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Category: Europe

  • MIL-OSI Security: Leader of International Stock Manipulation Ring Pleads Guilty

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Damian Williams, the United States Attorney for the Southern District of New York, announced today that RONALD BAUER pled guilty to conspiring to commit securities fraud in connection with his role in a long-running “pump-and-dump” stock manipulation scheme. BAUER pled guilty before U.S. District Judge Paul A. Engelmayer and is scheduled to be sentenced on May 20, 2025. 

    U.S. Attorney Damian Williams said: “For years, Ronald Bauer orchestrated a sprawling ‘pump-and-dump’ scheme involving the shares of numerous U.S.-based issuers that preyed on ordinary, retail investors.  While Bauer and his co-conspirators lived outside of the United States, they took advantage of the U.S. markets to perpetrate their fraud and reaped millions upon millions in profits at the expense of the victims. Today’s guilty plea should send a clear message that this Office is committed to holding market manipulators accountable no matter how hard they try to conceal their crimes.” 

    According to allegations in the Indictment, public filings, and statements made in court: 

    BAUER, a/k/a “Patek,” a citizen of Canada and the United Kingdom who resided in the United Kingdom, orchestrated numerous “pump-and-dump” schemes, controlling various aspects of the plans.  The Securities and Exchange Commission (“SEC”) had previously filed securities fraud claims against BAUER in 2005 for engaging in an alleged market manipulation scheme that was alleged to have issued false and misleading press releases while secretly dumping tens of millions of shares into the inflated market that BAUER and his associates had created.  In 2006, without admitting or denying the allegations, BAUER consented to the entry of a judgment against him providing for injunctive relief, barring BAUER from serving as an officer or director of a public company or participating in an offering of penny stock for a period of five years, and payment of disgorgement of $840,000.

    As he admitted in connection with his guilty plea, BAUER and his co-conspirators participated in a conspiracy to commit securities fraud with respect to seven issuers: Cantabio Pharmaceuticals Inc. (CTBO) (previously Lion Consulting Group (LIOC)); Virtus Oil and Gas Corp. (VOIL) (previously Curry Gold Corp. (CURGD)); Steampunk Wizards (SPWZ) (previously Freedom Petroleum (FPET)); Black Stallion Oil and Gas Inc. (BLKG) (previously Secure IT Corp.); PetroTerra Corp. (previously Loran Connection Corp (LRNC)); Black River Petroleum (BRPC) (previously American Copper Corp. (AMCU)); and Cyberfort Software Inc. (CYBF) (previously Patriot Berry Farms (PBFI)) (collectively, the “Issuers”).  

    To perpetrate the “pump-and-dump” scheme, BAUER and his co-conspirators obtained ownership and control of all or the vast majority of the unrestricted (i.e., free trading) stock of the Issuers.  BAUER and his co-conspirators sought to conceal their beneficial ownership of these controlling interests in the shares of the Issuers by causing their shares to be distributed to and divided amongst nominee entities that had been established by a Swiss corporation called Blacklight, S.A.  These entities were nominally owned by unrelated third parties but were, in fact, controlled by BAUER or his co-conspirators.  Thereafter, BAUER and his co-conspirators retained trading authority over the blocks of shares of the Issuers held by the Blacklight nominee entities and BAUER regularly provided trading instructions with respect to these shares to executives or employees at Blacklight.  In addition, BAUER and his co-conspirators effectively controlled or otherwise maintained significant influence over the management of the Issuers during the “pump-and-dump” scheme. 

    At times, BAUER and his co-conspirators caused nominees to engage in “match trades”—i.e., place both buy and sell orders in the same stock on the same day—for no legitimate economic purpose.  Furthermore, BAUER and his co-conspirators financed and coordinated promotional campaigns touting the Issuers to stoke trading interest in the Issuers’ stock, though without publicly disclosing their relationship to the promotional campaigns, their controlling interest, or their intent to sell a significant percentage of their holdings into the buying interest that they intended the promotional campaigns would generate.  BAUER and his co-conspirators took steps to conceal the fact that the nominee entities they controlled were the true funding source for the promotional campaigns. 

    During or shortly after the promotional campaigns, BAUER and his co-conspirators caused the Blacklight nominee entities to engage in trading activity in the Issuers’ stock, including selling a large percentage of their holdings of the Issuers’ stock, then caused the Blacklight nominee entities they controlled to remit to them the proceeds of the stock sales.

    *                *                *

    BAUER, 49, of London, United Kingdom, pled guilty to one count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison.  As part of his guilty plea, a money judgment in the amount of $4,377,228.74 was entered against BAUER.

    The maximum potential sentence in this case is prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

    Mr. Williams praised the outstanding work of the Federal Bureau of Investigation.  He further thanked the Justice Department’s Office of International Affairs of the Department’s Criminal Division, as well as authorities in the United Kingdom, in particular the Crown Prosecution Service’s National Extradition Unit. Finally, Mr. Williams also thanked the Securities and Exchange Commission, which separately initiated civil proceedings against BAUER. 

    The case is being handled by the Office’s Securities and Commodities Fraud Task Force.  Assistant U.S. Attorneys Jason Richman, Matthew R. Shahabian, Noah Solowiejczyk, and Vladislav Vainberg are in charge of the prosecution.

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

    Third Quarter Fiscal Year 2025 Outlook:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Cautionary Statement:

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

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

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

    About Microchip:

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

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

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

    The MIL Network –

  • MIL-OSI: Enstar Acquires Bermuda Reinsurer in its Second Property ILS Transaction

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Nov. 05, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (Nasdaq: ESGR) today announced that its wholly-owned subsidiary, Cavello Bay Reinsurance Limited (“Cavello Bay”), has acquired a Bermuda-domiciled Class 3B insurer and segregated accounts company (the “Reinsurer”).

    The Reinsurer underwrote property reinsurance business between 2020 and 2023 on behalf of third-party investors, assuming the risk through retrocession agreements with a fronting carrier. The Reinsurer had $66 million of shareholders’ equity at the end of July 2024.

    The Reinsurer will be merged into Cavello Bay and a consolidated and amended retrocession agreement between the fronting carrier and Cavello Bay will become effective.

    Dominic Silvester, Chief Executive Officer of Enstar, said: “This acquisition is our second transaction in the property ILS space in recent months, which we see as a growth market for legacy solutions. The deal structure eliminates collateral requirements, demonstrating the benefit of Cavello Bay’s strong balance sheet and financial strength rating.”

    About Enstar 

    Enstar is a NASDAQ-listed leading global insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 120 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com. 

    Cautionary Statement  

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘aim’, ‘ambition’, ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future events or performance. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar can be found under the heading “Risk Factors” in Enstar’s Form 10-K for the year ended December 31, 2023 and Enstar’s Form 10-Q for the quarter ended June 30, 2024 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.

    Contact:

    For Enstar:
    For Investors: Matthew Kirk (investor.relations@enstargroup.com)
    For Media: Jenna Kerr (communications@enstargroup.com)

    The MIL Network –

  • MIL-OSI: Enstar Group Limited Announces Quarterly Preference Share Dividends

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Nov. 05, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced that it will pay cash dividends on its Series D and Series E preference shares.

    Dividends on Enstar’s Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series D Preference Share) will be payable on December 1, 2024 to shareholders of record on November 15, 2024.

    Dividends on Enstar’s Series E 7.00% Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series E Preference Share) will be payable on December 1, 2024 to shareholders of record on November 15, 2024.

    About Enstar

    Enstar is a NASDAQ-listed leading global insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 120 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com.

    Cautionary Statement

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar can be found under the heading “Risk Factors” in our Form 10-K for the year ended December 31, 2023 and in our Quarterly Report on Form 10-Q for the interim period ended June 30, 2024 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.

    Contact: Enstar Communications
    Telephone: +1 (441) 292-3645

    The MIL Network –

  • MIL-OSI Australia: G7 and Partners Foreign Ministers Statement: 5 November 2024

    Source: Australian Government – Minister of Foreign Affairs

    We, the Foreign Ministers of Australia, Canada, France, Germany, Italy, Japan, Republic of Korea, New Zealand, the United Kingdom, the United States and the High Representative of the European Union express our grave concerns regarding the deployment of DPRK troops to Russia, potentially for the use on the battlefield against Ukraine.

    Several thousands of DPRK troops have been deployed to Russia. The DPRK’s direct support for Russia’s war of aggression against Ukraine, besides showing Russia’s desperate efforts to compensate its losses, would mark a dangerous expansion of the conflict, with serious consequences for European and Indo-Pacific peace and security. It would be a further breach of international law, including the most fundamental principles of the UN Charter.

    We condemn in the strongest possible terms the increasing military cooperation between the DPRK and Russia, including the DPRK’s export and Russia’s unlawful procurement of DPRK ballistic missiles in breach of multiple UN Security Council resolutions (UNSCRs), as well as Russia’s use of these missiles and munitions against Ukraine. DPRK soldiers receiving or providing any training or other assistance related to the use of ballistic missiles or arms is a direct violation of UN Security Council resolutions 1718, 1874 and 2270. We are also deeply concerned about the potential for any transfer of nuclear or ballistic missile-related technology from Russia to the DPRK in violation of the relevant UNSCRs. We urge the DPRK to stop providing assistance to Russia’s war of aggression.

    We reaffirm our unwavering commitment to support Ukraine as it defends its freedom, sovereignty, independence and territorial integrity. We are working with our international partners for a coordinated response to this new development.

    MIL OSI News –

  • MIL-OSI USA: A Week of Rain Across Spain

    Source: NASA

    On October 29, 2024, a period of intense rainfall inundated Valencia province in eastern Spain. The extensive, deadly flooding destroyed infrastructure and spurred massive search and rescue efforts.
    The downpours kept coming as a high-altitude, low-pressure weather system remained parked over the region. These systems, known as cut-off lows or locally by the Spanish acronym DANA, develop when cold fronts encounter warm, humid air masses and become isolated from the jet stream. In the days following the Valencia flash floods, rain continued to fall in Spain’s eastern coastal regions as well as its southwest, causing yet more flooding and disrupting transportation, classes, and other activities.
    This map shows rainfall accumulation totals from October 29 through November 4, 2024. These data are remotely sensed estimates that come from IMERG (the Integrated Multi-Satellite Retrievals for GPM), a product of the GPM (Global Precipitation Measurement) mission, and may differ from ground-based measurements. For instance, IMERG data are averaged across each pixel, meaning that rain-gauge measurements within a given pixel can be significantly higher or lower than the average.
    Ground-based measurements by Spain’s meteorological agency, AEMET, indicated that rainfall totals exceeded 300 millimeters (12 inches) in some areas of Valencia province on October 29 alone. A few days later, on November 1, Huelva province in southwest Spain saw torrential rains; 134 millimeters (5 inches) fell in the city of Cartaya in a 12-hour period. AEMET also issued warnings and reported strong storms along the Mediterranean coast on November 2 and 3.
    Next, the heavy rains migrated north, and 150 millimeters (6 inches) fell in Barcelona by noon on November 4. Barcelona’s airport cancelled and diverted flights on that day due to flooding, and train services and schools were also suspended.
    Cut-off low-pressure weather systems are typical in this region in autumn because intrusions of cold air from the Arctic encounter remaining surface heat from the Mediterranean summer. Storm systems of the same type drenched Spain and Greece in September 2023.
    NASA Earth Observatory image by Michala Garrison, using IMERG data from the Global Precipitation Mission (GPM) at NASA/GSFC. Story by Lindsey Doermann.

    MIL OSI USA News –

  • MIL-OSI China: Chinese premier meets Serbian PM

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

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

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

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

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

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

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

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

    MIL OSI China News –

  • MIL-OSI United Kingdom: £1.2 million to boost rural transport in the UK

    Source: United Kingdom – Executive Government & Departments 2

    Winning projects use the latest innovations to help meet the unique transport needs of people who live in rural areas.

    • eight projects awarded £150,000 each to better connect rural communities
    • winning projects include digital tools that support patients and staff to travel to NHS hospitals
    • funding will enhance travel for rural residents, while delivering greener transport technologies

    People living in rural areas could benefit from smoother and more frequent transport, thanks to government funding announced today (6 November 2025).

    Small businesses have won a share of £1.2 million as part of the Rural Transport Accelerator Fund, which supports the development of innovative concepts that will improve rural transport, in partnership with local authorities. The scheme aims to boost the wellbeing of communities, support rural jobs and kickstart local economies.

    Winners include a digital tool to predict rural transport demand and deliver on-demand services, as well as a journey mapping tool to support health providers in delivering hospital transport for patients.

    The 8 projects, which have won £150,000 each, are spread across the UK’s rural areas and will be trialled from Norfolk to Herefordshire and Suffolk to south east Scotland.

    Future of Roads Minister, Lilian Greenwood, said:

    People who live in rural areas have unique needs when it comes to transport and we’re always looking for ways to improve connections across the country.

    Through our funding, these projects will shake up the way rural transport is delivered, using the latest innovations to help residents see their friends and family, do their weekly food shop or attend hospital appointments.

