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Category: Europe

  • MIL-Evening Report: Trump wants to do a deal for Ukraine’s critical minerals. Will Zelensky give him what he wants – or will Putin?

    Source: The Conversation (Au and NZ) – By Alexander Korolev, Senior Lecturer in Politics and International Relations, UNSW Sydney

    The United States and Russia agreed to work on a plan to end the war in Ukraine at high-level talks in Saudi Arabia this week. Ukrainian and European representatives were pointedly not invited to take part.

    US President Donald Trump seemingly entered into these negotiations prepared to capitulate on two main points that Russian President Vladimir Putin has been seeking. Russia is opposed to Ukraine joining NATO and wants to retain Ukrainian territory captured since its invasion of Crimea in 2014.

    Such a dramatic shift in Washington’s approach to Ukraine’s sovereignty and security has undermined Western-Ukrainian unity on the acceptable parameters around ending the war.

    Ukrainian President Volodymyr Zelensky said Ukraine won’t accept a deal negotiated without them. Former US National Security Adviser John Bolton said Trump “effectively surrendered” to Putin.

    European leaders, too, are concerned after they were excluded from the Saudi talks. German Chancellor Olaf Scholz said:

    This does not mean that peace can be dictated and that Ukraine must accept what is presented to it.

    Many believe Trump’s moves to splinter this trans-Atlantic front against Russia send a signal that Washington is
    abandoning its commitment to European security.

    However, there’s another important factor at play in Trump’s actions: the intensifying global competition over critical minerals. Trump wants to secure access to Ukraine’s vast reserves of these minerals, even if it means breaking with the US’ traditional allies in the European Union.

    Why are Ukraine’s minerals so valuable

    According to some reports, Ukraine has deposits of 22 of the 34 minerals identified as critical by the EU. These include:

    • lithium and cobalt, used in rechargeable battery production
    • scandium, used for aerospace industry components
    • tantalum, used for electronic equipment
    • titanium, used in the aerospace, medical, automotive and marine industries
    • nickel ore, manganese, beryllium, hafnium, magnesium, zirconium and others, used in the aerospace, defence and nuclear industries.

    China currently dominates the world’s supply chains of these minerals – it is the largest source of US imports of 26 of the 50 minerals classified as critical by the United States Geological Survey.

    This is the reason behind Trump’s suggestion last week that the US be granted 50% of Ukraine’s rare earth minerals as reimbursement for the billions of dollars in weapons and support it has provided to Kyiv since the war began.

    The problem, however, is that at least 40% of Ukraine’s minerals are currently under Russian occupation in the eastern Donetsk and Luhansk regions of the country. (Other sources put this figure as high as 70%.)

    Concerned about Ukraine’s territorial integrity, Zelensky has publicly rejected the US demand for half of Ukraine’s mineral resources, because the proposal does not include security guarantees. It only vaguely referred to payment for future aid, according to reports.

    In response, the White House National Security Council spokesperson Brian Hughes said:

    President Zelensky is being short-sighted about the excellent opportunity the Trump administration has presented the Ukraine.

    What kind of deal could be made?

    A big question ahead of any peace negotiations over Ukraine is whether commercially-minded Trump would be willing to accept a counter-proposal from Putin.

    Since Russia currently controls large swathes of mineral-rich eastern Ukraine, Putin may be willing to offer Trump an exclusive critical minerals deal in exchange for the US formally committing to not restoring Ukraine’s pre-2014 borders and not letting the country into NATO.

    Ukraine, meanwhile, may be angling for its own minerals deal with European countries in exchange for their continued support. Prime Minister Denys Shmyhal expressed his country’s willingness to set up joint ventures with the EU in this area:

    We could replace Russian titanium on the European market, contributing to the development of both the EU’s civilian industry and advanced military technologies.

    He also said the project of rebuilding Ukraine could be a boon for the entire bloc.

    The European Commission has recommended a policy of encouraging Ukraine to export these materials to the EU. In response, authorities in Kyiv started working out the necessary regulatory and legal measures to integrate Ukraine into the EU’s resource strategy.

    With so many powers keen to access its minerals, Ukraine is in an extremely complex and hard-to-navigate geopolitical situation.

    Zelensky’s bet on the EU, instead of the US, might be right, given the growing rift between Brussels and Washington over Ukraine’s future. But as Thucydides, the ancient Greek historian, once said, the odds may be stacked against it:

    Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must.

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

    – ref. Trump wants to do a deal for Ukraine’s critical minerals. Will Zelensky give him what he wants – or will Putin? – https://theconversation.com/trump-wants-to-do-a-deal-for-ukraines-critical-minerals-will-zelensky-give-him-what-he-wants-or-will-putin-250064

    MIL OSI Analysis – EveningReport.nz –

    February 19, 2025
  • MIL-OSI Russia: NSU scientist talks about the current epidemic season

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    According to official data from Rospotrebnadzor, there is a slight increase in the incidence of respiratory viral infections in the Novosibirsk Region. At present, the incidence of acute respiratory viral infections is caused mainly by viruses of non-influenza etiology, with rhinoviruses predominating, which are usually not characterized by an acute course and serious complications, whereas last year the current coronavirus and respiratory syncytial virus, which is most dangerous for children under one year of age and the elderly, prevailed. This virus causes diseases of the lower respiratory tract and can cause serious complications, including pneumonia.

    Doctor of Biological Sciences, Professor, Academician of the Russian Academy of Sciences, Head of the Laboratory of Bionanotechnology, Microbiology and Virology spoke about other features of the current epidemic season Faculty of Natural Sciences of NSU Sergey Netesov.

    — Compared to the same period last year, the incidence of influenza has surprisingly decreased significantly, at least until mid-February. If you look at the curves of influenza and acute respiratory viral infections in 2024 and 2025, it seems that the peak of influenza is several weeks late this year. The reasons for this are still unknown. There are different versions, including an abnormally warm winter. Another reason could be the increase in the number of people vaccinated against influenza in 2024 compared to 2023. The influenza vaccines used in the summer and fall of last year proved to be highly effective, as a result of which the incidence fell, but in the last two weeks it has been growing.

    In addition, in the current epidemiological season, the strains of influenza A viruses of the H3N2 subtype, which prevailed last season, have been replaced by strains of the H1N1 subtype. This is most likely due to the emergence of strong population immunity against viruses of the H3N2 subtype, which many people were vaccinated with and many had mild cases of last season. But the current epidemic season is not over yet (its maximum is usually recorded in February), so there is no need to relax until mid-March, and an increase in the incidence of influenza viruses has clearly emerged in the last two weeks, according to information from the website of the Research Institute of Influenza in St. Petersburg. Few people are currently sick with influenza B viruses, and they usually do not get seriously ill with them, and it does not cause serious complications in more or less healthy people. But older people should be careful for another month, wear masks in public places and avoid contact with young sick people and sick children.

    To protect yourself in the next 2025/26 ARVI season, everyone should get vaccinated against influenza in September-October 2025, because by that time new seasonal vaccines, updated according to the recommendations of the World Health Organization (WHO), will be available.

    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.

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI Russia: Exhibition “Life as a Vocation” to Open at NSU

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    On February 26 at 11:50 the NSU History Museum will open the exhibition “Life as a Vocation” dedicated to the activities of Varlen Lvovich Soskin. The exhibition is part of a series of events dedicated to the 100th anniversary of the birth of Doctor of Historical Sciences, Professor, Honorary Professor of NSU, Honored Scientist of the Russian Federation, founder of the scientific school of modern Siberian science studies and cultural studies, veteran of the Great Patriotic War Varlen Lvovich Soskin.

    In addition to the exhibition, on February 26 from 10:00 to 17:00 there will be Scientific Readings “Worlds of the Domestic Intelligentsia in the 20th Century: Profession, Society, Power”. The program includes reports by leading experts in the history of the Soviet and Russian intelligentsia on current issues of modern cultural studies and science studies, as well as speeches by V. L. Soskin’s students, colleagues, and a presentation of a book of memoirs.

    Detailed program of the event and registration —on the website of the Humanities Institute of NSU.

    Varlen Lvovich Soskin is a participant in the Great Patriotic War. He graduated from the history department of Leningrad State University and completed his postgraduate studies at Novosibirsk State Pedagogical Institute. Doctor of Historical Sciences, Honored Scientist of the Russian Federation, Honored Worker of Higher Education of the Russian Federation, Honorary Professor of NSU. He worked at NSU part-time since 1964, and was one of the founders of historical training at the Humanities Department. Associate Professor (1964–1969), Professor (1969–2017) of the Department of History of the USSR/Russian History.

    V. L. Soskin was the first in Russian historiography to use materials from the Siberian region to show the processes of transformation of cultural institutions in the extreme conditions of the era of wars and revolutions from the point of view of the relationship between the continuity of some and the rupture of others in cultural traditions. He was the first to develop the phenomena of cultural crises during the NEP years, the periodization of the stages of formation and development of the Soviet intelligentsia in the post-revolutionary period, and the mechanisms and factors of its socio-political differentiation in the first decade of Soviet power. V. L. Soskin’s ideas and approaches in the field of historical intelligentsia studies were further disseminated and developed in research centers that were established in the 1990s at the universities of Ivanovo, Yekaterinburg, and Omsk. A prominent researcher of the history of the formation and development of the scientific and educational potential of Siberia in the 20th century: from the emergence of the first organizational forms at the beginning of the century to the formation of the Siberian Branch of the USSR Academy of Sciences. One of the pioneers in adapting the systems approach to the tasks of historical research in the field of culture.

    V. L. Soskin was the executive secretary of the Main Editorial Board of the 5-volume “History of Siberia” (1962–1968), deputy chairman of the organizing committee of the largest All-Union scientific conference of the Soviet period, “The Soviet Intelligentsia and Its Role in the Construction of Socialism and Communism” (Novosibirsk, 1979), was a member of a number of scientific councils on the theory and history of Soviet culture, and the editorial boards of the journals “Intelligentsia and the World” (Ivanovo), “Cultural Studies in Siberia” (Omsk).

    V. L. Soskin is the creator of the scientific direction on the social history of Russian culture, science and intelligentsia, which gained fame and recognition not only in Siberia, but also in Russia. During his half-century of work at the Humanities Faculty, he created a permanent research seminar, in which 131 students received specialization, having defended their final qualifying works. 21 graduates of the Humanities Faculty prepared and defended candidate dissertations under the scientific supervision of V. L. Soskin. In the research works completed by students and dissertators under the supervision of V. L. Soskin, the problems of the history of the culture of Soviet society, professional detachments of the Russian intelligentsia, science and scientists were studied, including the history of the formation and development of the Siberian Branch of the Academy of Sciences. A number of students of V. L. Soskin – graduates of the Humanities Faculty became famous scientists who developed their own scientific directions, employees of research institutes and lecturers of universities.

    More information about the work, scientific and educational activities of V.L. Soskin can be found here Here. 

    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.

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI USA News: Interview of President Trump and Elon Musk by Sean Hannity, “The Sean Hannity Show”

    Source: The White House

    class=”has-text-align-center”>Roosevelt Room

    11:48 A.M. EST

         Q    Mr. President, great to see you again.

         THE PRESIDENT:  Thank you very much.  Thank you.

         Q    How are you?

         THE PRESIDENT:  Thank you. 

         Q    Elon Musk.

         MR. MUSK:  Hi.

         Q    Great to see you. 

         MR. MUSK:  Thanks.  Thanks for having me.

         Q    I’ve been reading a lot about you.  I’ve got to start with this.  So, he’s working for free with DOGE.  He’s — he’s kind of put a lot of his life on hold, and you sued Twitter a number of years ago.  You just made him pay you $10 million?

         THE PRESIDENT:  That’s right.  That’s right.

         Q    That’s — that’s right.  (Laughs.)

         THE PRESIDENT:  Well, I sued — I sued from long before he had it. 

         MR. MUSK:  Yeah.  Yeah.  (Inaudible.)

         THE PRESIDENT:  And, I mean, they really did a number on me, you know.  And I sued, and they had to pay.  You know, they paid $10 million settlement.

         Q    You’re okay with that?
        
         MR. MUSK:  I mean, I left it up to the lawyers and, you know, the team running Twitter.  So, I said, “You guys do what you think is the right — makes sense.”

         Q    I think it’s funny.

         THE PRESIDENT:  I think —

         Q    Because —

         THE PRESIDENT:  — it’s a very low — I was looking to get much more money than that.
        
         Q    So, you gave him a discount w- — in the lawsuit?

         THE PRESIDENT:  He got — oh, he got a big discount.  I don’t think he even knows about it.

         Q    He’s become one of your — if you read and believe the media — he’s become one of your best friends.  He’s working for free for you.  He’s —

         MR. MUSK:  Well, I love the president.  I just want to be clear about that.  

         Q    You don’t care about that? 

         MR. MUSK:  I — no, I love the pr- — I —

         Q    You love the president? 

         MR. MUSK:  I think — I think President Trump is a good man, and — and he’s, you know — I — I —

         THE PRESIDENT:  That’s the way he said that.  You know, there’s something nice about.  (Laughter.)

         MR. MUSK:  No, it is.  I, you know —

         THE PRESIDENT:  It is.

         MR. MUSK:  Because, I mean, the president has been so — so unfairly attacked in the media.  It’s truly outrageous.  And I’ve sp- — at this point, spent a lot of time with the president, and not once have I seen him do something that was mean or cruel or — or wrong.  Not once. 

         Q    You know, I’ve known him for 30 years.

         MR. MUSK:  Yeah.

         Q    And I’ve never seen anybody take as much as he’s taken.

         MR. MUSK:  Yeah.

         Q    And we’ve discussed this.  And I’m like, “How do you deal with it?”

         THE PRESIDENT:  Did have a choice?  (Laughs.)  I didn’t have a choice.

         Q    Well, you would say that to me.  I’m like, “What — what am I going to do?  Worry about it?”

         THE PRESIDENT:  That’s the only thing I can say.

         Q    And, you know — and then culminating in two assassination attempts, which resulted in your endorsement. 

         MR. MUSK:  Well, I was going to do it anyway, but that was —

         Q    That was it?

         MR. MUSK:  — a precipitating event, yeah.

         THE PRESIDENT:  That speeded it up a little bit?

         MR. MUSK:  Yeah.  Yeah.

         Q    The day of the assassination? 

         THE PRESIDENT:  Nice.  I didn’t know that. 

         MR. MUSK:  Yeah, it just — it sped it up, but I was going to do it anyway.

         Q    Mr. President, with your indulgence, I’m convinced that people only know a little bit about Elon.  I don’t think they know everything about Elon, because as I studied for and prepared for this interview, I learned a lot about you that I didn’t know.  I think people will think about Tesla.  Democrats are demonizing you and — and trying to make the country hate you. 

         I just want people to understand you a little bit better, and the person that you’ve gotten to know and have now put a lot of trust in. 

         THE PRESIDENT:  Sure.

         Q    And, you know, just — let’s go over a little bit of your bio, starting —

         MR. MUSK:  Ah, okay.

         Q    — with PayPal and how you became involved in Tesla and SpaceX and Neuralink —

         MR. MUSK:  This — this could take a while.

         Q    — and all these —

         MR. MUSK:  I mean, you know, I — I think the way you think of me is, like, I’m a technologist and I try to make technologies that improve the world and make life better.

         Q    You can show them your shirt.

         MR. MUSK:  Yeah, and that’s why, like, my t-shirt says “tech support” — (laughter) — because I’m here to provide the president with — with technology support. 

         And now, that — that may seem, like, well, is that a silly thing?  But actually, it’s a very important thing, because the president will make these executive orders, which are very sensible and good for the country, but then they don’t get implemented, you know?

         So, if you take the — for example, all the funding for the migrant hotels, the president issued an executive order: Hey, we need to stop taking taxpayer money and — and paying for luxury hotels for illegal immigrants —

         Q    It’s crazy.

         MR. MUSK:  — which makes no sense.  Like, obviously, people do not want their tax dollars going to — to fund high-end hotels for — for illegals.  And yet, they were still doing that, even as late as last week. 

         And so, you know, we went in there, and we were like, “This is in violation of the presidential executive order.  It needs to stop.” 

         So — so, what we’re — what we’re doing here is — is — one of the biggest functions of the DOGE team is just making sure that the presidential executive orders are actually carried out.  And this is — I just want to point out, this is a very important thing, because the president is the elected representative of the people, so he’s representing the will of the people.  And if the bureaucracy is fighting the will of the people and preventing the pres- — the president from implementing what the people want, then what we live in is a bureaucracy and not a democracy.

         Q    Yeah.  You — you’re both aware — you have to be keenly aware that the media and — and the punditry class — not that — you know, I think you’ve proven they have no power anymore, because they threw everything they had at you, and they didn’t win.  And that was, you know, the New York Times, Washington Post, three networks, every late-night comedy show, two cable channels — they — they just threw — they threw everything — lawfare, weaponization. 

         THE PRESIDENT:  It’s true.

         Q    And now I see they want you two to start — they want a divorce.  They want you two to start hating each other.  And they try — “Oh, President Elon Musk,” for example.  You do know that they’re doing that to you?

         THE PRESIDENT:  Oh, I see it all the time.  They tried it, then they stopped.  That wasn’t — they have many different things of hatred. 

         Actually, Elon called me.  He said, “You know they’re trying to drive us apart.”  I said, “Absolutely.” 

         You know, they said, “We have breaking news: Donald Trump has ceded control of the presidency to Elon Musk.  President Musk will be attending a Cabinet meeting tonight at 8 o’clock.”  (Laughter.)  And I say — it’s just so obvious.  They’re so bad at it. 

         I used to think they were good at it.  They’re actually bad at it, because if they were good at it, I’d never be president because I — I think nobody in history has ever gotten more bad publicity than me. 

         I could do the greatest things; I get 98 percent bad publicity.  I could do — outside of you and a few of your very good friends.  It’s, like, the craziest thing. 

         But you know what I have learned, Elon?  The people are smart.  They get it. 

         MR. MUSK.  Yeah.  They do, actually.  Yeah.

         THE PRESIDENT:  They get it.  They really see what’s happening. 

         MR. MUSK:  Yes.

         Q    And at the end of this interview, I — what I would like is, I — I want people to know the relationship and know more about you. 

         What is the relationship, Mr. President?

         THE PRESIDENT:  Well, I respect him.  I’ve always respected him.  I never knew that he was right on certain things, and I’m usually pretty good at this stuff.  He did Starlink.  He did things that were so advanced and nobody knew what the hell they were. 

         I can tell you, in North Carolina, they had no communication.  They were wiped out.  Those people were — you know, they had rivers in between — land that never saw water, all of a sudden, there was a river and a vicious — like, rapids.  People were dying all over.  They had no communication. 

         They said, “Do you know Elon Musk?”   And they didn’t really know I knew him.  I said, “Yeah.”  They said, “Could you get Starlink?”  It’s, like, the first time I ever heard of it.  I said, “What’s Starlink?”  “A communication system that’s unbelievable.” 

         Q    I have it.

         THE PRESIDENT:  And he — yeah.  And he said — I called him, and I said, “Listen, they really need it.”  And he got, like, thousands of units of this communication, and it saved a lot of lives.  He got it immediately.  And you can’t get it.  I mean, you have to wait a long time to get it.  But he got it to him immediately. 

         And I said, “That’s pretty amazing.”  And I didn’t even know he had it. 

         We watch the rocket ships, and we watch Tesla.

         I think, you know, something that had an effect on me was when I saw the rocket ship come back and get grabbed like you grab a beautiful little baby.  You grab your baby.  It just —

         MR. MUSK:  Just hug the rocket. 

         THE PRESIDENT:  I’d never seen —

         MR. MUSK:  Everyone — right.  Everyone needs (inaudible) —

         Q    You hug the rocket.  You hug the rocket.

         MR. MUSK:  — (inaudible) rockets. 

         THE PRESIDENT:  Yeah.  No, but — and he said, “You know, you can’t really have a rocket program if you’re going to dump a billion dollars into the ocean every time you fly.  You have to save it.”  And he saved it.  First time —

         Q    That’s ever been done.
        
         THE PRESIDENT:  — I’ve ever seen that done.  Now nobody else can do it. 

         If you look at the U.S., Russia, or China, they can’t do it, and they won’t be able to do it for a long time.  He has the technology.  So, you learn — I wanted somebody really smart to work with me, in terms of the country — a very important aspect.  Because, I mean, he doesn’t talk about it.  He’s actually a very good businessman.  And when he talks about the executive orders — and this is probably true for all presidents: You write an executive order and you think it’s done, you send it out; it doesn’t get done.  It doesn’t get implemented.  They don’t implement it. 

         They — maybe they’re from the last administration — and they are, in some cases.  You try and get them out as fast as you can.  But I could — as soon as he said that, I said, “You know, that’s interesting.”  You write a beautiful executive — and you sign it and you assume it’s going to be done, but it’s not.  What he does is he takes it, and with his hundred geniuses — he’s got some very brilliant young people working for him that dress much worse than him, actually —

         MR. MUSK:  Yeah, the do.

         THE PRESIDENT:  — they dress in just t-shirts.  (Laughter.)  You wouldn’t know they have 180 IQ.

         Q    Wait.  Wait.  So, what — he’s — he’s your tech support?

         MR. MUSK:  I —

         THE PRESIDENT:  No, no.  He is —

         MR. MUSK:  I actually virtually am tech support.

         THE PRESIDENT:  He’s much more than that.

         MR. MUSK:  I actually am tech support, though.  But that’s —

         THE PRESIDENT:  But he gets it done.  He’s a leader.  He really is a — he gets it done.  You get a lot of tech people, and you have people, they’re good with tech, but they — he gets it done. 

         You know, I said, in real estate, you had guys that would draw beautiful renderings of a building, and they’d draw the rendering, it would be great, and you’d say, “Great.  When are you starting?”  But they were never able to get it built.  They couldn’t get the finances.  They couldn’t get the approvals.  It would never get done.  And then you have other guys that are able to get it done.  You know, they could just get it done. 

         I was in real estate.  Same thing in this.  He gets it done. 

         So, when he said that — he said, “You know, when you sign these executive orders, a lot of them don’t get done, and maybe the most important ones,” and he would take that executive order that I’d signed, and he would have those people go to whatever agency it was — “When are you doing it?  Get it done.  Get it done.”  And some guy that maybe didn’t want to do it, all of a sudden, he’s signing — he just doesn’t want to bothered.

         Q    Does — do a lot of those executive orders have to be codified into law to — do you need the Republican Congress to follow up?

         THE PRESIDENT:  Yeah, and they will.  A lot of them will be.  Yeah.

         Q    They will?

         THE PRESIDENT:  Look, in the meantime, we have four years.  The beauty is, we have four years.  That’s why I like doing it right at the beginning.  Because an executive order is great.  I mean, the one problem — it’s both good and bad, because when they did all these executive orders, I’ve canceled most of them.  They were terrible.  I mean, we were going to go radical left, communist, okay?  It was crazy.  Their —

         MR. MUSK:  Really crazy.

         THE PRESIDENT:  — executive orders were so bad, if they ever got them codified, you’d never be able to break them.  So, the damage that Biden has done to this country — and it’s not even Biden; it’s the people that circled him in the Oval Office, okay? — but the damage they did to this country, in terms of, let’s say, open borders — you know, there’s so many things, but open borders, where millions of people poured into our country, and hundreds of thousands of those people are criminals.  They’re murderers.  They’re drug dealers.  They’re gang members.  They’re people from prisons from all over the world. 

         And we have a great guy, Tom Homan, and he is doing so incredibly.  You saw the numbers.  They’re down like 96 percent.

         Q    Ninety-five percent.

         THE PRESIDENT:  He is a phenomenal guy.  And Kristi Noem is doing an unbelievable job.  And he wanted her.  He said, “She’s so tough.”  And I said, “I don’t think of her as that way.  You know, she’s very nice.”  He said, “No, she’s so tough.”  And she is.  I see her with the horses.  She’s riding the horse.  Let’s — (laughter) — she’s great. 

         But the team we have is — is really unbelievable. 

         But those executive orders, I sign them, and now they get passed on to him and his group and other people, and they’re all getting done.  We’re getting them done.

         Q    Let me go back a little bit to your background, because —

         MR. MUSK:  Sure.

         Q    — it’s beyond impressive.  You were the chief engineer, for example — you were an early believer in Tesla.  You became the CEO and — and then the chief engineer, which was phenomenal.  SpaceX, same thing, which is unbelievable. 

         I mean, you were the first company — private company to send astronauts successfully into — into space, first private company to send astronauts into orbit. 

         MR. MUSK:  Yeah.

         Q    That’s — that’s pretty deep. 

         THE PRESIDENT:  He’s going to go into orbit soon.

         Q    Okay.

         MR. MUSK:  (Laughs.)  Yeah.

         THE PRESIDENT:  No, he’s going to go to Mars.  He’s going to fly on his —

         Q    Starlink.

         MR. MUSK:  At some point, yeah.

         Q    As in (inaudible) —

         MR. MUSK:  But they say — they always ask me, like, “Do you want to die on Mars?”  And I say, “Well, yes, but not on impact.”  (Laughter.)

         Q    Star- — Starlink is in 100 countries. 

         This is going to be hard.  I feel like I’m interviewing two brothers here.

         MR. MUSK:  You go ahead. 

         Q    Starshield, which could be used for national defense. 

         MR. MUSK:  Yeah, it is already being used for national defense. 

         Q    Then you have a — what is it called?  Optimus, a part of Tesla.

         MR. MUSK:  They’re a robot, yeah.

         Q    A robotic arm.  Then you have an AI arm.  And then you have something that really fascinated me, and it’s called Neuralink. 

         MR. MUSK:  Yes.

         Q    You might help the blind to see and people with spinal cord injuries that they — that they can recover, where in the past — how close is that to becoming a success?

         MR. MUSK:  At Neuralink we’re — we’ve ha- — we’ve implanted Neuralink in three patients so far, who are quadriplegics, and it allows them to directly control their phone and computer just using their mind, just by thinking.  It’s like — so, we call this product Telepathy, so you control your computer and phone just by thinking, and it’s possible to actually control the computer and phone faster than someone who has working hands.

         Then the next step would be to add a second Neuralink implant past the point where these — the neurons are damaged, so that somebody can walk again and so the pe- — they can have full-body functionality restored.  And —

         THE PRESIDENT:  And you like Bobby, right?

         MR. MUSK:  I like Bobby, actually.  Yeah.  I — I supported Bobby Kennedy.  I think he — you know, he’s unfairly maligned as someone who is anti-science.  But I think he — he isn’t.  He just wants to question the science, which is the essence of the science — the scientific method, fundamentally, is about always questioning the science. 

         Q    Well, they didn’t tell us the truth about COVID.

         MR. MUSK:  Correct.

         Q    That’s for sure. 

         MR. MUSK:  Yes. 

         Q    And we learned a lot with the Twitter files.  And that just, then, raises a question.  You’re the richest man in the world.  You may not like that part. 

         THE PRESIDENT:  Yeah.

         Q    You’re pretty competitive.

         MR. MUSK:  I mean, it’s neither here nor there.

         Q    I’ve known you a long time.

         MR. MUSK:  I don’t think it matters.

         Q    But —

         THE PRESIDENT:  That’s why I became president.

         Q    — he’s on your team.

         THE PRESIDENT:  (Inaudible) —

         Q    Well, that’s true.  He can’t top that.

         THE PRESIDENT:  He’s good.  You know, I wanted to find somebody smarter than him.  I searched all over.  I just couldn’t do it.  I couldn’t.  I couldn’t.
        
         Q    You really tried hard.

         THE PRESIDENT:  I couldn’t find anyone smarter, right?  So, we had to — we had to, for the country.

         Q    But this is the thing —

         THE PRESIDENT:  So, we settled on — we settled on this guy.

         MR. MUSK:  Well, thanks for having me.

         THE PRESIDENT:  (Laughs.)  Yeah.

         Q    So —

         MR. MUSK:  I’m just trying to be useful here.

         Q    But this is the interesting — but this is where we are as a so- — a society.  And I — I hate to do this to you, but I’m going to do it anyway.  You’re doing all of these things.  At DOGE, nobody at DOGE gets paid a penny, correct?

         MR. MUSK:  Well, actually, some people are federal employees, so they do. 

         Q    Oh, okay.

         MR. MUSK:  Yeah.  They’re (inaudible).  But it’s fair to say that the software engineers at DOGE could be earning millions of dollars a year and instead of earning a small fraction of that as federal employees.

         Q    Okay.  So, just —

         THE PRESIDENT:  And they’re very committed people. 

         MR. MUSK:  Yes.

         Q    So — you’re — you’re committed to helping the blind see, people with spinal cord injuries recover. 

         MR. MUSK:  Yes.

         Q    You’re committed to getting to Mars.  You’re committed to rescue — you’re going to help rescue, next month, two astronauts that I think were abandoned.  They — they dispute that in an interview.

         THE PRESIDENT:  When are you — when are you getting them?

         MR. MUSK:  At the — at the president’s request, we — or instruction, we are accelerating the return of the astronauts, which was postponed, kind of, to a ridiculous degree.

         THE PRESIDENT:  They got left in space. 

         Q    They’ve been there.  They were supposed to be there eight days.  They’re there almost 300.

         THE PRESIDENT:  Biden. 

         MR. MUSK:  They were put —

         Q    Yeah.

         MR. MUSK:  Yes, they were left up there for political reasons, which is not good. 

         Q    Okay, it’s not good.  Now, if I had the weight and pressure of doing that successfully on my shoulders, I think I’d be, you know — but you — when we spoke before we did this interview, you were very confident.  You think this will be a successful mission. 

         MR. MUSK:  Well, we don’t want to be complacent, but we have brought astronauts back from the space station many times before, and always with success.  So, as long as we’re not complacent —

         THE PRESIDENT:  When are they — when are you going to launch?

         MR. MUSK:  I think it’s about — about four weeks to

    bring them back. 

         Q    About four weeks? 

         MR. MUSK:  Yeah. 

         THE PRESIDENT:  And you have the go-ahead.

         MR. MUSK:  We’re being extremely cautious.

         Q    Yeah.

         THE PRESIDENT:  You now have the go-ahead.

         MR. MUSK:  Yes.  Well, thanks to you —

         THE PRESIDENT:  They didn’t have the go-ahead with Biden. 

         Q    What’s that?

         THE PRESIDENT:  He was going to leave him in space.  I think he was going to leave them in space.

         Q    Well, it’s like the (inaudible) —

         THE PRESIDENT:  He considered it a —

         Q    — growing up, lost in space. 

         THE PRESIDENT:  Yeah, he didn’t want the publicity.  Can you believe it?

         Q    Unbelievable.  And so —

         MR. MUSK:  Yeah.

         Q    — I want to echo something that the president said and then ask an overarching question.  So, people in — get hit with Hurricane Helene, they have no communication with the outside world.  You come to the rescue.  You donated that, I believe?

         MR. MUSK:  Yes.  Yes.

         Q    You donated to the people of —

         THE PRESIDENT:  He saved a lot of lives.  In North Carolina, he saved a lot of lives. 

         Q    And California, after the wildfires?

         THE PRESIDENT:  California.  But, I mean, in North Carolina, where they were really in trouble, they had no communication, people were dying.

         Q    Nothing.

         THE PRESIDENT:  They were dying of starvation.  He saved a lot of lives in North Carolina.

         Q    Okay.  Now you’re going to rescue astronauts.  And now — again, you do — you do all of this — I would think liberals would love the fact that you have the biggest electric vehicle company in the world. 

         MR. MUSK:  Yeah.  I mean, I used to be adored by the left, you know.

         Q    Not anymore.

         MR. MUSK:  Le- — less so these days.

         Q    He killed that, huh?

         MR. MUSK:  I mean, less —

         THE PRESIDENT:  I really (inaudible) —

         MR. MUSK:  Well, I mean, this — this whole sort of, like, you know — it was — they call it, like, “Trump derangement syndrome.”  And I didn’t — you know, you don’t realize how real this is until, like, it’s — you can’t reason with people. 

         So, like, I was at a friend’s birthday party in L.A., just a birthday dinner, and it was, like, a nice, quiet dinner, and everything was — everyone was behaving normally.  And then I happened to mention — this was before the election, like a month or two before — I happened to mention the president’s name, and it was like they got shot with a dart in the jugular that contained, like, the methamphetamine and rabies.  Okay?  (Laughter.)

         And they’re like, “Whyy?”  And I’m, like, “What is wrong — like, guys, like” — you just can’t have, like, a normal conversation.  And it’s like — it’s like they become completely irrational. 

         Q    He — he has no idea, if you’re friends with him —

         MR. MUSK:  Yeah.

         Q    — you pay a price.  You know, it’s like, I walk into a restaurant in New York, and it’s like half the room gets daggers and they want to —

         MR. MUSK:  The eye-daggers — eye-daggers level is insane.  (Laughter.)

         I mean, there was, like — I had, like, some — some invitation because — so, I got invited to, like, so- — basically, a big, sort of, damn — damn event like that was — but I’d received the invitation, like, the beginning of last year and then — and I still attended, even after I’d endorsed President Trump, and I didn’t realize how profoundly that would affect, you know, how I was received.  (Laughter.)

         I mean, I walk into the room and I’m getting just the dirty looks from — from everyone.  Like, if looks could kill, I would have been dead several times over.

         Q    But that was not — (laughter) — before Trump

         MR. MUSK:  (Inaudible) —

         Q    Before Trump: “BC” —

         MR. MUSK:  — ashes on the floor.  (Laughs.)

         Q    — or “BT.”  Before Trump, that never happened.  Right?

         MR. MUSK:  No.

         Q    No.  So —

         MR. MUSK:  I — I just — doesn’t seem strange?  Like, what — what is up with this total, like, madness?

         Q    You’re smarter than me.  Can you — I actually think that there’s a level of irrationality.  It’s almost like a trigger and —

         MR. MUSK:  It totally triggers. 

         Q    And it’s like — look, I — I’ve been on TV — this is my 29th year.  I’ve been on radio 35 years.  I will — I’ve gone hard in the paint to — for candidates that lost.

         MR. MUSK:  Yeah.

         Q    And guess what?  I get over it.

         MR. MUSK.  Sure.  Yeah, yeah.

         Q    And I just keep doing my show, and I just — you know, I come back to fight another day.

         So, here’s the big — then this is the million dollar or billion dollar — I’m among billionaires — question.  So, you have all this going on and you stop, in a way — you’re still doing it — and you partner with him.  And this is what you get for it from the Democrats.  You get “nobody voted for Elon.”  Well, nobody voted for any of your Cabinet nominees.  Okay?  “People are dying because of DOGE cuts.”  I’ll give you a chance to respond to all that.  “What DOGE is doing is illegal.”  “Elon Musk is” — more street vernacular for a male body part.  “It’s a constitutional crisis.”

         MR. MUSK:  How c- — why — why are they reacting like this?

         Q    Well, first of all, do you give a flying rip?  Number one.  And —

         MR. MUSK:  Well, I guess we must be — if we’re the target, we’re doing something right.  You know, if — like, they wouldn’t be complaining so much if they — we weren’t doing something useful, I think. 

         What — all we’re really trying to do here is restore the will of the people through the president.  And — and what we’re finding is there’s an unelected bureaucracy.  Speaking of unelected, there’s a — there’s a vast federal bureaucracy that is implacably opposed to the — the president and the Cabinet. 

         And you look at, say, D.C. voting.  It’s 92 percent Kamala.  Okay, so we’re in 92 percent Kamala.  That’s a lot. 

         Q    Yeah.  They don’t like me here either. 

         MR. MUSK:  I think about that number a lot.  I’m like, 92 percent.  That’s, basically, almost everyone.  And so — but if — but how can you — if — if the will of the president is not implemented, and the president is representative of the people, that means the will of the people is not being implemented, and that means we don’t live in a democracy, we live in a bureaucracy. 

         And so, I think what we’re seeing here is the — sort of, the thrashing of the bureaucracy as we try to restore democracy and the will of the people.

         Q    You —

         MR. MUSK:  Is this making sense?  I mean — sorry.

         Q    Y- — no, of course it does.  I mean, to me, if you look at our framers and our founders — and you’ve really become a student of history, Mr. President, and we’ve ta- — we’ve had conversations both on air and off air — and if we talk about constitutional order or transformational change, nobody can argue that what’s happening here is going at the speed of light. 

         But however, what were the principles of our framers and our founders?  They wanted limited government, greater freedom for the people — and we’ll get to the specific cutting of waste, fraud, and abuse.  That — that is your goal, is it not?

         THE PRESIDENT:  Yeah.  And my goal was to get great people.  And when you look at what this man has done, I mean, it was something — I knew him a little bit through the White House. Originally, I’d see him around a little bit.  I didn’t know him before that, and I respected what he did.  And he fought hard.  You know, he was a — he was maybe questioned for a while.  He was having some difficulties.  It was not easy doing what he did. 

         I mean, how many people have started a car company and made it really successful and made a better car where it’s, you know, beating these big companies that that’s all they do is cars?  I mean, it’s really amazing the things that he’s done.

         But I didn’t know it as much then as now.  I mean, the fruits have sort of taken hold.

         But I wanted great people, and he’s a great person.  He’s an amazing person.  He’s also a caring person.  You know, he uses the word “care.” 

         So, they sign a contract in a government agency, and it has three months.  And the guy leaves that signed the contract, and nobody else is there, and they pay the contract for 10 years.

         So, the guy is getting checks for years and years and years, and he’s telling his family, obviously — maybe it was crooked, maybe he paid to get the contract, or maybe he paid that they didn’t terminate him.  But, you know, we have contracts that go forever, and they’ve been going for years, and they’re supposed to end in three months or five months or two years or something, and they go forever.  So, the guy is either crooked — you know, where he knew this was going to happen — or he’s crooked because he’s getting payments that he knows he shouldn’t be getting.

         MR. MUSK:  Yeah.

         THE PRESIDENT:  But they’re finding things like that.  They’re finding things far worse than that.  And they’re finding billions — and it will be hundreds of billions of dollars’ worth of fraud.  I say waste and abuse, but fraud, waste, and abuse.  And he’s doing an amazing job.

         And he attracts a young, very smart type of person.  I call them high-IQ individuals, and they are.  They’re very high Q and — high IQ.  And when they go in to see the people and talk to these people — you know, the people think they’re going to pull it over.  They don’t.  These guys are smart, and they love the country.  You know, there’s a certain something. 

         But he uses the word “care.”  So, people have to care.  Like, when I bought Air Force One —

         MR. MUSK:  Exactly.

         THE PRESIDENT:  — I negotiated the price.  It was $5.7 billion, and I got it — I got them down $1.7 billion.  Now they’re not building the plane fast enough.  I mean, they’re actually in default — Boeing.  They’re supposed to —

         Q    When is it —

         THE PRESIDENT:  They’ve been building this thing forever.  I don’t know —

         Q    This is the new Air Force One?

         THE PRESIDENT:  — what’s going on.

         MR. MUSK:  Yeah.

         THE PRESIDENT:  We don’t build the way we used to build.  You know, we used to build like a ship a day, and now to build a ship is, like, a big deal, and we’re going to get this country back on track.  We could do it, but so many things — it takes so long to get things built and get things done. 

         And a lot of it could be something we’ve been discussing.  The regulators go in and they make it impossible to build.  They make it very difficult to build anything, whether it’s a ship, a plane, or a building or anything.  And some of them do it because they want to show how important they are.  Some of them do it maybe because they think they’re right.  They use the environment to stop progress and to stop things.  It’s always the environment.  “It’s an environmental problem.”  It’s not an environmental problem at all.  But they do a lot of things. 

         And, by the way, speaking of that, Lee Zeldin is going to be fantastic in the position.  So important.  He could take 10 years to approve or disapprove something, or he could do it in a month.  You know, just as good.

         Q    Sure. 

         THE PRESIDENT:  And I think you’re going to see some fantastic — a fantastic job done by him.  He’s a tremendous guy. 

         Q    Newt — you echoed something when I had just met you, and it was very similar to what Newt has been saying, that we’re — he brought this country to the dance.  This is the opportunity to be transformational, and to have, I would argue, a — the most consequential presidency if we — if we’d really dig down and do something that had never been done before, and that is get rid of this bureaucracy.  And I’m going —

         MR. MUSK:  Yes.

         Q    — to get to specifics.  You say the same thing.  It’s not done yet. 

         MR. MUSK:  Absolutely.

         Q    And what did you mean by that?

         MR. MUSK:  Well, I mean the — w- — winning the election is really the opportunity to fix the system.  It is not fixing the system itself.  So, it’s an opportunity to fix the system and to restore the power of democracy. 

         And, you know, people — like, it’s funny how — how often it — you — when these attacks occur, the thing that they’re accusing the administration of is what they are guilty of.  They’re saying that things are — are being done are unconstitutional, but what they are doing is unconstitutional.  They are guilty of the crime of which they accuse us.

         THE PRESIDENT:  That’s always the first thing they do.

         MR. MUSK:  Yeah.

         THE PRESIDENT:  “He’s in violation of the Constitution.”  They don’t even know what they’re talking — well, they know.

         MR. MUSK:  It’s absurd. 

         THE PRESIDENT:  It’s just a con job.  It’s a big con job.  And they’re so bad for the country, so dangerous and so bad.

         And the media is so bad.  When I watch MSNBC, which I don’t watch much, but you have to watch the enemy on occasion, the level of arrogance and — and cheating and — they’re just horrible people.  These are horrible people.

         Q    They lie. 

         THE PRESIDENT:  These are horrible people. 

         Q    They tell conspiracy theories.

         THE PRESIDENT:  They lie, and they start up with the Constitution.  They couldn’t care less about the Constitution.

         CNN, likewise.  I mean, I watched them asking questions with, you know, the hatred with the — why — I said, “What are you asking the question with such anger?  You’re asking me a normal question.”  But you see the bias.  The bias is so incredible.  Those two are bad.

         PBS is bad.  AP is bad.  CBS is terrible. 

         I mean, CBS now — they changed an answer in Kamala.  They asked her some questions.  She answered them like, you know, a low-IQ person.  The opposite of him — the absolute opposite.  But she gave a horrible answer.  They took the entire answer out, and they put another answer that she gave 20 minutes later into the — in- — as the answer.  

         Q    It was part of her word salad. 

         THE PRESIDENT:  I’ve never even heard of that be- — I thought I heard of it all.

         MR. MUSK:  Right. 

         Q    That wh- — “60 Minutes” once — one — wanted to do an interview with me, and I said, “Live to tape.” 

         MR. MUSK:  Yeah, exactly. 

         Q    They said, “No.”  And I said, “No” —

         MR. MUSK:  Right.

         Q    — “No deal.” 

         MR. MUSK:  Exactly.  They can- —

         Q    Like, this interview will —

         THE PRESIDENT:  I’ve never even heard — you know, I’ve seen where they take a sentence off or something and they’ll do — but they —

         Q    Sometimes you cut for time o- — 

         THE PRESIDENT:  No, no.  They took the entire — this long, terrible statement that she made and put another. 

         Nobody’s ever seen what’s happening.  And, you know, the people that do all this complaining, they’re very dishonest people. 

         MR. MUSK:  Yeah. 

         Q    Yeah.  I — I’m going to, just for the sake of saving time —

         THE PRESIDENT:  Yeah.

         Q    — because I could spend — and I’ve done this on radio and TV, I — I can spend an hour finding the outrageous amounts of money being spent abroad, like USAID.

         MR. MUSK:  Sure.

         Q    And I do want to mention a couple, but I’m going to —

         MR. MUSK:  Yeah.

         Q    — scroll it and —

         MR. MUSK:  Well — well, I guess, at a high level, I think it’s what the president mentioned earlier, which is that in order to save taxpayer money, it comes down to two things: competence and caring.  And —

         THE PRESIDENT:  That’s right. 

         MR. MUSK:  — and when — when president was shown the outrageous bill for the new Air Force One and — and then negotiated it down, if he had — if the president had not applied competence and caring, the price would have been 50 percent higher — literally, 50 percent higher.  The president cared.  The president was competent.  The price was not 50 percent higher as the result. 

         And so, when you add more competence and caring, you get a better deal for the American people. 

         THE PRESIDENT:  But we could take — we were talking about this yesterday.  I could take — give me thousands of bills — any — I could pick any one of them, and I could —

         MR. MUSK:  Yes, exactly.

         THE PRESIDENT:  — take all thousand.  And let’s say it’s a bill for $5,000 — just $5,000, and it’s done by some bureaucrat.  And if he would say, “I’ll give you three.  I don’t want to pay you five.  It’s too high.  I’ll give you three.”  But they don’t do that.  If a guy sends in a bill for $5,000, they pay $5,000.  They expect to be cut.  Everybody expects to be cut.  When you send in a bill, you expect to be cut.  They send in the bill higher, for the most part.  This is true with lawyers, legal fees.  When they send in legal fees, you — I can cut — I wish I had the time, I would save so — but I could cut these bills in half — much better than half. 

         But you offer people a much lower number because you know they — they actually put fat — I’m not even saying it’s — it’s like a way of business.  They put more on because they expect to be negotiated.  When you send in a bill to the government, there’s nobody to negotiate. 

         MR. MUSK:  Yes.

         THE PRESIDENT:  You send it a bill for $10,000, and they send you a check back for $10,000.  If you would call them and said, “We’ll give you five.”  “No, no, no.  I need more than five.”  “We’ll give you a five.”  “I’m not going to pay any more than five.”  “Make it six.”  “No, I’m not going to make it six.”  And you’ll settle for $5,500.  You’ve just cut the bill almost in half, and it took, like, two minutes.  When did that stop?  But —

         Q    (Inaudible) the art of the deal?

         THE PRESIDENT:  — that’s caring.  No, it’s not even the art of the deal.  It’s caring.  He uses the word —

         MR. MUSK:  It’s — it’s competence and caring.

         THE PRESIDENT:  — it’s caring. 

         Q    Yeah.

         THE PRESIDENT:  It’s — it’s a certain competence, but I think it’s more caring. 

         MR. MUSK:  I — if you —

         THE PRESIDENT:  (Inaudible.)

         MR. MUSK:  Actually, if you add either ingredient — either competence or caring — you’ll — you’ll get a better outcome.  But it stands to reason —

         Q    Right.  People don’t want to do this (inaudible.)

         MR. MUSK: — that’s the reason that if you don’t have competency and you don’t have caring, you’re going to get a terrible deal.  And the problem is that the American taxpayer has been — been getting a terrible deal, because — look at the last administration.  Can you — can anyone — can any reasonable person say that last administration was either competent or caring?

         Q    But they lied to us and said that Joe didn’t have a cognitive decline.

         MR. MUSK:  They fully lied. 

         Q    They said the borders were closed.  They said that the borders were secure.  They said that —

         MR. MUSK:  Right.

         Q    You know, they said Obamacare would save —

         MR. MUSK:  They flat out lied. 

         Q    They flat out lied — 

         MR. MUSK:  It was insane.

         Q    — on many occasions. 

         MR. MUSK:  Yes.

         Q    I tell my audience all the time: Don’t trust government. 

         MR. MUSK:  Yes.

         Q    So, the — I want — as I scroll this information, and it’s — it’s — I’ll scroll a lot more than I’ll mention to both of you, and this is the cost savings.  I want you — I want people at home to understand this part: The average American makes $66,000 a year. 

         MR. MUSK:  Yeah.

         Q    Okay?  We have $37 trillion in national debt. 

         MR. MUSK:  Yes. 

         Q    Now, all the money I’m about to mention and what we’re going to scroll on our screen — and all of this is going to foreign countries.  It is not being spent here in America —

         MR. MUSK:  Yes.

         Q    — for better schools, law and order. 

         MR. MUSK:  I — I think the average taxpaying American should be mad as hell because their tax money is being poorly spent.

         Q    I’m mad.  It’s stealing from —

         MR. MUSK:  It’s a — it’s an outrage —

         Q    — our kids and grandkids.

         MR. MUSK:  Yes, and the — and people —

         THE PRESIDENT:  And a lot of fraud, Sean.  A lot of fraud.

         Q    Yes.

         THE PRESIDENT:  And a lot of kickbacks. 

         They’re sending money out.  They’re not that stupid.  These people aren’t that stupid.  They’re sending for transgender — something having to do with the opera, and they’re sending out $7 million —

         MR. MUSK:  (Laughs.)  Literally.

         THE PRESIDENT:  — $7 million.  (Inaudible) —

         Q    You just stole my next line.  I can’t believe that. 

         THE PRESIDENT:  No, it’s incredible. 

         Q    I was going to mention that.

         THE PRESIDENT:  No, but it’s incredible: $7 million.

         Now, you know they — they’re not so stupid.  They’re sending all this money.  They expect to get a lot of it back.  And that’s what happens.

         Q    Okay.  So, let’s go through it.

         MR. MUSK:  Yes, they’re — a bunch of —

         Q    So, for the average person at home —

         MR. MUSK:  — this stuff is round-tripping.  To the president’s point, they’ll — they’ll make it sound like it’s going to help some people in a foreign country, but then they — then they get kickbacks. 

         Q    All right.  Let me go to the ne- — to the fir- —

         MR. MUSK:  Yeah.

         Q    — to the second question first.  I want to know, because people like Joni Ernst, and — and House —

         MR. MUSK:  Yeah, Joni — Joni Ernst has been —

         Q    They tried to get —

         MR. MUSK:  — has tried for a long time, and she’s actually got a lot of good data.  Senator Ernst has been really helpful, actually.

         Q    Okay, but they — they actually hide what the real purpose of the spending is. 

         MR. MUSK:  That’s true.

         Q    In other words, they — and — and h- — this is a question: How did you decipher?  It will say, “Humanitarian blah, blah, blah in Serbia or Afghanistan.”  We’ve been giving money to China for crying out loud, which I think is nuts.

         MR. MUSK:  Well, we’re giving money to the Taliban.

         Q    Money to the Taliban?

         MR. MUSK:  Like a lot.

         Q    All right.  So —

         MR. MUSK:  (Laughs.)  I’m like, for what?

         Q    But they —

         MR. MUSK:  I — I want to see pictures of what they did.

         Q    But they try to obscure it, and — and — but then you got to the bottom line, which is what I’m now scrolling on the screen —

         MR. MUSK:  Yes.

         Q    — and that is: $20 million on a Sesame Street show in Iraq; $56 million to boost tourism in Tunisia and Egypt; $40 million to build schools in Jordan; $11 million to tell the Vietnamese to stop burning trash; $45 million for DEI scholarships in Burma; $520 million for consultant-driven ESG investments in Africa; DEI programs in Serbia; the president’s favorite — I’m sure you — you love that taxpayer money was spent on a DEI musical in Ireland or a chan- — transgender opera in Colombia or a —

         MR. MUSK:  If I could, like, it sounds like —

         Q    — transgender comic book in Peru. 

         MR. MUSK:  It sounds like — it sounds like how can these things be real?  But this is actually what was done. 

         Q    Okay.  The — I —

         MR. MUSK:  It — it sounds like a comedy sketch or something.  It’s like —

         Q    I have 20 pages of this.

         MR. MUSK:  Right.  It’s not — the list is a mile long.

         THE PRESIDENT:  The one thing you didn’t mention, the media.  The media is getting millions of dollars. 

        MR. MUSK:  Yes.

         THE PRESIDENT:  Now, they say Politico, which is a radical left —

         Q    Subscriptions. 

         THE PRESIDENT:  — you know, garbage magazine or — or program.  I guess they have magazine and they have some — some media of all types.  $8 million. 

         I hear the New York Times got a lot.  I hear they get subscriptions — where they have subscriptions but maybe the paper is not sent.  I have no idea if that’s true or not, but it’s — they call it subscriptions.  Lots of subscri- — to different media, not just the Times — maybe the Times, and maybe not the Times.

         Q    A million dollars in subscriptions is a lot.

         THE PRESIDENT:  Well — but — but millions of dollars going to media that’s radical-left, crooked, dishonest media.

         MR. MUSK:  Well — well, Reuters — this is actually really wild: Reuters got like — something like $10 million for something that was literally titled “mass disinformation campaign.” 

         Q    Well —

         MR. MUSK:  That was on the purchase order.  Well, I — I

    thought that was a little bold.  (Laughs.) 

         Q    I will tell you what was bold is when you released —

         MR. MUSK:  I’m like —

         Q    — the Twitter files.

         MR. MUSK:  — shouldn’t you at least try to call it something else?  (Laughs.)

         Q    The Twitter files — how they targeted him; how Twitter, at the time, worked closely with the FBI, the CIA; and, even before the release of Hunter’s very real laptop, they were feeding them disinformation.  That —

         MR. MUSK:  Absolutely.

         Q    — you found all that out. 

         MR. MUSK:  Well, I think —

         Q    That’s called transparency, right?

         THE PRESIDENT:  The FBI has to be rehabbed.  The FBI —

         MR. MUSK:   Yeah.

         THE PRESIDENT:  What’s happened with the FBI and the DOJ is just — their — their stock has gone way down.  I mean, their reputation is shot.

         Q    And intelligence.

         THE PRESIDENT:  And I think Pam is going to do great.  I think Kash is going to do great.  I think they have to do great or we have a problem. 

         But when you look at what they did, the raid of Mar-a-Lago — the raid of Mar-a-Lago — you look at what they did, their reputation is shot.

         Q    It is. 

         What — you were going to say, Elon?

         MR. MUSK:  Well, no, I was going to say that I think probably a — like, a lot of people still —

         Q    How — how did you find (inaudible)?

         MR. MUSK:  — still believe, like, the Russia hoax, even though you’ve done a lot to combat that.  The — you know, the — the Steele dossier was an incre- — a massive scam that was concocted by Hillary Clinton and her — her campaign.

         Q    She bought and paid it — for it —

         MR. MUSK:  Right.

         Q    — Russian disinformation. 

         MR. MUSK:  There was — it was — the — people still think the — the Russia hoax is real.  Like a lot of people s- — because they never — they never heard the counterpoint.  I mean — I mean, a bunch of people should be in prison for that.  That was a — that was outrageous election interference, creating a fake Russia hoax. 

         Q    How much — if you had to put a number on it, how much do you think you’ve identified waste, fraud, abuse, corruption at this point?  And again, we’ve been — we’re going to be scrolling this throughout the program. 

         MR. MUSK:  Well, the — the overall goal is to try to get a trillion dollars out of the deficit.  And if we — if we — if the deficit is not brought under control, America will go bankrupt.  This is a very important thing for people to understand.  A country is no different from an individual, in that if an individual overspends, an individual can go bankrupt, and so can a country. 

         And — and the out- — the massive waste, fraud, and abuse that has been going on, which is leading to a $2-trillion-a-year deficit, that — that’s what the president was handed on Jan. 20th, a $2 trillion deficit.  It’s insane. 

         Q    For this fiscal year?

         THE PRESIDENT:  Two trill- — yeah.  We inherited it.

         MR. MUSK:  Two —

         THE PRESIDENT:  Yeah.  And inflation is back.  I’m only here for two and a half weeks. 

         Q    That was January —

         THE PRESIDENT:  Inflating is back —

         Q    — you were there for a week. 

         THE PRESIDENT:  No, think of it, inflation is back.  And they said, “Oh, Trump infla-” — I had nothing to do with it.  These people have — have run the country.  They spent money like nobody has ever spent.  They were — they were given $9 trillion to throw out the window — $9 trillion, and they spent it on the Green New Scam, I call it.  It’s the greatest scam in the history of the country.  One of them.  We have a lot of them, I guess.  But one of them.

         Q    Well —

         THE PRESIDENT:  Dollar-wise, probably —

         Q    — and DEI —

         THE PRESIDENT:  — it is.

         Q    — and wokeism —

         THE PRESIDENT:  Yeah, yeah.

         Q    — and transgenderism —

         THE PRESIDENT:  Well, that’s all part of it.  Yeah.

         Q    — and LGBTQ+.

         MR. MUSK:  Yes.

         Q    And, by the way, not in America — other countries, not here. 

         THE PRESIDENT:  You know, the amazing thing is when you see, like, the teaching of DEI: $9 million.  How do you spend $9 million to teach no matter what it is?

         MR. MUSK:  Right.

         THE PRESIDENT:  You could teach physics. 

         MR. MUSK:  Exactly.  Totally.

         THE PRESIDENT:  You could go to MIT for a lot less.

         MR. MUSK:  It’s (inaudible) expensive.  (Laughs.)  Expensive.

         THE PRESIDENT:  Yeah, the teaching —

         MR. MUSK:  Expensive BS.

         THE PRESIDENT:  — of DEI.

         Q    Well, I think it would be better spent on —

         THE PRESIDENT:  No, it’s a kickback.  It’s got to be a kickback.  Nobody is that — nobody could do that.  Nobody is —

         Q    Well, it —

         THE PRESIDENT:  Nobody is giving — to assess the dialog of an audience coming out of a theater: $4 million.

         Q    How much do you believe, Elon, you’ve identified in — in waste, fraud, abuse, corruption now?  And how much —

         MR. MUSK:  Well —

         Q    — do you anticipate you will?

    MR. MUSK:  Sure.  Well, the — I — I think —

    THE PRESIDENT:  One percent.

    MR. MUSK:  (Laughs.)

    THE PRESIDENT:  No, because it’s so massive.  It’s — this is —

    MR. MUSK:  Yeah, exactly.

    THE PRESIDENT:  — huge money.  Huge money.  Look —

    Q    So, what we’ve found now is one percent?

    MR. MUSK:  Well, we’ve j- — we’ve just gotten started here.

    THE PRESIDENT:  As good as they are, they’re not going to find some contract that was crooked — you know, crooked as hell.  And, I mean, there’s going to be so much that isn’t found.  But what is found — I think he’s going to find a trillion dollars.

    MR. MUSK:  Yeah, I think so. 

    THE PRESIDENT:  But I think it’s a very small percentage compared to what it is.  I mean, he could tell you about treasuries; he could tell you about a woman that worked for Biden that became a very wealthy woman while she was working for him.  Right?

    MR. MUSK:  Yeah.

    Q    Yeah, I know who you’re talking about.

