The National Film Board of Canada (NFB) returns to the Festival international du cinéma francophone en Acadie (FICFA) with two documentaries. Trécarré: à la source du son de la Baie Sainte-Marie (Trécarré: Exploring the Saint Mary’s Bay Sound), by Acadian filmmaker Natalie Robichaud, will be opening the festival with its world premiere. And Ninan Auassat: Nous, les enfants (Ninan Auassat: We, the Children), by Abenaki filmmaker Kim O’Bomsawin, is screening in competition and making its Atlantic début.
October 29, 2024 – Moncton – National Film Board of Canada
The National Film Board of Canada (NFB) returns to the Festival international du cinéma francophone en Acadie (FICFA) with two documentaries. Trécarré: à la source du son de la Baie Sainte-Marie (Trécarré: Exploring the Saint Mary’s Bay Sound), by Acadian filmmaker Natalie Robichaud, will be opening the festival with its world premiere. And Ninan Auassat: Nous, les enfants (Ninan Auassat: We, the Children), by Abenaki filmmaker Kim O’Bomsawin, is screening in competition and making its Atlantic début. The festival’s opening night will also be celebrating50 years of NFB French film production in Acadie and the contribution of late filmmaker Léonard Forest, one of the great pioneers of French-language production. The 38thFICFA will be held November 19 to 24, 2024, in Greater Moncton.
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“For 50 years, the NFB has been a privileged witness to the creativity and originality of Acadian cinema. As Natalie Robichaud’s film Trécarré illustrates, Acadian cultural heritage is still a powerful source of inspiration for younger generations who are reaffirming its vitality and relevance. This work is the ideal opening film for FICFA and offers an opportunity for the NFB to reiterate its commitment to supporting filmmakers and production partners in creating original works. Have a wonderful festival!” – Nathalie Cloutier, Executive Producer, NFB French Documentary Unit
Opening night
Trécarré: à la source du son de la Baie Sainte-Marie(Trécarré: Exploring the Saint Mary’s Bay Sound) by Natalie Robichaud (30 min) – WORLD PREMIERE Produced at the NFB (Moncton) by Christine Aubé Press kit: mediaspace.nfb.ca/epk/trecarre
Musical culture is part of the DNA in the Nova Scotia Acadian community of Baie Sainte-Marie. Brimming with talent, members of the local music scene are reinventing tradition and taking their vibrant rhythms far beyond the region’s boundaries. Rich in dialect and bursting with local tunes, Trécarré invites us to discover the magic of music that asks us not just to listen, but to share it, dance to it and live it.
The film will have its world premiere on opening night, Tuesday, November 19, at 7 p.m. at the Théâtre l’Escaouette in Moncton with the filmmaker in attendance.
Born in Saulnierville, Nova Scotia, Natalie Robichaud has served as executive director of the Société acadienne de Clare since 2017. As part of her role, she’s led numerous cultural projects and helped preserve Acadian heritage while always being on the lookout for sources of vitality and inspiration in her community. In 2023, Francopresse named Natalie one of the most influential members of Canada’s francophone community outside Quebec. Trécarré is her first professional film.
50 years of French NFB film production in Acadie
Opening night will also highlight this major milestone in Acadian and French-Canadian cinema, with Suzanne Guèvremont, Government Film Commissioner and Chairperson of the NFB, and Nathalie Cloutier, Executive Producer of the NFB’s French Documentary Unit, in attendance.
In 1974, the NFB launched francophone film production in Acadie. In large part, the NFB’s production unit came to be through the tireless efforts of the great NFB Acadian filmmaker Léonard Forest, who FICFA will also be honouring on this occasion.
Documentary feature film competition
Ninan Auassat: Nous, les enfants(Ninan Auassat: We, the Children) by Kim O’Bomsawin (93 min) – ATLANTIC PREMIERE Produced at the NFB by Mélanie Brière, Nathalie Cloutier and Colette Loumède Press kit: mediaspace.nfb.ca/epk/ninan_auassat_en
Ninan Auassat is a captivating documentary celebrating the power and vitality of Indigenous youth. Shot over more than six years, the film brings us the moving stories of three groups of children from three different Indigenous nations—Atikamekw, Eeyou Cree and Innu. Filmed from “a child’s eye-view” and without adult voices and “experts” on young people, the film powerfully reveals the dreams of a new generation poised to take flight.
Winner of the Tides Award for Best Canadian Documentary at the Vancouver International Film Festival, the film will have its Atlantic premiere with the filmmaker in attendance on Wednesday, November 20, at 3 p.m. at the Dieppe Arts and Culture Centre.
Kim O’Bomsawin is an award-winning Abenaki documentary filmmaker and sociologist who’s deeply passionate about sharing the stories of Indigenous Peoples. Her recent credits include the feature-length documentary Call me Human (Je m’appelle Humain), honoured at the Gémeaux Awards in 2020, and her series Telling Our Story, shown in TIFF’s Primetime program in 2023.
This fall in Lviv, Ukraine for three days over 250 Ukrainian health care professionals gathered together for a medical conference to take a master class in radiology and participate in hands-on training workshops.
The conference held Sept. 25-27 was co-chaired by UConn School of Medicine professor and chair of Diagnostic Imaging & Therapeutics Dr. Leo Wolansky who also delivered several lectures.
Dr. Leo Wolansky.
“I am so impressed with the spirit of the Ukrainian people. They insist on keeping their lives normal. Hopefully, our resuming our in-person conference series, now in its twenty-eighth year, contributed a little bit to that normalcy,” says Wolansky.
The three-day conference was also co-chaired by Dr. Tetyana Yalynska. It was organized by Friends Of Radiology in Ukraine (FORUkraine), the Ukrainian Medical Association of North America (UMANA), and the Association of Radiologists of Ukraine (ARU), and was hosted by the First Territorial Medical Association of Lviv. Additional sponsorship came from Rotary, St. Paraskeva’s, Azaris, Ulrich, and Guerbet.
This year’s event carries forward the FORUkraine conference series founded by Wolansky in 1996 at the Lviv Medical University (the Lviv Medical Institute). Since its inception, the conference series has been innovative using state-of-the-art education as a tool to promote the Ukrainian language. The purpose of the program is to teach Ukrainian-language based, state-of-the-art Diagnostic Imaging (Radiology).
The long-standing in-person conference was interrupted for the last five years due to the COVID-19 crisis and followed by the war in Ukraine. Starting in 1998, Dr. Yuriy Ivaniv, head of post-graduate imaging education for the Lviv Oblast co-chaired the conferences with Wolansky and renamed it “Practical Questions in Contemporary Clinical Imaging.” The conference series continued every one or two years from then till 2019 when the program joined forces with the ARU and the American Society of Neuroradiology and held a combined conference with the Ukrainian Congress of Radiology, with ARU President Yalynska co-chairing with Wolansky. This took place in Kyiv and Irpin, the only time the program deviated from its home in Lviv.
Despite the war, several international imaging experts attended the event in-person in Ukraine to lecture. One of these was Dr. John (Ivan) Kachura, an Interventional Radiologist and professor of Medical Imaging at University of Toronto, who stated that he was impressed by the knowledge of Ukraine’s radiologists, but especially by their tremendous interest in the presented material. Also onsite was Dr. Andrew Dobrotwir, consultant radiologist from Melbourne, Australia, who lectured and also ran a hands-on workshop on Point Of Care Ultrasound (POCUS). Dobrotwir was accompanied by his sister-in-law, Teresa Lachowicz, who spoke at the conference about humanitarian work that she and Dobrotwir were carrying out including donations of POCUS equipment.
Several international lecturers also virtually presented for the conference including Laura Oleaga, Amy Juliano, Diana Kaya, Andrew Loginsky, and Ivan Wolansky. In addition, virtual presentations came from UConn’s Jill Wruble, Sarah LaPierre, and Racquel Helsing. Several Ukrainian physicians also presented at the conference, including Nataliya Deresh, Igor Ivaniv, and others.
Nataliya Motrynets, medical director of the host institution, presented about the hospital’s accomplishments, and also gave the faculty a tour of the facilities where many soldiers who have lost limbs in the war are being rehabilitated with cutting-edge prostheses.
For Wolansky, a semiprofessional musician, a highlight of his trip to Ukraine was when he and his wife, Maria, met Dudaryk, Lviv’s internationally renowned boys choir, at Mass on the last day of the trip. The children’s choir had performed the refrain for Wolansky’s recent music video, helping draw attention to the plight of Ukraine’s children.
Wolansky added, “Despite air alerts driving conference participants into the bomb shelter on two occasions, these brave Ukrainians insist that normal life must go on!”
Headline: Governor Cooper Highlights Tourism Industry in Western North Carolina at Grandfather Mountain, Surveys Storm Damage in Avery County
Governor Cooper Highlights Tourism Industry in Western North Carolina at Grandfather Mountain, Surveys Storm Damage in Avery County bconroy
Today, Governor Roy Cooper traveled to Grandfather Mountain State Park in Avery County to highlight the importance of supporting Western North Carolina’s tourism industry in the wake of Hurricane Helene. Afterward, the Governor assessed damaged areas and spoke with people impacted by the storm in Banner Elk, where he was joined by Western North Carolina native and Grammy-nominated country musician Eric Church.
“Today I visited beautiful Grandfather Mountain State Park in Avery County and traveled to Banner Elk to see areas that were damaged during Helene,” said Governor Cooper. “Tourism is a critical part of Western North Carolina’s economy, and there are still many wonderful spots in the region open and accepting visitors. I’m grateful for the work of our federal, state and local responders as well as partners like Eric Church who have given time and effort to help communities in need.”
This week, Governor Cooper signed a Memorandum of Understanding with Western North Carolina native and country musician Eric Church confirming his commitment that publishing royalties from Church’s recent song, “Darkest Hour,” will help fund response and recovery efforts in the aftermath of Hurricane Helene.
Unaccounted For People
The DPS Task Force to locate unaccounted for people has 7 people remaining on this list. The Task Force has handed over remaining work on this to local law enforcement.
Travel to Western North Carolina
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.
North Carolina National Guard Response
More than 1,700 Soldiers and Airmen are working in Western North Carolina. Joint Task Force- North Carolina, the task force led by the North Carolina National Guard continues to help with commodity distribution and critical debris removal alongside local government workers, volunteers and numerous civilian entities to get 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 $195 million in FEMA Individual Assistance funds have been paid so far to Western North Carolina disaster survivors and approximately 239,000 people have registered for Individual Assistance. Over 8,600 people are being helped through FEMA’s Transitional Sheltering Assistance. Nearly 6,200 registrations for Small Business Administration Loans have been filed.
Nearly 1,800 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 1,750 responders from 39 state and local agencies have performed 153 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 2,200 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 more than 2,000 employees and more than 900 pieces of equipment working on damaged road sites.
Fatalities
101 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.
BARCELONA, Spain, Oct. 31, 2024 (GLOBE NEWSWIRE) — Monster League Studios, the visionary company behind the Mokens League gaming platform, is thrilled to announce the upcoming public sale of its highly anticipated utility token, $MOKA. Designed to fuel an ecosystem of interconnected games and experiences, $MOKA will serve as the backbone for in-game transactions, rewards, and player engagement across the Mokens League universe.
Scheduled to go live on 8th November 2024, the $MOKA token sale represents a key milestone in Monster League Studios’ mission to redefine gaming through blockchain technology. With Mokens League, the company is creating a universe of games where players can seamlessly interact and carry their assets across different game experiences. Beginning with its flagship soccer game, the platform will soon expand to titles such as Padel, Tennis, Racing, and more, broadening the reach and utility of $MOKA.
Mokens League Soccer is the first game that allows players to compete in team-based or individual matches. It features multiple gameplay modes, with match length and rules varying by mode. Players need 1–6 NFTs to participate, which act as in-game characters. The game has already reached over 50,000 active users. Mokens League Soccer is available on PC, App Store, and Google Play.
“At Mokens League, we believe in building more than just individual games—we’re creating a full gaming universe,” said Martin Repetto, CEO of Monster League Studios. “The launch of $MOKA will empower our players and community by giving them real value and utility across all our games, allowing them to participate in our Win-to-Earn model, earn exclusive rewards, and explore a connected universe of Web3 gaming experiences.”
Key Highlights of the $MOKA Token Sale:
Utility-Driven Token: $MOKA is designed to be more than just a currency. As a utility token, it will support in-game purchases, facilitate player rewards, and unlock exclusive features across all Mokens League games.
Two NFT Tiers: FAN and VIP Packs: Recently, Mokens League announced two NFT tiers—FAN and VIP packs—as essential components of its promotional series, aimed at unlocking exclusive features and rewards within the Mokens Hub. These packs drive engagement by providing early access to various platform functionalities. The initial launch of FAN packs was met with great success, as NFTs were claimed in record time, underscoring high demand and the platform’s effectiveness in expanding the user base and creating a vibrant gaming community.
Cross-Game Compatibility: Players can use $MOKA across the entire Mokens League ecosystem, allowing their assets, achievements, and rewards to transcend individual games, from sports-based titles like soccer and padel to exciting genres like racing and brawling.
User-Friendly Web3 Integration: Mokens League has partnered with ImmutableX(IMX) to ensure seamless onboarding for Web2 users unfamiliar with crypto. Players can create a secure Web3 wallet effortlessly using just their email, Apple ID, or Google Play account.
Accessible to All: The $MOKA token sale will be conducted in stages, with the first phase launching as a community sale. This will be followed by public sales on leading launchpads, including Bit2Me, Kanga, and Gamestarter, ensuring broad accessibility to both seasoned crypto investors and gaming enthusiasts new to Web3.
The tokenomics of the $MOKA token are carefully designed. 10% of the total supply is allocated for the community sale, 1% for the public sale, and 17% for the team. A substantial 42% is dedicated to the community, ecosystem, and rewards. This tokenomics structure is community-centered, prioritizing user needs to drive high engagement and reward active participation in Mokens League.
The $MOKA token sale provides a unique opportunity for investors to join a pioneering project in the rapidly expanding blockchain gaming space. Mokens League’s commitment to innovation, combined with its seasoned team of game developers with over 25 years of experience, positions it as a formidable player in the Web3 gaming industry.
Disclaimer: This content is provided by MONSTER LEAGUE S.L. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
Avoiding this catastrophe of humanity’s making is the purpose of the 16th Conference of the Parties to the United Nations Convention on Biological Diversity (COP16) in Cali, Colombia. COP16 has been reviewing progress on implementing the Global Biodiversity Framework adopted at COP15 in Montreal, Canada, in 2022. Progress has been incremental at best.
These pledges, plans and goals, while necessary and commendable, are also far removed and often intangible for everyday citizens. Collective global action is inherently political. It moves at glacial pace when urgent action is needed.
The issues can seem so colossal and complex that individuals often feel powerless. This may mean they do nothing or, worse, add to the problem. But, in fact, there are five steps individuals can take to help end the biodiversity crisis.
So why isn’t government action enough?
COP16 wraps up on November 1, but has so far failed to live up to expectations. The COP16 chair claims it has put biodiversity “on an equal footing” with climate. However, solid commitments have yet to emerge.
For example, before COP16, governments had pledged only US$250 million (A380 million) of the estimated $200 billion per year required by 2030 for the Global Biodiversity Framework Fund. Pledges of another $163 million this week take the total number of contributors to a mere 12.
Only 15% of countries (including Australia) met the deadline to submit their plans to meet the goals set at COP15. These include protecting at least 30% of the world’s land and water and restoring 30% of degraded ecosystems by 2030.
Our everyday decisions can’t be divorced from nature
“Natural capital” is a buzzword in global initiatives, government policies, marketing slogans and sustainability frameworks worldwide. Natural capital refers to all living and non-living natural resources that provide products and services of value to society. In essence, it’s what we commonly call “nature”.
Understanding and managing natural capital is crucial for conserving biodiversity, addressing climate change and ensuring future generations’ wellbeing by not exceeding our planetary boundaries. It’s why we’ve recently created the Natural Capital Primer. It’s a website that explains how our everyday lives, businesses and economies depend on nature.
By understanding our connection to nature, we can all reduce our impact on nature. Here are five ways you can make a difference, starting today.
The Natural Capital Primer explains the concept, aiming to shift attitudes toward nature and promote global conservation.
1. Cut consumption when you can
Do you really need to update your mobile phone, your summer wardrobe or your flat-screen TV? What we buy reverberates around the globe.
Our demand for new products affects resource extraction (leading to habitat loss), carbon emissions (propelling climate change) and pollution (degrading habitat). These impacts are often far from where we make our purchases. From the lithium in our phones to the plastics in our clothes and the metals in our vehicles, our consumption drives demand, which almost inevitably harms biodiversity.
If you do need to replace something, consider buying second-hand or products made from recycled materials.
2. Watch what you eat
Agriculture is the single greatest driver of changes in land use and biodiversity loss. We all need to eat, of course, but where possible buy local and sustainably produced foods.
Reducing processed foods in your shopping trolley is a good start. Cutting your intake of over-fished, wild-caught seafood, red meat and palm oil-based products will also help. This issue is not straightforward because these products are available as a confusing mix of unsustainable and sustainable options.
A further complication, made worse by the rise of greenwashing, is that it can be hard to work out exactly what is in certain foods or where they came from. Sustainability certification and apps (GoodFish Australia, for example) can help consumers make better choices.
3. Choose renewable energy
The climate and biodiversity crises are inseparable. Neither can be resolved in isolation. For example, nature-based solutions, such as protecting forests as carbon sinks, will help with both the climate crisis and biodiversity.
With greenhouse gas emissions driving climate change, which threatens many species, a whole range of our choices determine the impacts of our energy use. From your mode of transport to powering your home, choose renewable energy sources.
Tech giants such as Google and Amazon are turning to nuclear energy to power their generative AI and cloud storage in an effort to reduce their climate impact. However, 100% renewable energy is realistic if consumers demand it from their power companies and governments.
4. Get your hands dirty
You can take direct action to protect and increase biodiversity. Volunteer or donate to environmental projects in your neighbourhood. Not only will this make you feel good, but revegetation and habitat restoration do improve local biodiversity.
Many grass-roots, community-driven projects are making a difference on the ground. They range from urban restoration work, such as the Merri Creek restoration in Melbourne, to forest stewardship projects, such as Tarwin River Forest in Gippsland, Victoria. Get local and get involved!
5. Adjust expectations and accept responsibility
People in wealthy countries (such as Australia) have both the biggest environmental footprints and the most capacity to adapt. They must lead change.
The process starts with increasing awareness of the issues and taking responsibility for change. That includes adjusting our expectations about how and where we live.
Small changes are magnified when repeated by millions of people. We should never doubt the power of cumulative impact. After all, it’s what got us into this mess in the first place.
So while governments and corporations haggle, posture and delay over global targets and policies, we can all start right now to make a difference through smarter decisions and sustainable choices.
Jim Radford receives funding from Australian Department of Climate Change, Energy, Environment and Water, the National Environmental Science Program Resilient Landscapes Hub, Transport for NSW, SmartSat CRC, Macdoch Foundation and Australian Wool Innovation. He is a member of Standards Australia Biodiversity Committee and North Central CMA Science Advisory Panel.
NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter ended September 30, 2024.
Business Update
Supportive markets and improving economic conditions helped Silvercrest’s assets under management (“AUM”) growth during the third quarter, pointing to improved top-line revenue. The firm also saw improved business development results and will report a robust pipeline of new business opportunities. A persistent trend of the market’s recovery since 2022 has been the narrow leadership of Large Cap Growth equities. We noted during our second quarter earnings call that, despite progress in the market, Large Cap Value and Small Cap stocks, had actually declined during that quarter. We have been pleased to see broader company market participation throughout the third quarter and an increase in equities across the market cap spectrum, which benefits Silvercrest’s diversified wealth management business as well as our exposure to the small cap institutional business. The increases during the quarter bode well for future revenue. We are optimistic about securing significant organic net flows over the next two quarters.
Silvercrest’s discretionary AUM increased $1.0 billion during the quarter to $22.6 billion, primarily due to rising markets. This net increase in discretionary AUM – which drives revenue – represents a 5% increase since the second quarter and a year-over-year increase of 10% since the third quarter of 2023. New client accounts and relationships increased during the quarter, led by new Silvercrest Small Cap Opportunity mandates. While we report discretionary outflows during the third quarter, the outflows were revenue neutral to the firm. Overall, total asset flows and market increases were a net positive for the firm and should drive an increase in fourth-quarter revenue. Total AUM at the end of the third quarter was $35.1 billion. Total AUM increased year-over-year from the third quarter of 2023, up 13%. Despite these increases, Silvercrest has been investing in the future growth of the business, which has resulted in higher total compensation and which we have adjusted for on a quarterly basis. As a result, while top-line revenue has increased, most metrics of the business are down due to these higher expenses.
Silvercrest’s pipeline of new institutional business opportunities increased during the third quarter by 20% and now stands at $1.2 billion. Importantly, the firm’s pipeline does not yet include potential mandates for our new Global Equity strategy which has a high capacity for significant inflows. Over the past two quarters, we have worked to build the infrastructure to support the team and strategy while undertaking business development. We are optimistic about near-term positive AUM flows and resulting revenue increases to result from the pipeline.
I have consistently mentioned that Silvercrest has never had more business opportunities underway. We have made and will make investments to drive future growth in the business. We expect to make more hires to complement our outstanding professional team and to drive future growth. Silvercrest continues to accrue a higher interim percentage of revenue for compensation for this purpose, and, as mentioned, we will continue to adjust compensation levels to match these important investments in the business and will keep you informed of our plans and the progress of these investments.
We continue to see substantial new opportunities globally for a firm with our high-quality capabilities, coupled with superior client service.
On October 30, 2024, the Company’s Board of Directors approved a quarterly dividend of $0.20 per share of Class A common stock. The dividend will be paid on or about December 20, 2024 to stockholders of record as of the close of business on December 13, 2024.
Third Quarter2024 Highlights
Total Assets Under Management (“AUM”) of $35.1 billion, inclusive of discretionary AUM of $22.6 billion and non-discretionary AUM of $12.5 billion at September 30, 2024.
Revenue of $30.4 million.
U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $3.7 million and $2.3 million, respectively.
Basic and diluted net income per share of $0.24.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)1 of $6.3 million.
Adjusted net income1 of $3.8 million.
Adjusted basic and diluted earnings per share1, 2 of $0.27 and $0.26, respectively.
The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
(in thousands except as indicated)
2024
2023
2024
2023
Revenue
$
30,424
$
29,704
$
91,689
$
88,868
Income before other income (expense), net
$
4,457
$
6,519
$
15,670
$
19,788
Net income
$
3,730
$
5,380
$
13,025
$
15,825
Net income margin
12.3
%
18.1
%
14.2
%
17.8
%
Net income attributable to Silvercrest
$
2,252
$
3,216
$
7,917
$
9,505
Net income per basic share
$
0.24
$
0.34
$
0.83
$
1.01
Net income per diluted share
$
0.24
$
0.34
$
0.83
$
1.00
Adjusted EBITDA1
$
6,346
$
8,000
$
21,031
$
24,297
Adjusted EBITDA Margin1
20.9
%
26.9
%
22.9
%
27.3
%
Adjusted net income1
$
3,801
$
5,136
$
12,921
$
15,055
Adjusted basic earnings per share1, 2
$
0.27
$
0.37
$
0.93
$
1.08
Adjusted diluted earnings per share1, 2
$
0.26
$
0.36
$
0.89
$
1.05
Assets under management at period end (billions)
$
35.1
$
31.2
$
35.1
$
31.2
Average assets under management (billions)3
$
34.2
$
31.6
$
34.3
$
30.1
_________________
1
Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 2 and 3.
2
Adjusted basic and diluted earnings per share measures for the three and nine months ended September 30, 2024 are based on the number of shares of Class A common stock and Class B common stock outstanding as of September 30, 2024. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units, and non-qualified stock options to the extent dilutive at the end of the reporting period.
3
We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.
AUM at $35.1 Billion
Silvercrest’s discretionary assets under management increased by $2.1 billion, or 10.2%, to $22.6 billion at September 30, 2024, from $20.5 billion at September 30, 2023. The increase was attributable to market appreciation of $4.1 billion partially offset by net client outflows of $2.0 billion. Silvercrest’s total AUM increased by $3.9 billion, or 12.5%, to $35.1 billion at September 30, 2024, from $31.2 billion at September 30, 2023. The increase was attributable to market appreciation of $5.7 billion partially offset by net client outflows of $1.8 billion.
Silvercrest’s discretionary assets under management increased by $1.0 billion, or 4.6%, to $22.6 billion at September 30, 2024, from $21.6 billion at June 30, 2024. The increase was attributable to market appreciation of $1.3 billion and net client outflows of $0.3 billion. Silvercrest’s total AUM increased by $1.7 billion, or 5.1%, to $35.1 billion at September 30, 2024, from $33.4 billion at June 30, 2024. The increase was attributable to market appreciation of $1.9 billion and net client outflows of $0.2 billion.
Third Quarter 2024 vs. Third Quarter 2023
Revenue increased by $0.7 million, or 2.4%, to $30.4 million for the three months ended September 30, 2024, from $29.7 million for the three months ended September 30, 2023. This increase was driven by market appreciation partially offset by net client outflows.
Total expenses increased by $2.8 million, or 12.0%, to $26.0 million for the three months ended September 30, 2024, from $23.2 million for the three months ended September 30, 2023. Compensation and benefits expense increased by $1.9 million, or 11.4%, to $18.6 million for the three months ended September 30, 2024, from $16.7 million for the three months ended September 30, 2023. The increase was primarily attributable to increases in the accrual for bonuses of $0.7 million, severance expense of $0.2 million, equity-based compensation of $0.2 million and salaries and benefits of $0.8 million primarily as a result of merit-based increases. General and administrative expenses increased by $0.9 million, or 13.4%, to $7.4 million for the three months ended September 30, 2024, from $6.5 million for the three months ended September 30, 2023. This was primarily attributable to increases in occupancy and related costs of $0.1 million, professional fees of $0.2 million, portfolio and systems expense of $0.3 million and trade errors of $0.3 million.
Consolidated net income was $3.7 million or 12.3% of revenue for the three months ended September 30, 2024, as compared to consolidated net income of $5.4 million or 18.1% of revenue for the same period in the prior year. Net income attributable to Silvercrest was $2.3 million, or $0.24 per basic share and diluted share for the three months ended September 30, 2024. Our Adjusted Net Income1 was $3.8 million, or $0.27 per adjusted basic share1, 2 and $0.26 per adjusted diluted share1, 2 for the three months ended September 30, 2024.
Adjusted EBITDA1 was $6.3 million, or 20.9% of revenue for the three months ended September 30, 2024, as compared to $8.0 million or 26.9% of revenue for the same period in the prior year.
Nine Months Ended September 30, 2024 vs. Nine Months Ended September 30, 2023
Revenue increased by $2.8 million, or 3.2%, to $91.7 million for the nine months ended September 30, 2024, from $88.9 million for the nine months ended September 30, 2023. This increase was driven by market appreciation partially offset by net client outflows.
Total expenses increased by $6.9 million, or 10.0%, to $76.0 million for the nine months ended September 30, 2024, from $69.1 million for the nine months ended September 30, 2023. Compensation and benefits expense increased by $4.8 million, or 9.6%, to $54.8 million for the nine months ended September 30, 2024, from $50.0 million for the nine months ended September 30, 2023. The increase was primarily attributable to increases in the accrual for bonuses of $3.0 million, severance expense of $0.2 million, equity-based compensation of $0.3 million and salaries and benefits of $1.3 million primarily as a result of merit-based increases. General and administrative expenses increased by $2.1 million, or 11.1%, to $21.3 million for the nine months ended September 30, 2024, from $19.1 million for the nine months ended September 30, 2023. This was primarily attributable to increases in travel and entertainment expenses of $0.2 million, occupancy and related costs of $0.2 million, professional fees of $0.6 million, portfolio and systems expenses of $0.4 million, recruiting expenses of $0.3 million, trade errors of $0.3 million and depreciation and amortization expense of $0.1 million.
Consolidated net income was $13.0 million or 14.2% of revenue for the nine months ended September 30, 2024, as compared to consolidated net income of $15.8 million or 17.8% of revenue for the same period in the prior year. Net income attributable to Silvercrest was $7.9 million, or $0.83 per basic share and diluted share for the nine months ended September 30, 2024. Our Adjusted Net Income1 was $12.9 million, or $0.93 per adjusted basic share1, 2 and $0.89 per adjusted diluted share1, 2 for the nine months ended September 30, 2024.
Adjusted EBITDA1 was $21.0 million or 22.9% of revenue for the nine months ended September 30, 2024, as compared to $24.3 million or 27.3% of revenue for the same period in the prior year.
Liquidity and Capital Resources
Cash and cash equivalents were $58.1 million at September 30, 2024, compared to $70.3 million at December 31, 2023. As of September 30, 2024, there was nothing outstanding under our term loan or under our revolving credit facility with City National Bank.
Silvercrest’s total equity was $84.6 million at September 30, 2024. We had 9,503,410 shares of Class A common stock outstanding and 4,406,295 shares of Class B common stock outstanding at September 30, 2024.
Non-GAAP Financial Measures
To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.
EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.
Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our principals, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.
Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.
Conference Call
The Company will host a conference call on November 1, 2024, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer, and President and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.
Forward-Looking Statements and Other Disclosures
This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; our expectations with respect to deferred tax assets, adverse economic or market conditions; incurrence of net losses; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2023, which is accessible on the U.S. Securities and Exchange Commission’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About Silvercrest
Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.
(Unaudited and in thousands, except share and per share amounts or as noted)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenue
Management and advisory fees
$
29,380
$
28,425
$
88,445
$
85,445
Family office services
1,044
1,279
3,244
3,423
Total revenue
30,424
29,704
91,689
88,868
Expenses
Compensation and benefits
18,598
16,691
54,760
49,945
General and administrative
7,369
6,494
21,259
19,135
Total expenses
25,967
23,185
76,019
69,080
Income before other (expense) income, net
4,457
6,519
15,670
19,788
Other (expense) income, net
Other (expense) income, net
10
(37
)
25
31
Interest income
374
376
1,010
421
Interest expense
(15
)
(86
)
(95
)
(314
)
Total other (expense) income, net
369
253
940
138
Income before provision for income taxes
4,826
6,772
16,610
19,926
Provision for income taxes
(1,096
)
(1,392
)
(3,585
)
(4,101
)
Net income
3,730
5,380
13,025
15,825
Less: net income attributable to non-controlling interests
(1,478
)
(2,164
)
(5,108
)
(6,320
)
Net income attributable to Silvercrest
$
2,252
$
3,216
$
7,917
$
9,505
Net income per share:
Basic
$
0.24
$
0.34
$
0.83
$
1.01
Diluted
$
0.24
$
0.34
$
0.83
$
1.00
Weighted average shares outstanding:
Basic
9,541,407
9,354,747
9,510,495
9,452,576
Diluted
9,579,172
9,378,479
9,547,659
9,478,090
Exhibit 2
Silvercrest Asset Management Group Inc.
Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure
(Unaudited and in thousands, except share and per share amounts or as noted)
Adjusted EBITDA
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Reconciliation of non-GAAP financial measure:
Net income
$
3,730
$
5,380
$
13,025
$
15,825
Provision for income taxes
1,096
1,392
3,585
4,101
Delaware Franchise Tax
50
50
150
150
Interest expense
15
86
95
314
Interest income
(374
)
(376
)
(1,010
)
(421
)
Depreciation and amortization
1,034
996
3,111
3,012
Equity-based compensation
535
353
1,374
1,047
Other adjustments (A)
260
119
701
269
Adjusted EBITDA
$
6,346
$
8,000
$
21,031
$
24,297
Adjusted EBITDA Margin
20.9
%
26.9
%
22.9
%
27.3
%
(A) Other adjustments consist of the following:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Acquisition costs (a)
$
—
$
—
$
—
$
5
Severance
193
—
253
19
Other (b)
67
119
448
245
Total other adjustments
$
260
$
119
$
701
$
269
(a)
For the nine months ended September 30, 2023, represents professional fees of $5 related to the acquisition of Cortina.
(b)
For the three months ended September30, 2024, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, data conversion costs of $14 and software implementation costs of $5. For the nine months ended September 30, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, sign on bonuses paid to certain employees of $188, professional fees of $26 related to a transfer pricing project, legal fees of $46, data conversion costs of $14 and software implementation costs of $18. For the three months ended September 30, 2023, represents an adjustment to the fair value of the tax receivable agreement of $40, an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, $23 related to moving costs and software implementation costs of $8. For the nine months ended September 30, 2023, represents an adjustment to the fair value of the tax receivable agreement of $40, an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, $35 related to moving costs, software implementation costs of $28 and a fair value adjustment to the Cortina contingent purchase price consideration of ($2).
Exhibit 3
Silvercrest Asset Management Group Inc.
Reconciliation of GAAP to non-GAAP (“Adjusted”)
Adjusted Net Income and Adjusted Earnings Per Share Measures
(Unaudited and in thousands, except per share amounts or as noted)
Adjusted Net Income and Adjusted Earnings Per Share
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Reconciliation of non-GAAP financial measure:
Net income
$
3,730
$
5,380
$
13,025
$
15,825
Consolidated GAAP Provision for income taxes
1,096
1,392
3,585
4,101
Delaware Franchise Tax
50
50
150
150
Other adjustments (A)
260
119
701
269
Adjusted earnings before provision for income taxes
5,136
6,941
17,461
20,345
Adjusted provision for income taxes:
Adjusted provision for income taxes (26% assumed tax rate)
(1,335
)
(1,805
)
(4,540
)
(5,290
)
Adjusted net income
$
3,801
$
5,136
$
12,921
$
15,055
GAAP net income per share (B):
Basic
$
0.24
$
0.34
$
0.83
$
1.01
Diluted
$
0.24
$
0.34
$
0.83
$
1.00
Adjusted earnings per share/unit (B):
Basic
$
0.27
$
0.37
$
0.93
$
1.08
Diluted
$
0.26
$
0.36
$
0.89
$
1.05
Shares/units outstanding:
Basic Class A shares outstanding
9,503
9,342
9,503
9,342
Basic Class B shares/units outstanding
4,406
4,545
4,406
4,545
Total basic shares/units outstanding
13,909
13,887
13,909
13,887
Diluted Class A shares outstanding (C)
9,541
9,366
9,541
9,366
Diluted Class B shares/units outstanding (D)
5,001
4,956
5,001
4,956
Total diluted shares/units outstanding
14,542
14,322
14,542
14,322
(A)
See A in Exhibit 2.
(B)
GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.
(C)
Includes 37,109 and 23,732 unvested restricted stock units at September 30, 2024 and 2023, respectively.
(D)
Includes 228,117 and 264,037 unvested restricted stock units at September 30, 2024 and 2023, respectively, and 366,293 and 147,506 unvested non-qualified options at September 30, 2024 and 2023, respectively.
Exhibit 4
Silvercrest Asset Management Group Inc.
Condensed Consolidated Statements of Financial Condition
(Unaudited and in thousands)
September 30, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
58,103
$
70,301
Investments
219
219
Receivables, net
12,833
9,526
Due from Silvercrest Funds
860
558
Furniture, equipment and leasehold improvements, net
7,458
7,422
Goodwill
63,675
63,675
Operating lease assets
16,290
19,612
Finance lease assets
237
330
Intangible assets, net
17,216
18,933
Deferred tax asset—tax receivable agreement
3,749
5,034
Prepaid expenses and other assets
3,530
3,964
Total assets
$
184,170
$
199,574
Liabilities and Equity
Accounts payable and accrued expenses
$
1,718
$
1,990
Accrued compensation
27,238
37,371
Borrowings under credit facility
—
2,719
Operating lease liabilities
22,668
26,277
Finance lease liabilities
245
336
Deferred tax and other liabilities
9,423
9,071
Total liabilities
61,292
77,764
Commitments and Contingencies
Equity
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding
—
—
Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,394,542 and 9,503,410 issued and outstanding, respectively, as of September 30, 2024; 10,287,452 and 9,478,997 issued and outstanding, respectively, as of December 31, 2023
104
103
Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,406,295 and 4,431,105 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
43
43
Additional Paid-In Capital
56,643
55,809
Treasury Stock, at cost, 891,132 shares as of September 30, 2024 and 808,455 as of December 31, 2023
(16,421
)
(15,057
)
Accumulated other comprehensive income (loss)
(19
)
(12
)
Retained earnings
44,227
41,851
Total Silvercrest Asset Management Group Inc.’s equity
84,577
82,737
Non-controlling interests
38,301
39,073
Total equity
122,878
121,810
Total liabilities and equity
$
184,170
$
199,574
Exhibit 5
Silvercrest Asset Management Group Inc.
Total Assets Under Management
(Unaudited and in billions)
Total Assets Under Management:
Three Months Ended September 30,
% Change from September 30,
2024
2023
2023
Beginning assets under management
$
33.4
$
31.9
4.7
%
Gross client inflows
1.1
0.6
83.3
%
Gross client outflows
(1.3
)
(0.8
)
62.5
%
Net client flows
(0.2
)
(0.2
)
0.0
%
Market appreciation/(depreciation)
1.9
(0.5
)
NM
Ending assets under management
$
35.1
$
31.2
12.5
%
Nine Months Ended September 30,
% Change from September 30,
2024
2023
2023
Beginning assets under management
$
33.3
$
28.9
15.2
%
Gross client inflows
2.9
4.5
-35.6
%
Gross client outflows
(4.4
)
(3.5
)
25.7
%
Net client flows
(1.5
)
1.0
-250.0
%
Market appreciation
3.3
1.3
153.8
%
Ending assets under management
$
35.1
$
31.2
12.5
%
NM = Not Meaningful
Exhibit 6
Silvercrest Asset Management Group Inc.
Discretionary Assets Under Management
(Unaudited and in billions)
Discretionary Assets Under Management:
Three Months Ended September 30,
% Change from September 30,
2024
2023
2023
Beginning assets under management
$
21.6
$
21.5
0.5
%
Gross client inflows
0.8
0.4
100.0
%
Gross client outflows
(1.1
)
(0.6
)
83.3
%
Net client flows
(0.3
)
(0.2
)
50.0
%
Market appreciation/(depreciation)
1.3
(0.8
)
-262.5
%
Ending assets under management
$
22.6
$
20.5
10.2
%
Nine Months Ended September 30,
% Change from September 30,
2024
2023
2023
Beginning assets under management
$
21.9
$
20.9
4.8
%
Gross client inflows
2.1
2.3
-8.7
%
Gross client outflows
(3.7
)
(3.0
)
23.3
%
Net client flows
(1.6
)
(0.7
)
128.6
%
Market appreciation
2.3
0.3
NM
Ending assets under management
$
22.6
$
20.5
10.2
%
NM = Not Meaningful
Exhibit 7
Silvercrest Asset Management Group Inc.
Non-Discretionary Assets Under Management
(Unaudited and in billions)
Non-Discretionary Assets Under Management:
Three Months Ended September 30,
% Change from September 30,
2024
2023
2023
Beginning assets under management
$
11.8
$
10.4
13.5
%
Gross client inflows
0.3
0.2
50.0
%
Gross client outflows
(0.2
)
(0.2
)
0.0
%
Net client flows
0.1
—
Market appreciation
0.6
0.3
100.0
%
Ending assets under management
$
12.5
$
10.7
16.8
%
Nine Months Ended September 30,
% Change from September 30,
2024
2023
2023
Beginning assets under management
$
11.4
$
8.0
42.5
%
Gross client inflows
0.8
2.2
-63.6
%
Gross client outflows
(0.7
)
(0.5
)
40.0
%
Net client flows
0.1
1.7
-94.1
%
Market appreciation
1.0
1.0
0.0
%
Ending assets under management
$
12.5
$
10.7
16.8
%
Exhibit 8
Silvercrest Asset Management Group Inc.
Assets Under Management
(Unaudited and in billions)
Three Months Ended September 30,
2024
2023
Total AUM as of June 30,
$
33.430
$
31.924
Discretionary AUM:
Total Discretionary AUM as of June 30,
$
21.646
$
21.500
New client accounts/assets (1)
0.076
0.054
Closed accounts (2)
(0.042
)
(0.015
)
Net cash inflow/(outflow) (3)
(0.308
)
(0.286
)
Non-discretionary to Discretionary AUM (4)
(0.004
)
0.008
Market (depreciation)/appreciation
1.271
(0.799
)
Change to Discretionary AUM
0.993
(1.038
)
Total Discretionary AUM at September 30,
22.639
20.462
Change to Non-Discretionary AUM (5)
0.665
0.301
Total AUM as of September 30,
$
35.088
$
31.187
Nine Months Ended September 30,
2024
2023
Total AUM as of January 1,
$
33.281
$
28.905
Discretionary AUM:
Total Discretionary AUM as of January 1,
$
21.885
$
20.851
New client accounts/assets (1)
0.179
0.151
Closed accounts (2)
(0.516
)
(0.100
)
Net cash inflow/(outflow) (3)
(1.256
)
(0.793
)
Non-discretionary to Discretionary AUM (4)
(0.006
)
(0.030
)
Market appreciation
2.353
0.383
Change to Discretionary AUM
0.754
(0.389
)
Total Discretionary AUM at September 30,
22.639
20.462
Change to Non-Discretionary AUM (5)
1.053
2.671
Total AUM as of September 30,
$
35.088
$
31.187
(1)
Represents new account flows from both new and existing client relationships.
(2)
Represents closed accounts of existing client relationships and those that terminated.
(3)
Represents periodic cash flows related to existing accounts.
(4)
Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.
(5)
Represents the net change to Non-Discretionary AUM.
Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS®).
2
The market indices used to compare to the performance of Silvercrest’s strategies are as follows:
The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.
With the 2025/25 rodeo season due to commence this Sunday 3 November, animal rights organisation SAFE is reinforcing its call for a ban.
SAFE Campaign Manager Emily Hall says rodeo events directly breach New Zealand’s Animal Welfare Act, with animals used at these events subjected to extreme psychological and physical trauma.
“Our Animal Welfare Act states that any physical handling of animals must be done in a way that minimises the likelihood of unnecessary pain or distress, and rodeo practices clearly violate this legislation.”
“Horses, bulls, steers, and calves are singled out, provoked with painful instruments and pursued, which translates to sheer terror for these gentle natured herd animals.”
SAFE says the types of injuries animals experience can include ripped tendons, broken bones, horns torn off, severe bruising, and organ damage.
“The animals forced to participate are at significant risk of injury, and rodeo has long been condemned by animal welfare experts here in New Zealand and internationally.”
“We should have seen these barbaric events banned a long time ago,” says Hall.
SAFE highlights the physical pain and distress rodeo practices inflict on animals not only breaches their legal rights, but also goes against Kiwis expectations of animal welfare, particularly as rodeo is promoted as a family-friendly event.
“We are deeply concerned at the disconnect between what the rodeo industry considers a sport and the level of harm inflicted upon the animals in their care.” “Rodeo certainly holds no social licence as a community event, and we hope to see a shift in terms of clubs and competitor’s respect for animal welfare.”
In addition to highlighting the need for a ban, SAFE is calling on the National Animal Welfare Advisory Committee (NAWAC) to release its revised rodeo Code of Welfare for public consultation.
“SAFE understands a revised rodeo code was completed almost two years ago but no further steps have been taken by NAWAC or the Minister for Animal Welfare. This unnecessary delay is preventing New Zealanders from having their say, and puts the lives of animals still being subjected to this cruel practice at risk”. says Hall.
“No animal should have to endure extreme trauma or catastrophic injuries in the name of entertainment, and we are calling for these exceptionally cruel events to be banned in line with the Animal Welfare Act”.
SAFE is Aotearoa’s leading animal rights organisation.
We’re creating a future that ensures the rights of animals are respected. Our core work empowers society to make kinder choices for ourselves, animals and our planet.
The revised Code of Welfare; Rodeo has been significantly delayed.
In July 2022, SAFE and the New Zealand Animal Law Association (NZALA) jointly contested rodeo in the High Court.
Rodeo clubs are not obliged to report injuries or deaths sustained during events. Information is therefore only available through OIA requests.
On Tuesday 22 October the Aohanga Horse Sports & Rodeo Club received a formal warning from Ministry for Primary Industries (MPI) in relation to the club permitting and encouraging the riding of sheep. Sheep riding is banned at rodeo events as outlined in the rodeo Code of Welfare.
Source: Médecins Sans Frontières/Doctors Without Borders (MSF)
1st November, 2024. Médecins Sans Frontières/Doctors Without Borders (MSF) has received confirmation that Dr Mohammed Obeid, an MSF orthopedic surgeon, has been detained by Israeli forces along with several medical staff from Kamal Adwan hospital in north Gaza during a military operation at the hospital on 26 October. We are extremely alarmed by the detention of our colleague.
Dr Obeid has been working tirelessly since the beginning of the war, offering his support as a doctor to multiple hospitals in Gaza. His work has saved countless lives.
Our last contact with Dr Obeid was on the afternoon of 25 October. He had been sheltering and offering his support as a surgeon at Kamal Adwan hospital when it was besieged by Israeli forces.
We have officially requested information from the Israeli authorities on Dr Obeid’s detention status, his current location, and any information regarding his physical and mental well-being.
Prior to his detention Dr Obeid shared this testimony describing the situation in the hospital:
“There is death in all types and forms in Kamal Adwan hospital and north Gaza. The bombardment does not stop. The artillery does not stop. The planes do not stop. There is heavy shelling, and the hospital is targeted too. It just looks like a movie; it does not seem real.
About five days ago, my house was hit. They completely blew up the roof and water tanks, but we were at the ground floor and only one person got injured, thank God. We left a few times, moving to different areas, my family and neighbors were terrified. I sheltered in Kamal Adwan hospital with my wife and children, and I am now working here, where I can treat numerous patients.
There are no words to describe the situation in Kamal Adwan hospital: it is disastrous. The hospital is completely overwhelmed. There are injured people everywhere, outside and inside the hospital, and we do not have medical and surgical equipment to treat them.
Ambulances cannot move. We cannot reach the bodies of the people killed and cannot save the injured ones who lie in the streets. Many of them died before reaching the hospital, and others died inside the hospital as we could not treat their wounds.
We have 30 people dead inside the hospital, and around 130 injured patients who need urgent medical care. Medical staff are exhausted, and many are injured as well. We feel hopeless. I just don’t have words.
We call on all the countries in the world to consider north Gaza, and to lift the blockade that has led to the death of so many people.”
MSF calls for the safety and the protection of our colleague, and for all medical staff in Gaza who work under impossible conditions and are facing horrific violence as they try to provide care.
MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas.
MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au
Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
About Apple
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
Source: Northern Territory Police and Fire Services
The Northern Territory Police Search and Rescue Section (SRS) conducted an intensive search and rescue exercise (SAREX) in Batchelor last week, focusing on testing and refining the agency’s land search and rescue response capabilities. The exercise showcased the effectiveness of deploying K9 units and other specialist police assets in challenging field conditions, vital for enhancing operational readiness across the Territory.
The exercise revolved around a simulated missing person report, where the search began after an abandoned vehicle was discovered on a remote dirt road in Batchelor. The scenario required the missing person, who had wandered a considerable distance from the vehicle, to be located by the Northern Territory (NT) Search and Rescue K9 Unit, an external agency working in collaboration with our NT Police Dog Operations Unit. Various specialist sections of NT Police were deployed to establish a field search headquarters, coordinate search efforts, and safely recover the missing person according to the rescue plan.
As part of NT Police’s responsibility under the Intergovernmental Agreement, the SRS coordinates both marine and land search and rescue operations. This recent training exercise provided a critical opportunity to assess the deployability of police SAR assets to regional and remote areas, demonstrating the team’s ability to respond to emergencies across varied and demanding terrains.
Acting Sergeant Chris Grotherr explained, “The main purpose of this SAREX was to test our Land SAR response capabilities, particularly the deployment of K9 assets in the field, alongside other specialist resources, such as the Mounted Unit, motorcycles, ATVs, and drone capability. This allows us to identify gaps in our capabilities and find ways to bridge them, ensuring we are constantly improving our readiness for future operations.”
The exercise also offered vital training for SRS and other specialist police sections, helping them understand local conditions at this time of year and the specific challenges associated with the terrain in the Batchelor region.
In the 12 months ending June 2024, the SRS responded to over 80 search and rescue incidents across the NT, assisting 93 people and saving 10 lives. These successes highlight the importance of ongoing training and multi-agency collaboration. Regular exercises like the one in Batchelor help the team maintain proficiency in operating specialist equipment and assets, while identifying any maintenance or serviceability issues that need to be addressed.
“Operating specialist equipment in real-world conditions is key to maintaining our proficiency and ensuring all assets are mission-ready,” A/Sgt Grotherr added. “The insights gained from this exercise are invaluable in fine-tuning our response strategies moving forward.”
The NT Police are dedicated to maintaining a high standard of search and rescue readiness, working continuously to enhance their operations and ensure the safety of all Territorians, no matter the challenge or location.
Media Note: Imagery, including interview footage, overlays, and still shots, is available upon request.
As a three-day fact-finding mission from a group of Pacific leaders drew to a close in New Caledonia, and with the outcomes report not expected before next year, the visit to the riot-hit French Pacific territory seems to have triggered a new sense of awareness locally about the values of Pacific regional mechanisms of “talanoa” embodied by the Pacific Islands Forum (PIF).
Local President Louis Mapou stressed on several occasions during the visit that New Caledonia’s situation was the “subject of much attention” in the Pacific region.
He suggested that one of the reasons for this could be because of a potential “spillover” effect that could “jeopardise cohesion in the Pacific”.
However, Mapou also stressed that he had received the message conveyed by the PIF “Troika-Plus” group that “they’re ready to take part in [New Caledonia’s] reconstruction”.
‘New Caledonia’s regional integration in its region’ Mapou said that one of the recurrent themes during the PIF visit was “New Caledonia’s regional integration in its region”.
“Whatever might be said, in many ways, New Caledonia does not know its [Pacific] region very well. Because it has this affiliation relationship to Europe and France that has prevailed over all these years,” he told local media.
“So, in a certain way, we’re just discovering our region. And in this process, the Pacific Islands Forum could bring a sort of leverage,” he said.
Kanaky New Caledonia, as well as French Polynesia — both French Pacific entities — became full members of the Pacific Islands Forum in 2016, after several years of “associate members” status.
Mapou said New Caledonia’s current status vis-à-vis France was mentioned during talks with the PIF mission.
“I spoke with them about obstacles that should be removed, that are directly related to our current status. This is part of topics on which we should be working in future,” he said.
“They’re very open-minded, they don’t have any preconceived ideas, they’re happy to talk equally about the concepts of independence, just as they are for keeping [New Caledonia] within the French Republic,” he revealed.
One of the unexpected outcomes, beyond the specific fact-finding mission that brought this PIF “Troika-Plus” leaders’ delegation to New Caledonia, seems to have underlined the values of regionalism, as well as New Caledonia’s long-awaited and genuine integration in its “regional environment”.
These values seem to have been recognised by all sides of New Caledonia’s political spectrum, as well as all walks of life within the civil, economic, educational and religious society.
PIF’s “Troika-Plus” leaders meet with Southern Province President Sonia Backès (third from left) at SPC headquarters last Monday. Image: PIF/RNZ Pacific
Pacific diversity in status During the past few days, informal exchanges with the Pacific leaders have also allowed New Caledonia’s authorities to share and compare possible ways forward regarding the territory’s political status.
“They readily exchanged their own experiences with our government. The Cook Islands, which is a self-governing state in ‘free association’ with New Zealand; Tonga, which has never been colonised; and the Solomon Islands, who have also undergone inter-ethnic conflicts and where the young population was also involved. And Fiji, which obtained independence (in 1970), had decided to withdraw from the Commonwealth and is finally re-discussing its link with Great Britain,” Mapou briefed local media on Tuesday.
The leaders spent three days (October 27-29) in the French Pacific territory to gather information on the ground, after destructive riots broke out in May, resulting in 13 deaths and extensive economic damage estimated at €2.2 billion.
During the three days, the PIF leaders met a wide range of political, business, religious, and civil society leaders to get a first-hand account of the situation.
On Tuesday, the “plus” component of the troika, Fiji Prime Minister Sitiveni Rabuka, reiterated the mission’s assigned mantra in a manner of conclusion to their mission.
“We were here to understand and make recommendations. We have heard many extremely different attitudes. We hope it will be possible to find a solution for the people and the government,” Rabuka told religious leaders.
Bitterness from civil society The long series of talks, within a particularly tight schedule, also allowed groups within New Caledonia’s civil society — including traditional chiefs, youth, human rights activists, educationists, mayors and women — to express their views directly during the Pacific leaders’ visit.
Some of these groups also took the opportunity to point out that they were not always listened to in other circumstances.
“Today, peace has just been through a rough episode. And we, women, are being asked to help. But when was the last time we were heard?
“We’ve already said women should be part of all levels of decision-making, including on matters of dealing with violence and access for women to economic empowerment.
“We were ignored. And then, when fire breaks out, we’re being asked for help because this is the foundation of Pacific values,” said Sonia Tonga, the president of the Oceania Union of Francophone Women, which groups women’s groups from New Caledonia, French Polynesia, Wallis-and-Futuna and Vanuatu.
Talking about the youth, she said there was an “ill-being”, “they don’t recognise themselves in this system, including for education. We’re trying to fit an Oceanian society into a framework that has not been designed for them.
“When will we be heard in our country?”.
As part of talks with church leaders, it was also pointed out that there were benefits from sharing experiences with Pacific leaders.
“I’ve been many times in Fiji, Tonga, the Solomon Islands, Vanuatu and other Pacific islands. They too have had their hard times.
“And they too are familiar with the experience of violence which is difficult to bring back to a path of dialogue,” said 80-year-old Nouméa Catholic Archbishop Michel-Marie Calvet, a respected figure.
In terms of earlier crises in the Pacific region, among PIF member island states, in the early 2000s, civil unrest occurred in both Fiji and the Solomon Islands, with shops being targeted and looted.
Under Pacific Islands Forum mechanisms, especially the declaration of Biketawa, this prompted in 2003 the setting up of “RAMSI” (Regional Assistance Mission to Solomon Islands), with mostly Australia and New Zealand military and police as its main contributors, with additional input from other Pacific island countries.
In Fiji, the mission to defuse the crisis, associated with an attempted coup and a MPs hostage situation within Parliament buildings in May 2000, was mainly achieved by the Republic of Fiji Military Forces (RFMF) through protracted negotiations and without violence.
Forum “Troika-Plus” leaders in New Caledonia conducting a fact-finding mission to assess the situation on ground. Image: X /@ForumSEC/RNZ Pacific
Supporting Pacific dialogue In the political sphere, there was a recognition of the benefits of a Pacific perspective.
“There is a Pacific tradition of dialogue and talanoa. So, I think [the PIF leaders] can invite pro-independence parties to come to the [negotiating] table,” said New Caledonia’s Mayors’ Association president Pascal Vittori.
“We’re actually expecting PIF will back this notion of dialogue — that’s what’s important now,” he told local media.
Sonia Backès, one of the staunchest defenders of New Caledonia remaining part of France, told reporters on Monday: “We didn’t ask for this [mission]. Now we’re waiting for this (troika) report based on their observing mission.
“We all know that there are biased views on the part of some, one way or the other.
“So we hope the final report will be as fair and neutral as possible so as not to add fuel to the fire.”
Following their visit to New Caledonia and based on the information gathered, the Forum “Troika-Plus” leaders are expected to compile a “comprehensive report” to be submitted to the next annual Forum Leaders’ Summit in the Solomon Islands in 2025.
“The terms of reference of this mission were discussed beforehand between the government of New Caledonia, the Pacific Islands Forum and the (French) State. We all agreed that what was most important was to have an assessment of the situation.
“There is a need to provide information to the public so that it is an informed opinion leader. It’s important in those times of misinformation and manipulation from one side or the other,” French ambassador for the Pacific Véronique Roger-Lacan told public broadcaster NC la 1ère TV on Tuesday evening.
Business sector now needs Pacific market overtures Even the business sector now seems to believe that, as a result of the widespread destruction caused by the riots, which has left more than 800 companies burnt down and looted, as well as thousands jobless, the wider Pacific region has now become a new potentially attractive market.
“Our local market has just shrunk considerably and so we will need to find new openings for our products. In that perspective, our cooperation with the Pacific is very, very strategic”, said business leaders association MEDEF-NC president Mimsy Daly.
She had once again presented a detailed view of the widespread devastation caused by the recent riots and those who took part.
“‘Were they aware of what they were doing?’ is one of the questions I was asked,” she wrote on social networks after her encounter with the “Troika-Plus”.
“A logical question when you know that what has been destroyed equals about 70 percent of the GDP of the Cook Islands, 100 percent of the GDP of the Solomon Islands and 40 percent of the GDP of Fiji.”
But she admitted the response to this complex question was “primordial” and “every light will have to be shed on the matter”.
In a wrap-up of the three days, President Mapou held a final meeting with the group on Tuesday.
Wide circle of ‘concertation’ needed French High Commissioner Louis Le Franc, after a final meeting with the delegation, said: “They have come here to seek the profound causes of what happened on May 13. They have been listening very closely.
“I understand their view is that a wide circle of concertation [cooperation] will be required to reach an agreement,” he said.
He elaborated, saying that the Pacific Forum leaders seemed to place a lot of hope in the notions of “trust”, the “necessity of living together” and the PIF’s “will to help, while saying that, at the same time, the solution lies in the hands of New Caledonia”.
French President Macron (right) with New Caledonia’s President Louis Mapou (left) and former New Caledonia Congress President Roch Wamytan (centre) earlier this year. Image: RNZ Pacific
Next: another ‘concertation and dialogue’ mission Following the PIF “Troika-Plus” mission, another visit is expected in New Caledonia in the next few days — this time coming from Paris.
This new high-level visit will be headed by the presidents of both houses of Parliament in France (Senate and National Assembly), respectively Gérard Larcher and Yaël Braun-Pivet, from November 9-14.
They will lead what is described as a “mission of concertation and dialogue”.
The dates come as a top-level meeting took place last week, presided by French Head of State Emmanuel Macron and attended by French minister for Overseas François-Noël Buffet (who had just returned from New Caledonia), French PM Barnier, Larcher and Braun-Pivet.
The objective, once again, was to reinforce the signal that the time had come to resume political dialogue.
Macron indicated earlier that he still intended to host a meeting in Paris sometime in November.
Buffet was also in New Caledonia earlier this month for four days to assess the situation and try to restore a path to dialogue between all political stakeholders, both pro-independence and pro-France.
This article is republished under a community partnership agreement with RNZ.
Released by: Minister for Planning and Public Spaces
As part of the Minns Government’s commitment to deliver more well-located homes close to jobs and transport, the community surrounding the future Orchard Hills Station is being consulted on the precinct’s Stage One rezoning proposal.
The draft plans propose a new mixed-use local centre at the Orchard Hills Station, with opportunities for retail, commercial, and community uses.
Following consultation on precinct planning which began in 2022, this proposal includes thousands of new homes and up to 4,000 local jobs.
The precinct will be centred around a series of walkable and connected centres, home to local shops and entertainment, supported by crucial local infrastructure updates and around 50 hectares of public open space, including recreational and sporting fields.
Providing a catalyst for urban growth in the area is the Orchard Hills Station, currently under construction, which will service passengers taking off at Western Sydney International Airport.
The documents on exhibition also provide the community and landowners with certainty over the future intent for the remaining stages of the Orchard Hills precinct, which could provide capacity for more homes, new centres and more employment land. Development in these areas would be subject to future rezonings.
The rezoning proposal and draft structure plan builds on the feedback provided by the community on the Orchard Hills discussion paper in late 2022.
Orchard Hills was identified as a precinct suitable for state-led rezoning under the existing Greater Penrith to Eastern Creek (GPEC) strategic planning framework and the $73.5 million Rezone and Build initiative. The state-led rezoning process commenced in mid-late 2022.
The Department of Planning, Housing and Infrastructure will consider all feedback provided by the community during exhibition to inform a final rezoning and structure plan to be delivered in 2025.
Minister for Planning and Public Spaces Paul Scully said:
“Western Sydney’s transformation continues to meet the growing needs of a changing population.
“Orchard Hills is a great opportunity to provide much needed housing as we strive towards our National Housing Accord Target of 377,000 homes by 2029.
“The NSW Government is getting on with the job of delivering more homes and the infrastructure needed to support growth, actively planning for the region’s future.
“We stand ready to capitalise on the development opportunities that the new Sydney Metro – Western Sydney Airport line, Western Sydney International Airport and the Western Sydney Aerotropolis will bring for communities like Orchard Hills.
“We are also seeking to provide certainty for current landowners over the future intent of the other stages of the Orchard Hills precinct.
“The work of the Independent Community Commission, Professor Roberta Ryan, will continue to support this exhibition process to assist the community and landowners with the rezoning proposal.
“We are now looking to create accessible, well-located housing in Orchard Hills. These future homes will be close to transport, schools and public spaces with opportunities for new cycleways and walkways to improve connectivity.”
Zheng Dazhe never imagined he would end up spending an entire afternoon touring porcelain workshops, engaging with craftsmen, and becoming captivated by their stories and creations, but when he visited the Taoyangli historical and cultural district in Jingdezhen in Jiangxi province, that’s exactly what happened.
Zheng visited the popular tourist destination in September to learn about porcelain. After exploring the Jingdezhen Imperial Kiln Museum, he found himself fascinated by the area’s many porcelain workshops in their centuries-old courtyards, and had engaging conversations with the craftsmen, learning about the intricate process of making porcelain, from the initial shaping of the clay, to the hand-painting of the designs.
“It’s like being in a movie. The porcelain artisans have lived and worked here for centuries. The buildings are old, and the city’s glorious history of porcelain making comes vividly alive,” says Zheng.
The Taoyangli historical and cultural district at the heart of Jingdezhen, which is known as the “porcelain capital of China”, consists of significant remains and ruins that bear witness to its millennium-old porcelain industry. This includes imperial and ordinary kilns dating back to the Ming (1368-1644) and Qing (1644-1911) dynasties, as well as workshops and trading houses once inhabited by ceramics makers and business owners.
Restored in 2016, the area has since become a popular destination for tourists like Zheng who are interested in porcelain. According to Liu Zili, president of the Jingdezhen Ceramic Culture Tourism Group, which oversees the district’s operation and restoration, Taoyangli received more than 3.7 million visits last year. During the National Day holiday earlier this month, daily visits peaked at 80,000.
Liu says that Taoyangli owes its birth to ceramics, and went on to develop a rich culture. The group aims to revitalize the historical district, and entice more young people to engage with its deeply rooted ceramic traditions.
Some 40 ceramic artisans and 300 apprentices are currently working in the historical workshops, mainly to demonstrate the intricacy of making porcelain and share their stories with visitors — tales of tradition, innovation, and the pursuit of beauty.
Sun Lixin, a fourth-generation inheritor of blue-and-white porcelain craftsmanship, continues the family legacy at his Taoyangli workshop. Growing up immersed in ceramic culture, he learned the craft from his grandfather, who also worked there.
The 57-year-old makes porcelain every day and enjoys engaging with the visitors who enter his courtyard. He has 60 apprentices, some of whom practice alongside him in the workshop.
“Most of the tourists coming here are young people. The district is a good window onto our porcelain culture. I believe as long as it interests young people, ceramic culture will continue to thrive and remain vibrant,” he says.
Apart from the traditional workshops, new shops have also been introduced. Two years ago, when Wen Jing first visited, she was captivated by Taoyangli’s blend of ancient architecture and old kilns. This January, she moved her aromatherapy shop from Shanghai to the district.
“Taoyangli is different to other ancient districts. It has not only imperial kilns and many old workshops, but also an abundant alleyway culture. It’s amazing to see all these well-preserved old homes and production spaces packed into such a small area,” says the 34-year-old.
Wen took the area’s tradition of ceramics into consideration when she worked with her designer to create a stylish bottle for her aromatherapy products. It is covered in thorns, like those of a rose, and so has to be handcrafted, and Wen says the mass production of such an item is only possible in Jingdezhen.
“It has a well-established system for everything, from molding to making porcelain, and there are many skilled craftsmen who can work with us,” she says.
Her shop is located in a centuries-old house and the interior can’t be changed due to preservation laws, so Wen has added some stylish furniture and decorations to create a blend of old and new.
“Being here allows us to connect with more young people and directly interact with customers, which is really helpful for developing our future products. We get a lot of valuable feedback from them,” she says.
As artisans deftly continue age-old traditions, visitors are invited to step back in time and experience the enduring legacy of this unique cultural enclave.
Taoyangli hosts numerous ceramic culture-related events each year to attract visitors. In addition to trying their hands at ceramics and exploring shops, tourists can visit the archaeological sites of the kilns that used to produce porcelain for the imperial families, participate in ceremonies held to mark the removal of freshly fired porcelain from the kilns, visit immersive ceramics exhibitions at the museum, and even do some role-playing.
“We will continue to explore cultural resources as a driving force for the integrated development of culture and tourism in Taoyangli,” says Liu.
In recent years, the group has been reaching out to former residents and craftsmen who moved out of Taoyangli, inviting them to return for a visit, and to record oral history videos.
“Their stories are an inseparable part of the culture and history of the old neighborhood.”
In a small studio in Kazan, the capital of Russia’s Tatarstan Republic, the air was suffused with the melodic strains of the famous Chinese folk song “Jasmine Flower”, or Mo Li Hua in Chinese.
This impressive rendition of the iconic Chinese song came from an unexpected source: Saida Mukhametzyanova, a 23-year-old Tatar singer who has developed a special affinity for Chinese music.
Saida’s endeavor at Chinese folk music began over a year ago, driven by her curiosity and love for exploring music from different cultures.
Upon hearing “Jasmine Flower” for the first time, she perceived its striking similarities to the Tatar folk song “Galiyabanu” and was captivated by its beauty. Both songs feature a pentatonic scale and share flowing melodies and themes about the pursuit of love.
“That’s why I had the idea to blend these two beautiful folk songs,” Saida said.
Later, she discovered a seamless and natural way to blend the two songs, alternating between Chinese and Tatar lyrics while combining their melodies.
To perfect her performance of the Chinese portion, Saida dedicated herself to learning the language, focusing on every detail of the tone and pronunciation.
When she released this cultural mashup online, it garnered significant attention, with listeners praising the fresh take on both traditions.
This experience with Chinese folk songs has opened up more opportunities for Saida to perform at various China-Russia cultural exchange events, including one during the Games of the Future, a national event held in Kazan earlier this year.
Saida’s keen apprehension about Chinese music has profoundly influenced her artistic vision. “Chinese culture often draws parallels between people and nature, which captivates me because it brings us closer to nature,” she said.
“The melody is very beautiful, everything in it is harmonious, and it touches the soul. I told my parents that I need to focus my creativity and resources on China and Asia,” she added.
She has embarked on a project to create an album featuring both Chinese and Tatar folk songs, which she hopes will serve as a musical bridge between the two cultures.
Saida also dreams of visiting China, a country of which she has yet to gain firsthand experience.
“I’ve sung Chinese songs, but I’ve never been to China,” she said. “It has such a rich culture that has preserved its uniqueness for thousands of years. I want to see it with my own eyes.”
Source: People’s Republic of China – State Council News
This picture shows the torch for the 9th Asian Winter Games in Harbin, capital of northeast China’s Heilongjiang Province. [Photo/Xinhua]
HARBIN, Oct. 30 — The torch, medals and anthem for the 2025 Asian Winter Games in Harbin were officially unveiled on Wednesday.
The height of the torch is 735mm, with a top diameter of 115mm and a grip diameter of 50mm. The theme of the design, “Surging”, aims to capture the vibrant and dynamic energy of life in nature. It symbolizes that the 9th Asian Winter Games will be filled with vitality and passion. The overall torch design incorporates international aesthetic features while blending classical and modern Chinese art.
The design takes the form of a blossoming lilac, integrating colors such as China Red, Lilac Purple, and Snow White, symbolizing the sincerity, warmth, openness, and inclusivity of Heilongjiang Province and the characteristics of the host city, Harbin.
The torch features a burner nozzle that combines a lilac floral design with a hollow center, creating a three-dimensional effect. The outer wall of the upper combustion chamber is designed with hollow snowflakes, harmonizing the beauty of order with the overall biomimetic natural aesthetic, blending culture and technology with natural artistry. The outer shell resembles a blossomed lilac, transitioning from transparent ice crystal to Snow White. The inner core transitions from China Red to Lilac Purple. When lit, the torch presents an effect of ice and fire merging, highlighting the radiant energy of winter sports that springs from challenge and passion.
This picture shows the front of the medals for the 9th Asian Winter Games. [Photo/Xinhua]
The medals for the Asian Winter Games, titled “Spirit of Speed”, were also released on the same day. The front of the medals combines the streamlined shape of a racetrack with the emblem of the 9th Asian Winter Games, capturing the powerful and graceful motion of athletes in action. This design embodies the strength and beauty of competitive sports. The flowing curves of the racetrack incorporate the silhouette of the Harbin Grand Theatre, reflecting the city’s unique aesthetic.
This picture shows the reverse side of the medals for the 9th Asian Winter Games. [Photo/Xinhua]
The reverse side of the medal features a picturesque landscape of Yabuli, with mountain ranges and forests that mirror the terrain of the Greater and Lesser Khingan ranges, creating a vibrant portrayal of Heilongjiang’s rich and bountiful landscape. At the center, the emblem of the Olympic Council of Asia is embedded with a rare Xunke red agate gem from Heilongjiang — symbolizing the sun shining brightly over the vibrant land. The ribbon clasp at the top of the medal is inspired by the Sun Gate of Sun Island Scenic Area, adding a distinctive local character to the design.
The anthem for the Asian Winter Games is titled “Snow of Harbin”, written by lyricist and director Wang Pingjiu and composed by renowned domestic music producer Chang Shilei. The lyrics and melody express the vision of unity, friendship, and a shared commitment to peace and development among the people of Asian countries and regions, working together to build a community with a shared future for mankind.
A screen shows Hezbollah’s new leader Sheikh Naim Qassem delivering a televised speech on Oct. 30, 2024. [Photo/Xinhua]
Hezbollah’s new leader Sheikh Naim Qassem said on Wednesday he will continue the war strategy adopted by his predecessor Sayyed Hassan Nasrallah by supporting the Gaza front, Lebanese TV channel al-Manar reported.
“My work program is a continuation of Sayyed Hassan Nasrallah’s program in all fields, political, jihadist, social, and cultural,” Qassem said in his first televised speech following his appointment as the new secretary-general of Hezbollah.
Qassem emphasized that supporting Gaza is essential to confront the threat posed by Israel in the region.
“You will certainly be defeated because this is our land. Get out of our lands; if you stay, you will pay a heavy price,” he said, addressing the Israelis.
Qassem also said that Iran has been supporting Hezbollah without any hidden intentions.
“We are liberating Lebanese land when we fight Israel with Lebanese men on our borders; Iran is not using us to fight Israel as some people were saying,” he said.
While acknowledging that Hezbollah was impacted by the assassination of Nasrallah, Qassem reiterated that the group is capable of filling all vacant positions.
Since September 23, the Israeli army has been conducting an unprecedented and intensive air campaign against Lebanon, marking a dangerous escalation with Hezbollah.
Since Oct. 8, 2023, Hezbollah and the Israeli army have been exchanging fire across the Lebanese-Israeli border amid concerns of a broader conflict, as the war between Hamas and Israel continues in the Gaza Strip.
Source: The Conversation (Au and NZ) – By Diane Charleson, Senior Lecturer in media School of Arts Australian Catholic University, Australian Catholic University
Alina Gozin’a
Award-winning director Madeleine Hetherton-Miau’s latest offering is an evocative and hard-hitting documentary with a strong message. Mozart’s Sister investigates the life of Maria Anna Mozart, the older sister of the more famous Wolfgang Amadeus Mozart.
The film portrays a sensitive and well-researched investigation into Maria Anna’s life – illuminating how the draconian attitudes that prevailed during her time condemned her to a lesser life than her brother, even though she was similarly talented.
It also reminds us of the importance of championing women musicians today, as “if we don’t encourage women now, it (discrimination) only repeats”.
Who was Maria Anna Mozart?
Maria Anna was the first-born child of Leopold Mozart. He himself was a musician and composer and had his daughter schooled in music from a very young age.
Maria showed amazing talent – a child prodigy in playing and composing. When Wolfgang was born, he quickly became engrossed in playing and composing music with his sister.
Mozart’s Sister features wonderfully poignant recreations of this childhood bond over music – emphasising the siblings’ playfulness and engagement with music in a noncompetitive way.
Leopold recognised his children’s prodigious talents. He soon had them travelling and playing concerts all over Europe, where they were lauded by the highest aristocracy. Maria Anna and Wolfgang were inseparable during this time and composed many works together.
Maria Anna and Wolfgang composed many works together. Madeleine Hetherton-Miau
Women musicians in the 18th century
But all of this came to an abrupt end with Maria Anna turned 15. As custom would dictate, it was considered unsuitable and unseemly for a girl of that age to perform in public, likening this form of public performance to that of a prostitute.
The film portrays the unfortunate fate that befell many 18th-century women who wanted to pursue a career in music. Regardless of their aptitude, these women would have no real career prospects. They were even banned from playing musical instruments deemed unseemly, including the violin and cello.
Composing and playing music was largely taken up by the nuns in monasteries. As Mozart’s Sister highlights, even though this was a time of enlightenment, this “enlightenment” was reserved for men – and white men at that. It definitely didn’t flow on to women.
Maria Anna was forced to stay home while Wolfgang continued pursuing music uninterrupted – and the rest is history.
Maria Anna’s musical talents weren’t encouraged the way her younger brother’s were. Shannon Ruddock
The film ponders what it must have been like for her to be left at home, away from her brother (who was once her constant companion) and unable to play as she used to. Her life is poignantly illustrated through her diary entries, which are mainly filled with references to the weather, as though nothing else was happening for her.
Maria Anna eventually married, but continued to practice music each day. Upon her husband’s death – now a woman of means and a baroness in her 50s – she returned to solo concert performances.
A documentary on two levels
Mozart’s Sister is a documentary that functions on many levels.
On one level, it’s a biopic that portrays Maria Anna’s story through recreations of her childhood in Austria, with a voiceover narration and interviews highlighting her relationship with her brother. Much is shot on location in Austria and framed through the perspective of present-day museum curators and experts.
On another level, the film is a broader statement on the underrepresentation of female composers. I thought the director did an excellent job in portraying this duality through the juxtaposition of Maria Anna’s with the young British composer Alma Deustger. Deustger displayed many of the characteristics we could imagine Maria Anna having.
Like Maria Anna, Deustger is a brilliant modern-day composer with a deep appreciation for for composing and conducting. But unlike Maria, she has been able to pursue her passion and turn it into a career. I was particularly struck by the film’s closing, in which Deustger discusses writing her waltz based on the police sirens of New York.
Mozart’s Sister follows in a recent literary trend of discussions of appropriation – and of the overlooking of talented women in history who have been overshadowed by their more famous male counterparts. Anna Funder’s Wifedom and Hernan Diaz’s Pulitzer Prize-winning book Trust are two other examples of this.
It is an interesting and provocative film that will appeal to classical music lovers, as well as those interested more broadly in the issue of female underrepresentation in the arts.
Mozart’s Sister is in cinemas from today.
Diane Charleson does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Samsung Electronics today reported financial results for the third quarter ended Sept. 30, 2024.
The Company posted KRW 79.1 trillion in consolidated revenue, an increase of 7% from the previous quarter, on the back of the launch effects of new smartphone models and increased sales of high-end memory products. Operating profit declined to KRW 9.18 trillion, largely due to one-off costs, including the provision of incentives in the Device Solutions (DS) Division.
The strength of the Korean won against the U.S. dollar resulted in a negative impact on company-wide operating profit of about KRW 0.5 trillion compared to the previous quarter.
In the fourth quarter, while memory demand for mobile and PC may encounter softness, growth in AI will keep demand at robust levels. Against this backdrop, the Company will concentrate on driving sales of High Bandwidth Memory (HBM) and high-density products. The Foundry Business aims to increase order volumes by enhancing advanced process technologies. Samsung Display Corporation (SDC) expects the demand of flagship products from major customers to continue, while maintaining a quite conservative outlook on its performance. The Device eXperience (DX) Division will continue to focus on premium products, but sales are expected to decline slightly compared to the previous quarter.
For 2025, the Company will remain focused on enhancing competitiveness in advanced technologies and strengthening leadership in premium products and AI capabilities amid ongoing macroeconomic uncertainties. The DS Division will address demand for differentiated products based on advanced technologies and high value-added products such as HBM and server SSDs. In addition, the Company plans to leverage the mass production on the 2 nanometer (nm) Gate-All-Around (GAA) process to win new clients. SDC will aim to maintain leadership in the high-end product category and broaden its product portfolio. The DX Division will continue to deliver exceptional customer experiences through enhanced AI features and product connectivity.
With over 500 million diverse products being delivered to consumers globally every year, the Company is tailoring its AI technology in each product to help lead the market. By leveraging the SmartThings platform with 360 million users and capabilities in product intelligence, spatial intelligence, and personalization, the Company plans to firmly establish itself in the home of the future, where AI will be widespread. In the AI era for the home, the Company will focus on the security of its products, convenience in device connectivity, intelligent technology to save energy and time, and the health and well-being of users and their families.
Memory Achieves Revenue Growth in Q3
The DS Division posted KRW 29.27 trillion in consolidated revenue and KRW 3.86 trillion in operating profit in the third quarter.
For the Memory Business, demand for AI and conventional servers was strong, as major datacenter and technology companies continued to invest. But mobile demand was relatively soft due to inventory adjustments by some customers, and the supply-demand situation was impacted somewhat by the increasing supply of legacy products in the China market.
The Company focused on actively responding to the demand for AI and server products while depleting aging inventories of legacy products to further improve the inventory level and mix. Therefore, compared to the previous quarter, the Company achieved significant revenue growth in HBM, DDR5 and Server SSD.
However, performance decreased due to a reduced reversal of inventory valuation loss compared to the previous quarter, one-off expenses such as the provision of incentives, and currency effects due to a weak dollar.
For the fourth quarter, the demand trends experienced in the previous quarter are expected to continue. The Company plans to accelerate the conversion of cutting-edge nodes in legacy lines and aims to strengthen its business fundamentals by completing the normalization of the inventory level and mix by the end of the year.
For DRAM, the Company plans to expand sales in line with the increase in HBM capacity, accelerate the transition to 1b nanometer1 for server DDR5 and actively expand the sales portion of high-density modules based on 32Gb DDR5. For NAND, the Company will expand sales of 8th generation (V8) based PCIe Gen5 and plans to mass-produce the 64TB product for the quad-level cell (QLC) market, which has high growth potential.
Looking ahead to 2025, datacenter and enterprise investments are likely to remain strong in association with AI, and build demand for conventional servers, in addition to AI servers, is expected to be steadily strong.
For DRAM, the Company plans to expand the sales of HBM3E and the portion of high-end products such as DDR5 modules with 128GB density or higher for servers and LPDDR5X for mobile, PC, servers, and so on. For NAND, the Company will proactively respond to the high-density trend based on QLC products — including 64TB and 128TB SSDs — and solidify leadership in the PCIe Gen5 market by accelerating the tech migration from V6 to V8.
The System LSI Business posted modest sales growth, but earnings declined due to increased one-off costs. System-on-chip (SoC) shipments increased as flagship products were adopted for new models by a major customer. Sales of image sensors were affected by H1’s inventory accumulation, resulting in some adjustments, while display driver IC (DDI) sales expanded with new model launches by key customers.
In the fourth quarter, supply of the Exynos 2400 will continue to expand with higher customer adoption, but weak demand for image sensors is expected to continue. For DDIs, the System LSI Business is focusing on growth areas, such as the expansion of IT-oriented OLED products.
Looking ahead to 2025, the momentum of on-device AI is expected to remain strong, and the Company will focus on capturing opportunities in areas such as SoCs and cameras. The System LSI Business plans to concentrate on supplying SoCs for flagship products of a major customer while preparing for next-generation 2nm products. Image sensors will aim to maximize new product supply through HDR, low-power and zoom features, while DDIs will seek to develop low-power products using advanced processes.
The Foundry Business saw its overall earnings decline compared to the previous quarter due to the impact of one-off costs. Still, the Foundry Business successfully met its order targets — particularly in sub-5nm technologies — and released the 2nm GAA process design kit (PDK), enabling customers to proceed with their product designs.
While mobile and PC demand may remain weak in the fourth quarter, high performance computing (HPC) and AI-related demand will continue to be robust. The Foundry Business will strive to acquire customers by improving the process maturity of its 2nm GAA technology, and it will continue to develop competitive technology and design infrastructure to expand additional business opportunities.
For 2025, the overall foundry market is expected to show double-digit growth, driven by HPC and AI applications in advanced technology nodes. The Foundry Business aims to expand revenue through ongoing yield improvements in advanced technology while securing major customers through successful 2nm mass production. In addition, integrating advanced process nodes and packaging solutions to further develop the HBM buffer die is expected to help acquire new customers in the AI and HPC sectors.
Mobile Display Records Solid Results; Will Maintain Leadership in the High-End Market
SDC posted KRW 8.0 trillion in consolidated revenue and KRW 1.51 trillion in operating profit for the third quarter.
For the mobile display business, SDC achieved sequential improvements in both sales and profits thanks to the flagship product launches of major customers. For the large display business, SDC reported a slight weakening in operating profit, but sales volume improved from the previous quarter, driven by the stable demand of TV and monitor products.
In the fourth quarter, SDC expects continued demand for flagship products from major customers, and sales growth of IT and automotive products. However, SDC’s performance outlook is quite conservative compared to the previous quarter, due to headwinds from rising competition among panel makers.
For the large display business, SDC will keep striving to expand sales by meeting the fourth quarter demand of major customers through improved production efficiency, and it aims to respond to the demand for new products in 2025 with timely supply.
In 2025, SDC will continue to maintain its leadership in the foldable and high-end smartphone markets, based on innovative OLED technologies optimized for AI devices and accelerate the expansion of IT and automotive products to further diversify its business portfolio.
For the large display business, SDC will continue to leverage the performance advantage of QD-OLED panels to strengthen its position in the premium TV market. And for monitors, SDC will broaden its lineup by adding high-resolution products and diverse refresh rate options, aiming not only to solidify its competitive edge in the gaming monitor market but also to actively enter the B2C monitor market.
MX Business To Achieve Double-Digit Annual Sales Growth in Flagships
The MX and Networks businesses posted KRW 30.52 trillion in consolidated revenue and KRW 2.82 trillion in operating profit for the third quarter.
Overall market demand for smartphones grew modestly as the residual effects of global inflation slowed the recovery in consumer spending.
The MX Business recorded sequential growth in both revenue and operating profit, bolstered by the launch of new smartphone, tablet and wearable products. Sales increased — with a focus on flagship models — and profitability neared double digits, despite rising material costs as product specifications improved to boost competitiveness.
In the fourth quarter, seasonal factors are expected to lead to sequential growth in the smartphone market. At the same time, competition in the mass market segment is expected to increase as a result of rising demand, particularly in emerging markets.
The MX Business will continue to maintain solid sales of its AI smartphones, such as foldables and the S24 series, with various sales promotions in anticipation of the holiday season, aiming for annual flagship sales growth of double digits. In addition, the MX Business will expand sales linked to year-end seasonality for tablets and wearables, especially on new premium products with significantly enhanced performance, to contribute to the MX Business’ sales and profits.
In 2025, the macroeconomic environment is expected to stabilize to a degree as a result of interest rate cuts, leading to slight growth in the smartphone market. The mass market segment is expected to grow, along with demand for ecosystem products, and the smartwatch and true wireless stereo (TWS) markets will expand with broader applications of AI capabilities.
The MX Business will drive sales growth and improve profitability with a focus on flagship products, including smartphones, foldables, tablets and wearables, based on further advancements of Galaxy AI.
Visual Display To Focus on Premium Models and Service Expansion
The Visual Display and Digital Appliances businesses posted KRW 14.14 trillion in consolidated revenue and KRW 0.53 trillion in operating profit in the third quarter.
The Visual Display Business saw improved profitability both from the previous quarter and a year earlier by prioritizing sales of strategic products such as Neo QLEDs, OLEDs, and big TVs. Additionally, service business sales increased.
In the fourth quarter, overall demand in the TV market is expected to recover due to year-end peak seasonality amid intensifying competition. The Visual Display Business plans to capture peak season demand by enhancing sales programs through strategic collaborations with major retail partners, and will focus on expanding sales and securing profitability by emphasizing the competitiveness of TVs in terms of security, design, and content.
In 2025, the overall TV market is expected to post modest growth, with strategic products like QLEDs, OLEDs, and big TVs continuing to gain market share. To solidify its leading position globally, the Visual Display Business will continue to differentiate AI functionalities and innovate its products centering on premium and Lifestyle screens.
By utilizing AI, the Company aims to enhance core TV features such as picture and sound quality, while also improving the overall user experience within the SmartThings ecosystem. The Company plans to drive sales of premium products centered on Neo QLED, OLED and super big TVs, and it will maintain leadership in the Lifestyle screen category by leveraging well-established competitive advantages.
Furthermore, by capitalizing on the extensive installed base that has been established through hardware leadership, the Visual Display Business will continue to expand the service platform business through advertisement and media such as Samsung TV Plus.
1 Refers to Samsung’s fifth-generation 10nm class DRAM
The new disaster film “Cesium Fallout” kept audiences on the edge of their seats at its premiere, telling a cautionary tale about battling a Cesium-137 radiation leak in China’s Hong Kong region.
An IMAX poster for “Cesium Fallout.” [Photo courtesy of IMAX China]
Cesium-137 is a radioactive isotope that is used by many commercial and industrial sectors. Having a half-life of 30 years, Cesium-137 during its period of decay emits gamma rays, which can negatively impact “human health.” The radioactive isotope can even cause death.
Directed by Anthony Pun and starring Andy Lau, Bai Yu and Karen Mok, “Cesium Fallout” delivers an apocalyptic scenario in which government officials, firefighters and experts race against the clock to address a Cesium-137 radiation leak and save millions of lives. The film also explores themes of heroism, complex human nature, corruption among officials and businessmen, and environmental pollution.
Veteran producer Bill Kong shared at the Beijing premiere on Oct. 28 that his inspiration for creating the film came after seeing news about illegal transshipment of foreign waste and wanting “to let the whole world know.”
“Waste recycling sites and imported trash pose many safety hazards,” he said, “we interviewed environmental experts and learned that, in the past, some foreign companies, to save on recycling costs, dumped electronic waste overseas, with some of it sent to Hong Kong. Electronic waste contains many harmful substances and, if they seep into soil and water sources, they can severely damage the environment. Through this film, I hope to spark public concern about these issues.”
At the Beijing premiere, real-life firefighters brought hazmat suits similar to those used in the film, adding authenticity that impressed the audience. They explained that the 27-kilogram suit’s oxygen supply “only lasts for 30 minutes.”
Director Pun shared that filming the scene where Andy Lau and Bai Yu wore these suits to locate hazardous substances was especially challenging, as the real breathing apparatus and 20-minute countdown intervals added intense tension both on and off set.
Cast and crew interact with the audience at the premiere for “Cesium Fallout” in Beijing, Oct. 28, 2024. [Photo courtesy of Dark Horse Entertainment]
A pre-record speech by the prominent Chinese director Zhang Yimou was also played at the premiere. In his video address, Zhang described the film as a rare disaster blockbuster that portrays a “doomsday scenario triggered by a hazardous substance leak,” adding that it “fills a gap in Hong Kong cinema.”
Zhang also noted that this film is not just a commercial blockbuster but a profound message that addresses the critical issue of environmental pollution, provoking people to think about how to face the future of planet Earth.
“Cesium Fallout” will hit theaters nationwide on Nov. 1, with advanced limited screenings having already started on Oct. 25, receiving positive feedback from moviegoers.
2.6 Seconds. Photo credit: Jesse Marlow. SBS, NITV and Screen Australia are proud to announce the commission of landmark documentary series, 2.6 Seconds, a truth-telling of a fatal meeting between two young men from two very different worlds, in the isolated community of Yuendumu in Australia’s central desert. One black, the other white. 2.6 Seconds is the story of how the paths of 19-year-old Warlpiri Luritja teenager, Kumanjayi Walker, and Zachary Rolfe, the 27-year-old police officer, came to cross. It traces the tearing apart of their lives and that of their families, and the clash of two notions of justice. It is a case that reaches far beyond these two men to tell a deeply compelling, insightful and confronting story about the country both were born into. Screen Australia’s Head of First Nations Angela Bates said, “2.6 Seconds not only explores the lives of Kumanjayi Walker and Zachary Rolfe but also navigates the complex intersection of culture and justice – empowering our communities to share their truths. The First Nations Department is proud to support such an important project, which plays a crucial role in elevating First Nations narratives and fostering understanding among all Australians.” SBS Head of Unscripted Joseph Maxwell said, “With unprecedented access, 2.6 Seconds will forensically examine what happened the night Kumanjayi Walker was killed, the trial that followed, and the impact on a family and community. The series will be a purposeful and powerful examination of those events and also the far-reaching repercussions on the entire country. This landmark series reflects the role of SBS and NITV to tell important and challenging stories that impact the nation. Director of Indigenous Content for SBS and NITV, Tanya Denning-Orman said, “The death of Kumanjayi Walker tore lives and communities apart. Over five years, we’ve all seen the media headlines and now, for the first time, SBS and NITV with Blackfella Films will take the time and care to tell this important story, hear from the voices involved, and in doing so, drive an important national conversation.” Blackfella Films Producer, Darren Dale said: “2.6 Seconds will vividly examine, in four one-hour episodes, the circumstances surrounding a black teenager’s death at the hands of a white police officer in a place far removed from our sense of our Australia, A place where young men are lost and almost forgotten and where to some ‘there are no rules’. This story will reveal the justice system where racism must be interrogated. It will shock, anger and break our hearts yet again. It will reveal to us who we still are as a nation.” Head of Screen NSW Kyas Hepworth said, “Darren Dale and the team at Blackfella Films are renowned for bringing bold, ambitious and complex stories to screen, highlighting many important and nuanced First Nations stories in our country. I anticipate this detailed series will spark many important conversations across the nation and will be another watershed project from Blackfella Films.” Premiering on SBS, NITV and SBS On Demand in 2025, the four-part series from leading Australian production company Blackfella Films is written and produced by Darren Dale (The Australian Wars, Meet the Neighbours) with Jacob Hickey (The Australian Wars, Addicted Australia) as series producer. Production credit: 2.6 Seconds is a co-commission between SBS and NITV with the production of Blackfella Films. Major production investment from Screen Australia’s First Nations Department in association with SBS. Financed with support from Screen NSW. Produced in association with All3Media International. SBS/NITV Media Enquiries Nikita Jacka | 0425 171 192 | [email protected] Media enquiries Maddie Walsh | Publicist + 61 2 8113 5915 | [email protected] Jessica Parry | Senior Publicist (Mon, Tue, Thu) + 61 428 767 836 | [email protected] All other general/non-media enquiries Sydney + 61 2 8113 5800 | Melbourne + 61 3 8682 1900 | [email protected]
Source: Moscow Government – Government of Moscow –
The repertoire of Moscow theatres this season includes classic works in unexpected interpretations and modern plays, anticipated premieres and performances that have been on stage for many years. Theatre and film actress Elena Zakharova told mos.ru readers about the productions that particularly impressed her.
“I have a pretty busy schedule: work in the theater, filming, touring. And going to the theater as a spectator does not happen as often as I would like. Nevertheless, I try not to miss interesting theater events in Moscow whenever possible. Visiting the theater always means new emotions and vivid impressions. I am happy to share with you a short list of performances that can transform gloomy autumn evenings,” says the actress.
“Sashashishin” at the Sovremennik Theatre
Address: Chistoprudny Boulevard, Building 19, Building 1
Dates: November 27 and 28, December 14 and 15
Age limit: 12
The play “Sasha Shishin” is a reason to remember childhood, to be touched and to think at the same time. The main character Sasha Shishin lives with a despotic mother, is in love with the neighbor girl Tanya and hates his classmate Bobrykin. In his imaginary world of childhood, he experiences all feelings with equal intensity and does not want to grow up at all. Sasha likes to look at the Moscow courtyard of the 1980s through bottle glass and see the Emerald City, where there is no hostility, malice and the hated Bobrykin. There is only joy, naive dreams and incredible love for Tanya.
A magical phantasmagoric world comes to life on stage thanks to animation, choreographic numbers, double puppets, songs by Petr Nalich and spectacular tricks.
“Solo for a Chiming Clock” at the Mossovet Theatre
Address: Bolshaya Sadovaya street, house 16, building 1
Dates: November 20, December 6 and 22
Age limit: 12
Every Friday, František Abel’s old friends from the nursing home gather in his small apartment, which he shares with his grandson Pavel, and reminisce about the happy past. Pavel, having decided to get married, suggests that his grandfather move in with his friends – he thinks it will be better for everyone. But he does not understand how important his home is to František – the only place where reality is not so harsh.
Oswald Zahradnik’s play is tragicomic, but its parable essence immerses the characters in a fantasy world, a timelessness between the past and the present.
“The Marriage of Figaro” at the Moscow A.S. Pushkin Drama Theatre
Address: Tverskoy Boulevard, Building 23, Building 1
Dates: November 4th and 5th, December 17th and 18th
Age limit: 12
Director Evgeny Pisarev turned Beaumarchais’ classic comedy of situations into a real celebration with spectacular sets and beautiful costumes, charming characters extricating themselves from complex intrigues, and an inevitable happy ending.
Figaro is pursued by failures in all his endeavors, but the hero, full of dignity and love of life, does not despair. Even having experienced the betrayal of a friend and the imaginary betrayal of a young wife, he does not lose faith in love and himself.
“An absolutely incredible event” at the “Pyotr Fomenko Workshop”
Address: Taras Shevchenko Embankment, Building 29
Date: November 13
Age limit: 12
The main conflict of the famous Gogol’s play is at first glance very clear – matchmaking, albeit involving trickery and confusion, but still with an inevitable wedding in the finale. And how far from this the comedy turns out to be – everything in it seems to be turned inside out, everything is the opposite.
A simple everyday story turns into a wonderfully absurd and ridiculous buffoonery, a carnival with grooms’ viewing and a lot that the bride is ready to draw. That is why “The Marriage” by director Evgeny Kamenkovich turned into “An Absolutely Incredible Event”.
“The Lady of the Camellias” at the Theatre on Trubnaya
Address: Neglinnaya street, house 29, building 1
Dates: November 15 and 16, December 12, 13, 26 and 27
Age limit: 18
“The Lady of the Camellias” is the most famous work of Alexandre Dumas (fils), it is based on real events: the prototype of the Parisian courtesan Marguerite was the author’s beloved. The novel was transferred to the stage of the Theater on Trubnaya this season by Dmitry Astrakhan, the main roles are played by Valeria Lanskaya and Sukhrab Khaylobekov.
Margarita loves camellias because they have no scent, candied grapes because they have no taste, and rich men because they have no heart. But behind the desire to escape from feelings lies fragility, vulnerability, and a thirst for true love. A chance encounter gives Margarita hope for a different life, but will the heroine be able to allow herself to be real?
Two friends who haven’t seen each other for a long time meet at a sanatorium on the Black Sea coast. Valentin is a successful civil servant, a married man who came to relax, and Sergey, a lonely entertainer, works and lives at this recreation center. In the past, they courted the same girl, Galina – then Valentin won thanks to his influential father. How will this love story end many years later?
The plot is based on the play of the same name by Viktor Rozov.
Beethoven has come a long way from obscurity to worldwide fame, from despair to hope. The path that lay through the struggle with the most terrible illness for a musician and composer – deafness. However, the life of a genius is not limited to the years indicated in the biography, Beethoven lives today – in his works.
The Praktika Theatre’s production is about a composer who wanted to “embrace all of humanity.” The creators told his story without pathos, through acting and mummery, an endless change of masks, and in the diverse and contradictory context of his time.
“Fathers and Sons” at the Moscow Theatre of Illusion
Address: Perovskaya street, house 75
Date: November 8
Age limit: 12
The novel Fathers and Sons became a landmark for its time, and the image of the main character, Yevgeny Bazarov, was perceived by young people as an example to follow – they were enchanted by his uncompromising nature, his lack of worship of authorities and old truths.
The worldview conflict of generations intersects in the play with love triangles. “Fathers” defend their foundations from rebellious “children”, women defend their rights. The line between the modern and classical vision of Ivan Turgenev’s work at the Moscow Theatre of Illusion is very thin.
The classic play by Alexander Ostrovsky for the renovated Moscow Drama Theatre named after N.V. Gogol was interpreted by Anton Yakovlev. His production immerses the viewer in the world of mystical drama with elements of tragicomedy, revealing the story of a person’s struggle with temptations – absurd, funny and sometimes frightening.
The plot centers on Katerina, for whom forbidden love becomes a source of internal conflict. Perceiving passion as a challenge from the surrounding reality, the heroine is forced to fight the moral foundations and pressure of a stagnant conservative society. And the path to liberation will be a very difficult test.
In Athens they used to say: “The law is above all in human life, and the unwritten law is above the written.” This is what Antigone, written by Sophocles in 442 BC, is dedicated to. In the early 1940s, Jean Anouilh created his own version of the famous tragedy – and the image of the main character then became one of the embodiments of the highest morality.
The play is based on the mythological plot of the Theban cycle. Polynices, the son of King Oedipus, fought with his brother for power after the death of his father and died at the walls of Thebes. The new king Creon forbade the burial of Polynices’ body, while the defender of the city Eteocles was buried according to the law. Their younger sister Antigone, who disagreed with this decision, buries Polynices at night, bypassing the guards, knowing that she would die for it.
Fate or will? Laws of the country or laws of conscience? What is a person willing to do, driven by love? Answers to these eternal questions have not been found for many centuries, but everyone has the opportunity to make their own choice. And director Vladimir Kimmelman considers the play more relevant today than ever.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Lufthansa German Airlines celebrates its 40th anniversary of flights from South Korea to Germany and is offering four weeks of special fares to major European cities, including Frankfurt, where it has operated for the last 40 years. The offers are also bookable for those who depart from 8 cities in Korea with Lufthansa Rail & Air.
Lufthansa, as one of the longest-serving European airlines in Korea, has been flying between Seoul and Frankfurt without suspension for four decades. In addition to a Frankfurt service, it also connects Korea with Europe and beyond every day together with a sister Lufthansa Seoul-Munich flight. In addition, this year, as a part of Lufthansa Group, Swiss International Air Lines has added a new service on the Seoul-Zurich route, providing even more convenient connections for Korean travelers.
Over the past 40 years, this European airline was the first to introduce and operate the latest and largest aircraft, including the A380, B747-8 and A350, on its Korean routes. Furthermore, Lufthansa also offers a wide range of customized services for Korean customers through localized services such as Korean cabin crew, Korean infights meals and Korean entertainment programs. In addition, Lufthansa has been at the forefront of providing convenience for Korean travelers by introducing various digital services to the Korean market, including the first onboard internet service in Korea and the Lufthansa App, which was recently awarded as the airline’s best app in the world.
In addition, Lufthansa recently launched Lufthansa Rail & Air, offering travelers the option to connect Seoul with Europe by combining KTX trains and Lufthansa international flights in eight cities in Korea, including Busan. Moreover, as the first and exclusive foreign airlines in Korea, the airline opened a Lufthansa check-in counter at Seoul Station City Airport Terminal earlier this year, to provide convenience for passengers traveling by train as well as those traveling from Seoul to Incheon International Airport.
According to General Manager Korea of Lufthansa Group Airlines, Leandro Tonidandel:
“As we celebrate this 40-year milestone in Korea, we are grateful for the trust and loyalty of our Korean customers and partners. From expanding our routes from/to Korea to pioneering sustainable travel solutions, we’ve grown together with Korea’s dynamic spirit. Together, we’re not just shaping the future of travel, but doing so with purpose and a shared vision for global impact. Here’s to the next 40 years of growth, partnership, and innovation and Lufthansa, as a premium airline, keeps striving to provide more global yet localized services for the Korean market.
About Lufthansa Group
The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees, Lufthansa Group generated revenue of €35.4bn in the financial year 2023. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complimentary components of the Group. All airlines and business segments play leading roles in their respective markets.
Source: Moscow Government – Government of Moscow –
Mosconcert artists have performed over 870 times in the country’s border regions, new territories and in the special military operation (SVO) zone. Sergei Sobyanin reported this in his telegram channel.
“In military units, in dugouts, in hospitals along the entire front line, artists inspire soldiers with songs and music, bring news from relatives, and distribute humanitarian aid,” the Mayor of Moscow noted.
Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin
The capital’s artists always go to the Kursk and Belgorod regions with humanitarian aid. They conduct master classes in acting for children and perform concerts for adults.
In new regions of Russia, Mosconcert artists delight children with theatrical performances and gifts. For young people, they hold cultural and educational events, including talking about the various development opportunities that the capital offers.
In addition, Mosconcert constantly invites military personnel and their family members to events in the capital.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Profit. Šiaulių Bankas earned a net profit of €63.6 million
Return on capital. Achieved a return on equity (RoE) of 15.4%
Loan portfolio. New loan financing contract volumes grew by 8%, with the loan portfolio exceeding €3.4 billion
Asset quality. The quality of the loan portfolio remains strong – the cost of risk (CoR) of the loan portfolio was 0.31%
Net fee and commission income. Net fee and commission income amounted to €21.0 million, an increase of 44% compared to the same period last year
Capital and liquidity. Two successful bond issues of €300 million and €50 million in the international capital markets strengthened the bank’s capital and liquidity position
New dividend policy. Šiaulių Bankas commits to pay out at least 50% of the previous year’s net profit
“Šiaulių Bankas continues to maintain stable growth. We expanded our market share across all financing segments: the corporate financing portfolio grew, more new contracts were signed, and growth in the mortgage segment gained even stronger momentum. Net fee and commission income also increased, and we made a significant contribution to capital markets by issuing more bonds in the first three quarters than initially planned for the entire year.
We are focusing on another key area – capital efficiency. Šiaulių Bankas made its international debut with substantial bond issues, strengthening our capital and liquidity position. We have introduced a new dividend policy and are continuing our share buyback program, committed to increasing returns to shareholders while meeting the capital requirements outlined in our strategy,” says Vytautas Sinius, CEO of Šiaulių Bankas.
Šiaulių Bankas Group earned an unaudited net profit of €63.6 million in in the first three quarters of 2024, which is 3% less than in the corresponding period of 2023. Operating profit before impairment and income tax amounted to €85.4 million, an 8% decrease compared to operating profit of €93.1 million in the first three quarters of 2023.
Net interest income in the first three quarters of 2024 grew by 4% compared to the corresponding period of 2023 to €121.1 million, while net fee and commission income grew by 44% to €21.0 million.
All loan book segments grew in the first three quarters of the year, with the total loan portfolio increasing by 17% (€498 million) to €3.43 billion (growth of 8% or €241 million in Q3 alone). New credit agreements worth €1.3 billion were signed during the three quarters of the year, 29% more than in the corresponding period of 2023 (€1.0 billion).
The quality of the loan portfolio remains strong with provisions of €7.3 million made in the first three quarters of the year due to the strong portfolio growth and model adjustment, compared to provisions of €8.4 million in corresponding period of 2023. The cost of risk (CoR) of the loan portfolio for three quarters of 2024 was 0.31% (0.41% in corresponding period of 2023).
The deposit portfolio grew by 8% (€240 million) over the three quarter period and exceeded €3.4 billion at the end of September (growth of 2% or €78 million in Q3 alone). The bank’s funding structure was reinforced by a €300 million bond issue on the international market. After the quarter, in October, the bank issued an additional Tier 1 bond of €50 million, which strengthened its funding structure as well as capital structure. This will allow the bank to continue its rapid and sustainable growth and to implement its new dividend policy.
Šiaulių Bankas maintained a high level of operational efficiency – the group’s cost-to-income ratio in the three quarters of this year reaching 45.6%1 (34.4%1 in the corresponding period of 2023) and the return on equity of 15.4% achieved (18.9% in the three quarters of 2023). The capital and liquidity position remained strong and prudential ratios were met by a wide margin. The capital adequacy ratio (CAR) stood at 21.22%2 and the liquidity coverage ratio (LCR) at 156.0%2.
Income Statement (€’m)
2024 9M YTD
2023 9M YTD
% ∆
Net Interest Income
121.1
116.1
4%
Net Fee and Commission Income
21.0
14.6
44%
Other Income
24.9
13.6
84%
Total Revenue
167.0
144.3
16%
Salaries and Related Expenses
(35.4)
(25.5)
39%
Other Operating Expenses
(46.2)
(25.6)
80%
Total Operating Expenses
(81.6)
(51.1)
59%
Operating Profit
85.4
93.1
(8%)
Provisions
(6.9)
(8.5)
(18%)
Income Tax Expense
(14.9)
(19.0)
(22%)
Net Profit
63.6
65.7
(3%)
Balance Sheet Metrics (€’m)
2024-09-30
2023-12-31
% ∆
Loan Portfolio
3,429
2,932
17%
Total Assets
4,944
4,809
3%
Deposits
3,419
3,178
8%
Equity
577
543
6%
Assets under Management3
1,870
1,556
20%
Assets under Custody
1,862
1,943
-4%
KPIs
2024 9M YTD
2023 9M YTD
∆
Net Interest Margin (NIM)
3.6%
4.3%
-73bps
Cost-to-Income Ratio (C/I)1
45.6%
34.4%
+1125bps
Return on Equity (RoE)
15.4%
18.9%
-357bps
Cost of Risk (CoR)
0.3%
0.4%
-10bps
Capital Adequacy Ratio (CAR)2
21.22%
21.34%
-12bps
Overview of Business Segments
Corporate Client Segment
The business loan portfolio grew by 24% year-on-year, driven by an increase in new lending volumes in the first 9 months of the year to €854 million, or 45% compared to the corresponding period last year. In the Q3 alone, the total amounted to €393 million. Since the beginning of the year, the portfolio has grown by €0.3 billion to over €1.8 billion.
This underlines the favourable business environment in key strategic sectors including energy, manufacturing and retail. Šiaulių Bankas also further strengthens its commitment to green projects by financing a 29.5 MWh wind farm in western Lithuania, boosting the region’s economic growth and further diversifying its loan portfolio.
Private Client Segment
Lending activity in the retail segment increased significantly. New mortgage loans signed in the first nine months of 2024 amounted to €187 million and increased by 39% compared to the same period last year. Since the beginning of the year, the total portfolio of housing loans has grown by 16% (€127 million) to over €0.9 billion.
New consumer loans totaling €191 million were issued in the first nine months of the year, up 12% compared to the same period last year. Since the beginning of the year, the consumer loan portfolio has grown by 21% (€61 million), reaching €0.35 billion.
Šiaulių Bankas continues to prepare for a growth phase in retail banking segment. Along with implementing new core banking platform, preparations are being made for an active sales promotion phase: the number of direct marketing consents is growing, a new CRM system is being implemented, sales processes are being optimised and the competences of employees are being strengthened.
Investment Client Segment
In the first nine months of 2024, the volume of new bond issues reached €185 million, up 16% year-on-year, reflecting consistent investor interest and growing confidence in the bank’s financial products. In the third quarter of the year alone, due to the seasonality of the capital markets, new bond issues amounted to € 31 million.
In Q3, the Bank also introduced a new option for investors to buy bonds through the Bank’s securities platform. This is an opportunity for customers to acquire bonds conveniently and quickly on their own online.
Assets managed by SB Asset Management, the asset management company of Šiaulių Bankas Group, reached €1.38 billion at the end of Q3 2024 and increased by almost €200 million this year. Most of this increase was driven by the return on investment of the funds under management, which generated a profit of €142 million for clients.
Pension funds managed by SB Asset Management maintain competitive performance in both the short and long term. In the Q3 of the year alone, the returns of Tier II pension funds were the highest in 7 out of 8 life cycle funds, and the 4-year performance of the funds was the best in 6 out of 8 life cycle funds, compared to other managers’ funds in the same age group.
1 eliminating the impact of the client portfolio if SB draudimas 2 preliminary data 3 includes Asset Management and Modernisation Funds AuM
Šiaulių Bankas invites shareholders, investors, analysts and all interested parties to a webinar presentation of the financial results and highlights for the second quarter of 2024. The webinar will start on 31 October 2024 at 8.30 am (EET). The webinar will be held in English. Please register here. Please find attached the information that will be presented at the webinar.
If you would like to receive Šiaulių Bankas’ news for investors directly to your inbox, subscribe to our newsletter.
Additional information: Tomas Varenbergas Head of Investment Management Division tomas.varenbergas@sb.lt
On 30 October 2024, the Management Board of Šiaulių Bankas AB (hereinafter referred to as the “Bank”), implementing the decision of the Bank’s Ordinary General Meeting of Shareholders on 29 March 2024 regarding the acquisition of the Bank’s own shares, decided to approve a share acquisition programme for the Bank (ISIN LT0000102253), the sole purpose of which is to reduce the Bank’s capital.
The shares will be purchased by the Bank by placing orders on the Nasdaq Vilnius regulated market under the following terms and schedule:
The maximum purchase price per share shall not exceed the higher of:
the last independent trading price, or
the highest independent bid price for a particular transaction on Nasdaq Vilnius, where the shares are purchased.
Share purchase begins on 4 November 2024.
Share purchase ends on 24 January 2025.
Purchase schedule: up to 125,000 shares per trading day on the regulated market.
The maximum number of shares to be acquired during the program is 6,875,000 units.
“We are prepared to begin buying back our own shares on the regulated market until 24 January. The Bank aims to purchase up to 125,000 of its own shares each trading day. The Bank’s buy orders will be placed on the trading venue before or during the trading session and may be modified as needed. Upon completion of this buy-back program, we will determine the most efficient approach to continue repurchasing shares to enhance shareholder returns,” says Tomas Varenbergas, Head of Investment Management Division of Šiaulių Bankas.
The bank will publish information on transactions completed in the previous calendar week on the first working day of each calendar week.
This share buy-back program will be carried out in compliance with the safe harbour requirements set out in Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse, as well as Articles 2 to 4 of Commission Delegated Regulation (EU) No 2016/1052, which supplements Regulation (EU) No 596/2014 with regulatory technical standards on conditions applicable to repurchase programs and stabilization measures, and in accordance with other applicable legal provisions.
On 15 August 2024, the Bank received permission from the European Central Bank (ECB) to buy back up to 13,745,114 of its own shares. The Bank has already purchased 6 million shares under this authorization during the share buy-back event held from 11 to 18 October 2024.
Additional information: Tomas Varenbergas Head of Investment Management Division tomas.varenbergas@sb.lt
Source: Moscow Government – Government of Moscow –
From November 3 to 4, Moscow will celebrate one of the warmest holidays of autumn — National Unity Day. The capital will traditionally be decorated with congratulatory posters. They will be placed on billboards and bus stops. Russian tricolors will appear on the streets and in public transport. Residents and guests of the city will enjoy concerts, plays, reenactors’ performances, exhibitions and master classes. In total, over 200 events will be held. You can join them in parks, libraries, estates, museums and cultural centers. Most of the events will be free, but some will require pre-registration. You can follow the holiday schedule in the section “Poster” on the mos.ru portal.
Particularly spectacular programs on the occasion of National Unity Day await guests atVDNKh and in the cinema park “Moschino”. At the country’s main exhibition, Muscovites and tourists will see the most famous places, learn about space programs, and will also be able to attend the “Bread Ear – Russia’s Gold” festival. It will include master classes with theatrical performances reflecting different eras in the country’s history. A large tent with four zones will be prepared for guests. They will be transported to the 12th, 17th, 19th and 20th centuries. There they will learn how to bake gingerbread, kalachi and bread according to traditional recipes. Admission is free, with prior registration on the exhibition website. http://vdnkh.ru/specials/day-of-national-unity/
And on November 3 and 4, the Moskino cinema park will present a large-scale historical reconstruction dedicated to the liberation of Moscow from the Polish-Lithuanian invaders in 1612. It was this event that united the country. Guests of the cinema park will be able to travel back to those times and see how the militia of Kuzma Minin and Dmitry Pozharsky defeats the invaders in a decisive battle. Additional information and conditions of visit are published on the cinema park website “Moschino”.
In order to visit several sites and not miss the most interesting, it is worth planning your weekend leisure in advance. You can move around the city comfortably on public transport. On Saturday, November 2, the metro, Moscow Central Circle, trams and ground transport will operate according to the working day schedule. On November 3 and 4 – according to the weekend schedule. For those who use a personal car, the Sunday parking payment regime will be in effect on November 3. You will have to pay only on streets with rates of 380, 450 and 600 rubles per hour, as well as in places where a dynamic rate is in effect. On National Unity Day, November 4, parking on all streets will be free. Parking lots with barriers will continue to operate on a paid basis on both weekends.
Attend concerts and master classes in parks
On November 4, the Severnoye Tushino Park is planning an entertainment program called “People’s Games.” Children and adults will be able to get in a good mood, find new friends, and just have fun. The events will start at 11:00 on the central square of the park. At 13:00, a master class on painting wooden spoons will be held in the Development and Creativity Club pavilion. Beautiful painted spoons can be used as interior decoration or as a gift for loved ones. From 15:00, the same pavilion is waiting for those interested in ancient Chinese writing. At the Chinese language master class, you can not only learn words and learn to write hieroglyphs, but also learn more about the rich culture of China. The classes are suitable for children aged six and older and adults. Admission is free.
Thematic classes will be held in Kuzminki Park on November 4. During the classes, everyone will be taught how to make a traditional toy “Bird” using decoupage technique, making a magnet “Heart” using coffee beans, and will also help you select materials and compose a greeting card “I love Russia”. A festive concert will be held on the park stage. The guests will be treated to performances by the pop song theater “Dream”, dance studio “Pearl” and many others. The concert starts at 11:00. Also, as part of the “Kind Letters” project, you can send good wishes to the soldiers taking part in the special military operation, put handmade souvenirs in the envelopes, or write poems for the soldiers.
At 16:00 on November 4, a free patriotic concert “In Unity Is Our Strength” will begin at the Fili Hall exhibition center in Fili Park. Musical and dance groups will perform for the guests, and songs about love for the native land will be heard.
And on the central square of Lianozovsky Park from 18:00 to 20:00 guests will be shown the documentary film “Minin and Pozharsky”.
A master class on creating national costumes of the peoples of Russia will be held in Krasnaya Presnya Park. First, participants will be told about the types of ornaments and their meaning, and then they will be asked to repeat the patterns in their sketches forcostumes.
A concert featuring performers from the Tagansky District will be held in Tagansky Park on Monday at 1:00 p.m. The audience will be treated to more than just musical numbers. They will also be given a master class on drawing costumes of the peoples of Russia.
On November 4, in Sokolniki Park, everyone will be able to take part in the games of the chess and checkers club (6th Luchevoy Prosek, Building 3). Checkers tournaments will start at 12:00. You can register on site at 11:30. And chess tournaments are scheduled for 17:00. You can also register on site half an hour before the start. The number of participants is limited.
In addition, on November 4 at 11:30 in the pagoda in 4th Luchevoy Prosek there will be a lecture by historian and publicist Evgeny Norin on the topic “The origin of the holiday of National Unity Day. Its historical and modern significance.”
Exhibitions in museums and elsewhere
National Unity Day is a great opportunity to organize a themed trip to a museum for the whole family. Especially since Moscow hosts many exhibitions and excursions dedicated to the art, architecture, history and nature of Russia, the traditions and customs of its peoples.
On November 3 at 12:00, the Moscow State Art Gallery of the People’s Artist of the USSR Ilya Glazunov (Volkhonka Street, Building 13) will host a tour entitled “Defenders of the Russian Land in the Works of Ilya Glazunov.” Art lovers will be taken around the gallery and told about paintings dedicated to great victories, military valor, and glorious pages of Russian history. Participation in the tour is free with an entrance ticket.
In addition, on November 3 from 2:00 pm to 3:30 pm, Gogol’s House (Nikitsky Boulevard, Building 7a) invites you to the world of an old Moscow estate, where you can learn how guests were received in the old days and what a real Moscow tea party is. Admission by prior arrangement registration.
On November 3 from 15:00 to 16:00 in the Alexander Shilov Gallery (5 Znamenka Street) there will be a thematic excursion “Cultural Heritage of Moscow”. This is a wonderful opportunity to go through the halls of an old mansion accompanied by a guide, look into the gallery’s courtyard and see the back facade of an architectural monument – the creation of one of the most outstanding architects of the 19th century E.D. Tyurin. Guests will visit a cozy park in front of the gallery, admire the view of the historical center and listen to the history of the creation of the chapel of St. Nicholas the Wonderworker. They will have a fascinating acquaintance with the works of Alexander Shilov. You can register by phone: 7 495 697-73-10.