    The winning projects include:

    • You.Smart.Thing – development of a digital tool to offer shared, demand responsive or community transport options for those without car access, trialled in Warwickshire
    • UrbanTide – mapping rural hospital patient journeys to identify barriers to accessing health services in rural areas and support health providers in enhancing rural transport services, trialled near Fife
    • Alchera Technologies – use of data insights to create a behavioural travel model to help local authorities with rural mobility decision making, trialled in Norfolk County Council
    • Civil Water Management – installation of new drainage systems using recycled car tyres to aid safer cycling along flood-prone sections of cycle routes, trialled in Milton Keynes County Council

    This year’s scheme called for solutions to a number of challenges that rural areas face:

    • the importance of rural roads for everyday journeys
    • driving towards a sustainable future
    • enabling innovation in rural mobility
    • advancements in agricultural transportation
    • open challenge – building communities and enabling adoption of technology in rural areas

    The grant is delivered in collaboration with the Connected Places Catapult, the UK’s innovation accelerator for cities, transport and place leadership

    Connected Places Catapult’s Chief Executive Officer, Erika Lewis, said:

    I am delighted to welcome 8 exciting companies onto the Rural Transport Accelerator.

    Their innovations and technologies promise to make a real impact for people living in rural areas, and I look forward to following their progress through the programme over the coming months.

    Roads media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 6 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Better Care for Mental Health Patients Under Major Reforms

    Source: United Kingdom – Executive Government & Departments 2

    Mental Health Act reformed to improve treatment of patients and address disparities

    • Outdated Mental Health Act modernised to better support patients, treat them more humanely, and address disparities

    • Reforms will introduce statutory care and treatment plans, end the use of police and prison cells to place people experiencing a mental health crisis, and end the inappropriate detention of autistic people and people with learning disabilities

    • Greater involvement of patients, families and carers will improve treatment whilst protecting patients, staff and the wider public

    New laws will give patients sectioned under the Mental Health Act more dignity and say over their care in long-awaited updates to be introduced in Parliament today (Wednesday, 6 November).

    Currently, outdated laws do not meet modern standards and fail to give patients an adequate voice. For example, individuals experiencing severe mental illness can be placed in police cells, and the law automatically gives a patient’s nearest relative – rather than the person of their choosing such as a partner – a say in decisions about their care.

    Black people are over three times more likely to be detained under the Act, whilst those with a learning disability and autistic people are also found to be inappropriately sectioned. Patients currently have little say over their care and treatment should they be detained, or over who should be involved in making decision related to their care, such as family members and carers. 

    The new Mental Health Bill addresses the significant changes in attitudes towards mental illness since the original Act was passed, recognising outdated laws around the treatment of people in a mental health crisis are no longer tolerable. Modernising the Bill was a manifesto commitment and will reform the existing Mental Health Act to make it fit for purpose, improving patients’ experiences of hospital and mental health outcomes, while also introducing stronger protections for patients, staff and the general public.

    This includes making it a legal requirement for each patient to have ‘care and treatment plans’ tailored and shaped by their individual needs that will make clear what is needed to progress them to discharge. The Bill will also give patients the right to elect a person to represent their interests and greater access to advocacy when they are detained. Together, these reforms will make it more likely for patients to stay in contact with health services and continue to engage with treatment.

    As well as ensuring patients have a voice in their care, the reforms also recognise the critical role that families and carers can play in keeping patients safe – providing insight and knowledge of a patient’s wishes and preferences and an understanding of what keeps them safe – including when a patient is too unwell to express this themselves. The Bill will strengthen the rights of families and carers through changes to the Nominated Person role, and require clinicians to consult with others close to the patient as they make decisions around their care where appropriate or where the patient wishes.  

    Police and prison cells will also no longer be used to place people experiencing a mental health crisis, as well as creating more space for police forces to hold criminal suspects. Instead, patients will be supported to access a suitable healthcare facility that will better support their needs.

    The Mental Health Act is vital to keeping people safe when necessary. It will continue to provide clinicians with the powers to admit and treat people if they become a risk to themselves or others.

    Secretary of State for Health and Social Care, Wes Streeting, said:

    Our outdated mental health system is letting down some of the most vulnerable people in our society, and is in urgent need of reform.

    The treatment of autistic people and people with learning disabilities, and the way in which black people are disproportionately targeted by the act should shame us all.

    By bringing the Mental Health Act in line with the 21st Century, we will make sure patients are treated with dignity and respect and the public are kept safe.

    Safety is paramount, which is why the Bill also includes measures to ensure patients, staff and the general public are better protected. The Bill will improve decision making around detention, discharge, care and treatment. As part of this, the Bill will introduce a new requirement for the Responsible Clinician to consult another person before they discharge a patient. Increased access to second opinion doctors will help ensure care is appropriate, compassionate and effective. Discharge processes will also be reviewed more broadly and will include a safety management plan for the patient, to keep themselves and other safe.  

    Claire Murdoch, NHS National Mental Health Director, said:

    This new Mental Health Act is a once in a generation opportunity to ensure that patients experiencing serious mental illness and crises receive safe, modern, evidence-based care, and that the needs and wishes of patients and their loved ones are central to care and better mental health outcomes.

    This comes alongside the NHS’s work to transform mental health services – either through intervening earlier with hundreds of NHS teams working in schools, or trialling new 24/7 crisis mental health hubs to prevent people needing hospital care in the first place, and if an admission to hospital is needed the health service is working with local services to ensure this is delivered in a safe and therapeutic environment close to people’s homes.

    Lord Timpson, Minister for Prisons and Probation, said: 

    This Bill will rightly end the use of prison cells for people who need care under the Mental Health Act and ensure they get the urgent specialist help they need.

    It will also mean prisoners requiring mental health hospital treatment are transferred quicker, and builds on our ongoing work to ensure prisons make better citizens and not better criminals.

    Whilst there have been decreases in the number of detentions from 2021/22 and 2022/23, latest data from NHS England shows an increase in 2023/24 with 22,000 people subject to the Act as of September.

    An independent review of the Mental Health Act, chaired by Professor Sir Simon Wessely, President of the Royal Society of Medicine, and commissioned by former Prime Minister Theresa May in 2017, found rising rates of detention under the Act, racial disparities, poor patient experience especially for autistic people and those with a learning disability.    

    For those with a learning disability or autistic people, the Act will be amended to place a limit of 28 days for which they can be detained unless they have a co-occuring mental health condition.

    Professor Sir Simon Wessely, Chair of the Independent Review of the Mental Health Act, said:

    I am delighted that at long last a new Mental Health Act bill is to go before Parliament. No one doubts that it is time to modernise our legislation, in order to achieve the goal of reducing coercion and increasing choice for those who suffer from the most severe mental illnesses.

    Our reforms will achieve that by ensuring better treatment and discharge planning with more family involvement, replacing outdated Victorian rules, and by reforming community treatment orders tackle unacceptable ethnic differences. Most of all ensuring that more attention is given to patient preferences will improve compliance with essential treatment, reduce coercion, whilst still protecting the public where necessary.

    Reforms in the Mental Health Bill aim to improve patient experiences, choice and autonomy as well as tackling racial discrimination and better supporting those with learning disabilities.

    This includes:

    • Increase the frequency of clinical reviews, to better ensure that the treatment patients receive is appropriate

    • Update the use of Community Treatment Orders, so that they are only used when appropriate and proportionate

    • Limit the length of time that people with a learning disability and/or autistic people can be detained under the Act, if they do not have a co-occurring mental disorder that needs hospital treatment and have not committed a criminal offence

    • End the use of police and prison cells for detaining someone experiencing a mental health crisis instead of getting them access to a facility where they can get the proper support, such as a hospital

    • Speed up transfers from prison to hospital by limiting the time it can take to transfer prisoners who need treatment in a mental health hospital to a maximum of 28 days

    The action follows the introduction of one of the world’s first all-hours mental health crisis support service in August through NHS 111. The government also announced £26 million will be invested to open new mental health crisis centres as part of last week’s Budget, with extra funding also secured to provide talking therapies to an extra 380,000 patients.

    For people who need support at A&E, every emergency department in England now also has a liaison psychiatric team available to offer specialist care. 

    A full list of mental health support options is available via the NHS.uk website. The service is also suitable for deaf people, with tailored services available via the NHS 111 website.

    Commenting on the announcement, Mark Rowland, Chief Executive at the Mental Health Foundation, said:

    These long overdue updates to the Mental Health Act cannot come soon enough. People need support that reflects our modern understanding of how to help and care for people during a mental health crisis – not our understanding four decades ago. The original version of the Act has driven racial disparities, stripped those who are sectioned of their humanity in a wholly unnecessary way, and all too often made crises worse.

    We particularly welcome reforms to give greater say to patients, such as granting people with severe mental health problems more control over who makes decisions for them during a crisis, banning the use of police cells as ‘places of safety’ for people experiencing a crisis, and addressing the inappropriate use of Community Treatment Orders, which Black people were 11 times more likely to receive. We will look to work with the Department of Health and Social Care over the next weeks and months to help shape the Mental Health Bill and put dignity at the heart of how our public services support people experiencing a mental health crisis.

    Mark Winstanley, Chief Executive, Rethink Mental Illness, said:

    People tell us that the Mental Health Act has saved their life, but that the experience was horrendous. It is hard to fathom that when people are at their most unwell they are still routinely placed in prison cells, have no say in who is appointed as their nearest relative and have so little involvement in their treatment.

    Reform of this vital legislation is long overdue, and today marks another important step towards the reality of a Mental Health Act fit for the 21st century. Reform should help ensure people are with dignity and respect, and help to protect us all.

    We hope the Bill is given careful passage through Parliament so it can be swiftly implemented, and bring improvements for the thousands of people who are detained under the act every year.

    Updates to this page

    Published 6 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Alaris Equity Partners Income Trust Releases 2024 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.

    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

    TSX-AD.UN

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (together, as applicable, with its subsidiaries, “Alaris” or the “Trust“) is pleased to announce its results for the three and nine months ended September 30, 2024. The results are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. All amounts below are in Canadian dollars unless otherwise noted.

    In January 2024, Alaris determined that it met the definition of an investment entity, as defined by IFRS 10, Consolidated financial statements. This change in status has fundamentally changed how Alaris prepares, presents and discusses its financial results relative to prior periods. IFRS requires that this change in accounting be made prospectively and as a result prior periods are not restated to reflect the change in Alaris’ investment entity status. Accordingly, the readers of this press release, Alaris’ third quarter interim MD&A and unaudited condensed consolidated interim financial statements should exercise significant caution in reviewing, considering, and drawing conclusions from period-to-period comparisons and changes, as the direct comparisons between dates or across periods can be inappropriate if not carefully considered in this context.

    Highlights:

    • For the three months ended September 30, 2024 Alaris generated $0.78 per unit of additional book value, improving this metric to $22.80;
    • For the three months ended September 30, 2024 the Trust, together with its wholly-owned subsidiaries (the “Acquisition Entities”), earned a total of $65.9 million of revenue, including, $65.4 million of Partner Distribution revenue net of foreign exchange, and $0.5 million of transaction fee income, which was ahead of previous guidance of $38.7 million, and compares to $47.2 million of Partner Revenue in Q3 2023, an increase of 40%;
      • Included in Partner Distribution revenue for the three months ended September 30, 2024, is $27.5 million of common Distributions, which included a one time distribution of US$5.1 million from Ohana Growth Partners LLC (“Ohana“) and US$14.7 million distribution from Fleet Advantage, LLC (“Fleet”). Common Distribution revenue for the nine months ended September 30, 2024 is $31.8 million, which for the second quarter in a row has outperformed the comparable period in the prior year by more than double. Alaris’ Run Rate Revenue (7) included in the outlook below has been increased to reflect overall higher expected annual common dividends from Partners of $19.4 million;
    • Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 of $88.0 million or $1.93 per unit increased by 28%, from $68.6 million and $1.51 per unit in the nine months ended September 30, 2023 after adjusting the comparable period for non-recurring settlement and litigation costs that occurred in 2023;
    • The Actual Payout Ratio (2) for the Trust, based on Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 was 53%;
    • The current weighted average combined Earnings Coverage Ratio (3) for Alaris’ Partners remains at approximately 1.5x with ten of nineteen Partners at 1.5x or above. In addition, eleven of our partners have either no debt or less than 1.0x Senior Debt to EBITDA on a trailing twelve-month basis;
    • During the quarter, the Trust, via the Acquisition Entities, invested approximately US$35 million into Ohana as a dividend recap in exchange for convertible preferred equity with a 14% yield fully paid-in-kind;
    • Subsequent to the quarter end, the Trust, via the Acquisition Entities, made a follow-on investment of US$10.0 million of additional preferred equity in Cresa LLC (“Cresa”), which has the same metrics as the initial preferred equity investment, bringing the total investment in Cresa to US$30.0 million. Following this transaction, the Trust has invested a total of approximately $139 million in the year.

    “In addition to highlighting the continued stability of Alaris’ portfolio and cash flow stream, the third quarter results continue to show the growing success and importance of our common equity portfolio. While some of this quarter’s common equity cash flow is non-recurring in nature, we are seeing more and more value from that strategy crystallizing into cash returns. Deployment activity is constructive for the end of the year and both interest rate cuts and US dollar strength provide us with tailwinds going into next year, ” said Steve King President and CEO.

