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Category: Europe

  • MIL-OSI Asia-Pac: Participatory theatre production “Post Capitalistic Auction” allows audiences to bid for artworks in creative ways other than money (with photos)

    Source: Hong Kong Government special administrative region

    Participatory theatre production “Post Capitalistic Auction” allows audiences to bid for artworks in creative ways other than money (with photos)
    Participatory theatre production “Post Capitalistic Auction” allows audiences to bid for artworks in creative ways other than money (with photos)
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         The Asia+ Festival, presented by the Culture, Sports and Tourism Bureau and organised by the Leisure and Cultural Services Department, will stage a participatory theatre production “Post Capitalistic Auction” on November 16 and 17. In this unconventional yet authentic auction created by Mainland artist Jingyi Wang and local curator Kyle Chung, audiences can bid for their favourite artworks in new ways other than money, before taking the art pieces home. The auction comes with a pre-auction showcase and fringe activities, offering audiences multiple perspectives to contemplate the value of art.      This auction is unique in that it gives endless room for imagination: Audiences can place bids not only with money but alternative “currencies” they can think of, such as barter (in either tangible or intangible terms), a career opportunity for the artist, a deep understanding of the artwork, and more. A total of eight artworks (see Annex) will be put up for bidding in two rounds of auction. Audiences will place bids online and the process will be projected onto a big screen in real time. Eight groups of artists from France, Indonesia, Thailand and Hong Kong, China will attend in person to choose the winning bid, guided by professional advice from an expert panel.      In “Post Capitalistic Auction”, creator Wang questions if money is the only means to determine something’s value. This experiment is an attempt to explore whether changing the rules of the game can change the way people think. Curator Chung, who describes his project as an experimental performance, advises potential bidders to attend the pre-auction showcase and guided tour to learn more about the eight groups of artists and their works in advance, which may raise their chances of winning the auction.      Ever since its 2018 premiere in Bergen, “Post Capitalistic Auction” has toured Toronto and Yokohama. Previous editions have attracted many interesting bids and inspired reflections on the ecology of the art market. The upcoming Hong Kong debut is set to make waves in this city widely known as Asia’s art trading hub. Audience members who have no intention of bidding are welcome to buy tickets and join the event nonetheless.      Two rounds of auction will each feature four groups of artists, namely (November 16): Carla Chan (Hong Kong, China), Maurice Benayoun (France), Navin Rawanchaikul and daughter Mari Rawanchaikul (Thailand), and Wu Jiaru (Hong Kong, China); (November 17): Chan Wai-lap (Hong Kong, China), Leung Mee-ping (Hong Kong, China), Maryanto (Indonesia) and William Lim (Hong Kong, China).      The auction will be conducted in Cantonese, Putonghua and English, with Cantonese and English simultaneous interpretation. Each auction will be followed by a discussion session. Bidders, who must be over 18 years of age, will be asked to place bids using a smartphone or a tablet with Internet connection. During the process, bidders’ interaction with performers may be photographed, recorded or live-streamed. A vernissage will be held at 6pm on November 13 at the Hong Kong City Hall Exhibition Hall, while guided tours and an auction showcase will be held from November 14 to 18. Other fringe activities include art student roundtables and a panel discussion. For details, please refer to asiaplus.gov.hk/2024/en/post-capitalistic-auction.      Participatory theatre production “Post Capitalistic Auction” will be held at 8pm on November 16 and 3pm on November 17 at the Hong Kong City Hall Theatre. Free seating tickets priced at $420 and guided tour tickets at $60 are now available at URBTIX (www.urbtix.hk). Admission to other activities is free. For telephone bookings, please call 3166 1288, or use the mobile ticketing app “URBTIX”.      The second Asia+ Festival is running from September to November, highlighting the arts and cultures of nearly 30 Asian and Belt and Road countries or regions. Apart from stage programmes, there are also thematic exhibitions, an outdoor carnival, film screenings, outreach activities and more, numbering over 100 in total. For programme enquiries and concessionary schemes, please call 2370 1044 or visit asiaplus.gov.hk/2024/en/.

     
    Ends/Thursday, October 31, 2024Issued at HKT 17:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: VI Russian Sociogender Forum: GUU at the Center of International Dialogue on Social Security of the Family

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    The State University of Management, together with the Financial University under the Government of the Russian Federation, co-organized the VI Russian Sociogender Forum with international participation “Social, demographic and spiritual security of the family institution in the context of the formation of a new social world order.”

    As part of the Forum, on October 25, 2024, a meeting of the scientific section “Trust as a socio-gender basis for the formation of a family, stable development of family relations and successful solution of strategic tasks of the demographic policy of Russian society and the state” was held at the Institute of Public Administration and Law of the State University of Management.

    In the reports that covered modern challenges and trends in this area, of particular interest were cases and studies of the problems of gender socialization of women, trust and mistrust between the sexes, socio-psychological mechanisms and strategies for successfully resolving family conflicts, including divorces, the share of which in 2022 increased to 68%, while 70 years ago this figure was 4%. In Russia, according to the results of 2023, the total fertility rate, reflecting the average number of children born to one woman during the reproductive period (from 15 to 50 years), turned out to be “terribly low” and amounted to 1.41.

    The moderator of the section “Trust as a socio-gender basis for the formation of a family, stable development of family relations and successful solution of strategic tasks of the demographic policy of Russian society and the state” was the head of the relevant scientific school, professor of the department of sociology, psychology and history of our university Viktor Krivopuskov.

    The scientific discussion was also attended by professors of sociology T.E. Petrova, I.V. Mkrtumova, V.V. Krivopuskov, professors of psychological sciences N.A. Tsvetkova, N.A., O.A. Ovsyanik, M.V. Iontseva, I.E. Sokolovskaya, candidate of historical sciences K.A. Aramyan, candidate of psychological sciences L.Yu. Shuraeva, candidate of economic sciences, head of the Center for Mediation and Social and Legal Assistance, branch of the State Budgetary Institution “Resource Center for Guardianship and Trusteeship “Assistance” of the Department of Labor and Social Protection of the Population of the City of Moscow O.E. Gracheva, as well as graduate students, master’s students and bachelors of the university.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/31/2024

    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 Europe: Euro area bank interest rate statistics: September 2024

    Source: European Central Bank

    31 October 2024

    Bank interest rates for corporations

    Chart 1

    Bank interest rates on new loans to, and deposits from, euro area corporations

    (percentages per annum)

    Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in September 2024. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 31 basis points to 4.72%, driven by the interest rate effect. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 31 basis points to 4.47%, driven by the interest rate effect. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 22 basis points to 3.58%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 12 basis points to 5.02%.
    As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 14 basis points to 3.28% in September 2024. The interest rate on overnight deposits from corporations stayed almost constant at 0.88%.
    The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 22 basis points to 5.19%, driven by the interest rate effect.

    Table 1

    Bank interest rates for corporations

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for corporations (Table 1)

    Bank interest rates for households

    Chart 2

    Bank interest rates on new loans to, and deposits from, euro area households

    Data for cost of borrowing and deposit interest rate for households (Chart 2)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in September 2024. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 11 basis points to 4.59%. The rate on housing loans with an initial rate fixation period of over one and up to five years fell by 6 basis points to 3.82%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years decreased by 10 basis points to 3.52%. The rate on housing loans with an initial rate fixation period of over ten years fell by 10 basis points to 3.27%, mainly driven by the interest rate effect. In the same period the interest rate on new loans to households for consumption decreased by 7 basis points to 7.75%.
    As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year remained broadly unchanged at 2.97%. The rate on deposits redeemable at three months’ notice stayed constant at 1.75%. The interest rate on overnight deposits from households remained broadly unchanged at 0.37%.

    Table 2

    Bank interest rates for households

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
    ** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for households (Table 2)

    Further information

    The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

    Notes:

    • In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
    • The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
    • Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
    • In addition to monthly euro area bank interest rate statistics for September 2024, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
    • As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.

    MIL OSI Europe News –

  • MIL-OSI Russia: SPbGASU became one of the organizers of the week “Design without Borders” in Yerevan

    Translation. Region: Russian Federation –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – At the Faculty of Design of NUACA

    The international week “Design without Borders” was held in Yerevan on October 21-26 at the National University of Architecture and Construction of Armenia (NUACA). The event was held jointly with the Saint Petersburg State University of Architecture and Civil Engineering and the Saint Petersburg State University of Industrial Technologies and Design and was intended to unite specialists and students in the field of design.

    In his welcoming speech at the opening of the week, Dean of the Faculty of Design at NUASA Artashes Melikyan noted that he was glad to welcome everyone to the university and expressed hope for successful cooperation.

    NUASA Vice-Rector for International Relations Vardges Yedoyan also gave a welcoming speech. He noted that an interesting working week was ahead: lectures, discussions, excursions, and wished all participants success.

    The delegation of SPbGASU included representatives of the Faculty of Architecture: Deputy Dean for Academic Affairs, Associate Professor of the Department of Architectural Design Elena Voitsekhovskaya, Deputy Dean for Academic Affairs, Associate Professor of the Department of Architectural Design Zoya Aksenova, Associate Professor of the Department of Architectural Environment Design Pavel Loshakov, Senior Lecturer of the Department of Drawing Konstantin Tarasov, Associate Professor of the Department of Landscape Architecture Ksenia Yakovleva and students Anna Kotova, Laura Nanieva, Ekaterina Kondratovich, Bogdan Lobanov and Daniil Sinyakov.

    The week included lectures and workshops on current design trends, technological innovations, the effects of artificial intelligence, creating experiences, and more. 20 leading industry experts presented their experience and shared their knowledge, and students had the opportunity to improve their skills in practice. In addition, the program included study visits to historical and cultural sites and museums in Armenia.

    Representatives of SPbGASU spoke about current trends and achievements in the academic and extracurricular work of the architectural faculty. The reports aroused genuine interest, became a reason for questions from colleagues and led to serious discussions.

    The participants confirmed the high level of SPbGASU and, in a broader sense, the prestige of St. Petersburg as a world cultural center.

    Our participants got acquainted with the organization of the educational process at the NUASA Design Faculty, the content, methodology and material base of training, saw samples of coursework and graduation works in various areas of training, visited classrooms, fine art studios, model and geodetic workshops, discussed key topics today, in particular, the use of artificial intelligence methods in design and training. The parties considered the prospects for further cooperation: summer schools, conferences, internships, scientific work and the possibility of joint publications.

    Students of the Faculty of Architecture of SPbGASU performed well as speakers: NUASA teachers noted their high motivation, cultural level and professional outlook.

    Ksenia Yakovleva shared her impressions of the trip: “The exchange of professional experience in educational, work and cultural aspects was useful for students and teaching staff. Many topics related to trends in education were discussed at the round tables. In addition, the topics of preserving cultural heritage, opportunities and the degree of involvement of architects in the improvement of the urban environment were touched upon.

    Our students actively participated in master classes and gave presentations, where they confidently demonstrated not only their projects, but also demonstrated motivational and professional qualities, once again confirming the high level of training at SPbGASU.

    Official and informal meetings, acquaintance with culture and history, excellent organization made this trip rich and unforgettable. The contacts established during the working trip to Yerevan will be used for further exchange of experience and expansion of international relations.”

    Third-year student of the Department of Landscape Architecture Bogdan Lobanov noted: “Thanks to this trip, I realized how important it is to communicate and be part of a large student architectural community. I would like to maintain and deepen such connections.”

    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-Evening Report: Islands Business publisher Samantha Magick – storyteller, risk-taker and community champion

    By Teagan Laszlo, Queensland University of Technology

    For Samantha Magick, journalism isn’t just a job. It is a lifelong commitment to storytelling, advocacy, and empowering voices often overlooked in the Pacific.

    As the managing editor and publisher at Islands Business, the Pacific Islands’ longest surviving news and business monthly magazine, Magick’s commitment to quality reporting and journalistic integrity has established her as a leading figure in the region’s news industry.

    Magick’s passion for journalism began at a young age.

    “I wanted to be a journalist when I was like 12,” Magick recalls. “When I left school, that’s all I wanted to study.”

    She remembers her family’s disapproval when she would write stories as a child, as they thought she was “sharing secrets”. Despite that early condemnation, Magick’s thriving journalism career has taken her across continents and exposed her to diverse media landscapes.

    After completing a Bachelor of Communications with a major in journalism at Charles Sturt University in Bathurst, Australia, Magick began her career at Communications Fiji Limited (CFL), a prominent Fijian commercial network.

    She progressed over 11 years from a cadet to CFL’s news director.

    Guidance of first boss
    Magick attributes some of her early success to the guidance of her first boss and CFL’s founder, William Parkinson. She considers herself fortunate to have had a supportive mentor who led by example and dared to take risks early in life, such as founding a radio station in his 20s.

    After leaving CFL, Magick’s career took her across the globe, including regional Pacific non-government organisations, news publications in Hawai’i and Indonesia, and even international legal organisations in Italy.

    Magick, who is of both Fijian and Australian heritage, returned to Suva in 2018, where she began her current role as Islands Business’s managing editor.

    “I’ve chosen to make my life in Fiji because I feel more myself here,” Magick says, reflecting on her deep connection to the island nation.

    Magick’s vision for Islands Business focuses on delving into the deeper, underlying narratives often overshadowed by breaking news cycles and free, readily available news content.

    “We need to be able to demonstrate the value of investigation, big picture reporting rather than the day-to-day stuff,” Magick says.

    Magick prides herself on creating a diverse and inclusive newsroom that reflects the communities it serves.

    Need for diverse newsroom
    “You have to have a diverse newsroom,” she emphasises, recognising the importance of amplifying marginalised voices. “For example, there is a conscious effort to make sure our magazine is not full of photos of men shaking hands with other men.”

