Category: Business

  • MIL-OSI Australia: $41 million in payroll tax-free wages claimed under Bulk-Billing Support Initiative, supporting primary healthcare

    Source: New South Wales Premiere

    Published: 4 February 2025

    Released by: Minister for Finance, Minister for Health


    Bulk-billing GPs have claimed more than $41 million in payroll tax-free wages under the Minns Labor Government’s Bulk-Billing Support Initiative in the first three months.

    This allows GP clinics to keep offering bulk-billed appointments and ensure primary healthcare is affordable and available to families and households across NSW.

    Between 4 September 2024 and 31 December 2024 clinics claimed a rebate on $41,575,708 of GP wages, resulting in a $2,244,205 payroll tax rebate.

    GP clinics in metropolitan Sydney have claimed 55 per cent of the payroll tax rebate, while clinics in the rest of the state have claimed the remaining 45 per cent.

    Under the $189 million initiative, the NSW Government established an ongoing payroll tax rebate for clinics employing contractor GPs which meet bulk-billing thresholds. It also waived $104 million of historical payroll tax liabilities which began accruing under the previous Liberal-National Government.

    Before creating the Bulk-Billing Support Initiative, medical peak bodies warned that without action on the historical tax liabilities GP clinics would close and that half of clinics were prepared to pass on a $20 fee to patients to cover their tax obligations.

    The eligibility threshold for the payroll tax rebate – 80% in metropolitan Sydney and 70% in other areas of NSW – was designed to support current bulk-billing levels, provide accessible and affordable primary healthcare, and relieve pressure on the state’s emergency departments.

    The Bulk-Billing Support Initiative is the first time the NSW government has intervened to support bulk-billing. It is designed to relieve pressure on emergency departments, with NSW Health estimating that a 1 per cent decrease in bulk-billing equates to around 3,000 additional emergency presentations.

    Revenue NSW expects more clinics to register throughout the year, and claim part of their annual return at the end of the 2024-25 financial year.

    The Bulk-Billing Support Initiative’s tax rebate covers GP appointments which are bulk-billed to patients covered by Medicare or veterans with a Gold, White or Orange DVA card.

    Quotes attributable to Minister for Health Ryan Park:

    “The lack of access and availability of bulk-billing GPs is taking an enormous toll on our hospitals.

    “This initiative is critical to alleviating pressure on our emergency departments.”

    Quotes attributable to Minister for Finance Courtney Houssos:

    “This is the first time the NSW Government has made a strategic investment to support bulk-billing rates.

    “By relieving cost pressures on GP clinics, they can keep bulk-billed appointments available and accessible to patients.

    “This is an important step as we roll out the Bulk-Billing Support Initiative and shows the government is delivering important cost-of-living relief to families and households across NSW.

    “It’s encouraging to see clinics begin to take up the Bulk-Billing Support Initiative. As we progress through the year we expect to see more clinics claiming the rebate and the benefits flowing to patients and their families.”

    MIL OSI News

  • MIL-OSI Security: Delaware County Man Convicted at Trial of Defrauding Pandemic Relief Programs of $8.4 Million

    Source: Office of United States Attorneys

    PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Francis J. Battista, 39, of Aston, Pennsylvania, was convicted at trial on all charges against him — 12 counts of wire fraud, three counts of aggravated identity theft, and seven counts of money laundering — for defrauding federal COVID-19 assistance programs of $8.4 million. United States District Court Judge Paul S. Diamond remanded the defendant into custody following the verdict on Friday afternoon.

    Battista was charged by indictment with these offenses in June of 2022.

    As proven at trial, between March 2020 and June 2021, the defendant fraudulently applied for 19 loans from the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, seeking over $10 million in proceeds. PPP and EIDL were federal government programs intended to provide emergency financial assistance to small businesses and their workers, who were suffering the economic effects of the COVID-19 pandemic.

    Battista applied for one fraudulent PPP loan using his own name, and submitted fake and fabricated documents in support of the application. For the rest of his applications, he used other people’s names and personal identifying information on applications and the bogus support documents submitted in support of those applications. In one instance, Battista falsely renewed the Pennsylvania photo ID card of a deceased family friend, had it mailed to his house, and then used it to apply for a PPP loan.

    Nine of Battista’s 19 loan applications were funded, with the defendant receiving $8.4 million in PPP payments. Battista used the proceeds of the loans to attempt to purchase waterfront property in Florida, buy a Range Rover, engage in risky stock trading that resulted in millions of dollars of losses, and pay for his children’s private school, among other unauthorized expenses.

    The government has located and seized $6.3 million of those funds through forfeiture proceedings.

    Battista will be sentenced on a date to be determined and faces a maximum possible sentence of 316 years in prison.

    “Frank Battista tried to cash in on a public health crisis, diverting federal money meant to support businesses and workers hobbled by the pandemic,” said U.S. Attorney Romero. “He didn’t care that he was defrauding the government and all of us taxpayers — he just wanted to live larger on somebody else’s dime. As his case shows, my office and our partners are committing to prosecuting these shameless COVID crooks and holding them fully accountable.”

    “Mr. Battista took advantage of our nation’s generosity in a time of need by fraudulently applying for and obtaining COVID-19 program funds,” said Yury Kruty, Special Agent in Charge of IRS-Criminal Investigation.  “IRS-CI, along with our law enforcement partners, will continue to aggressively investigate those who scheme to exploit federal relief programs for their personal gain.”  

    “The Secret Service is proud to work alongside our federal partners to bring these defendants to justice,” said Glenn M. Dennis, Special Agent in Charge of the U.S. Secret Service. “Criminals exploiting the Paycheck Protection Program and Economic Injury Disaster Loan Program steal valuable funds from the American taxpayer and from businesses who rightfully needed these programs to continue operation during the pandemic. The Secret Service is committed to continuing our work with federal, state, and local law enforcement to track down and prosecute those who abused the PPP and EDIL Programs.”

    The case was investigated by the U.S. Treasury Inspector General for Tax Administration, U.S. Small Business Administration Office of Inspector General, Internal Revenue Service Criminal Investigation, and the U.S. Secret Service. The case is being prosecuted by Assistant United States Attorneys Nancy E. Potts and Eric D. Gill.

    MIL Security OSI

  • MIL-OSI Security: Paving Contractor Sentenced for Tax Evasion

    Source: Office of United States Attorneys

    BOSTON – The owner of a paving company doing business north of Boston was sentenced on Jan. 30, 2025 for a multi-year income tax evasion scheme.

    Richard Cooper, 71, of Billerica, was sentenced by U.S. District Court Judge Denise J. Casper to six months in prison to be followed by two years of supervised release. Cooper was also ordered to pay $989,819 in restitution to the Internal Revenue Service. In October 2024, Cooper pleaded guilty to four counts of tax evasion.

    From 2017 to 2020, in addition to depositing customer payments into bank accounts in the name of his company, Rick Cooper Paving, Cooper also cashed more than $5.1 million in customer checks. When Cooper had his taxes prepared, he did not tell his preparer about the checks he was cashing, resulting in his tax returns underreporting the business’ gross receipts by millions. As a result, Cooper kept over $1.1 million that he should have paid in federal and state income taxes.

    United States Attorney Leah B. Foley and Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office made the announcement today. Assistant U.S. Attorney Kriss Basil, Deputy Chief of the Securities, Financial & Cyber Fraud Unit prosecuted the case.
     

    MIL Security OSI

  • MIL-OSI: NXP Semiconductors Reports Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, Feb. 03, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the fourth quarter and full-year, which ended December 31, 2024. “NXP delivered full-year 2024 revenue of $12.61 billion, a decrease of 5 percent year-on-year. In the fourth quarter, revenue was $3.11 billion, a decrease of 9 percent year-on-year, modestly above the mid-point of our guidance range. In review, NXP delivered resilient results throughout 2024, reflecting solid execution, consistent gross margin, and healthy free cash flow generation despite a challenging market environment. We rigorously focus on managing what is in our control, to navigate a soft landing while executing our growth strategy,” said Kurt Sievers, NXP President and Chief Executive Officer.

    Key Highlights for the Fourth Quarter and Full-year 2024:

    • Fourth quarter revenue was $3.11 billion, down 9 percent year-on-year. Full-year revenue was 12.61 billion, down 5 percent year-on-year;
    • Fourth quarter GAAP gross margin was 53.9 percent, GAAP operating margin was 21.7 percent and GAAP diluted Net Income per Share was $1.93. Full year GAAP gross margin was 56.4 percent, GAAP operating margin was 27.1 percent and GAAP diluted Net Income per Share was $9.73;
    • Fourth quarter Non-GAAP gross margin was 57.5 percent, non-GAAP operating margin was 34.2 percent, and non-GAAP diluted Net Income per Share was $3.18. Full-year Non-GAAP gross margin was 58.1 percent, non-GAAP operating margin was 34.6 percent, and non-GAAP diluted Net Income per Share was $13.09;
    • Fourth quarter cash flow from operations was $391 million, with net capex investments of $99 million, resulting in non-GAAP free cash flow of $292 million. Full-year cash flow from operations was $2,782 million, with net capex investments of $693 million, resulting in non-GAAP free cash flow of $2,089 million;
    • During the fourth quarter of 2024, NXP continued to execute its capital return policy with the payment of $258 million in cash dividends, and the repurchase of $455 million of its common shares. The total capital return of $713 million in the quarter represented 244 percent of fourth quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return to shareholders represented $2.4 billion or 115 percent of non-GAAP free cash flow. The interim dividend for the fourth quarter 2024 was paid in cash on January 8, 2025 to shareholders of record as of December 5, 2024. Subsequent to the end of the fourth quarter, between January 1, 2025 and January 31, 2025, NXP executed via a 10b5-1 program additional share repurchases totaling $101 million;
    • On October 15, 2024, NXP introduced the S32J family of high-performance automotive Ethernet switches and network controllers to enable the next generation of software-defined vehicle development (SDV). The S32J family shares a common switch core with the NXP S32 portfolio of automotive processing devices to maximize software re-use and simplify network configuration and integration;
    • On October 23, 2024, NXP announced Audi has adopted the Trimension® NCJ29Dx Ultra Wide Band (UWB) product family in its advanced UWB platform delivering precise and secure real-time localization to enable hands-free secure car access via smart mobile device and other UWB-based features. Cars featuring NXP’s Trimension UWB devices, including the Audi Q6 e-tron, will hit the road in 2024;
    • On November 12, 2024, NXP announced the i.MX 94 family, the newest addition to its i.MX 9 series of applications processors, designed for industrial control, telematics, gateways, and building and energy control. The i.MX94 family includes Ethernet Time Sensitive Networking (TSN) switching capabilities;
    • On November 12, 2024, NXP announced industry-first wireless battery management system (BMS) based on Ultra-Wideband (UWB) connectivity, expanding its “FlexCom” family of wired and wireless BMS solutions. The new UWB-based BMS solutions enable increased battery energy density, decoupling the mechanical and electrical development for faster time to market;
    • On December 17, 2024, NXP announced it had entered into an definitive agreement to acquire Aviva Links, a provider of Automotive SerDes Alliance (ASA) compliant in-vehicle connectivity solutions in an all-cash transaction valued at $242.5 million. The acquisition of Aviva Links expands NXP’s market leading in-vehicle networking (IVN) portfolio with the industry’s most advanced ASA compliant portfolio, supporting SerDes point-to-point (ASA-ML) and Ethernet-based connectivity (ASA-MLE) with data rates up to 16 Gbps;
    • On January 7, 2025, NXP announced it had entered into an definitive agreement to acquire TT Tech Auto, a leader in safety-critical systems and middleware for software-defined vehicles (SDVs). The all-cash transaction is valued at $625 million, and accelerates the NXP CoreRide platform, enabling automakers to reduce complexity, maximize system performance and shorten time to market. TT Tech Auto’s MotionWise middleware platform has a proven industry track record and is designed to manage the interconnected systems in SDVs, prioritizing safety-critical functions while ensuring seamless integration.

    Summary of Reported Fourth Quarter and Full-year 2024 ($ millions, unaudited) (1)

      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Total Revenue $ 3,111   $ 3,250   $ 3,422   -4 % -9 % $ 12,614   $ 13,276   -5 %
    GAAP Gross Profit $ 1,678   $ 1,866   $ 1,937   -10 % -13 % $ 7,119   $ 7,553   -6 %
    Gross Profit Adjustments (i) $ (111 ) $ (26 ) $ (73 )     $ (213 ) $ (209 )  
    Non-GAAP Gross Profit $ 1,789   $ 1,892   $ 2,010   -5 % -11 % $ 7,332   $ 7,762   -6 %
    GAAP Gross Margin   53.9 %   57.4 %   56.6 %       56.4 %   56.9 %  
    Non-GAAP Gross Margin   57.5 %   58.2 %   58.7 %       58.1 %   58.5 %  
    GAAP Operating Income (Loss) $ 675   $ 990   $ 907   -32 % -26 % $ 3,417   $ 3,661   -7 %
    Operating Income Adjustments (i) $ (390 ) $ (163 ) $ (312 )     $ (952 ) $ (1,001 )  
    Non-GAAP Operating Income $ 1,065   $ 1,153   $ 1,219   -8 % -13 % $ 4,369   $ 4,662   -6 %
    GAAP Operating Margin   21.7 %   30.5 %   26.5 %       27.1 %   27.6 %  
    Non-GAAP Operating Margin   34.2 %   35.5 %   35.6 %       34.6 %   35.1 %  
    GAAP Net Income (Loss) attributable to Stockholders $ 495   $ 718   $ 697       $ 2,510   $ 2,797    
    Net Income Adjustments (i) $ (322 ) $ (172 ) $ (269 )     $ (866 ) $ (864 )  
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 817   $ 890   $ 966       $ 3,376   $ 3,661    
    GAAP diluted Net Income (Loss) per Share (ii) $ 1.93   $ 2.79   $ 2.68       $ 9.73   $ 10.70    
    Non-GAAP diluted Net Income (Loss) per Share (ii) $ 3.18   $ 3.45   $ 3.71       $ 13.09   $ 14.01    
    Additional information                
      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Automotive $ 1,790 $ 1,829 $ 1,899 -2 % -6 % $ 7,151 $ 7,484 -4 %
    Industrial & IoT $ 516 $ 563 $ 662 -8 % -22 % $ 2,269 $ 2,351 -3 %
    Mobile $ 396 $ 407 $ 406 -3 % -2 % $ 1,497 $ 1,327 13 %
    Comm. Infra. & Other $ 409 $ 451 $ 455 -9 % -10 % $ 1,697 $ 2,114 -20 %
    DIO   151   149   132          
    DPO   65   60   72          
    DSO   30   30   24          
    Cash Conversion Cycle   116   119   84          
    Channel Inventory (weeks)   8   8   7          
    Gross Financial Leverage (iii) 2.1x 1.9x 2.1x          
    Net Financial Leverage (iv) 1.5x 1.3x 1.3x          
                     
    1. Additional Information for the Fourth Quarter and Full-year 2024:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.
      5. Guidance for the First Quarter 2025: ($ millions, except Per Share data) (1)

          Guidance Range
          GAAP   Reconciliation   non-GAAP
          Low   Mid   High       Low   Mid   High
        Total Revenue $2,725   $2,825   $2,925       $2,725   $2,825   $2,925  
        Q-Q -12%   -9%   -6%       -12%   -9%   -6%  
        Y-Y -13%   -10%   -6%       -13%   -10%   -6%  
        Gross Profit $1,489   $1,559   $1,630   $(31)   $1,520   $1,590   $1,661  
        Gross Margin 54.6%   55.2%   55.7%       55.8%   56.3%   56.8%  
        Operating Income (loss) $652   $712   $773   $(178)   $830   $890   $951  
        Operating Margin 23.9%   25.2%   26.4%       30.5%   31.5%   32.5%  
        Financial Income (expense) $(90)   $(90)   $(90)   $(10)   $(80)   $(80)   $(80)  
        Tax rate 18.0%-19.0%       17.0%-18.0%
        Equity-accounted investees $(4)   $(4)   $(4)   $(3)   $(1)   $(1)   $(1)  
        Non-controlling interests $(5)   $(5)   $(5)       $(5)   $(5)   $(5)  
        Shares – diluted 256.0   256.0   256.0       256.0   256.0   256.0  
        Earnings Per Share – diluted $1.75   $1.95   $2.14       $2.39   $2.59   $2.79  
                                     

        Note (1) Additional Information:

        1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(7) million; Share-based Compensation, $(16) million; Other Incidentals, $(8) million;
        2. GAAP Operating Income (loss) is expected to include PPA effects, $(35) million; Share-based Compensation, $(128) million; Restructuring and Other Incidentals, $(15) million;
        3. GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;
        4. GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(3) million;
        5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for Non-controlling interests & Other and the adjustment on Tax due to the earlier mentioned adjustments.

        NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

        Non-GAAP Financial Measures

        In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

        These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

        In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

        The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

        Conference Call and Webcast Information

        The company will host a conference call with the financial community on Tuesday, February 4, 2025 at 8:00 a.m. U.S. Eastern Standard Time (EST) to review the fourth quarter 2024 results in detail.

        Interested parties may preregister to obtain a user-specific access code for the call here.

        The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

        About NXP Semiconductors

        NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $12.61 billion in 2024. Find out more at www.nxp.com.

