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Category: Climate Change

  • MIL-OSI New Zealand: Mindful Money – Use your KiwiSaver for climate action

    Source: Mindful Money

    On International Day of Climate Action 2024, New Zealand charity Mindful Money is calling on Kiwis to drive climate action with their investments’. Most of us want to do our bit to help avoid climate chaos. A crucial – and easy – step that Kiwis can take is to reduce the emissions that result from their KiwiSaver and other investments.

    Mindful Money is highlighting three actions that Kiwis can take to reduce the emissions financed by their investments.

    Climate action 1: Avoid funding the fossil fools

    Everyone with a KiwiSaver fund has the power to ensure their money doesn’t fuel climate change. There is over a billion dollars of KiwiSaver funds invested in hard core climate polluters that are still increasing their emissions, instead of transitioning to renewable energy.

    Mindful Money Co-CEO Barry Coates explained: “This year’s Climate Action Day comes at a time when floods, fires, lethal heat and cyclones are devastating the lives of millions of vulnerable people, and wreaking havoc on our oceans, glaciers, forests and species. Kiwis can reduce their own contribution by choosing not to invest in the companies causing the most damage.”

    The highest emissions are from the major coal, oil and gas companies that have made billions of dollars in profits while denying the problem and delaying and obstructing climate policy. A mere 57 oil, gas, coal and cement producers are directly linked to 80% of the world’s global fossil CO2 emissions since the 2015 Paris climate agreement.

    The public companies, Shell, ExxonMobil, Chevron, BP and TotalEnergies were the five largest emitters between 2016 and 2022.

    New Zealanders still invest large amounts in these fossil fools. Analysis by Mindful Money across all 376 KiwiSaver funds shows that $3.75 billion was invested in fossil fuel companies at end March 2024. More than a third of that was invested in the companies that are still expanding their production, instead of transitioning to renewable energy.

    Investors in fossil fuel expanders are also taking financial risks from future declines in demand for fossil fuels and stranded assets – the reserves and production infrastructure that will become worthless as renewable energy replaces fossil fuels.

    Barry Coates commented: “Surveys show that 71% of Kiwis want to avoid fossil fuels companies in their investment funds. But most KiwiSaver funds invest in fossil fuels, including those the companies that are still expanding their production. Everyone with a KiwiSaver or some kind of investment can play their part in cutting off investment into the worst climate polluters.”

    ACTION (estimated 15 minutes): Members of the public can go to Mindful Money’s website to find out if their KiwiSaver fund is invested in these companies. It’s quick, easy and free to check your fund, and then find a fund that is better for the climate. https://mindfulmoney.nz/kiwisaver/checker/

    Climate action 2: Don’t fall for the greenwashing

    Over half of Kiwis surveyed are concerned about greenwashing – misleading claims that companies or funds are ‘climate friendly’ or ‘green’ or ‘sustainable’. There has been growing international pressure on companies and funds that make empty promises in order to boost their profits, but little action in New Zealand.

    The EU, UK and other governments are introducing rules on green claims by companies and funds to prevent greenwashing, and regulators are taking action. The Australian Securities and Investment Commission (ASIC) has taken 47 regulatory actions against greenwashing over the past 15 months. 

    There have been three court cases including a fine of $14 million for global fund manager, Vanguard. New Zealand’s Financial Markets Authority (FMA) has repeatedly warned they will take action against misleading claims but has yet to take action. Meanwhile KiwiSaver and investment funds are still claiming green credentials while investing in the fossil fools.

    Barry Coates commented: “It is not surprising the New Zealand public is concerned about greenwashing. Most funds in New Zealand claim to use some form of Environmental, Social and Governance (ESG) management in their investment. But these ESG claims are not consistent with investment portfolios that contain companies destroying the world’s climate and facing huge financial risks.”

    “The New Zealand government is still failing to tackle greenwashing by the providers of KiwiSaver and other funds whose claims are not backed up by their actual investments. Investors need to take action themselves to ensure that their investments are not adding fuel to the climate fire.”

    Without government action in New Zealand, the responsibility for avoiding greenwash falls on individual investors. It is now easy for members of the public to get free information about the reality of where their money goes. Mindful Money’s website not only shows the fossil fuel investments for all KiwiSaver and investment funds, but identifies those that are still expanding their production.

    ACTION: Those with KiwiSaver and investment funds should call on their fund providers to provide evidence of their ESG or sustainability claims, including specifics about the companies they invest in. Information provided by the fund providers can be checked out with the investment listing on Mindful Money. http://www.mindfulmoney.nz/kiwisaver/checker/  

    Climate Action 3: Add your voice for change

    International cooperation in the form of a Fossil Fuel Treaty is needed to stop the major fossil fuel companies from blocking progress towards investment in renewable energy. International treaties have been developed to phase out other forms of harmful products, including landmines and nuclear weapons. The  Fossil Fuel Non-Proliferation Treaty is being proposed to manage a global transition to a safe and affordable energy future for all.  It has been endorsed by 14 governments (not including New Zealand) and thousands of leaders from across civil society and local government, including Wellington City Council and Kāpiti Coast District Council.

    ACTION: Members of the public are encouraged to work with organisations, networks, faiths, academic institutions and Councils to support the treaty, and to sign the treaty themselves. https://fossilfueltreaty.org/

    Barry Coates concluded: “The Treaty is important to focus government attention on the fossil fuel industry. For the third year in a row, the next climate summit in December 2024 will be held in a country producing oil and gas (Azerbaijan). Fossil fuel lobbyists will again be given privileged access. The Fossil Fuel Treaty is a way to bring the issues of fossil fuel phaseout into the climate negotiations.”

    Notes:

    International Climate Day of Action is on Thursday 24th October. It is a time for citizens around the world to consider the actions they can take to help avoid the worsening climate crisis.

    Mindful Money’s Fund Checker enables members of the public to check the investments in their KiwiSaver and investment funds. It is quick, easy and free.
    https://mindfulmoney.nz/kiwisaver/checker/

    The research report ‘In Transition or in denial’ explains the categorisation of fossil fuel companies into those transitioning to renewable energy and those still expanding their oil and gas production. 

    https://mindfulmoney.nz/learn/fossil-fuel-investment-in-transition-or-in-denial/

    The Mindful Money Fund Finder helps members of the public to find a fund that aligns with their values. https://mindfulmoney.nz/kiwisaver/finder/

    The website provides a list of funds that do not invest in fossil fuel companieshttps://mindfulmoney.nz/invest-climate-action/fossil-free-funds/

    Research on capital expenditure by the major coal, oil and gas companies is published by the international research institute, InfluenceMap. 

    This week, a greenwashing action has been launched against the world’s largest fund manager, BlackRock. 
    The complaint to the French financial regulator shows the US investment giant’s so-called “sustainable” funds have poured over a billion dollars into fossil fuel expanders, including ExxonMobil, Shell, TotalEnergies, Chevron and BP. 

    International research shows the large passive funds that are claiming to invest sustainably are still investing in the oil and gas companies that are expanding their production. 70% of the 430 ‘sustainable’ passive funds analysed by international researcher Reclaim Finance were exposed to companies expanding their fossil fuels. These included big oil and gas developers (e.g. ExxonMobil, TotalEnergies, Shell) and big coal developers (e.g. Adani, Mitsubishi, Glencore). 
    Greenwash can take different forms. Some funds claim to be green by investing in the fossil fuel companies and then influencing them towards sustainability. 
    But the latest progress report from the umbrella engagement forum, Climate Action 100+, shows continued empty promises and little action. Only one of 37 major oil and gas companies subject to engagement is making adequate progress towards net zero. Seven years after Climate Action 100+ was formed, most of the coal, oil and gas companies are still expanding their oil and gas production instead of transitioning to renewable energy. 
    The only New Zealand case on greenwashing has been a civil case. Consumer NZ, the Environmental Law Initiative (ELI) and Lawyers for Climate Action New Zealand Inc (LCANZI) are seeking declarations from the High Court that Z Energy has breached the Fair Trading Act by misleading New Zealanders with its public messaging that it is“getting out of the petrol business” and it is “well on track to achieving [its] carbon reduction targets” when in fact its emissions have been increasing. 

    MIL OSI New Zealand News –

    January 24, 2025
  • MIL-OSI Global: North Carolina is not really a red or blue state − and that makes political predictions much more difficult

    Source: The Conversation – USA – By Christopher A. Cooper, Professor of Political Science & Public Affairs, Western Carolina University

    Lt. Gov. Mark Robinson shares the stage with former U.S. President Donald Trump during a 2022 rally in Selma, N.C. Allison Joyce/Getty Images

    For all its prominence as a key battleground state, North Carolina hasn’t done much swinging in U.S. presidential elections.

    The last time a majority of North Carolinians voted for a Democratic candidate was 2008 for Barack Obama. The time before that was 1976 for Jimmy Carter. In the past 12 presidential elections, Republicans have won 10. Those Republicans include Donald Trump in 2016 and 2020.

    But as I demonstrate in my 2024 book, “Anatomy of a Purple State: A North Carolina Politics Primer,” simply looking at the outcome of presidential voting gives a skewed understanding of voting behavior in other elections across the state.

    Consider 2020 again. While it is true that Trump won North Carolina’s 15 electoral college votes – it now has 16, based on 2020 U.S Census Bureau data — his margin of victory was only about 74,000 votes out of some 5.4 million votes cast. It was the smallest margin of any state that Trump won.

    Part of the reason is the nearly even split among voters in the two major parties and the emergence of registered voters who claim they are unaffiliated.

    As of September 2024, North Carolina had 7.6 million registered voters. Of these, the largest group at 38% were registered as unaffiliated, followed by registered Democrats at 32% and registered Republicans at 30%.

    Despite being considered a red state, North Carolina’s congressional delegation is split evenly between Democrats and Republicans with seven each. In addition, four of the state’s 10 statewide, elected Council of State officeholders, including Gov. Roy Cooper, are Democrats.

    In no other Southern state does a single elected Democrat hold a similar statewide seat.

    Though both of North Carolina’s U.S. senators are Republicans and the GOP holds supermajorities in both houses of the state Legislature, North Carolina is not entirely red or blue. It is undeniably purple – and that gives rise to further uncertainty over how the state will vote in the 2024 presidential election.

    The Kamala Harris factor

    Before U.S. President Joe Biden dropped out of the race in July 2024, polls showed that he lagged behind Trump by 5 percentage points in North Carolina.

    As in many other battleground states, it appeared that Trump had a small but fairly durable lead over Biden.

    Vice President Kamala Harris campaigns in Greenville, N.C., on Oct. 13, 2024.
    Alex Wong/Getty Images

    But soon after Vice President Kamala Harris became the Democratic nominee, several national polls showed Harris had an immediate bump and closed the gap – in some polls actually taking a lead. Trump has since regained a slight lead – less than a percentage point – in one October 2024 poll.

    But Harris’ impact wasn’t just on national polls.

    For the first time in years, Democratic Party registration began to exceed Republican Party registration in the state.

    From July 20-26, 2,351 people registered as Democrats in North Carolina – a 44% increase compared with the previous week. During the same period, Republican and unaffiliated voter registrations were down 23% and 14%, respectively, from the previous week.

    The rise and fall of Mark Robinson

    In spring 2024, during the height of primary season, Trump stepped into the North Carolina gubernatorial race by endorsing Lt. Gov. Mark Robinson, a Black Republican with a history of derogatory comments about Muslims and members of the LGBTQ community.

    “This is a Martin Luther King on steroids,” Trump said of Robinson during a rally in Greensboro, North Carolina, on March 2, 2024.

    Given Trump’s two wins in the state, his endorsement was expected to help Robinson beat Democrat Josh Stein in one of the nation’s most competitive state elections.

    But Trump’s enthusiasm all but vanished after a series of negative stories about Robinson. They included a Sept. 19, 2024, CNN report alleging that Robinson frequented a porn web site called “Nude Africa” years ago where he described himself as a “Black Nazi.” Robinson also allegedly made a number of misogynistic and racist statements such as “slavery is not bad.”

    Robinson denied the allegations and called the CNN report “salacious tabloid lies.”

    Trump made another campaign stop in Wilmington on Sept. 21, 2024. Robinson, who had frequently appeared with Trump at previous North Carolina rallies, was not on the stage.

    Polling conducted after CNN’s bombshell report showed an election that had shifted from competitive to one where the Democrat Stein is favored by a large margin to become North Carolina’s governor.

    It is unclear whether Robinson’s apparent demise will affect the top of the ticket – or other state GOP candidates.

    Natural disasters

    Hurricane Helene hit western North Carolina on Sept. 28 and brought high winds, flooding, an estimated US$47 billion in property damages and 250 deaths.

    It also caused questions about access to voting in areas devastated by Helene and then, two weeks later, Hurricane Milton.

    A woman in North Carolina places an American flag near a mobile home that was destroyed in October 2024 by Hurricane Helene.
    Mario Tama/Getty Images

    Twenty-nine counties in North Carolina were affected by the storm, although 13 counties received the brunt of the damage. Analysis of data from the North Carolina Board of Elections reveals that Trump led Biden by about a 10 percentage-point margin among voters in those affected counties.

    Given this, lower turnout in this region might hurt Trump more than Harris. It’s little surprise then that the Trump campaign has called for expanding voting access in those areas.

    But there’s no way to know who will receive North Carolina’s 16 Electoral College votes. Such is the unpredictable politics of a purple state.

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

    – ref. North Carolina is not really a red or blue state − and that makes political predictions much more difficult – https://theconversation.com/north-carolina-is-not-really-a-red-or-blue-state-and-that-makes-political-predictions-much-more-difficult-240844

    MIL OSI – Global Reports –

    January 24, 2025
  • MIL-OSI: First Community Bankshares, Inc. Announces Third Quarter 2024 Results and Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    BLUEFIELD, Va., Oct. 22, 2024 (GLOBE NEWSWIRE) — First Community Bankshares, Inc. (NASDAQ: FCBC) (http://www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended September 30, 2024. The Company reported net income of $13.03 million, or $0.71 per diluted common share, for the quarter ended September 30, 2024.  Net income for the nine months ended September 30, 2024, was $38.56 million or $2.09 per diluted common share.   

    The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on November 8, 2024, and is expected to be paid on or about November 22, 2024. This marks the 39th consecutive year of regular dividends to common shareholders.

    The Company is working with borrowers and customers in North Carolina, Tennessee, Virginia, and southern West Virginia affected by the devastating floods, power outages, and water shortages from Hurricane Helene.  This includes payment relief for affected borrowers.  We will continue to monitor the situation over the coming weeks as it relates to asset quality.

    Third Quarter 2024 Highlights

    Income Statement

    • Net income of $13.03 million for the third quarter of 2024, was a decrease of $1.61 million, or 10.98%, from the same quarter of 2023.  Net income of $38.56 million for the first nine months of 2024, was an increase of $2.33 million, or 6.42%, from the same period of 2023.  
    • Net interest income decreased $1.75 million compared to the same quarter in 2023, primarily due to increases in rates paid on interest-bearing deposits.    
    • Net interest margin of 4.41% was a decrease of 10 basis points over the same quarter of 2023.  The yield on earning assets increased 26 basis points from the same period of 2023 and is attributable to an increase in interest income resulting from an increase in yield.  While there was an increase in yield for both loans and securities available for sale; the average balances decreased.  The average balance for interest-bearing deposits with banks increased $219.59 million over the same period of 2023; however, there was no change in the yield from the same period of 2023.  The yield on interest-bearing liabilities increased 58 basis points when compared with the same period of 2023 and is primarily attributable to increased rates on interest-bearing deposit liabilities.  
    • Noninterest income increased approximately $830 thousand, or 8.63%, when compared to the same quarter of 2023.  Noninterest income for the third quarter of 2024 included a gain of $825 thousand from the sale of  two closed branch properties; noninterest income for the same period of 2023 included a gain of $204 thousand for the sale of a closed branch property.  Noninterest expense increased $1.26 million, or 5.52%.    
    • Annualized return on average assets (“ROA”) was 1.60% for the third quarter and 1.60% for the first nine months of 2024 compared to 1.74% and 1.49% for the same periods, respectively, of 2023. Annualized return on average common equity (“ROE”) was 10.04% for the third quarter and 10.08% for the first nine months of 2024 compared to 11.63% and 10.25% for the same periods, respectively, of 2023.  Annualized return on average tangible common equity (“ROTCE”) was 14.46% for the third quarter and 14.61% for the first nine months of 2024 compared to 17.11% and 14.94% for the same periods, respectively, of 2023.

    Balance Sheet and Asset Quality

    • Consolidated assets totaled $3.22 billion at September 30, 2024.  
    • Loans decreased $128.19 million, or 4.98%, from December 31, 2023.  Securities available for sale decreased $114.29 million, or 40.68%, from December 31, 2023.  Deposits decreased $63.07 million, or 2.32%.  The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $198.92 million, or 170.86%.    
    • The Company repurchased 12,854 common shares during the third quarter of 2024 at a total cost of $469 thousand.  The Company repurchased 257,294 common shares during the first nine months of 2024 at a total cost of $8.72 million.  
    • Non-performing loans to total loans increased to 0.82% when compared with the same quarter of 2023.  The Company experienced net charge-offs for the third quarter of 2024 of $1.13 million, or 0.18% of annualized average loans, compared to net charge-offs of $1.46 million, or 0.22%, of annualized average loans for the same period in 2023.
    • The allowance for credit losses to total loans was 1.44% at September 30, 2024, compared to 1.41% at December 31, 2023, and 1.39% for September 30, 2023.
    • Book value per share at September 30, 2024, was $ 28.47, an increase of $1.27 from year-end 2023.

    Non-GAAP Financial Measures

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%.  Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release.  While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

    About First Community Bankshares, Inc.

    First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of September 30, 2024. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.64 billion in combined assets as of September 30, 2024. The Company reported consolidated assets of $3.22 billion as of September 30, 2024. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at http://www.firstcommunitybank.com.

    This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

     
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (Amounts in thousands, except share and per share data)                                                        
      Three Months Ended     Nine Months Ended  
      September 30,     June 30,     March 31,     December 31,     September 30,     September 30,  
      2024     2024     2024     2023     2023     2024     2023  
    Interest income                                                        
    Interest and fees on loans   $ 32,120     $ 32,696     $ 33,418     $ 33,676     $ 33,496     $ 98,234     $ 93,051  
    Interest on securities     1,070       1,211       1,698       1,888       1,912       3,979       6,068  
    Interest on deposits in banks     3,702       2,882       913       438       697       7,497       2,044  
    Total interest income     36,892       36,789       36,029       36,002       36,105       109,710       101,163  
    Interest expense                                                        
    Interest on deposits     5,298       4,877       4,365       3,935       2,758       14,540       5,406  
    Interest on borrowings     –       –       35       4       –       35       136  
    Total interest expense     5,298       4,877       4,400       3,939       2,758       14,575       5,542  
    Net interest income     31,594       31,912       31,629       32,063       33,347       95,135       95,621  
    Provision for credit losses     1,360       144       1,011       1,029       1,109       2,515       6,956  
    Net interest income after provision     30,234       31,768       30,618       31,034       32,238       92,620       88,665  
    Noninterest income     10,452       9,342       9,259       10,462       9,622       29,053       26,990  
    Noninterest expense     24,177       24,897       23,386       26,780       22,913       72,460       68,397  
    Income before income taxes     16,509       16,213       16,491       14,716       18,947       49,213       47,258  
    Income tax expense     3,476       3,527       3,646       2,932       4,307       10,649       11,022  
    Net income   $ 13,033     $ 12,686     $ 12,845     $ 11,784     $ 14,640     $ 38,564     $ 36,236  
                                                             
                                                             
    Earnings per common share                                                        
    Basic   $ 0.71     $ 0.69     $ 0.70     $ 0.64     $ 0.78     $ 2.10     $ 2.03  
    Diluted   $ 0.71     $ 0.71     $ 0.71     $ 0.66     $ 0.79     $ 2.09     $ 2.06  
    Cash dividends per common share                                                        
    Regular     0.31       0.29       0.29       0.29       0.29       0.89       0.87  
    Weighted average shares outstanding                                                        
    Basic     18,279,612       18,343,958       18,476,128       18,530,114       18,786,032       18,366,249       17,816,505  
    Diluted     18,371,907       18,409,876       18,545,910       18,575,226       18,831,836       18,432,023       17,857,494  
    Performance ratios                                                        
    Return on average assets     1.60 %     1.58 %     1.60 %     1.43 %     1.74 %     1.60 %     1.49 %
    Return on average common equity     10.04 %     10.02 %     10.18 %     9.39 %     11.63 %     10.08 %     10.25 %
    Return on average tangible common equity(1)     14.46 %     14.54 %     14.82 %     13.82 %     17.11 %     14.61 %     14.94 %
    ____________
    (1) A non-GAAP financial measure defined as net income divided by average stockholders’ equity less average goodwill and other intangible assets.
     
    CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE  (Unaudited)
     
    (Amounts in thousands)   Three Months Ended     Nine Months Ended  
      September 30,     June 30,     March 31,     December 31,     September 30,     September 30,  
      2024     2024     2024     2023     2023     2024     2023  
    Noninterest income                                                        
    Wealth management   $ 1,071     $ 1,064     $ 1,099     $ 1,052     $ 1,145     $ 3,234     $ 3,127  
    Service charges on deposits     3,661       3,428       3,310       3,637       3,729       10,399       10,359  
    Other service charges and fees     3,697       3,670       3,450       3,541       3,564       10,817       10,106  
    (Loss) gain on sale of securities     –       –       –       –       –       –       (21 )
    Other operating income     2,023       1,180       1,400       2,232       1,184       4,603       3,419  
    Total noninterest income   $ 10,452     $ 9,342     $ 9,259     $ 10,462     $ 9,622     $ 29,053     $ 26,990  
    Noninterest expense                                                        
    Salaries and employee benefits   $ 13,129     $ 12,491     $ 12,581     $ 12,933     $ 12,673     $ 38,201     $ 36,954  
    Occupancy expense     1,270       1,309       1,378       1,252       1,271       3,957       3,715  
    Furniture and equipment expense     1,574       1,687       1,545       1,489       1,480       4,806       4,389  
    Service fees     2,461       2,427       2,449       2,255       2,350       7,337       6,653  
    Advertising and public relations     967       933       796       843       968       2,696       2,457  
    Professional fees     221       330       372       787       172       923       780  
    Amortization of intangibles     536       530       530       536       536       1,596       1,195  
    FDIC premiums and assessments     365       364       369       376       392       1,098       1,135  
    Merger expense     –       –       –       –       –       –       2,393  
    Litigation expense     –       1,800       –       3,000       –       1,800       –  
    Other operating expense     3,654       3,026       3,366       3,309       3,071       10,046       8,726  
    Total noninterest expense   $ 24,177     $ 24,897     $ 23,386     $ 26,780     $ 22,913     $ 72,460     $ 68,397  
     
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)
     
    (Amounts in thousands, except per share data)   Three Months Ended     Nine Months Ended  
      September 30,     June 30,     March 31,     December 31,     September 30,     September 30,  
      2024     2024     2024     2023     2023     2024     2023  
    Adjusted Net Income for diluted earnings per share   $ 13,033     $ 12,686     $ 12,845     $ 12,314     $ 14,855     $ 38,564     $ 36,828  
    Non-GAAP adjustments:                                                        
    Loss (gain) on sale of securities     –       –       –       –       –       –       21  
    Merger expense     –       –       –       –       –       –       2,393  
    Day 2 provision for allowance for credit losses – Surrey     –       –       –       –       –       –       1,614  
    Litigation expense     –       1,800       –       3,000       –       1,800       –  
    Other items(1)     (825 )     –       –       –       (204 )     (825 )     –  
    Total adjustments     (825 )     1,800       –       3,000       (204 )     975       4,028  
    Tax effect     (198 )     432       –       720       (49 )     234       532  
    Adjusted earnings, non-GAAP   $ 12,406     $ 14,054     $ 12,845     $ 14,594     $ 14,700     $ 39,305     $ 40,324  
                                                             
    Adjusted diluted earnings per common share, non-GAAP   $ 0.68     $ 0.76     $ 0.69     $ 0.79     $ 0.78     $ 2.13     $ 2.26  
    Performance ratios, non-GAAP                                                        
    Adjusted return on average assets     1.53 %     1.75 %     1.60 %     1.77 %     1.75 %     1.63 %     1.66 %
    Adjusted return on average common equity     9.56 %     11.10 %     10.18 %     11.63 %     11.68 %     10.27 %     11.40 %
    Adjusted return on average tangible common equity (2)     13.77 %     16.11 %     14.82 %     17.11 %     17.18 %     14.89 %     16.62 %
    ____________
    (1) Includes other non-recurring income and expense items.
    (2) A non-GAAP financial measure defined as adjusted earnings divided by average stockholders’ equity less average goodwill and other intangible assets.
     
    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
     
        Three Months Ended September 30,  
        2024     2023  
        Average             Average
    Yield/
        Average             Average
    Yield/
     
    (Amounts in thousands)   Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,455,807     $ 32,201       5.22 %   $ 2,604,885     $ 33,566       5.11 %
    Securities available for sale     133,654       1,099       3.27 %     284,659       1,952       2.72 %
    Interest-bearing deposits     270,440       3,701       5.44 %     50,855       697       5.44 %
    Total earning assets     2,859,901       37,001       5.15 %     2,940,399       36,215       4.89 %
    Other assets     371,358                       393,001                  
    Total assets   $ 3,231,259                     $ 3,333,400                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 656,780     $ 234       0.14 %   $ 699,066     $ 165       0.09 %
    Savings deposits     886,766       3,735       1.68 %     862,121       1,941       0.89 %
    Time deposits     245,020       1,329       2.16 %     263,940       652       0.98 %
    Total interest-bearing deposits     1,788,566       5,298       1.18 %     1,825,127       2,758       0.60 %
    Borrowings                                                
    Retail repurchase agreements     1,054       –       0.05 %     1,254       –       N/M  
    Total borrowings     1,054       –       0.05 %     1,254       –       N/M  
    Total interest-bearing liabilities     1,789,620       5,298       1.18 %     1,826,381       2,758       0.60 %
    Noninterest-bearing demand deposits     877,472                       964,093                  
    Other liabilities     47,892                       43,574                  
    Total liabilities     2,714,984                       2,834,048                  
    Stockholders’ equity     516,275                       499,352                  
    Total liabilities and stockholders’ equity   $ 3,231,259                     $ 3,333,400                  
    Net interest income, FTE(1)           $ 31,703                     $ 33,457          
    Net interest rate spread                     3.97 %                     4.29 %
    Net interest margin, FTE(1)                     4.41 %                     4.51 %
    ____________
    (1) Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2) Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3) Interest on loans includes non-cash and accelerated purchase accounting accretion of $592 thousand and $874 thousand for the three months ended September 30, 2024 and 2023, respectively.
     
    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
     
        Nine Months Ended September 30,  
        2024     2023  
        Average             Average
    Yield/
        Average             Average
    Yield/
     
    (Amounts in thousands)   Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,501,209     $ 98,479       5.26 %   $ 2,523,814     $ 93,261       4.94 %
    Securities available for sale     172,331       4,073       3.16 %     306,435       6,191       2.70 %
    Interest-bearing deposits     182,773       7,499       5.48 %     51,759       2,047       5.29 %
    Total earning assets     2,856,313       110,051       5.15 %     2,882,008       101,499       4.71 %
    Other assets     372,663                       366,243                  
    Total assets   $ 3,228,976                     $ 3,248,251                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 662,433     $ 570       0.11 %   $ 682,820     $ 225       0.04 %
    Savings deposits     875,797       10,730       1.64 %     850,411       3,731       0.59 %
    Time deposits     247,088       3,240       1.75 %     272,435       1,450       0.71 %
    Total interest-bearing deposits     1,785,318       14,540       1.09 %     1,805,666       5,406       0.40 %
    Borrowings                                                
    Federal funds purchased     839       35       5.52 %     3,532       135       5.11 %
    Retail repurchase agreements     1,061       –       0.05 %     1,674       1       0.06 %
    Total borrowings     1,900       35       2.46 %     5,206       136       3.49 %
    Total interest-bearing liabilities     1,787,218       14,575       1.09 %     1,810,872       5,542       0.41 %
    Noninterest-bearing demand deposits     883,013                       924,591                  
    Other liabilities     47,772                       40,014                  
    Total liabilities     2,718,003                       2,775,477                  
    Stockholders’ equity     510,973                       472,774                  
    Total liabilities and stockholders’ equity   $ 3,228,976                     $ 3,248,251                  
    Net interest income, FTE(1)           $ 95,476                     $ 95,957          
    Net interest rate spread                     4.06 %                     4.30 %
    Net interest margin, FTE(1)                     4.46 %                     4.45 %
    ____________
    (1) Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2) Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3) Interest on loans includes non-cash and accelerated purchase accounting accretion of $2.04 million and $1.95 million for the nine months ended September 30, 2024 and 2023, respectively.
     
    CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)
     
        September 30,     June 30,     March 31,     December 31,     September 30,  
    (Amounts in thousands, except per share data)   2024     2024     2024     2023     2023  
    Assets                                        
    Cash and cash equivalents   $ 315,338     $ 329,877     $ 248,905     $ 116,420     $ 113,397  
    Debt securities available for sale, at fair value     166,669       129,686       166,247       280,961       275,332  
    Loans held for investment, net of unearned income     2,444,113       2,473,268       2,519,833       2,572,298       2,593,472  
    Allowance for credit losses     (35,118 )     (34,885 )     (35,461 )     (36,189 )     (36,031 )
    Loans held for investment, net     2,408,995       2,438,383       2,484,372       2,536,109       2,557,441  
    Premises and equipment, net     49,654       50,528       51,333       50,680       51,205  
    Other real estate owned     346       100       374       192       243  
    Interest receivable     9,883       9,984       10,719       10,881       10,428  
    Goodwill     143,946       143,946       143,946       143,946       143,946  
    Other intangible assets     13,550       14,085       14,615       15,145       15,681  
    Other assets     115,980       116,230       115,470       114,211       116,552  
    Total assets   $ 3,224,361     $ 3,232,819     $ 3,235,981     $ 3,268,545     $ 3,284,225  
                                             
    Liabilities                                        
    Deposits                                        
    Noninterest-bearing   $ 869,723     $ 889,462     $ 902,396     $ 931,920     $ 944,301  
    Interest-bearing     1,789,530       1,787,810       1,779,819       1,790,405       1,801,835  
    Total deposits     2,659,253       2,677,272       2,682,215       2,722,325       2,746,136  
    Securities sold under agreements to repurchase     954       894       1,006       1,119       1,029  
    Interest, taxes, and other liabilities     43,460       45,769       45,816       41,807       41,393  
    Total liabilities     2,703,667       2,723,935       2,729,037       2,765,251       2,788,558  
                                             
    Stockholders’ equity                                        
    Common stock     18,291       18,270       18,413       18,502       18,671  
    Additional paid-in capital     168,691       168,272       173,041       175,841       180,951  
    Retained earnings     342,121       334,756       327,389       319,902       313,489  
    Accumulated other comprehensive loss     (8,409 )     (12,414 )     (11,899 )     (10,951 )     (17,444 )
    Total stockholders’ equity     520,694       508,884       506,944       503,294       495,667  
    Total liabilities and stockholders’ equity   $ 3,224,361     $ 3,232,819     $ 3,235,981     $ 3,268,545     $ 3,284,225  
                                             
    Shares outstanding at period-end     18,290,938       18,270,273       18,413,088       18,502,396       18,671,470  
    Book value per common share   $ 28.47     $ 27.85     $ 27.53     $ 27.20     $ 26.55  
    Tangible book value per common share(1)     19.86       19.20       18.92       18.60       18.00  
    ____________
    (1) A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangible assets, divided by shares outstanding.
     
    SELECTED CREDIT QUALITY INFORMATION (Unaudited)
     
        September 30,     June 30,     March 31,     December 31,     September 30,  
    (Amounts in thousands)   2024     2024     2024     2023     2023  
    Allowance for Credit Losses                                        
    Balance at beginning of period:                                        
    Allowance for credit losses – loans   $ 34,885     $ 35,461     $ 36,189     $ 36,031     $ 36,177  
    Allowance for credit losses – loan commitments     441       746       746       758       964  
    Total allowance for credit losses beginning of period     35,326       36,207       36,935       36,789       37,141  
    Adjustments to beginning balance:                                        
    Allowance for credit losses – loans – Surrey acquisition for purchased credit deteriorated loans     –       –       –       –       –  
    Allowance for credit losses – loan commitments     –       –       –       –       –  
    Net Adjustments     –       –       –       –       –  
    Provision for credit losses:                                        
    Provision for credit losses – loans     1,360       449       1,011       1,041       1,315  
    (Recovery of) provision for credit losses – loan commitments     –       (305 )     –       (12 )     (206 )
    Total provision for credit losses – loans and loan commitments     1,360       144       1,011       1,029       1,109  
    Charge-offs     (1,799 )     (1,599 )     (2,448 )     (2,105 )     (2,157 )
    Recoveries     672       574       709       1,222       696  
    Net (charge-offs) recoveries     (1,127 )     (1,025 )     (1,739 )     (883 )     (1,461 )
    Balance at end of period:                                        
    Allowance for credit losses – loans     35,118       34,885       35,461       36,189       36,031  
    Allowance for credit losses – loan commitments     441       441       746       746       758  
    Ending balance   $ 35,559     $ 35,326     $ 36,207     $ 36,935     $ 36,789  
                                             
    Nonperforming Assets                                        
    Nonaccrual loans   $ 19,754     $ 19,815     $ 19,617     $ 19,356     $ 18,366  
    Accruing loans past due 90 days or more     176       19       30       104       59  
    Modified loans past due 90 days or more     –       –       –       –       –  
    Total nonperforming loans     19,930       19,834       19,647       19,460       18,425  
    OREO     346       100       374       192       243  
    Total nonperforming assets   $ 20,276     $ 19,934     $ 20,021     $ 19,652     $ 18,668  
                                             
                                             
    Additional Information                                        
    Total modified loans   $ 2,320     $ 2,290     $ 2,177     $ 1,873     $ 1,674  
                                             
    Asset Quality Ratios                                        
    Nonperforming loans to total loans     0.82 %     0.80 %     0.78 %     0.76 %     0.71 %
    Nonperforming assets to total assets     0.63 %     0.62 %     0.62 %     0.60 %     0.57 %
    Allowance for credit losses to nonperforming loans     176.21 %     175.88 %     180.49 %     185.97 %     195.55 %
    Allowance for credit losses to total loans     1.44 %     1.41 %     1.41 %     1.41 %     1.39 %
    Annualized net charge-offs (recoveries) to average loans     0.18 %     0.16 %     0.27 %     0.14 %     0.22 %
    FOR MORE INFORMATION, CONTACT:
    David D. Brown
    (276) 326-9000

    The MIL Network –

    January 24, 2025
  • MIL-OSI Asia-Pac: Brainstorming Session and First Meeting of Nodal Officers for the Mission on Science & Technology for Sustainable Livelihood System

    Source: Government of India

    Posted On: 22 OCT 2024 6:29PM by PIB Delhi

    The Office of the Principal Scientific Adviser (PSA) convened the Brainstorming Session and First Meeting of Nodal Officers for the Mission on Science & Technology for Sustainable Livelihood System today (October 22nd, 2024) at Vigyan Bhawan Annexe in New Delhi.

    The meeting was chaired by Dr. (Mrs.) Parvinder Maini, Scientific Secretary, O/o PSA and was joined by key government officials, identified as nodal officers from various ministries/departments including Department of Science & Technology, Ministry of Rural Development, Ministry of Social Justice and Empowerment, Indian Council of Agricultural Research, Department of Agriculture & Farmers Welfare, Ministry of Micro, Small and Medium Enterprises, Council of Scientific and Industrial Research, Department of Biotechnology, Ministry of Earth Sciences, Ministry of Electronics and Information Technology, Ministry of Environment, Forest and Climate Change and Ministry of Health and Family Welfare.

    This mission aims to leverage scientific advancements and technological innovations to enhance livelihoods and promote sustainable development across communities. The mission, to be implemented by DST, was recommended during the 22nd Prime Minister’s Science, Technology & Innovation Advisory Council (PM-STIAC) meeting held on January 19, 2023, to strengthen the technology delivery mechanism for improving quality of life.

    In her opening remarks, Dr. Maini highlighted the need for collaboration across sectors, bringing convergence of existing programs to create scalable and inclusive livelihood models for ensuring last mile connectivity of the STI interventions in the mission. The key objective of today’s meeting included defining the roles and responsibilities of each ministry/department in the different components of the program and formulating a strategy for selecting pilot sites for implementation.

    Presentation was made by Dr. Sangeeta Agarwal, Scientist-F, O/o PSA highlighting the objectives of the mission, importance of definite roles of each participating ministry/department for successful implementation of the program and also presented the strategy for the selection of sites for pilot initiation of the mission. This was followed by presentation by Dr. Anita Aggarwal, DST on the SEED Division programs and IIT Delhi on Unnat Bharat Abhiyan.

    After the presentations, the Chair invited interventions from the nodal officers of each ministry/department. Each ministry/department clearly brought out the efforts being made by them in implementing their flagship schemes at the district and village levels. They shared insights on how these schemes may converge and contribute to the national mission.

    The session concluded with all the nodal officers agreeing to provide inputs regarding ongoing schemes/programs and their geographical spread. These inputs shall aid in identification and selection of sites for pilot scale implementation of the mission.

    *****

    MJPS/ST

    (Release ID: 2067109) Visitor Counter : 38

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah inaugurates several farmer welfare activities worth ₹300 crore during the Diamond Jubilee celebrations of the National Dairy Development Board (NDDB) and the birth anniversary of Shri Tribhuvan Patel in Anand, Gujarat

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation Shri Amit Shah inaugurates several farmer welfare activities worth ₹300 crore during the Diamond Jubilee celebrations of the National Dairy Development Board (NDDB) and the birth anniversary of Shri Tribhuvan Patel in Anand, Gujarat

    Under the leadership of Prime Minister Shri Narendra Modi, the SoP for White Revolution 2.0 has been issued, now, one lakh new and existing dairies will be empowered, and milk routes will be expanded

    Tribhuvan Das ji set aside his personal interests and worked for the empowerment of poor farmers

    Tribhuvan Das ji created a small cooperative which is today doing business worth thousands of crores of rupees by connecting 2 crore farmers with the cooperative sector

    Over the past 60 years, NDDB has empowered and organized farmers, as well as mothers and sisters, contributing significantly to their upliftment and development

    Branding cooperative products and preparing them to compete with corporate products is key to success

    NDDB has accelerated rural development while making agriculture self-reliant

    Animal husbandry by cooperatives leads to prosperity of farmers along with strengthening fight against malnutrition

    NDDB has started vegetable processing, which will allow vegetables produced by farmers to reach markets worldwide, ensuring the profits go directly to the farmers

    Prime Minister Modi’s visionary scheme of Gobardhan Yojana is not only enhancing soil conservation and improving crop quality, but also contributing to a cleaner environment

    Posted On: 22 OCT 2024 5:03PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah, today inaugurated several farmer welfare schemes worth ₹300 crore during the National Dairy Development Board’s (NDDB) diamond jubilee celebration along with the commemoration of birth anniversary of Shri Tribhuvandas Patel in Anand, Gujarat. On this occasion, several dignitaries were present, including the Union Minister for Panchayati Raj, Fisheries, Animal Husbandry & Dairying, Shri Rajiv Ranjan Singh.

    In his address, Shri Amit Shah said that under the leadership of Prime Minister Shri Narendra Modi, the Standard Operating Procedures (SoP) for the recently launched White Revolution 2.0 have been released, incorporating all the key farmer-friendly points outlined by the Prime Minister. He mentioned that Cooperative Sector will empower one lakh new and existing dairies, and the second white revolution will expand milk routes.

    Shri Shah said that Tribhuvandas ji was a personality whose hardworking life is difficult to describe. Setting aside his personal interests, Shri Tribhuwandas Patel worked with a unique vision for the empowerment of the country’s poor farmers. He worked for the empowerment of the poor farmers of the country by renouncing self. Throughout his life, Tribhuvandas ji distanced himself from personal gain and dedicated his efforts to connecting every farmer in the country with the true spirit of cooperation, achieving great success in this endeavor. Shri Shah said that it is because of Tribhuvan Das Ji that 5 crore cattle rearers of the country sleep peacefully and today crores of farmers of the country, especially women, are prospering. Tribhuvan Das Ji created a small cooperative society which today is doing business worth thousands of crores of rupees by connecting 2 crore farmers of the country with the cooperative sector.

    Union Home Minister and Minister of Cooperation said that in 1964, former Prime Minister Shri. Lal Bahadur Shastri visited Amul Dairy and decided that not only Gujarat but livestock owners across the entire country should benefit from this successful model. Following this, Shastri ji decided to establish the NDDB. He said that in 60 years, NDDB has not only empowered and organised cooperative sector, farmers and mothers and sisters across the country, but has also worked to raise their awareness about their rights. He said that when animal husbandry is done through cooperatives, it not only brings prosperity to farmers but also addresses the issue of malnourished children in the country.  The trust built through Amul has not only empowered women but also laid the foundation for creating strong citizens by providing nutrition to children.

    Shri Amit Shah said that NDDB accelerated the development of the rural sector and the country as well as made agriculture self-reliant. He said Tribhuvan ji had laid the foundation of NDDB which has today become a very big institution not only in the country but in the world. He said that in 1987, NDDB became an official institution, and from 1970 to 1996, it developed and implemented the Operation Flood program, which led to the White Revolution. He noted Amul is conducting annual business worth ₹60,000 crore today which was initially built on the very small shared capital from women. Shri Shah said that in 1964, when Lal Bahadur Shastri ji decided to establish NDDB, no one knew that it will grow akin to a small seed growing one day into a massive banyan tree. NDDB’s liquid milk sales have reached 427 lakh liters per day, with procurement at 589 lakh liters per day. Its revenue has increased from ₹344 crore to ₹426 crore, and the net profit stands at ₹50 crore.

    Union Home Minister and Minister of Cooperation said that NDDB has started processing vegetables, allowing the vegetables produced by our farmers to reach the entire world, and the profits will be distributed down to the grassroots under the cooperative model. He said that the Gobardhan scheme has led to the conservation and enhancement of our land, increased yields, improved farmer prosperity, and a cleaner environment. Gas and fertilizer are being produced from cow dung, and carbon credit payments are reaching our mothers and sisters. Shri Shah stated that Prime Minister Shri Narendra Modi has implemented the Gobardhan scheme on the ground through visionary decision-making. He also mentioned that NDDB has registered 10,000 Farmer Producer Organizations (FPOs).

    Shri Amit Shah mentioned that after NDDB’s initiative, all plants in the dairy sector will now be built in India under the Make in India program. He mentioned that today the foundation stone was laid for a Mother Dairy fruit and vegetable processing unit worth ₹210 crore. Additionally, the Badri Ghee from Uttarakhand and the Gir Ghee brand from Mother Dairy were also launched today. He said that branding the cooperative’s products and preparing them to compete in the market with corporate goods is key to success. Today, our Amul brand holds the top position globally, which is a significant achievement for us. He also mentioned that farmers of apricots from Ladakh, apples from Himachal, and pineapples from Meghalaya will benefit from the initiatives launched today.

    Union Home Minister and Minister of Cooperation said that the Ministry of Cooperation has established three new national-level cooperative institutions. Such new initiatives can only be taken when the leadership is genuinely concerned about the farmers. He said that Prime Minister Shri Narendra Modi has implemented several initiatives and schemes in the cooperative sector. Currently, there are approximately 22 state federations and 231 district federations, along with 28 marketing dairies and 21 milk-producing companies operating in the sector.

    Shri Amit Shah said that the Modi government is going to establish 2 lakh new Primary Agricultural Credit Societies (PACS), which will significantly strengthen our cooperative framework. He said that this initiative will enhance the strength of all entities in the cooperative sector. He highlighted that India has surpassed the United States of America with a milk production of 231 million tons, securing the top position in the world. Our milk production growth rate is 6%, while the global growth rate is only 2%. Today, eight crore rural families produce milk daily, but only one and a half crore are connected to the cooperative sector. He emphasized that this means the remaining 6.5 crore families are not receiving fair prices and are being exploited. Union Minister of Cooperation asserted that the government’s goal will be to ensure that in the future, all eight crore farming families involved in milk production receive full compensation for their hard work and are able to connect with the cooperative sector.

    Union Home Minister and Minister of Cooperation said that as a result of the campaign to empower cooperatives, the availability of milk in the country which was 40 kilograms per person in 1970, increased to 103 kilograms in 2011, and further rose to 167 kilograms per person in 2023. He noted that the average global milk availability per person is 117 kilograms.

     

    *****

    RK/VV/ASH/PS

    (Release ID: 2067059) Visitor Counter : 23

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI USA: A Deluge for Roswell  

    Source: NASA

    Fall and summer tend to be the rainiest seasons in New Mexico, but the deluge that fell on parts of the state in late October 2024 stands out for its intensity.
    According to the Albuquerque office of the National Weather Service, the Roswell airport received 5.78 inches (147 millimeters) of rain on October 19, an all-time daily record. That’s more than four times the average October rainfall for the region and half of its average annual rainfall. Other areas surrounding Roswell received as much as 9 inches (229 millimeters) in a matter of hours, according to the National Weather Service.
    Much of the flooding in Roswell spilled from the Spring River, which runs through the city. By the time clouds had cleared enough for NASA’s Terra satellite to capture this image (right) on October 21, much of that water had receded. However, floodwaters were still visible along the Pecos River, to the east of Roswell. Terra acquired the other image (left) on October 14, before the extreme rainfall. Both images were captured by the MODIS (Moderate Resolution Imaging Spectroradiometer) sensor.
    The false-color images were composed from a combination of infrared and visible light (MODIS bands 7-2-1), to make it easier to distinguish the water. Floodwater appears dark blue; saturated soil is light blue; vegetation is bright green; and bare ground is brown.
    The unusual amount of rain was produced by an upper-level cut-off low that stalled over Arizona and funneled large amounts of moisture to New Mexico from the Gulf of Mexico, according to meteorologist Jeff Berardelli. The flash floods that ensued caused widespread damage to the town of 48,000 people. Floodwaters inundated roads, swept away and submerged cars, and damaged bridges and buildings. Authorities rescued 290 people, according to a statement from the New Mexico National Guard.
    National Weather Service forecasts indicate that storms could bring another round of flash flooding to Roswell in the coming days. Flood monitoring resources and tools powered by NASA satellite data include the Flood Dashboard from the NASA Disasters Program, the Global Flood Monitoring System from the University of Maryland, a data pathfinder from the Earth Science Data Systems Program, and flooding monitoring and modeling training from the Applied Remote Sensing Training Program.
    NASA Earth Observatory images by Wanmei Liang, using MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Adam Voiland.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI New Zealand: Government reduces Forestry ETS annual charge by 50 per cent

    Source: New Zealand Government

    The Government has today started consultation on a 50 per cent reduction to the annual charge for forest owners participating in the Forestry Emissions Trading Scheme (ETS) Registry, Forestry Minister Todd McClay announced.

    “Following an independent review released last week we are proposing to lower the per-hectare annual charge to $14.90. 

    “This is a 50 per cent reduction from Labour’s excessive charge announced just before the election of $30.25 per hectare per year.

    “It’s now clear that the previous Labour government made a number of decisions that drove up the cost of this Registry and they expected the forestry sector to pay for their mistakes. Cabinet has agreed that the sector should not bear the brunt of Labour’s previous decisions,” Mr McClay says.

    “The Ministry for Primary Industries has worked hard to find efficiencies and drive down costs over the last 10 months.  We’ve also been focused on improving service delivery to ensure the Registry meets the expectations of forestry users. As a result the annual charge has reduced significantly. 

    “Last week, we announced the formation of a Forestry Sector Reference Group to further improve outcomes for the ETS Registry and find greater cost savings over the next year. This is an opportunity for the forestry sector and government to partner to drive better outcomes for forestry.”

    The new annual charge would begin in the 2024/25 financial year and stay in place until a full review is conducted after the current emissions reporting period.

    “This proposal is part of the Government’s promise to rebuild confidence in the forestry sector and support its role in achieving New Zealand’s exporting and emissions targets.”

    Consultation on the new annual charge starts today (23 October 2024) and runs for three weeks. It covers the reduced annual charge and adjustments to the Climate Change (Forestry) Regulations 2022 for participants using the field measurement approach during the 2023–25 period.

    Following consultation, Cabinet will move quickly to finalise the regulations, giving participants clarity and certainty on charges. 

    MIL OSI New Zealand News –

    January 24, 2025
  • MIL-OSI: Weatherford Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenues of $1,409 million increased 7% year-over-year
    • Operating income of $243 million increased 11% year-over-year
    • Net income of $157 million increased 28% year-over-year; net income margin of 11.1%
    • Adjusted EBITDA* of $355 million increased 16% year-over-year; adjusted EBITDA margin* of 25.2% increased by 197 basis points year-over-year
    • Cash provided by operating activities of $262 million, an increase of $112 million sequentially and $90 million year-over-year; adjusted free cash flow* of $184 million, an increase of $88 million sequentially and $47 million year-over-year
    • Received credit rating upgrade from S&P Global Ratings to ‘BB-’ with positive outlook, and from Fitch to ‘BB-’ with stable outlook
    • Shareholder returns of $68 million for the quarter, which includes dividends payment of $18 million and share repurchases of $50 million
    • Board approved quarterly cash dividend of $0.25 per share payable on December 5, 2024 to shareholders of record as of November 6, 2024
    • Deployment of Victus™ Managed Pressure Drilling (MPD) systems in the first two deep geothermal exploration wells that have been drilled for a major operator in the Middle East
    • Aramco awarded Weatherford a three-year Corporate Procurement Agreement (CPA) including Cementation Products, Completions, Liner Hangers, and Whipstocks, as well as associated service agreements, to enhance its operational efficiency and strategic goals
    • Hosted 20th annual FWRD conference focused on digitalization and next-generation life-of-well solutions to boost efficiency, sustainability, and performance

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    HOUSTON, Oct. 22, 2024 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the third quarter of 2024.

    Revenues for the third quarter of 2024 were $1,409 million, an increase of 0.3% sequentially and an increase of 7% year-over-year. Operating income was $243 million in the third quarter of 2024, compared to $264 million in the second quarter of 2024 and $218 million in the third quarter of 2023. Net income in the third quarter of 2024 was $157 million, with an 11.1% margin, an increase of 26% or 225 basis points sequentially, and an increase of 28% or 177 basis points year-over-year. Adjusted EBITDA* was $355 million, a 25.2% margin, a decrease of 3% or 78 basis points sequentially, and an increase of 16% or 197 basis points year-over-year. Basic income per share in the third quarter of 2024 was $2.14 compared to $1.71 in the second quarter of 2024 and $1.70 in the third quarter of 2023. Diluted income per share in the third quarter of 2024 was $2.06 compared to $1.66 in the second quarter of 2024 and $1.66 in the third quarter of 2023.

    Third quarter 2024 cash flows provided by operating activities were $262 million, compared to $150 million in the second quarter of 2024 and $172 million in the third quarter of 2023. Adjusted free cash flow* was $184 million, an increase of $88 million sequentially and $47 million year-over-year. Capital expenditures were $78 million in the third quarter of 2024, compared to $62 million in the second quarter of 2024 and $42 million in the third quarter of 2023.

    Girish Saligram, President and Chief Executive Officer, commented, “I want to thank the Weatherford team for once again delivering strong margins and adjusted free cash flow despite a volatile macro environment and short cycle activity reductions. The margin performance underscores our ability to deliver strong returns in a softer market environment. Despite continued North America weakness, customer scheduling delays in Latin America and a reduced activity outlook in certain other geographies, we still expect strong revenue growth and adjusted EBITDA margins of greater than 25% for the full year.

    In the third quarter, Weatherford acquired Datagration, enhancing our position with one of the industry’s most advanced digital offerings for production and asset optimization. The acquisition demonstrates our commitment to driving innovation across our technology portfolio and accelerating our growth in the digital transformation of the energy industry. Following our announcement in the third quarter regarding Weatherford’s first-ever shareholder return program, we paid our first quarterly dividend of $0.25 per share on September 12, 2024, to shareholders on record as of August 13, 2024, and as of September 30, 2024, we have bought back $50 million of ordinary shares.

    While the macroeconomic environment is volatile and there is heightened risk of geopolitical events creating sector challenges, Weatherford remains focused on fulfillment initiatives, acquisition integrations, and technology commercialization, which should drive further financial performance.”

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Operational Highlights

    • Aramco awarded Weatherford a three-year CPA, including Cementation Products, Completions, Liner Hangers, and Whipstocks, as well as associated service agreements, to enhance its operational efficiency and strategic goals.
    • A major operator in the Gulf of Mexico awarded Weatherford a three-year services contract to deliver Plug & Abandonment activities utilizing our Heavy Duty Pulling & Jacking Unit and multiple service lines.
    • A National Oil Company (NOC) in the Middle East awarded Weatherford a three-year contract for Drilling Services in unconventional resources fields.
    • PTTEP awarded Weatherford a multi-year contract for Wireline services in Thailand.
    • An NOC in the Middle East awarded Weatherford a two-year contract for Liner Hanger and associated services for deep drilling.
    • A major operator awarded Weatherford a three-year contract to provide MPD services in the Middle East, marking the first time it will utilize this technology.
    • An NOC in the Middle East awarded Weatherford a three-year contract for Fishing and Milling services.
    • An NOC awarded Weatherford a five-year contract extension for the supply of Downhole Completion Equipment for deployment in the Middle East.
    • Shell awarded Weatherford a three-year contract for Dual Stage Cementing technology to be deployed in onshore Australia.
    • Kuwait Energy awarded Weatherford a two-year contract for Cased Hole Wireline Services in onshore Iraq.
    • bp awarded Weatherford a two-year contract for multilateral installations and associated services for offshore operations in Azerbaijan.
    • JVGAS in Algeria awarded Weatherford a three-year contract for velocity string accessories and associated services and awarded a two-year contract for the supply of Fishing and Casing exiting.

    Technology Highlights

    • Drilling & Evaluation (“DRE”)
      • An NOC deployed Weatherford MPD solutions in its first two deep geothermal exploration wells in the Middle East. This innovative use of MPD technology mitigates risks from elevated geothermal gradients during exploration drilling.
      • Weatherford celebrates 25 years of Compact Memory Logging technology, with over 10,000 deployments, consistently delivering value and reliability to our customers.
    • Well Construction and Completions (“WCC”)
      • In Norway, Weatherford successfully integrated the Vero™ system into an offshore rig control system, enabling further efficiency while maintaining well integrity. This integration allows existing rig crews to operate the Vero system autonomously.
      • Perenco deployed Weatherford’s digital ForeSite® Sense optical monitoring system to oversee injectivity testing performance for the Poseidon carbon capture and storage project, the UK’s first well to inject CO2 underground.
      • Weatherford launched its new Remote-Opening Barrier Valve that decreases risk and time associated with conventional well barriers.
    • Production and Intervention (“PRI”)
      • The acquisition of Datagration Solutions Inc. added the PetroVisor and EcoVisor platforms to Weatherford’s Digital Solutions portfolio, enhancing the integration of customer data with ForeSite and Cygnet® for improved real-time analysis and decision-making.
      • Weatherford deployed its AlphaV system for a major operator in Norway in a complex application that significantly reduced time by eliminating wellbore preparation.

    Shareholder Return

    During the third quarter of 2024, Weatherford repurchased shares for approximately $50 million and paid dividends of $18 million, resulting in total shareholder returns of $68 million.

    On October 17, 2024, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on December 5, 2024, to shareholders of record as of November 6, 2024.

    Results by Reportable Segment

    Drilling and Evaluation (“DRE”)

        Three Months Ended   Variance
    ($ in Millions)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      Seq.   YoY
    Revenue   $ 435     $ 427     $ 388     2  %   12  %
    Segment Adjusted EBITDA   $ 111     $ 130     $ 111     (15 )%   —  %
    Segment Adj EBITDA Margin     25.5 %     30.4 %     28.6 %   (493 )bps   (309 )bps
     

    Third quarter 2024 DRE revenue of $435 million increased by $8 million, or 2% sequentially, primarily from higher Drilling-related Services activity partly offset by lower MPD asset sales and lower international Wireline activity. Year-over-year DRE revenues increased by $47 million, or 12%, primarily from higher Wireline activity and Drilling-related Services activity in Middle East/North Africa/Asia.