    Magick also believes journalists have a responsibility to advocate for change, as demonstrated by Islands Business’s dedication to tackling pressing issues from climate change to media freedom.

    “Why would I give a climate change denier space?” Magick questions when discussing the need to balance objectivity and advocacy. “Because it’s kind of going to sell magazines? Because it’s going to create a bit of a stir online? That’s not something we believe in.”

    Despite her success, Magick’s career has not been without challenges. Magick worked through Fiji’s former draconian media restriction laws under the Media Industry Development Act 2010, while also navigating the shift to digital media.

    Islands Business managing editor Samantha Magick (right) with Fiji Times reporter Rakesh Kumar and chief editor Fred Wesley (centre) celebrating the repeal of the draconian Fiji media law last year . . . ““Why would I give a climate change denier space?” Image: Lydia Lewis/RNZ Pacific

    Magick emphasises the need to constantly upskill and re-evaluate strategies to ensure she and Islands Business can effectively navigate the constantly evolving media landscape.

    From learning to capitalise on social media analytics to locating reputable information sources when many of them feared to speak to the journalists due to the risk of legal retribution, Magick believes flexibility and perseverance are crucial to staying ahead in media.

    In her early career, Magick also faced sexism and misogyny in the media industry. “When I think back about the way I was treated as a young journalist, I feel sick,” Magick says as she reflects on how she and her female colleagues would warn each other against interviewing certain sources alone.

    Supporting aspiring journalists
    The challenges Magick has faced undoubtably contribute to her dedication to supporting aspiring journalists, as evident through Kite Pareti’s journey. Starting as a freelance writer with no newswriting experience in March 2022, Pareti has since progressed to one of two full-time reporters at Islands Business.

    Pareti expresses gratitude for the opportunities she’s had while working at Islands Business, and for the mentorship of Magick, whom she describes as “family”.

    “Samantha took a chance on me when I had zero knowledge on news writing,” Pareti says. “So I’m grateful to God for her life and for allowing me to experience this once-in-a-lifetime opportunity.”

    Magick reciprocates this sentiment. “Recently, I am inspired by some of our younger reporters in the field, and their ability to embrace and leverage technology — they’re teaching me.”

    Magick anticipates an exciting period ahead for Islands Business, as she aims to attract a younger, professionally driven, and regionally focused audience to their platforms.

    When asked about her aspirations for journalism in the region, Magick says she hopes to see a future where Pacific voices remain at the centre, “telling their own stories in all their diversities”.

    Teagan Laszlo was a student journalist from the Queensland University of Technology who travelled to Fiji with the support of the Australian Government’s New Colombo Plan Mobility Programme. This article is published in a partnership of QUT with Asia Pacific Report, Asia Pacific Media Network (APMN) and The University of the South Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Europe: ASIA/CHINA – The shared spiritual retreat of 15 Chinese bishops, an experience of communion and synodality

    Source: Agenzia Fides – MIL OSI

    xinde.org

    Beijing (Agenzia Fides) – Immersed in the Mystery of the Word of God, to perceive the infinite Love and salvation of the Lord: this is the experience shared by 15 Chinese Catholic bishops who lived together the annual spiritual retreat with the theme ‘Synodality and Encounter with the Lord’.The retreat was held from 15 to 18 October at the National Seminary in Beijing.The retreat was led by priest John Baptist Zhang – founder of the digital and print communication platform Xinde.org, and also responsible for Jinde Charities, the main Catholic charitable work in China.The bishops listened to meditations on the obedience of the Virgin Mary, and how beg that the mercy and healing given by Jesus can animate the pastoral work associated with episcopal ministry.During the evening ‘Spiritual Conversations’, the bishops also openly discussed how to face and overcome the sense of loneliness that sometimes marks their condition, and also how to make an appropriate discernment in the face of the different and sometimes conflicting opinions and requests of the members of the Church community.The annual retreat of the Chinese bishops was strongly supported by the leaders of the body called the College of Chinese Bishops, led by the Bishop of Shanghai Joseph Shen Bin.The initiative manifested concern for the formation of bishops and their spiritual condition. Bishop Shen Bin also took part in the final day of the retreat and presided over the evening Eucharistic Concelebration.During the retreat, the Bishops present were able to put aside hesitations and indecisions, re-embracing with enthusiasm the mission of proclaiming the Gospel in the condition in which they find themselves. (NZ) (Agenzia Fides, 31/10/2024)
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    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Strathmartine Community Clean-Up

    Source: Scotland – City of Dundee

    A Strathmartine Community Clean-Up has taken place this week as part of the Take Pride in Your City campaign.

    The initiative is part of the Dundee-wide environmental effort to make a positive difference to all city neighbourhoods, parks and open areas.

    The Community Clean-Up took place in the areas around Balgowan Avenue and Beauly Square where additional works were carried out by Council staff including the removal of litter and debris, strimming, general tidying of communal areas where required as well as sweeping to path & street areas.

    Climate, Environment & Biodiversity Convener Cllr Heather Anderson said: “There is a wide variety of great work taking place in the city through the Take Pride umbrella.

    “The Community Clean-Ups have proven to be a successful addition where additional environmental work is carried out and residents can also make use of skips to dispose of their waste appropriately.

    “Council employees have listened to direct feedback from local residents in areas throughout the city to improve the condition and appearance of neighbourhoods.”

    The Community Clean-Up initiative has taken place in several areas throughout the city with further Clean-Ups planned to take place in the future as well.

    Information about upcoming Community Clean-Ups is communicated directly with residents in the areas prior to taking place.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK approves use of export finance to secure critical minerals

    Source: United Kingdom – Executive Government & Departments 4

    UK Export Finance can now provide financial support for overseas projects that source critical minerals for use in major UK industries.

    Lithium, an example of a critical mineral

    • Chancellor announces availability of export credit financing to help British industries access a stable, long-term supply of critical minerals. 

    • There is high global demand for critical minerals which are increasingly vital to long-term industrial growth, emerging technology and the net zero transition. 

    The Chancellor has announced that UK Export Finance (UKEF), the government’s export credit agency, will offer financial support for overseas projects that supply critical minerals fuelling UK industrial growth and the net zero transition.  

    By securing contracts which increase and diversify UK access to critical minerals, this will help the UK to build economic resilience and lower the risk of supply-chain disruption in major industries like automotive, defence and aerospace. 

    ‘Critical minerals’ are raw materials like lithium, graphite and cobalt which are essential to the UK’s largest exporting sectors. They are used in range of emerging and sustainable technologies like electric vehicles, solar panels and wind turbines. 

    Financing will be offered in the form of credit guarantees to overseas companies, helping them access debt financing for projects which supply UK exporters with critical mineral products – including both raw and processed materials.  

    It is expected that UKEF will work with other ECAs and public financial institutions to finance eligible projects and support investment into new supply routes.   

    This would make it easier for UK manufacturers to secure contracts with critical mineral suppliers in countries with vast mineral deposits, including Australia, which holds large deposits of lithium.  

    Jonathan Reynolds, Secretary of State for Business and Trade, said: 

    There is intense global competition for critical minerals like lithium, tin and cobalt which are essential for industrial growth, British industries and our journey towards net zero. 

    As the energy transition pushes demand to new highs, this financing offer will help UK companies to get a seat at the table, build international partnerships and secure their critical mineral needs.  

    Helping exporters to access these vital resources will support UK industrial growth and our leadership in emerging technology.

    Kirsty Benham, Chief Executive Officer, Critical Minerals Association (UK), said:  

    We welcome the new export finance offering for critical minerals, which supports UK manufacturers and supply chain security. The offer demonstrates the importance of critical minerals to UK Government, and showcases the UK’s strengths as a serious buyer of these strategically important materials.  

    We look forward to working closely with UKEF and supporting the development of this offer into secure, resilient, responsible critical mineral supply chains for the UK and MSP partners.

    Sean Sargent, Chief Executive Officer, Green Lithium, added: 

    Green Lithium’s refinery in Teesside will be a future importer of critical raw materials and, following processing, a UK exporter of battery chemicals. This new export finance offering from UKEF is precisely the sort of initiative that will help UK businesses strengthen relationships with international partners and contribute to the development of stronger international supply chains, while also supporting critical minerals industrial development in the UK.  

    It is a welcome development from the UK Government, and a facility that will be of interest to several of our international supply chain partners.

    The UK government is a founding member of the US-initiated Minerals Security Partnership (MSP), which aims to help member economies secure a stable access to critical minerals. 

    Today’s announcement follows the recent launch of an MSP finance network, in which UKEF is working with other export credit agencies and financial bodies to help de-risk and increase financing for critical minerals projects.  

    UKEF has also used its existing products to support UK capability in critical minerals production. It recently announced a guarantee supporting machinery exports to one of Central Asia’s largest copper-production facilities.

    Contact

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    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: SED attends China Annual Conference & Expo for International Education in Beijing (with photo)

    Source: Hong Kong Government special administrative region

    SED attends China Annual Conference & Expo for International Education in Beijing (with photo)
    SED attends China Annual Conference & Expo for International Education in Beijing (with photo)
    ******************************************************************************************

         The Secretary for Education, Dr Choi Yuk-lin, today (October 31) attended the 25th China Annual Conference & Expo for International Education (CACIE) in Beijing to share Hong Kong’s experiences in promoting internationalisation and diversification of higher education, and promote the “Study in Hong Kong” Brand.           CACIE is a high-level and comprehensive platform for global educators to engage in dialogue and practical co-operation. Under the theme “Education for All, the Unknown and the Future”, this year’s Conference aims to forge a consensus on global education development and reform. Thousands of people from different countries and regions attended.           In her keynote speech at the plenary session of CACIE on Hong Kong’s efforts in promoting internationalisation and diversification in the higher education sector, Dr Choi said that Hong Kong has five universities funded by the University Grants Committee which are ranked among the world’s top 100. Coupled with a sound education infrastructure, outstanding research talent and strong research capabilities, Hong Kong’s reputable brand name of quality education is widely recognised and acknowledged both locally and globally.           “The Chief Executive’s 2024 Policy Address” announced the establishment of the Committee on Education, Technology and Talents to take forward the work of invigorating the country through science and education, and accelerate the building of an innovative talent pool. At the same time, the Government launched a number of key initiatives, including supporting capacity expansion and quality enhancement of local institutions; stepping up overseas publicity to attract more non-local students to study in Hong Kong; strengthening collaboration with universities from all over the world to broaden students’ international horizons; promoting synergistic development of higher education in Hong Kong and on the Mainland to complement each other’s strengths; and nurturing cross-disciplinary talent, and pressing ahead with the development of universities of applied sciences to create multiple pathways for young people.           She said that the Government has been actively supporting the establishment of alliances between higher education institutions in Hong Kong and on the Mainland to gather high-quality teaching and research resources, and to achieve mutual benefits through deepening co-operation among member institutions in areas such as scientific innovation and talent exchanges, thereby enhancing the level and standard of regional co-operation, and developments on different fronts.           During the Conference, Dr Choi exchanged views on the latest trends and developments in global education with other guests, including Vice Chairman of the Standing Committee of the 14th National People’s Congress Mr Ding Zhongli; the Governor of Victoria, Australia, Professor Margaret Gardner; Deputy Minister of Higher Education, Science and Innovations of Uzbekistan Mr Otabek Mahkamov; the Chief Executive Officer of the Institute of International Education in the United States, Dr Allan Goodman; and the Ambassador of France to China, Mr Bertrand Lortholary.           In addition, Dr Choi met representatives of Hong Kong post-secondary education institutions participating in the Expo to learn about the promotional efforts of publicly funded and self-financing institutions in expanding their international network and recruiting students from around the world to study in Hong Kong.???           Dr Choi will return to Hong Kong in the afternoon.

     
    Ends/Thursday, October 31, 2024Issued at HKT 17:43

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Rosneft Day was held at Ufa State Petroleum Technological University

    Translation. Region: Russian Federation –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft Day was held at the Company’s key partner university in the Republic of Bashkortostan, Ufa State Petroleum Technological University (USPTU). 34 subsidiaries, including 10 enterprises of Bashneft, Rosneft’s largest asset in the region, took part in the job fair and presentations.

    During the Rosneft Day, vacancies for students and graduates of universities and colleges were presented. Today, the most popular vacancies among blue-collar jobs are: oil and gas production operator, chemical analysis laboratory assistant, process unit operator, instrument operator, repairman, process unit repairman, process pump operator, commodity operator, general machine operator, electrician for repair and maintenance of electrical equipment, electric and gas welder.

    Oil refiners from Bashneft-Novoil held a quiz for students on the topic of “Oil refining and more”, the winners won tickets to the cinema. Orenburgneft held a game of “oil monopoly”. Guests of the fair could also attend a lecture on “Hydraulic fracturing – a discipline at the intersection of sciences” from RN-GRP. The master class “Career roasting” and a meeting with foreign students were held by RN-Service employees. All participants of the events received memorable souvenirs.

    Rosneft, as part of the corporate continuous education program “school – college/university – enterprise”, is implementing projects to attract talented youth and form an external personnel reserve. In the Republic of Bashkortostan, the program has been implemented for several years. This year, 49 schoolchildren entered the 10th “Rosneft-classes”. In addition, in Ufa, in pilot mode, 25 9th-grade students were enrolled in the “Rosneft-class”. The Ufa Fuel and Energy College (UTEK) acted as a partner of the pilot.