        Forward-looking Statements

        This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

        For further information, please contact:

        NXP-CORP

        NXP Semiconductors
        Table 1: Condensed consolidated statement of operations (unaudited)

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
                           
        Revenue $ 3,111     $ 3,250     $ 3,422     $ 12,614     $ 13,276  
        Cost of revenue   (1,433 )     (1,384 )     (1,485 )     (5,495 )     (5,723 )
        Gross profit   1,678       1,866       1,937       7,119       7,553  
        Research and development   (612 )     (577 )     (651 )     (2,347 )     (2,418 )
        Selling, general and administrative   (323 )     (265 )     (311 )     (1,164 )     (1,159 )
        Amortization of acquisition-related intangible assets   (28 )     (29 )     (63 )     (136 )     (300 )
        Total operating expenses   (963 )     (871 )     (1,025 )     (3,647 )     (3,877 )
        Other income (expense)   (40 )     (5 )     (5 )     (55 )     (15 )
        Operating income (loss)   675       990       907       3,417       3,661  
        Financial income (expense):                  
        Extinguishment of debt                            
        Other financial income (expense)   (91 )     (82 )     (78 )     (318 )     (309 )
        Income (loss) before income taxes   584       908       829       3,099       3,352  
        Benefit (provision) for income taxes   (77 )     (173 )     (124 )     (545 )     (523 )
        Results relating to equity-accounted investees   (2 )     (6 )     (2 )     (12 )     (7 )
        Net income (loss)   505       729       703       2,542       2,822  
        Less: Net income (loss) attributable to non-controlling interests   10       11       6       32       25  
        Net income (loss) attributable to stockholders   495       718       697       2,510       2,797  
                           
        Earnings per share data:                  
        Net income (loss) per common share attributable to stockholders in $        
        Basic $ 1.95     $ 2.82     $ 2.71     $ 9.84     $ 10.83  
        Diluted $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
                           
        Weighted average number of shares of common stock outstanding during the period (in thousands):        
        Basic   254,349       254,458       257,285       255,208       258,381  
        Diluted   256,628       257,717       260,298       257,848       261,370  
                           

        NXP Semiconductors
        Table 2: Condensed consolidated balance sheet (unaudited)

          ($ in millions) As of
            December 31,
        2024
          September 29,
        2024
          December 31,
        2023
        ASSETS          
        Current assets:          
          Cash and cash equivalents $ 3,292   $ 2,748   $ 3,862
          Short-term deposits       400     409
          Accounts receivable, net   1,032     1,070     894
          Inventories, net   2,356     2,234     2,134
          Other current assets   625     574     565
        Total current assets   7,305     7,026     7,864
                     
        Non-current assets:          
          Deferred tax assets   1,251     1,131     992
          Other non-current assets   1,796     1,510     1,297
          Property, plant and equipment, net   3,267     3,309     3,323
          Identified intangible assets, net   836     735     922
          Goodwill   9,930     9,958     9,955
        Total non-current assets   17,080     16,643     16,489
                     
        Total assets   24,385     23,669     24,353
                     
        LIABILITIES AND EQUITY          
        Current liabilities:          
          Accounts payable   1,017     899     1,164
          Restructuring liabilities-current   147     52     92
          Other current liabilities   1,434     1,542     1,855
          Short-term debt   500     499     1,000
        Total current liabilities   3,098     2,992     4,111
                     
        Non-current liabilities:          
          Long-term debt   10,354     9,683     10,175
          Restructuring liabilities   10     4     9
          Other non-current liabilities   1,392     1,246     1,098
        Total non-current liabilities   11,756     10,933     11,282
                     
          Non-controlling interests   348     338     316
          Stockholders’ equity   9,183     9,406     8,644
        Total equity   9,531     9,744     8,960
                   
        Total liabilities and equity   24,385     23,669     24,353
                     

        NXP Semiconductors
        Table 3: Condensed consolidated statement of cash flows (unaudited)

        ($ in millions) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        Cash flows from operating activities:                  
        Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:                  
        Depreciation, amortization and impairment   259       218       269       925       1,106  
        Share-based compensation   117       115       107       461       411  
        Amortization of discount (premium) on debt, net   1                   3       2  
        Amortization of debt issuance costs   2       2       2       7       8  
        Net (gain) loss on sale of assets   (1 )                 (3 )     (1 )
        Results relating to equity-accounted investees   2       6       2       12       7  
        (Gain) loss on equity securities, net   6       7             18       (1 )
        Deferred tax expense (benefit)   (145 )     (40 )     (97 )     (272 )     (267 )
        Changes in operating assets and liabilities:                  
        (Increase) decrease in receivables and other current assets   (25 )     (167 )     (20 )     (207 )     (138 )
        (Increase) decrease in inventories   (122 )     (86 )     6       (222 )     (353 )
        Increase (decrease) in accounts payable and other liabilities   16       118       101       (188 )     (119 )
        (Increase) decrease in other non-current assets   (218 )     (134 )     65       (306 )     16  
        Exchange differences   (1 )     7       7       14       22  
        Other items   (5 )     4       (8 )     (2 )     (2 )
        Net cash provided by (used for) operating activities   391       779       1,137       2,782       3,513  
                           
        Cash flows from investing activities:                  
        Purchase of identified intangible assets   (36 )     (26 )     (44 )     (149 )     (179 )
        Capital expenditures on property, plant and equipment   (130 )     (186 )     (175 )     (727 )     (827 )
        Insurance recoveries received for equipment damage                     2        
        Proceeds from the disposals of property, plant and equipment   1                   4       1  
        Advance payment from sale of property, plant and equipment   30                   30        
        Investment in short-term deposits               (409 )           (409 )
        Proceeds of short-term deposits   400                   409        
        Purchase of investments   (67 )     (159 )     (1 )     (260 )     (94 )
        Proceeds from the sale of investments                     5        
        Net cash provided by (used for) investing activities   198       (371 )     (629 )     (686 )     (1,508 )
                           
        Cash flows from financing activities:                  
        Repurchase of long-term debt                     (1,000 )      
        Proceeds from the issuance of long-term debt   670                   670        
        Cash paid for debt issuance costs   (1 )                 (1 )      
        Dividends paid to common stockholders   (258 )     (259 )     (261 )     (1,038 )     (1,006 )
        Proceeds from issuance of common stock through stock plans   3       39       1       82       71  
        Purchase of treasury shares and restricted stock unit
        withholdings
          (455 )     (305 )     (434 )     (1,373 )     (1,053 )
        Other, net         (1 )           (2 )     (2 )
        Net cash provided by (used for) financing activities   (41 )     (526 )     (694 )     (2,662 )     (1,990 )
                           
        Effect of changes in exchange rates on cash positions   (4 )     7       6       (4 )     2  
        Increase (decrease) in cash and cash equivalents   544       (111 )     (180 )     (570 )     17  
        Cash and cash equivalents at beginning of period   2,748       2,859       4,042       3,862       3,845  
        Cash and cash equivalents at end of period   3,292       2,748       3,862       3,292       3,862  
                           
        Net cash paid during the period for:                  
        Interest   92       27       83       243       261  
        Income taxes, net of refunds   280       196       221       867       919  
        Net gain (loss) on sale of assets:                  
        Cash proceeds from the sale of assets   1                   4       1  
        Book value of these assets                     (1 )      
        Non-cash investing activities:                  
        Non-cash capital expenditures   161       125       266       161       266  
                           

        NXP Semiconductors
        Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Gross Profit $ 1,678     $ 1,866     $ 1,937     $ 7,119     $ 7,553  
        PPA Effects   (11 )     (12 )     (13 )     (47 )     (53 )
        Restructuring   (21 )           (13 )     (28 )     (11 )
        Share-based compensation   (15 )     (14 )     (14 )     (59 )     (54 )
        Other incidentals   (64 )           (33 )     (79 )     (91 )
        Non-GAAP Gross Profit $ 1,789     $ 1,892     $ 2,010     $ 7,332     $ 7,762  
        GAAP Gross margin   53.9 %     57.4 %     56.6 %     56.4 %     56.9 %
        Non-GAAP Gross margin   57.5 %     58.2 %     58.7 %     58.1 %     58.5 %
        GAAP Research and development $ (612 )   $ (577 )   $ (651 )   $ (2,347 )   $ (2,418 )
        Restructuring   (50 )           (49 )     (57 )     (59 )
        Share-based compensation   (60 )     (58 )     (55 )     (234 )     (211 )
        Other incidentals   (5 )           (1 )     (6 )     (5 )
        Non-GAAP Research and development $ (497 )   $ (519 )   $ (546 )   $ (2,050 )   $ (2,143 )
        GAAP Selling, general and administrative $ (323 )   $ (265 )   $ (311 )   $ (1,164 )   $ (1,159 )
        PPA effects         (1 )     (1 )     (2 )     (3 )
        Restructuring   (41 )           (22 )     (40 )     (28 )
        Share-based compensation   (42 )     (43 )     (38 )     (168 )     (146 )
        Other incidentals   (12 )     (2 )     (5 )     (45 )     (32 )
        Non-GAAP Selling, general and administrative $ (228 )   $ (219 )   $ (245 )   $ (909 )   $ (950 )
        GAAP Operating income (loss) $ 675     $ 990     $ 907     $ 3,417     $ 3,661  
        PPA effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )           (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Non-GAAP Operating income (loss) $ 1,065     $ 1,153     $ 1,219     $ 4,369     $ 4,662  
        GAAP Operating margin   21.7 %     30.5 %     26.5 %     27.1 %     27.6 %
        Non-GAAP Operating margin   34.2 %     35.5 %     35.6 %     34.6 %     35.1 %
        GAAP Income tax benefit (provision) $ (77 )   $ (173 )   $ (124 )   $ (545 )   $ (523 )
        Income tax effect   87       9       54       141       170  
        Non-GAAP Income tax benefit (provision) $ (164 )   $ (182 )   $ (178 )   $ (686 )   $ (693 )
        GAAP Net income (loss) attributable to stockholders $ 495     $ 718     $ 697       2,510       2,797  
        PPA Effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )           (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Other adjustments:                      
        Adjustments to financial income (expense)   (17 )     (12 )     (9 )     (43 )     (26 )
        Income tax effect   87       9       54       141       170  
        Results relating to equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Net income (loss) attributable to stockholders $ 817     $ 890     $ 966     $ 3,376     $ 3,661  
                           
                           
        Additional Information:                  
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
                           
        GAAP net income (loss) per common share attributable to stockholders – diluted $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
        PPA Effects   (0.15 )     (0.16 )     (0.30 )     (0.72 )     (1.36 )
        Restructuring   (0.44 )           (0.32 )     (0.48 )     (0.38 )
        Share-based compensation   (0.46 )     (0.45 )     (0.41 )     (1.79 )     (1.57 )
        Other incidentals   (0.47 )     (0.02 )     (0.17 )     (0.70 )     (0.52 )
        Other adjustments:                  
        Adjustments to financial income (expense)   (0.07 )     (0.05 )     (0.03 )     (0.17 )     (0.10 )
        Income tax effect   0.34       0.04       0.21       0.55       0.65  
        Results relating to equity-accounted investees, excluding Foundry investees1         (0.02 )     (0.01 )     (0.05 )     (0.03 )
        Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 3.18     $ 3.45     $ 3.71     $ 13.09     $ 14.01  
                           
                           
        Additional Information:                  
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.


        NXP Semiconductors
        Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Financial income (expense) $ (91 )   $ (82 )   $ (78 )   $ (318 )   $ (309 )
          Foreign exchange loss   3       (3 )     (6 )     (3 )     (15 )
          Other financial expense   (20 )     (9 )     (3 )     (40 )     (11 )
        Non-GAAP Financial income (expense) $ (74 )   $ (70 )   $ (69 )   $ (275 )   $ (283 )
                             

        NXP Semiconductors
        Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Other income (expense) $ (40 )   $ (5 )   $ (5 )   $ (55 )   $ (15 )
          Other incidentals   (41 )     (4 )     (5 )     (51 )     (8 )
        Non-GAAP Other income (expense) $ 1     $ (1 )   $     $ (4 )   $ (7 )
                           

        NXP Semiconductors
        Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Results relating to equity-accounted investees $ (2 )   $ (6 )   $ (2 )   $ (12 )   $ (7 )
          Results of equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Results relating to equity-accounted investees $     $     $     $     $  
                           
        Additional Information:
        1. We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

        NXP Semiconductors
        Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

        ($ in millions) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Reconciling items to EBITDA (Non-GAAP)                  
        Financial (income) expense   91       82       78       318       309  
        (Benefit) provision for income taxes   77       173       124       545       523  
        Depreciation and impairment   190       149       167       630       652  
        Amortization   69       69       102       295       454  
        EBITDA (Non-GAAP) $ 932     $ 1,202     $ 1,174     $ 4,330     $ 4,760  
        Reconciling items to adjusted EBITDA (Non-GAAP)                  
        Results of equity-accounted investees, excluding Foundry investees1   2       6       2       12       7  
        Restructuring   112             84       125       98  
        Share-based compensation   117       115       107       461       411  
        Other incidental items2   77       6       44       136       134  
        Adjusted EBITDA (Non-GAAP) $ 1,240     $ 1,329     $ 1,411     $ 5,064     $ 5,410  
        Trailing twelve month adjusted EBITDA (Non-GAAP) $ 5,064     $ 5,235     $ 5,410     $ 5,064     $ 5,410  
                           
        Additional Information:                  
        1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
        2. Excluding from total other incidental items, charges included in depreciation, amortization or impairment reconciling items:        
                   – other incidental items   45                   45       2  
                           
                           
                           
        ($ in millions) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        Net cash provided by (used for) operating activities $ 391     $ 779     $ 1,137     $ 2,782     $ 3,513  
        Net capital expenditures on property, plant and equipment   (99 )     (186 )     (175 )     (693 )     (826 )
        Non-GAAP free cash flow $ 292     $ 593     $ 962     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow $ 2,089     $ 2,759     $ 2,687     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow as percent of Revenue   17 %     21 %     20 %     17 %     20 %
                           

      The MIL Network

  • MIL-OSI: XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution of $0.077 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 03, 2025 (GLOBE NEWSWIRE) — XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”) has declared its regular monthly distribution of $0.077 per share on the Trust’s common shares (NYSE: XFLT), payable on March 3, 2025, to common shareholders of record as of February 18, 2025, as noted below. The amount of the distribution represents no change from the previous month’s distribution amount of $0.077 per share.

    The following dates apply to the declaration:

    Ex-Dividend Date February 18, 2025
       
    Record Date February 18, 2025
       
    Payable Date March 3, 2025
       
    Amount $0.077 per common share
       
    Change from Previous Month No change
     

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Trust’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Trust is net income or profit. For further information regarding the Trust’s distributions, please visit www.xainvestments.com.

    The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time. The Trust’s investments in CLOs are subject to complex tax rules and the calculation of taxable income attributed to an investment in CLO subordinated notes can be dramatically different from the calculation of income for financial reporting purposes under accounting principles generally accepted in the United States (“U.S. GAAP”), and, as a result, there may be significant differences between the Trust’s GAAP income and its taxable income. The Trust’s final taxable income for the current fiscal year will not be known until the Trust’s tax returns are filed.

    As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Trust’s fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    The distribution shall be paid on the Payment Date unless the payment of such distribution is deferred by the Board of Trustees upon a determination that such deferral is required in order to comply with applicable law to ensure that the Trust remains solvent and able to pay its debts as they become due and continue as a going concern, or to comply with the applicable terms or financial covenants of the Trust’s senior securities.

    Future common share distributions will be made if and when declared by the Trust’s Board of Trustees, based on a consideration of number of factors, including the Trust’s continued compliance with terms and financial covenants of its senior securities, the Trust’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

    The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA”.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and XAI Madison Equity Premium Income Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, and fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Octagon Credit Investors
    Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $33.2B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (CLO debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

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

             
    NOT FDIC INSURED   NO BANK GUARANTEE   MAY LOSE VALUE
             

    Paralel Distributors, LLC – Distributor

    Media Contact:
    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network

  • MIL-OSI: HP Inc. to Announce First Quarter Fiscal 2025 Earnings on Feb 27, 2025

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) — HP Inc. (NYSE: HPQ) will present a live audio webcast of a conference call to review financial results for the first fiscal quarter ended January 31, 2025 on Thursday, Feb 27, 2025 at 5:00 p.m. ET / 2:00 p.m. PT.

    The webcast will be available at www.hp.com/investor/2025Q1Webcast.

    A replay of the audio webcast will be available at the same website shortly after the call and will remain available for approximately one year.

    About HP Inc.

    HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit: http://www.hp.com.

    ©Copyright 2025 HP Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

    The MIL Network

  • MIL-OSI: PHH Mortgage Enhances Proprietary Client Technology With AI Assistant

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Feb. 03, 2025 (GLOBE NEWSWIRE) — PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced that the Company has launched an AI assistant through its LoanSpan client reporting and analytics platform to enhance the client experience.

    LoanSpan’s AI assistant (“LASI”) is focused on making it easier for clients to access the vast amounts of data within the platform. LASI can quickly analyze text queries and provide personalized and accurate responses. LASI is currently available for PHH subservicing clients on LoanSpan.com.

    Key LASI features and benefits include:

    • Ability to retrieve answers from hundreds of documents and sources, such as policies and procedures, user manuals, client communications, presentations, educational videos and more
    • Intelligence to understand unstructured questions at a detailed level and provide thorough responses
    • Eliminates the need to manually search and review various documents
    • Seamlessly escalates questions to PHH’s Client Relations team
    • Built-in security measures to protect sensitive information

    “We are excited to launch LASI as it demonstrates our continued commitment to leveraging the latest technology to create better experiences for our clients and their homeowners,” said Walt Mullen, Executive Vice President and Chief Strategy Officer at Onity Group. “Our goal with LASI is to make it simple and easy for clients to get the information they need whenever they need it and with significantly less effort.”

    LoanSpan is PHH’s proprietary knowledge platform designed for its subservicing clients to access a wealth of information about their customers and their portfolio, as well as various tools and resources. Clients can also utilize an integrated analytics tool to view customizable dashboards to monitor portfolio and loan-level performance and KPIs. The platform is a “one-stop shop” for PHH’s clients, many of whom have said it is a best-in-class offering for both loan and customer data and insights. LoanSpan completed a comprehensive upgrade in 2023 to enhance the user interface and incorporate additional self-service tools. LASI is an investment in the latest technology and demonstrates PHH’s commitment to constant improvement to meet the needs of its clients.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    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. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding the expected features and performance of LoanSpan and LASI and PHH’s ability to provide technology and performance improvements to PHH subservicing clients.

    Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, changes in our business condition and our ability to invest in technology improvements, changes in market conditions, the industry in which we operate, and our business, the actions of governmental entities and regulators, and other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2023 and any current report or quarterly report filed with the SEC since such date. Anyone wishing to understand Onity Group Inc.’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

    For Further Information Contact:
    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network

  • MIL-OSI: Orrstown Financial Services, Inc. Announces Appointment of Barbara Brobst to the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    HARRISBURG, Pa., Feb. 03, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the “Company”) today announced that Barbara E. Brobst has been appointed to an open position on the Boards of Directors of the Company and its principal subsidiary, Orrstown Bank, effective February 1, 2025.

    Ms. Brobst served as the Executive Vice President, Chief Human Resources Officer of the Company and the Bank from 2015 to 2022. Prior to that, she served as Senior Vice President for Human Resources of the Bank from 2011 to 2015 and Senior Vice President and Senior Trust Officer of the Bank from 2000 to 2011. Ms. Brobst is an experienced banking executive with over 40 years of experience and significant expertise in Trust, Wealth, and Investment Services, Governance, Strategic Planning, and Human Resource Management. She has extensive ties to south-central Pennsylvania, having previously served on the Board of Directors of several non-profit, charitable and professional organizations in the region.