    Results of Operations

    Note where the financial information for Q3 2024 is comparable to specific information from the prior period Q3 2023 condensed consolidated interim financial statements, amounts have been provided for comparative purposes. As noted above, users of this press release, interim management discussion and analysis and the unaudited condensed consolidated interim financial statements to which it relates should exercise significant caution in reviewing, considering and drawing conclusions from period-to-period comparisons and changes.

    Per Unit Results Three months ended Nine months ended
    Period ending September 30   2024   2023 % Change   2024   2023 % Change
    Partner related changes in net gain on Corporate Investment $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %
    Adjusted EBITDA $ 1.98 $ 1.76 +12.5 % $ 3.62 $ 3.40 +6.5 %
    Alaris net distributable cashflow $ 0.72 $ 0.44 +63.6 % $ 1.93 $ 1.21 +59.5 %
    Adjusted earning per unit $ 1.37 $ 1.31 +4.6 % $ 2.35 $ 2.15 +9.3 %
    Weighted average basic units (000’s)   45,498   45,498     45,498   45,433  

    During the three months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 13.7% as compared to the three months ended September 30, 2023. During the current quarter common Partner Distribution revenue increased by more than 200%, primarily as a result of common Distributions received from Fleet of US$14.7 million, which was greater than their prior year Distribution of US$5.9 million, and a common Distribution received from Ohana of US$5.1 million, as compared to nil distribution received in Q3 2023. Partially offsetting this increase is a quarter over quarter decrease to the Net unrealized gain on partner investments of 16.3% to $33.0 million during the three months ended September 30, 2024. Q3 2024’s Net unrealized gain on Partner investments of $33.0 million is made up of notable increases to the fair value in Sono Bello, LLC (“Sono Bello“), Amur Financial Group Inc. (“Amur”), Fleet, Vehicle Leasing Holdings, LLC, dba D&M Leasing (“D&M”), and The Shipyard, LLC (“Shipyard”), which were partially offset by decreases to the fair value of Heritage Restoration, LLC (“Heritage”) and SCR Mining and Tunneling, LP (“SCR”). During the nine months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 9.9% as compared to the nine months ended September 30, 2023. This increase is reflective of increases in Partner Distribution revenue, partially offset by a lower net gain to the realized and unrealized fair value on Partner investments. Net realized gain on partner investments of $9.0 million and net unrealized gain of $32.4 million decreased in the nine months ended September 30, 2024 by 29.2% and 13.9%, respectively, as compared to the nine months ended September 30, 2023.

    For the three and nine months ended September 30, 2024, Adjusted EBITDA (1) per unit increased by 12.5% and 6.5%, respectively, as compared to the relative periods in 2023. Per unit increases are primarily due to higher Partner Distribution revenue. Partially offsetting these increases are decreases to the net realized and unrealized gain on Partner Investments relative to the comparable periods in 2023, and higher adjusted operating expenses; after non-reoccurring litigation and legal costs that were incurred in 2023 have been removed in the calculation Adjusted EBITDA (1).

    Alaris net distributable cashflow (6) provides a summary of third-party cash receipts, less operating cash outflows by the Trust in combination with the Acquisition Entities. Alaris net distributable cashflow (6) per unit increased by 63.6% in the three months ended September 30, 2024 and 59.5% in the nine months ended September 30, 2024, both as compared to the same periods in 2023. Period over period increases are due to the current periods higher common Distributions and lower cash taxes paid, all as compared to the relative periods in 2023. The nine months ended September 30, 2024 Alaris net distributable cashflow (6) is $88.0 million, after adjusting out non-recurring settlement and litigation costs of $13.7 million in the prior year, the nine months ended September 30, 2023 distributable cashflow amounts to $68.6 million, and results in an adjusted period over period increase of 28.3%.

    Adjusted earnings (10) per unit increased by 4.6% in the three months ended September 30, 2024 which is primarily driven by higher Partner related changes in net gain on Corporate Investments (5) as discussed above, and partially offset by higher total income tax expense in Q3 2024. The nine months ended September 30, 2024, Adjusted earnings (10) per unit increased by 9.3% which in addition to the changes listed for the three months ended September 30, 2024, is higher due to lower operating expenses during the nine months ended September 30, 2024 as compared to the prior year resulting from non-recurring litigation and legal costs incurred in 2023.

    Outlook

    During the three months ended September 30, 2024, the Trust, through its Acquisition Entities invested approximately $48 million, which was used to invest in convertible preferred units of Ohana. Subsequent to the quarter, Alaris invested an additional US$10.0 million into Cresa, bringing Alaris’ total investment in Cresa to US$30.0 million and as of the date of this MD&A the total invested during the year to approximately $139 million. These transactions are summarized in the outlook below, which includes Alaris’ Run Rate Revenue (7) for the next twelve months and is expected to be approximately $171 million. This includes current contracted amounts, an additional $1.2 million from LMS related to Distributions deferred in 2023 and an estimated $19.4 million of common dividends. In Q3 2024, the Trust together with its Acquisition Entities earned $65.9 million, $65.4 million in Partner Distributions net of foreign exchange and $0.5 million of third party transaction fee revenue, which was ahead of previous guidance of $38.7 million, primarily due to common distributions received from Fleet of $19.8 million, Ohana of $6.8 million and Amur of $0.5 million, as well as a higher realized foreign exchange rate on US denominated distributions. As with all common distributions, these distributions are not fixed or set in advance, but rather paid as declared and cashflow of partner permits. Alaris expects total revenue from its Partners in Q4 2024 of approximately $38.9 million.

    The Run Rate Cash Flow (8) table below outlines the Trust and its Acquisitions Entities combined expectation for Partners Distribution revenue, transaction fee revenue, general and administrative expenses, third party interest expense, tax expense and distributions to unitholders for the next twelve months. The Run Rate Cash Flow (8) is a forward looking supplementary financial measure and outlines the net cash from operating activities, less the distributions paid, that Alaris is expecting to generate over the next twelve months. The Trust’s method of calculating this measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.

    Run rate general and administrative expenses are currently estimated at $17.0 million and include all public company costs incurred by the Trust and its Acquisition Entities. The Trust’s Run Rate Payout Ratio (9) is expected to be within a range of 65% and 70% when including Run Rate Revenue (7), overhead expenses and its existing capital structure. The table below sets out our estimated Run Rate Cash Flow (8) as well as the after-tax impact of positive net investment, the impact of every 1% increase in Secure Overnight Financing Rate (“SOFR”) based on current outstanding USD debt and the impact of every $0.01 change in the USD to CAD exchange rate.

    Alaris’ financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on our website at www.alarisequitypartners.com.

    Run Rate Cash Flow ($ thousands except per unit) Amount ($) $ / Unit
    Run Rate Revenue, Partner Distribution revenue $ 171,300   $ 3.77  
    General and administrative expenses   (17,000 )   (0.37 )
    Third party Interest and taxes     (57,100 )   (1.26 )
    Net cash from operating activities $ 97,200   $ 2.14  
    Distributions paid     (61,900 )   (1.36 )
    Run Rate Cash Flow   $ 35,300   $ 0.78  
           
    Other considerations (after taxes and interest):    
    New investments Every $50 million deployed @ 14%   +2,426     +0.05  
    Interest rates Every 1.0% increase in SOFR   -2,600     -0.06  
    USD to CAD Every $0.01 change of USD to CAD   +/- 900     +/- 0.02  


    Earnings Release Date and Conference Call Details

    Alaris management will host a conference call at 9am MT (11am ET), Wednesday, November 6, 2024 to discuss the financial results and outlook for the Trust.

    Participants must register for the call using this link: Q3 2024 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q3 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the “Investors” section – “Presentations and Events”, at www.alarisequitypartners.com.

    An updated corporate presentation will be posted to the Trust’s website within 24 hours at www.alarisequitypartners.com.

    About the Trust:

    Alaris’ investment and investing activity refers to providing, through the Acquisition Entities, alternative equity to private companies (“Partners”) to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively, “Distributions”) as well as capital appreciation on both preferred and common equity, with the principal objectives of generating predictable cash flows for distribution payments to its unitholders and growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a “top-line” financial performance measure such as gross margin or same store sales and rank in priority to common equity position.

    Non-GAAP and Other Financial Measures

    The terms Adjusted Earnings, components of Corporate investments, EBITDA, Adjusted EBITDA, Extended group net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the “Non-GAAP and Other Financial Measures”) are financial measures used in this MD&A that are not standard measures under International Financial Reporting Standards (“IFRS”) . The Trust’s method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust’s Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.

    (1) “Adjusted EBITDA” and “EBITDA”: are Non-GAAP financial measures and refer to earnings determined in accordance with IFRS, before depreciation and amortization, interest expense (finance costs) and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations. “Adjusted EBITDA” and “Adjusted EBITDA per unit”, which is a non-GAAP ratio that removes the impact from unrealized fluctuations in exchange rates and their impact on the Trust’s investments at fair value, as well as one time items and the impact of finance costs and taxes included within the net gain on Corporate Investments incurred by the Acquisition Entities and, on a per unit basis, is and the same amount divided by weighted average basic units outstanding. Management believes Adjusted EBITDA, EBITDA and Adjusted EBITDA per unit are useful supplemental measures from which to determine the Trust’s ability to generate cash available for servicing its loans and borrowings, income taxes and distributions to unitholders. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures and ratios presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Depreciation and amortization   135   58       396     169  
    Finance costs   1,150   8,510       3,445     21,909  
    Total income tax expense   251   11,611       554     20,902  
    EBITDA $ 52,563 $ 83,949   -37.4 % $ 160,870   $ 140,690 +14.3 %
    Adjustments:            
    Gain on derecognition of previously consolidated entities $ – $ –     $ (30,260 ) $ –  
    Foreign exchange   11,334   (3,947 )     (19,224 )   156  
    Sandbox litigation and legal costs   –   21       –     13,697  
    Finance costs, senior credit facility and convertible debentures   6,962   –       22,193     –  
    Acquisition Entities income tax expense – current   2,987   –       10,018     –  
    Acquisition Entities income tax expense – deferred   16,109   –       21,272     –  
    Adjusted EBITDA $ 89,955 $ 80,023   +12.4 % $ 164,869   $ 154,543 +6.7 %
    Adjusted EBITDA per unit $ 1.98 $ 1.76   +12.5 % $ 3.62   $ 3.40 +6.5 %

    (2) “Actual Payout Ratio” is a supplementary financial measure and refers to Alaris’ total distributions paid during the period (annually or quarterly) divided by the actual net cash from operating activities Alaris generated for the period. It represents the net cash from operating activities after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities.

    (3) “Earnings Coverage Ratio (“ECR”)” is a supplementary financial measure and refers to the EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded capital expenditures and distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our partners continued ability to make their contracted distributions.

    (4) “Net book value” and “net book value per unit” are Non-GAAP financial measures and represents the equity value of the company or total assts less total liabilities and the same amount divided by weighted average basic units outstanding. Net book value and net book value per unit are used by management to determine the growth in assets over the period net of amounts paid out to unitholders as distributions. Management believes net book value and net book value per unit are useful supplemental measures from which to compare the Trust’s growth period over period. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

        30-Sep   30-Jun   31-Dec
    $ thousands except per unit amounts   2024   2024   2023
    Total Assets $ 1,130,415 $ 1,093,177 $ 1,474,894
    Total Liabilities $ 93,236 $ 91,556 $ 514,071
    Net book value $ 1,037,179 $ 1,001,621 $ 960,823
    Weighted average basic units (000’s)   45,498   45,498   45,498
    Net book value per unit $ 22.80 $ 22.01 $ 21.12


    (5) “    Partner related changes in net gain on Corporate Investments” The components of Corporate Investments are Non-GAAP financial measures and are presented for better comparability to prior year reporting. These amounts are reconciled to information from note 3 of the condensed consolidated interim financial statements below. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands   2024   2023 % Change   2024   2023 % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange Note 1 $ 37,895 $ 37,844 +0.1 % $ 113,936 $ 108,543 +5.0 %
    Partner Distribution revenue – Common $ 27,501 $ 8,815 +212.0 % $ 31,807 $ 10,903 +191.7 %
    Net realized gain from Partners investments $ 29 $ 167 -82.6 % $ 9,005 $ 12,716 -29.2 %
    Net unrealized gain on Partners investments $ 33,006 $ 39,428 -16.3 % $ 32,463 $ 37,688 -13.9 %
    Partner related changes in net gain on Corporate Investment $ 98,431 $ 86,254 +14.1 % $ 187,211 $ 169,850 +10.2 %
    Partner related changes in net gain on Corporate Investment per unit $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %

    Note 1 – In Q2 2023, Partner Distribution revenue – Preferred, including realized foreign exchange and Partner Distribution revenue – Common were presented as one line on the face of the income statement titled “Revenues, including realized foreign exchange gain” in the amount of $36,853 for the three months ended and $73,541 for the six months ended. Prior period Partner Distribution revenue – Preferred, including realized foreign exchange for the three and six months ended June 30, 2024 above has been adjusted to exclude Sono Bello’s management fee income (Q2 2023 three months – $496, Q2 2023 six months ended – $753) for period over period comparability, which in 2024 is recognized in the Trust’s Management and advisory fee income.