    MR. MUSK:  I mean, there are some strange situations where people — where, you know, someone’s working for the government earning $200,000 a year, and then, suddenly, they’re worth tens of millions of dollars within a few years.  Where’d the money come?

    Q    How’d they earn it?

    MR. MUSK:  Yeah.

    Q    They have a private company on the side? 

    MR. MUSK:  We’re just curious.  Like, can you —

    THE PRESIDENT:  While they were working.

    MR. MUSK:  Can you show us — because, like, in order to be worth tens of millions of dollars, you’d have to start a company, or you’ve got to get some kind — the compensation has got to come from somewhere.  So, how does a civil servant with — earning $200,000 a year suddenly, within a span of a few years, be worth tens of millions dollars?

    Q    W- —

    MR. MUSK:  So, I just want to connect the dots here. 

    Q    All right, s- —

    MR. MUSK:  Maybe there’s a legitimate explanation, but I don’t think so.  (Laughter.)

    Q    So, you know, and this gets to kind of the heart of where I am.  I — I looked at your work, and I look at this amount of money, and I get angry.  And I don’t get v- — I’m not an angry person. 

    MR. MUSK:  Sure.

    Q    I don’t get angry.  I get a- — I get annoyed sometimes, but I don’t get angry. 

    And I did live paycheck to bay- — paycheck a part of my life.  And I think of, you know, the working men and women in this country that the — 56 percent of which cannot afford a $1,000 emergency after four years of Harris and Biden.

    MR. MUSK:  Sure.

    Q    Okay?  That is serious, you know, financial trouble.  Or they’re putting bare necessities on credit cards. 

    And I’m looking at this and I’m thinking, well, how much — when we — when all is said and done, we could have written a check or cut the taxes or fixed our schools —

    MR. MUSK:  Yes.  Yes.

    Q    — or deported these illegals that we keep finding, known terrorists, cartel members, gang members. 

    MR. MUSK:  Yeah.

    Q    And — and we’re not doing it.

    THE PRESIDENT:  Sean, the saddest thing is they don’t talk about the individual lines.  I could go on your show right now,  I could get a list that I have on the beautiful Resolute Desk in the Oval Office, and it’s got 40 points, and all they are is the heading of what this money is. 

    You don’t have to go deep into it, and you see it’s, you know, all different things and it’s so ridiculous. 

    I mean, normally, when you look for fraud, you’re looking for one thing out of a hundred.  Here, out of a hundred, 95 are going to be bad.  I mean, they’re — and they’re so obvious just by the heading.

    But they never mention that.  They only mention, “This is a violation of our Constitution.  This is a” — the word they give, you know, it’s like a sound bite — “constitutional crisis.”  It’s a new thing, “constitution-” —  But they never mention about where the money is going. 

    MR. MUSK:  Yes.  Exactly.

    THE PRESIDENT:  And when people hear that — I had a very smart man, John Kennedy — he’s actually a very smart man.  He said, “Sir, you should just go on television and just read the name of the topic that you’re giving all the money — just the topic that you’re giving this money to, and don’t say anything more,” and he’s right.

    MR. MUSK:  Yeah.

    THE PRESIDENT:  And I’ll do it at some point, you know, when — 

    But they never talk about where the money is going.  They just talk about, “It’s a constitutional crisis.” 

    It’s so sad.  And honestly, I think they’re bad people.  I used to give them the benefit of the doubt, but you almost think they hate the country.  I think they hate the country.  They’re sick people. 

    Q    Remember, what they can’t — what they couldn’t accomplish at the ballot box, what they can’t accomplish legislatively, now they’re using the courts.

    MR. MUSK:  Yes.

    Q    And they c- — they’re trying to bury you in lawsuits.

    THE PRESIDENT:  That’s right.  You know the good news, though?  They’ve lost their confidence.  They’re not the same people. 

    Q    I think you’re right.

    THE PRESIDENT:  They’re — they’re not the same people. 

    This election was brutal for them.  We won every swing state.  We won by millions and millions of votes.  We won everything.  We — all 50 states went up — all 50.  It’s never happened.

    Q    Popular vote. 

    THE PRESIDENT:  Every one.  All 50 states went up. 

    They’ve lost their confidence.  I see it.  And they’re — they’re just swirling and twirling.  They don’t know what the hell is happening.  They’re much different.  They’re just as mean, but they’re not getting to the point.

    Q    Why do you invite them into the Oval Office nearly every day?

    MR. MUSK:  (Laughs.)

    THE PRESIDENT:  Well, the media — you’re talking about the media.

    Q    Yeah, your friends in the media.

    THE PRESIDENT:  The media — no, they’re — you know, the anger that — they ask questions so angry — a question — a normal question.  I give them an answer.  They — but they — I say, “Why are you so angry when you ask a question?”  Just a standard question.  And, I don’t know, there’s something —

    Q    They haven’t had a- — they haven’t been allowed in that office for the last four years, and here you’re giving them access. 

    Let me go to an area that I think is key, and — and you talked about this in recent interviews, and that is: We don’t need a Department of Education.  Okay.  And what some people are trying to do is stoke fears that, “Oh, my gosh, my kid is not going to get the money for education.”

    THE PRESIDENT:  (Laughs.)  Yeah.

    Q    Or “grandma’s Social Security and Medicare.”  This was a big promise of yours on the campaign trail.

    THE PRESIDENT:  Yeah.  Yeah.

    Q    So, I really want to give you both an opportunity to assure the American people you will keep — that money will be allocated for students, but with higher standards.  For example, I would assume associated with monies given or vouchers.

    THE PRESIDENT:  (Inaudible) so much and — and then Elon goes.  But, look, Social Security won’t be touched — 

    Q    Won’t be touched.

    THE PRESIDENT:  — other than if there’s fraud or something — we’re going to find it; it’s going to be strengthened — but won’t be touched.  Medicare, Medicaid, none of that stuff is going to be touched.  It’s just — 

    Q    Nothing.  I want you to —

    THE PRESIDENT:  (Inaudible) don’t have to.

    Now, if there are illegal migrants in the system, we’re going to get them out of the system, and all of that fraud.  But it’s not going to be touched.

    School — I want to bring school back to the states, so that Iowa, Indiana — all these places — Idaho, New Hampshire — there’s so many places, the states.  I figure 35 really run well. 

    And right now, it’s Norway, Sweden, Denmark, Finland, China — China, can you imagine? — has top — top schools.  We’re last. 

    So, they have a list of 40 countries.  We’re number 40.  Usually we’re 38, 39, but last time, we were number 40.  And what I say is you’ve got to give it back. 

    So, it doesn’t work. 

    I’ll tell you what we’re number one in: cost per pupil.  We spend more money than any other country by far — it’s not even close — per pupil.  Okay?  So, we know it doesn’t work. 

    So, we spend the most and we have the worst — right? — the worst result.  When we give that — when we give that back to Indiana, when we give that b- — back to Iowa and back to a lot of the states that run well — they run well, a lot of them — 35, 37, 38 — now, you’re going to have 10 laggards, but you’re going to have 5 real laggards, but that’s going to be okay. 

    Take New York — you give it to Westchester County, you give it to Suffolk County, you give it to Upstate New York, and you give it to Manhattan — but you give it to four or five subsections.  Same thing in California.  Los Angeles is going to be a problem, but you’re going to give it to places that run well.  We can change education

    Now, school choice is important, but that will get care — taken care of automatically. 

    We want to bring education back to the states.  You will spend half the number.  And I’m not even doing this —

    Q    So, you’re leaning more towards grants not vouchers, like to parents?

    THE PRESIDENT:  I’m not even — I’m not even doing this to save, but you will save.  It will cost you much less money.  You get a much better education. 

    If you go to some of these states, you’ll be the equivalent of Norway, Sweden, Denmark — places that really have a good school system.  You’ll have — those places will be the equivalent, and your overall numbers will get so much better. 

    Q    Do you want standards associated with the money?

    THE PRESIDENT:  The only thing I want to do from — from Washington, D.C., is make sure they’re teaching English, reading, writing —

    Q    Math and science.

    THE PRESIDENT:  — and arithmetic.  Okay?

    Q    Science?  Science might help.

    THE PRESIDENT:  Okay.  A little science.  You know —

    Q    Computers.

    THE PRESIDENT:  — you’re not going to have much of a problem with that, but that’s it. 

    Do you know, we have half the buildings — I mean, you look at Department of Education —

    MR. MUSK:  It’s empty.

    THE PRESIDENT:  Look at the real estate and the —

    MR. MUSK:  Yeah.

    THE PRESIDENT:  — the level.  For what?  To — to — I mean, for — what do they do?

    We have really bad educa- — the teachers — I love teachers.  I respect teachers.  And, by the way, there’s no reason why teachers can’t form a union.  They can do whatever they want to do, if it’s back in the states.  So, we’re not looking to hurt the teacher — I’m — I’m going to help the teachers.  I think the teachers should be incentivized, because a good teacher is like a good scientist, is like a great doctor.

    MR. MUSK:  Sure.

    THE PRESIDENT:  It’s a valuable commodity. 

    MR. MUSK:  Yeah.

    THE PRESIDENT:  I think they should be incentivized. 

    MR. MUSK:  Yes.

    THE PRESIDENT:  So, I’m totally for the teachers.

    MR. MUSK:  Absolutely.

    Q    I interview a guy a lot on radio.  He’s from Wichita, Kansas.  And he started —

    THE PRESIDENT:  Right.

    Q    — as a medical doctor.  Started Atlas.MD, and he’s now — he’s rolled it out nationwide.  Concierge care, $50 a month, 24-hour access to a doctor. 

    THE PRESIDENT:  Right.

    Q    You know, they use a lot of telemedicine now as part of it — very innovative.  He negotiates directly with pharmaceutical companies.  People — if they have high blood pressure, they walk out with their medicine.  They have high cholesterol, they walk out with their medicine.  And they pay pennies on the dollar.

    You mentioned —

    THE PRESIDENT:  By the way, forms of that could be done.

    Q    Forms of that?

    THE PRESIDENT:  Forms of that could be done.

    Q    Innovation. 

    THE PRESIDENT:  We got hurt when we didn’t get the vote on Obamacare.  I made Obamacare — I had a choice: I could let it rot and win a point, or I could do the best you could do with it.  And that’s what I did.  We did a great job with it, and we made it sort of work, but it’s lousy.  We could do so much better. 

    And when you say — you go to certain areas, they — they have doctors round the clock.  They have great medical care for a fraction of what we’re paying right now. 

    There are things we could do. 

    But, look, just overall, this man has been so valuable.  I hate to see the way they go after him.  They go after him.  It’s so unfair.  He doesn’t need this.  He wants to do this. 

    First of all, this is bigger than anything he’s ever done.  He’s done great companies and all, but this is much — you know, this is trillion — everything’s trillions, right?

    MR. MUSK:  Yeah.  The numbers are crazy.

    Q    To go back to my original point —

    THE PRESIDENT:  He can save —

    MR. MUSK:  Yeah.

    Q    But let me — give him his $10 million back.

    MR. MUSK:  Well — well — I — no.  So, people ask me, like, “What’s — what’s the — what’s the — what’s, like, the — what’s your biggest surprise in — in D.C.?”  And I’m like, “The sheer scale.”

    Q    It’s massive.  So, you love the challenge?

    MR. MUSK:  Well, I mean, to —

    THE PRESIDENT:  He’ll never do anything bigger.

    MR. MUSK:  To the president’s point —

    THE PRESIDENT:  That’s the only thing you can say, “He’ll

    never do anything” —

         MR. MUSK:  But, I mean, you do something slightly better, and you save billions of dollars for the American taxpayer — just slightly better.  Slightly.  (Laughs.)

         Q    When you say “tech support” —

         MR. MUSK:  You go one percent better, and it’s, like, you know, tens of billions of dollars saved to the American taxpayer. 

    Now, if I may address the point that you — the question you asked earlier, which is, you know, how do we assure people that —

    Q    They want to know.

    MR. MUSK:  Yeah, how do we assure people that we’re going to do the right thing, that their — that their Social Security benefits will be there, that their — the medical care will be good and s- — and — in fact, how do we make it — ensure that there’s better medical care in the future?  How do we improve their benefits?  How do we make sure that their Social Security check goes further than it did in the past and not — it doesn’t get weakened by inflation?

    So, the — if we — if we address the — the massive deficit spending, the sort of — the — the waste in the government, then — then we can actually address inflation. 

    So, provided the economy grows faster than the money supply, which means you stop the government overspending and the waste, and the output of real useful goods and services exceeds the increase in the money supply, you have no inflation.

    Q    Yeah.

    MR. MUSK:  And — and you also drop the — the interest payments that people pay, because if the government keeps —

    Q    Way too high.

    MR. MUSK:  Yes.  The — the reason the interest payments are so high is because the — the national debt keeps increasing.  So, the — the government is competing for — to sell debt with — for — with — with the private citizens.  This drives up the interest rate. 

    So, if you have a — if you have a — if you cut back on the deficit, you actually have an amazing situation for people, because you get r- — you get rid of inflation and you drop the interest rates.  And that means people’s mortgage payments go down, their credit card payments go down, their car payments go down, their student loans go down.  Everything — their — their life becomes more affordable and they’re standard of living improves.

    Q    How quickly?  Because I think people are suffering now.  We’re still living under the Biden-Harris economy. 

    THE PRESIDENT:  But, Sean, you have states right now —

    Q    Yeah.

    THE PRESIDENT:  You have some states that operate that way.  They operate as well as any corporation.  They really operate well.

    MR. MUSK:  Yeah.

    Q    Florida.

    THE PRESIDENT:  They have surpluses.  They ha- — they don’t —

    MR. MUSK:  Texas is — has a surplus, for example.

    Q    Yeah.

    THE PRESIDENT:  When they — when they look at New York and — and California and some of these places that should have an advantage — I mean, there’s a big advantage — or Pritzker does such a bad job in Illinois; it’s horrible how bad he is — and they don’t have that advantage. 

    You know, New York has stock exchange and a lot of things.  And California has the weather and the beautiful water and all the thing- —

    MR. MUSK:  California has — has great weather.  The most expensive weather on Earth.

    THE PRESIDENT:  Yeah.  (Laughter.)  But — but —

    Q    I like Florida.

    MR. MUSK:  Yeah.

    THE PRESIDENT:  But some states operate the way he’s talking about.

    Q    Efficiently.

    THE PRESIDENT:  When you go into some of these states, you’re going to find very little.  You’re going to find almost nothing.  They really operate well — big surpluses, low taxes.  And —

    Q    You know, my taxes went up the first time you were president, because you took away the SALT deduction —

    THE PRESIDENT:  I — well, I did.

    Q    — which, by the way, I thought was the right decision.

    THE PRESIDENT:  It was the right decision — in fact, Reagan tried to do it — because it rewards badly run states.

    But at the same time, it’s a tough — it was — it’s tough for the states.  I mean, it really is tough for the states. 

    The sad part is it rewards really badly run states. 

    Q    Yeah.

    THE PRESIDENT:  And Reagan tried to do it.  He was unable to do it.  I got it done. 

    Q    You got it done, and —

    THE PRESIDENT:  And now we’re going to give some back.

         Q    A little bit.

    THE PRESIDENT:  Because you know what?  We’ve got to help them.

    Q    It’s only a little.

    THE PRESIDENT:  We’ve got to help.

    Q    Because otherwi- — we’re encouraging people to elect high taxes, spen- —

    THE PRESIDENT:  Nobody had any idea it would be that devastating.  I did the right thing.  I got something that Reagan couldn’t do.  I got it done, where everybody is — are the same.  But you know what?  We’ve got to help them out.

    Q    Reagan had the Grace Commission, some of the best business minds in the country.

    THE PRESIDENT:  Right.

    Q    And they came up with recommendations.  Congress adopted none of them, and none of them were implemented. 

    I’ve got to ask this question, because the media is obsessed about it: What — what if there is a conflict?  In other words, because you do business — it was funny, when it came out the other day, that there was going to be, I think, $400 million — billio- — I don’t know if it was millions or billions — a lot of money on Teslas that Joe Biden’s administration w- — did with Tesla, and —

    MR. MUSK:  I’m not familiar with that.

    Q    You’re not even familiar with it?  But —

    MR. MUSK:  I — I don’t think — are you talking about, like, the Inflation Reduction Act stuff or —

    Q    It was some — it was a purchase order of Tesla vehicles. 

    MR. MUSK:  Oh.  Oh, that was — that was incorrect.  There was s- — like, there’s some sort of — the media claim that there was, like, $400 million worth of Cybertrucks —

    Q    That was it.

    MR. MUSK:  — being bought by the DOD.

    Q    And that he gave it to you.

    MR. MUSK:  No — well, first of all, that was —

    THE PRESIDENT:  No, actually, it was —

    MR. MUSK:  Th- — it was fa- —

    THE PRESIDENT:  It was Biden.

    Q    It was Biden.

    THE PRESIDENT:  And you know Biden wouldn’t give him much.

    MR. MUSK:  But — but it wasn’t even — it was fake news, six weeks to Sunday.  Tesla is not getting $400 million for Cybertrucks.  And the — and the — and this alleged —

    Q    That’s what it was, Cybertrucks.

    MR. MUSK:  This — yeah.  This alleged award occurred in December, before the president took office.  So, it’s — it’s fake on multiple levels.  There i- — Tesla isn’t getting $400 million.  And even if it — even if it was, which it isn’t, it was awarded during the Biden administration. 

    Q    Okay, but you’re — you — you —

    MR. MUSK:  It’s total fake news. 

    Q    There — there is —

    MR. MUSK:  It’s fake on, like — it’s like multiple leverals —

    Q    There is some integration —

    MR. MUSK:  — multiple layers of fake.

    Q    So, you’re — you’re tasked now — and I pray to God this is successful.  I really do.  I wish you Godspeed. 

    MR. MUSK:  Yeah.

    Q    You know, “Godspeed, John Glenn.”

    THE PRESIDENT:  It’s — it’s going to be, by the way.  I really believe it’s going to be.

    Q    But — but there —

    MR. MUSK:  Oh, yeah.

    Q    But there are legitimate areas —

    THE PRESIDENT:  Because the country is going to do well beside this. 

    This is cutting.  We’re only talking about cutting. 

    We’re also going to make a lot of money.  We’re g- — we’re taking in so much money.

    Q    But what about his business?  What if — if there is —

    THE PRESIDENT:  Then we won’t let him do it.

    Q    — a contract he would otherwise get?

    THE PRESIDENT:  We’re not going to let him do it.  He — if —

    Q    You’re not going to let him do it?

    THE PRESIDENT:  If he’s got a conflict — I mean, look — he —

    Q    Y- — now y- —

    THE PRESIDENT:  He’s in certain areas — I mean, I see this morning — I didn’t — I didn’t know, but I said, “Do the right thing” — where they’re cutting way back on the electric vehicle subsidies.

    MR. MUSK:  Yes.

    THE PRESIDENT:  They’re cutting back.

    Q    You’re losing —

    THE PRESIDENT:  Not only cutting back —

    Q    It hurts you.

    MR. MUSK:  Correct.

    THE PRESIDENT:  Yeah.

    Now, I will tell you —

    Q    You don’t care? 

    MR. MUSK:  Well —

    THE PRESIDENT:  He’s probably not that happy with it, but that would have been one thing he would have come to me and said, “Listen, you got to do me a favor.  This is crazy.”  (Laughter.)  But this was in the tax bill.  They’re cutting back on the subsidies. 

    I didn’t — I wasn’t involved in it.  I said, “Do what’s right, and you get” — and they’re coming up with the tax, but it’s just preliminary. 

         But I mean, if he were involved, wouldn’t you think he’d probably do that?  Now, maybe he does better if you cut back on the subsidies.  Who knows.  Because he figures — he does think differently.  He thinks he has a better product, and as long as he has a level playing field, he doesn’t care what you do —

         MR. MUSK:  Exactly.

         THE PRESIDENT:  — which he’s very — he’s told me that.

    MR. MUSK:  Yeah.  I mean, I haven’t asked the president for anything ever.

    THE PRESIDENT:  It’s true.

    Q    And if it comes up, how — how will you handle it?  (Inaudible.)

    THE PRESIDENT:  He won’t be involved. 

    MR. MUSK:  Yeah, I’ll — I’ll re- — I’ll recuse myself if it is a conflict.

    THE PRESIDENT:  If there’s a conflict, he won’t be involved. 

    MR. MUSK:  Yeah.

    THE PRESIDENT:  I mean, I wouldn’t want that, and he won’t want it.

    MR. MUSK:  Right.  And — and also, I’m getting a — sort of a daily proctology exam here.  You know, it’s not like I’ll be getting away from something in the dead of night. 

    Q    Welcome to D.C.  If you want a friend, get a dog. 

    MR. MUSK:  Well, I do have a dog, but I also have friends.  (Laughter.)  My dog loves me, poor little creature. 

    THE PRESIDENT:  You know the truth was —

    MR. MUSK:  I need to bring him to D.C.

    THE PRESIDENT:  He’s — I know every businessman.  I know the — the good ones, the bad ones, the smart ones, the lucky ones.  I know them all.  This guy is a ver- — he’s a brilliant guy.  He’s a great guy.  He’s got tremendous imagination and scientific imagin- — far beyond — you know, you keep talking about a technologist and all, but you’re much more than a technologist.  You are that.  But he’s also a good person.  He’s a very good person, and he wants to see the country do well. 

    And I know a lot of great businesspeople, really great business people, but, you know, they’re not really, in some cases, very good people.  And I know people that would try and take advantage of the situation. 

    This guy is somebody that really cares for the country, and I saw that very early on.  I saw it, really, a long time ago when I got to know him.  He’s a very different kind of a character. 

    That’s why — you know who loves him: young people that are very smart and that love the country.  He’s got, like, a tremendous following, because that’s what he’s — he’s a good person.

    And he doesn’t need this.  He didn’t need this, and he’s doing this to help the country.  If I didn’t win this election, this country was — I don’t think it could have made it.  I don’t — I mean, we’re allowing criminals — millions of criminals into our country, where everything is transgender, it’s men playing in women’s sports. 

    I mean, none of this stuff — you could go — I could give you a hundred things.  It’s almost like they’re trying to destroy the fabric of — of the country, of the world, because the world was following us.  Now the world is following us out of this pit. 

    We’ve done a lot.  I’ll tell you what, in three weeks, we’ve done more — I think we’ve done more — in — in terms of meaningful, not just dollars — than maybe any president ever.  And a lot of people are saying that.

    Q    Shock — it’s been shock and awe. 

    THE PRESIDENT:  I mean, if we can keep it going at this level, this country is going to be at a level that it’s never seen before. 

    Q    You know one of the things you did that I really thought was pretty clever and smart and fair, and that was reciprocal tariffs. 

    THE PRESIDENT:  Yeah, reciprocal. 

    Q    Ta- — I didn’t know India charged so much.  I didn’t know the European Union to charge them. 

    MR. MUSK:  Yeah, totally.

    Q    I didn’t know Canada was charging us.

    THE PRESIDENT:  Everybody.  Everybody.  Everybody but us.

    Q    Brazil, why?

    THE PRESIDENT:  And I was doing it — you know, I charged China tariffs.  I took in hundreds of billions of dollars, and I was doing that.  But when we got — we had the greatest economy in history.  But then we got hit with COVID, and we had to solve that problem, because I was doing it — and now I said, I want to come back and do the recipri- — because every country in the world almost — we have a deficit with almost every country — not every one, but just about, pretty close.

    And — but every country in the world takes advantage of us, and they do it with tariffs.  They makes — make it — it’s impossible for him to sell a car, practically, in, as an example, India.  I don’t know if that’s true or not, but I think —

    MR. MUSK:  The tariffs are like 100 percent import duty. 

    THE PRESIDENT:  The tariffs are so high —

    MR. MUSK:  Yeah.

    THE PRESIDENT:  — they don’t want to — now, if he built the factory in India, that’s okay, but that’s unfair to us.  It’s very unfair. 

    And I said, “You know what we do?”  I told Prime Minister Modi yesterday — he was here.  I said, “Here’s what you do.  We’re going to do — be very fair with you.”  They charge the highest tariffs in the world, just about.

    Q    36 percent?

    THE PRESIDENT:  Oh, much — much higher.

    MR. MUSK:  It’s 100 percent on — auto imports are 100 percent.

    THE PRESIDENT:  Yeah, that’s peanuts.  So, much higher.  And — and others too.  I said, “Here’s what we’re going to do: reciprocal.  Whatever you charge, I’m charging.”  He goes, “No, no, I don’t like that.”  “No, no, whatever you charge, I’m going to charge.”  I’m doing that with every country. 

    MR. MUSK:  It seems fair.

    Q    Don’t you —

    THE PRESIDENT:  (Laughs.)  It does.

    MR. MUSK:  It’s — it’s like fair is fair.

    THE PRESIDENT:  Nobody can argue with me.  You know, the media can’t argue — I said — they said, “Tariffs — you’re going to charge tariffs?”  You know, if I said, like, 25 percent they’d say, “Oh, that’s terrible.”  I don’t say that anymore —

    Q    Can I — (inaudible) —

    THE PRESIDENT:  — because I say, “Whatever they charge, we’ll charge.”  And you know what? 

         Q    They stop.

         THE PRESIDENT:  They — then they say, “Oh, that sounds fair.”

    MR. MUSK:  All the president is saying is that —

         Q    (Inaudible.)

         MR. MUSK:  — it needs to be at a level playing field and — and fair and square.

    Q    Yeah.  And how does — how —

    THE PRESIDENT:  And we’re going to make a lot of money and a lot of businesses are going to come pouring in.

    MR. MUSK:  How can you argue with a fair and square situation?

    Q    Don’t — don’t you think most of them will look at the — the — for example, without America, China’s economy will tank.  They need our business. 

    THE PRESIDENT:  They do.  Everybody needs us. 

    Q    Everybody needs it. 

    THE PRESIDENT:  And you know what?

    Q    Do- — don’t you think they’ll stop?

    THE PRESIDENT:  We only have so long left where we’re in this position.  We’re the bank, and the bank is getting smaller and smaller and smaller.  We — we’re the bank.  We got to do this now.  We can’t wait another 10 years and have a shell of a country left, because that’s what was going to happen.

    Q    Mr. President —

    THE PRESIDENT:  This country — if I didn’t win this election and have people like this man right here that really do care, because that’s the other word — if you don’t care, you could be the smartest guy in the world, it’s not going to matter.  But if we didn’t win this election, I’m telling you, we would not have had a country for very long.

    Q    How quickly —

    MR. MUSK:  May I say —

    Q    — do you balance the budget and — and when do we start paying down that debt?

    THE PRESIDENT:  Well, potentially, very quickly, between what he’s doing and with income coming in from tariffs and other things.  I mean, I hope we can — I don’t want to give a date, because then these people are going to say, “Oh, well, he didn’t make the date.”  But I think we can do it very quickly. 

    We would have never done it if this didn’t happen.  Never.  It would have never been — it would only get worse and worse, and ultimately, it would have exploded. 

    This country was headed down a very bad track.  And the whole DEI thing, that was — that was a trap.  That was a sick trap.

    Q    (Inaudible.)

         MR. MUSK:  (Inaudible.)

    THE PRESIDENT:  And, you know, we’ve destroyed that.  That’s gone.  That’s pretty much gone. 

    Q    I agree. 

         MR. MUSK:  (Inaudible) —

         Q    We’re not — we’re not funding it. 

    MR. MUSK:  If — I really want to — I really want to emphasize to people that — this is a very important point — if we don’t solve the deficit, there won’t be money for medical care.  There won’t be money —

    THE PRESIDENT:  Right.

    MR. MUSK:  — for Social Security.  We either solve the deficit or all we’ll be doing is paying debt.

    Q    Nobody — 

    MR. MUSK:  It’s — it’s got to be solved, or there’s no medical care, there’s no Social Security, there’s no nothing.  That’s got to be solved.  It’s not optional.  America will go bankrupt if this is not done.  That’s why I’m here. 

    Q    The president’s —

    THE PRESIDENT:  Europe takes advantage of us.

    MR. MUSK:  And — and I’d like to also just send a message — like, because, as the president said, like, this — there’s a lot of rich people out there.  They should be caring more about the country because — the reason they should be caring about — more about country is: America falls, what do you think is going to happen to your business?  What do — what do you think — do you think you’re be going to be okay if — if the ship of America sinks?  Of course not. 

    Like, what — what I’m doing here, what the president is doing is it’s just long-term thinking.  The ship of America must be strong.  The ship of America cannot sink.  If it sinks, we all sink with it.

         THE PRESIDENT:  Sean, you’re a —

    Q    This is what — this is what drives you? 

    MR. MUSK:  Yes.

    Q    This is important.  It says “tech support.”  So, you’re not trying to be president, as the media suggests.  You are really here because your heart and your passion is this.  And the president described you as being — this is the biggest thing you ever done.  Now you trying to bring sight to —

    THE PRESIDENT:  There could be nothing bigger.  There’s nothing —

    Q    You’re sending ships up to Mars — you know, spaceships up in the sky all the time —

    THE PRESIDENT:  That’s peanuts.

    Q    — and saving astronauts.  That’s pretty big. 

    THE PRESIDENT:  That’s peanuts compared to what we’re talking about.

    Q    It’s peanuts?

    THE PRESIDENT:  Yeah.

    Q    Do you agree with that?

    MR. MUSK:  Well, it’s esse- — it’s essential that America be healthy, that America’s economy be strong.  And — and if that — if — basically, like, my concern is like, if — if — America is the central pillar holding up Western civilization.  That pillar must be strong.  If that pillar falls, the whole roof comes crashing down.

    THE PRESIDENT:  Including his ships.

    MR. MUSK:  There’s no place to hide.

    THE PRESIDENT:  Including his ships going up.

    MR. MUSK:  There’s no place to run.

    THE PRESIDENT:  Nothing.  There’s nothing left. 

    Q    Why — why, if this is your goal, your motivation, you’re losing money in the process, you’re offeri- — you do all these nice things for people for free; you’re trying to solve, you know, blindness; you’re going to rescue astronauts; you help the people in North Carolina, California; you’re cutting money that was sent abroad that’s not helping the American people, then why the rage —

    MR. MUSK:  Actually, I think it was like —

         Q    But why this rage?

         MR. MUSK:  — it was not helping the American people and hurting people overseas, to be clear.

    Q    Why this rage against you now?  First, they hated him.  Now they hate both of you. 

    MR. MUSK:  Well, I think we’re seeing an antibody reaction from — from those who are receiving the — the wasteful and fraudulent money. 

    Q    They’re being exposed. 

    MR. MUSK:  Yes.

    Q    Nobody wants to be exposed when you’re corrupt. 

    MR. MUSK:  I’ll — I’ll tell you a lesson I learned at PayPal.  You know who complained the loudest — the quickest and the loudest and with the most amount of righteous indignation?  The fraudsters.  That’s who complained first, loudest, and — and they would generally have this immense overreaction.  That’s how we knew there were the fraudsters.  That’s how we knew.  There’s a tell.

    Q    What di- — I’ve never — I’ve never met you before today.

    MR. MUSK:  Yeah.

    Q    And it’s nice to meet you, by the way.  Thank — thank you for doing this. 

    You guys are really friends.  I could s- — you guys — I could see you kicking up your shoes.

    THE PRESIDENT:  Well, he doesn’t do this kind of thing.  And the way I figured that you’d get to know him is if I did it with him.  I said, “Come on, let’s do it together.”  He doesn’t do this. 

    I think he’s smarter not doing it, overall.  Because, you know, I mean, he’s done very well without doing it.  But he doesn’t feel it’s really worthwhile.  He wants the product to speak for itself, or whatever he does speak for itself.  But he views it as — you know, does it matter? 

    And I’m doing this with you today because I wanted to have people understand him.  And I think it’s very important — I disagree with him.  I think it’s very important that they do understand him. 

    He doesn’t need this.  He doesn’t need it.  Now, I happen to think it’s made him very popular.  I think it — he’s more popular now because there are so many people — you know, you’re talking about the radical left — they have the lowest ratings.  MSNBC is dying.  CNN is dying.  They’re all dying.  The New York Times is doing lousy.  The Washington Post is doing horribly.  They’re all doing badly because people don’t buy it anymore. 

    But I think it was important that he do this one interview.  You’ve been a very fair guy.  I think you were the right guy to do it.  If we could get some radical left guy — and he’d do just as well, frankly, because it’s all about common sense.

    Q    They would attack him —

    THE PRESIDENT:  But this — Sean —

    Q    — as being unconstitutional, not — a fascist. 

    THE PRESIDENT:  — to me this was a — it was important for people to understand, he’s doing a big job.  He’s doing a very thankless job.  He’s doing a thankless job, but he’s helping us to save our country. 

    Our country was in serious trouble, and I had to get the best guy, somebody with credibility, because if he were just a regular, good — very good, solid businessman, he wouldn’t have the credibility.  He’s got the best credibility for this. 

    And people also know he’s an honest guy.  He’s an honest guy.  He’s just a very, very smart guy who’s done amazing things.  And this will be the biggest thing he’s ever done, because, you know, his companies are all great.  But if this country goes bad — I guess where he is a little selfish is this.  He knows one thing and probably doesn’t think — but if his — if this country goes bad, his stuff is not going to be worth very much, I can tell you.

    MR. MUSK:  Well, I’d say, if the — if the ship of America sinks, we’re all go- — going down with it.  You know, this idea that people can escape to New Zealand or some other place is false.  If the central pillar of Western civilization that is America falls, the whole roof comes crashing down and there is no escape. 

    Q    It’s amazing, since you’ve been elected, to watch Canada, Mexico, Venezuela, Colombia — I — I was shocked at the statements that Vladimir Putin made about you.  I — I was shocked at the hostage release.  I was shocked that Venezuela had done it — had done it.  Zelenskyy wants a deal.  Putin wants a deal. 

    THE PRESIDENT:  All good statements.

    Q    King Abdullah was interested.

    THE PRESIDENT:  You mean by that all good statements.  Look, they respect the president of this country.  They respect — they did not respect the last president.  They laughed at him, and they laughed at our country, and he’s done great damage to our country. 

    Q    Have foreign leaders told you what they thought of Biden?

    THE PRESIDENT:  Yeah, they have, but I’d rather not say.  They — they have.  It’s not — it — look —

    Q    It’s the obvious. 

    THE PRESIDENT:  He was not George Washington, let’s put it that way. 

    MR. MUSK:  (Inaudible.)

    THE PRESIDENT:  Not the greatest. 

    Q    Sorry, if that’s (inaudible).

    THE PRESIDENT:  He’s done a tremendous disservice. 

    Q    Will you be here —

    THE PRESIDENT:  And, by the way, the Democrats have done a great disservice, and they ought to get their act together and use a little judgment, and they ought to work with us on straightening out this mess that — 

    Q    Who?  John Fetterman?

    THE PRESIDENT:  — a lot of people have —

    Q    Maybe?  Who — what Democrat is not radicalized? 

    THE PRESIDENT:  Actually, you mention John.

    Q    John Fetterman. 

    THE PRESIDENT:  He’s become the best voice in the Democrat party.  You know, I had lunch with him, and I thought he was terrific, but he’s a much different man than he was before he had this difficulty.  He used to be radical left, and I think he became much smarter, actually.  He’s really — he’s really a voice of reason. 

    But the Democrats have to get together.  They have to get their act together, because the stuff they — they talk about makes no sense.  It makes — none whatsoever.  And they must know it.  They must know.

    MR. MUSK:  Yeah.  I mean, like, the country has spoken very clearly and rejected the core tenets of the Demo- — Democratic Party.  The country voted t- — fo- — I mean, the country made the — America has made its vote clear.  The president won the popular vote decisively.  The Republicans won the House.  Repub- — Republicans won the Senate.  What more do you need?

    The Democratic Party needs to take a hard look in the mirror and — and change their ways. 

    Q    I think they went from shock, denial, into the depression stage of grief, and now they’re in the rage stage, where I anticipate they’ll stay for four years, and if they get the chance, they’ll want to impeach him 10 times.  Do you anticipate you’ll be here in four years?  My last question.

    MR. MUSK:  I’ll — I’ll be as helpful as long as I can be helpful.

    THE PRESIDENT:  That’s a good question.  I mean, I was thinking about that just now.  I said, “I wonder how long he’s going to be doing it.”  You can’t get somebody like this.  He cares, and he’s brilliant, and he’s got energy. 

    You need energy, also, in addition to those other things.

    You know, I have a lot of guys that are very smart, but they have no energy.  They want to sleep all day long.  You need a lot of energy.  He’s got a lot of energy.  He’s doing a great job. 

    If there’s any conflict, he — he will stop it.  But if he didn’t, I’d stop it.  I’d see if there’s a conflict.  I mean, we’re talking about big stuff.

    But he’s under a pretty big microscope. 

    MR. MUSK:  Yeah, seriously.

    THE PRESIDENT:  I mean, everybody is watching him.  If there’s a conflict, you’re going to be reading about it within about two minutes after the conflict.

    MR. MUSK:  Exactly.  There — there’s — the possibility of me getting away with something is 0 percent — 0.0.  I — I’m scrutinized to a ridiculous degree. 

    And — and the other thing is that we — you know, what — what’s — you know what’s better than saying “trust — trust me” is just full transparency.  So, what we’re doing with — with the DOGE — DOGE dot — just go to DOGE.gov.  You can see every single action that’s being taken. 

    And now –and I want to be clear, we are going to make some mistakes.  We’re not going to be perfect.  Nobody bats a thousand.  But we’re going to fix the mistakes very quickly.  That’s what matters: not that you don’t make mistakes, but that you fix the mistakes very fast. 

    THE PRESIDENT:  And you’re going to ask the other side, when they talk about, “This is a constitutional crisis,” you got to a- — what are they paying for?  Where are those tax — because when you read off the list of things, it’s a big con job.  See, when they talk Constitution —

    MR. MUSK:  Totally.

    THE PRESIDENT:  — it’s a total con job.

    MR. MUSK:  Yes.

    THE PRESIDENT:  They never talk — and I watch some of the shows —

    MR. MUSK:  It’s specifics — they avoid specifics.

    THE PRESIDENT:  Yeah, when you start talking about how did — how come they spent money on transgender here and transgender there —

    MR. MUSK:  Yeah, totally.

    THE PRESIDENT:  — and all the stuff in some country that nobody ever heard of, they don’t want to talk about it.  They just talk about, “This is a constitutional crisis.” 

    Q    It shocks the conscious.

    THE PRESIDENT:  The money is being squandered purposely — tremendous theft, tremendous kickbacks, everything — and we’re straightening it out.  And thank goodness.  I look up, and I say, “Thank you,” because I think if it went on for four more years, it would not be salvageable.  You wouldn’t be able —

    MR. MUSK:  Absolutely.

    THE PRESIDENT:  You wouldn’t be able to save it. 

    Q    You believe, too, that when you were in Butler, came within a millimeter being assassinated —

    THE PRESIDENT:  Yeah.

    Q    The day you endorsed him, that was that day.

    MR. MUSK:  Yes.

    Q    But you had been planning on it?

    MR. MUSK:  Yeah.

    Q    Pretty — I think everybody will never forget that iconic blood on your face.  “Fight, fight, fight.”  I actually was afra- — watching it and thought you might drop again.  You know, I didn’t know if it had hit you.  You can sometimes get up and then the blood starts to accumulate.  It was scary — pretty scary. 

    MR. MUSK:  Well, I mean, th- — this is how you know someone’s true character, because everyone can say they’re brave, but the president was actually shot.  Okay?  Courage under fire.  “Fight, fight, fight,” blood streaming down the face.  That’s true courage.  You can’t fake that. 

    Q    Yeah.  Thank you both. 

         Mr. President, thank you, sir. 

    THE PRESIDENT:  Thank you very much. 

    Q    Appreciate it.  Elon, thank you for your time.  Really nice to meet you. 

                                  END                    1:01 P.M. EST

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI China: Frenchman to donate album on Japan’s war atrocities

    Source: China State Council Information Office 2

    Frenchman Marcus Detrez was leafing through an album of photos depicting his grandfather’s fulfilling life in Shanghai in the 1930s when a picture thrust him into appalling moments of war.
    A sharp contrast to scenes of tranquil lakes and bustling food stalls on the streetside, the photograph shows a civilian, whose head has been completely blown off, lying on the ground.
    The chance discovery made in the garage of his family home in 2021 put the 26-year-old on a truth-seeking journey that offered further evidence of the wartime atrocities committed by Japanese soldiers during China’s War of Resistance Against Japanese Aggression (1931-45), as well as the resilience of local residents — which is all documented in a collection of 622 photographs.
    Detrez, accompanied by two friends, arrived in Beijing on Saturday to donate the photos to China. They also plan to visit Shanghai to see venues shown in the pictures.
    “I was very shocked when seeing the horrible pictures of the war with corpses and bombings. My mom told me the story of my grandfather, his life in Shanghai, his struggles, the Japanese invasion and the war crimes he witnessed,” Detrez said during an interview with China Daily on Tuesday.
    Detrez has spent his spare time researching the topic and attempting to learn more about his grandfather’s experiences in Shanghai as a business owner and a witness of and fighter against the brutalities of war.
    The first group of pictures uncovered by Detrez in the garage totaled about 170. In December, he and his family members found hundreds more related pictures.
    “We’ve been discussing what we should do with these pictures, and finally we decided to donate them to China,” he said.
    The pictures are now stored in a leather, handheld briefcase — the same one that his grandfather used when traveling back from China many decades ago.
    As he opened the suitcase and sorted through the pictures in waterproof covers and envelopes, Detrez appeared unfazed by some of the graphic, bloody images.
    But he said he has had many sleepless nights since finding these pictures, and his senior family members have been traumatized for many years by the memories.
    “We’ve been carrying a heavy (emotional) burden,” said Bastien Ratat, one of Detrez’s friends assisting with the donation.
    But they have persisted, driven by a desire to spread awareness about the truth of a part of history that they believe is not fully understood by the world.
    Ratat, who is also from France, explained that in his home country and many parts of the world, China’s War of Resistance Against Japanese Aggression is known as the Sino-Japanese war.
    “There is a big difference because it was a war where the Chinese people were under attack, and resisted and defended themselves,” he said. “For Detrez’s grandfather, a foreigner in Shanghai, his world had suddenly changed and he had to be resilient to protect his family and his friends, including Chinese friends.”
    Despite the fact that looking at these pictures is a painful experience, Detrez said it is important to confront and reflect on such historical events.
    “As human beings, we have made some mistakes, and we should make sure that we learn from that,” he said. “I hope that we can tell the truth and inspire the future generations. If we don’t tell the truth, if we deny the truth, we just go into a big war.”
    After finishing his trip in China, Detrez, a language teacher, said he plans to establish an association in France to promote awareness about the wartime atrocities suffered by the Chinese people and foster people-to-people friendship between China and France.

    MIL OSI China News –

    February 19, 2025
  • MIL-OSI China: China’s Einstein Probe captures rare X-ray flash from binary star system

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

    BEIJING, Feb. 19 — China’s Einstein Probe (EP) astronomical satellite has captured an X-ray flash from a rare and elusive binary star system, offering new insights into the interaction and evolution of massive stars.

    The research, a collaboration between Chinese and international scientists, was published in the latest issue of The Astrophysical Journal Letters.

    The binary system consists of a large, hot star 12 times the mass of the Sun, and a compact white dwarf with a mass similar to that of the Sun but only the size of the Earth. Only a handful of such systems have been identified, and this is the first time scientists have tracked the X-ray light from the pair as it flared up and then faded.

    On May 27, 2024, the Wide-field X-ray Telescope (WXT) onboard the EP satellite detected X-rays from the Small Magellanic Cloud, a neighboring galaxy. To trace the source, identified as EP J0052, scientists used EP’s Follow-up X-ray Telescope (FXT) and also enlisted NASA’s Swift and NICER X-ray telescopes, as well as the European Space Agency (ESA)’s XMM-Newton telescope.

    Data analysis revealed the source to be a rare and intriguing celestial pair.

    “We realized that we were looking at something unusual, that only EP could catch. This is because, among current telescopes monitoring the X-ray sky, WXT is the only one that can see lower energy X-rays with sufficient sensitivity to catch the novel source,” says Alessio Marino, a researcher at the Institute of Space Sciences in Spain, and lead author of the study.

    “The unusual duo consists of a massive star that we call a ‘Be star,’ weighting 12 times the Sun, and a stellar ‘corpse’ known as a white dwarf, a compact and hyper-dense object, with a mass similar to that of our star,” explains Marino.

    The two stars orbit closely, with the white dwarf’s strong gravitational field pulling material from its companion. This process eventually leads to a catastrophic nuclear explosion, creating a bright flash across multiple wavelengths, including visible light, UV and X-rays.

    According to the scientists, the two stars’ interaction began with the larger star exhausting its nuclear fuel, shedding material onto its companion. As the Be star grew to 12 times the mass of the Sun, the remaining core of the other star collapsed into a white dwarf. Now, the white dwarf is pulling material from the Be star’s outer layers.

    “This study gives us new insights into a rarely observed phase of stellar evolution, which is the result of a complex exchange of material that must have happened among the two stars,” said Ashley Chrimes, an X-ray astronomer at ESA. “It’s fascinating to see how an interacting pair of massive stars can produce such an intriguing outcome.”

    Erik Kuulkers, ESA project scientist for EP, noted that outbursts from Be-white dwarf systems are extraordinarily difficult to observe. “The advent of EP offers the unique chance to spot these fleeting sources and test our understanding of how massive stars evolve.”

    The EP mission is one of a series of space science missions led by the Chinese Academy of Sciences. It is also an international collaboration mission with contributions from the ESA, the Max Planck Institute for Extraterrestrial Physics in Germany, and the French space agency CNES.

    Launched on Jan. 9, 2024, from Xichang Satellite Launch Center in Sichuan Province, southwest China, the EP satellite carries two scientific instruments: the WXT, which provides a wide view of the X-ray sky, and the FXT, which allows for detailed observation of transient sources detected by the WXT.

    EP is an international collaborative mission, and its science team comprises about 300 researchers worldwide. The recent publication of the first paper led by scientists from the ESA member states based on EP data highlights the project’s openness and collaborative spirit in scientific research, said Yuan Weimin, EP’s principal investigator.

    “We hope that the EP satellite will continue to provide invaluable observational datasets for the worldwide astronomical community, driving advancements in humanity’s understanding of the ever-changing universe,” he added.

    MIL OSI China News –

    February 19, 2025
  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Member States’ Briefing on the Second Food Systems Summit Stocktake (UNFSS+4) [as delivered]

    Source: United Nations secretary general

    HE Amb. Tesfaye Yilma Sabo, Permanent Representative of Ethiopia to the United Nations, 

    HE Amb. Maurizio Massari, Permanent Representative of Italy to the United Nations, 

    Excellencies, distinguished delegates,
    Ladies and Gentlemen,

    It is a real pleasure to join our Permanent Representatives and welcome you all today. 

    As you all know transforming our food systems is essential to driving progress across the Sustainable Development Goals and delivering for everyone, everywhere – sufficient, nutritious food – now and in the future, particularly as we go towards the five years to deliver on the 2030 Agenda.

    That is why, in 2021, the UN Secretary-General convened the UN Food Systems Summit.  This established the foundation for a new, integrated approach to food systems—placing food at the heart of our efforts to address poverty, zero hunger, inequality, climate change, and biodiversity loss. 

    It has reshaped the global narrative, building an engine of transformation that recognizes food systems as a key lever to accelerate and reinforce SDG progress.

    Building on this momentum, the first Summit Stocktake, hosted by the Government of Italy in 2023, reaffirmed strong political will among nations. Countries pledged to increase the pace of their efforts towards sustainable, inclusive, and resilient food systems transformation.

    But it also highlighted persistent gaps and challenges. Among them, an urgent need to enhance public-private-community partnerships, and strengthen private sector engagement. 

    These crucial issues identified at the first stocktake, resulted in the UN Secretary-General’s Call to Action. 

     The Call identified six critical areas for concerted action, including: securing concessional finance, investments, budget support, and debt restructuring. It also emphasized addressing food security in crisis situations. 

    The proposed SDG stimulus – of $500 billion a year – was recognized as a game-changer, offering fiscal space and resources, including through SDR rechannelling. 

    Finance was emphasized as a critical component of food systems transformation, along with support of our Multilateral Development Banks in unlocking investments in this field. 

    Given the global context riddled with challenges of rising living costs, social inequalities, climate change, and geopolitical tensions, we will need all hands on deck to reach food systems transformations with the impact to advance on the 2030 Agenda. 

    Now, in just over five months, Addis Ababa will host the Second United Nations Food Systems Summit Stocktake. 

    We are grateful to the Government of Ethiopia for hosting this important event and for making our commitment to take the second stocktake to a developing country, a reality. Worth noting also is its leadership and extensive work on its policy environment, infrastructure development and the production of food that engages small holder farmers across the country. We are grateful to Italy, which has agreed to co-host, for its legacy and continued leadership and support to food systems transformation. It is important that we see leadership and sustainability of that support at country level.
     
    The Stocktake will be different, it has to be, in response to many of the requests for us to have more focus and impact.

    First, we will be reflecting on progress since 2023, with a Report from the system, but also a shadow report from our stakeholders.

    Second, we will be partnering to track commitments and outcomes through national food systems pathways to accelerate SDG implementation. 

    And third, unlocking investments to sustain and scale transformative initiatives aligned with the SDGs.

    In preparations for the Stocktake, we are committed to an inclusive, cross-sectoral efforts and consultations. 

     We will hold a second briefing in Nairobi next week engaging UN Headquarters in Nairobi, Rome and Geneva. 

    In addition, we will hold five regional briefings, on the margins of the United Nations Regional Forums on Sustainable Development, from March to May. 

    We will also be engaging all our Resident Coordinators in UN Country Teams, at the country level so that they are fully engaged with our member states in bringing to Addis Ababa, the progress and of course, the challenges and opportunities.

    At the same time, we will push progress towards food systems transformation, including through important gatherings this year – the Fourth Financing for Development Conference in Spain, UNFCCC COP 30 in Brazil, the Second World Summit on Social Development in Qatar, and the Third United Nations Ocean Conference in France. 

    These are all critical platforms to drive progress, harness collective action and create new investment opportunities.

    As Member States, you are at the forefront of this transformation. Your leadership and coordination will be instrumental in ensuring that the Stocktake inspires real action at the national level.

    The United Nations is with you –committed to creating sustainable, inclusive, healthy and resilient food systems everywhere, across all our regions, reaching everyone.

    We thank you for this important opportunity that will help us to shape the Stocktake in Addis Ababa in July. 
     

    MIL OSI United Nations News –

    February 19, 2025
  • MIL-OSI USA: Tuberville Reintroduces Legislation to Ban Foreign Adversaries from Buying American Farmland

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    Legislation would prohibit the sale of agricultural land to Iran, North Korea, China, and Russia 
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) and U.S. Senator Jim Banks (R-IN) reintroduced the Protecting America’s Agricultural Land from Foreign Harm Act, which would prohibit the sale of U.S. agricultural land to any individual or entity tied to the governments of Iran, North Korea, China, or Russia. The legislation follows Senator Tuberville’s recent reintroduction of the Foreign Adversary Risk Management (FARM) Act to better vet foreign purchases of America’s farmland.
    1819 News first reported the reintroduction of the bill. 
    “For too long, we’ve sat by while foreign nations have been trying to take over our nation’s agricultural industry,” said Senator Tuberville. “Our adversaries are always looking for any way to get their foot in the door and jeopardize our national security—including our agricultural assets. There’s no reason why foreign adversaries should be allowed to buy American farmland. Not only is it dangerous for our farmers, but it’s disastrous for our national security. It’s past time to take action to protect our American farmers and consumers from threats to our food security. I’m proud to reintroduce this legislation with Senator Banks, and will continue fighting to protect America’s farmland and put our farmers and producers first.”
    “Food security is national security. Leaving America’s basic needs vulnerable to extortion by foreign control is not an option,” said Senator Banks. “This bill prevents foreign adversaries, including communist China, from owning American farmland in Indiana and across the U.S.—a no-brainer. Proud to lead this effort alongside Senator Tuberville and Rep. Strong.”
    U.S. Representative Dale Strong (R-AL-05) also introduced companion legislation in the U.S. House of Representatives.
    “Chinese investment in U.S. farmland, much of which is in close proximity to sensitive national security sites, presents an enormous threat not only to our food, fiber, and fuel markets but also to our national security. As the CCP, Iran, Russia, and North Korea look to exploit weaknesses in our free and open society, it is our responsibility to ensure that the American people are protected against those who seek to undermine our national interest,” said Congressman Strong. 
    Specifically, the Protecting America’s Agricultural Land from Foreign Harm Act would:
    Restrict foreign ownership of U.S. agricultural land, forests, and timberland by Iran, North Korea, China, and Russia,
    Prohibit participation in certain USDA programs for individuals from Iran, North Korea, China, and Russia,
    Close loopholes to ensure adequate reporting of foreign owned U.S. agricultural land,
    Establish a federal tax lien if a violation occurs and amend civil penalties,
    Establish more in-depth public data sets through online database,
    Require U.S. Department of Agriculture (USDA), Department of National Intelligence (DNI), and Government Accountability Office (GAO) to submit individual reports to Congress.
    Read the bill or learn more here.
    BACKGROUND
    Over the past few years, the United States has experienced a rapid increase in foreign investment in the agricultural sector, particularly from China. Growing foreign investment in agriculture and other essential industries, like health care and energy, threaten our country’s national security and ability to survive. Senator Tuberville has long been a vocal critic of foreign ownership of American farmland and other elements of our food supply chain. As Alabama’s voice on the Senate Ag Committee, Senator Tuberville has been sounding the alarm about foreign ownership of American farmland and other elements of our food supply chain.
    According to USDA data from December 2023, foreign investors own approximately 45 million acres of U.S. agricultural land. This represents an increase of over 1.5 million acres in one calendar year. Foreign ownership of U.S. agricultural land increased modestly increased from 2012 to 2017 at an average increase of 0.6 million acres per year. However, since 2017, this number skyrocketed to an annual average of 2.6 million acres annually. Additionally, between 2010 and 2021, entities or individuals from China increased their ownership of U.S. agricultural land more than twentyfold, from 13,720 acres to 383,935 acres. Alabama has the fourth-highest amount of foreign-owned agricultural land in the United States, with 2.2 million acres, most of which is forestland.
    Earlier this year, Senator Tuberville reintroduced the Foreign Adversary Risk Management (FARM) Act, a bipartisan, bicameral bill that would ensure the Committee on Foreign Investment in the United States (CFIUS) acknowledges the importance of our agricultural industry and supply chains by adding the Secretary of Agriculture as a permanent member of the committee. Currently, CFIUS does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses. 
    MORE:
    Tuberville Continues Efforts to Secure America’s Farmland from Foreign Adversaries
    Tuberville Continues Fighting Foreign Influence in American Agriculture
    Second Democrat Ag Secretary Endorses Central Provision in Tuberville’s FARM Act
    Biden Ag Secretary Endorses Central Part of Tuberville’s FARM Act
    Tuberville Continues Push to Combat Chinese Influence in U.S. Agriculture 
    Tuberville, Jackson Lead Bipartisan, Bicameral Effort to Protect Ag Industry from Foreign Interference
    Tuberville Introduces Bipartisan Bill to Ban Foreign Adversaries from Buying U.S. Farmland
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

    February 19, 2025
  • MIL-Evening Report: With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue

    Source: The Conversation (Au and NZ) – By Ranjana Gupta, Senior Lecturer, Accounting Department, Auckland University of Technology

    Jirsak/Shutterstock

    The profit made on every breakfast bowl of weet-bix is tax exempt, giving Sanitarium Health Food Company, owned by the Seventh-day Adventist Church, an advantage over other breakfast food companies. But this could be about to change.

    Under current rules, New Zealand’s charities are allowed to run businesses as long as the profits are not for personal gain. This means the government gives up millions in tax revenue from charities across the government.

    In December, Finance Minister Nicola Willis proposed revising the tax rules for charitable organisations. The changes are set to be announced with this year’s Budget. According to Willis, there was about NZ$2 billion of “profit” in the charitable sector that was not subject to tax.

    My new research – to be published later this year – looks at the integrity and fairness of the taxation framework that gives exemptions to charitable organisations competing directly with the for-profit sector.

    Striking the right balance between supporting legitimate charitable activities and preventing the abuse of tax concessions is crucial for ensuring a level playing field in the tax system.

    My study shows the tax exemption system in New Zealand, as it stands now, is not really fair and equitable. And it is past time for this to change.

    For the public benefit

    Under New Zealand’s charity law, a charitable organisation must operate for the public benefit and relieve the government of its burden to provide welfare services and assist disadvantaged people.

    A paper prepared by the Tax Working Group, an advisory group that looked at New Zealand’s tax system between 2017 and 2019, estimated 30% of registered charities were likely to have some sort of trading activities, such as second-hand stores.

    To be eligible for tax exemptions, any gains from businesses must be reinvested in the organisation’s charitable activities.

    The traditional justification for granting charitable organisations tax concessions is that they are dedicated to the greater good of society. The concessions are also meant to offset the disadvantages charities face in accessing capital.

    But by treating the producers of identical goods and services differently, there is a risk of compromising horizontal equity principles – basically the idea that taxpayers in similar positions should pay similar amounts of tax.

    There are concerns for the tax system’s integrity when charitable organisations shift their focus from providing a public good to providing private or unrelated goods (commercial activities).

    In these cases, it is clear that tax breaks should be limited.

    When governments offer tax breaks, they forego tax revenue. Governments end up having to raise money from other sources to meet their total tax collection targets, such as increasing tax rates on non-exempt firms, items and individuals.

    Taxing unrelated activities

    Overseas tax systems take a different view of exemptions for charities, offering examples for New Zealand to follow.

    In the United Kingdom, for example, charities cannot undertake commercial trading activities unrelated to their charitable purposes while claiming exemption from income tax. This ensures fair competition between commercial activities.

