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MIL-OSI USA: ICYMI—Hagerty Joins Mornings With Maria on Fox Business to Discuss BRICS Summit, Biden-Harris Emboldening China, Stablecoin Bill

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty
NEW YORK CITY—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking and Foreign Relations Committees and former U.S. Ambassador to Japan, yesterday joined Mornings With Maria on Fox Business to discuss yesterday’s BRICS Summit, the Biden-Harris Administration’s weakness towards China, and his stablecoin legislation to establish a clear regulatory framework for the regulation and supervision of stablecoin issuers.

*Click the photo above or here to watch*
Partial Transcript
Hagerty on the BRICS Summit: “Were it not for the tremendous leadership void that exists today because of America’s exit from the international stage, we wouldn’t be seeing this happen. And under President [Donald] Trump, this would have never happened. They’ve expanded BRICS now to 32 nations, as you’ve said. This is all about Vladimir Putin trying to find a way to get around the type of sanctions regime that we will come back and put in place once President Trump is back in office. Interestingly, I noticed that the UN Secretary General Gutierrez is going to be there in Russia for this event. You know, were this event held anywhere else, Gutierrez, I think, would be obligated to enforce the arrest warrant that his own international criminal court has put out for Putin. It’s just shocking to me that these nations would step up and participate in this, and that Gutierrez himself would be involved in a situation where Iran is actually going to be brought into this group. It’s amazing. The only common bond, it seems, is that America’s not part of it, and they want to demonstrate their pushback. And the fact that the UN is engaged in this as well [is] really quite shocking and disturbing to me as it should be to all of us.”
Hagerty on China’s economic leverage against BRICS nations: “You mentioned China; that is another common bond here: China’s economic ties and leverage over these countries with the Belt and Road Initiative and the fact that they’re buying oil from Iran and from Russia. That is another common bond that these guys share. But if you think about how the Harris Administration would respond, look no further than what they did with the spy balloon that they allowed to fly over the entirety of the United States of America. And then send four cabinet members over to kowtow, just to beg them to come to San Francisco for a meeting, I’m very concerned. Americans should be deeply concerned what would happen and should Kamala Harris be put in a position to stand up to Xi. I’ve been with President Trump when he’s met with Xi. Xi respects Trump. President Trump will bring respect and order back to these types of relationships. I cannot imagine how Kamala Harris would stand up to that type of pressure.”
Hagerty on Obama’s former AG suing the Pentagon on behalf of a Chinse company: “This is exactly why President Trump has said we must drain the swamp. This is just another example of the revolving door. And the fact is that the first time this DJI was cited was back in 2017 when President Trump was in office—the Army took them down then—there’s no way that Loretta Lynch would be bringing the suit under the Trump Administration. But again, they’re trying to squeeze everything in that they can in the last days, the waning days of this Administration. You’ve got to ask yourself: who are they working for? Because every one of the foreign policies that Biden and Harris have pursued basically make China the net winner. We’ve got to stop this […] Ever since 2018, that’s been the case, because that’s what the Chinese National Security law says. Chinese companies that collect data anywhere in the world need to and have to expose that data to the Chinese intelligence services when asked. So, of course, that’s what it means. That’s the vulnerability that was seen back in the Trump Administration; that seems to be something that Loretta Lynch wants to undo and make these Chinese companies have access to the most sensitive data that our U.S. military would pick up. It’s unconscionable that she’d do this […] Barack Obama’s top law enforcement officer, the former Attorney General, is the one defending this Chinese company trying to get them off of this list, when she knows the exposure [and] the national security risk that would pose to America. It is just shocking.”
Hagerty on his stablecoin legislation to establish clear regulatory framework: “As you mentioned, this builds upon some excellent work that was done in the House of Representatives. I’ve come in and made some adjustments that I think it’ll make it easier to get through both bodies [in Congress]. The impact of this, though, actually gets back to the beginning of the story that you and I talked about. You think about the efforts that Vladimir Putin and these BRICS nations undertaking to get around the United States as the reserve currency of the world. This will actually strengthen our posture as a reserve currency. It will increase demand, not only for U.S. treasuries, but also the stablecoins will increase demand for U.S. dollars on a global basis. We need the proper regulatory framework in place here in America—we need legal certainty—the Biden and Harris Administration have done everything they can to destroy that sort of legal certainty. This will begin to chip away at the Democrats’ war on cryptocurrency and put us back in the driver’s seat when it comes to maintaining the reserve currency status that the dollar has enjoyed and should continue to enjoy […] The assumption is very clear that this legislation will move through and be ripe for a new Administration.”

MIL OSI USA News –

January 25, 2025

MIL-OSI: Horizon Bancorp, Inc. Reports Third Quarter 2024 Results, Including EPS of $0.41 and Continued Profitability Improvement, as well as Accretive Balance Sheet Initiatives

Source: GlobeNewswire (MIL-OSI)

MICHIGAN CITY, Ind., Oct. 23, 2024 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three and nine months ended September 30, 2024.

Net income for the three months ended September 30, 2024 was $18.2 million, or $0.41 per diluted share, compared to net income of $14.1 million, or $0.32, for the second quarter of 2024 and compared to net income of $16.2 million, or $0.37 per diluted share, for the third quarter of 2023.

Net income for the nine months ended September 30, 2024 was $46.3 million, or $1.05 per diluted share, compared to net income of $53.2 million, or $1.21, for the nine months ended September 30, 2023.

Third Quarter 2024 Highlights

Net interest income increased for the fourth consecutive quarter to $46.9 million, compared to $45.3 million in the linked quarter of 2024. Net interest margin, on a fully taxable equivalent (“FTE”) basis¹, expanded for the fourth consecutive quarter to 2.66%, compared to 2.64% in the linked quarter of 2024.

Total loans held for investment (“HFI”) were $4.8 billion at September 30, 2024, relatively unchanged from June 30, 2024 balances. However, consistent with the Company’s stated growth strategy, the commercial portfolio showed continued organic growth momentum during the quarter, which was offset with planned run-off of lower-yielding indirect auto loans in the consumer loan portfolio.

Positive deposit growth of 1.7% during the quarter, to $5.7 billion at period end. The quarter was highlighted by stable non-interest bearing deposit balances and growth in core relationship consumer and commercial portfolios.

Credit quality remains strong, with annualized net charge offs of 0.03% of average loans during the third quarter. Non-performing assets to total assets of 0.32% remains well within expected ranges, with no material change in the loss outlook. Provision for loan losses of $1.0 million reflects continued positive credit performance.

“Horizon continues to execute well on its key strategic initiatives of consistently improving our operating performance through a more productive balance sheet, growth in non-interest income and continued disciplined in our operating model. As a result, we are optimistic on the positive momentum of the franchise through year-end 2024 and into 2025. During the quarter, our commercial team was able to deliver another quarter of quality loan growth, even coming off a strong end to the second quarter. The strength of Horizon’s core deposit franchise showed solid performance, and our credit metrics remain well managed. These efforts led to a third consecutive quarter of sequential growth in pre-tax pre-provision income,” President and Chief Executive Officer Thomas M. Prame said. “Importantly, we continue our efforts to optimize our business model, and are pleased to announce the repositioning of a portion of our securities portfolio and the intended sale of our mortgage warehouse business during the fourth quarter. These shareholder accretive actions are expected to yield sustainable improvement in the profitability of our business that will be evident in the fourth quarter, and positively impact Horizon’s financial performance in 2025.”

^{_________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Accretive Fourth Quarter 2024 Strategic Actions

Horizon announced strategic actions taking place in the fourth quarter of 2024, which are designed to simplify its business, strengthen the balance sheet and improve long-term structural profitability. In October, the Company completed the repositioning of about $325 million of available-for-sale securities. Additionally, the Company has signed a letter of intent to sell its mortgage warehouse business, which is expected to generate a gain-on-sale. Details on these actions, the use of proceeds, and the expected financial impact are available in the Company’s third quarter 2024 investor presentation published at investor.horizonbank.com.


Financial Highlights
(Dollars in Thousands Except Share and Per Share Data and Ratios, Unaudited)
	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2024			2024			2024			2023			2023
Income statement:
Net interest income	$	46,910		$	45,279		$	43,288		$	42,257		$	42,090
Credit loss expense		1,044			2,369			805			1,274			263
Non-interest income		11,511			10,485			9,929			(20,449	)		11,830
Non-interest expense		39,272			37,522			37,107			39,330			36,168
Income tax expense		(75	)		1,733			1,314			6,419			1,284
Net income	$	18,180		$	14,140		$	13,991		$	(25,215	)	$	16,205

Per share data:
Basic earnings per share	$	0.42		$	0.32		$	0.32		$	(0.58	)	$	0.37
Diluted earnings per share		0.41			0.32			0.32			(0.58	)		0.37
Cash dividends declared per common share		0.16			0.16			0.16			0.16			0.16
Book value per common share		17.27			16.62			16.49			16.47			15.89
Market value – high		16.57			12.74			14.44			14.65			12.68
Market value – low		11.89			11.29			11.75			9.33			9.90
Weighted average shares outstanding – Basic		43,712,059			43,712,059			43,663,610			43,649,585			43,646,609
Weighted average shares outstanding – Diluted		44,112,321			43,987,187			43,874,036			43,649,585			43,796,069
Common shares outstanding (end of period)		43,712,059			43,712,059			43,726,380			43,652,063			43,648,501

Key ratios:
Return on average assets		0.92	%		0.73	%		0.72	%	(1.27) %				0.81	%
Return on average stockholders’ equity		9.80			7.83			7.76			(14.23	)		8.99
Total equity to total assets		9.52			9.18			9.18			9.06			8.71
Total loans to deposit ratio		83.92			85.70			82.78			78.01			76.52
Allowance for credit losses to HFI loans		1.10			1.08			1.09			1.13			1.14
Annualized net charge-offs of average total loans⁽¹⁾		0.03			0.05			0.04			0.07			0.07
Efficiency ratio		67.22			67.29			69.73			180.35			67.08

Key metrics (Non-GAAP)⁽²⁾:
Net FTE interest margin		2.66	%		2.64	%		2.50	%		2.43	%		2.41	%
Return on average tangible common equity		12.65			10.18			10.11			(18.76	)		11.79
Tangible common equity to tangible assets		7.58			7.22			7.20			7.08			6.72
Tangible book value per common share	$	13.46		$	12.80		$	12.65		$	12.60		$	12.00


⁽¹⁾ Average total loans includes loans held for investment and held for sale.
⁽²⁾ Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.

Income Statement Highlights

Net Interest Income

Net interest income was $46.9 million in the third quarter of 2024, compared to $45.3 million in the second quarter of 2024, driven by net growth in average interest earning assets of $117.5 million and continued net FTE interest margin expansion during the quarter. Horizon’s net FTE interest margin¹ was 2.66% for the third quarter of 2024, compared to 2.64% for the second quarter of 2024, attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward lower-cost deposit balances. Interest accretion from the fair value of acquired loans did not contribute significantly to the third quarter net interest income, or net FTE interest margin.

Provision for Credit Losses

During the third quarter of 2024, the Company recorded a provision for credit losses of $1.0 million. This compares to a provision for credit losses of $2.4 million during the second quarter of 2024, and $0.3 million during the third quarter of 2023. The decrease in the provision for credit losses during the third quarter of 2024 when compared with the second quarter of 2024 was primarily attributable to less total loan growth in the current quarter relative to the prior quarter.

For the third quarter of 2024, the allowance for credit losses included net charge-offs of $0.4 million, or an annualized 0.03% of average loans outstanding, compared to net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding for the second quarter of 2024, and net charge-offs of $0.7 million, or an annualized 0.07% of average loans outstanding, in the third quarter of 2023.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.10% at September 30, 2024, compared to 1.08% at June 30, 2024 and 1.14% at September 30, 2023.

Non-Interest Income

For the Quarter Ended	September 30,		June 30,		March 31,		December 31,			September 30,
(Dollars in Thousands)	2024		2024		2024		2023			2023
Non-interest Income
Service charges on deposit accounts	$	3,320	$	3,130	$	3,214	$	3,092		$	3,086
Wire transfer fees		123		113		101		103			120
Interchange fees		3,511		3,826		3,109		3,224			3,186
Fiduciary activities		1,394		1,372		1,315		1,352			1,206
Gains (losses) on sale of investment securities		—		—		—		(31,572	)		—
Gain on sale of mortgage loans		1,622		896		626		951			1,582
Mortgage servicing income net of impairment		412		450		439		724			631
Increase in cash value of bank owned life insurance		349		318		298		658			1,055
Other income		780		380		827		1,019			964
Total non-interest income	$	11,511	$	10,485	$	9,929	$	(20,449	)	$	11,830

Total non-interest income was $11.5 million in the third quarter of 2024, compared to $10.5 million in the second quarter of 2024, due primarily to higher realized gains on sale of mortgage loans and increased other income.

^{_________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Non-Interest Expense

For the Quarter Ended	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in Thousands)	2024		2024		2024		2023		2023
Non-interest Expense
Salaries and employee benefits	$	21,829	$	20,583	$	20,268	$	21,877	$	20,058
Net occupancy expenses		3,207		3,192		3,546		3,260		3,283
Data processing		2,977		2,579		2,464		2,942		2,999
Professional fees		676		714		607		772		707
Outside services and consultants		3,677		3,058		3,359		2,394		2,316
Loan expense		1,034		1,038		719		1,345		1,120
FDIC insurance expense		1,204		1,315		1,320		1,200		1,300
Core deposit intangible amortization		844		844		872		903		903
Other losses		297		515		16		508		188
Other expense		3,527		3,684		3,936		4,129		3,294
Total non-interest expense	$	39,272	$	37,522	$	37,107	$	39,330	$	36,168

Total non-interest expense was $39.3 million in the third quarter of 2024, compared with $37.5 million in the second quarter of 2024. The increase in non-interest expense during the third quarter of 2024 was primarily driven by a $1.2 million increase in salaries and employee benefits expense, which is partially attributable to a legacy benefits program expense, and a $0.6 million increase in outside services and consultants expense related to strategic initiatives.

Income Taxes

Horizon’s effective tax rate was -0.4% for the third quarter of 2024, as compared to 10.9% for the second quarter of 2024. The decrease in the effective tax rate during the third quarter was primarily due to an increase in net realizable tax credits for the current year, which reduced the Company’s estimated annual effective tax rate.

Balance Sheet

Total assets increased by $14.9 million, or 0.2%, to $7.93 billion as of September 30, 2024, from $7.91 billion as of June 30, 2024. The increase in total assets is primarily due to increases in federal funds sold of $79.5 million, or 230.6%, to $113.9 million as of September 30, 2024, compared to $34.5 million as of June 30, 2024. The increase in federal funds sold during the period was partially offset by a decrease in other assets of $46.6 million, or 28.1%, to $119.0 million as of September 30, 2024, from $165.7 million as of June 30, 2024.

Total investment securities remained unchanged, at $2.4 billion as of September 30, 2024, compared to June 30, 2024, as the positive market impact to available for sale securities was offset by normal pay-downs and maturities. There were no purchases of investment securities during the third quarter of 2024.

Total loans HFI and loans held for sale were relatively consistent at $4.8 billion as of September 30, 2024 compared to $4.8 billion as of June 30, 2024, as growth in commercial loans of $9.5 million were offset by a decline in consumer loans of $43.3 million.

Total deposit balances increased by $96.9 million, or 1.7%, to $5.7 billion as of September 30, 2024 when compared to balances as of June 30, 2024. Non-interest bearing deposit balances were essentially unchanged during the quarter.

Total borrowings decreased by $86.4 million, or 7.0%, to $1.1 billion as of September 30, 2024, primarily related to the repayment of a portion of Federal Home Loan Bank advances, when compared to balances as of June 30, 2024.

Capital

The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters:

For the Quarter Ended	September 30,			June 30,			March 31,			December 31,
	2024*			2024			2024**			2023**
Consolidated Capital Ratios
Total capital (to risk-weighted assets)		13.52	%		13.41	%		13.75	%		14.04	%
Tier 1 capital (to risk-weighted assets)		11.70	%		11.59	%		11.89	%		12.13	%
Common equity tier 1 capital (to risk-weighted assets)		10.74	%		10.63	%		10.89	%		11.11	%
Tier 1 capital (to average assets)		9.01	%		9.02	%		8.91	%		8.61	%
*Preliminary estimate – may be subject to change
**Prior periods were previously revised (see disclosure in Form 10-Q for the quarterly period ending June 30, 2024)

As of September 30, 2024, the ratio of total stockholders’ equity to total assets is 9.52%. Book value per common share was $17.27, increasing $0.65 during the third quarter of 2024.

Tangible common equity¹ totaled $588.5 million at September 30, 2024, and the ratio of tangible common equity to tangible assets¹ was 7.58% at September 30, 2024, up from 7.22% at June 30, 2024. Tangible book value, which excludes intangible assets from total equity, per common share¹ was $13.46, increasing $0.66 during the third quarter of 2024.

Credit Quality

As of September 30, 2024, total non-accrual loans increased by $5.3 million, or 29.0%, from June 30, 2024, to 0.49% of total loans HFI. Total non-performing assets increased $5.1 million, or 25.0%, to $25.6 million, compared to $20.5 million as of June 30, 2024. The ratio of non-performing assets to total assets increased to 0.32% compared to 0.26% as of June 30, 2024.

As of September 30, 2024, net charge-offs decreased by $0.2 million to $0.4 million, compared to $0.6 million as of June 30, 2024 and remain just 0.03% annualized of average loans.

^{_________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Earnings Conference Call

As previously announced, Horizon will host a conference call to review its third quarter financial results and operating performance.

Participants may access the live conference call on October 24, 2024 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through November 1, 2024. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1–412–317-0088 from other international locations, and entering the access code 9847279.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.9 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. We believe that this shows the impact of such events as acquisition-related purchase accounting adjustments and swap termination fees, among others we have identified in our reconciliations. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to the purchase accounting impacts and one-time costs of acquisitions and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

Forward Looking Statements

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; macroeconomic conditions and their impact on Horizon and its customers; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.