    (6) “Alaris net distributable cashflow” is a non-GAAP measure that refers to all sources of external revenue in both the Trust and the Acquisition Entities less all general and administrative expenses, third party interest expense and tax expense. Alaris net distributable cashflow is a useful metric for management and investors as it provides a summary of the total cash from operating activities that can be used to pay the Trust distribution, repay senior debt and/or be used for additional investment purposes. The Trust’s method of calculating this Non-GAAP measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers. The 2023 comparatives are presented prior to the Trust’s change in status as a investment entity and have been aligned with the most comparative balance in the 2024 presentation.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024     2023   % Change   2024     2023   % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange $ 37,895   $ 37,844     $ 113,936   $ 108,543    
    Partner Distribution revenue – Common   27,501     8,815       31,807     10,903    
    Third party management and advisory fees   504     506       1,526     1,260    
                 
    Expenditures of the Trust:            
    General and administrative   (4,484 )   (3,087 )     (13,308 )   (23,476 )  
    Current income tax expense   (509 )   –       (1,345 )   –    
    Third party cash interest paid by the Trust   (2,031 )   (2,032 )     (4,062 )   (4,062 )  
                 
    Expenditures incurred by Acquisition Entities:            
    Operating costs and other   (1,087 )   (928 )     (2,846 )   (2,046 )  
    Transactions costs   (378 )   (1,693 )     (2,531 )   (3,204 )  
    Acquisition Entities income tax expense – current   (2,987 )   (6,954 )     (10,018 )   (13,156 )  
    Cash interest paid, senior credit facility and convertible debentures   (6,668 )   (6,329 )     (18,038 )   (12,586 )  
                 
    Alaris’ changes in net working capital   (14,922 )   (6,063 )     (7,106 )   (7,253 )  
    Alaris net distributable cashflow $ 32,834   $ 20,079   +63.5 % $ 88,015   $ 54,923   +60.3 %
    Alaris net distributable cashflow per unit $ 0.72   $ 0.44   +63.6 % $ 1.93   $ 1.21   +59.5 %

    (7) “Run Rate Revenue” is a supplementary financial measure and refers to Alaris’ total revenue expected to be generated over the next twelve months based on contracted distributions from current Partners, excluding any potential Partner redemptions, it also includes an estimate for common dividends or distributions based on past practices, where applicable. Run Rate Revenue is a useful metric as it provides an expectation for the amount of revenue Alaris can expect to generate in the next twelve months based on information known.

    (8) “Run Rate Cash Flow” is a Non-GAAP financial measure and outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to net cash from operating activities less distributions paid, as outlined in Alaris’ consolidated statements of cash flows.

    (9) “Run Rate Payout Ratio” is a Non-GAAP financial ratio that refers to Alaris’ distributions per unit expected to be paid over the next twelve months divided by the net cash from operating activities per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for Alaris to track and to outline as it provides a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Run Rate Payout Ratio is comparable to Actual Payout Ratio as defined above.

    (10) “Adjusted Earnings” is a Non-GAAP financial measure and Non-GAAP Ratio and refer to earnings determined in accordance with IFRS, before impact of the one time gain on derecognition of previously consolidated entities and foreign exchange gain (loss) and the same amount divided by weighted average basic units outstanding. Adjusted earnings and Adjusted earnings per unit are used by management to determine earnings excluding fluctuations due to unrealized changes in exchange rates that impact earnings and specifically the fair value of Corporate investment. Management believes Adjusted earning and Adjusted earnings per unit are useful measures from which to compare the Trust’s earnings period over period. The Trust’s method of calculating these Non-GAAP financial measures and ratio may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Add back: Foreign exchange (gain) loss $ 11,334 $ (3,947 )   $ (19,224 ) $ 156  
    Add back: Gain on derecognition of previously consolidated entities $ –   na     $ (30,260 ) na  
    Adjusted earnings $ 62,361 $ 59,823   +4.2 % $ 106,991   $ 97,866 +9.3 %
    Adjusted earning per unit $ 1.37 $ 1.31   +4.6 % $ 2.35   $ 2.15 +9.3 %
                                 

    (11) “Per Unit” values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.

    The terms Net Book Value, Components of Corporate investments, EBITDA, Adjusted EBITDA, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow and Per Unit amounts should only be used in conjunction with the Trust’s unaudited interim condensed consolidated financial statements, complete versions of which available on SEDAR+ at www.sedarplus.ca.

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under applicable securities laws, including any applicable “safe harbor” provisions. Statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. In particular, this news release contains forward-looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris’ capital offering; the Trust’s Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and total revenue; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust’s net cash from operating activities, Run Rate Revenue, Run Rate Cash Flow and Run Rate Payout Ratio; the impact of future deployment; the Trust’s ability to deploy capital; the yield on the Trust’s investments and expected resets on Distributions; changes in SOFR and exchange rates; the impact of deferred Distributions and the timing of repayment there of; the Trust’s return on its investments; and Alaris’ expenses for 2024. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively, “FOFI”), including estimates regarding revenues, Distributions from Partners (restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners (including, without limitation, the impact of any global health crisis, like COVID-19, and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; global heath crises, like COVID-19 or variants thereof, will not impact the economy or our Partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

    There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: widespread health crises is, like COVID-19 (or its variants), other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown)), the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in Alaris’ Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2023, which is or will be (in the case of the AIF) filed under Alaris’ profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

    Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris’ possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris’ actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI.

    The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    For more information please contact:

    Investor Relations
    Alaris Equity Partners Income Trust
    403-260-1457
    ir@alarisequity.com

    The MIL Network –

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

    PMN Pacific Mornings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Republished from Pacific Media Network with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Cycling Enthusiasts Gear Up for the Upcoming Two-Day 2024 Areti Gran Prix Cyprus

    Source: GlobeNewswire (MIL-OSI)

    LIMASSOL, CYPRUS, Nov. 05, 2024 (GLOBE NEWSWIRE) — The vibrant local cycling community INEX CLUB is organizing the 2024 ARETI Gran Prix Cyprus on November 9-10, 2024, in the picturesque coastal city of Limassol, Cyprus. The organizers have designed the exhilarating two-day cycling event to challenge cyclists of all skill levels with two distinct stages, each offering a unique experience.

    On day one, cyclists will tackle the 70km Coastal Challenge from Limassol to Pentakomo. This route offers stunning coastal views that showcase the region’s natural beauty. On day two, a fast-paced 30km circuit race around Limassol’s new port area provides an exciting urban racing experience for both participants and spectators.

    Ilnur Zakarin, co-founder of the INEX CLUB, expressed his enthusiasm for the race. “The 2024 Areti Gran Prix Cyprus is a celebration of cycling and our region’s beautiful landscapes. We’re excited to provide a platform for cyclists to challenge themselves and inspire others to embrace this wonderful sport.”

    At the end of the race, participants and their supporters will gather at the Finish Line Village, where a lively celebration awaits. According to the INEX team, the village will be filled with refreshments, flags, and inflatables, creating a colorful and welcoming ambiance.

    The organizers encourage families and friends to come out and cheer on the cyclists as the 2024 Areti Gran Prix Cyprus will also culminate in an awards ceremony recognizing the outstanding performances of all participants.

    Sponsorship and Community Support

    The generous sponsorship of ARETI International Group, founded by Igor Makarov makes the 2024 Cyprus Gran Prix possible. A former professional cyclist and member of the UCI Management Committee, Makarov has dedicated his efforts to promoting cycling worldwide.

    Makarov’s cycling career includes initiatives and involvement with various cycling organizations, such as the Union Européenne de Cyclisme (UEC). He has also supported local charity rides like the “Tour de Broward” and “The Hublot Best Buddies Challenge: Miami.”

    The former cyclist also founded and sponsored the Katusha Team, a professional cycling team that competed successfully on the World Tour from 2009 to 2019.

    Sponsoring the 2024 Areti Gran Prix Cyprus marks Igor Makarov’s second collaboration with INEX CLUB, following the successful INEX Charity Ride held earlier this year. As a Cyprus citizen, Makarov is committed to supporting local cycling initiatives and nurturing young Cypriot talent through comprehensive support and training.

    “The 2024 Gran Prix Cyprus aims to bring together cycling enthusiasts while inspiring new young talents. We hope this race is not the last but just the start of the continuous development of the sport in the beautiful Cyprus region,” Igor Makarov mentions.

    For the complete registration details of the 2024 Areti Gran Prix Cyprus, please visit https://inex.club/granprixcyprus.

    About INEX CLUB

    Ex-professional cyclists Ilnur Zakarin and Viacheslav Kuznetsov, who have over 20 years of cycling experience, founded the INEX CLUB. They’ve won big races like the Giro d’Italia and Tour de France and completed over 15 Grand Tours. In 2023, they decided to end their professional careers and transfer their valuable experience and passion to change the cycling world in Cyprus.

    Contact Information

    Brand: ZAK INEX CLUB LTD

    Contact: Yuliia Tumenko

    Email: events@inex.club

    Website: https://inex.club

    The MIL Network –

  • MIL-OSI Security: FBI Statement on Bomb Threats to Polling Locations

    Source: Federal Bureau of Investigation FBI Crime News (b)

    The FBI is aware of bomb threats to polling locations in several states, many of which appear to originate from Russian email domains. None of the threats have been determined to be credible thus far.

    Election integrity is among the FBI’s highest priorities. We will continue to work closely with our state and local law enforcement partners to respond to any threats to our elections and to protect our communities as Americans exercise their right to vote.

    As always, we urge the public to remain vigilant and report suspicious activity to state or local law enforcement, or submit tips to the FBI at 1-800-CALL-FBI (1-800-225-5324) or online at tips.fbi.gov.

    MIL Security OSI –

  • MIL-OSI China: World leaders hail CIIE’s role in promoting trade, development

    Source: China State Council Information Office

    Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala delivers a video speech during the opening ceremony of the seventh China International Import Expo (CIIE) and the Hongqiao International Economic Forum at the National Exhibition and Convention Center (Shanghai) in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    Leaders from various countries and global organizations speak highly of the China International Import Expo’s (CIIE) role in promoting multilateral trade and common development.

    The seventh CIIE, running from Tuesday to Sunday in Shanghai, hosts 3,496 exhibitors from 129 countries and regions, as a world business gala.

    World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala noted that since joining the WTO in 2001, China has been a strong supporter of the organization and played a key role in building capacity for least-developed countries.

    “As geopolitical tensions intensify and signs of fracturing and fragmentation emerge in global trade and investment, it is crucial for political and business leaders around the world to collaborate on preserving and reforming the multilateral trading system to reflect the changing economic landscape,” she said.

    Rebeca Grynspan Mayufis, secretary-general of the United Nations Conference on Trade and Development, said China’s export and import activities have dramatic effects “even very far from its shores.”

    The expo sent a message of openness that businesses worldwide can connect, forge partnerships, and contribute to a more prosperous and interconnected global economy, she said.

    The CIIE offers companies worldwide, regardless of their sizes, a platform to showcase their capabilities and attract new investments, said Malaysian Prime Minister Anwar Ibrahim.

    Multinational cooperation for free trade and sustainability should serve as a tool to actively advance global progress, rather than as a means to suppress competition, promote unfair advantages, or create conflict, he said.

    Calling the CIIE a platform to support international trade development, cooperation, and new types of global partnerships, Denisa Sakova, deputy prime minister and minister of economy of the Slovak Republic, said her country has benefited greatly from participating in the expo, a place to showcase best and latest products and innovations to Chinese consumers.

    The CIIE has become an important platform for strengthening international economic integration, said Kazakh Prime Minister Olzhas Bektenov. For Kazakhstan, the expo helps to expand international cooperation with foreign partners and offers new opportunities for distributing Kazakh goods in international markets.

    Uzbekistan is taking advantage of opportunities such as the CIIE and striving to promote its position in the rapidly growing and attractive Chinese market, which will definitely deepen cooperation and development in trade, economy, investment, and other areas, said Uzbek Prime Minister Abdulla Aripov.

    Serbian Prime Minister Milos Vucevic said that as a platform for enterprises, people, and cultures to come together from around the world, the CIIE fosters not only business and commerce but also friendship and mutual understanding.

    MIL OSI China News –

  • MIL-OSI China: China’s top legislator holds talks with Hungarian official

    Source: China State Council Information Office

    Zhao Leji, chairman of the National People’s Congress Standing Committee, holds talks with Laszlo Kover, Speaker of the Hungarian National Assembly, at the Great Hall of the People in Beijing, capital of China, Nov. 5, 2024. [Photo/Xinhua]

    China’s top legislator Zhao Leji held talks with Laszlo Kover, speaker of the Hungarian National Assembly, in Beijing on Tuesday.