    In the United States, “unrelated business income” is subject to tax, restricting concessions to ensure the tax regime matches conventional tax policy or social welfare policy.

    In Australia, commercial trading unrelated to the charity’s core purpose is not allowed.

    Ensuring transparency

    To ensure greater transparency over who gets an exemption, the financial statements of all charities in New Zealand should also be filed on the Charities Register. These statements should be publicly available.

    Charities also need to become more responsible and equitable in their operations. There needs to be stricter regulation, and compliance measures should be implemented. These would prevent tax exemption misuse that benefits a specific group or individuals.

    The time for reviewing charitable purposes is long overdue in New Zealand, particularly given the UK and Australia have set out their concepts of charitable purposes in recent years.

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

    – ref. With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue – https://theconversation.com/with-billions-in-profit-exempt-from-tax-changes-to-nzs-charity-rules-are-long-overdue-249575

    MIL OSI Analysis – EveningReport.nz –

    February 19, 2025
  • MIL-OSI China: Putin ready to hold talks with Zelensky if necessary

    Source: China State Council Information Office

    A video screenshot released by Russia’s Ministry of Emergency Situations shows rescuers working at the site of shelling in the city of Lysychansk in the Lugansk region, Feb. 3, 2024. [Photo/Xinhua]

    Russian President Vladimir Putin remains ready to hold negotiations with Ukrainian President Volodymyr Zelensky if necessary, Kremlin Spokesman Dmitry Peskov said Tuesday.

    Russia has been committed to finding a peaceful resolution to the Ukrainian conflict from the very beginning, Peskov was quoted by TASS news agency as saying.

    He stressed that a long-term settlement of the Ukrainian conflict cannot be achieved without addressing security concerns.

    “As for the security architecture in Europe, of course, a comprehensive settlement, a long-term and viable settlement is impossible without a comprehensive consideration of security issues on the continent,” Peskov said.

    MIL OSI China News –

    February 19, 2025
  • MIL-OSI China: US, Russia agree to improve ties, work on ending Ukraine conflict

    Source: China State Council Information Office

    A soldier of the motorized rifle battalion of the 93rd brigade shows an anti-drone shotgun at a position in Donetsk on Aug. 15, 2024. [Photo/Xinhua]

    The United States and Russia have agreed to work on a path to ending the conflict in Ukraine and improve bilateral ties during extensive high-level talks in Saudi Arabia on Tuesday.

    In the first face-to-face interactions between senior U.S. and Russian officials since the outbreak of the Russia-Ukraine conflict in February 2022, the Russian delegation, led by Russian Foreign Minister Sergei Lavrov and the Kremlin’s foreign affairs adviser Yuri Ushakov, met with U.S. Secretary of State Marco Rubio, who was accompanied by National Security Adviser Mike Waltz and U.S. special envoy to the Middle East Steve Witkoff.

    Serious discussion

    Following the four-and-a-half-hour talks, Witkoff described the Riyadh talks as “positive, upbeat, constructive.” Ushakov said it was a “very serious discussion of all the issues we wanted to touch upon,” noting the two sides agreed to take into account each other’s interests and develop bilateral relations.

    The United States and Russia agreed to “establish a consultation mechanism to address irritants to our bilateral relationship with the objective of taking steps necessary to normalize the operation of our respective diplomatic missions,” according to a statement by the U.S. Department of State.

    Washington and Moscow will “appoint respective high-level teams to begin working on a path to ending the conflict in Ukraine as soon as possible in a way that is enduring, sustainable, and acceptable to all sides,” the statement said.

    The two sides agreed to “lay the groundwork for future cooperation on matters of mutual geopolitical interest and historic economic and investment opportunities which will emerge from a successful end to the conflict in Ukraine,” the statement added.

    In a press conference following the meeting, Lavrov described the discussions as “very useful,” emphasizing Russia’s firm stance that the deployment of NATO troops in Ukraine is unacceptable.

    This meeting is the latest indication of a thaw in the previously frosty relations between Washington and Moscow since U.S. President Donald Trump took office in January.

    Last week, Trump had a phone call with Russian President Vladimir Putin that lasted nearly an hour and a half, during which the Russian president extended an invitation for Trump to visit Moscow.

    Kremlin spokesperson Dmitry Peskov said in an interview with local media following the phone call that Putin and Trump “agreed quite quickly to coordinate and hold a working meeting somewhere in a third country.”

    Echoing the Kremlin’s comments, Trump said that the call, which focused on negotiations to end the Ukraine crisis, is “lengthy and highly productive.”

    The phone call between the two presidents has set the wheels in motion for further official exchanges between the two countries.

    In a phone call on Saturday, Lavrov and Rubio also agreed to maintain regular contact.

    Both sides pledged to keep communication channels open to address accumulated issues in bilateral relations, particularly to “eliminate unilateral obstacles inherited from the previous U.S. administration that hinder mutually beneficial cooperation in trade, economy, and investment,” the Russian Foreign Ministry said in a statement.

    “The Trump administration is trying to reset tense relations with Moscow,” The Wall Street Journal stated in an opinion piece while commenting on the U.S.-Russia meeting in Saudi Arabia.

    Mixed reactions

    After the large-scale conflict between Russia and Ukraine erupted, the U.S. government under Joe Biden took a firm stance alongside its European allies, throwing its full support behind Ukraine by providing substantial military aid and isolating Russia on the international stage.

    When it comes to potential negotiations between Russia and Ukraine, the mantra once shared by the United States and Europe has been “nothing about Ukraine without Ukraine,” emphasizing Ukraine’s leading role in any future talks.

    The change in the United States’ stance on the Ukraine-Russia conflict is occurring against a backdrop of increasing divergence in the understanding of defense cooperation between the United States and Europe.

    Washington has repeatedly expressed dissatisfaction with its European allies for not pulling their weight in defense spending.

    “The United States will no longer tolerate an imbalanced relationship which encourages dependency,” U.S. Secretary of Defense Pete Hegseth declared during the meeting with NATO defense ministers last week, calling on Europe to assume its “own responsibility for its own security.”

    What has further unsettled the European countries and Ukraine is that the high-profile talks between the United States and Russia excluded both Europe and Ukraine.

    In an emergency meeting hastily convened in Paris on the eve of the U.S.-Russia talks, a dozen European leaders reaffirmed their commitment to supporting Ukraine as the United States warms its ties with Russia.

    Meanwhile, some European leaders have voiced their frustration regarding their exclusion from the dialogue between the United States and Russia.

    “There can be no negotiation about Ukraine without Ukraine. The same is true for Europe,” said Dutch Defense Minister Ruben Brekelmans on social media platform X. “Europe must be involved in the negotiations.”

    Following the Riyadh meeting, Ukrainian President Volodymyr Zelensky, who is in Türkiye for a visit, said that the Russia-U.S. talks were “a surprise” to Kiev, which it “found out through the media.”

    Zelensky stressed that Türkiye and Europe should be involved in discussions about ending the Russia-Ukraine conflict. “Negotiations should not take place behind our backs,” he said, announcing the cancellation of his scheduled visit to Saudi Arabia.

    The Ukrainian president has said before that Kiev would not participate in the U.S.-Russia negotiation and his country will not accept the results of the negotiations that do not involve Ukraine.

    MIL OSI China News –

    February 19, 2025
  • MIL-OSI China: Chinese FM chairs UN debate

    Source: China State Council Information Office

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, chairs an open debate of the Security Council on “Practicing Multilateralism, Reforming, and Improving Global Governance” under the agenda item “Maintenance of International Peace and Security” on Feb. 18, 2025. [Photo/Chinese Ministry of Foreign Affairs]

    On Tuesday, Feb. 18, Chinese Minister for Foreign Affairs Wang Yi chaired an open debate of the Security Council on “Practicing Multilateralism, Reforming, and Improving Global Governance” under the agenda item “Maintenance of International Peace and Security.”

    The year 2025 marks the eightieth anniversary of the founding of the United Nations and the victory in the World Anti-Fascist War. The ministerial-level meeting, held under China’s presidency of the Council, provided an opportunity for Member States to review the history of the United Nations, reaffirm their commitment to multilateralism, and jointly build a just and equitable global governance system.

    Wang Yi noted that over the past 80 years, the world has witnessed accelerated multi-polarization and economic globalization. People around the world have forged ahead together to overcome challenges. It has been a time of the Global South’s rise and growing strength, as well as a period when societies have emerged from the shadow of the Cold War and moved beyond bipolar confrontation. However, true global peace and common prosperity have yet to be fully realized.

    “The international community drew painful lessons from the scourge of two world wars, and the United Nations was founded,” Wang Yi said at the UN Security Council meeting, stressing the need to “reinvigorate true multilateralism, and speed up efforts to build a more just and equitable global governance system” in the face of global crises.

    Wang Yi reiterated China’s support for all efforts conducive to peace talks in Ukraine. On the Middle East, he emphasized the importance of upholding the two-state solution. “Gaza and the West Bank are the homeland of the Palestinian people, not a bargaining chip in political trade-offs. The Palestinians governing Palestine is an important principle that must be followed in the post-conflict governance of Gaza,” he said.

    Wang Yi also emphasized that UN Security Council resolutions are legally binding and must be upheld by all countries.

    MIL OSI China News –

    February 19, 2025
  • MIL-OSI USA: Durbin Condemns President Trump’s Art Of Appeasement To Russian President Vladimir Putin

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    February 18, 2025

    Durbin: President Trump has always had a strange affinity for assorted autocrats and dictators—a troubling stain and liability for the leader of the free world

    WASHINGTON – In a speech on the Senate floor, U.S. Senate Democratic Whip Dick Durbin (D-IL) condemned President Trump’s appeasement to Russian President Vladimir Putin—where Trump announced key concessions to Putin regarding Ukraine, while apparently ignoring Ukraine’s key demands. Durbin began his speech by recounting history in which British Prime Minister Neville Chamberlain touted the now infamous Munich Agreement as the way to stave off Hitler’s Nazi Germany. One year later, Hitler invaded Poland and triggered World War II.

    “Over time, Chamberlain’s name became synonymous with the term ‘appeasement.’ And for good reason. You see, while Chamberlain’s goal of peace may have been honorable, he was dangerously naïve about the human nature of a tyrant in Germany who was bent on territorial and maniacal ambitions—pursuits that could only be thwarted with strength,” said Durbin. “Well, President Trump’s ‘art of the deal’ opening negotiation with Vladimir Putin has the same naïve odor of appeasement.”

    Durbin continued, “Trump and his fledgling Defense Secretary publicly gave away huge concessions at the start—signaling they would not insist on a return to Ukraine’s sovereign 2014 borders or future NATO membership. It’s also not clear from the Administration’s bewildering Munich Security Conference remarks if Trump plans to even include Ukraine, or our European allies, in the negotiations over its own future. It is no wonder that in the UK—where they remember Chamberlain’s folly all too well—Donald Trump’s early pronouncements were lambasted for their misreading of history by leaders across the political spectrum.”

    Members of the UK Parliament are speaking out against President Trump’s attempt to work with Putin. One Member of Parliament lamented that the West now “might be facing the worse betrayal of a European ally since Poland in 1945.” Another stated, “This is less the Art of a Deal and more a charter for Appeasement.”

    Durbin concluded, “President Trump has always had a strange affinity for autocrats and dictators—a troubling stain and liability for the leader of the free world. He almost seems to want their adoration and admiration—especially compared to the clear-eyed leadership of Ronald Reagan in his dealing with the Soviets. But there are real consequences to Trump’s autocrat liaisons for American and allied security—ones Republicans in the Senate must take more seriously. His crazy rants about Greenland, Canada as a 51st state, Panama, and the Gulf of Mexico may be amusing to some including himself, but it certainly does not portend well for the foreign policy of the United States. Simply caving to Putin and walking away from Ukraine—just as Chamberlain did to Hitler—is an invitation for more confrontations in the future.”

    Video of Durbin’s remarks on the Senate floor is available here.

    Audio of Durbin’s remarks on the Senate floor is available here.

    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

    -30-

    MIL OSI USA News –

    February 19, 2025
  • MIL-Evening Report: Yes, Australia needs new homes – but they must be built to withstand disasters in a warmer world

    Source: The Conversation (Au and NZ) – By Francesca Perugia, Senior Lecturer, School of Design and the Built Environment, Curtin University

    Australia’s housing crisis has created a push for fast-tracked construction. Federal, state and territory governments have set a target of 1.2 million new homes over five years.

    Increasing housing supply is essential. However, the homes must be thoughtfully located and designed, to avoid or withstand natural disasters such as bushfires, floods and cyclones.

    Recent severe weather, including floods in Queensland and severe storms in north-east Victoria, underscore the growing vulnerability of Australian homes. As climate change worsens, the risk becomes ever-greater.

    Our new research examined how disaster risk informs housing location and design in New South Wales, Victoria and Western Australia. We spoke to planners, developers, insurers and housing providers, and found crucial problems that leave communities exposed.

    Getting to grips with disaster data

    Australia’s towns and cities are increasingly affected by natural disasters. The consequences extend beyond physical destruction to social, psychological and health effects. Disasters also harm the economy.

    Despite this, government housing policies and strategies often fail to adequately focus on natural disasters.

    Accurate, up-to-date information is crucial when seeking to protect new homes from natural disasters. Informed decisions typically require three types of data:

    • foundational: relating to vegetation, landscape features, weather, climate change and building characteristics such as height and materials

    • hazards: the risks of different disaster types such as historical flood data, maps of bushfire-prone areas and the recurrence of cyclones

    • vulnerability: the potential and actual impacts of natural disasters such as building damage, fatalities and injuries, displacement, psychological and health impacts and insurance losses.

    Our research, for the Australian Housing and Urban Research Institute, examined how data could be better used and shared to plan and deliver new housing and protect Australians from disasters.

    What we did

    We started by identifying what data was available in Australia for bushfire, flood and cyclone risk.
    Then we examined who owned and managed the data and how it was, or wasn’t, shared.

    The next step was to explore how decision-makers use the data to assess disaster risks for new housing. This involves interviews, workshops and questionnaires with:

    • government planning agencies (both state and local government)

    • housing providers (public and not-for-profit/community housing)

    • housing and land developers (private and public)

    • banks and insurers.

    What we found

    Overall, we found data on disaster risk was fragmented and inconsistent across multiple agencies, and not regularly updated.

    Decision-makers in state and local planning agencies often cannot access accurate information about disaster risk. This means they lack the power to restrict housing in areas prone to bushfires, floods or other extreme events.

    Flood hazard data is particularly problematic. One planner from Queensland described it as “patchy, of variable quality and currency and not always open source” – the latter meaning it was hard to access.

    Many households only learn about their disaster risk when discovering their homes are uninsurable or premiums are prohibitively high. Others become aware of the problem when premiums rise with an existing insurer.

    A community housing provider told us:

    I think the way people are finding out about risk now is by their insurance policies going up. That’s the market reality. When they get an increase in their insurance policy next year, that will wake them up that they are actually in a high-risk area.

    Data held by emergency service agencies and insurers is mostly inaccessible to planners, developers and households due to privacy and commercial sensitivities.

    However, this information is crucial. Government agencies should establish protocols to enable data-sharing while protecting privacy and commercial interests.

    Lack of transparency for homebuyers

    A recent report suggested only 29% of Australian home buyers know the disaster risks associated with the homes they live in.

    Disclosure statements are required by the vendor (seller) when marketing their house or land for sale. These vary between states and territories and, in most cases, do not compel the owner to reveal all known risks.

    For example, in Victoria, a vendor is required to disclose whether the land is in a designated bushfire-prone area, but not whether it is exposed to flooding.

    What’s more, a vendor motivated to sell a house is probably not the best source to provide accurate, impartial information about its exposure to disaster. This is better left to an independent entity such as a local council.

    Thorough investigations into a home’s disaster risk is usually at the discretion of the buyer.

    Making this information readily available to prospective homebuyers prior to purchase would allow more informed consumer decisions. It would also pressure governments and housing suppliers to address disaster risks.

    Where to next?

    Australia urgently needs a national framework to ensure data on housing and disaster risk is comprehensive, current and embedded in housing development decisions.

    The federal government’s Digital Transformation Agency could establish and implement this system, with input from state and local governments.

    Technology known as “spatial digital twins” could also vastly improve how disaster risk is assessed and communicated. These tools enable users to pull together and arrange large amounts of data, to visualise it in the form of models.

    For example, a spatial digital twin could combine real time flood sensor data with historical flooding patterns to predict and visualise flood risks before they occur. Federal and state governments are already investing in such technology.

    Australia’s push to increase housing supply must be matched with a commitment from governments to ensure the homes are safe, resilient and sustainable in the face of our changing climate.

    Addressing the housing crisis isn’t just about numbers – it’s about making sure homes are built in the right places, with the right protections, for the long-term safety of communities.

    Francesca Perugia
    receives funding from the Australian Housing and Urban Research Institute (AHURI)

    Courtney Babb receives funding from the Australian Housing and Urban Research Institute (AHURI) and is a member of the Greens (WA).

    Steven Rowley receives funding from the Australian Housing and Urban Research Institute and the Australian Research Council. He is a member of the Housing Industry Forecasting Group in Western Australia

    – ref. Yes, Australia needs new homes – but they must be built to withstand disasters in a warmer world – https://theconversation.com/yes-australia-needs-new-homes-but-they-must-be-built-to-withstand-disasters-in-a-warmer-world-249702

    MIL OSI Analysis – EveningReport.nz –

    February 19, 2025
  • MIL-OSI United Kingdom: OX Place provides bigger, more flexible council homes

    Source: City of Oxford

    OX Place has completed a programme modernising empty council housing to provide bigger, adaptable homes for large families and people with changing mobility needs.

    A growing family or lack of adaptable space can leave people trapped in an overcrowded or unsuitable home. OX Place’s extensions programme upgraded nine empty council homes across the city to help Oxford City Council provide a more flexible response to these needs. 

    The programme included changing internal layouts, a loft conversion, building extensions and providing ground floor bedrooms, shower rooms and other adaptable spaces. Two and three-bed homes were extended to create four and five-bed homes. 

    Empty homes were upgraded with new windows, enhanced insulation, energy efficient lighting and new wiring. 

    Making best use of limited remaining land for housebuilding in Oxford, the extensions project also provided four new council homes in Blackbird Leys, Headington and Northway.

    Built on large garden and corner plots, these included three three-bed houses and a five-bed house. 

    All nine existing and the four new homes have been let to households on the housing register. 

    The extensions project was delivered in partnership with Jessop and Cook Architects and ODS. 

    Comment 

    “While big new housing developments inevitably catch the eye, we need initiatives like OX Place’s extensions programme to make the best use of what we already have. Upgrading and extending empty council housing helps us meet the need for bigger and more adaptable homes, while every new council home makes a life-changing difference.” 

    Councillor Nigel Chapman, Cabinet Member for Citizen Focused Services and Council Companies

    “It’s been a pleasure working with Jessop and Cook Architects and ODS to deliver the extensions programme. People’s lives change and that shouldn’t mean they get trapped in an overcrowded or no longer suitable home. The extensions project means providing the right home and meets a crucial need for Oxford City Council.” 

    Helen Horne, Managing Director at OX Place

    “It has been great working with OX Place, ODS and others on this programme, to create new houses where possible, extend others and improve their energy efficiency to help lower energy bills. Seeing families enjoying the new homes afterwards always makes it worthwhile.” 

    Daniel Wadsworth, Director at Jessop and Cook Architects

    “At ODS, we are proud to have delivered this ambitious programme, creating and modernising much-needed affordable homes for Oxford. By extending, altering, and even building new dwellings on previously underutilised sites, we have helped provide larger, more adaptable homes —particularly for families in need of extra space. Every home we delivered is a testament to our commitment to building a better Oxford.” 

    Mitchell Carter, Head of Construction at ODS

    Completed works 

    • ODS refurbished a three-bed house in Sandy Lane by converting a coal storage area and pantry into a modern utility room. The site was also suitable for building a new fully adaptable three-bed and a five-bed home. ODS used modular construction to build these, with prefabricated panels assembled onsite.  

    • ODS modernised a two-bed house in Foxwell Drive, with changes to the internal layout creating an extended kitchen and new bathroom. ODS also built a new three-bed house on the site using timber frame construction, solar PV panels and an air source heat pump. 

    Work at Sandy Lane, Pauling Road and Foxwell Drive was supported by a total of £246,000 in funding from Homes England. 

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) — February 19, 2025 – Orca Energy Group Inc. (“Orca” or the “Company” and includes PanAfrican Energy Tanzania Limited (“PAET“) and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.

    INDEPENDENT RESERVES EVALUATION
    The Company’s conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the “Songo Songo PSA“) with the Tanzanian Petroleum Development Corporation (the “TPDC“) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. (“McDaniel“), an independent reserves evaluator, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook“) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“). The Songo Songo PSA expires upon the expiry of TPDC’s Songo Songo licence in respect of the Songo Songo gas field (the “Songo Songo Licence“) in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the “McDaniel Report“).

    All of the Company’s reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company’s working interest share in reserves.

    The Company’s Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at www.sedarplus.ca. The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release.

    HIGHLIGHTS

    • Total Proved (“1P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet (“Bcf“) compared to 85.0 Bcf at year end 2023, representing a 53% decrease.
    • Total Proved plus Probable (“2P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease.
    • The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7.
    • Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease.
    • Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease.
    • The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence.
    • The following tables outline the Company’s conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel’s forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026.
      Company Gross Reserves   Company Net Reserves
      Conventional.

    Natural Gas

      Conventional.

    Natural Gas

      MMcf   MMcf
    Proved      
      Developed Producing 40,244   28,020
      Developed Non-Producing –   –
      Undeveloped –   –
    Total Proved 40,244   28,020
    Probable 1,224   803
    Total Proved plus Probable 41,469   28,823

    Net Present Value of Future Net Revenue of Gas Reserves

        Before and After Future Income Tax Expenses Discounted at   Unit Value
          Before and
    After Tax at
    10%
        0 %   5 %   10 %   15 %   20 %   $/Mcf
    ($’000)                        
    Proved                        
    Developed Producing   67,574     64,549     61,824     59,357     57,112     2.21
    Developed Non-Producing   –     –     –     –     –     –
    Undeveloped   –     –     –     –     –     –
    Total Proved   67,574     64,549     61,824     59,357     57,112     2.21
    Probable   3,160     3,016     2,887     2,769     2,663     3.60
    Total Proved plus Probable   70,735     67,565     64,710     62,126     59,775     2.25

    Notes:

    1. During the third quarter of 2015, The Petroleum Act, 2015 (the “Act“) was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority (“EWURA“). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country’s commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act.
    2. On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the “Natural Gas Pricing Policy“). Article 260(3) of the Act preserves the Company’s pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company’s ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time.
    3. On January 16, 2018, Orca sold (the “First Swala Transaction“) 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation (“PAEM“), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca’s ownership of 92.07 percent of PAET’s gross reserves. On July 21, 2023, the Company repurchased (the “Second Swala Transaction”) the 7.933% shares in PAEM eliminating Swala’s interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca’s ownership of 100% of PAET’s gross reserves.
    4. “Company Gross Reserves” are the total of the Company’s working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company.
    5. “Company Net Reserves” are the total of the Company’s working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company’s royalty interests in such reserves.
    6. Company Gross and Net Reserves are based on the Company’s 100 percent ownership interest in the reserves following the Second Swala Transaction.
    7. Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania (“PSA“), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company’s revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company’s accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values.

    McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company’s reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA.

        Songo Songo gas prices  

    Year

    Brent crude

    $/bbl

    Proved

    $/Mcf

    Proved plus probable

    $/Mcf

    Annual inflation

    %

     
               
    2025 76.50 5.15 5.20 2  
    2026 78.03 5.25 5.32 2  
               

    Note:   Brent price forecast based on the McDaniel January 1, 2025 price forecast.

    The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing.

    Orca Energy Group Inc.

    Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

    For further information please contact:

    Jay Lyons                                
    Chief Executive Officer                        
    +44 (0)20 8434 2754                        
    ir@orcaenergygroup.com                 

    For media enquiries:
    Celicourt (PR)
    Mark Antelme
    Jimmy Lea
    Orca@celicourt.uk
    +44 (0)20 8434 2754

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Abbreviations

    bbl cubic meters
    Mcf thousand cubic feet
    MMcf million standard cubic feet


    Forward Looking Information

    Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, “forward-looking statements” or “statements“) that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Orca’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca.

    In particular, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company’s reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca’s future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca’s exploration and production rights; Orca’s local operational dependence and focus of its existing contracts; Orca’s future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca’s dependency on its management and technical team; Orca’s business plan including the additional capital required to execute such plans; commercializing Orca’s interests in any hydrocarbons produced from future licence areas; Orca’s ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca’s operations in a litigious environment; global populism; Orca’s future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca’s current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca’s controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca’s issued and outstanding securities; Orca’s status as a holding company that’s ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca’s subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca’s receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania’s official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca’s reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company’s business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca’s growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca’s conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this news release in order to provide investors with a more complete perspective on Orca’s current and future operations and such information may not be appropriate for other purposes. Orca’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Orca will derive. These forward-looking statements are made as of the date of this news release and Orca disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    Oil and Gas Advisory

    The Company’s conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company’s conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023.

    Additional reserves information required under NI 51-101 are included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at www.sedar.com.

    This news release contains estimates of the net present value of Orca’s future net revenue from the Company’s reserves. The net present value of future net revenue attributable to the Company’s reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company’s reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company’s reserves. The recovery and reserve estimates of the Company’s conventional natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

    The MIL Network –

    February 19, 2025
  • MIL-OSI United Kingdom: ‘Ronan’s Law’ to see toughest crackdown yet on knife sales online

    Source: United Kingdom – Government Statements

    Retailers will need to report suspicious and bulk purchases of knives on their platforms to police, with tougher sentences for selling knives to under 18s.

    Image: Getty Images

    Stricter rules for online retailers selling knives will be introduced by the government, along with tougher penalties for failing to enforce them, as we pursue every avenue to protect young people from knife crime.

    Following tragedies where the unlicensed sale of these weapons online has led to young people being killed, retailers will be required to report any bulk or suspicious-looking purchases of knives on their platforms to police to prevent illegal resales happening across social media accounts.

    Underlining our commitment to stop these weapons from reaching young people, we will increase the sentence for selling weapons to under 18s from 6 months to up to 2 years prison time, which could apply to an individual who has processed the sale or a CEO of the company.

    This increased penalty will also apply to the sale or supply of prohibited offensive weapons such as recently banned zombie-style knives, following police evidence outlined by Commander Stephen Clayman, the National Police Chiefs’ Council lead for knife crime, where he identified a discrepancy in current legislation which means there is more leniency for illegally selling weapons than possessing one.

    And in recognition of the broad array of knives – legal or banned – that are involved in knife attacks, a new offence of possessing an offensive weapon with intent for violence will be introduced in the Crime and Policing Bill which will come with a prison sentence of up to 4 years in prison. This means that no matter if the weapon in possession is legal or not, if there is intent to cause violence, it is a crime.

    The government will also explore through a consultation later this year whether a registration scheme should be put in place for all online retailers selling knives so that only responsible sellers are able to sell knives. This follows the government’s recent announcement that we will significantly strengthen ID checks on the sale and delivery of knives to keep our streets safe as part of the Plan for Change.

    Home Secretary, Yvette Cooper said:

    It is horrifying how easy it is for young people to get hold of knives online even though children’s lives are being lost, and families and communities are left devastated as a result.

    Not enough has been done to tackle the online market over recent years which is why we made it an urgent priority in our manifesto and the measures today will be underpinned by investment for a new dedicated police unit to go after those who are breaking the law and putting children and teenagers lives at risk.

    We are honouring our commitment to introduce Ronan’s Law in memory of Ronan Kanda who was tragically killed in 2022. I am so grateful to the Kanda family for their endless perseverance in ensuring governments take the right actions to protect young people from further tragedy. 

    This government has set an ambitious mission for the country to halve knife crime over the next decade and we will pursue every possible avenue to save young lives.

    Last autumn, the Home Secretary commissioned Commander Clayman to conduct an end-to-end review into the sale of knives online. The review, being published today, exposed lethal loopholes in the sale of knives online which are allowing dangerous weapons to end up in the wrong hands.

    The review highlighted the lack of minimum standards for age verification and delivery checks. That is why the government has announced that a stringent two-step system will be mandated for all retailers selling knives online.

    National Police Chiefs’ Council lead for Knife Crime, Commander Stephen Clayman said:

    A key focus in our fight to tackle knife crime and improve the safety of our communities is limiting the accessibility of knives wherever possible, restricting their availability and the routes to purchase. All too often in policing, we are dealing with the horrific consequences of knife crime and seeing how it devastates individuals and families.

    The evidence in the end-to-end review clearly demonstrates just how easy it is for anyone to purchase a knife online, often avoiding any age verification at all, or where it is in place, exploiting vulnerabilities, especially with delivery.  

    We welcome the government’s commitment in working with policing and partners to tackle knife crime and these new measures will significantly enhance our response to this.