	Condensed Consolidated Statements of Income
	(Dollars in Thousands Except Per Share Data, Unaudited)
	Three Months Ended												Nine Months Ended
	September 30,			June 30,		March 31,		December 31,			September 30,		September 30,		September 30,
	2024			2024		2024		2023			2023		2024		2023
Interest Income
Loans receivable	$	75,488		$	71,880	$	66,954	$	65,583		$	63,003	$	214,322	$	178,961
Investment securities – taxable		8,133			7,986		7,362		8,157			8,788		23,481		26,253
Investment securities – tax-exempt		6,310			6,377		6,451		6,767			7,002		19,138		21,617
Other		957			738		4,497		3,007			1,332		6,192		1,960
Total interest income		90,888			86,981		85,264		83,514			80,125		263,133		228,791
Interest Expense
Deposits		30,787			28,447		27,990		27,376			24,704		87,224		58,481
Borrowed funds		11,131			11,213		11,930		11,765			11,224		34,274		30,713
Subordinated notes		830			829		831		870			880		2,490		2,641
Junior subordinated debentures issued to capital trusts		1,230			1,213		1,225		1,246			1,227		3,668		3,469
Total interest expense		43,978			41,702		41,976		41,257			38,035		127,656		95,304
Net Interest Income		46,910			45,279		43,288		42,257			42,090		135,477		133,487
Provision for loan losses		1,044			2,369		805		1,274			263		4,218		1,185
Net Interest Income after Provision for Loan Losses		45,866			42,910		42,483		40,983			41,827		131,259		132,302
Non-interest Income
Service charges on deposit accounts		3,320			3,130		3,214		3,092			3,086		9,664		9,135
Wire transfer fees		123			113		101		103			120		337		345
Interchange fees		3,511			3,826		3,109		3,224			3,186		10,446		9,637
Fiduciary activities		1,394			1,372		1,315		1,352			1,206		4,081		3,728
Gains (losses) on sale of investment securities		—			—		—		(31,572	)		—		—		(480	)
Gain on sale of mortgage loans		1,622			896		626		951			1,582		3,144		3,372
Mortgage servicing income net of impairment		412			450		439		724			631		1,301		1,984
Increase in cash value of bank owned life insurance		349			318		298		658			1,055		965		3,051
Other income		780			380		827		1,019			964		1,987		1,675
Total non-interest income		11,511			10,485		9,929		(20,449	)		11,830		31,925		32,447
Non-interest Expense
Salaries and employee benefits		21,829			20,583		20,268		21,877			20,058		62,680		58,932
Net occupancy expenses		3,207			3,192		3,546		3,260			3,283		9,945		10,095
Data processing		2,977			2,579		2,464		2,942			2,999		8,020		8,684
Professional fees		676			714		607		772			707		1,997		1,873
Outside services and consultants		3,677			3,058		3,359		2,394			2,316		10,094		7,548
Loan expense		1,034			1,038		719		1,345			1,120		2,791		3,635
FDIC insurance expense		1,204			1,315		1,320		1,200			1,300		3,839		2,680
Core deposit intangible amortization		844			844		872		903			903		2,560		2,709
Other losses		297			515		16		508			188		828		543
Other expense		3,527			3,684		3,936		4,129			3,294		11,147		10,255
Total non-interest expense		39,272			37,522		37,107		39,330			36,168		113,901		106,954
Income /(Loss) Before Income Taxes		18,105			15,873		15,305		(18,796	)		17,489		49,283		57,795
Income tax expense		(75	)		1,733		1,314		6,419			1,284		2,972		4,599
Net Income /(Loss)	$	18,180		$	14,140	$	13,991	$	(25,215	)	$	16,205	$	46,311	$	53,196
Basic Earnings /(Loss) Per Share	$	0.42		$	0.32	$	0.32	$	(0.58	)	$	0.37	$	1.06	$	1.22
Diluted Earnings/(Loss) Per Share		0.41			0.32		0.32		(0.58	)		0.37		1.05		1.21

	Condensed Consolidated Balance Sheets
	(Dollars in Thousands)
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets
Interest earning assets
Federal funds sold	$	113,912		$	34,453		$	161,704		$	401,672		$	71,576
Interest earning deposits		12,107			4,957			9,178			12,071			4,718
Interest earning time deposits		735			1,715			1,715			2,205			2,207
Federal Home Loan Bank stock		53,826			53,826			53,826			34,509			34,509
Investment securities, available for sale		541,170			527,054			535,319			547,251			865,168
Investment securities, held to maturity		1,888,379			1,904,281			1,925,725			1,945,638			1,966,483
Loans held for sale		2,069			2,440			922			1,418			2,828
Gross loans held for investment (HFI)		4,803,996			4,822,840			4,618,175			4,417,630			4,359,002
Total Interest earning assets		7,416,194			7,351,566			7,306,564			7,362,394			7,306,491
Non-interest earning assets
Allowance for credit losses		(52,881	)		(52,215	)		(50,387	)		(50,029	)		(49,699	)
Cash		108,815			106,691			100,206			112,772			98,843
Cash value of life insurance		37,115			36,773			36,455			36,157			149,212
Other assets		119,026			165,656			160,593			177,061			152,280
Goodwill		155,211			155,211			155,211			155,211			155,211
Other intangible assets		11,067			11,910			12,754			13,626			14,530
Premises and equipment, net		93,544			93,695			94,303			94,583			94,716
Interest receivable		39,366			43,240			40,008			38,710			37,850
Total non-interest earning assets		511,263			560,961			549,143			578,091			652,943
Total assets	$	7,927,457		$	7,912,527		$	7,855,707		$	7,940,485		$	7,959,434
Liabilities
Savings and money market deposits	$	3,420,827		$	3,364,726		$	3,350,673		$	3,369,149		$	3,322,788
Time deposits		1,220,653			1,178,389			1,136,121			1,179,739			1,250,606
Borrowings		1,142,744			1,229,165			1,219,812			1,217,020			1,214,016
Repurchase agreements		122,399			128,169			139,309			136,030			142,494
Subordinated notes		55,703			55,668			55,634			55,543			59,007
Junior subordinated debentures issued to capital trusts		57,423			57,369			57,315			57,258			57,201
Total interest earning liabilities		6,019,749			6,013,486			5,958,864			6,014,739			6,046,112
Non-interest bearing deposits		1,085,535			1,087,040			1,093,076			1,116,005			1,126,703
Interest payable		11,400			11,240			7,853			22,249			16,281
Other liabilities		55,951			74,096			74,664			68,680			76,969
Total liabilities		7,172,635			7,185,862			7,134,457			7,221,673			7,266,065
Stockholders’ Equity
Preferred stock		—			—			—			—			—
Common stock		—			—			—			—			—
Additional paid-in capital		358,453			357,673			356,599			356,400			355,478
Retained earnings		454,050			442,977			435,927			429,021			461,325
Accumulated other comprehensive income (loss)		(57,681	)		(73,985	)		(71,276	)		(66,609	)		(123,434	)
Total stockholders’ equity		754,822			726,665			721,250			718,812			693,369
Total liabilities and stockholders’ equity	$	7,927,457		$	7,912,527		$	7,855,707		$	7,940,485		$	7,959,434

	Loans and Deposits
	(Dollars in Thousands, Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		% Change
	2024		2024		2024		2023		2023		Q3’24 vs Q2’24			Q3’24 vs Q3’23
Commercial:
Commercial real estate	$	2,105,459	$	2,117,772	$	1,984,723	$	1,962,097	$	1,916,056		(1	)%		10	%
Commercial & Industrial		808,600		786,788		765,043		712,863		673,188		3	%		20	%
Total commercial		2,914,059		2,904,560		2,749,766		2,674,960		2,589,244		—	%		13	%
Residential Real estate		801,356		797,956		782,071		681,136		675,399		—	%		19	%
Mortgage warehouse		80,437		68,917		56,548		45,078		65,923		17	%		22	%
Consumer		1,008,144		1,051,407		1,029,790		1,016,456		1,028,436		(4	)%		(2	)%
Total loans held for investment		4,803,996		4,822,840		4,618,175		4,417,630		4,359,002		—	%		10	%
Loans held for sale		2,069		2,440		922		1,418		2,828		(15	)%		(27	)%
Total loans	$	4,806,065	$	4,825,280	$	4,619,097	$	4,419,048	$	4,361,830		—	%		10	%

Deposits:
Interest bearing deposits
Savings and money market deposits	$	3,420,827	$	3,364,726	$	3,350,673	$	3,369,149	$	3,322,788		2	%		3	%
Time deposits		1,220,653		1,178,389		1,136,121		1,179,739		1,250,606		4	%		(2	)%
Total Interest bearing deposits		4,641,480		4,543,115		4,486,794		4,548,888		4,573,394		2	%		1	%
Non-interest bearing deposits
Non-interest bearing deposits		1,085,535		1,087,040		1,093,076		1,116,005		1,126,703		—	%		(4	)%
Total deposits	$	5,727,015	$	5,630,155	$	5,579,870	$	5,664,893	$	5,700,097		2	%		—	%

	Average Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended
	September 30, 2024								June 30, 2024								September 30, 2023
	Average Balance			Interest⁽⁴⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾		Average Rate⁽⁴⁾
Assets
Interest earning assets
Federal funds sold	$	64,743		$	860		5.28	%	$	47,805		$	645		5.43	%	$	92,305		$	1,247		5.36	%
Interest earning deposits		8,781			97		4.39	%		7,662			93		4.88	%		8,018			85		4.21	%
Federal Home Loan Bank stock		53,826			1,607		11.88	%		53,827			1,521		11.36	%		34,509			618		7.10	%
Investment securities – taxable ⁽¹⁾		1,301,830			6,526		1.99	%		1,309,305			6,465		1.99	%		1,650,081			8,170		1.96	%
Investment securities – non-taxable ⁽¹⁾		1,125,295			7,987		2.82	%		1,132,065			8,072		2.87	%		1,220,998			8,863		2.88	%
Total investment securities		2,427,125			14,513		2.38	%		2,441,370			14,537		2.39	%		2,871,079			17,033		2.35	%
Loans receivable ^{(2) (3)}		4,775,788			75,828		6.32	%		4,662,124			72,208		6.23	%		4,280,700			63,254		5.89	%
Total interest earning assets	$	7,330,263		$	92,905		5.04	%	$	7,212,788		$	89,004		4.96	%	$	7,286,611		$	82,237		4.59	%
Non-interest earning assets
Cash and due from banks	$	108,609							$	108,319							$	100,331
Allowance for credit losses		(52,111	)							(50,334	)							(49,705	)
Other assets		471,259								508,555								587,514
Total average assets	$	7,858,020							$	7,779,328							$	7,924,751

Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest bearing deposits	$	3,386,177		$	18,185		2.14	%	$	3,334,490		$	16,814		2.03	%	$	3,267,594		$	12,661		1.54	%
Time deposits		1,189,148			12,602		4.22	%		1,134,590			11,633		4.12	%		1,271,104			12,043		3.76	%
Borrowings		1,149,952			10,221		3.54	%		1,184,172			10,278		3.49	%		1,180,452			10,399		3.50	%
Repurchase agreements		123,524			910		2.93	%		125,144			935		3.00	%		136,784			825		2.39	%
Subordinated notes		55,681			830		5.93	%		55,647			829		5.99	%		58,983			880		5.92	%
Junior subordinated debentures issued to capital trusts		57,389			1,230		8.53	%		57,335			1,213		8.51	%		57,166			1,227		8.52	%
Total interest bearing liabilities	$	5,961,871		$	43,978		2.93	%	$	5,891,378		$	41,702		2.85	%	$	5,972,083		$	38,035		2.53	%
Non-interest bearing liabilities
Demand deposits	$	1,083,214							$	1,080,676							$	1,159,241
Accrued interest payable and other liabilities		74,563								80,942								77,942
Stockholders’ equity		738,372								726,332								715,485
Total average liabilities and stockholders’ equity	$	7,858,020							$	7,779,328							$	7,924,751
Net FTE interest income (non-GAAP) ⁽⁵⁾				$	48,927							$	47,302							$	44,202
Less FTE adjustments ⁽⁴⁾					2,017								2,023								2,112
Net Interest Income				$	46,910							$	45,279							$	42,090
Net FTE interest margin (Non-GAAP) ⁽⁴⁾⁽⁵⁾							2.66	%							2.64	%							2.41	%

⁽¹⁾ Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
⁽²⁾ Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
⁽³⁾ Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
⁽⁴⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate
⁽⁵⁾ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

	Credit Quality
	(Dollars in Thousands Except Ratios, Unaudited)
	Quarter Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			% Change
	2024			2024			2024			2023			2023			3Q24 vs 2Q24			3Q24 vs 3Q23
Non-accrual loans
Commercial	$	6,830		$	4,321		$	5,493		$	7,362		$	6,919			58	%		(1	)%
Residential Real estate		9,529			8,489			8,725			8,058			7,644			12	%		25	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		7,208			5,453			4,835			4,290			4,493			32	%		60	%
Total non-accrual loans		23,567			18,263			19,053			19,710			19,056			29	%		24	%
90 days and greater delinquent – accruing interest		819			1,039			108			559			392			(21	)%		109	%
Total non-performing loans		24,386			19,302			19,161			20,269			19,448			26	%		25	%

Other real estate owned
Commercial	$	1,158		$	1,111		$	1,124		$	1,124		$	1,287			4	%		(10	)%
Residential Real estate		—			—			—			182			32			—	%		(100	)%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		36			57			50			205			72			(37	)%		(50	)%
Total other real estate owned	$	1,194		$	1,168		$	1,174		$	1,511		$	1,391			2	%		(14	)%

Total non-performing assets	$	25,580		$	20,470		$	20,335		$	21,780		$	20,839			25	%		23	%

Loan data:
Accruing 30 to 89 days past due loans	$	18,087		$	19,785		$	15,154		$	16,595		$	13,089			(9	)%		38	%
Substandard loans		59,775			51,221			47,469			49,526			47,563			17	%		26	%
Net charge-offs (recoveries)
Commercial		(55	)		57			(57	)		233			142			(196	)%		(139	)%
Residential Real estate		(9	)		(4	)		(5	)		21			(39	)		(125	)%		77	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		439			534			488			531			619			(18	)%		(29	)%
Total net charge-offs		375			587			426			785			722			(36	)%		(48	)%

Allowance for credit losses
Commercial		32,854			31,941			30,514			29,736			29,472			3	%		11	%
Residential Real estate		2,675			2,588			2,655			2,503			2,794			3	%		(4	)%
Mortgage warehouse		862			736			659			481			714			17	%		21	%
Consumer		16,490			16,950			16,559			17,309			16,719			(3	)%		(1	)%
Total allowance for credit losses	$	52,881		$	52,215		$	50,387		$	50,029		$	49,699			1	%		6	%

Credit quality ratios
Non-accrual loans to HFI loans		0.49	%		0.38	%		0.41	%		0.45	%		0.44	%
Non-performing assets to total assets		0.32	%		0.26	%		0.26	%		0.27	%		0.26	%
Annualized net charge-offs of average total loans		0.03	%		0.05	%		0.04	%		0.07	%		0.07	%
Allowance for credit losses to HFI loans		1.10	%		1.08	%		1.09	%		1.13	%		1.14	%

Non–GAAP Reconciliation of Net Fully-Taxable Equivalent (“FTE”) Interest Margin
(Dollars in Thousands, Unaudited)
		Three Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
Interest income (GAAP)	(A)	$	90,888		$	86,981		$	85,264		$	83,514		$	80,125
Taxable-equivalent adjustment:
Investment securities – tax exempt ⁽¹⁾			1,677			1,695			1,715			1,799			1,861
Loan receivable ⁽²⁾			340			328			353			314			251
Interest income (non-GAAP)	(B)		92,905			89,004			87,332			85,627			82,237
Interest expense (GAAP)	(C)		43,978			41,702			41,976			41,257			38,035
Net interest income (GAAP)	(D) =(A) – (C)		46,910			45,279			43,288			42,257			42,090
Net FTE interest income (non-GAAP)	(E) = (B) – (C)		48,927			47,302			45,356			44,370			44,202
Average interest earning assets	(F)		7,330,263			7,212,788			7,293,559			7,239,034			7,286,611
Net FTE interest margin (non-GAAP)	(G) = (E*) / (F)		2.66	%		2.64	%		2.50	%		2.43	%		2.41	%

⁽¹⁾ The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
⁽²⁾ The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
*Annualized

Non–GAAP Reconciliation of Return on Average Tangible Common Equity
(Dollars in Thousands, Unaudited)
		Three Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023

Net income (loss) (GAAP)	(A)	$	18,180		$	14,140		$	13,991		$	(25,215	)	$	16,205

Average stockholders’ equity	(B)		738,372			726,332			725,083			702,793			715,485
Average intangible assets	(C)		166,819			167,659			168,519			169,401			170,301
Average tangible equity (Non-GAAP)	(D) = (B) – (C)	$	571,553		$	558,673		$	556,564		$	533,392		$	545,184
Return on average tangible common equity (“ROACE”) (non-GAAP)	(E) = (A*) / (D)		12.65	%		10.18	%		10.11	%	(18.76		)%		11.79	%
*Annualized

Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
		Three Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
Total stockholders’ equity (GAAP)	(A)	$	754,822		$	726,665		$	721,250		$	718,812		$	693,369
Intangible assets (end of period)	(B)		166,278			167,121			167,965			168,837			169,741
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	588,544		$	559,544		$	553,285		$	549,975		$	523,628

Total assets (GAAP)	(D)		7,927,457			7,912,527			7,855,707			7,940,485			7,959,434
Intangible assets (end of period)	(B)		166,278			167,121			167,965			168,837			169,741
Total tangible assets (non-GAAP)	(E) = (D) – (B)	$	7,761,179		$	7,745,406		$	7,687,742		$	7,771,648		$	7,789,693

Tangible common equity to tangible assets (Non-GAAP)	(G) = (C) / (E)		7.58	%		7.22	%		7.20	%		7.08	%		6.72	%

Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
		Three Months Ended
		September 30,		June 30,		March 31,		December 31,		September 30,
		2024		2024		2024		2023		2023
Total stockholders’ equity (GAAP)	(A)	$	754,822	$	726,665	$	721,250	$	718,812	$	693,369
Intangible assets (end of period)	(B)		166,278		167,121		167,965		168,837		169,741
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	588,544	$	559,544	$	553,285	$	549,975	$	523,628
Common shares outstanding	(D)		43,712,059		43,712,059		43,726,380		43,652,063		43,648,501

Tangible book value per common share (non-GAAP)	(E) = (C) / (D)	$	13.46	$	12.80	$	12.65	$	12.60	$	12.00

Contact:	John R. Stewart, CFA
	EVP, Chief Financial Officer
Phone:	(219) 814–5833
Fax:	(219) 874–9280
Date:	October 23, 2024

The MIL Network –

January 25, 2025

MIL-OSI USA: ICYMI—Hagerty Joins CNN News Central to Discuss Latest Trump Smear Campaign, Biden-Harris Failed Economic and Foreign Policies

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty
‘The American public can see right through it.’
PHILADELPHIA, PA—United States Senator Bill Hagerty (R-TN), former U.S. Ambassador to Japan in the Trump Administration, today joined CNN News Central to discuss the latest outrageous smear campaign against former President Donald Trump and the Biden-Harris Administration’s failures in both the economy and foreign policy.

*Click the photo above or here to watch*
Partial Transcript
Hagerty on his personal experience serving in the Trump Administration: “I’ll say this: I did serve with President Trump as U.S. Ambassador to Japan. We have more U.S. military stations there in Japan than any place else in the world overseas. President Trump came to visit me three times—we always met with our military there—and I never saw anything but the utmost respect, both President Trump’s respect for our military, and their love and respect for him. That’s what I know.”
Hagerty on John Kelly’s slanderous claims against Trump: “It’s wholly inconsistent with my experience with President Trump. I also have reason to doubt it because there’ve been articles published about ‘losers’ and the things that were supposedly said in Normandy. I called the Ambassador right away. Again, these are old stories that are being drug up, of course, within two weeks of the election. But when I called the Ambassador, she said [the claims were] absolutely not true [regarding] what was attributed to John Kelly [in 2020], 20 other staffers said that was the case as well. I think this is being brought up at a time to divert and deflect. Here’s the story: American people right now need to be asking themselves a very basic question: Are they better off today than they were when President Trump was in office? Kamala Harris is claiming all these things that she might be able to do, yet she’s done none of them for the past three and a half years. What we’ve got is a situation where Kamala Harris can’t find any place where she would differ from Joe Biden. Seventy two percent of Americans think that this country is on the wrong track. All they have to do is look back to the time when President Trump was in office; that debunks these claims. President Trump had our economy working. People respected us—nations respected us—we had people better off in every demographic group. And I think that’s why Americans are seeing President Trump’s polls move forward, and I think that’s why we see these desperate things coming out here at the last minute, again, within the last two weeks, citing something from the deep past. It’s irrelevant at this point. Americans need to know: Will [they] be better off? Seventy two percent of Americans say we’re on the wrong track right now; I think they’re ready for change […] Real wages [are] what I think most people care about. Real wages [are] what they care about, and they were better off [under Trump].”
Hagerty on the false claim that Trump doesn’t respect the military: “His record as commander in Chief debunks [these baseless claims] in my mind…Because why? He actually did have us in position where there were no wars. You have [President] Joe Biden as Commander in Chief; what did he do? He and [Vice President] Kamala Harris, the last in the room, made a terrible decision in Afghanistan that led to the death of 13 service members, very personal to me. One of them was Ryan Knauss, a Tennessean. And I had to call Ryan’s parents and tell them what happened. You think about it: Joe Biden is there at the return of the remains at Dover. He doesn’t even have time for them; he’s looking at his watch. And when he’s in debate, he tells the world that no military man or woman died under his watch. He just forgot about the 13 that died on his watch. That’s presidential disrespect; I don’t see that coming up. Instead, you have claims that cannot be verified from someone that obviously doesn’t like President Trump and was fired by President Trump […] President Trump is a patriot. He loves this country.”
Hagerty on Trump’s foreign policies having substantially greater success than Biden-Harris’ policies: “I’ve actually seen Donald Trump in the room with Vladimir Putin and with Xi Jinping, with [Prime Minister Narendra] Modi, with [Former Prime Minister Shinzo] Abe. He’s able to hold his own. I certainly don’t think Kamala Harris could do that. Donald Trump knows how to negotiate. He knows how to deal with world leaders, and he can deal from a position of strength. That’s what Americans need right now. That’s what Americans should be asking themselves this close to the election, is who will represent our nation? Who will put us back in a posture of strength? Donald Trump clearly can do that because he’s done it before. Under his watch, we had no major wars breakout. As soon as Joe Biden and Kamala Harris came back into office, we saw the exact opposite. We’ve got hot wars now in the Middle East—you see what’s happening in Ukraine and Russia…It’s a very bad situation that’s occurred over the past three and a half years. Kamala Harris could have done something about it if she were serious. Obviously, she didn’t, and I think the American public can see right through it.”

MIL OSI USA News –

January 25, 2025

MIL-OSI: Bel Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Sales and Gross Margin Percentage Above Mid-Point of Expected Ranges
Provides Q4-24 Sales and Gross Margin Guidance

WEST ORANGE, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the third quarter of 2024.

Third Quarter 2024 Highlights

Net sales of $123.6 million compared to $158.7 million in Q3-23
Gross profit margin of 36.1%, up from 35.0% in Q3-23
Net earnings of $8.1 million versus $19.4 million in Q3-23
Adjusted EBITDA of $20.6 million (16.7% of sales) as compared to $29.9 million (18.8% of sales) in Q3-23
Repurchased 26,647 shares of Bel stock at an aggregate cost of $1.9 million in Q3-24

“We were pleased that our third quarter results landed above the midpoint of guidance for both sales and gross margin,” said Daniel Bernstein, President and CEO. “Each of our three product segments performed as expected, given the current market, regulatory and seasonal factors outlined in last quarter’s disclosures and on the Q2 earnings call.

“During the third quarter, the team focused on a variety of operational and other internal initiatives. With our announcement of the signing our definitive purchase agreement in September, we welcomed Enercon to the Bel family and are positioned to introduce new customers, end markets and geographies to our Power segment upon the closing expected later this quarter. In a project scheduled to be completed during the first quarter of 2025, our fuse manufacturing, located in China, will be consolidated into other existing Bel facilities thus reducing our footprint further. The fuse initiative is anticipated to achieve annual cost savings of approximately $1.5 million once completed. We are also pleased to announce the addition of two senior associates in newly-created positions to Bel’s corporate team. Uma Pengali has joined as Global Head of Sales and Marketing and Anubhav Gothi has joined as Bel’s Global Head of Contracts. We believe Uma and Anubhav will be instrumental contributors to Bel’s long-term success,” concluded Mr. Bernstein.

Farouq Tuweiq, CFO, added, “We have started to see positive trends in bookings during the months of September and October across each of our product segments, which is a positive indicator as we enter 2025. These green shoots are largely in our networking and industrial markets, and in the distribution channel. Looking to the fourth quarter of 2024, we expect GAAP net sales in the range of $117 to $125 million with gross margins of approximately 34 – 36%, based on information available as of today. This guidance excludes any potential incremental contribution related to the previously-announced acquisition of Enercon, which is expected to close during the fourth quarter.

“Overall, we are encouraged by the sequential improvement in market conditions that we are seeing and believe this will bode well for 2025. We are excited to continue our journey of growth and continuous improvement with our new team members,” concluded Mr. Tuweiq.

Non-GAAP financial measures, such as Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, interest expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, and certain litigation costs. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Thursday, October 24, 2024 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13749258 after 12:30 pm ET, also for 30 days.

About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, military, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). The Company operates facilities around the world.

Company Contact:
Farouq Tuweiq
Chief Financial Officer
ir@belf.com

Investor Contact:
Three Part Advisors
Jean Marie Young, Managing Director or Steven Hooser, Partner
631-418-4339
jyoung@threepa.com; shooser@threepa.com

Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the fourth quarter of 2024, and our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the year and other future periods including 2025, and our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, products, product segments, customers, end markets, geographies and bookings, statements regarding our views and expectations about the impact of market trends and seasonal factors, statements about the closing of the Enercon Technologies, Ltd. (“Enercon”) acquisition including the anticipated timing thereof, and statements about the anticipated benefits and impact of the Enercon acquisition including in terms of introducing new customers, end markets and geographies to our Power segment, as well as any potential incremental contribution by Enercon post-closing to Bel’s financial results, statements regarding consolidation projects and initiatives, the expected timing of implementation and completion thereof, and the anticipated projections of cost savings to be realized thereby, statements about future contributions of new employees and the role of newly-created positions in the corporate team in contributing to Bel’s long-term success, statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about the broader economy and macroeconomic environment generally, including statements about trends in bookings and views about indicators of economic conditions including as to particular sectors or markets, improvement in market conditions, and statements about Bel’s growth and improvement, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, unanticipated difficulties, delays or expenditures relating to the proposed Enercon acquisition, including, without limitation, difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); disruptions of Bel’s or Enercon’s current plans, operations and relationships with customers, suppliers, distributors, business partners and regulators caused by the announcement and pendency of the proposed Enercon acquisition; potential difficulties in employee retention due to the announcement and pendency of the proposed Enercon acquisition; the possibility that the proposed Enercon acquisition does not close, including, but not limited to, failure to satisfy the closing conditions; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; difficulties associated with integrating previously acquired companies, and any difficulties that may be experienced in integrating Enercon following the closing of the Enercon acquisition; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises (such as the governmental, social and economic effects of COVID or other future epidemics or pandemics); difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following the acquisition of Enercon, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies; and the risks detailed in Bel’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures
The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program for 2023, please see the Executive Compensation discussion appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 1, 2024.

Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

[Financial tables follow]



Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023

Net sales	$	123,638		$	158,682		$	384,933		$	499,803
Cost of sales		78,961			103,217			238,782			335,137
Gross profit		44,677			55,465			146,151			164,666
As a % of net sales		36.1	%		35.0	%		38.0	%		32.9	%

Research and development costs		5,443			5,292			16,652			16,521
Selling, general and administrative expenses		26,700			23,717			75,785			74,149
As a % of net sales		21.6	%		14.9	%		19.7	%		14.8	%
Restructuring charges		1,087			2,091			1,790			6,306
Gain on sale of property		–			(147	)		–			(3,819	)
Income from operations		11,447			24,512			51,924			71,509
As a % of net sales		9.3	%		15.4	%		13.5	%		14.3	%

Gain on sale of Czech Republic business		–			(135	)		–			980
Interest expense		(414	)		(512	)		(1,263	)		(2,402	)
Interest income		1,480			–			3,741			–
Other income/expense, net		(1,325	)		(96	)		21			(286	)
Earnings before income taxes		11,188			23,769			54,423			69,801

Provision for income taxes		3,108			4,321			11,663			8,006
Effective tax rate		27.8	%		18.2	%		21.4	%		11.5	%
Net earnings	$	8,080		$	19,448		$	42,760		$	61,795
As a % of net sales		6.5	%		12.3	%		11.1	%		12.4	%

Weighted average number of shares outstanding:
Class A common shares – basic and diluted		2,116			2,142			2,126			2,142
Class B common shares – basic and diluted		10,434			10,636			10,512			10,636

Net earnings per common share:
Class A common shares – basic and diluted	$	0.61		$	1.46		$	3.23		$	4.63
Class B common shares – basic and diluted	$	0.65		$	1.54		$	3.41		$	4.88

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Balance Sheets (in thousands, unaudited)

	September 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	134,266	$	89,371
Held to maturity U.S. Treasury securities		29,541		37,548
Accounts receivable, net		75,998		84,129
Inventories		124,885		136,540
Other current assets		22,959		33,890
Total current assets		387,649		381,478
Property, plant and equipment, net		36,735		36,533
Right-of-use assets		22,901		20,481
Related-party note receivable		3,070		2,152
Equity method investment		10,014		10,282
Goodwill and other intangible assets, net		72,772		76,033
Other assets		51,276		44,672
Total assets	$	584,417	$	571,631

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	37,139	$	40,441
Operating lease liability, current		6,451		6,350
Other current liabilities		53,297		63,818
Total current liabilities		96,887		110,609
Long-term debt		60,000		60,000
Operating lease liability, long-term		16,808		14,212
Other liabilities		43,360		46,252
Total liabilities		217,055		231,073
Stockholders’ equity		367,362		340,558
Total liabilities and stockholders’ equity	$	584,417	$	571,631

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	Nine Months Ended
	September 30,
	2024			2023

Cash flows from operating activities:
Net earnings	$	42,760		$	61,795
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		10,759			9,962
Stock-based compensation		2,782			2,712
Amortization of deferred financing costs		27			33
Deferred income taxes		(5,366	)		(4,894	)
Net unrealized losses on foreign currency revaluation		1,275			130
Gain on sale of property		–			(3,819	)
Gain on sale of Czech Republic business		–			(980	)
Other, net		628			(495	)
Changes in operating assets and liabilities:
Accounts receivable, net		8,366			11,931
Unbilled receivables		7,482			1,590
Inventories		12,266			29,313
Accounts payable		(3,302	)		(18,674	)
Accrued expenses		(11,849	)		4,536
Accrued restructuring costs		(590	)		(148	)
Income taxes payable		4,809			2,008
Other operating assets/liabilities, net		(4,327	)		(13,575	)
Net cash provided by operating activities		65,720			81,425

Cash flows from investing activities:
Purchases of property, plant and equipment		(7,906	)		(9,659	)
Purchases of held to maturity U.S. Treasury securities		(131,309	)		–
Proceeds from held to maturity securities		139,316			–
Payment for equity method investment		–			(9,975	)
Investment in related party notes receivable		(918	)		(1,905	)
Proceeds from sale of property, plant and equipment		236			5,403
Proceeds from sale of business		–			5,063
Net cash used in investing activities		(581	)		(11,073	)

Cash flows from financing activities:
Dividends paid to common stockholders		(2,487	)		(2,490	)
Deferred financing costs		(330	)		–
Repayments under revolving credit line		–			(40,000	)
Borrowings under revolving credit line		–			5,000
Purchases of common stock		(16,053	)		–
Net cash used in financing activities		(18,870	)		(37,490	)

Effect of exchange rate changes on cash and cash equivalents		(1,374	)		(2,903	)

Net increase in cash and cash equivalents		44,895			29,959
Cash and cash equivalents – beginning of period		89,371			70,266
Cash and cash equivalents – end of period	$	134,266		$	100,225


Supplementary information:
Cash paid during the period for:
Income taxes, net of refunds received	$	15,556		$	18,148
Interest payments	$	3,010		$	3,738
ROU assets obtained in exchange for lease obligations	$	4,711		$	5,887

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Product Group Highlights (dollars in thousands, unaudited)

	Sales							Gross Margin
	Q3-24		Q3-23		% Change			Q3-24			Q3-23			Basis Point Change
Power Solutions and Protection	$	48,680	$	74,862		-35.0	%		39.4	%		41.7	%		(230	)
Connectivity Solutions		55,715		51,771		7.6	%		36.6	%		35.8	%		80
Magnetic Solutions		19,243		32,049		-40.0	%		27.3	%		22.0	%		530
Total	$	123,638	$	158,682		-22.1	%		36.1	%		35.0	%		110

	Sales							Gross Margin
	YTD September 2024		YTD September 2023		% Change			YTD September 2024			YTD September 2023			Basis Point Change
Power Solutions and Protection	$	167,478		245,134		-31.7	%		43.2	%		37.5	%		570
Connectivity Solutions		167,822		160,010		4.9	%		37.3	%		35.8	%		150
Magnetic Solutions		49,633		94,659		-47.6	%		23.9	%		23.0	%		90
Total	$	384,933	$	499,803		-23.0	%		38.0	%		32.9	%		510

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

Bel Fuse Inc.
Supplementary Information⁽¹⁾
Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales⁽²⁾
Reconciliation of GAAP Net Earnings to EBITDA and Adjusted EBITDA⁽²⁾
(in thousands, unaudited)

Three Months Ended

Nine Months Ended

September 30,

2024

2023

2024

2023

GAAP net sales

$

123,638

$

158,682

$

384,933

$

499,803

Expedite fee revenue

–

1,008

57

14,425

Non-GAAP adjusted net sales

$

123,638

$

157,674

$

384,876

$

485,378

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023

GAAP Net earnings	$	8,080		$	19,448		$	42,760		$	61,795
Interest expense		414			512			1,263			2,402
Provision for income taxes		3,108			4,321			11,663			8,006
Depreciation and amortization		3,636			3,391			10,759			9,962
EBITDA	$	15,238		$	27,672		$	66,445		$	82,165
% of net sales		12.3	%		17.4	%		17.3	%		16.4	%

Unusual or special items:
Restructuring charges		1,087			2,091			1,790			6,306
MPS litigation costs		–			132			–			2,903
Gain on sale of Czech Republic business		–			135			–			(980	)
Gain on sale of properties		–			(147	)		–			(3,819	)
Acquisition related costs		4,292			–			4,292			–
Adjusted EBITDA	$	20,617		$	29,883		$	72,527		$	86,575
% of net sales		16.7	%		18.8	%		18.8	%		17.3	%

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Reconciliation of GAAP Measures to Non-GAAP Measures⁽²⁾ (in thousands, except per share data) (unaudited)

The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.

