NewzIntel.com

Category: China

  • MIL-OSI United Nations: Briefing Security Council on Worsening Situation in Democratic Republic of Congo, Senior Official Says Actions Endangering Civilians, UN ‘Will Not be Tolerated’

    Source: United Nations General Assembly and Security Council

    Holding an emergency meeting following advances by the 23 March Movement, or M23, towards the city of Goma in the Democratic Republic of the Congo and concurrent attacks on United Nations peacekeepers there, the Security Council heard today that urgent action is needed to address a rapidly deteriorating situation while time remains to do so.

    “The United Nations is profoundly concerned by the resumption of hostilities,” said Jean-Pierre Lacroix, Under-Secretary-General for Peace Operations.  On 23-24 January, M23 fired on positions of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO).  He reported that, as a result, several blue helmets were “killed in carrying out the tasks entrusted to them by this Council”.  He also noted that M23 has significantly extended its territorial gains over the past few weeks and has opened a new front in South Kivu, from which MONUSCO recently withdrew.

    “At this critical juncture, with the lives of countless vulnerable civilians, peacekeepers and respect for this Council’s mandate at stake, MONUSCO remains committed to the robust defence of its mandate,” he stated.  He stressed that, for its part, the Council “must honour the sacrifices made by the peacekeepers who laid down their lives in pursuit of this noble goal by sending a clear and unequivocal message to M23 and its backers that actions endangering the lives of civilians and UN peacekeepers will not be tolerated.”

    Also reporting on the situation was Bintou Keita, Special Representative of the Secretary-General for the Democratic Republic of the Congo and Head of MONUSCO.  Noting that M23 and Rwandan forces have penetrated the outskirts of Goma — “causing mass panic and flight amongst the population” — she said that roads are blocked and that M23 has declared Goma’s airspace closed.  “In other words, we are trapped,” she said, calling on the Council to “act now” to secure the civilian population, humanitarian-aid workers and all UN personnel.

    Calling on the Democratic Republic of the Congo and Rwanda to continue political negotiations in the context of the Luanda Process, she urged:  “More than ever, we must find a political solution.”  She also called on Rwanda to withdraw its forces from Congolese territory and end support for M23, and on the Democratic Republic of the Congo to “make significant efforts” to neutralize the Democratic Liberation Forces of Rwanda, or FDLR.

    Joyce Msuya, Assistant Secretary-General for Humanitarian Affairs and Deputy Emergency Relief Coordinator, then stressed that if hostilities spread into Goma, “the impact on civilians could be devastating”.  In North and South Kivu, hundreds of civilians have been killed and injured over the last few weeks.  Further, hundreds of thousands have fled their homes, humanitarian access remains constrained and hospitals are overwhelmed.  Against that backdrop, she urged all parties to “protect civilians and the critical infrastructure they rely on”.

    She also urged them to avoid using wide-area explosives and heavy weapons in populated areas.  “This will be particularly important should the hostilities spread into Goma, given the risks of conflict in urban areas,” she observed.  And, to address the escalating humanitarian crisis “before the situation worsens further”, she called on the Council to end the hostilities, ensure respect for international law and provide adequate funding for humanitarian action.

    “The resolution of the conflict in eastern DRC [Democratic Republic of the Congo] must be political, not military,” stated the representative of Sierra Leone, also speaking for Algeria, Guyana and Somalia.  The Luanda and Nairobi Processes “remain viable paths to peace”, he said, while underscoring that the sovereignty and territorial integrity of the Democratic Republic of the Congo must be respected “by all States and non-State actors alike”.  France’s representative, stating that the presence of foreign military forces threatens civilian protection and contributes to displacement, concurred: “Force is not an option.”

    Along those lines, China’s representative said:  “All external forces should refrain from providing support to M23 and other armed groups to prevent further deterioration.”  He also joined other Council members in pointing out that “attacks on peacekeepers may constitute war crimes”.  The representative of Greece echoed that, also noting that attacks against MONUSCO peacekeepers constitute a basis for sanctions designations.  Also making these points was the representative of the United Kingdom, who observed that “the numbers of those lost and injured is changing by the hour”.

    These attacks, stressed Slovenia’s representative, constitute “an attack on peace itself”.  Recalling the Council’s recent, unanimous decision to renew MONUSCO’s mandate, she underlined the organ’s responsibility to “stand unequivocally behind [its personnel] in these perilous times and ensure they return safely to their loved ones”.  She added: “The international community, and this Council, cannot afford to remain passive in the face of this crisis.”  Panama’s representative similarly stated: “History will not judge us on our intentions but, rather, our actions.”

    The United Nations must take immediate measures to ensure the safety and security of both civilians and peacekeepers, underscored the representative of Pakistan.  Expressing particular concern over a “highly exposed” Pakistani artillery battery near Sake, he stressed that this unit should be quickly redeployed for the safety of its personnel and heavy, expensive equipment.  Stating that peacekeepers cannot be expected to implement the “challenging mandate assigned to them by the Council” without adequate support, he also urged the organ to address the root cause of the conflict — the illegal exploitation of natural resources.

    On that, Denmark’s representative observed:  “The illegal exploitation of natural resources in eastern DRC is a key driver to instability in the Great Lakes region — this must end.”  The representative of the United States also expressed concern over the illicit exploitation of mining areas in territories controlled by M23, as did the representative of the Russian Federation:  “The struggle to gain access towards strategically important Congolese minerals is one of the reasons for the continuation of the crisis.”

    The representative of the Republic of Korea detailed that crisis: “In the past week alone, as [M23] has expanded its territory by 11 per cent, the number of [internally displaced persons] has doubled to 400,000.”  He joined other Council members in calling on Rwanda to cease its support for the group and urged both Kinshasa and Kigali to return to dialogue and fully implement their commitments under the Luanda Process.  He added:  “We recognize the differing interests of the DRC and Rwanda, but further escalation of tensions is simply unacceptable — many lives are at stake.”

    Thérèse Kayikwamba Wagner, Minister for Foreign Affairs, International Cooperation and Francophonie of the Democratic Republic of the Congo, meanwhile, took the floor to stress that the situation in her country is “not a conflict like others”.  Rather, it is “a declaration of war that no longer hides itself behind diplomatic manoeuvres”, she said, stressing that “Rwanda is preparing to orchestrate a carnage in broad daylight”.  She also said that it is “clear that this crisis is directly linked to the economic plunder of our country by Rwanda”.

    On that, she said that over 150 tons of coltan are illegally extracted and transported to Rwanda each month, where they are fraudulently labelled for export.  Yet, while this illicit commerce finances the military activities of armed groups, it is “only one aspect of the aggression carried out by Rwanda”, she stressed.  Others include the systematic targeting of peacekeeping forces, the 24 January assassination of the military governor of North Kivu and the sabotage of the Luanda Process.

    Underscoring that the Council “cannot content itself with declarations of concern or simply ‘remaining seized of the matter’”, she said that the organ’s duty is to “defend human life without distinction”.  It must therefore order an immediate end to Rwanda’s hostilities, impose targeted sanctions against those responsible for the aggression, impose an embargo on the export of all minerals labelled as Rwandan — particularly coltan and gold — and revoke Rwanda’s status as a troop-contributing country.  “History will remember your decision today,” she said.

    Meanwhile, Rwanda’s representative stressed:  “The current crisis could have been averted had the DRC Government demonstrated a genuine commitment to peace.”  While the Luanda Process achieved “significant milestones” — including a ceasefire that came into force on 4 August 2024 — the Government and Armed Forces of the Democratic Republic of the Congo decided to increase militarization in the country’s east in October 2024.  This included the deployment of heavy weaponry and additional troops — 10,000 from Burundi — along the border.

    “By prioritizing militarization of the conflict instead of embracing the regional mechanisms that have been put in place to foster a sustainable solution born out of dialogue, the conflict has continued to escalate — leading to the prevailing situation today,” he said.  He added that the FDLR has “even moved from being a suppletive force to a strategic ally of the Kinshasa Government”.  Further, he said that the President of the Democratic Republic of the Congo has publicly vowed to instigate regime change in Rwanda for two years now.

    While stating that “no one should harm peacekeepers”, he expressed concern that MONUSCO is “at the risk of being sucked into a conflict in which it would be a belligerent force”.  MONUSCO should therefore focus on protecting civilians instead of fighting alongside Kinshasa’s military coalition.  Noting that the situation today mirrors that which occurred 12 years ago, he stressed that “the DRC must play a helpful role — after all, this is a Congolese problem, for which the DRC is looking to outsource its solution.”

    “It is with profound regret that this meeting is taking place at a time when a number of peacekeepers have lost their lives in the line of duty,” observed South Africa’s representative.  Urging the Council to “send a clear message that peacekeepers’ lives matter”, she underlined the need to “value and safeguard the contribution of those entrusted to carry out the mandates adopted in this chamber”.  Extending condolences to all victims’ families, the representative of Uruguay reiterated his country’s “steadfast commitment to peace”.

    Angola’s representative pointed to “remarkable progress in the implementation of the Luanda Process”.  “We need speedy and unconditional de-escalation of the conflict and genuine, renewed engagement of the parties to explore the ways of overcoming the pending issues,” he added.  On that, Burundi’s representative said that the Luanda and Nairobi Processes “set out a clear road map to reach a lasting ceasefire”.  Calling on the Council to demand an end to foreign interference and act decisively to guarantee that the Democratic Republic of the Congo can fully exercise its sovereignty and restore peace, he stressed:  “Security and stability in Central Africa and beyond are at stake.”

    MIL OSI United Nations News –

  • MIL-Evening Report: 3 reasons to fear humanity won’t reach net-zero emissions – and 4 reasons we might just do it

    Source: The Conversation (Au and NZ) – By Nick Rowley, Honorary Associate Professor, The Crawford School of Public Policy, Australian National University

    UNIKYLUCKK/Shutterstock

    Within hours of taking office last week, President Donald Trump made good on his pledges to wind back the United States’ climate action – including withdrawing the US from the Paris Agreement.

    This political show comes barely a week after 2024 was revealed as the world’s hottest year and following the catastrophic Los Angeles fires. The fires directly killed 20 people; potentially many more will die from toxic smoke and other after-effects.

    The science is clear: achieving net-zero emissions by 2050 is humanity’s only hope of achieving some measure of climate security. It’s time to think deeply on our chances of getting there.

    Here, I outline a few reasons for pessimism, and for hope.

    Reasons for pessimism

    1. The data doesn’t lie

    The landmark Paris Agreement, signed by 196 nations in 2015, aimed to limit global temperature rise to well below 2°C above pre-industrial levels while pursuing efforts to limit it to 1.5°C. Achieving that requires reaching net-zero emissions by mid-century.

    Yet nearly a decade after the agreement, global emissions continue to rise. The Global Carbon Budget estimates a record-high 37.4 billion tonnes of CO₂ was emitted last year.

    And 2024 was not just the hottest year on record – it was the first year to exceed the 1.5°C temperature threshold.

    It’s not too late to change trajectory. But sadly, the data show the bathtub is fast filling, and the tap is still running hard.

    2. Renewable energy rollout is too slow

    Renewable energy deployment is increasing and the price is falling. But it’s not happening fast enough.

    According to the International Energy Agency, clean energy investment must more than double this decade if the net-zero goal is to be reached by 2050. In particular, clean energy investment in developing countries must increase significantly.

    Richer nations – which are largely responsible for the stock of emissions in the atmosphere driving the climate problem – are failing to help developing countries make the clean energy shift. At the COP29 climate talks in Baku last year, developed nations agreed to give only US$300 billion (A$474 billion) a year in climate finance to developing countries by 2035. It is nowhere near enough.