    “Barb’s expertise in wealth management and human capital management, combined with her 40 plus years of banking experience and extensive knowledge of our south-central Pennsylvania markets, makes her a valuable resource for both our board and management team and an exceptional addition to our Board of Directors,” said Joel Zullinger, Chairman of the Board of Directors.

    About Orrstown

    With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudon County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

    For media inquiries or further information, please contact:

    John Moss
    SVP, Director of Marketing and Client Experience, Orrstown Bank
    717-747-1520
    jmoss@orrstown.com

    The MIL Network

  • MIL-OSI Security: Readout of Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr.’s Phone Call with Algerian Minister Delegate to the Ministry of National Defense and Chief of Staff Gen. Said Chanegriha

    Source: US Defense Joint Chiefs of Staff

    February 3, 2025

    WASHINGTON, D.C. — Joint Staff Spokesperson Navy Capt. Jereal Dorsey provided the following readout:

    Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr., spoke with Algerian Minister Delegate to the Ministry of National Defense and Chief of Staff Gen. Said Chanegriha today by phone.

    Gen. Brown and Gen. Chanegriha discussed the recent signing of the first-ever Security Cooperation Memorandum of Understanding between the U.S. and Algeria, which sets the stage for future security cooperation activities and agreements.

    Additionally, the military leaders conferred about the instability of the Sahel region. Gen. Brown commended Algeria’s counterterrorism cooperation and encouraged Gen. Chanegriha to continue coordinating with U.S. Africa Command to further enhance this vital relationship.

    A stable, prosperous African continent is important to global security, and the U.S. will continue to build military capabilities with Algeria and other regional countries through security force assistance programs, exercises, key leader engagements and operations.

    For more Joint Staff news, visit: www.jcs.mil.
    Connect with the Joint Staff on social media: 
    FacebookTwitterInstagramYouTube,
    LinkedIn and Flickr.

    MIL Security OSI

  • MIL-OSI: DeckTrade Just Changed the Game—Introducing the AI Tool That Could Save Your Portfolio!

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Feb. 03, 2025 (GLOBE NEWSWIRE) — In an era where crypto volatility is the norm, DeckTrade has officially raised the bar by launching a revolutionary AI-Powered Risk Management Tool—a feature designed not just to manage risks but to save portfolios from catastrophic losses. This groundbreaking development is more than just an update; it’s a complete game-changer for crypto traders worldwide, offering advanced predictive capabilities, real-time market insights, and automated risk mitigation strategies.

    If you’ve ever felt the sting of sudden market crashes, unexpected price drops, or emotionally driven trading mistakes, this is the tool you’ve been waiting for. DeckTrade has created a technology that doesn’t just react to the market—it predicts potential risks before they can harm your investments.

     Why This Is a Game-Changer for Crypto Traders

    The cryptocurrency market is notorious for its wild swings. Prices can soar or plummet in minutes, leaving traders vulnerable to substantial losses. Traditional risk management strategies often fall short, relying heavily on manual monitoring, delayed reactions, and emotional decision-making.

    Enter DeckTrade’s AI-Powered Risk Management Tool—an intelligent system that works 24/7, analyzing real-time data, market trends, and historical patterns to identify threats before they materialize. Unlike outdated tools that merely flag risks after the damage is done, this AI tool offers proactive protection, enabling traders to safeguard their portfolios with precision and confidence.

    What Makes DeckTrade’s AI Tool So Powerful?

    1. Predictive Risk Analysis:
      Leveraging advanced machine learning algorithms, the AI tool can forecast potential market downturns, identify volatility triggers, and anticipate price fluctuations before they happen. It’s like having a financial crystal ball—but powered by data.
    2. Real-Time Alerts:
      The system sends instant notifications when potential risks are detected, allowing traders to act swiftly. Whether it’s a sudden Bitcoin drop or an unexpected altcoin surge, you’ll be the first to know.
    3. Automated Risk Mitigation:
      Tired of watching charts 24/7? The AI tool can automatically execute stop-loss orders, adjust leverage, and even rebalance portfolios based on pre-set risk thresholds, minimizing the chance of emotional decision-making.
    4. Customizable Risk Profiles:
      Every trader is different. Whether you’re a conservative investor or an aggressive day trader, DeckTrade’s AI allows you to customize risk parameters to match your strategy and goals.
    5. Market Sentiment Analysis:
      The AI scans global news, social media trends, and market sentiment to detect external factors that could impact crypto prices—giving you an edge that no manual analysis can match.
    6. Seamless Integration:
      The tool is fully integrated into the DeckTrade platform, offering a user-friendly dashboard where traders can monitor risks, adjust settings, and review performance metrics effortlessly.

    The Cost of Ignoring Risk in Crypto Trading

    Let’s face it: Crypto is risky.
    Without proper risk management, even the most experienced traders can face devastating losses. Consider these common pitfalls:

    • Flash Crashes: In 2021, Bitcoin dropped nearly 30% in a single day, wiping out billions of dollars.
    • Emotional Trading: Fear and greed often lead to impulsive decisions, causing traders to sell low and buy high.
    • Overleveraging: Many traders get trapped by excessive leverage, amplifying losses beyond recovery.
    • Lack of Diversification: Overexposure to a single asset can be disastrous when that asset tanks unexpectedly.

    DeckTrade’s AI tool is designed to prevent these mistakes. By analyzing risks in real-time and providing actionable insights, it helps traders make informed decisions—without the emotional baggage.

    Testimonials from Australian Traders Who Are Already Benefiting

    Since its soft launch earlier this year, Australian traders have been raving about the AI-powered tool:

    • “I used to stress about overnight trades. Now, DeckTrade’s AI tool watches the market for me. It’s like having a personal risk manager on call 24/7.”Liam P., Sydney, NSW
    • “Crypto is unpredictable, but this AI tool gives me peace of mind. I’ve avoided major losses thanks to its real-time alerts.”Sophie T., Brisbane, QLD
    • “I was skeptical at first, but after the last Bitcoin dip, the AI’s predictive alert saved me thousands. I’ll never trade without it again.”Daniel K., Melbourne, VIC
    • “DeckTrade’s AI doesn’t just manage risk; it helps me find opportunities. It’s like having an edge over the market.”Emily G., Perth, WA
    • “Since using the tool, my trading has become more strategic. I’m making decisions based on data, not emotions.”Olivia R., Adelaide, SA

    How the AI Actually Works (Simplified)

    While the backend technology is complex, here’s a simple breakdown of how DeckTrade’s AI operates:

    1. Data Collection: The AI continuously gathers data from global exchanges, financial news outlets, blockchain networks, and social media.
    2. Pattern Recognition: It identifies historical patterns that led to previous market crashes or rallies.
    3. Real-Time Analysis: The AI compares live data with historical trends to detect anomalies.
    4. Risk Scoring: Each potential threat is assigned a risk score, triggering alerts or automatic actions if thresholds are met.
    5. Learning Loop: The AI learns from every trade, constantly refining its predictive models for greater accuracy over time.

     This isn’t just a “set it and forget it” tool—it’s an adaptive system that evolves with the market, ensuring it stays effective even as trading conditions change.

    Who Can Benefit from DeckTrade’s AI Tool?

    • Beginners: Avoid common mistakes by relying on AI-driven insights.
    • Day Traders: React to market changes faster than manual analysis allows.
    • Long-Term Investors: Protect your portfolio from sudden crashes without constant monitoring.
    • High-Net-Worth Individuals: Manage large investments with sophisticated, automated risk controls.
    • Institutions: Leverage enterprise-grade risk management capabilities for institutional portfolios.

    DeckTrade Management Team Speaks Out

    “Crypto trading is no longer just about luck or timing—it’s about having the right tools. Our AI-powered risk management tool is designed to save portfolios, reduce stress, and give traders a competitive advantage. This isn’t just an update; it’s a new era for secure trading.” — DeckTrade Management Team

    Why Choose DeckTrade?

    In addition to this groundbreaking AI tool, DeckTrade offers:

    • 99.9% Uptime: Ensuring you never miss a trade due to technical issues.
    • Military-Grade Security: Protecting your data and assets with top-tier encryption.
    • Low Fees: Maximizing your profits without hidden charges.
    • Global Accessibility: Trade anytime, anywhere, on desktop or mobile.
    • Dedicated Support: A responsive customer service team ready to assist 24/7.

    Final Thoughts: Don’t Get Left Behind

    The crypto market moves fast. Traders who adapt and leverage cutting-edge tools like DeckTrade’s AI-powered risk management system will have a decisive advantage over those who don’t.

    If you’re serious about protecting your portfolio, reducing stress, and maximizing profits, this is the moment to act. The future of crypto trading isn’t just about chasing gains—it’s about managing risks intelligently.

    Your portfolio deserves more than luck. It deserves DeckTrade’s AI.

    Decktrade: https://deck-trade.co

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network

  • MIL-OSI: Capital Southwest Announces Financial Results for Third Fiscal Quarter Ended December 31, 2024 and Announces Increase in Total Dividends to $0.64 per share for the Quarter Ending March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 03, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest,” “CSWC” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced its financial results for the third fiscal quarter ended December 31, 2024.

    Third Quarter Fiscal Year 2025 Financial Highlights

    • Total Investment Portfolio: $1.7 billion
      • Credit Portfolio of $1.5 billion:
        • 98% 1st Lien Senior Secured Debt
        • $313.4 million in new committed credit investments during the quarter
        • Weighted Average Yield on Debt Investments: 12.1%
        • Current non-accruals with a fair value of $45.8 million, representing 2.7% of the total investment portfolio
      • Equity Portfolio of $158.8 million
        • $4.1 million in new equity co-investments during the quarter
    • Pre-Tax Net Investment Income: $30.7 million, or $0.64 per weighted average share outstanding
    • Estimated Undistributed Taxable Income (“UTI”): $0.68 per share as of December 31, 2024
    • LTM Operating Leverage: 1.6% for the quarter ended December 31, 2024
    • Dividends: Paid $0.58 per share Regular Dividend and $0.05 per share Supplemental Dividend
      • 115% LTM Pre-Tax NII Regular Dividend Coverage
      • Total Dividends for the quarter ended December 31, 2024 of $0.63 per share
    • Net Realized and Unrealized Depreciation: $13.7 million, or 0.8% of total investments at fair value
      • $12.3 million of net appreciation related to the equity portfolio
      • $26.0 million of net depreciation related to the credit portfolio
    • Balance Sheet:
      • Cash and Cash Equivalents: $36.0 million
      • Total Net Assets: $830.4 million
      • Net Asset Value (“NAV”) per Share: $16.59

    In commenting on the Company’s results, Bowen Diehl, President and Chief Executive Officer, stated, “The December quarter was an active quarter for Capital Southwest, with approximately $318 million of new committed originations. Our portfolio continued to generate significant income for our shareholders, producing $0.64 of pre-tax net investment income per share for the quarter, which outearned both our $0.58 per share regular dividend and our $0.05 per share supplemental dividend paid for the quarter. In consideration of the continued performance of our portfolio, the Board of Directors has again declared a regular dividend of $0.58 per share for the quarter ending March 31, 2025. Our Board of Directors also has declared an increase in our supplemental dividend to $0.06 per share for the quarter ending March 31, 2025, resulting in total dividends for the quarter of $0.64 per share. While future dividend declarations are at the discretion of our Board of Directors, it is our intent to continue to distribute quarterly supplemental dividends for the foreseeable future. We continued to efficiently raise equity capital during the quarter, raising over $53 million on our Equity ATM Program. In addition, during the quarter, we successfully raised $230 million of 5.125% unsecured convertible notes due 2029, which further diversified our balance sheet liability structure. Finally, we received a ‘green light’ letter from the U.S. Small Business Administration to file an application to obtain a license to operate a second SBIC subsidiary. If approved, a second SBIC license will provide Capital Southwest with access to up to an additional $175 million in cost effective debt capital.”

    Third Quarter Fiscal Year Investment Activities

    Originations

    During the quarter ended December 31, 2024, the Company originated $317.5 million in new commitments, consisting of investments in nine new portfolio companies totaling $175.2 million and add-on commitments in 20 portfolio companies totaling $142.3 million. New portfolio company investment transactions that closed during the quarter ended December 31, 2024 are summarized as follows:

    Undisclosed Portfolio Company, $32.0 million 1stLien Senior Secured Debt, $5.0 million Revolving Loan, $0.5 million Equity

    Musiker Discovery Programs, Inc., $23.0 million 1stLien Senior Secured Debt, $7.5 million Delayed Draw Term Loan, $5.0 million Revolving Loan: The company provides pre-college, enrichment, and gifted summer programs to students in grades 1-12.

    Superior Health Parent LLC, $17.5 million 1stLien Senior Secured Debt, $10.0 million Delayed Draw Term Loan, $3.0 million Revolving Loan: The company is a provider of home health and hospice services across eight agencies in Louisiana.

    Mid-Florida Endodontics Management Company, LLC, $16.1 million 1stLien Senior Secured Debt, $10.0 million Delayed Draw Term Loan, $3.0 million Revolving Loan: The company provides endodontic services, primarily focused on root canals and related examinations and retreatments.

    Undisclosed Portfolio Company, $8.0 million 1stLien Senior Secured Debt, $2.0 million Revolving Loan, $1.0 million Equity

    Red Dog Operations Holding Company LLC, $7.5 million 1stLien Senior Secured Debt, $2.0 million Revolving Loan, $1.0 million Preferred Equity: The company is a family-owned provider of boarding, daycare, grooming, and other ancillary pet services across six facilities in the Cincinnati and Boston areas.

    Cumbria Capital MSO, LLC, $5.4 million 1stLien Senior Secured Debt, $2.0 million Delayed Draw Term Loan, $1.5 million Revolving Loan: The company is a medical practice offering treatment for a variety of gastrointestinal and liver disorders.

    Undisclosed Portfolio Company, $6.7 million 1stLien Senior Secured Debt

    Undisclosed Portfolio Company, $4.0 million 1stLien Senior Secured Debt, $1.0 million Revolving Loan, $0.5 million Equity

    Prepayments and Exits

    During the quarter ended December 31, 2024, the Company received full prepayments on two debt investments totaling $26.7 million.

    Versicare Management LLC: Proceeds of $23.7 million, generating an IRR of 17.1%.

    Research Now Group, LLC: Proceeds of $2.9 million, generating an IRR of (9.6)%.

    Third Fiscal Quarter 2025 Operating Results

    For the quarter ended December 31, 2024, Capital Southwest reported total investment income of $52.0 million, compared to $48.7 million in the prior quarter. The increase in investment income was primarily attributable to an increase in prepayment and other fees received during the quarter.

    For the quarter ended December 31, 2024, total operating expenses (excluding interest expense) were $6.6 million, compared to $6.1 million in the prior quarter. The increase was primarily attributable to an increase in accrued bonus compensation in the current quarter and an increase in general and administrative expenses primarily due to the write off of deferred offering costs related to our previous shelf registration statement during the current quarter.

    For the quarter ended December 31, 2024, interest expense was $14.7 million, compared to $12.6 million in the prior quarter. The increase was primarily attributable to an increase in average debt outstanding.

    For the quarter ended December 31, 2024, total pre-tax net investment income was $30.7 million, compared to $30.0 million in the prior quarter.

    For the quarter ended December 31, 2024, there was a tax provision of $0.4 million, compared to a tax benefit of $1.2 million in the prior quarter. The benefit in the prior quarter included a $1.5 million deferred tax benefit, which is primarily attributable to an increase in the tax basis of investments held by our wholly owned subsidiary, Capital Southwest Equity Investments, Inc., due to pass-through income, resulting in a decrease in tax appreciation.

    During the quarter ended December 31, 2024, Capital Southwest recorded total net realized and unrealized losses on investments of $13.7 million, compared to $8.5 million of total net realized and unrealized losses in the prior quarter. For the quarter ended December 31, 2024, the total net realized and unrealized losses on investments reflected net realized and unrealized gains on equity investments of $12.3 million and net realized and unrealized losses on debt investments of $26.0 million. The net increase in net assets resulting from operations was $16.3 million for the quarter, compared to $22.7 million in the prior quarter.

    The Company’s NAV at both December 31, 2024 and September 30, 2024 was $16.59 per share. Increases in NAV per share are attributable to the issuance of common stock at a premium to NAV per share through the Equity ATM Program (as described below), offset by net realized and unrealized losses on investments.

    Liquidity and Capital Resources

    At December 31, 2024, Capital Southwest had approximately $36.0 million in unrestricted cash and money market balances and $376.2 million of unused capacity under the Corporate Credit Facility (as defined below) and the SPV Credit Facility (as defined below). The regulatory debt to equity ratio at the end of the quarter was 0.90 to 1.

    As of December 31, 2024, Capital Southwest had the following borrowings outstanding:

    • $190.0 million of total debt outstanding on the Corporate Credit Facility
    • $118.0 million of total debt outstanding on the SPV Credit Facility
    • $148.7 million, net of unamortized debt issuance costs, of the 3.375% Notes due October 2026
    • $70.1 million, net of unamortized debt issuance costs, of the 7.75% Notes due August 2028
    • $222.7 million, net of amortized debt issuance costs, of the 5.125% convertible notes due November 2029
    • $170.7 million, net of unamortized debt issuance costs, of SBA Debentures (as defined below)

    In August 2016, CSWC entered into a senior secured credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities. Borrowings under the Corporate Credit Facility accrue interest on a per annum basis at a rate equal to the applicable SOFR rate plus 2.15%. On August 2, 2023, CSWC entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (the “Credit Agreement”) that (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million; (2) added an uncommitted accordion feature that could increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility’s revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. On December 7, 2023, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $435 million to $460 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to ten participants. On September 12, 2024, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $460 million to $485 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to 11 participants.

    Capital Southwest SPV LLC (“SPV”) is a wholly owned special purpose vehicle that was formed to hold investments for the SPV Credit Facility (as defined below) to support our investment and operating activities. On March 20, 2024, SPV entered into a special purpose vehicle financing credit facility (the “SPV Credit Facility”). The SPV Credit Facility included an initial commitment of $150 million. Pursuant to the terms of the loan agreement, on June 20, 2024, total commitments automatically increased from $150 million to $200 million. The SPV Credit Facility also includes an accordion feature that allows increases up to $400 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. Borrowings under the SPV Credit Facility bear interest at three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility, in addition to other customary fees. Under the SPV Credit Facility, SPV also pays a utilization fee based on the amount of borrowings utilized. The SPV Credit Facility matures on March 20, 2029.