    Zhao, chairman of the National People’s Congress (NPC) Standing Committee, said this year marks the 75th anniversary of the establishment of diplomatic ties between China and Hungary, and in May, the two sides elevated bilateral relations to an all-weather comprehensive strategic partnership for the new era.

    China is willing to work with Hungary to implement the important consensus reached by the leaders of the two countries, consolidate the momentum of high-level exchanges, enhance strategic communication and cooperation, and embark on a new chapter of practical cooperation, jointly creating a bright future, Zhao added.

    Zhao also expressed China’s willingness to strengthen policy communication with Hungary in various fields, deepen high-level political mutual trust, firmly support each other’s core interests, and consolidate the political foundation of China-Hungary friendship.

    The Chinese side is willing to promote a deep synergy of the Belt and Road Initiative (BRI) with Hungary’s “Opening to the East” policy, accelerate the construction of the Hungary-Serbia railway, and expand cooperation in emerging areas such as clean energy, digital economy, and artificial intelligence, to comprehensively elevate the level of cooperation, said Zhao.

    Noting that China’s NPC and the Hungarian National Assembly have maintained a long-standing and good relationship, Zhao said the two sides should further strengthen exchanges and interactions at different levels, to enhance mutual understanding, trust, and friendship. He also called on the legislative institutions of the two sides to strengthen coordination and cooperation in multilateral forums, promoting global governance that is more conducive to maintaining world peace and international fairness and justice.

    Kover said Hungary firmly adheres to the one-China principle and is willing to seize the opportunity of the 75th anniversary of the establishment of diplomatic relations to strengthen cooperation with China in various fields, including jointly building the BRI, promoting economic and trade investment, Hungary-Serbia railway construction, and people-to-people exchanges, to contribute to the cooperation between Central and Eastern European countries and China, as well as the development of EU-China relations.

    The Hungarian National Assembly is committed to enhancing friendly exchanges with China’s NPC, to make active contributions to the development of bilateral relations, Kover added.

    MIL OSI China News –

  • MIL-OSI Russia: Yoga and fitrock: the “Sports Weekend” project classes will help you cope with stress

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Stress has a negative impact on health: it leads to increased blood pressure, decreased immune defense, and cardiovascular diseases. On Stress Awareness Day, which is celebrated on the first Wednesday of November, residents were told how to make the body more stress-resistant.

    One of the most effective means is to lead a healthy lifestyle. It is worth giving up bad habits, eating a balanced diet, and also doing physical exercise.

    The training sessions of the “Sports Weekend” project of the capital will help relieve nervous tension and restore mental balance. Department of SportsMuscovites can regularly attend free classes in classical and hot yoga, fitness boxing and fitrock in unusual places in the city under the guidance of professional trainers.

    For example, yoga can help you restore strength, health, and balance—immerse yourself in an atmosphere of peace of mind. Such exercises can tone muscles, strengthen joints, relieve back and neck pain, improve posture, and cope with stress.

    During hot yoga training, joints and muscles warm up faster and become more mobile. First comes a warm-up with pumping jumps, and then relaxation with deep breathing in a hot room at a temperature of 36 degrees and humidity of 40 percent. Even beginners will master the technique.

    Fitness boxing is a group exercise that consists of a combination of punches and kicks on a punching bag at a fast pace. The training takes place to energetic music, allowing you to increase your endurance, build muscle and develop self-defense skills.

    Fitrock combines strength and functional exercises, elements of classical aerobics, and dance moves. Drumstick training is performed to rock hits of all time. Scientific studies have proven that drumming reduces stress, strengthens the immune system, lowers blood pressure, and helps with social-emotional disorders.

    You can sign up for a class you like, find out detailed information about the conditions and locations of training, and also see the schedule on the project website “Sports Weekend”.

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

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

    http://vvv.mos.ru/nevs/item/146165073/

    MIL OSI Russia News –

  • MIL-OSI China: Global climate crisis requires cooperation, not geopolitics

    Source: China State Council Information Office

    Participants pose for a group photo during the sixth Friends of the Paris Agreement High-Level Dialogue in Paris, France, on Oct. 28, 2024. [Photo/The European Climate Foundation]

    Climate change knows no borders and demands a coordinated global response. The 2015 Paris Agreement was a landmark achievement in multilateral climate governance, with countries pledging collective action to mitigate carbon emissions.

    However, geopolitical tensions increasingly complicate the path to unified global climate action. Some nations are undermining international trust through protectionist policies and trade barriers driven by self-interest.

    Amid this backdrop, the recent sixth Friends of the Paris Agreement High-Level Dialogue, held in Paris on Oct. 28-29, offered a platform to reflect on the progress and challenges of global climate cooperation.

    In an exclusive interview with China.org.cn, Jiang Feng, a researcher at Shanghai International Studies University and chairman of the Shanghai Academy of Global Governance & Area Studies, emphasized that combating climate change requires international collaboration rather than divisive geopolitics. 

    He emphasized the need for stronger China-Europe cooperation, warning that recent countervailing duties on Chinese electric vehicles (EVs) could undermine global efforts to reduce emissions.

    Jiang noted that the Paris Agreement established ambitious, binding targets for global carbon emissions reduction, reflecting a consensus on the urgency of climate action. China, instrumental in shaping and committing to the Paris goals, has made notable progress and received widespread recognition. However, not all countries are showing the same level of commitment; some engage in more rhetoric than action and politicize the transfer of technology.

    Participants at the Paris meeting expressed concerns about the possible negative impact of the upcoming U.S. election on global emissions reduction efforts.

    A key takeaway from the dialogue was the need to broaden the focus of climate measures beyond just emissions reduction targets. Jiang stressed that technological innovation, biodiversity preservation and energy structure transformation should also be prioritized.

    “The Paris Agreement represents a shift – a need for humanity to transition from fossil fuels to renewable energy,” he stated, calling it a historic opportunity for sustainable development.

    Such a transition requires countries to rethink their development philosophies and models to address the core issues of climate change. Jiang pointed to China’s investment in renewable energy as a key example. With strong policies, substantial investments, and technological innovation, China has fueled significant growth in renewables, supporting its economy while also aiding the global energy transition and emissions reduction.

    Jiang also highlighted the ambitious goals set by the European Union and some member states in their fight against climate change. For example, Aachen in Germany and RWTH Aachen University aim for carbon neutrality by 2030 – 15 years ahead of Germany’s national target. Jiang noted that this and other examples show a strong awareness among several countries in addressing climate change, bringing together governments, universities, businesses, and civil society.

    Yet, despite significant achievements, many challenges remain, particularly in the transfer of green technology. “Many innovative technologies are not being fully utilized due to rising geopolitics and trade protectionism, which politicize and instrumentalize the transfer of essential technologies and products globally,” Jiang lamented.

    The EU’s recent five-year imposition of countervailing duties on Chinese EVs illustrates this dilemma. Jiang stated that some countries have maliciously labeled China’s success in the photovoltaic and electric vehicle sectors as “overcapacity.” While the measure aims to give European manufacturers a “window” to strengthen their industries, experts fear it creates unnecessary barriers to technology exchange. Given that European industries require China’s advanced EV technology, such measures may ultimately hinder both Europe’s and global progress toward renewable energy. Instead of imposing trade restrictions, Jiang urged nations to create a supportive and collaborative environment for green technology transfer.

    During the dialogue, Chinese representatives met with experts from the International Energy Agency and European institutions to discuss enhancing mutual understanding and cooperation.

    Jiang emphasized the importance of China-Europe collaboration, suggesting that as key global players, they should jointly plan technology research, development, and transfer projects for third parties or other regions, making these technologies more market-oriented and industrialized.

    “This can not only aid third-party countries and regions but also open up new opportunities for China-Europe collaboration, creating growth drivers for their relationship,” he explained.

    MIL OSI China News –

  • MIL-OSI Russia: “Better Than Yesterday.” Stories of Moscow Creative Universities Graduates

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Just recently, these young artists were still studying: they went to rehearsals, wrote notes, took exams and began to seriously join the world of art. Today, they are members of the most famous creative groups in the country, they go out on the big stage – and the audience is gradually learning their names. The stories of an opera soloist, a jazz musician, an actor and an actress – in the material mos.ru.

    Janis Shklyaev: “The main thing is not to lose the fire”

    Graduate of the Moscow State Institute of Music named after A.G. Schnittke

    — I liked singing since childhood, and that’s when I started going on stage. After school, I entered the Krasnoyarsk College of Arts named after P.I. Ivanov-Radkevich, where my passion for singing only grew stronger. Then, however, I had to take a break in my career: I was called up for military service. But music accompanied me there too: I joined the Academic Song and Dance Ensemble of the Russian Army named after A.V. Alexandrov.

    Then I returned to Krasnoyarsk, got a job in the Siberian Male Choir, completed one course in the vocal department of the Siberian State Institute of Arts named after D.A. Hvorostovsky. Then I decided to move to the capital – I entered the Moscow State Institute of Music named after A.G. Schnittke. I was enrolled in the class of People’s Artist of Russia Mikhail Kizin.

    After graduating from the institute, I joined the Chelyabinsk State Academic Opera and Ballet Theatre named after M.I. Glinka. I love all my roles, but especially the part of Lensky from “Eugene Onegin”. From a technical point of view, it poses challenges that are interesting to solve, and from an emotional point of view, it helps to reveal my temperament. By the way, I now see my hero completely differently, I find something in him that I had not noticed before. At school, when I read the novel, the image of Lensky was more lyrical for me, but now I feel his tragedy, his inner impulses. And in the future, I would like to perform the part of Maurice from the opera “Adriana Lecouvreur” by composer Francesco Cilea.

    The most pleasant thing about my work is to see the audience in the hall, to give them emotions, to awaken feelings, to let them experience the work together with me. I would advise those who have decided to study this profession not to lose the fire and desire to do it. Of course, the support of loved ones is also important. I was lucky: on my way I met understanding, knowledgeable teachers who believed in my strength, helped me overcome difficulties. I am especially grateful to all of them – as well as to my parents.

    Konstantin Boytsov: “We felt like rock stars”

    Graduate of the Jazz Academy

    — Like many children, I went to music school — more for general development. My parents couldn’t even imagine that I would seriously want to become a musician. Once I even decided to quit music school, but then I accidentally saw a concert of jazz trumpeter Wynton Marsalis on the Internet. I watched it over and over again, and each time I was captivated by these melodies. Then I fell in love with the music of Canadian bassist Alain Caron and saxophonist Michael Brecker. Jazz became real magic for me — I realized that I wanted to learn to improvise myself. When I told my parents about this, they supported me: my mother helped me find a teacher to prepare me for admission and bought me my first saxophone. Then I realized that talent is not the main component of success, work, self-development and discipline are much more important.

    And at the age of 16, I got to a concert by Igor Butman. Igor Mikhailovich became a source of inspiration for me – it seems, forever. And I am very happy that now I work in the Moscow Jazz Orchestra under his direction. Of course, it is not always easy: sometimes tours, flights and relocations are difficult, but it pays off with a huge number of stories, emotions that we get while traveling. And also with a range of feelings when we see the enthusiastic faces of people in the audience. This is the most valuable and precious thing in our work.

    I remember with particular warmth a concert in St. Petersburg, in which I participated when I was still a first-year student at the Academy. We were invited to an orchestral battle, there were almost 40 people on one stage. We played swing from the 1920s and 1930s, and the audience danced right in front of us. The atmosphere was incredible, we felt like real rock stars from the jazz world.

    Nelly Khaperskaya: “Acting is like a sport”

    Oleg Tabakov’s Theatre School

    — I come from a circus family, I spent my entire childhood in the arena and behind the scenes of the circus. Therefore, there were never any doubts about choosing a creative profession. Of course, everyone thought that I would follow in my parents’ footsteps, but completely by chance I passed the casting at Konstantin Khabensky’s studio, and there I realized that I wanted to connect my life with Oleg Tabakov’s School, and then with his theater. True, at first my dad did not want me to move away from the circus. But it seems to me that the circus and theater coexist quite closely: the skills I acquired in childhood were very useful in the acting profession.

    As a result, I entered the Oleg Tabakov School. I consider Vladimir Mashkov my main teacher, he is my creative dad. He gave me life in this profession, opened the doors to it. For me, Vladimir Lvovich is an example, I consider him a genius. This applies not only to the profession: he will always help those who need it. You want to follow him further and conquer new heights.

    I realized that acting is like a sport. You always have to work, constantly improve your knowledge and skills, constantly be in training and rehearsals. Every day you have to become better than you were yesterday. It’s not easy. For the guys who are just thinking about whether to connect their lives with the acting profession or not, I would say this: if you are passionate about it, then difficulties are pleasant.

    Now I work at the Oleg Tabakov Theatre. Among the productions I participate in is “Matrosskaya Tishina”, where I play Tanya. This is a legendary performance that Oleg Pavlovich himself staged. I go on stage with my teachers. Of course, they help a lot with advice, as always. In fact, we have been on the professional stage since our first years – this is a feature of the Oleg Tabakov Theatre School. Even when I was a student, I got roles in “Passions for Bumbarash”, “Fight”, “My Fair Lady”, “The Elder Son”, “Atom of the Sun”, “Heirs” and, actually, in “Matrosskaya Tishina”. Not all of these performances are in the repertoire now, but I sincerely love each role.