	Three Months Ended September 30, 2024										Three Months Ended September 30, 2023
Reconciling Items	Earnings before taxes		Provision for income taxes		Net earnings		Class A EPS⁽³⁾		Class B EPS⁽³⁾		Earnings before taxes			Provision for income taxes			Net earnings			Class A EPS⁽³⁾			Class B EPS⁽³⁾

GAAP measures	$	11,188	$	3,108	$	8,080	$	0.61	$	0.65	$	23,769		$	4,321		$	19,448		$	1.46		$	1.54
Restructuring charges		1,087		154		933		0.07		0.07		2,091			407			1,684			0.13			0.13
MPS litigation costs		–		–		–		–		–		132			30			102			0.01			0.01
Gain on sale of Czech Republic business		–		–		–		–		–		135			7			128			0.01			0.01
Gain on sale of properties		–		–		–		–		–		(147	)		(29	)		(118	)		(0.01	)		(0.01	)
Acquisition related costs		4,292		987		3,305		0.25		0.27		–			–			–			–			–
Non-GAAP measures	$	16,567	$	4,249	$	12,318	$	0.94	$	0.99	$	25,980		$	4,736		$	21,244		$	1.59		$	1.68

	Nine Months Ended September 30, 2024										Nine Months Ended September 30, 2023
Reconciling Items	Earnings before taxes		Provision for income taxes		Net earnings		Class A EPS(3)		Class B EPS(3)		Earnings before taxes			Provision for income taxes			Net earnings			Class A EPS(3)			Class B EPS(3)

GAAP measures	$	54,423	$	11,663	$	42,760	$	3.23	$	3.41	$	69,801		$	8,006		$	61,795		$	4.63		$	4.88
Restructuring charges		1,790		317		1,473		0.11		0.12		6,306			1,007			5,299			0.40			0.42
MPS litigation costs		–		–		–		–		–		2,903			667			2,236			0.17			0.18
Gain on sale of Czech Republic business		–		–		–		–		–		(980	)		(49	)		(931	)		(0.07	)		(0.07	)
Gain on sale of properties		–		–		–		–		–		(3,819	)		(763	)		(3,056	)		(0.23	)		(0.24	)
Acquisition related costs		4,292		987		3,305		0.25		0.26		–			–			–			–			–
Non-GAAP measures	$	60,505	$	12,967	$	47,538	$	3.59	$	3.80	$	74,211		$	8,868		$	65,343		$	4.89		$	5.16

⁽¹⁾ The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
⁽²⁾ In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
⁽³⁾ Individual amounts of earnings per share may not agree to the total due to rounding.

The MIL Network –

January 25, 2025

MIL-OSI Economics: [Galaxy Unpacked 2025] Galaxy Tech Forum ② Health AI: Integrated Wellness Solutions for Smarter Health Management

Source: Samsung

Samsung hosted the Galaxy Tech Forums on January 23 in San Jose, California. The panels provided an in-depth exploration of Samsung’s AI innovations and the challenges they address across four key areas — Sustainability, Health AI, Galaxy AI and Home AI. During the Health AI session, experts shared insights into how AI technologies are shaping the future of daily health management.

Samsung Electronics is leveraging AI technology to enhance its comprehensive health solutions, delivering more meaningful and personalized health experiences.

To understand how Samsung’s AI ecosystem is poised to transform the future of wellness, Samsung Newsroom observed the second Tech Forum session, titled “The Role of Technology for a Healthier Life.”

▲ (From left to right) Dr. Vanessa Hill, Dr. Hon Pak, Dr. Patrick O’Connor, Emily English and Dr. Kyu Rhee

Healthy Living Starts With a Holistic Approach
Moderator Dr. Vanessa Hill, an award-winning science communicator and sleep scientist, started the discussion by providing insights into the practical utility of today’s health technology.

While advancements such as wearable devices, health apps and telehealth platforms have made health management more accessible, the sheer volume of information can lead to confusion — making it easy to overlook critical insights amid an overwhelming sea of data.

▲ Dr. Patrick O’Connor from the University of Georgia

“The issue is not the amount of data but the fragmentation,” said Dr. Patrick O’Connor, a professor in the Department of Kinesiology at Mary Frances Early College of Education, University of Georgia. “The key is to bring the scattered data together to create a comprehensive understanding, as health requires a holistic approach due to the interconnectedness of so many factors.”

“As a sleep scientist I know the importance of gathering health data around the clock. Identifying abnormalities in metrics like heart rate, temperature or even snoring during sleep is key to not only unlocking better sleep, but better overall health,” said Dr. Hill, who emphasized that sleep is the foundation of holistic health.

Personalized Care Through Various Health Metrics and Continuous Tracking
The discussion also explored the importance of adding new health metrics to track, and monitoring those metrics in a continuous manner.

▲ Dr. Kyu Rhee from the NACHC

“Continuous health monitoring of physical activity, sleep, nutrition and stress should become new, additional vital signs for users and health professionals,” said Dr. Kyu Rhee, President and CEO of the National Association of Community Health Centers (NACHC). “Combining this essential health data with clinical data powered by AI insights has the potential to transform the health system by improving health outcomes, reducing healthcare costs, and empowering patients, their caregivers and healthcare teams.”

▲ Dr. Hon Pak from Samsung Electronics

One health metric receiving a substantial amount of attention from both Samsung and the digital health industry in general is blood glucose.

“Blood glucose is an area Samsung has been deeply invested in, and we’ve made significant progress in developing CGM-integrated nutrition coaching as well as enhancing non-invasive technologies for tracking blood glucose levels,” said Dr. Hon Pak, Senior Vice President and Head of Digital Health Team, Mobile eXperience Business at Samsung Electronics, sharing the company’s roadmap for blood glucose management and end-to-end (E2E) healthcare experiences. “These advancements are all part of our work to deliver more proactive and preventive disease detection solutions to everyone, helping lower healthcare burdens on people, their families and society at large.”

▲ Emily English, a BSc nutritionist

“There isn’t a one-size-fits-all approach to health and nutrition, it’s a journey that requires a holistic understanding of yourself,” said Emily English, a BSc nutritionist. “Wellness technology is helping provide a full 360-view of your life. New solutions that offer easy access to health metrics like blood glucose will offer a more holistic understanding of our bodies and revolutionize the way we manage our everyday health.”

Ushering in the Era of Personalized Health Insights
The discussion touched on how AI can translate tracked health data into actionable and meaningful insights.

▲ The Tech Forum discussion on Health AI

In an effort to consolidate disparate data onto a single platform, Samsung has collaborated with Dr. O’Connor’s research team to develop Energy Score — a feature that enhances the digital healthcare experience. “New AI-enabled features like Energy Score have become a jumping off point for broader health innovations,” explained Dr. Pak. Calculated based on health indicators such as activity levels, sleep, heart rate during sleep and heart rate variability during sleep, Energy Score exemplifies how wearable devices and AI can support a holistic and personalized approach to health and wellness management.

▲ Dr. Patrick O’Connor describes Energy Score.

“Monitoring overall readiness might benefit from minimally invasive brain sensing technology,” said Dr. O’Connor. “Today, we are able to leverage non-invasive technology, the available science and AI to generate an Energy Score, helping translate complex data into an intuitive and understandable index.”

Dr. Pak also teased Samsung’s upcoming plans to expand the AI capabilities of Energy Score to include nutrition, mental health and even mobile usage patterns — offering users deeper and more comprehensive insights into their overall well-being.

The Health AI session underscored the importance of a holistic approach to health management, highlighting the potential of personalized health experiences powered by continuous health monitoring. As AI becomes an indispensable partner in modern wellness, Samsung’s innovative technology is set to drive a new era of tailored and comprehensive health solutions.

MIL OSI Economics –

January 25, 2025

MIL-OSI China: Discovery to unravel mystery of early universe

Source: China State Council Information Office 2

Scientists have revealed new insights into the distant X-ray universe, with the Einstein Probe satellite offering fresh perspectives on the distant explosions in the cosmos.
The research results of its discovery of a mysterious blast of X-rays in March — less than three months after EP was launched in January last year — was published on international academic journal Nature Astronomy on Thursday.
The discovery could require us to change the way we explain the extraordinary explosions known as gamma-ray bursts, said Liu Yuan, co-first author of the paper and a scientist from National Astronomical Observatories, Chinese Academy of Sciences.
The burst of low-energy X-rays EP’s Wide-field X-ray Telescope detected in March lasted for more than 17 minutes, and fluctuated in brightness before fading away again. Such an event is known as a fast X-ray transient, or FXRT, and this particular transient was designated as EP240315a.
“EP240315a was the first time astronomers had detected soft X-rays for such a long duration from such an ancient explosion,” Liu said. “It was really good to see the WXT onboard trigger algorithm working fine for this event.”
About one hour after the X-rays were seen, a telescope situated in South Africa as part of the Asteroid Terrestrial-Impact Last Alert System detected visible light from the same location.
Follow-up observations from the Gemini-North telescope on Hawaii Island and the Very Large Telescope in Chile returned redshift measurements that confirmed that the burst had come from around 12.5 billion light-years away, beginning its cosmic journey to us when the universe was just 10 percent its current age.
“The detection of EP240315a demonstrates Einstein Probe’s great potential for discovering transients from the early universe. The mission will play an important role in international observations and collaborations,” said Wu Xuefeng, one of the paper’s authors and a researcher at the Purple Mountain Observatory of the CAS in Nanjing, Jiangsu province.
In later analyses, the X-rays were found to be coincident with a gamma-ray burst.
These results show that a substantial fraction of FXRTs may be associated with gamma-ray burst, and that sensitive X-ray monitors such as EP can pinpoint them in the distant universe, said Roberto Ricci, a research fellow from University of Rome Tor Vergata in Italy.
Combining the power of X-ray and radio observations hands researchers a new way to explore these ancient explosions even without detecting their gamma rays, he said.

MIL OSI China News –

January 25, 2025

MIL-OSI USA: ICYMI: Grassley Joins Playbook Deep Dive Podcast

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Sen. Chuck Grassley (R-Iowa), Chairman of the Senate Judiciary Committee, this week joined Eugene Daniels on POLITICO’s Playbook Deep Dive podcast to discuss immigration policy, reconciliation, presidential pardon authority and the importance of bipartisanship.

Audio and excerpts of the interview follow.

On Kash Patel and President Trump’s nominees:

“I did meet with Kash [Patel] in my office… I want somebody that’s going to help me do my constitutional responsibility of oversight… that’s my job, and I do a lot of oversight. I want Kash Patel to get me the answers to these questions and provide me the documents I need.

“Whether it’s RFK or the CIA Director… I think there’s a lot of things in this town that need to be shaken up… they’re coming in to deliver on the mandate of this election, which is that people are fed up with the way Washington’s going. You’ve been in this town long enough to know that it’s an island surrounded by reality. The common sense that we have in the Midwest – we need more of it in Washington, D.C. and I think the [nominees] are going to bring it in, and Kash is one of them.”

On immigration policy, the Laken Riley Act and deportations:

“Talking about comprehensive immigration [policies], what makes it so difficult to do that is, you’ve got people on the right, maybe 10 to 15 Republicans that say, ‘I’m not going to vote for anything unless you get all 20 million people out of this country.’ And then you have people on the left that say, ‘I’m not going to vote for any immigration bill that doesn’t make everybody citizens yesterday.’ It’s tough to put together.

“The last time you could get 65 or 70 votes for a comprehensive immigration bill was 2013… but I think it’s difficult to be any Republican or Democrat and say that we shouldn’t change laws that allow people with a criminal record to come into this country, and not only with a criminal record, committing a crime by coming here against our law, but then committing a murder.”

“First of all, [deportations will focus on] people that are on the terrorist watch list, people that have a criminal record and the 1.5 million people who have been adjudicated that they’re not entitled to asylum… I think we’ve got to see how successful that is before we move to the people that maybe the only crime they committed was entering our country illegally.”

On reconciliation:

“The House has a view [that] we should have one reconciliation bill. The Senate has a view [that] there should be two reconciliation bills. A President helping us maneuver through that disagreement is very important, and Trump’s a good person to do that.”

On presidential pardons:

“I think it’s wrong the way [pardons] have been used recently… But I think the Constitution would have to be amended to change it, and I think it’s very clear that what Biden did, even if I disagree, or Clinton, what he did, or maybe some future president… I think they got the power to do it.

“Biden’s pardoned people like Fauci, that’s never been accused of anything. Some president could say, you know, we’ve got 340 million people in this country, I’m going to pardon them all. That doesn’t make sense… It’s a way of protecting people, but it’s an abuse of their authority.”

On the importance of bipartisanship:

“[Partisanship] is a major problem now, more so than it’s been in the 45 years since I’ve been in the Senate, but it’s not as bad as what my constituents see… I think that people get the impression that Republicans don’t talk to Democrats, and that’s not true. There’s not a single Republican or Democrat that I dislike in the United States Senate. I don’t think any of them dislike me, and if they do, I don’t want to know who they are.

“You can’t get anything done in the United States Senate if it’s not bipartisan, except for reconciliation, and so the institution drives some of that [bipartisanship]… I believe that when people are talking, things get done. It’s when you don’t talk that things don’t get done.”

On Grassley’s personal priorities:

“Peace around the world. I thought after we broke up the Soviet Union, that would bring in a whole new world, and it did for a while. But there’s a lot of leaders that want more, and you wonder, why? Why does China want Taiwan? Why does Putin want Ukraine? Why does he want to reestablish the Soviet Union? That’s my concern.

“I think there’s got to be something bigger than just yourself, or bigger than 340 million Americans. There’s got to be some certainty to life. It can’t be as simple as, ‘question authority.’ It can’t be as simple as, ‘just do it.’ There’s got to be a measure that you measure yourself against, and I think that’s a being beyond humanity. I call it God. For me, it’s following Jesus Christ.”

-30-

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Q&A: Turning Promises into Policy Realities

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

Q: What’s your take on the first week of the new Trump administration?

A: On January 20, President Trump was sworn into office, becoming only the second U.S. president to serve non-consecutive terms. With his historic comeback victory, voters delivered a clear mandate to the White House and Congress. President Trump led on a commonsense agenda to restore law and order, secure our borders and fix the damage the Biden administration did to the economy through inflationary spending. In addition, the Biden administration rewired sectors of the economy with government mandates and regulatory overreach to push its climate agenda that weakened U.S. energy security and raised the cost of living for Americans. President Trump wasted no time to signal his administration would work to unleash America’s natural resources to strengthen U.S. energy and national security.

On his very first day in office, President Trump delivered on promises to secure the border and restore energy dominance. For example, he reversed President Biden’s immigration policies that allowed more than 10 million people to enter the country without our permission in the past four years. President Trump signed executive orders that declare a national emergency at the U.S.-Mexico border enabling the administration to continue construction on the border wall; resume a policy that requires people seeking asylum to wait in Mexico while an immigration judge considers their case; enforce the DNA Fingerprint Act (a policy I pushed during the Biden administration) to curb human trafficking and help law enforcement track down violent criminals; trim the refugee resettlement program; prevent the entry of illegal border crossings; and direct the Secretary of State to look into designating cartels as foreign terrorist organizations. As chairman of the Senate Judiciary Committee, which has oversight and legislative jurisdiction over the nation’s immigration laws, I’m focused on working with this administration to help turn President Trump’s promises to secure the border and stop the flow of illegal immigration into policy realities.

Q: What was the first piece of legislation Congress sent to the president’s desk?

A: To kick off the 119^th Congress, I’m happy to report legislation I co-led with Sen. Joni Ernst for nearly 10 years was included in the first bill sent to President Trump. Our bill is named after a young Iowan from Council Bluffs who was killed in 2016 by an illegal immigrant who was driving drunk. Sarah Root lost her life just 16 hours after graduating with honors from Bellevue University. The driver was released on bail and never seen again, evading justice. Our bill would require that illegal immigrants who kill or commit serious bodily injury to another person are detained and prosecuted. The Senate approved Sarah’s Law as an amendment to legislation named after Laken Riley, a 22-year-old nursing student killed in Georgia last year by an illegal immigrant from Venezuela. Previous to her murder, her killer had been arrested for shoplifting, but then released. The Laken Riley Act will require U.S. immigration officials to detain illegal immigrants who commit certain crimes, including robbery, theft and assaulting a police officer. As an original co-sponsor of these bills, I’m glad to help restore law and order on our streets and deliver justice to victims of crime. As Senate President pro tempore, I signed the bill on Capitol Hill before sending it to the president’s desk for his signature. The American people deserve and expect nothing less. If illegal immigrants hurt or kill someone in America, the federal government must prioritize their detention, prosecution and deportation. It’s common sense.

MIL OSI USA News –

January 25, 2025

MIL-OSI Submissions: Environment – First global gathering of Food and Plastics Networks to prevent devastating environmental impacts

Source: WRAP

Pact Network Connect 2025 – First global gathering of Food and Plastics Networks share actions to cut food and plastic waste and prevent devastating effects on planet.

Representatives from 15 countries met in Mexico this week for Pact Network Connect 2025, a three-day programme focussed on addressing the issue of our broken food systems, and the spiralling environmental cost of plastic pollution and waste.

Convened by global environmental action NGO WRAP, Pact Network Connect 2025 was the first time the two networks – 13 international Plastics Pacts run in conjunction with the Ellen MacArthur Foundation – and 11 Food Pacts met as one to share experiences and strategies to strengthen collaborative efforts on the two environmental crises.

The Pacts represent collaborative action initiatives formed in country by private and public sector organisations, charities and NGOs. Representatives from the Pact Secretariats joined investors and philanthropic organisations to co-design solutions to key food and plastics triggers. Focus was on generating practical steps and actions to tackle plastics pollution within the 19 countries comprising the Plastics Pact Network – and share more widely, and address food waste and loss in the 10 countries encompassing the first Food Pact Network.

Harriet Lamb, CEO WRAP, “The numerous Pacts are the engine rooms driving forward a new circular economy for plastics and food. They give me hope that we can correct the failures of our food and plastic systems. They show that ahead of securing global inter-governmental agreements at scale, companies, ngos and governments can get behind voluntary action as an agile and effective front runner along the road to transformation. We’re delighted to be in Mexico, bringing together leaders from the food and plastics Pacts for the first ever joint global meeting to share solutions and accelerate change.”