    Richer nations have not provided the funds the developing world needs to make the clean energy shift.
    PradeepGaurs/Shutterstock

    3. The net-zero smokescreen

    Net-zero emissions is not the same as zero emissions. It allows some industries to keep polluting, if equivalent emissions are removed from the atmosphere elsewhere to keep the balance at zero.

    This means nations that are purportedly committed to the net-zero goal can continue with business as usual, or worse.

    In 2023, for example, then-British Prime Minister Rishi Sunak announced 100 new oil and gas licences in the North Sea, saying it was “entirely consistent” with his government’s net-zero goal. The same logic has allowed Australia’s environment minister, Tanya Plibersek, to approve new coal mines.

    Both decisions came from governments that have pledged commitment to reaching net-zero – yet both are clearly making the goal harder to achieve.

    These are just a few of the reasons to feel pessimistic about getting to net-zero – there are many more.

    Barriers exist to extracting the critical minerals needed in low-emissions technology. Differences in human relationships to nature means we will never reach full agreement on how to respond to environmental risk. And globally, there is rising mistrust in international agreements and institutions.

    But it’s not all doom and gloom. Here’s why.

    Reasons for hope

    1. Renewable energy is cheap

    Renewable energy has become the cheapest form of new electricity in history. The technologies are now less expensive than coal and gas in most major countries.

    The International Energy Agency projects global renewable capacity will increase by more than 5,520 gigawatts between 2024 and 2030. This is 2.6 times more than the deployment over the six years to 2023.

    The growth in rooftop solar is expected to more than triple, as equipment costs decline and social acceptance increases.

    Renewable energy has become the [cheapest form of new electricity in history.
    Quality Stock Arts/Shutterstock

    2. Commitments to net-zero are many

    Global support for the net-zero goal is significant. According to Net Zero Tracker, 147 of 198 countries have set a net-zero target. Some 1,176 of the 2,000 largest publicly traded companies by revenue have also adopted it.

    Without seeing the plans, numbers, laws, regulations and investments required to achieve these ambitions, one should be sceptical – but not cynical.

    3. Tech innovation and climate response are in lock-step

    Twenty-five years ago, smartphones did not exist, email was new and we “surfed” a new thing called the worldwide web with a slow dial-up modem.

    Similarly, our technologies will look very different 25 years from now – and many developments will ultimately help deliver the net-zero goal.

    Smart electricity grids, for example, use digital technologies, sensors and software to precisely meet the demand of electricity users – making the system more efficient and reducing carbon emissions.

    The European Union, United States and China are all investing vast sums to support their development.

    Already, we can use smart meters to monitor electricity generation from our roofs to our cars and home batteries. This allows zero-emissions electricity to both be used and sold back to the grid.

    Tech innovation is not confined to the electricity sector. As Australia’s Climate Change Authority has stated, technology offers pathways to reduce emissions across the economy – in transport, agriculture, industry and more.

    We already have the means to monitor electricity generation and use at home.
    aslysun/Shutterstock

    4. Human talent and capacity

    Many of humanity’s best minds are now focused on reducing climate risk.

    Climate change mitigation is attracting remarkable professionals in roles unimaginable 25 years ago – from engineers developing breakthrough renewable technologies to financial experts designing green investment products, policy specialists crafting new regulations, and climate scientists refining our understanding of climate risk.

    And among much of the public, global support for climate action is strong.

    No time for despair

    The fact that humans caused climate change is an enabling truth: we also have the capacity to make decisions to address the problem.

    Our choices today will make a difference. It will be a bumpy road – but to achieve some measure of climate security, net-zero is a goal we must achieve.

    Nick Rowley 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. 3 reasons to fear humanity won’t reach net-zero emissions – and 4 reasons we might just do it – https://theconversation.com/3-reasons-to-fear-humanity-wont-reach-net-zero-emissions-and-4-reasons-we-might-just-do-it-247992

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: China Cultural Center holds event to celebrate Chinese New Year in Moscow

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

    China Cultural Center holds event to celebrate Chinese New Year in Moscow

    Updated: January 26, 2025 21:11 Xinhua
    Visitors experience Chinese calligraphy at the China Cultural Center in Moscow, Russia, Jan. 25, 2025. An event to celebrate the Chinese New Year is held here on Saturday, attracting many visitors. [Photo/Xinhua]
    People look at cultural and creative products at the China Cultural Center in Moscow, Russia, Jan. 25, 2025. [Photo/Xinhua]
    People look at painting and calligraphy works at the China Cultural Center in Moscow, Russia, Jan. 25, 2025. [Photo/Xinhua]
    People watch a staff member rubbing the Chinese character “fu” (meaning happiness, blessing, and good fortune) at the China Cultural Center in Moscow, Russia, Jan. 25, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: China to promote high-quality development of index investment in capital market

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

    BEIJING, Jan. 26 — The China Securities Regulatory Commission (CSRC) on Sunday released an action plan to promote the high-quality development of index investment in the Chinese capital market.

    According to the plan, the country will significantly increase the scale and proportion of index investment in the capital market while fostering a new development pattern for the public funds industry, where active and passive investment strategies develop in a coordinated manner and provide mutual reinforcement.

    China will also strengthen the asset allocation function of index funds, steadily enhance long-term returns for investors, and streamline the market entry of medium and long-term capital to build an ecosystem featuring long-term capital and long-term investment.

    The two-way opening-up of index investment will be promoted steadily, according to the document. China will expand the institutional opening-up of index products, improve the exchange-traded fund (ETF) connectivity mechanism, and attract foreign capital to participate in China’s A-share market through index investment.

    The CSRC has pledged to coordinate the efforts of various units and departments to optimize specific institutional arrangements, continue to spur the vitality of market institutions, and strengthen regulation and risk prevention efforts.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Hong Kong Customs detects case involving possession of suspected “space oil drug” by passengers (with photo)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs detects case involving possession of suspected “space oil drug” by passengers (with photo)
    Hong Kong Customs detects case involving possession of suspected “space oil drug” by passengers (with photo)
    ******************************************************************************************

         Hong Kong Customs yesterday (January 25) detected a case involving possession of suspected etomidate (the main ingredient of “space oil drug”), a kind of Part 1 poison under the Pharmacy and Poisons Regulations, by incoming passengers at the China Ferry Terminal in Tsim Sha Tsui. One vape stick containing suspected “space oil drug” was seized.     A 18-year-old woman and a 19-year-old woman arrived Hong Kong from the China Ferry Terminal yesterday. During customs clearance, a vape stick containing suspected “space oil drug” was found from the handbag of the 18-year-old woman. Upon investigation, the 19-year-old woman was found to be connected with the case. Both of them were then arrested.       The arrested women, both claimed to be students, have been jointly charged with one count of possession of Part 1 Poison and the case will be brought up at the Kowloon City Magistrates’ Courts tomorrow (January 27).     Under the Pharmacy and Poisons Ordinance, any person who possesses any poison included in Part 1 of the Poisons List other than in accordance with provisions commits an offence. The maximum penalty upon conviction is a fine of $100,000 and imprisonment for two years.     Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour report hotline 182 8080 or its dedicated crime reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

     
    Ends/Sunday, January 26, 2025Issued at HKT 20:05

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China issues over 734 mln USD of relief funds for disaster-affected people

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

    BEIJING, Jan. 26 — The Ministry of Emergency Management said on Sunday that 5.272 billion yuan (about 734.96 million U.S. dollars) of relief funds from the central budget had been fully distributed, benefiting 30.92 million people.

    These funds are intended to support local governments in helping those affected by natural disasters to deal with living difficulties during the winter and spring seasons.

    The ministry has also provided guidance and support to localities to better implement relief measures, accurately distribute relief funds and materials, and enhance the coordination of policy and resources.

    Regarding the sharp temperature plunges expected over the next few days, the ministry said it would step up monitoring of disaster developments in various regions to ensure that every affected person stays safe and warm during the winter.

    MIL OSI China News –

  • MIL-OSI China: China’s foreign investment, cooperation remain stable in 2024: official

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

    BEIJING, Jan. 26 — China’s foreign investment and cooperation saw steady growth in 2024, an official with the Ministry of Commerce (MOC) said Sunday.

    The country’s non-financial outbound direct investment rose 10.5 percent year on year to 143.85 billion U.S. dollars last year, with investments in the Association of Southeast Asian Nations (ASEAN) countries increasing by 12.6 percent year on year, according to the official.

    Investments in leasing, business services, manufacturing, and wholesale and retail sectors drove the growth. The turnover of China’s foreign contracted projects totaled 165.97 billion U.S. dollars in 2024, an increase of 3.1 percent year on year, the official said.

    In 2024, the number of workers dispatched abroad reached 409,000, a 17.9 percent increase year on year, with a total of 594,000 Chinese workers employed overseas by the end of the year.

    Non-financial investment in countries along the Belt and Road increased by 5.4 percent year on year to 33.69 billion U.S. dollars last year, MOC data showed.

    MIL OSI China News –

  • MIL-OSI China: ‘Detective Chinatown’ franchise marks 10th anniversary

    Source: China State Council Information Office 3

    A banquet on Saturday marked the 10th anniversary of Chen Sicheng’s blockbuster “Detective Chinatown” franchise while also showcasing its latest installment, which is scheduled for release during the Spring Festival.

    The cast and crew of the “Detective Chinatown” series pose for a group photo at a banquet celebrating the 10th anniversary of the blockbuster franchise in Beijing, Jan. 25, 2025. [Photo/China.org.cn]

    Past and present cast and crew members gathered for the occasion, along with executives, investors and collaborators involved in the franchise. Among those in attendance were director Chen, the architect of the franchise, and its two most recognizable leading actors, Wang Baoqiang and Liu Haoran.

    The event was filled with emotional moments as stars and fans exchanged greetings and gifts in person and via video clips, posed for photos, and cut a giant birthday cake. Chen shed tears upon seeing a video montage with congratulations from overseas Chinese who may not return to China for the Chinese New Year but voiced their support for the franchise. “I believe they will have truly unique feelings when they see our new installment, ‘Detective Chinatown 1900,’” he said on stage.

    The banquet served as a culminating event to promote “Detective Chinatown 1900,” the fourth entry and prequel in the wildly successful franchise. The director emphasized the film’s focus on exploring the origins of Chinatown in San Francisco.

    “When we made this film, we needed to understand why Chinatown existed in the first place,” he said. “When we went back to its beginnings, we discovered that Chinatown was not created for glory, but because of humiliation. Although our film is set in 1900, this story remains meaningful and poignant for us today. I hope we always use history as a mirror and a warning, and I hope China remains strong and does not revert to the backward ways of the past. We should thank the contemporary era and remember the pain it brought us. We must continuously strive for self-improvement, for only through this can we persevere.”

    The new film also introduces a character played by Hong Kong legend Chow Yun-fat, who plays an influential figure in protecting Chinese immigrants and contributing to the establishment of Chinatown. Chen said he wrote the script with Chow in mind, tailoring the role for one of his idols.

    The filmmaker highlighted the 1:1 scale replica of San Francisco’s Chinatown, which was constructed for the film and features over 200 buildings of different styles. This project was completed in just seven months at Laoling Film Studio in Shandong province, with support from the local government and businesses. 

    “This is Chinese speed, and it has created a miracle in Chinese film history,” the filmmaker said. “Many actors, including foreign performers, were in awe when they walked onto the set. I want to thank so many people, but I especially want to thank this era, which gives us filmmakers the opportunity to achieve our dreams.”

    This replica of San Francisco’s Chinatown will open to the public during the Spring Festival, coinciding with the film’s release.

    Actor Chow Yun-Fat and his wife interact with Chen Sicheng on stage at a banquet celebrating the 10th anniversary of the blockbuster franchise in Beijing, Jan. 25, 2025. [Photo/China.org.cn]

    Executives and distributors from competing film projects for the upcoming holiday season also attended the banquet. The presale box office for the six biggest movies has already surpassed 600 million yuan ($82 million) as of Sunday noon.