    Shvartsy from Tulchin. The story of Oleg Tabakov’s most anticipated performance

    Egor Khokhlov: “I understood where my place is”

    Oleg Tabakov’s Theatre School

    — When I entered the Oleg Tabakov Theatre School, I doubted my decision to become an actor, I didn’t fully understand who I wanted to be. But I saw the teachers, looked at the other guys — and suddenly I understood where my place was. A happy accident, it can happen to anyone. The main thing is to be attentive to yourself and feel it.

    At first, I was worried about how my family would react to my decision: no one is connected with the theater. Besides, it is a profession with zero guarantees, you can fail in it at all – there are hundreds, thousands of such examples. But my parents were understanding, very supportive, believed in me. I am also grateful to my teachers – first of all, Vladimir Mashkov, Alena Lapteva, Vitaly Egorov. Over the five years of study, they did a lot for us. They said that you need to study and improve constantly. To evoke emotions in the viewer, to push them to certain thoughts – all this requires colossal efforts.

    I started performing on stage at the Oleg Tabakov Theatre when I was still a student. This idea belongs to Oleg Pavlovich: he believed that students should see how professional artists work – this is the only way to pass on the profession to the young. My senior colleagues and teachers helped with advice and continue to do so. Now I am involved in several performances, including “Bumbarash Passion”, “Deadly Act” and “The Hunt to Live”.

    I think the most important piece of advice I can give to aspiring actors is this: Don’t be afraid to jump into every situation that comes your way. The stage is hard, and you have to be prepared for anything. Take every chance you get, try to imitate the behavior of different people. And one more thing that’s very important: Don’t be shy.

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

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

    http://vvv.mos.ru/nevs/item/146210073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Knights of Sport: How the Burevestnik Fencing School Prepares Olympians

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    These guys have been wearing armor since the age of eight — impenetrable clothing, they can calculate moves in seconds, gallantly attack and defend themselves: they are fencers. This art has long since moved from combat to sports. It is a matter of honor for modern knights to become the first, to win in capital, Russian and international competitions. This is taught at the Sports School of the Olympic Reserve (SShOR) “Youth of Moscow” in fencing “Petrel”She turned 75 at the beginning of November.

    mos.ru correspondents visited a training session at the school and learned how to enroll, why the young fencers’ suits are connected to an electrical device, and also the differences between a foil, an epee, and a sabre.

    “Order” of Fencers

    The Youth of Moscow Fencing School Burevestnik is located at the Iskra stadium near the Botanichesky Sad metro station. The light-grey building is hidden behind a fence, a football field and trees, like a medieval castle.

    “The fencing department opened in 1949 at the Burevestnik stadium on Samarsky Lane in the Meshchansky district. The first and only fencing coach was frontline soldier Lev Matsukevich. Fencing was then considered a little-known sport in the USSR, but the director’s enthusiasm was enough to interest schoolchildren. One of his students was Mark Rakita, who later became a two-time Olympic champion. In the 1960s, Burevestnik was headed by senior coach, Honored Coach of the USSR Vladimir Ganson, who managed to create a team of like-minded people. In 1967, the school received the status of Olympic reserve, and our students repeatedly confirmed it with their victories. In 1977, construction of the Olympic sports complex began on the site of Burevestnik. Since then – and this is almost half a century – the Iskra stadium has been our home,” says Anna Ilyaskina, master of sports in fencing, honored coach of Russia, director of the sports school of the Olympic reserve “Youth of Moscow” in fencing “Burevestnik”.

    The display case at the entrance to the building displays sports trophies: cups, mostly gold. There are also Olympic awards: at the 2008 Games in Beijing, Burevestnik alumnus Victoria Nikishina won gold in the foil team, and in 2012 in London, foil fencer Aida Shanaeva won silver in the team tournament. “Our senior coach Andrei Alshan does not recognize simple participation in competitions and any places other than first. In reality, there are many more cups, there is not enough room for them all!” the mos.ru interviewee smiles.

    Guys of different ages run past us, smart, with their backs straight and their heads held high. They greet each other politely. Fencing also requires good manners. During the holidays, you can finally train in the morning, and not just in the evening after school. Some of the guys come here and stay, dedicating their lives to fencing. It is not just a hobby, but an honor, pride, the meaning of life, the desire to win all the competitions in the world.

    “Today, about 60 percent of students are girls. Usually, people start coming to us at the age of eight. We only accept those who have passed the entrance exams. In addition, in order to stay, you have to pass the control and transfer standards every year, and starting from the third year of study, you have to annually fulfill or confirm your sports category,” the director explains.

     

    To enter the initial training group, you need to pass sports standards: running a distance of 30 meters, bending forward from a standing position on a gymnastic bench, long jump, bending and unbending arms in a support position lying on the floor. Those who managed to pass this entrance test come to classes three times a week, from the second or third year of study – four to five times. One training session lasts an hour and a half, and at the stage of higher sports skills – four.

    Cords, guard and one and a half feet

    In the gym, a girl of about 12 is doing a concentrated warm-up before training: she does push-ups, bends over, touching her left and right toes with an outstretched hand. At the same time, she believes that there should be a certain number of exercises, and that attentiveness, discipline, and punctuality are the necessary qualities of a fencer.

    “The competition season has started, the guys are preparing for tournaments, including the Moscow Cup in fencing and qualifying competitions,” explains Anna Ilyaskina.

    The clanking of metal can be heard. The future participants of the competition are crossing weapons on the tracks. They are wearing non-slip sneakers, white breeches, golf socks, jackets and masks made of a small impenetrable metal mesh that covers the entire face, including the chin. “The clothes, although soft, cannot be pierced. They are made of a special fabric – Kevlar,” our interlocutor explains. This material resembles chain mail, but is very thin and weightless.

    A cord runs under the fencers’ clothing. One end with a plug sticks out of the sleeve: the weapon is connected to it. The other end, from under the hem of the jacket, is connected to a cord that leads to a reel, and from the reel to a small device. As soon as a participant strikes an opponent, the device transmits a signal to the board – and a light comes on there.

    “Why are the suits white? Because until the late 1950s there was no electrical device to record the injection. The tip of the weapon was dipped in special paint and this way they tracked the injection sites, which were clearly visible on light fabric,” says the school principal.

    The location of the wires under the suits depends on the type of weapon the fencer uses: each has its own striking surface. So, with a rapier you need to stab precisely into the electric jacket, which looks like a vest, with a sword – all over the body, and with a sabre – chop in the area from the waist to the crown.

    “This is not the only difference between the types of weapons. For example, a rapier has four edges, the blade is 90 centimeters long. It must be held in a bent arm, the elbow at the level of the protruding femur. In a rapier and a saber, there is tactical correctness: first the attacker pricks, then the defender. The judge decides who was right. The existing rules of the competition cannot be violated, otherwise the prick will not be counted,” says Marianna Dzakhova, a master of sports in rapier fencing.

    The epee is the heaviest: it weighs 750 grams. Those who take it out on the track can stab each other at the same time, hiding their hand behind the guard – a small hemispherical shield above the handle. And the sabre is the lightest and the only type of weapon that not only stabs, but also chops with the entire surface of the blade. To wield it, you need a quick reaction. A second – and you are defeated.

    What fencing has in common is the position of the feet. “You need to stand heel to heel and spread your toes. Then spread your feet one and a half feet apart and bend your knees. It is important to always remember this distance during movements, otherwise you will lose your balance and be vulnerable,” adds Marianna Dzakhova.

    Olympic scope

    There are 17 coaches working at Burevestnik. Nine of them are former pupils of the school.

    “I received a higher education in sports and wanted to work here. But there were no vacancies at that time, so I got a job as an instructor-methodologist at the Olympic Reserve Sports School “Youth of Moscow” in luge. Only seven years later, when I was already the deputy director, the opportunity arose to return to my native school as a coach. Both my uncles are masters of sports in sabre and graduates of “Burevestnik”, they were the ones who brought me here as a girl,” says master of sports in epee coach Anna Salykova.

    There are also graduates who do not work as coaches, but, having received the title of Master of Sports and even World Champion, still attend Burevestnik. Fencing is for life.

    “I came to Burevestnik when I was 11, now I am 23. There is no opportunity to participate in the Olympics yet, but I am not giving up. The goal of probably all fencers is to win gold at the Olympic Games. And age is not an obstacle in this sport. For example, one world champion from Italy continues to participate and win competitions, although she is 40 years old,” says Darya Drozd, a master of sabre, bronze medalist of the world championship, winner of the European championship and member of the Moscow and Russian teams.

    In anticipation of Olympic victories, master of sports in epee fencing Alexander Sobolev, multiple winner of the Russian championship and member of the capital and national teams, comes to the school for training. The young man, who is now 21, entered Burevestnik at the age of nine and practically never leaves the gym. “In the evening, I have to leave for competitions, and he is here. In the morning, fresh off the train, he runs to school and grabs his epee. Although athletes rest before and after competitions,” laughs Anna Ilyaskina.

    Another young man, 23-year-old Magamed Khalimbekov, a master of sports in sabre, silver medalist of the world championship and winner of the European championship, national champion, moved to Moscow from Dagestan. “Wrestling is popular here, and my family was involved in this sport. And a fencer needs a sharp mind, quick reactions, strong legs. At first, I didn’t have anything like that,” he admits.

    School pupil Victoria Yusova, an international master of sports in foil, bronze medalist of the world championship and member of the Russian national team, could have left fencing forever: at the international competition in Doha, she tore her Achilles tendon and underwent two operations. But the girl continued training and won silver at the Russian Fencing Cup and bronze twice at the Russian Championship as part of the Moscow team. Victoria Yusova also helps wheelchair Paralympians hone their skills. “There are no victories without defeats,” the athlete notes.

     

    Sports for mature minds

    However, according to Anna Ilyaskina, it is not necessary to dedicate your life only to fencing. Many manage to combine sports and higher education at a non-core university. For example, Ivan Tsypin, a master of sports in sabre and bronze medalist of the Russian championship, multiple winner of Russian championships, is a second-year student at the Financial University under the Government of the Russian Federation. “My father always said: “There can be several priorities, the main thing is to set them correctly,” the young man smiles.

    Mikhail Kovalenko, a master of sports in sabre, winner of the Moscow and Russian championships, entered the economics department of the MISiS University of Science and Technology. “Sometimes I have to skip lectures for the sake of training, but the institute is understanding. Sport does not interfere with my studies, on the contrary, it helps. After all, an athlete is a person with a metal rod inside,” the young man notes.

    By the way, Mikhail Kovalenko joined Burevestnik at the age of 13, broke his arm several times and missed important competitions. But nothing stopped him.

    “In fact, fencing is a sport for mature minds. You need to think analytically, calculate moves, and not react to a hot head. The more mature you are, the better and more reliable it will be,” sums up senior sabre trainer Andrey Alshan, six-time world champion, Olympic silver medalist, and Honored Master of Sports of the USSR.

    Sobyanin spoke about the reconstruction of the legendary Olympic sports complexSwimming, Boxing or Golf: Which Sport to Choose for Your ChildMoscow Mayor: Sports have become a natural part of the capital’s urban spaceFrom personal training to large projects: how Moscow is developing infrastructure for an active and healthy lifestyle

    You can enroll your child in the Youth of Moscow Sports School for Fencing “Burevestnik”, as well as in another sports school or section on the portal mos.ru.

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

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

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  • MIL-OSI Russia: Summer safety signs on Moscow’s water bodies have begun to be replaced with winter ones

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    About a thousand safety signs will be replaced on 270 Moscow water bodies by the end of November, the Moscow City Services Complex reported. Instead of summer information boards “No swimming!”, specialists from the State Unitary Enterprise “Mosvodostok” will install winter ones with the inscription “No going out on the ice!”

    Safety signs will also be replaced on Moscow’s most popular water bodies. Thus, four signs will be installed on Patriarch’s and Chistye Prudy, 55 on Tsaritsynskye Prudy, and 30 signs on Serebryano-Vinogradny and Borisovsky Prudy.

    Information boards on water bodies are changed twice a year: in mid-April and early November (shortly before ice forms on the surface of the ponds). This is necessary to prevent accidents. The installation locations and number of safety signs are selected so that they are visible from any point on the shore.

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

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

    http://vvv.mos.ru/nevs/item/146223073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Underground parking and playground: a new building was built in Koptevo under the renovation program

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    In the Koptevo district in the north of Moscow, construction of a house under the renovation program has been completed. It was erected at the address: proezd Cherepanovykh, house 54a. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy Vladislav Ovchinsky.

    “The residential complex is located within walking distance from the Koptevo and Likhobory MCC stations. This is a single-section building with 119 apartments and an underground parking lot for 88 cars. The first non-residential floors house the concierge and stroller rooms; in the future, shops, services, order pick-up points or other organizations will open there,” said Vladislav Ovchinsky.

    The finished improved finish in the new apartments meets the standards of the renovation program.

