NewzIntel.com

Category: European Union

  • MIL-OSI: Coface SA: Disclosure of total number of voting rights and number of shares in the capital as at 31 October 2024

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Disclosure of total number of voting rights and number of shares in the capital as at 31 October 2024

    Paris, 4thNovember 2024 – 17.45

    Total Number of
    Shares Capital    		 Theoretical Number of Voting Rights1 Number of Real
    Voting Rights2
    150,179,792 150,179,792 149,420,056

    (1)   including own shares
    (2)   excluding own shares

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.
     

    About Coface

    COFACE SA is a société anonyme (joint-stock corporation), with a Board of Directors (Conseil d’Administration) incorporated under the laws of France, and is governed by the provisions of the French Commercial Code. The Company is registered with the Nanterre Trade and Companies Register (Registre du Commerce et des Sociétés) under the number 432 413 599. The Company’s registered office is at 1 Place Costes et Bellonte, 92270 Bois Colombes, France.

    At the date of 31 October 2024, the Company’s share capital amounts to €300,359,584, divided into 150,179,792 shares, all of the same class, and all of which are fully paid up and subscribed.

    All regulated information is available on the company’s website (http://www.coface.com/Investors).

    Coface SA. is listed on Euronext Paris – Compartment A
    ISIN: FR0010667147 / Ticker: COFA

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    The MIL Network –

  • MIL-OSI: Revenue as of September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    • €742.8 million in revenue over 9 months, down 3.5%, reflecting the group’s strategic orientations
      • Implementation of a strategy to prioritize margins over revenue growth
      • Continuing diversification into activities related to the energy transition, with strong growth of +28%
      • Accelerating growth in Germany, the group’s future third pillar, at +28%.
    • Third quarter: €225.4 million in revenue, down 10.1%, reflecting the continuation of 2nd quarter trends
      • Impact of selectivity measures implemented in Q2 in French and Spanish telecom sectors in France and Spain .
      • Temporarily reduced fiber activity in Belgium as negotiations continue between telco service providers looking to pool their investments
      • Sustained strong growth in Germany: +33%.
      • Strong growth in Energy activity, despite unfavorable seasonal effects in Q3: +26 %
    • 2024 full-year outlook confirmed   
      9 months Q3
    In millions of euros (unaudited data) 2024 2023 % change 2024 2023 % change
    Group 742.8 769.7         -3.5% 225.4 250.7         -10.1%
    Benelux 278.9 269.6         3.5% 82.1 89.6         -8.3%
    France 270.2 297.8         -9.3% 81.7 98.4         -16.9%
    Other Countries 193.8 202.4         -4.3% 61.6 62.7         -1.8%

    Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “The evolution of Solutions30’s revenue since the beginning of the year reflects the strategic orientations we shared at our Capital Markets Day last September. We are prioritizing margins over revenue growth, with an increased selectivity in our mature markets. At the same time, we are continuing our expansion in Germany, which is set to become a profitable growth pillar for Solutions30, as well as our diversification into energy transition-related services, buoyed by favorable structural trends. The decrease in revenue in the third quarter was a continuation of trends seen in the second quarter, with the deepening impact of measures to reduce our exposure to certain insufficiently profitable contracts in France and Spain and a temporary slowdown in the fiber business in Belgium. In the current contrasted market environment, we are confident that our strategic choices are fully relevant.”

    Consolidated revenue

    In the first nine months of 2024, Solutions30’s consolidated revenue amounted to €742.8 million, down 3.5% from €769.7 million in the same period of 2023. This includes an organic contraction of -4.2%, a +0.3% impact from acquisitions, and a +0.4% favorable currency effect.

    This decrease reflects the group’s strategic orientations, as presented at the Capital Markets Day held on September 26, 2024. Namely, the prioritization of margins over revenue growth with the measures taken in Q2 to reduce exposure to certain telecoms contracts, notably in France and Spain, which no longer met the Group’s profitability requirements. Solutions30’s growth drivers, however, maintained strong momentum: Germany, which is proving to be its best-performing market in terms of growth, and energy-related services, which continue to develop successfully, confirming the relevance of the strategic diversification undertaken.

    Third-quarter consolidated revenue totaled €225.4 million, compared with €250.7 million in Q3 2023, representing a decline of -10.1% (-10.5% organically). This sharper decline than in Q2 (-4.5%) mainly reflects (i) the deepening impact of selectivity measures implemented in Q2 in the telecoms sector in France and Spain, and (ii) ongoing negotiations between Belgian telecom service providers, begun in Q2, with a view to pooling their fiber deployment investments.

    Benelux

    Revenue in Benelux for the first nine months of the year totaled €278.9 million, representing 38% of total revenue, up 3.5% (+3.4% organic growth). Following a year of exceptional growth (+77.2% in the first nine months of 2023), which set a particularly high comparison basis, business in the Benelux countries remains slowed down by ongoing negotiations between Belgian telecoms service providers to streamline the rollout of fiber nationwide. Although the Belgian market’s potential remains high, these negotiations are causing delays for Solutions30’s business. In Q4, these effects will be amplified due to the merger of two of the Group’s customers, Proximus and Fiberklaar, impacting the pace of the connection market.

    In the third quarter of 2024, Benelux revenue totaled €82.1 million, down 8.3% (-8.6% organic). Connectivity activity posted revenue of €61.3 million, down -15.3%. This decline reflects the full impact of delays in fiber roll-out in Belgium from the 2nd quarter onwards, due to the above-mentioned negotiations, as well as, to a lower extent, the impact of the Belgian communal and provincial elections, which was limited by efficient planning.

    The development of Energy activity continues, with growth accelerating to +23% in the third quarter of 2024 and revenue reaching €15.8 million. In September 2024, Solutions30 announced its acquisition of Xperal, a Netherlands-based photovoltaic project specialist (see press release dated September 23, 2024). This acquisition significantly enhances the group’s offering in the sector, providing an integrated range of energy services in the Benelux countries that cover smart meters, electric vehicle charging stations, low-voltage electricity grids, photovoltaic installation, and energy storage solutions. The acquisition of Xperal is fully in line with the Group’s strategy to become a leading energy services player in all the regions where it operates.

    Technology activity posted revenue of €5.0 million in the third quarter of 2024, up +16.1%.         

    France

    In France, revenue for the first nine months of the year was €270.2 million, or 36% of total revenue, down
    -9.3%. This change includes an organic contraction of -9.9% and a +0.6% positive impact from the acquisition of Elec-ENR, consolidated since July 2023.

    In the third quarter of 2024, revenue amounted to €81.7 million, a purely organic decline of -16.9%, driven by the sharp -35.3% decrease in Connectivity revenue to €45.8 million. This reflects the deepening impact of the selective measures implemented in the 2nd quarter, which led the Group to significantly reduce its exposure to certain contracts that no longer met its profitability standards. It also reflects a slowdown in the fiber roll-out market, which is set to continue in the quarters ahead.

    Revenue from Energy activity continued to grow strongly, rising by +42.5% in the third quarter to €18,6 million. Solutions30 continues to successfully diversify in this sector, which is buoyed by favorable structural trends, and is gradually establishing itself as a leading player. Growth, however, was less strong than in the second quarter (+56%), due to the seasonal nature of these services, which usually experience lower activity during the summer period, before tending to rebound in the fourth quarter.

    Technology activity’s revenue was €17.3 million, rising sharply by +19.8% and reflecting a temporary increase in business linked to the 2024 Paris Olympics. Drawing on its expertise in these fields, Solutions30 was on call at all Olympic sites to provide technical assistance for IT and payment systems.

    Other countries

    In other countries, the Group generated €193.8 million in revenue over the first nine months of the year, or 26% of total revenue, down -4.3%. This includes an organic decline of -5.8% and a positive currency effect of +1.5%, reflecting the appreciation of the zloty and the pound sterling against the euro during this period. In the third quarter of 2024, revenue was €61.6 million, down -1.8% (-3.0% organic) but with highly contrasting situations from one country to another.

    In Germany, Solutions30 is benefiting from exceptional market momentum, with revenue increasing +33.2% in the third quarter of 2024 to €21.8 million. Coaxial network activity remains strong, while fiber activities continue to ramp up. Solutions30 is now firmly established as a trusted partner for the six national telecom service providers.

    In Poland, growth remained solid at +24.2%, with revenue reaching €14.5 million in the third quarter.

    In Italy, revenue amounted to €12.8 million in the third quarter. Normal activity has resumed with more favorable economic conditions, after the Group voluntarily limited its call-outs with its main fiber customer from the second half of 2023. Solutions30 returned to slight growth of +0.8% in the third quarter, and will benefit from a favorable base effect in the fourth quarter.