    “Let’s work in unity to boost China’s film market, set new records and bring confidence to our filmmakers and audiences,” Chen said.

    Looking at the familiar faces and new colleagues gathered, Chen remarked on the passage of time and the happiness it brings. “The past decade has been so interesting; it seems everything has changed, yet not much has changed. We are still here and working together.”

    Chow offered: “I hope you continue making ‘Detective Chinatown’ for the next 10, 20 and 30 years, and that I can still act in ‘Detective Chinatown’ when I’m 90.” His remarks drew enthusiastic cheers that echoed throughout the venue.

    MIL OSI China News –

  • MIL-OSI China: Visa-free policies ignite surge in foreign tourist arrivals

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

    BEIJING, Jan. 26 — As China continues to relax its visa-free policies, the country has seen a notable increase in foreign visitors joining the Spring Festival travel rush, eager to experience its rich cultural traditions.

    The Spring Festival travel rush, or chunyun, began on Jan. 14 and will continue through Feb. 22. Preliminary statistics show that ticket bookings for inbound flights during this period surged 47 percent year on year.

    As Japanese traveler Kyoko Shimada touched down at Shanghai Hongqiao International Airport, she was greeted by a vibrant display of red lanterns and paper cuttings featuring the Chinese character “fu,” a symbol of good fortune.

    Having long dreamed of visiting China, Shimada and her husband seized the chance to travel just ahead of the Spring Festival, taking advantage of China’s visa-free policy for Japanese citizens.

    “Although the airport was busy before the holiday, the immigration process was smooth and faster than I expected. The signs were clear, and some were even in Japanese,” Shimada said. During their three-day stay in Shanghai, the couple plans to enjoy the traditional lantern shows in the ancient Yuyuan Garden and savor the city’s local cuisine.

    In 2024, China further relaxed its visa policies to enhance openness and promote people-to-people exchanges, allowing more foreign travelers and business people to visit the country visa-free.

    A key development was the introduction of expanded unilateral visa-free entry policies in November 2024, allowing ordinary passport holders from 38 countries to stay in China for up to 30 days without needing a visa.

    The following month, China announced a relaxation in its visa-free transit policy, increasing the permitted stay for eligible foreign travelers to 240 hours, up from the previous limits of 72 or 144 hours.

    According to Trip.com Group, China’s online travel service giant, inbound travel orders from foreign tourists surged by 203 percent year on year during the Spring Festival, with the majority of visitors coming from the Republic of Korea, Malaysia, Singapore and Japan.

    Recently, Thai tourist Ruchanewan Binsaree traveled to the ancient city of Xi’an, the capital of northwest China’s Shaanxi Province, with a friend. “I’ve visited cities like Shanghai and Hangzhou before, but we came here specifically to see the famous Terracotta Warriors,” Binsaree said.

    During their trip, they explored the city’s historic architecture, strolled along a pedestrian street adorned with festive lanterns, and enjoyed watching locals dressed in red Hanfu, a traditional style of Chinese clothing.

    Since the first day of the Spring Festival travel rush, Xi’an’s port has welcomed more than 3,100 inbound foreign visitors, marking a 187 percent increase compared to the same period last year. Among them, over 1,800 availed of the visa-free policies, while more than 360 took advantage of the 240-hour visa-free transit option.

    Beyond air travel, the high-speed railway has become a popular option for foreign tourists during the Spring Festival rush, thanks to its convenience and efficiency.

    “We originally planned to visit northern cities for the Spring Festival, but the high-speed railway made it possible to explore more places in a shorter time,” said a tourist from the Netherlands, as she waited at Guangzhou South Railway Station in south China’s Guangdong Province. “We are eager to experience the unique traditions of different cities during the Chinese New Year, making this Spring Festival even more memorable.”

    Praising the clean, well-maintained environment of China’s railway stations, she said, “The process of entering the station was particularly smooth. Simply swiping my passport verified my identity and ticket information.”

    “China’s ongoing efforts to ease visa-free policies have attracted a growing number of foreign tourists, providing them with the opportunity to experience the country’s rich cuisine, vibrant culture and beautiful landscapes,” said Zhu Mao, deputy director of the culture and tourism development commission of southwest China’s Chongqing Municipality.

    This trend serves as a valuable platform for fostering people-to-people exchanges and deepening global understanding of China, he added.

    MIL OSI China News –

  • MIL-OSI China: Chinese leaders extend Spring Festival greetings to retired senior officials

    Source: China State Council Information Office 2

    President Xi Jinping and other Chinese leaders have visited or entrusted others to visit retired senior officials to extend greetings ahead of the Spring Festival, which falls on Jan. 29 this year.
    Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, and other leaders wished the retired senior officials a happy Spring Festival, good health and longevity.
    The retired senior officials spoke highly of the CPC Central Committee’s work over the past year and voiced wholehearted support for Xi’s core position on the CPC Central Committee and in the Party as a whole.
    They expressed the hope that the Party, the military and the people of all ethnic groups will unite even more closely around the Party Central Committee with Comrade Xi Jinping at its core to build China into a stronger country and achieve national rejuvenation through a Chinese path to modernization.

    MIL OSI China News –

  • MIL-OSI China: Cultural tourism promotion event on Spring Festival held in Brussels

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

    Cultural tourism promotion event on Spring Festival held in Brussels

    Updated: January 26, 2025 13:36 Xinhua
    Artists perform Kunqu Opera during a cultural tourism promotion event ahead of the Spring Festival, or the Chinese New Year, at the China Cultural Center in Brussels, Belgium, on Jan. 24, 2025. Various activities marking the upcoming Chinese New Year are being held in many countries around the world as the festival approaches. [Photo/Xinhua]
    Artists perform Kunqu Opera during a cultural tourism promotion event ahead of the Spring Festival, or the Chinese New Year, at the China Cultural Center in Brussels, Belgium, on Jan. 24, 2025. [Photo/Xinhua]
    A piece of Jinling paper-cutting work is presented during a cultural tourism promotion event ahead of the Spring Festival, or the Chinese New Year, at the China Cultural Center in Brussels, Belgium, on Jan. 24, 2025. [Photo/Xinhua]
    Children pose for photos with woodblock paintings of Chinese character “Fu” which means “good fortune” during a cultural tourism promotion event ahead of the Spring Festival, or the Chinese New Year, at the China Cultural Center in Brussels, Belgium, on Jan. 24, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: 2025 ‘Happy Chinese New Year’ global launching ceremony and gala held in Malaysian capital

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

    2025 ‘Happy Chinese New Year’ global launching ceremony and gala held in Malaysian capital

    Traditional Chinese Wushu is performed at the 2025 “Happy Chinese New Year” global launching ceremony and gala in Kuala Lumpur, Malaysia, on Jan. 25, 2025. [Photo/Xinhua]

    KUALA LUMPUR, Jan. 26 — The 2025 “Happy Chinese New Year” global launching ceremony and gala was held here on Saturday evening, featuring wonderful performances presented by actors from Malaysia and China.

    Malaysian Prime Minister Anwar Ibrahim, China’s Minister of Culture and Tourism Sun Yeli, and Malaysian Minister of Tourism, Arts and Culture Tiong King Sing attended the event and delivered speeches.

    At the beginning of the ceremony, distinguished guests from both the Malaysian and Chinese governments jointly performed the “dotting of the lion’s eyes” ritual, officially inaugurating the event.

    During the event, artists from China, Malaysia, Britain, France, the United States, New Zealand, Egypt, Cambodia, Kazakhstan, and some other countries collaborated in performances, fully showcasing the cultural essence of the Chinese New Year (Spring Festival) and creating a festive atmosphere of global celebration.

    Malaysian Prime Minister Anwar Ibrahim addresses the 2025 “Happy Chinese New Year” global launching ceremony and gala in Kuala Lumpur, Malaysia, on Jan. 25, 2025. [Photo/Xinhua]

    The “Happy Chinese New Year” celebrations worldwide, organized by the Chinese Ministry of Culture and Tourism, have been held annually for 25 consecutive years.

    The year 2025 will mark the first Chinese New Year following the festival’s successful inscription on UNESCO’s list of Intangible Cultural Heritage of Humanity.

    This year, the “Happy Chinese New Year” event will feature nearly 500 diverse performances and exhibitions across more than 100 countries and regions worldwide.

    MIL OSI China News –

  • MIL-OSI China: Presidential election kicks off in Belarus

    Source: China State Council Information Office

    The presidential election kicked off in Belarus on Sunday with polling stations opening at 8:00 a.m. (0500 GMT) and closing at 8 p.m. (1700 GMT).

    Five candidates, including incumbent President Alexander Lukashenko, have been registered for the presidential election.

    Voters will cast their ballots at 5,325 polling stations nationwide and the number of voters stands at about 6.9 million, according to the country’s Central Election Commission.

    Elections are considered valid if more than half of the citizens included in the voter list cast their ballots. The head of state is considered elected if a candidate is supported by more than half of the voters who took part in the voting.

    Early voting for the country’s presidential election took place from Jan. 21 to 25. The Central Election Commission said Saturday that 41.81 percent of eligible voters have cast their ballots during the five-day early voting session, which is organized for those unable to vote on the election day.

    MIL OSI China News –

  • MIL-OSI China: 4 Israeli hostages arrive in Israel after released by Hamas in Gaza

    Source: China State Council Information Office

    Four Israeli hostages are seen during the ceremony of their release in Palestine Square in Gaza City on Jan. 25, 2025. [Photo/Xinhua]

    Four female Israeli soldier hostages held in Gaza were transferred to the Israel Defense Forces (IDF) and the Israel Security Agency (ISA) on Saturday and crossed the border into Israel, the IDF and the ISA said in a joint statement.

    Liri Albag, Karina Ariev, Daniella Gilboa, and Naama Levy, army observers aged between 19 and 20, were abducted by Hamas from the Israeli army’s surveillance base at Nahal Oz on Oct. 7, 2023, near the Gaza Strip border.

    “The four returning hostages were accompanied by IDF special forces and ISA forces on their return to Israeli territory, where they will undergo an initial medical assessment,” the statement reads.

    The four are scheduled to meet their families at the IDF’s Reim camp, near the Gaza Strip border, and from there they will be transferred by helicopter to Beilinson Hospital in central Israel.

    The transfer of the four soldiers from Hamas to the Red Cross in Gaza was broadcast live. The four appeared to be in good health, walking and smiling.

    The hostage release is part of the second phase of a prisoner-hostage exchange between Hamas and Israel, implemented under the initial terms of a ceasefire agreement.

    The first stage of the six-week ceasefire took effect on Jan. 19.

    The ceasefire agreement between Hamas and Israel was reached after 15 months of intense fighting, as a result of negotiations mediated by Egypt, Qatar and the United States.

    MIL OSI China News –

  • MIL-OSI China: Black box of S. Korea’s crashed plane stops recording after bird strike warning

    Source: China State Council Information Office

    This photo shows the site of an airplane crash at the Muan International Airport, some 290 km southwest of Seoul, South Korea, Dec. 29, 2024. [Photo/NEWSIS via Xinhua]

    The black box of an airplane that crashed in South Korea’s southwestern airport late last month stopped recording just a minute after the warning of bird strike, the transport ministry said Saturday.

    The Ministry of Land, Infrastructure and Transport’s aviation railway accident investigation committee held a meeting with the bereaved families to disclose the analysis of the passenger jet’s flight data recorder (FDR) and cockpit voice recorder (CVR).

    The flight control tower warned the ill-fated plane of a possible bird strike just one minute before the jet’s FDR and CVR stopped recording simultaneously.