    To ensure that the house fits harmoniously into the architectural ensemble of the area, its facades were made of suspended wall panels faced with clinker tiles. In addition, air conditioner baskets were installed on the external walls of the building, and the entrance groups were decorated with stained glass.

    The yard was landscaped, a children’s playground with a safe rubber surface, a sports area and recreation areas were equipped.

    “On the instructions of Sergei Sobyanin, special attention is being paid to the quality of work on residential properties under the renovation program in the capital. A total of 13 control and supervision events were held at the site. The committee’s specialists assessed the quality of construction work, finishing, installation of engineering systems and the completed improvement of the adjacent territory. Based on the results of the final inspection, a conclusion was issued on the compliance of the house on Cherepanov Drive with the design documentation,” noted the Chairman of the State Construction Supervision Committee

    Anton Slobodchikov.

    Previously Sergei Sobyanin reported, that 1.2 trillion rubles have been allocated in the draft budget for three years to implement the renovation program.

    More than 12.6 thousand Muscovites began moving into new houses under the renovation program in the third quarter of 2024

    Renovation program approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the relocation of over 47 thousand people was ensured. Earlier, Sergei Sobyanin ordered to increasethe pace of implementation of the renovation program has doubled.

    Moscow is one of the leaders among regions in terms of construction rates and volumes. Over the past five years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential buildings in the capital has doubled: from three million to five to seven million square meters per year. More information about national projects being implemented in Moscow, you can find out 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.

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

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  • MIL-OSI Russia: Learn to negotiate and find motivation: what courses did Technograd prepare in November

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    In November, the Technograd Innovation and Educational Complex at VDNKh invites everyone to courses to improve the efficiency of a company. Specialists from the career development center will help improve team management skills, interaction with employees, and competent decision-making. The programs are designed for business owners, managers, and HR specialists, as well as for everyone who values productivity and confidence in their professional sphere.

    On November 11, classes will begin on the online course “Effective Relationships with the Boss: Instructions”. Expert Yulia Elizarova, psychologist, polygraph examiner, profiler-verifier will tell you how to find an approach to any type of manager and become an indispensable employee in the company. In addition, she will teach you how to successfully negotiate and respond correctly to any tasks. Listeners will learn how to cope with overload and fight procrastination. They will talk about advanced training as a factor in the development of a specialist and how to change jobs if necessary.

    The program consists of four webinars. The classes will be held on November 11, 13, 15 and 17. They will start at 11:00 and 20:00. Required pre-registration.

    On November 12, everyone will be able to practice their management skills as part of the course “How to Engage and Retain Employees in Your Team.” Career consultant and experienced business coach Olga Tkachenko will talk about non-material motivation tools that are useful for project managers and team leaders. Listeners will learn how to identify and analyze people’s needs, create a favorable atmosphere in the team. They will be reminded of the skills a manager should have in order to influence employee productivity. The course includes one homework assignment and two final online workshops. The webinars will be held on November 12, 14 and 19 at 14:00. Required pre-registration.

    The course “How to achieve harmony between work and life” will begin on November 25. Listeners will discuss the problems of stress and professional burnout. Yulia Elizarova will tell you how to avoid neurosis in the pursuit of success, get rid of anxiety and find new meaning in life. Webinars will be held on November 25, 27, 29 and 30. Start at 11:00 and 20:00. Required pre-registration.

    On November 26, the online course “Changing World: How to Make Decisions in Uncertain Conditions” will open. Psychologist Olga Denisova will talk about flexible skills that will allow you to adapt to an unstable situation and achieve success. Listeners will master stress management techniques and get acquainted with the concepts of non-standard and systemic types of thinking that will help in solving problems. Classes will be held on November 26, 28 and December 3, 5. Start at 17:00. Required pre-registration.

    Innovative and educational complex “Technograd”— a unique platform at VDNKh. Here Muscovites can acquire new professional knowledge and master applied skills that are in demand in business in relevant areas. Classes are held online and offline. The project is supervised by Department of Entrepreneurship and Innovative Development of the City of Moscow.

    The Career Development Center is one of the areas of activity of Technograd. Its specialists help in finding professions in accordance with the individual characteristics of applicants, in career planning and training.

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

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

    http://vvv.mos.ru/nevs/item/146229073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Five pre-revolutionary houses with glazed tile cladding will be restored

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Five buildings built before the 1917 revolution will undergo major repairs as part of the city program in 2024. Their special feature is facades covered with glazed tiles. Specialists from the Capital Repair Fund (CRF) have developed individual work plans and selected modern domestic materials and advanced technologies. The Moscow City Services Complex told about how historical buildings are being restored.

    Eclecticism in Yakovoapostolsky Lane

    This year, the six-story building at 15 Yakovoapostolsky Lane has already been renovated. It was built in 1913 according to an individual project in the eclectic style. The courtyard facades are made of brick, and on those facing the street, the four lower floors are faced with unpainted white ceramic tiles. There is a crowning cornice along the perimeter of the building.

    Here, the roof and facade were renewed, which together with the glazed tiles were cleaned and washed. In some places, if necessary, local repair of the brickwork was carried out. Then, open surfaces in places of dampness were treated with an antifungal compound, and the glazed tiles were made hydrophobic. The building was plastered, the upper floors and the courtyard facade were painted white by the craftsmen.

    The windows in the entrances were replaced with modern double-glazed windows. The specialists also replaced the ebbs and repaired the slopes, and hung a new drainage system on the building.

    In addition, the roof of the house was completely repaired: the old roof covering was dismantled, the rafter system and individual parts of the wall plate were updated, and the sheathing was replaced. All wooden structures were treated with a fire-retardant composition, and new roofing sheet covering was laid. The attic spaces were insulated with mineral wool slabs to stabilize the temperature and humidity conditions.

    Glazed tiles with decorative inserts on Plyushchikha

    This year, the former apartment building of V.V. Kiselev at 26/2 Plyushchikha Street will also be restored. The five-story building was built before 1917 according to the design of the architect A.F. Meissner in the Art Nouveau style. The main façade has protruding parts — rectangular bay windows. The retail area of the first floor is accentuated by wide panoramic windows and is plastered. At the level of the second to fifth floors, the street facades are finished with glazed tiles with decorative inserts. The building is completed with a crowning cornice.

    The house is undergoing a renovation of its glazed tile facade. They started with clearing open surfaces and repairing the plaster layer of the first floor and bay windows. Then they applied antifungal protection. The specialists will have to carefully repair the architectural elements. The wall segments covered with glazed tiles are water-repellent. Then the facades will be painted in the color “peach cream”. In addition, the craftsmen will replace the drainpipes and repair the entrances to the building.

    Dark turquoise majolica on Sushchevskaya street

    House 9 on Sushchevskaya Street has been completely renovated. It was built in 1910 according to the project of the architect F. F. Voskresensky in the Art Nouveau style. The building is four-story in the main volume, and its two-story part adjoins from the yard. Two vertical bay windows are symmetrically placed on the main facade. Dark turquoise majolica was used in the decoration. The building is completed by a crowning cornice.

    The specialists put the facade in order and replaced a number of internal engineering systems. The large volume of restoration work was divided into stages for the convenience of residents. First, the facades were cleared of old paint and accumulated dirt. Then the craftsmen knocked off the peeling plaster and restored the damaged areas. Wet areas were treated with antifungal and antiseptic compounds, all decorative elements were cleaned and restored. The walls were painted in the color “gray fog”.

    The base of the house and the entrances to the building were also plastered, and the drainpipes were replaced.

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

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

    http://vvv.mos.ru/nevs/item/146235073/

    MIL OSI Russia News –

  • MIL-OSI Economics: Unlocking Transport Connectivity in the Caucasus and Central Asia

    Source: Asia Development Bank

    The geopolitical tensions and economic disruptions unleashed by the Russian invasion of Ukraine in February 2022 created new opportunities and challenges for transport corridors through the Caucasus and Central Asia. The transit complications through routes via the Russian Federation fostered renewed attention to the Middle Corridor and redirected trade flows through many countries of the Central Asia Regional Economic Cooperation (CAREC) region. However, infrastructural hurdles, supply chain difficulties, gaps in regional integration and connectivity, complex geographies, and high transport costs continue to limit CAREC countries’ ability to fully unlock the potential of a sustained increase in trade and development.

    Unlocking Transport Connectivity in the Caucasus and Central Asia addresses these constraints and explores ways to enhance the efficiency of transport through the Middle Corridor, offering significant economic benefits for the CAREC region. These benefits include boosting cross-border trade, gross domestic product, investment, and employment while reducing transportation costs. However, there are major barriers to infrastructural investment, including the availability and costs of long-term financing, high initial costs, investment shortfalls, high risks, and uncertain benefits.

    The book discusses key developments in transport and trade through the Middle Corridor, focusing on CAREC transport corridor growth, its trade and economic impacts, and the digital, regulatory, infrastructural, and logistical dynamics.

    MIL OSI Economics –

  • MIL-OSI Russia: An innovative method for cleaning wells from plugs was patented at Novosibirsk State University

    Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    Employees Center for Technology Transfer and Commercialization of Novosibirsk State University (CTTC NSU) together with colleagues Faculty of Mechanics and Mathematics of NSU patented two innovative methods for cleaning wells from asphalt-resin-paraffin deposits (ARPD), which are formed during the operation of wells. In the first version, cleaning is carried out with the help of service companies, while oil workers can use the second method themselves.

    Almost all Russian companies periodically face the need to remove heavy oil fraction deposits from wells, which significantly complicate the extraction of oil and gas.

    The standard method involves immersing a heating device into the well, which is connected to a special power cable and melts the plug like a boiler, but it requires a long supply of high current to heat it up. This technology requires the use of extremely expensive equipment, which is practically no longer supplied to our country today.

    The solutions patented by NSU are based on a burner created by Professor of the Hydrodynamics Department of the MMF NSU, Doctor of Physical and Mathematical Sciences Sergey Sukhinin and a chemical composition for it, which provides a combustion mode that effectively removes deposits without damaging the pipe itself. We have previously talked about this invention, and now ready-to-use technologies based on it have been patented.

    — The first solution is designed for service companies, it involves immersing a burner into a well on a regular geophysical cable, which is often used when working at oil and gas fields and is always available. This significantly reduces the cost and simplifies the cleaning procedure. In the second version of the technology, instead of a cable, special rods are immersed into the well, which ignite upon reaching the required depth and burn out the plug. Oil producing companies can use this method themselves, — said Deputy Director of the NSU CTTC, PhD in Engineering Andrey Savchenko.

    Patented technologies also have other advantages over known technical solutions. The combustion temperature is calculated in such a way as to guarantee the burning of paraffins that have formed the plug, and the combustion itself is directed downwards in the well so that the combustion products rise up together with the gases from the well. As a result, it is possible to avoid a situation where the melted plug thickens again in another section of the well (which periodically happens with standard cleaning methods), forcing oil workers to repeat the procedure again. This is especially important when it comes to removing extended plugs, which can be tens and hundreds of meters long.

    — Today, the technology has already attracted great interest, both its variants, both for service and for the mining companies themselves, including quite large players in this market. And now we are negotiating pilot projects for its testing in real conditions, — summed up Andrey Savchenko.

    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 –

  • MIL-OSI Russia: Sobyanin: The territories of the city’s MCD stations are being improved according to a single standard

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    A unified standard for accessibility of city railway stations on the Moscow Central Diameters (MCD) is being introduced in the capital. Sergei Sobyanin spoke about this in his blog.

    “Any trip on the metro or MCD begins with leaving the house. A good pedestrian path. A fast bus route with stops as close to the entrance as possible. Convenient parking or a drop-off point for taxi and personal car passengers. Bright street lighting, a cozy little square or park next to the station, where you can wait for your wife or daughter late at night — these “little things” make up the impression of the trip. And they directly affect the desire of city residents to use public transport. Perhaps this has already been forgotten, but in 2011 we began our transport program by cleaning up and improving the area around the city’s main train stations and metro stations,” the Moscow Mayor wrote.

    After the opening of the MCD, work began to make the route from residential areas to Moscow’s ground-level metro stations comfortable and safe. It is being carried out according to a single city standard, which provides for the reorganization of public transport routes, improvement of pedestrian accessibility, and the creation of a high-quality urban environment in the immediate vicinity of MCD stations.

    An example of a station where the new standard has already been implemented is Sanino MCD-4 in TiNAO.

    “Until recently, the only way to get to the city station was on foot along a forest path. Ground transportation did not stop near the station at all. Today, you can get to the Moscow city station Sanino MCD-4 on foot, by car or by public transport. A turning circle has been created for buses, modern waiting pavilions have been installed at the entrance to the station, and new routes have been organized. Pedestrian crossings are equipped with contrasting lighting,” said Sergei Sobyanin.

    Not far from Sanino there is another Moscow city railway station – Kokoshkino. To get to it by the shortest route, residents of the new quarters used popular paths. Inconveniently located stops, lack of parking – all this also significantly complicated daily trips.

    Thanks to the extension of the road and the well-thought-out planning of the territory, a new direct pedestrian and car route was created. Public transport stops were placed 10 meters from the entrance to the city station. A quick drop-off zone for taxis and private cars was organized. In addition, intercepting parking lots were equipped.