    There are six Bashneft corporate groups in Ufa State Petroleum Technical University and Ufa Energy Company in various training areas, including: oil and gas geology and geophysics, solid fuel, oil and gas processing technology, design and operation of oil and gas processing equipment, etc. In specialized groups, students combine work in production with training according to an individual schedule. Training in specialized subjects is carried out with the involvement of expert teachers from among Bashneft employees. Students also participate in career guidance and corporate events of the Company.

    In partnership with Bashneft enterprises, the following basic departments were created at USPTU: “Technologies of Petrochemical Processes”, “Welding of Oil and Gas Structures”, “Bashneft Processing”, and “Bashneft – Environmental Engineering”.

    The scientific institute “RN-BashNIPIneft” supervises 7 basic and graduating departments at USPTU. This year, the institute opened two new basic departments at the university: “Lean Technologies and Innovations in the Oil and Gas Complex” and “Oil and Gas Field Equipment for Well Operation and Repair”. Also in 2024, a new master’s program MPE Petroleum Engineering in the direction of “Oil and Gas Engineering” was opened for foreign students at the Department of “Field Pipeline Systems” of USPTU. RN-BashNIPIneft specialists teach master’s students the design, development and production of oil and gas fields on land and offshore, work in Rosneft software products, introduce innovative well drilling technologies, etc. The first students of the program were 10 applicants from Egypt, Nigeria and Cameroon.

    Ufaorgsintez annually holds the Unified Oil Refinery Cup in Oil Refining Olympiad and the Petrochemistry, Chemical Technology and Automation Olympiad for senior students at the University. In addition to certificates and gifts, winners and prize winners receive additional points that are taken into account when applying for a master’s degree at USPTU, and are also invited to interviews at Bashneft enterprises for possible employment.

    Reference:

    Ufa State Petroleum Technological University is one of the leading technical universities in Russia. With the support of the Company, a unique scientific and educational center “NK Rosneft – Ufa State Petroleum Technological University” was created there.

    Since 2001, Rosneft and USPTU have been partners in the field of training qualified personnel, scientific and innovative activities, as well as the implementation of international educational projects of the Company with Tsinghua University (PRC) and Qatar University.

    Department of Information and Advertising of PJSC NK Rosneft October 31, 2024

    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: Rosneft held the 6th scientific and practical conference on hydrogeology

    Translation. Region: Russian Federation –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft held the 6th corporate scientific and practical conference on hydrogeology and water supply, bringing together more than 50 Russian experts in this field. The conference was traditionally organized by the Company’s scientific institute in Izhevsk.

    One of the priority tasks of the Rosneft-2030 strategy is to achieve leading positions in industrial safety, labor protection and the environment. The company pays great attention to the rational use of water resources.

    During the conference, experts discussed a number of key challenges facing the Russian oil and gas industry. The key topic of discussion was the results of the implementation of the RN-Aqua software package, developed by specialists from the Izhevsk Scientific Institute, into production. The participants noted the positive experience of working with this product, identifying areas for further expansion of its functionality.

    The conference also featured scientific and applied reports devoted to the updating and development of new areas of work and competencies in hydrogeology, as well as best practices used in the design of hydrogeological work.

    Reference:

    Since 2018, a specialized Rosneft institute for hydrogeology and water supply has been operating on the basis of the Izhevsk Scientific Institute. The institute carries out comprehensive work on hydrogeology in all regions of the Company’s operations, including all types of design and reporting documentation for water production and placement of associated water, conducts experimental filtration studies and is engaged in the development of specialized software.

    Department of Information and Advertising of PJSC NK Rosneft October 31, 2024

    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: Temenos Named a Leader in IDC MarketScapes for Digital Core Banking Platforms

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, Oct. 31, 2024 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today announced that it has been named a Leader in the 2024 IDC MarketScapes for Digital Core Banking Platforms in North America, EMEA and Asia Pacific.[1] Temenos attributes this recognition to the rich functionality of its core banking platform, helping banks enhance their customer experiences and increase business agility. 

    In North America, the IDC MarketScape evaluated 10 technology vendors, while the IDC MarketScapes for APAC and EMEA assessed 15 vendors each. In this competitive global landscape, Temenos is one of just two vendors to be named a Leader in all three evaluations.

    Jerry Silva, Vice President, IDC Financial Insights, said: “The Temenos Core Banking solution portfolio is a cloud-native and cloud-agnostic composable microservices-based offering. It uses a modern technology stack that can evolve to cater for new needs as they arise. This enables banks to compose, extend, and deploy banking capabilities at scale via cloud and SaaS, or to deploy on premise. The solution is used by clients all over the world and Temenos has earned a reputation for being customer-centric and collaborative.”

    Barb Morgan, Chief Product and Technology Officer, Temenos, commented: “We’re proud to be recognized by the IDC MarketScape as a market leader across multiple regions in digital core banking platforms. We believe this demonstrates the proven value of our comprehensive core banking solutions, providing banks globally with the agility they need to innovate faster and elevate the digital banking experience for their customers. We are committed to keep investing on Temenos’ core banking platform and delivering solutions that create long-term value and success for our customers.”

    The IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.

    [1] Source: IDC MarketScape: North American Digital Core Banking Platforms 2024 Vendor Assessment (doc #US50463523, September 2024); IDC MarketScape: EMEA Digital Core Banking Platforms 2204 Vendor Assessment (doc #EUR150463623, September 2024); and IDC MarketScape: Asia Pacific Digital Core Banking Platforms 2024 Vendor Assessment (doc #AP50463723, September 2024).

    About IDC MarketScape
    IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

    About Temenos
    Temenos (SIX: TEMN) is the world’s leading platform for composable banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. These banks’ IT spend on growth and innovation is also 2X the industry average.

    For more information, please visit www.temenos.com.

    The MIL Network –

  • MIL-OSI United Kingdom: More than 400,000 customers use SLC’s digital refund service in first six months

    Source: United Kingdom – Executive Government & Departments

    Student Loans Company improves online customer experience with introduction of new digital refund service.

    A new digital refund service has been used by 418,000 customers in the first six months. As it continues to improve its customer experience, and in response to customer feedback, in May 2024, SLC introduced a new service into the online account for repayment customers.

    The simple, digital service is an easy way for customers to self-serve, requesting a below threshold refund, which is then paid directly into their bank account.

    The figure has been announced today (31 October 2024) as SLC’s issues a new statistical publication – Student loan repayments via PAYE eligible for refund – Tax Year 2023/24. The ad hoc statistical release provides more information on the total number of customers who have made repayments under the four refund scenarios, the total amount repaid, as well as the total refunds provided to customers in 23/24 tax year.

    Under the Education (Student Loans) (Repayment) Regulations, there are four refund scenarios, which the publication covers. These are:

    · Below Threshold Refunds – a correct repayment may be taken if a customer’s earnings are above the pay period threshold (e.g. due to overtime or bonus) but their total income for the year is below the annual threshold. SLC must wait until HMRC provides the customer’s annual earnings information at the end of the tax year, before a refund can be provided to eligible customers.

    · Over-repayment refunds – when a customer had paid off their loan, but an additional repayment is taken, due to the timing of pay dates and the request to stop deductions being processed at the employer side. If SLC has up-to-date bank details, a refund will be paid automatically to the customer.

    · Early repayment refunds – a customer has a repayment taken before they are required to begin repaying (a statutory date that generally occurs in April after they finish or leave their course and commence employment).

    · Wrong plan type refunds – the employer places the customer on the wrong plan type for their loan.

    Since May, £61.6m has been successfully refunded to 248,000 customers, in the below threshold refund scenario, as a result of the new refund service. To support the introduction of the new service, SLC has proactively contacted customers who are eligible for a below threshold refund* in the 23/24 tax year. From the almost 700,000 customers that have been contacted (by the end of October 2024), 75% of customers have opened the email and a third have requested a refund, after considering their own personal and financial circumstances.

    Annual earnings information is received from HMRC throughout the year, and SLC will continue to proactively communicate with customers as eligible refunds are identified.

    SLC cannot provide financial advice, and customers are urged to consider their own personal circumstances before requesting a refund. Any refund provided will be added back onto the customer’s student loan balance.

    Steven Darling, Customer Experience Director, at SLC, said: “At SLC, we want to provide the best possible customer experience, and from the feedback we receive from customers, they want to be able to self-serve in their online account.

    “With a below threshold refund being the most common reason why a customer might be eligible for a refund, we’ve made it quick and easy to request a refund through the online account. The figures in our latest report demonstrate the value of these improvements, with £61.6m being paid to 248,000 customers since May 2024.

    “I would encourage customers to keep their contact and bank details up to date in their online account to ensure they don’t miss any key communication regarding refunds.”

    Customers can read all of SLC’s guidance and refund information here, which also includes a step by step video guide of how to request a refund through their online account.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Overspeed near Manor Park

    Source: United Kingdom – Executive Government & Departments

    Overspeeding of a passenger train near to Manor Park station, east London, 24 September 2024.

    FFCCTV image showing the points where the overspeeding occurred (courtesy of MTREL).

    At around 08:11 on 24 September 2024, a passenger train passed over a set of points east of Manor Park station at a speed of 45 mph (72 km/h). This was above the permitted maximum speed for these points of 25 mph (40 km/h). Passing over the points at this speed caused the train to jolt sideways.

    Although there were no reported injuries, the sudden movement of the train resulted in some passengers losing their footing and at least one passenger falling to the floor. The train did not derail during the incident and no damage was caused to the infrastructure or to the vehicles involved.

    We have undertaken a preliminary examination into the circumstances surrounding this incident. Having assessed the evidence which has been gathered to date, we have decided to publish a safety digest.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Anniversary Statement: ATR 72-212 A, G-CMJM

    Source: United Kingdom – Executive Government & Departments

    Right nosewheel detached on takeoff, Edinburgh Airport, 31 October 2023

    This statement provides an update on the AAIB investigation into an accident to ATR 72-212 A, G-CMJM, at Edinburgh Airport, on 31 October 2023.

    While taking off from Edinburgh Airport, the right nose landing gear wheel detached from the aircraft.  The flight continued to its destination without any abnormal indications or adverse aircraft performance, and the missing wheel was only noticed as the aircraft taxied onto stand after landing.

    The investigation into this event is nearing completion and a final report will be issued in due course.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Congratulations to Nikita Avralev on his appointment!

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On October 31, 2024, a graduate of the Academic Reserve program, implemented by the State University of Management by order of the Ministry of Science and Higher Education, was appointed acting rector of the Nizhny Novgorod State Linguistic University named after N.A. Dobrolyubov.

    Dear Nikita Vladimirovich! On behalf of the State University of Management, we congratulate you on your new appointment! Remember, GUU is always ready for interaction and cooperation, and its doors are open to all graduates. We wish you to successfully cope with new work tasks and worthily represent your university.

    Nikita Avralev graduated from Lobachevsky State University of Nizhny Novgorod in 2003 with a degree in Political Science. In 2021, he completed his Master’s degree in State and Municipal Administration. He holds the academic title of Associate Professor and the academic degree of Candidate of Political Sciences. He is the author of over 40 scientific papers.

    For more than 10 years, he worked at Lobachevsky State University of Nizhny Novgorod, including in leadership positions. From 2020 to 2023, he held the post of Vice-Rector for Strategic and Innovative Development of SKFU. Since April 2023 – Vice-Rector for Strategic Development of Lobachevsky State University of Nizhny Novgorod.

    Awarded with a Letter of Gratitude from the Ministry of Education and Science of Russia for his significant contribution to the development of education and conscientious work.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/31/2024

    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: HSE FASHION DAYS: a series of lectures on fashion in Moscow and St. Petersburg

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    HSE FASHION DAYS is an educational initiative of the HSE School of Art and Design, launched in winter 2024. This project includes a series of events dedicated to fashion, one of the most vibrant and dynamically developing creative areas that invariably attracts young people.

    In the last cycleHSE FASHION DAYS was attended by such experts as Igor Andreev, Nino Shamatava, Masha Fedorova, Leonid Alekseev, Anzor Kankulov, Katya Sycheva and Aleksey Bazhenov.

    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: Radware Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Financial Results and Highlights

    • Revenue of $69.5 million, an increase of 13% year–over–year
    • Cloud ARR of $71.6 million, an increase of 15% year-over-year
    • Non-GAAP diluted EPS of $0.23 vs. $0.07 in Q3 2023; GAAP diluted EPS of $0.07 vs. $(0.16) in Q3 2023
    • Cash flow from operations of $14.7 million and $58.9 million year-to-date

    TEL AVIV, Israel, Oct. 31, 2024 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the third quarter ended September 30, 2024.

    “We are pleased to report solid third-quarter results, highlighted by 13% year-over-year revenue growth and a significant improvement in profitability and cash flow from operations,” said Roy Zisapel, Radware’s President and CEO. “Our results reflect double-digit growth in subscription revenue, strong sales of software subscriptions, and the ongoing success of DefensePro X, which carries with it more subscription revenue. We are excited about the momentum we’ve built and our future growth prospects.”

    Financial Highlights for the Third Quarter 2024
    Revenue for the third quarter of 2024 totaled $69.5 million:

    • Revenue in the Americas region was $27.7 million for the third quarter of 2024, an increase of 11% from $24.9 million in the third quarter of 2023.
    • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.2 million for the third quarter of 2024, an increase of 30% from $19.3 million in the third quarter of 2023.
    • Revenue in the Asia-Pacific (“APAC”) region was $16.6 million for the third quarter of 2024, a decrease of 5% from $17.4 million in the third quarter of 2023.

    GAAP net income for the third quarter of 2024 was $3.1 million, or $0.07 per diluted share, compared to GAAP net loss of $6.9 million, or $(0.16) per diluted share, for the third quarter of 2023.