    Third quarter 2024 DRE segment adjusted EBITDA of $111 million decreased by $19 million, or 15% sequentially, primarily driven by lower MPD asset sales and lower international Wireline activity partly offset by higher fall-through in Drilling-related Services. Year-over-year DRE segment adjusted EBITDA remained flat as higher Drilling-related services were offset by lower margin fall through in MPD and Wireline.

    Well Construction and Completions (“WCC”)

        Three Months Ended   Variance
    ($ in Millions)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      Seq.   YoY
    Revenue   $ 509     $ 504     $ 459     1 %   11 %
    Segment Adjusted EBITDA   $ 151     $ 145     $ 119     4 %   27 %
    Segment Adj EBITDA Margin     29.7 %     28.8 %     25.9 %   90 bps   374 bps
     

    Third quarter 2024 WCC revenue of $509 million increased by $5 million, or 1% sequentially, primarily due to higher international Well Services and Liner Hangers activity partly offset by lower Cementation Products in North America and Middle East/North Africa/Asia. Year-over-year WCC revenues increased by $50 million, or 11%, primarily due to higher international Completions and Liner Hangers activity, partly offset by a decrease in activity in North America.

    Third quarter 2024 WCC segment adjusted EBITDA of $151 million increased by $6 million, or 4% sequentially, primarily due to higher international Well Services and Liner Hangers activity and product and service mix partly offset by lower Tubular Running Services activity. Year-over-year WCC segment adjusted EBITDA increased by $32 million, or 27%, primarily due to higher activity and fall-through in Tubular Running Services, Completions and Well Services.

    Production and Intervention (“PRI”)

        Three Months Ended   Variance
    ($ in Millions)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      Seq.   YoY
    Revenue   $ 371     $ 369     $ 371     1  %   —  %
    Segment Adjusted EBITDA   $ 83     $ 85     $ 86     (2 )%   (3 )%
    Segment Adj EBITDA Margin     22.4 %     23.0 %     23.2 %   (66 )bps   (81 )bps
     

    Third quarter 2024 PRI revenue of $371 million increased by $2 million, or 1% sequentially, mainly due to increased Digital Solutions and Pressure Pumping activity partly offset by lower Subsea Intervention activity in Latin America. Year-over-year PRI revenue was flat, as higher international Intervention Services & Drilling Tools activity was offset by a decline in Pressure Pumping activity.

    Third quarter 2024 PRI segment adjusted EBITDA of $83 million, decreased by $2 million, or 2% sequentially, primarily from lower Artificial Lift product mix and lower Subsea Intervention fall-through. Year-over-year PRI segment adjusted EBITDA decreased by $3 million, or 3% year-over-year, primarily due to lower Pressure Pumping activity.

    Revenue by Geography

        Three Months Ended   Variance
    ($ in Millions)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      Seq.   YoY
    North America   $ 266   $ 252   $ 269   6 %   (1 )%
                         
    International   $ 1,143   $ 1,153   $ 1,044   (1 )%   9  %
    Latin America     358     353     357   1  %   —  %
    Middle East/North Africa/Asia     542     542     471   —  %   15  %
    Europe/Sub-Sahara Africa/Russia     243     258     216   (6 )%   13  %
    Total Revenue   $ 1,409   $ 1,405   $ 1,313   0.3  %   7  %


    North America

    Third quarter 2024 North America revenue of $266 million increased by $14 million, or 6% sequentially, primarily due to activity increase in Canada due to favorable seasonality and activity increase offshore in the Gulf of Mexico. Year-over-year, North America decreased by $3 million, or 1%, primarily from lower Tubular Running Services and Cementation Products activity offshore in the Gulf of Mexico, partly offset by an increase in Wireline activity.

    International

    Third quarter 2024 international revenue of $1,143 million decreased 1% sequentially and increased 9% year-over-year.

    Third quarter 2024 Latin America revenue of $358 million increased by $5 million, or 1% sequentially, primarily due to higher Well Services in Brazil and Drilling-related Services in Mexico. Year-over-year, Latin America revenue increased by $1 million.

    Third quarter 2024 Middle East/North Africa/Asia revenue of $542 million was flat sequentially, mainly due to increased activity in United Arab Emirates partly offset by a decrease in Integrated Services & Projects activity in Oman and a decrease of activity in Kuwait. Year-over-year, the Middle East/North Africa/Asia revenue increased by $71 million, or 15%, due to an increase in activity across all product lines within the DRE and WCC segments, primarily in United Arab Emirates, Saudi Arabia, Asia and Kuwait.

    Third quarter 2024 Europe/Sub-Sahara Africa/Russia revenue of $243 million decreased by $15 million or 6% sequentially, mainly driven by lower MPD asset sales. Year-over-year Europe/Sub-Sahara Africa/Russia revenue increased by $27 million, or 13%, due to increased activity across all segments.

    About Weatherford
    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.

    Conference Call Details

    Weatherford will host a conference call on Wednesday, October 23, 2024, to discuss the Company’s results for the third quarter ended September 30, 2024. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

    Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

    Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

    A telephonic replay of the conference call will be available until November 6, 2024, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 6410466. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

    Contacts

    For Investors:
    Luke Lemoine
    Senior Vice President, Corporate Development and Investor Relations
    +1 713-836-7777
    investor.relations@weatherford.com

    For Media:
    Kelley Hughes
    Senior Director, Communications & Employee Engagement
    +1 713-836-4193
    media@weatherford.com

    Forward-Looking Statements

    This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly and full-year revenues, adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only predictions and may differ materially from actual future events or results, based on factors including but not limited to: global political disturbances, war, terrorist attacks, changes in global trade policies, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflict, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to address and participate in changes to the market demands for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

    These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission (the “SEC”), including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

     
    Weatherford International plc
    Selected Statements of Operations (Unaudited)
                         
        Three Months Ended   Nine Months Ended
    ($ in Millions, Except Per Share Amounts)   September
    30, 2024
      June
    30, 2024
      September
    30, 2023
      September
    30, 2024
      September
    30, 2023
    Revenues:                    
    DRE Revenues   $ 435     $ 427     $ 388     $ 1,284     $ 1,154  
    WCC Revenues     509       504       459       1,471       1,320  
    PRI Revenues     371       369       371       1,088       1,086  
    All Other     94       105       95       329       213  
    Total Revenues     1,409       1,405       1,313       4,172       3,773  
                         
    Operating Income:                    
    DRE Segment Adjusted EBITDA[1]   $ 111     $ 130     $ 111     $ 371     $ 325  
    WCC Segment Adjusted EBITDA[1]     151       145       119       416       324  
    PRI Segment Adjusted EBITDA[1]     83       85       86       241       235  
    All Other[2]     23       23       7       73       25  
    Corporate[2]     (13 )     (18 )     (18 )     (45 )     (44 )
    Depreciation and Amortization     (89 )     (86 )     (83 )     (260 )     (244 )
    Share-based Compensation     (10 )     (12 )     (9 )     (35 )     (26 )
    Other (Charges) Credits     (13 )     (3 )     5       (21 )     9  
    Operating Income     243       264       218       740       604  
                         
    Other Expense:                    
    Interest Expense, Net of Interest Income of $13, $17, $15, $44 and $47     (24 )     (24 )     (30 )     (77 )     (92 )
    Loss on Blue Chip Swap Securities     —       (10 )     —       (10 )     (57 )
    Other Expense, Net     (41 )     (20 )     (24 )     (83 ) —   (98 )
    Income Before Income Taxes     178       210       164       570       357  
    Income Tax Provision     (12 )     (73 )     (33 )     (144 )     (55 )
    Net Income     166       137       131       426       302  
    Net Income Attributable to Noncontrolling Interests     9       12       8       32       25  
    Net Income Attributable to Weatherford   $ 157     $ 125     $ 123     $ 394     $ 277  
                         
    Basic Income Per Share   $ 2.14     $ 1.71     $ 1.70     $ 5.39     $ 3.85  
    Basic Weighted Average Shares Outstanding     73.2       73.2       72.1       73.1       71.9  
                         
    Diluted Income Per Share[3]   $ 2.06     $ 1.66     $ 1.66     $ 5.25     $ 3.76  
    Diluted Weighted Average Shares Outstanding     75.2       75.3       73.7       75.0       73.6  
     
    [1]  Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
    [2] All Other results were from non-core business activities related to all other segments (profit and loss) and Corporate includes overhead support and centrally managed or shared facility costs. All Other and Corporate do not individually meet the criteria for segment reporting.
    [3] Included the maximum potentially dilutive shares contingently issuable for an acquisition consideration during the three months ended September 30, 2024, the value of which was adjusted out of Net Income Attributable to Weatherford in calculating diluted income per share.
       
     
    Weatherford International plc
    Selected Balance Sheet Data (Unaudited)
           
    ($ in Millions) September 30, 2024   December 31, 2023
    Assets:      
    Cash and Cash Equivalents $ 920   $ 958
    Restricted Cash   58     105
    Accounts Receivable, Net   1,231     1,216
    Inventories, Net   919     788
    Property, Plant and Equipment, Net   1,050     957
    Intangibles, Net   356     370
           
    Liabilities:      
    Accounts Payable   723     679
    Accrued Salaries and Benefits   328     387
    Current Portion of Long-term Debt   21     168
    Long-term Debt   1,627     1,715
           
    Shareholders’ Equity:      
    Total Shareholders’ Equity   1,356     922
     
    Weatherford International plc
    Selected Cash Flows Information (Unaudited)
     
      Three Months Ended   Nine Months Ended
    ($ in Millions)   September
    30, 2024
        June
    30, 2024
        September
    30, 2023
        September
    30, 2024
        September
    30, 2023
     
    Cash Flows From Operating Activities:                              
    Net Income   $ 166     $ 137     $ 131     $ 426     $ 302  
    Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:                              
    Depreciation and Amortization   89     86     83     260     244  
    Foreign Exchange Losses   35     8     15     58     73  
    Loss on Blue Chip Swap Securities   —     10     —     10     57  
    Gain on Disposition of Assets   (1 )   (25 )   (4 )   (33 )   (11 )
    Deferred Income Tax Provision (Benefit)   (19 )   13     (14 )   8     (67 )
    Share-Based Compensation   10     12     9     35     26  
    Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits   30     (22 )   (73 )   (144 )   (235 )
    Other Changes, Net   (48 )   (69 )   25     (77 )   68  
    Net Cash Provided By Operating Activities   262     150     172     543     457  
                                   
    Cash Flows From Investing Activities:                              
    Capital Expenditures for Property, Plant and Equipment   (78 )   (62 )   (42 )   (199 )   (142 )
    Proceeds from Disposition of Assets   —     8     7     18     21  
    Purchases of Blue Chip Swap Securities   —     (50 )   —     (50 )   (110 )
    Proceeds from Sales of Blue Chip Swap Securities   —     40     —     40     53  
    Business Acquisitions, Net of Cash Acquired   (15 )   —     —     (51 )   (4 )
    Proceeds from Sale of Investments   —     —     —     41     33  
    Other Investing Activities   1     3     (1 )   (6 )   (9 )
    Net Cash Used In Investing Activities   (92 )   (61 )   (36 )   (207 )   (158 )
                                   
    Cash Flows From Financing Activities:                              
    Repayments of Long-term Debt   (5 )   (87 )   (76 )   (264 )   (306 )
    Distributions to Noncontrolling Interests   (10 )   (9 )   (15 )   (19 )   (21 )
    Tax Remittance on Equity Awards Vested   —     (1 )   —     (9 )   (54 )
    Share Repurchases   (50 )   —     —     (50 )   —  
    Dividends Paid   (18 )   —     —     (18 )   —  
    Other Financing Activities   (6 )   (5 )   —     (18 )   (7 )
    Net Cash Used In Financing Activities   $ (89 )   $ (102 )   $ (91 )   $ (378 )   $ (388 )
    Weatherford International plc
    Non-GAAP Financial Measures Defined (Unaudited)

    We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.​

    Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    *Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

     
    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
     
                         
        Three Months Ended   Nine Months Ended
    ($ in Millions, Except Margin in Percentages)   September
    30, 2024
      June
    30, 2024
      September
    30, 2023
      September
    30, 2024
      September
    30, 2023
    Revenues   $ 1,409     $ 1,405     $ 1,313     $ 4,172     $ 3,773  
    Net Income Attributable to Weatherford   $ 157     $ 125     $ 123     $ 394     $ 277  
    Net Income Margin     11.1 %     8.9 %     9.4 %     9.4 %     7.3 %
    Adjusted EBITDA*   $ 355     $ 365     $ 305     $ 1,056     $ 865  
    Adjusted EBITDA Margin*     25.2 %     26.0 %     23.2 %     25.3 %     22.9 %
                         
    Net Income Attributable to Weatherford   $ 157     $ 125     $ 123     $ 394     $ 277  
    Net Income Attributable to Noncontrolling Interests     9       12       8       32       25  
    Income Tax Provision     12       73       33       144       55  
    Interest Expense, Net of Interest Income of $13, $17, $15, $44 and $47     24       24       30       77       92  
    Loss on Blue Chip Swap Securities     —       10       —       10       57  
    Other Expense, Net     41       20       24       83       98  
    Operating Income     243       264       218       740       604  
    Depreciation and Amortization     89       86       83       260       244  
    Other Charges (Credits)[1]     13       3       (5 )     21       (9 )
    Share-Based Compensation     10       12       9       35       26  
    Adjusted EBITDA*   $ 355     $ 365     $ 305     $ 1,056     $ 865  
                         
    Net Cash Provided By Operating Activities   $ 262     $ 150     $ 172     $ 543     $ 457  
    Capital Expenditures for Property, Plant and Equipment     (78 )     (62 )     (42 )     (199 )     (142 )
    Proceeds from Disposition of Assets     —       8       7       18       21  
    Adjusted Free Cash Flow*   $ 184     $ 96     $ 137     $ 362     $ 336  
    [1]  Other charges (credits) in the three and nine months ended September 30, 2024, primarily includes fees to third-party financial institutions to facilitate loans between those financial institutions and our largest customer in Mexico, who in turn paid certain of our outstanding receivables.

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

     
    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)
     
                   
         
    ($ in Millions)   September
    30, 2024
      June
    30, 2024
      September
    30, 2023
     
    Current Portion of Long-term Debt   $ 21   $ 20   $ 91  
    Long-term Debt     1,627     1,628     1,864  
    Total Debt   $ 1,648   $ 1,648   $ 1,955  
                   
    Cash and Cash Equivalents   $ 920   $ 862   $ 839  
    Restricted Cash     58     58     107  
    Total Cash   $ 978   $ 920   $ 946  
                   
    Components of Net Debt              
    Current Portion of Long-term Debt   $ 21   $ 20   $ 91  
    Long-term Debt     1,627     1,628     1,864  
    Less: Cash and Cash Equivalents     920     862     839  
    Less: Restricted Cash     58     58     107  
    Net Debt*   $ 670   $ 728   $ 1,009  
                   
    Net Income for trailing 12 months   $ 534   $ 500   $ 359  
    Adjusted EBITDA* for trailing 12 months   $ 1,377   $ 1,327   $ 1,131  
                   
    Net Leverage* (Net Debt*/Adjusted EBITDA*)     0.5 x   0.5 x   0.9 x
     

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Baker Hughes Company Announces Third-Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

     Third-quarter highlights

    • Orders of $6.7 billion, including $2.9 billion of IET orders.
    • RPO of $33.4 billion, including record IET RPO of $30.2 billion.
    • Revenue of $6.9 billion, up 4% year-over-year.
    • Attributable net income of $766 million.
    • GAAP diluted EPS of $0.77 and adjusted diluted EPS* of $0.67.
    • Adjusted EBITDA* of $1,208 million, up 23% year-over-year.
    • Cash flows from operating activities of $1,010 million and free cash flow* of $754 million.
    • Returns to shareholders of $361 million, including $152 million of share repurchases.

    HOUSTON and LONDON, Oct. 22, 2024 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the third quarter of 2024.

    “We delivered another quarter of record EBITDA, highlighted by exceptional operational performance across both segments. Our margins continue to improve at an accelerated pace, with total company EBITDA margins increasing to 17.5%. This marks the highest margin quarter since the company was formed. On the back of our solid third-quarter results and stable outlook, we remain confident in achieving our full-year EBITDA guidance midpoint,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “Orders remain at solid levels, with IET orders of $2.9 billion marking the eighth consecutive quarter at or above these levels. IET continued to demonstrate strong order momentum for gas infrastructure and FPSOs, booking the largest ever ICL compressor award from Dubai Petroleum Establishment for the Margham Gas storage facility and two FPSO awards with separate offshore operators.”

    “Overall, our segments continue to make strong progress on their journey toward 20% EBITDA margins, with both segments achieving high-teen margins during the quarter. Our operational discipline and rigor continue to gain traction.”

    “We are also benefiting from the life-cycle attributes of our service offerings and the breadth of our portfolio. With significant recurring IET service revenue, strong production-levered businesses, untapped market opportunities, and improved cost structure, we are becoming less cyclical and capable of generating more durable earnings and free cash flow across cycles.”

    “We are successfully executing our strategy, and this is a testament to the strength of our people and the culture we are building,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

      Three Months Ended   Variance
    (in millions except per share amounts) September 30,
    2024
    June 30,
    2024
    September 30,
    2023
      Sequential Year-over-year
    Orders $ 6,676 $ 7,526 $ 8,512   (11%)   (22%)  
    Revenue   6,908   7,139   6,641   (3%)   4%  
    Net income attributable to Baker Hughes   766   579   518   32%   48%  
    Adjusted net income attributable to Baker Hughes*   666   568   427   17%   56%  
    Operating income   930   833   714   12%   30%  
    Adjusted operating income*   930   847   716   10%   30%  
    Adjusted EBITDA*   1,208   1,130   983   7%   23%  
    Diluted earnings per share (EPS)   0.77   0.58   0.51   33%   51%  
    Adjusted diluted EPS*   0.67   0.57   0.42   18%   59%  
    Cash flow from operating activities   1,010   348   811   F   25%  
    Free cash flow*   754   106   592   F   27%  

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    “F” is used when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    Quarter Highlights

    Industrial & Energy Technology (“IET”) experienced a strong quarter for its Integrated Compressor Line (“ICL”) technology. In its largest ICL award to-date, and booked under Climate Technology Solutions (“CTS”), Baker Hughes will supply 10 units to Dubai Petroleum Establishment for the Margham Gas storage facility. These ICL units will support gas infrastructure, providing stability to Dubai’s energy supply by strengthening the system’s ability to switch between natural gas and solar power.

    IET’s Gas Technology Equipment (“GTE”) was also awarded a significant contract to supply advanced compression solutions to Saipem for TotalEnergies’ all-electric Kaminho Floating Production Storage and Offloading (“FPSO”) project in Angola. Baker Hughes’ centrifugal BCL compressor and ICL technology were selected because of the capability to minimize greenhouse emissions and eliminate routine flaring by reinjecting associated gas into the reservoir for storage. Separately, IET was selected to provide electric motor-driven process compressors for an FPSO project in Latin America.

    IET’s Gas Technology Services (“GTS”) secured a multi-decade agreement for an LNG facility in the Middle East. The scope encompasses extensive maintenance services and digital solutions, leveraging Baker Hughes’ iCenter™ Remote Monitoring and Diagnostics capabilities.

    Oilfield Services & Equipment (“OFSE”) strengthened the Company’s relationship with Petrobras, receiving contracts to supply 43 miles of flexible pipe systems in Brazil’s Santos Basin. A significant portion of these risers and flowlines will be manufactured in-country at Baker Hughes’ Niteroi plant. The contracts, awarded through an open tender, include multi-year service agreements to support maintenance activities through the life of the project and demonstrate Baker Hughes’ dedication to providing equipment and services critical to help Petrobras achieve its strategic plan to expand operations.

    In OFSE, mature assets solutions (“MAS”) delivered a strong order quarter, illustrating confidence in the Company’s full range of workflows and solutions to accelerate production and total recovery. OFSE won a MAS award to supply Santos Energy’s strategic and historic Cooper Basin Development in Australia with drilling fluids and wireline services, marking Baker Hughes’ return to the basin. Additionally, OFSE signed a multi-year contract extension with a customer in the Middle East for completions and well intervention.

    Baker Hughes saw increased adoption of Leucipa™, the Company’s intelligent automated field production digital solution. A major global operator expanded the use of Leucipa across multiple fields in the Permian Basin, enabling the customer to optimize production through real-time field orchestration to generate lower-carbon, short-cycle barrels. Additionally, a new strategic collaboration was established early in the fourth quarter with Repsol, a major customer of Leucipa, to develop and deploy next-generation artificial intelligence capabilities for this digital solution. The companies will share knowledge and expertise to optimize and enhance production across Repsol’s global portfolio while creating new commercial opportunities for Baker Hughes.

    Baker Hughes continues to innovate new digital technologies to support customers on their decarbonization journey. The Company launched CarbonEdge™, powered by Cordant™, an end-to-end, risk-based digital solution that delivers precise, real-time data and alerts on carbon dioxide (CO2) flows across CCUS infrastructure from subsurface to surface. This solution enables operators to mitigate risk, improve decision-making, enhance operational efficiency, and simplify regulatory reporting across the entire project lifecycle.

    Consolidated Revenue and Operating Income by Reporting Segment

    (in millions) Three Months Ended   Variance
      September 30,
    2024
    June 30,
    2024
    September 30,
    2023
      Sequential Year-over-year
    Oilfield Services & Equipment $ 3,963   $ 4,011   $ 3,951     (1%)   —%  
    Industrial & Energy Technology   2,945     3,128     2,691     (6%)   9%  
    Segment revenue   6,908     7,139     6,641     (3%)   4%  
                 
    Oilfield Services & Equipment   547     493     465     11%   18%  
    Industrial & Energy Technology   474     442     346     7%   37%  
    Corporate(1)   (91 )   (88 )   (95 )   (3%)   4%  
    Restructuring, impairment & other   —     (14 )   (2 )   F   F  
    Operating income   930     833     714     12%   30%  
    Adjusted operating income*   930     847     716     10%   30%  
    Depreciation & amortization   278     283     267     (2%)   4%  
    Adjusted EBITDA* $ 1,208   $ 1,130   $ 983     7%   23%  

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    “F” is used when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    (1)   Corporate costs are primarily reported in “Selling, general and administrative” in the condensed consolidated statements of income (loss).

    Revenue for the quarter was $6,908 million, a decrease of 3% sequentially and an increase of 4% year-over-year. The increase in revenue year-over-year was driven by IET.

    The Company’s total book-to-bill ratio in the quarter was 1.0; the IET book-to-bill ratio in the quarter was also 1.0.

    Operating income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), for the third quarter of 2024 was $930 million. Operating income increased $97 million sequentially and increased $216 million year-over-year.

    Adjusted operating income (a non-GAAP financial measure) for the third quarter of 2024 was $930 million. There were no adjustments to operating income in the third quarter. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the third quarter of 2024 was up 10% sequentially and up 30% year-over-year.

    Depreciation and amortization for the third quarter of 2024 was $278 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2024 was $1,208 million. There were no adjustments to EBITDA in the third quarter. See Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the third quarter was up 7% sequentially and up 23% year-over-year.

    The sequential increase in adjusted operating income and adjusted EBITDA was driven by higher pricing in both segments and structural cost-out initiatives, partially offset by lower volume in both segments. The year-over-year increase in adjusted operating income and adjusted EBITDA was driven by higher pricing in both segments, higher volume in IET, and structural cost-out initiatives, partially offset by cost inflation in IET and unfavorable business mix in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the third quarter ended at $33.4 billion, a decrease of $0.1 billion from the second quarter of 2024. OFSE RPO was $3.2 billion, down 5% sequentially, while IET RPO was $30.2 billion, up $44 million sequentially. Within IET RPO, GTE RPO was $11.9 billion and GTS RPO was $14.8 billion.

    Income tax expense in the third quarter of 2024 was $235 million.

    Other non-operating income in the third quarter of 2024 was $134 million. Included in other non-operating income were net mark-to-market gains in fair value for certain equity investments of $99 million.

    GAAP diluted earnings per share was $0.77. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.67. Excluded from adjusted diluted earnings per share were all items listed in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $1,010 million for the third quarter of 2024. Free cash flow (a non-GAAP financial measure) for the quarter was $754 million. A reconciliation from GAAP has been provided in Table 1d in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $256 million for the third quarter of 2024, of which $182 million for OFSE and $62 million for IET.

    Results by Reporting Segment
     

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions) Three Months Ended   Variance
    Segment results September 30,
    2024
    June 30,
    2024
    September 30,
    2023
      Sequential Year-over-year
    Orders $ 3,807   $ 4,068   $ 4,178     (6%)   (9%)  
    Revenue $ 3,963   $ 4,011   $ 3,951     (1%)   —%  
    Operating income $ 547   $ 493   $ 465     11%   18%  
    Operating margin   13.8 %   12.3 %   11.8 %   1.5pts   2pts  
    Depreciation & amortization $ 218   $ 223   $ 206     (2%)   6%  
    EBITDA* $ 765   $ 716   $ 670     7%   14%  
    EBITDA margin*   19.3 %   17.8 %   17.0 %   1.5pts   2.3pts  
    (in millions) Three Months Ended   Variance
    Revenue by Product Line September 30,
    2024
    June 30,
    2024
    September 30,
    2023
      Sequential Year-over-year
    Well Construction $ 1,050 $ 1,090 $ 1,128   (4%)   (7%)  
    Completions, Intervention & Measurements   1,009   1,118   1,085   (10%)   (7%)  
    Production Solutions   983   958   967   3%   2%  
    Subsea & Surface Pressure Systems   921   845   770   9%   20%  
    Total Revenue $ 3,963 $ 4,011 $ 3,951   (1%)   —%  
    (in millions) Three Months Ended   Variance
    Revenue by Geographic Region September 30,
    2024
    June 30,
    2024
    September 30,
    2023
      Sequential Year-over-year
    North America $ 971 $ 1,023 $ 1,064   (5%)   (9%)  
    Latin America   648   663   695   (2%)   (7%)  
    Europe/CIS/Sub-Saharan Africa   933   827   695   13%   34%  
    Middle East/Asia   1,411   1,498   1,497   (6%)   (6%)  
    Total Revenue $ 3,963 $ 4,011 $ 3,951   (1%)   —%  
                 
    North America $ 971 $ 1,023 $ 1,064   (5%)   (9%)  
    International   2,992   2,988   2,887   —%   4%  

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,807 million for the third quarter decreased by $261 million sequentially. Subsea and Surface Pressure Systems orders were $776 million, down 13% sequentially, and down 23% year-over-year.

    OFSE revenue of $3,963 million for the third quarter was down 1% sequentially, and up $12 million year-over-year.

    North America revenue was $971 million, down 5% sequentially. International revenue was $2,992 million, an increase of $4 million sequentially, driven by growth in Europe/CIS/Sub-Saharan Africa regions partially offset by decline in Middle East/Asia.

    Segment operating income for the third quarter was $547 million, an increase of $54 million, or 11%, sequentially. Segment EBITDA for the third quarter was $765 million, an increase of $49 million, or 7% sequentially. The sequential increase in segment operating income and EBITDA was driven by positive price and productivity, partially offset by pressure from negative business mix and lower volume.

    Industrial & Energy Technology

    (in millions) Three Months Ended   Variance
    Segment results September 30,
    2024
    June 30,
    2024
    September 30,
    2023
      Sequential Year-over-year
    Orders $ 2,868   $ 3,458   $ 4,334     (17%)   (34%)  
    Revenue $ 2,945   $ 3,128   $ 2,691     (6%)   9%  
    Operating income $ 474   $ 442   $ 346     7%   37%  
    Operating margin   16.1 %   14.1 %   12.9 %   2pts   3.2pts  
    Depreciation & amortization $ 54   $ 55   $ 57     (2%)   (6%)  
    EBITDA* $ 528   $ 497   $ 403     6%   31%  
    EBITDA margin*   17.9 %   15.9 %   15.0 %   2pts   2.9pts  
    (in millions) Three Months Ended   Variance
    Orders by Product Line September 30,
    2024
    June 30,
    2024
    September 30,
    2023
      Sequential Year-over-year
    Gas Technology Equipment $ 1,088 $ 1,493 $ 2,813   (27%)   (61%)  
    Gas Technology Services   778   769   724   1%   7%  
    Total Gas Technology   1,866   2,261   3,537   (17%)   (47%)  
    Industrial Products   494   524   477   (6%)   4%  
    Industrial Solutions   293   281   271   4%   8%  
    Total Industrial Technology   787   805   748   (2%)   5%  
    Climate Technology Solutions   215   392   49   (45%)   F  
    Total Orders $ 2,868 $ 3,458 $ 4,334   (17%)   (34%)  
    (in millions) Three Months Ended   Variance
    Revenue by Product Line September 30,
    2024
    June 30,
    2024
    September 30,
    2023
      Sequential Year-over-year
    Gas Technology Equipment $ 1,281 $ 1,539 $ 1,227   (17%)   4%  
    Gas Technology Services   697   691   637   1%   9%  
    Total Gas Technology   1,978   2,230   1,865   (11%)   6%  
    Industrial Products   520   509   520   2%   —%  
    Industrial Solutions   257   262   243   (2%)   6%  
    Total Industrial Technology   777   770   763   1%   2%  
    Climate Technology Solutions   191   128   63   49%   F  
    Total Revenue $ 2,945 $ 3,128 $ 2,691   (6%)   9%  

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $2,868 million for the third quarter decreased by $1,465 million, or 34% year-over-year. The decrease was driven primarily by GTE orders which were down $1,725 million or 61% year-over-year.

