Category: Business

  • MIL-OSI Economics: New MacBook Pro features M4 family of chips and Apple Intelligence

    Source: Apple

    Headline: New MacBook Pro features M4 family of chips and Apple Intelligence

    October 30, 2024

    PRESS RELEASE

    Apple’s new MacBook Pro features the incredibly powerful M4 family of chips and ushers in a new era with Apple Intelligence

    With an advanced 12MP Center Stage camera, Thunderbolt 5 on M4 Pro and M4 Max models, and an all-new nano-texture display option, MacBook Pro gets even more capable and even more pro

    CUPERTINO, CALIFORNIA Apple today unveiled the new MacBook Pro, powered by the M4 family of chips — M4, M4 Pro, and M4 Max — delivering much faster performance and enhanced capabilities. The new MacBook Pro is built for Apple Intelligence, the personal intelligence system that transforms how users work, communicate, and express themselves, while protecting their privacy. Now available in space black and silver finishes, the 14-inch MacBook Pro includes the blazing-fast performance of M4 and three Thunderbolt 4 ports, starting with 16GB of memory, all at just $1,599. The 14- and 16-inch models with M4 Pro and M4 Max offer Thunderbolt 5 for faster transfer speeds and advanced connectivity. All models include a Liquid Retina XDR display that gets even better with an all-new nano-texture display option and up to 1000 nits of brightness for SDR content, an advanced 12MP Center Stage camera, along with up to 24 hours of battery life, the longest ever in a Mac.1 The new MacBook Pro is available to pre-order today, with availability beginning November 8.

    “MacBook Pro is an incredibly powerful tool that millions of people use to do their life’s best work, and today we’re making it even better,” said John Ternus, Apple’s senior vice president of Hardware Engineering. “With the powerful M4 family of chips, and packed with pro features like Thunderbolt 5, an advanced 12MP Center Stage camera, an all-new nano-texture display option, and Apple Intelligence, the new MacBook Pro continues to be, by far, the world’s best pro laptop.”

    Supercharged by the M4 Family of Chips

    Built using second-generation 3-nanometer technology, the M4 family is the most advanced lineup of chips for a personal computer. The M4 family features phenomenal single-threaded CPU performance with the world’s fastest CPU core,2 along with outstanding multithreaded CPU performance for the most demanding workloads. Combined with machine learning accelerators in the CPU, an advanced GPU, and a faster and more efficient Neural Engine, Apple silicon is built from the ground up to deliver incredible performance for AI. Together with faster unified memory, each chip also includes increased memory bandwidth, so large language models (LLMs) and other large projects run smoothly and on device. Additionally, the industry-leading performance per watt of the M4 family means that users get up to 24 hours of battery life, raising the bar of what users can do on a single charge.

    New 14-inch MacBook Pro with M4

    The 14-inch MacBook Pro with M4 is the ideal choice for entrepreneurs, students, creators, or anyone doing what they love. Featuring a more powerful 10-core CPU, with four performance cores and six efficiency cores, and a faster 10-core GPU with Apple’s most advanced graphics architecture, the new MacBook Pro starts with 16GB of faster unified memory with support for up to 32GB, along with 120GB/s of memory bandwidth. With M4, MacBook Pro is up to 1.8x faster than the 13-inch MacBook Pro with M1 for tasks like editing gigapixel photos, and even more demanding workloads like rendering complex scenes in Blender are up to 3.4x faster.1 With a Neural Engine that’s over 3x more powerful than in M1, it’s great for features in Apple Intelligence and other AI workloads. The M4 model also supports two high-resolution external displays in addition to the built-in display, and now features three Thunderbolt 4 ports so users can connect all their peripherals.

    MacBook Pro with M4 delivers:1

    • Up to 7x faster image processing in Affinity Photo when compared to the 13‑inch MacBook Pro with Core i7, and up to 1.8x faster when compared to the 13-inch MacBook Pro with M1.
    • Up to 10.9x faster 3D rendering in Blender when compared to the 13‑inch MacBook Pro with Core i7, and up to 3.4x faster when compared to the 13‑inch MacBook Pro with M1.
    • Up to 9.8x faster scene edit detection in Adobe Premiere Pro when compared to the 13‑inch MacBook Pro with Core i7, and up to 1.7x faster when compared to the 13‑inch MacBook Pro with M1.

    MacBook Pro with M4 Pro: A Pro Powerhouse

    For researchers, developers, engineers, creative pros, or anyone that needs even faster performance for more demanding workflows, MacBook Pro with M4 Pro offers a tremendous performance boost. M4 Pro features a powerful 14-core CPU with 10 performance cores and four efficiency cores for a jump in multicore performance, along with up to a 20-core GPU that is twice as powerful as M4. With M4 Pro, the new MacBook Pro gets a massive 75 percent increase in memory bandwidth over the prior generation — double that of any AI PC chip.3 The new MacBook Pro with M4 Pro is up to 3x faster than models with M1 Pro, speeding up workflows like geo mapping, structural engineering, and data modeling.1

    MacBook Pro with M4 Pro offers:1

    • Up to 4x faster scene rendering performance with Maxon Redshift when compared to the 16-inch MacBook Pro with Core i9, and up to 3x faster when compared to the 16-inch MacBook Pro with M1 Pro.
    • Up to 5x faster simulation of dynamical systems in MathWorks MATLAB when compared to the 16-inch MacBook Pro with Core i9, and up to 2.2x faster when compared to the 16-inch MacBook Pro with M1 Pro.
    • Up to 23.8x faster basecalling for DNA sequencing in Oxford Nanopore MinKNOW when compared to the 16-inch MacBook Pro with Core i9, and up to 1.8x faster when compared to the 16-inch MacBook Pro with M1 Pro.

    MacBook Pro with M4 Max: The Ultimate in Pro Performance

    Designed for pros like data scientists, 3D artists, and composers who constantly push workflows to the limit, MacBook Pro with M4 Max empowers users to work on projects that were previously only imaginable on a desktop. M4 Max brings up to a 16-core CPU, up to a 40-core GPU, over half a terabyte per second of unified memory bandwidth, and a Neural Engine that is over 3x faster than M1 Max, allowing on-device AI models to run faster than ever. With M4 Max, MacBook Pro delivers up to 3.5x the performance of M1 Max, ripping through heavy creative workloads like visual effects, 3D animation, and film scoring.1 It also supports up to 128GB of unified memory, so developers can easily interact with LLMs that have nearly 200 billion parameters. And with the powerful Media Engine in M4 Max, which features two ProRes accelerators, MacBook Pro performance is amazing even when taking 4K120 fps ProRes video captured with the new iPhone 16 Pro and editing it in Final Cut Pro.

    MacBook Pro with M4 Max enables:1

    • Up to 7.8x faster scene rendering performance with Maxon Redshift when compared to the 16-inch MacBook Pro with Intel Core i9, and up to 3.5x faster when compared to the 16-inch MacBook Pro with M1 Max.
    • Up to 4.6x faster build performance when compiling code in Xcode when compared to the 16‑inch MacBook Pro with Intel Core i9, and up to 2.2x faster when compared to the 16‑inch MacBook Pro with M1 Max.
    • Up to 30.8x faster video processing performance in Topaz Video AI when compared to the 16‑inch MacBook Pro with Intel Core i9, and up to 1.6x faster when compared to the 16-inch MacBook Pro with M1 Max.

    Industry-Leading Liquid XDR Display Gets Even Better

    The new MacBook Pro introduces an all-new nano-texture display option that dramatically reduces glare and distractions from reflections. In bright lighting conditions, the new MacBook Pro can now show SDR content at up to 1000 nits and still displays HDR content at up to 1600 nits of peak brightness. All together, it’s a game-changing experience for users working outdoors.

    New 12MP Center Stage Camera

    MacBook Pro includes a new 12MP Center Stage camera that delivers enhanced video quality in challenging lighting conditions. Video calls are even more engaging with Center Stage, which automatically keeps users centered in the frame as they move around. The new camera also supports Desk View, which adds a whole new dimension to video calls. And with studio-quality mics and a phenomenal six-speaker sound system with support for Spatial Audio, MacBook Pro delivers an incredibly immersive audio experience whether users are listening to music or watching a movie in Dolby Atmos.

    Thunderbolt 5 Comes to the Mac

    MacBook Pro with M4 Pro and M4 Max features Thunderbolt 5 ports that more than double transfer speeds up to 120 Gb/s, enabling faster external storage, expansion chassis, and powerful docking and hub solutions. For example, by connecting just a single cable, pros like music producers can now light up their entire studio. All MacBook Pro models feature an HDMI port that supports up to 8K resolution, a SDXC card slot, a MagSafe 3 port for charging, and a headphone jack, along with support for Wi-Fi 6E and Bluetooth 5.3.

    A New Era with Apple Intelligence on the Mac

    Apple Intelligence ushers in a new era for the Mac, bringing personal intelligence to the personal computer. Combining powerful generative models with industry-first privacy protections, Apple Intelligence harnesses the power of Apple silicon and the Neural Engine to unlock new ways for users to work, communicate, and express themselves on Mac. It is available in U.S. English with macOS Sequoia 15.1. With systemwide Writing Tools, users can refine their words by rewriting, proofreading, and summarizing text nearly everywhere they write. With the newly redesigned Siri, users can move fluidly between spoken and typed requests to accelerate tasks throughout their day, and Siri can answer thousands of questions about Mac and other Apple products. New Apple Intelligence features will be available in December, with additional capabilities rolling out in the coming months. Image Playground gives users a new way to create fun original images, and Genmoji allows them to create custom emoji in seconds. Siri will become even more capable, with the ability to take actions across the system and draw on a user’s personal context to deliver intelligence that is tailored to them. In December, ChatGPT will be integrated into Siri and Writing Tools, allowing users to access its expertise without needing to jump between tools.

    Apple Intelligence does all this while protecting users’ privacy at every step. At its core is on-device processing, and for more complex tasks, Private Cloud Compute gives users access to Apple’s even larger, server-based models and offers groundbreaking protections for personal information. In addition, users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. For those who choose to connect their account, OpenAI’s data-use policies apply.

    An Unrivaled Experience with macOS Sequoia

    macOS Sequoia completes the new MacBook Pro experience with a host of exciting features, including iPhone Mirroring, allowing users to wirelessly interact with their iPhone, its apps, and notifications directly from their Mac.4 Safari, the world’s fastest browser,5 now offers Highlights, which quickly pulls up relevant information from a site; a smarter, redesigned Reader with a table of contents and high-level summary; and a new Video Viewer to watch videos without distractions. With Distraction Control, users can hide items on a webpage that they may find disruptive to their browsing. Gaming gets even more immersive with features like Personalized Spatial Audio and improvements to Game Mode, along with a breadth of exciting titles, including the upcoming Assassin’s Creed Shadows. Easier window tiling means users can stay organized with a windows layout that works best for them. The all-new Passwords app gives convenient access to passwords, passkeys, and other credentials, all stored in one place. And users can apply new beautiful built-in backgrounds for video calls, which include a variety of color gradients and system wallpapers, or upload their own photos.

    The Perfect Time to Upgrade or Switch to a Mac

    Upgraders will get monumental improvements over Intel-based MacBook Pro models, including the amazing features of Apple Intelligence. When compared to an Intel-based MacBook Pro, the new MacBook Pro provides nearly 10x faster performance for AI-based workloads,1 and for graphics-intensive workloads, users get up to 20x faster performance.6 With battery life on the new MacBook Pro now up to 24 hours, upgraders will also experience up to 14 additional hours. And with the Liquid Retina XDR display, a new 12MP Center Stage camera, an immersive six-speaker sound system, the unrivaled experience of macOS Sequoia, and more, there’s never been a better time to upgrade or switch to MacBook Pro.

    MacBook Air: The World’s Most Popular Laptop Now Starts at 16GB

    MacBook Air is the world’s most popular laptop, and with Apple Intelligence, it’s even better. Now, models with M2 and M3 double the starting memory to 16GB, while keeping the starting price at just $999 — a terrific value for the world’s best-selling laptop.

    Better for the Environment

    The new MacBook Pro is built to last and incredibly durable, created from a custom alloy that uses 100 percent recycled aluminum in the enclosure. It also uses 100 percent recycled rare earth elements in all magnets, and 100 percent recycled tin soldering, gold plating, and copper in multiple printed circuit boards. The packaging for the 14-inch MacBook Pro is now entirely fiber-based, joining the 16-inch MacBook Pro and bringing Apple closer to its goal to remove plastic from its packaging by 2025.

    Today, Apple is carbon neutral for global corporate operations and, as part of its ambitious Apple 2030 goal, plans to be carbon neutral across its entire carbon footprint by the end of this decade.

    Pricing and Availability

    • Customers can pre-order the new MacBook Pro starting today, October 30, on apple.com/store and in the Apple Store app in 28 countries and regions, including the U.S. It will begin arriving to customers, and will be in Apple Store locations and Apple Authorized Resellers, beginning Friday, November 8.
    • The 14-inch MacBook Pro with M4 starts at $1,599 (U.S.) and $1,499 (U.S.) for education; the 14‑inch MacBook Pro with M4 Pro starts at $1,999 (U.S.) and $1,849 (U.S.) for education; and the 16‑inch MacBook Pro starts at $2,499 (U.S.) and $2,299 (U.S.) for education. All models are available in space black and silver.
    • Additional technical specifications, including the nano-texture display and configure-to-order options, are available at apple.com/mac.
    • MacBook Air with M2 and M3 comes standard with 16GB of unified memory, and is available in midnight, starlight, silver, and space gray, starting at $999 (U.S.) and $899 (U.S.) for education.
    • New accessories with USB-C — including Magic Keyboard ($99 U.S.), Magic Keyboard with Touch ID ($149 U.S.), Magic Keyboard with Touch ID and Numeric Keypad ($179 U.S.), Magic Trackpad ($129 U.S.), Magic Mouse ($79 U.S.), and Thunderbolt 5 Pro Cable ($69) — are available at apple.com/store.
    • Apple Intelligence is available now as a free software update for Mac with M1 and later, and can be accessed in most regions around the world when the device and Siri language are set to U.S. English. The first set of features is in beta and available with macOS Sequoia 15.1, with more features rolling out in the months to come.
    • Apple Intelligence is quickly adding support for more languages. In December, Apple Intelligence will add support for localized English in Australia, Canada, Ireland, New Zealand, South Africa, and the U.K., and in April, a software update will deliver expanded language support, with more coming throughout the year. Chinese, English (India), English (Singapore), French, German, Italian, Japanese, Korean, Portuguese, Spanish, Vietnamese, and other languages will be supported.
    • With Apple Trade In, customers can trade in their current computer and get credit toward a new Mac. Customers can visit apple.com/shop/trade-in to see what their device is worth.
    • AppleCare+ for Mac provides unparalleled service and support. This includes unlimited incidents of accidental damage, battery service coverage, and 24/7 support from the people who know Mac best.
    • Every customer who buys directly from Apple Retail gets access to Personal Setup. In these guided online sessions, a Specialist can walk them through setup, or focus on features that help them make the most of their new device. Customers can also learn more about getting started with their new device with a Today at Apple session at their nearest Apple Store.

    About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

    1. Testing was conducted by Apple from August through October 2024. Battery life varies by use and configuration. See apple.com/macbook-pro for more information.
    2. Testing was conducted by Apple in October 2024 using shipping competitive systems and select industry-standard benchmarks.
    3. Based on published technical specifications of shipping competitive chips as of October 2024.
    4. Available on Mac computers with Apple silicon and Intel-based Mac computers with a T2 Security Chip. Requires that the user’s iPhone and Mac are signed in with the same Apple Account using two-factor authentication, their iPhone and Mac are near each other and have Bluetooth and Wi-Fi turned on, and their Mac is not using AirPlay or Sidecar. Some iPhone features (e.g., camera and microphone) are not compatible with iPhone Mirroring.
    5. Testing was conducted by Apple in August 2024. See apple.com/safari for more information.
    6. Results are compared to previous-generation 1.7GHz quad-core Intel Core i7-based 13-inch MacBook Pro systems with Intel Iris Plus Graphics 645, 16GB of RAM, and 2TB SSD.

    Press Contacts

    Michelle Del Rio

    Apple

    mr_delrio@apple.com

    Starlayne Meza

    Apple

    starlayne_meza@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics

  • MIL-OSI Global: Ali Smith’s new novel Gliff is a dystopian nightmare with flashes of fairytale enchantment

    Source: The Conversation – UK – By Sarah Annes Brown, Professor of English Literature, Anglia Ruskin University

    Ali Smith’s Gliff is set “once upon a time, not very far from now”. It is a kind of fairytale of the future in which two children, Briar and Rose, navigate a world which seems increasingly baffling and hostile.

    Gliff is the first of a planned pair of novels – the second to be called Glyph. Although the two words sound identical, their meanings are quite different. The Scottish word “gliff” means a shock, fright or sudden glimpse. A “glyph”, meanwhile, is a written character or symbol. There’s similarly insistent wordplay in Gliff. It reflects its preoccupation with how meaning is created – and destroyed.

    Smith’s latest novel shares many of the same concerns as her recent Seasonal Quartet (2016-2020): the effects of climate change, the plight of refugees, the growth of intolerance and authoritarianism. But Gliff is set in a dystopian Britain where all these problems have intensified in frightening ways. Smith therefore follows in the footsteps of a growing number of literary novelists who have turned to science fiction in recent years, as boundaries between genres become less rigid.