Pact Network Connect 2025 built on the learnings and progress achieved in the first Plastic Pact Network meeting, held in South Africa in 2024 inspiring the move to bring together both Food and Plastics Pacts to amplify impact. The Plastics Pact Network meeting had an added sense of urgency this year, given the lack of agreement on key elements for a global treaty to end plastic pollution at INC5 negotiations in Busan 2024. To achieve this, we need ambitious regulation to complement and accelerate voluntary efforts and create a level playing field for all businesses. The Plastics Pacts are uniquely placed to inform and enable policymaking and treaty implementation through the Network’s large repository of tools, insights, guidance, and standardised definitions.

Marta Longhurst, Pacts and Field-building Lead Ellen MacArthur Foundation, “The Plastics Pacts have proved that such a network can deliver real impact towards eliminating plastic waste and pollution. Thanks to Plastics Pacts, tens of billions of problematic or unnecessary plastic items have been eliminated; design for reusability, recyclability, and composability in practice and at scale has increased by 23%; and incorporation of recycled content back into packaging has increased by 44%. We are pleased to see the tangible impact of the Plastics Pacts, and to see this knowledge shared and applied to other sectors to accelerate the transition to a circular economy worldwide.”

The Plastics Pact Network is a global coordinated response to the hazards plastics pose to people and the planet. Managed through a partnership between WRAP and the Ellen MacArthur Foundation, in just six years the Plastic Pacts have led work tackling pollution and delivering impact on national and global scales. The Network includes over 900 local and global organisations across a 19-country membership. Its members have eliminated more than 360,000 tonnes of problematic and unnecessary plastics and increased recycled content in their packaging by 44% – reducing virgin plastic by 2.2 million tonnes by 2022. All Plastics Pacts align in a common vision to create a circular economy for plastics and eliminate waste and pollution.

Alejandra Kopaitic, Directora Consumo y Producción Sustentable y Pacto Chileno de los Plásticos, “Pact Network Connect is a key event when many countries can share experiences, foster regional collaboration, and strengthen our global partnerships. It will enrich the Chilean Plastics Pact as part of this international network committed to systemic change. We are here to listen, learn, and collaborate, while showcasing the work we are doing in Chile and aligning our goals with international experience and best practices.”

Ninel Escobar, Director of Climate Change WWF Mexico, “In México, between 38% and 58% of plastic waste is mismanaged. Resolving this problem requires us to work along the whole life cycle of plastic, using a systemic approach. We are pleased to join our Pact partners at Pact Network Connect to share our experiences of resolving these complex problems.”

The Food Pact Network connects collaborative action initiatives within individual countries to a global community dedicated to reducing food loss and waste. This is the first time the group has joined forces in person as the Food Pact Network, and through the universal adoption of the principles of Target-Measure-Act the Pacts are changing how food is produced and consumed to support the UN Sustainable Development Goal 12.3 to halve global food waste by 2030.

Notes

The Plastics Pact Network includes: ANZPAC Plastics Pact, The Canada Plastics Pact, Polski Pakt Plastikowy – The Polish Plastics Pact, The U.S. Plastics Pact, Pacto Português para os Plásticos- The Portuguese Plastics Pact, The South African Plastics Pact, UK Plastics Pact, Pacte National sur les emballages plastiques – French Plastics Pact, Circula El Plástico – The Chilean Plastics Pact, The Kenya Plastics Pact (KPP), Colombia Plastics Pact, India Plastics Pact and Mexico Plastics Pact.

The Food Pact Network includes: Courtauld Commitment 2030 (UK), South Africa Food Loss and Waste Initiative, Pacific Coast Food Waste Commitment, Pacto Por La Comida (Mexico), GRASP 2030 (Indonesia), Brasil Sem Desperdisio (Brazil, launching in 2025), U.S. Food Waste Pact, Samen Tegen Voedselverspilling (Netherlands) , Kai Commitment (New Zealand) and the International Food Waste Coalition.

WRAP is a global environmental action NGO catalysing policy makers, businesses and individuals to transform the systems that create our food, textiles and manufactured products. Together these account for nearly 50% of global greenhouse emissions. Our goal is to enable the world to transition from the old take-make-dispose model of production to more sustainable approaches that will radically reduce waste and carbon emissions from everyday products. To do so we examine sustainability challenges through the lens of people’s day-to-day lives and create solutions that can transform entire systems to benefit the planet, nature and people.

Our work includes: UK Plastics Pact, Courtauld Commitment 2030, Textiles 2030 and the campaigns Love Food Hate Waste and Recycle Now. We run Food Waste Action Week and Recycle Week.

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI Submissions: Innovation – A robot cleaning up the Hofvijver in The Hague

Source: The Hague

And a new electric boat cleans up the bigger pieces of waste in the canals

The Hague, the Netherlands, 24 January 2025 — The Municipality of The Hague has launched a pilot project to keep the historic Hofvijver plastic-free. Using the remote-controlled Jellyfishbot, plastic and other litter are being efficiently removed from this iconic body of water in the heart of the city.

The initiative was introduced following an increase in complaints about litter in the Hofvijver, the famous lake located in front of the Dutch parliament buildings. The pilot project, which began at the end of 2024 and will run for one year, aims to determine the effectiveness of the Jellyfishbot in improving water quality. If successful, the technology may be deployed to other locations in the city, such as canals, where it could assist in cleaning water surfaces and even mapping underwater areas and quay walls. This project is led by the Urban Management team of the Municipality of The Hague, which is dedicated to enhancing the local living environment throughout the city.

Alderman Robert Barker (Animal Welfare, Outdoor Space, and Environment) stated: “Unfortunately, too much waste still ends up in the Hofvijver. This is bad for the water quality and all plants and animals in and around the water. That is why we do our best to keep this historic piece of water in the middle of the city clean. This innovative robot can make a great contribution to that.”

Stella Polaris

Alongside the Jellyfishbot project in the Hofvijver, another new boat is now being used to clean up larger debris in the city’s waters. The service vessel is deployed for monitoring and maintenance purposes, retrieving large objects such as reels and planks from the water, and installing signs or mirrors when necessary. The previous service vessel, named Die Haghe, was built in 1986 and featured a Hatz diesel engine. The use was no longer viable due to CO2 emissions and height restrictions preventing it from passing under movable bridges. As a result, a new electrically powered service vessel, Stella Polaris, has been introduced. This eco-friendly boat can navigate all inner waters of The Hague and is stationed at its dedicated berth in the Poolsterhaven.

Alderman Arjen Kapteijns (Energy Transition, Mobility and Raw Materials): “It is important that we keep our beautiful city clean, not only for nature, but also for our residents. This innovative technology offers us the opportunity to dispose of waste effectively and sustainably.”

Read the full story about cleaning up the waters in The Hague on Stories of Purpose from The Hague: https://storiesofpurpose.thehague.com/impact/robot-mission-jellyfishbot-cleaning-hofvijver

About The Hague & Partners

The Hague & Partners is the official marketing & acquisition organisation for the promotion of The Hague, focused on residents, visitors, conferences, businesses, and institutions. www.thehague.com

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI Russia: Moscow Metro – Virtual Troika, FPS and Biometrics: How the Ticket Sales System in Moscow Changed in 2024

Translartion. Region: Russians Fedetion –

Source: Moscow Metro

Maxim Liksutov reported that digital methods of paying for public transport are gaining popularity. For example, virtual Troika cards have already been used more than 2.5 million times. This year, passengers have issued more than 120,000 such cards.

Moscow metro. Moscow Metro.

Linking bank cards in the Moscow Metro application

The service allows you to pay for previous trips in just a couple of clicks, removing the card from the stop list. You can also view the history of card use in public transport. Passengers have linked about 250,000 bank cards to the application.

Biometric payment on MCD (Moscow Central Diameters)

In 2024, biometric payment became available at the Nakhabino, Kalanchevskaya, Likhobory and Zelenograd-Kryukovo stations. All passengers registered in the system can pay for travel using biometrics on Diameters.

Accelerated Payment System (APS)

This Russian service has been implemented in the Moscow Metro ticket offices and machines. With its help, passengers can buy or top up a Troika or Moskvich card using a smartphone from any manufacturer.

Biometric payment for students

Students have been given the opportunity to pay for travel on the metro and the Moscow Central Circle using biometrics. This convenient payment method is available to more than 550,000 students in Moscow.

Virtual card “Troika”

This service allows you to pay for travel using any smartphone on all types of public transport. With the virtual Troika, passengers spend less than a minute to buy a ticket and confirm their trip.

Online activation of replenishment of the Troika card

Yellow terminals are no longer needed! At the request of passengers, automatic activation of online replenishment of Troika and Moskvich cards has been introduced at the metro and MCC turnstiles. In addition, the service has been implemented in an open beta version on all 3,000 tram validators.

“The city ticket system fully meets the needs of passengers. We offer innovative solutions that have no analogues in the world in terms of scale and convenience. For example, biometric payment. In addition, in 2024, on the instructions of Moscow Mayor Sergei Sobyanin, new digital services were launched in transport, which made travel even more convenient. Next year, we will continue to develop the most advanced domestic solutions for passengers,” said Maxim Liksutov.

MIL OSI Russia News –

January 25, 2025

MIL-OSI China: First China-Europe Express cargo ship completes maiden voyage

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

WILHELMSHAVEN, Germany, Jan. 24 — The first container ship of the “China-Europe Express”, the fastest direct route connecting Europe and China’s Yangtze River Delta region, arrived at its destination at the Jade Weser Port in Wilhelmshaven on Friday.

The “KAWA Ningbo” cargo ship, carrying over 1700 containers of new-energy and other high-value goods, completed its non-stop voyage in 26 days, well below the shipment time of 45 days in the past.

“The launch of the ‘China-Europe Express’ route not only provides convenience for the exchange of goods between China and Europe, but also plays a positive role in stabilizing the global product and supply chains, vividly interpreting the profound connotation of jointly building the ‘Belt and Road,’” remarked Cong Wu, consul general of the Chinese General Consulate in Hamburg at a ceremony marking the completion of the voyage.

Cong further emphasized that the steady development of this new route would undoubtedly create new cooperation opportunities for both regions and inject fresh vitality into bilateral economic growth.

Frank Doods, State Secretary in the Lower Saxony Ministry of Economics, Transport, Construction and Digitization, praised the route for bringing rich development opportunities to the city of Wilhelmshaven where the port is located and the broader Lower Saxony. He also expressed optimism about deepening economic ties between Germany and China.

This milestone route was established through a partnership agreement signed at the China International Import Expo last year. The maiden voyage departed from east China’s Ningbo-Zhoushan Port on Dec. 30. The route is set to operate on a monthly basis, enabling regular freight exchange between China and Europe.

MIL OSI China News –

January 25, 2025

MIL-OSI Russia: Financial news: 01/24/2025, 16:56 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A105LY0 (sСОПФДОМ4) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

01.24.2025 16:56

In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of PJSC Moscow Exchange by NCO NCC (JSC) on 24.01.2025, 16-56 (Moscow time), the values of the upper limit of the price corridor (up to 97.12) and the range of market risk assessment (up to 1052.31 rubles, equivalent to a rate of 17.5%) of the security RU000A105LY0 (sСОПФДОМ4) were changed

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MOEX.K.M.M.

MIL OSI Russia News –

January 25, 2025

MIL-OSI Russia: Financial news: 01/24/2025, 14-42 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RU000A0JTZF1 security (DOM.RF26ob) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

01/24/2025 14:42

In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of PJSC Moscow Exchange by NCO NCC (JSC) on 24.01.2025, 14-42 (Moscow time), the values of the upper limit of the price corridor (up to 105.93) and the range of market risk assessment (up to 1146.77 rubles, equivalent to a rate of 9.38%) of the security RU000A0JTZF1 (DOM.RF26ob) were changed

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

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

https://www.moex.com/n77121

MIL OSI Russia News –

January 25, 2025

MIL-OSI China: China, Netherlands pledge to build open world economy, strengthen green development cooperation

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

China, Netherlands pledge to build open world economy, strengthen green development cooperation

Chinese Vice Premier Ding Xuexiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, meets with Dutch King Willem-Alexander in The Hague, the Netherlands, Jan. 22, 2025. Ding visited the Netherlands from Jan. 22 to Jan. 23 at the invitation of the government of the Netherlands. [Photo/Xinhua]

THE HAGUE, Jan. 24 — Chinese Vice Premier Ding Xuexiang met with Dutch leaders on Wednesday and Thursday in The Hague. The two sides agreed to jointly promote an open world economy, and strengthen cooperation in various fields including green development.

Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, met separately with Dutch King Willem-Alexander, Prime Minister Dick Schoof, and Deputy Prime Minister and Minister of Climate and Green Growth Sophie Hermans during his two-day visit.

Ding said that under the strategic guidance of the two countries’ leaders, the open and pragmatic partnership for comprehensive cooperation between China and the Netherlands has been steadily enhanced with fruitful cooperation in various fields, bringing benefits to the two countries and two peoples.

China is willing to further strengthen communication with the Netherlands to enhance mutual trust, push for greater development of bilateral relations and help the two countries accelerate the realization of their respective development goals, he said.

Stressing that both China and the Netherlands are beneficiaries and supporters of an open world economy, Ding said China is committed to high-quality development through high-standard opening-up, welcoming Dutch companies to expand cooperation with China.

It is also hoped that the Dutch side will continue to provide a fair, equitable and non-discriminatory business environment for Chinese companies, safeguard common interests and maintain a stable and unimpeded global industrial and supply chains, and realize the two sides’ complementary advantages, shared opportunities and common development, Ding said.

This year marks the 50th anniversary of the establishment of diplomatic ties between China and the European Union (EU). The vice premier said China is willing to strengthen dialogue and deepen cooperation with the EU to promote the sound and stable development of the China-EU relations, and hopes the Netherlands will play a constructive role in this regard.

King Willem-Alexander said that the Dutch side cherishes mutual trust and friendship and is willing to deepen cooperation with China to jointly push for continuous progress in the Netherlands-China relations.

In the face of the current geopolitical conflicts, countries should communicate frankly, seek consensus, work together and jointly address global challenges, the King added.

Schoof said the Dutch side admires China’s development achievements and regards China as a stable partner, adding that the Netherlands is willing to strengthen dialogue with China, enhance understanding and mutual trust, and expand practical cooperation in various fields such as water conservancy, green development, and medical and health care.

Schoof also noted that the Netherlands is ready to work with China to safeguard free trade and promote openness and cooperation.

Hermans congratulated China on its achievements in environmental protection and green development, and appreciated China’s contributions to the implementation of the Paris Agreement.

The Dutch side is looking forward to promoting cooperation with China in areas such as clean energy, green transition, circular economy, and climate adaptation, Hermans said.

Chinese Vice Premier Ding Xuexiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, meets with Dutch Prime Minister Dick Schoof in The Hague, the Netherlands, Jan. 23, 2025. [Photo/Xinhua]

Chinese Vice Premier Ding Xuexiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, meets with Dutch Deputy Prime Minister and Minister of Climate and Green Growth Sophie Hermans in The Hague, the Netherlands, Jan. 23, 2025. Ding visited the Netherlands from Jan. 22 to Jan. 23 at the invitation of the government of the Netherlands. [Photo/Xinhua]

MIL OSI China News –

January 25, 2025

MIL-OSI New Zealand: Activist News – No humanitarian visas for Palestinians victims of genocide but plenty of rest and recreation for Israeli soldiers involved in genocide – PSNA

Source: Palestine Solidarity Network Aotearoa (PSNA)

Nationwide rallies this weekend will be calling for the government to suspend entry to New Zealand from soldiers in the Israeli Defence Forces.

“New Zealand should not be providing rest and recreation for Israeli soldiers fresh from the genocide in Gaza”, says PSNA National Chair John Minto. “We wouldn’t allow Russian soldiers to come here for rest and recreation from the invasion of Ukraine so why would we accept soldiers from the genocidal, apartheid state of Israel?”

As well as the working holiday visa, since 2019 Israelis can enter New Zealand for three months without needing a visa at all. This visa-waiver is used by Israeli soldiers for “rest and recreation” from the genocide in Gaza.

Israeli Defence Forces actions have resulted in at least 47,000 Palestinians killed – 70% of whom are women and children.

The International Court of Justice has declared Israeli actions a “plausible genocide” Amnesty International, and Human Rights Watch have used the terms genocide and extermination which the latest report from United Nations Special Rapporteur, Francesca Albanese, is entitled “Genocide as colonial erasure”.

Meanwhile the International Criminal Court has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Israeli Defence minister Yoav Gallant for war crimes and crimes against humanity.

All these red flags for genocide have been visible for months but the government is still giving the green light to those involved in war crimes to enter New Zealand.

PSNA has written to the government again in December asking for the suspension of travel to New Zealand for all Israeli soldiers and reservists.

New Zealand has signed the Genocide convention which requires us to prevent and punish the crime of genocide. The government is complicit with its silence.

It’s long past the time for the government to step up.

John Minto

National Chair

Palestine Solidarity Network Aotearoa

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI Submissions: Economic Forums – Saudi Arabia to Host Regular World Economic Forum Global Meeting

Source: AETOSWire ( https://www.aetoswire.com/en/news/2401202544185 )

DAVOS, Switzerland – Saudi Ministry of Economy and Planning – The Kingdom of Saudi Arabia will host a regular high-level World Economic Forum (WEF) global meeting in Riyadh, with the first slated for the Spring of 2026, it was announced today.

The announcement was made today by His Excellency Faisal F. Alibrahim, Minister of Economy and Planning, and Børge Brende, World Economic Forum President, on the final day of the 55th Annual Meeting of the World Economic Forum in Davos, Switzerland.

The global WEF meeting in Riyadh will serve as a vital platform for global leaders, experts, policy- and decision-makers from diverse fields including the public and private sectors, academia, international organizations, and civil society to convene and address the challenges defining our world.

His Excellency Faisal F. Alibrahim, Minister of Economy and Planning for Saudi Arabia, commented on the announcement: “Hosting a regular global World Economic Forum meeting in the Kingdom is a testament to the global platform for dialogue, collaboration and innovation the Saudi Arabia has become, and that the World Economic Forum continues to be. This meeting represents a significant opportunity to further unite the world in capturing the immense potential that lies ahead.