    IET revenue of $2,945 million for the quarter increased $254 million, or 9% year-over-year. The increase was driven primarily by Climate Technology Solutions, up favorably year-over-year, and by Gas Technology, up 6% year-over-year.

    Segment operating income for the quarter was $474 million, up 37% year-over-year. Segment EBITDA for the quarter was $528 million, up $125 million, or 31% year-over-year. The year-over-year increase in segment operating income and EBITDA was primarily driven by higher volume, pricing and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures
     

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted operating income; EBITDA; EBITDA margin; adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of GAAP and Adjusted Operating Income

      Three Months Ended
    (in millions) September 30,
    2024
    June 30,
    2024
    September 30,
    2023
    Operating income (GAAP) $ 930 $ 833 $ 714
    Restructuring, impairment & other   —   14   2
    Total operating income adjustments   —   14   2
    Adjusted operating income (non-GAAP) $ 930 $ 847 $ 716

    Table 1a reconciles operating income, which is the directly comparable financial result determined in accordance with GAAP, to adjusted operating income. Adjusted operating income excludes the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to EBITDA and Adjusted EBITDA

      Three Months Ended
    (in millions) September 30,
    2024
    June 30,
    2024
    September 30,
    2023
    Net income attributable to Baker Hughes (GAAP) $ 766   $ 579   $ 518  
    Net income attributable to noncontrolling interests   8     2     6  
    Provision for income taxes   235     243     235  
    Interest expense, net   55     47     49  
    Other non-operating income, net   (134 )   (38 )   (94 )
    Operating income (GAAP)   930     833     714  
           
    Depreciation & amortization   278     283     267  
    EBITDA (non-GAAP)   1,208     1,116     981  
    Total operating income adjustments(1)   —     14     2  
    Adjusted EBITDA (non-GAAP) $ 1,208   $ 1,130   $ 983  

    (1)   See Table 1a for the identified adjustments to operating income.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to EBITDA. Adjusted EBITDA excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

      Three Months Ended
    (in millions, except per share amounts) September 30,
    2024
    June 30,
    2024
    September 30,
    2023
    Net income attributable to Baker Hughes (GAAP) $ 766   $ 579   $ 518  
    Total operating income adjustments(1)   —     14     2  
    Other adjustments (non-operating)(2)   (99 )   (19 )   (95 )
    Tax adjustments(3)   (1 )   (6 )   2  
    Total adjustments, net of income tax   (100 )   (11 )   (91 )
    Less: adjustments attributable to noncontrolling interests   —     —     —  
    Adjustments attributable to Baker Hughes   (100 )   (11 )   (91 )
    Adjusted net income attributable to Baker Hughes (non-GAAP) $ 666   $ 568   $ 427  
           
           
    Denominator:      
    Weighted-average shares of Class A common stock outstanding diluted   999     1,001     1,017  
    Adjusted earnings per share – diluted (non-GAAP) $ 0.67   $ 0.57   $ 0.42  

    (1)   See Table 1a for the identified adjustments to operating income.

    (2)   All periods primarily reflect the net gain or loss on changes in fair value for certain equity investments.

    (3)   All periods reflect the tax associated with the other operating and non-operating adjustments.

    Table 1c reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1d. Reconciliation of Net Cash Flows From Operating Activities to Free Cash Flow

      Three Months Ended
    (in millions) September 30,
    2024
    June 30,
    2024
    September 30,
    2023
    Net cash flows from operating activities (GAAP) $ 1,010   $ 348   $ 811  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets   (256 )   (242 )   (219 )
    Free cash flow (non-GAAP) $ 754   $ 106   $ 592  

    Table 1d reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

    Financial Tables (GAAP)
     
    Condensed Consolidated Statements of Income (Loss)
     
    (Unaudited)
      Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    (In millions, except per share amounts)   2024     2023     2024     2023  
    Revenue $ 6,908   $ 6,641   $ 20,465   $ 18,671  
    Costs and expenses:        
    Cost of revenue   5,366     5,298     16,155     14,867  
    Selling, general and administrative   612     627     1,873     1,977  
    Restructuring, impairment and other   —     2     21     161  
    Total costs and expenses   5,978     5,927     18,049     17,005  
    Operating income   930     714     2,416     1,666  
    Other non-operating income, net   134     94     200     638  
    Interest expense, net   (55 )   (49 )   (143 )   (171 )
    Income before income taxes   1,009     759     2,473     2,133  
    Provision for income taxes   (235 )   (235 )   (656 )   (614 )
    Net income   774     524     1,817     1,519  
    Less: Net income attributable to noncontrolling interests   8     6     17     16  
    Net income attributable to Baker Hughes Company $ 766   $ 518   $ 1,800   $ 1,503  
             
    Per share amounts:      
    Basic income per Class A common stock $ 0.77   $ 0.51   $ 1.81   $ 1.49  
    Diluted income per Class A common stock $ 0.77   $ 0.51   $ 1.80   $ 1.48  
             
    Weighted average shares:        
    Class A basic   993     1,009     996     1,010  
    Class A diluted   999     1,017     1,001     1,016  
             
    Cash dividend per Class A common stock $ 0.21   $ 0.20   $ 0.63   $ 0.58  
             
    Condensed Consolidated Statements of Financial Position
     
    (Unaudited)
    (In millions) September 30,
    2024
    December 31,
    2023
    ASSETS
    Current Assets:    
    Cash and cash equivalents $ 2,664 $ 2,646
    Current receivables, net   6,920   7,075
    Inventories, net   5,254   5,094
    All other current assets   1,730   1,486
    Total current assets   16,568   16,301
    Property, plant and equipment, less accumulated depreciation   5,150   4,893
    Goodwill   6,167   6,137
    Other intangible assets, net   3,995   4,093
    Contract and other deferred assets   1,904   1,756
    All other assets   3,746   3,765
    Total assets $ 37,530 $ 36,945
    LIABILITIES AND EQUITY
    Current Liabilities:    
    Accounts payable $ 4,431 $ 4,471
    Short-term and current portion of long-term debt   52   148
    Progress collections and deferred income   5,685   5,542
    All other current liabilities   2,622   2,830
    Total current liabilities   12,790   12,991
    Long-term debt   5,984   5,872
    Liabilities for pensions and other postretirement benefits   991   978
    All other liabilities   1,422   1,585
    Equity   16,343   15,519
    Total liabilities and equity $ 37,530 $ 36,945
         
    Outstanding Baker Hughes Company shares:    
    Class A common stock   989   998
             
    Condensed Consolidated Statements of Cash Flows
     
    (Unaudited)
      Three Months
    Ended
    September 30,
    Nine Months Ended
    September 30,
    (In millions)   2024     2024     2023  
    Cash flows from operating activities:      
    Net income $ 774   $ 1,817   $ 1,519  
    Adjustments to reconcile net income to net cash flows from operating activities:      
    Depreciation and amortization   278     844     813  
    Stock-based compensation cost   53     154     148  
    Gain on equity securities   (99 )   (171 )   (639 )
    Provision for deferred income taxes   2     35     68  
    Other asset impairments   —     —     43  
    Working capital   (21 )   (57 )   19  
    Other operating items, net   23     (480 )   159  
    Net cash flows provided by operating activities   1,010     2,142     2,130  
    Cash flows from investing activities:      
    Expenditures for capital assets   (300 )   (925 )   (868 )
    Proceeds from disposal of assets   44     145     150  
    Proceeds from sale of equity securities   —     21     372  
    Proceeds from business dispositions   —     —     293  
    Net cash paid for acquisitions   —     —     (301 )
    Other investing items, net   (13 )   (40 )   (149 )
    Net cash flows used in investing activities   (269 )   (799 )   (503 )
    Cash flows from financing activities:      
    Repayment of long-term debt   (9 )   (134 )   —  
    Dividends paid   (209 )   (628 )   (586 )
    Repurchase of Class A common stock   (152 )   (476 )   (219 )
    Other financing items, net   6     (55 )   (56 )
    Net cash flows used in financing activities   (364 )   (1,293 )   (861 )
    Effect of currency exchange rate changes on cash and cash equivalents   3     (32 )   (53 )
    Increase in cash and cash equivalents   380     18     713  
    Cash and cash equivalents, beginning of period   2,284     2,646     2,488  
    Cash and cash equivalents, end of period $ 2,664   $ 2,664   $ 3,201  
    Supplemental cash flows disclosures:      
    Income taxes paid, net of refunds $ 397   $ 733   $ 463  
    Interest paid $ 49   $ 199   $ 205  
                       

    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, October 23, 2024, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target”, “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2023 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: http://www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network –

    January 24, 2025
  • MIL-OSI United Kingdom: Governments launch largest review of sector since privatisation

    Source: United Kingdom – Executive Government & Departments

    The UK and Welsh Governments have introduced major legislation with new powers to bring criminal charges against water executives and a ban on bonuses.

    An Independent Commission into the water sector and its regulation will be launched by the government tomorrow (Wednesday 23 October), in what is expected to form the largest review of the industry since privatisation.   

    The Commission forms the next stage in the Government’s long-term approach to ensuring we have a sufficiently robust and stable regulatory framework to attract the investment needed to clean up our waterways, speed up infrastructure delivery and restore public confidence in the sector. 

    It follows the Government’s inaugural International Investment Summit last week at which the Prime Minister spoke of the need for regulation and regulators to support growth and investment in the UK.  

    Launched by the UK and Welsh governments, the Commission will report back next year with recommendations to the Government on how to tackle inherited systemic issues in the water sector to restore our rivers, lakes and seas to good health, meet the challenges of the future and drive economic growth. 

    These recommendations will form the basis of further legislation to attract long-term investment and clean up our waters for good – injecting billions of pounds into the economy, speeding up delivery on infrastructure to support house building and addressing water scarcity, given the country needs to source an additional 5 billion litres of water a day by 2050.  

    Former Deputy Governor of the Bank of England, Jon Cunliffe, will chair the Commission. With several decades of economic and regulatory experience, his appointment demonstrates the Government’s serious ambitions.  

    The Commission will draw upon a panel of experts from across the regulatory, environment, health, engineering, customer, investor and economic sectors. It forms part of the Government’s reset of the water sector by establishing a new partnership between government, water companies, customers, investors, and all those who enjoy our waters and work to protect our environment.  

    Launching the review, Secretary of State Steve Reed said:    

    Our waterways are polluted and our water system urgently needs fixing.   

    That is why today we have launched a Water Commission to attract the investment we need to clean up our waterways and rebuild our broken water infrastructure.  

    The Commission’s findings will help shape new legislation to reform the water sector so it properly serves the interests of customers and the environment. 

    Water Commission Chair Sir Jon Cunliffe said:  

    I’m honoured to be appointed as chair of the government’s new Water Commission. It is vital we deliver a better system to attract stable investment and speed up the building of water infrastructure.

    Working over many years in the public sector, in environment, transport and the Treasury, and the Bank of England, I have seen how the regulation of private firms can be fundamental to incentivising performance and innovation, securing resilience and delivering public policy objectives.  

    I am looking forward to working with experts from across the water sector, from environment and customer groups and investors, to help deliver a water sector that works successfully for both customers, investors and our natural environment.

    Huw Irranca Davies, Wales’ Deputy First Minister with responsibility for Climate Change and Rural Affairs, added:  

    This vital review couldn’t come at a more urgent time for our water environment and water industry.      

    This shows the fresh approach of our two governments working together on an issue which affects us all as consumers, investors and as stewards of the natural world.   

    Both the Welsh and UK Governments are determined to improve water quality and the resilience of the water sector for future generations. We have clear priorities for reform and a shared sense of the work needed across both countries’ policy and regulatory regimes to make this change happen.

    A set of recommendations will be delivered to the Defra Secretary of State, and Deputy First Minister and Cabinet Secretary for Climate Change and Rural Affairs next year. The UK Government and Welsh Government will then respond with the proposals they intend to take forward.  

    The objectives of the Commission are to recommend measures to ensure the regulatory system delivers:  

    • Clear Vision: Establishing clear outcomes for the future and a long-term vision for delivering environmental, public health, customer, and economic outcomes.  

    • Strategic Planning: Adopting a collaborative, strategic, catchment approach to managing water, tackling pollution and restoring nature.  

    • Better Regulation: Rationalising and clarifying requirements for companies to secure better customer and environmental outcomes. 

    • Empowered Regulators: Ensuring regulators are effective in holding water companies accountable, for example for illegal pollution.    

    • Improved Delivery: Enhancing the sector’s ability to meet obligations, including clean rivers, lakes, and seas, while driving innovation. 

    • Stable Framework: Ensuring a regulatory environment that attracts investment and supports financial resilience for water companies.  

    • Consumer Protection: Safeguarding consumer interests and affordability through transparent and fair governance.  

    • Resilient Infrastructure: Delivering and maintaining robust infrastructure on time, anticipating future needs and climate challenges.   

    The independent commission is the third stage of the government’s water strategy. In his first week in office, the Secretary of State secured an agreement from water companies and Ofwat to ringfence money for vital infrastructure upgrades so it cannot be diverted to shareholder payouts and bonus payments.   

    In just 70 days, the Government also introduced the Water (Special Measures) Bill, which sets out tough new measures to crack down on water companies failing their customers. This includes:    

    • Bringing criminal charges against persistent lawbreakers, including imprisonment.  

    • Strengthening regulation to ensure water bosses face personal criminal liability for lawbreaking.  

    • Giving the water regulator new powers to ban the payment of bonuses if environmental standards are not met.  

    • Boost accountability for water executives through a new ‘code of conduct’ for water companies, so customers can summon board members and hold executives to account.  

    • Introduce new powers to bring automatic and severe fines.  

    • Require water companies to install real-time monitors at every sewage outlet with data independently scrutinised by the water regulators.  

    In addition, the cost recovery powers of regulators will be expanded to ensure that water companies bear the cost of enforcement action taken in response to their failings. The Environment Agency will undertake a consultation on the implementation of these new powers.

    Further quotes

    Jon Phillips, Chief Executive of the Global Infrastructure Investor Association said:

    The Secretary of State should be congratulated for acting swiftly to put in place this much needed review and reset of the water sector. No parties involved in the sector can be happy with the current arrangements, and that includes investors whose capital is vital to addressing current and future environmental challenges.

    The government has heard loud and clear that the sector needs both a long-term plan and a regulatory framework that places greater emphasis on attracting investment. We look forward to the opportunity to support the Commission’s work and hope that its findings can be put into practice at the earliest opportunity.

    Gail Davies-Walsh, CEO of Afonydd Cymru, said:

    This independent review of Welsh and English water companies is very welcome news and something that we hope will ultimately result in a much needed boost for river health.

    We would like to understand how long-term water company investment can be secured to deliver the environmental performance that we need.

    Afonydd Cymru welcome the collaboration of Welsh Government and the UK Government on this matter, particularly given the current cross-border management issues that hinder river restoration efforts.

    Richard Benwell, CEO of Wildlife and Countryside Link, said:

    The water sector is a perfect example of where stronger, better enforced regulation can drive up investment and drive down pollution.

    We welcome this significant review as the next step in Defra’s work to clean up our water environment. We’ll be looking for strong new rules that tie the industry into environmental investment and improve the way that money is spent in every river catchment to deliver quick, clean results for nature and communities.

    Jamie Cook, CEO of Angling Trust, said:

    The Angling Community has been calling for a root and branch review of Britain’s failing water sector, so we are pleased the Government has moved swiftly to set up an independent commission to deliver this.

    However, there is inevitably going to be a difficult balancing act between economic, consumer and environmental priorities that this review will need to address. We are pleased the views of water users, like the two million anglers, are going to be a key part of this review. 

    The Angling Trust is committed to working with the commission to ensure the health of our rivers, lakes and seas remains front and centre of its work.

    Mark Lloyd, CEO of Rivers Trust, said:

    35 years after water privatisation, this review is long overdue, which makes it even more welcome.  Our rivers have been flatlining for far too long, alongside the failure of our current systems to manage ageing infrastructure and population increase they face huge strategic challenges from climate change and biodiversity decline.

    Incremental policy tweaks will not fix our water system, and the review must look beyond the water industry to include land and water management in both urban and rural areas.  There needs to be much more focus on delivery of cost-effective solutions, through an integrated systems approach. 

    We will be keeping a close eye on the work of the commission to ensure it considers land use, nature, drought, flood and pollution in concert, because they are all intrinsically linked.  We look forward to working closely with Sir Jon Cunliffe and his team on a new system.

    Nicci Russell, CEO of Waterwise, said:

    We welcome this review, its wide scope and the collaborative way the government is approaching it. We agree with the government that now is the time for a reset in the water sector – nothing happens without water, so access to water needs to be at the heart of everything the government does.

    We will aim to put water efficiency at the heart of the Commission’s work, and look forward to working with Sir Jon and his team of experts to do this. The first objective in our Water Efficiency Strategy to 2030 is that governments and regulators show clear, visible leadership for water efficiency and reflect this in their policy and regulatory frameworks. 

    We are also delighted to see that Ministers are placing environmental and social outcomes as equally important to economic ones – because nothing happens without water. This is a great opportunity for the water sector to play a part in the Government’s mission of national renewal – not just in delivering a vital public service, but also in playing a proactive role to ensure a just society and a strong economy.

    Joan Edwards, Director Policy and Public Affairs at The Wildlife Trusts, said:

    This review comes not a moment too soon, given the precarious and polluted state of our waters, and the looming threat of future water shortages.

    It’s crucial that regulation drives companies to invest in the solutions that can best deliver improvements for nature at the same time as limiting bill increases.

    We look forward to supporting the Commission’s work by feeding in on the importance of a healthy environment and the changes needed to get us there.

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    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI United Nations: Note to Correspondents: Joint communiqué of the 8th AU-UN Annual Conference

    Source: United Nations secretary general

    1. On 21 October 2024, the African Union Commission Chairperson, Moussa Faki Mahamat and the United Nations Secretary-General António Guterres convened the Eighth African Union-United Nations Annual Conference in Addis Ababa, Ethiopia. They noted with deep concern the current state of peace and security globally, including armed conflicts and humanitarian crises, and in some cases profound disregard for international law and the shared principles of the two organizations.

    2. The Chairperson and the Secretary-General reviewed progress in the implementation of the “Joint UN-AU Framework for Enhanced Partnership in Peace and Security,” the “AU-UN Framework for the Implementation of Agenda 2063 and the 2030 Agenda for Sustainable Development,” and the “AU-UN Joint Framework on Human Rights.” They welcomed the progress made in the implementation of the three joint frameworks.

    3. The Chairperson and the Secretary-General welcomed the convening of the HighLevel Strategic Dialogue on Sustainable Development co-chaired by the Deputy Secretary-General of the United Nations and the Deputy Chairperson of the African Union Commission, which seeks to advance strategic coordination and alignment within the context of the African Union-United Nations Framework for the Implementation of Agenda 2063 and the 2030 Agenda for Sustainable Development. They reiterated their commitment to deliver socio-economic development and prosperity in line with the AU Agenda 2063 and UN 2030 Agenda. They welcomed the formulation of the Second Ten-Year Implementation Plan of Agenda 2063 and emphasized the need for the timely and effective implementation of the Plan, as well as a stronger working relationship between the AU and the UN at the continental, regional and national level in its realization towards Africa’s accelerated socio-economic transformation and development. In this regard, they saluted the decision of the AU-UN High-level Strategic Dialogue to engage the African Women Leaders Network to support the mainstreaming of gender throughout the AU-UN strategic coordination process. The Chairperson and the Secretary-General welcomed the progress made, and called for the full operationalization of mechanisms of the five thematic ‘college–to–college’ formations.

    4. The Chairperson and the Secretary-General noted their concern that the absence of fiscal space in African countries to invest in sustainable development continues to undermine progress in the implementation of Agenda 2063 and the 2030 Agenda and called on Member States to approach the 4th International Conference on Financing for Development with the level of ambition needed to achieve transformative results. They reaffirmed the commitment of the African Union and the United Nations to jointly advocate for urgent measures to generate fiscal space, such as the SDG Stimulus and the reform of the international financial architecture. They reaffirmed the readiness of the two organizations to jointly support African Member States in strengthening their domestic resource mobilization systems to ensure the long-term sustainability of financing for development, including the Global Africa Business Initiative (GABI) convened by the UN Global Compact in collaboration with UN partner agencies.

    5. The Annual Conference welcomed the African Union’s membership of the G20 and the commitment of the United Nations to work with and support the African Union in ensuring that Africa’s needs, interests and priorities are well articulated and take the center-stage in the processes, agenda, deliberations and outcomes of the G20 meetings.

    6. The Chairperson and the Secretary-General welcomed the adoption by the United Nations General Assembly of the Pact for the Future, the Global Digital Compact and the Declaration on Future Generations on 22 September, noting that they open pathways to new possibilities and opportunities towards a more effective, inclusive, networked multilateral system that is better equipped to effectively respond to today’s and tomorrow’s political, economic, environmental and technological challenges. They called for urgent and concerted action to implement all agreed commitments.

    7. The Annual Conference underscored the primacy of political solutions and the need to strengthen the capacities of both organizations in preventive diplomacy and mediation. The Annual Conference emphasized the imperative to prioritize good offices missions, and further strengthen collaboration between Africa Union and United Nations Special Representatives and Envoys deployed in various parts of the continent.

    8. The Annual Conference welcomed the ongoing initiatives in promoting the Women Peace and Security and the Youth Peace and Security agendas, as well as protection of children in conflict situations. They reiterated the importance of consolidating and building on the gains made in promoting inclusive political processes through effective engagement and participation of women and the youth in peace processes at the technical, operational, decision-making and policymaking levels.

    9. The Chairperson and the Secretary-General welcomed the ongoing elaboration of the Common African Position on Climate, Peace and Security, which would represent not only a global precedent, but also an important step for mitigation and adaptation strategies on the continent. They underscored the importance of the Common African Position both as a means of underscoring the effects of climate change on Africa’s peace, security, and development efforts, and as a means to strengthen Africa’s calls for support in its sustainable development and for equity in the name of climate justice. In particular, the Annual Conference highlighted the risks posed by the aggravating water crisis across the continent, and called for greater collaboration between the AU and the UN to overcome the crisis. The Annual Conference also looked forward to the outcome of the Ninth Session of the Africa Regional Platform and the High-Level Meeting on Disaster Risk Reduction, scheduled for the 21-24 October in Namibia, and in this context called for the accelerated development of early warning systems, to attain the goal of universal coverage by 2027.

    10.The Chairperson and the Secretary-General welcomed the adoption of United Nations Security Council resolution 2719 (2023) which represents a significant milestone toward ensuring adequate, predictable and sustainable funding for African Union-led peace support operations. They further recognized that the resolution provides opportunities to strengthen the partnership between the two organizations in peace and security under Chapter VIII of the Charter of the United Nations, whilst ensuring that peace operations in general adapt to present day realities. The Annual Conference endorsed the joint AU-UN roadmap on the operationalization of resolution 2719 (2023). The Annual Conference reaffirmed the preservation of the comparative advantages and complementarity of the African Union and the United Nations, based on their respective mandates, principles and shared objectives. It underscored the importance of the implementation of the resolution, whilst maintaining an integrated approach in addressing conflict situations comprehensively, by ensuring that capacities, systems, procedures and processes, as well as joint accountability and institutional readiness continue to be strengthened for the delivery and sustainment of African Union-led peace support operations deployed under resolution 2719 (2023).

    11.The Annual Conference expressed grave concern about the stalled political transition processes in Burkina Faso, Gabon, Guinea, Mali, Niger and Sudan, and called for the timely and peaceful return to constitutional order in these countries. The Annual Conference also noted with concern the heightened instability and insecurity, as well as the shrinking civic space in the affected States. The Annual Conference recognized the importance of dialogue and collaboration between affected States and sub-regional, continental, and global organizations in addressing the political, peace, security, development and human rights challenges.

    12.The Chairperson and the Secretary-General considered the final report of the High-Level Independent Panel on Security and Development in the Sahel presented by the Chair of the Panel, former President of the Republic of Niger Mahamadou Issoufou, and agreed to jointly take forward key recommendations through their respective organs and institutional mechanisms. The Annual Conference reaffirmed the commitment of the African Union and the United Nations to enhance their support in advancing democratic transitions in West Africa and the Sahel, working closely with the Economic Community of West African States (ECOWAS).

    13.On Libya, the Annual Conference welcomed efforts by the United Nations to foster inclusive political dialogue, including recent progress on the governance of the Central Bank. It took note of the persistent political stalemate and entrenched divisions in Libya, which continue to pose challenges for efforts to reunite the country and organize credible presidential and parliamentary elections to put in place unified, representative and legitimate Libyan institutions. The Annual Conference stressed that Libya’s sustainable peace and stability will only be realized through inclusive processes that will bring about legitimate governance and institutions; and in that regard, collective efforts, including of neighbors and international partners, must focus on supporting and encouraging the main Libyan leaders to take ownership of the political process, set aside personal interests and strive to reach political consensus in support for national reconciliation and the conduct of elections without further delays. The Conference expresses full support for the continued engagement of the African Union to promote national reconciliation through the adoption of the Charter on National Reconciliation.

    14.The Annual Conference observed that geopolitical dynamics in the Horn of Africa are becoming increasingly fragile and therefore noted the need for ever more coordinated preventive action and messaging by both organizations and partners on de-escalation and constructive engagement. On Somalia, the Annual Conference reiterated their close collaboration, including on the implementation of Security Council resolution 2748 (2024) to finalize the mission implementation plan for the PSC endorsed African Union Stabilization and Support Mission in Somalia. It also reaffirmed the importance of sustained and full implementation of the Cessation of Hostilities Agreement in Tigray, Ethiopia. On South Sudan, the Annual Conference agreed to enhance coordination of regional and international support for the process led by the Intergovernmental Authority on Development and called on the Transitional Government to sustain momentum in discussions on an agreed updated roadmap and timeline and advance the implementation of the Revitalized Agreement. On Sudan, the Annual Conference expressed grave concerned about the further escalation of fighting between the Sudanese Armed Forces and the Rapid Support Forces. They urged the parties to immediately engage in genuine dialogue to reach a permanent ceasefire, while stressing that the protection of civilians should be guaranteed at all times and unhindered and sustained humanitarian access should be ensured. The African Union and the United Nations strongly condemned external interference in Sudan and urged these actors to stop the flow of arms in Sudan, which continues to fuel the conflict. They welcomed the efforts spearheaded by the African Union and the Intergovernmental Authority on Development to support the transition to a fully democratic government that fulfils the aspirations of the Sudanese people. The Annual Conference also encouraged the good offices of the Personal Envoy of the Secretary-General on Sudan and AU High-Level Panel on Sudan and called for strengthened diplomatic push underpinned by the coordination and complementarity of initiatives. They welcomed the establishment of the PSC Presidential Ad Hoc Committee on Sudan, and reaffirmed their commitment to support the Committee in executing its mandate.

    15.On the Great Lakes region, the Annual Conference welcomed the 4 August ceasefire between the Democratic Republic of the Congo (DRC) and Rwanda, which has contributed to a reduction in hostilities in the North Kivu province of the DRC, while expressing concern about the humanitarian situation in North Kivu and Ituri, where armed groups activities continue to affect civilians and impede activities of humanitarian workers. The Annual Conference commended African Union mediator President João Lourenço of Angola for his steadfast efforts through the Luanda process, and the efforts deployed under the auspices of the East African Community (EAC) and the Southern African Development Community (SADC), including the deployment of the SADC Mission in the Democratic Republic of the Congo (SAMIDRC), aimed at restoring peace and security in the eastern Democratic Republic of the Congo. The Annual Conference stressed that attaining sustainable peace calls for addressing the root causes, including through full implementation of the Peace, Security and Cooperation Framework for the Democratic Republic of the Congo and the region, and in that regard, called for enhanced coordination of regional peace initiatives, including through the Quadripartite Process facilitated by the African Union.