    Wide sidewalks with safe crossings across the roadway now lead to residential areas. A small green park has been created near residential buildings.

    Among the unique projects implemented is Poklonnaya MCD-4. As a result, the new city station became a link between the Ramenki and Dorogomilovo districts.

    For this purpose, a pedestrian bridge was built across the railway tracks and stairways leading to General Dorokhov Avenue, General Yermolov Street and the nature reserve in the Setun River valley.

    Now residents of Pudovkina Street and 2nd Mosfilmovsky Lane, who just a few years ago had only one metro station, Kievskaya, which they had to get to by bus for about half an hour, can use the new Poklonnaya station of the MCD-4 and Park Pobedy of the Solntsevskaya and Arbatsko-Pokrovskaya metro lines.

    Sergei Sobyanin added that work is currently underway to improve accessibility at several more stations: Shcherbinka MCD-2, Kosina MCD-3, as well as Solnechnaya, Kuskova, Begovaya MCD-4. The first stage of work has been completed near the Serp i Molot station of the fourth Moscow Central Diameter. In 2025, improvements there will continue as part of the second stage.

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

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

    https://vvv.mos.ru/major/themes/11982050/

    MIL OSI Russia News –

  • MIL-OSI Russia: NSU student wins prize at All-Russian KS 2024 championship among students

    Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University – This year, out of 348 participants representing dozens of universities across Russia, 19 senior students made it to the finals. The finalists created original projects based on KS (Knowledge Space – a system for digitalizing management processes). Student EhFaculty of Economics, NSUVarvara Lebedinskaya won the prize in the nomination “High-Quality Visual Solution”.

    The championship was held in two rounds. In the first round, a video recording was posted on the organizers’ working website system, and the participants had to repeat exactly what was shown in the video. At this stage, a significant number of participants dropped out, since the video had to repeat some details that seemed unnoticeable at first glance. In the second round, it was necessary to create your own project “from scratch”.

    — The no-code concept (creating programs and services without writing code) was new to me. More precisely, I had heard about programming languages that include others, but that practically had no code at all… And it was also a revelation to me that there are companies that do this on a professional level. I learned that I have a tendency to make simple mistakes, especially due to carelessness, — Varvara says.

    The winners, prize winners and laureates of the championship were representatives of different cities and regions of Russia: St. Petersburg, Novosibirsk, Orenburg, Moscow. The winners of the competition were Ekaterina Verkhoturova (SPbSU) and Kirill Golovanov (MIREA), who created the most interesting, voluminous and complex projects.

    — I saw that there was a difference between me and the winners (at the announcement of the results they showed a few of our projects, noted the strengths and weaknesses) and it was noticeable, so I was not very upset. And the fact that my work was recognized and highly appreciated is very nice, — Varvara shared her emotions.

    Reference: The All-Russian KS Championship has been held since 2023, it is dedicated to the processes of modeling and creating IT products based on the no-code platform Knowledge Space. The organizer is the company “Integrated Management Systems”. Undergraduate students of senior years (from 3rd) and graduate students aged 20 to 23 can participate in the Championship.

    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 –

  • MIL-OSI China: Historical sites and artifacts impress foreign experts

    Source: China State Council Information Office 3

    While several expats are admiring the intricate animal patterns on an ancient Chinese bronze object, others are carefully listening to a tour guide explain the skill and wisdom behind the craftsmanship.

    It was part of the “Exploring China “Henan Tour event in Zhengzhou, Luoyang and Anyang in Central China’s Henan province from Sunday to Tuesday.

    Participants of the “Exploring China” Henan Tour admire a bronze ware at Henan Museum in Zhengzhou city. XU LIN/CHINA DAILY

    More than 40 foreign experts in classical studies from 13 countries visited Henan’s heritage sites, Longmen Grottoes and the Yinxu Museum, immersing themselves in the rich Chinese culture and civilization.

    Two other groups joined the tours in Shandong province, visiting places like the Temple of Confucius, and in Sichuan province, traveling to key archaeological sites like Sanxingdui and Jinsha.

    These experts are participants in the World Conference of Classics, being held in Beijing from Wednesday to Friday.

    “I’m excited to visit China for the first time, and I plan to travel to China again with my family, to see more of its deep culture and history,” says Michael Trapp, emeritus professor of Greek literature and thought at King’s College London.

    Before setting out, he sought advice from his Chinese doctoral student in London and his brother, a Chinese language translator who often travels to China for work. Both suggested that given his passion for history, archaeology and art, he would find his visit to Henan particularly captivating, which he does.

    At the museums, he finds that the use of modern technology has made historical sites more accessible to a modern audience, striking a delicate balance between preserving ancient materials and showing their history vividly via replicas and digital reconstructions. “This endeavor requires considerable effort and creativity,” he says.

    He believes that it’s wonderful to see the massive size of the Erlitou Site in Luoyang and the artifacts excavated from it at the nearby museum. It shows the archaeological process of their discovery.

    Thomas Michael from the United States, professor at School of Philosophy, Beijing Normal University, who does research into Chinese philosopher Lao Tzu, agrees.

    “I’ve read about all these places, but it’s the first time to see various artifacts about the origins and downfall of the Shang Dynasty (c.16th century-11th century BC) and the beginning of the Western Zhou Dynasty (c. 11th century-771 BC),” he says. “It’s amazing to see the ancient centers of Chinese civilization. These are important periods for Confucianism. … The Confucian tradition goes all the way back to Zhougong (the Duke of Zhou) from the Western Zhou Dynasty.”

    The duke was believed to have been a prolific author with humanistic ideas and written Rites of Zhou, a fundamental ancient Chinese classic on organizational theory.

    Mary Evelyn Tucker, a senior lecturer and research scholar at Yale University, says: “It’s exciting to have this cultural tour to Henan and see that China is recovering its own traditional past. … China’s modernization has developed very rapidly over the past 40 years since my first visit to the country in 1985.”

    Her research fields include Confucianism and ecology. China is moving toward ecological civilization, she says, which has greatly changed its ecology, society and spirituality.

    She says that Confucianism, Taoism and Buddhism have the cultural values for an awakening of environmental consciousness, for example, the concept of “heaven and man are united as one” in Chinese philosophy.

    Costas Synolakis, the Chair of Earth Sciences in the Academy of Athens, points out that “it’s great to see the different periods of Chinese history and how its art evolves”.

    His research focuses on how people in ancient Greece and Rome understood and dealt with extreme disasters. He’s surprised to find that the ancient Chinese tried to control floods about 4,000 years ago when he visited Henan’s museums. “It’s around the 4th and 5th centuries BC that people in the Mediterranean started to understand that floods and earthquakes are natural phenomena. … It’s motivating for me to learn much more about Chinese culture, especially the recorded floods in its history.”

    According to him, many people associate China’s history with its dynasties, but are not familiar with the country’s ancient capitals in Henan and how the Chinese shifted these ancient capitals in history. That’s why the trip has impressed him greatly.

    MIL OSI China News –

  • MIL-OSI: CREDIT AGRICOLE SA : Crédit Agricole Immobilier announces the closing of the acquisition of Nexity Property Management and becomes the leader of Property Management in France

    Source: GlobeNewswire (MIL-OSI)

    Press release

    Montrouge, 6 November 2024

    Crédit Agricole Immobilier announces the closing of the acquisition
    of Nexity Property Management
    and becomes the leader of Property Management in France

    Crédit Agricole Immobilier is pleased to announce that it has completed the acquisition of Nexity Property Management, a Nexity subsidiary specialised in commercial and residential asset management. With this transaction, announced on 25 July 2024, Crédit Agricole Immobilier becomes the leader in institutional property management, in France 1.

    The acquisition of Nexity Property Management brings additional expertise to Crédit Agricole Immobilier, ranging from advisory services to accounting and technical rental management, supervision of works, shopping malls management etc.

    In addition, Nexity Property Management’s powerful network of over 30 branches and offices across France, comes as an addition to strengthens Crédit Agricole Immobilier’s own presence. It supports Crédit Agricole Immobilier in addressing the needs of its institutional customers, including the customers of the Regional Banks and subsidiaries of the Crédit Agricole Group. This increased local footprint, will allow CAI to bring their expertise to clients’ investment projects, in line with the Universal Customer-focused Banking Model approach.

    This new transaction, taking place 18 months after the acquisition of Sudeco, a long-standing Property Management player and commercial property specialist, has established Crédit Agricole Immobilier as the market leader with the most comprehensive range of services for institutional customers across all asset categories, from residential to commercial.
    Overall, Crédit Agricole Immobilier now manages more than 11,000 assets.

    For Nexity, this transaction is fully aligned with the group’s roadmap, specifically with the refocusing strategy launched in 2023.

    This transaction has no significant impact on Crédit Agricole S.A.’s CET1 ratio and should generate a return on investment that is in line with Crédit Agricole’s policy.

    “We are so delighted and proud to welcome the Nexity Property Management teams to Crédit Agricole Immobilier. This acquisition represents a decisive step forward in our strategy of becoming the leader of property management in France. We are deepening our expertise in all areas of property management and strengthening our presence across France. By joining forces, we are ready to take on new challenges. This is the perfect expression of our 2025 strategic plan, as well as the mid-term plan of Crédit Agricole Group: it will allow us to support our clients more extensively on strategic social and environmental issues, such as reducing the carbon footprint of their property assets.”

    Valérie Wanquet, Chief Executive Officer of Crédit Agricole Immobilier

    “I am delighted that we have completed this transaction with the Crédit Agricole Group, a long-term strategic partner of the Nexity group, which is fully in line with our efforts to refocus our activities, which we began at the end of 2023. I would like to thank all Nexity Property Management teams and I wish them every success with their new shareholder. We are certain that Crédit Agricole Immobilier will be able to maintain the quality of its services and enhance its market share.”

    Jean-Claude Bassien, Deputy Chief Executive Officer of Nexity

    ABOUT CRÉDIT AGRICOLE IMMOBILIER
    A subsidiary of the Crédit Agricole Group, Crédit Agricole Immobilier supports its individual, corporate and public authority customers with real estate projects throughout France while upholding three fundamental principles: sustainability and performance of buildings, respect for the environment and decarbonisation, and social cohesion and inclusion.
    As a partner in the most ambitious property development projects, we work with our customers to create value throughout their projects: transaction, letting, rental management, co-ownership associations, property strategy, residential and commercial development, refurbishment, renovation, development of spaces, property management and operation.
    To find out more, visit: www.ca-immobilier.fr/nous-connaitre

    CRÉDIT AGRICOLE IMMOBILIER PRESS CONTACT
    Vanessa Feugères – +33 (0)7 86 84 19 15 – vanessa.feugeres@ca-immobilier.fr

    NEXITY, LIFE TOGETHER
    With revenues of €4.3 billion in 2023, Nexity, the leading global real estate operator, is present all over France and operates in all areas of development and services. Our strategy as leading global real estate operator allows us to meet all our clients’ needs, whether they are individuals, corporates, institutions or authorities. Our raison d’être ‘life together’ reflects our commitment to create sustainable spaces, neighbourhoods and towns for them, that help them to build and rebuild connections. For the sixth consecutive year, Nexity was ranked the top contracting authority by Association pour le développement du Bâtiment Bas Carbone (BBCA – a French low-carbon building association), is a member of the Bloomberg Gender Equality Index, Best Workplaces 2021 and was certified a Great Place to Work® in September 2022.
    Nexity is listed on Service de Règlement Différé (SRD – Deferred Settlement Service), in Compartment A of Euronext and on the SBF 120.

    NEXITY PRESS CONTACTS
    Cyril Rizk – Media Relations Manager / +33(0)6 73 49 72 61 – presse@nexity.fr
    Emma Durel – Media Relations Officer / +33 (0)6 99 14 09 28 – presse@nexity.fr
    Anne-Sophie Lanaute – Head of Investor Relations and Financial Communications / +33 (0)6 58 17 24 22 – investorrelations@nexity.fr

    1 In terms of revenues, source: Xerfi.

    Attachment

    The MIL Network –

  • MIL-OSI: Aktia’s financial calendar and Annual General Meeting in 2025

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    6 November 2024 at 7.50 a.m.

    Aktia’s financial calendar and Annual General Meeting in 2025

    Financial Statement Release 2024

    Aktia Bank Plc publishes its Financial Statement Release for 2024 on Wednesday 12 February 2025.

    Annual Report 2024

    Aktia Bank Plc’s Annual Report 2024 will be published on Thursday 13 March 2025.

    Annual General Meeting of Shareholders 2025

    Aktia Bank Plc’s Annual General Meeting of Shareholders is planned to be held on Thursday 3 April 2025.

    Interim Reports 2025

    Interim Report January–March 2025: Wednesday 7 May 2025
    Half-year Report January–June 2025: Tuesday 5 August 2025
    Interim Report January–September 2025: Thursday 6 November 2025

    Aktia Bank Plc

    For more information:
    Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 June 2024 amounted to EUR 14.1 billion, and the balance sheet total was EUR 12.4 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –