     (8,110 )     (8,110 )     (8,071 )     (4,221 )     (4,221 )
    Accumulated other comprehensive income, net of tax     9,223       7,449       7,506       7,577       6,253  
          324,687       337,617       348,545       373,903       365,316  
    Noncontrolling interests in subsidiaries     321       321       321       321       321  
    Total equity     325,008       337,938       348,866       374,224       365,637  
    Total liabilities and equity   $ 709,444     $ 721,566     $ 744,846     $ 780,336     $ 780,065  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)

              Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Cash Flows from Operating Activities:                              
    Net (Loss) Income   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729     $ (883 )
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:                              
    Depreciation and amortization     12,928       12,939       12,882       13,022       13,462  
    Deferred financing costs amortization     298       297       295       279       459  
    Stock-based compensation expense     1,604       1,587       1,645       1,510       1,540  
    Debt discount amortization     2,061       1,993       1,926       1,862       1,714  
    Allowance for credit losses     101       39       3       266       594  
    (Gain) loss from equipment sales, retirements or impairments     (1,821 )     (37 )     1       (18,057 )     512  
    Losses on debt extinguishment     —       —       —       —       177  
    Derivative (gains) losses     (67 )     (104 )     543       (608 )     —  
    Interest on finance lease     —       1       —       1       59  
    Settlements on derivative transactions, net     —       —       164       —       197  
    Currency losses (gains)     1,717       560       80       1,276       (571 )
    Deferred income taxes     (3,281 )     (3,790 )     (1,845 )     2,640       (960 )
    Equity (earnings) losses     (1,012 )     (966 )     1,100       (374 )     (2,273 )
    Dividends received from equity investees     1,498       1,418       —       166       1,031  
    Changes in Operating Assets and Liabilities:                              
    Accounts receivables     (7,411 )     (6,928 )     4,291       (3,472 )     (747 )
    Other assets     1,032       (2,395 )     (1,290 )     733       493  
    Accounts payable and accrued liabilities     9,325       (4,378 )     (3,895 )     (6,456 )     (7,705 )
    Net cash provided by (used in) operating activities     626       (12,247 )     (7,169 )     (1,483 )     7,099  
    Cash Flows from Investing Activities:                              
    Purchases of property and equipment     (210 )     (658 )     (3,416 )     (3,644 )     (6,455 )
    Proceeds from disposition of property and equipment     2,331       86       —       36,692       —  
    Net investing activities in property and equipment     2,121       (572 )     (3,416 )     33,048       (6,455 )
    Principal payments on notes due from others     —       —       —       —       5,000  
    Net cash provided by (used in) investing activities     2,121       (572 )     (3,416 )     33,048       (1,455 )
    Cash Flows from Financing Activities:                              
    Payments on long-term debt     (7,770 )     (6,533 )     (7,530 )     (6,173 )     (4,901 )
    Payments on debt extinguishment     —       —       —       —       (104,832 )
    Payments on debt extinguishment cost     —       —       —       —       (1,827 )
    Proceeds from issuance of long-term debt, net of issue costs     —       —       —       87       121,207  
    Payments on finance leases     (10 )     (9 )     (9 )     (9 )     (204 )
    Proceeds from issuance of common stock, net of issue costs     —       —       —       24       —  
    Proceeds from exercise of stock options     38       102       —       —       —  
    Tax withholdings on restricted stock vesting     —       (39 )     (3,850 )     —       —  
    Net cash (used in) provided by financing activities     (7,742 )     (6,479 )     (11,389 )     (6,071 )     9,443  
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents     (1 )     (1 )     2       1       3  
    Net Change in Cash, Restricted Cash and Cash Equivalents     (4,996 )     (19,299 )     (21,972 )     25,495       15,090  
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period     42,860       62,159       84,131       58,636       43,546  
    Cash, Restricted Cash and Cash Equivalents, End of Period   $ 37,864     $ 42,860     $ 62,159     $ 84,131     $ 58,636  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS

     
        Owned     Leased-in     Managed     Total  
    September 30, 2024                        
    AHTS     2       1       —       3  
    FSV     22       —       1       23  
    PSV     21       —       —       21  
    Liftboats     8       —       —       8  
          53       1       1       55  
    December 31, 2023                        
    AHTS     3       1       —       4  
    FSV     22       —       3       25  
    PSV     21       —       —       21  
    Liftboats     8       —       —       8  
          54       1       3       58  

    The MIL Network –

    January 25, 2025
  • MIL-OSI United Kingdom: Russia should end the war now instead of sending other countries’ sons to die: UK statement at the UN Security Council

    Source: United Kingdom – Government Statements

    Statement by Ambassador Barbara Woodward, UK Permanent Representative to the UN, at the UN Security Council meeting on maintenance of peace and security of Ukraine.