    16.The Annual Conference took note of the expiry of the terms of office of the African Union Commission Chairperson, Deputy Chairperson and Commissioners in early 2025. The Secretary-General took the opportunity to commend the African Union Commission leadership for the commitment and support to the partnership during their terms of office. He paid special tribute to Chairperson Moussa Faki Mahamat for his leadership of the African Union Commission over the last eight years.

    17.The Chairperson and Secretary-General agreed to convene the Ninth African Union – United Nations Annual Conference in 2025 in New York at a mutually convenient date.

    MIL OSI United Nations News –

    January 24, 2025
  • MIL-OSI USA: Senator Wicker Statement on Gulf Coast Passenger Service Grant Approval

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker

    WASHINGTON – Today, an agreement was reached among stakeholders on the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Grant which will provide crucial funding to restore passenger rail service along the Mississippi Gulf Coast. The $178,435,333 grant was previously awarded by the Federal Railroad Administration.

    U.S. Senator Roger Wicker, R-Miss., has used his position as Chairman and Ranking Member of the U.S. Senate Commerce Committee to restore the return of passenger rail to the Gulf Coast for the first time since Hurricane Katrina. While serving as chairman, he helped negotiate the infrastructure bill which is the origin of the CRISI Grant.

    Senator Wicker released the following statement:

    “I appreciate the partnership shared by local and state government officials and the freight rail companies, CSX, and Norfolk Southern. This service will provide economic opportunities to the Gulf Coast Region and provide an alternative way to move people safely. Years of hard work and cooperation have brought us to this important moment,” Senator Wicker said.

    Scheduled to resume in 2025, the services are expected to provide economic growth opportunities, boost tourism, and reduce traffic on our roadways. Two trains will run roundtrip from New Orleans to Mobile with stops in Bay St. Louis, Gulfport, Biloxi, and Pascagoula.

    A groundbreaking ceremony was held today in Mobile for the layover track, where a train is stored when not in use. That piece of the project had been one of the remaining hurdles to restoring the route.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI New Zealand: Resetting the Emissions Trading Scheme annual charge for post-1989 forestry participants

    Source: Ministry for Primary Industries

    Your views sought

    We want your feedback on 2 proposals relating to cost recovery settings for forestry Emissions Trading Scheme (ETS) participants. We anticipate that changes would be made by early 2025.

    • Proposal 1: A reduced annual charge for post-1989 forestry ETS participants.
    • Proposal 2: Amending the Climate Change (Forestry) Regulations 2022 for the field measurement approach during the 2023–25 reporting period.

    As part of this consultation, we are holding 2 webinars and an online hui.

    Summaries of the proposals are on this page and full details are in the discussion paper.

    Submissions are open from 23 October until 5pm on 13 November 2024.

    About Proposal 1

    If you have post-1989 forest land in the ETS, the per hectare annual charge is calculated for the financial year. It’s based on the amount of land you have in the ETS on 1 July.

    We are proposing to reduce the per hectare annual charge from $30.25 to $14.90, starting in the 2024–25 financial year.

    About Proposal 2

    Forestry participants with at least 100 hectares of post-1989 forest land in the ETS have to use the field measurement approach to calculate carbon stored in their forests for their emissions returns.

    When the previous (2023) cost recovery regulations were enacted, they imposed a service fee. The fee resulted in additional costs for those who could use their existing field measurement approach data or use default carbon tables to calculate carbon stock, during the shorter 2023–25 reporting period.

    To address this issue, we are proposing to update the regulations. This means, that for any emissions return that covers all or part of the shorter 2023–25 reporting period, people using the field measurement approach can calculate carbon stock using:

    • the default carbon tables (in regulations) if they do not have field measurement approach participant specific tables, or
    • existing participant specific tables if they have them.

    Discussion paper

    Resetting the Emissions Trading Scheme annual charge for post-1989 forestry participants [doc: 65715]

    Webinars on the proposals

    To support this consultation, we are running 2 webinars and an online hui. These sessions will provide an opportunity for you to ask questions and discuss the proposals. The online hui is a dedicated session for whenua Māori to give feedback on the proposals. You must register to attend the webinars or hui. 

    Times and dates of the webinars and the hui

    Webinar 1: 4pm on Thursday 31 October 2024.

    Register to attend Webinar 1 – Connect

    Webinar 2: 12pm on Thursday 7 November 2024.

    Register to attend Webinar 2 – Connect

    Online hui: 12pm on Monday 4 November 2024.

    Register to attend the online hui – Connect

    Making your submission

    Send us your feedback on the proposals in the consultation document by 5pm on 13 November 2024.

    We would prefer if you made a submission electronically – either by using the online form or by email. However, we will also accept written submissions sent by post.

    You are welcome to make your submission on the whole discussion document, or you can choose the areas relevant to you. Provide supporting evidence with your submission where possible.

    Online

    Online submission form – Alchemer

    Email

    If you are sending us a submission by email, we encourage you to use the submission template which has the same questions as the online form. 

    Submission template [doc: 65718]

    The email address is etsforestrychanges@mpi.govt.nz

    Post

    If you prefer to make your submission in writing, send it to:

    NZ ETS Cost Recovery
    Forestry System Directorate
    Ministry for Primary Industries
    PO Box 2526
    Wellington 6140.

    Submissions are public information

    Note that all, part, or a summary of your submission may be published on this website. Most often this happens when we issue a document that reviews the submissions received.

    People can also ask for copies of submissions under the Official Information Act 1982 (OIA). The OIA says we must make the content of submissions available unless we have good reason for withholding it. Those reasons are detailed in sections 6 and 9 of the OIA.

    If you think there are grounds to withhold specific information from publication, make this clear in your submission or contact us. Reasons may include that it discloses commercially sensitive or personal information. However, any decision MPI makes to withhold details can be reviewed by the Ombudsman, who may direct us to release it.

    Official Information Act 1982 – NZ Legislation

    MIL OSI New Zealand News –

    January 24, 2025
  • MIL-OSI Australia: G20 meetings in the United States

    Source: Australian Treasurer

    I will join key economic ministers and central bank governors from the world’s most significant economies at the G20, International Monetary Fund and World Bank annual meetings over the coming days in Washington DC.

    Australia is not immune from the volatility and vulnerability which characterises the global economy.

    The risk of further escalation in the Middle East threatens a resurgence in oil prices and casts a dark shadow over the global outlook.

    Conflict in the Middle East compounds the pressures already coming at us from the war in Ukraine, the slowdown in China, persistent global inflation, tepid global growth and sharp movements on stock markets.

    There is always a premium on responsible economic management and engagement but especially now, with all this uncertainty around the world.

    This is a really critical time to confer with colleagues and counterparts.

    There will be in‑depth discussions on the global economy, the energy transformation, economic security and reform of our multilateral institutions.

    This will include meetings with:

    • New Japanese Finance Minister Katsonobu Kato, who I will meet for the first time;
    • US Treasury Secretary Janet Yellen, for our sixth bilateral;
    • Chair of the US Federal Reserve Jerome Powell;
    • Director of President Biden’s National Economic Council Lael Brainard;
    • South Korean Deputy Prime Minister and Minister of Economy Choi Sang‑Mok; and
    • Canadian Deputy Prime Minister Chrystia Freeland.

    I will participate in discussions as part of the G20 Taskforce on a Global Mobilisation Against Climate Change. Our focus will be on attracting the capital we need to create new jobs and opportunities in the transformation to cleaner and cheaper energy.

    I’ll also have an opportunity to be briefed on Australia’s interests in the United States by Ambassador Kevin Rudd.

    Responsible economic management is a defining feature of the Albanese Labor Government in these uncertain times.

    Our Budget surpluses aren’t an end in themselves, they help in the fight against inflation, provide room for our priorities and they help build buffers against some of this global volatility.

    Getting inflation down, helping with the cost of living, repairing the Budget and reforming our economy are the essential components of our strategy and we are making welcome progress.

    In a little over two years we have halved inflation, created a million new jobs, got real wages growing again, provided tax relief to every taxpayer, delivered the first back‑to‑back surpluses in two decades, avoided $150 billion of inherited debt and saved tens of billions of dollars in interest costs.

    These meetings will provide important perspectives on the global outlook and allow us to make further progress at home and with our key international partners.

    MIL OSI News –

    January 24, 2025
  • MIL-OSI USA: Time’s Running Out! Louisiana Non-Profits: SBA Deadline for Hurricane Francine Property Damage Aid Nears

    Source: United States Small Business Administration

    “As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” said Administrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists, in person and online, so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.” 

    SACRAMENTO, Calif. – Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded Louisiana private nonprofit organizations of the Nov. 22, deadline to apply for an SBA federal disaster loan for property damage caused by Hurricane Francine that occurred Sept. 9-12. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.

    According to Sánchez, eligible private nonprofits of any size may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

    In addition, SBA offers Economic Injury Disaster Loans to help eligible private nonprofits meet working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. Private nonprofits have until June 23, 2025, to apply for an SBA Economic Injury Disaster Loan.

    “SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez continued. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

    These low-interest federal disaster loans are available in Ascension, Assumption, East Baton Rouge, East Feliciana, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. Helena, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Washington and West Feliciana parishes.

    The interest rate is 3.25 percent with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    ###

    About the U.S. Small Business Administration
    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Governor Cooper Urges Western North Carolinians to Enroll in Disaster Supplement Nutrition Assistance Program (D-SNAP) as Relief Efforts Continue

    Source: US State of North Carolina

    Headline: Governor Cooper Urges Western North Carolinians to Enroll in Disaster Supplement Nutrition Assistance Program (D-SNAP) as Relief Efforts Continue

    Governor Cooper Urges Western North Carolinians to Enroll in Disaster Supplement Nutrition Assistance Program (D-SNAP) as Relief Efforts Continue
    mseets
    Tue, 10/22/2024 – 17:14

    As relief efforts continue in Western North Carolina, Governor Cooper is encouraging Western North Carolinians affected by Hurricane Helene to enroll in Disaster Supplemental Nutrition Assistance Program (D-SNAP) this week by the Thursday deadline. Eligible households can apply for help buying food through D-SNAP.

    “We know many North Carolinians were affected by Helene and D-SNAP is one of the many ways we are taking action to get help to those who need it,” said Governor Cooper. “I encourage all those eligible to apply by Thursday’s deadline. We will continue to support communities and families every step of the way as they recover.”

    The deadline to apply for D-SNAP is Thursday, October 24, 2024. Eligible households may apply for D-SNAP through Thursday, October 24 by phone or in person. More information including a list of application sites by county is available at ncdhhs.gov/dsnap.

    North Carolina National Guard and Military Response

    Over 3,000 Soldiers and Airmen are working in Western North Carolina. Joint Task Force- North Carolina, the task force led by the North Carolina National Guard is made up of Soldiers and Airmen from 12 different states, two different XVIII Airborne Corps units from Ft. Liberty, a unit from Ft. Campbell’s 101st Airborne Division, and numerous civilian entities are working side-by-side to get the much-needed help to people in Western North Carolina.

    The U.S. Army Corps of Engineers is helping to assess water and wastewater plants and dams. Residents can track the status of the public water supply in their area through this website.

    FEMA Assistance

    Approximately $133 million in FEMA Individual Assistance funds have been paid so far to Western North Carolina disaster survivors and approximately 210,000 people have registered for Individual Assistance. Over 6,200 people have been helped through FEMA’s Transitional Sheltering Assistance. More than 5,400 registrations for Small Business Administration Loans have been filed.

    Approximately 1,500 FEMA staff are in the state to help with the Western North Carolina relief effort. In addition to search and rescue and providing commodities, they are meeting with disaster survivors in shelters and neighborhoods to provide rapid access to relief resources. They can be identified by their FEMA logo apparel and federal government identification.

    North Carolinians can apply for Individual Assistance by calling 1-800-621-3362 from 7am to 11pm daily or by visiting www.disasterassistance.gov, or by downloading the FEMA app. FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs.

    Help from Other States

    More than 1,600 responders from 39 state and local agencies have performed 147 missions supporting the response and recovery efforts through the Emergency Management Assistance Compact (EMAC). This includes public health nurses, emergency management teams supporting local governments, veterinarians, teams with search dogs and more.

    Beware of Misinformation

    North Carolina Emergency Management and local officials are cautioning the public about false Helene reports and misinformation being shared on social media. NCEM has launched a fact versus rumor response webpage to provide factual information in the wake of this storm. FEMA also has a rumor response webpage.

    Efforts continue to provide food, water and basic necessities to residents in affected communities, using both ground resources and air drops from the NC National Guard. Food, water and commodity points of distribution are open throughout Western North Carolina. For information on these sites in your community, visit your local emergency management and local government social media and websites or visit ncdps.gov/Helene.

    Storm Damage Cleanup

    If your home has damages and you need assistance with clean up, please call Crisis Cleanup for access to volunteer organizations that can assist you at 844-965-1386.

    Power Outages

    Across Western North Carolina, approximately 5,200 customers remain without power, down from a peak of more than 1 million. Overall power outage numbers will fluctuate up and down as power crews temporarily take circuits or substations offline to make repairs and restore additional customers.

    Road Closures

    Some roads are closed because they are too damaged and dangerous to travel. Other roads still need to be reserved for essential traffic like utility vehicles, construction equipment and supply trucks. However, some parts of the area are open and ready to welcome visitors which is critical for the revival of Western North Carolina’s economy. If you are considering a visit to the area, consult DriveNC.gov for open roads and reach out to the community and businesses you want to visit to see if they are welcoming visitors back yet.

    NCDOT currently has over 2,000 employees and 900 pieces of equipment working on over 7,400 damaged road sites.

    Fatalities

    Ninety-six storm-related deaths have been confirmed in North Carolina by the Office of Chief Medical Examiner. This number is expected to rise over the coming days. The North Carolina Office of the Chief Medical Examiner will continue to confirm numbers twice daily. If you have an emergency or believe that someone is in danger, please call 911.

    Volunteers and Donations

    If you would like to donate to the North Carolina Disaster Relief Fund, visit nc.gov/donate. Donations will help to support local nonprofits working on the ground.

    For information on volunteer opportunities, please visit nc.gov/volunteernc.

    Additional Assistance

    There is no right or wrong way to feel in response to the trauma of a hurricane. If you have been impacted by the storm and need someone to talk to, call or text the Disaster Distress Helpline at 1-800-985-5990. Help is also available to anyone, anytime in English or Spanish through a call, text or chat to 988. Learn more at 988Lifeline.org.

    If you are seeking a representative from the North Carolina Joint Information Center, please email ncempio@ncdps.gov or call 919-825-2599.

    For general information, access to resources, or answers to frequently asked questions, please visit ncdps.gov/helene.

    If you are seeking information on resources for recovery help for a resident impacted from the storm, please email IArecovery@ncdps.gov.

    ###

    Oct 22, 2024

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI: SECU Members Benefit from Suncoast Credit Union Mobile ATM During Storm Recovery

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., Oct. 22, 2024 (GLOBE NEWSWIRE) — Florida-based Suncoast Credit Union generously provided State Employees’ Credit Union (SECU) with a mobile ATM to help support the financial needs of its members and area residents affected by Hurricane Helene in Western North Carolina (WNC). The mobile ATM offers 24-hour availability and is currently located at SECU’s Asheville-Oak Plaza Branch, which is without a functioning ATM and is operating on a modified schedule until water and other resources are fully restored.

    While most of its area branches and ATMs are operating in some capacity, SECU encourages members to check the online Branch and ATM Locator to determine if their closest location is open or operating on a modified schedule due to ongoing storm recovery.

    “We are very grateful to Suncoast Credit Union for their generosity and swift action in helping us deliver much-needed ATM access to support our members and others in the community who desperately need cash during this difficult time,” said SECU President and CEO Leigh Brady. “Western North Carolina has a long and challenging road ahead, and we will continue to find ways to help our neighbors recover from Helene’s destruction. We also recognize that as our Florida friends are extending helping hands to us, they are also recovering from storm damage, most recently from Hurricane Milton. We are keeping them close to our hearts and are ready to support them as well.”

    “Our goal is to be where we are needed because that is the credit union way,” said Suncoast Credit Union President and CEO Kevin Johnson. “People helping people is part of the Suncoast Credit Union DNA, so our traveling to North Carolina is an act of heartfelt readiness to serve those whose lives have, like many Floridians, been devastated by the fate of nature. Working together, we can create change and expedite restoration.”

    About SECU

    A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 87 years. SECU is the second largest credit union in the United States with $56 billion in assets. It serves more than 2.8 million members through 275 branch offices, over 1,100 ATMs, Member Services Support via phone, http://www.ncsecu.org, and the SECU Mobile App.

    About Suncoast Credit Union

    Suncoast Credit Union is the largest credit union in the state of Florida, the 8th largest in the United States based on membership, and the 10th largest in the United States based on its $18.7 billion in assets. Chartered in 1934 as Hillsborough County Teachers Credit Union, Suncoast Credit Union currently operates 78 full-service branches and serves more than 1.2 million members across Florida. As a community credit union, anyone who lives, works, attends school, or worships in Suncoast Credit Union’s service area is eligible for membership. In 2021, Suncoast Credit Union’s field of membership was expanded to include public K-12 teachers, college educators, and educational support staff from all of Florida’s 67 counties. Suncoast is passionate about community support. Since its founding in 1990, the Suncoast Credit Union Foundation has raised and donated more than $45 million to organizations and initiatives that support the health, education, and emotional well-being of children in the communities that the credit union serves. For more information, visit http://www.suncoast.com or follow us on social media: Facebook, LinkedIn, Twitter, and Instagram.

    SECU Contact:  Sandra Jones, SVP – Communications
    Office:  (919) 508-8773 | sandra.jones@ncsecu.org

    Suncoast Contact:  Patti Barrow, Vice President of Media Relations
    Office:  (813) 280-4441 | patti.barrow@suncoastcreditunion.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be2b89b6-5cac-422a-9af2-a3a3209ec1de

    The MIL Network –

    January 24, 2025
  • MIL-OSI Germany: How climate risk will complicate central bankers’ jobs | Guest contribution in the Financial Times

    Source: Deutsche Bundesbank in English

    It is clear that the effects of climate change have started to influence the monetary policy considerations of several central banks. Unfortunately, such factors will become even more relevant in the future.
    Severe weather events are intensifying, and so too are their economic impacts. Tropical storm Helene in south-eastern US is just the latest reminder of the damage that can be wrought. The annual damages on properties caused by natural catastrophes have more than doubled in real terms over the past two decades, reaching $280bn globally in 2023, according to Swiss Re. The overall impact is much larger, as acute physical effects ripple through the economy, influencing supply, demand and financial flows – and thus also monetary policy.
    A new Network for Greening the Financial System report compellingly illustrates how natural catastrophes such as floods and hurricanes affect the economy. They destroy homes, local infrastructure and production sites, requiring years and enormous amounts of money to rebuild. Waning confidence could prompt companies and households to cut back on spending, further undermining economic growth prospects.
    Price impacts are not spared, as severe weather events, among other factors, damage agricultural production and drive up food prices across regions. These sectoral effects can lead to an increase in overall inflationary pressures, depending on how much a drop in demand balances them out. For instance, droughts tend to exert upward pressure on headline inflation for several years, with developing economies especially affected, because of their higher dependency on agriculture.
    Against this backdrop, central banks might face the complicated task of taming inflationary pressure in a weak economy. Think of a situation when rising inflationary pressure might warrant policy tightening – particularly for central banks, whose primary mandate is price stability – even though this could contribute to economic strain. The State Bank of Pakistan, for instance, in 2022 opted to continue raising policy rates after the devastating floods caused a sharp increase in food prices.
    Climate change – and its uncertain outcomes – mean that central banks must focus on looking ahead and extend their horizon beyond the usual projection period. Estimates of future impacts illustrate what could be in store for the economy and the financial sector. At a global level, climate change could drive up annual food price inflation by between one and three percentage points by 2035, according to a study of the European Central Bank and the Potsdam Institute for Climate Impact Research.
    However, most studies still fail to consider the risk of crossing climate tipping points, which can significantly accelerate climate change. According to the OECD, ignoring these critical thresholds results in a severe underestimation of the economic costs. Extreme weather events can also bring us closer to these tipping points. The current drought in the Amazon region – the most severe since systematic recording began in 1950 – exemplifies this risk. With one-fifth of the Amazon rainforest already lost, mostly due to deforestation, concerns are mounting that this carbon sponge is on the brink of collapse. That would trigger a cascade of climate events, leading to higher economic costs globally.
    What is more, uncertainties surrounding the magnitude and duration of severe weather events – coupled with governments’ responses – will make the short-term forecasting of key economic indicators particularly challenging. An example is Hurricane Katrina in 2005, and the subsequent landfalls of hurricanes Rita and Wilma. In the highly dynamic weeks and months that followed, staff of the Federal Reserve adjusted their estimates of output and inflation a few times, as new information trickled in. Throughout the process, the Fed remained predictable in its actions, highlighting that good communication is key.
    Central banks have another side to watch, too, namely the green transition. Inflation and output may become more volatile as we undergo a transformation of the energy sector and supply chains. In the short term, carbon pricing and rising climate investments could reinforce inflationary pressures.
    Intensifying climate change adds to the array of challenges that monetary policy needs to adjust to. As extreme weather events become more frequent, central banks must pay even greater attention to longer-term inflation expectations. Though the reaction of each central bank will depend on its mandate, clear communication is essential to guide market expectations and ensure that policy decisions are well understood.

    MIL OSI

    MIL OSI German News –

    January 24, 2025
  • MIL-OSI Australia: Spring warmth builds across Australia, peaks on Tuesday for the south-east

    Source: Weather Warnings – Australia

    22/10/2024

    Issued: 22 October 2024

    Spring warmth is building over large parts of Australia this week with above average temperatures on Tuesday.

    Heatwave warnings remain current across northern Australia and high to extreme Fire Danger Ratings are affecting parts of the country.

    Senior Meteorologist Jonathan How said the heat will peak in Victoria, Tasmania, southern NSW and eastern South Australia on Tuesday. Maximum temperatures will be 6-12°C above the October average with strengthening northerly winds.

    “High fire dangers are forecast for north-west Victoria, western Tasmania and eastern SA from Tuesday,” he said.

    “Melbourne is forecast to reach 32°C on Tuesday, which would make it the warmest October day in 5 years (since 33.8°C on 24 Oct 2019), and the warmest day of this year since March.”

    “Maximum temperatures will reach the low-to-mid 30s across northern Victoria and southern NSW today, and the mid-20s for Tasmania. Hobart is forecast to reach 25°C – also its warmest day this year since March.”

    The warmest forecast temperatures in south-east Australia on Tuesday include Mildura, Victoria (36°C), Renmark, SA (36°C) and Broken Hill, NSW (35°C).

    But the heat will be short-lived in south-east Australia as a surface trough will move through on Tuesday, bringing cooler southerly winds.

    “Cooler winds will move through South Australia and south-west Victoria by the early afternoon, and then push into remaining parts of Victoria, Tasmania and southern NSW into the evening. Temperatures will fall by 5-10°C following the change,” he said.

    Cool to cold conditions will continue over South Australia, Victoria and Tasmania on Wednesday, with showers for Tasmania and southern Victoria. Snow flurries are possible in elevated areas from Wednesday night.

    While it will remain cool over the south-east on Wednesday, the focus of the heat will shift into northern and eastern NSW, and southern inland Qld. Maximum temperatures in these areas will be 4-8°C above average. Sydney is forecast to reach 27°C on Wednesday, but it will be warmer inland. Forecast maximums for Wednesday include 31°C at Dubbo, 33°C at Toowoomba and 38°C at Charleville.

    The cool change will move over the rest of NSW and southern Qld from late Wednesday and into Thursday. Thunderstorms are possible for eastern NSW and south-east/central Qld on Thursday with severe thunderstorms also possible.

    In contrast, Thursday will see heat build over western inland parts of Western Australia. Maximum temperatures will be 6-12°C above average away from the coast, reaching the mid-30s through the Wheatbelt.

    In northern Australia, the build-up continues with hot and humid conditions expected along the Northern Territory, Kimberley and Cape York coasts, with showers and storms possible most days this week.

    Jonathan How said the combination of heat and humidity is driving current heatwave warnings across the Kimberley, Top End and Cape York.

    “Storms could extend to inland parts of the north at times this week as well, although these will bring little to no rain to interior areas. Dry storms can bring a risk of new bushfire ignitions,” he said.

    Stay up to date with the latest forecasts and warnings: http://www.bom.gov.au or the BOM Weather app.

    ENDS…

    MIL OSI News –

    January 24, 2025
  • MIL-OSI USA: FEMA Administrator Announces Community Liaison Hiring Program As Helene Recovery Continues

    Source: US Federal Emergency Management Agency

    Headline: FEMA Administrator Announces Community Liaison Hiring Program As Helene Recovery Continues

    FEMA Administrator Announces Community Liaison Hiring Program As Helene Recovery Continues

    WASHINGTON – FEMA Administrator Deanne Criswell continued meeting with survivors and responders in North Carolina while leading the federal recovery efforts.FEMA Administrator Deanne Criswell joined Gov. Roy Cooper to visit a community care station in Asheville where the administrator announced the community liaison hiring program in the state. The agency will hire community-based staff to serve as liaisons between North Carolina survivors and FEMA to ensure needs are met throughout the recovery. North Carolina’s recovery continues progressing with power being restored to most customers while roads are reopening as debris is cleared. Over $130 million has gone to more than 91,000 households in the state for assistance like making home repairs and paying for a temporary place to stay. Nearly 4,600 survivors have participated in FEMA’s Transitional Sheltering Assistance program where they stay in hotels as they work on their recovery plans.Recovery continues in other states affected by Helene and Milton. For instance, in Florida—where power has been restored to pre-storm levels—more than 97,000 households have been approved for over $308 million in FEMA assistance for their Helene recovery. Over 116,000 households have received more than $129 million for Milton. In addition, the U.S. Army Corps of Engineers announced Operation Blue Roof which is a free service to homeowners for 25 counties in Florida impacted by Hurricane Milton. Residents can sign-up at http://www.blueroof.gov or by calling 888-ROOF-BLU (888-766-3258).  The sign-up period deadline is Nov. 5.FEMA encourages Helene and Milton survivors to apply online as this remains the best way to apply for disaster assistance. Here are the ways to apply for federal assistance: Apply online at disaster assistance.govCall 800-621-3362Use the FEMA AppVisit a Disaster Recovery Center to talk with FEMA and state agency officials and apply for assistancePresident Biden has approved major disaster declarations in six states – Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia – affected by Helene. He has also approved a major disaster declaration for Florida following Hurricane Milton.These photos highlight response and recovery efforts across states impacted by hurricanes Helene and Milton.
    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56715″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/ea36011f24448953e593fc9711a78afc.jpg?itok=4skrYjFT” alt=”Caption: Hendersonville, NC (Oct. 21, 2024) – FEMA Administrator, Deanne Crisswell, meets with survivors of Hurricane Helene as well as staff supporting recovery efforts at a Disaster Recovery Center.” class=”image-style-large”>

    Hendersonville, NC (Oct. 21, 2024) – FEMA Administrator, Deanne Crisswell, meets with survivors of Hurricane Helene as well as staff supporting recovery efforts at a Disaster Recovery Center.

    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56723″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/32c26741d8be2764728a9fd776fcb778.jpg?itok=KWdFFHt6″ alt=”Caption: Asheville, NC (October 21, 2024) – FEMA Administrator, Deanne Criswell, and North Carolina Governor, Roy Cooper, visit a Community Care Station where they engage with volunteers and DoD responding to Hurricane Helene.” class=”image-style-large”>

    Asheville, NC (October 21, 2024) – FEMA Administrator, Deanne Criswell, and North Carolina Governor, Roy Cooper, visit a Community Care Station where they engage with volunteers and DoD responding to Hurricane Helene.