    Today’s new measures will collectively be known as ‘Ronan’s Law’ in honour of Ronan Kanda who was tragically killed in 2022 in a case of mistaken identity near his home in Wolverhampton aged 16.

    Ronan’s killers, who were also teenagers, illegally bought lethal weapons online and collected them from the Post Office on the day of the attack, with no age or identity verification taking place. It was later revealed that one of Ronan’s teenage killers had bought more than 20 knives online, including by using his mother’s ID. Today’s measures to close lethal loopholes in the online sale of knives deliver on a manifesto commitment to introduce Ronan’s Law and are the result of tireless campaigning by Ronan’s mother Pooja and sister Nikita to restrict young people’s access to weapons online and to protect other families from the same heartbreak.

    Mother of Ronan and campaigner, Pooja Kanda said:

    In 2022, I lost my son, Ronan, to knife crime and mistaken identity. In 2023, we sat in the courtroom where we were shown a Ninja sword and 25+ bladed articles. Looking at them, I knew my son didn’t stand a chance. Without proper ID checks, the online sale of these bladed articles played a crucial role in this tragedy. How was this allowed? A 16-year-old managed to get these weapons online and sold these weapons to other people.  I knew we could not go on like this, and our fight for what was right had begun. Proper ID checks by sellers, as well as postal and delivery services, played a crucial role.

    We welcome the government’s plans to tackle the online sale of these weapons. Retailers, social media, and sellers need to take on more responsibilities. We welcome the proposal of a registration scheme, where the government will continue to implement stricter measures on the online sale of bladed articles. We have so much work to tackle knife crime; this is a much-needed beginning. 

    This part of Ronan’s law will provide much-needed barriers against knife crime. I wish this was done years ago, and my son would be with me today.

    Patrick Green, CEO of Ben Kinsella Trust said:

    I am pleased to see that the government is listening to frontline organisations and is tightening the legislation needed to eliminate the supply of dangerous and intimidating weapons.

    These new laws, particularly the focus on reporting suspicious purchases and stronger age verification, will compel retailers to take responsibility for their actions. It has been our stated position that a licencing system for retailers is only way to ensure that specialised knives are only sold to those with legitimate and lawful need. 

    A licensing system will ensure that only reputable retailers who comply with the law and prioritise public safety will be able to sell knives.

    In the spring, the Home Office intends to launch a consultation into a registration scheme for retailers in order to sell knives online.

    The government has an ambitious mission to halve knife crime over the next decade and tackling the online space is a core part of that plan. We have already announced that we will introduce significant fines in the region of £10,000 for tech executives who fail to remove illegal knife crime content from their platforms and a mandatory two-step verification system for all retailers selling knives online. This will require customers to submit photo ID at the point of sale and again at the point of delivery. In addition, delivery companies will only be able to deliver a bladed article to the same person who purchased it.

    Since coming into government, ministers have acted with urgency to ban zombie-style knives and machetes, accelerate a ban on ninja swords and address the online market in order to keep weapons off the streets and out of the wrong hands. The government is also steadfast in its commitment to making prevention a central part of its knife crime action plan through the new Young Futures Programme, which will identify young people at risk of being drawn into violent crime and provide the interventions necessary to steer them in the right direction.

    Graham Wynn, Assistant Director of Regulatory Affairs at the British Retail Consortium, said:

    Retailers take their responsibilities seriously and are fully committed to playing their part in making sure knives don’t make their way into the wrong hands. We look forward to considering the full details of the new proposal and welcome the commitment from the Home Office to meet retailers on this vital issue to ensure the safe sale of knives.

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    Published 19 February 2025

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Requires Transparency for the American People About Wasteful Spending

    US Senate News:

    Source: The White House
    PROMOTING TRANSPRENCY AND ACCOUNTABILITY: Today, President Donald J. Trump signed a memorandum requiring radical transparency regarding wasteful spending of taxpayer dollars by the federal government.
    It requires all departments and agencies to disclose details about terminated programs, cancelled contracts, and discontinued grants to the fullest extent allowed by law.
    PUTTING AN END TO WASTEFUL SPENDING: By signing this memorandum, President Trump recognizes that the American people have a right to see how the federal government has wasted their hard-earned wages.
    The United States government has wasted taxpayer dollars on programs, contracts, and grants that do not serve the American public’s interests.
    For too long, taxpayers have subsidized ideological projects overseas and domestic organizations engaged in actions that undermine the national interest.
    The Biden Administration spent billions on electric vehicle charging stations, yet only a fraction were completed.
    The Trump Administration recently canceled a Biden-era $50 million environmental justice grant to an organization that believes “climate justice travels through a Free Palestine.”
    Numerous USAID grants have come under review, including $1.5 million to “advance diversity equity and inclusion in Serbia’s workplaces and business communities.”
    The Biden Administration gave nearly $4.6 million to help foreign groups promote LGBT projects like drag shows and pride parades. 
    The Trump Administration found $20 billion parked at a financial institution by the Biden Administration to fund partisan pet projects.
    President Trump’s Department of Education canceled $881 million in unnecessary contracts that were not benefiting students, including a $4.6 million contract just to coordinate Zoom and in-person meetings.
    President Trump’s Department of Government Efficiency (DOGE) has already recovered $1.9 billion in taxpayer funds “misplaced” by the Biden Administration.
    The Government Accountability Office released a report last year estimating that the federal government “could lose between $233 billion and $521 billion annually to fraud.”
    KEEPING HIS PROMISE TO THE AMERICAN PEOPLE: President Trump campaigned on a promise to return power back to the American people by “cleaning out the Deep State, firing rogue bureaucrats and career politicians, and targeting government corruption.”
    President Trump recently signed a memorandum to stop last-minute collective bargaining agreements issued by the Biden Administration designed to constrain the incoming Trump Administration from reforming government.
    President Trump created the Department of Government Efficiency (DOGE) to bring accountability and transparency to federal spending, ensuring taxpayer dollars are spent wisely and effectively.
    President Trump launched a 10-to-1 deregulation initiative, ensuring every new rule is justified by clear benefits for taxpayers.
    The Trump Administration is aggressively investigating Biden-era programs that wasted billions of taxpayer dollars on inefficient and politically-driven projects, including canceling unnecessary government contracts and grants that do not serve the national interest.

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI USA: Sen. Nan Orrock to Hold Press Conference Announcing Legislation on Georgia Anti-Abortion Centers

    Source: US State of Georgia

    ATLANTA (February 18, 2025) — On Wednesday, February 19, at 12:30 p.m., Sen. Nan Orrock (D–Atlanta) will join Rep. Anne Allen Westbrook (D–Savannah) to announce legislation that would ban the state funding of anti-abortion centers. They will be joined by members of the Amplify Georgia Collaborative to discuss the effects of these centers and the goals of the legislation.

    EVENT DETAILS:                      

    • Date: Wednesday, February 19, 2025
    • Time: 12:30 p.m.
    • Where: Georgia State Capitol, South Steps, 206 Washington St., Atlanta, GA 30334
    • This Event is Open to the Public.

    MEDIA OPPORTUNITIES:

    We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov.

    “Georgians have a right to understand the full range of pregnancy options and to receive reliable medical information free of political bias,” said Sen. Orrock. “Anti-abortion clinics were found to provide high levels of false and misleading health information. Advertised services do not align with what is actually available and do not comply with prevailing medical guidelines. Georgia continues to have one of the highest maternal mortality rates of any state. Investing in healthy pregnancies and healthy babies must be our top priority. We must act to protect the public’s right to accurate healthcare information. Public funding for these anti-abortion clinics should end. Instead, let’s invest wisely and increase access to real healthcare.”

    # # # #

    Sen. Nan Orrock serves as the Democratic Caucus Secretary. She represents the 36th Senate District which includes portions of Fulton County. She may be reached at 404.463.8054 or by email at nan.orrock@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI United Nations: In Day-Long Security Council Debate, Speakers Offer Divergent Views on ‘New’ Global Order, Stress Need to Update Global Governance

    Source: United Nations General Assembly and Security Council

    During a day-long Security Council debate on practicing multilateralism and reforming global governance today, speakers stressed the urgent need to update the United Nations — founded 80 years ago — including reforms to the Council itself and to the global economic order to better address twenty-first-century challenges.

    “One can draw a direct line between the creation of the United Nations and the prevention of a third world war,” said António Guterres, Secretary-General of the United Nations, recalling that the UN was “born out of the ashes” of the second.  The UN remains the “essential, one-of-a-kind meeting ground to advance peace, sustainable development and human rights”, he said.  However, “eight decades is a long time”, he said, emphasizing that while the “hardware” for international cooperation exists, “the software needs an update”.

    As global challenges demand multilateral solutions, he pointed out that the Pact for the Future puts forward concrete solutions to strengthen the machinery of peace, advance coordination with regional organizations and includes the first multilateral agreement on nuclear disarmament in more than a decade.  It also includes efforts to prevent an arms race in outer space, advance discussions on lethal autonomous weapons and recognizes the UN’s role in preventive diplomacy.

    “But the Pact does even more for peace,” he said, as it recognizes that the international community must address the root causes of conflict and tension and that the Council “must reflect the world of today”. Guided by the Pact, he said that multilateralism — “the beating heart of the United Nations” — can became an even more powerful instrument of peace.  “But multilateralism is only as strong as each and every country’s commitment to it,” he added, urging all Member States to continue updating global problem-solving mechanisms to “make them fit for purpose, fit for people and fit for peace”.

    Shift of Power to Global South

    Wang Yi, Minister for Foreign Affairs of China — Council President for February — then spoke in his national capacity to recall that representatives of his country were the first to sign the Charter of the United Nations, “writing with the Chinese calligraphy brush an important chapter in world history”.  Now, though, comprehensive peace and shared prosperity remain elusive.  Noting the rise of the Global South on the world stage, he insisted that “international affairs should no longer be monopolized by a small number of countries” and the fruits of global development should not be enjoyed by only a few countries.  China, as the world’s largest developing country, has become the major trading partner of more than 150 countries and regions and is promoting high-quality Belt and Road cooperation to contribute to global prosperity and development.

    “The continuing inequalities of the global financial system have further aggravated today’s crises,” said Mohammad Ishaq Dar, Deputy Prime Minister and Minister for Foreign Affairs of Pakistan, adding that “the very fabric of the world order established under the UN Charter is in danger of being torn apart”.  Urging reform of the International Monetary Fund (IMF) and the World Bank, he pointed out that the current system favours the rich, while developing nations are trapped in a cycle of poverty and debt.

    Also underlining the need to reform the global economic order, Selma Bakhta Mansouri, Secretary of State to the Minister for Foreign Affairs of Algeria, said that current financial arrangements are largely led by developed States.  It is necessary to ensure a “flexible and sustainable financing mechanism for African States and to work towards improving or easing their debt burden,” she stressed.  She also noted that Africa represents more than a quarter of UN Member States, but continues to be deprived of permanent representation on the Council.

    Similarly, Francess Piagie Alghali, Deputy Minister for Foreign Affairs and International Cooperation of Sierra Leone, said that Africa remains the most glaring victim of inequitable Council composition.  Without structural reform, the organ’s performance and legitimacy will continue to be questioned, she said, also highlighting Africa’s exclusion from multilateral development banks.  Highlighting the African Union’s theme of the year — Justice for Africans and People of African Descent through Reparations — she stressed the need to urgently rectify the historical injustices perpetuated against the continent.

    Push for Two Permanent Security Council Seats for Africa

    Ahmed Moallim Fiqi, Minister for Foreign Affairs and International Cooperation of Somalia, also reiterated the need for a “deep-rooted reform” of the Council, stressing that African States should be granted two permanent seats that include the right to veto.  Stating that the UN Charter must be the “linchpin” and “our lodestar” as the international community embarks on reforming the multilateral system, he also noted that Council resolutions are being trampled upon, calling for effective mechanisms to bolster the UN’s capacity to guarantee international peace and security.

    “It is illogical that Africa does not feature among permanent members,” observed France’s representative, underscoring:  “That must change.”  Two African States must hold permanent seats on the Council, and he added that Africa’s demand for veto power is “legitimate”.  The representative of Denmark, in that vein, stated that the world needs a more-representative Council — “one which redresses the historical injustice done to the African continent”.  She added:  “We cannot seriously tackle the issues facing multilateralism when the Security Council continues to operate in a reality of yesteryear.”

    “The Security Council is arguably the least representative and most undemocratic of global institutions,” added Guyana’s representative, pointing out that the Council faces the risk of becoming irrelevant.  “We have seen repeatedly how the current structure and decision-making format — particularly the use of the veto — have thwarted the will” of the wider membership, she said.  Greece’s representative, for his part, expressed support for “any model of reform that is fair, strengthens the UN as a whole and transforms the Security Council into a more democratic, efficient, representative and accountable body”.

    Russian Federation, China Accused of Being Drivers of Instability

    Meanwhile, the representative of the United States said that “two of the greatest drivers of instability in the world today hold veto power”, spotlighting the Russian Federation’s bloody war in Ukraine and China’s exploitation of its developing-nation status.  “We need to take a close look at where this institution is falling short,” she added.  Therefore, the United States is currently reviewing its support to the UN, and she said that “we will consider whether actions of the Organization are serving American interests, and whether it can be reformed”.

    As to why the UN is falling short of its ambitions, the representative of the United Kingdom observed that “there is more to this than the often-mentioned liquidity crisis”.  While the Organization’s membership has increased, it is not fully representative of today’s “multipolar world”, she said.  Further, the Council is often characterized as “ineffective geopolitical theatre”, and she added that — while reform is needed — “this body has the tools to implement its peace and security mandate”.

    “It is time to rescue multilateralism from ruinous mistrust,” stressed Panama’s representative, urging States to ensure that, rather that floundering, the system flourishes and prospers.  Observing that his country has been reaping the rewards of multilateralism since its independence, he said that diplomatic efforts lead to the end of the colonial enclave and to the recovery of “our Canal”.

    BRICS Surpasses G7 in Gross Domestic Product

    The representative of the Russian Federation noted that developed countries have siphoned off $62 trillion in resources from the Global South since 1960, highlighting Moscow’s efforts to advance anti-colonial agendas at the UN.  And “there have been tectonic shifts in the global economy”, with BRICS (Brazil, Russian Federation, India, China, South Africa) accounting for 37 per cent of the global gross domestic product (GDP), surpassing 29 per cent represented by the Group of 7 (G7) countries, he added, stressing the need for a more equitable global financial architecture.  Rejecting the West’s domination at the Security Council as “a relic of the past”, he said that his country advocates for indivisible security in Eurasia without infringing on others’ interests.

    “It is extraordinary that 193 Member States — with each of us at different stages of political and economic development, like-minded or even antagonistic — gather every day in this very building to discuss and solve current and future issues,” observed the representative of the Republic of Korea.  “This should not be taken for granted,” he stressed, stating that the UN’s convening role is the “driving engine of multilateralism”.  Slovenia’s representative, similarly, noted that the UN “enabled the power of rules to replace the rule of power”.  Citing former Secretary-General Dag Hammarskjöld, he said:  “It is not big Powers who need the UN for their protection.  It is all the others.”

    Unilateralism Versus Multilateralism

    As the floor opened to the wider membership, Celinda Sosa Lunda, Minister for Foreign Affairs of Bolivia, pointed to the need for radical change within the UN structure in view of the myriad threats to the planet’s very existence.  “We are fighting for the transition towards a multipolar world,” she stressed.  “Today the world is in a state of flux,” said Jeje Odongo Abubakhar, Minister for Foreign Affairs of Uganda, pointing to the “palpable loss of trust” in age-old institutions and mechanisms.  Observing that many world leaders now favour unilateralism, he stressed:  “The future of multilateralism depends on the willingness of State and non-State actors to re-imagine and revitalize the system.”

    On that, Carlos Fernández de Cossío, Vice Minister for Foreign Affairs of Cuba, said that it has become crucial to defend multilateralism given “the withdrawal of the world’s greatest Power from international bodies”.  He also opposed “trends towards the privatization of the Organization, turning it into a tool that represents the interests of major Powers and large transnational capital”.  Meanwhile, Péter Szijjártó, Minister for Foreign Affairs and Trade of Hungary, said that, during the “global dictatorship of the international liberal mainstream”, the UN has failed to be a platform for peace.  He therefore stressed that the UN must adjust itself to the new global political reality or “lose its significance”.

    Waleed Abdul Karim El-Khereiji, Vice Minister for Foreign Affairs of Saudi Arabia, also said that the increasing crisis of confidence in the UN demands reform.  Further, “current bloody incidents” call for firm responses from the multilateral system.  “No people should feel abandoned by the international community,” stressed Fedor Rosocha, Director General of the Directorate for International Organizations and Human Rights in the Ministry for Foreign and European Affairs of Slovakia, stressing that the Council must not be passive in the fact of conflict, crisis and atrocity.

    The fact that “no new world war has happened” is not a consolation to Ukrainians whose towns have been destroyed, observed Mariana Betsa, Deputy Minister for Foreign Affairs of Ukraine.  Multilateral institutions are being undermined from within, she said, urging that permanent Council members be limited in their use of the veto when they have a conflict of interest in the matter under consideration.  She added:  “If the UN begins to resemble a boxing ring — with fighters, their supporters and passive spectators — the prospects for global security will be bleak.”

    MIL OSI United Nations News –

    February 19, 2025
  • MIL-OSI USA: Justice Department Sues to Shut Down Atlanta-Area Return Preparers

    Source: US State of North Dakota

    The Justice Department filed a complaint today in the U.S. District Court for the Northern District of Georgia seeking to bar three Atlanta-area tax return preparers from owning or operating a tax return preparation business and preparing federal tax returns for others, as well as to require the defendants to disgorge the fees they received for fraudulently prepared returns.

    The civil complaint was filed against Mabika Ilunga; Simon Ilunga; Simon Ilunga Jr.; Mabilus Inc. doing business as Metro Insurance and Tax Service; Big Cheez Inc. doing business as Metro Insurance and Tax Service and SN Tax Services Inc. doing business as Metro Insurance and Tax Service. According to the complaint, the defendants prepared and filed tax returns that falsely understated their customers’ federal income tax liabilities by fabricating, among other things:

    • Businesses and related business expenses and losses;
    • Education and qualified electric vehicle credits;
    • Unreimbursed employee business expenses and
    • Dependents and filing status.

    The defendants fabricated these items to inflate their customers’ refunds and increase their eligibility for the Earned Income Tax Credit.

    According to the complaint, the defendants prepared thousands of tax returns for 2020 through 2023, and already prepared over 400 returns between the start of the 2025 filing season and today’s filing. The complaint alleges that the IRS reviewed income tax returns for 34 of the defendants’ customers and found that returns for 33 of those customers had errors that required an adjustment, often included without the customers’ knowledge or consent. As a result, the complaint alleges that the defendants have cost the United States lost tax revenue as well as the time and resources necessary to investigate the false returns. The complaint further alleges that the defendants harmed their customers who could potentially face large income tax debts and may be liable for penalties and interest.

    The Justice Department’s Tax Division made the announcement.

    Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams and taxpayers seeking a return preparer should remain vigilant. (More information can also be found here.) The IRS has information on its website for choosing a tax preparer, has launched a free directory of federal tax preparers, and offers information on how to avoid “ghost” tax preparers, whose refusal to sign a return should be a red flag to taxpayers. The IRS also has a checklist of things to remember when filing income tax returns in 2025.

    In addition, IRS Free File, a public-private partnership, offers free online tax preparation and filing options on IRS partner websites for individuals whose adjusted gross income is under $84,000. For individuals whose income is over that threshold, IRS Free File offers electronical federal tax forms that can be filled out and filed online for free. The IRS has tips on how seniors and individuals with low to moderate income can get other help or guidance on tax return preparation, too.

    In the past decade, the Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI Security: Justice Department Sues to Shut Down Atlanta-Area Return Preparers

    Source: United States Attorneys General

    The Justice Department filed a complaint today in the U.S. District Court for the Northern District of Georgia seeking to bar three Atlanta-area tax return preparers from owning or operating a tax return preparation business and preparing federal tax returns for others, as well as to require the defendants to disgorge the fees they received for fraudulently prepared returns.

    The civil complaint was filed against Mabika Ilunga; Simon Ilunga; Simon Ilunga Jr.; Mabilus Inc. doing business as Metro Insurance and Tax Service; Big Cheez Inc. doing business as Metro Insurance and Tax Service and SN Tax Services Inc. doing business as Metro Insurance and Tax Service. According to the complaint, the defendants prepared and filed tax returns that falsely understated their customers’ federal income tax liabilities by fabricating, among other things:

    • Businesses and related business expenses and losses;
    • Education and qualified electric vehicle credits;
    • Unreimbursed employee business expenses and
    • Dependents and filing status.

    The defendants fabricated these items to inflate their customers’ refunds and increase their eligibility for the Earned Income Tax Credit.

    According to the complaint, the defendants prepared thousands of tax returns for 2020 through 2023, and already prepared over 400 returns between the start of the 2025 filing season and today’s filing. The complaint alleges that the IRS reviewed income tax returns for 34 of the defendants’ customers and found that returns for 33 of those customers had errors that required an adjustment, often included without the customers’ knowledge or consent. As a result, the complaint alleges that the defendants have cost the United States lost tax revenue as well as the time and resources necessary to investigate the false returns. The complaint further alleges that the defendants harmed their customers who could potentially face large income tax debts and may be liable for penalties and interest.

    The Justice Department’s Tax Division made the announcement.

    Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams and taxpayers seeking a return preparer should remain vigilant. (More information can also be found here.) The IRS has information on its website for choosing a tax preparer, has launched a free directory of federal tax preparers, and offers information on how to avoid “ghost” tax preparers, whose refusal to sign a return should be a red flag to taxpayers. The IRS also has a checklist of things to remember when filing income tax returns in 2025.

    In addition, IRS Free File, a public-private partnership, offers free online tax preparation and filing options on IRS partner websites for individuals whose adjusted gross income is under $84,000. For individuals whose income is over that threshold, IRS Free File offers electronical federal tax forms that can be filled out and filed online for free. The IRS has tips on how seniors and individuals with low to moderate income can get other help or guidance on tax return preparation, too.

    In the past decade, the Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL Security OSI –

    February 19, 2025
  • MIL-OSI Security: Romanian Man Guilty of Access Device Fraud Conspiracy

    Source: Office of United States Attorneys

    NEW ORLEANS, LA – Acting U.S. Attorney Michael Simpson announced that DORU ADAMESC, a/k/a “Petru Golban,” (“ADAMESC”), age 32, a national of Romania, pled guilty on February 13, 2025 before Chief United States District Judge Nannette Jolivette Brown, to conspiracy to commit access device fraud, in violation of Title 18, United States Code, Section 1029(b)(2).

    According to court documents, on May 19, 2024 and May 20, 2024, ADAMESC, and a co-conspirator, purchased items at retail establishments so that they could approach the credit card reading machines.  ADAMESC’s co-conspirator then distracted the cashiers while ADAMESC covertly installed card skimmers on the credit card reading machines.  ADAMESC was arrested on June 5, 2024, when he returned to one of the stores to attempt to retrieve a skimming device.  A search of his vehicle resulted in the seizure of two large magnets, commonly used to activate the Bluetooth capabilities on skimming devices.  ADAMESC’s cellular phones were seized; one phone contained a photo of approximately 60 gift cards spread out on a counter.  Such gift cards are typically re-encoded with stolen card numbers in order to make fraudulent purchases or withdrawals.

    Law enforcement officers also seized six credit card skimmers before ADAMESC was able to retrieve them.  These skimmers captured approximately 421 credit, debit, and Electronic Benefit Transfer (“EBT”) cards.

    ADAMESC faces up to 7.5 years imprisonment, up to 3 years of supervised release, a fine of up to $250,000, and a mandatory $100.00 special assessment fee.  Sentencing before Chief Judge Brown has been scheduled for May 22, 2025.

    Acting U.S. Attorney Simpson praised the work of the Special Agents of the United States Department of Agriculture – Office of Inspector General; Special Agents with the United States Secret Service; Deputies with the Jefferson Parish Sheriff’s Office; Deputies with the St. Tammany Parish Sheriff’s Office; Deputies with the Tangipahoa Parish Sheriff’s Office; and Officers of the New Orleans Police Department, in investigating this matter.  Assistant United States Attorney Maria M. Carboni of the Financial Crimes Unit is in charge of the prosecution.

    MIL Security OSI –

    February 19, 2025
  • MIL-OSI: SiriusPoint reports ninth consecutive quarter of underwriting profits with FY Core combined ratio of 91.0%

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2024

    • Combined ratio of 90.2% in the fourth quarter for Core business, representing a 3.2 point improvement versus prior year, resulting in a full year 2024 Core combined ratio of 91.0% and Core underwriting income of $200 million
    • Growth in the quarter of 21% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to 10% growth for the full year
    • Fourth quarter net loss of $21 million, materially impacted by three significant items linked to our efforts to reposition the Company, including the CM Bermuda repurchase transaction, closure of previously announced LPT transaction with Enstar, and the write-down of a single MGA investment. This marks the end of the significant reshaping of the Company
    • Underlying net income of $44 million in the fourth quarter contributing to $304 million for the full year, up 14% versus prior year
    • Return on equity for 2024 of 9.1%, or 14.6% on an underlying basis and at the upper end of the target range of 12-15%
    • Book value per diluted common share (ex. AOCI) of $14.64, up 2.7% in the quarter and up 9.8% from December 31, 2023. Balance sheet remains strong post CM Bermuda transaction with Q4’24 BSCR estimate at 214%
    • Permanent retirement of the 45.7 million common shares repurchased from CM Bermuda on closure of the transaction, driving greater than 20% earnings per share accretion

    Scott Egan, Chief Executive Officer, said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our Core combined ratio has improved meaningfully from last year to 91.0%, excluding the impact from the loss portfolio transfer in 2023. Our 4.2 point improvement in attritional loss ratio demonstrates our focus on improving the quality of our underwriting. We saw 21% growth of gross premiums written for the quarter and 10% for the full year for our continuing lines business.

    Our underlying return on equity of 14.6% is at the upper end of the 12-15% target range set out a year ago. In optimizing our capital position, we have returned over $1 billion to investors during 2024 while maintaining robust capital ratios, due to our strong performance, reshaping actions, and capital generation over the past two years.

    We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025. While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.

    I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”

    Fourth Quarter 2024 Highlights

    • Net loss attributable to SiriusPoint common shareholders of $21.3 million, or $0.13 per diluted common share
    • Core income of $66.7 million, including underwriting income of $56.3 million, Core combined ratio of 90.2%
    • Core net services fee income of $10.4 million, with service margin of 20.2%
    • Net investment income of $68.9 million and total investment result of $29.0 million
    • Book value per diluted common share decreased $0.13 per share, or 0.9%, from September 30, 2024 to $14.60
    • Annualized return on average common equity of (4.0)%

    Year Ended December 31, 2024

    • Net income available to SiriusPoint common shareholders of $183.9 million, or $1.04 per diluted common share
    • Core income of $244.6 million, including underwriting income of $200.0 million, Core combined ratio of 91.0%
    • Core net services fee income of $46.7 million, with service margin of 21.0%
    • Net investment income of $303.6 million and total investment result of $224.6 million
    • Book value per diluted common share increased $1.25 per share, or 9.4%, from December 31, 2023 to $14.60
    • Return on average common equity of 9.1%
    • Debt to capital ratio increased to 24.8% compared to 23.8% as of December 31, 2023

    Key Financial Metrics

    The following table shows certain key financial metrics for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
      ($ in millions, except for per share data and ratios)
    Combined ratio   94.4 %     93.6 %     88.3 %     84.5 %
    Core underwriting income (1) $ 56.3     $ 37.0     $ 200.0     $ 250.2  
    Core net services income (1) $ 10.4     $ 9.3     $ 44.6     $ 41.2  
    Core income (1) $ 66.7     $ 46.3     $ 244.6     $ 291.4  
    Core combined ratio (1)   90.2 %     93.4 %     91.0 %     89.1 %
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
    Book value per common share $ 14.92     $ 13.76     $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35     $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI (1) $ 14.64     $ 13.33     $ 14.64     $ 13.33  
    Tangible book value per diluted common share (1) $ 13.42     $ 12.47     $ 13.42     $ 12.47  
    (1) Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”
       

    Fourth Quarter 2024 Summary

    Consolidated underwriting income for the three months ended December 31, 2024 was $32.7 million compared to $36.7 million for the three months ended December 31, 2023. The decrease was primarily driven by higher catastrophe losses, partially offset by an increase in favorable prior year loss reserve development. Catastrophe losses, net of reinsurance and reinstatement premiums, were $38.6 million, or 6.5 percentage points on the combined ratio, for the three months ended December 31, 2024 mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Favorable prior year reserve development was $37.3 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as in Insurance & Services, mainly due to lower than expected reported attritional losses in A&H, compared to $11.1 million for the three months ended December 31, 2023 which included reserve strengthening for specific areas of uncertainty for the loss reserves.