    Non-GAAP net income for the third quarter of 2024 was $10.2 million, or $0.23 per diluted share, compared to non-GAAP net income of $2.9 million, or $0.07 per diluted share, for the third quarter of 2023.

    As of September 30, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $411.7 million. Cash flow from operations was $14.7 million in the third quarter of 2024.

    Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

    Conference Call
    Radware management will host a call today, October 31, 2024, at 8:30 a.m. EDT to discuss its third quarter 2024 results and fourth quarter 2024 outlook. To participate on the call, please use the following numbers:
    U.S. participants call toll free: 888-510-2008
    International participants call: 1 646-960-0306
    Conference ID: 1864701

    A replay will be available for two days, starting two hours after the end of the call, on telephone number +1-609-800-9099 or (US toll-free) 800-770-2030. Passcode 1864701.

    The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

    Use of Non-GAAP Financial Information and Key Performance Indicators
    In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax–related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

    Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

    Safe Harbor Statement

    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors, or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

    ©2024 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    CONTACTS
    Investor Relations:
    Yisca Erez, +972-72-3917211, ir@radware.com

    Media Contact:
    Gerri Dyrek, gerri.dyrek@radware.com

    Radware Ltd.
    Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands)
           
      September 30,   December 31,
      2024   2023
      (Unaudited)   (Unaudited)
    Assets      
           
    Current assets      
    Cash and cash equivalents 115,416   70,538
    Marketable securities 94,809   86,372
    Short-term bank deposits 111,998   173,678
    Trade receivables, net 19,963   20,267
    Other receivables and prepaid expenses 9,891   9,529
    Inventories 13,543   15,544
      365,620   375,928
           
    Long-term investments      
    Marketable securities 30,991   33,131
    Long-term bank deposits 58,468   –
    Other assets 2,104   2,166
      91,563   35,297
           
           
    Property and equipment, net 16,499   18,221
    Intangible assets, net 12,742   15,718
    Other long-term assets 35,312   37,967
    Operating lease right-of-use assets 18,433   20,777
    Goodwill 68,008   68,008
    Total assets 608,177   571,916
           
    Liabilities and equity      
           
    Current liabilities      
    Trade payables 6,551   4,298
    Deferred revenues 109,924   105,012
    Operating lease liabilities 4,333   4,684
    Other payables and accrued expenses 46,427   41,021
      167,235   155,015
           
    Long-term liabilities      
    Deferred revenues 65,916   60,499
    Operating lease liabilities 13,658   16,020
    Other long-term liabilities 14,173   17,108
      93,747   93,627
           
    Equity      
    Radware Ltd. equity      
    Share capital 749   742
    Additional paid-in capital 548,240   529,209
    Accumulated other comprehensive income 593   77
    Treasury stock, at cost (366,588)   (365,749)
    Retained earnings 123,398   119,812
    Total Radware Ltd. shareholder’s equity 306,392   284,091
           
    Non–controlling interest 40,803   39,183
           
    Total equity 347,195   323,274
           
    Total liabilities and equity 608,177   571,916
           
    Radware Ltd.
    Condensed Consolidated Statements of Income (Loss)
    (U.S Dollars in thousands, except share and per share data) 
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                     
    Revenues   69,488   61,612   201,849   196,260
    Cost of revenues   13,392   12,838   39,260   38,886
    Gross profit   56,096   48,774   162,589   157,374
                     
    Operating expenses, net:                
    Research and development, net   18,654   20,614   56,251   62,905
    Selling and marketing   30,500   30,532   89,945   94,368
    General and administrative   6,948   7,824   21,271   24,378
    Total operating expenses, net   56,102   58,970   167,467   181,651
                     
    Operating loss   (6)   (10,196)   (4,878)   (24,277)
    Financial income, net   4,957   3,778   12,982   10,688
    Income (loss) before taxes on income   4,951   (6,418)   8,104   (13,589)
    Taxes on income   1,807   433   4,518   2,151
    Net income (loss)   3,144   (6,851)   3,586   (15,740)
                     
    Basic net income (loss) per share attributed to Radware Ltd.’s shareholders   0.07   (0.16)   0.09   (0.36)
                     
    Weighted average number of shares used to compute basic net income (loss) per share   41,956,001   42,261,637   41,854,984   43,232,405
                     
    Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders   0.07   (0.16)   0.08   (0.36)
                     
    Weighted average number of shares used to compute diluted net income (loss) per share   43,573,161   42,261,637   43,199,279   43,232,405
                     
      Radware Ltd.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (U.S Dollars in thousands, except share and per share data)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    GAAP gross profit 56,096   48,774   162,589   157,374
      Share-based compensation 81   177   240   403
      Amortization of intangible assets 992   992   2,976   2,976
    Non-GAAP gross profit 57,169   49,943   165,805   160,753
                     
    GAAP research and development, net 18,654   20,614   56,251   62,905
      Share-based compensation 1,421   2,064   4,679   6,200
    Non-GAAP Research and development, net 17,233   18,550   51,572   56,705
                     
    GAAP selling and marketing 30,500   30,532   89,945   94,368
      Share-based compensation 2,548   2,134   7,708   9,065
      Restructuring costs –   1,273   –   1,273
    Non-GAAP selling and marketing 27,952   27,125   82,237   84,030
                     
    GAAP general and administrative 6,948   7,824   21,271   24,378
      Share-based compensation 2,008   2,884   6,480   9,483
      Acquisition costs 159   211   571   769
    Non-GAAP general and administrative 4,781   4,729   14,220   14,126
                     
    GAAP total operating expenses, net 56,102   58,970   167,467   181,651
      Share-based compensation 5,977   7,082   18,867   24,748
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
    Non-GAAP total operating expenses, net 49,966   50,404   148,029   154,861
                     
    GAAP operating loss (6)   (10,196)   (4,878)   (24,277)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
    Non-GAAP operating income (loss) 7,203   (461)   17,776   5,892
                     
    GAAP financial income, net 4,957   3,778   12,982   10,688
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
    Non-GAAP financial income, net 4,871   3,815   12,751   9,918
                     
    GAAP income (loss) before taxes on income 4,951   (6,418)   8,104   (13,589)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
    Non-GAAP income before taxes on income 12,074   3,354   30,527   15,810
                     
    GAAP taxes on income 1,807   433   4,518   2,151
      Tax related adjustments 62   62   185   185
    Non-GAAP taxes on income 1,869   495   4,703   2,336
                     
    GAAP net income (loss) 3,144   (6,851)   3,586   (15,740)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
      Tax related adjustments (62)   (62)   (185)   (185)
    Non-GAAP net income 10,205   2,859   25,824   13,474
                     
    GAAP diluted net income (loss) per share 0.07   (0.16)   0.08   (0.36)
      Share-based compensation 0.14   0.17   0.45   0.57
      Amortization of intangible assets 0.02   0.03   0.07   0.07
      Acquisition costs 0.00   0.00   0.01   0.02
      Restructuring costs 0.00   0.03   0.00   0.03
      Exchange rate differences, net on balance sheet items included in financial income, net (0.00)   0.00   (0.01)   (0.02)
      Tax related adjustments (0.00)   (0.00)   (0.00)   0.00
    Non-GAAP diluted net earnings per share 0.23   0.07   0.60   0.31
                     
                     
    Weighted average number of shares used to compute non-GAAP diluted net earnings per share 43,573,161   43,163,159   43,199,279   44,058,549
                   
    Radware Ltd.
     Condensed Consolidated Statements of Cash Flow
    (U.S. Dollars in thousands)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    Cash flow from operating activities:                
                     
    Net income (loss)   3,144   (6,851)   3,586   (15,740)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
    Depreciation and amortization   2,947   3,025   8,918   9,216
    Share-based compensation   6,058   7,259   19,107   25,151
    Amortization of premium, accretion of discounts and accrued interest on marketable securities, net   (234)   161   (227)   1,116
    Loss related to securities, net   –   –   –   244
    Increase (decrease) in accrued interest on bank deposits   (814)   (2,289)   4,645   (3,814)
    Increase (decrease) in accrued severance pay, net   147   (401)   106   (506)
    Decrease in trade receivables, net   5,536   4,448   304   5,380
    Decrease (increase) in other receivables and prepaid expenses and other long-term assets   749   (215)   1,155   (2,541)
    Decrease (increase) in inventories   253   (671)   2,001   (1,566)
    Increase (decrease) in trade payables   2,474   (1,778)   2,253   (395)
    Increase (decrease) in deferred revenues   (6,059)   (12,311)   10,329   (11,095)
    Increase (decrease) in other payables and accrued expenses   259   644   7,052   (10,798)
    Operating lease liabilities, net   248   (804)   (369)   (805)
    Net cash provided by (used in) operating activities   14,708   (9,783)   58,860   (6,153)
                     
    Cash flows from investing activities:                
                     
    Purchase of property and equipment   (1,412)   (1,130)   (4,220)   (4,493)
    Proceeds from other long-term assets, net   46   29   40   77
    Proceeds from (investment in) bank deposits, net   9,731   21,145   (1,433)   51,345
    Investment in, redemption of and purchase of marketable securities, net   5,541   2,228   (4,456)   347
    Net cash provided by (used in) investing activities   13,906   22,272   (10,069)   47,276
                     
    Cash flows from financing activities:                
                     
    Proceeds from exercise of share options   –   –   3   308
    Repurchase of shares   –   (20,648)   (839)   (53,131)
    Payment of contingent consideration related to acquisition   –   (2,063)   (3,077)   (2,063)
    Net cash used in financing activities   –   (22,711)   (3,913)   (54,886)
                     
    Increase (decrease) in cash and cash equivalents   28,614   (10,222)   44,878   (13,763)
    Cash and cash equivalents at the beginning of the period   86,802   42,644   70,538   46,185
    Cash and cash equivalents at the end of the period   115,416   32,422   115,416   32,422
                     
      Radware Ltd.
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
    (U.S Dollars in thousands)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    GAAP net income (loss) 3,144   (6,851)   3,586   (15,740)
      Exclude: Financial income, net (4,957)   (3,778)   (12,982)   (10,688)
      Exclude: Depreciation and amortization expense 2,947   3,025   8,918   9,216
      Exclude: Taxes on income 1,807   433   4,518   2,151
    EBITDA 2,941   (7,171)   4,040   (15,061)
                     
      Share-based compensation 6,058   7,259   19,107   25,151
      Restructuring costs –   1,273   –   1,273
      Acquisition costs 159   211   571   769
    Adjusted EBITDA 9,158   1,572   23,718   12,132
                     
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
      Amortization of intangible assets 992   992   2,976   2,976
      Depreciation 1,955   2,033   5,942   6,240
        2,947   3,025   8,918   9,216
                     

    The MIL Network –

  • MIL-OSI: WTW Reports Third Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenue1 increased 6% to $2.3 billion for the quarter with organic growth of 6% for the quarter
    • Diluted Loss2 per Share was $16.44 for the quarter
    • Adjusted Diluted Earnings per Share were $2.93 for the quarter, up 31% from prior year
    • Operating Margin2 was (33.5)% for the quarter
    • Adjusted Operating Margin was 18.1% for the quarter, up 190 basis points from prior year

    LONDON, Oct. 31, 2024 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the third quarter ended September 30, 2024.

    “We had another strong quarter fueled by revenue growth, operating leverage and the success of our Transformation program. Our revenue growth of 6% for the quarter is evidence that our value proposition is continuing to resonate in the market and that our investments in talent and technology are succeeding. We are also making ongoing progress on our commitment to improve cash flow. Given our strong performance and momentum, we are entering the fourth quarter with confidence in our ability to deliver on our targets for the year and drive sustainable, profitable growth going forward.”

    Consolidated Results

    As reported, USD millions, except %

    Key Metrics Q3-24 Q3-23 Y/Y Change
    Revenue1 $2,289 $2,166 Reported 6% | CC 6% | Organic 6%
    (Loss)/Income from Operations2 $(766) $159 NM
    Operating Margin2 % (33.5)% 7.3% NM
    Adjusted Operating Income $414 $351 18%
    Adjusted Operating Margin % 18.1% 16.2% 190 bps
    Net (Loss)/Income2 $(1,672) $139 NM
    Adjusted Net Income $299 $236 27%
    Diluted EPS2 $(16.44) $1.29 NM
    Adjusted Diluted EPS $2.93 $2.24 31%
    1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. This excludes reinsurance revenue which is reported in discontinued operations. The segment discussion is on an organic basis.
    2 Loss from Operations, Operating Margin, Net Loss and Diluted EPS for the third quarter of 2024 include pre-tax non-cash losses and impairment charges of over $1.0 billion each related to the pending sale of TRANZACT.
    NM Not meaningful.

    Revenue was $2.29 billion for the third quarter of 2024, an increase of 6% as compared to $2.17 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 6%. On an organic basis, revenue increased 6%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Loss for the third quarter of 2024 was $1.67 billion compared to Net Income of $139 million in the prior-year third quarter. Loss from Operations, Operating Margin, Net Loss and Diluted EPS for the third quarter of 2024 include pre-tax non-cash losses and impairment charges of over $1.0 billion each related to the pending sale of TRANZACT. Adjusted EBITDA for the third quarter was $501 million, or 21.9% of revenue, an increase of 15%, compared to Adjusted EBITDA of $436 million, or 20.1% of revenue, in the prior-year third quarter. The U.S. GAAP tax rate for the third quarter was 16.1%, and the adjusted income tax rate for the third quarter used in calculating adjusted diluted earnings per share was 19.7%.

    Cash Flow and Capital Allocation

    Cash flows from operating activities were $913 million for the nine months ended September 30, 2024, compared to $823 million for the prior year. Free cash flow for the nine months ended September 30, 2024 and 2023 was $807 million and $707 million, respectively, an increase of $100 million, primarily driven by operating margin expansion, partially offset by cash outflows related to transformation and discretionary compensation payments. During the quarter ended September 30, 2024, the Company repurchased $205 million of WTW outstanding shares.

    Third Quarter 2024 Segment Highlights

    Health, Wealth & Career (“HWC”)

    As reported, USD millions, except %

    Health, Wealth & Career Q3-24 Q3-23 Y/Y Change
    Total Revenue $1,328 $1,282 Reported 4% | CC 3% | Organic 4%
    Operating Income $329 $305 8%
    Operating Margin % 24.7% 23.8% 90 bps

    The HWC segment had revenue of $1.33 billion in the third quarter of 2024, an increase of 4% (3% increase constant currency and 4% organic) from $1.28 billion in the prior year. Health had organic revenue growth driven by strong client retention, new local appointments and the continued expansion of our Global Benefits Management client portfolio in International and Europe, along with increased brokerage income in North America. Wealth generated organic revenue growth from higher levels of Retirement work in Europe, an increase in our Investments business due to capital market improvements and growth from our LifeSight solution. Career had organic revenue growth from increased compensation survey sales and advisory services in Work & Rewards and product revenue in Employee Experience. Benefits Delivery & Outsourcing (BD&O) had an organic revenue decline for the quarter primarily as a result of deliberately moderating growth in Individual Marketplace and a stronger comparable in Outsourcing.

    Operating margins in the HWC segment increased 90 basis points from the prior-year third quarter to 24.7%, primarily from Transformation savings. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

    Risk & Broking (“R&B”)

    As reported, USD millions, except %

    Risk & Broking Q3-24 Q3-23 Y/Y Change
    Total Revenue $940 $855 Reported 10% | CC 10% | Organic 10%
    Operating Income $170 $134 27%
    Operating Margin % 18.1% 15.7% 240 bps

    The R&B segment had revenue of $940 million in the third quarter of 2024, an increase of 10% (10% increase constant currency and organic) from $855 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention. Insurance Consulting and Technology (ICT) had organic revenue growth for the quarter primarily due to strong software sales in Technology, partially offset by tempered demand for discretionary services in Consulting.

    Operating margins in the R&B segment increased 240 basis points from the prior-year third quarter to 18.1%, primarily due to operating leverage driven by organic revenue growth and disciplined expense management, as well as Transformation savings.

    2024 Outlook

    Based on current and anticipated market conditions, the Company’s full-year targets for 2024, consistent with those targets that have been previously provided, are as follows. Refer to the Supplemental Slides for additional detail.

    • Expect to deliver revenue of $9.9 billion or greater and mid-single digit organic revenue growth for the full year 2024
    • Expect to deliver adjusted operating margin of 23.0% – 23.5% for the full year 2024
    • Expect to deliver adjusted diluted earnings per share of $16.00 – $17.00 for the full year 2024
    • Expect approximately $88 million in non-cash pension income for the full year 2024
    • Expect a foreign currency headwind on adjusted earnings per share of approximately $0.06 for the full year 2024 at today’s rates, down from $0.10 previously
    • Expect to deliver approximately $450 million of cumulative run-rate savings from the Transformation program by the end of 2024 with total program costs of $1.175 billion.

    Outlook includes Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained below.

    In addition, WTW will host an Investor Day on Tuesday, December 3, 2024 beginning at approximately 9:00 a.m. Eastern Time. A live webcast presentation will be available at www.wtwco.com and a replay of the webcast will be available on the Company’s website following the event.

    Conference Call

    The Company will host a live webcast and conference call to discuss the financial results for the third quarter 2024. It will be held on Thursday, October 31, 2024, beginning at 9:00 a.m. Eastern Time. A live broadcast of the conference call will be available on WTW’s website here. The conference call will include a question-and-answer session. To participate in the question-and-answer session, please register here. An online replay will be available at www.wtwco.com shortly after the call concludes.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

    WTW Non-GAAP Measures

    In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

    We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

    Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

    • Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
    • Impairment – Adjustment to remove the non-cash goodwill impairment associated with our Benefits, Delivery and Administration reporting unit related to the pending divestiture of our TRANZACT business.
    • Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the respective reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
    • Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
    • Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

    We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

    We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

    Our non-GAAP measures and their accompanying definitions are presented as follows:

    Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

    Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

    Adjusted Operating Income/Margin – (Loss)/Income from operations adjusted for impairment, amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted EBITDA/Margin – Net (Loss)/Income adjusted for provision for income taxes, interest expense, impairment, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

    Adjusted Net Income – Net (Loss)/Income Attributable to WTW adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

    Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted Income Before Taxes – (Loss)/Income from operations before income taxes adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

    Adjusted Income Taxes/Tax Rate – Benefit from/(provision for) income taxes adjusted for taxes on certain items of impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, the tax effects of internal reorganizations, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

    Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software for internal use. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations.

    Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

    These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

    WTW Forward-Looking Statements

    This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events, or developments that we expect or anticipate may occur in the future, including such things as our outlook, plans and references to future performance, including our future financial and operating results (including our revenue, costs, or margins), short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to organic revenue growth, free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share; future share repurchases; demand for our services and competitive strengths; strategic goals; existing and evolving business strategies including those related to acquisition and disposition activity; the benefits of new initiatives; the growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational, and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives including our multi-year operational transformation program; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; the impact of changes to tax laws on our financial results; and our recognition of future impairment charges or write-off of receivables, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

    There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to make divestitures, including the pending sale of our TRANZACT business (inclusive of all the legal entities that comprise such business), or acquisitions, including our ability to integrate or manage acquired businesses or de-integrate businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to consummate the pending sale of TRANZACT, and related incremental risks associated therewith including our ability to obtain approval (or for applicable waiting periods to expire) under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976; our ability to successfully manage ongoing organizational changes, including as part of our multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities, including the pending sale of TRANZACT, and related to changes in leadership in any of our businesses; risks relating to changes in our management structures and in senior leadership; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates and changes in trade policies; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including inflation, changes in interest rates and trade policies, as well as political events, war, such as the Russia-Ukraine and Middle East conflicts, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, which could have a material adverse effect on our business, financial condition, results of operations, and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity, and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our previously-completed sale of Willis Re to Arthur J. Gallagher & Co.; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, any legislative actions from the current U.S. Congress, the recent Final Rule from the Centers for Medicare & Medicaid Services for contract year 2025 and any judicial claims, rulings and appeals related thereto, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our Medicare benefits businesses such as TRANZACT; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of non-cash pre-tax losses and related impairment charges in connection with our pending sale of TRANZACT and other future impairment charges or write-offs of receivables; risks relating to or arising from environmental, social and governance practices; fluctuation in revenue against our relatively fixed or higher than expected expenses; the risk that investment levels, including cash spending, to achieve additional expected savings under our multi-year operational transformation program; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

    The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at www.sec.gov or www.wtwco.com.

    Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

    Our forward-looking statements speak only as of the date made, and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

    Contact

    INVESTORS

    Claudia De La Hoz | Claudia.Delahoz@wtwco.com

    WTW
    Supplemental Segment Information
    (In millions of U.S. dollars)
    (Unaudited)
    REVENUE    
                  Components of Revenue Change(i)
                        Less:       Less:    
        Three Months Ended
     September 30,    		     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024     2023     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 1,320     $ 1,275     4 %   0 %   3 %   0 %   4 %
    Interest income     8       7                      
    Total     1,328       1,282     4 %   0 %   3 %   0 %   4 %
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 911     $ 830     10 %   0 %   10 %   0 %   10 %
    Interest income     29       25                      
    Total     940       855     10 %   0 %   10 %   0 %   10 %
                                     
    Segment Revenue   $ 2,268     $ 2,137     6 %   0 %   6 %   0 %   6 %
    Reimbursable expenses and other     15       22                      
    Interest income     6       7                      
    Revenue   $ 2,289     $ 2,166     6 %   0 %   6 %   0 %   6%(ii)  
                  Components of Revenue Change(i)
                        Less:       Less:    
        Nine Months Ended September 30,     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024     2023     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 3,898     $ 3,766     4 %   0 %   4 %   0 %   4 %
    Interest income     26       18                      
    Total     3,924       3,784     4 %   0 %   4 %   0 %   4 %
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 2,811     $ 2,607     8 %   0 %   8 %   0 %   8 %
    Interest income     86       52                      
    Total     2,897       2,659     9 %   0 %   9 %   0 %   9 %
                                     
    Segment Revenue   $ 6,821     $ 6,443     6 %   0 %   6 %   0 %   6 %
    Reimbursable expenses and other     56       90                      
    Interest income     18       36                      
    Revenue   $ 6,895     $ 6,569     5 %   0 %   5 %   0 %   5%(ii)  

    (i)  Components of revenue change may not add due to rounding.
    (ii)  Interest income did not contribute to organic change for the three and nine months ended September 30, 2024.

    BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

        Three Months Ended September 30,  
        HWC     R&B     Corporate     Total  
        2024     2023     2024     2023     2024     2023     2024     2023  
    Book-of-business settlements   $ 3     $ —     $ 4     $ 1     $ —     $ —     $ 7     $ 1  
    Interest income     8       7       29       25       6       7       43       39  
    Total   $ 11     $ 7     $ 33     $ 26     $ 6     $ 7     $ 50     $ 40  
        Nine Months Ended September 30,  
        HWC     R&B     Corporate     Total  
        2024     2023     2024     2023     2024     2023     2024     2023  
    Book-of-business settlements   $ 3     $ —     $ 8     $ 11     $ —     $ —     $ 11     $ 11  
    Interest income     26       18       86       52       18       36       130       106  
    Total   $ 29     $ 18     $ 94     $ 63     $ 18     $ 36     $ 141     $ 117  


    SEGMENT OPERATING INCOME (i)

        Three Months Ended
    September 30,    		    
                   
                   
                       
                       
                       
        2024     2023    
                   
                   
                       
                       
                       
                   
                   
                   
                       
                       
                       
    Health, Wealth & Career   $ 329     $ 305    
                   
                   
                       
                       
                       
    Risk & Broking     170       134    
                   
                   
                       
                       
                       
    Segment Operating Income   $ 499     $ 439    
        Nine Months Ended
    September 30,    		  
        2024     2023  
                 
    Health, Wealth & Career   $ 941     $ 836  
    Risk & Broking     575       459  
    Segment Operating Income   $ 1,516     $ 1,295  

    (i) Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

    SEGMENT OPERATING MARGINS

        Three Months Ended September 30,
        2024   2023
    Health, Wealth & Career   24.7%   23.8%
    Risk & Broking   18.1%   15.7%
        Nine Months Ended
    September 30,
        2024   2023
    Health, Wealth & Career   24.0%   22.1%
    Risk & Broking   19.8%   17.3%


    RECONCILIATIONS OF SEGMENT OPERATING INCOME TO (LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES

        Three Months Ended September 30,  
        2024     2023  
                 
    Segment Operating Income   $ 499     $ 439  
    Impairment(i)     (1,042 )     —  
    Amortization     (56 )     (62 )
    Restructuring costs     (8 )     (17 )
    Transaction and transformation(ii)     (74 )     (113 )
    Unallocated, net(iii)     (85 )     (88 )
    (Loss)/Income from Operations     (766 )     159  
    Interest expense     (65 )     (61 )
    Other (loss)/income, net     (1,163 )     66  
    (Loss)/income from operations before income taxes   $ (1,994 )   $ 164  
        Nine Months Ended September 30,  
        2024     2023  
                 
    Segment Operating Income   $ 1,516     $ 1,295  
    Impairment(i)     (1,042 )     —  
    Amortization     (176 )     (203 )
    Restructuring costs     (29 )     (30 )
    Transaction and transformation(ii)     (296 )     (265 )
    Unallocated, net(iii)     (247 )     (211 )
    (Loss)/Income from Operations     (274 )     586  
    Interest expense     (197 )     (172 )
    Other (loss)/income, net     (1,113 )     126  
    (Loss)/income from operations before income taxes   $ (1,584 )   $ 540  

     (i) Represents the non-cash goodwill impairment associated with our BDA reporting unit related to the pending divestiture of our TRANZACT business.
     (ii) In 2024 and 2023, in addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
     (iii) Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

    WTW
    Reconciliations of Non-GAAP Measures
    (In millions of U.S. dollars, except per share data)
    (Unaudited)

    RECONCILIATIONS OF NET (LOSS)/INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

        Three Months Ended September 30,  
        2024     2023  
                 
    Net (loss)/income attributable to WTW   $ (1,675 )   $ 136  
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     56       62  
    Restructuring costs     8       17  
    Transaction and transformation     74       113  
    Loss/(gain) on disposal of operations     1,190       (41 )
    Tax effect on certain items listed above(ii)     (396 )     (51 )
    Adjusted Net Income   $ 299     $ 236  
                 
    Weighted-average ordinary shares, diluted     102       105  
                 
    Diluted (Loss)/Earnings Per Share   $ (16.44 )   $ 1.29  
    Adjusted for certain items:(iii)            
    Impairment     10.23       —  
    Amortization     0.55       0.59  
    Restructuring costs     0.08       0.16  
    Transaction and transformation     0.73       1.07  
    Loss/(gain) on disposal of operations     11.68       (0.39 )
    Tax effect on certain items listed above(ii)     (3.89 )     (0.48 )
    Adjusted Diluted Earnings Per Share(iii)   $ 2.93     $ 2.24  
        Nine Months Ended September 30,  
        2024     2023  
                 
    Net (loss)/income attributable to WTW   $ (1,344 )   $ 433  
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     176       203  
    Restructuring costs     29       30  
    Transaction and transformation     296       265  
    Provision for specified litigation matter(i)     13       —  
    Loss/(gain) on disposal of operations     1,190       (44 )
    Tax effect on certain items listed above(ii)     (492 )     (128 )
    Tax effect of significant adjustments     (7 )     2  
    Adjusted Net Income   $ 903     $ 761  
                 
    Weighted-average ordinary shares, diluted     103       107  
                 
    Diluted (Loss)/Earnings Per Share   $ (13.11 )   $ 4.06  
    Adjusted for certain items:(iii)            
    Impairment     10.17       —  
    Amortization     1.72       1.90  
    Restructuring costs     0.28       0.28  
    Transaction and transformation     2.89       2.48  
    Provision for specified litigation matter(i)     0.13       —  
    Loss/(gain) on disposal of operations     11.61       (0.41 )
    Tax effect on certain items listed above(ii)     (4.80 )     (1.20 )
    Tax effect of significant adjustments     (0.07 )     0.02  
    Adjusted Diluted Earnings Per Share(iii)   $ 8.81     $ 7.13  

     (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.
    (iii) Per share values and totals may differ due to rounding.

    RECONCILIATIONS OF NET (LOSS)/INCOME TO ADJUSTED EBITDA

        Three Months Ended September 30,    
        2024     2023    
                   
    Net (Loss)/Income   $ (1,672 ) (73.0 )% $ 139   6.4 %
    Provision for income taxes     (322 )     25    
    Interest expense     65       61    
    Impairment     1,042       —    
    Depreciation     60       60    
    Amortization     56       62    
    Restructuring costs     8       17    
    Transaction and transformation     74       113    
    Loss/(gain) on disposal of operations     1,190       (41 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 501   21.9 % $ 436   20.1 %
        Nine Months Ended September 30,    
        2024     2023    
                   
    Net (Loss)/Income   $ (1,336 ) (19.4 )% $ 441   6.7 %
    Provision for income taxes     (248 )     99    
    Interest expense     197       172    
    Impairment     1,042       —    
    Depreciation     176       184    
    Amortization     176       203    
    Restructuring costs     29       30    
    Transaction and transformation     296       265    
    Provision for specified litigation matter(i)     13       —    
    Loss/(gain) on disposal of operations     1,190       (44 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 1,535   22.3 % $ 1,350   20.6 %

     (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF (LOSS)/INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

        Three Months Ended September 30,    
        2024     2023    
                   
    (Loss)/Income from operations and Operating margin   $ (766 ) (33.5 )% $ 159   7.3 %
    Adjusted for certain items:              
    Impairment     1,042       —    
    Amortization     56       62    
    Restructuring costs     8       17    
    Transaction and transformation     74       113    
    Adjusted operating income and Adjusted operating income margin   $ 414   18.1 % $ 351   16.2 %
        Nine Months Ended September 30,    
        2024     2023    
                   
    (Loss)/Income from operations and Operating margin   $ (274 ) (4.0 )% $ 586   8.9 %
    Adjusted for certain items:              
    Impairment     1,042       —    
    Amortization     176       203    
    Restructuring costs     29       30    
    Transaction and transformation     296       265    
    Provision for specified litigation matter(i)     13       —    
    Adjusted operating income and Adjusted operating income margin   $ 1,282   18.6 % $ 1,084   16.5 %

     (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

        Three Months Ended September 30,  
        2024     2023  
                 
    (Loss)/income from operations before income taxes   $ (1,994 )   $ 164  
                 
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     56       62  
    Restructuring costs     8       17  
    Transaction and transformation     74       113  
    Loss/(gain) on disposal of operations     1,190       (41 )
    Adjusted income before taxes   $ 376     $ 315  
                 
    (Benefit from)/provision for income taxes   $ (322 )   $ 25  
    Tax effect on certain items listed above(ii)     396       51  
    Adjusted income taxes   $ 74     $ 76  
                 
    U.S. GAAP tax rate     16.1 %     15.5 %
    Adjusted income tax rate     19.7 %     24.3 %
        Nine Months Ended September 30,
        2024   2023
                 
    (Loss)/income from operations before income taxes   $ (1,584 )   $ 540  
                 
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     176       203  
    Restructuring costs     29       30  
    Transaction and transformation     296       265  
    Provision for specified litigation matter(i)     13       —  
    Loss/(gain) on disposal of operations     1,190       (44 )
    Adjusted income before taxes   $ 1,162     $ 994  
                 
    (Benefit from)/provision for income taxes   $ (248 )   $ 99  
    Tax effect on certain items listed above(ii)     492       128  
    Tax effect of significant adjustments     7       (2 )
    Adjusted income taxes   $ 251     $ 225  
                 
    U.S. GAAP tax rate     15.6 %     18.3 %
    Adjusted income tax rate     21.6 %     22.6 %

    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.

    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

        Nine Months Ended September 30,  
        2024   2023
                 
    Cash flows from operating activities   $ 913     $ 823  
    Less: Additions to fixed assets and software for internal use     (106 )     (116 )
    Free Cash Flow   $ 807     $ 707  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Income
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
        Three Months Ended
     September 30,    		   Nine Months Ended
     September 30,
        2024   2023   2024   2023
    Revenue   $ 2,289     $ 2,166     $ 6,895     $ 6,569  
                             
    Costs of providing services                        
    Salaries and benefits     1,396       1,359       4,135       4,019  
    Other operating expenses     419       396       1,315       1,282  
    Impairment     1,042       —       1,042       —  
    Depreciation     60       60       176       184  
    Amortization     56       62       176       203  
    Restructuring costs     8       17       29       30  
    Transaction and transformation     74       113       296       265  
    Total costs of providing services     3,055       2,007       7,169       5,983  
                             
    (Loss)/income from operations     (766 )     159       (274 )     586  
                             
    Interest expense     (65 )     (61 )     (197 )     (172 )
    Other (loss)/income, net     (1,163 )     66       (1,113 )     126  
                             
    (LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES   (1,994 )     164       (1,584 )     540  
                             
    Benefit from/(provision for) income taxes     322       (25 )     248       (99 )
                             
    NET (LOSS)/INCOME   (1,672 )     139       (1,336 )     441  
                             
    Income attributable to non-controlling interests     (3 )     (3 )     (8 )     (8 )
                             
    NET (LOSS)/INCOME ATTRIBUTABLE TO WTW   $ (1,675 )   $ 136     $ (1,344 )   $ 433  
                             
    (LOSS)/EARNINGS PER SHARE                        
    Basic (loss)/earnings per share   $ (16.44 )   $ 1.30     $ (13.11 )   $ 4.08  
    Diluted (loss)/earnings per share   $ (16.44 )   $ 1.29     $ (13.11 )   $ 4.06  
                             
    Weighted-average ordinary shares, basic     102       105       103       106  
    Weighted-average ordinary shares, diluted     102       105       103       107  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Balance Sheets
    (In millions of U.S. dollars, except share data)
    (Unaudited)
        September 30,     December 31,  
        2024     2023  
    ASSETS            
    Cash and cash equivalents   $ 1,372     $ 1,424  
    Fiduciary assets     9,176       9,073  
    Accounts receivable, net     2,118       2,572  
    Prepaid and other current assets     558       364  
    Current assets held for sale     1,089       —  
    Total current assets     14,313       13,433  
    Fixed assets, net     710       720  
    Goodwill     8,882       10,195  
    Other intangible assets, net     1,360       2,016  
    Right-of-use assets     539       565  
    Pension benefits assets     632       588  
    Other non-current assets     732       1,573  
    Total non-current assets     12,855       15,657  
    TOTAL ASSETS   $ 27,168     $ 29,090  
    LIABILITIES AND EQUITY            
    Fiduciary liabilities   $ 9,176     $ 9,073  
    Deferred revenue and accrued expenses     2,027       2,104  
    Current debt     —       650  
    Current lease liabilities     122       125  
    Other current liabilities     735       678  
    Current liabilities held for sale     475       —  
    Total current liabilities     12,535       12,630  
    Long-term debt     5,308       4,567  
    Liability for pension benefits     487       563  
    Deferred tax liabilities     94       542  
    Provision for liabilities     416       365  
    Long-term lease liabilities     556       592  
    Other non-current liabilities     202       238  
    Total non-current liabilities     7,063       6,867  
    TOTAL LIABILITIES     19,598       19,497  
    COMMITMENTS AND CONTINGENCIES            
    EQUITY(i)            
    Additional paid-in capital     10,957       10,910  
    (Accumulated deficit)/retained earnings     (650 )     1,466  
    Accumulated other comprehensive loss, net of tax     (2,810 )     (2,856 )
    Treasury shares, at cost, 15,574 shares in 2024     (5 )     —  
    Total WTW shareholders’ equity     7,492       9,520  
    Non-controlling interests     78       73  
    Total Equity     7,570       9,593  
    TOTAL LIABILITIES AND EQUITY   $ 27,168     $ 29,090  

     (i)  Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 100,887,015 (2024) and 102,538,072 (2023); Outstanding 100,871,441 (2024) and 102,538,072 (2023) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2024 and 2023.

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Cash Flows
    (In millions of U.S. dollars)
    (Unaudited)
        Nine Months Ended September 30,  
        2024     2023  
    CASH FLOWS FROM OPERATING ACTIVITIES            
    NET (LOSS)/INCOME   $ (1,336 )   $ 441  
    Adjustments to reconcile net income to total net cash from operating activities:            
    Depreciation     176       184  
    Amortization     176       203  
    Impairment     1,042       —  
    Non-cash restructuring charges     17       19  
    Non-cash lease expense     76       83  
    Net periodic benefit of defined benefit pension plans     (15 )     (20 )
    Provision for doubtful receivables from clients     13       8  
    Benefit from deferred income taxes     (379 )     (58 )
    Share-based compensation     85       87  
    Net loss/(gain) on disposal of operations     1,190       (44 )
    Non-cash foreign exchange (gain)/loss     (25 )     1  
    Other, net     32       21  
    Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:            
    Accounts receivable     271       261  
    Other assets     (299 )     (175 )
    Other liabilities     (159 )     (191 )
    Provisions     48       3  
    Net cash from operating activities     913       823  
                 
    CASH FLOWS USED IN INVESTING ACTIVITIES            
    Additions to fixed assets and software for internal use     (106 )     (116 )
    Capitalized software costs     (83 )     (66 )
    Acquisitions of operations, net of cash acquired     (28 )     (6 )
    Proceeds from sale of operations     —       86  
    Cash and fiduciary funds transferred in sale of operations     —       (922 )
    Purchase of investments     (13 )     (6 )
    Net cash used in investing activities     (230 )     (1,030 )
                 
    CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES            
    Senior notes issued     746       748  
    Debt issuance costs     (9 )     (7 )
    Repayments of debt     (653 )     (253 )
    Repurchase of shares     (506 )     (804 )
    Net proceeds/(payments) from fiduciary funds held for clients     934       (71 )
    Payments of deferred and contingent consideration related to acquisitions     (2 )     (8 )
    Cash paid for employee taxes on withholding shares     (30 )     (21 )
    Dividends paid     (265 )     (265 )
    Acquisitions of and dividends paid to non-controlling interests     (10 )     (47 )
    Net cash from/(used in) financing activities     205       (728 )
                 
    INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
       CASH    		     888       (935 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     32       (54 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF
       PERIOD (i)    		     3,792       4,721  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i)   $ 4,712     $ 3,732  

    (i)  The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosures of Cash Flow Information section.

    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

        Nine Months Ended September 30,  
        2024     2023  
                 
    Supplemental disclosures of cash flow information:            
    Cash and cash equivalents   $ 1,372     $ 1,247  
    Fiduciary funds (included in fiduciary assets)     3,340       2,485  
    Total cash, cash equivalents and restricted cash   $ 4,712     $ 3,732  
                 
    (Decrease)/increase in cash, cash equivalents and other restricted cash   $ (54 )   $ 5  
    Increase/(decrease) in fiduciary funds     942       (940 )
    Total (i)   $ 888     $ (935 )

    (i) Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

    The MIL Network –

  • MIL-OSI Economics: Diagnosed prevalent cases of primary open angle glaucoma to reach 10 million in 7MM by 2033, forecasts GlobalData

    Source: GlobalData

    Diagnosed prevalent cases of primary open angle glaucoma to reach 10 million in 7MM by 2033, forecasts GlobalData

    Posted in Pharma

    The burden of diagnosed prevalent cases of primary open angle glaucoma (POAG) (including normal tension glaucoma (NTG)) is forecast to increase at an annual growth rate (AGR) of 1% from around 9.1 million cases in 2023 to 10 million cases in 2033 in the seven major markets (7MM*), according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, ‘Glaucoma: Epidemiology Forecast to 2033’, reveals that the increase is partly attributed to increased disease awareness and improved diagnostic testing across the 7MM, combined with underlying demographic changes in the respective markets.

    In the US and 5EU markets, the average proportion of NTG among POAG is approximately 40%; however, Japanese populations are at a significantly greater risk of NTG. As such, GlobalData epidemiologists anticipate that in 2033, 91% of all POAG cases in Japan will be NTG.

    Anna Moody, MRES, Senior Epidemiologist at GlobalData, comments: “More research is needed to understand why Japanese populations are at an increased risk for NTG. Understanding the risk factors that increase susceptibility could help inform prevention strategies and disease outcomes.”

    GlobalData epidemiologists also forecast the age-specific diagnosed prevalent cases of POAG (excluding NTG) and found that the prevalence of glaucoma increased with increasing age. In 2033, the diagnosed prevalence of POAG (excluding NTG) in the 7MM is expected to be lowest from 40–49 years (0.1%), and highest in 80–84 years (2.5%). An individual’s intraocular pressure increases as they age, which explains why their risk of glaucoma also increases as they age.

    Moody concludes: “As the population of elderly people increases across the 7MM, more regular eye-testing should be encouraged in individuals over 40 years to ensure prompt diagnosis of glaucoma. Early diagnosis and treatment prevent more extreme disease outcomes, such as blindness.”

    *7MM: The US, France, Germany, Italy, Spain, the UK, and Japan

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Don’t burn a hole in your pocket with a fine this Bonfire Night

    Source: United Kingdom – Executive Government & Departments

    Burning household waste can cause pollution, harm people, wildlife and the environment and could lead to a fine of up to £50,000.

    Go to a properly organised bonfire instead of holding your own and risk breaking the rules

    With Bonfire Night fast approaching, the Environment Agency is urging those planning to celebrate to go to an organised event or risk a hefty fine if holding their own.

    As well as the safety risks caused by bonfires, they have an impact on the climate and, if the wrong materials are burned, can harm wildlife, the environment and human health.

    The only materials that should be used in bonfires are dry, untreated and unpainted wood, along with small amounts of paper or cardboard. Using wet wood creates smoke which can spread and cause a nuisance to neighbours, and bonfires can quickly get out of control if not properly managed.

    Those still planning to have a bonfire at home are advised:

    • not to use it to dispose of household waste such as plastic, rubber, glass, oils or metal – these materials carry a pollution risk and should be disposed of through waste collections or at council recycling centres.
    • always check for hedgehogs and other wildlife which may have crawled inside before setting light to a bonfire
    • don’t allow anyone else to add materials to your bonfire, other than clean, dry, untreated wood.

    Wet wood creates smoke and bonfires can quickly escape control

    It’s not just householders that may use Bonfire Night as a way of getting rid of rubbish, businesses may use it to burn waste too, but the Environment Agency also urges them to be aware of what they are burning.

    As well as the harm and nuisance burning the wrong kind of waste can cause, burning of most types of waste is illegal and can carry a fine of up to £50,000.

    Ben Shayler of the Environment Agency said:

    We want people to have fun on Bonfire Night – but to do so safely and in a way that won’t create a risk to the environment, wildlife, you and your neighbours.

    The best way of doing that is to stop burning waste altogether and go to a properly organised community event where organisers have followed our guidelines and won’t be causing a hazard.

    Whether you are a business owner or householder, if you are paying someone to take waste away, always check they are licensed waste carriers who will dispose of waste correctly. Criminals working in illegal waste operations may also use the celebration to dispose of hazardous and inappropriate waste.

    Dave Waters, area manager of Dorset & Wiltshire Fire and Rescue Service, said:

    We would always urge people to attend organised bonfire and fireworks events as it’s much safer. In addition, it reduces the potential pressure on the fire and rescue service at a time of year when we can be extremely busy.

    If you see a bonfire being built, which you think may contain hazardous materials, you can contact the Environment Agency on our 24-hour helpline at 0800 807060 or report it anonymously to Crimestoppers on 0800 555111.

    You can check if a waste carrier is licensed on our public register.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: HKMA and BIS co-host international financial conference (with photos)

    Source: Hong Kong Government special administrative region

    HKMA and BIS co-host international financial conference (with photos)
    HKMA and BIS co-host international financial conference (with photos)
    *********************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     An international financial conference (Conference), jointly organised by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) and supported by the Global Association of Risk Professionals (GARP), was successfully concluded today (October 31) in Hong Kong. This Conference followed the 15th Global Risk Forum co-hosted by the HKMA and GARP on October 30, and brought together over 100 representatives from international bodies, central banks, regulatory authorities, financial institutions, technology firms, consultancy firms and academia around the world.            Building on the success of the inaugural Conference last year, the HKMA co-organised this significant event with the BIS for the second time. The Conference this year focused on the theme of “Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem”, and featured a keynote address by the Deputy Governor of the Bank of England for Financial Stability, Ms Sarah Breeden. Other distinguished speakers of the Conference also shared their valuable insights on how artificial intelligence, tokenisation, and other technologies are transforming the financial landscape and how the industry can better prepare for these changes.            The Chief Executive of the HKMA, Mr Eddie Yue, said, “Technology is a game changer in the financial industry. While we embrace the immense opportunities it offers, we must also strengthen collaboration among all parties to effectively address the challenges it presents. This Conference provides an excellent opportunity to leverage the collective insights of relevant stakeholders on the opportunities and challenges brought about by technological advancements. The HKMA will work hand in hand with the banking industry to foster a safe and smooth digital transformation journey.”           Chief Representative of the BIS Office for Asia and the Pacific, Mr Tao Zhang, said, “Working closely with central banks and other stakeholders, the BIS can play a crucial role in support of their efforts to reap the benefits of tokenisation and artificial intelligence while addressing associated challenges.”About the Bank for International Settlements      The Bank for International Settlements (BIS) is an international organisation established in 1930 and owned by central banks. Its headquarters is located in Basel, Switzerland. The mission of the BIS is to support co-operation among central banks around the world in their pursuit of global monetary and financial stability. The BIS Representative Office for Asia and the Pacific is located in Hong Kong. The BIS also has an innovation hub centre in Hong Kong and is undertaking projects to develop public goods in the technology space to support central banks and improve the functioning of the financial system. This year marks the 5th anniversary of the Hong Kong Centre of the BIS Innovation Hub.  About the Global Association of Risk Professionals      The Global Association of Risk Professionals (GARP) is a non-partisan, not-for-profit membership organisation focused on elevating the practice of risk management. GARP offers the leading global certification for risk managers in the Financial Risk Manager (FRM®), as well as the Sustainability and Climate Risk (SCR®) Certificate, Risk and AI (RAI™) Certificate, and ongoing educational opportunities through Continuing Professional Development. Through the GARP Benchmarking Initiative (GBI®) and GARP Risk Institute, GARP sponsors research in risk management and promotes collaboration among practitioners, academics, and regulators.  Founded in 1996 and governed by a Board of Trustees, GARP is headquartered in Jersey City, New Jersey, the United States, with offices in London and Hong Kong.

     
    Ends/Thursday, October 31, 2024Issued at HKT 18:17

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: OSCE highlights importance of cybersecurity and cyber hygiene as Cybersecurity Awareness Month comes to an end

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE highlights importance of cybersecurity and cyber hygiene as Cybersecurity Awareness Month comes to an end

    Throughout October, the OSCE Transnational Threats Department has held a series of activities promoting cybersecurity good practices and general cyber hygiene as part of the OSCE’s contribution to the global Cybersecurity Awareness Month initiative.
    This year’s activities, which marked the OSCE’s fifth participation in the global initiative, were an opportunity to raise awareness of the OSCE’s cyber/ICT security confidence-building measures (CBMs) and discuss emerging cyberspace issues. They include a social media campaign, webinars with renowned international experts, and the publication of a new OSCE cyber/ICT security factsheet.
    The activities supported the priorities of the Maltese OSCE Chairpersonship on cyber/ICT security, from comprehensively enhancing resilience against cyber threats and supporting the implementation of relevant CBMs, to strengthening the OSCE’s women, peace and security agenda.
    The first webinar focused on the impact artificial intelligence has on relations between states in cyberspace. The speakers explored the intersection of artificial intelligence with diplomacy, cybersecurity and international relations, discussing both the current and potential challenges of AI in these fields.
    The second webinar showcased “National Cybersecurity Awareness Raising Platforms” to emphasize the critical role of national initiatives in promoting good cybersecurity practices and ensuring greater cyber resilience. The speakers shared effective strategies that actively engage the public and promote individual responsibility.
    The third webinar examined how to better include gender considerations in cyber capacity-building and addressing gender dynamics in cybersecurity to create inclusive policies and practices. The speakers provided several recommendations, including setting gender markers for projects, fostering cross-sectoral stakeholder collaboration and creating concrete tools for education, training and early mentorship.
    The 2024 OSCE Cybersecurity Awareness Month activities were part of the “Activities and customized support for the implementation of OSCE cyber/ICT security confidence-building measures” project, with the financial support of the United States of America.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Greens lodge proposals to ban Lords from serving in Scottish Parliament

    Source: Scottish Greens

    31 Oct 2024 Scottish Independence

    The House of Lords is an archaic and antidemocratic institution.

    More in Scottish Independence

    Members of the House of Lords would be disqualified from serving in the Scottish Parliament under proposals lodged today by Scottish Green MSP Ross Greer.

    Peers have been barred from voting in general elections and are not allowed to stand for election to the House of Commons. Mr Greer’s proposal, lodged as an amendment to the Elections Bill, would also disqualify them from taking office as MSPs.

    Ross Greer MSP said:

    “The House of Lords is an antidemocratic and archaic institution. It should be a source of embarrassment to the UK that more than half of Westminster’s lawmakers are completely unelected and unaccountable, including some who quite clearly paid for their peerages with dodgy donations to one party or another.

    “The only way you should get to decide on the laws of this country is via a fair election. Every MSP is democratically elected, but there is a clear conflict between this and sitting in the unelected Lords. If a peer wants to serve in Holyrood, they should resign their membership of the Lords first.

    “A handful of peers have been elected as MSPs since the Scottish Parliament was re-established. Most have done a fantastic job of advocating for their constituents and representing their communities.

    “This amendment is not about individuals, it is about democracy and accountability. I hope that MSPs across all parties will put those principles first by supporting my amendment.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The scientific and production forum “Golden Valley” brought together authorities, industrialists and scientists

    Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    On October 31, the second scientific and production forum “Golden Valley” began its work, the main organizer of which is Novosibirsk State University. The goal of the event is to stimulate interaction between the university and scientific organizations with industrial partners through the implementation of joint projects and demonstration of scientific developments in the interests of the real sector of the economy. The forum brought together more than 1,000 participants from all over the country.

    Opening the forum, Vice-Governor of the Novosibirsk Region Irina Manuilova noted that our region has extensive experience in holding large forums. For the 11th time this year, the Technoprom International Forum for the Development of the Russian Federation was held, and the topics that will be discussed within the framework of the Golden Valley will be continued at Technoprom next year.

    — Today we are opening a forum at a leading university, which is one of the five leading universities in the country. Industry leaders have gathered here to share their experience in solving priority tasks to achieve technological sovereignty of Russia. The President has set a task for us — to become leaders in the implementation of innovations in the economy, to achieve technological leadership. In the shortest possible time, we need to build new technological chains together. To this end, new technological projects will be launched in 2025, developed in accordance with the national development goals of the Russian Federation for the period up to 2030. Universities play one of the leading roles in this process. As Governor Andrei Travnikov noted earlier, the role of universities in the socio-economic development of the regions has increased significantly today. This is reflected in federal programs — the strategic academic leadership “Priority 2030”, the project to create modern campuses, which the regional government actively supports, — noted Irina Manuilova.

    The forum program includes plenary sessions, thematic sections, scientific tours and a number of satellite events, including the strategic session “Digital Transformation: Artificial Intelligence in Solving Public Sector Problems,” initiated by the Ministry of Digital Development and Communications of the Novosibirsk Region.

    — Further digital transformation of the Novosibirsk Region is inseparable from the scientific and fundamental base. The regional government is conducting targeted work on priority research tasks in the interests of ministries and departments. The Ministry of Digital Development plans to conduct a number of scientific studies in the field of unmanned aircraft systems and artificial intelligence. We will build this work in a proactive dialogue with representatives of the university and scientific community, the real sector of the economy. To this end, within the framework of the Golden Valley forum, we are holding a strategic session on the implementation of AI technologies in solving public sector problems, — emphasized Sergey Tsukar, Minister of Digital Development and Communications of the Novosibirsk Region.

    The thematic sections of the Golden Valley focus on current areas of technological development of the Russian economy – aviation and unmanned aircraft systems, mechanical engineering, energy, robotics and artificial intelligence technologies in industry, construction, medicine and agricultural technologies.

    Representatives of large federal companies and state corporations, such as United Engine Corporation, AFK Sistema, AvtoVAZ, Rostec State Corporation, heads of industrial enterprises of the Novosibirsk Region, leading scientists of the Novosibirsk Scientific Center, as well as young innovators united in the University Startup Studio, will deliver reports at plenary and sectional sessions.

    NSU is the organizer of the forum for the second year, devoting a lot of attention to this event.

    — Holding such a forum is an important part of our transformation strategy, when we actively integrate into the economic agenda and participate in solving real problems of various industries. The goal of the forum for us is to strengthen and develop the interaction of the university with industrial partners and in the future to involve them in joint developments and creation of technologies already on the basis of the university. I would like to wish that this forum, which unites science, industry and education, will further contribute to the development and strengthening of the “Lavrentiev triangle”. And the university will do everything to achieve this goal, — commented the rector of NSU, academician of the Russian Academy of Sciences Mikhail Fedoruk.

    The forum will last two days and, as last year, should lead to the conclusion of a number of agreements between the university and representatives of the high-tech industry.

    Reference:

    The first scientific and production forum “Golden Valley” was held in 2023. Then it brought together more than 1000 participants. Over 130 speakers spoke at sections and plenary sessions, including 15 members of the Russian Academy of Sciences, 20 rectors of universities in the Siberian Federal District, and more than 50 directors of federal and regional enterprises.

    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 Europe: AMERICA/USA – Electoral campaign between Harris and Trump is challenged on foreign policy and ‘World War in pieces’

    Source: Agenzia Fides – MIL OSI

    Washington (Agenzia Fides) – The war in the Middle East has entered the race for the White House especially in those States like Michigan where there is a large percentage of the population of Arab origin (Palestinian, Lebanese and Iraqi in particular).Foreign policy is not traditionally among the key factors that guide the US electorate’s choices inside the ballot box. Nonetheless, the outcome of the US presidential election (voting takes place on Tuesday 5 November) is bound to have a significant impact on the tensions that cross the global geopolitical scenarios and the wars that bloody the world.The Democratic candidate is in a difficult position because she is part of the current administration that granted at least $18 billion in military aid to Israel after the attack unleashed by Hamas on 7 October 2023, fuelling criticism from those who see America as complicit in the massacres committed against civilians in Gaza. Kamala Harris has not been spared criticism from the more left-wing part of her party and the Arab electorate, despite being as Vice-President one of the first people in the Biden administration to call for an ‘immediate ceasefire’, and to express concern about the ‘humanitarian catastrophe for the Palestinians’ urging Israel to end the conflict. However, she did not support an arms embargo against Israel, which some on the US left would like. At the party convention, she said she would ‘always stand up for Israel’s right to defend itself’.In her support, the 2016 nominee of the most left-wing part of the Democratic Party, Bernie Sanders recently promised his supporters: ‘I promise you, after Kamala wins, we will together do everything that we can to change US policy toward Netanyahu’.But the Democratic candidate aroused the ire of the Arab-origin electorate when she received the endorsement of Liz Cheney, daughter of Goerge W. Bush’s former vice-president Dick Cheney, who is considered a hawk who promoted the invasion of Iraq in 2003 and is not well regarded by Americans of Iraqi origin.Donald Trump did not miss the opportunity to ridicule in the eyes of the electorate of Arab origin the proximity offered by the former Republican congresswoman to the Democratic candidate, saying: ‘Liz Cheney, who, like her father, the man that pushed Bush to ridiculously go to War in the Middle East, also wants to go to War with every Muslim Country known to mankind’. Trump for his part has to make amends for inflammatory statements towards Arabs and Muslims, especially with regard to immigration to the US, but he is now trying to get closer to the Arab electorate (and more generally those who are critical of the war in Gaza) by promising to be the one who will bring peace back to the Middle East and Ukraine. ‘If Kamala gets four more years, the Middle East will spend the next four decades going up in flames, and your kids will be going off to War, maybe even a Third World War, something that will never happen with President Donald J. Trump in charge,’ he said. But beyond rhetorical proclamations what is Trump’s position on the Middle East? Trump has repeatedly stated that the war between Israel and Hamas would never have broken out had he been in power, although he has offered few details on how he would have handled the situation differently from Biden. During his time in office, he promoted the so-called Abraham Accords that led to the opening of diplomatic relations between Israel and a number of Arab states (the UAE, Bahrain, Morocco and Sudan) and with the prospect of reaching a regional understanding extended to Saudi Arabia, the other pillar of American policy in the Middle East. The aim was to create a regional security system centred on Israel and Saudi Arabia of which the US would act as external guarantor, allowing it to withdraw some of its troops deployed in the area.The logic behind the Abraham Accords was explained by Trump’s vice presidential candidate, JD Vance. ‘America doesn’t have to constantly police every region of the world,’ he said in a television interview. ‘We should empower people to police their own regions of the world.’ Vance while recognizing Israel’s right to defend itself stated that a war with Iran is not in the US interest.The Abraham Accords, however, do not offer a real solution to the Palestinian issue even though Trump in early 2020 had proposed an American-funded Israeli-Palestinian peace plan aimed at making Gaza an international tourism hub. The Trump administration had also recognized Jerusalem as the capital of Israel where it had transferred the embassy from Tel Aviv and closed the US consulate in East Jerusalem that mainly served Palestinians. (L.M.) (Agenzia Fides, 31/10/2024)
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    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Miniature tag offers unique insight into the movement of hummingbirds Scientists from the University of Aberdeen have attached tiny ‘backpack’ type trackers to hummingbirds in the Andes in a bid to learn more about their movements.

    Source: University of Aberdeen

    Scientists from the University of Aberdeen have attached tiny ‘backpack’ type trackers to hummingbirds in the Andes in a bid to learn more about their movements.

    We are very excited to have successfully implemented a system that is giving us a unique insight into the movements of hummingbirds and other small animals endemic to high mountain ecosystems of the Andes.” Cristina Rueda Uribe

    Researchers have teamed up with the Chingaza National Park in Colombia, in addition to the Pontificia Universidad Javeriana in Colombia, Queen’s University Belfast and the University of Washington in the United States, for the project to help inform the park’s plans of expanding the park and connecting to other nearby protected areas. 

    Previously, it has been impossible to collect movement data for hummingbirds and other small animals in the area, however the team were able to set up an automated radio telemetry grid at 3,300m above sea level in the Andes of Colombia. This technology generates fine resolution and continuous location estimates for individual animals, resulting in millions of datapoints that provides information on species’ habitat requirements, movement patterns and seasonal occurrence, all of which are important to inform landscape-level management practices that avoid local extinctions. 

    Cristina Rueda Uribe, a PhD candidate from the University’s School of Biological Sciences, said: “We are very excited to have successfully implemented a system that is giving us a unique insight into the movements of hummingbirds and other small animals endemic to high mountain ecosystems of the Andes. 

    “The transmitters we attached to the hummingbirds are tiny! They weigh only 0.35g because the largest birds are only around 12-14g. We use a harness that goes around their wings and chest, so the tag sits on their back like a backpack. The tag has a solar panel and will transmit signals for the rest of their lifetime, whenever the sun is shining the panel is activated. 

    “Through this, we have been able to obtain information on foraging routines, home ranges and seasonality. This information increases our understanding about biodiversity in tropical mountains and is also useful to protect these species, as well as their key ecosystem roles as pollinators, in the face of ongoing climate and land use change. 

    “Our system is the first to use automated radio signals to track movement in high mountain ecosystems of the Andes, and it is one of only a few that has been attempted in wild landscapes where terrain and vegetation are challenging. Its success is due to an huge international collaborative effort between scientists, designers, drone pilots, park rangers, and field ornithologists. This is such an important step forward as the system is mainly focussed on tracking hummingbirds and revealing movement patterns that are key for their role as plant pollinators, in ecosystems that are especially vulnerable to changes in climate and land use. 

    “I am also excited that this project has motivated local management to use technology for conservation, and it has also inspired researchers to adapt this technology in other locations. We are now helping our collaborators to establish a similar grid in lowland forests in the Amazon region.” 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Cooking Up More Potential with the Multiply Programme

    Source: Northern Ireland City of Armagh

    Participants who completed the latest Multiply programme received their certificates and a free airfryer or slow cooker at the final class of their course on Wednesday 23rd October at Lurgan’s Jethro Centre.

    Multiply is an innovative training programme designed to empower individuals who have not yet achieved a GCSE Maths Grade C or above. This course particularly focuses on those for whom English is not a first language, providing tailored support to enhance their mathematical skills and confidence.

    Organised by Armagh City, Banbridge and Craigavon Borough Council, and delivered by People 1st, the course saw 16 participants complete the course which aimed to break down barriers to learning by offering accessible and engaging maths training in a supportive environment. This course also focused on cookery, teaching budgeting skills as well as some healthy recipes.

    Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Sarah Duffy said:

    “Maths is a critical skill that opens doors to further education and better job opportunities. Through the various Multiply programmes, the council aims to create a supportive pathway for those who may have faced challenges in the past, ensuring that everyone has the opportunity to succeed.”

    One participant, commented: “I’m happy to be here together and have something like this in my life. It was just what we needed, speaking English, and learning, all to have a better life.”

    This project was funded by the UK government through the UK Shared Prosperity Fund. This is part of a £5.9m Multiply fund being managed by the Department for the Economy in the north of Ireland.

    As only one part of the Council’s Multiply programme, there has been several successful family fun days so far as well as ongoing courses on business finances, preparing for retirement and another budget friendly cookery course. To find out more about the programme, visit: www.armaghbanbridgecraigavon.gov.uk/multiply

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Mansion House to undergo restoration works in the new year

    Source: City of York

    To help protect and maintain an important cultural asset for the city, York Mansion House will undergo £1.2m maintenance, accessibility and safety improvements.

    It will reopen in in 2025, 300 years after its original construction began.

    To help protect and maintain an important cultural asset for the city, York Mansion House will undergo £1.2m maintenance, accessibility and safety improvements and will reopen in 2025, 300 years after its original construction began.

    One of the earliest civic buildings to be built in the classical style in England, the Mansion House is the official seat of The Rt Hon The Lord Mayor of York, and holds an important collection of items connected to the history of the city over the past 800 years.

    Work to build the house began in 1725 and was completed in 1732. The last major restoration was done in 2015-17, and the upcoming works will be a significant investment in the House.

    This refurbishment aims to address essential maintenance tasks which include repairing wear and tear to the building and to prevent any further deterioration in the historic roof, walls and windows. It will also include important upgrades to the lift to improve the accessibility and environmental performance of the historic building, and decoration works will also refresh the interior where structural work is required.

    The Mansion House will close temporarily on 10 November, when the contents will be safely stored. This will be done with the help of students who will gain valuable practical experience of working in a historical building. Staff will oversee the work, continue with outreach education work and carry out research on the House and its contents.

    Starting in early 2025, the works will be overseen by Buttress Architects which will provide specialist heritage consultancy and conservation architecture. During the project they will lead a team of experts including conservation architects and mechanical, electrical and structural engineers.

    The Rt Hon, The Lord Mayor of York, Councillor Margaret Wells, said:

    Investing in this beautiful historic building ensures it will continue to serve the city and its residents.

    “It’s temporary closure will allow other historic venues to take part in the civic life of the city, such as holding citizenship ceremonies in the elegant Register Office on Bootham, and using Medieval Barley Hall to host the Sheriff’s Ridings.”

    Pauline Stuchfield, Director of Housing and Communities, said:

    The Mansion House has been an essential part of the York landscape for almost 300 years, and it’s important it continues to be available for future generations of residents and visitors.

    “We’re able to carry out these essential works to weather another 300 years of being key to the civic life of the city, a base for our civic party and ready to welcome royalty as it has for centuries.

    “For hundreds of years the Mansion House has hosted some of the most important and significant events in the city and, once these improvements are made, the House will continue to play that role for decades to come.”

    The last major works were carried out in 2015 when £1.2m from the Heritage Lottery Fund (HLF) helped deliver the most significant upgrades since the building first opened. The works included restoring the original kitchens, improving displays, developing an integrated environmental and conservation plan and preparing a detailed oral history project.

    Hannah Bellerby, the project architect from Buttress Architects, said:

    As we approach the Mansion House’s 300th anniversary, it is a privilege for Buttress to lead the efforts in safeguarding this vital piece of York’s civic heritage.

    “Our work focuses on not only preserving the building’s historical integrity but also working to ensure it remains accessible, sustainable, and fit for future generations. Through these planned restorations, we are ensuring that this significant landmark continues to enrich York’s cultural landscape for years to come.”

    The project is due to be completed part way through next year, when it will reopen in time for Yorkshire Day on 1 August and a season of great events including the popular Georgian Festival. Meanwhile more of the city’s treasures can be admired at the Castle Museum, Yorkshire Museum and York Art Gallery.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Seized for suspected fly-tipping

    Source: City of Sunderland

    A vehicle suspected of being involved in fly-tipping has been seized.

    The white Ford Transit flatbed pick-up was seized in Eskdale Street, Hetton, on Sunday 27 October at 3.47pm in a coordinated operation between the City Council and Northumbria Police.

    This seizure was part of Project Shield, a focused initiative addressing community concerns in and around the Easington Lane area. The project brings together the council, police, and other partners to tackle criminal and anti-social behaviour, including fly-tipping, burglary, and youth disorder.

    The vehicle is suspected of being used to dispose of waste unlawfully at the former Frosterley Close site (known as the Cosy) in Easington Lane.

    This seizure marks the 29th vehicle the City Council has confiscated on suspicion of involvement in fly-tipping since August 2019. Of these, subsequent investigations have led to 17 vehicles being destroyed or sold and 12 returned to their owners.

    Vehicle owners may request the return of their vehicle, but the council will decide on a case-by-case basis. If a decision is made not to return a vehicle, it may be crushed or sold.

    Enhanced enforcement against fly-tipping and anti-social behaviour was one of the main public concerns identified in the City Council’s 2020 “Let’s Talk” consultation.

    The City Council’s Cabinet Member for the Environment, Transport and Net Zero, Councillor Lindsey Leonard said: “Fly-tipping and anti-social behaviour continue to be two of our residents’ biggest concerns and what many people contact the council about.

    “Fly-tipping is not only illegal but seriously anti-social. It blights communities, creates eye-sores and pollution, and as we have the powers to seize vehicles that may have been used from fly-tipping, we will use these powers and that’s exactly what we have done.

    “As householders, we all have a legal ‘Duty of Care’ to make sure that our waste is disposed of lawfully so if you are arranging a private collection you need to check where the waste is going and whether they have a valid waste carrier’s licence. If you don’t and it’s found dumped, you could be the one left to pick up the bill.”

    Anyone planning to use a private waste collector should check with the Environment Agency that the person, or company concerned has a valid waste carriers licence by visiting the website https://www.gov.uk/guidance/access-the-public-register-for-environmental-information

    If you witness fly-tipping you can report it anonymously to https://www.sunderland.gov.uk/report-flytipping or by calling 0191 520 5550.

    MIL OSI United Kingdom –