    On November 4, 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the “2029 Convertible Notes”), including the underwriters’ full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The 2029 Convertible Notes bear interest at a rate of 5.125% per year, payable quarterly on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2025. The 2029 Convertible Notes will mature on November 15, 2029, unless earlier converted, redeemed or repurchased. The conversion rate was initially 40.0000 shares of common stock per $1,000 principal amount of 2029 Convertible Notes (equivalent to an initial conversion price of $25.00 per share of common stock), subject to adjustment in some events.

    On December 9, 2024, the Company redeemed $140.0 million in aggregate principal amount of the issued and outstanding 4.50% notes due 2026 (the “January 2026 Notes”) in full. The January 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.4 million during the quarter ended December 31, 2024. There was no “make-whole” premium required to be paid in connection with the redemption.

    The Company has an “at-the-market” offering (the “Equity ATM Program”), pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock. On May 21, 2024, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program from $650 million to $1 billion. During the quarter ended December 31, 2024, the Company sold 2,364,147 shares of its common stock under the Equity ATM Program at a weighted-average price of $22.68 per share, raising $53.6 million of gross proceeds. Net proceeds were $52.9 million after commissions to the sales agents on shares sold. As of December 31, 2024, the Company has $358.6 million available under the Equity ATM Program.

    On April 20, 2021, our wholly owned subsidiary, Capital Southwest SBIC I, LP (“SBIC I”), received a license from the Small Business Administration (the “SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958, as amended. The SBIC license allows SBIC I to obtain leverage by issuing SBA-guaranteed debentures (“SBA Debentures”), subject to the issuance of a leverage commitment by the SBA. SBA debentures are loans issued to an SBIC that have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. As of December 31, 2024, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn.

    Share Repurchase Program

    On July 28, 2021, the Company’s board of directors (the “Board”) approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Securities Exchange Act of 1934, as amended. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate purchase price for all shares equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the quarter ended December 31, 2024, the Company did not repurchase any shares of the Company’s common stock under the share repurchase program.

    Regular Dividend of $0.58 Per Share and Supplemental Dividend of $0.06 Per Share for Quarter Ended March 31, 2025

    On January 29, 2025, the Board declared a total dividend of $0.64 per share for the quarter ending March 31, 2025, comprised of a Regular Dividend of $0.58 per share and a Supplemental Dividend of $0.06 per share.

    The Company’s dividend will be payable as follows:

    Regular Dividend
       
    Amount Per Share: $0.58
    Ex-Dividend Date: March 14, 2025
    Record Date: March 14, 2025
    Payment Date: March 31, 2025
       
    Supplemental Dividend
       
    Amount Per Share: $0.06
    Ex-Dividend Date: March 14, 2025
    Record Date: March 14, 2025
    Payment Date: March 31, 2025
       

    When declaring dividends, the Board reviews estimates of taxable income available for distribution, which may differ from net investment income under generally accepted accounting principles. The final determination of taxable income for each year, as well as the tax attributes for dividends in such year, will be made after the close of the tax year.

    Capital Southwest maintains a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Capital Southwest’s transfer agent and registrar, American Stock Transfer and Trust Company.  Under the DRIP, if the Company declares a dividend, registered stockholders who have opted into the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Capital Southwest common stock. 

    Third Quarter 2025 Earnings Results Conference Call and Webcast

    Capital Southwest has scheduled a conference call on Tuesday, February 4, 2025, at 11:00 a.m. Eastern Time to discuss the third quarter 2025 financial results. You may access the call by using the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com, or by using http://edge.media-server.com/mmc/p/viedrjap.

    An audio archive of the conference call will also be available on the Investor Relations section of Capital Southwest’s website.

    For a more detailed discussion of the financial and other information included in this press release, please refer to the Capital Southwest’s Form 10-Q for the period ended December 31, 2024 to be filed with the Securities and Exchange Commission (the “SEC”) and Capital Southwest’s Third Fiscal Quarter 2025 Earnings Presentation to be posted on the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com.

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Forward-Looking Statements
    This press release contains historical information and forward-looking statements with respect to the business and investments of Capital Southwest, including, but not limited to, the statements about Capital Southwest’s future performance and financial performance and financial condition, Capital Southwest’s ability to continue to grow its balance sheet, the timing, form and amount of any distributions or supplemental dividends in the future, and Capital Southwest’s receipt of a second SBIC license. Receipt of a green light letter provides no assurance that the SBA will ultimately issue an SBIC license, and Capital Southwest has received no assurance or indication from the SBA as such, or of a timeframe in which it would receive its second SBIC license, should one be granted. Forward-looking statements are statements that are not historical statements and can often be identified by words such as “will,” “believe,” “expect” and similar expressions and variations or negatives of these words. These statements are based on management’s current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to: changes in the markets in which Capital Southwest invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on our business and our portfolio companies; regulatory changes; tax treatment; our ability to operate SBIC I as a small business investment company; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the impact of supply chain constraints and labor shortages on our portfolio companies; and the elevated levels of inflation and its impact on our portfolio companies and the industries in which we invests.

    Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest’s Annual Report on Form 10-K for the year ended March 31, 2024 and any subsequent filings with the SEC, including the “Risk Factors” sections therein, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.

    Investor Relations Contact:

    Michael S. Sarner, Chief Financial Officer
    214-884-3829

     
    CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (In thousands, except shares and per share data)
           
      December 31,   March 31,
        2024       2024  
      (Unaudited)    
    Assets      
    Investments at fair value:      
    Non-control/Non-affiliate investments (Cost: $1,481,051 and $1,276,690, respectively) $ 1,471,215     $ 1,286,355  
    Affiliate investments (Cost: $223,612 and $200,013, respectively)   221,044       190,206  
    Control investments (Cost: $8,619 and $0, respectively)   9,027        
    Total investments (Cost: $1,713,282 and $1,476,703, respectively)   1,701,286       1,476,561  
    Cash and cash equivalents   36,013       32,273  
    Receivables:      
    Dividends and interest   28,237       22,928  
    Escrow         16  
    Other   4,056       7,276  
    Income tax receivable   668       336  
    Debt issuance costs (net of accumulated amortization of $9,685 and $7,741, respectively)   9,938       10,928  
    Other assets   8,867       6,440  
    Total assets $ 1,789,065     $ 1,556,758  
           
    Liabilities      
    SBA Debentures (net of $4,279 and $4,305, respectively, of unamortized debt issuance costs) $ 170,721     $ 148,695  
    January 2026 Notes (net of $0 and $612, respectively, of unamortized debt issuance costs)         139,388  
    October 2026 Notes (net of $1,346 and $1,923, respectively, of unamortized debt issuance costs)   148,654       148,077  
    August 2028 Notes (net of $1,800 and $2,182, respectively, of unamortized debt issuance costs)   70,075       69,693  
    2029 Convertible Notes (net of $7,256 and $0, respectively, of unamortized debt issuance costs)   222,744        
    Credit Facilities   308,000       265,000  
    Other liabilities   20,993       17,381  
    Accrued restoration plan liability   556       570  
    Income tax payable   1,251       281  
    Deferred tax liability   15,629       11,997  
    Total liabilities   958,623       801,082  
           
    Commitments and contingencies (Note 11)      
           
    Net Assets      
    Common stock, $0.25 par value: authorized, 75,000,000 shares at December 31, 2024 and March 31, 2024; issued, 50,051,332 shares at December 31, 2024 and 45,050,759 shares at March 31, 2024   12,513       11,263  
    Additional paid-in capital   903,513       796,945  
    Total distributable (loss) earnings   (85,584 )     (52,532 )
    Total net assets   830,442       755,676  
    Total liabilities and net assets $ 1,789,065     $ 1,556,758  
    Net asset value per share (50,051,332 shares outstanding at December 31, 2024 and 45,050,759 shares outstanding at March 31, 2024) $ 16.59     $ 16.77  
                   
                   
     
    CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (In thousands, except shares and per share data)
                   
      Three Months Ended   Nine Months Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Investment income:              
    Interest income:              
    Non-control/Non-affiliate investments $ 37,789     $ 33,627     $ 114,346     $ 97,924  
    Affiliate investments   4,767       4,214       14,253       12,691  
    Control investments   333             975        
    Payment-in-kind interest income:              
    Non-control/Non-affiliate investments   2,717       3,452       7,025       5,329  
    Affiliate investments   529       621       1,670       1,926  
    Dividend income:              
    Non-control/Non-affiliate investments   586       2,447       3,525       3,233  
    Affiliate investments         96       51       187  
    Control investments         2,129             6,439  
    Fee income:              
    Non-control/Non-affiliate investments   3,671       1,655       6,589       2,949  
    Affiliate investments   525       115       1,443       632  
    Control investments   8       17       75       62  
    Other income   1,048       193       2,081       332  
    Total investment income   51,973       48,566       152,033       131,704  
    Operating expenses:              
    Compensation   2,388       3,919       7,844       8,762  
    Share-based compensation   1,544       1,188       4,306       3,387  
    Interest   14,717       11,473       39,751       31,635  
    Professional fees   998       919       3,450       2,863  
    General and administrative   1,643       1,301       4,699       3,877  
    Total operating expenses   21,290       18,800       60,050       50,524  
    Income before taxes   30,683       29,766       91,983       81,180  
    Federal income, excise and other taxes   474       392       1,016       841  
    Deferred taxes   (107 )     515       627       (270 )
    Total income tax provision   367       907       1,643       571  
    Net investment income $ 30,316     $ 28,859     $ 90,340     $ 80,609  
    Realized (loss) gain              
    Non-control/Non-affiliate investments $ (12,889 )   $ (7,849 )   $ (22,374 )   $ (13,445 )
    Affiliate investments   84             251       (6,503 )
    Control investments               (260 )      
    Income tax benefit (provision)         7             (286 )
    Total net realized (loss) gain on investments, net of tax   (12,805 )     (7,842 )     (22,383 )     (20,234 )
    Net unrealized (depreciation) appreciation on investments              
    Non-control/Non-affiliate investments   (5,229 )     8,569       (19,455 )     4,648  
    Affiliate investments   7,745       (6,829 )     7,193       1,302  
    Control investments   (354 )     778       408       2,944  
    Income tax (provision) benefit   (3,009 )     (51 )     (2,720 )     1,012  
    Total net unrealized (depreciation) appreciation on investments, net of tax   (847 )     2,467       (14,574 )     9,906  
    Net realized and unrealized (losses) gains on investments   (13,652 )     (5,375 )     (36,957 )     (10,328 )
    Realized loss on extinguishment of debt   (387 )           (387 )     (361 )
    Realized loss on disposal of fixed assets   (9 )           (9 )      
    Net increase in net assets from operations $ 16,268     $ 23,484     $ 52,987     $ 69,920  
                   
    Pre-tax net investment income per share – basic $ 0.64     $ 0.72     $ 1.95     $ 2.05  
    Net investment income per share – basic $ 0.63     $ 0.70     $ 1.92     $ 2.04  
    Net increase in net assets from operations – diluted $ 0.34     $ 0.57     $ 1.12     $ 1.77  
    Net increase in net assets from operations – basic $ 0.34     $ 0.57     $ 1.13     $ 1.77  
    Weighted average shares outstanding – basic   48,315,228       41,513,773       47,079,617       39,610,643  
    Weighted average shares outstanding – diluted   54,121,844       41,513,773       49,022,194       39,610,643  

    The MIL Network

  • MIL-OSI: Diamondback Energy, Inc. Announces Appointment to the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Feb. 03, 2025 (GLOBE NEWSWIRE) — Travis Stice, Chief Executive Officer and Chairman of the Board of Directors (the “Board”) of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”), is pleased to announce that effective February 3, 2025, the Company added Darin G. Holderness to the Board of Directors.

    Mr. Holderness has over 30 years of experience in various roles of increasing responsibility in the energy sector, including, among others, founder and Chief Financial Officer of P&A Exchange LLC, an oilfield services company, Chief Financial Officer of ProPetro Holding Corp., an oilfield services company, Senior Vice President, Chief Financial Officer and Treasurer of Concho Resources, an oil and gas exploration and production company, and over nine years with KPMG LLP, where his practice focused on the energy sector. Mr. Holderness has served on the board of directors of JMR Services LLC, an oilfield services company focused on the plug and abandonment of oil and gas wells, since May 2024. Mr. Holderness also served on the board of directors of Ranger Oil Corporation from September 2016 to October 2021, including as its chairman from February 2018 to January 2021, and served on the board of directors of Rock Solid Lifestyles, Inc. from September 2016 to April 2024. Mr. Holderness graduated from Boise State University with a Bachelor of Business Administration in Accounting in 1986 and is a Certified Public Accountant.

    “Diamondback is excited to announce the addition of Darin to the Board of Directors as the fourth Board member from the Endeavor merger completed late last year.  Darin knows the Permian Basin and knows the Diamondback story well from his time spent in various roles throughout the Permian.  I am confident his skillset, particularly as a member of the audit committee, will complement the Board well,” stated Mr. Stice.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network

  • MIL-OSI: Cipher Mining Announces January 2025 Operational Update

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for January 2025.

    Key Highlights

    Key Metrics January 2025
    BTC Mined1 219
    BTC Sold 471
    BTC Held2 1,091
    Deployed Mining Rigs 75,000
    Month End Operating Hashrate (EH/s) 13.5
    Month End Fleet Efficiency (J/TH) 18.9


    1
    Includes January power sales estimates (based on current meter data and nodal prices) equivalent to 1 bitcoin (using month-end bitcoin price of $102,297) and 29 BTC mined at JV data centers representing Cipher’s ownership

    2 Includes ~325 BTC pledged as collateral

    Management Commentary for January

    Cipher continued to make progress at its Black Pearl site, nearing completion of the Phase 1 buildings, which cover more than 100,000 square feet. In addition, the Company continued discussions with potential tenants and financing partners, aligning with management’s vision to establish Cipher as a leader in HPC data center development.

    Bitcoin Production and Operations Updates for January 2025

    Cipher produced ~2191 BTC in January. As part of its regular treasury management process, Cipher sold ~471 BTC in January, ending the month with a balance of ~1,0912 BTC.

    Construction at Black Pearl site. Each of miner wings 1-3 is ~1,000 feet long and will hold approximately 13,440 mining rigs.

    About Cipher

    Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about its beliefs and expectations regarding its planned business model and strategy, its bitcoin mining and HPC data center development and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”), as any such factors may be updated from time to time in the Company’s other filings with the SEC, including without limitation, the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    The Company maintains a dedicated investor website at https://investors.ciphermining.com/investors (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.

    Contacts:
    Investor Contact:
    Courtney Knight
    Head of Investor Relations at Cipher Mining 
    courtney.knight@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal TillDukas
    Linden Public Relations 
    CipherMining@DLPR.com


    1 Includes January power sales estimates (based on current meter data and nodal prices) equivalent to 1 bitcoin (using month-end bitcoin price of $102,297) and 29 BTC mined at JV data centers representing Cipher’s ownership

    2 Includes ~325 BTC pledged as collateral

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6a183532-b55f-42d1-ae4d-82b3ba284880

    The MIL Network

  • MIL-OSI: Synaptics Announces CEO Transition

    Source: GlobeNewswire (MIL-OSI)

    • Michael Hurlston Steps Down as President and CEO to Pursue Another Opportunity
    • Ken Rizvi, CFO and Senior Vice President, Appointed Interim CEO
    • Company Reports Preliminary Financial Results for Fiscal Second Quarter 2025

    SAN JOSE, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) — Synaptics® Incorporated (Nasdaq: SYNA) today announced a leadership transition under which Michael Hurlston is stepping down as President and Chief Executive Officer and as a member of the Board of Directors, effective immediately. As separately announced today, Hurlston will assume the role of CEO at Lumentum Holdings Inc.

    Synaptics’ Board of Directors has appointed Ken Rizvi, Chief Financial Officer, as Interim CEO during this transition. In addition, Nelson Chan, Chairman of the Synaptics Board, will assume the role of Executive Chairman until a new CEO is named.

    The Board has commenced a search for Synaptics’ next CEO and is in the process of engaging an executive search firm. The Board will consider both internal and external candidates.

    “On behalf of the Board of Directors, I want to thank Michael for his invaluable contributions to Synaptics over the last five years and for his dedication to transforming the company into a driving force behind innovation and growth in AI at the Edge,” said Nelson Chan. “We are deeply grateful for his leadership, and we wish him well in his future endeavors. I am confident that Ken and Synaptics’ strong leadership team will ensure seamless execution during this transition. We are well positioned to continue delivering next-generation products and solutions to our customers and advancing our strategic goals.”

    “It has been a privilege to work alongside the talented team at Synaptics, and I want to thank them for their dedication throughout this journey,” said Michael Hurlston. “I am extremely proud of Synaptics’ success, and the innovative and diversified portfolio of solutions that the company is delivering to customers around the world.”

    “Michael has left an indelible mark on the company and built a strong foundation for the next phase of our growth,” said Ken Rizvi, CFO and Interim CEO. “We have enormous opportunities ahead and I look forward to working closely with the Board and the Synaptics leadership team to execute on our growth roadmap and capitalize on the increasing demand for our products and solutions.”

    In connection with today’s announcement, Synaptics released preliminary financial results for the second quarter of fiscal 2025. The company expects fiscal Q2 revenue of $267 million. On a GAAP and non-GAAP basis, the company expects gross margin to be in line with the mid-point of the guidance provided on November 7, 2024, operating expenses to be slightly above the mid-point of the guidance, and EPS to be above the mid-point of the guidance. The guidance provided on November 7, 2024 is shown below:

           
           
      GAAP Non-GAAP
    Adjustment
    Non-GAAP
           
    Revenue $265M ± $15M N/A N/A
           
    Gross Margin* 45.0 percent ±

    1.5 percent

    $23M 53.5 percent ± 1.0
    percent
           
    Operating Expense** $136M ± $4M $40M ± $2M $96M ± $2M
           
    Earnings (loss) per share*** ($0.45) ± $0.20 $1.30 $0.85 ± $0.20
           
           

    * Projected Non-GAAP gross margin excludes intangible asset amortization and share-based compensation.
    ** Projected Non-GAAP operating expense excludes share-based compensation, restructuring costs, and acquisition and integration related costs.
    *** Projected Non-GAAP earnings per share excludes share-based compensation, restructuring costs, acquisition and integration related costs, and other non-cash and Non-GAAP tax adjustments.