    Consolidated underwriting income for the year ended December 31, 2024 was $276.4 million compared to $375.9 million for the year ended December 31, 2023. The decrease was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the loss portfolio transfer transaction with Pallas Reinsurance Company Ltd that closed on June 30, 2023 (“2023 LPT”). Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage points on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.

    Reportable Segments

    The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

    Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Three months ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written increased by $42.7 million, or 5.9%, to $762.5 million for the three months ended December 31, 2024 compared to $719.8 million for the three months ended December 31, 2023. Net premiums earned increased by $23.2 million, or 4.2%, to $581.6 million for the three months ended December 31, 2024 compared to $558.4 million for the three months ended December 31, 2023. The increases in premium volume were primarily driven by increases in Insurance & Services from strategic organic and new program growth, as well higher A&H premiums, and in Reinsurance in Specialty and Property from new business and renewal growth. These increases were partially offset by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023.

    Core Results

    Core results for the three months ended December 31, 2024 included income of $66.7 million compared to $46.3 million for the three months ended December 31, 2023. Income for the three months ended December 31, 2024 consists of underwriting income of $56.3 million (90.2% combined ratio) and net services income of $10.4 million, compared to underwriting income of $37.0 million (93.4% combined ratio) and net services income of $9.3 million for the three months ended December 31, 2023. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development and lower attritional losses, partially offset by higher catastrophe losses.

    Losses incurred included $58.1 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $37.7 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $38.6 million, or 6.6 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Despite increased catastrophe losses for the three months ended December 31, 2024, catastrophe losses for the year ended December 31, 2024 were in line with our expectations evidencing our actions to reduce our catastrophe exposed business during the last two years.

    Year ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written decreased by $134.3 million, or 4.1%, to $3,176.4 million for the year ended December 31, 2024 compared to $3,310.7 million for the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, to $2,199.1 million for the year ended December 31, 2024 compared to $2,280.6 million for the year ended December 31, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, with the most significant offset being strategic organic and new program growth within Insurance & Services.

    Core Results

    Core results for the year ended December 31, 2024 included income of $244.6 million compared to $291.4 million for the year ended December 31, 2023. Income for the year ended December 31, 2024 consists of underwriting income of $200.0 million (91.0% combined ratio) and net services income of $44.6 million, compared to underwriting income of $250.2 million (89.1% combined ratio) and net services income of $41.2 million for the year ended December 31, 2023. The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $104.8 million driven by reserving analyses performed in connection with the 2023 LPT.

    Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.

    For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.

    Reinsurance Segment

    Three months ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $312.2 million for the three months ended December 31, 2024, an increase of $60.5 million, or 24.0%, compared to the three months ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $18.3 million (93.2% combined ratio) for the three months ended December 31, 2024, compared to underwriting income of $27.8 million (88.6% combined ratio) for the three months ended December 31, 2023. The decrease in net underwriting results was primarily due to higher catastrophe losses, partially offset by increased favorable development. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $35.2 million, or 13.2 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Losses incurred included $41.8 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $21.1 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Year ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $1,335.6 million for the year ended December 31, 2024, an increase of $64.6 million, or 5.1%, compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $124.8 million (88.0% combined ratio) for the year ended December 31, 2024, compared to underwriting income of $206.2 million (80.0% combined ratio) for the year ended December 31, 2023. The decrease in net underwriting results was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.

    For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.

    Insurance & Services Segment

    Three months ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $450.3 million for the three months ended December 31, 2024, a decrease of $17.8 million, or 3.8%, compared to the three months ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023, partially offset by strategic organic and new program growth, as well higher A&H premiums.

    Insurance & Services generated segment income of $48.4 million for the three months ended December 31, 2024, compared to $16.8 million for the three months ended December 31, 2023. Segment income for the three months ended December 31, 2024 consists of underwriting income of $38.0 million (87.9% combined ratio) and net services income of $10.4 million, compared to underwriting income of $9.2 million (97.0% combined ratio) and net services income of $7.6 million for the three months ended December 31, 2023. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    Year ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $1,840.8 million for the year ended December 31, 2024, a decrease of $198.9 million, or 9.8%, compared to the year ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

    Insurance & Services generated segment income of $119.8 million for the year ended December 31, 2024, compared to income of $86.3 million for the year ended December 31, 2023. Segment income for the year ended December 31, 2024 consists of underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to underwriting income of $44.0 million (96.5% combined ratio) and net services income of $42.3 million for the year ended December 31, 2023. The improvement in underwriting income of $31.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    As of December 31, 2024, we have equity stakes in 20 entities (managing general agents (“MGAs”), Insurtech and Other) compared to 36 at the start of 2023. We continue to rationalize our MGA equity stakes and realize the significant off-balance sheet value of our consolidated MGAs, with 6 of these rationalized in 2024. Book value for our three consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian Risk Capital Ltd. which we deconsolidated on June 30, 2024.

    Investments

    Three months ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt portfolio of $61.2 million, partially offset by unrealized losses resulting from fair value analyses on our strategic investment portfolio.

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $68.5 million. This result was driven by interest income primarily on securitized assets and corporate debt positions, which made up 65.6% of our total investments as of December 31, 2023.

    Year ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.

    Webcast Details

    The Company will hold a webcast to discuss its fourth quarter 2024 results at 8:30 a.m. Eastern Time on February 19, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. fourth quarter 2024 earnings call.

    The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

    Safe Harbor Statement Regarding Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

    All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

    Non-GAAP Financial Measures and Other Financial Metrics

    In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses. Management believes it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

    About the Company

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Stable) from AM Best, S&P and Fitch, and A3 (Stable) from Moody’s. For more information please visit www.siriuspt.com.

    Contacts

    Investor Relations
    Liam Blackledge – Investor Relations and Strategy Manager
    Liam.Blackledge@siriuspt.com
    + 44 203 772 3082

    Media
    Natalie King – Global Head of Marketing and External Communications
    Natalie.King@siriuspt.com
    + 44 20 3772 3102

           
    SIRIUSPOINT LTD.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    As of December 31, 2024 and December 31, 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      December 31,
    2024
      December 31,
    2023
    Assets      
    Debt securities, available for sale, at fair value, net of allowance for credit losses of $1.1 (2023 – $0.0) (cost – $5,143.8; 2023 – $4,754.6) $ 5,131.0     $ 4,755.4  
    Debt securities, trading, at fair value (cost – $187.3; 2023 – $568.1)   162.2       534.9  
    Short-term investments, at fair value (cost – $95.3; 2023 – $370.8)   95.8       371.6  
    Investments in related party investment funds, at fair value   116.5       105.6  
    Other long-term investments, at fair value (cost – $317.8; 2023 – $358.1) (includes related party investments at fair value of $100.7 (2023 – $173.7))   200.0       310.1  
    Total investments   5,705.5       6,077.6  
    Cash and cash equivalents   682.0       969.2  
    Restricted cash and cash equivalents   212.6       132.1  
    Redemption receivable from related party investment fund   —       3.0  
    Due from brokers   11.2       5.6  
    Interest and dividends receivable   44.0       42.3  
    Insurance and reinsurance balances receivable, net   2,054.4       1,966.3  
    Deferred acquisition costs, net   327.5       308.9  
    Unearned premiums ceded   463.9       449.2  
    Loss and loss adjustment expenses recoverable, net   2,315.3       2,295.1  
    Deferred tax asset   297.0       293.6  
    Intangible assets   140.8       152.7  
    Other assets   270.7       175.9  
    Total assets $ 12,524.9     $ 12,871.5  
    Liabilities      
    Loss and loss adjustment expense reserves $ 5,653.9     $ 5,608.1  
    Unearned premium reserves   1,639.2       1,627.3  
    Reinsurance balances payable   1,781.6       1,736.7  
    Deposit liabilities   17.4       134.4  
    Deferred gain on retroactive reinsurance   8.5       27.9  
    Debt   639.1       786.2  
    Due to brokers   18.0       6.2  
    Deferred tax liability   76.2       68.7  
    Liability-classified capital instruments   —       67.3  
    Share repurchase liability   483.0       —  
    Accounts payable, accrued expenses and other liabilities   269.2       278.1  
    Total liabilities   10,586.1       10,340.9  
    Commitments and contingent liabilities      
    Shareholders’ equity      
    Series B preference shares (par value $0.10; authorized and issued: 8,000,000)   200.0       200.0  
    Common shares (issued and outstanding: 116,429,057; 2023 – 168,120,022)   11.6       16.8  
    Additional paid-in capital   945.0       1,693.0  
    Retained earnings   784.9       601.0  
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Shareholders’ equity attributable to SiriusPoint shareholders   1,937.4       2,513.9  
    Noncontrolling interests   1.4       16.7  
    Total shareholders’ equity   1,938.8       2,530.6  
    Total liabilities, noncontrolling interests and shareholders’ equity $ 12,524.9     $ 12,871.5  
                   
    SIRIUSPOINT LTD.
    CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
    For the three and twelve months ended December 31, 2024 and 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      Three months ended   Twelve months ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Revenues              
    Net premiums earned $ 590.3     $ 578.0     $ 2,343.5     $ 2,426.2  
    Net investment income   68.9       78.4       303.6       283.7  
    Net realized and unrealized investment losses   (40.7 )     (12.4 )     (88.7 )     (10.0 )
    Net realized and unrealized investment gains (losses) from related party investment funds   0.8       (1.0 )     9.7       (1.0 )
    Net investment income and net realized and unrealized investment gains (losses)   29.0       65.0       224.6       272.7  
    Other revenues   19.4       17.8       184.2       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments   (25.9 )     (15.0 )     (148.5 )     (59.4 )
    Total revenues   612.8       645.8       2,603.8       2,737.3  
    Expenses              
    Loss and loss adjustment expenses incurred, net   369.1       365.4       1,368.5       1,381.3  
    Acquisition costs, net   134.6       111.7       516.9       472.7  
    Other underwriting expenses   53.9       64.2       181.7       196.3  
    Net corporate and other expenses   58.1       64.5       232.1       258.2  
    Intangible asset amortization   3.0       2.9       11.9       11.1  
    Interest expense   19.6       19.8       69.6       64.1  
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Total expenses   625.4       647.7       2,370.7       2,418.6  
    Income (loss) before income tax (expense) benefit   (12.6 )     (1.9 )     233.1       318.7  
    Income tax (expense) benefit   (4.4 )     101.6       (30.7 )     45.0  
    Net income (loss)   (17.0 )     99.7       202.4       363.7  
    Net income attributable to noncontrolling interests   (0.3 )     (2.2 )     (2.5 )     (8.9 )
    Net income (loss) available to SiriusPoint   (17.3 )     97.5       199.9       354.8  
    Dividends on Series B preference shares   (4.0 )     (4.0 )     (16.0 )     (16.0 )
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Earnings (loss) per share available to SiriusPoint common shareholders              
    Basic earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.52     $ 1.06     $ 1.93  
    Diluted earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.50     $ 1.04     $ 1.85  
    Weighted average number of common shares used in the determination of earnings (loss) per share              
    Basic   161,378,360       166,640,624       166,537,394       163,341,448  
    Diluted   161,378,360       173,609,940       169,470,681       169,607,348  
                                   
    SIRIUSPOINT LTD.
    SEGMENT REPORTING
       
      Three months ended December 31, 2024
      Reinsurance   Insurance &
    Services
      Core   Eliminations
    (2)
      Corporate   Segment
    Measure
    Reclass
      Total
    Gross premiums written $ 312.2     $ 450.3     $ 762.5     $ —     $ (3.0 )   $ —     $ 759.5  
    Net premiums written   237.5       322.7       560.2       —       4.8       —       565.0  
    Net premiums earned   265.9       315.7       581.6       —       8.7       —       590.3  
    Loss and loss adjustment expenses incurred, net   148.3       175.3       323.6       (1.4 )     46.9       —       369.1  
    Acquisition costs, net   73.1       77.8       150.9       (27.6 )     11.3       —       134.6  
    Other underwriting expenses   26.2       24.6       50.8       —       3.1       —       53.9  
    Underwriting income (loss)   18.3       38.0       56.3       29.0       (52.6 )     —       32.7  
    Services revenues   —       51.6       51.6       (31.4 )     —       (20.2 )     —  
    Services expenses   —       41.2       41.2       —       —       (41.2 )     —  
    Net services income   —       10.4       10.4       (31.4 )     —       21.0       —  
    Segment income (loss)   18.3       48.4       66.7       (2.4 )     (52.6 )     21.0       32.7  
    Net investment income                   68.9       —       68.9  
    Net realized and unrealized investment losses     (40.7 )     —       (40.7 )
    Net realized and unrealized investment gains from related party investment funds     0.8       —       0.8  
    Other revenues                   (0.8 )     20.2       19.4  
    Loss on settlement and change in fair value of liability-classified capital instruments     (25.9 )     —       (25.9 )
    Net corporate and other expenses                   (16.9 )     (41.2 )     (58.1 )
    Intangible asset amortization                   (3.0 )     —       (3.0 )
    Interest expense                   (19.6 )     —       (19.6 )
    Foreign exchange gains                   12.9       —       12.9  
    Income (loss) before income tax expense $ 18.3     $ 48.4       66.7       (2.4 )     (76.9 )     —       (12.6 )
    Income tax expense           —       —       (4.4 )     —       (4.4 )
    Net income (loss)           66.7       (2.4 )     (81.3 )     —       (17.0 )
    Net income attributable to noncontrolling interest     —       —       (0.3 )     —       (0.3 )
    Net income (loss) available to SiriusPoint   $ 66.7     $ (2.4 )   $ (81.6 )   $ —     $ (17.3 )
                               
    Attritional losses $ 154.9     $ 188.2     $ 343.1     $ (1.4 )   $ 26.1     $ —     $ 367.8  
    Catastrophe losses   35.2       3.4       38.6       —       —       —       38.6  
    Prior year loss reserve development   (41.8 )     (16.3 )     (58.1 )     —       20.8       —       (37.3 )
    Loss and loss adjustment expenses incurred, net $ 148.3     $ 175.3     $ 323.6     $ (1.4 )   $ 46.9     $ —     $ 369.1  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   58.3 %     59.6 %     59.0 %                 62.3 %
    Catastrophe loss ratio   13.2 %     1.1 %     6.6 %                 6.5 %
    Prior year loss development ratio (15.7 )%   (5.2 )%   (10.0 )%               (6.3 )%
    Loss ratio   55.8 %     55.5 %     55.6 %                 62.5 %
    Acquisition cost ratio   27.5 %     24.6 %     25.9 %                 22.8 %
    Other underwriting expenses ratio   9.9 %     7.8 %     8.7 %                 9.1 %
    Combined ratio   93.2 %     87.9 %     90.2 %                 94.4 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Three months ended December 31, 2023
      Reinsurance   Insurance &
    Services
      Core   Eliminations
    (2)
      Corporate   Segment
    Measure
    Reclass
      Total
    Gross premiums written $ 251.7     $ 468.1     $ 719.8     $ —     $ (4.2 )   $ —     $ 715.6  
    Net premiums written   194.9       263.3       458.2       —       (3.6 )     —       454.6  
    Net premiums earned   243.2       315.2       558.4       —       19.6       —       578.0  
    Loss and loss adjustment expenses incurred, net   121.8       206.6       328.4       (1.4 )     38.4       —       365.4  
    Acquisition costs, net   65.5       66.8       132.3       (31.6 )     11.0       —       111.7  
    Other underwriting expenses   28.1       32.6       60.7       —       3.5       —       64.2  
    Underwriting income (loss)   27.8       9.2       37.0       33.0       (33.3 )     —       36.7  
    Services revenues   1.7       54.0       55.7       (40.0 )     —       (15.7 )     —  
    Services expenses   —       43.6       43.6       —       —       (43.6 )     —  
    Net services fee income   1.7       10.4       12.1       (40.0 )     —       27.9       —  
    Services noncontrolling income   —       (2.8 )     (2.8 )     —       —       2.8       —  
    Net services income   1.7       7.6       9.3       (40.0 )     —       30.7       —  
    Segment income (loss)   29.5       16.8       46.3       (7.0 )     (33.3 )     30.7       36.7  
    Net investment income                   78.4       —       78.4  
    Net realized and unrealized investment losses     (12.4 )     —       (12.4 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   2.1       15.7       17.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (15.0 )     —       (15.0 )
    Net corporate and other expenses                   (20.9 )     (43.6 )     (64.5 )
    Intangible asset amortization                   (2.9 )     —       (2.9 )
    Interest expense                   (19.8 )     —       (19.8 )
    Foreign exchange losses                   (19.2 )     —       (19.2 )
    Income (loss) before income tax benefit $ 29.5     $ 16.8       46.3       (7.0 )     (44.0 )     2.8       (1.9 )
    Income tax benefit           —       —       101.6       —       101.6  
    Net income           46.3       (7.0 )     57.6       2.8       99.7  
    Net (income) loss attributable to noncontrolling interest     —       —       0.6       (2.8 )     (2.2 )
    Net income available to SiriusPoint   $ 46.3     $ (7.0 )   $ 58.2     $ —     $ 97.5  
                               
    Attritional losses $ 143.5     $ 222.8     $ 366.3     $ (1.4 )   $ 11.7     $ —     $ 376.6  
    Catastrophe losses   (0.6 )     0.4       (0.2 )     —       0.1       —       (0.1 )
    Prior year loss reserve development   (21.1 )     (16.6 )     (37.7 )     —       26.6       —       (11.1 )
    Loss and loss adjustment expenses incurred, net $ 121.8     $ 206.6     $ 328.4     $ (1.4 )   $ 38.4     $ —     $ 365.4  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   59.0 %     70.7 %     65.6 %                 65.2 %
    Catastrophe loss ratio (0.2 )%     0.1 %     — %                 — %
    Prior year loss development ratio (8.7 )%   (5.3 )%   (6.8 )%               (1.9 )%
    Loss ratio   50.1 %     65.5 %     58.8 %                 63.2 %
    Acquisition cost ratio   26.9 %     21.2 %     23.7 %                 19.3 %
    Other underwriting expenses ratio   11.6 %     10.3 %     10.9 %                 11.1 %
    Combined ratio   88.6 %     97.0 %     93.4 %                 93.6 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2024
      Reinsurance   Insurance &
    Services
      Core   Eliminations
    (2)
      Corporate   Segment
    Measure
    Reclass
      Total
    Gross premiums written $ 1,335.6     $ 1,840.8     $ 3,176.4     $ —     $ 68.2     $ —     $ 3,244.6  
    Net premiums written   1,104.7       1,236.2       2,340.9       —       11.2       —       2,352.1  
    Net premiums earned   1,045.1       1,154.0       2,199.1       —       144.4       —       2,343.5  
    Loss and loss adjustment expenses incurred, net   554.3       714.1       1,268.4       (5.5 )     105.6       —       1,368.5  
    Acquisition costs, net   279.9       284.7       564.6       (121.4 )     73.7       —       516.9  
    Other underwriting expenses   86.1       80.0       166.1       —       15.6       —       181.7  
    Underwriting income (loss)   124.8       75.2       200.0       126.9       (50.5 )     —       276.4  
    Services revenues   —       222.9       222.9       (132.8 )     —       (90.1 )     —  
    Services expenses   —       176.2       176.2       —       —       (176.2 )     —  
    Net services fee income   —       46.7       46.7       (132.8 )     —       86.1       —  
    Services noncontrolling income   —       (2.1 )     (2.1 )     —       —       2.1       —  
    Net services income   —       44.6       44.6       (132.8 )     —       88.2       —  
    Segment income (loss)   124.8       119.8       244.6       (5.9 )     (50.5 )     88.2       276.4  
    Net investment income                   303.6       —       303.6  
    Net realized and unrealized investment losses     (88.7 )     —       (88.7 )
    Net realized and unrealized investment gains from related party investment funds     9.7       —       9.7  
    Other revenues                   94.1       90.1       184.2  
    Loss on settlement and change in fair value of liability-classified capital instruments     (148.5 )     —       (148.5 )
    Net corporate and other expenses                   (55.9 )     (176.2 )     (232.1 )
    Intangible asset amortization                   (11.9 )     —       (11.9 )
    Interest expense                   (69.6 )     —       (69.6 )
    Foreign exchange gains                   10.0       —       10.0  
    Income (loss) before income tax expense $ 124.8     $ 119.8       244.6       (5.9 )     (7.7 )     2.1       233.1  
    Income tax expense           —       —       (30.7 )     —       (30.7 )
    Net income (loss)           244.6       (5.9 )     (38.4 )     2.1       202.4  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (2.1 )     (2.5 )
    Net income (loss) available to SiriusPoint   $ 244.6     $ (5.9 )   $ (38.8 )   $ —     $ 199.9  
                               
    Attritional losses $ 579.8     $ 734.5     $ 1,314.3     $ (5.5 )   $ 112.8     $ —     $ 1,421.6  
    Catastrophe losses   49.5       5.3       54.8       —       —       —       54.8  
    Prior year loss reserve development   (75.0 )     (25.7 )     (100.7 )     —       (7.2 )     —       (107.9 )
    Loss and loss adjustment expenses incurred, net $ 554.3     $ 714.1     $ 1,268.4     $ (5.5 )   $ 105.6     $ —     $ 1,368.5  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   55.5 %     63.6 %     59.8 %                 60.7 %
    Catastrophe loss ratio   4.7 %     0.5 %     2.5 %                 2.3 %
    Prior year loss development ratio (7.2 )%   (2.2 )%   (4.6 )%               (4.6 )%
    Loss ratio   53.0 %     61.9 %     57.7 %                 58.4 %
    Acquisition cost ratio   26.8 %     24.7 %     25.7 %                 22.1 %
    Other underwriting expenses ratio   8.2 %     6.9 %     7.6 %                 7.8 %
    Combined ratio   88.0 %     93.5 %     91.0 %                 88.3 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2023
      Reinsurance   Insurance &
    Services
      Core   Eliminations
    (2)
      Corporate   Segment
    Measure
    Reclass
      Total
    Gross premiums written $ 1,271.0     $ 2,039.7     $ 3,310.7     $ —     $ 116.7     $ —     $ 3,427.4  
    Net premiums written   1,061.0       1,282.7       2,343.7       —       94.2       —       2,437.9  
    Net premiums earned   1,031.4       1,249.2       2,280.6       —       145.6       —       2,426.2  
    Loss and loss adjustment expenses incurred, net   490.3       815.4       1,305.7       (5.4 )     81.0       —       1,381.3  
    Acquisition costs, net   252.2       295.5       547.7       (137.2 )     62.2       —       472.7  
    Other underwriting expenses   82.7       94.3       177.0       —       19.3       —       196.3  
    Underwriting income (loss)   206.2       44.0       250.2       142.6       (16.9 )     —       375.9  
    Services revenues   (1.1 )     238.6       237.5       (149.6 )     —       (87.9 )     —  
    Services expenses   —       187.8       187.8       —       —       (187.8 )     —  
    Net services fee income (loss)   (1.1 )     50.8       49.7       (149.6 )     —       99.9       —  
    Services noncontrolling income   —       (8.5 )     (8.5 )     —       —       8.5       —  
    Net services income (loss)   (1.1 )     42.3       41.2       (149.6 )     —       108.4       —  
    Segment income (loss)   205.1       86.3       291.4       (7.0 )     (16.9 )     108.4       375.9  
    Net investment income                   283.7       —       283.7  
    Net realized and unrealized investment losses     (10.0 )     —       (10.0 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   9.9       87.9       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (59.4 )     —       (59.4 )
    Net corporate and other expenses                   (70.4 )     (187.8 )     (258.2 )
    Intangible asset amortization                   (11.1 )     —       (11.1 )
    Interest expense                   (64.1 )     —       (64.1 )
    Foreign exchange losses                   (34.9 )     —       (34.9 )
    Income before income tax benefit $ 205.1     $ 86.3       291.4       (7.0 )     25.8       8.5       318.7  
    Income tax benefit           —       —       45.0       —       45.0  
    Net income           291.4       (7.0 )     70.8       8.5       363.7  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (8.5 )     (8.9 )
    Net income available to SiriusPoint   $ 291.4     $ (7.0 )   $ 70.4     $ —     $ 354.8  
                               
    Attritional losses $ 618.9     $ 840.7     $ 1,459.6     $ (5.4 )   $ 76.5     $ —     $ 1,530.7  
    Catastrophe losses   12.2       1.3       13.5       —       11.3       —       24.8  
    Prior year loss reserve development   (140.8 )     (26.6 )     (167.4 )     —       (6.8 )     —       (174.2 )
    Loss and loss adjustment expenses incurred, net $ 490.3     $ 815.4     $ 1,305.7     $ (5.4 )   $ 81.0     $ —     $ 1,381.3  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   60.0 %     67.3 %     64.0 %                 63.1 %
    Catastrophe loss ratio   1.2 %     0.1 %     0.6 %                 1.0 %
    Prior year loss development ratio (13.7 )%   (2.1 )%   (7.3 )%               (7.2 )%
    Loss ratio   47.5 %     65.3 %     57.3 %                 56.9 %
    Acquisition cost ratio   24.5 %     23.7 %     24.0 %                 19.5 %
    Other underwriting expenses ratio   8.0 %     7.5 %     7.8 %                 8.1 %
    Combined ratio   80.0 %     96.5 %     89.1 %                 84.5 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       

    SIRIUSPOINT LTD.
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

    Non-GAAP Financial Measures

    Core Results

    Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

    Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

    Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

    Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

    Book Value Per Diluted Common Share Metrics

    Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

    The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2024 and December 31, 2023:

           
      December 31,
    2024
      December 31,
    2023
      ($ in millions, except share and per share amounts)
    Common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,737.4     $ 2,313.9  
           
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   1,741.5       2,310.8  
           
    Intangible assets   140.8       152.7  
    Tangible common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,596.6     $ 2,161.2  
           
    Common shares outstanding   116,429,057       168,120,022  
    Effect of dilutive stock options, restricted share units and warrants   2,559,359       5,193,920  
    Book value per diluted common share denominator   118,988,416       173,313,942  
           
    Book value per common share $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI $ 14.64     $ 13.33  
    Tangible book value per diluted common share $ 13.42     $ 12.47  
                   

    Underlying Net Income

    Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.

    The following table sets forth the computation of underlying net income for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Non-recurring adjustments:              
    Gains on sale or deconsolidation of consolidated MGAs   —       —       (96.0 )     —  
    Losses on strategic and other investments   34.3       15.4       90.5       40.2  
    MGA & Strategic Investment Rationalization   34.3       15.4       (5.5 )     40.2  
                   
    Losses on settlement and change in fair value of liability-classified capital instruments (“CMIG Merger Instruments”)   25.9       15.0       148.5       59.4  
    COVID-19 favorable reserve development (1)   —       —       (19.9 )     —  
    CMIG Instruments & Transactions   25.9       15.0       128.6       59.4  
                   
    (Income) expense related to loss portfolio transfers   28.9       2.1       44.6       (101.6 )
    Bermuda corporate income tax enactment   —       (100.8 )     —       (100.8 )
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Income tax expense on adjustments (2)   (11.4 )     (7.8 )     (38.1 )     (4.9 )
                   
    Underlying net income available to SiriusPoint common shareholders $ 43.5     $ 36.6     $ 303.5     $ 266.0  
                                   
    Return on average common shareholders’ equity attributable to SiriusPoint common shareholders   (4.0 )%     17.1 %     9.1 %     16.2 %
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period $ 2,494.9     $ 2,050.0     $ 2,313.9     $ 1,874.7  
    Accumulated other comprehensive income (loss), net of tax   81.5       (135.4 )     3.1       (45.0 )
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period   2,413.4       2,185.4       2,310.8       1,919.7  
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Impact of adjustments from above   64.8       (56.9 )     119.6       (72.8 )
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1       (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period   1,806.3       2,253.9       1,861.1       2,238.0  
                   
    Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI $ 2,109.9     $ 2,219.7     $ 2,086.0     $ 2,078.9  
                   
    Underlying return on average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   8.2 %     6.6 %     14.5 %     12.8 %
    (1) This development, which is primarily related to business written by legacy Third Point Reinsurance Ltd., is the result of the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024.
    (2) An effective tax rate of 15% is applied to the adjustments to calculate the income tax expense, where applicable.
       

    Other Financial Measures

    Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and twelve months ended December 31, 2024 and 2023 was calculated as follows:

           
      Three months ended   Twelve months ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
      ($ in millions)
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period   2,494.9       2,050.0       2,313.9       1,874.7  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Average common shareholders’ equity attributable to SiriusPoint common shareholders $ 2,116.2     $ 2,182.0     $ 2,025.7     $ 2,094.3  
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
                               

    The MIL Network –

    February 19, 2025
  • MIL-OSI: United Community Banks, Inc. Announces Quarterly Cash Dividend on Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C., Feb. 18, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (“United”), reported that its Board of Directors approved a quarterly cash dividend of $429.6875 per share (equivalent to $0.4296875 per depositary share or 1/1000th interest per share) on the Company’s 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NYSE: UCB PRI). The dividend is payable March 14, 2025 to shareholders of record on February 28, 2025.

    About United Community Banks, Inc.