“In this critical juncture for the global economy, we’re not only inspired by the opportunities before us, but also deeply confident that our collective efforts will forge a brighter, more inclusive and more prosperous future for all. We look forward to welcoming the global community again in Saudi Arabia in the spring of 2026.”

President and CEO of the World Economic Forum, Børge Brende, said: “The World Economic Forum is looking forward to coming back to the Kingdom in 2026. To close the 55th World Economic Forum with this announcement puts us on a strong course for the years ahead. Years that will have immense consequence. Because the progress we make over the coming months will not only deliver results in the near term, but will shape our course for years to come.”

Building on the success of the World Economic Forum Special Meeting held in Riyadh in April 2024, this new development solidifies Saudi Arabia’s position as a central player in shaping the global agenda. The Kingdom’s bold leadership and determination to foster global dialogues between developed and developing economies and drive inclusive global growth make it an ideal host to address complex global challenges with the WEF community.

The World Economic Forum Global Meeting in Riyadh is set to become a cornerstone event in the global calendar, reflecting the Kingdom’s position as a key bridge between the north and south, east and west, and a beacon for constructive dialogue and action.

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI Russia: Moscow Metro – Virtual Troika, FPS, and Biometrics: How Moscow’s Ticketing System Changed in 2024

Source: Moscow Metro

Maksim Liksutov reported that digital payment methods for public transport are gaining popularity. For example, virtual Troika cards have been used over 2.5 million times already. This year, passengers have issued more than 120,000 such cards.

Moscow Metro.

Linking Bank Cards in the Moscow Metro App

The service allows users to pay for previous trips in just a couple of clicks, removing their card from the stop-list. You can also view the history of your card’s use on public transport. Passengers have linked nearly 250,000 bank cards in the app.

Biometric Payment on the MCD (Moscow Central Diameters)

In 2024, biometric payment became available at the Nakhabino, Kalanchyovskaya, Likhobory, and Zelenograd-Kryukovo stations. All passengers registered in the system can pay for travel using biometrics on the Diameters.

Faster Payments System (FPS)

This Russian service has been implemented in ticket offices and vending machines of the Moscow Metro. Passengers can use it to buy or top up their Troika card or Muscovite card using a smartphone of any manufacturer.

Biometric Payment for Students

Students now have the option to pay for travel on the metro and MCC (Moscow Central Circle) using biometrics. This convenient payment method is available to over 550,000 students in Moscow.

Virtual Troika Card

This service allows you to pay for travel with any smartphone on all types of public transport. With a virtual “Troika,” passengers spend less than a minute from buying a ticket to validating their ride.

Online Top-Up Activation for Troika Cards

Yellow terminals are no longer needed! Based on passenger requests, automatic activation of online top-ups for Troika and Muscovite cards has been implemented at metro and MCC turnstiles. Additionally, the service has been implemented in open beta on all 3,000 tram validators.

“The city’s ticketing system fully meets the needs of passengers. We offer innovative solutions that are unparalleled in the world in terms of scale and convenience. For example, biometric payment. In addition, in 2024, on the instructions of the Mayor of Moscow, Sergey Sobyanin, new digital services were launched in transport, which made trips even more convenient. Next year, we will continue to develop the most advanced domestic solutions for passengers,” — said Maksim Liksutov.

MIL OSI Russia News –

January 25, 2025

MIL-OSI United Kingdom: Visitor levy will be big boost for Edinburgh

Source: Scottish Greens

24 Jan 2025 Culture

A visitor levy will raise vital funds for services.

The Scottish Greens have welcomed Edinburgh City Council’s vote to support a 5% visitor levy on hotels and overnight accommodation. It is similar to schemes already in place in popular tourist destinations across the world including Paris, Barcelona and New York.

The power to apply a levy was secured by Scottish Green MSPs during previous budget negotiations. Edinburgh’s Green Councillors have led calls for such a levy since 2011, and presented proposals for an 8% rate.

Edinburgh Green Cllr Alys Mumford said:

“The idea of a visitor levy was first raised by Edinburgh’s Greens councillors more than a decade ago, and today the Council has approved an ambitious plan with green values at its heart – raising investment for public services and affordable housing.

“While we’re disappointed that the Labour administration didn’t take the opportunity to set a more ambitious rate for the levy, as well as caving in to the demands of corporate lobbyists around the implementation timeline, it shouldn’t detract from the major step forward it represents.

“Green Councillors across Scotland are working to implement visitor levies for their areas, and the decision Edinburgh has made will set the model for that. We look forward to visitor levies being standard practice around the country, as they are in many European countries.”

Scottish Green MSP Lorna Slater welcomed the news, saying:

“This will be a big boost for Edinburgh.

“We’re incredibly fortunate that so many people want to visit our city. Tourism brings a lot of money into local economies, but our councils see very little benefit from it.

“I’m delighted that Scottish Green Cllrs have led the call for the levy and that Green MSPs were able to deliver the powers to apply it.

“It is a simple step that will ensure that tourists are able to contribute to the services that they are using, while providing vital funding for our local authorities.”

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: Edinburgh declares Scotland’s first visitor levy

Source: Scotland – City of Edinburgh

Councillors have formally agreed to introduce Edinburgh’s Visitor Levy scheme.

Hailed as a ‘historic moment for Edinburgh’, the decision was taken during a special meeting of the Council held online today (Friday 24 January) .

From 24 July 2026, a 5% fee will be applied to the cost of overnight accommodation in Edinburgh, capped at five nights in a row. Businesses will need to apply the levy to any advance bookings made as of 1 October 2025 for stays on or after 24 July 2026.

The levy is projected to raise up to £50 million a year once established, for the city to invest in protecting, supporting and enhancing Edinburgh’s worldwide appeal as a place to live and visit.

The final proposals for the scheme have been updated to provide accommodation providers and booking agencies with extra time to prepare systems for advance bookings ahead of next summer’s launch.

Responding to today’s decision, Council Leader Jane Meagher said:

What an historic moment for Edinburgh. Introducing this ground-breaking visitor levy means realising a once in a lifetime opportunity to invest tens of millions of pounds towards enhancing and sustaining the things that make our city such a great place to visit – and live in – all year round.

The scheme has been many years in the making and I’m grateful to Council officers, businesses and residents who have helped shape it, every step of the way. Its introduction is declared today with a huge amount of backing, not least from local residents.

At all stages we’ve listened to and taken account of the views of industry and other stakeholders. It’s in this spirit that we’ve also extended the amount of time hoteliers and small businesses will have to prepare for the changes that are coming in.

It’s vital that we continue to work closely as we get ready to launch this scheme and deliver the many benefits it is going to bring. We’ve always said this is a city fund and spending decisions need to be taken with a whole city mindset, and we’ll soon be establishing a Visitor Levy Forum with an independent Chair. We’ll also be reporting next steps to executive Council committees.”

Neil Ellis, Chair of the Edinburgh Hotels Association, said:

Edinburgh Hotels Association welcomes the introduction of the visitor levy for its intended use of improving the experience of all visitors – local, national or international – through additional spending. This is a fantastic opportunity to further enhance Edinburgh’s reputation on the World stage as a must visit destination.”

Donald Emslie, a representative of Edinburgh’s tourism industry, said:

This new income stream presents a unique opportunity to generate significant funds for the city’s long-term development. The levy’s potential to generate transformative funds for the benefit of all who live, work, and visit Edinburgh is well recognised and I’m pleased to see a decision made to declare a scheme which will not only support spending on city operations and infrastructure, but sustain Edinburgh’s cultural offering and destination and visitor management.”

The agreed Visitor Levy for Edinburgh scheme:

Scheme Objectives

The overarching aim of the Scheme is to sustain Edinburgh’s status as one of the world’s greatest cultural and heritage cities and to ensure that the impacts of a successful visitor economy are managed effectively and in support of the priorities as set out in the Council’s Business Plan (or equivalent).

The objectives of the Scheme are therefore to Sustain, Support and Develop:

Public services, programmes and infrastructure that provide an enjoyable and safe visitor and resident experience.
Edinburgh’s culture, heritage and events provision to ensure it remains world-leading and competitively attractive to visitors as well as residents.
The city’s visitor economy, by fostering innovation in response to environmental and societal challenges, enhancing Edinburgh’s global reputation while promoting responsible and sustainable tourism.

Scheme area, start date and duration

The Scheme covers the entirety of the City of Edinburgh Council boundaries and will apply to overnight stays from 24 July 2026, booked and paid for (in part or full) on or after 1 October 2025. It will apply indefinitely, or until the Council decides to end or amend it, and at all times of the year.

The levy rate

The levy rate will be 5%, payable for a maximum of five consecutive nights and will apply at the same level, year-round, across the entire City of Edinburgh Council boundary area.

Accommodation liable for the levy

The levy will apply to all overnight accommodation, including those with an annual turnover below the applicable VAT threshold, based within the City of Edinburgh Council boundary.

This includes:

Hotels;
Hostels;
Guest houses;
Bed and breakfast accommodation;
Self-catering accommodation, including short-term lets;
All paid accommodation on caravan sites and campsites, including temporary tent and campervan pitches;
Accommodation in a vehicle, or on board a vessel, which is permanently or predominantly situated in one place; and
Any other place at which a room or area is offered by the occupier for residential purposes otherwise than as a visitor’s only or usual place of residence.

Certain accommodation providers may apply to the Council for a discretionary site exemption if they meet both of the following criteria:

The property is occupied by a charity or trustee of a charity; and
Overnight stays must be wholly or mainly for charitable purposes.

This discretionary exemption is aligned with the cases where charities may receive mandatory relief from paying Non-Domestic Rates and may be cross-checked with that register.

Accommodation providers who do not charge for overnight accommodation, or who cater fully for individuals who are exempted from paying the levy are not liable for the levy.

Individuals exempted or excluded from paying the levy

The Visitor Levy is payable by anyone staying in accommodation which is not their only or usual place of residence (temporary or otherwise). Individuals who do not have an only or usual place of residence are therefore not required to pay the levy. This includes people who are homeless, refugees and asylum seekers and people whose homes are unfit or unsafe for habitation. In addition, individuals defined in s. 14 (1) of the Act are exempt from paying the levy.

Individuals who are exempt or excluded will need to pay the levy to the accommodation provider and request reimbursement from the Council, unless their accommodation has been arranged and paid for directly via the Council. Reimbursement can be applied for online, submitting relevant evidence (as detailed below and on the Council’s website) and bank details (to enable payment via BACS). Alternative provision can be made for those who do not have internet access.

Evidence which will be required to be submitted includes:

The name of person exempted/excluded;
If exclusion applies, verification of such status from relevant official body (this can include the Council’s Homelessness service, Social services, relevant third sector provider, Police Scotland etc);
If exemption applies, a copy (scan/photo) of the relevant benefit award letter or similar document;
Booking confirmation/accommodation invoice – the name of the person exempted/excluded should be included on this document; and
Proof of payment for overnight accommodation.

The Council will assess the evidence received and pay the reimbursement via bank transfer within 5 working days if the applicant is found to be eligible.

Collecting and enforcing the levy

Accommodation providers within the local authority area will be liable for the levy. They will be required to submit quarterly reports, detailing the total accommodation charges and the total levy collected to a national online visitor levy portal. The levy will be payable at the same time as submitting returns.

Accommodation providers are required to keep accurate records of all transactions that are subject to the levy. The Council will conduct inspections, as required, to ensure compliance with the scheme and remittance requirements.

Accommodation providers who fail to comply may be subject to penalties.

Appeals relating to decisions made by the Council on the operation and/or enforcement of the scheme can be registered following the Visitor Levy appeal process detailed on the Council’s website. The Council will aim to review and process such appeals within 28 calendar days.

Use of net proceeds

The Act stipulates that the net proceeds of a visitor levy must be spent on facilitating the achievement of the scheme’s objectives and on “developing, supporting and sustaining facilities and services which are substantially for or used by persons visiting [overnight] for leisure or business purposes (or both)”.

After administration costs, which includes the establishing and maintenance of a contingency fund, a fixed amount will be assigned to:

Housing and tourism mitigation (£5m p.a.);
Participatory budgeting (£2m over 3 years) with appropriate audit checks in place to ensure that these funds are spent on facilitating the achievement of the scheme’s objectives; and
Reimbursement of 2% of remitted funds to Accommodation Providers, to off-set the administrative cost incurred from operating in accordance with the Scheme and collecting visitor data

The remaining funds will then be split into the following investment streams:

City Operations and Infrastructure (55%);
Culture, Heritage and Events (35%); and
Destination and Visitor Management (10%).

The Council will make decisions on the use of funds after consultation with the Visitor Levy Forum (see details below), with these decisions delegated to the relevant executive Committees.

Reviewing and changing the scheme

The Council will review the scheme every three years to assess whether it is successfully achieving its objectives and to measure the impact of the scheme on businesses, visitors and communities. The review will be published along with a report detailing how the income has been spent and the benefits which the VL-funded projects have brought.

If the Council wishes to make changes to the scheme following the review, it will publicly consult on the change and publish a report detailing the decision and its justification. Significant changes to the scheme will require an 18-month implementation period.

Significant changes to the scheme include:

Increasing the scheme area;
Increasing the percentage rate; and/or
Removing any exemptions

Visitor Levy Forum

A Visitor Levy Forum will be established to discuss and advise on the VL scheme, including the review of the scheme and any modifications to the scheme. The Forum will also be consulted on how the VL funds will be spent.

The Forum will be made up of an equal number of representatives from the community and from businesses in the city’s visitor economy and at least 40% of the representatives must be women. Council officers responsible for the investment streams and officers from the Council’s Programme Management Office will be in attendance at Forum meetings and may make recommendations to the Forum but will not be members of the Forum itself.

The Council will report publicly and to the Scottish Government on

the amount we collect
how we use the net proceeds, (the amount collected minus costs or expenses of operating the scheme)
how we demonstrate that we are delivering the objectives of the Scheme.

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: Storm Eowyn Update Evening Friday January 24

Source: Scotland – City of Dundee

Dundee City Council is providing an update on waste services as Storm Eowyn passes through the city following a day of disruption.

Re-arranged collections will be put in place after services were stood down on Friday.

These are:

· Grey bin (general waste) collections that were scheduled for Friday January 24 will now be collected on Monday January 27.

· Any bulky uplifts that were scheduled for Friday January 24 will now be uplifted on Monday January 27.

· Blue bin (paper/cardboard) collections that were scheduled for Friday January 24 will now take place on Wednesday January 29

Burgundy bin (metals, plastics, cartons) and food waste collections will be uplifted at the next scheduled pick-up day.

Commercial waste (including recycling) collections will also be uplifted at the next scheduled date.

Baldovie & Riverside Household Waste Recycling centres will re-open on Saturday January 25 subject to site inspections.

Yellow weather warnings for snow, ice and wind remain in place for the city on Saturday and further disruption is possible.

The council will provide updates on arrangements for the reopening of Council buildings in due course. For the latest information on all our services, please visit our Storm Éowyn page.

Updates will also be posted on our social media channels, including Facebook and X

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: Avian Influenza Prevention Zone declared for whole of England

Source: United Kingdom – Executive Government & Departments 2

Mandatory enhanced biosecurity will now be required and the housing order extended to cover York, North Yorkshire and Shropshire.

The UK Chief Veterinary Officer has ordered a new Avian Influenza Prevention Zone AIPZ to cover the whole of England from noon on Saturday 25 January following the escalating number of cases of avian influenza and continued heightened risk levels in wild birds.

The move will require keepers to conduct enhanced biosecurity to mitigate the risk of further outbreaks of the disease.

A Housing Order has also been extended in the north of England to now cover York and North Yorkshire, and a new Housing Order has been ordered for Shropshire following an outbreak in the county. This will come into force at 00:01 on Monday 27th January.

A housing order remains in in force across East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk, Suffolk. Areas with Housing Orders require the strictest levels of biosecurity as set out by the AIPZ.

Mandatory housing also applies in any 3km Protection Zone surrounding an infected premises.

The current risk to human health remains very low and as standard, properly cooked poultry and poultry products, including eggs, are safe to eat. UKHSA remains vigilant for any evidence of changing levels of risk and are keeping this under constant review.

UK Chief Veterinary Officer, Christine Middlemiss said: > > Given the continued increase in the number of bird flu cases across England, we are taking further action to try and prevent the further spread of disease. > > I urge bird keepers to check which requirements apply to them, to continue to exercise robust biosecurity measures, remain alert for any signs of disease and report suspected disease immediately to the Animal and Plant Health Agency.

The AIPZ measures apply to all bird keepers whether they have pet birds, commercial flocks or just a few birds in a backyard flock and are essential to protecting flocks from avian influenza.

Bird keepers are advised to consult the Interactive Map on gov.uk to check if they are impacted and should then read the AIPZ declaration relevant to their area – either the regional AIPZ with housing measures which sets out the requirements in East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk, Suffolk, Shropshire, York and North Yorkshire, or the regional AIPZ without housing measures for all other areas of England.

Further information on the latest situation and guidance to help bird keepers comply with the new rules is available via gov.uk/birdflu, but includes measures such as cleansing and disinfect clothing, footwear, equipment and vehicles before and after contact with poultry and captive birds– if practical, use disposable protective clothing.

Keepers are encouraged to take action to prevent bird flu and stop it spreading. Be vigilant for signs of disease and report it to keep your birds safe.

Check if you’re in a bird flu disease zone on the map and check the [declarations] (https://www.gov.uk/animal-disease-cases-england) for details of the restrictions and gov.uk/birdflu for further advice and information.

The AIPZs will be in place until further notice and will be kept under regular review as part of the government’s work to monitor and manage the risks of avian influenza.

Published 24 January 2025

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Security: Three arrests following armed robberies in southeast London

Source: United Kingdom London Metropolitan Police

Detectives from the Met’s Flying Squad have arrested three people following a spree of armed robberies in southeast London.