    Synaptics will provide further financial details when it reports second quarter fiscal 2025 results on Thursday, February 6, 2025, after the market closes. The company will host a conference call for analysts and investors at 2:00 p.m. PT (5:00 p.m. ET) during which management may discuss forward-looking information.  

    To participate on the live call, analysts and investors should pre-register at Synaptics Q2 FY2025 Earnings Call Registration.

    The preliminary financial results for the second quarter of fiscal 2025 are preliminary and are subject to completion and may change as a result of management’s continued review. Such preliminary financial results are subject to the finalization of quarter-end financial and accounting procedures. As a result, the preliminary financial results may materially differ from the actual results when they are completed and publicly disclosed.

    About Synaptics Incorporated  
    Synaptics (Nasdaq: SYNA) is driving innovation in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, X, and Facebook, or visit www.synaptics.com.

    Cautionary Statement Regarding Forward-Looking Statements  
    This press release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to the company’s current expectations and projections relating to its financial condition, results of operations, including the preliminary financial results for the second quarter of fiscal 2025, plans, including the company’s search for a CEO, objectives, future performance and business. Such forward-looking statements may include words such as “expect,” “anticipate,” “intend,” “believe,” “estimate,” “plan,” “target,” “strategy,” “continue,” “may,” “will,” “should,” variations of such words, or other words and terms of similar meaning. All forward-looking statements are based upon the company’s current expectations or various assumptions. The company’s expectations and assumptions are expressed in good faith, and the company believes there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including risks related to the completion of the company’s quarter-end financial and accounting procedures, the company’s dependence on its solutions for the Core IoT and Enterprise and Automotive product applications market for a substantial portion of its revenue; the volatility of the company’s net revenue from its solutions for Core IoT and Enterprise and Automotive product applications; the company’s dependence on one or more large customers; the company’s exposure to industry downturns and cyclicality in its target markets; the company’s ability to successfully offer product solutions for new markets; the company’s expectations regarding technology and strategic investments and the anticipated timing or benefits thereof; the company’s ability to execute on its cost reduction initiatives and to achieve expected synergies and expense reductions; the company’s ability to maintain and build relationships with its customers; the company’s dependence on third parties to maintain satisfactory manufacturing yields and deliverable schedule; the company’s indemnification obligations for any third party claims; the uncertainty surrounding macroeconomic factors in the United States, and globally, impacting the supply chain environment, inflationary pressure, workforce reductions, regional instabilities and hostilities (including the conflict in the Middle East), the company’s ability to recruit and retain key personnel, and other risks as identified in the “Risk Factors,” “Management’ Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of the company’s most recent Annual Report on Form 10-K and the company’s most recent Quarterly Report on Form 10-Q; and other risks as identified from time to time in the company’s Securities and Exchange Commission reports. For any forward-looking statements contained in this or any other document, the company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and the company assumes no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.

    Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.

    For further information, please contact:  

    Investor Relations  
    Munjal Shah  
    Synaptics  
    +1-408-518-7639
    munjal.shah@synaptics.com

    Media Contact  
    Neeta Shenoy 
    Synaptics 
    +1-408-425-2654
    neeta.shenoy@synaptics.com

    The MIL Network

  • MIL-OSI USA: NASA Attends FAN EXPO New Orleans

    Source: NASA

    NASA reached out to inspire members of the Artemis Generation on Jan. 10-12, joining one of the largest comic con producers in the world to host an outreach booth at the 2025 FAN EXPO in New Orleans.
    Thousands of fans celebrating the best in pop culture such as movies, comics, and video gaming learned about NASA’s Stennis Space Center near Bay St. Louis, Mississippi, and its role to power space dreams.

    The south Mississippi NASA center operates as NASA’s primary, and America’s largest, rocket propulsion test site. NASA Stennis serves the nation and commercial aerospace sector with its unique capabilities and expertise. In addition to testing rocket engines and stages to power future Artemis missions to the Moon and beyond, NASA Stennis provides a unique location and specialized assets to support the individual missions and work of about 50 federal, state, academic, commercial, and technology-based companies, and organizations.
    In addition to testing rocket engines and stages to power future Artemis missions to the Moon and beyond, NASA Stennis provides a unique location and specialized assets to support the individual missions and work of about 50 federal, state, academic, commercial, and technology-based companies, and organizations.

    MIL OSI USA News

  • MIL-OSI USA: The Drive for Better Fuels NASA Employee

    Source: NASA

    Two words come to Tim Stiglets’ mind when he thinks about NASA’s Stennis Space Center near Bay St. Louis, Mississippi – growth and opportunity.
    The Waveland, Mississippi, resident has experienced both in his career at the south Mississippi NASA center.
    He started as a summer intern onsite with Lockheed Martin in 2002. When The University of Southern Mississippi graduate joined the NASA team in 2019, he really started to understand how much activity happens at the unique federal city.
    NASA Stennis is home to more than 50 companies and organizations sharing in site operating costs.
    As a management and program analyst in the NASA Stennis Engineering and Test Directorate, Stiglets serves as the manager of the Product Lifecycle Management (PLM) Program. He describes the program as a one-stop shop for engineering data.
    Product lifecycle management (PLM) consists of technology, people, processes, and tools to track a product throughout its lifecycle.
    Think of it in terms of building a LEGO set. From the time one gets the idea of building the set, to when it is finished, played with, and taken apart, there is a lot to track.
    Stiglets’ work involves much bigger pieces, ranging from managing data for how a test stand is configured to tracking the configuration of NASA Stennis buildings and utilities systems that make up the infrastructure for America’s largest rocket propulsion test site. NASA Stennis facilities are valued at more than $2 billion.
    His work gives him a front-row seat to the growth and opportunity potential of NASA Stennis.
    “The cool thing about PLM is I get to be involved, in some small way, with NASA’s Artemis work, commercial test customers and all the Center Operations projects that support the federal city,” he said.
    The center tests rocket engines and stages to power future Artemis missions to the Moon and beyond. NASA Stennis also works with such commercial test customers as Relativity Space, Blue Origin, Rolls-Royce, Evolution Space, and Vast (formerly Launcher Space).
    “PLM is a center capability that we have evolved, so it does not matter if it is a water system, a test stand or building that is involved. It all kind of relies on, and ultimately somewhere down the line, hits the PLM system that has the drawings and engineering data needed for the project. That is probably the coolest thing about my work. I get to see a lot of different things that are going on in different areas.”
    Stiglets said it feels like every time he turns around, there is someone leasing a new building or joining the NASA Stennis federal city. The center has lease agreements for use of land and infrastructure with Relativity Space, Rocket Lab, and Evolution Space.
    “We have a get-it-done kind of attitude,” Stiglets said. “We are going to do whatever it takes to get the job done. If it is testing engines or anything else, we are going to get it done. From a propulsion testing standpoint, commercial companies that lease areas onsite can come in and have access to contract support and to the NASA folks who have decades worth of knowledge. The companies can leverage all of that expertise and tap into the knowledge.”
    The Long Beach, Mississippi, native speaks with enthusiasm when describing his time at NASA Stennis, where growth and opportunity continue forward.
    “How cool is it to work for NASA, even coming in as a contractor,” Stiglets said. “You get to be involved with something bigger and much beyond south Mississippi. The excitement of being involved with NASA so many years ago was very cool for me, especially being a college student. I still have that same excitement. Many years have passed, and day-to-day work changes, but ultimately, you are still looking to achieve big goals.”

    MIL OSI USA News

  • MIL-OSI USA: FEMA to Host Housing Resource Fair Feb. 8 in Valdosta

    Source: US Federal Emergency Management Agency

    Headline: FEMA to Host Housing Resource Fair Feb. 8 in Valdosta

    FEMA to Host Housing Resource Fair Feb. 8 in Valdosta

    FEMA is hosting a Housing Resource Fair from 9 a.m. to 5 p.m., Saturday, Feb. 8, in Valdosta at the following location:Lowndes Civic Center 2108 E Hill Ave, Building DValdosta, GA 31601The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene.  The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery.Survivors will meet with local housing organizations, property owners and landlords, as well as gain information on the HEARTS Georgia Sheltering Program, and U.S. Small Business Administration (SBA) loans.The Housing Resource Fair is an opportunity for survivors to: Explore affordable housing options and rental assistance programs. Meet with representatives from local housing organizations, landlords and property managers. Gain access to resources for displaced individuals and families. Learn about community partners that will provide educational funding resources to attendees. For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair will give survivors that needed one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said. “We will walk them through their options to ensure they are aware of the resources that are available to fit their need.”Anyone who was affected by Tropical Storm Debby or Hurricane Helene, whether they have applied for FEMA assistance or not, is welcome to attend.
    jakia.randolph
    Mon, 02/03/2025 – 14:35

    MIL OSI USA News

  • MIL-OSI Security: Two Hard Money Lenders Charged for Defrauding Investors in Loans Made to Failed Fresno Company Bitwise Industries

    Source: Office of United States Attorneys

    FRESNO, Calif. — A federal grand jury returned a six-count indictment on Jan. 30, 2025, that charged David Hardcastle, 61, of Fresno, with conspiracy to commit wire fraud and substantive wire fraud for defrauding investors in loans made to the failed Fresno-based startup company Bitwise Industries, Acting U.S. Attorney Michele Beckwith announced today.

    The indictment was unsealed after Hardcastle’s arrest this morning, and he is scheduled to make his initial appearance in court this afternoon. Andrew Adler, 31, of Greenwich, Connecticut, has been charged by information and entered into a plea agreement with the government where he has agreed to plead guilty to conspiracy to commit wire fraud. Adler is scheduled to enter his guilty plea in court next month.

    According to court documents, from December 2022 through May 2023, Hardcastle and his business partner Adler gave Bitwise approximately $20 million in hard money loans through their special purpose entity Startop Investments LLC. They syndicated the loans to other investors. In doing so, they altered the original loan documents to make it appear that Bitwise was obligated to pay significantly less interest on the loans than was true. They also forged the signature of Bitwise’s Co-CEO, Jake Soberal, on the altered documents. This made the loans appear less risky and therefore more appealing to the investors.

    Hardcastle and Adler received tens of thousands of dollars in origination fees for the loans and stood to make millions more in secret profits from the higher, undisclosed interest rates had the loans been fully repaid. Moreover, one of the loans to Bitwise included a secure interest reserve of approximately $700,000. The investors were unaware of this reserve. Hardcastle and Adler then used these reserve funds to make an unrelated investment in another company that they operated without the investors’ authorization, and the money was not available to repay the investors when Bitwise collapsed in May 2023. Generally speaking, secure interest reserves are disclosed to loan investors and are supposed to help protect the investors in the event the borrower does not repay the loan on schedule.

    Bitwise did not repay the loans before collapsing. As a result, the investors in the loans lost nearly all of their money.

    This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Joseph Barton, Henry Carbajal III, and Cody Chapple are prosecuting the case.

    If convicted, Hardcastle and Adler each face maximum statutory penalties of 20 years in prison and a $250,000 fine for the conspiracy to commit wire fraud charge. Hardcastle also faces another 20 years in prison and a $250,000 fine for each of the substantive wire fraud charges. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt.

    MIL Security OSI

  • MIL-OSI USA: Peters Leads Colleagues in Calling for Reinstatement of Inspectors General Fired by President Trump

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, DC – U.S. Senator Gary Peters (D-MI), Ranking Member of the Homeland Security and Governmental Affairs Committee, led a group of 38 colleagues in a letter to President Trump, strongly condemning the President’s recent decision to remove Inspectors General (IGs) from at least 18 government agencies, and demanding their immediate reinstatement. The IGs who were removed included those overseeing the Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, as well as the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, and the Social Security Administration, and the Special Inspector General for Afghanistan Reconstruction. In the letter, the senators assert that President Trump’s actions violated the law and threaten the independence of these non-partisan watchdogs. Peters helped lead the Inspector General Independence and Empowerment Act, which was signed into law in 2022 as part of the FY 2023 national defense bill, to require a President to provide a 30-day notice and substantive reasons for removal in writing to Congress before an Inspector General can be removed.  
    “Inspectors General are responsible for providing independent oversight of federal programs by working to root out waste, fraud, and abuse and protect taxpayer dollars – oversight our federal agencies desperately need,” the senators wrote. “The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable—regardless of who is in power.  Without strong, qualified, and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked.”  
    “While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized,” wrote the senators. “With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal.  Because your actions violated the law, these IGs should be reinstated immediately, until such time as you have provided in writing ‘the substantive rationale, including detailed and case-specific reasons’ for each of the affected Inspectors General and the 30-day notice period has expired.”    
    In addition to Peters, the letter was signed by U.S. Senators Chuck Schumer (D-NY), Ed Markey (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), Adam Schiff (D-CA), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Ruben Gallego (D-AZ), Bernie Sanders (I-VT), Brian Schatz (D-HI), Maggie Hassan (D-NH), Jack Reed (D-RI), Dick Durbin (D-IL), Andy Kim (D-NJ), Alex Padilla (D-CA), Mazie Hirono (D-HI), Elissa Slotkin (D-MI), Amy Klobuchar (D-MN), John Hickenlooper (D-CO), Jacky Rosen (D-NV), Raphael Warnock (D-GA), Jeanne Shaheen (D-NH), Martin Heinrich (D-NM), Mark Warner (D-VA), Jeff Merkley (D-OR), Kirsten Gillibrand (D-NY), Lisa Blunt Rochester (D-DE), Maria Cantwell (D-WA),  Patty Murray (D-WA),  Mark Kelly (D-AZ), Tim Kaine (D-VA), Angela Alsobrooks (D-MD), and John Fetterman (D-PA). 
    The full text of the letter can be found here and below.  
    Dear Mr. President,  
    Your decision Friday evening to remove Inspectors General (IGs) from at least 18 offices across government—including those overseeing the Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, and the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, and the Social Security Administration, as well as the Special Inspector General for Afghanistan Reconstruction—does not comply with current law and could do lasting harm to IG independence.  These officials, which include those appointed by Presidents of both parties, including many during your first Administration, collectively conduct oversight of trillions of dollars of federal spending and the conduct of millions of federal employees.  Removing these non-partisan watchdogs without providing a substantive and non-political reason is not lawful, and undermines their independence, jeopardizing their critical mission to identify and root out waste, fraud, and abuse within federal programs. 
    Inspectors General are responsible for providing independent oversight of federal programs by working to root out waste, fraud, and abuse and protect taxpayer dollars – oversight our federal agencies desperately need.  They play a key role in improving government efficiency and effectiveness and have helped identify and recover billions of taxpayer dollars.  IG independence is the foundation of this work, and IGs must be free of political influence so that they can carry out their important mission with integrity and credibility.  The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable—regardless of who is in power.  Without strong, qualified, and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked. For example, just this week the Office of Management and Budget (OMB) issued an unlawful memo directing agencies to pause nearly all federal grants and loans, which significantly disrupts the administration of over a trillion dollars of critical assistance to communities, businesses, and organizations across the country.  It is especially vital to have independent watchdogs at each of these agencies to conduct oversight of the impacts of this unconstitutional and unprecedented directive.     
    While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized.  The law requires that the President provide a written 30-day notice to both Houses of Congress and include “the substantive rationale, including detailed and case-specific reasons for any such removal or transfer.” With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal.  Because your actions violated the law, these Inspectors General should be reinstated immediately, until such time as you have provided in writing “the substantive rationale, including detailed and case-specific reasons” for each of the affected Inspectors General and the 30-day notice period has expired.   
    Lastly, if you believe it is necessary to place any of the affected IGs on administrative leave before the 30-day notice period has ended, the law requires that you submit a separate notification to Congress explaining how the IG presents a threat as defined in the Administrative Leave Act. 
    ### 

    MIL OSI USA News

  • MIL-OSI USA: Padilla Introduces Bipartisan Bills to Improve Fire Mitigation and Resiliency Efforts

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Introduces Bipartisan Bills to Improve Fire Mitigation and Resiliency Efforts

    WASHINGTON, D.C. — As Southern California recovers from devastating fires, U.S. Senator Alex Padilla (D-Calif.) introduced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts. The package includes the Wildfire Emergency Act, to support forest restoration, wildfire mitigation, and energy resilience; the Fire-Safe Electrical Corridors Act, to authorize the removal of trees or other vegetation within existing electrical utility corridors; and the Disaster Mitigation and Tax Parity Act, to further incentivize homeowners to proactively protect their homes from disasters.

    The package of bipartisan bills comes as Southern California begins the recovery from one of the worst natural disasters in state history. The Palisades and Eaton fires have burned over 57,000 acres and destroyed over 16,200 structures, claiming the lives of at least 29 victims.

    “The devastating fires in Southern California are a harsh reminder of the importance of proactive fire mitigation efforts to keep families and homes safe,” said Senator Padilla. “As these disasters become more frequent and more extreme, we need to find smarter solutions to strengthen fire resilience across the country. From expediting the removal of hazardous fuels near power lines, to supporting our wildland firefighting forces, to hardening homes and energy facilities, these commonsense bills would help reduce the threats of catastrophic fires to California communities.”

    “Montanans see firsthand the effects that catastrophic wildfires have on our communities. These bipartisan bills will streamline forest management processes to mitigate the root causes of wildfires, improve community and home hardening efforts, and support our brave firefighters. I’ll work every day for more solutions to keep our state safe,” said Senator Steve Daines (R-Mont.), co-lead of the Wildfire Emergency Act and the Fire-Safe Electrical Corridors Act.

    “This commonsense legislation takes a critical step toward empowering individuals and communities to better protect themselves from the devastating effects of natural disasters like Hurricane Helene,” said Senator Thom Tillis (R-N.C.), co-lead of the Disaster Mitigation and Tax Parity Act. “By excluding qualified catastrophe mitigation payments from income tax, we are incentivizing property owners to make the necessary improvements that reduce damage and save lives. This proactive approach to disaster preparedness not only helps families rebuild faster but strengthens our resilience in the face of future disasters.”

    “We have seen how natural disasters have devastated communities around the country, and we must ensure we have the resources and programs in place to respond. Homeowners should not face additional taxes for wanting to protect their homes and our bipartisan legislation will provide the needed tax relief to help affected Americans recover from these disasters,” said Senator Adam Schiff (D-Calif.), co-lead of the Disaster Mitigation and Tax Parity Act.