    United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of December 31, 2024, United Community Banks, Inc. had $27.7 billion in assets, 199 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2024, United Community became a 10-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. In 2024, United was named by American Banker as one of the “Best Banks to Work For” for the eighth consecutive year and was recognized in the Greenwich Excellence and Best Brands Awards, receiving 15 awards that included national honors for overall satisfaction in small business banking and middle market banking. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found at ucbi.com.

    For more information:
    Jefferson Harralson
    Chief Financial Officer
    (864) 240-6208
    Jefferson_Harralson@ucbi.com

    The MIL Network –

    February 19, 2025
  • MIL-OSI: Bel Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2024.

    Fourth Quarter 2024 Highlights

    • Net sales of $149.9 million compared to $140.0 million in Q4-23. Excluding $20.8 million of contribution from Enercon, organic sales down 7.8% from Q4-23.
    • Gross profit margin of 37.5%, up from 36.6% in Q4-23  
    • GAAP net loss attributable to Bel shareholders of $1.8 million versus GAAP net earnings attributable to Bel shareholders of $12.0 million in Q4-23  
    • Non-GAAP net earnings attributable to Bel shareholders of $19.0 million versus $19.5 million in Q4-23  
    • Adjusted EBITDA of $30.3 million (20.2% of sales) as compared to $27.3 million (19.5% of sales) in Q4-23  
    • Completed acquisition of Enercon, making aerospace and defense Bel’s largest end market served

    Full Year 2024 Highlights

    • Net sales of $534.8 million compared to $639.8 million in 2023. Excluding contribution from Enercon, organic sales down 19.7%.  
    • Gross profit margin of 37.8%, up from 33.7% in 2023  
    • GAAP net earnings attributable to Bel shareholders of $41.0 million versus $73.8 million in 2023  
    • Non-GAAP net earnings attributable to Bel shareholders of $72.1 million versus $89.6 million in 2023  
    • Adjusted EBITDA of $101.9 million (19.0% of sales), down from $116.8 million (18.3% of sales) in 2023

    “Bel’s profitability levels remained strong throughout 2024 despite a challenging top line environment,” said Daniel Bernstein, President and CEO. “Our recent initiatives in operational efficiencies and global mindset of financial discipline has strengthened Bel’s foundation, enabling us to thrive despite the macro conditions we faced. We could not be more pleased with our acquisition of Enercon, both operationally and from a team perspective. We are excited to embark on 2025 as a new team, working together to progress on revenue synergy opportunities that we have identified across our two businesses. On a personal note, as recently announced, I look forward to working with Farouq in the coming months as I transition the roles of President and CEO to the next generation,” concluded Mr. Bernstein.

    Farouq Tuweiq, CFO, added, “Our priority for 2024 was to take actions to drive future top line growth and further refine our organizational structure to enhance operational efficiencies. In this regard, we were successful in achieving a series of initiatives. During the fourth quarter, we closed on our acquisition of Enercon, the largest transaction in Bel’s history. Enercon adds scale, diversity and a strong financial profile to Bel’s legacy business. Further, in October 2024, Uma Pingali joined Bel as our first Global Head of Sales. Under Uma’s leadership, we are laying the foundation of a new cohesive global sales structure and strategy aimed at driving top line growth across all product groups, geographies and end markets. On the internal initiative side, we announced two additional facility consolidation projects in 2024 and have initiated a strategic focus on global procurement with the hiring of Anubhav Gothi. Each of these actions completed in 2024 will serve to support Bel’s growth and profitability objectives for 2025.

    “Looking ahead, we are encouraged to see the tide turning in terms of demand from our networking and distribution partners. We anticipate the rebound in these areas will be slow and steady throughout 2025. Based on information available today, GAAP net sales in the first quarter of 2025 are expected to be in the range of $144 to $154 million, with gross margin in the range of 36% to 38%. We are excited entering 2025 as a more nimble organization and look forward to executing on the growth opportunities in the year ahead,” concluded Mr. Tuweiq.

    Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

     

    Conference Call
    Bel has scheduled a conference call for 8:30 a.m. ET on Wednesday, February 19, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13750153 after 12:30 pm ET, also for 30 days.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defense, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Farouq Tuweiq  
    Chief Financial Officer  
    ir@belf.com

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, products, product groups, customers, geographies and end markets; statements about the anticipated benefits of the recently-closed Enercon acquisition, including our beliefs about the potential future advantages of the acquisition for Bel’s operations, team, and with respect to revenue synergy opportunities; statements expressing management’s optimism for 2025 and for the future generally; statements about the process of transitioning the roles of President and CEO to the next generation; statements regarding Bel’s plans and intentions in respect of corporate projects and objectives, including plans for initiatives and efficiencies, and including statements about the intention to drive future top line growth and refine the organizational structure to enhance operational efficiencies; statements about the anticipated future contributions of new employees recently joining Bel and the role of such newly-created positions in the corporate team; statements about Bel’s sales structure and strategy aimed at driving top line growth across product groups, geographies and end markets; statements about facility consolidation projects and strategic focus on global procurement, and the anticipated benefits thereof including with respect to supporting Bel’s growth and profitability objectives for 2025; Anticipated demand from networking and distribution partners; size and capabilities of the organization; statements about executing on growth opportunities; statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to the Enercon acquisition which closed in November 2024, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions that may result to Bel’s business and our currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect our products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following Bel’s acquisition of Enercon which closed in November 2024, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on US. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s most recent Annual Report on Form 10-K and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures
    The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program for 2023, please see the Executive Compensation discussion appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 1, 2024.

    Website Information
    We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    [Financial tables follow]

     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    Net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Cost of sales     93,652       88,827       332,434       423,964  
    Gross profit     56,207       51,183       202,358       215,849  
    As a % of net sales     37.5 %     36.6 %     37.8 %     33.7 %
                                     
    Research and development costs     6,934       5,966       23,586       22,487  
    Selling, general and administrative expenses     34,831       24,942       110,616       99,091  
    As a % of net sales     23.2 %     17.8 %     20.7 %     15.5 %
    Impairment of CUI tradename     400       –       400       –  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Gain on sale of property     –       –       –       (3,819 )
    Income from operations     12,373       16,467       64,297       87,976  
    As a % of net sales     8.3 %     11.8 %     12.0 %     13.8 %
                                     
    Gain on sale of Czech Republic business     –       –       –       980  
    Interest expense     (2,815 )     (448 )     (4,078 )     (2,850 )
    Interest income     1,013       –       4,754       –  
    Other expense, net     (3,186 )     (2,520 )     (3,165 )     (2,806 )
    Earnings before income taxes     7,385       13,499       61,808       83,300  
                                     
    Provision for income taxes     953       1,463       12,616       9,469  
    Effective tax rate     12.9 %     10.8 %     20.4 %     11.4 %
    Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    As a % of net sales     4.3 %     8.6 %     9.2 %     11.5 %
                                     
    Less: Net earnings attributable to noncontrolling interest     484       –       484       –  
    Redemption value adjustment attributable to noncontrolling interest     7,748       –       7,748       –  
    Net (loss) earnings attributable to Bel Fuse Shareholders   $ (1,800 )   $ 12,036     $ 40,960     $ 73,831  
                                     
    Weighted average number of shares outstanding:                                
    Class A common shares – basic and diluted     2,115       2,142       2,124       2,142  
    Class B common shares – basic and diluted     10,429       10,628       10,491       10,634  
                                     
    Net (loss) earnings per common share:                                
    Class A common shares – basic and diluted   $ (0.14 )   $ 0.90     $ 3.09     $ 5.52  
    Class B common shares – basic and diluted   $ (0.14 )   $ 0.95     $ 3.28     $ 5.83  
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
                 
        December 31, 2024     December 31, 2023  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 68,253     $ 89,371  
    Held to maturity U.S. Treasury securities     950       37,548  
    Accounts receivable, net     111,376       84,129  
    Inventories     161,370       136,540  
    Other current assets     31,581       33,890  
    Total current assets     373,530       381,478  
    Property, plant and equipment, net     47,879       36,533  
    Right-of-use assets     25,125       20,481  
    Related-party note receivable     2,937       2,152  
    Equity method investment     9,265       10,282  
    Goodwill and other intangible assets, net     439,984       76,033  
    Other assets     51,069       44,672  
    Total assets   $ 949,789     $ 571,631  
                     
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 49,182     $ 40,441  
    Operating lease liability, current     7,954       6,350  
    Other current liabilities     70,933       63,818  
    Total current liabilities     128,069       110,609  
    Long-term debt     287,500       60,000  
    Operating lease liability, long-term     17,763       14,212  
    Other liabilities     75,295       46,252  
    Total liabilities     508,627       231,073  
    Redeemable noncontrolling interests     80,586       –  
    Stockholders’ equity     360,576       340,558  
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity   $ 949,789     $ 571,631  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
           
        Year Ended  
        December 31,  
        2024     2023  
                     
    Cash flows from operating activities:                
    Net earnings   $ 49,192     $ 73,831  
    Adjustments to reconcile net earnings to net cash provided by operating activities:                
    Depreciation and amortization     16,457       13,312  
    Stock-based compensation     3,738       3,486  
    Amortization of deferred financing costs     151       33  
    Deferred income taxes     (6,267 )     (3,872 )
    Net unrealized losses on foreign currency revaluation     1,456       1,356  
    Gain on sale of property     –       (2,117 )
    Gain on sale of Czech Republic business     –       (980 )
    Other, net     2,347       (1,037 )
    Changes in operating assets and liabilities:                
    Accounts receivable, net     (6,817 )     22,500  
    Unbilled receivables     7,800       5,451  
    Inventories     15,121       33,613  
    Accounts payable     139       (22,745 )
    Accrued expenses     (7,068 )     5,356  
    Accrued restructuring costs     215       (1,228 )
    Income taxes payable     (1,009 )     (4,976 )
    Other operating assets/liabilities, net     2,199       (13,634 )
    Net cash provided by operating activities     77,654       108,349  
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (14,108 )     (12,126 )
    Purchases of held to maturity U.S. Treasury securities     (131,309 )     (59,992 )
    Proceeds from held to maturity securities     167,907       19,918  
    Payment for equity method investment     –       (10,282 )
    Investment in related party notes receivable     (785 )     (2,152 )
    Proceeds from sale of property, plant and equipment     883       6,036  
    Payment of acquisition, net of cash acquired     (324,071 )        
    Proceeds from sale of business     –       5,063  
    Net cash used in investing activities     (301,483 )     (53,535 )
                     
    Cash flows from financing activities:                
    Dividends paid to common stockholders     (3,453 )     (3,492 )
    Deferred financing costs     (1,736 )     –  
    Repayments under revolving credit line     (15,000 )     (40,000 )
    Borrowings under revolving credit line     242,500       5,000  
    Purchases of common stock     (16,053 )     (105 )
    Net cash provided by (used in) financing activities     206,258       (38,597 )
                     
    Effect of exchange rate changes on cash and cash equivalents     (3,547 )     2,888  
                     
    Net (decrease) increase in cash and cash equivalents     (21,118 )     19,105  
    Cash and cash equivalents – beginning of period     89,371       70,266  
    Cash and cash equivalents – end of period   $ 68,253     $ 89,371  
                     
                     
    Supplementary information:                
    Cash paid during the period for:                
    Income taxes, net of refunds received   $ 22,952     $ 25,056  
    Interest payments   $ 5,795     $ 4,729  
    ROU assets obtained in exchange for lease obligations   $ 6,870     $ 5,999  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
                 
        Sales     Gross Margin  
        Q4-24     Q4-23     % Change     Q4-24     Q4-23     Basis Point Change  
    Power Solutions and Protection   $ 78,073     $ 68,971       13.2 %     40.6 %     40.2 %     40  
    Connectivity Solutions     52,548       50,562       3.9 %     36.6 %     29.3 %     730  
    Magnetic Solutions     19,238       20,477       -6.1 %     29.1 %     17.1 %     1,200  
    Total   $ 149,859     $ 140,010       7.0 %     37.5 %     36.6 %     90  
        Sales     Gross Margin  
        FY 2024     FY 2023     % Change     FY 2024     FY 2023     Basis Point Change  
    Power Solutions and Protection   $ 245,551       314,105       -21.8 %     42.4 %     38.1 %     430  
    Connectivity Solutions     220,370       210,572       4.7 %     37.1 %     34.2 %     290  
    Magnetic Solutions     68,871       115,136       -40.2 %     25.3 %     22.0 %     330  
    Total   $ 534,792     $ 639,813       -16.4 %     37.8 %     33.7 %     410  
                                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales(2)
    Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)
    (in thousands, unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    GAAP net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Expedite fee revenue     –       425       57       14,850  
    Non-GAAP adjusted net sales   $ 149,859     $ 139,585     $ 534,735     $ 624,963  
        Three Months Ended     Year Ended  
        December 31,     December 31,  
                             
        2024     2023     2024     2023  
                                     
    GAAP Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    Provision for income taxes     953       1,463       12,616       9,469  
    Other income/expense, net     3,186       2,520       3,165       2,806  
    Interest income     (1,013 )     –       (4,754 )     –  
    Interest expense     2,815       448       4,078       2,850  
    GAAP Operating Income   $ 12,373     $ 16,467     $ 64,297     $ 88,956  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Acquisition related costs     8,592       –       12,884       –  
    Amortization of inventory step-up     639       –       639       –  
    Impairment of CUI tradename     400       –       400       –  
    Loss on liquidation of foreign subsidiary     –       2,724       –       2,724  
    MPS litigation costs     –       128       –       3,031  
    Gain on sale of Czech Republic business     –       –       –       (980 )
    Gain on sale of properties     –       –       –       (3,819 )
    Stock compensation     956       774       3,738       3,486  
    Non-GAAP Operating Income   $ 24,629     $ 23,901     $ 85,417     $ 103,512  
    Depreciation and amortization     5,698       3,350       16,457       13,312  
    Adjusted EBITDA   $ 30,327     $ 27,251     $ 101,874     $ 116,824  
    % of net sales     20.2 %     19.5 %     19.0 %     18.3 %
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
    (in thousands, except per share data) (unaudited)
     
    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.
                 
        Three Months Ended December 31, 2024     Three Months Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 7,385     $ 953     $ (1,800 )   $ (0.14 )   $ (0.14 )   $ 13,499     $ 1,463     $ 12,036     $ 0.90     $ 0.95  
    Restructuring charges     1,669       270       1,399       0.11       0.11       3,808       675       3,133       0.24       0.25  
    Acquisition related costs     8,592       1,516       7,076       0.54       0.57       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    MPS litigation costs     –       –       –       –       –       128       29       99       0.01       0.01  
    Share-based compensation     956       197       759       0.06       0.06       774       160       614       0.05       0.05  
    Amortization of intangibles     2,843       493       2,349       0.18       0.19       1,160       254       906       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     908       201       707       0.05       0.06       829       203       626       0.05       0.05  
    Non-GAAP measures   $ 23,392     $ 3,869     $ 19,039     $ 1.45     $ 1.53     $ 22,922     $ 3,465     $ 19,457     $ 1.46     $ 1.54  
        Year Ended December 31, 2024     Year Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 61,808     $ 12,616     $ 40,960     $ 3.09     $ 3.28     $ 83,300     $ 9,469     $ 73,831     $ 5.52     $ 5.83  
    Restructuring charges     3,459       587       2,872       0.22       0.23       10,114       1,682       8,432       0.63       0.67  
    Acquisition related costs     12,884       2,503       10,381       0.79       0.83       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    MPS litigation costs     –       –       –       –       –       3,031       696       2,335       0.18       0.18  
    Gain on sale of Czech Republic business     –       –       –       –       –       (980 )     (49 )     (931 )     (0.07 )     (0.07 )
    Gain on sale of properties     –       –       –       –       –       (3,819 )     (763 )     (3,056 )     (0.23 )     (0.24 )
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    Share-based compensation     3,738       770       2,968       0.23       0.24       3,486       718       2,768       0.21       0.22  
    Amortization of intangibles     6,537       1,236       5,301       0.40       0.42       4,663       1,019       3,644       0.28       0.29  
    Unrealized foreign currency exchange (gains) losses     1,455       340       1,115       0.08       0.09       831       270       561       0.04       0.04  
    Non-GAAP measures   $ 90,919     $ 18,291     $ 72,144     $ 5.47     $ 5.77     $ 103,350     $ 13,723     $ 89,627     $ 6.72     $ 7.08  
                                                                                     
    (1)The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2)In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3)Individual amounts of earnings per share may not agree to the total due to rounding.
    (4)In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     

    The MIL Network –

    February 19, 2025
  • MIL-OSI: Occidental Announces Further Progress on Debt Reduction

    Source: GlobeNewswire (MIL-OSI)

    • Achieved near-term debt repayment target of $4.5 billion in the fourth quarter of 2024
    • Announced proceeds from $1.2 billion of divestitures signed in the first quarter of 2025 will go toward current year debt maturities

    HOUSTON, Feb. 18, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced it achieved its near-term debt repayment target of $4.5 billion in the fourth quarter of 2024 and signed two agreements in the first quarter of 2025 to divest upstream assets to undisclosed buyers for a combined total of $1.2 billion.

    The divestiture transactions, which are expected to close in the first quarter of 2025, include Rockies non-operated assets and Permian Basin assets not included in Occidental’s near-term development plan. The resulting proceeds will be applied to the company’s remaining 2025 debt maturities.

    “We were pleased to reach the near-term deleveraging milestone in the fourth quarter of 2024, within five months of closing the CrownRock acquisition, and seven months ahead of our goal,” said President and CEO Vicki Hollub. “The transactions announced today continue to high grade our portfolio and accelerate the progress toward achieving both our medium-term balance sheet deleveraging target and shareholder return pathway.”

    Occidental will continue to advance deleveraging via free cash flow and divestitures.

    About Occidental
    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “will,” “should,” “could,” “may,” “anticipate,” “plan,” “intend,” “expect,” “goal,” “target,” “advance,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

    Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause actual results to differ include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced GHG emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

    Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contacts

    The MIL Network –

    February 19, 2025
  • MIL-OSI: CDPQ to sell 2,500,000 common shares of Intact Financial

    Source: GlobeNewswire (MIL-OSI)

    MONTRÉAL, Feb. 18, 2025 (GLOBE NEWSWIRE) — CDPQ today announced its intention to sell 2,500,000 common shares of Intact Financial Corporation (TSX: IFC), representing approximately 1.4% of the issued and outstanding common shares of Intact as of February 18, 2025.

    The common shares are being sold at a gross price of $278.60 per share, which has been underwritten by CIBC Capital Markets and National Bank Financial. CDPQ expects to receive gross cash proceeds of approximately $696,500,000 from the offering.

    This transaction is part of CDPQ’s regular portfolio rebalancing. Once the transaction is complete, CDPQ will own approximately 6.6% of Intact’s issued and outstanding common shares, remaining its largest shareholder and Intact continuing as one of CDPQ’s largest holdings in the public markets.

    “CDPQ has been a major shareholder of Intact for over fifteen years, during which time our investment in the company has generated significant returns for our depositors,” said Vincent Delisle, Executive Vice-President and Head of Liquid Markets at CDPQ. “This transaction allows us to monetize a portion of these returns while retaining significant ownership in the company, based on our confidence in Intact’s growth prospects, including through several strategic operations based and managed in Québec.”

    “CDPQ continues to be a valued partner in Intact’s evolution as a leading global P&C insurer. This transaction enables a significant gain on a portion of one of their largest investments while remaining able to support our growth ambitions,” said Ken Anderson, Executive Vice President and CFO, Intact Financial Corporation. “We have delivered an annualized total shareholder return of 15% over the last 10 years, and we remain well positioned to sustain our track record of outperformance, given the strength of our platforms, our talented team and our clear strategic roadmap.”

    ABOUT CDPQ
    At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

    CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries. 

    ABOUT INTACT FINANCIAL CORPORATION
    Intact Financial Corporation (TSX: IFC) is the largest provider of Property and Casualty (P&C) insurance in Canada, a leading Specialty lines insurer with international expertise and a leader in Commercial lines in the UK and Ireland. The business has grown organically and through acquisitions to almost $24 billion of total annual operating direct premiums written (DPW).

    In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly owned subsidiary BrokerLink. Intact also distributes directly to consumers through the belairdirect brand and affinity partnerships. Additionally, Intact provides exclusive and tailored offerings to high-net-worth customers through Intact Prestige. In the US, Intact Insurance Specialty Solutions provides a range of Specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies. Across the UK, Ireland, and Europe, Intact provides Personal, Commercial and/or Specialty insurance solutions through the RSA, 123.ie, NIG and FarmWeb brands.

    For more information
    CDPQ Media Relations Team
    + 1 514 847-5493
    medias@cdpq.com

    Caroline Audet
    Manager, Media Relations and Public Affairs, Intact Financial
    416 227-7905 / 514 985-7165
    media@intact.net

    The MIL Network –

    February 19, 2025
  • MIL-OSI United Nations: Amid Evolving Threat Landscape, UN Peacekeepers Must Have Adequate Resources to Protect Vulnerable Populations in Conflict Zones, Speakers Tell Special Committee

    Source: United Nations General Assembly and Security Council

    In an ever-shifting security landscape, ensuring sufficient funding, technology and training, and promoting gender equality in peacekeeping operations while also recognizing the importance of safeguarding vulnerable populations in conflict zones is more critical than ever, speakers told the opening of the Special Committee on Peacekeeping Operations, which also marked 60 years since its establishment.

    Vice-President of the General Assembly Cherdchai Chaivaivid (Thailand), speaking on behalf of Assembly President Philémon Yang (Cameroon), said that, for nearly 80 years, UN peacekeepers have protected civilians from violence and supported vital political dialogue between parties to conflict.

    “The safety and security of United Nations peacekeepers remains of utmost importance,” he stressed, adding that since 1948 over 3,500 blue helmets have lost their lives serving in UN peacekeeping operations.  “Going forward, we will need mandates suited for an evolving threat landscape,” he said, also emphasizing the need for improved capacity to assess conflict situations, as well as effective planning and management throughout the peacekeeping cycle.

    “It is also vital to improve cooperation of poor countries with other critical partners, increase trust among stakeholders and manage local and international expectations in the Pact for the Future,” he went on to say.  Further, Member States must enhance collaboration between the UN and regional and subregional organizations, particularly the African Union.

    Adoption of Pact for the Future Created ‘Transformative Moment’ for Peacekeeping

    Martha Ama Akyaa Pobee, Assistant Secretary-General for Africa in the Departments of Political and Peacebuilding Affairs and Peace Operations, speaking on behalf of Jean-Pierre Lacroix, UN Under-Secretary-General for Peace Operations, said that this annual engagement by Member States is a key source of the “enduring strength as a preeminent symbol of multilateral resolve”.  Peacekeepers can be a “lifeline” for hundreds of thousands of civilians caught in conflict.

    The Committee’s sixtieth anniversary comes at a transformative moment for peacekeeping following the adoption of the Pact for the Future, where Member States equivocally reaffirmed peacekeeping as a critical tool to maintain international peace and security, she said.  “You have a unique opportunity to build on those efforts by providing a platform for dialogue, presenting innovative ideas and ensuring the effectiveness and accountability of UN peacekeeping operations,” she added.

    More Peacekeeper Resources Key amid Complex Terrain Marked by Geopolitical Challenges and Volatility

    As delegates took the floor, many stressed the need for more resources so that peacekeepers can carry out their work in an ever-shifting security landscape, with Morocco’s delegate, speaking for Non-Aligned Movement, noting that UN peacekeeping operations are currently navigating a complex terrain marked by geopolitical challenges.  “Funding and limited resources remain a significant issue,” she stressed.  “As a result, peacekeeping operations find themselves in a delicate position, needing to adapt to the realities on the ground while responding to international expectations.”

    Troop- and Police-Contributing Countries Stress Consultation with Them Key for Drafting Clear, Achievable Mandates

    Speakers from troop- and police-contributing countries stressed the Security Council must further consult with them to draft clear and achievable mandates that preserve the primacy of political solutions and help peacekeeping operations better address the evolving nature of global conflicts.

    “Our peacekeepers continue to serve in nations where security situations are volatile, but despite such challenges, our peacekeepers are striving to fulfil their mandates, and therefore we must ensure their safety and security,” said Indonesia’s delegate, speaking for the Association of Southeast Asian Nations (ASEAN).  Noting that its member States contribute over 5,000 peacekeepers across various UN missions, he called for better quality training and equipment for the troops.

    Canada’s representative, also speaking for Australia and New Zealand, and echoing other speakers, emphasized the importance of including women in all areas of peacekeeping missions, and commitment to the women, peace and security agenda as a cornerstone of the UN’s efforts to promote gender equality and lasting peace, reduce training obstacles in order to guarantee women’s full, equal participation.  “We urge missions to step up efforts to support the role of women in conflict prevention, resolution and peacebuilding,” he said.  He further underscored the importance of planning and the deliberate implementation of transitions and drawdowns in peacekeeping operations, stressing:  “Several agencies need to be involved from the very beginning of these processes to identify the capacity of the host Government, the UN and civil society actors to support those transitions.”

    Countries Hosting Peacekeeping Missions Urge Focus on Linguistic Capacity-Building, Improved Cooperation

    Speakers from countries hosting peacekeeping missions laid out their priorities and concerns, as well, with the representative of the Democratic Republic of the Congo, speaking for the French-Speaking Ambassadors Group, emphasizing that French-speaking areas host several operations that face growing and complex challenges.  “The fragility of ceasefire agreements, the high cost of conflict for the civilian population and the complexity of peace processes are making the work of the blue helmets more essential than ever,” he stressed. Recalibrating peacekeeping capacities is vital to improve cooperation with host States and “strengthen the links of trust” with the local population.

    “This is a priority that must also be looked at from the point of view of linguistic and intellectual capacity-building,” he said, calling for a focus on language abilities from the strategic planning to the operational phases.  Many countries in the Francophone space want to contribute more to peacekeeping operations, but they are being held back by language barriers at every stage of their engagement.

    Donor Countries Pledge Continued Support

    Donor countries, meanwhile, pledged to continue to support UN peacekeeping missions, and echoed many other Member States in calling attention to the unique opportunity created by the adoption of the Pact for the Future.  The European Union’s speaker, noting that the bloc provided almost one quarter of the UN’s peacekeeping budget last year, said it will continue to contribute constructively to the upcoming negotiations with the intent to improve UN peacekeeping in accordance with the Pact.  “We currently deploy almost 4,000 military police and civilian personnel to UN peace operations,” he said, adding:  “We cannot continue to demand more from our peacekeeping missions by expanding their mandates without providing the necessary resources for their implementation.”

    UN peacekeeping operations are confronted with increasingly complex challenges, he observed, citing regional threats, the effects of climate change, mis- and disinformation, increased presence of non-State actors, such as private military companies, transnational criminal activities and the weaponization of new and emerging technology, as demonstrated by the first attack ever last September on UN peacekeepers with an improvised armed unmanned aerial system.

    Election of Officers

    At the opening of the meeting, the Committee by acclamation elected Francisco Tropepi (Argentina), Michael Gort (Canada), Takayuki Iriya (Japan) and Michal Miarka (Poland) as Vice-Chairs; and Mohamed Soliman (Egypt) as Rapporteur.  Michael Gort (Canada) was elected to serve as Chair of the Working Group of the Whole.

    MIL OSI United Nations News –

    February 19, 2025
  • MIL-OSI Security: U.S. Marshals Arrest Cleveland Homicide Suspect and Barberton Shooting Suspect

    Source: US Marshals Service

    Garfield Heights, OH – This afternoon, members of the U.S. Marshals led Northern Ohio Violent Fugitive Task Force (NOVFTF) arrested Oturi Germany, 46 and Oturiana Germany, 28.  Oturi Germany was wanted by the Cleveland Division of Police for aggravated murder. Oturiana Germany was wanted by the Barberton Police Department for felonious assault.

    On January 10, 2025, officers from the Cleveland Division Police, 3rd District, located a deceased male inside a storage room in the basement of an apartment building located in the 2100 block of E. 78th Street, Cleveland, Ohio. The male victim had suffered a gunshot wound to his back. Oturi Germany was later identified as a suspect in this fatal incident and a warrant for aggravated murder was issued for his arrest.

    On February 17, 2025, a male was shot three times at the Washington Square Apartments in Barberton, Ohio. The male victim suffered three non-life-threatening gun shot wounds. The Barberton Police Department identified Oturiana Germany as a suspect in the shooting and a warrant was issued for her arrest.

    This afternoon, members of the NOVFTF arrested both Oturi and Oturiana Germany inside a vehicle near the 5100 block of E. 117th Street, Garfield Heights, Ohio. Two firearms were located during the arrest and seized by officers on scene.

    U.S. Marshal Pete Elliott stated, “Thankfully, no one was hurt during the arrest and our task force was able to take two violent fugitives and firearms off the street today. Our task force is comprised of outstanding officers who are highly trained, which results in safe arrests like the ones today in Garfield Heights.”

    Anyone with information concerning a wanted fugitive can contact the Northern Ohio Violent Fugitive Task Force at 1-866-4WANTED (1-866-492-6833), or you can submit a web tip. Reward money is available, and tipsters may remain anonymous.  Follow the U.S. Marshals on Twitter @USMSCleveland.  

    MIL Security OSI –

    February 19, 2025
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