Category: Business

MIL-OSI Security: Ship Management Company Fined $1.75M for Failing to Maintain an Accurate Oil Record Book that Concealed Unauthorized Discharges at Sea

Source: United States Attorneys General

Gremex Shipping S.A. de C.V., a Mexican corporation that managed several ships, including the M/V Suhar, pleaded guilty and was sentenced today in federal district court in Pensacola, Florida, for creating and providing false records to the U.S. Coast Guard to conceal its illegal discharge of oily bilge waste into the ocean, which is a felony violation of the Act to Prevent Pollution from Ships (APPS).

The charge stems from a Coast Guard investigation of the ship once it arrived in Pensacola on Aug. 25, 2023. The Suhar is a 7,602 gross ton Panamanian-flagged ocean-going bulk carrier that routinely hauled cement from Tampico, Mexico, to Pensacola. Since March 2021, day-to-day operation of the ship was undertaken by Gremex, which was responsible for hiring all crew, and ensuring compliance with all policies on protection of the environment in accordance with international regulations. After boarding the ship to determine compliance with all applicable laws, Coast Guard personnel determined that the vessel’s crew had regularly discharged untreated oily bilge water into sea in a manner that bypassed onboard pollution control equipment, and then falsified the ship’s oil record book to conceal these discharges.

As part of normal vessel operations, large ocean-going ships like the Suhar generate oily bilge water that periodically needs to be discharged for the vessel to operate safely. The United States and Panama are both parties to an international treaty known as MARPOL, which regulates and limits the at-sea discharge of oily bilge water. To satisfy these marine pollution requirements, vessels typically discharge oily bilge water after it has been processed through an oily water separator, a piece of onboard pollution control equipment which removes oil from bilge water prior to discharge. Ships are required to maintain an oil record book that documents all discharges of oily bilge water so authorities can monitor ships for compliance with these international requirements. Federal law requires that foreign ships arriving at U.S. ports maintain an accurate oil record book.

Consistent with a sentencing recommendation jointly proposed by the government and Gremex, the court sentenced the company to pay a $1.75 million fine, serve a four-year term of probation and commit to developing and implementing an environmental compliance plan that will be in effect during the time the company is on probation.

Assistant Attorney General Todd Kim of the Environment and Natural Resources Division and U.S. Attorney Jason R. Coody for the Northern District of Florida made the announcement.

The Coast Guard’s Investigative Service investigated the case.

Trial Attorney Joel La Bissonniere of the Environment and Natural Resources Division’s Environmental Crimes Section and Assistant U.S. Attorney Ryan Love for the Northern District of Florida prosecuted the case.

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MIL-OSI: Sprott Announces Date for 2024 Third Quarter Results Webcast

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE:SII) (TSX:SII) (“Sprott”) announced today that it plans to release its third quarter results at 7:00 a.m. on November 6, 2024. Sprott will host an earnings webcast that morning at 10:00 a.m. to discuss the results. Sprott CEO, Whitney George, together with Sprott CFO, Kevin Hibbert and Sprott Asset Management CEO, John Ciampaglia, will host the webcast, which can be accessed as outlined below.

PLEASE NOTE: Research analysts who cover the company should register at:
https://register.vevent.com/register/BIecf4c3c925374bf19a6ce5051f64dd6d

Pre-registration is now open.

About Sprott
Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California. The company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

Investor contact information: (416) 943-4394 or ir@sprott.com.

MIL-OSI USA: Booker Announces $406 Million in Federal Grants for New Jersey Projects

US Senate News:

Source: United States Senator for New Jersey Cory Booker

NEWARK N.J. – Today, U.S. Senator Cory Booker (D-NJ) announced a total of $406 million in federal grants being awarded to New Jersey by the Environmental Protection Agency (EPA) and the Federal Railroad Administration (FRA). EPA’s 2024 Clean Ports Program (CPP) is awarding the Port Authority of New York and New Jersey (Port Authority) $347 million total to execute their plan to implement alternative freight movement and zero-emissions options across the marine terminals operated by the Port Authority and its private sector partners in New York and New Jersey. The program will also award $55 million to the SeaStreak LLC to deploy high-speed zero-emission ferries for service between northern New Jersey and New York City, as well as for accompanying charging infrastructure and for training and workforce development. Additionally, the FRA is awarding $4 million to the Morristown & Erie Railway (ME) to provide more efficient and reliable freight rail operations along a nine-mile railway that runs from Morristown, New Jersey to Roseland, New Jersey.

Senator Booker wrote in support of the Port Authority’s and the Morristown & Erie Railway’s applications for these projects in May and July of this year, respectively.

The Port Authority’s “Catalyzing Change: Zero Emissions NY-NJ Port Projects for a Greener Future” plan is receiving $344 million to establish a sustainable zero emissions operation at the Port of New York and New Jersey, the largest container port on the East Coast and third largest in the country. The Port Authority’s Port Master Plan 2050 would commit to achieving net zero carbon emissions by 2050. The second grant of $3 million would fund a drayage truck movement study, increased community air monitoring, and the establishment of a Ports Community Advisory Council.

“EPA’s $347 million award to the Port Authority of New York and New Jersey to execute their ‘Catalyzing Change’ plan is a huge win for New Jersey, and a bold step toward a cleaner, more sustainable future,” said Senator Booker. “Investing in zero-emissions technologies and enhancing our freight operations will help us protect our environment and boost our regional economy. I am proud to have supported this award that will create jobs, improve air quality, protect our planet, and ensure that our supply chain remains efficient and resilient.”

“We appreciate the recognition and support from our government and community partners to ensure the critical work at the Port of New York and New Jersey is accomplished with an eye toward the future,” said Port Authority Chairman Kevin O’Toole. “This funding will reverberate well beyond the docks, allowing us to work together with nearby communities to ensure that the busiest port on the East Coast sets a new standard for collaboration, innovation, and sustainability.”

“We’re immensely grateful and thrilled to receive this significant funding from the EPA, allowing us to accelerate the deployment of zero-emission equipment across our port facilities,” said Port Authority Executive Director Rick Cotton. “This award is a crucial step forward in our commitment to sustainability and will help us meet the Agency’s net-zero emissions goal by 2050. We are grateful for the EPA’s partnership as the Port Authority continues our aggressive pursuit of our climate agenda.”

“These extraordinary awards represent a significant step toward our community engagement and sustainability efforts, and we extend our sincere appreciation to all of the port partners who made it happen,” said Bethann Rooney, port director at the Port Authority of New York and New Jersey. “The cargo moved through the Port radiates out across the country, but it would not be possible without the collaboration of the port community. Our goal is to ensure that all stakeholders have a voice as we look to maximize the impact of every dollar to deliver cleaner air, new equipment, and a port that leads the way on sustainability and community engagement.”

“Ports are essential to moving and bringing us goods that we depend on, but they are also sources of air and climate pollution impacting the surrounding communities,” said EPA Regional Administrator Lisa F. Garcia. “By advancing zero-emission technologies, we are tackling air pollution head-on while creating good-paying jobs that support local economies and families. This tremendous investment demonstrates EPA’s commitment to environmental and climate justice, and economic opportunity while also ensuring that our port communities can breathe cleaner air.”

The grant money for the Morristown-Erie Railway will be awarded through the FRA’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) program. The project will replace five-track miles of 75-year-old lite-weight jointed rail and eight switches with 115-pound or larger rail in addition to other updates. These improvements will minimize derailments and reduce noise levels, and help the railway expand its operations to manage the increase of freight coming in from the Port of New York and New Jersey.

“This $4 million grant from the FRA’s CRISI program is a crucial investment in the Morristown & Erie Railway that will enhance the safety and efficiency of our freight operations,” said Senator Booker. “Upgrading our aging infrastructure will benefit freight rail workers and consumers from Morristown to Roseland who rely on these tracks. This project will create jobs, support the local economy, and ensure this railway remains safe and efficient for years to come.”

“We are pleased to have received Senator Booker’s support in receiving this $4MM CRISI grant toward a total $6MM project to replace rail switches and extend track on our rail line. It will enable us to continue providing environmentally superior rail freight service to our customers, facilitate customer growth and additional employment in our Morris and Essex County service territory,” said Morristown & Erie President Charles Jensen.

MIL-OSI USA: Cardin, Van Hollen, Hoyer, Ruppersberger Announce Over $7.5 Million for Carroll County Regional, Tipton, and Martin State Airports

US Senate News:

Source: United States Senator for Maryland Ben Cardin

WASHINGTON – U.S. Senators Ben Cardin and Chris Van Hollen, Congressmen Steny Hoyer and Dutch Ruppersberger (all D-Md.), today announced $7,556,842 in U.S. Department of Transportation awards to Carroll County Regional, Tipton and Martin State Airports for necessary upgrades to modernize their facilities and improve passenger comfort.

“The landmark infrastructure law enacted by President Biden in 2021 continues to invest in Maryland,” said Senator Cardin. “It recognized that our airports, both large and small, have aging and outdated facilities that require upgrades to meet the changing demands on our aviation system and keep it safe and competitive.”

“Our local airports are important transportation hubs that support our state’s economy, ensuring that travelers and goods get where they need to go. We fought for these investments to support the Carroll County Regional, Tipton, and Martin State airports in serving the growing needs of Maryland’s businesses, residents, and visitors,” said Senator Van Hollen.

“President Biden and Vice President Harris’ Investing in America agenda continues to deliver for Maryland’s airports and boost our economic competitiveness,” said Congressman Hoyer. “As Chair of the Regional Leadership Council, I have worked with House Democrats and top officials in the Biden-Harris Administration to ensure that every community in America can see and feel the impact of the historic laws that Democrats passed in the 117th Congress. I was pleased to work with Team Maryland to secure these Bipartisan Infrastructure Law funds for Carroll County Regional Airport, Martin State Airport, and Tipton Airport, which will create good jobs and provide a more reliable air travel experience. Together, we will continue to lower costs, create jobs, and ensure our state’s economy works for all Marylanders.”

“The bipartisan infrastructure law continues to reap rewards for Maryland and Marylanders including this funding for local airports, which provide a critical connection to communities and economies throughout the region,” said Congressman Ruppersberger. “This is a strategic investment that will make our airports safer, more comfortable and convenient. I look forward to even more upgrades to our nation’s aging transportation infrastructure to come.”

The funding was awarded by the U.S. Department of Transportation’s Airport Improvement Program and Airport Terminal Program.

The federal grants have been awarded as follows:

$3,612,000. Carroll County Regional Airport: To remove a building and relocate fencing identified as obstructions by the FAA.
$2,944,842, Tipton Airport: To construct a 6,000 square-foot terminal to accommodate the movement of passengers and baggage.
$1,000,000, Martin State Airport: To fund the funds the construction of a new Airport Traffic Control Tower, replacing the 82-year-old sponsor-owned tower that has reached the end of its useful life.

The Airport Improvement Program funds various types of airport infrastructure projects across the country, including repairs and upgrades to runways, taxiways, airport signage, lighting and markings – all while creating thousands of good-paying, local jobs. The members have consistently fought to provide funds for airports and terminal operators, including through the fiscal year 2024 appropriations process, which makes $3.35 billion available from the Airport and Airway Trust Fund and an additional $532 million from the general fund for AIP projects.

The Airport Terminal Program was created in 2021 through the lawmakers’ efforts to pass the Infrastructure Investment and Jobs Act. Funded at $1 billion in fiscal year 2024, the Airport Terminal Program supports safe, sustainable, and accessible airport terminals, on-airport rail access projects, and airport-owned airport traffic control towers.

MIL-OSI Security: Bank Robber Sentenced to Three-and-a-Half Years in Prison

Source: Office of United States Attorneys

PHOENIX, Ariz. – Justin Eric Lindsay, 29, of Phoenix, was sentenced last week by United States District Judge David G. Campbell to 42 months in prison, followed by 36 months of supervised release. On June 27, 2024, Lindsay pleaded guilty to two counts of Bank Robbery.

Between August 2023 and January 2024, Lindsay robbed six banks before he was arrested by agents from the Federal Bureau of Investigation. During two of the robberies, Lindsay falsely claimed he had a firearm.

This case was part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and make our neighborhoods safer for everyone. The Department of Justice reinvigorated PSN in 2017 as part of the Department’s renewed focus on targeting violent criminals, directing all U.S. Attorneys’ Offices to work in partnership with federal, state, local, and tribal law enforcement and the local community to develop effective, locally-based strategies to reduce violent crime.

The Federal Bureau of Investigation, with the assistance of Tempe Police Department, Mesa Police Department, and Task Force Officers from the Peoria Police Department and the Phoenix Police Department conducted the investigation in this case. The United States Attorney’s Office, District of Arizona, Phoenix, handled the prosecution.

CASE NUMBER: CR-24-00147-PHX-DGC
RELEASE NUMBER: 2024-148_Lindsay

# # #

For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

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MIL-OSI Security: Minneapolis Man Sentenced to Prison for Insider Trading Scheme

Source: Office of United States Attorneys

ST. PAUL, Minn. – A Minneapolis man has been sentenced to 18 months in federal prison, followed by two years of supervised release, and 320 hours of community service for an insider trading conspiracy involving nonpublic negotiations for the acquisition of a medical device company valued at $1.6 billion, announced First Assistant U.S. Attorney Lisa D. Kirkpatrick.

According to evidence presented at trial, beginning in January 2018 through at least August 2020, Doron “Ron” Tavlin, 69, of Minneapolis, and Afshin “Alex” Farahan, 58, of Los Angeles, engaged in an insider trading conspiracy. The conspiracy involved nonpublic information about the acquisition of Mazor Robotics, an Israeli-based company that specialized in robotics for spinal procedures, by Medtronic, Inc., an Ireland-based medical device company that primarily operated from its executive headquarters in Minneapolis. Tavlin, while working as vice president of business development at Mazor Robotics, learned material, nonpublic information about Medtronic’s impending acquisition of his company. In violation of federal law and his duty to his former employer, Mazor Robotics, Tavlin tipped this information about the acquisition to his friend, Farahan, and instructed him to buy shares in the company. Tavlin and Farahan knew that Medtronic’s imminent acquisition of Mazor would likely result in an increase in Mazor’s stock price. Farahan used the nonpublic information tipped by Tavlin to quickly buy more than $1 million of Mazor stock throughout August and September 2018. The morning after the secret acquisition was publicly announced, Farahan immediately sold all the stock he had purchased over the preceding weeks based on Tavlin’s illegal tip, which resulted in a profit of over $246,000. According to evidence presented at trial, after the acquisition occurred, Tavlin learned that the Financial Industry Regulatory Authority (FINRA) was investigating certain trades of Mazor securities that occurred prior to the publicly announced acquisition. As part of its inquiry, FINRA asked Tavlin, and other insiders who knew about the secret acquisition negotiations, whether he knew any of the parties who traded in Mazor securities leading up to the public announcement. In January 2019, Tavlin responded to FINRA’s inquiry by falsely denying that he recognized any names on a list of persons and entities that purchased Mazor securities, which included Farahan.

According to evidence presented at trial, the insider trading conspiracy included an agreement between Tavlin and Farahan that Farahan would pay money to Tavlin in exchange for the material, nonpublic information.

On February 16, 2024, Tavlin was found guilty on one count of conspiracy to commit insider trading and ten counts of securities fraud and aiding and abetting securities fraud following a nine-day trial. He was sentenced yesterday in U.S. District Court by Judge Donovan W. Frank.

Farahan pleaded guilty on August 4, 2022, to one count of conspiracy to engage in insider trading. His sentencing hearing will be scheduled at a later time.

This case is the result of an investigation conducted by the FBI.

Assistant U.S. Attorneys Matthew S. Ebert, Robert M. Lewis, and William C. Mattessich prosecuted the case.

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MIL-OSI: Talonvest Capital Negotiates $18M Full Capital Stack for Nashville Development

Source: GlobeNewswire (MIL-OSI)

NEWPORT BEACH, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, along with its client Wedgewood Avenue are pleased to announce the successful closing of a joint venture equity investment along with construction financing for a best in class, institutional quality self-storage development located at 304 Oldham Street in Nashville, TN. Upon completion, the class A development will include 90,032 NRSF within a 3-story facility benefiting from exceptional visibility from major roadways, which average 250,000 vehicles per day, including Interstate-24, Ellington Parkway, and Spring Street.