    “Louisianans understand the impact of devastating storms, but with the help of state and local programs, we have tools to rebuild and return to wholeness,” said Dr. Bill Cassidy (R-La.), co-lead of the Disaster Mitigation and Tax Parity Act. “If communities need tax relief, let’s give it to them!”

    Wildfire Emergency Act

    This sweeping legislation, co-led by Senator Daines, would reduce the threat of destructive wildfires through forest restoration, firefighter training, energy resilience retrofits, and wildfire-hardening home modifications in low-income communities. This bipartisan bill would take numerous steps to ensure that the Department of Agriculture (USDA), the Department of Energy (DOE), and the Department of the Interior (DOI) are better able to mitigate the risk and impact of wildfires. 

    Specifically, the legislation would:

    • Provide the U.S. Forest Service (USFS) with a pilot authority to leverage private financing to increase the pace and scale of forest restoration projects. The USFS would be able to expand up to 20 existing collaborative forest restoration projects using this pilot authority.
    • Authorize funding for programs to expand the forest conservation and wildland firefighting workforce.
    • Establish an energy resilience program at DOE to ensure that critical facilities remain active during wildfire disruptions, authorizing up to $100 million for necessary retrofits.
    • Expand an existing DOE weatherization grant program to provide up to $13,000 to low-income households to make wildfire-hardening retrofits, such as ember-resistant roofs or gutters.
    • Expedite the placement of wildfire detection equipment on the ground, such as sensors or cameras, as well as the use of space-based observation.
    • Establish a prescribed fire-training center in the West and authorize grants to support training the next generation of foresters and firefighters.
    • Authorize up to $50 million to support community grants of up to $50,000 for locally focused land stewardship and conservation.

    A one-pager on the bill is available here.

    Full text of the bill is available here.

    Fire-Safe Electrical Corridors Act

    This bill, co-led by Senator Daines, would allow the U.S. Forest Service to approve the removal of hazardous trees and other vegetation near power lines on federal forest lands without requiring a timber sale, reducing the risk of catastrophic wildfires through easier material removal. The legislation advanced last year through the Senate Committee on Energy and Natural Resources as part of the Promoting Effective Forest Management Act of 2023.

    Three of the largest and most destructive wildfires in California history — the 2017 Thomas Fire, the 2018 Camp Fire and the 2021 Dixie Fire — were started by electrical equipment. Together, these wildfires burned more than 1.2 million acres, destroyed more than 15,000 homes, and killed 87 people.

    Currently, the USFS allows utility companies to cut down trees and branches in existing utility corridors, but some forest managers interpret the law to forbid removal of the material off the land. This creates uncertainty and can lead to an unnecessary buildup of dead, dry fuels directly under utility lines. This bill would help reduce the risk of wildfires on forest lands by ensuring the clearing of existing corridors and give certainty to utilities.

    The legislation would also require any utility that sells marketable forest products from hazardous trees removed near power lines to return any proceeds to the USFS.

    A one-pager on the bill is available here.

    Full text of the bill is available here.

    Disaster Mitigation and Tax Parity Act

    This bipartisan legislation, co-led by Senators Tillis, Cassidy, and Schiff would provide a tax exemption on payments from state-based programs for homeowners to proactively harden their homes against natural disasters.

    Specifically, the bill excludes from gross income calculations any qualified catastrophe mitigation payment made under a state-based catastrophe loss mitigation program. Qualifying payments are defined as any amount received and used for improvements to an individual’s property for the sole purpose of reducing the damage that would be done by a windstorm, earthquake, flood, or wildfire.

    California, North Carolina, and Louisiana are among the states that provide funding to homeowners who take steps to protect their homes from natural disasters. These improvements can include removing trees, bushes, and other fire-prone vegetation close to homes that contribute to wildfires, strengthening foundations to protect against earthquakes, and installing fortified roofs to withstand hurricanes.

    However, homeowners are currently required to pay federal taxes on these payments, unnecessarily limiting money available for critical disaster-related upgrades. This fix will bring parity to the tax treatment of disaster mitigation efforts and ensure taxpayers are able to put the full amount of these payments toward securing their homes.

    Senators Michael Bennet (D-Colo.), Ted Budd (R-N.C.), John Hickenlooper (D-Colo.), John Kennedy (R-La.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), and Roger Wicker (R-Miss.) are cosponsoring the legislation.

    Full text of the bill is available here.

    Senator Padilla has long been a leader in strengthening the federal and state response to wildfires. Last month, Padilla introduced another package of three bipartisan bills to strengthen wildfire resilience and rebuilding efforts through legislation including the Wildland Firefighter Paycheck Protection Act, the Fire Suppression and Response Funding Assurance Act, and the Disaster Housing Reform for American Families Act. His legislation to strengthen FEMA’s wildfire preparedness and response efforts, the FIRE Act, became law in 2022.

    MIL OSI USA News

  • MIL-OSI United Nations: Civil Society Organizations Brief the Committee on the Elimination of Discrimination against Women on the Situation of Women in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg

    Source: United Nations – Geneva

    Committee also Discusses Gender-Inclusive Approaches to Digitisation with the Working Group on Business and Human Rights

    The Committee on the Elimination of Discrimination against Women was this afternoon briefed by representatives of civil society organizations on the situation of women’s rights in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg, the reports of which the Committee will review this week.

    In relation to the Democratic Republic of the Congo, speakers raised concerns regarding gender-based violence and abuse of internally displaced women and girls in the context of the escalating conflict, and the impact of the withdrawal of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo.

    On Nepal, speakers addressed discrimination against vulnerable women, including indigenous women and girls, lesbian, bisexual, transgender and intersex women, and women sex workers; anti-discrimination legislation; and the participation of women in political processes.

    Non-governmental organizations speaking on Belarus raised topics including the dissolution of civil society organizations, imprisonment of women human rights defenders, and barriers to access to justice for women.

    Regarding Luxembourg, a speaker raised issues related to a lack of gender sensitive policies and measures to address intersecting forms of discrimination, and the subordination of women through the social system.

    The National Human Rights Commissioner of the Democratic Republic of the Congo spoke on the country, as did the following non-governmental organizations: Centre for Migration, Gender, and Justice; Groupe d’Action pour les Droits de la Femme; and SAVIE ASBL LGBT.

    Regarding Nepal, the following non-governmental organizations spoke: Forum for Women, Law and Development; Feminist Dalit Organization; Nepal Indigenous Women Federation; Sex Workers and Allies South Asia and Team; Campaign for Change, Mitini Nepal, and Intersex Asia; and Visible Impact.

    The following non-governmental organizations spoke on Belarus: Belarusian Helsinki Committee; Human Constanta; Belarusian Congress of Democratic Trade Unions; Coalition against gender-based and domestic violence; and Our House.

    A representative of the Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights spoke on Luxembourg.

    The Committee also held an informal meeting with the Working Group on Business and Human Rights and representatives from civil society and the business sector on “increasing the bottom line through smart, gender-inclusive, rights-focused approaches in digitisation.”

    Opening the meeting, Nahla Haidar, the newly elected Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past.  She called for action to prevent bias and discrimination against women through cyber-enabled modalities; expand women’s economic opportunities in the new digital era; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

    In the meeting, speakers discussed topics such as measures to prevent discrimination of women in the private sector, and particularly in the field of technology; measures to promote access to science, technology, engineering and maths education for women; measures to address the impacts of artificial intelligence on women; and measures to protect women’s rights in the energy transition era.

    Committee Experts and members of the Working Group spoke in the meeting, as did representatives of the United Nations Office of the High Commissioner for Human Rights, the World Trade Organization, and various private sector and civil society organizations.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Tuesday, 4 February to consider the report of the Democratic Republic of the Congo submitted under the exceptional reporting procedure (CEDAW/C/COD/EP/1).

    Opening Remarks by the Committee Chair

    NAHLA HAIDAR, Committee Chairperson, said that during each session, the Committee invited national and international non-governmental organizations to informal public meetings to provide specific information on the States parties that were scheduled for consideration by the Committee.  She welcomed the representatives of non-governmental organizations and national human rights institutions that had come to provide information on the States parties whose reports were being considered this week: Democratic Republic of the Congo, Nepal, Belarus and Luxembourg.

    Statements by Non-Governmental Organizations from the Democratic Republic of the Congo, Nepal and Belarus

    Democratic Republic of the Congo

    On the Democratic Republic of the Congo, speakers, among other things, said violence against displaced persons was on the rise in the State.  Gender-based violence, specifically, was rampant, leaving survivors with limited access to justice.  Displaced women had a lack of access to reproductive health care and were giving birth in unsafe conditions.  The economic struggles that displaced women and girls faced were equally alarming.  With scarce income opportunities, many were driven to survival sex, which exposed them to sexual exploitation and abuse.

    The withdrawal of the United Nations Organization Stabilisation Mission in the Democratic Republic of the Congo raised real concerns.  Plans from national authorities to take on the responsibilities of the Mission remained lacking.  Armed militias and members of the security forces continued to abuse women with impunity.  There were also “tolerance houses” where internally displaced women and girls were sexually abused.  Justice remained inaccessible for most survivors.

    Speakers called on the Government to bolster administrative capacities; ensure the transfer of United Nations facilities to the armed forces; investigate “tolerance houses” and hold perpetrators of gender-based violence criminally liable; control the spread of weapons; and ensure justice and dignity for all women in the State.  Speakers also called for a national migration strategy that was gender-responsive; mechanisms for gender-based violence prevention, mitigation, and response; provision of health services and resources, especially with regards to maternity health, that connected to related concerns such as food insecurity and nutrition; and programmes to expand livelihood provisions that supported displaced women and girls.

    Nepal

    Speakers said Nepal had yet to enact a robust anti-discrimination law, making women more vulnerable to abuse. There was a need to criminalise discrimination against women and eliminate all discriminatory legal provisions against them.  The State party also needed to allocate sufficient human and financial resources to public bodies working on women’s rights.  Appropriate support needed to be provided to women victims of violence.

    Fifteen per cent of Nepal’s population of women faced multiple forms of discrimination; many women faced social exclusion and violence.  Some girls did not report crimes due to a lack of trust in the justice system.

    Nepal needed to amend the Constitution to address historical discrimination of indigenous women and to recognise the customary laws of indigenous people.  The Government needed to amend the act on the rights of persons with disabilities to address the rights of indigenous women with disabilities. Access to justice needed to be promoted for indigenous women and women with disabilities.

    Nepal had failed to ratify the Palermo Protocol, and human trafficking and sex work were treated as the same in the country.  Sex workers faced various forms of discrimination and violence.  Nepal’s legislation had a direct impact on sex workers’ access to citizenship.  Legislation on trafficking in persons needed to be amended to differentiate between trafficking and sex work.  The Government also needed to facilitate sex workers’ access to citizenship and promote awareness raising campaigns on the rights of sex workers.

    Lesbian, bisexual, transgender and intersex girls faced harmful treatment and violence, and systematic discrimination in education and healthcare in Nepal, and the Government had failed to act in response.  The Government needed to ensure such women could access single women’s allowances, redefine marriage to include gender-free terminology, and support this group’s access to rights.

    Education on sexual and reproductive health remained optional and inadequate in Nepal.  It needed to be made compulsory.  Legislation needed to be amended to fully decriminalise abortion, particularly abortions in cases of rape.  The State also needed to amend legislation to include sexual and reproductive health and rights and sensitise health care providers and community members on safe births.  It further needed to decriminalise sexual relations between consenting adolescents under the age of 18.

    The meaningful participation of women in political processes was lacking; many women politicians faced violence. Nepal needed to investigate historic violence against marginalised women, collect disaggregated data on women, enhance women’s leadership capacities, take measures to eliminate discrimination against marginalised women and girls, and provide quality health services to all women and girls, particularly indigenous women, at a minimal cost.

    Belarus

    Speakers on Belarus said the Constitution did not provide effective protection against discrimination. Women’s rights to education and health care were limited. Belarus had institutionalised discriminatory food provisions; women and girls were not able to access fruit and nuts, leading to long-term health risks.

    Access to justice for women was undermined by the persistent persecution of women human rights defenders.  Women activists had been falsely labelled as terrorists despite their peaceful actions.  The State had systematically dissolved various civil society organizations, including many that supported women.  Almost 2,000 non-governmental organizations had been forced to liquidate. All women’s organizations that had prepared shadow reports to the Committee for the last review had been liquidated.  It was immensely difficult to find legal assistance due to the political suppression of lawyers.  In 2022, the Government had forcibly liquidated all trade unions.  Six women trade union activists remained in prisons.

    At least 139 women were political prisoners in Belarus.  They lacked access to healthcare and were persistently ill-treated. Imprisoned women faced forced labour and modern forms of slavery.  If women refused to work, they were put in “cages of shame” and forced to stand outside for several hours.  Women prisoners earned between five and 10 euros per month and faced harsh penalties for not meeting quotas.

    When domestic violence cases were reported to police, police screened the political activities of the victim rather than provide support.  Victims and aggressors were invited together to meetings with authorities, promoting impunity.

    Women migrants were vulnerable to trafficking and violence.  Domestic violence was not a ground for asylum in Belarus. 

    Luxembourg

    No non-governmental organizations spoke on the situation of women in Luxembourg.

    Questions by Committee Experts

    A Committee Expert said that there were many laws and policies for women in the Democratic Republic of the Congo, but there was weak implementation.  How was the transitional justice policy being implemented for women? Was there a plan to promote the security of women and girls in the Democratic Republic of the Congo?

    The Expert shared the non-governmental organizations’ concern regarding the suppression of civil society in Belarus. Were there plans to update the national action plan on human rights in Belarus, and were there plans to establish a national human rights institution?

    Another Expert asked about anti-trafficking activities being carried out in the Democratic Republic of the Congo. To what extent were women represented in local governments and decision-making bodies in Nepal?

    One Committee Expert asked about financial resources devoted to implementing the national gender equality plan in Nepal.  What were areas of concern related to sexual and reproductive health services in Belarus?

    A Committee Expert asked about problems regarding access to justice for Dalit women in Nepal.  How common was the dowry custom in Nepal?  Why was the dowry for younger women and girls lower?

    Another Committee Expert asked if the Democratic Republic of the Congo had laws on the accountability of military personnel and contractors involved in violence against women.  What social protection system and benefits did Belarus have for women and girls?

    One Committee Expert asked about legal provisions that needed to be challenged.  What needed to be done to educate girls and society about the harms of the kumari practice in Nepal, which isolated girls from their community?

    A Committee Expert called for information on the Democratic Republic of the Congo’s national action plan on the development of the security forces.  What action had been taken to dismantle non-governmental armed groups in the east?  Was it still possible for non-governmental organizations in Belarus to protect women and interact with the Government?

    Responses by Non-Governmental Organizations

    Nepal

    Responding to questions on Nepal, speakers said there was a very low percentage of women in federal and provincial decision-making bodies in Nepal, and an even lower percentage of Dalit women. There needed to be increased representation of women in these bodies.  There were several laws that directly discriminated against women, including laws on legal residences, which considered women and girls’ residences as those of their husbands and fathers.  Divorced women lost their property rights.  It was prohibited to oppose gender biases in cultural and social practices.  Nepal’s laws did not recognise lesbian, bisexual, transgender and intersex women as minorities; this needed to be done.

    In Nepal, the parents of women paid dowries, and less dowry was paid for younger women.  Dowry payments were most prevalent in the south of the country. The Criminal Code criminalised this practice, but it still existed.

    Sexual and reproductive health education was part of the school curriculum but was no longer a compulsory subject.  There were also gaps in sexual and reproductive health legislation, with many marginalised women not able to access sexual and reproductive health services.

    Dalit women and other marginalised women could not easily access the justice system.  They were not made aware of where and how to access justice and faced violence and discrimination from the police because of their identity.

    Belarus

    Responding to questions on Belarus, speakers said Belarus’ Gender Equality Council did not include non-governmental organizations working on human rights and gender equality.  Belarus’ legislation on incitement to hatred was used to oppress women human rights defenders.  One such woman had been imprisoned for seven years under this legislation.  Raids, inspections and blocking of websites were tools used by the Government to restrict the activities of civil society organizations.

    Statements by National Human Rights Institutions

    Democratic Republic of the Congo

    GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said the Democratic Republic of the Congo was going through one of its darkest times in recent history, marked by the invasion of the M23 rebels in the east of the country, which was facing a protracted, violent crisis.  Many women and girls had been displaced and were facing heightened risks of sexual violence and rape.  The National Human Rights Commission had conducted investigations into sexual violence linked to conflict, engaging with competent institutions to address this problem and combat impunity.

    The Commission welcomed that the Government had implemented several measures to protect women and girls from sexual and gender-based violence, including a law criminalising such violence and enshrining access to justice for victims.  However, there was still a long way to go until these measures could effectively protect civilians from sexual and gender-based violence.  The number of internally displaced persons continued to grow, and there had been many cases of rape reported.  There needed to be increased funds to limit the circulation of small arms and light weapons, build new camps, and increase humanitarian aid for internally displaced persons.  Care for victims of sexual and gender-based violence needed to be given by trained professionals.

    The national fund for compensation for the victims of gender-based violence had helped victims to access care. The Commission also welcomed the organisation of travelling courts to combat impunity.  The Government needed to restore peace in the east and take steps to protect civilians from gender-based violence, and provide internally displaced persons with adequate aid.  Armed groups needed to respect the rules of international humanitarian law and implement an immediate ceasefire.  The international community needed to promote peace by adopting sanctions against M23 and other armed groups.

    Luxembourg

    LAURA CAROCHA, Human and Social Sciences Expert, Commission consultative des Droits de l’Homme du Grand-Duché de Luxembourg [Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights], welcomed the efforts made by Luxembourg to combat discrimination against women since the last report, while noting persistent shortcomings, including a social system that kept women in a subordinate position to men.  Luxembourg’s policy favoured a “neutral” approach that was not gender sensitive.  Ms. Carocha urged politicians to openly acknowledge this systemic patriarchal domination and to make the deconstruction of this mechanism a priority.  To this end, it was imperative that the Government finally implemented the principle of gender mainstreaming in a cross-cutting manner in all its policies. 

    Luxembourg’s equality efforts lacked an intersectional approach and the Government rarely addressed multiple and intersecting forms of discrimination.  Disability was conspicuously absent from the National Action Plan for Equality between Women and Men, while the gender dimension was neglected in the National Action Plan on Disability.  It was essential to have detailed data, disaggregated by gender, age, ethnicity, disability and education level, to better understand and address the different forms of discrimination that women faced.  The Government also needed to impose concrete actions on companies, municipalities and administrations in terms of gender equality and the fight against discrimination against women.

    All actions taken in the fight against discrimination against women needed to be carried out in close collaboration with civil society.  This cooperation needed to be translated into lasting partnerships and political will to ensure that the contributions of civil society were seriously considered in the decision-making process.

    Ms. Carocha concluded by calling for the recognition of multiple forms of discrimination, and a proactive and participatory response from the Government to gender inequalities rooted in societal dynamics.  This meant adopting structural solutions that addressed the root causes of discrimination.

    Questions by Committee Experts

    A Committee Expert offered condolences to the people of the Democratic Republic of the Congo, including families of civilians who had lost their lives. What did the National Human Rights Commission wish the Committee to highlight in the dialogue with the State party?

    Another Committee Expert asked about measures to prevent conflict-related gender-based violence in the Democratic Republic of the Congo.

    One Committee Expert asked if humanitarian aid groups were able to access Goma and deliver food, health and menstrual products?

    A Committee Expert expressed concern regarding the lack of participation from women’s organizations from Luxembourg in the dialogue.  What progress had been made in reforming the Constitution?  Was there an initiative to amend the timeframe for authorising abortions in the State?  The State party did not publish data broken down by origin.  Could data be provided on migrant workers in Luxembourg?

    Another Committee Expert asked about Luxembourg’s process for identifying stateless persons.

    Responses by National Human Rights Institutions

    GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said that in Goma, people in displacement camps had been bombarded.  They had no power and no water, and the Rwandese army was on its way in. The international community needed to assist the Democratic Republic of the Congo in creating humanitarian corridors to assist internally displaced persons fleeing the region.  The State had approved laws and measures on preventing sexual violence, but implementing these was a challenge, particularly in regions where the Government did not have control.  In the dialogue, the Committee needed to ask the Government to choose diplomacy over other means, as the population was dying for nothing. Those involved in the conflict needed to be prosecuted.  The international community needed to condemn the situation in the east and promote diplomacy.

    Meeting with the Working Group on Business and Human Rights

    Statements

    ANDREA ORI, Director, Groups in Focus Section, Human Rights Treaties Branch, United Nations Office of the High Commissioner for Human Rights, said that the meeting would address the nexus between business and human rights, and gender and digital technologies. Cooperation and practices in digital fields needed to not perpetrate discrimination against women.  There was room for improvement on measures addressing gender discrimination in the workplace, representation of women in leadership positions, workplace harassment, and labour rights for women. Women were over-represented in low-paying jobs.  Stereotypes hindered women’s access to finance and investments, and women had less access to technology and digital services.  Today’s discussion would focus on enhancing the promotion and protection of women.

    NAHLA HAIDAR, Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past.  Strategic, innovative modalities to better safeguard the rights of women and girls called for partnerships, joint approaches and harmonised frameworks.  Women needed to be engaged in digital developments from the beginning.  States needed to avoid the re-inventing of stereotypes, bias and discrimination and the perpetuation of violence against women through cyber-enabled modalities; safeguard women’s livelihoods and expand economic opportunities in the new digital era for them; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

    This briefing was anticipated to be the first in a series of collaborative efforts to address substantive issues on women’s economic rights in a digital world based on the provisions of the Convention.  Business and human rights principles and the jurisprudence of the Committee and standards could be systematically deployed to uphold and respond to women’s rights protection and economic empowerment, particularly through inclusive digital technologies.

    Sadly, gender equality had often been constrained by interpretations outside the text of the Convention, resulting in persistent gender gaps and disparities.  Critical partnerships would enable the Committee to explore a collaborative and coordinated approach for bridging digital gender inequalities to create a more inclusive and equitable digital future for women and girls, one that was not only free of all forms of violence but also offered them equal opportunities to access and utilise digital technologies to boost their livelihoods and human capital assets.

    LYRA JAKULEVIČIENĖ, Chairperson of the Working Group on Business and Human Rights, said that this year, the Working Group was preparing a report on the use of artificial intelligence in businesses and its human rights impacts.  It focused on the deployment of artificial intelligence technologies and procurement by States and businesses, looking at biases and other issues.  The use of artificial intelligence and other technologies had many benefits and but also created concerns, including related to gender, and these would be captured in the report.  Synergy with the Committee would help both bodies to advance their agendas and strengthen the global protection of human rights, particularly for vulnerable women and girls.

    ESTHER EGHOBAMIEN-MSHELIA, Committee Expert, said 300 million fewer women than men had access to mobile internet globally.  Although about a third of small and medium enterprises were owned by women, women were under-represented in discussions on the global value chain.  States needed to focus on the energy transition and artificial intelligence technologies, as if they did not address issues in these fields, the gender gaps would widen.

    FERNANDA HOPENHAYM, Gender Focal Point of the Working Group on Business and Human Rights, said the United Nations Guiding Principles on Business and Human Rights had a cross-cutting gender perspective, and this needed to be addressed by States and businesses.  The Guiding Principles said that States needed to include a gender perspective in all policies on business and human rights.  It also called on businesses to respect human rights and to implement measures promoting diversity and inclusion.  Women needed to be able to access remedies in cases in which their rights were violated.  Technologies needed to be gender sensitive, responsive and transformative.

    Panel Discussion

    In the ensuing discussion, speakers, among other things, said women faced many barriers to accessing the labour market; these needed to be addressed.  Countries needed to change company cultures to address discrimination against women employees, and promote diversity and family-friendly policies.  Businesses needed to consider documents outlining the rights of women and girls, such as the Convention, and use tools to assess the effectiveness of gender equality measures.  They also needed to create an enabling environment for women.  Another key requirement was to conduct human rights due diligence with a gender lens.

    Some speakers expressed concerns related to discrimination against women in the technology sector.  Many companies lacked a gender lens when assessing their value chains and were not carrying out gender-related due diligence.  There was evidence of disproportionate harm to non-binary women and the targeting of women human rights defenders online.  Companies were actively amplifying gender biases.  The Committee and the Working Group needed to work with civil society and to call out companies by name when they violated human rights.  They also needed to promote corporate accountability and prevent regression.

    Speakers presented measures to change cultural mindsets to support women to succeed professionally; to promote a healthy work-life balance for women; to raise awareness of women’s rights among businesses; and to develop rules and tools to protect women and girls on social media platforms.

    Some speakers said technology could allow for greater access to education for women and girls, so women needed increased access to it.  One speaker said girls had less opportunities to study in fields such as programming and robotics.  With simple reforms and measures encouraging participation, more and more women and girls would choose information technology as a profession, they said.

    Some speakers expressed concerns that artificial intelligence technology was not sufficiently regulated.  It was possible for artificial intelligence systems to learn and reproduce societal biases and there were also privacy concerns regarding the data that these systems used.  One speaker presented efforts to eliminate biases in artificial intelligence systems and to develop tools to ensure that such systems respected human rights.

    One speaker called for respect for women’s rights in the energy transition.  Women had strong roles to play in preventing child labour in the energy sector and supporting children’s access to education.  Businesses needed to ensure women’s experiences were incorporated in energy transition programmes, and to finance science, technology, engineering and maths education programmes for women, speakers said.

    ________

    CEDAW.25.002E

    Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

    English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 03.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    3 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 03.02.2025

    Espoo, Finland – On 3 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 872,093 4.43
    CEUX
    BATE
    AQEU
    TQEX
    Total 872,093 4.43

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 3 February 2025 was EUR 3,867,209. After the disclosed transactions, Nokia Corporation holds 236,903,084 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI USA: ICYMI: Senator Luján in the News Standing Up for New Mexicans, Holding the Trump Administration Accountable for Chaos and Confusion

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – This week, U.S. Senator Ben Ray Luján (D-N.M.) has been actively engaging in critical Senate hearings, holding nominees accountable to protect essential services and programs for New Mexicans and every American. Throughout these hearings, Senator Luján has emphasized the importance of nominees serving the public interest, rather than furthering political agendas.

    As a member of the Senate Committee on Finance, the Senate Committee on Commerce, Science, Transportation, and the Senate Committee on the Budget, Senator Luján has been at the forefront of pressing key nominees on their positions on working for the American people and upholding the law.

    RFK Jr. Confirmation Hearing

    In the nomination hearing for Robert F. Kennedy Jr. to become Secretary of Health and Human Services, Senator Lujánquestioned Mr. Kennedy on his understanding of the importance of Medicaid and pressed Mr. Kennedy for his commitment to protect Medicaid from cuts. Mr. Kennedy did not commit to not cutting Medicaid if asked to by the President.

    • NBC News – It’s ‘clear’ that RFK Jr. would be a ‘rubber stamp’ on Trump’s policy decisions: Democratic senator.

    Sen. Ben Ray Luján (D-N.M.) joins Meet the Press NOW after pressing Robert F. Kennedy Jr. during his Senate confirmation hearing to lead the Department of Health and Human Services.

    • US News & World Report – 5 Key Takeaways From RFK Jr.’s First Senate Confirmation Hearing

    Kennedy Struggles on Medicare and Medicaid Questions: “President Trump has asked me to make it work better,” Kennedy said. “Most Americans are not happy with it. The premiums are too high, the deductibles are too high, and everybody’s getting sick or too much money is going to the insurance industry.” Democratic Sen. Ben Luján of New Mexico responded by citing statistics from state polling showing high levels of satisfaction with Medicaid.

    • Reuters – Kennedy says he will finalize rules that increase diversity in clinical trials

    Robert F. Kennedy Jr., President Donald Trump’s pick to lead the top U.S. health agency, told U.S. senators during his confirmation hearing on Wednesday that he would finalize regulations aimed at increasing the participation of diverse patient populations in clinical trials. Asked by Democratic Senator Ben Ray Lujan whether he would commit to finalizing the guidance on clinical trial diversity mandated by Congress, Kennedy replied, “Yes.”

    • The Daily Beast – RFK Jr. Completely Fumbles Basic Facts in Confirmation Hearing

    Kennedy also missed big when Sen. Ben Ray Lujánasked him to estimate how many babies are born in the U.S. each year on Medicaid. Kennedy, after conceding he had no clue, estimated 30 million. That is about eight times more than the overall number of births the U.S. had in total in 2023. About 1.4 million of those were on Medicaid, Luján informed Kennedy.

    Howard Lutnick Confirmation Hearing

    In the nomination hearing for Howard Lutnick to become Secretary of Commerce, Senator Luján questioned Mr. Lutnick on whether he would commit to not cutting funding that has been awarded to connect thousands of New Mexicans to the internet. Despite Mr. Lutnick’s acknowledgement of the importance of broadband buildout, he would not commit to maintaining crucial support for broadband.  

    • NPR – Trump’s pick for Commerce Secretary is Howard Lutnick. Here’s what to know

    Sen. Ben Ray Luján, D-N.M., asked: “If President Trump asks you to cut infrastructure funding as passed by this Congress in a bipartisan way … will you oppose that?” “I work for the president,” Lutnick said.

    • Roll Call – Commerce pick Lutnick defends tariffs, funding freeze

    Sen. Ben Ray Luján, D-N.M., tried to pin Lutnick down on whether he would withdraw funding allocated by law if Trump asked him to. “I work for the President of the United States, and I’m here to execute his policies,” Lutnick said. “I think he agrees that broadband internet to America is important and that, efficiently, we deliver.” “I’ll slow down — if the President asked you to cut an infrastructure program, would you cut the program?” Luján asked. “We have a responsibility to communicate to each other for the people that we work for, it’s not just that you work for Donald Trump, sir. You work for the American people if you get this position.”

    • Politico – Frustration over Trump funding freeze dominates Lutnick confirmation hearing

    Sen. Ben Ray Luján (D-N.M.) asked him if he’d stop infrastructure money passed by Congress if he was ordered to. Sen. Tammy Duckworth (D-Ill.) pressed if he would heed an unconstitutional order from Trump.“We’re asking simple questions. We had an incredible conversation in the office … a very respectful one,” a visibly frustrated Luján said. “It’s not just that you work for Donald Trump. Sir, you work for the American people.”

    Russel Vought’s Chaos and Confusion

    Senator Luján was joined by Budget Committee Ranking Member Jeff Merkley (D-Ore.), Senate Democratic Leader Chuck Schumer (D-NY), along with Budget Committee Democrats, to call out the threat of Russell Vought’s nomination to be Director of the Office of Management and Budget (OMB). Russell Vought would add to the Trump administration’s unprecedented chaos and confusion. Reporting shows that he worked behind the scenes to orchestrate the halt to all federal funding including grants and loans, upending trillions of dollars and creating cruel and unnecessary chaos for childcare centers, firefighters, domestic violence shelters, law enforcement, health care providers, seniors and veterans, and American families.

    • Roll Call – Vought nomination advances despite Democrats’ boycott

    Senate Budget Committee Republicans approved Russ Vought’s nomination to serve as President Donald Trump’s budget director on Thursday, overcoming the absence of Democrats on the panel who boycotted the markup.

    • Albuquerque Journal – Senate Democrats boycott Trump’s budget office director pick in wake of attempted funding freeze

    After an attempt this week by President Donald Trump’s budget office to freeze federal funding to determine if it aligned ideologically with his priorities, Senate Democrats, including Sen. Ben Ray Luján of New Mexico, boycotted a budget committee vote for the president’s budget office pick, Russell Vought. Although the OMB memo has been rescinded, White House officials have said Trump’s executive order related to the Monday memo is still in effect, causing “more confusion, more chaos,” Luján said.

    MIL OSI USA News

  • MIL-OSI Asia-Pac: IICA ORGANIZES A CUSTOMIZED THREE DAYS TRAINING AND CERTIFICATION PROGRAMME “ESG FOR BOARD MEMBERS” AT THE UNITED NATIONS REGIONAL OFFICE FOR ASIA AND PACIFIC, BANGKOK, THAILAND

    Source: Government of India (2)

    IICA ORGANIZES A CUSTOMIZED THREE DAYS TRAINING AND CERTIFICATION PROGRAMME “ESG FOR BOARD MEMBERS” AT THE UNITED NATIONS REGIONAL OFFICE FOR ASIA AND PACIFIC, BANGKOK, THAILAND

    PROGRAMME COVERED KEY ASPECTS OF ENVIRONMENTAL-SOCIAL-GOVERNANCE (ESG) CONSIDERATIONS IN BOARD DECISION MAKING AND IMPACT OF CLIMATE CHANGE ON BOARD’S ACCOUNTABILITY

    Posted On: 03 FEB 2025 9:53PM by PIB Delhi

    The School of Business Environment, Indian Institute of Corporate Affairs (IICA) organized a customized three days residential training and certification programme “ESG for Board Members” from Jan 30 – Feb 01 2025 at the United Nations Regional Office for Asia and Pacific, Bangkok, Thailand. This initiative is inspired by Dr. Ajay Bhushan Prasad Pandey, Director General & CEO, IICA conveying the importance of leadership buy-in for achieving Net-Zero and other relevant sustainability targets by embedding ESG in the corporate strategy aligned with global expectations from multiple stakeholders. The programme was inaugurated by Mr. Gerd Trogemann, Regional Manager, Global Policy Network and Regional Programme, Asia-Pacific, United Nations. 

    The programme covered key aspects of building a business case of Environmental-Social-Governance (ESG) considerations in Board decision making, it covered aspects of ESG’s Indian as well as global context, guided the participants on how to begin with ESG journey, embedding ESG in to corporate strategy, Impact of climate change and Board’s accountability, designing business models for resilience, Risk mitigation, evolving role of Board in corporate accountability, Stakeholders engagement for ESG success, Governance of CSR and role of Board, Public disclosures on ESG, Business and Human Rights due diligence, effective grievance redressal mechanisms, future trends impacting businesses, and essentials of becoming ESG Impact leaders.  

    The sessions were delivered by prominent experts and facilitators including Prof. Garima Dadhich, Dr. Harpreet Kaur, Ms Olga Nilova, Mr. Bharat Wakhlu, Ms Belinda Hlatshwayo, Ms Nusrat Khan, and Dr. Ravi Raj Atrey. On the third day, delegation from Thailand based companies presented their ESG journey, best practices and challenges faced in strategizing and implementing ESG, the Indian delegation of public and private companies had a peer learning exposure through this exercise. The programme has benefitted CMDs, Directors, Independent Directors, Board Members, and other sr. leaders from corporate both public and private in the realm of ESG, it provided a unique opportunity to the participants to not only contribute to sustaining businesses in today’s rapidly changing world but also to co-create a collaborative system of exchange of knowledge and ideas at elite level.

    IICA enjoys unique distinction of offering a credible  six months ESG Professional programme  contributing to build a cadre of ESG professionals and Impact leaders. As per the recommendations of the High Level Advisory Committee and keeping in view the needs of Board representatives, this capsule programme was launched by the School of Business Environment-IICA in collaboration with United Nations Development Programme Regional Office for Asia and Pacific.  

     

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Bids for 11th Round and Second Attempt of 10th Round of Commercial Coal Mines’ Auction Opened Today

    Source: Government of India (2)

    Posted On: 03 FEB 2025 6:02PM by PIB Delhi

    The Nominated Authority, Ministry of Coal today opened the bids for the 11th round of commercial coal mines’ auction. This round received unprecedented responses from the bidders. Bids have been received for 20 coal mines out of offered 27 coal mines.

    The online bids were decrypted and opened electronically in the presence of the bidders. Subsequently, sealed envelopes containing offline bid documents were also opened in the presence of bidders. Entire process was displayed on the screen for the bidders. Under this round, only 70 bids have been received online, however, 72 bids have been received in physical form.

    A total of 65 bids were received against 15 coal mines offered in the 11th round. Under 2nd Attempt of 10th round, a total of 7 coal mines were put up for auction and 5 bids received against 5 coal mines with each mine receiving 1 bid each.