    Location:
    United Nations, New York
    Delivered on:
    30 October 2024 (Transcript of the speech, exactly as it was delivered)

    When Russia invaded Ukraine, almost 1000 days ago, the General Assembly was clear in its condemnation: it deplored Russia’s aggression in the strongest terms, demanded its full withdrawal and declared Russia’s invasion to be in violation of the UN Charter.

    Only five countries voted against, including the Democratic People’s Republic of Korea.

    Today the DPRK’s support for Russia goes even further. Pyongyang provides significant support to Russia by supplying munitions, arms, and other materiel, and now 10,000 troops have arrived in Russia, with a significant number believed to be deploying to Kursk.

    In addition to aiding Russia’s ongoing violation of the UN Charter, and a UN Member State’s sovereignty and territorial integrity, this cooperation between Russia and the DPRK is a direct violation of multiple UN Security Council resolutions.

    Russia voted for these resolutions. Now it violates them. This undermines not only international peace and security, but also the Security Council itself.

    Council members have repeatedly condemned these violations, yet the transfers continue.

    This latest development, Russia’s training and deployment of DPRK troops, is a significant step further for both countries. Russia has now suffered over 600,000 casualties. Instead of sending other countries’ sons to die for the imperialistic whims of one man, they should end the war now.

    Russia is not just paying for this invasion in the lives of young men. Defence and security will consume over 40% of state spending next year. 

    We can be sure that DPRK will be extracting a high price from Russia in return for the transfer of its troops, including military assistance. This risks further raising tensions on the Korean peninsula and undermining regional security in the Indo-Pacific.

    A DPRK with improved military technology and enhanced capacity to export weapons, could fuel instability in vulnerable conflict areas around the world.  An escalation of violence and expansion of the battlefield is in no one’s interest.

    It is clear that a desperate and impoverished Russia needs external support for this war to continue. Any country providing assistance to Russia’s aggression is thereby prolonging Russia’s illegal war.

    But Russia’s desperation will not deter our resolve to support Ukraine to exercise its right to self-defence in line with the UN Charter, and to protect their people and sovereignty.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI USA: Congressman Raja Krishnamoorthi Presents Veterans of the Vietnam War with Lapel Pins Honoring their Service as 50-Year Anniversary of War’s End Approaches

    Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

    St. Charles, IL – Today, Congressman Raja Krishnamoorthi (D-IL) presented veterans from the U.S. military with lapel pins honoring the upcoming 50-year anniversary of the end of American military involvement during the Vietnam War. The ceremony, which took place at Veterans of Foreign Wars (VFW) Post 5036 in St. Charles, was attended by veterans of several branches of the military and American Legion Post 342 Commander Joe Morgan. Earlier this year, Congressman Krishnamoorthi championed the passage of bipartisan legislation that renamed the town’s post office to the Veterans of the Vietnam War Memorial Post Office to honor those who served the country in Vietnam.

    “The debt of gratitude our country owes to those who have risked so much for our nation in uniform is immeasurable,” Congressman Krishnamoorthi said. “As the 50-year anniversary of the Vietnam War’s end approaches, now is a special time to honor the millions of Americans who served our country in uniform during the conflict. It was a privilege to meet and speak to so many of these heroes this morning, and an honor to recognize their service as we show them that our grateful nation will never forget their courage, commitment, and sacrifice.”

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI Security: Marion Man Sentenced to 262 Months in Prison

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    FORT WAYNE–James Darquan McCreary, 45 years old, of Fort Wayne, Indiana, was sentenced by United States District Court Chief Judge Holly A. Brady after pleading guilty to possessing with intent to distribute cocaine and possessing a firearm as a convicted felon, announced United States Attorney Clifford D. Johnson.

    McCreary was sentenced to 262 months in prison followed by 8 years of supervised release. 

    According to documents in the case, in March 2020, McCreary possessed more than 500 grams of cocaine that was intended for distribution and illegally possessed firearms as a convicted felon.  McCreary was determined to be a career offender based on his prior felony battery and robbery convictions from Grant County, Indiana.  

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives, the J.E.A.N. (Joint Effort Against Narcotics) Team Drug Task Force, the Indiana State Police, the Marion Police Department, the Grant County Sheriff’s Department, the Grant County Prosecuting Attorney’s Office, the Cass County Sheriff’s Department, and the Wabash County Sheriff’s Department.  The case was prosecuted by Assistant United States Attorney Anthony W. Geller.

    MIL Security OSI –

    January 25, 2025
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