    Immediately before the discontinued recording, the plane’s power supply was believed to have been cut off as both of its engines collided with birds.

    One of the pilots declared a Mayday, caused by the bird strike, to the control tower during a go-around.

    The airport’s closed-circuit television (CCTV) footage showed that the airplane struck a flock of birds, while feathers and bloodstains of one of the country’s most common winter birds were found from both of the engines.

    On Dec. 29 last year, the passenger jet landed without heels, skidded off the runway and hit a concrete mound equipped with a localizer at the end of the runway at Muan International Airport, some 290 km southwest of the capital Seoul.

    The localizer refers to a part of the instrument landing system providing aircraft with runway centerline guidance.

    A total of 179 of the 181 people aboard the aircraft were confirmed dead. Only two were rescued.

    MIL OSI China News –

  • MIL-OSI China: Announcement on Open Market Operations No.19 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.19 [2025]

    (Open Market Operations Office, January 26, 2025)

    In order to keep liquidity adequate before the Spring Festival, the People’s Bank of China conducted reverse repo operations in the amount of RMB151 billion through quantity bidding at a fixed interest rate on January 26, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    14 days

    RMB151 billion

    1.65%

    Date of last update Nov. 29 2018

    2025年01月26日

    MIL OSI China News –

  • MIL-OSI Global: Finding ‘Kape’: How Language Documentation helps us preserve an endangered language

    Source: The Conversation – Indonesia – By Francesco Perono Cacciafoco, Associate Professor in Linguistics, Xi’an Jiaotong-Liverpool University

    Shiyue Wu, a member of Francesco Perono Cacciafoco’s research team at Xi’an Jiaotong-Liverpool University (XJTLU), who is currently developing intensive fieldwork in Alor Island to document and preserve endangered languages, discovered and first documented Kape during a Language Documentation fieldwork in August 2024 and therefore actively contributed to this study.

    As of 2025, more than 7000 languages are spoken across the world. However, only about half of them are properly documented, leaving the rest at risk of disappearing.

    Globalisation has propelled languages such as English and Chinese into the mainstream, and they now dominate global communication.

    Parents today prefer their children learn widely-spoken languages. Meanwhile, indigenous languages, such as Copainalá Zoque in Mexico and Northern Ndebele in Zimbabwe, are not even consistently taught in schools.

    Indigenous people generally did not use writing for centuries and, therefore, their languages do not have ancient written records. This has contributed to their gradual disappearance.

    To prevent the loss of endangered languages, field linguists – or language documentarists – work to ensure that new generations have access to their cultural heritage. Their efforts reveal the vocabulary and structure of these languages and the stories and traditions embedded within them.

    My research team and I have spent over 13 years documenting endangered Papuan languages in Southeast and East Indonesia, particularly in the Alor-Pantar Archipelago, near Timor, and the Maluku Islands. One of our significant and very recent discoveries is Kape, a previously undocumented and neglected language spoken by small coastal communities in Central-Northern Alor.

    Not only is the discovery important for mapping the linguistic context of the island, but it also highlights the urgency of preserving endangered languages by employing Language Documentation methods.

    The discovery of Kape

    In August 2024, while working with our Abui consultants, Shiyue Wu, my Research Assistant at Xi’an Jiaotong-Liverpool University, discovered a previously-ignored, presumably undocumented Papuan language from Alor, ‘Kape’.

    At the time, she was gathering information about the names and locations of ritual altars known as ‘maasang’ in the Abui area, with assistance from our main consultant and several native speakers. In Central Alor, every village has a ‘maasang’.

    During conversations about the variants in altar names across Alor languages and Abui dialects, some speakers mentioned the name of the ‘maasang’ (‘mata’) in Kape—a language previously unrecorded and overlooked in linguistic documentation.

    ‘Kape’ translates to ‘rope’, symbolising how the language connects its speakers across the island, from the mountains to the sea. Geographically and linguistically, it is associated with Kabola in the east and Abui and Kamang in Central Alor.

    At this stage, it is unclear whether Kape is a distinct language or a dialect of Kamang, as the two are mutually intelligible. Much of Kape’s basic lexicon (the collection of words in one language), indeed, shares cognates (related words among languages) with Kamang.

    However, Kape is spoken as the primary (native) language by the whole Kape ethnic group of Alor, and the speakers consider themselves an independent linguistic and ethnic community. This could serve as an element for regarding Kape as a language.

    Kape also shows connections with Suboo, Tiyei, and Adang, other Papuan languages from Alor Island. The speakers, known as ‘Kafel’ in Abui, are multilingual, fluent, to some extent, in Kape, Kamang, Bahasa Indonesia, Alor Malay, and, sometimes, Abui.

    So far, no historical records have been found for Kape, though archival research may reveal more about its origins. Based on its typology and lexical characteristics, Kape appears as ancient as other languages spoken in Alor. Like many Papuan languages, it is critically endangered and requires urgent documentation to preserve its legacy.

    Documenting languages: An ongoing challenge

    Language Documentation aims to reconstruct the unwritten history of indigenous peoples and to guarantee the future of their cultures and languages. This is accomplished by preserving endangered, scarcely documented or entirely undocumented languages in disadvantaged and remote areas.

    External sources, like diaries by missionaries and documentation produced by colonisers, can help reconstruct some historical events. However, they are insufficient for providing reliable linguistic data since the authors were not linguists.

    My research team and I document endangered languages, starting with their lexicon and grammar. Eventually, we also explore the ancient traditions and ancestral wisdom of the native speakers we work with.

    We have contributed to the documentation of several Papuan languages from Alor Island, especially Abui, Kula, and Sawila. These languages are spoken among small, sometimes dispersed communities of indigenous peoples belonging to different but related ethnic clusters.

    They communicate with each other mostly in Bahasa Indonesia and Alor Malay. This is because their local languages are almost never taught in schools and are rarely used outside their groups.

    Over time, in addition to documenting their lexicons and grammars, we worked to reconstruct their place-names and landscape names, oral traditions, foundation myths, ancestral legends and the names of plants and trees they use.

    We also explored their traditional medical practices and local ethnobotany, along with their musical culture and number systems.

    Safeguarding Kape is not just linguistically relevant. Its preservation and documentation are not just about attesting its existence – they also contribute to revitalising the language, keeping it alive, and allowing the local community to rediscover its history, knowledge, and traditions to pass down to the next generations.

    This journey has just begun, but my team and I – with the indispensable collaboration from our local consultants and native speakers – are prepared to go all the way towards its completion.

    Francesco Perono Cacciafoco received funding from Xi’an Jiaotong-Liverpool University (XJTLU): Research Development Fund (RDF) Grant, “Place Names and Cultural Identity: Toponyms and Their Diachronic Evolution among the Kula People from Alor Island”, Grant Number: RDF-23-01-014, School of Humanities and Social Sciences (HSS), Xi’an Jiaotong-Liverpool University (XJTLU), Suzhou (Jiangsu), China, 2024-2025.

    – ref. Finding ‘Kape’: How Language Documentation helps us preserve an endangered language – https://theconversation.com/finding-kape-how-language-documentation-helps-us-preserve-an-endangered-language-247465

    MIL OSI – Global Reports –

  • MIL-OSI: Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Nov. 05, 2024 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended September 28, 2024.

    For the first quarter of fiscal year 2025, Key Tronic reported total revenue of $131.6 million, compared to $150.1 million in the same period of fiscal year 2024. Revenue in the first quarter of fiscal year 2025 was adversely impacted by customer-driven design and qualification delays of three programs that we believe impacted revenue by approximately $9 million. These delays have since been resolved on two of these programs and shipments have resumed in the second quarter.   Production in Key Tronic’s Mexico facilities in the first quarter of fiscal year 2025 increased by approximately 10% sequentially from the prior quarter.  

    The Company saw significant improvement in its production efficiencies compared to the first quarter of fiscal year 2024, primarily as a result of recent headcount reductions, continued improvements in the supply chain and a favorable decline in the exchange rate of the Mexican Peso. Gross margins were 10.1% and operating margins were 3.4% in the first quarter of fiscal year 2025, up from 7.2% and 2.2%, respectively, in the same period of fiscal year 2024.

    Net income was $1.1 million or $0.10 per share for the first quarter of fiscal year 2025, compared to net income of $0.3 million or $0.03 per share for the same period of fiscal year 2024.   Adjusted net income was $1.2 million or $0.11 per share for the first quarter of fiscal year 2025, compared to $0.0 million or $0.00 per share for the same period of fiscal year 2024. See “Non-GAAP Financial Measures,” below for additional information about adjusted net income and adjusted net income per share.

    “While we did not meet revenue expectations in our first quarter of fiscal 2025 due to unavoidable delays for a few programs, we are pleased to see our improved operating efficiencies, margins, and liquidity,” said Brett Larsen, President and CEO. “The recent workforce reductions in Mexico, trimming of non-profitable programs, and making a concerted effort to improve working capital are starting to pay off.   We also continued to reduce our inventories, which are now much more in line with our revenue levels. Over the longer term, we expect that these strategic changes will improve our overall profitability.”  

    “During the first quarter, we also continued to win new business, including new programs in manufacturing equipment, vehicle lighting, and commercial pest control.   We believe we are well positioned for increased growth and profitability in coming periods.”

    The financial data presented for the first quarter of fiscal 2025 should be considered preliminary and could be subject to change, as the Company’s independent auditor has not completed their review procedures.

    Business Outlook

    For the second quarter of fiscal 2025, Key Tronic expects to report revenue in the range of $130 million to $140 million and earnings in the range $0.05 to $0.15 per diluted share. These expected results assume an effective tax rate of 20% in the coming quarter.

    Conference Call

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 7268667). The Company will also reference accompanying slides that can be viewed with the webcast at www.keytronic.com under “Investor Relations”. A replay will be available at www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use certain non-GAAP financial measures, adjusted net income and adjusted net income per share, diluted. We provide these non-GAAP financial measures because we believe they provide greater transparency related to our core operations and represent supplemental information used by management in its financial and operational decision making. We exclude (or include) certain items in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe this facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain income and expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. See the table below entitled “Reconciliation of GAAP to non-GAAP measures” for reconciliations of adjusted net income to the most directly comparable GAAP measure, which is GAAP net income, and the computation of adjusted net income per share, diluted.

     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    Net sales $ 131,558     $ 150,112  
    Cost of sales   118,255       139,250  
    Gross profit   13,303       10,862  
    Research, development and engineering expenses   2,289       2,241  
    Selling, general and administrative expenses   6,570       5,784  
    Gain on insurance proceeds, net of losses   —       (431 )
    Total operating expenses   8,859       7,594  
    Operating income   4,444       3,268  
    Interest expense, net   3,263       3,011  
    Income before income taxes   1,181       257  
    Income tax (benefit) provision   57       (78 )
    Net income $ 1,124     $ 335  
    Net income per share — Basic $ 0.10     $ 0.03  
    Weighted average shares outstanding — Basic   10,762       10,762  
    Net income per share — Diluted $ 0.10     $ 0.03  
    Weighted average shares outstanding — Diluted   10,762       11,003  
     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
        September 28, 2024   June 29, 2024
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 6,555     $ 4,752  
    Trade receivables, net of credit losses of $3,129 and $2,918     133,984       132,559  
    Contract assets     23,626       21,250  
    Inventories, net     95,845       105,099  
    Other, net of credit losses of $1,642 and $1,679     28,273       24,739  
    Total current assets     288,283       288,399  
    Property, plant and equipment, net     27,910       28,806  
    Operating lease right-of-use assets, net     14,612       15,416  
    Other assets:        
    Deferred income tax asset     18,394       17,376  
    Other     6,735       5,346  
    Total other assets     25,129       22,722  
    Total assets   $ 355,934     $ 355,343  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable   $ 83,768     $ 79,394  
    Accrued compensation and vacation     6,870       6,510  
    Current portion of long-term debt     3,057       3,123  
    Other     18,450       15,149  
    Total current liabilities     112,145       104,176  
    Long-term liabilities:        
    Long-term debt, net     109,675       116,383  
    Operating lease liabilities     9,573       10,312  
    Deferred income tax liability     74       263  
    Other long-term obligations     124       219  
    Total long-term liabilities     119,446       127,177  
    Total liabilities     231,591       231,353  
    Shareholders’ equity:        
    Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively     47,351       47,284  
    Retained earnings     78,045       76,921  
    Accumulated other comprehensive income (loss)     (1,053 )     (215 )
    Total shareholders’ equity     124,343       123,990  
    Total liabilities and shareholders’ equity   $ 355,934     $ 355,343  
             
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    Reconciliation of GAAP to non-GAAP measures
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    GAAP net income $ 1,124     $ 335  
    Gain on insurance proceeds (net of losses)   —       (431 )
    Stock-based compensation expense   67       59  
    Income tax effect of non-GAAP adjustments (1)   (13 )     74  
    Adjusted net income: $ 1,178     $ 37  
           
    Adjusted net income per share — non-GAAP Diluted $ 0.11     $ 0.00  
    Weighted average shares outstanding — Diluted   10,762       11,003  
           
    (1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods.
             
    CONTACTS:   Tony Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509)-927-5345   (206) 729-3625

    The MIL Network –

  • MIL-OSI: Microchip Technology Announces Financial Results for Second Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    • Net sales of $1.164 billion, down 6.2% sequentially and down 48.4% from the year ago quarter. The midpoint of our guidance provided on August 1, 2024 was net sales of $1.150 billion.
    • Revenue, gross profit and non-GAAP gross profit were positively impacted by a $13.3 million legal settlement. This settlement also positively impacted GAAP and non-GAAP EPS by $0.02 per diluted share.
    • On a GAAP basis: gross profit of 57.4%; operating income of $146.6 million and 12.6% of net sales; net income of $78.4 million; and EPS of $0.14 per diluted share. Our guidance provided on August 1, 2024 was for GAAP EPS of $0.10 to $0.14 per diluted share.
    • On a Non-GAAP basis: gross profit of 59.5%; operating income of $340.8 million and 29.3% of net sales; net income of $250.2 million; and EPS of $0.46 per diluted share. Our guidance provided on August 1, 2024 was for Non-GAAP EPS of $0.40 to $0.46 per diluted share.
    • Returned approximately $261.0 million to stockholders in the September quarter through dividends of $243.7 million and the repurchase of $17.3 million, or 0.2 million shares of our common stock, at an average price of $76.86 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased $2.444 billion, or 31.4 million shares, over the last twelve quarters.
    • Record quarterly dividend declared today for the December quarter of 45.5 cents per share, an increase of 3.6% from the year ago quarter.

    CHANDLER, Ariz., Nov. 05, 2024 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months ended September 30, 2024, as summarized in the table below.

      Three Months Ended September 30, 2024(1)
    Net sales $1,163.8      
      GAAP % Non-GAAP(2) %
    Gross profit $668.5 57.4% $692.9 59.5%
    Operating income $146.6 12.6% $340.8 29.3%
    Other expense $(55.1)   $(53.3)  
    Income tax provision $13.1   $37.3  
    Net income $78.4 6.7% $250.2 21.5%
    Net income per diluted share $0.14   $0.46  
             

    (1) In millions, except per share amounts and percentages of net sales.
    (2) See the “Use of Non-GAAP Financial Measures” section of this release.

    Net sales for the second quarter of fiscal 2025 were $1.164 billion, down 48.4% from net sales of $2.254 billion in the prior year’s second fiscal quarter.

    GAAP net income for the second quarter of fiscal 2025 was $78.4 million, or $0.14 per diluted share, down from GAAP net income of $666.6 million, or $1.21 per diluted share, in the prior year’s second fiscal quarter. For the second quarters of fiscal 2025 and fiscal 2024, GAAP net income was adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions.

    Non-GAAP net income for the second quarter of fiscal 2025 was $250.2 million, or $0.46 per diluted share, down from non-GAAP net income of $889.3 million, or $1.62 per diluted share, in the prior year’s second fiscal quarter. For the second quarters of fiscal 2025 and fiscal 2024, our non-GAAP results exclude the effect of share-based compensation, cybersecurity incident expenses, other manufacturing adjustments, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, and losses on the settlement of debt. For the second quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the applicable fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act. A reconciliation of our non-GAAP and GAAP results is included in this press release.

    Microchip announced today that its Board of Directors declared a record quarterly cash dividend on its common stock of 45.5 cents per share, up 3.6% from the year ago quarter. The quarterly dividend is payable on December 6, 2024 to stockholders of record on November 22, 2024.

    “Our September quarter results were consistent with our guidance, as we continued to navigate through an inventory correction that’s occurring in the midst of macro weakness for many manufacturing businesses, accentuated by heightened weakness in our European business which is concentrated with Industrial and Automotive customers,” said Ganesh Moorthy, President and Chief Executive Officer. “The ‘green shoots’ we saw in recent quarters have progressed unevenly with essentially flat sequential bookings, normalized cancellation rates and much higher expedite requests, which we believe are all positive signs for a potential bottom formation despite limited visibility.”

    Eric Bjornholt, Microchip’s Chief Financial Officer, said, “Our September quarter results reflect continued customer destocking efforts and sluggish end-market demand. We are maintaining strong cost discipline and balance sheet management while taking actions to ensure operational readiness for the anticipated market recovery.”

    Rich Simoncic, Microchip’s Chief Operating Officer, said, “Our Total System Solutions approach is driving strong execution and seeing growing adoption in AI-accelerated servers in the data center markets. Our PCIe switches, SSD controllers, CXL solutions, and associated power and timing products are key to continuing to strengthen our data center portfolio. With our expanding capabilities, we believe we are well-positioned to capitalize on opportunities in this growth market.”

    Mr. Moorthy concluded, “For the December quarter, we expect net sales between $1.025 billion and $1.095 billion. While substantial inventory destocking has occurred, we continue to face macro uncertainties in what is historically our seasonally weakest quarter. Our design-in momentum continues to remain strong, driven by our Total System Solutions strategy and key market megatrends.”

    Third Quarter Fiscal Year 2025 Outlook:

    The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

      Microchip Consolidated Guidance
    Net Sales $1.025 to $1.095 billion    
      GAAP Non-GAAP Adjustments(1) Non-GAAP(1)
    Gross Profit 56.2% to 58.1% $8.4 to $9.4 million 57.0% to 59.0%
    Operating Expenses(2) 49.1% to 51.4% $170.0 to $174.0 million 33.2% to 34.8%
    Operating Income 4.8% to 9.1% $178.4 to $183.4 million 22.2% to 25.8%
    Other Expense, net $69.3 to $69.7 million ($0.2) to $0.2 million $69.5 million
    Income Tax Provision $1.0 to $13.0 million(3) $12.6 to $21.1 million $22.1 to $25.6 million(4)
    Net Income (loss) ($21.1) to $16.5 million $157.0 to $170.9 million $135.9 to $187.4 million
    Diluted Common Shares Outstanding Approximately 537.3 to 543.0 million shares   Approximately 543.0 million shares
    Earnings (Loss) per Diluted Share ($0.04) to $0.03 $0.29 to $0.32 $0.25 to $0.35
           
    (1)  See the “Use of Non-GAAP Financial Measures” section of this release for information regarding our non-GAAP guidance.
    (2) We are not able to estimate the amount of certain Special Charges and Other, net that may be incurred during the quarter ending December 31, 2024. Therefore, our estimate of GAAP operating expenses excludes certain amounts that may be recognized as Special Charges and Other, net in the quarter ending December 31, 2024.
    (3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.
    (4) Represents the expected cash tax rate for fiscal 2025, excluding any transition tax payments associated with the Tax Cuts and Jobs Act.
       

    Capital expenditures for the quarter ending December 31, 2024 are expected to be about $20 million. Capital expenditures for all of fiscal 2025 are expected to be about $150 million. We are selectively adding capital equipment to maintain, grow and operate our internal manufacturing capabilities to support the expected growth of our business.

    Under the GAAP revenue recognition standard, we are required to recognize revenue when control of the product changes from us to a customer or distributor. We focus our sales and marketing efforts on creating demand for our products in the end markets we serve and not on moving inventory into our distribution network. We also manage our manufacturing and supply chain operations, including our distributor relationships, towards the goal of having our products available at the time and location the end customer desires.

    Use of Non-GAAP Financial Measures:  Our non-GAAP adjustments, where applicable, include the effect of share-based compensation, cybersecurity incident expenses, other manufacturing adjustments, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, and losses on the settlement of debt. For the second quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act.

    We are required to estimate the cost of certain forms of share-based compensation, including employee stock options, restricted stock units, and our employee stock purchase plan, and to record a commensurate expense in our income statement. Share-based compensation expense is a non-cash expense that varies in amount from period to period and is affected by the price of our stock at the date of grant. The price of our stock is affected by market forces that are difficult to predict and are not within the control of management. Our other non-GAAP adjustments are either non-cash expenses, unusual or infrequent items, or other expenses related to transactions. Management excludes all of these items from its internal operating forecasts and models.

    We are using non-GAAP operating expenses in dollars, including non-GAAP research and development expenses and non-GAAP selling, general and administrative expenses, non-GAAP other expense, net, and non-GAAP income tax rate, which exclude the items noted above, as applicable, to permit additional analysis of our performance.

    Management believes these non-GAAP measures are useful to investors because they enhance the understanding of our historical financial performance and comparability between periods. Many of our investors have requested that we disclose this non-GAAP information because they believe it is useful in understanding our performance as it excludes non-cash and other charges that many investors feel may obscure our underlying operating results. Management uses non-GAAP measures to manage and assess the profitability of our business and for compensation purposes. We also use our non-GAAP results when developing and monitoring our budgets and spending. Our determination of these non-GAAP measures might not be the same as similarly titled measures used by other companies, and it should not be construed as a substitute for amounts determined in accordance with GAAP. There are limitations associated with using these non-GAAP measures, including that they exclude financial information that some may consider important in evaluating our performance. Management compensates for this by presenting information on both a GAAP and non-GAAP basis for investors and providing reconciliations of the GAAP and non-GAAP results.

    Generally, gross profit fluctuates over time, driven primarily by the mix of products sold and licensing revenue; variances in manufacturing yields; fixed cost absorption; wafer fab loading levels; costs of wafers from foundries; inventory reserves; pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses fluctuate over time, primarily due to net sales and profit levels.

    Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the exercise of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures (additional information regarding our share count is available in the investor relations section of our website under the heading “Supplemental Financial Information”), and repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the December 2024 quarter between $75 and $85 per share (however, we make no prediction as to what our actual share price will be for such period or any other period and we cannot estimate what our stock option exercise activity will be during the quarter).

    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (in millions, except per share amounts; unaudited)
     
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Net sales $ 1,163.8     $ 2,254.3     $ 2,405.1     $ 4,542.9  
    Cost of sales   495.3       726.9       999.7       1,457.1  
    Gross profit   668.5       1,527.4       1,405.4       3,085.8  
                   
    Research and development   240.7       292.6       482.4       591.1  
    Selling, general and administrative   157.0       196.6       307.5       400.2  
    Amortization of acquired intangible assets   122.7       151.4       245.7       302.9  
    Special charges and other, net   1.5       1.8       4.1       3.5  
    Operating expenses   521.9       642.4       1,039.7       1,297.7  
                   
    Operating income   146.6       885.0       365.7       1,788.1  
                   
    Other expense, net   (55.1 )     (51.4 )     (112.4 )     (106.2 )
    Income before income taxes   91.5       833.6       253.3       1,681.9  
    Income tax provision   13.1       167.0       45.6       348.9  
    Net income $ 78.4     $ 666.6     $ 207.7     $ 1,333.0  
                   
    Basic net income per common share $ 0.15     $ 1.23     $ 0.39     $ 2.45  
    Diluted net income per common share $ 0.14     $ 1.21     $ 0.38     $ 2.42  
                   
    Basic common shares outstanding   536.7       543.1       536.7       544.1  
    Diluted common shares outstanding   542.0       549.2       542.4       550.3  
                                   
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in millions; unaudited)
     
    ASSETS
      September 30,   March 31,
      2024   2024
    Cash and short-term investments $ 286.1   $ 319.7
    Accounts receivable, net   1,044.3     1,143.7
    Inventories   1,339.6     1,316.0
    Other current assets   235.5     233.6
    Total current assets   2,905.5     3,013.0
           
    Property, plant and equipment, net   1,171.2     1,194.6
    Other assets   11,545.6     11,665.6
    Total assets $ 15,622.3   $ 15,873.2
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
           
    Accounts payable and accrued liabilities $ 1,339.4   $ 1,520.0
    Current portion of long-term debt   1,946.3     999.4
    Total current liabilities   3,285.7     2,519.4
           
    Long-term debt   4,476.6     5,000.4
    Long-term income tax payable   590.4     649.2
    Long-term deferred tax liability   29.8     28.8
    Other long-term liabilities   963.9     1,017.6
           
    Stockholders’ equity   6,275.9     6,657.8
    Total liabilities and stockholders’ equity $ 15,622.3   $ 15,873.2
               
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (in millions, except per share amounts and percentages; unaudited)
     
    RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Gross profit, as reported $ 668.5     $ 1,527.4     $ 1,405.4     $ 3,085.8  
    Share-based compensation expense   4.3       7.4       10.9       14.2  
    Cybersecurity incident expenses   20.1       —       20.1       —  
    Non-GAAP gross profit $ 692.9     $ 1,534.8     $ 1,436.4     $ 3,100.0  
    GAAP gross profit percentage   57.4 %     67.8 %     58.4 %     67.9 %
    Non-GAAP gross profit percentage   59.5 %     68.1 %     59.7 %     68.2 %
                                   
    RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Research and development expenses, as reported $ 240.7     $ 292.6     $ 482.4     $ 591.1  
    Share-based compensation expense   (26.9 )     (23.7 )     (50.2 )     (46.6 )
    Other adjustments   —       (0.2 )     —       (0.4 )
    Non-GAAP research and development expenses $ 213.8     $ 268.7     $ 432.2     $ 544.1  
    GAAP research and development expenses as a percentage of net sales   20.7 %     13.0 %     20.1 %     13.0 %
    Non-GAAP research and development expenses as a percentage of net sales   18.4 %     11.9 %     18.0 %     12.0 %
                                   
    RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Selling, general and administrative expenses, as reported $ 157.0     $ 196.6     $ 307.5     $ 400.2  
    Share-based compensation expense   (15.1 )     (14.3 )     (29.2 )     (29.1 )
    Cybersecurity incident expenses   (1.3 )     —       (1.3 )     —  
    Other adjustments   (2.1 )     (0.6 )     (3.4 )     0.5  
    Professional services associated with certain legal matters   (0.2 )     (0.3 )     (0.7 )     (0.8 )
    Non-GAAP selling, general and administrative expenses $ 138.3     $ 181.4     $ 272.9     $ 370.8  
    GAAP selling, general and administrative expenses as a percentage of net sales   13.5 %     8.7 %     12.8 %     8.8 %
    Non-GAAP selling, general and administrative expenses as a percentage of net sales   11.9 %     8.0 %     11.3 %     8.2 %
                                   
    RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Operating expenses, as reported $ 521.9     $ 642.4     $ 1,039.7     $ 1,297.7  
    Share-based compensation expense   (42.0 )     (38.0 )     (79.4 )     (75.7 )
    Cybersecurity incident expenses   (1.3 )     —       (1.3 )     —  
    Other adjustments   (2.1 )     (0.8 )     (3.4 )     0.1  
    Professional services associated with certain legal matters   (0.2 )     (0.3 )     (0.7 )     (0.8 )
    Amortization of acquired intangible assets(1)   (122.7 )     (151.4 )     (245.7 )     (302.9 )
    Special charges and other, net   (1.5 )     (1.8 )     (4.1 )     (3.5 )
    Non-GAAP operating expenses $ 352.1     $ 450.1     $ 705.1     $ 914.9  
    GAAP operating expenses as a percentage of net sales   44.8 %     28.5 %     43.2 %     28.6 %
    Non-GAAP operating expenses as a percentage of net sales   30.3 %     20.0 %     29.3 %     20.1 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures.

    RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Operating income, as reported $ 146.6     $ 885.0     $ 365.7     $ 1,788.1  
    Share-based compensation expense   46.3       45.4       90.3       89.9  
    Cybersecurity incident expenses   21.4       —       21.4       —  
    Other adjustments   2.1       0.8       3.4       (0.1 )
    Professional services associated with certain legal matters   0.2       0.3       0.7       0.8  
    Amortization of acquired intangible assets(1)   122.7       151.4       245.7       302.9  
    Special charges and other, net   1.5       1.8       4.1       3.5  
    Non-GAAP operating income $ 340.8     $ 1,084.7     $ 731.3     $ 2,185.1  
    GAAP operating income as a percentage of net sales   12.6 %     39.3 %     15.2 %     39.4 %
    Non-GAAP operating income as a percentage of net sales   29.3 %     48.1 %     30.4 %     48.1 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures. The use of acquired intangible assets contributed to our revenues earned during the periods presented.

    RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Other expense, net, as reported $ (55.1 )   $ (51.4 )   $ (112.4 )   $ (106.2 )
    Loss on settlement of debt   —       3.1       —       12.2  
    Loss on available-for-sale investments   1.8       —       1.8       —  
    Non-GAAP other expense, net $ (53.3 )   $ (48.3 )   $ (110.6 )   $ (94.0 )
    GAAP other expense, net, as a percentage of net sales (4.7) %   (2.3) %   (4.7) %   (2.3) %
    Non-GAAP other expense, net, as a percentage of net sales (4.6) %   (2.1) %   (4.6) %   (2.1) %
                   
    RECONCILIATION OF GAAP INCOME TAX PROVISION TO NON-GAAP INCOME TAX PROVISION
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Income tax provision as reported $ 13.1     $ 167.0     $ 45.6     $ 348.9  
    Income tax rate, as reported   14.3 %     20.0 %     18.0 %     20.7 %
    Other non-GAAP tax adjustment   24.2       (19.9 )     35.0       (52.4 )
    Non-GAAP income tax provision $ 37.3     $ 147.1     $ 80.6     $ 296.5  
    Non-GAAP income tax rate   13.0 %     14.2 %     13.0 %     14.2 %
                                   
    RECONCILIATION OF GAAP NET INCOME AND GAAP DILUTED NET INCOME PER COMMON SHARE TO NON-GAAP NET INCOME AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Net income, as reported $ 78.4     $ 666.6     $ 207.7     $ 1,333.0  
    Share-based compensation expense   46.3       45.4       90.3       89.9  
    Cybersecurity incident expenses   21.4       —       21.4       —  
    Other adjustments   2.1       0.8       3.4       (0.1 )
    Professional services associated with certain legal matters   0.2       0.3       0.7       0.8  
    Amortization of acquired intangible assets   122.7       151.4       245.7       302.9  
    Special charges and other, net   1.5       1.8       4.1       3.5  
    Loss on settlement of debt   —       3.1       —       12.2  
    Loss on available-for-sale investments   1.8       —       1.8       —  
    Other non-GAAP tax adjustment   (24.2 )     19.9       (35.0 )     52.4  
    Non-GAAP net income $ 250.2     $ 889.3     $ 540.1     $ 1,794.6  
    GAAP net income as a percentage of net sales   6.7 %     29.6 %     8.6 %     29.3 %
    Non-GAAP net income as a percentage of net sales   21.5 %     39.4 %     22.5 %     39.5 %
    Diluted net income per common share, as reported $ 0.14     $ 1.21     $ 0.38     $ 2.42  
    Non-GAAP diluted net income per common share $ 0.46     $ 1.62     $ 1.00     $ 3.26  
    Diluted common shares outstanding, as reported   542.0       549.2       542.4       550.3  
    Diluted common shares outstanding non-GAAP   542.0       549.2       542.4       550.3  
                                   
    RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    GAAP cash flow from operations, as reported $ 43.6     $ 616.2     $ 420.7     $ 1,609.4  
    Capital expenditures   (20.8 )     (74.4 )     (93.7 )     (185.5 )
    Free cash flow $ 22.8     $ 541.8     $ 327.0     $ 1,423.9  
    GAAP cash flow from operations as a percentage of net sales   3.7 %     27.3 %     17.5 %     35.4 %
    Free cash flow as a percentage of net sales   2.0 %     24.0 %     13.6 %     31.3 %
                                   

    Microchip will host a conference call today, November 5, 2024 at 5:00 p.m. (Eastern Time) to discuss this release. This call will be simulcast over the Internet at www.microchip.com. The webcast will be available for replay until November 26, 2024.

    A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) on November 5, 2024 and will remain available until 5:00 p.m. (Eastern Time) on November 26, 2024. Interested parties may listen to the replay by dialing 201-612-7415/877-660-6853 and entering access code 13747161.

    Cautionary Statement:

    The statements in this release relating to continuing to navigate through an inventory correction, macro weakness for many manufacturing businesses, heightened weakness in our European business, that the green shoots we saw in recent quarters have progressed unevenly, our belief that these are all positive signs for a potential bottom formation despite limited visibility, that we are maintaining strong cost discipline and balance sheet management while taking actions to ensure operational readiness for the anticipated market recovery, that our Total System Solutions approach is driving strong execution and seeing growing adoption in AI-accelerated servers in the data center markets, that our PCIe switches, SSD controllers, CXL solutions, and associated power and timing products are key to continuing to strengthen our data center portfolio, that we believe we are well-positioned to capitalize on opportunities in this growth market, that for the December quarter we expect net sales between $1.025 billion and $1.095 billion, that we continue to face macro uncertainties in what is historically our seasonally weakest quarter, that our design-in momentum continues to remain strong, driven by our Total System Solutions strategy and key market megatrends, our third quarter fiscal 2025 guidance for net sales and GAAP and non-GAAP gross profit, operating expenses, operating income, other expense, net, income tax provision, net income, diluted common shares outstanding, earnings per diluted share, capital expenditures for the December 2024 quarter and for all of fiscal 2025, selectively adding capital equipment to maintain, grow and operate our internal manufacturing capabilities to support the expected growth of our business, our belief that non-GAAP measures are useful to investors and our assumed average stock price in the December 2024 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in interest rates, high inflation or the impact of the COVID-19 pandemic (including lock-downs in China), actions taken or which may be taken by the Biden administration or the U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East and the outcome of the U.S. elections in November), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017), foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

    For a detailed discussion of these and other risk factors, please refer to Microchip’s filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this November 5, 2024 press release, or to reflect the occurrence of unanticipated events.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 116,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    INVESTOR RELATIONS CONTACT:
    Sajid Daudi — Head of Investor Relations….. (480) 792-7385

    The MIL Network –

  • MIL-OSI China: Chinese premier meets with Mongolian PM in Shanghai

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

    Chinese Premier Li Qiang meets with Mongolian Prime Minister Luvsannamsrai Oyun-Erdene, who is in China to attend the seventh China International Import Expo, in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 5 — Chinese Premier Li Qiang on Tuesday met with Mongolian Prime Minister Luvsannamsrai Oyun-Erdene, who is in Shanghai to attend the seventh China International Import Expo (CIIE).

    Li said that under the strategic guidance of the two heads of state, China and Mongolia have maintained sound, stable momentum in their bilateral relations in recent years. China values its friendly cooperation with Mongolia highly, and considers Mongolia a priority in its neighborhood diplomacy, he noted.

    He said that both sides should implement the important consensus reached by the two heads of state to deepen practical cooperation for the benefit of the two peoples.

    Li noted that China will synergize its development strategy with Mongolia further, step up trade and investment cooperation, and enhance cooperation on infrastructure construction in such areas as port connectivity, mining and hydropower stations.

    The premier encouraged both sides to tap into the cooperation potential of emerging industries such as the high-tech and green development sectors, and support more capable Chinese enterprises to invest and do business in Mongolia.

    China will work with Mongolia and other Asian countries in the pursuit of peace, solidarity and cooperation, and enhance exchange and coordination within the frameworks of multilateral mechanisms such as the Shanghai Cooperation Organization.

    Oyun-Erdene said that Mongolia abides firmly by the one-China policy, and is willing to maintain mutual respect and support on issues bearing on each other’s core interests.

    Mongolia stands ready to deepen mutually beneficial cooperation with China in such areas as energy, urban planning and desertification control, and explore cooperation in new fields including artificial intelligence, green development and human resources, he said.

    Chinese Premier Li Qiang meets with Mongolian Prime Minister Luvsannamsrai Oyun-Erdene, who is in China to attend the seventh China International Import Expo, in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Chinese premier meets Serbian PM

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

    Chinese Premier Li Qiang meets with Serbian Prime Minister Milos Vucevic, who is in China to attend the 7th China International Import Expo, in Shanghai, east China, Nov. 5, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 5 — Chinese Premier Li Qiang met with Serbian Prime Minister Milos Vucevic in Shanghai on Tuesday, who is here to attend the 7th China International Import Expo (CIIE).

    Noting that China always attaches great importance to its relations with Serbia, Li said that China stands ready to work with Serbia to further implement the important consensus reached by the two heads of state, maintain close strategic communication, deepen political mutual trust, firmly support each other’s core interests and major concerns, take bilateral cooperation in various fields to a new level, and advance the building of a China-Serbia community with a shared future in a new era with high quality.

    Li said that China is willing to work with Serbia to strengthen the docking of development strategies, jointly implement the China-Serbia free trade agreement, build and operate key cooperation projects, accelerate cooperation in green, digital and artificial intelligence innovation areas, and achieve more mutually beneficial and win-win results.

    It is hoped that Serbia will continue to provide a sound business environment for Chinese enterprises to invest and do business in Serbia, Li said, adding that the two sides should further deepen exchanges and cooperation on culture, tourism, education, sports, media and youth to consolidate popular support for building a China-Serbia community with a shared future.

    Vucevic said Serbia firmly abides by the one-China principle, appreciates China for its firm support on issues concerning Serbia’s sovereignty and territorial integrity, and looks forward to closer exchanges with China, well implementing the bilateral free trade agreement under the framework of the Belt and Road Initiative, deepening practical cooperation in such fields as economy and trade, education, science and technology, medical and health care, transportation and agriculture, and strengthening people-to-people exchanges.

    Chinese Premier Li Qiang meets with Serbian Prime Minister Milos Vucevic, who is in China to attend the 7th China International Import Expo, in Shanghai, east China, Nov. 5, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Chinese premier meets Malaysian PM in Shanghai

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

    Chinese Premier Li Qiang meets with Malaysian Prime Minister Anwar Ibrahim, who is in China to attend the seventh China International Import Expo, in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 5 — Chinese Premier Li Qiang met on Tuesday with Malaysian Prime Minister Anwar Ibrahim, who is in Shanghai to attend the 7th China International Import Expo.

    Li said that China-Malaysia relations have entered a new stage of historical development and are moving steadily toward the goal of building a China-Malaysia community with a shared future.

    He said that China is ready to work with Malaysia to implement the important consensus reached by the leaders of the two countries, uphold mutual respect and mutual trust, treat each other as equals and cooperate for win-win results, working together to achieve common development and prosperity of the two countries.

    Li said China is willing to continue with firmly supporting each other on issues involving each other’s core interests and major concerns, strengthening the docking of development strategies and the exchange of experience in governance, improving the layout of cooperation in various fields, and boosting the modernization process of the two countries with high-level strategic cooperation.

    He called on the two sides to steadily advance flagship projects such as the East Coast Rail Link and the Malaysia-China “Two Countries, Twin Parks,” tap into the cooperation potential in emerging areas, and constantly expand new space for cooperation.

    China will continue to promote cultural exchanges and mutual learning with Malaysia, strengthen cooperation on education and visa facilitation, and encourage the two peoples, especially the youth, to visit each other more often to enhance mutual understanding and friendship, he said.

    Li said China will strongly support Malaysia in assuming the rotating presidency of the Association of Southeast Asian Nations (ASEAN) next year, and is ready to strengthen coordination and cooperation with Malaysia within China-ASEAN and other multilateral frameworks to jointly advance regional economic integration, safeguard ASEAN centrality and safeguard the peaceful development of Asia.

    Anwar noted that China is Malaysia’s good friend and good partner. Malaysia is willing to deepen Belt and Road cooperation with China, promote cooperation in such areas as trade, investment, digital economy and education, and enhance people-to-people exchanges, he added.

    Malaysia supports China in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, said Anwar.

    He noted that as the rotating presidency of ASEAN next year, Malaysia will take this opportunity to enhance coordination with China on international and regional issues.

    Chinese Premier Li Qiang meets with Malaysian Prime Minister Anwar Ibrahim, who is in China to attend the seventh China International Import Expo, in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: World Urban Forum participants praise China’s efforts to promote urban greening

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

    CAIRO, Nov. 5 — Participants at the 12th session of the World Urban Forum (WUF12) in Egypt on Tuesday spoken highly of the Chinese experience in promoting green cities.

    “The Chinese steps towards urban greening, with much focus on promoting the concept of nature in cities, are noticeable,” said Simon Borelli, urban forestry officer and coordinator of Green Cities Initiatives Forestry Division of the UN Food and Agriculture Organization.

    “Looking at recreating natural ecosystems, and not just rows of trees and plantations, is an essential step forward for making cities more resilient and more prepared for climate change,” he added, stressing that China has been working on building park cities with a more holistic view.

    Noting China’s focus on improving urban living, the coordinator said its experience could benefit Africa, home to the largest number of developing countries.

    Shi Nan, secretary general of the Urban Planning Society of China, said, “We are trying to share our experiences and also the lessons regarding sustainable development.”

    “The city is not only … a settlement for people, but also the home for animals, forest, trees, and grasses,” he said.

    Regarding Egypt’s urban development, Shi said he was impressed by Egypt’s rich civilization, which has played a significant role in the country’s urban growth.

    There is significant potential for cooperation between China and Egypt, both of which boast ancient civilizations, he added.

    Co-organized by the United Nations Human Settlements Programme (UN-Habitat) and the Egyptian government, the WUF12 commenced on Monday and will continue until Friday.

    MIL OSI China News –

  • MIL-OSI China: China-Europe SMILE satellite to depart for Europe

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

    China-Europe SMILE satellite to depart for Europe

    Updated: November 6, 2024 09:01 Xinhua
    Technicians check the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. The SMILE is a joint mission between the CAS and the European Space Agency (ESA) that aims to deepen the understanding of the Sun-Earth connection by observing the dynamic interaction between the solar wind and the Earth’s magnetosphere. The SMILE satellite has completed the development work in China, including satellite testing, system interface testing and environmental experiments, according to the National Space Science Center of the CAS. The SMILE is about to depart for Europe. It is scheduled for launch by the end of 2025 from Europe’s space launch site in Kourou, French Guiana, by Arianespace’s Vega-C launch vehicle. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician measures the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Technicians check the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Technicians pack the battery pack of the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Customs officers check the packages for the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician packs the battery pack of the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Technicians measure the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: HK release soars to top of national box office

    Source: China State Council Information Office 3

    Cesium Fallout, a disaster film starring icons Andy Lau and Bai Yu, overtook Hollywood blockbuster Venom: The Last Dance to become the country’s new box-office champion on Monday.

    As of Nov 4, the feature directed by Anthony Pun has grossed around 90 million yuan ($12.7 million) since its debut on Friday, according to the movie information live tracer, Beacon.

    Set in Hong Kong, it follows two parallel storylines about teams of specialists and firefighters as they try to prevent a doomsday disaster following an accident that leads to the release of Cesium-137, a radioactive isotope.

    During the film’s Beijing premiere last week, executive producer Bill Kong, revealed that his inspiration for the film stemmed from reports about the illegal transshipment of waste from other countries.

    He consulted environmental experts, who disclosed that some foreign companies previously dumped electronic waste overseas to reduce recycling expenses, with a portion being directed to Hong Kong.

    He emphasized the danger posed by electronic waste, highlighting the potential environmental harm if the substances they contain leached into the soil, contaminating water sources, and expressed the hope that the film would increase public awareness of the issue.

    MIL OSI China News –

  • MIL-Evening Report: US presidential election holds high stakes for Pacific relations

    PMN Pacific Mornings

    With Election Day for one of the most consequential United States presidential races in recent history underway, Pasifika communities on both sides of the Pacific Ocean are considering how a new administration could impact US-Pacific relations.

    Roy Tongilava, a public policy professional and Pacific community advocate in the United States, hopes to see improved US-Pacific relations under either a Harris or Trump administration.

    “I’m not an expert in foreign affairs, but my hope would be that either a presidency under Harris or under Trump would continue to build those relations, to build those investments, to really help not only combat climate change but also to really aid in the Pacific development, which is inherently connected to what I believe is the Pacific Islander American experience,” he said.

    Pacific commentators Roy Tongilava (left) and Christian Malietoa-Brown . . . interviewed by Pacific Media Network’s Pacific Mornings programme. Image: PMN

    New Zealand political commentator and former chair of the National Party’s Pacific Blues group, Christian Malietoa-Brown, is backing Donald Trump in the presidential race.

    He says the Pacific is caught in a “tug-of-war” between major powers like the US and China, with Australia playing an increasingly significant role.

    “For me, I think in terms of long-term investment, Trump likes to prevent war by showing strength . . .  I think they [the US] will strategically put some investments here just because they don’t want China running around too much in this area for defence reasons.

    “Under the Biden administration, we saw record investment down this way in the Pacific region, obviously to try and push away China’s influence in the region,” Malietoa-Brown says.

    Picking a big player
    “So you have China, you have America, you have Russia, you have India that’s coming up big,” Malietoa-Brown said.

    “And if I had to pick a big player to be in charge of the world, I would pretty much stick to America as it is right now, because that’s the devil we know, rather than someone else that we don’t know. And that’s probably purely a selfish thing.”

    Tongilava agrees that the Joe Biden administration has been positive for the Pacific region in terms of investment.

    “The Biden administration has pumped record investment into the Pacific to a number of things, infrastructure, education, all of that. Ultimately, though, to try and cool off and push away China’s advances towards this region.

    “We’ve seen Vice-President Harris during her time as Vicep-President really commit to climate change as well as building relations within the Pacific region,” he said.

    Education concerns
     For Tongilava, who is part of the South Pacific Islander Organization (SPIO), a nonpartisan non-profit organisation that champions education and workforce development for Pacific youth, this election has serious implications for youth.

    “Our mission is laser focused on enhancing college access, college retention, and degree completion for Native Hawai’ian and Pacific Islander students throughout our college systems,” Tongilava said.

    “A lot of our work has focused on expanding educational opportunity and workforce development for young Pacific Islander students.

    “In terms of education, I think it is crucial that Pacific Islanders turn out today in support of the policies specifically that may hinder or create opportunity for their families and for their communities,” Tongilava said.

    He said it was crucial that Pacific Islanders vote in support of the specific policies that might hinder or create opportunities for their families and their communities.

    Tongilava is concerned about Trump’s proposal to dismantle the US Department of Education, noting that such a move would disproportionately harm communities like the Pacific Islanders, who often rely on federal support for educational programmes.

    “This raises additional questions around what role does the federal government play within our school systems here within states and at the local level. For many Pacific Islander Americans, we live in under-resourced communities,” Tongilava said.

    Republished from Pacific Media Network with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Trio arrested over alleged blessing scam

    Source: New Zealand Police (National News)

    Attribute to Detective Senior Sergeant Craig Bolton, Auckland City Financial Crime Unit:

    Three suspected scammers have been arrested trying to leave New Zealand with a large quantity of cash from their alleged victims. 

    A 50-year-old man and two women, 59 and 53, were arrested at Auckland International Airport yesterday by detectives from the Auckland City Financial Crime Unit. The trio, all Chinese nationals, were arrested just before they checked in for their flights to China.

    They arrived in New Zealand on 10 October. Police alleged that two days later, they began operating a blessing scam – a form of fraud targeting immigrant or elderly communities who are deceived into believing they or their loved ones are cursed or in spiritual danger.

    Police have jointly charged the three suspects with two counts of obtaining by deception. The charges relate to two victims – one who lost $14,500 and jewellery and another who lost $15,000.

    The accused were remanded in custody following their arrest and are due to appear in the Auckland District Court today. Police are continuing to tally the money that has been recovered, but it is a substantial amount.

    Perpetrators of blessing scams pose as healers or spiritual practitioners, offering to remove the curse or bring good fortune in exchange for money or valuable items. Victims are pressured to hand over cash or jewellery, typically instructed not to open the packages they receive, only to later discover that the contents are worthless.

    While the Financial Crime Unit has identified two victims so far, it’s highly likely more people were targeted.

    We urge anyone who may have fallen victim to this scam to contact us and encourage members of New Zealand’s Chinese community to talk with elderly relatives and make a report if they have been scammed.

    If you have any information that could help our enquiries, please contact us at https://105.police.govt.nz or call 105.

    In New Zealand, blessing scams have predominantly targeted Chinese communities, exploiting cultural beliefs in spiritual healing and curses. This type of fraud has been active in New Zealand for more than 15 years, with a notable rise in cases in Auckland in recent years.

    Police have continued to raise awareness within at-risk communities, yet these fraudulent activities persist, often carried out by well-coordinated groups.

    Police remain committed to protecting all members of the public from fraud and financial harm, and ensuring that everyone feels safe from deceptive practices.

    We encourage the community to stay vigilant against scams and to remain cautious when approached by individuals offering unsolicited services.

    If you suspect that you may have fallen victim to a scam, please contact Police via 105 immediately.

    ENDS

    Issued by the Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI China: Taikonauts to conduct in-orbit experiments on fruit flies

    Source: China State Council Information Office 2

    The newly launched Shenzhou-19 taikonauts have embarked on their six-month journey aboard China’s space station. Their packed schedule includes 86 sci-tech experiments, with a particularly intriguing one – the fruit fly research, aimed at studying the growth and behaviors of these insects at a distance of 400 km above Earth.
    The fruit fly is one of the model species frequently used in genetic experiments. It is small, measuring only 3 to 4 mm in length, and has a short life cycle with fast reproduction capabilities, enabling it to produce a large number of offspring within a short period, according to Zhang Wei, a researcher involved in the selection of in-orbit scientific experiments, at the Technology and Engineering Center for Space Utilization under the Chinese Academy of Sciences.
    “The genes of fruit flies share many similarities with those of humans, so the study can help with understanding human genetic diseases and provide insights into how humans adapt to space environments,” Zhang said in a recent interview.
    He also noted that future space research plans will involve conducting experiments on mice, which are more complex life forms compared to fruit flies.
    “We have planned to send mice to space for breeding on an animal platform. And some lab mice in space may be brought back to Earth for further study, which will focus on their nerves, bones, muscles and immunity,” the researcher added.
    This is the first time that China has taken the small insects into space, and the aim of the study seems to be exploring the deeper universe.
    According to scientists, Earth provides a magnetic field as a basic guarantee for our daily lives, but Mars does not possess similar strong magnetic protection and the moon has none at all. Understanding how the human body responds to such an environment remains a major challenge in space exploration.
    “So we have to conduct relevant research in advance, creating a sub-magnetic environment and observing how the fruit flies develop, grow and behave,” Zhang said.
    China launched the Shenzhou-19 (Magical Ship) crewed spaceship on Oct. 30, sending three taikonauts, two male and one female, to its orbiting space station Tiangong (Heavenly Palace) for a half-year stay. The trio in mid-November will witness the arrival of Tianzhou-8 (Sky Ship) cargo craft, which will send up supplies and experiment payloads, including the sub-magnetic facility with fruit flies, according to the researcher.
    The previous Shenzhou-18 crew during their six-month mission also performed numerous experiments inside the national space lab, and one task was creating an “aquarium” and raising four zebra fish and four grams of goldfish algae in zero gravity, a breakthrough in the field of raising vertebrates in space.
    Not only the taikonauts found joy in the space “aquarium,” but it also paved the way for their future counterparts to enjoy nutritious fish from their own in-orbit harvests.
    According to scientists, the water, fish eggs and other experimental samples obtained through the space “aquarium” have been brought back to Earth with the crew on Monday. These samples will provide valuable data for scientists to study vertebrate lives.
    Besides life science experiments, the orbiting taikonauts will carry out research on materials, including rare earth soft magnetic materials, blade materials for gas turbines and special functional crystals. These findings will provide insights for developing advanced instruments on Earth.

    MIL OSI China News –

  • MIL-OSI China: Notable strides made in higher education

    Source: China State Council Information Office 2

    A student and family members pose for a photo at a national college entrance examination site in Shijiazhuang, north China’s Hebei Province, June 9, 2024. [Photo/Xinhua]
    In recent years, China has made remarkable strides in the development of its higher education system, particularly through the initiative of building world-class universities and disciplines with Chinese characteristics, Education Minister Huai Jinpeng said.
    The “Double First Class” initiative, which was launched to develop a set of world-class institutions and disciplines in China, has undergone two rounds of changes, Huai said when delivering a report which was submitted to an ongoing session of the Standing Committee of the National People’s Congress, China’s top legislature, for review on Tuesday.
    The first round identified 140 universities and 465 disciplines to be part of the initiative and the second round has added seven universities and 41 disciplines, with an emphasis on foundational and cutting-edge fields that are critical to the country’s development, according to the report.
    China has implemented programs for basic disciplines, establishing 288 elite student training bases, 14 national centers for talent development in mathematics and physics and 16 interdisciplinary research centers, aiming to contribute to significant advances in disciplines such as quantum science, materials engineering and space exploration, it said.
    Universities are evaluated based on their overall development and growth potential. Some top-tier institutions like Peking University and Tsinghua University are allowed to autonomously determine their own disciplines, creating a model for personalized growth, Huai said.
    Since 2016, China has invested over 166.7 billion yuan ($23.4 billion) in “Double First Class” universities to support the development of these institutions and their high-level research programs, the report said.
    Universities involved in the initiative have trained more than half of China’s master’s degree students and 80 percent of its doctoral students.
    Focusing on national strategic needs, 84 new undergraduate majors have been added, including interdisciplinary engineering, intelligent sensing engineering and carbon storage science, it added.
    However, the traditional academic structure in Chinese universities, which was based on departments and disciplines, limits the flexibility required to foster innovative, interdisciplinary talent, Huai said.
    “The model for talent development needs to evolve, with greater emphasis on integrating STEM or science, technology, engineering and mathematics, with the humanities, and on strengthening collaboration between education and industry,” he said.
    Moreover, China still faces challenges in producing leading-edge and disruptive innovations, particularly in fundamental research. The potential for universities to contribute more effectively to economic and social development has not been fully realized, and the commercialization of scientific discoveries remains insufficient, the report said.
    “There is still a gap when compared to top universities in developed countries,” Huai said. The ability to attract and retain global talent is a key challenge, as is China’s participation in global educational governance, especially in cutting-edge fields like artificial intelligence, he said.
    There is an urgent need to refine the criteria for evaluating disciplines, particularly for interdisciplinary studies and social sciences. The lack of a clear, characteristic development model for “Double First Class” universities further complicates the process of building distinct, world-class institutions, according to the report.
    In response to these challenges, a more tailored evaluation system should be developed, focusing on contributions to society, especially in areas such as ideological leadership, national security and social stability, Huai said.
    To cultivate top talent, China should strengthen early identification of potential innovators and foster a more integrated talent development model that combines research with education, according to the report.
    Special emphasis should be placed on developing engineers, professionals in emerging fields, and interdisciplinary researchers. Improving core curriculum and integrating research breakthroughs into teaching will help nurture a new generation of world-class talent, it added.
    The ability to attract top international talent will be crucial to building globally competitive institutions, according to the report.

    MIL OSI China News –

  • MIL-OSI China: China leads in combating desertification

    Source: China State Council Information Office 2

    Workers plant Caragana seedlings at Baijitan national nature reserve of Lingwu, northwest China’s Ningxia Hui Autonomous Region, March 19, 2024. [Photo/Xinhua]
    With more than half of its reclaimable desertified land treated, China has taken the lead globally in achieving zero growth in land degradation and become the largest contributor to global afforestation, according to the National Forestry and Grassland Administration.
    Since 2012, China has seen its desertified land decrease by 4.3 million hectares, said Guan Zhiou, head of the administration, reporting to an ongoing session of the Standing Committee of the National People’s Congress, the country’s top legislature, on Tuesday.
    “This demonstrates a positive trend of overall improvement and accelerated enhancement,” he said.
    He credited the achievement to a series of concerted efforts by the country to promote initiatives aimed at controlling desertification, underpinned by the establishment of a robust and effective legal framework.
    Currently, the legal framework has included six national laws, including laws for sand prevention and control, as well as forest and wetland conservation, he noted, adding the 13 key provincial regions for desertification control have all enacted regional regulations on the issue.
    He highlighted the significant roles of a series of projects in tackling desertification, including the Three-North Shelterbelt Forest Program, which was launched in 1978.
    Thanks to these projects, 35.9 million hectares of desertified land have been brought under protection and 7.9 million hectares of such land have been effectively treated, he shared.
    Guan elaborated that within the expansive scope of the Three-North program spanning from northwestern to northeastern China, the forest coverage rate has risen significantly from approximately 12.4 percent to 13.8 percent. Moreover, effective measures have successfully controlled soil erosion on 61 percent of the affected land.
    He continued by noting that within the Yellow River Basin, the boundary delineating regions with and without vegetation cover has shifted approximately 300 kilometers westward. Due to these efforts, northern China has embraced a remarkable decrease in the number of days with severe sand and dust weather, he added.
    He also noted, however, China is still confronted with an arduous task to forge ahead with desertification control, considering the size of its desertified land and the severity.
    “Currently, there are 47.2 million hectares of desertified land that can be reclaimed across the country,” he said. “Of them, 22.2 million hectares remain untreated, mainly concentrated in the Three-North region and are all hard nuts to crack,” he said.
    The official vows a series of measures to advance the work, including incentivizing the public and enterprises to participate in desertification control.
    China will tap into different modes to encourage farmers and herdsmen to participate in desertification control, he continued.

    MIL OSI China News –