On the same day from 4:00 PM to 5:00 PM, the Burganov House Museum (Bolshoy Afanasyevsky Lane, Building 15, Building 9) will hold a sightseeing tour called “The Burganov House Surroundings”. Guests will see the sculptor’s works located near the museum building: in the Ecology Park, in the People-Legends Gallery, and on Arbat. Entrance by prior registration: 7 495 695-04-29.
Not only museums have prepared exhibitions for city residents. On November 4, a joint exhibition with the Russian Geographical Society called “Peoples of Russia” will open at the Dynamo metro station. The public will be presented with photos by participants in the annual photo contest of the Russian Geographical Society “The Most Beautiful Country”.
Folk art and eternal classics in cultural centers
The cultural centers on November 3 and 4 are worth visiting for those who are partial to symphonic and instrumental music, as well as folklore.
On November 3, the Vdokhnovenie cultural center (Litovsky Boulevard, Building 7) will host a concert of the brass band of the Moscow State Institute of Music named after A.G. Schnittke, “On the Day of National Unity.” The musicians, under the direction of conductor Honored Artist of Russia Alexey Karabanov, will perform works by Russian composers. The concert will begin at 19:00.
And in the cultural center “Zelenograd” (Central Square, Building 1) on November 3 at 12:00 a festival of national cultures of Russia will begin, which will unite the traditions of the peoples living in it.
On November 4, the Vnukovo Cultural Center (6 Bolshaya Vnukovskaya Street) is hosting a gala concert of the VIII All-Russian Festival of Traditional Folk Art “Narodnoye Siyaniye”. Creative groups and individual performers will take part in it. There will be nominations for amateur folk groups, folk song ensembles and soloists. The event will start at 12:00.
The ZIL Cultural Center (4 Vostochnaya Street, Building 1) will help prolong the holiday feeling. There will be a large free concert there on November 5. The program includes performances by members of the Ozherelye folklore ensemble, the Karnaval variety and sports dance ensemble, the Children’s Ballet Theater, the Orpheus opera studio, and other groups. The host is theater and film actor Mikhail Dorozhkin.
National Unity Day is a national holiday that was established in 2005. It is dedicated to an important historical event – the victory of the people’s militia led by Kuzma Minin and Dmitry Pozharsky over the Polish invaders in 1612. Their feat is considered the embodiment of the courage and unity of the people.
On National Unity Day, the capital traditionally organizes festive concerts with the participation of popular musicians and folk groups, and holds a variety of cultural and educational events.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: Moscow Government – Government of Moscow –
Over the past four years, about 40 thousand Muscovite cards have been issued to first-graders in the capital using a simplified procedure.Department of Information Technology of Moscow They said that every year, parents whose children are going to first grade receive notifications with pre-filled applications in their personal account on the mos.ru portal and to the email address specified in their profile.
“The simplified procedure for obtaining a Muscovite card for a first-grader has been available to Moscow parents since 2019. This service is provided proactively: at the beginning of the school year, draft applications are automatically generated and sent to those users of the mos.ru portal whose children went to first grade this year and who had confirmed data in their personal account. This simplifies the card application process, since parents only need to check the information and upload a photo of their child. Thus, this year alone, thanks to the smart service, more than 11.7 thousand parents of first-graders submitted applications on time so that their children could receive a Muscovite card and use all its capabilities,” said Dmitry Ivanov, Deputy Head of the Moscow Department of Information Technology.
Today, almost 275 thousand schoolchildren have a Muscovite card. It allows them to use discounted travel on public transport, as well as free visits to museums under the Museums for Children program. In the capital’s libraries, the card can be used as a single library card, and in clinics, it can be used to make an appointment with a doctor through information terminals. The Moskvёnok service identifier can also be connected to the card, so that it can be used to enter school and pay for meals in the cafeteria.
In addition, the card allows you to receive discounts on goods and services from more than 8.5 thousand partner enterprises. These include supermarkets, bookstores and children’s goods stores, as well as cafes, cultural and entertainment institutions. You can find out more about the Muscovite card in the project’s telegram channel.
How to apply for a Muscovite card
The card can be obtained by all students of Moscow schools and colleges with state accreditation, as well as those who are registered in Moscow but are receiving education outside the city. You can apply on the mos.ru portal, you will need a standard or full account. Children over 14 can do this on their own, but for younger children, a parent or legal guardian must apply for the service.
You can check the status of your card in your personal account on the mos.ru portal. using the service in the section “Applications and notifications”, as well as by calling the hotline: 7 495 539-55-55 and in the official groups on social networks “VKontakte” And“Classmates”.
The Muscovite card will be ready within 30 days from the date of application. The corresponding notification will be sent to your personal account on the mos.ru portal and by e-mail. Future first-graders over the age of seven, school and college students can pick up the ready card at the educational institution, and those who are studying in private organizations or outside Moscow, and other preferential categories of citizens – at the selected My Documents government services center.
Receipt of a Muscovite card for a student must be confirmed in the personal account on mos.ru within 90 days. In other cases, this is not required.
Increasing the availability of mass socially significant services in electronic form corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the regional project “Digital Public Administration”. More information about this and other national projects implemented in Moscow can be found on a special page.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
CHICAGO, Oct. 31, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech”), the carbon recycling company transforming above-ground carbon into sustainable fuels, chemicals, materials, and proteins, today announced plans to develop a commercial-scale Carbon Capture and Utilization (“CCU”) facility (the “facility”, “plant”, or “project”) at Herøya Industrial Park in Porsgrunn, Norway. The plant will produce ethanol and is expected to begin operations in 2028. Eramet will supply furnace gas as feedstock to the facility from the Porsgrunn Manganese Alloys smelter but will not participate in its financing.
To unlock further emissions reductions, the two companies also intend to build upon the CCU infrastructure and, if demonstrated to be feasible, integrate Carbon Capture and Storage (“CCS”) technology as part of a second phase of the project. The integration of LanzaTech’s CCU technology with CCS, two commercially proven carbon management solutions, is expected to establish a first-of-a-kind, integrated facility that drives leading-edge carbon abatement metrics.
The new plant at Herøya will complement the six other commercial scale plants already using LanzaTech’s carbon recycling technology to produce ethanol and the first for which LanzaTech will manage the full scope of project design, construction, and operations. The project’s Front-end Engineering Design (FEED) phase was completed with global engineering firm Fluor Corporation, which brings deep experience and expertise across the project scope and has partnered with LanzaTech in creating a baseline plant design that can be replicated for projects around the world. The project is also being supported by Sweco Group, which brings best-in-class sustainability expertise and design acumen. From a project financing standpoint, LanzaTech’s infrastructure investment partner Brookfield Asset Management will have right of first refusal for financing and owning the project, with a Final Investment Decision (FID) expected within the next six months.
LanzaTech’s proprietary technology is a fermentation process that biologically converts carbon-rich gases into sustainable raw materials, such as ethanol, for use in clothing, personal care products, packaging, fuel, and more. The facility’s maximum production capacity is expected to be 24 kilotons per annum of fuel-grade ethanol. Demand markets for this ethanol are wide ranging and include chemicals and sustainable aviation fuel. Given LanzaTech’s growing ethanol product sales business, the company intends to market the produced ethanol through its existing and emerging sales channels.
Eramet Norway’s Porsgrunn smelter has two closed furnaces producing manganese alloys. Manganese smelting falls into the category of hard-to-abate, as carbon is necessary for the chemical reduction of manganese ore. Eramet Group, headquartered in France, is engaged in an ambitious decarbonization pathway, with a target of a 40% reduction of its scope 1 & 2 emissions by 2035 set by the company’s “Act for positive mining” CSR roadmap. CCUS has been identified by Eramet as a major lever of decarbonization for its metallurgical assets. Since metallurgy represents ~90% of Eramet’s scope 1 & 2 emissions, this project makes an important contribution to the validation of a path to Near Zero CO2-emission Manganese Alloys.
The planned integration of LanzaTech’s CCU process with CCS technology demonstrates the ability of LanzaTech’s carbon recycling platform to partner with and enable other carbon management technologies to further reduce carbon footprints. Residual output from LanzaTech’s gas fermentation process at this facility will take the form of highly concentrated CO2, suitable for CCS, which reduces further operating and capital costs compared to a standalone CCS project.
“We are thrilled to announce plans for Norway’s first commercial carbon recycling facility using LanzaTech’s technology,” said Dr. Jennifer Holmgren, CEO of LanzaTech. “Carbon is an incredibly important resource that requires a wide range of solutions to manage responsibly. By recycling above-ground carbon with our CCU process, this groundbreaking project gets us another step closer to realizing an enduring global circular carbon economy.”
The facility in Porsgrunn would allow the Eramet Norway Porsgrunn smelter to achieve a significant reduction in its CO2 emissions. The potential inclusion of CCS in the project is pending results of a feasibility study and financing, though the companies remain optimistic about its implementation as further support of Norway’s position as a frontrunner in the deployment of CCUS.
In addition to CO2 emissions reductions, the LanzaTech-Eramet collaboration will positively impact the local community by creating new jobs in the thriving industrial region of Grenland, and furthers the municipality’s reputation for technological innovation.
Geoff Streeton, Chief Development Officer, in charge of strategy, innovation and business development at Eramet, stated (to be quoted for the global version), ‘Eramet is pleased to be collaborating with LanzaTech on this first-of-its-kind decarbonization project of our manganese smelters. Firstly, to ensure optimal circular value creation in the use our energy-rich furnace gas. Secondly, this creates an attractive option to further liquefy and ultimately sequester the remaining CO2streams. On a combined basis these CCU & CCS projects at Porsgrunn could bring a reduction of the company’s CO2emissions by ~200 kt of Eramet’s Scope 1 & 2 emissions. This project brings Eramet closer towards its target of producing and offering a Zero CO2manganese alloy product for the benefit of decarbonizing the value chain of steel.’
About LanzaTech LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.
About Eramet Eramet transforms the Earth’s mineral resources to provide sustainable and responsible solutions to the growth of the industry and to the challenges of the energy transition. Its employees are committed to this through their civic and contributory approach in all the countries where the mining and metallurgical group is present. Manganese, nickel, mineral sands, and lithium: Eramet recovers and develops metals that are essential to the construction of a more sustainable world. As a privileged partner of its industrial clients, the Group contributes to making robust and resistant infrastructures and constructions, more efficient means of mobility, safer health tools and more efficient telecommunications devices. Fully committed to the era of metals, Eramet’s ambition is to become a reference for the responsible transformation of the Earth’s mineral resources for living well together. www.eramet.com
Eramet Norway Operating manganese smelters in Porsgrunn, Sauda and Kvinesdal, Eramet Norway AS is fully owned by the French mining and metallurgical group Eramet SA and part of the Group’s manganese alloy business unit. Eramet Norway AS has a world leading market position on refined manganese alloys with one of the industry’s lowest carbon footprints, and is ambitiously pursuing the ultimate target of producing Zero CO2 manganese alloys for the benefit of decarbonizing the value chain of steel. www.eramet.no
Forward Looking Statements This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements.
Generally, statements that are not historical facts, including those concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) timing delays in the advancement of projects to the final investment decision stage or into construction; (b) failure by customers to adopt new technologies and platforms; (c) fluctuations in the availability and cost of feedstocks and other process inputs; (d) the availability and continuation of government funding and support; (e) broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; (f) unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and (g) other economic, business, or competitive factors, and other risks and uncertainties, including the risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as other existing and future filings with the U.S. Securities and Exchange Commission.
Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Media contact LanzaTech: LanzaTech Global, Inc. Investor Relations Kate Walsh VP, Investor Relations & Tax Investor.Relations@lanzatech.com
Media Relations Kit McDonnell Director of Communications press@lanzatech.com
London, October 31, 2024 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the third quarter of 2024 of US$ 0.344 per ordinary share.
Details relating to the third quarter 2024 interim dividend
Per ordinary share (GB00BP6MXD84)
Q3 2024
Shell Shares (US$)
0.344
Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling.
Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros.
Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling.
The pound sterling and euro equivalent dividend payments will be announced on December 9, 2024.
Per ADS (US7802593050)
Q3 2024
Shell ADSs (US$)
0.688
Cash dividends on American Depositary Shares (“ADSs”) will be paid, by default, in US dollars.
Each ADS represents two ordinary shares. ADSs are evidenced by an American Depositary Receipt (“ADR”) certificate. In many cases the terms ADR and ADS are used interchangeably.
Dividend timetable for the third quarter 2024 interim dividend
Event
Date
Announcement date
October 31, 2024
Ex- Dividend Date for ADSs
November 15, 2024
Ex- Dividend Date for ordinary shares
November 14, 2024
Record date
November 15, 2024
Closing of currency election date (see Note below)
November 29, 2024
Pound sterling and euro equivalents announcement date
December 9, 2024
Payment date
December 19, 2024
Note
A different currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.
Taxation – cash dividends
If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor.
Dividend Reinvestment Programmes (“DRIP”)
The following organisations offer Dividend Reinvestment Plans (“DRIPs”) which enable the Company’s shareholders to elect to have their dividend payments used to purchase the Company’s shares:
Equiniti Financial Services Limited (“EFSL”), for those holding shares (a) directly on the register as certificate holder or as CREST Member and (b) via the Shell Corporate Nominee;
ABN-AMRO NV (“ABN”) for Financial Intermediaries holding shares via Euroclear Nederland;
JPMorgan Chase Bank, N.A. (“JPM”) for holders of ADSs; and
Other DRIPs may also be available from the intermediary through which investors hold their shares and ADSs.
These DRIP offerors provide their DRIPs fully on their account and not on behalf of the Company. Interested parties should contact the relevant DRIP offeror directly.
To be eligible to participate in the DRIPs for the next dividend, shareholders must make a valid dividend reinvestment election before the published date for the close of elections.
Enquiries Media International: +44 207 934 5550 Media Americas: +1 832 337 4355
Cautionary Note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
Forward-Looking Statements This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.
Shell’s Net Carbon Intensity Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s net-zero emissions target Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
Forward-Looking non-GAAP measures This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The contents of websites referred to in this announcement do not form part of this announcement.
We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
LEI number of Shell plc: 21380068P1DRHMJ8KU70 Classification: Additional regulated information required to be disclosed under the laws of a Member State
Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)
CHARLOTTE, N.C. – David Matthew Lowe, 33, of Shelby, N.C., was sentenced today to 57 months in prison followed by three years of supervised release for possession of ammunition by a convicted felon, announced Dena J. King, U.S. Attorney for the Western District of North Carolina.
Bennie Mims, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Charlotte Field Division, and Chief Gerald Childress of the Kings Mountain Police Department, join U.S. Attorney King in making today’s announcement.
According to court documents and court proceedings, on August 12, 2023, at approximately 1:45 a.m., officers with the Kings Mountain Police Department were dispatched to a Comfort Inn in the area for a service call for an assault. Upon entering the hotel lobby, an officer encountered a female, identified in court documents as L.T., and the defendant. L.T. told the officers that Lowe had hit her, and she could not see out of her eye. At that point, Lowe fled toward the back of the hotel. Officers chased after Lowe and ultimately Lowe was taken into custody.
As part of the investigation, law enforcement obtained CCTV footage from the hotel that depicted Lowe possessing a firearm during his assault of L.T. Specifically, the footage depicted L.T. and Lowe having an altercation, L.T. running away from the hotel room, and Lowe following her. Lowe then removed a firearm from his pants and struck L.T. in the side of her head. This caused the firearm’s magazine to break and ammunition along with several firearm parts fell to the floor. The defendant then struck L.T. several more times with a closed fist, causing L.T. to fall to the ground. Lowe then left the scene. Law enforcement recovered the firearms parts from the scene and 15 rounds of mixed ammunition. Court records indicate that Lowe has prior criminal convictions, including a federal conviction in the Western District of North Carolina for conspiracy to participate in racketeering activity – RICO conspiracy. Because of the criminal convictions, Lowe is prohibited from possessing firearms or ammunition.
Lowe is in federal custody and will be transferred to the custody of the federal Bureau of Prisons upon designation of a federal facility.
The investigation was conducted by the ATF and the Kings Mountain Police Department.
Special Assistant U.S. Attorney Eric Frick of the U.S. Attorney’s Office in Charlotte prosecuted the case.
* * *
According to the National Coalition Against Domestic Violence, 19% of domestic violence involves a weapon. The presence of a gun in a domestic situation increases the risk of homicide by 500%.
To understand more about domestic violence, visit: https://www.justice.gov/ovw/domestic-violence#dv. If you require immediate help, please call the National Domestic Violence Hotline at 1-800-799-SAFE (1-800-799-7233) or Strong Hearts Native Helpline at 1-844-762-8483.