    Some of the predictions – extreme surveillance, blistering summers, widespread penal servitude – are familiar science fiction themes. But other elements of Gliff are more surreal and fantastical. A particularly strange plot element is the use of a device called the “supera bounder”, a clunky machine which “looked like an invention made by an amateur for a joke”. This is used to spray red paint around houses, people, vehicles and animals which are targeted for removal or destruction.

    When Briar and Rose find a red paint circle around first their house, then their campervan, they are forced into hiding. They lurk on the margins of society, hoping they can escape being packed off to a “reeducation centre”.

    Exploring marginalisation

    The sinister red paint circles are an effective symbol for the more subtle ways in which societies exclude or marginalise “undesirables” of various types. The device fits in with a long tradition of science fiction writers offering the reader a distorted reflection of the ways in which inequality and prejudice operate in society. The invisible barriers which separate rich from poor, for example, are often reimagined as literal walls or fences.

    Smith gives a horrifying vision of a future world of work in which unprotected or unwanted children are forced to scavenge metal from waste in dangerous conditions and adult workers are ruthlessly surveilled, punished, fined and controlled.

    One reason this is so shocking is because the novel is set solely in Britain. Under globalisation, we are already dependent on goods produced under similar conditions – but in countries which are safely remote from us. Suzanne Collins’ The Hunger Games trilogy can be read as a similar parable of globalisation.

    Gliff can be compared with other recent works of speculative fiction which combine dystopian themes with more surreal or fantastical elements. Rumaan Alam’s acclaimed Leave the World Behind (2020), for example, uses a mysterious, undefined national emergency as the springboard for reflections on racism, over-reliance on technology, and climate change. But it also draws on fairytale motifs.

    Separated from their parents, Briar and Rose resemble a science fictional Hansel and Gretel. Towards the end of the novel – through both its themes and landscapes – there are also echoes of Alan Garner’s powerful children’s fantasies. And Gliff the horse is invested with an almost mythical charge, harking back to Smith’s earlier use of magical tales from Ovid’s Metamorphoses in her novel Girl Meets Boy (2007).

    Gliff demonstrates Ali Smith’s characteristic strengths as a novelist. The narrative is accessible and engaging, yet at the same time complex and subtle. Many puzzles are set for the reader – only some are resolved.



    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.


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

    ref. Ali Smith’s new novel Gliff is a dystopian nightmare with flashes of fairytale enchantment – https://theconversation.com/ali-smiths-new-novel-gliff-is-a-dystopian-nightmare-with-flashes-of-fairytale-enchantment-237693

    MIL OSI – Global Reports

  • MIL-OSI Global: Perimenopause linked with increased risk of bipolar and major depression

    Source: The Conversation – UK – By Lisa Shitomi-Jones, Research Assistant & PhD Candidate at the Centre for Neuropsychiatric Genetics and Genomics, Cardiff University

    The potential effect of perimenopause on mental health has been under-researched. My Ocean Production/Shutterstock

    Women going through perimenopause – the transition period surrounding the menopause – are more than twice as likely to develop bipolar disorder for the first time according to our research. Our study is the first to investigate the link between perimenopause and the onset of severe psychiatric conditions.

    Many people think of menopause as a single event that happens around a woman’s early 50s, the average age for her last period. But it’s a gradual process that typically occurs between the ages of 45 and 55.

    Perimenopause is the phase leading up to and following menopause, during which hormonal changes affect the menstrual cycle. This stage differs from person to person and can last several years. Symptoms may include hot flashes, night sweats, mood swings and irregular periods.

    While physical symptoms are common, the potential effect of perimenopause on mental health – including mood changes and severe psychiatric disorders – is less understood and has been under-researched.

    We were inspired to conduct our research by the patients at Professor Di Florio’s mental health clinic. It offers a free clinical service providing second opinions for people experiencing severe psychiatric disorders associated with reproductive events.

    Many of the women in the clinic had never experienced severe mental health problems before menopause. But something seemed to shift during perimenopause. Suddenly many found themselves grappling with these conditions. However, upon reviewing the research, it appeared that the experiences of these women were not documented or explored in scientific literature.

    To address this research gap and find answers, we conducted research using a large database called UK Biobank. This is a resource which gives approved researchers secure access to anonymous medical and genetic data from half a million volunteers. It aims to improve our understanding of how to prevent, diagnose and treat many serious conditions.

    What we found

    Perimenopause is the phase surrounding the menopause.
    Arda_ALTAY/Shutterstock

    Using the data, we investigated how many participants had new onsets of psychiatric conditions during the perimenopause. We then compared this to the number of new onsets during the late reproductive stage, which are the years before the perimenopause.

    The data we examined came from 128,294 women in the UK. We wanted to explore how the years around the final menstrual period may trigger serious mental health issues, including bipolar and major depressive disorders. We discovered a 112% increase in new cases of bipolar disorder. We also found a 30% rise in major depressive conditions during this time, compared to earlier stages of the late reproductive period.

    Our study was the first of its kind to investigate first onsets of bipolar disorder during the perimenopause. It validates the experiences of women who were previously essentially invisible in the world of research.

    Although some hypotheses exist as to why perimenopause and hormones may play a role in psychiatric disorders, much more research is required to better understand why this affects some people but not others. Researchers also need to uncover the best treatment options for these women.

    We hope that our research paves the way for more research on women’s mental health at perimenopause, as well as further investigations into the underlying biological mechanisms.

    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. Perimenopause linked with increased risk of bipolar and major depression – https://theconversation.com/perimenopause-linked-with-increased-risk-of-bipolar-and-major-depression-238797

    MIL OSI – Global Reports

  • MIL-OSI Global: Three judges announced for The Conversation Prize for writers

    Source: The Conversation – UK – By Jo Adetunji, Executive Editor – Partnerships

    L-R: Miriam Frankel, Priya Atwal, Alice Hunt. CC BY

    The Conversation UK, Curtis Brown and Faber are pleased to announce our three judges for The Conversation Prize for writers: Miriam Frankel, senior science editor at The Conversation UK, Priya Atwal, historian, broadcaster and community history fellow at the University of Oxford, and Alice Hunt, professor of early modern literature and history at the University of Southampton.

    Our competition is looking for the best longform article and nonfiction book idea aimed at a general audience from our community of academics. For your chance to win £1,000, publication on The Conversation Insights and mentorship from a literary agent and book publisher then enter your 2,000-word story and book idea.

    About our judges

    Miriam Frankel.

    Miriam Frankel is senior science editor at The Conversation UK. She is co-author of Are You Thinking Clearly? 29 Reasons You Aren’t and What To Do About It, a book investigating the many factors that influence and manipulate the way we think, from genetics, biology, bias and personality to time perception, culture, language, advertising and technology. Miriam also writes on a freelance basis for a number of publications including New Scientist, The Observer, BBC Future and BBC Science Focus magazine.

    Priya Atwal is a historian of monarchy, empire and cultural politics in Britain and South Asia. Her first book, Royals and Rebels: The Rise and Fall of the Sikh Empire, was published in 2020 and was one of BBC History Magazine’s Best Books of the Year. Priya is an active champion for public history and community empowerment in historical research. She is currently building a new Community History Hub at the University of Oxford, and regularly consults on a wide range of creative historical projects, from working on Netflix’s Bridgerton, to supporting the development of inclusive history curricula for UK state schools.

    Alice Hunt.

    Alice Hunt is professor of early modern literature and history at the University of Southampton. She was awarded a Leverhulme Trust fellowship to research her first trade book, Republic: Britain’s Revolutionary Decade, 1649-1660, which was published by Faber in 2024. Alice is also the author of The Drama of Coronation and has previously written about the Tudors and James I.

    How to Enter

    Submissions are open to academics employed or affiliated to a university or approved research institution (IRO) in the UK, Europe or Commonwealth, including PhD candidates under supervision by an academic. Submissions should be in the following areas: History, Arts + Culture, Business + Economy, Education, Environment, Health, Politics + Society, Science + Technology or World.

    To enter, please email your 2,000-word article, plus the following information, to uk-prize@theconversation.com:

    Name

    Institution

    Country

    Email

    Telephone no.

    Your book idea [max 350 words]
    Please provide a brief summary of a trade nonfiction book idea based on your article. Tell us why this topic deserves a deeper dive and why it would appeal to an audience of non-academic readers.


    About you [max 100 words]
    Tell us a little about you – your current academic role or affiliation, your area of expertise and any relevant research to your book idea. Why would you be the right author for this book?


    Please disclose any conflicts of interest that should be mentioned in relation to your article or book idea.


    Terms & Conditions [Pdf] – please read carefully.

    You can read more about what we’re looking for here [Pdf].

    ref. Three judges announced for The Conversation Prize for writers – https://theconversation.com/three-judges-announced-for-the-conversation-prize-for-writers-242505

    MIL OSI – Global Reports

  • MIL-OSI Global: Deep sea rocks suggest oxygen can be made without photosynthesis, deepening the mystery of life

    Source: The Conversation – UK – By Lewis Alcott, Lecturer in Geochemistry, University of Bristol

    chaylek/Shutterstock

    Oxygen, the molecule that supports intelligent life as we know it, is largely made by plants. Whether underwater or on land, they do this by photosynthesising carbon dioxide. However, a recent study demonstrates that oxygen may be produced without the need for life at depths where light cannot reach.

    The authors of a recent publication in Nature Geoscience were collecting samples from deep ocean sediments to determine the rate of oxygen consumption at the seafloor through things like organisms or sediments that can react with oxygen. But in several of their experiments, they actually found oxygen was increasing as opposed to decreasing as they would have expected. This left them questioning how this oxygen was being produced.

    They found that this “dark” oxygen production at the seafloor seems to only happen in the presence of mineral concentrates called polymetallic nodules and deposits of metals called metalliferous sediments. The authors think the nodules have the right mixture of metals and are densely packed enough for an electrical current to pass through for electrolysis, creating enough energy to separate the hydrogen (H) and oxygen (O) from water (H₂O).

    The authors also suggested that the amount of oxygen created may fluctuate depending on the number and mixture of nodules on the ocean floor.

    This research team was trying to understand the implications of mining metals from the deep-sea floor such as lithium, cobalt or copper, funded by an extractions company in an effort to ensure deep sea mining leads to a net benefit to humanity and the Earth system. Lithium and cobalt are used, for example, to make rechargeable batteries for mobile phones, laptops and electric vehicles. Copper is vital for electrical wiring in devices like TVs and radios and for roofing and plumbing.

    The investigation was focused on the Clarion-Clipperton zone of the Pacific Ocean, a vast plain between Hawaii and Mexico where millions of tons of these metals have been found. However, scientists believe mining on this scale is potentially unpredictable and can destroy habitats vital to ocean ecosystems. Deep-sea mining can also introduce harmful sediment plumes to fragile ecosystems leading to a growing number of countries calling for a moratorium.

    Dark oxygen for life

    The implications for this finding may also play a role in life elsewhere.

    Oxygen is essential to complex life as we know it. Complex life has evolved and expanded alongside photosynthesisers, which actually produce oxygen as a waste product. Yet this oxygen allows organisms’ metabolisms to be much more efficient than without it.

    Without photosynthetic bacteria, the reliance that Earth’s life has on oxygen may well have never happened, in addition to the evolutionary pathway to biodiversity as we know it. But this study shows that rich-nodules on the seafloor may have provided an additional source of oxygen to the biosphere – the zone of life on Earth encompassing all living organisms.

    We can’t understand how these nodules may have affected evolution until we understand more about how they formed deeper in time. At the moment, all we really know it that we these nodules would have needed oxygen themselves to form.

    Studies like this show how much the origin of life on Earth is still a mystery.

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

    ref. Deep sea rocks suggest oxygen can be made without photosynthesis, deepening the mystery of life – https://theconversation.com/deep-sea-rocks-suggest-oxygen-can-be-made-without-photosynthesis-deepening-the-mystery-of-life-238937

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: expert reaction to Science and R&D elements of the Autumn Budget, as announced by the Chancellor

    Source: United Kingdom – Executive Government & Departments

    The Science Community comment on Science and R&D elements of the Autumn Budget, delivered by the Chancellor Rachel Reeves.

    Chi Onwurah, Chair of the Science, Innovation and Technology Committee, said:

    “Sustained investment in science, innovation and technology is needed to drive the UK’s economic growth and productivity. When the Government was elected in July, it committed to supporting innovation as part of its mission driven approach.  

    “It’s vital that UK R&D gets long-term funding to keep up the momentum and level of expertise needed to drive our future prosperity. I welcome the commitment to protect core research funding, as well as the specific investments planned for R&D in high-tech industries like aerospace, automotive, and clean energy. 

    “The Committee looks forward to scrutinising the Budget in detail. We’ll be examining how the Budget will impact science and technology, and hearing views from across the sector and industry.” 

     

    Dr Alicia Greated, Executive Director, Campaign for Science and Engineering (CaSE), said:

    “I am pleased to hear such positive support for UK R&D and innovation from the Chancellor, and recognition that, if supported, it will drive economic growth. We also know the public care about this, with 70% of people saying it is important for the Government to invest in R&D. Seeing this reflected by Government is unequivocally a good thing.

    “Beyond the positive intent, it is the detail we must now turn to. It is reassuring to hear pledges to protect core R&D funding and to increase DSIT’s R&D budget, but it will take time to unpack and understand what this means in practice. We look forward to receiving more detail about DSIT’s budget allocations to enable us to build a fuller picture of the changes announced.”

     

    Professor Dame Ottoline Leyser, Chief Executive, UK Research & Innovation, said:

    “We welcome the Government’s continued commitment to research and innovation in today’s Budget, recognising their crucial role in driving sustainable economic growth, creating jobs, and improving public services for people across the UK.

    “We appreciate the Chancellor’s prioritisation of research and innovation, given the difficult choices to be made on public expenditure. We will work closely with the Secretary of State, Science Minister, across government and with our research and innovation partners to maximise the impact of our investments and create a strong platform for an ambitious programme of research and innovation in the multi-year Spending Review next Spring.”

     

    Dr John Lazar CBE FREng, President of the Royal Academy of Engineering, says:

    “The Chancellor’s first budget was a difficult balancing act, and we are pleased to see a long-term commitment to research and innovation, which is proven to help business, productivity and growth. We know the pressures on public finances that put government spending on research and development in the spotlight, and also that R&D spending is the catalyst for economic success. We welcome the commitment to protect government investment in R&D, and the acknowledgement of the key role that the UK’s National Academies play in driving innovation in engineering, biotechnology and medical science. It is now up to the Science, Engineering and Technology sector to work with the government to deliver the innovation and growth needed to unlock investment and create jobs.”

    “With sustained investment in innovation and entrepreneurship, the UK is well placed to leverage its impressive engineering and technology strengths to sustain business confidence, catalyse investment and power growth, and ultimately improve our public services and productivity.”

    “The economy can only grow if the infrastructure that underpins it keeps pace with its needs – we welcome the £100bn additional investment over the next five years to fund public infrastructure, and the boost this will give to UK capabilities and regional development.”

     

    On the NHS funding announcements in the Budget, Director of Evidence and Implementation at Cancer Research UK, Naser Turabi, said:

    “The fact that the NHS has received additional funding in today’s budget for day to day spending and investment is good news. It’s no secret that our health service is struggling, and record numbers of cancer patients are having to wait longer than they should to begin their treatment. Funding, coupled with reform, will be vital to bringing waiting lists down. 

    “But the new government will only be able to turn things around with effective planning and sustained funding. The development of a long-term health plan is promising, but it’s vital that we see a dedicated cancer strategy alongside this. Other countries like Denmark have proven that they can help save lives, and transforming outcomes for cancer patients will go a long way towards fixing the NHS in England as a whole.”

    On the research funding announcements in the Budget, Director of Policy at Cancer Research UK, Dr Owen Jackson, said:

    “It is good news that the Chancellor has committed to protecting R&D funding in this Budget. A strong R&D system is essential to prosperity of the UK and health of the nation. 

    “The UK is unusual in that nearly two thirds of non-commercial cancer research is funded by charities like Cancer Research UK. We will continue to work in partnership with government and the private sector to build on the UK’s strengths in life sciences and cancer research, and to advocate for increased funding for these vital areas over the coming years. Continued partnership relies on sustained investment in research over the long term.”

     

    Sharon Todd, CEO of UK-based Innovation Network SCI, said: 

    “R&D relief being maintained won’t turn the UK into a science superpower – only a material increase will help a sector that is so vital to scaling up and economic growth.

    “Whilst it would be nice to think that industry would mushroom out of the ground and create value for the UK through the development of new medicines, fuels and technologies, that is not going to happen without greater support for research, development and commercialisation. Global competition means even start-up companies innovating products and ideas for our sustainable future are leaving for overseas. 

    “The opportunity is now. A strategy for industry is one thing, but with huge tax incentives in Europe and the US, the UK is set to miss out on the 240,000 extra jobs and $230 billion of added value the clean tech and life sciences revolutions could otherwise bring the UK in the next five years.”

     

    Declared interests

    The nature of this story means everyone quoted above could be perceived to have a stake in it. As such, our policy is not to ask for interests to be declared – instead, they are implicit in each person’s affiliation

    MIL OSI United Kingdom

  • MIL-OSI USA: NASA Technologies Named Among TIME Inventions of 2024

    Source: NASA

    As NASA continues to innovate for the benefit of humanity, agency inventions that use new structures to harness sunlight for space travel, enable communications with spacecraft at record-breaking distances, and determine the habitability of a moon of Jupiter, were named Wednesday among TIME’s Inventions of 2024.
    “The NASA workforce — wizards, as I call them — have been at the forefront of invention and technology for more than 65 years,” said NASA Administrator Bill Nelson. “From developing Europa Clipper, the largest satellite for a planetary mission that NASA has ever launched, to the Advanced Composite Solar Sail System, and communicating with lasers from deep space, NASA is improving our understanding of life on Earth — and the cosmos — for the benefit of all.”
    Solar Sailing with Composite Booms

    NASA’s Advanced Composite Solar Sail System is testing technologies that could allow spacecraft to “sail on sunlight,” using the Sun’s rays for propulsion. Like a sailboat turning to catch the wind, a solar sail adjusts its trajectory by angling its sail supported by booms deployed from the spacecraft. This demonstration uses a composite boom technology that is stiffer, lighter, and more stable in challenging thermal environments than previous designs. After launching on April 23, aboard Rocket Lab’s Electron rocket, the mission team met its primary objective by deploying the boom and sail system in space in August. Next, they will work to prove performance by using the sail to maneuver in orbit.  
    Results from this mission could provide an alternative to chemical and electric propulsion systems and inform the design of future larger-scale missions that require unique vantage points, such as space weather early warning satellites.
    Communicating with Lasers from Deep Space

    Since launching aboard NASA’s Psyche spacecraft on Oct. 13, 2023, a Deep Space Optical Communications technology demonstration has delivered record-breaking downlink data rates to ground stations as the Psyche spacecraft travels through deep space. To demonstrate the high data rates that are possible with laser communications, photos, telemetry data from the spacecraft, and ultra-high-definition video, including a streamed video of Taters the cat chasing a laser pointer, have been downlinked over hundreds of millions of miles. The mission, which is managed by NASA’s Jet Propulsion Laboratory in Southern California, has also sent and received optical communications out to Mars’ farthest distance from Earth, fulfilling one of the project’s primary goals.
    Searching for Life’s Ingredients at Jupiter’s Icy Moon Europa

    The largest NASA spacecraft ever built for a mission headed to another planet, Europa Clipper also is the agency’s first mission dedicated to studying an ocean world beyond Earth. Using a suite of nine science instruments and a gravity experiment, the mission seeks to determine whether Jupiter’s moon, Europa, has conditions that could support life. There’s strong evidence that under Europa’s ice lies an enormous, salty ocean. Scientists also have found evidence that Europa may host organic compounds and energy sources under its surface. Managed by NASA’s Jet Propulsion Laboratory, the spacecraft launched on Oct. 14, and will begin orbiting Jupiter in 2030, flying by the icy moon 49 times to learn more about it.
    Europa Clipper’s main science objectives are to determine the thickness of the moon’s icy shell and its interactions with the ocean below, to investigate its composition, and to characterize its geology. The detailed exploration will help scientists better understand the astrobiological potential for habitable worlds beyond our planet.
    NASA’s Ames Research Center in California’s Silicon Valley manages the Advanced Composite Solar Sail System, and NASA’s Langley Research Center in Hampton, Virginia, designed and built the deployable composite booms and solar sail system. Within NASA’s Space Technology Mission Directorate (STMD), the Small Spacecraft Technology program funds and manages the mission and the Game Changing Development program developed the deployable composite boom technology.
    The Deep Space Optical Communications experiment is funded by STMD’s Technology Demonstration Missions Program managed at NASA’s Marshall Space Flight Center in Huntsville, Alabama, and the agency’s Space Communications and Navigation program within the Space Operations Mission Directorate. Some of the technology was developed through NASA’s Small Business Innovation Research program.
    Managed by Caltech in Pasadena, California, NASA’s Jet Propulsion Laboratory leads the development of the Europa Clipper mission in partnership with Johns Hopkins Applied Physics Laboratory in Laurel, Maryland for NASA’s Science Mission Directorate. The Applied Physics Laboratory designed the main spacecraft body in collaboration with the Jet Propulsion Laboratory as well as NASA’s Goddard Space Flight Center in Greenbelt, Maryland, NASA Marshall, and NASA Langley.
    For more information about the agency’s missions, visit:

    Home Page

    MIL OSI USA News

  • MIL-OSI Europe: ESAs publish 2024 Joint Report on principal adverse impacts disclosures under the Sustainable Finance Disclosure Regulation

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published their third annual Report on disclosures of principal adverse impacts under the Sustainable Finance Disclosure Regulation (SFDR).

    The Report assesses both entity and product-level Principal Adverse Impact (PAI) disclosures under the SFDR. These disclosures aim at showing the negative impact of financial institutions’ investments on the environment and people and the actions taken by asset managers, insurers, investment firms, banks and pension funds to mitigate them.

    The findings show that financial institutions have improved the accessibility of their PAI disclosures. There has also been positive progress regarding the quality of the information disclosed by financial products, and, in general, in the quality of the PAI statements. A few National Competent Authorities (NCAs) also reported slight improvements in the compliance with the SFDR disclosures in their national markets.

    Looking forward, the Report includes recommendations to NCAs to ensure convergent supervision of financial market participants’ practices, and to the European Commission for their comprehensive assessment on the SFDR.

    The ESAs have also developed an overview of good practices related to the location, clarity, complexity of the disclosures based on a survey of NCAs.

    MIL OSI Europe News

  • MIL-OSI Economics: OTC Europa: BaFin warns about websites otceuropa.com, otceuropa.info und otc-500.support

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about services offered by OTC Europa on the websites otceuropa.com, otceuropa.info und otc-500.support. BaFin has information that the company is offering financial services without the required authorisation. There is also a connection to the “OTC-500” platform, which BaFin has already warned about.

    Financial services may only be offered in Germany if the company provid-ing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the required au-thorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

    Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers against offers on websites waystone-im.de and wim-finanzberatung.de

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    Federal Financial Supervisory Authority BaFin warns against alleged fixed-term deposit offers on the websites waystone-im.de (previously: waystone-im.com) and wim-finanzberatung.de. The services are not actually being offered by Waystone Investment Management (IE) Limited, German Branch. This is a case of identity fraud by unknown perpetrators. Contrary to the information on the website, BaFin does not supervise alleged Waystone Investments.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

    Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI USA: Have Questions? Answers May Be Available at FEMA Disaster Recovery Centers

    Source: US Federal Emergency Management Agency

    Headline: Have Questions? Answers May Be Available at FEMA Disaster Recovery Centers

    Have Questions? Answers May Be Available at FEMA Disaster Recovery Centers

    BATON ROUGE, La. – FEMA remains in Louisiana to assist survivors recovering from Hurricane Francine. Three Disaster Recovery Centers (DRCs) are open to support survivors from Ascension, Assumption, Lafourche, Jefferson, St. Charles, St. James, St. John the Baptist, St. Mary and Terrebonne parishes. FEMA employees are on-hand to answer questions and assist with applications. Representatives of the U.S. Small Business Administration, the State of Louisiana and nonprofit and nongovernmental partners are also available to assist survivors as they navigate their recovery. The centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology. If you need a reasonable accommodation or sign language interpreter, please call 833-285-7448 (press 2 for Spanish).DRCs are open at the following locations: St. Mary ParishMorgan City Municipal Auditorium728 Myrtle St.Morgan City, LA 70380Terrebonne ParishTerrebonne Parish Library151 Library DriveHouma, LA 70360These centers operate from 8 a.m. to 5 p.m., Monday through Saturday. No appointment is necessary. Lafourche ParishLafourche Parish Emergency Operations Center4876 Hwy. 1Raceland, LA 70394This center will close Nov. 1. It is open 8 a.m. to 5 p.m., Monday through Friday.The centers have assistive technology equipment that allows disaster survivors to interact with staff.Video Remote Interpreting is available and in-person sign language is available by request.Real-time captioning as well as information in Braille, large-print, audio and electronic versions are available.The centers also have accessible parking, ramps and restrooms.Specialists at the centers can also direct you to operators who can communicate in languages other than English and printed material in multiple languages.Specialists can help you update your FEMA applications and learn about state and community programs and other available assistance. They can clarify information you have received from FEMA or other agencies; they can explain the rental assistance available to homeowners and renters; and they can fax your requested documents to a FEMA processing center and scan or copy new information or documents needed for case files.You do not have to visit a center to apply for FEMA disaster assistance. The quickest way to apply is by going online at disasterassistance.gov/.Additional options when applying include:Download the FEMA App for mobile devices. Call the FEMA helpline at 800-621-3362 between 6 a.m. and 11 p.m. Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.To view an accessible video about how to apply visit: Three Ways to Register for FEMA Disaster Assistance – YouTube.For the latest information visit fema.gov/disaster/4817. Follow FEMA Region 6 social media at X.com/FEMARegion6 or on Facebook at facebook.com/femaregion6.
    alexa.brown
    Wed, 10/30/2024 – 15:43

    MIL OSI USA News

  • MIL-OSI USA: Ahead of 2024 U.S. Presidential Election, Senator Markey Urges Meta to Enable Independent Academic Research on its Impact on Election

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Letter Text (PDF)
    Washington (October 29, 2024) – Senator Edward J. Markey (D-Mass.), a member of the Senate Commerce, Science, and Transportation Committee, today sent a letter to Mark Zuckerberg, Chairman and CEO of Meta, on the company’s failure to launch an academic research initiative on its platforms’ impact on the 2024 presidential election. In 2020, two of Meta’s platforms, Facebook and Instagram, launched a partnership with 17 researchers to investigate social media’s impact on the 2020 presidential election. Although that research is ongoing, it has already produced high-quality and informative studies on Facebook and Instagram’s political impact. Meta is not undertaking a similar initiative this election cycle.
    Senator Markey wrote, “Meta’s decision to enable independent researchers to study Facebook and Instagram’s impact on the 2020 election provided a critical window into the platforms’ impact on U.S. politics and the 2020 election. Thanks to this partnership, over the past few years, researchers have released important studies on Facebook and Instagram’s effect on political polarization, news knowledge, and turnout, among other measures, and the impact of different changes to Facebook and Instagram’s user experiences, such as switching certain users to a chronological feed of content, rather than an algorithmically determined feed.”
    Senator Markey continued, “Four years later, although we have learned much more about social media’s impact, many questions remain unanswered, and Meta appears to have pulled back on answering them. With the presidential election just a week away, it may be too late to conduct the exact same type of research as was done under the 2020 initiative, but Meta still has significant data that can shed light on its impact on this election. Going forward, I urge Meta to once again lead the industry in transparency and ensure independent researchers have the access necessary to develop a better picture of social media’s impact on our elections, institutions, and democracy.”
    The full text of the letter can be found HERE.
    In July 2024, Senator Markey, along with Senator Chris Coons (D-Del.), Senator Bill Cassidy (R-La.), and their colleagues, sent a bipartisan and bicameral letter to Meta raising concerns about Meta’s decision to end access to CrowdTangle, a Meta-owned transparency tool that has allowed researchers and journalists to view and study public content on Facebook, Instagram, and other platforms on a wide range of issues, including foreign influence campaigns, terrorist threats, and mental health. 

    MIL OSI USA News

  • MIL-OSI USA: Markey, Wyden, Merkley, Kaine, Van Hollen and Booker Warn U.N. Cyber Convention Could Justify Spying and Censorship By China, Russia and Other Authoritarian Regimes

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    U.N. Convention Against Cybercrime Lacks Safeguards Against Abuse; Senators Urge Admin To Seek Better Balance To Protect Journalism and Human Rights
    Washington, D.C. – Senator Edward J. Markey (D-Mass.) joined Senators Ron Wyden (D-Ore.), Jeff Merkley (D-Ore.), Tim Kaine (D-Va.), Chris Van Hollen (D-Md.), and Cory Booker (D-N.J.) in urging the Biden Administration to make clear a United Nations cyber convention should not be used to justify censorship, spying and human rights abuses by authoritarian governments like Russia and China, in a letter sent to Secretary of State Antony Blinken, Attorney General Merrick Garland, Commerce Secretary Gina Raimondo and National Security Advisor Jake Sullivan.
    “We fear the Convention will legitimize efforts by authoritarian countries like Russia and China to censor and surveil internet users, furthering repression and human rights abuses around the world,” the Senators wrote. “While the Executive Branch’s efforts to steer this treaty in a less-harmful direction are commendable, more must be done to keep the Convention from being used to justify such actions.”
    The U.N. Convention Against Cybercrime was originally proposed by Russia in 2017 as an alternative to an existing treaty on cybercrime. The U.N. convention is expected to come up for a vote in the U.N. General Assembly as soon as December. 
    A broad array of advocates for journalism, human rights and national security have warned that the convention could be abused by authoritarian regimes to repress political dissent and censor independent reporting, and have urged changes to the measure.  
    The senators thanked the Biden Administration for seeking changes to improve the convention, but warned that the final document does not go far enough to protect journalists, cybersecurity researchers and human rights advocates against surveillance and censorship by authoritarian regimes. 
    “As the UNGA considers the Convention, the United States must not align itself with repressive regimes by supporting a Convention that undermines human rights and U.S. interests,” the lawmakers wrote. “Instead, the United States should lead the charge at the U.N., with allies and partners, for a more balanced and rights-respecting approach to cybercrime. Upholding the values of freedom and human rights is essential not only for U.S. global standing but also for the protection of vulnerable communities worldwide.”
    Read the full letter to the administration HERE.

    MIL OSI USA News

  • MIL-OSI Russia: Financial news: The first all-Russian competition “Capital of Financial Culture” starts on October 29

    Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    Target competition— support the best regional initiatives aimed at improving financial literacy and forming people’s financial culture. Organizers: the Bank of Russia and the Ministry of Finance of Russia.

    Applications from regions for participation are accepted until November 18. The best will reach the final.

    In the final, the regions’ projects will be reviewed by a jury headed by the Chairman of the Bank of Russia Elvira Nabiullina and the Minister of Finance of Russia Anton Siluanov.

    It will also include representatives of the Ministry of Education of the Russian Federation, the Federal Agency for Youth Affairs, the State Duma and the Federation Council, professional associations of market participants, public and scientific organizations.

    The winning region will receive information, expert and methodological support for its future projects. In addition, which is no less important, it will become a platform for various forums and conferences on the exchange of experience and the popularization of financial culture in the country.

    In the future, the competition will be held annually until 2030. The status of “Capital of Financial Culture” is assigned to the administrative center of a constituent entity of the Russian Federation for one year.

    Preview photo: Adriaticfoto / Shutterstock / Fotodom

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21116

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: Four Federal Treasury deposit auctions to be held on 10/30/2024

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 10/30/2024
    Unique identifier of the application selection 22024557
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 410,000
    Placement period, in days 2
    Date of deposit 10/30/2024
    Refund date 01.11.2024
    Interest rate for placement of funds (fixed or floating) FIXED
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds
    Minimum spread, % per annum
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Pre-applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 10:00 to 11:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 11:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 10/30/2024
    Unique identifier of the application selection 22024558
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 350,000
    Placement period, in days 35
    Date of deposit 10/30/2024
    Refund date 04.12.2024
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:30 to 12:40
    Preliminary applications: from 12:30 to 12:35
    Applications in competition mode: from 12:35 to 12:40
    Formation of a consolidated register of applications: from 12:40 to 12:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:40 to 13:00
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 13:00 to 14:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 13:00 to 14:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 10/30/2024
    Unique identifier of the application selection 22024559
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 20,000
    Placement period, in days 182
    Date of deposit 10/30/2024
    Refund date 04/30/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 15:30 to 15:40
    Pre-applications: from 15:30 to 15:35
    Applications in competition mode: from 15:35 to 15:40
    Formation of a consolidated register of applications: from 15:40 to 15:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 15:40 to 16:00
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 16:00 to 17:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:00 to 17:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 10/30/2024
    Unique identifier of the application selection 22024560
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 10,000
    Placement period, in days 2
    Date of deposit 10/30/2024
    Refund date 01.11.2024
    Interest rate for placement of funds (fixed or floating) FIXED
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds
    Minimum spread, % per annum
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
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  • MIL-OSI USA: Assistant Secretary of Defense for Industrial Base Policy Dr. Laura D. Taylor-Kale and Deputy Assistant Secretary of Defense for Industrial Base Resilience Carla N. Zeppieri, Hold an Off-Camera, On-The-Record Press Briefing on the National Defense Industrial Strategy Implementation Plan

    Source: United States Department of Defense

    MAJ SELENA RODTS:  Good morning. Good morning, everyone. Thanks for coming out and welcome. We appreciate you taking your time to come out today and for those of you out in Zoom land, for dialing in. My name is Major Selena Rodts and I work here at OSD Defense Press Operations. Today is an important day for the department as we’re here to announce the release of the National Defense Industrial Strategy Implementation Plan.

    Our briefers here, seated to my left, and on the far left, Assistant Secretary of Defense for Industrial Based Policy, Dr. Laura Taylor-Kale and then to her right, we have Deputy Assistant Secretary of Defense for Industrial Base Resilience, Carla Zeppieri. The leaders briefing this morning have been deeply engaged in leading the NDIS efforts leading up to today.

    And so before we open it up to your questions, I’d like to hand things over to our briefers for some opening comments.

    DR. LAURA TAYLOR-KALE:  Great, thank you. Good morning. I am proud to announce the release today of the Implementation Plan for the National Defense Industrial Strategy. It outlines metric driven initiatives that will guide the Department’s focus program development and investment in the industrial base for the next fiscal year.

    Developing this implementation plan has been a priority since before we released the National Defense Industrial Strategy earlier this year. Today’s geopolitical undercurrents have impacted every part of the Defense Industrial Base. We have seen how quickly we need to ramp up capacity in response to conflict.

    World events have forced us to prepare for the long-term and plan differently and we have experienced technological advancements that require a fundamental shift in our thinking. As we develop the implementation plan, we focus on the most pressing requirements for the industrial base. We are making historic investments in key sectors to bolster our supply chains.

    Professionals and students alike are leveraging workforce readiness initiatives set to tackle labor shortages. We have sharpened our understanding of the opportunities and risks so we can be better partners with commercial and nontraditional defense companies. We are embracing flexible acquisition pathways and innovative contracting tools, and we are working towards multilateral frameworks where allies and partners can collaborate at every stage of defense planning.

    Our mission is ongoing and does not begin with today’s release of the implementation plan. DOD’s deliberate capital investments have spurred mutually supporting actions from industry, academia and other parts of government, many of which we highlight in the implementation plan. The impact of critically important funding channels like the Defense Production Act and the Industrial Base Analysis and Sustainment Program have gone beyond just the initial investments.

    They have served as a catalyst for add on programs, expansion of scope and new partnerships. We are seeing a ripple effect that demonstrates how tens of millions of dollars in today’s industrial base investments become hundreds of millions or even billions in resiliency and sustainment. Integrated deterrence, economic security, national security and our nation’s military strength are mutually reinforcing.

    The Defense Industrial Base serves a larger purpose than any single action or investment dollar. Progress and acceleration happens in months and years. The Implementation Plan for the National Defense Industrial Strategy is a roadmap for integrating our priorities under leadership driven initiatives. Each implementation initiative assigns primary responsibility, estimated resources, key metrics and risks.

    The six implementation initiatives include specific desired outcomes and provide the potential risks associated with inaction. A key focus of implementation is championing initiatives that are cross-cutting and not the sole responsibility of any one military service or component within the Department of Defense.

    DOD cannot address every industrial base issue alone and like the strategy, the implementation plan has benefited by input from a wide range of stakeholders who remain committed to building a modern and resilient defense industrial ecosystem. The evolution from strategy to implementation required lengthy discussions with key players and we were very intentional in ensuring we remain deeply connected, seeking inputs from the military services, from industry, from international stakeholders and allies and from the interagency.

    This unified collaboration among our partners is a first for defense industrial policy. To develop implementation initiatives, we ask the right questions. We challenged institutional barriers. We solicited many perspectives and insights and repeatedly, we weighed risks and develop mitigation strategies.

    I am grateful for all the feedback we received from our partners and for the overall shared commitment to increase the readiness and resilience of the Defense Industrial Base. The next phase of the implementation plan is the fore coming classified annex that will detail metrics and risks. I will now turn over to DASD Zeppieri for any comments before we welcome your questions. Thank you.

    MS. CARLA ZEPPIERI:  Thank you, ma’am, and good morning to everyone. This first instantiation of the NDIS implementation plan is the result of close collaboration across the department, the interagency, defense industry, including both traditional and nontraditional companies and our international partners. The implementation plan outlines six cross-cutting initiatives to drive progress, mitigate risks and create a framework for directing investments, resources and cross-functional collaboration.

    It’s important to note that these six implementation initiatives do not cover every single action the Department will take to build defense industrial base resiliency. Rather, these initiatives represent the most urgent tasks that will deliver tangible results, reducing defense, industrial base vulnerabilities and positioning us to counter future threats.

    I’d like to summarize briefly the six implementation initiatives. First, building a defense industrial base framework to enhance integrated deterrence in the Indo-Pacific region. The NDIS builds on the foundation of the National Defense Strategy, orienting efforts on creating industrial capability and capacity to meet the pacing threat.

    This initiative will focus on missiles and munitions production and the submarine industrial base, which are two of the top requirements in the Indo-Pacific theater. Second, managing defense production and supply chains. Under this initiative, we’ll concentrate on onshoring defense critical capabilities and moving away from adversarial sources of supply.

    We’ll also conduct a deeper analysis of supply chain vulnerabilities, enhance industrial cybersecurity and reinvigorate critical materials stockpiling. The third initiative, allied and partner industrial collaboration. This initiative further develops allied cooperation, emphasizing the AUKUS trilateral partnership and expanded interest in weapons systems co-production.

    We will leverage our respective strengths into a network of allied DIB capability for mutual effectiveness and resilience. Fourth, capabilities and infrastructure modernization. Fostering a 21st century Defense Industrial Base requires investment in infrastructure and fundamental industrial capability to meet strategic and key operational requirements. Modernizing the nuclear industrial base, the organic industrial base and our maintenance, repair and overhaul capacity will lay the groundwork for generating the systems that we need.

    Fifth, utilizing more flexible pathways to field new capability in a timely fashion. The department has already crafted multiple acquisition pathways for tailorable processes and rapid prototyping and fielding. We will continue to push adaptable acquisition to deliver cutting edge technologies to the warfighter. And then finally, strengthening intellectual property and data analysis. This last initiative focuses on ensuring effective use of resources throughout a program life cycle by fully integrating intellectual property planning into acquisition and product support strategies.

    Each initiative supports NDIS priorities to meet current demands and address future challenges and much of this work, as the assistant secretary said, is already underway. Industrial Base Policy worked with our DOD colleagues to ensure key projects supporting these six initiatives were incorporated as appropriate in this unclassified document.

    As noted, our next steps focus on issuing a classified annex to the plan, outlining the remaining efforts aligned to these organizing initiatives. The DOD acknowledges it cannot execute the implementation plan on our own. Success is going to require commitment, collaboration and cooperation between the entire US government, private industry and our international allies and stakeholders.

    Thank you very much for your time today and for your interest in today’s announcement. I will now turn it back over to Major Rodts, who will begin taking questions.

    MAJ RODTS:  Wonderful. Thank you, ladies. All right. So normal rules apply today. Please keep it to one question and one follow up. We’re going to go ahead and start out with someone out in Zoom land and then we’ll bring it back into the room here. So John, can you hear me out there, Defense Scoop?

    Q:  Yeah, thank you. I noticed in the section about replicator, it says, to complement the replicator initiative, the department intends to commission various projects, studies and white paper reviews to identify vendors who can accelerate solid rocket motor production. Can you explain or flesh out how that effort will complement replicator or be related to that?

    And then on a related note, it says that if DPA title three does not receive the funding required to support the Defense Industrial Base Consortium, that efforts to strengthen the solid rocket motor industrial base could face significant challenges and potentially not be executed. Is that suggesting that if that money doesn’t come through, it could slow down the replicator initiative? I was hoping you could just maybe clarify that.

    MS. CARLA ZEPPIERI:  You OK with me starting?

    DR. LAURA TAYLOR-KALE:  Sure, go ahead.

    MS. CARLA ZEPPIERI:  Sure. Great question. There is already ongoing work within the department on addressing what had been previously identified five key areas of industrial capability, where we need to put forward significant effort and kinetic capabilities have been one of those focus areas.

    So with regard to solid rocket motors, there is going to be a complementary effort, but separate from, if you will, to the replicator effort, which I think people are aware by now, is a specific endeavor that is going to produce affordable and in these initial instances, attritable systems, right, to execute our strategy specifically in the Indo-Pacific.

    But there are going to be a need for complementary technologies that are going to enable some of these efforts. So that is the point of talking about SRM and associated kinetic capabilities. With regard to the question about funding, I think that is a highlight or one of the points that we wanted to highlight through the implementation, which is of course that we have laid out through this plan where we expect resources to come from.

    In some cases, they’re coming from within already funded programs. In some cases looking forward, they will need to be topics of future budget requests. But with regard to DPA, there is an active appropriations bill right now in Congress that we are working with the appropriators for a successful final outcome that is going to fund all of those priority projects that are in the pipeline to be addressed.

    I don’t know, ma’am, if you have anything else.

    DR. LAURA TAYLOR-KALE:  No, I was just going to add that I think part of part of the question was whether or not if DPA or the DIB COT didn’t receive funding, if that would jeopardize the replicator initiative and I don’t believe that would happen.

    Q:  Right.

    MAJ RODTS:  Ma’am?

    Q:  Thank you. Good morning. Sandra Erwin, Space News. Ms. Zeppieri, you mentioned that supply chain is one of the priorities in this strategy. There are instances across the industrial base, and I’m more familiar in the space industry more so, where you have prime contractors that rely on maybe a single subcontractor for very critical components.

    And these are not components that you can just go and buy at GSA. These are very specialized items that have to be qualified, have to be tested and whatnot. So can you maybe talk about that challenge and perhaps how this implementation plan might address some of these concerns that are happening right now in the supply chain?

    MS. CARLA ZEPPIERI:  Sure. Obviously addressing the supply chains for key enabling current and future technologies is going to be incredibly important. And you hit on an important point in that we have been looking at supply chain vulnerabilities where we have single sources or fragile sources where we need to shore up the industrial base.

    But likewise, the implementation will involve looking at those key critical nodes to enable those future capabilities. And I think that some of that is outlined in the unclassified plan. And I believe that there will be additional details in the classified annex, because of course, there were some efforts that could not be addressed here in the unclassified form.

    Q:  I mean, did you get data from across the industry? I mean, did you hear that problem a lot from prime contractors?

    DR. LAURA TAYLOR-KALE:  We hear that problem across the Defense Industrial Base in general. We also have developed a number of programs within our office that address single sources of vulnerabilities in the supply chain. DPA title three IBUs have all worked to address some of these challenges. Just in this past fiscal year FY ’24, we obligated $1.7 billion almost $1.8 billion towards a lot of supply chain vulnerability and kinetic capabilities issues.

    So yes, we hear it not just in space, it’s across the board and we’re very much aware and are doing analysis on that as well as using our investment tools to be able to address them.

    Q:  Thank you.

    MAJ RODTS:  Thanks. Noah?

    Q:  Hi. Noah, Defense News, here. Thank you both for doing this. I wondered if you could give me a better sense, and this is a question for the both of you, on what sort of legislative support that you need? What should be forthcoming from Congress that would enable this to be successful? And then secondly, when the timeline for the classified annex to be provided to those stakeholders actually is?

    DR. LAURA TAYLOR-KALE:  Sure. I’ll tackle both and then turn it over to DASD Zeppieri to talk a bit more about the legislative support. But in general, we view Congress as a very important key stakeholder. As we noted in the implementation plan of Congress provides for the overall direction and policies that support all the work that we’re doing in defense industrial resilience. Going forward, obviously, we’ve talked quite a bit about having on time budgets as well as multiyear procurement.

    I will also note that this year in FY 2025, the Defense Production Act is up for reauthorization. It will be important for the Department to have that reauthorization done in a timely fashion and we are in active conversations with Congress on that. I’ll let Carla talk a little bit more about some of the other areas of legislative support, but I’ll just note for the classified annex, again, we are working very closely with the services and with other OSD components, to make sure that we have all the right details in there. We’re also putting out a more fleshed out risk mitigation framework in the classified annex. So we’re hoping to have this done over the next couple of months and preferably before the end of the year.

    MS. CARLA ZEPPIERI:  I think with regard to potential future legislative action that might need to be taken to make the implementation–to fortify the implementation plan. We have had some informal conversations with other parts of the department, as I think you’re aware specifically in the field of acquisition.

    And then when you start talking about intellectual property, that’s probably going to entail some further internal work and some work with external stakeholders, including Congress, because there might need to be made some legislative tweaks in that area. But I think Dr. Taylor-Kale hit on one of the most important, urgent ones for us, which is of course reauthorization of the Defense Production Act.

    Q:  If I may also, there’s an election next week, as everyone’s aware of, and this plan along with the classified annex are being released at a time of turnover regardless of who wins. Can you give me a sense of how this plan and the strategy itself will survive regardless of what happens on November 5th and ways to make that more durable given the uncertainty involved?

    DR. LAURA TAYLOR-KALE:  Oh, thank you. I’ll note that one of the, I think, important things to note about defense industrial policy is that it’s been a very much an area of bipartisan support. In working on both the strategy, developing the strategy and the implementation plan, we met with and worked with stakeholders across political perspectives, working with both chambers of Congress, with both sides of the aisle. And we are confident in the feedback that we’re getting that this will be a priority regardless of who wins next week in the elections, but that this is an important priority for the nation, for defense and for national security.

    MAJ RODTS:  All right. We’re going to go out to zoom and take a couple questions there and then we’ll bring it back into the room. Tony, Inside Defense.

    Q:  Yes, thank you very much. The report mentions that one of the ways industry could help the department, is it could invest its own resources including CapEx. I’m wondering if you could give us a scope, sort of scope that challenge for us as the department sees it now. Has industry begun leaning in or not yet?

    Could you just sort of give us a sense of what you’re seeing there in terms of industry investing its own money because it sees these signals the department’s sending or maybe not sending?

    DR. LAURA TAYLOR-KALE:  No, thank you. I love this question. One of the, I think, real delights since issuing the strategy in January has been feedback that we’ve gotten from industry. So first, our office has conducted a number of sessions with industry, with companies individually in a classified setting to get feedback from them.

    But also industry has reached out and companies reach out all the time and say, here’s an investment that we’re making that aligns with the National Defense Industrial Strategy. So what we did in the report was we include a couple of highlights throughout the report where industry has made investments that align with the NDIS and with implementing the NDIS. I think your question hits a very important point which is as we note that the Department of Defense can’t implement the strategy alone, that it will require resources and support from across a broad range of stakeholders within the government, with Congress, with our international allies and partners and most and very importantly, with industry as well.

    That also includes investors. Our office has worked to build better relationships with investor communities, particularly private equity and venture capital. We’ve conducted investor roundtables. We worked to build create a mechanism to share information as well. We launched the Defense Industrial Base Consortium OTA in January, as you know, which is also a mechanism for opening up and bringing more industry stakeholders and investors into working with the Department of Defense.

    But we do see industry leaning in and being responsive to the fact that the Department is actually prioritizing and also really communicating what our priorities are with respect to defense industrial capacity and resilience.

    MAJ RODTS:  All right. Valerie, Breaking Defense.

    Q:  Yeah, thank you so much for taking my question. I know that the implementation plan as laid out here, it only includes basically, the funding levels that were laid out in the FY ’25 POM. But I’m wondering if you could speak about how you guys see the funding profile over the next couple of years?

    Just, I mean, obviously, there’s going to be a new administration coming in, but you guys are building the budget right now. Should this funding profile for DIB investments, should it be ramping up? Do you guys expect that it’ll stay like roughly the same as it has been the past couple of years?

    And are there any particular items that you want to call out as being particularly important going into FY ’26?

    DR. LAURA TAYLOR-KALE:  We could spend the rest of the day, both of us talking about this topic, but we won’t. So first is to your point about the implementation plan and how we built it out. We use FY 2025 president’s budget request numbers and in part because we’re not going to issue numbers that are still in development or pre-decisional.

    But we wanted to make sure to provide a real picture of what the defense industrial base capacity building and resilience really looked like from the FY 2025 budget. The strategy, as we noted before, was in development during the FY ’24 and FY ’25 budget processes, but it didn’t fully materialize until after.

    So FY ’26 is the first one where we’ve actually as a whole department, really had an opportunity to think about and match our program and budget planning processes with the National Defense Industrial Strategy. I suspect that this year was sort of first time really taking that on. I think there was a definite understanding across the board of the importance of building capacity in the Defense Industrial Base and also bringing in nontraditional companies into working with the Department of Defense.

    There’s a real concern around supply chain vulnerabilities and DASD Zeppieri can talk about, again, adversarial sources in our supply chains as well as sole source and single source. But I think that going forward, the department will continue to use this document as sort of a baseline and also build on it. Our plan is to update the implementation plan every year and preferably, to publish the revised unclassified after the new president’s budget has been delivered to Congress and explain what’s in the president’s budget request and how it relates to defense industrial capacity, and what the priorities of the department are.

    MS. CARLA ZEPPIERI:  Sorry, let me add. Thank you, ma’am. Yeah, I guess I would just add really quickly. As the ASD said, excuse me, we’re seeing great support and enthusiasm from across the department. As part of the process that the entire Department is in right now in building and finalizing the FY ’26 budget, the services were asked to come brief through the Industrial Base Council on some of their priority DIB investments that they either already had in programing or of course were looking for some additional funding in FY ’26. So I think that the whole Industrial Base Council found that very positive.

    We received good feedback from everyone who participated in that, and I think it just underscored how the entire Department, the service’s, other components are thinking about this now. Also just to add a little, I think you were asking what should we expect to see and as the ASD said, of course we can’t talk about pre-decisional information, but I don’t think that it will come as a surprise that some of the topics that continue to get emphasized build on some of the things that we’ve seen in FY ’24 and ’25 with respect to munitions and the organic industrial base to support some of those efforts.

    MAJ RODTS:  Great. Sir, in the room?

    Q:  Thank you. Diego Laje, Signal Media. Thank you very much for taking my question. Earlier this year, there was a cybersecurity in the DIB document issued. I’d like to get an idea of how you see cybersecurity evolving since then and especially among the most vulnerable parts of the DIB going forward?

    DR. LAURA TAYLOR-KALE:  Thank you. I’ll refer you to the CIO for specifics on sort of how cybersecurity as a has evolved. But what I can say with respect to our work with the Defense Industrial Base, it remains a concern. And also, we are working with the CIO’s office, our team, the Office of Small Business Programs, to work on programs that will help small businesses in particular, which are particularly vulnerable, as they develop cybersecurity sort of capabilities within their firms. Want to add anything?

    MS. CARLA ZEPPIERI:  No, I don’t think so, ma’am, except that obviously as you indicated, sir, I mean the CIO you know has put out their strategy in building this implementation plan. We worked very closely to incorporate their ideas there, but I think that that will be an ongoing project. I mean, certainly information sharing between government and DIB is not a new endeavor, but you know ramping up and ensuring that some of those protections are spread throughout the DIB, right, and go beyond just kind of the prime contractors is an ongoing priority or a significant priority for the department.

    DR. LAURA TAYLOR-KALE:  And just to give you a reference point, we included, there’s a line of effort for industrial cybersecurity under production and supply chains, in the second implementation initiative.

    Q:  And how do you expect the future of cybersecurity to look like during after implementation?

    DR. LAURA TAYLOR-KALE:  After implementation? Implementation, I think, will be ongoing. The way we see this is this is an effort over multiple years. This instantiation of the implementation plan really just outlines what we are planning to do and what our priorities are for this first fiscal year for FY 2025. But yes, industrial, cyber security remains very much a focus of importance for production and for supply chains. Particularly as you noted, there are certain segments of the Defense Industrial Base, particularly smaller businesses that are particularly affected.

    So I think it will certainly be a focus. It’s a line of effort in 2025 and I can imagine that given the cyber security and strategy that it will remain so even past that.

    MAJ RODTS:  OK. We’re going to go back to Zoom real quick just because we have a fair amount of people who are on there. Lauren, Defense One, did you manage to dial on? No. Chris, Air and Space?

    Q:  Hi. Thank you, Chris Gordon, Air and Space Forces Magazine. This has been touched on a bit around the edges, but I wanted to ask this question directly. How much of this entire strategy can be implemented under a continuing resolution, if at all?

    DR. LAURA TAYLOR-KALE:  Continuing resolutions present a number of challenges for the Department. It’s best for us to have a full budget done on time for us to be able to implement. It creates a lot of challenges in procurement in general and also in planning for us when we have these continuing resolutions.

    So we’re hopeful that Congress will work together and pass a bill, a defense policy bill as well as a funding bill soon.

    MAJ RODTS:  OK. Jared, Federal News? Noah?

    Q:  Just a couple more here. The first is if you could give a more specific estimate or range of engagements with industry and also touch points with Congress, that would be helpful to pull out and then I have a follow up.

    DR. LAURA TAYLOR-KALE:  Sure. We’ve had over 60 engagements with industry since the beginning of the year. Many of them I’ve done myself. We bring companies in directly into our office. We talk with them about the strategy itself as well as work iteratively on the implementation plan to try to get feedback.

    We incorporate a lot of the feedback that we received as we developed the implementation plan and also went back and had further conversations. We also have numerous engagements with Congress. For Industrial Based Policy, our key committees are of course the Senate Armed Services and House Armed Services Committees.

    But also note that Senate Banking and House Financial Services committees are also very important. They’re the authorizers for the Defense Production Act, as well as have purview over a lot of the economic security, economic deterrents authorities that we have, including CFIUS. We also engage closely with the Senate Appropriations Committee, SACD, as well as the House Appropriations Committee.

    We also engage closely with the small business committees in both Houses as well. So there are a number of touch points that we have with Congress.

    Q:  The criticism, and I want to give you both a chance to respond to this, as I’m sure it will come up afterward, that I most often hear from people who have been engaged in the process, who have been able to have some of these discussions that are behind closed doors, is that the implementation plan now and the NDIS back earlier in the year are largely restatements of priorities that the Pentagon already had and has restated in past reports in previous years.

    If possible, could you give an outline of where you see this actually pushing things forward in a new way, and what in the document you actually would argue is new and sort of groundbreaking itself?

    DR. LAURA TAYLOR-KALE:  Sure. I think the fact that the Department of Defense has worked together across the department to talk about not just the challenges, but also the priorities across the department, developed at a senior leadership level, what are the cross-cutting areas that need to be driven by the secretary and the deputy secretary and the service secretaries, I think that’s actually very much new and innovative for the department.

    I think that the focus on trying to find something new, sort of new programs is something that everyone likes to see a nice shiny object. But the truth is the work of building capacity and resilience in the Defense Industrial Base is actually going to take a lot of time and resources across the board.

    So the fact that is as we were developing this strategy, these were initiatives and priorities that we knew we had to work towards over the last several years and that we had begun to. But I think getting everyone on board and sort of focused in a manner that really has leadership sort of invested across the Department as well, is important, and I think is a very important initiative for the Department to provide, not just for itself, but also for industry stakeholders and for our allies and partners and for Congress.

    MS. CARLA ZEPPIERI:  Do you mind if I?

    DR. LAURA TAYLOR-KALE:  Please.

    CARLA ZEPPIERI:  I mean, I would just add briefly that as the assistant secretary said, and you’re right, I hear you, that some of the issues that have been surfaced in various reports likewise showed up in our strategy, I think for good reason. But this is also the first time the Department has had an industrial base strategy and now an implementation plan to actually make this real.

    Not that prior efforts weren’t sincere but as Dr. Taylor-Kale just said, we now have the entire Department and I think a lot of momentum and buy-in to this process. The one other thing I would just also mention is that we also have in here a risk framework and there will be additional metrics.

    Now, of course, they will be detailed in the classified annex because there’s only so much that we can say in an unclass, but it’s not just a strategy. It’s going to be tracking, measuring ourselves where we are right now with regard to risk to the Defense Industrial Base. And then as the Department contributes on a regular basis, updates to the implementation, we will be measuring ourselves, measuring our progress and seeing where we have addressed risk and where we have more work to do. So I think that that’s different than previous efforts.

    MAJ RODTS:  OK. We’re going to go back to Jared. I think I was moving a little too quickly there. Jared.

    Q:  I appreciate it. I was trying to ask about the flexible acquisition pathways line of effort. You specifically call out MTA, OTA. The Department’s obviously been headed in that direction for a good six, seven years now. And I’m just wondering what changes under this plan, if anything really meaningfully changes?

    Is it a matter of more emphasis on those things and if so, how do you prioritize what sorts of capabilities fit into the strategy and need to move down those pathways?

    DR. LAURA TAYLOR-KALE:  Yeah. I think the Department has been moving in this direction for a while, but the truth is we don’t oftentimes use these flexible authorities. So I think the important thing to note here and that we emphasize within the implementation plan is using these flexible acquisition pathways when appropriate.

    And so really, what we’re measuring and tracking here is what we’re using and whether or not it matches and is appropriate for a particular project or contract vehicle. So I think that’s going to be important moving forward. It’s like, it’s important to have OTAs. They can be very useful.

    We started the Defense Industrial Base Consortium OTA that does research prototype as well as production. But at the end of the day, we’re all trying to make sure that the warfighter has the tools and capabilities it needs at speed and scale. We need things to move into production. So what’s the best way to do that for the particular capability that we’re looking at for the particular problem that we’re trying to solve for, I think will be important.

    And I think just having the flexible authorities out there, it’s useful, but what we’re trying to do is drive using those authorities to actually solve the problems that we’re facing.

    MAJ RODTS:  All right. With that, I don’t think we have any further questions. So, ma’am, if you would like to provide any closing comments?

    DR. LAURA TAYLOR-KALE:  Sure. Thank you. Well, first, I want to thank you all for being here today and for those who are dialed in on Zoom. We think this is a significant milestone for the Department of Defense. The publication of the strategy provided our vision and now with the release of the implementation plan for FY 2025, we are sharing our priorities and the structure which will drive cohesive efforts across all lanes related to the industrial base.

    We are also fostering transparency by providing industry and other partners insights into our plans and investments. Our approach has generated strong interest from industry and common goals have built closer ties between allied partners. We have greater support from internal and interagency stakeholders and Congress.

    We have surged our coordination efforts with the military services to calibrate and respond. The National Defense Industrial Strategy Implementation Plan will be a living document providing the rigor to ensure sustained and resilient impact in the defense industrial base and the flexibility to change and adapt as needed.

    In January, I sat here and stated we can no longer afford to wait, the time for action has come. I believe we have confronted that task and are moving ahead. Thank you again for your time today and for participating in this briefing.

    MAJ RODTS:  Thank you, ma’am. Thank you, everyone, for coming out today. If you have any follow up questions or you didn’t have your question answered, please reach out to me and I’ll be able to work that for you. Thank you, everyone.

    DR. LAURA TAYLOR-KALE:  Thanks.

    MIL OSI USA News

  • MIL-OSI: Premium Income Corporation Announces Overnight Offering of Preferred Shares

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. newswire services or for dissemination in the United States.

    TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — (TSX: PIC.PR.A) – Premium Income Corporation (the “Fund”) is pleased to announce that it is undertaking an overnight treasury offering of Preferred Shares (the “Offering”).

    The sales period for the overnight offering will end tomorrow, October 30, 2024. The offering is expected to close on or about November 6, 2024, and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares will be offered at a price of $15.00 per Preferred Share representing a yield on the original issue price of 8.50%. The trading price on the TSX for the Preferred Shares as at the last trade on October 29, 2024, was $15.16. Since the inception of the Fund, the aggregate dividends declared on the Preferred Shares have been $24.36 per share.

    The Fund invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and The Toronto-Dominion Bank. To generate additional returns above the dividend income earned on the Fund’s portfolio, the Fund will selectively write covered call and put options in respect of some or all of the common shares in the Fund’s portfolio. The manager and investment manager of the Fund is Mulvihill Capital Management Inc.

    The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.10625 ($1.275 per annum) per Preferred Share representing a yield of 8.50% on the original issue price of $15.00.

    The syndicate of agents for the offering is being co-led by National Bank Financial Inc., CIBC Capital Markets, RBC Capital Markets, and Scotiabank.

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com

    John Germain, Senior Vice-President & CFO Mulvihill Capital Management Inc.
    121 King Street West
    Suite 2600
    Toronto, Ontario, M5H 3T9


    A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces of Canada.

    Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

    The MIL Network

  • MIL-OSI: AML GO Launches Its Anti-Money Laundering Online System at the Consumer Credit Conference

    Source: GlobeNewswire (MIL-OSI)

    JOHANNESBURG, South Africa, Oct. 29, 2024 (GLOBE NEWSWIRE) — UPAY Inc. (“UPAY” or the “Company”) (OTCQB: UPYY), through its South African subsidiary, AML GO (Pty) Ltd, is excited to announce the official launch of the AML GO Anti-Money Laundering (AML) online system. The launch will take place at the prestigious Consumer Credit Conference on 30 and 31 October 2024, hosted at the Indaba Hotel in Fourways, Johannesburg.

    AML GO’s cutting-edge online platform is designed to provide financial institutions, credit providers, and businesses with powerful tools for AML compliance in today’s dynamically digital world. With a focus on retail credit risk management and regulatory compliance, the system offers a robust solution for identifying, assessing, and mitigating the risks associated with money laundering and related financial crimes.

    Key Features of the AML GO System:

    • Advanced AML Screening: Real-time monitoring and screening against global databases to ensure compliance with the latest AML regulations.
    • Seamless Integration: Easy integration into existing financial workflows, providing automated and comprehensive compliance checks.
    • Customizable Alerts and Reports: Tailored reporting tools that enable financial institutions to track and report suspicious activity efficiently.
    • User-Friendly Interface: A simple yet effective dashboard, allowing users to manage compliance requirements with ease.

    About AML GO (Pty) Ltd:
    AML GO is your trusted partner for cutting-edge Anti-Money Laundering (AML) and credit risk solutions. Our streamlined Client Onboarding Platform offers seamless access to AML, Politically Exposed Persons (PEP), and sanctions screening, along with risk rating assessments, bank account verification, and bank statement verification. In addition, we provide comprehensive credit risk assessment, identity verification, affordability calculations, and proof of address confirmation. AML GO ensures that your organization stays compliant with the Financial Intelligence Centre Act (FICA) while optimizing operations for enhanced efficiency and reduced risk.

    Jaco Fölscher, CEO of UPAY Inc., shared his enthusiasm for the system’s launch: “The introduction of the AML GO online platform marks a pivotal moment for UPAY and AML GO. We are thrilled to offer this innovative solution at such a critical time for the consumer credit industry. As financial institutions face growing regulatory pressures, AML GO provides the technology needed to enhance compliance and safeguard against financial crimes.”

    About the Consumer Credit Conference 2024:
    The Consumer Credit Conference is a key industry event that brings together professionals in retail credit, unsecured lending, and risk management to explore strategies for managing credit risks in an increasingly digital world. The conference will cover topics such as credit scoring models, digital lending platforms, risk management strategies, and regulatory compliance. AML GO’s launch at this event highlights the importance of integrating cutting-edge technology in addressing compliance challenges in today’s financial landscape.

    Attendees of the conference will have the opportunity to see the AML GO platform in action and engage in interactive sessions to understand how it addresses their specific compliance needs.

    Mia-Daniel Bester COO of AML GO (Pty) Ltd, commented: “AML GO is proud to be launching at the Consumer Credit Conference. Our platform not only addresses the current compliance challenges but also looks ahead to the future of AML management, ensuring businesses stay ahead in the face of evolving regulations.”

    The launch of the AML GO system reinforces UPAY’s commitment to providing innovative solutions that empower financial institutions in South Africa and beyond. The company continues to set the standard in compliance and risk management technology, driving both innovation and regulatory excellence.

    For more information about AML GO and its new anti-money laundering online system, please visit www.amlgo.co.za

    CONTACT INFORMATION
    UPAY Inc.
    Email: info@upaytechnology.com

    About UPAY Inc.:
    UPAY Inc. is a forward-thinking US public company dedicated to delivering cutting-edge financial solutions across the fintech sector. With a strong focus on innovation, UPAY remains a leader in AML compliance technology and financial risk management.

    About AML GO (Pty) Ltd:
    AML GO is a South African subsidiary of UPAY Inc., specializing in providing anti-money laundering compliance and credit risk solutions for financial institutions. The company’s mission is to empower businesses to meet stringent regulatory requirements through innovative, user-centric technology.

    CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
    The information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of UPAY Inc. This publication contains forward-looking statements, which are not guarantees of future performance. The Company has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.

    The MIL Network

  • MIL-OSI Europe: Boost for climate adaptation in Europe as EIB and WWF join forces to develop Nature-based Solutions at scale

    Source: European Investment Bank

    EIB

    • EIB and WWF will collaborate to mobilise early-stage funding for Nature-based Solutions.
    • Partnership will develop projects to strengthen climate adaptation by working with nature.
    • Accord signed during United Nations Convention on Biodiversity COP16 in Colombia.

    With Europe facing increasingly intense floods and droughts, the European Investment Bank (EIB) and WWF are teaming up to accelerate climate adaptation in Europe by developing Nature-based Solutions (NbS) that will help to buffer societies and economies against the worsening impacts of the climate and biodiversity crises.

    In a Memorandum of Understanding, the EIB and WWF pledged to promote Nature-based Solutions across Europe to tackle the twin crises of climate change and biodiversity loss. Signed during the United Nations Convention on Biodiversity COP16 in Colombia, the four-year partnership will focus on ecosystem restoration projects linked to sectors such as agriculture, energy, and urban resilience, which will harness the power of nature to strengthen climate adaptation in Europe – the fastest-warming continent on Earth.

    By investing in enhancing the health of ecosystems, the projects will also help to reverse nature loss in the continent. The recent WWF Living Planet Report found that species populations have declined by 35 per cent on average in Europe and Central Asia since 1970.

    Under the agreement, WWF will establish an ‘Incubation facility’ to develop a pipeline of Nature-based Solutions from origination until they are investment-ready, while the EIB will provide guidance on mobilising public and private funding for them.

    “Europe’s adaptation to climate change lags far behind what is needed,” said EIB Vice-President, Ambroise Fayolle, ”We want to support more nature-based-solution projects to restore and protect biodiversity and strengthen the climate resilience of our society. Partnerships with organisations like WWF with a strong presence on the ground are a relevant way for us to help deliver tangible results on a large scale.”

    Nature-based solutions face significant obstacles including a lack of awareness among investors and a need for consensus building among a wide range of local players.

    “Nowhere is immune from the climate crisis. Europe has been hit by a series of historic floods and droughts in recent years, devastating lives and livelihoods – and they are only going to get worse unless we urgently and drastically scale up investment in Nature-based Solutions,” said WWF Director General Kirsten Schuijt. “This partnership will do exactly that by creating a pipeline of projects that work with nature rather than against it. These projects will enhance the power of nature to protect Europeans from the worsening impacts of climate change, particularly droughts and extreme floods along the continent’s rivers and coasts.”

    The announcement of this partnership is timely as the new European Commission has announced that it will work on a European Climate Adaptation Plan, which will support building preparedness and planning with regular science-based risk assessments and a European Water Resilience Strategy.

    It also comes after the EU Nature Restoration Law was adopted in August 2024. This regulation combines an overarching restoration objective for the long-term recovery of nature in the EU with binding restoration targets for specific habitats and species.

    Over the years, the EIB has worked with WWF on a range of matters including Nature-based Solutions, biodiversity, climate resilience and ecosystem restoration. Cooperation has focused on the Sustainable Blue Economy Finance Principles, of which the EIB is one of the founding partners alongside WWF. Another example is EIB cooperation with WWF-Greece on stakeholder engagement to identify and develop nature-based solutions for flood resilience in Thessaly, Greece.

    EIB at COP16

    The EIB delegation will be led by Vice-President Ambroise Fayolle. For interview requests with members of the EIB delegation please get in touch with the press contact below. Find out more about EIB at the United Nations Biodiversity Conference here.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    As the Climate Bank, the EIB recognises that climate change and nature loss are deeply interconnected and mutually reinforcing environmental crises. The EIB Climate Adaptation Plan builds on the EU Adaptation Strategy, setting out how the EU can adapt to the unavoidable impacts of climate change. The EIB Environment Framework outlines the EIB’s delivery of environmental sustainability impacts at scale. Mainstreaming nature-positive investments, increasing the co-benefits for nature, protecting biodiversity and managing the risks from biodiversity and nature loss are key elements of the Framework. 

    WWF is one of the world’s largest and most respected independent conservation organizations, with over 5 million supporters and a global network active in over 100 countries. WWF’s mission is to stop the degradation of the earth’s natural environment and to build a future in which humans live in harmony with nature, by conserving the world’s biological diversity, ensuring that the use of renewable natural resources is sustainable, and promoting the reduction of pollution and wasteful consumption

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Orange juice cartel – E-002160/2024

    Source: European Parliament

    18.10.2024

    Question for written answer  E-002160/2024
    to the Commission
    Rule 144
    Emmanouil Kefalogiannis (PPE)

    Greek orange growers and orange juice businesses are complaining about the existence of a ‘cartel’ in Brazil that is controlling orange juice prices worldwide. This creates an uncompetitive business environment, whereby a handful of large companies are unduly amassing huge profits to the detriment of smaller competitors, with Greek and European consumers left at the mercy of unjustified price increases.

    Given that the orange juice sector makes a significant contribution to the Greek economy and provides a source of income for thousands of families:

    • 1.What steps will the Commission take to verify the substance of these complaints, ensure transparent competition and guarantee fair and affordable prices for European consumers?
    • 2.What are the findings so far from the investigations carried out in the context of the complaints lodged by Greek businesses?

    Submitted: 18.10.2024

    Last updated: 29 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the audit of green investments in light of Northvolt developments – B10-0069/2024

    Source: European Parliament

    B10‑0069/2024

    Motion for a European Parliament resolution on the audit of green investments in light of Northvolt developments

    The European Parliament,

     having regard to Rule 149 of its Rules of Procedure,

    A. whereas concerns have arisen over the efficiency and cost-effectiveness of EU climate policy, with companies such as Northvolt benefiting from public subsidies and loans from the European Investment Bank, despite considerable financial difficulties;

    B. whereas the European Court of Auditors’ special report 14/2024 found that green spending under the Recovery and Resilience Facility (RRF) could be overestimated by up to EUR 34.5 billion, with some projects having minimal impact on the energy transition or even causing environmental harm;

    1. Urges the Commission to ensure rigorous oversight of green investments benefiting from EU funding and to assess their efficiency and overall contribution to the EU’s efforts to improve its competitiveness;

    2. Stresses the importance of safeguarding taxpayer contributions by ensuring that public funds and subsidies from the EU budget and the RRF are used transparently and provide clear value for money;

    3. Calls for the establishment of clear, measurable criteria for green investments under the EU budget and RRF to ensure that only projects with significant and proven environmental and economic benefits receive funding, thereby enhancing accountability and long-term sustainability.

     

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Investing in the first peatland UNESCO world heritage site in the world

    Source: Scotland – Highland Council

    The Flow Country Partnership has received funding from the Community Loan Fund towards their pioneering peatland restoration project in Sutherland. The fund is delivered by Highland Opportunity (Investments) Limited, HOIL, on behalf of The Highland Council.

    The Community Loan fund aims to encourage and support Highland based community and third sector organisations to start up and grow and contribute to a thriving and sustainable Highland and Scottish economy.  Loans can be used for capital start up-costs, growth of an existing organisation, working capital and bridging finance, with a repayment period of 1 to 10 years.

    Peatland restoration is a vital part of Scotland’s twin goals of reducing emissions and restoring nature.  The Flow Country Partnership was founded in 2006 and became a Scottish Charitable Incorporated Organisation (SCIO) in February 2024 to bring together a community including crofters, farmers, landowners/managers, local businesses, residents, ecologists and local government to grow the resilience of the Flow Country and its people. This restoration will help achieve emission reduction by restoring the capacity of the peatlands to store carbon and improving biodiversity in the first and only peatland UNESCO World Heritage Site in the World.

    The partnership approached HOIL for funding to finance the peatlands restoration project on a farming and sporting estate.  Securing loan funding before the sale of carbon credits will support its long-term aspirations to become a self-sustaining organisation whilst restoring and protecting the ecosystem. 

    The Flow Country Partnership is a SCIO, with a trading subsidiary, Flow Country Restoration Limited and blends public and private finance to deliver its objectives. This project is supported by The Facility for Investment Ready Nature in Scotland (FIRNS) and is being delivered by NatureScot in collaboration with The Scottish Government and in partnership with the National Lottery Heritage Fund and the Scottish Government’s Peatland ACTION Fund.  Trustees,  initiative partners and stakeholders,  amongst others are The Highland Council,  Highlands & Islands Enterprise, Skills Development Scotland, RSPB,  North Highland Initiative, the Environmental Research Institute UHI and local landowners, farmers, crofters and estate owners.

    Councillor Paul Oldham, Chair of HOIl said: “I welcome this opportunity to help The Flow Country Partnership move forward with their Peatland Restoration project which not only helps improve the environment and create carbon storage but also brings local work to Caithness and Sutherland.

    “The Community Loan Fund which is managed by HOIL provides accessible and affordable finance for community projects across the Highlands and is one of several funds we can use to help projects across the area.”

    Graham Neville, Flow Country Partnership Vice-chair and director of Flow Country Restoration Limited added: “We are pleased to have the support of Highland Opportunity (Investments) Limited for our peatland restoration project. This funding is a key step in restoring this vital landscape, which plays a crucial role in carbon storage and biodiversity, while also contributing to Scotland’s Net Zero ambitions. By working with local partners, we aim to create lasting community benefits, support sustainable carbon investments, and protect The Flow Country.”

    To find out more about the support HOIL can provide to Highland community organisations and businesses please visit their website

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Remembrance Day Parade road closures – Inverness

    Source: Scotland – Highland Council

    A number of roads in Inverness will be closed for safety reasons during the Remembrance Day Parade on Sunday 10 November 2024 between 2pm and 5pm.
    .
    The temporary prohibitions will affect vehicular traffic in the following roads.

    • U4048 Huntly Street, Inverness, between its junction with the U4018 Greig Street and its junction with Young Street (forming part of the 8861 Inverness – Leys – lnverarnie Road).
    • Ness Bridge, Inverness (8861), between its junction with Young Street (8861) and its junction with Bridge Street (8861).
    • Castle Road, Inverness (forming part of the 8862 Fort Augustus – Whitebridge – Torness – Dores – Inverness Road), between its junction with Bridge Street (8861) and its junction with Haugh Road (8862).
    • C1201 Ness Bank and CavelI Gardens Road, Inverness, between its junction with Castle Road (8862) and its junction with Island Bank Road (8862).
    • Bridge Street (forming part of the 8861 Inverness – Leys – lnverarnie road), Inverness, between its junction with Bank Street (forming part of the 8862 Fort Augustus – Whitebridge – Torness – Dores – Inverness Road) and its junction with High Street (8861).
    • High Street (8861), Inverness, between its junction with Bridge Street (8861) and its junction with Castle Street (8861).
    • And finally, Castle Street (8861), Inverness, between its junction with High Street (8861) and its junction with the C1184 View Place.

    The Infirmary Bridge will be closed between 1pm and 5pm.

    29 Oct 2024

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: CCI approves the proposed combination involving acquisition of additional shareholding in Thoughtworks Holding, Inc. by AP Funds and Temasek

    Source: Government of India (2)

    Posted On: 29 OCT 2024 9:15PM by PIB Delhi

    The Competition Commission of India has approved the proposed combination involving acquisition of additional shareholding in Thoughtworks Holding, Inc. by AP Funds and  Temasek

     

    Tasmania Midco LLC (Acquirer) is an SPV indirectly wholly-owned by the Apax Partners LLP (AP). AP is a limited liability partnership incorporated under the laws of United Kingdom and the parent of a number of entities which provide investment advisory services to private equity funds investing in a range of industry sectors.

    Nevado Investments Pte. Ltd. (Nevado) is a limited company incorporated in Singapore. It is an investment holding company and does not have any business operations other than holding investments. It is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (Temasek). 

    Thoughtworks Holding, Inc. (Target) is a global technology consultancy corporation, providing IT consultancy and application implementation and managed services.

    The Proposed Transaction concerns an acquisition by the investment funds advised by Apax Partners LLP (AP) (the “AP Funds“) of additional shareholding in the Target such that post consummation of the proposed transaction the Target will be wholly owned by the AP Funds (through the Acquirer) with Temasek (through Nevado) holding approximately 10% of the Target’s equity as a minority non-controlling passive investor (Proposed Combination).

    Detailed order of the Commission will follow.

    ****

    NB/AD

    (Release ID: 2069427) Visitor Counter : 38

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CCI approves the proposed combination inter alia envisaging the merger of Diliigent Power into DB Power, and the reorganization of Decore Thermal Power pursuant to the buyback

    Source: Government of India (2)

    Posted On: 29 OCT 2024 9:15PM by PIB Delhi

    The Competition Commission of India has approved the proposed combination inter alia envisaging the merger of Diliigent Power into DB Power, and the reorganization of Decore Thermal Power pursuant to the buyback

    The proposed combination inter alia envisages the merger of Diliigent Power Private Limited (DPPL) into its wholly owned subsidiary viz., DB Power Limited (DBPL), and the reorganization of Decore Thermal Power Private Limited (DTPPL) pursuant to the buyback of certain securities.

    DPPL is the holding company of DBPL. DBPL has set up a coal-based power plant, with an installed capacity of 1200 megawatts, in the state of Chhattisgarh.

    DTPPL is primarily a holding company for its wholly owned subsidiary DB Power (Madhya Pradesh) Limited, which presently only holds certain land in Singrauli District, Madhya Pradesh.

     

    Detailed order of the Commission will follow.

    ****

    NB/AD

    (Release ID: 2069428) Visitor Counter : 35

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Indian Railways Signs MoU with Switzerland’s DETEC to Enhance its Technological Collaboration, Track Maintenance, and Infrastructure Modernization

    Source: Government of India

    Posted On: 29 OCT 2024 10:37PM by PIB Delhi

    Indian Railways today signed a Memorandum of Understanding (MoU) with the Federal Department of the Environment, Transport and Communications of the Swiss Confederation to enhance technical cooperation between the two nations. The MoU renewed and formalized through video-conferencing, received approval from the Ministry of Railways and the Ministry of External Affairs.

    Addressing the MoU signing ceremony, Union Minister of Railways, Information & Broadcasting, and Electronics & Information Technology, Shri Ashwini Vaishnaw said this MoU will provide comprehensive framework for collaboration to the Indian Railways in various areas, including technology sharing, track maintenance, management and construction. This MoU is also aligning with our government’s commitment to modernizing Indian Railways.

    Addressing the event, Federal Councilor and Head of the Federal DETEC, Mr. Albert Roesti said Switzerland’s advanced railway technology will benefit Indian Railway by improving operational efficiency, safety standards, Service quality and railways infrastructure development.

    The original MoU, signed on August 31, 2017, was valid for five years and focused on several key areas of collaboration:

    • Traction Rolling Stock 
    • Electric Multiple Units (EMU) and Train Sets 
    • Traction Propulsion Equipment 
    • Freight and Passenger Cars
    • Tilting Trains 
    • Railway Electrification Equipment 
    • Train Scheduling and Operational Improvements 
    • Railway Station Modernization 
    • Multimodal Transport Solutions 
    • Tunneling Technology 

    Before the signing of the MoU, a Joint Working Group (JWG) was formed to facilitate collaboration between representatives of Indian Railways and Swiss Railways. The JWG convened two meetings to explore various key areas of cooperation, with sessions taking place on October 21, 2019 and August 30, 2022. The primary areas of discussion were:

    • Freight and Passenger Cars
    • Railway Electrification Equipment
    • Railway Station Modernization
    • Tunneling Technology

    At the third JWG meeting that took place on October 11, 2023, chaired by then Chairperson and CEO of the Railway Board, alongside Mr. Peter Füglistaler, Director of the Federal Office of Transport in Switzerland, the Indian side presented ongoing capital expenditure initiatives, highlighting significant investment opportunities in the Indian Railway sector for Swiss firms.

    This partnership is set to enhance the efficiency and reliability of Railway services in India, ultimately benefiting passengers and freight operations alike. Notable Swiss companies will supply machinery, materials and tunneling consultancy services.

    The event was graced by Shri. Mridul Kumar, Ambassador of India to Switzerland, Mr. Albert Roesti, Federal Councilor and Head of the Federal Department of the Environment, Transport and Communications (DETEC).

    *****

    Dharmendra Tewari/Shatrunjay Kumar

    (Release ID: 2069425) Visitor Counter : 51

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: NMDC Observes Vigilance Awareness Week, Pledging a Future Rooted in Integrity and Ethical Practice

    Source: Government of India

    Posted On: 29 OCT 2024 8:46PM by PIB Delhi

     NMDC Ltd, India’s largest iron ore producer, started celebrating Vigilance Awareness Week 2024 with a renewed commitment to integrity, transparency, and ethical practices, aligning with this year’s theme, “Culture of Integrity for Nation’s Prosperity.”

    The event commenced with Shri Amitava Mukherjee, CMD (Addl. Charge), NMDC, administering the Integrity Pledge at NMDC HO in Hyderabad. He was joined by Shri Vinay Kumar, Director (Technical) and (Personnel, Addl. Charge), NMDC and Shri B. Vishwanath, Chief Vigilance Officer, NMDC, along with senior management and employees, who actively participated in the solemn ceremony. Simultaneously, the Integrity Pledge was also taken at NMDC’s project locations across Panna, Donimalai, Bacheli, Kirandul, Jagdalpur, Nagarnar and other regional offices reinforcing a company-wide culture of transparency and accountability.

    During the pledge, the messages from the Honourable President of India, Honourable Vice-President of India, Honourable Prime Minister of India, and the Central Vigilance Commission (CVC) were reiterated, highlighting the significant importance of integrity and in public service.

    As part of a three-month campaign running from August 16 to November 15, 2024, NMDC has initiated multiple programs to inculcate ethical practices within the organization and beyond. The campaign includes specialized training sessions for employees, focusing on importance of ethical governance, procurement processes, CDA rules, and preventive vigilance, ensuring transparency and responsibility at every operational level. A key highlight of this campaign is NMDC’s outreach to the community. The company has conducted vigilance awareness programs in more than 28 schools and colleges across Hyderabad, Bailadila, Jagdalpur, Nagarnar, Panna, and Donimalai, reaching over 1,800 students. In Hyderabad alone, more than 1,000 students from five schools and four colleges actively participated in essay writing, poster making, and elocution competitions.

    To recognize and encourage students’ efforts, the inaugural event at NMDC HO included a prize distribution ceremony for the winners of these competitions, underscoring NMDC’s commitment to nurturing ethical values like integrity and honesty among the youth.

    Speaking on the occasion, Shri Amitava Mukherjee, CMD (Addl. Charge), NMDC, remarked, NMDC remains committed in its mission to foster a culture of transparency, not just within the organization but also in the communities we serve. By engaging with students and raising awareness, we are laying the foundation for a future built on ethical conduct and responsible practices. Our collective efforts aim to realize the vision of a corruption-free India, where transparency and accountability become the pillars of national prosperity.”

    Throughout Vigilance Awareness Week, NMDC will conduct  various events to promote awareness about transparency, integrity, and ethical practices at all operational levels.

    *****

    MG

    (Release ID: 2069387) Visitor Counter : 23

    MIL OSI Asia Pacific News

  • MIL-OSI: RBAZ Bancorp, Inc. Announces Unaudited Financial Results For the Quarter Ending September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, Oct. 29, 2024 (GLOBE NEWSWIRE) — RBAZ Bancorp, Inc. (OTCIQ: RBAZ) (the “Company”), parent company of Republic Bank of Arizona (the “Bank” or “RBAZ”), announced a consolidated net income of $981,000, or $0.55 per share, for the quarter ended September 30, 2024 and $2,586,000, or $1.45 per share, for the nine months ended September 30, 2024 as compared to a consolidated net income of $748,000, or $0.41 per share, for the quarter ended September 30, 2023 and $1,771,000, or $0.98 per share, for the nine months ended September 30, 2023.

    President and CEO Brian Ruisinger stated “I am pleased with our strong Q3 earnings performance as we achieved a 22% increase in our net interest margin while the increase in overhead costs was nominal at 2% from the year ago quarter. Net interest margin was bolstered by premium loan pricing that more than offset the increase in cost of deposits over the same period. Additionally, non-interest income was up 26% over the same quarter from a year ago. RBAZ experienced a surge in loan growth in Q3, which necessitated a commensurate increase in our allowance for credit losses, driving the provision expense recorded for the quarter.”

    Mr. Ruisinger continued, “During the quarter, the Federal Reserve executed its first rate cut in over four years. As a result of this signaling from the Fed, we have seen both loan and deposit rates begin to drop in the Phoenix market. RBAZ management closely monitors our peer and competitor banks and will adjust rates accordingly to remain competitive in our market while maintaining a healthy net interest margin.”

    Mr. Ruisinger concluded, “At a Special Shareholder meeting held on August 22nd, shareholders approved the transaction to join forces with Pima Federal Credit Union, headquartered in Tucson, AZ, that was announced on May 16th of this year. Our coming together will create a premier banking experience in Maricopa County as RBAZ’s commercial expertise will be combined with Pima’s strength in consumer products. This proposed transaction is a great outcome for our loyal shareholders and customers and is pending regulatory approval. Additional information will be provided once approvals are obtained, and a closing date is established.”

    September 30, 2024 Company Highlights Include:

    • Total loans of $216,451,000 increased $14,622,000, or 7.2%, from December 31, 2023. This increase consisted of $40,976,000 in new loan originations and advances on construction lines of credit, offset by $25,879,000 in loan maturities and participations sold. Advances and repayments on commercial lines of credit and normal payment attrition comprise the balance of the loan activity in the first three quarters of 2024.
    • Total deposits of $259,902,000 increased $31,730,000, or 13.9%, from December 31, 2023 and related entirely to core deposit generation. The increase in core deposits was the result of deepening of existing relationships and cultivation of new banking relationships. Liquidity continues to be a top priority for the remainder of 2024.
    • Total interest income increased $694,000 to $4,653,000 for the quarter ended September 30, 2024 outpacing total interest income of $3,959,000 for the same period of the prior year equating to an increase of 17.5%.
    • Cost of deposits increased to 2.11% for the quarter ended September 30, 2024 from 1.93% for the quarter ended September 30, 2023 representing an increase of 18 basis points. For two consecutive quarters, the increase in cost of deposits over the prior year comparative quarter has been at a declining rate evidencing stabilization in the interest rate environment.
    • Total non-interest expense increased $45,000 to $1,881,000 for the quarter ended September 30, 2024 compared to $1,836,000 for the same period of the prior year resulting primarily from additional full-time employees and the addition of the new Scottsdale branch and conversion of the existing location to an administrative office, all of which took place in Q4 2023.

    The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows:

      September 30,
    2024 (%)
      Ratio to be Well
    Capitalized (%)
    CBLR ratio 10.67   9.00
           

    About the Company
    RBAZ Bancorp, Inc. was established on June 10, 2021 as a single-bank holding company for its Arizona state-chartered bank subsidiary, Republic Bank of Arizona. The Company is traded over-the-counter as RBAZ.

    About the Bank

    Republic Bank of Arizona is a locally owned, community bank in Phoenix, Scottsdale and Gilbert, Arizona. RBAZ is a full service, community bank providing deposit and loan products and convenient, online and mobile banking to individuals, businesses and professionals. The Bank was established in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Additional branches are located at 7373 N. Scottsdale Road, Suite A-195, Scottsdale, AZ and 1417 W. Elliot Road, Gilbert, AZ. The Bank is the wholly-owned subsidiary of RBAZ Bancorp, Inc. For further information, please visit our web site: www.republicbankaz.com.

    Forward-Looking Statements

    This press release may include forward-looking statements about the Company and the Bank (collectively referred to herein as the “Company”), for which the Company claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. Several important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

      Summary Company Financial Information (unaudited)
      For the three months
    ended September 30,
    For the nine months
    ended September 30,
    Year-End
      2024 2023 2024 2023 2023
      (dollars in thousands, except per share data)
    Summary Income Data:          
    Interest income $4,653 $3,959 $13,321 $10,393 $14,208
    Interest expense 1,469 1,346 4,467 3,383 4,742
    Net interest income 3,184 2,613 8,854 7,010 9,466
    Provision for credit losses 269 394
    Non-interest income 246 196 722 601 820
    Non-interest expense 1,881 1,836 5,810 5,285 7,142
    Income before provision for income tax 1,280 973 3,372 2,326 3,144
    Provision for income tax 299 225 786 555 684
    Net income $981 $748 $2,586 $1,771 $2,460
    Per Share Data:          
    Shares outstanding end-of-period 1,779 1,831 1,779 1,831 1,795
    Earnings per common share $0.55 $0.41 $1.45 $0.98 $1.36
    Diluted earnings per common share $0.52 $0.40 $1.36 $0.96 $1.33
    Book value per share $13.56 $10.73 $13.56 $10.73 $11.77
    Selected Balance Sheet Data:          
    Total assets $291,765 $285,627 $291,765 $285,627 $272,044
    Securities available-for-sale, at fair value 34,746 36,318 34,746 36,318 40,998
    Securities held-to-maturity 9,850 10,907 9,850 10,907 10,648
    Loans 216,451 187,117 216,451 187,117 201,829
    Allowance for credit losses 2,290 2,116 2,290 2,116 2,116
    Deposits 259,902 257,997 259,902 257,997 228,172
    Other borrowings 5,951 5,921 5,951 5,921 20,929
    Shareholders’ equity 24,123 19,646 24,123 19,646 21,128
    Performance Ratios:          
    Return on average shareholders’ equity (annualized) (%) 16.27 15.23 14.29 12.02 11.64
    Net interest margin (%) 4.48 3.76 4.24 3.65 3.68
    Average assets $292,192 $283,605 $290,218 $264,252 $264,488
    Return on average assets (annualized) (%) 1.34 1.05 1.19 0.89 0.93
    Shareholders’ equity to assets (%) 8.27 6.88 8.27 6.88 7.77
    Efficiency ratio (%) 54.84 65.36 60.67 69.44 69.43
    Asset Quality Data:          
    Nonaccrual loans $387 $219 $387 $219 $209
    Loan modifications to borrowers experiencing financial difficulty $- $54 $- $54 $-
    Other real estate owned $- $- $- $- $-
    Nonperforming loans $387 $219 $387 $219 $209
    Nonperforming loans to total assets (%) 0.13 0.08 0.13 0.08 0.08
    Nonperforming loans to total loans (%) 0.18 0.12 0.18 0.12 0.10
    Allowance for credit losses to total loans (%) 1.06 1.13 1.06 1.13 1.05
    Allowance for credit losses to nonperforming loans (%) 591.73 966.21 591.73 966.21 1,012.44
    Net charge-offs (recoveries) for period $141 $- $164 ($352) ($352)
    Average loans $213,008 $183,063 $204,992 $171,002 $176,146
    Ratio of net charge-offs (recoveries) to average loans (%) 0.07 n/a 0.08 (0.21) (0.20)

    The MIL Network

  • MIL-OSI: Medallion Bank Reports 2024 Third Quarter Results and Declares Series F Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    SALT LAKE CITY, Oct. 29, 2024 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank specializing in consumer loans for the purchase of recreational vehicles, boats, and home improvements, as well as loan products and services offered through fintech strategic partners, today announced its results for the quarter ended September 30, 2024. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    2024 Third Quarter Highlights

    • Net income of $15.5 million, compared to $17.2 million in the prior year quarter.
    • Net interest income of $53.2 million, compared to $48.7 million in the prior year quarter.
    • Net interest margin of 8.44%, compared to 8.70% in the prior year quarter.
    • Total provision for credit losses was $20.2 million, compared to $14.0 million in the prior year quarter. Total provision for credit losses included $2.2 million of net taxi medallion recoveries, compared to $1.7 million of net taxi medallion recoveries in the prior year quarter.
    • Annualized net charge-offs were 2.31% of average loans outstanding, compared to 1.97% in the prior year quarter.
    • Annualized return on assets and return on equity were 2.47% and 16.72%, respectively, compared to 3.06% and 20.46% for the prior year period.
    • The total loan portfolio grew 13% from September 30, 2023 to $2.4 billion as of September 30, 2024.
    • Total assets were $2.6 billion and the Tier 1 leverage ratio was 15.66% at September 30, 2024.

    Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Earnings grew over the sequential quarter as combined recreation and home improvement loan origination volumes reached their anticipated peak for 2024. Net interest income rose to $53 million on more than $72 million of total interest income. As is typical for the time of year, delinquency rose compared to the second quarter while the net charge-off rate was essentially flat. Aided by the new fintech relationship announced in September, we originated $40 million in loans through our fintech strategic partners during the quarter. The strategic partnership program, which we have approached with caution and patience, is expected to grow steadily in the coming periods as our partners grow. Though overall demand for our products remains strong, we continue to prioritize credit quality and managed growth that maintains our market position.”

    Recreation Lending Segment

    • The Bank’s recreation loan portfolio grew 15% to $1.555 billion as of September 30, 2024, compared to $1.346 billion at September 30, 2023. Loan originations were $139.1 million, compared to $92.6 million in the prior year quarter.
    • Net interest income was $40.2 million, compared to $36.5 million in the prior year quarter.
    • Recreation loans were 65% of loans receivable as of September 30, 2024, compared to 64% at September 30, 2023.
    • Delinquencies 30 days or more past due were $64.6 million, or 4.15%, of recreation loans as of September 30, 2024, compared to $51.4 million, or 3.82%, at September 30, 2023.
    • Annualized net charge-offs were 3.18% of average recreation loans outstanding, compared to 2.67% in the prior year quarter.
    • The provision for recreation credit losses was $17.5 million and the allowance for credit losses was 4.53% of the outstanding balance, compared to $11.9 million and 4.24% of the outstanding balance in the prior year quarter.

    Home Improvement Lending Segment

    • The Bank’s home improvement loan portfolio grew 8% to $814.1 million as of September 30, 2024, compared to $750.5 million at September 30, 2023. Loan originations were $96.5 million, compared to $79.3 million in the prior year quarter.
    • Net interest income was $12.6 million, compared to $11.9 million in the prior year quarter.
    • Home improvement loans were 34% of loans receivable as of September 30, 2024, compared to 36% at September 30, 2023.
    • Delinquencies 30 days or more past due were $8.3 million, or 1.02%, of home improvement loans as of September 30, 2024, compared to $6.8 million, or 0.90%, at September 30, 2023.
    • Annualized net charge-offs were 1.76% of average home improvement loans outstanding, compared to 1.61% in the prior year quarter.
    • The provision for home improvement credit losses was $4.9 million and the allowance for credit losses was 2.42% of the outstanding balance, compared to $3.9 million and 2.31% of the outstanding balance in the prior year quarter.

    Series F Preferred Stock Dividend

    On October 24, 2024, the Bank’s Board of Directors declared a quarterly cash dividend of $0.50 per share on the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” The dividend is payable on January 2, 2025, to holders of record at the close of business on December 16, 2024.

    About Medallion Bank

    Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    For more information, visit www.medallionbank.com 

    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “expected,” “continue,” “maintain” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2023, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.  

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com 

    MEDALLION BANK
    STATEMENTS OF OPERATIONS
    (UNAUDITED)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
    (In thousands) 2024   2023   2024   2023
    Total interest income $ 72,352   $ 62,193   $ 202,079   $ 173,414
    Total interest expense   19,193     13,446     50,470     33,384
    Net interest income   53,159     48,747     151,609     140,030
    Provision for credit losses   20,153     14,024     55,345     26,740
    Net interest income after provision for credit losses   33,006     34,723     96,264     113,290
    Other non-interest income   645     968     2,116     1,263
    Non-interest expense              
    Salaries and benefits   5,035     5,024     14,971     14,004
    Loan servicing   3,158     3,007     9,074     8,723
    Collection costs   1,604     1,509     4,578     4,473
    Regulatory fees   961     1,021     2,826     2,484
    Professional fees   368     450     1,185     1,612
    Information technology   317     252     858     750
    Occupancy and equipment   193     211     626     625
    Other   875     839     2,685     2,705
    Total non-interest expense   12,511     12,313     36,803     35,376
    Income before income taxes   21,140     23,378     61,577     79,177
    Provision for income taxes   5,661     6,222     16,583     21,268
    Net income $ 15,479   $ 17,156   $ 44,994   $ 57,909
    Less: Preferred stock dividends   1,512     1,512     4,535   $ 4,535
    Net income attributable to common shareholder $ 13,967   $ 15,644   $ 40,459   $ 53,374
     
    MEDALLION BANK
    BALANCE SHEETS
    (UNAUDITED)
     
    (In thousands) September 30, 2024   December 31, 2023   September 30, 2023
    Assets          
    Cash and federal funds sold $ 148,446     $ 110,043     $ 100,192  
    Investment securities, available-for-sale   56,754       54,282       53,175  
    Loans, inclusive of net deferred loan acquisition cost and fees   2,374,673       2,100,338       2,101,786  
    Allowance for credit losses   (90,784 )     (79,283 )     (75,094 )
    Loans, net   2,283,889       2,021,055       2,026,692  
    Loan collateral in process of foreclosure   3,424       4,165       7,658  
    Fixed assets and right-of-use lease assets, net   9,275       8,140       7,705  
    Deferred tax assets   13,338       12,761       11,634  
    Accrued interest receivable   14,013       13,439       13,405  
    Other assets   38,472       38,171       37,595  
    Total assets $ 2,567,611     $ 2,262,056     $ 2,258,056  
    Liabilities and Shareholders’ Equity          
    Liabilities          
    Deposits and other funds borrowed $ 2,143,132     $ 1,866,657     $ 1,865,096  
    Accrued interest payable   4,880       4,029       3,052  
    Income tax payable   25,559       21,219       30,472  
    Other liabilities   17,301       17,509       18,397  
    Due to affiliates   1,038       849       942  
    Total liabilities   2,191,910       1,910,263       1,917,959  
    Shareholder’s Equity          
    Series E Preferred stock   26,303       26,303       26,303  
    Series F Preferred stock   42,485       42,485       42,485  
    Common stock   1,000       1,000       1,000  
    Additional paid in capital   77,500       77,500       77,500  
    Accumulated other comprehensive loss, net of tax   (3,080 )     (4,529 )     (5,794 )
    Retained earnings   231,493       209,034       198,603  
    Total shareholders’ equity   375,701       351,793       340,097  
    Total liabilities and shareholders’ equity $ 2,567,611     $ 2,262,056     $ 2,258,056  

    The MIL Network

  • MIL-OSI: Expand Energy Corporation Reports Third Quarter 2024 Results, Provides Preliminary 2025 Capital and Operating Plan and Announces Enhanced Capital Return Framework

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, Oct. 29, 2024 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “company”) today reported third quarter 2024 financial and operating results. In addition, the company provided its preliminary 2025 capital and operating plan and announced details regarding its enhanced capital return framework. On October 1, 2024, Expand Energy announced the completion of the previously disclosed merger between Chesapeake Energy Corporation (“Chesapeake”) and Southwestern Energy Company (“Southwestern”).

    Legacy Chesapeake Third Quarter Highlights

    • Net cash provided by operating activities of $422 million
    • Net loss of $114 million, or $0.85 per fully diluted share; adjusted net income(1)of $22 million, or $0.16 per share
    • Adjusted EBITDAX(1)of $365 million
    • Produced approximately 2.65 bcf/d net (100% natural gas)

    Expand Energy Highlights

    • Raised annual synergy target by $100 million; expected to achieve approximately $225 million in 2025 and approximately $500 million in annual synergies by year end 2027
    • Upgraded at the start of fourth quarter to Investment Grade credit rating from S&P (BBB-) and Fitch (BBB-)
    • Quarterly base dividend of $0.575 per common share to be paid in December 2024, 15th straight quarter paying a dividend
    • 2025 capital expenditures expected to be approximately $2.7 billion, yielding net production of approximately 7 bcf/day (~91% natural gas)
    • Enhanced capital return framework to more effectively return cash to shareholders and reduce net debt; announced new $1 billion share repurchase authorization

    (1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this news release.

    “Our strong third quarter results, recent Investment Grade rating and preliminary 2025 outlook demonstrate the power of our advantaged portfolio and resilient financial foundation,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “Our integration efforts are already delivering, allowing us to raise our annual synergy expectations by 25% to $500 million, as we drive to lower our breakeven costs and more efficiently reach markets in need. As the largest domestic producer of natural gas, and a top producer globally, we are built to answer the call for affordable, reliable, lower carbon energy and expand opportunity for all stakeholders.”
    Operations Update

    In the third quarter, legacy Chesapeake operated an average of seven rigs to drill 30 wells and turned seven wells in line, resulting in net production of approximately 2.65 bcfe per day (100% natural gas). Additionally, the company built an inventory of 18 drilled but uncompleted (“DUCs”) wells and 12 deferred turn in lines (“TILs”). A detailed breakdown of third quarter production, capital expenditures and activity can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

    Expand Energy continues to execute its previously disclosed plan to defer completions and new TILs. As of October 1, 2024, the combined company had 58 DUCs, excluding working inventory, and 58 deferred TILs. The company intends to prudently activate production as market conditions warrant.

    Expand Energy is currently running 12 rigs (8 in Haynesville, 2 in Northeast Appalachia, and 2 in Southwest Appalachia) and 6 completion crews (3 in Haynesville, 2 in Northeast Appalachia, and 1 in Southwest Appalachia). At current market conditions, the company expects to drop two rigs in the first quarter of 2025.

    Annual Synergy Outlook and Preliminary 2025 Capital & Operating Program

    Expand Energy increased its expected annual synergy outlook by $100 million to $500 million. The company expects to achieve approximately $225 million in synergies in 2025 and to achieve the full $500 million in annual synergies by year end 2027.

    In 2025, at current market conditions, the company expects to run 10 to 12 rigs and invest approximately $2.7 billion yielding an estimated daily production of approximately 7 bcfe per day. Expand Energy will provide complete guidance in early 2025.

    Shareholder Returns Update

    Expand Energy plans to pay its quarterly base dividend of $0.575 per share on December 4, 2024 to shareholders of record at the close of business on November 14, 2024.

    The company announced today its enhanced capital return framework which is designed to more effectively return cash to shareholders and reduce net debt. The plan is expected to go into effect January 1, 2025, and prioritizes the base dividend of $2.30 per share and $500 million of annual net debt reduction. Once both have been funded, it is anticipated that 75% of remaining free cash flow be distributed as market conditions warrant, between share repurchases and additional dividend payments. The remaining free cash flow would be maintained on the balance sheet.

    In conjunction with the enhanced framework, Expand Energy’s Board of Directors approved a $1 billion repurchase authorization.

    Conference Call Information

    A conference call to discuss the results and preliminary 2025 plan has been scheduled for 9 a.m. EDT on October 30, 2024. Participants can view the live webcast here. Participants who would like to ask a question, can register here, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided on Expand Energy’s website. A replay will be available on the website following the call.

    Financial Statements, Non-GAAP Financial Measures and 2024 Guidance and Outlook Projections

    Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the company’s 2024 third quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by certain securities analysts, are available on the company’s website. Non-GAAP measures should not be considered as an alternative to GAAP measures. Management’s updated guidance for 2024 and preliminary plan for 2025 can be found on the company’s website at www.expandenergy.com.

    Expand Energy Corporation (NASDAQ: EXE) is the largest independent natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

    Forward-Looking Statements

    This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to the combined company after the merger with Southwestern Energy Company (“Southwestern”), armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our ESG initiatives. Forward-looking and other statements in this release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

    Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

    • conservation measures and technological advances could reduce demand for natural gas and oil;
    • negative public perceptions of our industry;
    • competition in the natural gas and oil exploration and production industry;
    • the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
    • risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;
    • write-downs of our natural gas and oil asset carrying values due to low commodity prices;
    • significant capital expenditures are required to replace our reserves and conduct our business;
    • our ability to replace reserves and sustain production;
    • uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
    • drilling and operating risks and resulting liabilities;
    • our ability to generate profits or achieve targeted results in drilling and well operations;
    • leasehold terms expiring before production can be established;
    • risks from our commodity price risk management activities;
    • uncertainties, risks and costs associated with natural gas and oil operations;
    • our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
    • pipeline and gathering system capacity constraints and transportation interruptions;
    • our plans to participate in the LNG export industry;
    • terrorist activities and/or cyber-attacks adversely impacting our operations;
    • risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
    • disruption of our business by natural or human causes beyond our control;
    • a deterioration in general economic, business or industry conditions;
    • the impact of inflation and commodity price volatility, including as a result of armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;
    • our inability to access the capital markets on favorable terms;
    • the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
    • our actual financial results after emergence from bankruptcy may not be comparable to our historical financial information;
    • risks related to acquisitions or dispositions, or potential acquisitions or dispositions, including risks related to the merger with Southwestern, such as risks related to loss of management personnel, other key employees, customers, suppliers, vendors, landlords, joint venture partners and other business partners following the merger; risks related to disruption of management time from ongoing business operations due to integration; the risk of any litigation relating to the transaction; the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected; and the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the transaction or it may take longer than expected to achieve those synergies or benefits;
    • our ability to achieve and maintain ESG certifications, goals and commitments;
    • legislative, regulatory and ESG initiatives, addressing environmental concerns, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
    • federal and state tax proposals affecting our industry;
    • risks related to an annual limitation on the utilization of our tax attributes, as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and
    • other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K.

    We caution you not to place undue reliance on the forward-looking statements contained in this release, which speak only as of the filing date, and we undertake no obligation to update this information. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
     
    ($ in millions, except per share data) September 30, 2024   December 31, 2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 1,044     $ 1,079  
    Restricted cash   76       74  
    Accounts receivable, net   261       593  
    Derivative assets   199       637  
    Other current assets   217       226  
    Total current assets   1,797       2,609  
    Property and equipment:      
    Natural gas and oil properties, successful efforts method      
    Proved natural gas and oil properties   12,373       11,468  
    Unproved properties   1,806       1,806  
    Other property and equipment   518       497  
    Total property and equipment   14,697       13,771  
    Less: accumulated depreciation, depletion and amortization   (4,743 )     (3,674 )
    Total property and equipment, net   9,954       10,097  
    Long-term derivative assets   15       74  
    Deferred income tax assets   1,038       933  
    Other long-term assets   588       663  
    Total assets $ 13,392     $ 14,376  
           
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 264     $ 425  
    Accrued interest   41       39  
    Derivative liabilities   5       3  
    Other current liabilities   589       847  
    Total current liabilities   899       1,314  
    Long-term debt, net   2,017       2,028  
    Long-term derivative liabilities         9  
    Asset retirement obligations, net of current portion   271       265  
    Other long-term liabilities   17       31  
    Total liabilities   3,204       3,647  
    Contingencies and commitments      
    Stockholders’ equity:      
    Common stock, $0.01 par value, 450,000,000 shares authorized: 135,107,576 and 130,789,936 shares issued   1       1  
    Additional paid-in capital   5,778       5,754  
    Retained earnings   4,409       4,974  
    Total stockholders’ equity   10,188       10,729  
    Total liabilities and stockholders’ equity $ 13,392     $ 14,376  
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    ($ in millions, except per share data)              
    Revenues and other:              
    Natural gas, oil and NGL $ 407     $ 682     $ 1,374     $ 2,784  
    Marketing   193       724       641       1,987  
    Natural gas and oil derivatives   46       106       207       1,195  
    Gains on sales of assets   2             12       807  
    Total revenues and other   648       1,512       2,234       6,773  
    Operating expenses:              
    Production   50       73       158       293  
    Gathering, processing and transportation   152       192       479       663  
    Severance and ad valorem taxes   11       27       58       136  
    Exploration   2       4       7       19  
    Marketing   192       723       656       1,985  
    General and administrative   39       29       133       95  
    Separation and other termination costs               23       3  
    Depreciation, depletion and amortization   335       382       1,082       1,148  
    Other operating expense, net   22       3       55       15  
    Total operating expenses   803       1,433       2,651       4,357  
    Income (loss) from operations   (155 )     79       (417 )     2,416  
    Other income (expense):              
    Interest expense   (20 )     (23 )     (59 )     (82 )
    Losses on purchases, exchanges or extinguishments of debt               (2 )      
    Other income   17       15       58       48  
    Total other income (expense)   (3 )     (8 )     (3 )     (34 )
    Income (loss) before income taxes   (158 )     71       (420 )     2,382  
    Income tax expense (benefit)   (44 )     1       (105 )     532  
    Net income (loss) $ (114 )   $ 70     $ (315 )   $ 1,850  
    Earnings (loss) per common share:              
    Basic $ (0.85 )   $ 0.53     $ (2.39 )   $ 13.86  
    Diluted $ (0.85 )   $ 0.49     $ (2.39 )   $ 12.90  
    Weighted average common shares outstanding (in thousands):              
    Basic   133,794       132,153       131,958       133,460  
    Diluted   133,794       142,348       131,958       143,463  
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    ($ in millions)   2024       2023       2024       2023  
    Cash flows from operating activities:              
    Net income (loss) $ (114 )   $ 70     $ (315 )   $ 1,850  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
    Depreciation, depletion and amortization   335       382       1,082       1,148  
    Deferred income tax expense (benefit)   (44 )     (80 )     (105 )     319  
    Derivative gains, net   (46 )     (106 )     (207 )     (1,195 )
    Cash receipts on derivative settlements, net   207       216       695       167  
    Share-based compensation   10       9       29       25  
    Gains on sales of assets   (2 )           (12 )     (807 )
    Losses on purchases, exchanges or extinguishments of debt               2        
    Other   (9 )     6       (16 )     35  
    Changes in assets and liabilities   85       9       30       368  
    Net cash provided by operating activities   422       506       1,183       1,910  
    Cash flows from investing activities:              
    Capital expenditures   (298 )     (423 )     (1,021 )     (1,450 )
    Receipts of deferred consideration               116        
    Contributions to investments   (26 )     (61 )     (71 )     (149 )
    Proceeds from divestitures of property and equipment   5       4       17       1,967  
    Net cash provided by (used in) investing activities   (319 )     (480 )     (959 )     368  
    Cash flows from financing activities:              
    Proceeds from Credit Facility                     1,125  
    Payments on Credit Facility                     (2,175 )
    Funds held for transition services         (6 )           91  
    Proceeds from warrant exercise               1        
    Debt issuance and other financing costs               (4 )      
    Cash paid to repurchase and retire common stock         (132 )           (313 )
    Cash paid for common stock dividends   (78 )     (77 )     (254 )     (412 )
    Net cash used in financing activities   (78 )     (215 )     (257 )     (1,684 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   25       (189 )     (33 )     594  
    Cash, cash equivalents and restricted cash, beginning of period   1,095       975       1,153       192  
    Cash, cash equivalents and restricted cash, end of period $ 1,120     $ 786     $ 1,120     $ 786  
                   
    Cash and cash equivalents $ 1,044     $ 713     $ 1,044     $ 713  
    Restricted cash   76       73       76       73  
    Total cash, cash equivalents and restricted cash $ 1,120     $ 786     $ 1,120     $ 786  
    NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)
     
      Three Months Ended September 30, 2024
      Natural Gas   Oil   NGL   Total
      MMcf
    per day
      $/Mcf   MBbl
    per day
      $/Bbl   MBbl
    per day
      $/Bbl   MMcfe
    per day
      $/Mcfe
    Marcellus 1,531   1.51           1,531   1.51
    Haynesville 1,116   1.88           1,116   1.88
    Total 2,647   1.67           2,647   1.67
                                   
    Average NYMEX Price     2.16                      
    Average Realized Price (including realized derivatives)     2.51                   2.51
      Three Months Ended September 30, 2023
      Natural Gas   Oil   NGL   Total
      MMcf
    per day
      $/Mcf   MBbl
    per day
      $/Bbl   MBbl
    per day
      $/Bbl   MMcfe
    per day
      $/Mcfe
    Marcellus 1,734   1.63           1,734   1.63
    Haynesville 1,568   2.15           1,568   2.15
    Eagle Ford 76   2.52   9   82.33   10   25.76   193   6.36
    Total 3,378   1.89   9   82.33   10   25.76   3,495   2.12
                                   
    Average NYMEX Price     2.55       82.26                
    Average Realized Price (including realized derivatives)     2.58       82.33       25.76       2.79
      Nine Months Ended September 30, 2024
      Natural Gas   Oil   NGL   Total
      MMcf
    per day
      $/Mcf   MBbl
    per day
      $/Bbl   MBbl
    per day
      $/Bbl   MMcfe
    per day
      $/Mcfe
    Marcellus 1,601   1.65           1,601   1.65
    Haynesville 1,261   1.88           1,261   1.88
    Total 2,862   1.75           2,862   1.75
                                   
    Average NYMEX Price     2.10                      
    Average Realized Price
    (including realized derivatives)
        2.64                   2.64
      Nine Months Ended September 30, 2023
      Natural Gas   Oil   NGL   Total
      MMcf
    per day
      $/Mcf   MBbl
    per day
      $/Bbl   MBbl
    per day
      $/Bbl   MMcfe
    per day
      $/Mcfe
    Marcellus 1,845   2.24           1,845   2.24
    Haynesville 1,569   2.26           1,569   2.26
    Eagle Ford 96   2.22   26   77.41   12   25.61   323   7.82
    Total 3,510   2.25   26   77.41   12   25.61   3,737   2.73
                                   
    Average NYMEX Price     2.69       77.39                
    Average Realized Price
    (including realized derivatives)
        2.56       72.10       25.61       2.99
    CAPITAL EXPENDITURES ACCRUED (unaudited)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    ($ in millions)              
    Drilling and completion capital expenditures:              
    Marcellus $ 82     $ 91     $ 280     $ 324  
    Haynesville   151       191       477       704  
    Eagle Ford         9             222  
    Total drilling and completion capital expenditures   233       291       757       1,250  
    Non-drilling and completion – field   32       48       106       100  
    Non-drilling and completion – corporate   24       18       73       56  
    Total capital expenditures $ 289     $ 357     $ 936     $ 1,406  
    NON-GAAP FINANCIAL MEASURES
     

    As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the company’s trends and performance, (b) these financial measures are comparable to estimates provided by certain securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

    Expand Energy’s definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.

    Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the company’s period-over-period performance, which many investors use in making investment decisions and evaluating operational trends and performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

    Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the company’s period-over-period performance, which many investors use in making investment decisions and evaluating operational trends and performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.

    Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on natural gas and oil derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the company’s ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

    Free Cash Flow: Free Cash Flow is defined as net cash provided by (used in) operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

    Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by (used in) operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders and is used to determine Expand Energy’s returns framework payout. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

    Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.

    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    ($ in millions)   2024       2023       2024       2023  
    Net income (loss) (GAAP) $ (114 )   $ 70     $ (315 )   $ 1,850  
                   
    Adjustments:              
    Unrealized (gains) losses on natural gas and oil derivatives   160       110       489       (931 )
    Separation and other termination costs               23       3  
    Gains on sales of assets   (2 )           (12 )     (807 )
    Other operating expense, net   23       3       58       18  
    Losses on purchases, exchanges or extinguishments of debt               2        
    Other   (4 )     (4 )     (17 )     (19 )
    Tax effect of adjustments(a)   (41 )     (24 )     (125 )     403  
    Adjusted net income (Non-GAAP) $ 22     $ 155     $ 103     $ 517  
    (a) The three- and nine-month periods ended September 30, 2024 and September 30, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.
    RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    ($/share)   2024       2023       2024       2023  
    Earnings (loss) per common share (GAAP) $ (0.85 )   $ 0.53     $ (2.39 )   $ 13.86  
    Effect of dilutive securities         (0.04 )           (0.96 )
    Diluted earnings (loss) per common share (GAAP) $ (0.85 )   $ 0.49     $ (2.39 )   $ 12.90  
                   
    Adjustments:              
    Unrealized (gains) losses on natural gas and oil derivatives   1.20       0.78       3.70       (6.49 )
    Separation and other termination costs               0.17       0.02  
    Gains on sales of assets   (0.02 )           (0.09 )     (5.63 )
    Other operating expense, net   0.17       0.02       0.44       0.13  
    Losses on purchases, exchanges or extinguishments of debt               0.01        
    Other   (0.03 )     (0.03 )     (0.13 )     (0.13 )
    Tax effect of adjustments(a)   (0.31 )     (0.17 )     (0.95 )     2.81  
    Effect of dilutive securities               (0.03 )      
    Adjusted diluted earnings per common share (Non-GAAP) $ 0.16     $ 1.09     $ 0.73     $ 3.61  
    (a) The three- and nine-month periods ended September 30, 2024 and September 30, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    ($ in millions)              
    Net income (loss) (GAAP) $ (114 )   $ 70     $ (315 )   $ 1,850  
                   
    Adjustments:              
    Interest expense   20       23       59       82  
    Income tax expense (benefit)   (44 )     1       (105 )     532  
    Depreciation, depletion and amortization   335       382       1,082       1,148  
    Exploration   2       4       7       19  
    Unrealized (gains) losses on natural gas and oil derivatives   160       110       489       (931 )
    Separation and other termination costs               23       3  
    Gains on sales of assets   (2 )           (12 )     (807 )
    Other operating expense, net   23       3       58       18  
    Losses on purchases, exchanges or extinguishments of debt               2        
    Other   (15 )     (13 )     (57 )     (36 )
    Adjusted EBITDAX (Non-GAAP) $ 365     $ 580     $ 1,231     $ 1,878  
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    ($ in millions)              
    Net cash provided by operating activities (GAAP) $ 422     $ 506     $ 1,183     $ 1,910  
    Cash capital expenditures   (298 )     (423 )     (1,021 )     (1,450 )
    Free cash flow (Non-GAAP)   124       83       162       460  
    Cash contributions to investments   (26 )     (61 )     (71 )     (149 )
    Free cash flow associated with divested assets(a)         (57 )           (195 )
    Adjusted free cash flow (Non-GAAP) $ 98     $ (35 )   $ 91     $ 116  
    (a) In March and April of 2023, we closed two divestitures of certain Eagle Ford assets. Due to the structure of these transactions, both of which had an effective date of October 1, 2022, the cash generated by these assets was delivered to the respective buyers through a reduction in the proceeds we received at the closing of each transaction. Additionally, in August 2023, we entered into an agreement to sell the final portion of our Eagle Ford assets, with an economic effective date of February 1, 2023. Included within the adjustment above reflects the cash flows from the three months ended September 30, 2023, associated with the final portion of our Eagle Ford assets as the cash generated by those assets were delivered to the buyer through a reduction in the proceeds we received once the transaction closed during the fourth quarter of 2023.
    RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)
     
    ($ in millions) September 30, 2024
    Total debt (GAAP) $ 2,017  
    Premiums and issuance costs on debt   (67 )
    Principal amount of debt   1,950  
    Cash and cash equivalents   (1,044 )
    Net debt (Non-GAAP) $ 906  
    INVESTOR CONTACT: MEDIA CONTACT: EXPAND ENERGY CORPORATION
    Chris Ayres Brooke Coe 6100 North Western Avenue
    (405) 935-8870 (405) 935-8878 P.O. Box 18496
    ir@expandenergy.com media@expandenergy.com Oklahoma City, OK 73154

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