Beau Fowler, Managing Principal at Wedgewood Avenue, commented, “As a first-time client of Talonvest, I was incredibly impressed by their ability to think strategically and advise on the best structure for both the debt and equity components of our development. Talonvest provided valuable insights that helped us optimize our capital stack to maximize returns while mitigating risk.” The Talonvest team members responsible for this transaction included Jim Davies, Kim Bishop, Tom Sherlock, Ivan Viramontes, and Lauren Maehler.

About Talonvest Capital Inc.:

Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge capital programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients. With over four decades of experience, Talonvest Capital has a unique perspective from its team’s previous experience on the lending side, managing institutional equity, executing nationwide joint venture investments, and facilitating diverse capital placements for clients across the United States. Learn more at https://talonvest.com.

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f9c4f604-6b2f-44b7-9b88-1a151b45ab66

MIL-OSI United Kingdom: E3 foreign ministries call for the urgent renewal of Israeli-Palestinian correspondent banking services

Source: United Kingdom – Executive Government & Departments 3

Statement calling on Israel to urgently renew reciprocal banking arrangements to prevent economic collapse in the Occupied Palestinian Territories.

The foreign ministries of France, Germany and the United Kingdom call for the urgent renewal of Israeli-Palestinian correspondent banking services for a period of at least one year. Failure to renew would completely suspend cross-border trade, which would be catastrophic for the Palestinian economy. This will endanger regional security and harm Palestinian and Israeli businesses alike.

We note the significant steps completed in recent months to mitigate risks related to illicit financing, including the completion of a National Risk Assessment by the Palestinian Monetary Authority and agreement for a MENAFATF on-site evaluation to take place next year.

We urge the Government of Israel to renew the indemnifications without delay for a period of least one year, in line with their obligations under the Paris Protocol. We are committed to working with Israel and the Palestinian Authorities to continue countering the financing of terrorism while reiterating that a failure to renew indemnifications, or another temporary renewal, would be unacceptable and cause serious economic damage to both Israel and the West Bank.

Published 30 October 2024

MIL OSI United Kingdom –

MIL-OSI USA: Congressman Biggs Introduces Legislation to Free Companies From the Chokehold of the Harris-Biden Regime’s Woke Social Priorities

Source: United States House of Representatives – Congressman Andy Biggs (AZ-05)

Congressman Andy Biggs (R-AZ) introduced the Stop Woke Investing Act, legislation promoting corporate America’s return to the free exchange of ideas. The Securities and Exchange Commission (SEC) has broad power to dictate what shareholder proposals a public company must consider. Under the Harris-Biden regime, the SEC has severely limited the ability of companies to exclude radical ESG proposals, like requiring companies to conduct “racial equity audits” or to set mandates to reduce greenhouse gas emissions, that are detrimental to a company’s financial responsibilities to their shareholders.

Actions from this Administration have forced companies to include controversial policies that are of little to no value to their business operations and accomplish nothing other than serving a woke social agenda. Kamala Harris and Joe Biden have weaponized every aspect of the federal government to punish those who refuse to cower in the face of their radical priorities.

The legislation would:

Allow businesses to reject frivolous shareholder proposals unrelated to the financial success of the company.
Limit the amount of proposals on which a company is permitted to vote, encouraging the prioritization of proposals that advance shareholder interests.

“Woke activism shouldn’t be placed ahead of the profitability of a public company,” said Congressman Biggs.

“Businesses should not be enslaved to radical ESG priorities that pull attention away from their fiduciary responsibilities. Focusing on woke policies only serves to harm businesses, investors, and the American economy. Congress must continue fighting the weaponization of the Harris-Biden regime and its push to radicalize Americans’ day-to-day lives.

“I’m thankful for the support of my colleagues and for Senator Eric Schmitt’s (R-MO) leadership on this issue in the Senate.”

“Over the years activist investors have increasingly proposed shareholder resolutions to compel American companies to consider ESG-related priorities that have nothing to do with financial performance. The focus on ancillary environmental and social factors is putting businesses’ management at odds with their fiduciary duty to maximize financial returns to shareholders,” said Grover Norquist, President of Americans for Tax Reform.

“That is why I am proud to support Rep. Biggs’s Stop Woke Investing Act, which would limit the amount of extraneous shareholder resolutions that can be included on a company’s proxy ballot. The shareholder resolutions submitted must also have a material effect on the financial performance of the company. This bill preserves the true meaning of fiduciary duty and ensures American companies can continue to focus on job creation, financial performance, and economic growth.”

Cosponsors of the Stop Woke Investing Act are: Rep. Andy Ogles (R-TN), Rep. Eli Crane (R-AZ), and Rep. Eric Burlison (R-MO).

The legislation may be read here.

Breitbart covered the legislation here.

MIL-OSI: Silicon Motion Announces Results for the Period Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

Business Highlights

Third quarter of 2024 sales increased 1% Q/Q and increased 23% Y/Y
- SSD controller sales: 3Q of 2024 were flat Q/Q and increased 20% to 25% Y/Y
- eMMC+UFS controller sales: 3Q of 2024 increased 0% to 5% Q/Q and increased 40% to 45% Y/Y
- SSD solutions sales: 3Q of 2024 increased 5% to 10% Q/Q and increased 5% to 10% Y/Y

Financial Highlights

	3Q 2024 GAAP	3Q 2024 Non-GAAP
• Net sales	$212.4 million (+1% Q/Q, +23% Y/Y)	$212.4 million (+1% Q/Q, +23% Y/Y)
• Gross margin	46.7%	46.8%
• Operating margin	11.5%	16.1%
• Earnings per diluted ADS	$0.62	$0.92

TAIPEI, Taiwan and MILPITAS, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended September 30, 2024. For the third quarter of 2024, net sales (GAAP) increased sequentially to $212.4 million from $210.7 million in the second quarter of 2024. Net income (GAAP) decreased to $20.8 million, or $0.62 per diluted American Depositary Share of the Company (“ADS”) (GAAP), from net income (GAAP) of $30.8 million, or $0.91 per diluted ADS (GAAP), in the second quarter of 2024.

For the third quarter of 2024, net income (non-GAAP) decreased to $31.0 million, or $0.92 per diluted ADS (non-GAAP), from net income (non-GAAP) of $32.5 million, or $0.96 per diluted ADS (non-GAAP), in the second quarter of 2024.

All financial numbers are in U.S. dollars unless otherwise noted.

Third Quarter of 2024 Review
“We continued to execute well in the third quarter of 2024, delivering revenue above the mid-point of our guided range and further expanding our gross margins,” said Wallace Kou, President and CEO of Silicon Motion. “Our eMMC and UFS controller revenue grew modestly, and our SSD controller revenue remained strong given continued growth in the OEM channel. We continue to outperform the market through new wins we secured this quarter with both NAND makers and module makers that we expect will ramp-up in 2025. We expect this trend to continue as we expand our product portfolio and deliver world-class controllers to the market.”

Key Financial Results

(in millions, except percentages and per ADS amounts)	GAAP						Non-GAAP
(in millions, except percentages and per ADS amounts)	3Q 2024		2Q 2024		3Q 2023		3Q 2024		2Q 2024		3Q 2023
Revenue	$212.4		$210.7		$172.3		$212.4		$210.7		$172.3
Gross profit		$99.3		$96.8		$73.1		$99.3		$96.8		$73.3
Percent of revenue		46.7%		45.9%		42.4%		46.8%		46.0%		42.5%
Operating expenses	$74.8		$66.0		$58.1		$65.1		$62.1		$49.5
Operating income		$24.5		$30.7		$15.0		$34.2		$34.7		$23.8
Percent of revenue		11.5%		14.6%		8.7%		16.1%		16.5%		13.8%
Earnings per diluted ADS	$0.62		$0.91		$0.32		$0.92		$0.96		$0.63

Other Financial Information

(in millions)	3Q 2024	2Q 2024	3Q 2023
Cash, cash equivalents, restricted cash and short-term investments—end of period	$368.6	$343.6	$350.3
Routine capital expenditures	$7.4	$6.3	$6.3
Dividend payments	$16.8	$16.8		—

During the third quarter of 2024, we had $12.4 million of capital expenditures, including $7.4 million for the routine purchase of testing equipment, software, design tools and other items, and $5.0 million for building construction in Hsinchu.

Business Outlook
“Looking ahead, we expect to experience gains from greater outsourcing by our NAND flash maker partners, which should continue to deliver revenue and profitability growth for the company,” said Wallace Kou, President and CEO of Silicon Motion. “In the current quarter, we are introducing two key new controllers, including our first AI/enterprise server MonTitan controller and our first PCIe Gen 5.0 client SSD controller, placing Silicon Motion in an exceptionally strong position entering calendar 2025. While the seasonal holiday demand is expected to be more muted than in past years, we are confident that our highly differentiated controller solutions for PCs, smartphones and now enterprise-class storage controllers will further strengthen our market leadership position and will build on our foundation for strong, sustainable long-term growth.”

For the fourth quarter of 2024, management expects:

($ in millions)	GAAP	Non-GAAP Adjustment	Non-GAAP
Revenue	$191 to $202 -10% to -5% Q/Q -6% to 0% Y/Y	—	$191 to $202 -10% to -5% Q/Q -6% to 0% Y/Y
Gross margin	46.3% to 47.4%	Approximately $0.3*	46.5 % to 47.5%
Operating margin	8.0% to 9.9%	Approximately $13.4 to $14.4**	15.6% to 16.6%

* Projected gross margin (non-GAAP) excludes $0.3 million of stock-based compensation.
** Projected operating margin (non-GAAP) excludes $13.4 million to $14.4 million of stock-based compensation and dispute related expenses.

Conference Call & Webcast:
The Company’s management team will conduct a conference call at 8:00 am Eastern Time on October 31, 2024.

Conference Call Details
Participants must register in advance to join the conference call using the link provided below. Conference access information (including dial-in information and a unique access PIN) will be provided in the email received upon registration.

Participant Online Registration:
https://register.vevent.com/register/BI3e5d77077ee94ca9b9fd61325f52a0e9

A webcast of the call will be available on the Company’s website at www.siliconmotion.com.

Discussion of Non-GAAP Financial Measures

To supplement the Company’s unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation and other items, including gross profit (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (non-GAAP), net income (non-GAAP), and earnings per diluted ADS (non-GAAP). These non-GAAP measures are not in accordance with or an alternative to GAAP and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

Our non-GAAP financial measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target’s performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management’s perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;
the ability to better identify trends in the Company’s underlying business and perform related trend analysis;
a better understanding of how management plans and measures the Company’s underlying business; and
an easier way to compare the Company’s operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

Stock-based compensation expense consists of non-cash charges related to the fair value of restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

Restructuring charges relate to the restructuring of our underperforming product lines, principally the write-down of NAND flash, embedded DRAM and SSD inventory valuation and severance payments.

M&A transaction expenses consist of legal, financial advisory and other fees related to the transaction.

Dispute related expenses consist of legal, consultant, other fees and resolution related to the dispute.

Foreign exchange loss (gain) consists of translation gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

Unrealized holding loss (gain) on investments relates to the net change in fair value of long-term investments.


Silicon Motion Technology Corporation Consolidated Statements of Income (in thousands, except percentages and per ADS data, unaudited)

	For Three Months Ended						For the Nine Months Ended
	Sep. 30,		Jun. 30,		Sep. 30,		Sep. 30,		Sep. 30,
	2023		2024		2024		2023		2024
	($)		($)		($)		($)		($)
Net Sales	172,333		210,670		212,412		436,763		612,392
Cost of sales	99,193		113,893		113,142		254,897		331,227
Gross profit	73,140		96,777		99,270		181,866		281,165
Operating expenses
Research & development	41,740		50,788		58,486		117,926		163,666
Sales & marketing	6,862		6,777		7,009		20,715		20,090
General & administrative	8,939		7,215		9,315		20,323		23,003
Loss from settlement of litigation	591		1,250		–		591		1,250
Operating income	15,008		30,747		24,460		22,311		73,156
Non-operating income (expense)
Interest income, net	3,480		4,175		3,518		8,026		10,760
Foreign exchange gain (loss), net	569		245		(488	)	2,030		345
Unrealized holding gain(loss) on investments	(2,828	)	1,855		(602	)	8,053		(355	)
Subtotal	1,221		6,275		2,428		18,109		10,750
Income before income tax	16,229		37,022		26,888		40,420		83,906
Income tax expense	5,642		6,201		6,045		8,639		16,226
Net income	10,587		30,821		20,843		31,781		67,680

Earnings per basic ADS	0.32		0.92		0.62		0.95		2.01
Earnings per diluted ADS	0.32		0.91		0.62		0.95		2.01

Margin Analysis:
Gross margin	42.4	%	45.9	%	46.7	%	41.6	%	45.9	%
Operating margin	8.7	%	14.6	%	11.5	%	5.1	%	11.9	%
Net margin	6.1	%	14.6	%	9.8	%	7.3	%	11.1	%

Additional Data:
Weighted avg. ADS equivalents	33,413		33,684		33,687		33,332		33,627
Diluted ADS equivalents	33,471		33,697		33,700		33,431		33,691


Silicon Motion Technology Corporation Reconciliation of GAAP to Non-GAAP Operating Results (in thousands, except percentages and per ADS data, unaudited)

	For Three Months Ended						For the Nine Months Ended
	Sep. 30,		Jun. 30,		Sep. 30,		Sep. 30,		Sep. 30,
	2023		2024		2024		2023		2024
	($)		($)		($)		($)		($)
Gross profit (GAAP)	73,140		96,777		99,270		181,866		281,165
*Gross margin (GAAP)*	42.4	%	45.9	%	46.7	%	41.6	%	45.9	%
Stock-based compensation (A)	94		14		63		300		149
Restructuring charges	88		46		–		3,347		46
Gross profit (non-GAAP)	73,322		96,837		99,333		185,513		281,360
*Gross margin (non-GAAP)*	42.5	%	46.0	%	46.8	%	42.5	%	45.9	%

Operating expenses (GAAP)	58,132		66,030		74,810		159,555		208,009
Stock-based compensation (A)	(3,751	)	(371	)	(3,595	)	(11,460	)	(7,059	)
M&A transaction expenses	(708	)	–		–		(2,893	)	–
Dispute related expenses	(3,495	)	(3,527	)	(6,076	)	(3,495	)	(11,135	)
Restructuring charges	(661	)	–		–		(4,581	)	–
Operating expenses (non-GAAP)	49,517		62,132		65,139		137,126		189,815

Operating profit (GAAP)	15,008		30,747		24,460		22,311		73,156
*Operating margin (GAAP)*	8.7	%	14.6	%	11.5	%	5.1	%	11.9	%
Total adjustments to operating profit	8,797		3,958		9,734		26,076		18,389
Operating profit (non-GAAP)	23,805		34,705		34,194		48,387		91,545
*Operating margin (non-GAAP)*	13.8	%	16.5	%	16.1	%	11.1	%	14.9	%

Non-operating income (expense) (GAAP)	1,221		6,275		2,428		18,109		10,750
Foreign exchange loss (gain), net	(569	)	(245	)	488		(2,030	)	(345	)
Unrealized holding loss (gain) on investments	2,828		(1,855	)	602		(8,053	)	355

Non-operating income (expense) (non-GAAP)	3,480		4,175		3,518		8,026		10,760

Net income (GAAP)	10,587		30,821		20,843		31,781		67,680
Total pre-tax impact of non-GAAP adjustments	11,056		1,858		10,824		15,993		18,399
Income tax impact of non-GAAP adjustments	(584	)	(218	)	(649	)	(2,968	)	(1,014	)
Net income (non-GAAP)	21,059		32,461		31,018		44,806		85,065

Earnings per diluted ADS (GAAP)	$0.32		$0.91		$0.62		$0.95		$2.01
Earnings per diluted ADS (non-GAAP)	$0.63		$0.96		$0.92		$1.33		$2.52