Two men, both aged 26, and a 28-year-old woman were all arrested on Thursday, 23 January on suspicion of conspiracy to rob. They all remain in custody.

The arrests came in response to incidents where a shop in Belvedere was targeted. The first incident took place on 6 January when a man, armed with a handgun, entered the shop and threatened staff. He made off with a quantity of cash.

On 14 January a man attended the same shop in possession of a firearm and attempted another armed robbery but was deterred by staff.

On 23 January, the two men and the woman, attended the same shop in Belvedere but did not enter. However, they then drove to a shop in Swancombe, Kent and were intercepted by officers as they attempted to rob the venue.

All three were arrested and a firearm was recovered.

No shots were fired in any of the incidents.

Detective Chief Inspector Laura Hillier of the Met’s Flying Squad said:

“I want to reassure the public that the Metropolitan Police are committed to tackling serious and organised crime and those people who cause the most harm within London’s communities.

“The Flying Squad are uniquely placed to investigate armed robberies through a proactive and precise approach and tackling such offending remains a priority.”

MIL Security OSI –

January 25, 2025

MIL-OSI USA: In Senate Floor Speech, Murray Lays Out Case Against Controversial DoD Nominee Pete Hegseth, Slams Him for Refusal to Meet Prior to Confirmation Vote

US Senate News:

Source: United States Senator for Washington State Patty Murray
ICYMI: Murray, Duckworth Lead Senators in Introducing Resolution Recognizing the Service of Women in Combat
ICYMI: Senator Murray Statement on Pete Hegseth Canceling Meeting with Her, Refusal to Meet Ahead of Probable Confirmation Vote
Murray: “Our military uniforms do not say Democrat. They do not say Republican. They just don’t. You cannot be an effective commander if your people don’t trust you. But how are troops supposed to trust you to keep them safe in combat if you think half the nation is the enemy?”
***VIDEO of Senator Murray’s floor speech HERE***
Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, took to the Senate floor to lay out her strong opposition to Pete Hegseth’s nomination to lead the Secretary of the U.S. Department of Defense (DoD). Murray articulated the many grave concerns she has with Mr. Hegseth’s qualifications, positions, and his character—and slammed him for refusing to meet with her before his confirmation vote.
On Saturday, Murray called out Hegseth for refusing to meet with her until after his confirmation vote, and today on the Senate floor, she reiterated that every nominee should be willing to meet with senators to answer basic questions about how they would approach their role if confirmed, calling it: “beneath the dignity of the role he aspires to for Mr. Hegseth to refuse to meet one-on-one with most Democrats.”
“I mean, if Mr. Hegseth is afraid of me, how is he going to stand up to China? Meeting with members on both sides isn’t just some formality—if you are confirmed, it is part of the job,” Murray said.
“Let’s be perfectly clear about the stakes here—we are talking about who we will put in command of the most powerful military in the world. There is nothing on Mr. Hegseth’s resume that remotely suggests he has the experience for the role,” Murray continued. “I have a deep appreciation for his service to our country—I do. But let’s not kid ourselves here. I don’t see how being a Fox TV host prepares you to lead three million servicemembers and civilians. I don’t see how bankrupting a veterans’ nonprofit through wasteful spending qualifies you to manage a budget of nearly $900 billion dollars. Moreover, we really truly have no sense of what his understanding of military policy is or what his strategic priorities would be.”
Murray pointed out that, because senators had had to spend so much time at Mr. Hegseth’s confirmation hearing asking him basic questions about his questionable character and fitness—questions Republicans refused to ask—they had little time to ask him about how he would do his job.
“How does he plan to reduce costs and development times for key military capabilities that are critical to our national security? How would he invest in our defense industrial base and public shipyards, like the one in my home state in Washington? How does he view the pacing threat in the Indo-Pacific and how would he work with our partners and allies to prepare for a potential conflict? Does he have any thoughts on that at all?,” Murray asked. “This is just not a serious candidate who has thoughtful positions on the challenges we face.”
“You know what position he is serious about? What he has stated over and over again? ‘I’m straight up just saying we should not have women in combat roles.’ He said that last November,” Murray said on the Senate floor. “He has also made clear he has little regard for the Geneva Conventions. Now maybe this is a bit old fashioned of me, but I think we should have a Secretary of Defense who is firmly against war crimes. Not one who has spoken in favor of torture like water boarding, in favor of people convicted of war crimes, and questioned whether we should follow the Geneva Conventions.”
“And let’s not forget—in addition to having no real qualifications, and many alarming positions, Mr. Hegseth also has many red flags that raise serious concerns about his character and conduct… There is no world where we should have a predator running the Department of Defense that is responsible for the wellbeing of millions of women and men in uniform.”
Murray concluded by saying, there is no world where the person in charge of the U.S. military should see his fellow Americans as the enemy. In Hegseth’s book American Crusade, published in 2020, Hegseth wrote: “The other side, the left, is not our friend. We are not esteemed colleagues, nor mere political opponents. We are foes. Either we win or they win. We agree on nothing else.”“How are troops supposed to trust you to keep them safe in combat if you think half the nation is the enemy? How are Muslim servicemembers supposed to trust you if you think their religion is a threat to the country? How are women servicemembers supposed to trust you if you think they should be at home?,” Murray asked on the Senate floor.
“I don’t have an answer to that. Maybe Mr. Hegseth doesn’t either—maybe that is why he won’t meet with me. And then again, maybe it’s because he thinks I’m his foe because I’m a Democrat, or maybe he doesn’t think I should have a say in the military issues because I’m a woman. But I do have a say—and I say someone like Mr. Hegseth is grossly unqualified to take on one of the most important jobs in the world,” Murray said.
As the top Democrat on the Senate Appropriations Committee, Senator Murray helps author and negotiate defense spending each year. In Fiscal Year 2024, Murray prioritized investments in our servicemembers and military families, including by delivering on a 5.2% pay raise for servicemembers, expanding child care services, increasing funding for sexual assault prevention services, and boosting mental health and suicide prevention resources. Senator Murray also played a leading role in negotiating and delivering on a comprehensive national security supplemental in April of 2024 to extend aid to Ukraine, provide badly needed humanitarian relief, and support key partners in the Indo Pacific while deterring aggression by the Chinese government.
Senator Murray’s full remarks, as delivered on the Senate floor today, are below and video is HERE:
“Mr. President. I realize some Republicans were hoping we would cut this process short, but I have no problem coming to the floor, and having a lengthy discussion about Mr. Hegseth’s nomination to be Defense Secretary.
“I am eager to talk about it. The only person who doesn’t seem to want to talk about the Hegseth nomination is actually Mr. Hegseth himself! Because, Mr. President, I have been trying for weeks to schedule a meeting with Mr. Hegseth prior to his confirmation vote.
“I genuinely want a chance to ask him directly about my concerns with his character and fitness, yes, but also about the serious challenges facing our nation—whether it’s competition with China or aggression from Russia.
“As Vice Chair of the Senate Appropriations Committee, I help write the bill that funds the Defense Department—every year. And that bill only passes with bipartisan support. I don’t think it’s asking a lot to be able to meet with the person nominated to lead that department.
“I’ve had the opportunity to meet with ten of President Trump’s Cabinet nominees, and I look forward to meeting with more before they are confirmed by the Senate. Conducting these meetings is the absolute bare minimum given the role of each Senator and the constituents they represent.
“But Mr. Hegseth refused to meet with me and has refused to meet with many of my Democratic colleagues.
“I think most Americans would agree you shouldn’t get the job if you decide you can just skip the job interview. Every nominee—every nominee—should be willing to meet with Senators, regardless of their party, to answer basic questions about how they would approach their role if confirmed.
“It’s honestly beneath the dignity of the role he aspires to for Mr. Hegseth to refuse to meet one-on-one with most Democrats.
“What is he afraid of? Are the questions we have to ask really that hard? I mean, if Mr. Hegseth is afraid of me, how is he going to stand up to China?
“Meeting with members on both sides isn’t just some formality—if you are confirmed, it is part of the job. So this is a serious concern, and one of many concerns I have with Mr. Hegseth’s qualifications, his positions, and his character.
“Let’s be perfectly clear about the stakes here—we are talking about who we will put in command of the most powerful military in the world. There is nothing on Mr. Hegseth’s resume that remotely suggests he has the experience for that role.
“I have a deep appreciation for his service to our country—I do. But let’s not kid ourselves here.
“I don’t see how being a Fox TV host prepares you to lead three million servicemembers and civilians. I don’t see how bankrupting a veterans’ nonprofit through wasteful spending qualifies you to manage a budget of nearly $900 billion dollars.
“Moreover, we really truly have no sense of what his understanding of military policy is, or what his strategic priorities would be. Now thanks to Senator Duckworth, we know that he is someone who can’t name a single country in ASEAN—I mean, that ignorance is alarming.
“Senators had just seven minutes during his confirmation hearing to ask questions—many asked the questions we knew our Republican colleagues would not, regarding Hegseth’s questionable character and fitness. Important questions, absolutely!
“But because we had to spend so much time understanding if he even could do this job at the most basic level—we had precious little time to ask him about how he would do his job!
“How would Pete Hegseth ensure our servicemembers and their families have the resources they need at home and abroad? How does he plan to reduce costs and development times for key military capabilities that are critical to our national security? How would he invest in our defense industrial base and public shipyards, like the one in my home state of Washington?
“How does he view the pacing threat in the Indo-Pacific, and how would he work with our partners and allies to prepare for a potential conflict? Does he have any thoughts on that at all?
“This is just not a serious candidate who has thoughtful positions on the challenges that we face.
“You know what position he is serious about? What he has stated over and over again?
“And I quote: ‘I’m straight up just saying we should not have women in combat roles.’ He said that last November. Or, ‘we need moms. But not in the military, especially in combat units.’
“Now that is infuriating, and disqualifying—I don’t have to try very hard to imagine how that kind of condescending attitude will go over with our women in uniform.
“And after decades of comments like this denigrating the role of women in the military in ways that simply do not square with reality, Mr. Hegseth’s recent about-face on this topic is just not convincing.
“He has also made clear he has little regard for the Geneva Conventions. Now, maybe this is a bit old fashioned of me, but I think we should have a Secretary of Defense who is firmly against war crimes. Not one who has spoken in favor of torture like waterboarding, in favor of people convicted of war crimes, and questioned whether we should follow the Geneva Conventions.
“And let’s not forget—in addition to having no real qualifications, and many alarming positions, Mr. Hegseth also has many red flags that raise serious concerns about his character and his conduct.
“There is the report that he and his management team pursued women on his staff. There is the report that he took his employees to a strip club and got drunk. There is the report he got drunk in uniform, and had to be carried out of a strip club. There is the report he chanted ‘kill all Muslims’ while he was drunk.
“And beyond reporting, there are the police records backing up the account of a woman who told a nurse she may have been drugged and then raped by Pete Hegseth.
“Now, we couldn’t hear from that woman because Mr. Hegseth reached a financial settlement and he has now threatened to sue her for speaking out. And we almost didn’t hear about that incident at all since he didn’t even disclose it when he was vetted!
“But there are other people we have heard from. We know his mother once wrote to her son, directly criticizing him as an abuser of women. We know his former sister-in-law, in a signed affidavit, has shared she saw Mr. Hegseth drink to excess, and understood his ex-wife feared for her safety with him.
“And we know that same ex-wife told the FBI, ‘he drinks more than he doesn’t.’ That is an awful lot of smoke for us to be ignoring the fire.
“There is absolutely no world where someone who has a history of running up debts at nonprofits should be responsible for overseeing half of our discretionary spending.
“There is no world where someone with a history of failing to address his irresponsible alcohol use should be given one of the most stressful jobs imaginable, and should be making life and death decisions on a daily and an hourly basis.
“There is no world where we should have a predator running the Department of Defense that is responsible for the wellbeing of millions of women and men in uniform. I don’t get how that is complicated.
“Mr. President, let me just end on this: there is no world where the person in charge of our military should see his fellow Americans as the enemy.
“But Mr. Hegseth has made clear that is his view. Regarding Democrats and Republicans, he has written, and this is him: ‘The other side, the left, is not our friend. We are not esteemed colleagues, nor mere political opponents. We are foes. Either we win or they win. We agree on nothing else.’
“That is an especially dark view of our country. Our military uniforms do not say Democrat. They do not say Republican. They just don’t.
“Mr. President, you cannot be an effective commander if your people don’t trust you. But how are troops supposed to trust you to keep them safe in combat if you think half the nation is the enemy?
“How are Muslim servicemembers supposed to trust you if you think their religion is a threat to our country? How are women servicemembers supposed to trust you if you think they should be at home?
“I don’t have an answer to that. Maybe Mr. Hegseth doesn’t either—maybe that’s why he won’t meet with me. And then again, maybe it’s because he thinks I’m his foe because I’m a Democrat. Or maybe he doesn’t think I should have a say in the military issues because I’m a woman.
“But Mr. President, I do have a say—and I say someone like Mr. Hegseth is grossly unqualified to take on one of the most important jobs in the world.
“And I will be voting against him. And I urge my Republican colleagues to seriously consider the message it will send to confirm someone for Secretary of Defense who has failed, time and again, to meet the most basic standards of conduct our women and men in uniform are required to live up to.”

MIL OSI USA News –

January 25, 2025

MIL-OSI Video: Gaza: Children Deserve Security, Education, & Hope – Humanitarian UN Official | United Nations

Source: United Nations (Video News)

The Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, Tom Fletcher today (23 Jan) told the Security Council that “the children of Gaza are not collateral damage” and are “as deserving as children everywhere of security, education and hope.”

Before today’s meeting on the situation of children in the occupied Palestinian territory began, Russian Ambassador Vasily Nebenzya asked for the floor. Nebenzya said, “the refusal” of UNICEF’s Head Catherine Russell to brief today’s Council session, was “a flagrant step which deserves our most serious censure.”

The Russian Ambassador said Russell, “during the US presidency of the Security Council, came to brief us at the drop of a hat at a disgraceful, politicized briefing about the so-called children’s aspects of the situation in Ukraine, on the 4th of December of last year.” Adding, “it would appear that for UNICEF, children in Gaza are less important than children in Ukraine.”

United States Ambassador Dorothy Shea also requested the floor and said, “the idea that the United States is responsible for the terrible suffering there is, just unacceptable to us, and we reject it, in its totality.”

Fletcher told the Council that children in Gaza, “have been killed, starved and frozen to death. They have been maimed, orphaned, separated from their family. Conservative estimates indicate that over 17,000 children are without their families in Gaza. Some died before their first breath, perishing with their mothers in childbirth. An estimated 150,000 pregnant women and new mothers are in desperate need of health services. Children have lost their schools and their education.”

He said children in Gaza “tell us that the world was not there for them throughout this war. We must be there for them now.”

Palestinian author Bisan Nateel, who writes children books, told the Council, “we have always been waiting for the moment when the Security Council would announce a ceasefire to end all these massacres and violations against the Palestinians in Gaza. Today, I hope. To live the ceasefire and for all our children to go back to their schools and for us to go back to our normal life when we used to go to our schools, to work, when we used to play, plant, work. The natural act of life, just to live.”

Palestinian Ambassador Riyad Mansour called upon the international community “to enable UNWRA to reopen its schools in the Gaza Strip, and to equip it to welcome thousands of children to resume formal education. And to reach every young boy and girl evenly and safely.”

For his part, Israeli Ambassador Danny Danon said, “it is Hamas, not Israel, that has turned Gaza into a war zone. It is Hamas, not Israel, that uses children as human shields. It is Hamas, not Israel, that places its terror infrastructure in schools, hospitals and civilian neighbourhoods. But time and time again, this Council chooses to ignore these facts.”

The Office for the Coordination of Humanitarian Affairs (OCHA) reported that large volumes of humanitarian aid continue to enter Gaza through the Erez and Zikim crossings in the north and Kerem Shalom crossing in the south.

Inside Gaza, OCHA says that aid cargo and humanitarian personnel are moving into areas that were previously hard to reach.

https://www.youtube.com/watch?v=gUwQzZluwFM

MIL OSI Video –

January 25, 2025

MIL-OSI United Kingdom: North West trunk road network ready for Storm Eowyn

Source: Scotland – Highland Council

The Met Office has issued a red weather warning for wind affecting most of central and southern Scotland from 10am until 5pm today, Friday 24 January. This means very dangerous conditions and significant disruption, particularly in coastal areas.

Police Scotland are advising the public not to travel in, or to, the areas affected by the red warning during the period of the weather.

Transport Scotland’s operating company BEAR Scotland is mobilised and ready to deal with whatever Storm Éowyn brings to North West Scotland’s trunk roads, where safe to do so.

All road works that were scheduled today have been postponed and new programme dates will be shared in due course.

Ian Stewart, BEAR Scotland’s North West representative, said: “Conditions are expected to be hazardous across the network and Police Scotland have issued a warning not to travel to the areas affected by the red weather warning. We urge the public to pay close attention to weather warnings and comply with police advice to avoid travel during the storm.

“Our teams will be fully mobilised to respond to and deal with any issues that arise on the trunk road network, such as fallen trees, flooding or bridge closures.”

A video explaining how BEAR Scotland monitors and prepares for storms can be viewed here: https://youtu.be/ffmNM1HxX2Y

Live traffic information is available from Traffic Scotland at http://www.traffic.gov.scot or on X at @trafficscotland.

24 Jan 2025

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: An open letter to the Minister for Public Finance

Source: Scotland – City of Edinburgh

The Council Leader has formally written to the Scottish Government to declare Edinburgh’s intention to launch a Visitor Levy.

Writing today (24 January) following the Council’s decision to introduce a Visitor Levy scheme, Council Leader Jane Meagher addresses the Minister for Public Finance, Ivan McKee.

The letter states:

Dear Minister for Public Finance,

I am writing to formally declare Edinburgh’s intention to introduce a Visitor Levy scheme.

A full public consultation period was carried out from 23 September 2024 – 15 December 2024, with the results published in a report with the final recommended scheme.

During a Council meeting today, the details of our Scheme were agreed and will see a levy in place from 24 July 2026, applying to all bookings made on and after 1 October 2025. The full final scheme is available on our website.

The overarching aim of the scheme and the reason for us to agree to proceed with it is to sustain Edinburgh’s status as one of the world’s greatest cultural and heritage cities and to ensure that the impacts of a successful visitor economy are managed effectively and in support of the priorities as set out in the Council’s Business Plan.

I would like to thank you and the work of the Visitor Levy (Scotland) Bill team. In advancing the legislation, the Scottish Government is giving Councils greater financial responsibility and strengthening local democracy.

I am immensely proud that Edinburgh becomes the first city in Scotland to declare a levy. We were named Europe’s leading sustainable destination 2023 by the World Travel Awards and Edinburgh continues to be a world class destination with around 4 million visitors a year and a growing economy.

The visitor levy will help boost the tourism industry with funds re-invested back into local facilities and services that will support the sustainable growth of the visitor economy. This new source of funding is urgently needed to sustain local services and spaces used by visitors and locals alike.

I look forward to continued working between the City of Edinburgh Council and the Scottish Government as we enter the implementation period.

Yours sincerely

Jane Meagher

Leader of the City of Edinburgh Council

Published: January 24th 2025

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Europe: Text adopted – Case of Boualem Sansal in Algeria – P10_TA(2025)0005 – Thursday, 23 January 2025 – Strasbourg

Source: European Parliament

The European Parliament,

– having regard to its previous resolutions on Algeria,

– having regard to Rules 150(5) and 136(4) of its Rules of Procedure,

A. whereas on 16 November 2024 the Algerian authorities arrested French-Algerian writer Boualem Sansal, who had publicly taken a robust stance against the authoritarian regime, calling for freedom of expression in Algeria; whereas his whereabouts remained unknown for over a week, during which time he was denied access to his family and legal counsel, contrary to international law; whereas Sansal was interrogated without his lawyer, violating his right to a fair trial; whereas he was subsequently charged with national security-related offences under Article 87bis of the Algerian Penal Code, a provision frequently used against government critics, including human rights defenders; whereas Sansal has been hospitalised several times;

B. whereas Algeria is a signatory to the Universal Declaration of Human Rights; whereas Algeria has undertaken to respect and promote freedom of expression in full compliance with its international obligations, the EU-Algeria partnership priorities, and its Constitution; whereas new amendments to the Penal Code were adopted in 2024 imposing significant restrictions on freedom of expression;

C. whereas freedom of expression in Algeria has deteriorated, with the country falling to 139th place on the 2024 World Press Freedom Index; whereas journalists have been placed under increasing pressure and are often detained and prosecuted; whereas at least 215 people are being held in Algeria as prisoners of opinion, according to Algerian human rights defenders; whereas censorship, trials and harsh punishment of independent media, often accused of colluding with foreign powers against national security, continue to increase;

D. whereas between 2021 and 2024 the EU disbursed EUR 213 million to Algeria under the Multiannual Indicative Programme;

1. Condemns the arrest and detention of Boualem Sansal and calls for his immediate and unconditional release;

2. Equally condemns the arrests of all other activists, political prisoners, journalists, human rights defenders and others detained or sentenced for exercising their right to freedom of opinion and expression, including journalist Abdelwakil Blamm and writer Tadjadit Mohamed, and calls for their release;

3. Urges the EU institutions and the EU Delegation to publicly share their concerns with the Algerian authorities, and to organise a medical mission to assess Sansal’s health;

4. Calls on the Algerian authorities to review all repressive laws restricting freedoms, in particular Articles 87bis, 95bis and 196bis of Algeria’s Penal Code, and the judiciary’s independence, in order to protect the freedom of the press as enshrined in Article 54 of Algeria’s Constitution;

5. Reiterates, as enshrined in the EU-Algeria Partnership Priorities, the importance of the rule of law in order to consolidate freedom of expression; stresses that renewing this agreement must be based upon continued and substantial progress in the aforementioned domains and underscores that all future disbursements of EU funds should consider the progress made in this regard;

6. Instructs its President to have this resolution translated into Arabic and forwarded to the Algerian Authorities, the Commission and the VP/HR.

MIL OSI Europe News –

January 25, 2025

MIL-OSI Europe: Text adopted – Case of Jean-Jacques Wondo in the Democratic Republic of the Congo – P10_TA(2025)0003 – Thursday, 23 January 2025 – Strasbourg

Source: European Parliament

The European Parliament,

– having regard to its previous resolutions on the Democratic Republic of the Congo (DRC),

– having regard to the International Covenant on Civil and Political Rights, ratified by the DRC in 1976, and the African Charter on Human and Peoples’ Rights,

– having regard to the Universal Declaration of Human Rights and the Principles and Guidelines on the Right to a Fair Trial and Legal Assistance in Africa,

– having regard to Rules 150(5) and 136(4) of its Rules of Procedure,

A. whereas Jean-Jacques Wondo, a Belgian-Congolese security, military and political expert, was invited to Kinshasa in February 2024 to lead reforms of the Congolese National Intelligence Agency, the ANR;

B. whereas Wondo was arrested following a failed coup on 19 May 2024, for which he was accused of being the ‘intellectual perpetrator’, despite consistently maintaining his innocence; whereas the charges were based on coerced and unreliable testimony;

C. whereas on 13 September 2024, Wondo and 36 others were sentenced to death by a military court in a process widely condemned for serious violations of due process and the absence of credible evidence;

D. whereas Wondo’s health has gravely deteriorated in custody and requires medical attention;

E. whereas the DRC lifted a moratorium on the death penalty in March 2024, leading to a sharp rise in death sentences, which contradicts its commitments under international human rights law;

1. Strongly condemns the sentencing to death of Wondo and others and the grave violations of their right to a fair trial;

2. Urges the DRC Government to immediately overturn the death sentences, reinstate a moratorium on executions and take steps towards the full abolition of the death penalty;

3. Expresses deep concern about Wondo’s deteriorating health, calls for him to be given immediate access to medical treatment and insists on his immediate release;

4. Denounces the misuse of military courts to prosecute Wondo and calls on the DRC to align its judicial practices with international and regional human rights commitments;

5. Reiterates its categorical opposition to the death penalty under any circumstances and calls for its universal abolition;

6. Encourages the EU delegation in Kinshasa, the European External Action Service and the foreign affairs ministers of the Member States to intensify their engagement with the DRC authorities, emphasising respect for human rights, judicial independence and the rule of law;

7. Calls for systemic reforms to be implemented in the DRC to rebuild the judiciary into an independent, fair and efficient institution that guarantees due process and the protection of fundamental rights;

8. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the Government and Parliament of the Democratic Republic of the Congo, the African Union and other relevant international bodies.

MIL OSI Europe News –

January 25, 2025

MIL-OSI Europe: Text adopted – Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine – P10_TA(2025)0006 – Thursday, 23 January 2025 – Strasbourg

Source: European Parliament

The European Parliament,

– having regard to its previous resolutions on Russia’s war of aggression against Ukraine,

– having regard to its previous resolutions on historical remembrance,

– having regard to the Charter of the United Nations,

– having regard to the Rome Statute of the International Criminal Court (ICC),

– having regard to the Geneva Conventions,

– having regard to Rule 136(2) and (4) of its Rules of Procedure,

A. whereas on 24 February 2022, the Russian regime declared the start of a ‘special military operation’ in Ukraine based on false claims that it needed to protect civilians;

B. whereas, in fact, since 24 February 2022 the Russian Federation has been waging an unprovoked, unjustified and illegal war of aggression against Ukraine, in continuation of previous aggressions since 2014, and continues to persistently violate the principles of the UN Charter through its aggressive actions against the sovereignty, independence and territorial integrity of Ukraine and to blatantly and grossly violate international humanitarian law, as established by the Geneva Conventions of 1949, in particular through the massive use of targeted attacks against the civilian population, residential areas and civilian infrastructure;

C. whereas the UN General Assembly, in its resolution of 2 March 2022, immediately qualified Russia’s war against Ukraine as an act of aggression in violation of Article 2(4) of the UN Charter, and, in its resolution of 14 November 2022, it recognised the need to hold the Russian Federation accountable for its war of aggression, as well as legally and financially responsible for its internationally wrongful acts, and that Russia should pay reparations for the injuries and damage caused;

D. whereas Russia’s aggression against Ukraine is not an isolated act but a continuation of its imperialistic policy, which has included a war against Chechnya and military aggression against Georgia in 2008, and the occupation of Crimea and the start of a war in the Donbas in 2014;

E. whereas the start of Russia’s full-scale war of aggression against neighbouring Ukraine was preceded by several public declarations by the president of the Russian Federation seeking to justify its use of force by means of historical revisionism, false claims and illegitimate demands for the recognition of its exclusive interests in Ukraine and other neighbouring countries;

F. whereas the Russian regime has been making widespread use of disinformation, including based on distorted historical arguments, and foreign information manipulation and interference in an attempt to justify its crime of aggression, to incite the Russian population to support its illegal regime and illegal war of aggression against neighbouring Ukraine, to interfere in the democratic processes of other countries and to reduce support among their populations for continued international assistance and support for Ukraine against Russia’s war of aggression; whereas the Russian regime denies Ukraine’s distinct national identity, falsely claiming it as part of the Russian world (‘Russkiy mir’), a narrative rooted in imperialistic ideology; whereas Russia is demolishing Holodomor memorials and restoring demolished monuments to Lenin in the occupied territories of Ukraine;

G. whereas Russia has not only failed to acknowledge the unforgivable initial role of the Soviet Union in the early stages of World War II, for example through the 1939 Treaty of Non-Aggression between Nazi Germany and the Union of Soviet Socialist Republics (Soviet Union) and its secrets protocols, commonly referred to as the Molotov-Ribbentrop Pact of 1939, in which both totalitarian regimes conspired to divide Europe into exclusive spheres of influence, and failed to assume its responsibility for the many atrocities and mass crimes committed in territories occupied by the Soviet Union, but the current Russian regime has also instrumentalised history and created a cult of ‘victory’ around World War II to ideologically mobilise citizens and manipulate them into supporting an illegal war of aggression;

H. whereas Russia has developed a growing disinformation campaign of historical revisionism for the purpose of denying Ukraine its national identity, statehood and very existence, and with the aim of justifying its claims to exclusive spheres of influence, which is reminiscent of how the Soviet Union agreed with Nazi Germany to invade and occupy parts of Poland and Romania as well as Estonia, Latvia, Lithuania and Ukraine in the Molotov-Ribbentrop Pact; whereas today, Russia poses a particular threat to Poland and the Baltic States and their sovereignty through this type of historical revisionism;

I. whereas Victory Day, celebrated annually on 9 May, has been turned by the current Russian regime into a tool of war propaganda in Russia, by exploiting the narrative of the ‘liberation of Europe from Nazism’ and thus ignoring the subsequent Soviet occupation of the Baltic States and the subjugation of central Europe; whereas this narrative of liberation from Nazism is being used today in Russia’s war of aggression against Ukraine;

J. whereas in some Member States, communist symbols, as well as the symbols of the ongoing Russian aggression, are prohibited by law; whereas since 2009, 23 August has been commemorated across the EU as the European Day of Remembrance for Victims of all Totalitarian and Authoritarian Regimes; whereas since 2003, Parliament has held an annual commemoration for the victims of mass Soviet deportations;

1. Reiterates its condemnation, in the strongest possible terms, of Russia’s unprovoked, illegal and unjustified war of aggression against Ukraine; calls on Russia to immediately terminate all military activities in Ukraine and to completely and unconditionally withdraw all forces, proxies and military equipment from the entire internationally recognised territory of Ukraine, to end its forced deportations of Ukrainian civilians and to release all detained and deported Ukrainians, particularly children;

2. Rejects the various claims made by the Russian regime as futile attempts to justify an illegal war of aggression that constitutes a blatant violation of the UN Charter and of the responsibility of the Russian Federation as a permanent member of the UN Security Council to maintain peace and stability and that was immediately recognised as such by the other permanent members of the UN Security Council, along with an overwhelming majority of the UN General Assembly; recalls that no consideration of whatever nature, whether political, economic, military, historic or otherwise, may serve as a justification for Russia’s aggression against Ukraine;

3. Condemns the Russian regime’s systematic falsification and use of distorted historical arguments, such as those related to the Molotov-Ribbentrop Pact, in its attempt to manipulate Russian public opinion into supporting criminal actions such as the illegal war of aggression against neighbouring Ukraine, to undermine international support and assistance for Ukraine and to erase Ukraine’s distinct cultural and historical identity; denounces Russia’s claim that it is entitled to zones of exclusive interest at the expense of the sovereignty and territorial integrity of other states as incompatible with international law;

4. Condemns the Russian Federation’s failure to establish accountability for Soviet crimes and its deliberate obstruction of historical research by denying access to and closing Soviet archives, as well as the fact that it has enacted legislation criminalising the truthful portrayal of Soviet and Russian crimes and persecuted civil society organisations investigating Soviet crimes, and has glorified Stalinist totalitarianism and re-created its methods; maintains that impunity and the lack of factually accurate historical and public debate and education has contributed to the current Russian regime’s ability to revive imperialist policies and instrumentalise history for its criminal purposes; condemns the persecution of civil society organisations investigating Soviet crimes or the crimes of the current regime, including the liquidation of International Memorial, the Memorial Human Rights Defence Centre, and the Moscow Helsinki Group, as well as the forced closure of the Sakharov Centre;

5. Recalls that the deliberate attacks of the Russian Federation on the civilian population of Ukraine, the destruction of civilian infrastructure, the use of torture, sexual violence and rape as weapons of war, the deportation of thousands of Ukrainian citizens to the territory of the Russian Federation, the forced transfer and adoption of Ukrainian children, and other serious violations of international humanitarian law and human rights constitute war crimes for which all perpetrators must be held accountable;

6. Reiterates, therefore, its full support for the ongoing investigation by the Prosecutor of the ICC into the situation in Ukraine based on alleged war crimes, crimes against humanity and genocide; welcomes Ukraine’s formal accession to the ICC as of 1 January 2025 as an important contribution to international efforts to establish accountability for serious international crimes; calls for the EU to make further diplomatic efforts to encourage the ratification of the Rome Statute and all its amendments globally;

7. Furthermore also reiterates its call for the establishment of a special tribunal to investigate and prosecute the crime of aggression committed by the leadership of the Russian Federation against Ukraine; reiterates its call on the Commission, the Council and the European External Action Service to provide all political, financial and practical support necessary for the establishment of a special tribunal; expresses its full support for the International Centre for the Prosecution of the Crime of Aggression in Ukraine, based in The Hague and supporting the ongoing efforts of the Joint Investigation Team, as a first concrete step towards the establishment of the special tribunal;

8. Calls strongly for the EU and its Member States to further increase and coordinate their efforts, including with like-minded partners, to promptly and rigorously counter Russian disinformation and foreign information manipulation and interference in order to protect the integrity of their democratic processes and strengthen the resilience of European societies, inter alia by actively promoting media literacy and by supporting quality media and professional journalism, in particular investigative journalism that uncovers Russian propaganda, its methods and networks, and by supporting research into new hybrid influence technologies;

9. Calls for the EU to expand its sanctions against Russian media outlets conducting disinformation and information manipulation campaigns supporting and justifying Russia’s war of aggression against Ukraine and calls on the Member States to swiftly and thoroughly implement these sanctions and to dedicate sufficient resources to effectively addressing this hybrid warfare; calls for the EU and the Member States to step up their support for the independent Russian media in exile in order to enable diverse voices in the Russian-language media;

10. Expresses deep concern about the recent announcements from social media companies’ leadership concerning relaxing their rules on fact-checking and moderation and how this will further enable Russia’s disinformation campaign around the world; calls on the Commission and the Member States to strictly enforce the Digital Services Act in response to these announcements by Meta and earlier by X, including as an important part of the fight against Russian disinformation;

11. Calls on EU citizens to critically evaluate information by questioning its origins and intentions, particularly when it pertains to narratives linked to Russia, and to crosscheck facts using diverse and reliable sources to resist attempts at manipulation by foreign malign actors;

12. Condemns Moscow’s exploitation of Orthodox religion for geopolitical purposes, notably through the instrumentalisation of the Russian Orthodox Church (Moscow Patriarchate) as a tool to influence and exert control over Orthodox populations in Ukraine, Georgia, Moldova, Serbia and other countries;

13. Responds to the statement of the Verkhovna Rada of Ukraine of 2 May 2023 on the ideology of ‘Ruscism’ by condemning the nationalist imperialist ideology, policy and practices of the current Russian regime; stresses the incompatibility of this ideology and policy and these practices with international law and European values;

14. Believes that Russia’s attempts to misrepresent, revise and distort the history of Ukraine undermine the collective memory and identity of Europe as a whole and represent a threat to historical truth, democratic values and peace in Europe; calls on the Member States, therefore, to invest more in education on and research into the common history of Europe and European remembrance, and to support projects that promote a better understanding of the impact of the division of Europe during the Cold War; expresses its support for the building of a pan-European memorial in Brussels for the victims of the 20th century totalitarian regimes; regrets the continued use of symbols of totalitarian regimes in public spaces and calls for an EU-wide ban on the use of both Nazi and Soviet communist symbols as well as symbols of Russia’s ongoing aggression against Ukraine;

15. Expresses its wish for the EU and its Member States to promote better knowledge and understanding of the human suffering of Europeans inflicted by the Soviet regime during the 20th century; in this respect, calls for remembrance and respect for the victims of Soviet crimes, such as the mass deportations, including of the Crimean Tatar people and from the Baltic countries, the Gulag system, the Holodomor, massacres such as the Katyn massacre, and the Upper Silesian tragedy;

16. Instructs its President to forward this resolution to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the Council, the Commission, the governments and parliaments of the Member States, the Council of Europe, the Organization for Security and Co-operation in Europe, the President, Government and Parliament of Ukraine, and the Russian institutions.

MIL OSI Europe News –

January 25, 2025

Category: Europe

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