    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56717″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/72ea43eb5f2c751b8017625bacb6b3c4.jpg?itok=DlgyTlbz” alt=”Caption: Hendersonville, NC (Oct. 21, 2024) – FEMA Administrator, Deanne Crisswell, meets with survivors of Hurricane Helene as well as staff supporting recovery efforts at a Disaster Recovery Center.” class=”image-style-large”>

    Hendersonville, NC (Oct. 21, 2024) – FEMA Administrator, Deanne Crisswell, meets with survivors of Hurricane Helene as well as staff supporting recovery efforts at a Disaster Recovery Center.

    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56673″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/4ba445c82ee4600a324abec797464634.jpg?itok=evYDlfmN” alt=”Caption: Henderson County, N.C. (Oct. 20, 2024) – A FEMA Disaster Recovery Center is open in Henderson County to help survivors of Hurricane Helene.” class=”image-style-large”>

    Henderson County, N.C. (Oct. 20, 2024) – A FEMA Disaster Recovery Center is open in Henderson County to help survivors of Hurricane Helene.

    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56644″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/87d6851fbd578890475cd1f006042951.jpg?itok=Lf-wvhTn” alt=”Caption: Chimney Rock, N.C. (Oct. 18, 2024) – U.S. Army Soldiers of the 325th Airborne Infantry Regiment remove debris from the riverside of Chimney Rock, N.C. on Friday, October 18, 2024. FEMA photo by Madeleine Cook” class=”image-style-large”>

    Chimney Rock, N.C. (Oct. 18, 2024) – U.S. Army Soldiers of the 325th Airborne Infantry Regiment remove debris from the riverside of Chimney Rock, N.C. on Friday, October 18, 2024. FEMA photo by Madeleine Cook

    GRANITEVILLE, South Carolina — Survivors visit a Disaster Recovery Center to learn and apply for disaster assistance to recover from Hurricane Helene. (Photo Credit: FEMA)

    PALMETTO, Florida – FEMA workers set up in a new Disaster Recovery Center in Manatee County. Survivors can meet with FEMA staff at centers to discuss their applications and available federal resources. Find your closest center at www.FEMA.gov/DRC.  (Photo Credit: FEMA)

    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56656″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/b1f397baae1ec281f0d729e2ef2f78f8.jpg?itok=EWL_9iKb” alt=”Caption: Plant City, Fla. (Oct. 18, 2024) – A Florida Multiple Agency Resources Center has opened to assist Hurricanes Helene and Milton survivors with essential needs, including taking FEMA applications.” class=”image-style-large”>

    Plant City, Fla. (Oct. 18, 2024) – A Florida Multiple Agency Resources Center has opened to assist Hurricanes Helene and Milton survivors with essential needs, including taking FEMA applications.

    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56648″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/248308d77a173777da4d7ca79290a2a4.jpg?itok=di_u_teT” alt=”Caption: Charlotte County, Fla. (Oct. 17, 2024) – FEMA Disaster Survivor Assistance teams canvass the area to help those after Hurricane Milton.” class=”image-style-large”>

    Charlotte County, Fla. (Oct. 17, 2024) – FEMA Disaster Survivor Assistance teams canvass the area to help those after Hurricane Milton.

    MARTIN COUNTY, Florida- FEMA Disaster Survivors Assistance team members and Martin County emergency management canvas Martin County, Florida, to register and assist disaster survivors after Hurricane Milton. (Photo credit: FEMA)

    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56695″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/dca0cc6832d311bc4c47dce5552b03a6.jpg?itok=2VxOWtN1″ alt=”Caption: Statesboro, Ga. (Oct. 12, 2024) – Volunteers from a disaster relief group clear debris from Hurricane Helene.” class=”image-style-large”>

    Statesboro, Ga. (Oct. 12, 2024) – Volunteers from a disaster relief group clear debris from Hurricane Helene.

    FEMA’s Disaster Recovery Toolkit provides graphics, social media copy and sample text in multiple languages. In addition, FEMA has set up a rumor response web page to reduce confusion about its role in the Helene and Milton response and recovery. 
    amy.ashbridge
    Tue, 10/22/2024 – 22:50

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI New Zealand: Business and Tech – Connecting Kiwi cleantech ventures with global opportunities

    Source: Callaghan Innovation

    23 October 2024 – Fourteen ambitious Kiwi cleantech startups will soon chase global investment and partnership opportunities as part of the 2024 Cleantech Trek to the USA and Europe.

    Estimated to be worth more than NZD$1 trillion annually by 2030, the global cleantech market is growing rapidly due to investment in clean energy technologies like solar and wind, and growing consumer demand for more sustainably produced materials.  

    The 2024 Cleantech Trek is a New Zealand Cleantech Mission initiative to support innovative Kiwi startups to access the multi-billion-dollar global cleantech market.

    Participating companies will attend key industry events to pitch to investors, meet multinationals and make connections as they seek to participate in this market.

    A highlight of the trip will be a visit to leading global steelmaker ArcelorMittal’s commercial flagship carbon capture and utilisation facility in Ghent, Belgium.

    The commercial-scale facility uses Lanzatech’s carbon capture process to capture carbon-rich waste gases from steelmaking and convert these into advanced ethanol.

    Nasdaq listed Lanzatech began as a cleantech startup based in Auckland. “As Lanzatech has shown, we have the world-class science and engineering expertise, and vision, to develop cleantech solutions that can make a global impact,” says New Zealand Cleantech Mission Lead, Callaghan Innovation’s Phil Anderson.

    Because cleantech solutions are addressing the most difficult to solve environmental and sustainability challenges, their commercialisation typically requires more capital, stronger networks, and a longer path to market than is the case in most other sectors.

    “To succeed, Kiwi cleantech startups need to build long-term relationships with multi-nationals and investors to develop and commercialise their solutions on a global scale,” says Phil Anderson.

    The 2024 Cleantech Trek will begin in the USA in late October, and head to Europe, where three participating startups will be recognised on US-based Cleantech Group’s 2024 50 to Watch list, in Paris, at the 2024 Cleantech Forum Europe in early November.

    Cetogenix, Mushroom Material, and Nilo will be recognised on the Cleantech Group’s 2024 50 to Watch list of the top cleantech ventures globally in the early stages of commercialising solutions to global environmental problems and climate change.  

    “Having three Kiwi cleantech startups on this influential list shows that the world is beginning to see just how much potential Kiwi cleantech startups have to offer,” says Phil Anderson.  

    “This country is such a small player it’s really important that we work together when it comes to getting in front of potential investors and partners overseas.

    “That’s why I’m thrilled this year that the Cleantech Trek will be supported by NZTE, Are Ake, Auckland Unlimited and ASB Bank, who have come on board as our Europe leg sponsor, as well as our Verge stand partner Climate Salad,” he says.

    About Callaghan Innovation

    Callaghan Innovation is New Zealand’s innovation agency. It activates innovation and helps businesses grow faster for a better New Zealand. The government agency partners with ambitious businesses of all sizes, delivering a range of innovation and research and development (R&D) services to suit each stage of their growth. Its staff – including more than 150 of New Zealand’s leading scientists and engineers – empower innovators by connecting people, opportunities and networks, and providing tailored technical solutions, skills and capability development programmes, and grants co-funding. Callaghan Innovation also enhances the operation of New Zealand’s innovation ecosystem, working closely with MBIE, NZTE, NZVIF, Crown Research Institutes, and other organisations that help increase business investment in R&D and innovation. The agency operates from five urban offices and a regional partner network in a further 12 locations across Aotearoa.

    MIL OSI New Zealand News –

    January 24, 2025
  • MIL-OSI: Pulse Seismic Inc. Reports Q3 2024 Results and Approves Regular Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 22, 2024 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three and nine months ended September 30, 2024. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR (http://www.sedar.com) and will be available on Pulse’s website at http://www.pulseseismic.com.

    Today, Pulse’s Board of Directors approved a regular quarterly dividend of $0.015 per common share. The total dividend will be approximately $764,000 based on Pulse’s 50,904,663 common shares outstanding as of October 22, 2024, and will be paid on November 28, 2024, to shareholders of record on November 14, 2024. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

    “While Pulse’s third quarter sales were not as robust as in 2023, it is common in our business to have significant variances between quarterly and annual results, which is why we focus on keeping costs low and maintaining a strong balance sheet,” stated Neal Coleman, Pulse’s President and CEO. “Already in October, we have completed another $2.7 million in sales, bringing year to date total revenue to $20.5 million,” Coleman continued. “We have consistently generated positive quarterly free cashflow and remain committed to providing a significant return of capital to shareholders. Pulse has declared $0.10875 per share in dividends up to today and bought back nearly 1.7 million shares under the NCIB in the first three quarters of the year. Total capital returned to shareholders is approximately 92% of the shareholder free cashflow generated as of September 30, 2024,” he concluded.

    HIGHLIGHTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

    • A regular quarterly dividend of $0.015 per share and a special dividend of $0.05 per share were declared and paid in the third quarter. For the nine-month period, regular quarterly dividends totalled $0.04375 per share. Regular and special dividends declared and paid in the first three quarters of 2024 totalled $4.8 million;
    • In the nine-month period ended September 30, 2024, Pulse purchased and cancelled, through its normal course issuer bid, 3.2% of the shares outstanding at December 31, 2023, for a total of 1,686,300 common shares at a total cost of approximately $3.7 million (at an average cost of $2.17 per common share including commissions);
    • At September 30, 2024, Pulse was debt-free and held cash of $7.5 million;
    • Shareholder free cash flow(a) was $1.1 million ($0.02 per share basic and diluted) for the third quarter of 2024 compared to $2.8 million ($0.05 per share basic and diluted) for the comparable period in 2023. Shareholder free cash flow was $10.0 million ($0.19 per share basic and diluted) for the nine months ended September 30, 2024, compared to $13.9 million ($0.26 per share basic and diluted) for the nine months ended September 30, 2023;
    • EBITDA(a) was $1.1 million ($0.02 per share basic and diluted) for the three months ended September 30, 2024, compared to $3.3 million ($0.06 per share basic and diluted) for the three months ended September 30, 2023. EBITDA was $11.7 million ($0.23 per share basic and diluted) for the nine months ended September 30, 2024, compared to $16.8 million ($0.32 per share basic and diluted) for the nine months ended September 30, 2023;
    • For the three months ended September 30, 2024, there was a net loss of $1.4 million ($0.03 per share basic and diluted) compared to net earnings of $393,000 ($0.01 per share basic and diluted) for the three months ended September 30, 2023. Net earnings for the nine months ended September 30, 2024, was $2.6 million ($0.05 per share basic and diluted) compared to net earnings of $6.7 million ($0.13 per share basic and diluted) for the nine months ended September 30, 2023; and
    • Total revenue was $2.7 million for the three months ended September 30, 2024, compared to $5.1 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024, total revenue was $17.8 million compared to $22.3 million for the nine months ended September 30, 2023.
     
    SELECTED FINANCIAL AND
    OPERATING INFORMATION
             
               
               
    (Thousands of dollars except per share data, Three months ended
    September 30,
    Nine months ended
    September 30,
    Year ended
    numbers of shares and kilometres of seismic data) 2024 2023 2024 2023 December 31,
      (Unaudited) (Unaudited) 2023
    Revenue        
    Data library sales 2,726 5,103 17,803 22,266 39,127
               
    Amortization of seismic data library 2,278 2,273 6,827 6,833 9,103
    Net earnings (loss) (1,405) 393 2,617 6,700 15,007
    Per share basic and diluted (0.03) 0.01 0.05 0.13 0.28
    Cash provided by operating activities 2,665 10,564 11,860 16,524 23,524
    Per share basic and diluted 0.05 0.20 0.23 0.31 0.44
    EBITDA (a) 1,064 3,289 11,711 16,839 30,431
    Per share basic and diluted (a) 0.02 0.06 0.23 0.32 0.57
    Shareholder free cash flow (a) 1,061 2,793 9,968 13,883 24,829
    Per share basic and diluted (a) 0.02 0.05 0.19 0.26 0.47
               
    Capital expenditures          
    Seismic data – – 225 – –
    Property and equipment 45 14 45 28 28
    Total capital expenditures 45 14 270 28 28
               
    Dividends          
    Regular dividends 766 731 2,255 2,138 2,862
    Special dividends 2,548 7,992 2,548 7,992 18,519
    Total dividends 3,314 8,723 4,803 10,130 21,381
               
    Normal course issuer bid          
    Number of shares purchased and cancelled 519,500 853,158 1,686,300 945,506 1,005,006
    Cost of shares purchased and cancelled 1,245 1,670 3,653 1,830 1,943
               
    Weighted average shares outstanding          
    Basic and diluted 51,071,111 53,135,041 51,640,483 53,436,340 53,237,569
    Shares outstanding at period-end     50,935,563 52,681,363 52,621,863
               
    Seismic library          
    2D in kilometres     829,207 829,207 829,207
    3D in square kilometres     65,310 65,310 65,310
               

    FINANCIAL POSITION AND RATIO

             
          September 30, September 30, December 31,
    (Thousands of dollars except ratio)     2024 2023 2023
    Working capital     7,460 7,820 7,468
    Working capital ratio     3.8:1 2.3:1 1.5:1
    Cash and cash equivalents     7,414 9,821 15,948
    Total assets     22,374 34,727 41,249
    Trailing 12-month (TTM) EBITDA (b)     25,303 17,306 30,431
    Shareholders’ equity     19,351 28,225 25,655
               

    (a) The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available to invest in growing the Company’s seismic data library, pay interest and principal on long-term debt when applicable, purchase its common shares, pay taxes and the payment of dividends. EBITDA is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. Shareholder free cash flow further refines the calculation by adding back non-cash expenses and deducting net financing costs and current income tax expense from EBITDA. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
    (b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

    OUTLOOK

    So far in 2024, there have been a variety of factors influencing industry conditions which impact Pulse’s revenue generation. While land sales in Alberta at September 30, 2024 were approximately $300 million, down slightly from the $318 million for the same period in 2023, they remain significantly higher than in recent years going back to 2014. There are several notable infrastructure improvements which will lead to increased offtake capacity for Canadian oil and gas, such as the recent completion of the TMX pipeline expansion and the 2025 forecast completion of LNG Canada’s natural gas export facility. 2024 has also brought improvements in oil prices and an expectation by some for increasing natural gas prices in 2025. These positives, are offset by the factors that create uncertainty for the future, including economic, political, and environmental concerns. Pulse, as always, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet, has zero debt, no capital spending commitments, and a disciplined and rigorous approach to evaluating growth opportunities. This 15-person company, led by an experienced and capable management team, operates with a low-cost structure and focuses on developing excellent client relations as well providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources have resulted in the return of capital to shareholders through regular and special dividends and the repurchase of its shares.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO
    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at http://www.pulseseismic.com

    This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

    The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

    >   The outlook of the Company for the year ahead, including future operating costs and expected revenues;
    >   Recent events on the political, economic, regulatory, public health and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated pipeline projects;
    >   The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2024;
    >   Pulse’s capital allocation strategy;
    >   Pulse’s dividend policy;
    >   Oil and natural gas prices and forecast trends;
    >   Oil and natural gas drilling activity and land sales activity;
    >   Oil and natural gas company capital budgets;
    >   Future demand for seismic data;
    >   Future seismic data sales;
    >   Pulse’s business and growth strategy; and
    >   Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.
     

    By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information. These factors include, but are not limited to:

    >   Uncertainty of the timing and volume of data sales;
    >   Volatility of oil and natural gas prices;
    >   Risks associated with the oil and natural gas industry in general;
    >   The Company’s ability to access external sources of debt and equity capital;
    >   Credit, liquidity and commodity price risks;
    >   The demand for seismic data and;
    >   The pricing of data library licence sales;
    >   Cybersecurity;
    >   Relicensing (change-of-control) fees and partner copy sales;
    >   Environmental, health and safety risks;
    >   Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;
    >   Competition;
    >   Dependence on key management, operations and marketing personnel;
    >   The loss of seismic data;
    >   Protection of intellectual property rights;
    >   The introduction of new products; and
    >   Climate change.
     

    Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR at www.sedar.com.

    When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

    PDF available: http://ml.globenewswire.com/Resource/Download/684389a6-5b96-4478-ba47-39eb0d1160a8

    The MIL Network –

    January 24, 2025
  • MIL-Evening Report: Apia Ocean Declaration to be ‘crown jewel’ of CHOGM climate ‘fight back’

    By Sialai Sarafina Sanerivi in Apia

    The Ocean Declaration that will be agreed upon at the Commonwealth Heads of Government Meeting (CHOGM) this week will be known as the Apia Ocean Declaration.

    In an exclusive interview with the Samoa Observer, Commonwealth Secretary-General Patricia Scotland said members were in a unique position to bring their voices together for the oceans, which have long been neglected.

    “The Apia Ocean Declaration aims to address the rising threats to our ocean faces, especially from climate change and rising sea levels,” she said.


    Commonwealth pushes for ocean protection with historic Apia Ocean Declaration. Video: Samoa Observer

    Scotland, reflecting on her tenure as Secretary-General, noted the privilege of serving the Commonwealth, a diverse family of 56 countries comprising 2.7 billion people.

    “I am very much the child of the Commonwealth. With 60 percent of our population under 30 years, we must prioritise their future.”

    Scotland reflected that upon assuming her role, she recognised immediately that addressing climate change would be a key priority for the Commonwealth.

    “Why? Because we have 33 small states, 25 small island states and we were the ones who were really suffering this badly,” she said.

    Pacific a ‘big blue ocean state’
    “We also knew in 2016 that nobody was looking at the oceans. Now, the Pacific is a big blue ocean state.

    “But it’s one of the most under-resourced elements that we have. And yet, look at what was happening. The hurricanes and the cyclones were getting bigger and bigger.

    “Why? Because our ocean had absorbed so much of the heat, so much of the carbon, and now it was starting to become saturated. So before, our ocean acted as a coolant. The cyclone would come, the hurricane would come, they’d pass over our cool blue water, and the heat would be drawn out.”

    The Apia Ocean Declaration emerged from a pressing need to protect the oceans, especially given the devastating impact of climate change on coastal and island nations.

    “We realised that while many discussions were happening globally, the oceans were often overlooked,” Scotland remarked.

    “In 2016, we recognised the necessity for collective action. Our oceans absorb much of the carbon and heat, leading to increasingly severe hurricanes and cyclones.”

    Scotland has spearheaded initiatives that brought together oceanographers, climatologists, and various stakeholders.

    Commonwealth Secretary-General Patricia Scotland . . . discussing this week’s planned Apia Ocean Declaration at CHOGM, highlighting the urgent need for global action to protect oceans. Image: Junior S. Ami/Samoa Observer

    Worked in silos ‘for too long’
    “We worked in silos for too long. It was time to unite our efforts for the ocean’s health.

    “That’s when we realised that nobody had their eye on our oceans, but of the 56 Commonwealth members, many of us are island states, so our whole life is dependent on our ocean. And so that’s when the fight back happened.”

    This collaboration resulted in the establishment of the Commonwealth Blue Charter, a significant framework focused on ocean conservation.

    “Fiji’s presidency at the UN Oceans Conference was a turning point. Critics said it would take years to establish an ocean instrument, but we achieved it in less than ten months.”

    “We are not just talking; we are implementing solutions.”

    Scotland also addressed the financial challenges faced by many small island states, particularly regarding climate funding.

    “In 2009, $100 billion was promised by those who had been primarily responsible for the climate crisis, to help those of us who contributed almost nothing to get over the hump.

    Hard for finance applications
    “But the money wasn’t coming. And in those days, many of our members found it so hard to put those applications together.”

    To combat this issue, the Commonwealth established a Climate Finance Access Hub, facilitating over $365 million in funding for member states with another $500 million in the pipeline.

    “But this has caused us to say we have to go further,” she added.

    “We’re using geospatial data, we have to fill in the gaps for our members who don’t have the data, so we can look at what has happened in the past, what may happen in the future, and now we have AI to help us do the simulators.

    “The Ocean Ministers’ Conference highlighted the importance of ensuring that countries at risk of disappearing under the waves can maintain their maritime jurisdiction,” Scotland asserted.

    “The thing that we thought was so important is that those countries threatened with the rising of the sea, which could take away their whole island, don’t have certainty in terms of that jurisdiction. What will happen if our islands drop below the sea level?

    “And we wanted our member states to be confident that if they had settled their marine boundaries, that jurisdiction would be set in perpetuity. Because that was the biggest guarantee; I may lose my land, but please don’t tell me I’m going to lose my ocean too.

    Target an ocean declaration
    “So that was the target for the Ocean Ministers’ Conference. And out of that came the idea that we would have an ocean declaration.

    “It is that ocean declaration that we are bringing here to Samoa. And the whole poignancy of that is Samoa is the first small island state in the Pacific ever to host CHOGM. So wouldn’t it be beautiful if out of this big blue ocean state, this wonderful Pacific state, we could get an ocean declaration which could in the future be able to be known as the Apia Ocean Declaration? Because we would really mark what we’re doing here.

    “What the Commonwealth has been determined to do throughout this whole period is not just talk, but take positive action to help our members not only just to survive, but to thrive.

    “And if, which I hope we will, we get an agreement from our 56 states on this ocean declaration, it enables us to put the evidence before everyone, not only to secure what we need, but then to say 0.05 percent of the money is not enough to save our oceans.

    “Oceans are the most underfunded area.

    “I hope that all the work we’ve done on the Universal Vulnerability Index, on the nature of the vulnerability for our members, will be able to justify proper money, proper resources being put in.

    “And you know what’s happening in this area; our fishermen are under threat.

    “Our ability to use the oceans in the way we’ve used for millennia to feed our people, support our people, is really under threat. So this CHOGM is our fight back.”

    As the meeting progresses, the emphasis remains on achieving consensus among the 56 member states regarding the Apia Ocean Declaration.

    Republished from the Samoa Observer with permission.

    MIL OSI Analysis – EveningReport.nz –

    January 24, 2025
  • MIL-Evening Report: Let’s tax carbon: Ross Garnaut on why the time is right for a second shot at carbon pricing

    Source: The Conversation (Au and NZ) – By Ross Garnaut, Professorial Research Fellow in Economics, The University of Melbourne

    Damitha Jayawardena/Shutterstock

    Australia now has a government and parliament wanting timely transition to net zero. We have a government and parliament wanting to build Australia as the renewable energy superpower of the zero-carbon world economy. For the time being, we have favourable international settings for using our opportunity.

    The government of Australia has embraced this superpower narrative, taken some big steps towards supporting its emergence, and articulated sound principles for guiding further policy development.

    But Australians in business and the community wanting to make large efforts to turn opportunity into reality find themselves in a tangle of policy uncertainty and contradiction.

    The source of the problem is the abolition of carbon pricing in 2014. Since then, the Commonwealth government has worked within constraints that rule out success.

    We can make a start towards net zero and becoming a renewable energy superpower without moving the constraints, but we can’t get far. This is a problem for any government of Australia, and not only for the current Labor government. We will not rise sustainably out of the post-pandemic dog days until we get energy policy right.

    Striking the right balance

    Striking the right balance between state intervention and market exchange is always essential for successful economic development, in all places.

    The market generally delivers goods and services more cost-effectively than the state where there is genuine competition among suppliers and purchasers of goods and services.

    The difference is especially large and important at a time of structural change and uncertainty. State decisions inevitably tend towards continuation on established paths and slow response to new opportunities.

    Australia will not make use of more than a small fraction of the superpower opportunities available to it without immense contributions from an innovative, competitive private business sector.

    So we have to design energy and related markets that provide the widest possible scope for competition among enterprises within clear rules understood in advance of investment decisions by all market participants.

    The state has to do well the things that only the state can do. Because government capacity is a finite resource, it is much more likely that it will do the essential things well if it doesn’t try to do the things that markets do well.

    The state must define the boundaries between the services that it delivers and those to be delivered by the market.

    In the electricity sector, government must take responsibility for design of the market rules and compliance with them. It must provide the natural monopoly services of electricity transmission and hydrogen transportation and storage. It must take ultimate responsibility for system security and reliability.

    For any market to work, individual market participants must be blocked by regulation from damaging others through their business decisions, or subject to a tax equal to the costs they impose on others. And they must be rewarded for large benefits that they confer on others.

    This is essential economics. Its understatement in Productivity Commission and financial media commentary on energy and climate policy discussion over the past decade reveals the debasement of Australian political culture that gave us the dog days.

    It has been politically incorrect to tell the truth out loud.

    It’s time for carbon pricing

    A crucial element of post-2030 market design is introduction of a green premium for zero-carbon energy.

    It is obviously necessary for low-cost decarbonisation and expansion of the electricity sector and building Australia as a renewable energy superpower. The green premium is crucial for securing international market access for the zero-carbon export industries.

    One of the dog days constraints on policy is that there should be no mandatory demands on private investors. Those constraints must be broken for the green premium to reflect the social cost of carbon, as it must if we are to achieve net zero by 2050 and build Australia as the renewable energy superpower.

    The economically efficient way of achieving the premium is carbon pricing. It would be most efficient within an economy-wide system, although it could be introduced initially for the electricity sector and extended to other industries later.

    Investors now need to know soon that there will be a premium reasonably related to the social cost of carbon after the Renewable Energy Target ends in 2030.

    What matters for the superpower industries is the green premiums for which they are eligible in other countries. Pending the emergence of appropriate premiums, the Commonwealth is proposing payments from the budget.

    That is appropriate. It can get the early movers started. It would be expensive if it continued for long. The superpower industries will grow rapidly if they have access to premiums corresponding to the social cost of carbon. Over time, payments from the Australian budget will be replaced by market premiums in destination countries.

    There are several possible forms of carbon pricing. The system operating in Australia from 2012 to 2014 was economically and environmentally efficient.

    It would have been linked to the EU Emissions Trading System from July 1 2014 if it had not been abolished the day before. The Australian carbon price would be equal to the European price. We would be introducing a European-type Carbon Border Adjustment Mechanism to ensure that Australian producers were not disadvantaged by competition in the domestic market from suppliers who were not subject to similar carbon constraints. The ETS (emissions trading scheme) would be contributing around 2% of GDP to public revenues – going a substantial part of the way to answering the daunting budget challenge to restoration of Australian prosperity.

    Part of that increased revenue could support payments to power users to ensure there was no increase in power prices to users until expansion of renewable generation and storage had brought costs down – along the lines of the A$300 per household introduced in the 2024 budget, but larger.

    The arrangements would provide automatic access for zero-carbon Australian goods to the high-priced European market. There would be no need to provide for a green premium for sales to Europe from the Australian market. The green premiums in other markets would at first need to be covered, as they are now, from the Australian public revenue.

    A carbon solutions levy

    Rod Sims (former chair of the Australian Competition and Consumer Commission) and I have suggested a carbon solutions levy. It is administratively simpler than the ETS. It would initially raise much more revenue.

    We propose exemption for coal and gas exports to countries in which Australian zero-carbon exports attract a premium comparable to the EU carbon price, even if it is not generated through an ETS.

    We would hope that if the carbon solutions levy were to be introduced from 2030, our major trading partners would by that time have introduced green premiums that justify exemption from the levy for coal and gas exports to those countries.

    The European Union would be exempt from the beginning. The Northeast Asian economies are moving towards eventual justification of exemption. China now has a country-wide emissions trading system.

    The carbon price in July 2024 is about A$21 per tonne, having increased by 50% since early in the year. The price is expected to continue rising until it is playing a major role in transformation of Chinese industry.

    Incidentally, China undertook to the United Nations Framework Convention on Climate Change that its emissions would peak by 2030, but its rapid expansion of renewable energy generation, electric vehicles and zero-carbon industrial technologies suggest that the peak may have come in 2023.

    Japan is working on direct budgetary support for importers of zero-carbon products which could pass through into a premium for zero-carbon exports from Australia.

    During a visit in April 2024, I was advised that the Japanese government is working towards issue of “green bonds” to pay for the premium. A carbon tax from 2035 would meet the cost of servicing and retiring the bonds.

    Korea and Taiwan are introducing their own mechanisms for supporting premiums for zero-carbon imports.

    One initial criticism of the carbon solutions levy is that it would cause leakage of Australian exports to competing suppliers of gas and coal. There would be some leakage, alongside substantial transfers from rents to the public revenues, and for metallurgical coal in particular, some increase in export prices.

    The price increase would introduce an element of green premium for Australian green iron exports. The Superpower Institute (a non-profit research organisation founded by Sims and I) has commissioned the Centre of Policy Studies at Victoria University to quantify the extent of leakage, transfers from rent and higher export prices. The results will be available for public discussion early in 2025. The study will also calculate the effect of the levy on Australian public finances, real incomes and real consumption.

    Regional considerations

    Australia’s main competitor in regional coal markets is Indonesia. Its main competitors in gas markets are Papua New Guinea, East Timor, Indonesia, Brunei and the Middle East petroleum producers.

    No informed person would suggest that there could be an economic problem with leakage to the Middle East: Saudi Arabia and the small Gulf states extract revenue from petroleum exports at much higher rates per dollar than Australia would after imposition of the levy.

    There is a case in the Australian national interest for not seeing expansion of export sales from Papua New Guinea and East Timor as being entirely a waste.

    But in their national interest and ours, I suggest that we seek to negotiate a four-way agreement on climate and energy with Indonesia, East Timor and Papua New Guinea.

    We would all impose carbon solutions levy-type levies at similar rates. This would be a major source of revenue for all of us.

    Participation of Indonesia removes leakage of coal exports. Indonesia already has an emissions trading scheme, although it generates a carbon price of only a few dollars per tonne.

    It may choose to remove other imposts on fossil carbon exports at the time of introduction of new carbon-related measures – such as the requirement to make 35% of coal exports available at prices well below international prices for domestic power generation.

    Participation of the four countries removes the leakage issue for gas. The four neighbours would cooperate in major development programs based on expansion of zero-carbon energy supply and goods production.

    There is active discussion in Indonesia of archipelago-wide electricity transmission infrastructure to allow the superior renewable energy resources of the outer islands – Papua, Nusa Tenggara, Sulawesi, Kalimantan, Sumatra – to contribute to decarbonisation and growth of zero-carbon industry everywhere, including in the Java heartland.

    The Indonesian grid would run close to neighbouring Australia, Papua New Guinea, East Timor, East and West Malaysia and the Philippines. It would be the geopolitically practical means of linking Australia and Singapore, as envisaged in the SunCable project in the Northern Territory.

    The Indonesian national grid could link to the Australian Sungrid discussed in my book The Superpower Transformation in Darwin and the Pilbara.

    The alternatives to carbon pricing are weak

    The alternatives to economy-wide carbon pricing are likely to turn out to be short-lived expedients that lead sooner rather than later to the return of today’s incoherence and underperformance in energy and climate policy and performance.

    The state must provide reliability of power supply to the general population.

    The Commonwealth government can do this without distorting competitive electricity markets by establishing an energy reserve I have proposed in my book The Superpower Transformation.

    The superpower industries depend on electricity and hydrogen markets operating efficiently and embodying carbon prices. Otherwise the market design issues relevant to their development are similar to those for electricity.

    Negative carbon externalities need to be corrected by taxation or alternative carbon pricing mechanisms. Positive externalities from innovation should be rewarded.

    Positive innovation externalities are important in the introduction of new industries, technologies and business models for the zero-carbon economy.

    Economy-wide carbon pricing at the social cost of carbon is essential to getting the balance right between state intervention and market exchange.

    Once it is in place with fiscal rewards for innovation, the government can let businesses decide which new industries and technologies warrant investment.

    Once carbon pricing is known to be coming into place reasonably soon, there is no further need for government underwriting of investment in power generation.

    There is no need to include a climate trigger in assessment of a project of any kind: if it emits carbon, it will pay for the climate damage it does.

    There is no need for government to take a view on climate grounds about the merits of nuclear power generation. It is zero-emissions generation and, like renewable energy, not subject to the carbon price. If it can compete with other forms of generation, it will find a place in private investment decisions on the energy mix.

    There is no need for government investment in nuclear power generation. Private investors will have the same incentives to invest in nuclear as in other zero-carbon generation technologies.

    There will be no need for the government to take a view on incentives for carbon capture and storage. If it is effective and emissions are actually reduced, carbon payments will be correspondingly reduced.

    The carbon price will allow private investors to get on with the job of expanding renewable energy supply at a rapid pace and decarbonising the economy more generally.


    This is an edited extract from Ross Garnaut’s new book, Let’s Tax Carbon: And Other Ideas for a Better Australia.

    Ross Garnaut is a Director and shareholder of Zen Energy. Together with Rod Sims, Ross is a co-founder and Director of The Superpower Institute, a not for profit think tank.

    – ref. Let’s tax carbon: Ross Garnaut on why the time is right for a second shot at carbon pricing – https://theconversation.com/lets-tax-carbon-ross-garnaut-on-why-the-time-is-right-for-a-second-shot-at-carbon-pricing-241806

    MIL OSI Analysis – EveningReport.nz –

    January 24, 2025
  • MIL-OSI USA News: Remarks by President  Biden on the Response to Hurricane Milton | St. Pete Beach,  FL

    Source: The White House

    Residential Area
    St. Pete Beach, Florida

    11:34 A.M. EDT

    THE PRESIDENT:  Hello, folks. 

    I just met a number of the homeowners, been wiped out, and the — everything from the Coast Guard to the fire department.  It’s a hell of a deal.

    I’m here in Florida for the second time in two weeks and — to survey the damage from another catastrophic storm: Hurricane Milton.  Thankfully, the storm’s impact was not as cataclysmic as had — we had predicted.  But on top of two [one] before it, it just keeps s- — seem we got to get — getting worse. 

    And bu- — you know, but for some individuals, it was cataclysmic — all those folks who not only lost their homes but, more importantly, those folks who lost their lives, lost family members, lost all their personal belongings.  Entire neighborhoods were flooded, and millions — millions were without power.

    Earlier this morning, I did an aerial tour of Saint Petersburg and the battered coastline.  I flew over Tropicana Field and — where the Tampa Bays play — Rays play, and the roof was almost completely off.  But thank God not many people were injured.

    I spoke with first responders who’ve been working around the clock.  I also met with small-business owners here and homeowners who’ve taken a real beating — these back-to-back storms.  And they’re heartbroken and exhausted, and their expenses are piling up.

    And I know from experience how devastating it is to lose your home.  Several years ago, my home was struck by lightning.  It didn’t all burn down, but we were out of the home for seven months while it was being repaired.  The thing I was most concerned about was not just the home; it was all those things, all those — all those pictures I saved, my — and my daughter had drawn when she was little, all the — all the family photographs, all the albums, all the things that really matter.  

    Folks, the — the fact is that when you lose your wedding ring and the old photos of your children, family keepsakes, things that can’t be replaced — but sometimes, from my own experience, that’s the part that hurts the most.

    And I’m standing next to the mayor of Pete’s Beach and the Chairwoman Peters.  Both their homes were damaged in Hurricane Milton.  The mayor’s home flooded, family vehicles washed away.  The county chair’s home had experienced significant damage in the past two storms previous.  They just finished rebuilding and settling back in, and now they have to do it all over again.   

    Both their families lost precious personal belongings, but they’ve stepped up not only to look out for themselves but to help other families, help their neighbors.  You know, that’s the resilience of the people of West Florida.

    And I want to thank them and all the public officials who suffered consequential losses because of the storm but who are out there doing things to help other people who had serious losses.  It matters.  The American people should know the sacrifices they’re making.

    You know, they’ve been steadfast partners as well.  We’ve been in frequent contact.

    And it’s in moments like this we come together to take care of each other, not as Democrats or Republicans but as Americans — Americans who need help and Americans who would help you if you were in the same situation.  We are one United States — one Unites States.

    I also came here to talk about all the progress we have made together.  This is a whole-of-government effort, from state and local to FEMA to U.S. Coast Guard, Army Corps of Engineers, the Energy Department, Environmental Protection Agency, Department of Defense, just to name a few.

    FEMA has delivered 1.2 million meals, over 300,000 liters of water, 2 million gallons of fuel.  And so far, we’ve installed 100 satellite terminals to restore communications in impacted areas so families can ton- — contact their loved ones to be sure everything is okay and be able to reach out for help as well.

    Speaking of help, so far, we’ve opened 10 disaster recovery centers in Florida, with more to come, so people can have one stop to meet with officials, get the federal help they’re entitled to that’s available to them, such as direct, immediate financial aid and no [low-]interest payment loans, mortgage relief, and so much more.

    You can also go online to DisasterAssistance.gov — DisasterAssistance.gov — or call 1-800-621-FEMA — F-E-M-A.

    Yesterday, after I signed the major disaster declaration, more than 250,000 Floridians registered for help — 250,000 — the most in sin- — any — a single day ever in the history of this country — 250,000.

    I know you’re concerned about the debris removal, and it’s obvious why.  We’re prioritizing debris removal and working with the state and local partners to clear roads, to get wreckage into — of the two hurricanes off properties, and so more folks can return home and businesses can receive much-needed deliveries of food, fuel, medicine, and other essentials.  That’s a priority for me.

    Power has also been restored to over 2 million people in a matter of days.  And thanks to tens of thousands of power workers from 43 states and Canada working nonstop, even more people will have more power restored soon. 

    Today, I’m proud to announce $612 million to six new cutting-edge projects to support communities impacted by Hurricane Helene and Milton.  That includes $47 million for Gainesville Regional Utilities and another $47 million for Florida Power & Light.

    This funding will not only restore power, but it’ll make the region’s power system stronger and more capable and reduce the frequency and duration of power outages while extreme weather events become more frequent. 

    In fact, we’ve been able to restore power quicker because of critical infrastructure investments were made both when I was vice president and president to harden the grid.  For folks at home, “the grid” means the electrical power system that transmits energy from the — where it’s produced in a power plant to where it’s used in homes and businesses. 

    We’ve been hardening the grid, like b- — like burying transmission lines underground, replacing wood power poles with concrete or composite poles so they don’t snap in the wind.

    Energy Secretary Granholm is here with me today leading this effort, and she’ll tell you more about it and other cutting-edge technologies on the grid in a moment.

    Let me close with this.  I’m here to porsonally — personally say thank you to the brave first responders — and I don’t want to underestimate that — brave first responders, men and women in uniform, utility workers.  (Inaudible) look at the number that showed up from around the country — from Canada — California, Nebraska, all over the country — to come here to help. 

    Men and women in uniform, as I said; health care personnel; neighbors helping neighbors; and so many more people.  This is all a team effort, folks.  You made a big difference.  And it’s saved lives.

    But there’s much more to do, and we’re going to do everything we can to get power back into your homes, not only helping you recover but to help you build back stronger.

    God bless you all.  And may God protect our first responders and protect our troops.

    Now I’m going to turn this over to Secretary Granholm.  Madam Secretary. 

    11:42 A.M. EDT

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA News: FACT SHEET: Biden-⁠ Harris Administration Continues Recovery Efforts in North Carolina Following Hurricane  Helene

    Source: The White House

    Following Hurricane Helene’s devastating impacts across the Southeast and Appalachia, the Biden-Harris Administration continues its robust Federal efforts to help communities recover and rebuild. The storm heavily impacted North Carolina, where the Administration continues to surge resources and assist families, business owners, farmers, and other impacted communities receive the support and assistance they need and deserve.

    Federal disaster assistance for Hurricane Helene survivors has surpassed $474 million – including more than $86 million in housing and other types of assistance for survivors in North Carolina. Survivors can register for assistance at one of three Disaster Recovery Centers in Caldwell, McDowell, and Buncombe Counties, or on disasterassistance.gov, by calling 1-800-621-3362, or via the FEMA app.

    The Department of Defense continues to support search-and-rescue operations, route clearance, and commodities distribution across western North Carolina with 1,500 active-duty troops. The Department of Defense is also employing additional capabilities to assist with increasing situational awareness across the remote terrain of Western North Carolina. The Army Corps of Engineers continues missions supporting debris removal, temporary emergency power installation, infrastructure and water and wastewater assessments, and technical assistance. Over 2,000 North Carolina National Guard personnel along with over 200 Guardsmen from 15 States are conducting response operations in western North Carolina.

    As response efforts continue in North Carolina, more than 1,250 FEMA staff remain on the ground, with more arriving daily. Nearly 400 Urban Search and Rescue personnel remain in the field helping people. These teams have rescued or supported over 3,200 survivors to date.  

    Power has been restored to more than approximately 96 percent of customers, as a result of 10,000 utility personnel working around the clock. Cellular restoration also continues to improve, with more than 93 percent of cellular sites in service. FEMA is boosting response coordination by providing 40 Starlink units to ensure first responders can communicate with each other.

    Commodity distribution, mass feeding, and hydration operations continue in areas of western North Carolina. FEMA continues to send commodity shipments and voluntary organizations are supporting feeding operations with bulk food and water deliveries coming via truck and aircraft. Mobile feeding operations are reaching survivors in heavily impacted areas, including three mass feeding sites in Buncombe, McDowell and Watauga counties. The Salvation Army has 20 mobile feeding units supporting this massive operation and has provided emotional and spiritual care to survivors. To date, the American Red Cross is engaging in targeted distribution of emergency supplies in low-income communities with high levels of minor or affected residential damage.

    Additional recovery efforts in North Carolina include:

    Supporting Infrastructure Recovery

    As part of the robust, whole-of-government response to Hurricane Helene, the U.S. Department of Transportation is supporting response and recovery efforts in impacted communities in North Carolina. DOT personnel are on the ground in multiple locations of the state.

    On October 5, the Department of Transportation’s Federal Highway Administration (FHWA) announced $100 million in Quick Release Emergency Relief funding to support North Carolina. The funding helps pay for the costs of immediate emergency work resulting from Hurricane Helene flood damage. Additional funding will flow to affected communities from the Emergency Relief program.

    FHWA worked closely with North Carolina and other federal agencies to assess infrastructure damage, including supporting hundreds of bridge inspections and other critical infrastructure assessments across the Southeast. On October 8, FHWA Acting Administrator Kristin White visited the region with Governor Roy Cooper, North Carolina Department of Transportation Secretary Joey Hopkins and other federal, state and local officials and got a first-hand look at impacts from the storm and recovery efforts.   

    The Federal Aviation Administration (FAA) continues to work with partners in affected parts of North Carolina and Tennessee, as the national airspace steadily returned to normal operations.

    The FAA Air Traffic Organization Technical Operations Team is on-site and leading communications restoration efforts at air traffic facilities. FAA also supported the North Carolina Air National Guard by providing advisory services at Rutherford County Airport and Avery County Airport.

    The FAA worked with state and local governments, critical infrastructure owners and operators, and first responders to enable drones to support response and recovery. The FAA granted permission to allow Wing to temporarily conduct beyond visual line of sight drone package deliveries for Walmart’s pharmacy in western North Carolina, delivering essential items including prescription medicine, medical supplies, and medical equipment to hard-to-reach locations.

    Additionally, President Biden’s approval of a Presidential Emergency Declaration for North Carolina affords the state a period of emergency regulatory relief from Federal Motor Carrier Safety regulations, including flexibility around driving time for property- and passenger-carrying vehicles. This allows truck drivers to get essential supplies to affected areas in North Carolina. It may also provide opportunities for motorcoach buses to deliver relief teams to response locations and allow for the transport and evacuation of residents.

    On October 10, Environmental Protection Agency (EPA) Administrator Michael Regan joined Governor Cooper, Senator Tillis, Congressman Edwards and local officials to assess federal and state recovery efforts in response to Hurricane Helene. EPA and its state partners have made significant progress bringing drinking water and wastewater systems back online, including restoring service to more than 75 drinking water systems that serve approximately 260,000 people in the Asheville area. EPA is also providing technical assistance and drinking water testing to systems and private drinking water well owners across the Asheville area through their Mobile Drinking Water lab – giving residents clear data and confidence that their water is safe to drink. The lab is capable of testing 100 samples per day. Water utilities and private well owners must request sampling services through their local health departments. EPA will remain on the ground in North Carolina helping area residents as long as their assistance is needed.  

    The Department of Energy’s Energy Response Organization remains activated to respond to storm impacts, and responders remain deployed to FEMA regional response coordination centers. Via the Electricity Sub-Sector Coordinating Council and Oil and Natural Gas Sub-Sector Coordinating Council, the Department of Energy has been coordinating continuously with energy sector partners on the ongoing Hurricane Helene response. As noted above, there are 10,000 line workers supporting power restoration efforts.

    The National Oceanic and Atmospheric Administration continues to support post-disaster imagery flights following Hurricane Helene, already totaling over 68 flight hours during 20 flights, including over western North Carolina. This imagery not only supports FEMA and the broader response community, but the public at large.

    Providing Financial Flexibilities to Homeowners and Taxpayers

    The U.S. Department of Housing and Urban Development (HUD) is providing a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA) as well as foreclosures of mortgages to Native American borrowers guaranteed under the Section 184 Indian Home Loan Guarantee program. Additionally, affected homeowners that have mortgages through Government-Sponsored Enterprises – including Fannie Mae and Freddie Mac – and the FHA are eligible to suspend their mortgage payments through a forbearance plan for up to 12 months.

    HUD announced $3 million for the State of North Carolina to support people experiencing homelessness in communities impacted by Hurricane Helene. Funding from the Rapid Unsheltered Survivor Housing program will help residents and families who are experiencing or at risk of homelessness and have needs that are not otherwise served or fully met by existing Federal disaster relief programs.

    This summer, HUD launched a new streamlined process for requesting additional flexibility on existing grants after a disaster is declared. Recipients of annual HUD funding – including in North Carolina – may request waivers to unlock and accelerate the use of their funding for disaster response and recovery. With the updated waiver process, HUD is proactively issuing maximum flexibility to communities impacted by disasters. These flexibilities will expedite the recovery process, reduce administrative burden, and allow impacted jurisdictions to quickly tailor programs and activities to address the post disaster needs of their communities. The Disaster Assistance and Recovery Team within HUD’s Office of Housing Counseling continues to conduct focused meetings with housing counseling agencies in each state impacted by these disasters to discuss their unique response and recovery challenges and identify resources available to assist.

    The Internal Revenue Service announced disaster tax relief for all individuals and businesses affected by Hurricane Helene in North Carolina. North Carolina taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.

    Protecting Public Health

    The U.S. Department of Health and Human Services (HHS) declared a Public Health Emergency for North Carolina to address the health impacts of Hurricane Helene. HHS’s Administration for Strategic Preparedness and Response (ASPR) continues to provide medical support for Hurricane Helene, predominantly onsite in North Carolina. These ASPR personnel are deployed to support Hurricane Helene response operations, which include four Disaster Medical Assistance Teams and personnel from a Disaster Mortuary Operational Response Team (DMORT) in North Carolina. ASPR Health and Medical Task Forces and ASPR Disaster Medical Assistance Teams from the National Disaster Medical System are providing 24-hour surge support to three hospitals: Mission Hospital in Asheville, Blue Ridge Regional Hospital in Spruce Pine, and Caldwell Memorial in Lenoir. To date, ASPR teams have seen nearly 1000 patients. ASPR will continue to work with federal, state, and local partners to prioritize medical assistance to other areas affected by Hurricane Helene as required and requested.  

    Supporting Workers and Worker Safety

    Working alongside the Department of Labor, the States of North Carolina has announced that eligible workers can receive federal Disaster Unemployment Assistance to compensate for income lost directly resulting from Hurricane Helene. And, through the Department of Labor’s innovative partnership with the U.S. Postal Service, displaced workers in North Carolina can now go to the post office in any other state and verify their ID for purposes of getting their benefits quickly.

    Supporting Farmers and Agriculture

    The U.S. Department of Agriculture (USDA) has put contingency plans and program flexibilities into place to ensure farmers, foresters and communities are able to get the support they need, such as by extending program signup opportunities, expediting crop insurance payments, and using waivers and emergency procedures to expedite recovery efforts on working lands. USDA’s Food and Nutrition Service has issued flexibilities and waivers for North Carolina to ensure that food and nutritional assistance reaches those in need as soon as possible. In North Carolina, waivers have been issued to increase access to WIC products, replace benefits through Summer EBT, allow the purchase of hot foods through SNAP, and more.

    Additionally, USDA is currently coordinating over 200 staff on the ground in North Carolina, including saw support teams and emergency road clearance teams, to help clear trees and debris, including in Waterville, Marion, Newton, and Weaverville.

    Supporting Students and Student Loan Borrowers

    The Department of Education has offered technical assistance to states and local educational agencies to support recovery efforts and shared critical resources, including those developed by other federal agencies and organizations, to support restoring the teaching and learning environment.

    The Department’s office of Federal Student Aid (FSA) has flexibilities that are automatically available to affected institutions of higher education to help their continued management of the federal student aid programs. These flexibilities help schools if they need to adjust their academic calendars, such as due to unexpected closures, and also help students who may need to take a leave of absence. The flexibilities also help students avoid reductions in their federal aid due to any state or federal disaster assistance provided. FSA will also work with affected institutions that need help on other areas, such as paying credit balances. FSA has communicated with schools located in the areas impacted by Hurricane Helene. Those communications included existing Department guidance about how natural disasters impact schools and their administration of financial aid, resources, and links to FEMA disaster aid information. FSA’s communications also included a way for schools to share more information about the disaster impact on their campus and submit questions about administrative relief and flexibilities.

    The Department is ensuring affected borrowers in areas impacted by the hurricanes can focus on their critical needs without needing to worry about missing their student loan payments. Direct Loan borrowers and federally-serviced FFEL borrowers in the affected area who miss their payments will be automatically placed into a natural disaster forbearance. During forbearance, payments are temporarily postponed or reduced, and interest is still charged. Thanks to regulations issued by the Biden-Harris Administration, months in this forbearance will count toward PSLF and IDR forgiveness. Direct Loan and federally serviced FEEL borrowers are not required to take an action but have the option to call their servicer if they wish to enroll in the forbearance proactively. Perkins loan borrowers should contact their loan holder to request natural disaster forbearance. 

    Continuing to Survey Data

    The Department of the Interior’s U.S. Geological Survey (USGS) continues working to measure river levels and flow, and repair streamgages that transmit critical data. USGS crews continue working to determine the extent of flooding by surveying for high-water marks. These flood-peak data and high-water marks are used to determine flood frequency and are critical in the design of infrastructure and in determining flood plain boundaries. USGS stood up a landslide response team that now includes 32 USGS scientists, 19 of which ware mapping landslides, to provide technical assistance to the North Carolina Geological Survey and Tennessee Geological Survey. Their work includes reconnaissance using satellite imagery, flights, and on-the-ground assessments to map landslides.

    ###

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA News: Press Gaggle by Press Secretary Karine Jean-Pierre and National Security Advisor Jake Sullivan En Route Berlin,  Germany

    Source: The White House

    2:15 P.M. EDT

    MS. JEAN-PIERRE:  Okay.  So, I’m just going to get straight to it.  

    As you can see, I have the national security advisor, Jake Sullivan, here to talk to us about the trip but also the latest in the Middle East.

    Jake, the floor is yours. 

    MR. SULLIVAN:  So, I don’t know if you guys have heard because of the lack of Wi-Fi back here, but the IDF has confirmed the death of Yahya Sinwar, the Hamas leader, and I’ll come to that in just a moment. 

    But let me start by laying out what we hope to achieve over the course of the next 24 hours in Berlin.  This is the president’s first visit to Berlin as president, and he did not want his time in office to go by without going to the capital of one of — one of our most important partners and allies. 

    Germany is a core Ally in NATO, a core partner in the G7.  They’ve been a core player in the Allied response to Russia’s brutal invasion of Ukraine.  And the president is looking forward to having the opportunity to talk to the chancellor and other German officials about where we go from here in Ukraine; about developments in the Middle East, in Iran, Lebanon, Gaza, Israel; about how we align our respective approaches on the PRC; about how we align our industrial and innovation strategies; about artificial intelligence and the clean energy transition. 

    He will also have the opportunity to meet with the prime minister of the UK and president of France.  The four leaders — Germany, France, UK, U.S. — will sit together to particularly focus on two issues.

    One, the war in Ukraine and the pathway ahead, particularly in light of the fact that they’ve all had the opportunity to engage in person with President Zelenskyy over the course of the last few weeks and heard from him about where he sees things going.  So, this is an opportunity to consult on that.

    And then, second, to talk about the ongoing and fast-moving developments across the Middle East region.

    The president will see President Steinmeier.  He’ll spend one-on-one time with Chancellor Scholz.  He’ll spend time with his delegation — with Chancellor Scholz and his delegation. 

    And then, of course, there’ll be this meeting among the four leaders in the afternoon, and there’ll be an opportunity for press statements with the chancellor and the president. 

    So, that’s the plan for tomorrow.

    Of course, this comes against the backdrop of a pretty significant — very significant day in the Middle East, and that is that Yahya Sinwar has been taken off the battlefield.  This is a murderous terrorist responsible for the worst massacre of Jews since the Holocaust.  He has a lot of blood on his hands — Israeli blood, American blood, Palestinian blood — and the world is better now that he’s gone. 

    President Biden has just put out a written statement sharing his thoughts and reactions to the death of Sinwar, and he looks forward to the opportunity soon, perhaps very shortly, to speak to Prime Minister Netanyahu to congratulate the IDF and the brave Israeli soldiers and security professionals who carried out the operation that killed Sinwar but also to talk about the way forward, because Sinwar was a massive obstacle to peace and the day after in Gaza.  And now that that obstacle has been removed, President Biden looks forward to talking to Prime Minister Netanyahu about how we secure the return of the hostages, an end to the war, and a move to the day after in Gaza — a Gaza where Hamas is no longer in power or control. 

    So they’ll have the opportunity to have an initial conversation about that, but this truly is an opportunity we need to seize together to bring about a better day for the people of Gaza, the people of Israel, the people of the whole region.  And the United States is committed to doing everything in our power to help contribute to that. 

    Last thing I will say is that from shortly after October 7th, President Biden dispatched special operations personnel and intelligence professionals to Israel to work side by side with their Israeli counterparts in the hunt for Hamas leaders, including Sinwar, and it was with American intelligence help that many of these leaders, including Sinwar, were hunted and tracked, were flushed out of their hiding places, and put on the run.  And, ultimately, this is a credit to the IDF for taking out Sinwar over the course of the last hours and days, but we’re proud of the support that the United States has given to the IDF all along the way. 

    So, with that, I’d be happy to take your questions.

    Q    Jake —

    Q    Can you say anything — well, go ahead.  I’m sorry. 

    Q    Jake, thanks so much for doing this.  You kind of implied that Sinwar had been an obstacle to hostage release and ceasefire.  How big an obstacle is that?  And does this give you additional hope now of a ceasefire and possibly a hostage release?  How should we process this?

    MR. SULLIVAN:  I didn’t just imply it; I stated it explicitly. 

    At various points along the way, Sinwar was more interested in causing mayhem and chaos and death than in actually trying to achieve a ceasefire and hostage deal.  And we repeatedly saw moments where it was him, in particular, who stood in the way of making progress towards a ceasefire and hostage deal.  Now, there were other obstacles too along the way, but he was certainly a critical one. 

    And, yes, I think his removal from the battlefield does present an opportunity to find a way forward that gets the hostages home, brings the war to an end, brings us to a day after.  That’s something we’re going to have to talk about with our Israeli counterparts.

    Of course, there are still other Hamas actors who need to be brought to justice, and there are hostages, including Americans, being held by terrorists.  We’re going to have to deal with all of that, but we believe there is a renewed opportunity right now that we would like to seize.

    Yeah.

    Q    Do you assess this as being the cutting off of the head of the Hydra, or what — what’s your assessment of Hamas’ capabilities from now on?  Is there going to be a mop up?  And what — what would you recommend the Israelis do?

    MR. SULLIVAN:  Sinwar was a critical figure operationally, militarily, and politically for Hamas.  He had, in fact, consolidated control of both the political and military wing under his singular leadership in — in recent weeks and months.  And so, this is a very significant event.

    But what exactly it means for the future of Hamas as an organization, it’s early days yet.  We will have to see.

    What we do know is that the broad military structure, the battalions of Hamas have been systematically dismantled.  We do know that Hamas does not pose the kind of threat to Israel that it posed on October 7th or anything close to it.  We also know that there are still Hamas terrorists wielding guns and holding hostages and harboring a desire to continue to attack Israel and attack others. 

    And so, we’re going to have to sort through all of that.  But this is an incredibly significant blow to Hamas.  It is the removal of someone who, as I said, was unique in the consolidation of the control of the Hamas apparatus under his command.  And now we will have to work to ensure that his death actually does deal the kind of long-term blow to Hamas that all of us would like to see.

    Q    Can you give —

    Q    Do you get the sense that Netanyahu is done now, that he’s — he’s reached his objectives?  You just laid out the decimation of Hamas — 

    MR. SULLIVAN:  No, his critical objective that — has not been reached.  That objective is the return of the hostages, including American hostages.  So, from the United States’ perspective, we now need to work with Israel, with Qatar and Egypt, with others — and this is something we’ll discuss with our European partners as well — to secure the release of those hostages.  We’d like to see that happen.