Shares used in computing earnings per diluted ADS (GAAP)	33,471		33,697		33,700		33,431		33,691
Non-GAAP adjustments	128		18		109		136		52
Shares used in computing earnings per diluted ADS (non-GAAP)	33,599		33,715		33,809		33,567		33,743

(A) Excludes stock-based compensation as follows:
Cost of sales	94		14		63		300		149
Research & development	2,422		94		2,377		7,605		4,614
Sales & marketing	521		173		455		1,496		975
General & administrative	808		104		763		2,359		1,470


Silicon Motion Technology Corporation Consolidated Balance Sheet (In thousands, unaudited)

	Sep. 30,	Jun. 30,	Sep. 30,
	2023	2024	2024
	($)	($)	($)
Cash and cash equivalents	295,385	289,175	313,924
Accounts receivable (net)	193,389	191,692	202,726
Inventories	199,003	240,811	214,574
Refundable deposits – current	49,445	51,036	51,102
Prepaid expenses and other current assets	16,896	31,460	38,246
Total current assets	754,118	804,174	820,572
Long-term investments	17,023	17,301	16,878
Property and equipment (net)	162,107	179,550	181,983
Other assets	33,672	29,121	29,304
Total assets	966,920	1,030,146	1,048,737

Accounts payable	26,975	36,411	30,888
Income tax payable	26,279	14,103	14,444
Accrued expenses and other current liabilities	77,502	134,947	131,143
Total current liabilities	130,756	185,461	176,475
Other liabilities	62,112	60,182	62,673
Total liabilities	192,868	245,643	239,148
Shareholders’ equity	774,052	784,503	809,589
Total liabilities & shareholders’ equity	966,920	1,030,146	1,048,737


Silicon Motion Technology Corporation Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	For Three Months Ended						For the Nine Months Ended
	Sep. 30,		Jun. 30,		Sep. 30,		Sep. 30,		Sep. 30,
	2023		2024		2024		2023		2024
	($)		($)		($)		($)		($)
Net income	10,587		30,821		20,843		31,781		67,680
Depreciation & amortization	8,043		5,802		6,664		19,032		18,075
Stock-based compensation	3,845		385		3,658		11,760		7,208
Investment losses (gain) & disposals	3,135		(1,855	)	602		(7,556	)	355
Changes in operating assets and liabilities	39,302		(13,660	)	22,280		52,910		(9,967	)
Net cash provided by (used in) operating activities	64,912		21,493		54,047		107,927		83,351

Purchase of property & equipment	(17,052	)	(10,427	)	(12,436	)	(40,687	)	(33,612	)
Net cash provided by (used in) investing activities	(17,052	)	(10,427	)	(12,436	)	(40,687	)	(33,612	)

Dividend payments	–		(16,820	)	(16,812	)	(15	)	(50,441	)
Net cash used in financing activities	–		(16,820	)	(16,812	)	(15	)	(50,441	)

Net increase (decrease) in cash, cash equivalents & restricted cash	47,860		(5,754	)	24,799		67,225		(702	)
Effect of foreign exchange changes	(2,528	)	86		186		(3,977	)	308
Cash, cash equivalents & restricted cash—beginning of period	304,971		349,279		343,611		287,055		368,990
Cash, cash equivalents & restricted cash—end of period	350,303		343,611		368,596		350,303		368,596

Shareholder Litigation
On August 31, 2023, a Silicon Motion ADS holder (the “Plaintiff”) filed a putative class action complaint in the United States District Court for the Southern District of California, captioned Water Island Event-Driven Fund v. MaxLinear, Inc., No. 23-cv-01607 (S.D. Cal.), asserting claims against MaxLinear and two of its officers (the “MaxLinear Defendants”) for alleged violations of (i) Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder and (ii) Section 20(a) of the Exchange Act, in connection with alleged false and misleading statements made by the MaxLinear Defendants between June 6, 2023 and July 26, 2023 concerning MaxLinear’s intent to consummate the merger agreement it had entered into with Silicon Motion. On August 28, 2024, the Court dismissed the complaint against the MaxLinear Defendants without prejudice for lack of standing. On September 18, 2024, the Plaintiff filed an amended complaint against the MaxLinear Defendants, and also added Silicon Motion and two of its officers (the “Silicon Motion Defendants”), asserting substantially similar claims under the Exchange Act. The complaint seeks compensatory damages, including interest, costs and expenses, and such other equitable or injunctive relief that the court deems appropriate. Motions to dismiss the amended complaint are expected to be fully briefed by February 2025. The Silicon Motion Defendants believe that the claims asserted against them are without merit and intend to defend themselves vigorously.

About Silicon Motion:
We are the global leader in supplying NAND flash controllers for solid state storage devices. We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit us at www.siliconmotion.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. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this press release.

MIL-OSI: Silicon Motion Appoints Jason Tsai as Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

TAIPEI, Taiwan and MILPITAS, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”), a global leader in designing and marketing NAND flash controllers for solid state storage devices, today announced, following a search process, that Jason Tsai, currently the Interim Chief Financial Officer and VP of Investor Relations and Finance of the Company, has been appointed the Chief Financial Officer, effective October 28, 2024. Mr. Tsai has served as our Interim CFO since April 25, 2024.

Wallace Kou, Chief Executive Officer of Silicon Motion, said, “Jason has made innumerable contributions to the strong performance of our finance team and the financial results of the Company in his previous roles as Interim CFO and VP of Investor Relations and Finance. After a six-month search, our Board unanimously resolved that with his long history with the Company and his in-depth knowledge of our business, our customers and our industry, Jason is the ideal choice to help align our long-term strategy with our strong financial performance and operational excellence in the years ahead.”

“I am excited for this opportunity to help Silicon Motion through its next chapter,” said Jason Tsai. “I believe that the Company is poised for significant growth as it extends its market leading position in its current markets and capitalize on its new and growing opportunities in the enterprise storage market.”

Jason has over 25 years of finance leadership experience in the semiconductor, hardware and software (SaaS) sectors. Prior to rejoining Silicon Motion last year, he held finance leadership positions at Zendesk and Synaptics and brings an extensive background in financial planning, treasury, capital markets, investor relations and strategic planning.

ABOUT SILICON MOTION:

We are the global leader in supplying NAND flash controllers for solid state storage devices. We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit us at www.siliconmotion.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. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this press release.

Investor Contact:

Tom Sepenzis
Senior Director of IR & Strategy
E-mail: tsepenzis@siliconmotion.com

Selina Hsieh
Investor Relations
ir@siliconmotion.com

MIL-OSI Economics: African Development Bank Approves a $75 Million Participation in Export Trading Group’s Sustainability Linked Loan for Core Value Chain Financing…

Source: African Development Bank Group

The African Development Bank Group has approved a $75 million financing package to support Export Trading Group (ETG), a Mauritius-based conglomerate with extensive operations across Africa. ETG boasts a diverse portfolio spanning agricultural inputs, logistics, merchandising and processing, supply chain optimization, digital transformation, and energy.

This package includes a $65 million participation from the Bank’s own resources, along with $10 million in concessional co-financing from the Agri-Food Catalytic Financing Mechanism (ACFM) into ETGs Sustainable Linked Loan facility for financing its core value chain assets. The Agri-Food Catalytic Financing Mechanism is an internally managed Special Fund, capitalized by Canada’s Department of Foreign Affairs, Trade and Development, to build markets and mobilize finance for gender-oriented and underserved agri-SMEs in Africa.

Through participation in the Sustainable Linked Loan facility, the financing will be deployed to ETG’s core value chains in 14 countries, namely Benin, Ghana, Ivory Coast, Senegal, Nigeria, Burkina Faso, Ethiopia, Kenya, Tanzania, Uganda, Malawi, Mozambique, Zimbabwe, and Zambia. This will support ETG’s processing and packaging facilities and warehouses and provide farmers with fertilizers and other agri-inputs. The Bank’s financing may be deployed to up to 28 African countries based on ETG’s emerging needs.

The Sustainable Linked Loan facility establishes annual sustainability key performance indicators and targets focused on decarbonization, reforestation, zero deforestation, farmer extension services, and gender empowerment with inherent direct financial consequences for non-compliance.

“The African Development Bank Group is thrilled to expand our work with Export Trade Group and support its commitment to strengthen women’s economic development in Africa. Access to finance and training in agriculture will contribute to food security and economic growth,” said Dr. Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.

ETG plans to engage 600,000 smallholder farmers by 2027, with a 25 percent target for women farmers. This includes training on sustainable farming and improved access to resources. The project is expected to boost exports from Bank regional member countries and enhance intra-regional trade, particularly within the Economic Community of West African States, Southern African Development Community, and East African Community regional economic blocks.

The Bank’s investment in ETG capitalizes on the Group’s proven track record and resilience in agriculture, aiming to mobilize private sector financing into a critical yet underserved sector of the economy. ETG will manage the project, with oversight from the company’s Board of Directors and support from specialized departments within the Group.

The project aligns with the Bank’s ‘High 5’ priorities, specifically “Feed Africa,” “Integrate Africa,” and “Improve the quality of life for the people of Africa,” as well as the Bank’s Ten-Year Strategy 2024-2033. It is expected to contribute to Africa’s agricultural transformation into a business-oriented and commercially viable sector, driving the continent’s food self-sufficiency.

“By partnering with ETG, the African Development Bank continues to champion strategic enterprises that operate across multiple countries, furthering its mission to support agricultural development and improve the livelihoods of millions across the continent. The decision to continue funding ETG is just not a financial transaction. It is a strategic collaboration with a purpose – a mission to transform African agriculture and a commitment to optimize the influence of their investments, “said Richard Ofori-Mante, Director of the Agricultural Finance and Rural Development Department at the Bank.

“By tying loan conditions to performance indicators related to sustainability, ETG is more likely to engage in activities that advance the Sustainable Development Goals. This alignment will drive better environmental, social, and governance outcomes. The transaction not only promotes sustainable practices within ETG’s operations but also influences its supply chain and partners, amplifying the impact on sustainable development,” Ofori-Mante added.

MIL OSI Economics –

MIL-OSI Economics: Africa Investment Forum welcomes BADEA as new partner ahead of the December Market Days in Rabat

Source: African Development Bank Group

The Arab Bank for Economic Development in Africa (BADEA) has joined the Africa Investment Forum as a founding partner, marking a new phase in the Forum’s expansion and influence as a catalyst for mega investments into the continent.

The official announcement came during a breakfast meeting of heads of the Africa Investment Forum Founding Partner institutions, convened by the African Development Bank in Washington, DC on the sidelines of the International Monetary Fund and World Bank’s annual meetings. During the meeting, the partners examined and adopted a new strategic framework to govern the forum. The meeting took place on Friday 25 October.

In welcoming BADEA as a new partner, African Development Bank President Akinwumi Adesina said: “Since 2018, BADEA has been a steadfast supporter of the Africa Investment Forum, consistently contributing to the growth and success of this platform.”

The Arab Bank for Economic Development in Africa is a multilateral development financial institution owned by 18 Arab countries. Its operations cover the entire Sub-Saharan African region.

BADEA group president Dr. Sidi Ould Tah said the main shareholders of his bank had been working on a new mechanism to support investment flows to Africa. The group has sovereign funds under management with assets in the trillions of dollars, of which they had pledged to channel a part for Africa’s infrastructure needs.

“The role of BADEA is to catalyse resources for Africa. BADEA will work with all the member countries of AIF to make this pledge a reality,” Tah said.

The addition of BADEA brings the AIF’s founding partners to nine: the African Development Bank, Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank.

Meeting of AIF founding partners in Washington, DC October 2024

Heads and representatives of each of the partners who attended the meeting included included Trade and Development Bank President and CEO Admassu Tadesse, Africa Finance Corporation’s CEO Samaila Zubairu, Africa50 President Alain Ebobissé, European Investment Bank Vice President Ambroise Fayolle, Hani Salem Sonbol Chief Executive Officer of the International Islamic Trade Finance Corporation representing Islamic Development Bank President Dr. Muhammad Sulaiman Al Jasser, and Afreximbank’s Director for Export Development Oluranti Doherty, who represented its president.

Adesina also commended the founding partners for their energy, drive and momentum which he described as a testament to their confidence in the Forum.

The AIF’s Market Days events, held annually, have drawn sovereign and non-sovereign investors from around the world, enabling a shift in risk perception and fostering confidence in Africa’s investment landscape.

The platform has actively supported women-led businesses under its Women as Investment Champions pillar with examples such as Mobihealth International Ltd (Healthcare, Nigeria) which was supported to access grant and loan funding for feasibility studies and pan-African expansion.

From the African Development Bank, Senior Vice President Marie Laure Akin-Olugbade, Hassatou N’Sele Vice President for Finance and CFO, Beth Dunford, Vice President for Agriculture, Human and Social Development, Nnenna Nwabufo, Vice President for Regional Development, Integration and Business Delivery and Kevin Urama, Chief Economist and Vice President, Economic Governance and Knowledge Management, also attended the meeting. The Senior Director of Syndications, the Africa Investment Forum and Client Solutions, Max Magor Ndiaye, and the Special Representative of President Adesina, Yacine Fall were also present.

The 2024 Market Days will take place from 4-6 December 2024 in Rabat, Morocco, under the theme: “Leveraging Innovative Partnerships for Scale.”

MIL OSI Economics –

MIL-OSI Economics: Mozambique: African Development Bank approves $54 million loan for Mozambique’s first wind energy project

Source: African Development Bank Group

The Board of Directors of the African Development Bank has approved a loan of $54 million for a 120 MW onshore wind farm that will help position Mozambique as a regional energy hub.

The Bank’s loan, which includes $12 million from the Sustainable Energy Fund for Africa (SEFA), is in addition to financing expected from International Finance Corporation (IFC), U.S. International Development Finance Corporation (DFC), the Emerging Africa and Asia Infrastructure Fund (EAAIF) and the Private Infrastructure Development Group’s Technical Assistance. The total project cost is estimated at $224.5 million.

Mozambique’s national electricity utility, EDM, will be the sole off-taker from the wind farm, located 50 km west of Maputo, under a 25-year power purchase agreement.

The wind farm will be Mozambique’s first utility-scale wind power project. It is expected to generate 331.6 GWh annually, supplying affordable, reliable, and clean energy to both local consumers and regional markets, diversifying Mozambique’s energy mix, and improving access to electricity. It will also position the country as a regional energy hub, capitalizing on increased energy trade through the Southern African Power Pool (SAPP).

With Mozambique’s energy sources currently dominated by hydropower and gas, the Namaacha wind farm project will help reduce annual CO₂ emissions by approximately 71,816 tons, contributing to the country’s commitments under the Paris climate agreement.

The project will support economic growth, job creation, and improved living standards. During construction it will create 600 jobs, of which its targeting about 120 will be for women, and 300 for youth. Once operational, 20 permanent jobs will be created, with a focus on gender and youth inclusion.

Commenting on the project, Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank, said, “This wind project represents a milestone for Mozambique and underscores the Bank’s strong commitment to advancing clean, renewable energy solutions in the region. It will not only enhance energy security but also facilitate regional electricity trade, benefiting Mozambique’s socio-economic development.”

Wale Shonibare, Director of the Energy Financial Solutions, Policy, and Regulations Department at the African Development Bank stressed the technological impact of this milestone project. “As the first large-scale wind energy initiative in Mozambique, this project showcases the transformative potential of renewable technologies to drive sustainable growth. By leveraging Mozambique’s natural resources, we are creating pathways toward a diversified and resilient energy sector that not only meets current demands but is future-proofed to support an evolving economy,” he said.

Globeleq is one of the project developers. Its CEO Jonathan Hoffman said: “The Namaacha Wind Farm is a significant milestone in Mozambique’s journey toward a diversified and sustainable energy landscape. We are proud to partner with EDM and Source Energia in contributing to the government’s ambitious ‘Energy for All by 2030’ program, which is rapidly transforming into a reality for countless Mozambicans. This project reflects our commitment to supporting Mozambique’s clean energy goals and bringing reliable power to the communities we serve.”

Aligned with the Bank’s Ten-Year Strategy, the New Deal on Energy for Africa, and its High 5 objective of “Light Up and Power Africa,” the project underscores Mozambique’s dedication to renewable energy development and supports its goal of achieving universal access to electricity by 2030.

The project complements the Bank’s earlier energy sector initiatives in Mozambique, including the Songo Matambo transmission line and the Mozambique Energy for All program.

MIL OSI Economics –

MIL-Evening Report: Not the time to share: NZ needs to rethink multi-bed hospital rooms

Source: The Conversation (Au and NZ) – By Cindy Towns, Senior Lecturer, University of Otago Wellington, University of Otago

As New Zealand agonises over its hospitals – where they are, how they should be staffed and how they should be funded – a key element in the debate is being missed: the need for single rooms in all public hospitals.

It’s currently normal for patients to stay in shared rooms with up to five other people. In some hospitals this includes accommodating men and women in the same room, despite serious safety and ethical concerns.

But it shouldn’t be this way. For a number of reasons, including infection control, privacy and cost, new hospitals and renovations need to be based on single occupancy rooms.

Our new research brings together both the clinical and ethical arguments for single rooms for all patients as the most basic standard of care.

Infection control

Many may view shared rooms as a cost saving. But one of the key arguments for individual rooms in hospitals is the cost and harm of infections and bacterial resistance.

Single rooms reduce risks by eliminating exposure to shared infection sources such as touched surfaces, unfiltered air, toilets and water systems.

They also reduce the need for room transfers within the hospital which increase the risk for infection transmission between patients.

There is strong evidence single occupancy rooms result in reduced infections in intensive care units. And further research has also found single occupancy reduces hospital transmission of COVID-19.

In New Zealand, single rooms are prioritised for patients known to be infectious. But the key word here is known. This policy fails to recognise that a large proportion of transmissible infections are unknown at the time of ward placement.

However, even when infection is known, our hospitals cannot meet basic guidelines due to the lack of single rooms. Only 30% of Wellington and Hutt hospital rooms are single occupancy, for example.

Without single occupancy as the standard in hospitals, infection control will remain compromised.

Delirium and dementia

Individual rooms are also required for older adults. New Zealand’s population is ageing; as a result, patients with delirium and dementia needing hospitalisation will increase.

Delirium affects about 25% of patients in hospital and is associated with a longer stay, more complications and an increased risk for death.

Delirium prevention and management requires a low-stimulus environment, undisrupted sleep, and control of light and noise which cannot be achieved in shared hospital rooms.

Research has shown a reduction in delirium with single rooms.

The behavioural and psychological symptoms of dementia also pose significant challenges in hospital. Symptoms include hallucinations, delusions, sleep disturbance, depression, inappropriate sexual behaviour and aggression.

These can be highly distressing for the patient and those around them and – like delirium – cannot be managed to a basic standard of care within a shared room.

Dementia prevalence will more than double by 2050. And yet New Zealand hospitals are ill-prepared to accommodate this rise in demand.

The right to security, privacy and dignity

Shared rooms in hospitals clearly undermine clinical care, but they also violate human and patient rights.

One of the most fundamental human rights is “security of person”. Nobody should have to share rooms with patients who are agitated, aggressive or sexually inappropriate due to delirium or dementia.

Unfortunately, patients frequently share with those who are unable to manage their own behaviour. While the risks to women have been highlighted, no patient should be endangered or frightened by another patient’s behaviour.

Dignity and privacy are also a fundamental patient rights, with privacy covered by by both the Health Information Privacy Code and the Health and Disability patient Code of Rights.

Hospital patients often need assistance with dressing, showering and toileting. Many admissions involve vomiting, diarrhoea or incontinence. And design that relies on curtains to maintain privacy renders this right farcical.

Research and complaints clearly show patients do not believe their privacy is adequately protected in shared spaces.

Some may argue for multi-bed rooms on the basis that some patients prefer company. However patient surveys on privacy and confidentiality are overwhelmingly in favour of single occupancy.

Factoring in cost

While there is an increase in up-front costs when building single rooms due to the larger hospital footprint, research has found there is no convincing economic evidence in favour of multi-bed rooms.

The potential savings for future pandemics – in mortality, patient transfers and disease transmission – should not be underestimated. Improved management of delirium and dementia, will also decrease length of stay and cost.

The argument for single occupancy hospital rooms on clinical, ethical and legal grounds is collectively unequivocal.

New Zealand needs to follow international best practice and introduce single occupancy rooms as a basic standard for new hospital builds and upgrades.

Not doing so would ignore the lessons learnt in the COVID-19 pandemic, fail to account for the needs of an ageing population and continue to render New Zealand’s code of patient rights a fairy tale.

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

– ref. Not the time to share: NZ needs to rethink multi-bed hospital rooms – https://theconversation.com/not-the-time-to-share-nz-needs-to-rethink-multi-bed-hospital-rooms-241573

MIL OSI Analysis – EveningReport.nz –

MIL-OSI Asia-Pac: FS continues to explore business opportunities for Hong Kong in Riyadh, Saudi Arabia (with photos)

Source: Hong Kong Government special administrative region

The Financial Secretary, Mr Paul Chan, together with a delegation, had their second day of visit in Riyadh, Saudi Arabia, yesterday (October 30, Riyadh time). In the morning, Mr Chan attended the listing ceremony for the first exchange-traded fund (ETF) in Saudi Arabia that invests in Hong Kong stocks at the Saudi Exchange. This product is the result of collaboration between Albilad Bank of Saudi Arabia and Hong Kong’s CSOP Asset Management Limited. Mr Chan highlighted that as the largest ETF in the Middle East, it will attract more regional investors and broaden funding sources for the Hong Kong market, while diversifying the investment product offerings in the Saudi market, fostering the development of its ETF market, creating a win-win situation. He also noted that after the first ETF investing in the Saudi market was listed in Hong Kong last November, this marks the Saudi Arabia’s first ETF investing in Hong Kong stocks. He believes that more diversified products will emerge in the future, providing investors from the Middle East with convenient channels to invest in Hong Kong and Mainland China, and enhancing the two-way flow of capital between Hong Kong and Saudi Arabia, and fostering greater connectivity and more vibrant development of the capital markets in both regions. Mr Chan and some delegation members also attended a breakfast meeting hosted by Hong Kong Exchanges and Clearing Limited (HKEX) to discuss capital market connectivity between Asia and the Middle East. During his keynote speech at the breakfast meeting, Mr Chan elaborated on Hong Kong’s significant role and function in the global capital market. He pointed out that Saudi Arabia’s Vision 2030 has brought major reforms and opportunities, promoting capital investment from Asian markets. With its unique advantage of “one country, two systems”, Hong Kong has become the premier international financial centre connecting the Middle East with the Chinese market, particularly in three key areas: a deep and broad fund-raising market, asset and wealth management, and green and sustainable finance. They provide diverse investment offerings for investors and enterprises in the Middle East, and providing financial support to regional economic development and green transformation. The breakfast meeting included a discussion session moderated by HKEX’s Chief Executive Officer (CEO), Ms Bonnie Chan, featuring remarks from CEO of the Saudi Exchange, Mr Mohammed Al-Rumaih; Deputy Chief Executive of the Hong Kong Monetary Authority, Mr Darryl Chan, and CEO of Standard Chartered Group, Mr Bill Winters. At noon, Mr Chan called on the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Kingdom of Saudi Arabia, Mr Chang Hua, to brief him on Hong Kong’s latest economic developments and exchange views on China-Saudi co-operation and economic relations. In the afternoon, Mr Chan co-hosted a capital markets roundtable with Chairman of the Saudi Capital Market Authority, Mr Mohammed bin Abdullah Elkuwaiz. Representatives from regulatory bodies and a number of asset management institutions attended to discuss the latest developments in the financial markets of both regions and to explore further co-operation opportunities. Later, Mr Chan met with Governor of the Saudi Central Bank, Mr Ayman Alsayari, to discuss advancing connectivity in investment and financial markets between Hong Kong and Saudi Arabia and the Middle East, as well as co-operation in digital finance. In the evening, the Hong Kong Science and Technology Parks Corporation held the “Hong Kong Tech Disrupt” event, featuring over 20 startups in green technology, biotechnology, artificial intelligence and robotics, etc. They showcased their research products and sought to connect with investors and business partners. Yesterday, a number of delegation members also attended the “Future Investment Initiative” event and delivered speeches, continuing to tell the good story of China and Hong Kong. ??? Mr Chan and the delegation will continue their final day of visit in Riyadh today (October 31, Riyadh time).

MIL OSI Asia Pacific News –

MIL-OSI USA: Updated Hours of Operations for the Montgomery & Pulaski County DRCs Oct. 31 through Nov. 6

Source: US Federal Emergency Management Agency

Headline: Updated Hours of Operations for the Montgomery & Pulaski County DRCs Oct. 31 through Nov. 6

Updated Hours of Operations for the Montgomery & Pulaski County DRCs Oct. 31 through Nov. 6

BRISTOL, Va.– Disaster Recovery Centers (DRCs) in Montgomery and Pulaski counties have updated hours of operations this upcoming week. The Montgomery County Disaster Recovery Center (DRC) will be temporarily closed Saturday, Nov. 2 – Tuesday Nov. 5 and the reopening is to be announced. The Pulaski County DRC will be temporarily closed from 4 p.m. on Thursday, Oct. 31, 2024, through Tuesday Nov. 5, 2024. The center will reopen at 12 p.m. on Wednesday, Nov. 6, 2024.Disaster survivors can visit any DRC to receive assistance. To find the DRC closest to you, including addresses and hours, visit FEMA.gov/drc or text DRC and a ZIP code to 43362. The centers are located at:Montgomery County Montgomery County Government Center755 Roanoke StreetChristiansburg, Va. 24073Updated Hours of Operation 11/01 – 11/05:Nov. 1-5, 2024 – Closed Hours of Operation after 11/5Reopening to be announced Pulaski County New River Valley Fairgrounds 5581 Fair Grounds CircleDublin, Va. 24084Updated Hours of Operation 10/31 – 11/06:Thursday Oct. 31, 2024 – 8 a.m. – 4 p.m. Nov. 1 – 5, 2024 – ClosedNov. 6, 2024 – 12 p.m. – 6 p.m. Hours of Operation after 11/6Monday – Saturday, 8 a.m. – 6 p.m.Closed SundaysSurvivors do not have to visit a DRC to register with FEMA. You can call 800-621-FEMA (3362). The toll-free telephone line operates seven days a week. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. You can also register online at DisasterAssistance.gov or through the FEMA App on your phone.The deadline to apply for FEMA disaster assistance is Dec. 2, 2024.If you have received a letter from FEMA about your application status, visit a DRC to learn more about next steps. DRC staff can help you submit additional information or supporting documentation for FEMA to continue to process your application and answer any questions you may have.FEMA has set up a rumor response webpage to clarify our role in the Helene response. Visit Hurricane Helene: Rumor Response.For more information on Virginia’s disaster recovery, visit vaemergency.gov, the Virginia Department of Emergency Management Facebook page , fema.gov/disaster/4831 and facebook.com/FEMA. ###FEMA’s mission is helping people before, during and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia. Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3.To apply for FEMA assistance, please call the FEMA Helpline at 1-800-621-3362, visit https://www.disasterassistance.gov/, or download and apply on the FEMA App. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages). Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status. Any disaster survivor or member of the public may contact the FEMA Civil Rights Office if they feel that they have a complaint of discrimination. FEMA’s Civil Rights Office can be contacted at FEMA-OCR-ECRD@fema.dhs.gov or toll-free at 833-285-7448.
erika.osullivan
Wed, 10/30/2024 – 21:15

MIL-OSI USA: Disaster Recovery Center Opening in York County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opening in York County

Disaster Recovery Center Opening in York County

A Disaster Recovery Center will open in York County to provide in-person assistance to South Carolinians affected by Hurricane Helene. York CountyYork County Library 138 E. Black St.Rock Hill, SC 29730Open Oct. 31, 9:30 a.m.-7 p.m.; Nov 1-2, 9:30 a.m.-6 p.m.; Nov. 4-6, 9:30 a.m.-7 p.m.; closed on Nov. 3Additional Disaster Recovery Centers are scheduled to open in other South Carolina counties. Click here to find centers that are already open in South Carolina. You can visit any open center to meet with representatives of FEMA, the state of South Carolina and the U.S. Small Business Administration. No appointment is needed. To find all other center locations, including those in other states, go to fema.gov/drc or text “DRC” and a Zip Code to 43362. Homeowners and renters in Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union and York counties and the Catawba Indian Nation can apply for federal assistance.The quickest way to apply is to go online to DisasterAssistance.gov. You can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day and help is available in many languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. For a video with American Sign Language, voiceover and open captions about how to apply for FEMA assistance, select this link.FEMA programs are accessible to survivors with disabilities and others with access and functional needs.
dalton.kramer
Wed, 10/30/2024 – 22:02

MIL-OSI Australia: Proposed amendment on public exhibition for industrial land

Source: State of Victoria Local Government 2

Public exhibition has opened for Planning Scheme Amendment C282gben, which aims to provide a clearer policy for future industrial land use and concentration across Greater Bendigo.

The preparation of Planning Scheme Amendment C282gben proposes to partially implement the Greater Bendigo Industrial Land Development Strategy by making changes to the Municipal Planning Strategy and Planning Policy Framework of the Greater Bendigo Planning Scheme.

The amendment will also include the proposed draft Greater Bendigo Industrial Development Guidelines 2024 to replace the Good Design Guide for Industry 1997.

The new guidelines provide clear directions to permit applicants on best practice industrial development and subdivision outlining how future industrial areas should look, function and perform in relation to the surrounding context and environment.

Acting Manager Strategic Planning Bridget Maplestone said the proposed amendment responded to strong continued demand for larger scale industrial land.

“The region needs to ensure an adequate pipeline of suitably located and adequately sized industrial land to meet long term needs of industry,” Ms Maplestone said.

“This is not only about trying to attract new industry to Greater Bendigo but to retain the many businesses already here that provide local jobs and are looking to expand into the future.”

Several changes are included in the proposed Greater Bendigo Planning Scheme Amendment to give effect to the strategy and the guidelines.

The land affected by the amendment is all industrial-zoned land, land identified for the proposed Bendigo Regional Employment Precinct and land identified for the proposed Marong Business Park. At this stage, however, there is no change proposed to the zoning of the land north-west of the Marong township for the Marong Business Park, which has been identified as a potential future business park to meet longer term industry needs.

The amendment also proposes the rezoning of 1029 Calder Highway, Maiden Gully from Industrial 1 Zone to Public Conservation and Resource Zone given it is no longer considered suitable for industrial use and development.

The public can make a submission to the planning authority about the amendment during the exhibition period. The public exhibition closes on Thursday December 5.

You may inspect the Amendment, any documents that support the Amendment and the explanatory report about the Amendment, free of charge in the following ways:

The Department of Transport and Planning website
The City website
Customer Service Reception at Galkangu – Bendigo GovHub

To make a request to inspect the documents, please contact the City of Greater Bendigo via email or phone:

[email protected]

1300 002 642

MIL OSI News –

MIL-OSI Canada: Preparation, swift response define wildfire season

Source: Government of Canada regional news

Aerial view of wildfires near Fox Lake and Garden River in July.

Through effective investments, including a historic $155-million wildfire base budget, Alberta’s government ensured the province was prepared to respond throughout the 2024 wildfire season. In anticipation of the wildfire season, Alberta’s government recruited 100 additional wildland firefighters and an additional 40 contract wildland firefighters – in addition to securing more airtankers, heavy equipment, and helicopters equipped with night vision technology. As a result of this preparation, front-line crews were able to respond quickly and fight fires around the clock, containing 85 per cent of wildfires within 24 hours of detection.

“While the 2024 wildfire season was challenging, our coordinated efforts and the resilience of Albertans have been crucial in mitigating the impact. We will continue to adapt and strengthen our wildfire management strategies to protect our communities and natural resources.”

Todd Loewen, Minister of Forestry and Parks

“This wildfire season has tested our resolve, especially in areas like Fox Lake and Jasper. The coordinated efforts of our firefighters and support teams were instrumental in protecting our communities. We will build on this experience to continue to improve response strategies and initiate new strategies to ensure the safety of all Albertans.”

Martin Long, MLA for West Yellowhead

The 2024 wildfire season began earlier than usual, with 64 carryover wildfires stemming from a mild winter and extremely dry conditions. In response to this elevated danger, Alberta’s government activated an early start to the wildfire season on February 20, 2024, implementing a fire ban and fire permit system to prevent additional human-caused wildfires.

Despite significant challenges, including large wildfires near Jasper that led to evacuations and the tragic loss of an Alberta wildland firefighter, as well as the loss of homes and businesses in the community, Alberta Wildfire demonstrated remarkable coordination, offering immediate aid and resources to Parks Canada, including support personnel, firefighters, aircraft and equipment.

While supporting the Jasper response led by Parks Canada, Alberta Wildfire crews continued to tackle substantial wildfires throughout the province, deploying personnel, aircraft and equipment to combat wildfires and assist impacted communities. Throughout the season, residents of Garden River, John D’Or Prairie, Fox Lake in the Little Red River Cree Nation, and the Chipewyan Cree Nation were also evacuated. Additionally, an area near Peace River and four neighborhoods in Fort McMurray faced short-term evacuations due to wildfires.

“In the wake of the heartbreaking loss from the Jasper wildfire, we are reminded of the strength found in collaboration – with each other and among all orders of government. We are reminded also of the compelling need to invest together in training, preparation, mitigation and adaptation, ensuring that we not only respond effectively, but that we also build a more resilient future.”

Richard Ireland, mayor, Town of Jasper

“The 2024 wildfire season underscored the importance of early planning and preparation. Investments in people, resources and new technology proved invaluable in our response efforts.”

Trevor Lamabe, executive director Wildfire Management Branch

During the 2024 wildfire season, Alberta Wildfire responded to more than 1,210 wildfires in the Forest Protection Area, exceeding last year’s record-breaking total. While the number of fires in 2024 exceeded the total number of fires in 2023, wildfires this season burned less than a third of the area compared with 2023, underscoring the effectiveness of Alberta’s preparation and investments.

Although Oct. 31 marks the end of Alberta’s wildfire season, Alberta Wildfire remains vigilant and ready to respond to any potential wildfires across the province.

Quick Facts

Alberta Wildfire responded to more than 1,210 wildfires this year with more than 705,000 hectares burned.
In 2023, there were 1,080 wildfires and more than 2.2 million hectares burned.
Alberta Wildfire had almost 1,900 firefighters, contractors and support staff working on Alberta’s provincial response.
Alberta Wildfire also received assistance from other agencies with more than 1,300 firefighters and support staff arriving from around the world to assist.
While most wildfires were caused by people, we had 410 lightning-caused wildfires in July, the highest number in 20-years.

Related information

Alberta Wildfire
Alberta Wildfire app
Alberta Wildfire Status Dashboard

MIL OSI Canada News –

ACCC v Optus Mobile Pty Ltd – Introduction to Statement of Claim ( PDF 67.78 KB )

MIL-OSI Australia: Optus in court for alleged unconscionable sales and debt collection

Source: Australian Competition and Consumer Commission

The ACCC has commenced proceedings in the Federal Court alleging that Optus Mobile Pty Ltd (Optus) engaged in unconscionable conduct in contravention of the Australian Consumer Law when selling telecommunications goods and services to hundreds of consumers, that they often did not want or need, and in some cases then pursuing consumers for debts resulting from these sales.

Many of these consumers were experiencing vulnerability and/or disadvantage, such as living with a mental disability, diminished cognitive capacity or learning difficulties, being financially dependent or unemployed, or having limited financial and legal literacy.

Many of the impacted consumers were First Nations Australians from regional and remote areas or people from culturally and linguistically diverse backgrounds.

“We allege Optus’ conduct disproportionately impacted consumers experiencing vulnerability and/or disadvantage, and that these practices were incentivised by the commission-based remuneration for sales staff. In some cases, we allege Optus took steps to protect its own financial interests by clawing back commissions to sales staff but failed to remediate affected consumers,” ACCC Chair Gina Cass-Gottlieb said.

“This case concerns allegations of very serious conduct, as our case is that Optus sold goods to consumers experiencing vulnerability which they did not need, did not want and could not afford.”

“We also allege that Optus’ unconscionable conduct continued after management became aware of deficiencies in its systems that were being exploited by sales staff, and despite this, failed to implement fixes,” Ms Cass Gottlieb said.

Alleged conduct

The ACCC’s case against Optus involves allegations that Optus acted unconscionably in its dealings with about 429 consumers by engaging in inappropriate sales conduct and/or pursuing consumers for debts, including when it knew contracts were created fraudulently.

The conduct included Optus allegedly putting undue pressure on some of these consumers to purchase a large number of products, including expensive phones and accessories, and not undertaking coverage checks to inform the consumer whether they would have Optus coverage where they lived.

It is alleged that Optus engaged debt collectors to pursue many of these consumers, despite knowing that they were subject to inappropriate or fraudulent sales conduct.

The alleged conduct involves 363 consumers from two Optus Darwin stores, 42 consumers from the Optus Mount Isa store and 24 individual consumers from store locations across Australia.

“We are taking this action against Optus and seeking consumer redress in relation to the hundreds of consumers affected by this alleged unconscionable conduct,” Ms Cass-Gottlieb said.

The ACCC began its investigation after receiving a referral from the Telecommunications Industry Ombudsman about concerns regarding Optus’ sales practices to consumers experiencing vulnerability and/or disadvantage.

The ACCC is seeking declarations and orders for penalties, non-party consumer redress, publication orders, a compliance program, and costs.

Optus’ Darwin stores conduct

The ACCC alleges unconscionable conduct at Optus’ two licensee-operated stores in Darwin, where nearly all staff allegedly engaged in inappropriate sales conduct, encouraged by senior store management, during a two-year period to June 2023. The conduct included not carrying out coverage checks, despite some of the 363 impacted consumers being First Nations Australians from regional, remote and very remote parts of the Northern Territory where there was no Optus coverage available.

The ACCC’s allegations include that Optus staff manipulated credit checks, oversold and overpriced accessories, and sold consumers phones and plans they could not afford at the Darwin stores.

Optus’ Mount Isa store conduct

The ACCC also alleges Optus acted unconscionably by pursuing debts for at least 42 consumers from Mount Isa and remote areas of the Northern Territory, despite some senior executives knowing that those debts related to contracts for goods and services which were fraudulently created by a staff member at a licensee-operated Optus store in Mount Isa, without the knowledge of the affected consumers.

Optus’ conduct to individual consumers

The ACCC alleges Optus acted unconscionably in its dealings with 24 individual consumers by engaging in inappropriate sales conduct. This included by applying undue pressure and inducing the consumers to purchase a large number of goods and services.

The alleged conduct includes claims that sales staff manipulated credit check results without the consumers’ knowledge to sell goods and services that they could not afford, while failing to explain the terms and conditions of contracts in an understandable manner. Despite knowing about this alleged conduct, Optus pursued debt collection activities in many cases, and referred and sold the consumers’ debts to third party debt collection agencies.

In relation to four of these consumers, the ACCC also claims that Optus made false, misleading or deceptive representations that particular goods were ‘free’ when that was not in fact the case.

“Many consumers suffered financial harm, incurring thousands of dollars of debt and non-financial harm, such as shame, fear, and emotional distress about the debts or being pursued by debt collectors,” Ms Cass-Gottlieb said.

“Thankfully many consumers were supported by financial counsellors, carers and other advocates who gave their time and effort to support consumers to eventually seek resolution of Optus’ conduct.”

“We will take appropriate enforcement action against breaches of the Australian Consumer Law, and we pay particular attention to conduct that disproportionately impacts consumers who are experiencing vulnerability or disadvantage.”

An example of the alleged conduct includes a person living with an intellectual disability which impacts their ability to speak and understand financial matters went into an Optus store and was sold an expensive phone, a business phone contract under a false ABN, a new NBN internet plan and accessories, though their disability was evident to Optus staff. The person did not want or need the majority of these items, and was upset and embarrassed about the unwanted and expensive items they were sold. When the person’s representative went to the store to return the items, the Optus staff refused to cancel the contracts and it was only through the intervention of a financial counsellor that Optus cancelled the contracts.

Background

Optus is Australia’s second largest telecommunications provider. It is a wholly-owned subsidiary of Singtel Optus Pty Ltd, a foreign owned private company.

In Australia, Optus’ stores are either:

owned and operated directly by Optus RetailCo Pty Ltd; or
owned and operated through third party licensees, through Retail License Agreements. For example, all Optus stores in the Adelaide region are owned and operated by Mavaya Pty Ltd, and all Optus stores in the Northern Territory, as well as several in regional Queensland, are owned and operated by Suntel Communications Pty Ltd.

Statement of claim

The ACCC has commenced this proceeding with a Statement of Claim. The document available via the link contains the introduction section of the ACCC’s Statement of Claim in relation to this matter, which contains a summary of the ACCC’s case. We will not be uploading further documents.

MIL OSI News –

MIL-OSI: Farmers & Merchants Bancorp, Inc. Reports 2024 Third-Quarter and Year-to-Date Financial Results

Source: GlobeNewswire (MIL-OSI)

ARCHBOLD, Ohio, Oct. 30, 2024 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 third quarter and year-to-date ended September 30, 2024.

2024 Third Quarter Financial and Operating Highlights (on a year-over-year basis unless noted):

86 consecutive quarters of profitability
Net income increased 36.4% to $6.5 million, or $0.48 per basic and diluted share, from $4.8 million, or $0.35 per basic and diluted share, and net income expanded 14.7% from the 2024 second quarter
Net interest margin increased 12 basis points to 2.71%
Efficiency ratio improved to 67.98%, compared to 73.07% for the same period a year ago, and 69.03% for the 2024 second quarter
Total net loans remain stable at $2.54 billion at September 30, 2024
Total assets increased 4.8% to a record $3.39 billion
Deposits increased 4.3% to a record $2.68 billion
Stockholders’ equity increased 10.6% to a record $335.4 million
Asset quality remains at historically strong levels with nonperforming loans of only $2.9 million at September 30, 2024, compared to $22.4 million at September 30, 2023
Allowance for credit losses was 879.37% of nonperforming loans
F&M ended the quarter with excellent liquidity levels, and over $635 million in contingent funding sources, and a cash-to-assets ratio of 7.2%
According to the FDIC, F&M continued to have the third largest share of deposits out of the 58 financial institutions that are also operating within its local markets

Lars B. Eller, President and Chief Executive Officer, stated, “F&M produced excellent earnings growth on a year-over-year and sequential basis, driven by higher net interest income, historically strong asset quality, and prudent expense management. Most importantly, our third quarter results reflect the talent of our associates, as we continue to work hard to drive operating improvements at F&M, serve our local Ohio, Indiana, and Michigan communities, and position F&M for long-term success. In addition, I am pleased to report that F&M was the third largest bank out of 58 financial institutions within the markets we compete, according to the FDIC, reflecting the leading value we provide to our local communities. In fact, F&M is the number one bank, based on deposits, in almost half of the communities in which we operate.”

Income Statement
Net income for the 2024 third quarter ended September 30, 2024, was $6.5 million, compared to $4.8 million for the same period last year. Net income per basic and diluted share for the 2024 third quarter was $0.48, compared to $0.35 for the same period last year. Net income for the 2024 nine months ended September 30, 2024, was $17.6 million, compared to $17.2 million for the same period last year. Net income per basic and diluted share for the 2024 nine months was $1.28, compared to $1.26 for the same period last year.

Mr. Eller continued, “Our 2024 third quarter and year-to-date performance demonstrate the success of the near-term strategies we are pursuing to navigate a complex operating environment and improve earnings. Most importantly, while the demand for loans is high across our markets, our approach to risk and pricing remains conservative. This near-term strategy has contributed to excellent asset quality. In addition, we continue to focus on strategies aimed at optimizing our deposit base and growing low-cost checking (DDA) deposits. Since the beginning of 2024, we have added over 5,600 new checking accounts, and benefited from new and expanded relationships at offices that were opened in 2023. As a result, we ended the quarter with a loan-to-deposit ratio of 93.6%, compared to 97.2% at September 30, 2023, and 96.0% at June 30, 2024. Our third quarter of 2024 loan-to-deposit ratio was the lowest quarterly value in two years. The final near-term strategy we are pursuing is focused on controlling expenses, and I am encouraged by the continued year-over-year and sequential improvement in our efficiency ratio. This reflects the opportunities we are pursuing to manage operating costs and expand productivity.”

Deposits
At September 30, 2024, total deposits were $2.68 billion, an increase of 4.3% from September 30, 2023. The Company’s cost of interest-bearing liabilities was 3.2% for the quarter ended September 30, 2024, compared to 2.82% for the quarter ended September 30, 2023, and 3.02% for the 2023 fourth quarter ended December 31, 2023.

Loan Portfolio and Asset Quality
“F&M’s teams continue to do an excellent job managing our cost of funds, loan pricing, deposit growth and overall net interest margin. Since the quarter ended December 31, 2023, our yield on earning assets has increased by 34 basis points, compared to a 19 basis point increase in our cost of interest bearing liabilities – representing the third consecutive quarter our yield on earning assets has outpaced our cost of interest bearing liabilities. We expect this trend will continue as more of our loan portfolio reprices in 2024,” continued Mr. Eller.

Total loans, net at September 30, 2024, increased 0.3%, or by $8.7 million to $2.54 billion, compared to $2.53 billion at September 30, 2023. The year-over-year growth was driven by higher consumer real estate, commercial and industrial, and agricultural loans, partially offset by lower commercial real estate, agricultural real estate, and consumer loans.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $2.9 million, or 0.11% of total loans at September 30, 2024, compared to $22.4 million, or 0.89% of total loans at September 30, 2023, and $22.4 million, or 0.87% at December 31, 2023.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company’s total loan portfolio at September 30, 2024. In addition, F&M’s commercial real estate office credit exposure represented 5.3% of the Company’s total loan portfolio at September 30, 2024, with a weighted average loan-to-value of approximately 64% and an average loan of approximately $880,000.

F&M’s CRE portfolio included the following categories at September 30, 2024:

CRE Category	Dollar Balance		Percent of CRE Portfolio⁽^*)		Percent of Total Loan Portfolio⁽^*)

Industrial	$	274,953	21.1	%	10.8	%
Retail	$	237,622	18.2	%	9.4	%
Multi-family	$	223,926	17.2	%	8.8	%
Hotels	$	141,642	10.9	%	5.6	%
Office	$	134,973	10.4	%	5.3	%
Gas Stations	$	62,028	4.8	%	2.5	%
Food Service	$	46,526	3.6	%	1.8	%
Development	$	30,999	2.4	%	1.2	%
Senior Living	$	29,866	2.3	%	1.2	%
Auto Dealers	$	25,068	1.9	%	1.0	%
Other	$	93,557	7.2	%	3.7	%
Total CRE	$	1,301,160	100.0	%	51.3	%

* Numbers have been rounded

At September 30, 2024, the Company’s allowance for credit losses to nonperforming loans was 879.37%, compared to 112.61% at September 30, 2023, and 111.95% at December 31, 2023. The allowance to total loans was 1.01% at September 30, 2024, compared to 1.00% at September 30, 2023. Including accretable yield adjustments, associated with the Company’s recent acquisitions, F&M’s allowance for credit losses to total loans was 1.10% at September 30, 2024, compared to 1.18% at September 30, 2023.

Mr. Eller concluded, “With two months remaining in 2024, I am encouraged by F&M’s strong financial and operating performance to date. F&M ended the quarter with record stockholders’ equity, historically strong asset quality, record deposits, and excellent liquidity levels with over $635 million in contingent funding sources, and a cash-to-assets ratio of 7.2%. We remain focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. As a result, F&M’s financial and operating performance continues to strengthen and I believe the Company is well positioned to create lasting value for our communities, customers, team members, and shareholders.”

Stockholders’ Equity and Dividends
Total stockholders’ equity increased 10.6% to $335.4 million, or $24.48 per share at September 30, 2024, from $303.2 million, or $22.19 per share at September 30, 2023. The Company’s Tier 1 leverage ratio of 8.04%, remained stable compared to September 30, 2023.

Tangible stockholders’ equity increased to $242.8 million at September 30, 2024, compared to $208.8 million at September 30, 2023. On a per share basis, tangible stockholders’ equity at September 30, 2024, was $17.72 per share, compared to $15.28 per share at September 30, 2023.

For the nine months ended September 30, 2024, the Company has declared cash dividends of $0.66125 per share, which is a 5.0% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the nine months ended September 30, 2024, the dividend payout ratio was 50.99% compared to 49.50% for the same period last year.

About Farmers & Merchants State Bank:
Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is the holding company of F&M Bank, a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in West Bloomfield, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Safe Harbor Statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Non-GAAP Financial Measures
This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (Unaudited) (in thousands of dollars, except per share data)

	Three Months Ended														Nine Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023		September 30, 2023			September 30, 2024			September 30, 2023
Interest Income
Loans, including fees	$	36,873		$	36,593		$	35,200		$	34,493	$	33,783		$	108,666		$	94,851
Debt securities:
U.S. Treasury and government agencies		1,467			1,148			1,045			987		1,005			3,660			3,103
Municipalities		387			389			394			397		392			1,170			1,201
Dividends		334			327			333			365		246			994			517
Federal funds sold		7			7			7			8		6			21			36
Other		2,833			2,702			1,675			2,020		927			7,210			1,830
Total interest income		41,901			41,166			38,654			38,270		36,359			121,721			101,538
Interest Expense
Deposits		16,947			16,488			15,279			15,015		13,323			48,714			31,908
Federal funds purchased and securities sold under agreements to repurchase		277			276			284			293		349			837			1,181
Borrowed funds		2,804			2,742			2,689			2,742		2,741			8,235			6,134
Subordinated notes		284			285			284			285		284			853			853
Total interest expense		20,312			19,791			18,536			18,335		16,697			58,639			40,076
Net Interest Income – Before Provision for Credit Losses		21,589			21,375			20,118			19,935		19,662			63,082			61,462
Provision for Credit Losses – Loans		282			605			(289	)		278		460			598			1,420
Provision for Credit Losses – Off Balance Sheet Credit Exposures		(267	)		(18	)		(266	)		189		(76	)		(551	)		(143	)
Net Interest Income After Provision for Credit Losses		21,574			20,788			20,673			19,468		19,278			63,035			60,185
Noninterest Income
Customer service fees		300			189			598			415		248			1,087			917
Other service charges and fees		1,155			1,085			1,057			1,090		1,133			3,297			3,253
Interchange income		1,315			1,330			1,429			1,310		1,266			4,074			4,008
Loan servicing income		710			513			539			666		502			1,762			3,739
Net gain on sale of loans		215			314			107			230		294			636			469
Increase in cash surrender value of bank owned life insurance		265			236			216			216		221			717			618
Net loss on sale of available-for-sale securities		–			–			–			–		–			–			(891	)
Total noninterest income		3,960			3,667			3,946			3,927		3,664			11,573			12,113
Noninterest Expense
Salaries and wages		7,713			7,589			7,846			6,981		6,777			23,148			19,934
Employee benefits		2,112			2,112			2,171			1,218		2,066			6,395			6,302
Net occupancy expense		1,054			999			1,027			1,187		950			3,080			2,646
Furniture and equipment		1,472			1,407			1,353			1,370		1,189			4,232			3,652
Data processing		339			448			500			785		840			1,287			2,362
Franchise taxes		410			265			555			308		434			1,230			1,179
ATM expense		472			397			473			665		640			1,342			1,946
Advertising		597			519			530			397		865			1,646			2,209
Net (gain) loss on sale of other assets owned		–			(49	)		–			86		49			(49	)		49
FDIC assessment		516			507			580			594		586			1,603			1,388
Servicing rights amortization – net		219			187			168			182		106			574			429
Loan expense		244			251			229			246		241			724			809
Consulting fees		251			198			186			192		179			635			640
Professional fees		453			527			445			331		358			1,425			1,099
Intangible asset amortization		445			444			445			446		445			1,334			1,334
Other general and administrative		1,128			1,495			1,333			1,532		1,319			3,956			4,841
Total noninterest expense		17,425			17,296			17,841			16,520		17,044			52,562			50,819
Income Before Income Taxes		8,109			7,159			6,778			6,875		5,898			22,046			21,479
Income Taxes		1,593			1,477			1,419			1,332		1,121			4,489			4,235
Net Income		6,516			5,682			5,359			5,543		4,777			17,557			17,244
Other Comprehensive Income (Loss) (Net of Tax):
Net unrealized gain (loss) on available-for-sale securities		11,664			2,531			(1,995	)		13,261		(4,514	)		12,200			(2,480	)
Reclassification adjustment for realized loss on sale of available-for-sale securities		–			–			–			–		–			–			891
Net unrealized gain (loss) on available-for-sale securities		11,664			2,531			(1,995	)		13,261		(4,514	)		12,200			(1,589	)
Tax expense (benefit)		2,449			531			(418	)		2,784		(947	)		2,562			(333	)
Other comprehensive income (loss)		9,215			2,000			(1,577	)		10,477		(3,567	)		9,638			(1,256	)
Comprehensive Income	$	15,731		$	7,682		$	3,782		$	16,020	$	1,210		$	27,195		$	15,988
Basic Earnings Per Share	$	0.48		$	0.42		$	0.39		$	0.41	$	0.35		$	1.28		$	1.26
Diluted Earnings Per Share	$	0.48		$	0.42		$	0.39		$	0.41	$	0.35		$	1.28		$	1.26
Dividends Declared	$	0.22125		$	0.22		$	0.22		$	0.22	$	0.21		$	0.66125		$	0.63

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands of dollars, except per share data)

		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
		(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
Assets
Cash and due from banks		$	244,572		$	191,785		$	186,541		$	140,917		$	151,711
Federal funds sold			932			1,283			1,241			1,284			1,471
	Total cash and cash equivalents		245,504			193,068			187,782			142,201			153,182

Interest-bearing time deposits			2,727			3,221			2,735			2,740			2,989
Securities – available-for-sale			404,881			365,209			347,516			358,478			348,255
Other securities, at cost			15,028			14,721			14,744			17,138			16,995
Loans held for sale			1,706			1,628			2,410			1,576			1,039
Loans, net of allowance for credit losses of $25,484 9/30/24 and $25,024 12/31/23			2,512,852			2,534,468			2,516,687			2,556,167			2,504,329
Premises and equipment			33,779			34,507			35,007			35,790			31,723
Construction in progress			35			38			9			8			3,044
Goodwill			86,358			86,358			86,358			86,358			86,358
Loan servicing rights			5,644			5,504			5,555			5,648			5,687
Bank owned life insurance			34,624			34,359			34,123			33,907			33,691
Other assets			46,047			49,552			54,628			43,218			47,388

Total Assets		$	3,389,185		$	3,322,633		$	3,287,554		$	3,283,229		$	3,234,680

	Liabilities and Stockholders’ Equity
Liabilities
Deposits
	Noninterest-bearing	$	481,444		$	479,069		$	510,731		$	528,465		$	505,358
	Interest-bearing
	NOW accounts		865,617			821,145			829,236			816,790			778,133
	Savings		661,565			673,284			635,430			599,191			591,344
	Time		676,187			667,592			645,985			663,017			700,445
	Total deposits		2,684,813			2,641,090			2,621,382			2,607,463			2,575,280

Federal funds purchased and securities sold under agreements to repurchase			27,292			27,218			28,218			28,218			30,527
Federal Home Loan Bank (FHLB) advances			263,081			266,102			256,628			265,750			266,286
Subordinated notes, net of unamortized issuance costs			34,789			34,759			34,731			34,702			34,673
Dividend payable			2,998			2,975			2,975			2,974			2,838
Accrued expenses and other liabilities			40,832			27,825			25,930			27,579			21,892
	Total liabilities		3,053,805			2,999,969			2,969,864			2,966,686			2,931,496

Commitments and Contingencies

Stockholders’ Equity
Common stock – No par value 20,000,000 shares authorized; issued
14,564,425 shares 9/30/24 and 12/31/23; outstanding 13,702,593			135,193			135,829			135,482			135,515			135,171
shares 9/30/24 and 13,664,641 shares 12/31/23
Treasury stock – 861,832 shares 9/30/24 and 899,784 shares 12/31/23			(10,904	)		(11,006	)		(10,851	)		(11,040	)		(11,008	)
Retained earnings			230,465			226,430			223,648			221,080			218,510
Accumulated other comprehensive loss			(19,374	)		(28,589	)		(30,589	)		(29,012	)		(39,489	)
	Total stockholders’ equity		335,380			322,664			317,690			316,543			303,184

Total Liabilities and Stockholders’ Equity		$	3,389,185		$	3,322,633		$	3,287,554		$	3,283,229		$	3,234,680

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES SELECT FINANCIAL DATA

	For the Three Months Ended															For the Nine Months Ended
Selected financial data	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Return on average assets		0.78	%		0.69	%		0.66	%		0.67	%		0.59	%		0.71	%		0.73	%
Return on average equity		7.93	%		7.13	%		6.76	%		7.27	%		6.26	%		7.28	%		7.52	%
Yield on earning assets		5.27	%		5.22	%		5.00	%		4.93	%		4.79	%		5.17	%		4.57	%
Cost of interest bearing liabilities		3.21	%		3.18	%		3.06	%		3.02	%		2.82	%		3.16	%		2.35	%
Net interest spread		2.06	%		2.04	%		1.94	%		1.91	%		1.97	%		2.01	%		2.22	%
Net interest margin		2.71	%		2.71	%		2.60	%		2.57	%		2.59	%		2.68	%		2.77	%
Efficiency		67.98	%		69.03	%		74.08	%		69.23	%		73.07	%		70.36	%		68.24	%
Dividend payout ratio		45.99	%		52.35	%		55.52	%		54.23	%		60.07	%		50.99	%		49.50	%
Tangible book value per share	$	17.72		$	16.79		$	16.39		$	16.29		$	15.28
Tier 1 leverage ratio		8.04	%		8.02	%		8.40	%		8.20	%		8.02	%
Average shares outstanding		13,687,119			13,681,501			13,671,166			13,665,773			13,650,823			13,679,955			13,633,101

Loans	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
(Dollar amounts in thousands)
Commercial real estate	$	1,301,160		$	1,303,598		$	1,304,400		$	1,337,766		$	1,304,118
Agricultural real estate		220,328			222,558			227,455			223,791			225,672
Consumer real estate		524,055			525,902			525,178			521,895			512,973
Commercial and industrial		260,732			268,426			256,051			254,935			250,891
Agricultural		137,252			142,909			127,670			132,560			123,735
Consumer		67,394			70,918			74,819			79,591			83,024
Other		25,916			26,449			26,776			30,136			31,083
Less: Net deferred loan fees, costs and other ⁽¹⁾		1,499			(1,022	)		(982	)		517			(1,890	)
Total loans, net	$	2,538,336		$	2,559,738		$	2,541,367		$	2,581,191		$	2,529,606


Asset quality data	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
(Dollar amounts in thousands)
Nonaccrual loans	$	2,898		$	2,487		$	19,391		$	22,353		$	22,447
90 day past due and accruing	$	–		$	–		$	–		$	–		$	–
Nonperforming loans	$	2,898		$	2,487		$	19,391		$	22,353		$	22,447
Other real estate owned	$	–		$	–		$	–		$	–		$	–
Nonperforming assets	$	2,898		$	2,487		$	19,391		$	22,353		$	22,447


Allowance for credit losses	$	25,484		$	25,270		$	24,680		$	25,024		$	25,277
Allowance for unfunded		1,661			1,928			1,946			2,212			2,023
Total Allowance for Credit Losses	$	27,145		$	27,198		$	26,626		$	27,236		$	27,300
Allowance for credit losses/total loans		1.01	%		0.99	%		0.97	%		0.97	%		1.00	%
Adjusted credit losses with accretable yield/total loans		1.10	%		1.10	%		1.11	%		1.13	%		1.18	%
Net charge-offs:
Quarter-to-date	$	68		$	15		$	55		$	531		$	93
Year-to-date	$	138		$	70		$	55		$	551		$	20
Net charge-offs to average loans
Quarter-to-date		0.00	%		0.00	%		0.00	%		0.02	%		0.00	%
Year-to-date		0.01	%		0.00	%		0.00	%		0.02	%		0.00	%
Nonperforming loans/total loans		0.11	%		0.10	%		0.76	%		0.87	%		0.89	%
Allowance for credit losses/nonperforming loans		879.37	%		1016.08	%		127.28	%		111.95	%		112.61	%
NPA coverage ratio		879.37	%		1016.08	%		127.28	%		111.95	%		112.61	%

⁽¹⁾ Includes carrying value adjustments of $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, $969 thousand as of March 31, 2024 and $2.7 million as of December 31, 2023 related to interest rate swaps associated with fixed rate loans


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages)

	For the Three Months Ended						For the Three Months Ended
	September 30, 2024						September 30, 2023
Interest Earning Assets:	Average Balance		Interest/Dividends		Annualized Yield/Rate		Average Balance		Interest/Dividends		Annualized Yield/Rate
Loans	$	2,551,899	$	36,873	5.78	%	$	2,536,885	$	33,783	5.33	%
Taxable investment securities		415,943		2,107	2.03	%		393,910		1,559	1.58	%
Tax-exempt investment securities		19,661		81	2.09	%		23,986		84	1.77	%
Fed funds sold & other		197,258		2,840	5.76	%		85,515		933	4.36	%
Total Interest Earning Assets		3,184,761	$	41,901	5.27	%		3,040,296	$	36,359	4.79	%

Nonearning Assets		168,055						180,193

Total Assets	$	3,352,816					$	3,220,489

Interest Bearing Liabilities:
Savings deposits	$	1,538,387	$	10,691	2.78	%	$	1,367,168	$	7,673	2.24	%
Other time deposits		667,224		6,256	3.75	%		667,880		5,650	3.38	%
Other borrowed money		264,539		2,804	4.24	%		266,467		2,741	4.11	%
Fed funds purchased & securities sold under agreement to repurchase		27,481		277	4.03	%		34,128		349	4.09	%
Subordinated notes		34,769		284	3.27	%		34,654		284	3.28	%
Total Interest Bearing Liabilities	$	2,532,400	$	20,312	3.21	%	$	2,370,297	$	16,697	2.82	%

Noninterest Bearing Liabilities		491,851						544,801

Stockholders’ Equity	$	328,565					$	305,391

Net Interest Income and Interest Rate Spread			$	21,589	2.06	%			$	19,662	1.97	%

Net Interest Margin					2.71	%					2.59	%

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts


	For the Nine Months Ended						For the Nine Months Ended
	September 30, 2024						September 30, 2023
Interest Earning Assets:	Average Balance		Interest/Dividends		Annualized Yield/Rate		Average Balance		Interest/Dividends		Annualized Yield/Rate
Loans	$	2,561,774	$	108,666	5.66	%	$	2,470,770	$	94,851	5.12	%
Taxable investment securities		397,466		5,575	1.87	%		396,917		4,544	1.53	%
Tax-exempt investment securities		20,684		249	2.03	%		24,865		277	1.88	%
Fed funds sold & other		165,227		7,231	5.84	%		67,869		1,866	3.67	%
Total Interest Earning Assets		3,145,151	$	121,721	5.17	%		2,960,421	$	101,538	4.57	%

Nonearning Assets		161,113						176,568

Total Assets	$	3,306,264					$	3,136,989

Interest Bearing Liabilities:
Savings deposits	$	1,487,809	$	30,291	2.71	%	$	1,373,110	$	18,854	1.83	%
Other time deposits		662,129		18,423	3.71	%		620,071		13,054	2.81	%
Other borrowed money		264,310		8,235	4.15	%		204,927		6,134	3.99	%
Fed funds purchased & securities sold under agreement to repurchase		27,887		837	4.00	%		37,649		1,181	4.18	%
Subordinated notes		34,741		853	3.27	%		34,625		853	3.28	%
Total Interest Bearing Liabilities	$	2,476,876	$	58,639	3.16	%	$	2,270,382	$	40,076	2.35	%

Noninterest Bearing Liabilities		507,843						561,001

Stockholders’ Equity	$	321,545					$	305,606

Net Interest Income and Interest Rate Spread			$	63,082	2.01	%			$	61,462	2.22	%

Net Interest Margin					2.68	%					2.77	%

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages)

	For the Three Months Ended September 30, 2024													For the Three Months Ended September 30, 2023
	As Reported				Excluding Acc/Amort				Difference					As Reported				Excluding Acc/Amort				Difference
	$		Yield		$		Yield		$			Yield		$		Yield		$		Yield		$			Yield
Interest Earning Assets:
Loans	$	36,873	5.78	%	$	36,149	5.67	%	$	724		0.11	%	$	33,783	5.33	%	$	32,631	5.15	%	$	1,152		0.18	%
Taxable investment securities		2,107	2.03	%		2,107	2.03	%		–		0.00	%		1,559	1.58	%		1,559	1.58	%		–		0.00	%
Tax-exempt investment securities		81	2.09	%		81	2.09	%		–		0.00	%		84	1.77	%		84	1.77	%		–		0.00	%
Fed funds sold & other		2,840	5.76	%		2,840	5.76	%		–		0.00	%		933	4.36	%		933	4.36	%		–		0.00	%
Total Interest Earning Assets		41,901	5.27	%		41,177	5.17	%		724		0.10	%		36,359	4.79	%		35,207	4.64	%		1,152		0.15	%

Interest Bearing Liabilities:
Savings deposits	$	10,691	2.78	%	$	10,691	2.78	%	$	–		0.00	%	$	7,673	2.24	%	$	7,673	2.24	%	$	–		0.00	%
Other time deposits		6,256	3.75	%		6,256	3.75	%		–		0.00	%		5,650	3.38	%		5,500	3.29	%		150		0.09	%
Other borrowed money		2,804	4.24	%		2,800	4.23	%		4		0.01	%		2,741	4.11	%		2,759	4.14	%		(18	)	-0.03	%
Federal funds purchased and securities sold under agreement to repurchase		277	4.03	%		277	4.03	%		–		0.00	%		349	4.09	%		349	4.09	%		–		0.00	%
Subordinated notes		284	3.27	%		284	3.27	%		–		0.00	%		284	3.28	%		284	3.28	%		–		0.00	%
Total Interest Bearing Liabilities		20,312	3.21	%		20,308	3.21	%		4		0.00	%		16,697	2.82	%		16,565	2.80	%		132		0.02	%

Interest/Dividend income/yield		41,901	5.27	%		41,177	5.17	%		724		0.10	%		36,359	4.79	%		35,207	4.64	%		1,152		0.15	%
Interest Expense / yield		20,312	3.21	%		20,308	3.21	%		4		0.00	%		16,697	2.82	%		16,565	2.80	%		132		0.02	%
Net Interest Spread		21,589	2.06	%		20,869	1.96	%		720		0.10	%		19,662	1.97	%		18,642	1.84	%		1,020		0.13	%
Net Interest Margin			2.71	%			2.62	%				0.09	%			2.59	%			2.46	%				0.13	%


	For the Nine Months Ended September 30, 2024													For the Nine Months Ended September 30, 2023
	As Reported				Excluding Acc/Amort				Difference					As Reported				Excluding Acc/Amort				Difference
	$		Yield		$		Yield		$			Yield		$		Yield		$		Yield		$			Yield
Interest Earning Assets:
Loans	$	108,666	5.66	%	$	106,588	5.55	%	$	2,078		0.11	%	$	94,851	5.12	%	$	92,364	4.99	%	$	2,487		0.13	%
Taxable investment securities		5,575	1.87	%		5,575	1.87	%		–		0.00	%		4,544	1.53	%		4,544	1.53	%		–		0.00	%
Tax-exempt investment securities		249	2.03	%		249	2.03	%		–		0.00	%		277	1.88	%		277	1.88	%		–		0.00	%
Fed funds sold & other		7,231	5.84	%		7,231	5.84	%		–		0.00	%		1,866	3.67	%		1,866	3.67	%		–		0.00	%
Total Interest Earning Assets		121,721	5.17	%		119,643	5.08	%		2,078		0.09	%		101,538	4.57	%		99,051	4.47	%		2,487		0.10	%

Interest Bearing Liabilities:
Savings deposits	$	30,291	2.71	%	$	30,291	2.71	%	$	–		0.00	%	$	18,854	1.83	%	$	18,854	1.83	%	$	–		0.00	%
Other time deposits		18,423	3.71	%		18,423	3.71	%		–		0.00	%		13,054	2.81	%		13,458	2.89	%		(404	)	-0.08	%
Other borrowed money		8,235	4.15	%		8,254	4.16	%		(19	)	-0.01	%		6,134	3.99	%		6,187	4.03	%		(53	)	-0.04	%
Federal funds purchased and securities sold under agreement to repurchase		837	4.00	%		837	4.00	%		–		0.00	%		1,181	4.18	%		1,181	4.18	%		–		0.00	%
Subordinated notes		853	3.27	%		853	3.27	%		–		0.00	%		853	3.28	%		853	3.28	%		–		0.00	%
Total Interest Bearing Liabilities		58,639	3.16	%		58,658	3.16	%		(19	)	0.00	%		40,076	2.35	%		40,533	2.38	%		(457	)	-0.03	%

Interest/Dividend income/yield		121,721	5.17	%		119,643	5.08	%		2,078		0.09	%		101,538	4.57	%		99,051	4.47	%		2,487		0.10	%
Interest Expense / yield		58,639	3.16	%		58,658	3.16	%		(19	)	0.00	%		40,076	2.35	%		40,533	2.38	%		(457	)	-0.03	%
Net Interest Spread		63,082	2.01	%		60,985	1.92	%		2,097		0.09	%		61,462	2.22	%		58,518	2.09	%		2,944		0.13	%
Net Interest Margin			2.68	%			2.59	%				0.09	%			2.77	%			2.64	%				0.13	%

Company Contact:	Investor and Media Contact:
Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

MIL-OSI USA: Enhancing the customer-centricity of GSA websites

Source: US Government research organizations

Designing an evaluation process

The public evaluates our mission and services primarily through online interactions. In 2021, GSA’s Service Design program in the Office of Customer Experience launched a strategy to enhance our customers’ digital experience. Building upon our case study on composite indicators, we asked ourselves: How do we define compliance? How do we measure it in a consistent way? This led us to a critical prompt: How do we get these wildly different websites to behave in ways customers expect, while aligning to federal policy and law?

Our objective was clear. We needed to design an evaluation process that captured qualitative and quantitative data to help us determine which websites needed improvement.

Over the next three years, we launched a series of digital analytics tools, successfully inventoried over 180 public-facing websites, and interviewed close to 90 website managers to gain a clear understanding of our agency’s digital portfolio. We also produced over 160 recommendations reports (one for each website we evaluated), to help each web team improve digital experience and increase compliance with federal web policies. We learned strategies to integrate both qualitative and quantitative data, ensuring our transformation process remains tightly aligned with our customers’ needs.

Customer-centricity, also known as the understanding of customer needs and expectations, became the central theme of our website evaluation project. Using a combination of quantitative and qualitative approaches, we created a holistic view of each website’s performance and compliance. Furthermore, our team designed the Enterprise Digital Experience Index to improve the customer-centricity of GSA’s websites, and ground our work in GSA strategic goals and federal web policy, including the requirements for delivering a digital-first public experience.

The index uses qualitative and quantitative measures to determine whether sites are well-managed, and meet customer needs and agency mission. Our team leveraged a series of free, accessible digital analytics tools to evaluate the quantitative side. We also met with every website team in GSA to gather qualitative customer-centricity data.

Whale Design/iStock via Getty Images

The qualitative component of the index uses human-centered design interviews that have been compiled into evaluation documents. These evaluations identify such things as opportunities for additional coaching, sites that are not properly resourced to meet customer needs, and candidates for website modernization or decommissioning. We assessed each web team’s ability to identify their primary audience, site purpose, whether they used repeatable customer feedback mechanisms, and whether they took action based on customer feedback. Additionally, we evaluated whether teams possessed the necessary skills to improve their websites, and whether they used robust methodologies (in addition to Digital Analytics Program data) to measure the impact of these improvements.

The quantitative component analyzed the website’s accessibility, performance and search engine optimization, user behavior, U.S. Web Design System (USWDS) usage, and presence of required links. We designed a Google Chrome extension for our agency, curated from free and accessible analytics tools such as:

Site Scanner and custom crawlers: These tools help us evaluate compliance with agency-determined performance indicators, including the presence of certain USWDS components, and required links (FOIA, accessibility statement, privacy policy, etc.).
Digital Analytics Program (DAP): Integrated with Google Analytics, DAP offers a broad view of how users interact with the website, identifying such things as the top referring and outbound sites, page load times, and bounce rates.
Google Lighthouse: Assesses performance, search engine optimization, accessibility, and mobile optimization, and provides actionable insights to enhance site performance.
Accessibility testing: GSA has acquired and adopted a standard accessibility testing tool to help our web teams assess conformance with Section 508 standards. We scan for accessibility issues, focusing on critical metrics such as keyboard accessibility and alt text for images.

Tightening up digital experience

Sharing the data generated by these tools, along with appropriate context to help our teams understand the meaning of the data, led to significant improvements in website management and user experience.

In the first year of the project, we implemented a digital registry that streamlined the data collection process. Within one month, 100% of our teams had participated and registered their sites — a stark improvement from the previous year’s 70% input rate.

In the second year, we identified a responsible manager for 100% of our websites and partnered with GSA’s Office of Human Resources to develop a 3-part training series to orient people to the expectations and requirements of this role. This effort was based largely on what we learned through our qualitative analysis and has proven transformative for our agency. The management chain for each digital property is now visible at the enterprise level, and each website manager has a strong foundation in digital property management, in alignment with federal requirements and agency best practices. This project also inspired us to contribute to the design and launch of a new enterprise tool to display critical information about each GSA website, including linking each website to common service categories or themes. This helps our web teams gain a holistic perspective of their website and its role in the broader digital experience we offer GSA customers.

In year three, we piloted annual website self-assessments via our Digital Lifecycle Program which provides a framework for website management at GSA. This program provides implementation guidance to comply with over 100+ federal requirements and is a roadmap launching and managing websites, and assessing how we invest in our digital portfolio.

Over the course of this work, we discovered teams that hadn’t assessed the impact of their website on business operations and customer experience, and we identified several outdated products. These teams needed guidance on how to decommission websites that no longer served the public or supported agency mission. In 2024, we developed and published a decommissioning guide.

Through the Digital Lifecycle Program, our agency has reduced our digital portfolio by over 35%, resulting in huge cost savings for the agency, and a better digital experience for our customers. This demonstrates that our collaborative approach to advancing information technology strategies and continually improving our customers’ digital experience is working.

Embracing digital transformation

As GSA leadership continues to refine our agency vision for customer-centric digital service delivery, we can all demonstrate commitment through actions and resource allocation. Integrating both qualitative and quantitative data ensures our transformation process is tightly aligned with our customers’ needs, and positions GSA as a leader in customer centricity and digital excellence.

What can I do next?

Review an introduction to analytics to learn how metrics and data can improve understanding of how people use your website.

You can also join the Digital.gov Web Analytics Community of Practice to connect with government web practitioners who are working to share and make better, data-informed decisions using web analytics and other optimization strategies.

If you work at a U.S. federal government agency, and would like to learn more about this work, reach out to GSA’s Service Design team at customerexperience@gsa.gov.

Disclaimer: All references to specific brands, products, and/or companies are used only for illustrative purposes and do not imply endorsement by the U.S. federal government or any federal government agency.

MIL-OSI: M&G ENT USA’s Photo Booth “Momentura” Begins Full-Scale Entry into the North American Photo Booth Market

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, CA, Oct. 30, 2024 (GLOBE NEWSWIRE) — M&G ENT USA, the U.S. branch of M&G ENT Co., Ltd., a specialized manufacturer of smart education and ICT equipment for business use, will officially enter the North American market, starting with the 2024 photo booth business presentation to be held at The One event hall in LA on Tuesday, November 5, at 5 PM.

M&G ENT Co., Ltd. manufactures and supplies projectors and electronic whiteboards to major Korean video equipment companies and educational institutions. To enter the North American market, the company established branches on the East Coast (Boston) and West Coast (LA) of the U.S., a first for the industry, during the second half of last year.

M&G ENT’s Momentura is a brand that is derived from the Latin word meaning “moment.” the Momentura photo booth is equipped with a high-performance DSLR and a dedicated photo printer, producing high-quality photos in a short time compared to photo booths currently available in the North American market. It has the ability to move the camera vertically to accommodate diverse user audiences, as well as the ability to freely apply filters and stickers to the images taken. The photo booth also is equipped with AR features such as caricatures, as well as regular frame cuts, ID photo features, and the function to print images saved on your phone. Moreover, it incorporates Korean-style designs based on K-culture that resonate with younger generations. Momentura also provides a customizable service for the exterior and frames to fit various installation settings, which has been gaining traction amongst users.

Notably, at the ISTE Live 2024 International Education Exhibition held in Denver, Colorado, in June, M&G ENT unveiled a modular photo booth, specialized for rental services. The particular model is convenient for transportation and storage and ideal for use at events hosted by schools and public institutions. This received enthusiastic responses from education institution representatives.

Sungju An, CEO of M&G ENT, announced that through the Los Angeles business presentation, they plan to recruit dealers and agents across the U.S., while showcasing the actual products. They aim to provide differentiated services such as sales, delivery, and after-sales support through local branches and distribution networks. By introducing various products into the market, they hope to create new business opportunities that offer a win-win situation for both partners, and expand the photo booth business to the global market.

The 2024 photo booth business presentation schedule is as follows:

Date: Tuesday, November 5, 2024, 5:00 PM – 8:00 PM
Venue: The One Event Hall 5F, 3680 Wilshire Blvd, Los Angeles, CA 90010
Inquiries (English): 949) 351-7194
Inquiries (Korean): 949) 351-7055
Email: contact@momentura.us

Media Contact

Brand: M&G ENT USA

Contact: Somin An

Email: contact@momentura.us

Phone: +1 949 351 7194(English) / +1 949 351 7055(Korean)

Website: https://www.momentura.us

MIL-OSI Banking: The 28th ASEAN Labour Ministers’ Meeting convenes in Singapore

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, participated in the 28th ASEAN Labour Ministers’ Meeting (ALMM) held in Singapore. Held under the theme “Strengthening Resilience and Promoting Innovation,” the Meeting exchanged views, reviewed the progress of the ASEAN Labour Ministers’ Work Programme 2021-2025 as well as deliberated on priorities for the post-2025 cooperation on labour. Singapore assumed the ALMM Chairmanship for 2024-2026. The Meeting was attended by ASEAN Member States, with Timor-Leste joined as observer.

The post The 28th ASEAN Labour Ministers’ Meeting convenes in Singapore appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

MIL-OSI USA: October 29th, 2024 N.M. Delegation Welcomes Over $4 Million From the Infrastructure Law to Enhance Safety, Reduce Delays at Railway Crossings, and Grow Local Economies in Clovis and San Juan County

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

ALBUQUERQUE, N.M. – U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representatives Teresa Leger Fernández (D-N.M.), Melanie Stansbury (D-N.M.), and Gabe Vasquez (D-N.M.) welcomed a combined $4,570,920 for two projects in New Mexico from the U.S. Department of Transportation to strengthen the nation’s supply chain, reduce costs, and grow New Mexico’s economy.

$4,000,000 will help San Juan County and the Navajo Nation complete the planning for a proposed freight rail line connecting Farmington and Gallup.

$570,920 will help the City of Clovis enhance safety and reduce traffic delays at two railway crossings.

“Thanks to our Infrastructure Law, we’re delivering the funds needed to kick-start planning for a freight rail line from Farmington to Gallup and improve railway crossings in Clovis. Combined, these investments will strengthen our nation’s supply chain, grow local economies, lower transportation costs, create high-quality jobs New Mexicans can build their families around, and improve safety for our communities,” said Heinrich. “I’m pleased to welcome these federal investments, and I remain committed to securing more investments to connect rural communities to the abundant opportunities ahead.”

“Across our state, New Mexicans rely daily on our railways for travel and to keep our economy running,” said Luján. “Thanks to the Bipartisan Infrastructure Law, this $4.5+ million in federal funding will deliver much-needed railway safety enhancements in Clovis and help construct a new rail line within the Navajo Nation to expand regional rail service in Northwestern New Mexico. I’m proud to welcome these two grants that will both boost railway service and drive economic development for Clovis, the Navajo Nation, and their surrounding communities. I will continue to fight to bring federal dollars home to New Mexico to improve the safety, efficiency, and reliability of passenger and freight rail.”

“Every time I go to the Four Corners, local leaders emphasize the importance of connecting the region with rail. The Four Corners area is a major economic center of our state, and the funding we’re announcing today is the beginning of our work to make sure our rail infrastructure is ready to meet that potential across San Juan and McKinley Counties,” said Leger Fernández. “I am happy that this funding also includes improvements to safety and efficiency of freight in Clovis. With the support of the CRISI program, we can begin the critical work needed to build stronger connections and drive growth in rural New Mexico.”

“I am thrilled about the recent allocation of two significant federal grants from the Federal Railroad Administration’s CRISI program, which will greatly enhance rail safety and connectivity in New Mexico,” said Stansbury. “These two grants reflect our commitment to investing in infrastructure prioritizing safety and economic growth. I am grateful for the support from the Federal Railroad Administration and look forward to seeing these projects come to fruition as we work together to build a safer New Mexico!”

“Federal investments like this bring vital safety and economic benefits to communities across New Mexico. With this funding, we’re improving railway safety, cutting down delays, and connecting New Mexicans to opportunities that drive economic growth and quality jobs,” said Vasquez. “Thanks to the Bipartisan Infrastructure Law, we are building a stronger, safer transportation network. I’m proud to welcome this funding to bring more jobs and opportunities to our rural communities.”

“The award of grant funding takes a prospective freight rail line study further than any study in the past and is further proof of the importance of collaboration between tribal, local, state, and federal partners to open doors to economic opportunities. We are appreciative of assistance from New Mexico’s federal delegation and excited for future economic growth opportunities in San Juan County and the Four Corners region,” said John T. Beckstead, San Juan County Commission Chairman.

“The Federal CRISI Grant brings San Juan County and the City of Farmington one step closer to having competitive transportation and economic development. This is an important step in growing our regional economy,” said Tim Gibbs, Four Corner Economic Development CEO.

The grants are awarded through the U.S. Department of Transportation Federal Railroad Administration’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which provides funding for projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail. The CRISI Program received significant, additional investments from the Infrastructure Law – legislation passed by Democrats in the N.M. Congressional Delegation.

The N.M. Delegation sent a letter of support to the U.S. Department of Transportation supporting the grant for San Juan County that is being announced today. This grant will prepare the Four Corners Rail Project for final design proposals and planning.

In May 2020, Heinrich and Luján wrote a letter of support for San Juan County’s application for a Better Utilizing Investments to Leverage Development (BUILD) Grant, which applicants of the CRISI Program are required to be approved for.

Members of the N.M. Delegation sent a letter of support to the U.S. Department of Transportation urging the support of the grant for the City of Clovis that is being announced today. This grant will enhance safety and reduce traffic delays at two railway crossings including modifications to the Norris Street railroad crossing and construction of a new grade-separated crossing at MLK Jr. Boulevard.

Below is a breakdown of the U.S. Department of Transportation Federal Railroad Administration funding:

Project Name	Recipient	Award Amount	Project Description
Clovis, N.M. Corridor Improvement Project	City of Clovis	$ 570,920	The proposed project was selected for Project Development and includes activities for one grade crossing separation and improvements to a second at-grade crossing along the BNSF Railway line in Clovis, New Mexico. The project aligns with the selection criteria by enhancing safety and improving system and service performance as the project will reduce blocked crossings. The City of Clovis and BNSF Railway will contribute the 53 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.
Four Corners Freight Rail Project	San Juan County	$ 4,000,000	The proposed project was selected for Project Development and includes activities to develop a new rail line to connect the Farmington, New Mexico Area to the BNSF Railway corridor near Gallup across San Juan County and McKinley County, New Mexico. The proposed project is a partnership between San Juan County, the Navajo Nation, and the New Mexico Department of Transportation, and most of the project is located within the Navajo Nation. The project aligns with the selection criteria by enhancing resilience and improving system and service performance as the project will provide a viable freight transportation modal alternative to highway trucking, opportunities to simplify the supply chain, and enable new, rail-dependent economic development opportunities thereby imparting benefits to the Navajo Nation and surrounding communities. San Juan County will contribute the 20 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.

For more information from San Juan County on the proposed Four Corners Rail Project, please click here.

MIL-OSI Banking: Trial Use of a Generative AI-based Demand Forecasting Application to Drive E-commerce Sales Growth in Southeast Asia

Source: Panasonic

Headline: Trial Use of a Generative AI-based Demand Forecasting Application to Drive E-commerce Sales Growth in Southeast Asia

Aiming to expand the direct-to-consumer (D2C) sales of Panasonic products with a focus on home appliances and consumer electronics in Southeast Asian markets, GDX Co., Ltd. (Head Office: Shinagawa-ku, Tokyo, CEO: Jun Horata, hereafter “GDX”) has developed a new application called AI Commerce Series 1 “Demand Forecast” in collaboration with Panasonic Appliances Marketing Asia Pacific (hereafter “PAPMAP”) based in Malaysia and affiliated with Panasonic Corporation (Head Office: Minato-ku, Tokyo, CEO: Masahiro Shinada, hereafter “Panasonic”), and began its trial use in Thailand.
AI Commerce Series 1 “Demand Forecast” is an application for demand prediction independently developed by GDX to maximize sales and streamline inventory control. Specifically, generative AI selects the scenario best suited for the situation from the predictions generated by AI based on 36 scenarios and outputs various demand forecast data in the format specified by users. PAPMAP has collaborated with GDX in application development to improve the accuracy of demand forecasting for e-commerce sales in Southeast Asia and to develop a user-friendly generative AI-based tool for its marketing staff without AI-related expertise.
In October 2024, a Panasonic sales company in Thailand (Panasonic Solutions (Thailand) Co., Ltd.) began the trial use of this new application to improve the accuracy of e-commerce sales forecasts for home appliances and consumer electronics. This will enable PAPMAP to predict future demand effortlessly and simply, without reliance on individual expertise, and to incorporate the forecast into product purchase planning by applying generative AI and machine learning to Panasonic’s sales-related data, thereby reducing the loss of sales opportunities. The company will start by expanding e-commerce sales in Thailand.
By contributing to Panasonic’s e-commerce sales through the use of advanced generative AI technology, GDX aims to open up new possibilities for D2C sales in Southeast Asian markets. PAPMAP will verify the effectiveness and usability of the application through trial use in Thailand and consider broadening the scope of collaboration in e-commerce sales with a view to expanding its use in the rest of Southeast Asia.
In order to support the DX promotion of brand companies’ entire value chain, GDX plans to establish a series of AI Commerce products as generative AI-based solutions and release them successively.

MIL OSI Global Banks –

MIL-OSI Banking: Kid Witness News (KWN) Global Summit 2024—Announcement of Award Results

Source: Panasonic

Headline: Kid Witness News (KWN) Global Summit 2024—Announcement of Award Results

Participating countries (11 countries)
Brazil, Cambodia, China, India, Indonesia, Japan, Malaysia, Philippines, United Arab Emirates, United States, Vietnam
* Presented in alphabetical order* Participants will be able to view a live stream of the summit on the day of the summit.

MIL OSI Global Banks –

MIL-OSI: Capgemini Q3 2024 revenues

Source: GlobeNewswire (MIL-OSI)

Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com

Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com

Capgemini Q3 2024 revenues

Q3 2024 revenues of €5,377 million, down -1.6% at constant exchange rates^*
9M 2024 revenues of €16,515 million, down -2.3% at constant exchange rates
FY 2024 constant currency revenue growth target revised to -2.0% to -2.4% and operating margin target narrowed to 13.3% to 13.4%
FY 2024 organic free cash-flow target confirmed at around €1.9 billion

Paris, October 30, 2024 – The Capgemini Group reported consolidated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis, and down -1.6% at constant exchange rates^*.

Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our growth improved marginally in Q3 compared to Q2, despite stronger headwinds than anticipated in some sectors, primarily in Manufacturing. However, we continue to see recovery in Financial Services and gradually lesser headwinds from Telco and Tech.

In a market that remains soft overall, we expect to deliver a similar growth in Q4 while demonstrating the resilience of our operating margin and organic free cash-flow. Client demand continues to be driven by operational efficiencies and cost reduction and we seize their growing appetite for AI and Gen AI services.

Our positioning as a business and technology transformation partner, the relevance of our offerings and the quality of our talent are driving our solid book-to-bill ratio and growing pipeline of strategic deals. We are also launching a set of targeted actions to simplify our operations to make the Group more agile with a stronger emphasis on growth.

Based on Q4 perspectives, we now expect a full-year constant currency growth rate of -2.0% to -2.4% and narrow the operating margin target to 13.3% to 13.4%, while the organic free cash-flow target of around €1.9 billion is confirmed.”

	(in millions of euros)		Change
Revenues	2023	2024	At current exchange rates	At constant exchange rates^*
Q3	5,480	5,377	-1.9%	-1.6%
9 months	16,906	16,515	-2.3%	-2.3%

After bottoming out in Q1 2024, Capgemini activity trends improved again in Q3, but only marginally. The Group generated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis and -1.6% at constant exchange rates^*. On an organic basis (i.e., restated for changes in Group scope and exchange rates), revenues contracted by -2.1%. For the first nine months of the year, growth stands at -2.3%, both on a reported basis and at constant exchange rates.

Clients remained focused on driving efficiencies through large digital transformation programs, at the expense of discretionary deals. This is fueling strong demand for Capgemini’s Cloud and Data & AI/Gen AI services, as well as for digital core modernization and intelligent supply chain services that are key focus themes in the current environment.

Bookings totaled €5,222 million in Q3 2024, down -0.8% at constant exchange rates, leading to a book-to-bill ratio of 0.97 for the period. Generative AI bookings amounted to around €600 million over the last 9 months which represent around 3.5% of Group bookings.

OPERATIONS BY REGION

In the Group’s largest regions, Q3 growth rates remained similar to Q2. Overall, this reflects the continued recovery in Financial Services across all regions combined with, as anticipated, a slowdown in the Manufacturing sector.

At constant exchange rates, revenues in the North America region (28% of Group revenues in Q3 2024) decreased by -3.9% year-on-year. Financial Services further improved, yet still posting a year-on-year decline in Q3. Overall, the revenue contraction was driven by the Consumer Goods & Retail, Energy & Utilities, and Public sectors.

Revenues in the United Kingdom and Ireland region (13% of Group revenues) returned to positive growth at +0.4%. The continued dynamism of the Energy & Utilities sector and a resilient Manufacturing sector outweighed the contraction in the Consumer Goods & Retail sector.

Revenues in France (19% of Group revenues) decreased by -2.5%. Growth in the Public sector, along with positive momentum in TMT (Telecoms, Media & Technology), were more than offset by the slowdown of the Manufacturing sector.

Revenues in the Rest of Europe region (31% of Group revenues) increased by +0.6%. Solid growth in Financial Services, as well as continued dynamism in Energy & Utilities and Public sector, made up for the contraction in the Manufacturing and TMT sectors.

Lastly, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were down -2.2%. In the Asia-Pacific region, strong momentum in the Public sector and improving Financial Services were more than offset by visible weakness in the Consumer Goods & Retail and Manufacturing sectors. Growth acceleration in Latin America was mostly driven by the Consumer Goods & Retail sector.

OPERATIONS BY BUSINESS

In Q3 2024, at constant exchange rates, the growth in Strategy & Transformation services (9% of the Group’s total revenues^* in Q3 2024) further strengthened to +6.5% year-on-year. This reflects continued client demand for strategic consulting on their transition towards a more digital and sustainable model as well as their unwavering interest in the broad AI and Gen AI opportunities.

In Applications & Technology services (63% of the Group’s total revenues and Capgemini’s core business), growth rates improved by 170 basis points compared to Q2, to -1.2% year-on-year in Q3.

Lastly, Operations & Engineering total revenues (28% of the Group’s total revenues) decreased by -3.4% primarily driven by the contraction in Infrastructure Services and, to a lesser extent, Engineering services.

HEADCOUNT

The Group’s total headcount stands at 338,900 as at September 30, 2024, down -1.1% year-on-year and up +0.6% since the end of June. The offshore workforce stands at 194,400 employees or 57% of the total headcount.

OUTLOOK

The Group’s financial targets for 2024 are updated as follows:

Revenue growth of -2.0% to -2.4% at constant currency (was -0.5% to -1.5%);
Operating margin of 13.3% to 13.4% (was 13.3% to 13.6%);
Organic free cash-flow of around €1.9 billion (unchanged).

The inorganic contribution to growth should be 40 basis points.

CONFERENCE CALL

Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, and Olivier Sevillia, Chief Operating Officer, will present this press release during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

PROVISIONAL CALENDAR

February 18, 2025        FY 2024 results
April 29, 2025        Q1 2025 revenues
May 7, 2025        Shareholders’ Meeting
July 30, 2025        H1 2025 results

DISCLAIMER

This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

ABOUT CAPGEMINI

Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.

Get the Future You Want | www.capgemini.com

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APPENDIX3F¹

BUSINESS CLASSIFICATION

Strategy & Transformation includes all strategy, innovation and transformation consulting services.
Applications & Technology brings together “Application Services” and related activities and notably local technology services.
Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

DEFINITIONS

Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates.

Reconciliation of growth rates	Q1 2024	Q2 2024	Q3 2024	9M 2024
Organic growth	-3.6%	-2.3%	-2.1%	-2.7%
Changes in Group scope	+0.3 pts	+0.4 pts	+0.5 pts	+0.4 pts
Growth at constant exchange rates	-3.3%	-1.9%	-1.6%	-2.3%
Exchange rate fluctuations	-0.2 pts	+0.4 pts	-0.3 pts	-0.0 pts
Reported growth	-3.5%	-1.5%	-1.9%	-2.3%

When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expense” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

REVENUES BY REGION

	Revenues (in millions of euros)		Year-on-year growth
	Q3 2023	Q3 2024	Reported	At constant exchange rates
North America	1,608	1,530	-4.9%	-3.9%
United Kingdom and Ireland	676	690	+2.1%	+0.4%
France	1,045	1,019	-2.5%	-2.5%
Rest of Europe	1,633	1,646	+0.8%	+0.6%
Asia-Pacific and Latin America	518	492	-5.0%	-2.2%
TOTAL	5,480	5,377	-1.9%	-1.6%

	Revenues (in millions of euros)		Year-on-year growth
	9 months 2023	9 months 2024	Reported	At constant exchange rates
North America	4,896	4,638	-5.3%	-4.9%
United Kingdom and Ireland	2,062	2,070	+0.4%	-1.8%
France	3,353	3,264	-2.6%	-2.6%
Rest of Europe	5,105	5,116	+0.2%	+0.1%
Asia-Pacific and Latin America	1,490	1,427	-4.2%	-1.9%
TOTAL	16,906	16,515	-2.3%	-2.3%

REVENUES BY BUSINESS

	Total revenues* (% of Group revenues)	Year-on-year growth at constant exchange rates in total revenues of the business
	Q3 2024
Strategy & Transformation	9%	+6.5%
Applications & Technology	63%	-1.2%
Operations & Engineering	28%	-3.4%

	Total revenues* (% of Group revenues)	Year-on-year growth at constant exchange rates in total revenues of the business
	9 months 2024
Strategy & Transformation	9%	+3.9%
Applications & Technology	62%	-2.7%
Operations & Engineering	29%	-2.3%

¹ Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

Attachments