     Mine-wise list of bids received online is as under:

    Sl No

    Name of Coal Mine

    Round

    No of Bids (Both Online and Offline)

    Type of coal mine

    1

    Seregarha

    11th Round

    6

    Non-Coking

    2

    Banai & Bhalumunda

    11th Round

    5

    Non-Coking

    3

    Saradhapur Jalatap East

    11th Round

    3

    Non-Coking

    4

    Margo East

    11th Round

    1

    Non-Coking

    5

    Margo West

    11th Round

    1

    Non-Coking

    6

    Jawardaha North

    11th Round

    2

    Non-Coking

    7

    jawardaha South

    11th Round

    1

    Non-Coking

    8

    Namchik West

    11th Round

    4

    Non-Coking

    9

    Bandhak West

    11th Round

    15

    Non-Coking

    10

    Vijay Central

    11th Round

    8

    Non-Coking

    11

    Sahapur East

    11th Round

    6

    Non-Coking

    12

    Marwatola II

    11th Round

    5

    Non-Coking

    13

    Dahegaon Makardhokra IV

    11th Round

    3

    Non-Coking

    14

    Namchik East

    11th Round

    5

    Non-Coking

    15

    Senduri

    2nd Attempt-10th Round

    1

    Non-Coking

    16

    Tandsi III & Tandsi III Extn.

    2nd Attempt-10th Round

    1

    Coking

    17

    Tangardihi North

    2nd Attempt-10th Round

    1

    Non-Coking

    18

    Ustali North

    2nd Attempt-10th Round

    1

    Non-Coking

    19

    West of Baisi (Revised)

    2nd Attempt-10th Round

    1

    Non-Coking

     

    A total of 46 companies have submitted their bids in the auction process. More than 15 new companies including a Coal India subsidiary have participated for the first time under commercial coal mine auction. The list is as submitted below:

    S.No

    Name of the bidder

    No. of bids submitted

    1

    PCIL Power and holdings Limited

    1

    2

    Jindal Power Limited

    3

    3

    Bharat Aluminium Company Limited

    1

    4

    Adani Natural Resources

    1

    5

    Greta Energy Limited

    1

    6

    The Andhra Pradesh Mineral Development Corporation Limited

    2

    7

    Western Coalfields Limited

    2

    8

    Yajur Comtrade Private Limited

    1

    9

    PLR Projects Private Limited

    1

    10

    New Era Cleantech Solution Private Limited

    1

    11

    Gayatri Rebuild Private Limited

    2

    12

    Hind Unitrade Pvt Ltd

    1

    13

    Orissa Metaliks Pvt Ltd

    2

    14

    Rungta Sons Pvt Ltd

    3

    15

    SNB Minerals Ltd

    1

    16

    The commodity Hub

    1

    17

    Sunflag Iron and Steel

    1

    18

    JSW Steel Ltd

    1

    19

    Jharkhand Exploration and Mining Corporation Limited

    5

    20

    Orissa Alloy Steel Pvt Ltd

    2

    21

    JMS Commercial Coal Blocks Pvt Ltd

    3

    22

    RSPU Mining Pvt. Ltd

    2

    23

    Singhal Steel and Power

    1

    24

    Singhal Business Pvt Ltd

    1

    25

    Innovative Mines and Minerals Ltd

    2

    26

    Pra Nuravi Coal Mining Pvt Ltd

    2

    27

    Singur Sponge Iron Pvt Ltd

    1

    28

    NRSKS Mines and Minerals Pvt. Ltd.

    2

    29

    Kevitho Mining Pvt Ltd

    1

    30

    G.D. Mining Pvt Ltd

    1

    31

    Bendagoshi Mining Pvt Ltd

    1

    32

    TMC Minerals Pvt Ltd

    1

    33

    Mineware Advisors Private Limited

    1

    34

    Jindal Steel and Power Limited

    2

    35

    Sarda Energy and Mineral Ltd.

    2

    36

    Pioneer Aluminium Industries Limited

    1

    37

    Odisha Coal and Power Limited

    2

    38

    Damodar Valley Corporation

    2

    39

    AMPL Resources Pvt Ltd

    1

    40

    Godavari Commodities

    1

    41

    Laddugopal Comm. Pvt. Ltd.

    1

    42

    Asia Strategic Resources Pvt Ltd

    1

    43

    SMS Limited

    1

    44

    Jai Ambey Roadlines Pvt Ltd

    2

    45

    Lloyds Metal and Energy Pvt Ltd

    1

    46

    Ind Synergy Ltd

    1

    TOTAL

    70

    The participation of new companies in the commercial coal mine auction shows the interest of the companies towards the policy. The coal sector will continue to fuel the economy to become the third-largest economy in the world.

    The bids will be evaluated by a multi-disciplinary Technical Evaluation Committee and Technically Qualified Bidders will be shortlisted for participation in the electronic auction, to be conducted on MSTC portal.

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  • MIL-OSI Asia-Pac: MCA21 records 80.26 lakh form filings between April 2024 to January 2025 driving Ease of Doing Business with enhanced digital solutions

    Source: Government of India (2)

    MCA21 records 80.26 lakh form filings between April 2024 to January 2025 driving Ease of Doing Business with enhanced digital solutions

    On the newly developed MCA21 V3 platform, 53.08 lakh forms have been filed from April 1, 2024 to January 27, 2025 which is up from 47.72 lakh in the previous year

    MCA 21 has Strengthened Security, Improved Accessibility, and Increased Stakeholder Engagement

    Posted On: 03 FEB 2025 5:53PM by PIB Delhi

     MCA21 is the first Mission Mode e-Governance Project under National eGovernance Plan (NeGP). The Ministry of Corporate Affairs has been operating it from end-to-end for registry and incorporation related services of Companies & LLPs since 2006 and corporates have been making filings on this portal since then.  During the recent period from 01.04.2024 to 27.01.2025, a total of 80.26 lakh forms have been filed on the MCA21 portal, compared to 73.29 lakh forms filed during the corresponding period in the previous year. Also, on the newly developed MCA21 V3 platform, 53.08 lakh forms were filed from 01.04.2024 to 27.01.2025, as against 47.72 lakh forms filed during the same period in the preceding year indicating an overall increase in the number of filings, enhanced stakeholder engagement with the system as also the robustness & reliability of the MCA21 platform.

     The MCA21 V3 platform facilitates Ease of Doing Business, and has introduced web-based forms, enabling real-time validation of the data entered by stakeholders. Additionally, a user registration process has been implemented to enhance user identification and authentication. This process enables users to track the status of their filed forms and download challans and certificates directly from their application dashboard. To further support stakeholders, a live chat feature has been integrated into the helpdesk, providing real-time assistance and enhancing the overall user experience.

    The security and confidentiality of information submitted through the MCA21 portal are ensured by adhering to established data security standards, including the MEITY guidelines, CERT-In regulations, ISO 27001, and Information Security Protocols. Multi-factor authentication has been introduced to verify the identity of users accessing the system. Additionally, measures such as masking private information from public view have been implemented to maintain the confidentiality and integrity of the data.

    The Minister of State in the Ministry of Corporate Affairs and Minister of State in the Ministry of Road Transport and Highways, Shri Harsh Malhotra stated this in a written reply in Lok Sabha today.

    NB/AD

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  • MIL-OSI Asia-Pac: Unlocking Creativity through Trailer Making Competition; Creators to get a chance to develop compelling trailers, drawing from Netflix’s extensive content library

    Source: Government of India (2)

    Unlocking Creativity through Trailer Making Competition; Creators to get a chance to develop compelling trailers, drawing from Netflix’s extensive content library

    Enthusiasm soars with over 3200 registrations so far with an opportunity for aspiring creators and professionals to seize the chance before the March 31st deadline

    Delhi Roadshow of Trailer Making Competition ignites creativity at GTB4CEC; Fuels aspirations of budding filmmakers

    Posted On: 03 FEB 2025 5:46PM by PIB Delhi

    The Trailer Making Competition Delhi Roadshow took centre stage at Gurutegh Bahadur 4th Centenary Engineering College (GTB4CEC) last week, marking a key stop in a series of roadshows leading up to the grand finale of the nationwide Trailer Making Competition.

    Organized by the Federation of Indian Chambers of Commerce & Industry and Reskilll, with the Ministry of Information and Broadcasting, and Netflix as the creative partner, GTB4CEC as the academic partner, this initiative provided an unparalleled platform for participants to explore the art of storytelling and video editing.

    A Platform for Creativity and Innovation

    Unlocking Creativity: Trailer Making Competition, powered by Netflix Fund for Creative Equity as part of the WAVES 2025, is a competition designed to inspire and equip aspiring filmmakers. This unique initiative offers students the chance to create compelling trailers, drawing from Netflix’s extensive content library. It featured an intensive 3-month cohort to equip participants with in-depth skills in video editing, storytelling, and trailer production.

     

    Participants in the Trailer Making Competition will receive various recognitions and rewards based on their performance. Every participant who submits a valid trailer will be awarded a Certificate of Participation. The top 50 entrants will receive a Certificate of Excellence along with exclusive recognition from the Federation of Indian Chambers of Commerce & Industry (FICCI) and Netflix.

    Furthermore, the top 20 contenders will be honoured with a trophy, exclusive merchandise, and the unique opportunity to attend the WAVES, showcasing their achievements and connecting with industry leaders.

    Registrations are ongoing and will close on 31st March 2025. Till now, around 3200 registrations from around the globe have been done. The general profiles of participants range from college students i.e. aspiring content creators and video editors to working professionals jumping on their hobby or applying using their ongoing venture as editors and creators.

    Registration link: https://reskilll.com/hack/wavesficci/signup

    Delhi Roadshow at GTB4CEC

    Roadshows across the country, including the Delhi Roadshow at GTB4CEC, have been pivotal in inspiring and nurturing creative talent.

     

    Key Highlights of the Delhi Roadshow

    • Hands-On Workshops:

    Participants received practical training in green screen editing, color correction, and advanced video editing techniques.

    • Creative Challenge:

    Attendees crafted engaging trailers based on provided themes, showcasing their storytelling and technical abilities.

    • Industry Insights:

    A panel of experts evaluated the trailers and shared valuable feedback to help participants refine their craft.

    • Showcase of Talent:

    The roadshow celebrated the creativity of budding filmmakers and editors, building momentum as they prepare for the grand finale.

    The event featured Dhruv Mathur, Senior Video Editor at Reskill, as the key speaker, who shared his expertise in video editing and provided guidance to participants on mastering storytelling techniques.

    The Road Ahead

    The Trailer Making Competition and its roadshows aim to identify and nurture the next generation of filmmakers and storytellers. With the cohort completed, participants are now set to compete for prestigious awards and industry recognition at the grand finale during the Waves Summit.

    The Delhi Roadshow was a testament to the transformative power of storytelling and video editing, setting the stage for an exciting conclusion to this nationwide competition.

    *****

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  • MIL-OSI Asia-Pac: Women-led StartUps from India making global mark, says Jitendra Singh

    Source: Government of India

    Women-led StartUps from India making global mark, says Jitendra Singh

    Women entrepreneurship holds the promise to realise the Viksit Bharat goal, says Dr. Jitendra Singh

    Indian women increasingly assuming leadership role in development sectors under the Modi regime: Dr. Jitendra Singh

    Posted On: 03 FEB 2025 5:48PM by PIB Delhi

    Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances and Pensions, Atomic Energy and Space, Dr. Jitendra Singh said here today that some of the women-led StartUps from India are making a global mark.

    Not only this, the Minister said, even in difficult sectors like the Space, women-led projects have been hailed worldwide and cited the example of India’s Solar mission “Aditya L1” which is led by Nigar Shaji who became known as ISRO’s “Sunny Lady”.

    Dr Jitendra Singh said, women-led development is a key priority of Prime Minister Narendra Modi’s governance agenda with the vision that women-led startups will place India on the global map in the years to come and our women entrepreneurs have the potential to realise that goal.

    Speaking to a delegation of Federation of Indian Chambers of Commerce and Industry – Ladies Organisation (FICCI-FLO), led by its YFLO Delhi President Dr. Payal Kanodia, Dr. Jitendra Singh said, the Prime Minister has laid out the vision of Indian startups leading the global innovation race, with women-led businesses at the forefront across sectors. He also said, from 2014 onwards, women empowerment has got a practical meaning with many of the welfare schemes including entrepreneurship promoting schemes like PM MUDRA and PM Vishwakarma schemes largely benefiting the women workforce. He further said, women entrepreneurship is being promoted in a big way under the leadership of Narendra Modi.

     

    A delegation of Federation of Indian Chambers of Commerce and Industry – Ladies Organisation (FICCI-FLO) calling on Union Minister Dr. Jitendra Singh in New Delhi.

     

    The Union Minister further said, the paradigm shift in women empowerment has enabled our womenfolk to increasingly assume leadership role in every sphere of life and every profession, moving away from a long-held participatory role.

    Dr. Jitendra Singh also told the delegation that nearly 70 percent of the youth who have availed financial assistance under PM Mudra Yojana are women to set up their own means to earn livelihoods for themselves, and become job providers for others. He also asked the delegation to contribute at its best to realize the vision of Prime Minister Modi’s a developed India by 2047, adding that the government has taken upon itself to scale up capacity building of its youth population including the young women.

    The Union Minister further told, the exclusive asset of India, the traditional artisans and craftsmen, has been brought into the mainstream with the launch of PM Vishwakarma by the Prime Minister. He said, the traditional artisans and craftsmen are as integral as anything in Indian society who have kept alive the centuries old traditions and crafts of the country but were never taken care of since independence. He further said, it was only possible under the Modi regime that this integral part of the society is supported and skilled now with the launch of the new scheme and under this Scheme the Government is not only providing free training to the beneficiaries but also giving them stipend during the training period with no liability on parents of the artisans and craftsmen.

     

    Dr. Jitendra Singh also said, the Modi Government has taken many revolutionary steps to provide employment avenues to its youth populace by launching various schemes and also by revolutionizing the work culture in the country by combining the best features of Indian tradition with modernity keeping in view the diversity of the country.

    ****

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  • MIL-OSI Asia-Pac: Unlocking Creativity through Trailer Making Competition; Students get a chance to create compelling trailers, drawing from Netflix’s extensive content library

    Source: Government of India

    Unlocking Creativity through Trailer Making Competition; Students get a chance to create compelling trailers, drawing from Netflix’s extensive content library

    Enthusiasm soars with over 3200 registrations so far with an opportunity for aspiring creators and professionals to seize the chance before the March 31st deadline

    Delhi Roadshow of Trailer Making Competition ignites creativity at GTB4CEC; Fuels aspirations of budding filmmakers

    Posted On: 03 FEB 2025 5:46PM by PIB Delhi

    The Trailer Making Competition Delhi Roadshow took centre stage at Gurutegh Bahadur 4th Centenary Engineering College (GTB4CEC) last week, marking a key stop in a series of roadshows leading up to the grand finale of the nationwide Trailer Making Competition.

    Organized by the Federation of Indian Chambers of Commerce & Industry and Reskilll, with the Ministry of Information and Broadcasting, and Netflix as the creative partner, GTB4CEC as the academic partner, this initiative provided an unparalleled platform for participants to explore the art of storytelling and video editing.

    A Platform for Creativity and Innovation

    Unlocking Creativity: Trailer Making Competition, powered by Netflix Fund for Creative Equity as part of the WAVES 2025, is a competition designed to inspire and equip aspiring filmmakers. This unique initiative offers students the chance to create compelling trailers, drawing from Netflix’s extensive content library. It featured an intensive 3-month cohort to equip participants with in-depth skills in video editing, storytelling, and trailer production.

     

    Participants in the Trailer Making Competition will receive various recognitions and rewards based on their performance. Every participant who submits a valid trailer will be awarded a Certificate of Participation. The top 50 entrants will receive a Certificate of Excellence along with exclusive recognition from the Federation of Indian Chambers of Commerce & Industry (FICCI) and Netflix.

    Furthermore, the top 20 contenders will be honoured with a trophy, exclusive merchandise, and the unique opportunity to attend the WAVES, showcasing their achievements and connecting with industry leaders.

    Registrations are ongoing and will close on 31st March 2025. Till now, around 3200 registrations from around the globe have been done. The general profiles of participants range from college students i.e. aspiring content creators and video editors to working professionals jumping on their hobby or applying using their ongoing venture as editors and creators.

    Registration link: https://reskilll.com/hack/wavesficci/signup

    Delhi Roadshow at GTB4CEC

    Roadshows across the country, including the Delhi Roadshow at GTB4CEC, have been pivotal in inspiring and nurturing creative talent.

     

    Key Highlights of the Delhi Roadshow

    • Hands-On Workshops:

    Participants received practical training in green screen editing, color correction, and advanced video editing techniques.

    • Creative Challenge:

    Attendees crafted engaging trailers based on provided themes, showcasing their storytelling and technical abilities.

    • Industry Insights:

    A panel of experts evaluated the trailers and shared valuable feedback to help participants refine their craft.

    • Showcase of Talent:

    The roadshow celebrated the creativity of budding filmmakers and editors, building momentum as they prepare for the grand finale.

    The event featured Dhruv Mathur, Senior Video Editor at Reskill, as the key speaker, who shared his expertise in video editing and provided guidance to participants on mastering storytelling techniques.

    The Road Ahead

    The Trailer Making Competition and its roadshows aim to identify and nurture the next generation of filmmakers and storytellers. With the cohort completed, participants are now set to compete for prestigious awards and industry recognition at the grand finale during the Waves Summit.

    The Delhi Roadshow was a testament to the transformative power of storytelling and video editing, setting the stage for an exciting conclusion to this nationwide competition.

    *****

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  • MIL-OSI Asia-Pac: Coal Sector Achieves Highest Growth Among Eight Core Industries in December 2024

    Source: Government of India (2)

    Posted On: 03 FEB 2025 5:03PM by PIB Delhi

    The coal sector has shown the highest growth of 5.3% (provisional), reaching 215.1 points in December 2024, compared to 204.3 points in December 2023, among the eight core industries as per the Index of Eight Core Industries (ICI) (Base Year 2011-12), released by the Ministry of Commerce & Industry. During the period of April to December 2024, the coal industry’s index rose to 177.6 points, up from 167.2 points during the same period last year, marking a robust growth of 6.2%, the highest among all eight core industries.

    The ICI measures the combined and individual performance of production across eight core industries: cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.

    The Combined Index of Eight Core Industries showed 4.0% growth in December 2024 compared to the same period in the previous year. The index for the period April to December 2024 increased by 4.2% compared to the same period of FY 2023-24, emphasizing the coal sector’s substantial contribution to overall industrial expansion.

    This remarkable growth is largely attributed to a significant increase in coal production during April-December 2024, which reached an impressive 726.31 million tonnes (MT), up from 684.47 MT during the same period of last year. This surge underscores the sector’s ability to meet the growing demand from the energy and manufacturing industries.

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