    Q    You referenced U.S. intel.  To what extent did that play a role in this particular operation? 

    MR. SULLIVAN:  This operation was an IDF operation.  I’m not here to overclaim or — or try to take credits for something where the credit belongs to them. 

    But the Americans — the special operations personnel, the intelligence professionals — they also deserve our thanks for the work that they did alongside the IDF over the course of many months to help create the kind of counterterrorism pressure in Gaza that put a lot of these guys on the run.  And Sinwar was plainly on the run (inaudible).

    Q    Earlier this — earlier this week, Secretary Blinken and Secretary Austin sent letters to their counterparts threatening legal action if the humanitari- — humanitarian situation in Gaza doesn’t improve.  Can you give us a sense of what that legal option would be and if there are any deadlines or specific actions that the president will raise with Prime Minister Netanyahu about that today?

    MR. SULLIVAN:  The letter speaks for itself.  I think a lot of the headlines were breathless and overblown.  We have had an ongoing dialogue with Israel for months now about improving the humanitarian situation.  We have had previous communications that looked quite similar and that generated positive momentum towards opening crossings and getting more aid in.  We’ve had, actually, constructive back-and-forth with our Israeli counterparts over the last few days in response to our requests, and we expect that we’ll see progress on the ground. 

    One thing that has unfolded this week is — is the reopening of some of the crossings that had been closed in the north and trucks going in.  We need to see that sustained and expanded as we go forward, among the other requests in that letter. 

    But I’d — and I’d — just the other point I would make here is that it’s — it was a private diplomatic communication.  It was a serious, substantive laydown.  It’s part of our ongoing work and partnership with Israel.  And having it all out there in the open, leaked in the way that it was, I think, was highly unfortunate.  And I’ll leave it at that.

    Q    Can you give us a sense of what the president will say in this conversation with Netanyahu?  Will he push for an accelerated timeline for a ceasefire?  Will he say, you

    know, kind of, “Now you achieved the main direct- — main objective and we should move forward on — on other things,” or push for humanitarian aid?

    MR. SULLIVAN:  I’m going to let the president speak to the prime minister before I preview what he’s going to say in the press on the record, but we’ll try to give you a good sense of both what the president is thinking and what he’s communicating to the prime minister at the appropriate time.

    Q    To — to what extent do you think this success with Sinwar might embolden Netanyahu when it comes to retaliating against Iran?  Or do you see them as totally unrelated?  And what are your conversations right now with them in terms of restraint — or whatever you want to call it — when the president has thoughts about what the target should be when they hit back?

    MR. SULLIVAN:  We’ve had very constructive communications with the Israelis about how they’re thinking about responding to the attack on October 1st.  Those conversations will continue. 

    I can’t speculate as to the psychology of the prime minister based on what happened today.  What I can say is that the logic of deterrence, the logic of a response to a salvo of 200 ballistic missiles — nothing in the Middle East is unrelated, but that is a distinct logic from the killing of Sinwar today.

    Q    Jake, going back to the trip.  What message will President Biden give his fellow leaders about America’s place in the world, given the uncertainty around our upcoming election?

    MR. SULLIVAN:  Say that again.

    Q    What reassurance will President Biden give his fellow leaders about America’s place in the world, given the uncertainty about our upcoming presidential election?

    MR. SULLIVAN:  What President Biden can do is what he’s done for four years, which is lay out his vision of America’s place in the world and point the way forward based on what he thinks are in America’s national security interests and in the interests of our close allies. 

    Beyond that, he can’t speak for anyone else and doesn’t intend to.

    Q    Is there any —

    Q    Does this change your calculus on whether Israel can come to the table on a ceasefire by the end of the year?

    MR. SULLIVAN:  I’m sorry?

    Q    Your calculus on whether a ceasefire could be reached by the end of the year.

    MR. SULLIVAN:  I have long since given up on making predictions or drawing timelines.  All I can say is that we see an opportunity now that we want to seize to try to secure the release of the hostages, and we’re going to work at that as rapidly as we possibly can.

    Q    Give- — given the situation, would the president reconsider possibly holding a press conference during his time in Berlin?  It would be good to hear from him firsthand on how he thinks about this and the situation in Ukraine. 

    MR. SULLIVAN:  I will note for the record there are heads nodding.  (Laughter.)  I’ll also note for the record that that is a really fascinating way to bring the press into the middle of a world historical event.  So — (laughter) — and I’ll leave it at that.

    Q    I’ll follow up on that.  The president talks about democracy as being a key part of his administration, of his vision for America that you just referenced.  Why would he not take questions from the press at what was originally going to be a state visit to Germany?  I don’t understand.

    MR. SULLIVAN:  It’s fascinating how you guys can — (laughs) — make this the story.

    Q    It’s not the story.  It’s just a question. 

    MR. SULLVIAN:  I mean, honestly, I think invoking democracy and suggesting that President Biden is somehow insufficiently committed to it because of the structure of his press engagement on one day in Germany is a bit ludicrous. 

    Q    I can ask a Germany question.  So, a lot of the moves that President Biden has made both domestically and internationally have been characterized as “Trump-proofing” the — the, you know, U.S. government for a future Trump presidency. 

    How do you feel about that characterization?  I’m talking about moves like bringing NATO under — forgive me, it’s too complicated to explain, but you know what I’m talking about. 

    So, do you think he’s Trump-proofing?

    MR. SULLIVAN:  I — I don’t like characterizations like that because they’re inherently political.

    Q    So, what is he doing, then?

    MR. SULLIVAN:  What the president is trying to do is to make our commitment to Ukraine sustainable and institutionalized for the long term.  And every other ally agreed that that was the responsible thing to do. 

    The la- —

    Q    (Inaudible) necessarily reduced U.S. role, is that the idea?

    MR. SULLIVAN:  Not at all.  The basic logic was what the president laid out at the Washington Summit this summer, which is the communiqué said Ukraine’s place, Ukraine’s future, is in NATO.  There is work to do to get from here to there, including reforms and security conditions being met. 

    So, the question is, how do you build a bridge from where we are now to Ukraine’s eventual membership in NATO?  And the answer to that question was the set of deliverables in Washington, including the institutionalization of the security support apparatus for Ukraine.  That is what we were trying to accomplish, and that’s what we believe we did accomplish.

    Q    Jake, on Iran.  Can you confirm and elaborate on reporting that President Biden directed the NSC to warn Iran that any attempt on President Trump’s life would be seen as an act of war?

    MR. SULLIVAN:  I will tell you that President Biden has taken this issue with the utmost seriousness.  He asked to be updated on it regularly.  He gives us direction for how to respond to it regularly and in a very serious and consequential way.  We are following his directives and implementing them.  And I’m not going to get into specifics on what that looks like.

    Q    Jake, what about these reports that President Trump and President Putin have had seven conversations?  Are you worried about this?  Are you worried about any sort of backdoor conversations President Trump is having with leaders?

    MR. SULLIVAN:  I do not know if that’s true or not, but obviously that would raise red flags if it were true. 

    Q    Another one on — since you just said Putin.  There’s been reporting in Germany that Chancellor Scholz said he would be open to speaking with President Putin ahead of the G20 if asked — sort of various ways he said it.  Have you guys talked about this?  Has he told President Biden about this?  Do you think this would be a good idea to do a leader-level conversation with President Putin at this time?

    MR. SULLIVAN:  That has not come up between the chancellor and the president.  You know, I was just in Germany at the end of last week with my German counterpart.  That — the question of a call to Putin didn’t come up.  So, I think that’s a question better put to the chancellor. 

    Q    The official who briefed us yesterday about the Germany trip on the — on the phone mentioned that the Ramstein meeting would be rescheduled.  Does that mean the president will be going back to Ramstein at some point, or what — what did that mean?

    MR. SULLIVAN:  We will hold a leaders-level Ramstein meeting virtually in November.

    Q    One more.  On the frozen assets deal — the Russian frozen assets.  What’s the progress on that there?  I assume this comes up in the conversations.  Is there a plan B if the EU doesn’t figure out a sanctions regime?

    MR. SULLIVAN:  I’m feeling very good about the progress that we’ve made on the G7 commitment to mobilize $50 billion from the proceeds of the Russian sovereign assets by the end of the year.  We intend to meet that commitment, and we intend to make a contribution — the United States.  The EU, obviously, has announced that it’s prepared to make a contribution.  So are other partners.  So, from my perspective, at this point, everything is on track. 

    Q    Is there any update on when the president might talk to President Xi?

    MR. SULLIVAN:  No.

    Thank you, guys. 

    Q    Thank you.

    Q    Who you — wait, who are you rooting for in the playoffs, World Series?

    MR. SULLIVAN:  I’m a Minnesota Twins fan, so I can’t root for the Guardians, but I definitely can’t root for the Yankees.

    I don’t know.

    Q    What about the Dodgers and Mets?

    MR. SULLIVAN:  Yeah, I’m watching, but actually I don’t — I’ve not clearly determined who I’d prefer to win.  But, yeah, Dodgers or Mets. 

    Q    Can you swing back and talk to us off the record later?

    MR. SULLIVAN:  Sure. 

    Q    Great.

    Q    Thanks.

    MS. JEAN-PIERRE:  I don’t know.  Is there any real thing — anything else to discuss?  Let me t- —

    Q    The only thing I would say is we disagree with the suggestion that democracy and speaking — and taking questions from the press is “ludicrous.” 

    MS. JEAN-PIERRE:  All right.  Noted.

    Q    I would argue that our stories allow the president to have a relationship with the world, not just with other leaders, and the ability to talk openly will help that. 

    MS. JEAN-PIERRE:  All right.  Noted.  Noted. 

    Let’s move on.

    So, just want to talk about an announcement.  This is domestic, obviously, going to go to the — to that space.  I just wanted to touch on an announcement very quickly.

    And so, today, the Biden-Harris administration announced an additional $4.5 billion in student debt cancelation for over 60,000 public service workers, bringing the total number of public — of public service workers who have had their student debt canceled under the Biden-Harris administration to over 1 million people. 

    One such example is Kelly, a kindergarten teacher in Rhode Island, who had been paying off her student loans for a decade.  After the student let her know that her debt had been canceled, she tol- — after the president, pardon me — she told us that after 12 years of marriage, she might be able to take the honeymoon she never had.

    The president — the president’s administration made it a priority to fix the Public Service Loan Forgiveness Program.  Prior to our administration, only 7,000 public service workers had received relief since the program was established in 2007. 

    Thanks to the work of the Biden-Harris administration, as of today, 1 million teachers, nurses, firefighters, service members, first resp- — responders, and — and more who — who pursued careers in public service have gotten the relief they deserve. 

    The relief brings the total loan forgiveness approved by the Biden-Harris administration — administration to over $175 billion for nearly 5 million Americans.  And while — meanwhile, our Republicans elected officials have repeatedly attempted to block student debt relief. 

    President Biden and Vice President Harris remain committed to making education affordable for all Americans. 

    With that, what else do you guys have for me?

    Q    I have a question. 

    MS. JEAN-PIERRE:  Sure.

    Q    Did President Biden talk to Vice President Harris ahead of this trip to see if she had any message for the world leaders or to get her input on what the situation should be going forward? 

    MS. JEAN-PIERRE:  As you know, the president and the vice president talk regularly.  I don’t have a specific call to — to read out, but I think you can see the last almost four years of the — what we’ve been able to do, what the president has been able to do on the world stage, certainly has been in partnership with the vice president.  I know that she supports his trip and everything that he’s — he’s trying to do tomorrow in the — in the short trip that we have in — in Germany.

    I just don’t have anything to read out as a call specifically on this trip.

    Q    Is the president or the administration facing pressure from allies to get something done after the election but before he is out of office?  There’s been some talks that Zelenskyy — you know, whether that’s accelerating a push for Ukraine into NATO or — or other funding things for Ukraine?

    MS. JEAN-PIERRE:  Well, you’re talking about the victory plan.  Certainly, I’m going to let the Ukr- — Ukrainians speak to their victory plan as it relates to that question about NATO. 

    Look, I think — I think what you have seen from this president, from this administration — obviously, including the vice president — is how much we have stand behind — next to, if you will — with Ukrainians and how they’re trying to beat back the aggression that we’ve seen from Russia.  And you have not just seen us standing there.  You’ve seen this president take action, and — which is why you see NATO much stronger than it was, and that’s why you see 50 countries have gotten behind Ukraine.  And you heard us — you heard us lay out yesterday an additional assistance package that we have provided to Ukrainians. 

    And so, we’re going to have to continue — we’re going to continue having conversations with the Ukrainians on what they need on the battlefield and how else we can be helpful to them. 

    As it relates to their victory plan — as it relates to what’s next, I’m certainly going to let the Ukrainians speak directly about that. 

    Obviously, the president has had a conversation with the president, President Zelenskyy, on that plan.  I just don’t have anything beyond that, and I’m not — certainly, I’m not going to get into hypotheticals from here. 

    Q    The president at the funeral yesterday had a — what looked like a spirited conversation with former President Obama.  Did you talk to him about what they discussed?

    MS. JEAN-PIERRE:  No, it’s been kind of busy the last couple hours on the plane, as you can imagine. 

    Look, I’ll — I’ll say this.  The president really very much looked — appreciated being there at the — at the funeral of Ethel Kennedy, who he saw as someone who was incredible and had a — was an incredible force, obviously, in her life, during her — her years.  And what he wanted to do is — was to lift up — lift her up and speak to her accomplishment and what she meant to him — not just to him but to her family and to the country.  So, he appreciated doing that. 

    And we have said many times the president and — and president — and former President Biden [Obama] — they have a very close relationship.  They’ve had one for a long time, obviously, as he served as his vice president.

    I don’t have anything else to — to share on that.  I have not had this conversation with the president.  Obviously, we’ve been pretty busy these past couple of hours on the plane. 

    Q    Do you know if the president was able to watch any of the Fox News interview that Vice President Harris did?  And does —

    MS. JEAN-PIERRE:  Yes, he —

    Q    — did he talk to you about how — how she did? 

    MS. JEAN-PIERRE:  Yeah, he was able to — to catch that.  And he saw her performance, her interview as strong.  And I think what you saw and what — and this is what he believes — is that you saw why Americans and people want to see her continuing to fight for them.  And that’s what he saw last night.  That’s what we all saw — many of us saw.  So, I think she was strong and incredibly impressive in that interview. 

    Q    Karine, does the president believe that his vice president would be a markedly different leader?

    MS. JEAN-PIERRE:  I mean, look, he talked about this on Tuesday when he was in Philly, and he — and I talked a little bit about this as well, just reit- — really reiterating what the president shared, which is that, look, she’s going to be essentially her own person, right?  She is going to have her own direction, her own view of how to move forward. 

    And he did that, right?  He was loyal to President Obama when he was vice president, but he cut his own path.  And so, that’s what he expects from the vice president to do. 

    So, nothing — nothing new.  That’s what he expects her to do — to have her own path, to have — to build on — certainly, to build on the economic successes that we have seen and continuing the — the work that we’ve been able to do. 

    But she’s going to cut her own path.  He was very clear about that a couple days ago.

    Q    Karine —

    Q    But on student loans — you talked about the PSLF 1 million, a huge achievement for those borrowers — what’s your message for the other 40 million-plus borrowers who’ve been caught up in a lot of legal limbo over the past three years?

    MS. JEAN-PIERRE:  Look, I’ll — I’ll say this.  You know, I’m not going to speak to the legal — the legal components of this.  There are legal matters that are happening, so they are ongoing.  So, I’m not going to speak to that. 

    But I think what you can take away from what this president has — trying to do, when Republicans have continued to block him, in promising to give Americans a little bit of breathing room, to make sure that Americans who have — borrows [borrowers] who have loans and — and are squeezed by those loans are not able to, you know, buy a home, start a family.

    The president was very attuned to that and very clear that he wanted to give them an opportunity — an opportunity to really, you know, be able to — to start that life that they wanted.  And so, he’s been trying to do that, even though he’s been blocked and — and Republicans have gotten in the way. 

    I think you can see over the past — certainly, the past six months, the president continuing to try to take actions to — to make sure he kept his commitment to Americans who, again, need a little bit of breathing room.

    So, I’m not going to speak to the legal matter, but I think this announcement today shows his commitment to public service workers, right?  I talked about firefighters, nurses.  I talked about police officers, who put so much on the line, who give so much for — for everybody, for folks who need their assistance and their help, and wanted to give them that opportunity to really be able to — to move on economically in what they want to accomplish for themselves and for their family.

    All right.  Anything else?

    Q    On the —

    Q    So —

    Q    Sorry.  Go ahead.

    Q    Sorry.

    Now going back to the funeral for a minute.  Did he speak with Speaker Emeritus Pelosi?  And also, she was not seen at the Italian American celebration, when she’s been front and center in the past.  Was she not invited?

    MS. JEAN-PIERRE:  I — I don’t have anything to share with you on that.  I didn’t talk to the president about that at all.  But what you saw — obviously, you saw the president and the former president, Pres- — President Obama, connect, have a moment together.  The president m- — very much looked forward to that.  I just don’t have anything on Nancy Pelosi.

    Q    Just —

    Q    I noticed he didn’t recognize her when he recognized the other two presidents at the funeral.

    MS. JEAN-PIERRE:  Well, he wanted it — I can say this.  He wanted it to be, you know — to — to be very focused on the family.  He wanted it to be, you know, brief and — and very poignant.  And that’s what his focus was yesterday on his remarks.

    Q    On the trip.  Obviously, this is a abbreviated agenda from, you know, the Ramstein summit —

    MS. JEAN-PIERRE:  Yeah.

    Q    — and other things.

    MS. JEAN-PIERRE:  Yeah.

    Q    But can you explain to us, what’s the reason that it’s so short?  Why do we have to get out of Germany at 4:00 p.m. tomorrow?  Is there a reason on the German chancellor’s schedule why we have to —

    MS. JEAN-PIERRE:  So, I mean —

    Q    Regardless of the press conference, there was also talk about maybe doing a Holocaust memorial situation.  What’s —

    MS. JEAN-PIERRE:  No, I totally understand what — totally — as you — let’s step back for a second. 

    The reason that the president had to postpone his trip was because Hurricane Milton was coming, and it was — it was forecast to be a historical hurricane, and the president wanted to be in the States to deal with the response and what was needed, certainly, by the impacted region, for what folks on the ground really needed.

    And so, that’s why we postponed the trip.  We said that we wanted to certainly get that back on the books.  We were able to do it — to your point, a truncated version, but it is a robust schedule.  And we were able to work with the Germans and to be able to get done what we can on this trip.

    I mean, the president has a busy schedule.  He does.  There’s a lot going on in the next couple days, couple weeks.

    Q    But he has to get back to the States for something in particular —

    MS. JEAN-PIERRE:  I mean, we’ll —

    Q    — that we don’t know about?

    MS. JEAN-PIERRE:  We’re certainly going to share with you what the — his — the next couple of days of his schedule is going to look like.  But he wanted to — and I said this yesterday in the briefing room.  He wanted to thank the chancellor for his partnership, for his leadership as well with Ukraine.  Outside of the U.S., U- — the U- — German is the second — have provided the second-most resources, assistance to Ukrainians.

    And so, he wanted to be, you know, thankful to him.  And so, that’s what you’re seeing on this trip.  He wanted to make this happen.  He asked his team to make this trip happen.

    And so, look, we have a busy schedule.  We got a lot going on in next couple of days, next couple of weeks.  And so, we tried to fit this in, and this is what we were able to do in working with the German government as well to make this happen.

    Q    Does the president, as the election hits its final two weeks, expect to get more aggressive in outreach and participation?  Is that maybe what you’re referencing, or what’s his thinking on that?

    MS. JEAN-PIERRE:  So, you know I can’t speak to political trips or any- —

    Q    But if —

    MS. JEAN-PIERRE:  But wa- —

    Q    — you could speak on his schedule.

    MS. JEAN-PIERRE:  Well, I — I’m just — want to get that out of there.  And so, look, the president is certainly looking at — looking forward to being out there and supporting the vice president.

    I just want to be super mindful.  But he will — you’ll see him — you’ll see him hit the road.  You’ll see him hit the road, for sure.

    That’s all I got. 

    All right.  Thanks, everybody.  Sorry my voice is a little hoarse.

    Q    Thanks, Karine.

    MS. JEAN-PIERRE:  Thanks, everybody.

    2:45 P.M. EDT

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI China: ROC (Taiwan) government donates US$800,000 to assist US with reconstruction efforts following Hurricane Helene

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    ROC (Taiwan) government donates US$800,000 to assist US with reconstruction efforts following Hurricane Helene

    • Date:2024-10-12
    • Data Source:Public Diplomacy Coordination Council

    October 12, 2024

    No. 350

    On the evening of September 26, category 4 Hurricane Helene hit Florida and continued on to ravage many other southeastern states in the United States, causing over 230 deaths and US$30 billion in damages thus far. The ROC (Taiwan) government is donating US$800,000 to assist local governments and residents with the recovery efforts, with US$300,000 earmarked for Florida and North Carolina each and US$200,000 for Georgia. It is hoped that these funds will help victims return to normal life as soon as possible. 

    As Taiwan is typically struck by typhoons every year in summer and fall, the people and government of Taiwan empathize with the people of the southeastern US regarding the great loss in life and property caused by Hurricane Helene. To promptly extend a helping hand, Taiwan’s offices in Miami and Atlanta will consult with related US agencies so that the funds will be publicly donated to special accounts dedicated to assisting local residents in reconstructing their homes. (E) 

    MIL OSI China News –

    January 24, 2025
  • MIL-Evening Report: How we treat catchment water to make it safe to drink

    Source: The Conversation (Au and NZ) – By Mark Patrick Taylor, Chief Environmental Scientist, EPA Victoria; Honorary Professor, School of Natural Sciences, Macquarie University

    Andriana Syvanych/Shutterstock

    Most of us are fortunate that, when we turn on the tap, clean, safe and high-quality water comes out.

    But a senate inquiry into the presence of PFAS or “forever chemicals” is putting the safety of our drinking water back in the spotlight.

    Lidia Thorpe, the independent senator leading the inquiry, says Elders in the Aboriginal community of Wreck Bay in New South Wales are “buying bottled water out of their aged care packages” due to concerns about the health impacts of PFAS in their drinking water.

    So, how is water deemed safe to drink in Australia? And why does water quality differ in some areas?

    Here’s what happens between a water catchment and your tap.

    Human intervention in the water cycle

    There is no “new” water on Earth. The water we drink can be up to 4.5 billion years old and is continuously recycled through the hydrological cycle. This transfers water from the ground to the atmosphere through evaporation and back again (for example, through rain).

    Humans interfere with this natural cycle by trapping and redirecting water from various sources to use. A lot happens before it reaches your home.

    The quality of the water when you turn on the tap depends on a range of factors, including the local geology, what kind of activities happen in catchment areas, and the different treatments used to process it.

    Maroondah dam in Healesville, Victoria.
    doublelee/Shutterstock

    How do we decide what’s safe?

    The Australian Drinking Water Guidelines define what is considered safe, good-quality drinking water.

    The guidelines set acceptable water quality values for more than 250 physical, chemical and bacterial contaminants. They take into account any potential health impact of drinking the contaminant over a lifetime as well as aesthetics – the taste and colour of the water.

    The guidelines are not mandatory but provide the basis for determining if the quality of water to be supplied to consumers in all parts of Australia is safe to drink. The guidelines undergo rolling revision to ensure they represent the latest scientific evidence.

    From water catchment to tap

    Australians’ drinking water mainly comes from natural catchments. Sources include surface water, groundwater and seawater (via desalination).

    Public access to these areas is typically limited to preserve optimal water quality.

    Filtration and purification of water occurs naturally in catchments as it passes through soil, sediments, rocks and vegetation.

    But catchment water is subject to further treatment via standard processes that typically focus on:

    • removing particulates (for example, soil and sediment)

    • filtration (to remove particles and their contaminants)

    • disinfection (for example, using chlorine and chloramine to kill bacteria and viruses)

    • adding fluoride to prevent tooth decay

    • adjusting pH to balance the chemistry of the water and to aid filtration.

    This water is delivered to our taps via a reticulated system – a network of underground reservoirs, pipes, pumps and fittings.

    In areas where there is no reticulated system, drinking water can also be sourced from rainwater tanks. This means the quality of drinking water can vary.

    Sources of contamination can come from roof catchments feeding rainwater tanks as well from the tap due to lead in plumbing fittings and materials.

    So, does all water meet these standards?

    Some rural and remote areas, especially First Nations communities, rely on poor-quality surface water and groundwater
    for their drinking water.

    Rural and regional water can exceed recommended guidelines for salt, microbial contaminants and trace elements, such as lead, manganese and arsenic.

    The federal government and other agencies are trying to address this.

    There are many impacts of poor regional water quality. These include its implication in elevated rates of tooth decay in First Nations people. This occurs when access to chilled, sugary drinks is cheaper and easier than access to good quality water.

    What about PFAS?

    There is also renewed concern about the presence of PFAS or “forever” chemicals in drinking water.

    Recent research examining the toxicity of PFAS chemicals along with their presence in some drinking water catchments in Australia and overseas has prompted a recent assessment of water source contamination.

    A review by the National Health and Medical Research Council (NHMRC) proposed lowering the limits for four PFAS chemicals in drinking water: PFOA, PFOS, PFHxS and PFBS.

    The review used publicly available data and found most drinking water supplies are currently below the proposed new guideline values for PFAS.

    However, “hotspots” of PFAS remain where drinking water catchments or other sources (for example, groundwater) have been impacted by activities where PFAS has been used in industrial applications. And some communities have voiced concerns about an association between elevated PFAS levels in their communities and cancer clusters.

    While some PFAS has been identified as carcinogenic, it’s not certain that PFAS causes cancer. The link is still being debated.

    Importantly, assessment of exposure levels from all sources in the population shows PFAS levels are falling meaning any exposure risk has also reduced over time.

    How about removing PFAS from water?

    Most sources of drinking water are not associated with industrial contaminants like PFAS. So water sources are generally not subject to expensive treatment processes, like reverse osmosis, that can remove most waterborne pollutants, including PFAS. These treatments are energy-intensive and expensive and based on recent water quality assessments by the NHMRC will not be needed.

    While contaminants are everywhere, it is the dose that makes the poison. Ultra-low concentrations of chemicals including PFAS, while not desirable, may not be harmful and total removal is not warranted.

    Mark Patrick Taylor is a full-time employee of EPA Victoria, appointed to the statutory role of Chief Environmental Scientist. He is also an Honorary Professor at Macquarie University. EPA Victoria has previously received funding from the Department of Energy, Environment and Climate Action and Victorian water authorities to understand the presence of contaminants waste water. He has previously received funding from the Australian Government, ARC and other government agencies for environmental pollution research.

    Antti Mikkonen is a full-time employee of EPA Victoria, in the role of Principal Health Risk Advisor for chemicals. Antti has previously received funding from the Australian Government Department of Education for research to understand PFAS bioaccumulation in livestock and models for risk management.

    Minna Saaristo is a full-time employee of EPA Victoria, appointed to the role of Principal Scientist – Ecological Risk and Emerging contaminants. She is affiliate of the School of Biological Sciences at Monash University. EPA Victoria has previously received funding from the Department of Energy, Environment and Climate Action and Victorian water authorities to understand the presence of emerging contaminants in recycled water. She has previously received funding from the Australian Government, ARC and other government agencies for environmental pollution research.

    – ref. How we treat catchment water to make it safe to drink – https://theconversation.com/how-we-treat-catchment-water-to-make-it-safe-to-drink-242206

    MIL OSI Analysis – EveningReport.nz –

    January 24, 2025
  • MIL-OSI Canada: Canada Invests in Climate Change Adaptation to Keep Communities Safe in Southern Ontario and Across Canada

    Source: Government of Canada News (2)

    Today, Julie Dabrusin, Parliamentary Secretary to the Honourable Jonathan Wilkinson, along with Member of Parliament Bardish Chagger, announced over $4.5 million in funding for nine projects in southern Ontario or with a national reach under Natural Resources Canada’s Climate Change Adaptation Program (CCAP). These projects aim to enhance knowledge and skills among professionals, businesses and communities in southern Ontario and across Canada to adapt to a changing climate, through the development and delivery of tools, resources and training.

    MIL OSI Canada News –

    January 24, 2025
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