    In Spain, revenue fell by -43.5% to €7.3 million, reflecting the full impact of measures taken in the second quarter to reduce the Group’s exposure to the mature fiber market. The Connectivity business is currently being restructured, while the Group refocuses its development on Energy and Technology. In the third quarter, it won a strategic contract with Atlante to install an initial set of 50 electric vehicle charging stations (see press release from September 30, 2024).

    Lastly, in the United Kingdom, revenue fell by -42.5% to €5.2 million, reflecting the continued refocusing of Connectivity activities on the fiber market. Solutions30 is also focusing on developing its Energy business, as demonstrated by the multi-year contract signed with Connected Kerb to develop its electric vehicle charging infrastructure network (see press release from September 24, 2024).

    2024 full-year outlook confirmed

    For the full year 2024, Solutions30 expects slightly lower revenue compared to 2023, along with improvement in the Group’s adjusted EBITDA margin, leading to an overall increase in adjusted EBITDA.

    2026 Roadmap

    At the Capital Markets Day held on September 26, 2024, Solutions30 shared its 2026 roadmap, with concrete action plans and objectives tailored to each of its markets.

    In the Benelux, the group is confident it will be able to capitalize on its leading market position and return to a profitable growth trajectory as early as 2025, whatever the outcome of the current negotiations with service providers. It is targeting an adjusted EBITDA margin above 10% by 2026.

    In France, Energy activity revenue is set to triple compared with 2023, reaching €150 million by 2026. In Connectivity activity, the Group is working to stabilize its business while applying strict contract selectivity. It is also positioning itself to seize future opportunities such as the forthcoming dismantling of the copper network. Adjusted EBITDA margin, benefiting from the global transformation plan launched in 2022, should exceed 10% by 2026.

    In Germany, Solutions30 is aiming for a first milestone in 2026, with revenue of between €150 and €200 million, and an adjusted EBITDA margin well above 10%. The country should then continue to grow faster than the rest of the Group, becoming one of its biggest contributors.

    In the rest of Europe, Solutions30 has adopted a differentiated approach, with the aim of maintaining profitable growth in Poland, continuing to improve performance in the United Kingdom, and restoring margins in Italy and Spain by 2026, or else envisaging strategic actions for its activities in these two countries.

    Webcast for investors and analysts
    Date: Monday, November 4, 2024
    6:30 PM (CET) – 5:30 PM (GMT)

    Speakers
    Gianbeppi Fortis, Chief Executive Officer
    Jonathan Crauwels, Chief Financial Officer
    Amaury Boilot, Group General Secretary

    Connection details
    Webcast in English: https://channel.royalcast.com/solutions30-en/#!/solutions30-en/20241104_1

    Upcoming events

    Gilbert Dupont Forum Valeurs Familiales  (Paris) – November 5, 2024

    CIC Forum (Virtual Day)  – November 21, 2024

    2024 Q4 Revenue  – January 29, 2025

    About Solutions30 SE

    Solutions30 provides consumers and businesses with access to the key technological advancements that are shaping our everyday lives, especially those driving the digital transformation and energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1600 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland.
    The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30).
    Indices: CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Growth.
    Visit our website for more information: www.solutions30.com.

    Contact

    Individual Shareholders:
    shareholders@solutions30.com – Tel: +33 (0)1 86 86 00 63

    Analysts/investors:
    investor.relations@solutions30.com

    Press – Image 7:
    Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

    Attachment

    The MIL Network –

  • MIL-OSI: Serstech Secures 9.7 MSEK Orders from Chilean Partner Aerotech

    Source: GlobeNewswire (MIL-OSI)

    Serstech has today received two orders totaling 9.7 MSEK from its Chilean partner, Aerotech. The orders include the Serstech Arx mkII and ChemDash software, with delivery and invoicing scheduled for the fourth quarter of 2024.

    The final recipients of these orders are the Carabineros and the Investigations Police of Chile (PDI). PDI is the nation’s primary civilian police force specializing in criminal investigations, intelligence operations, and counterterrorism, with a particular focus on areas such as drug trafficking and organized crime.

    These orders represent the fourth and fifth in 2024 from Chilean law enforcement through Aerotech, underscoring the growing demand for Serstech’s solutions in the region.

    For further information, please contact:

    Stefan Sandor,                                                                              

    CEO, Serstech AB Phone: +46 739 606 067

    Email: ss@serstech.com

    or

    Thomas Pileby,

    Chairman of the Board, Serstech AB Phone: +46 702 072 643

    Email: tp@serstech.com

    or visit: www.serstech.com

    This is information that Serstech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 18:50 CET on November 4, 2024.

    Certified advisor to Serstech is Svensk Kapitalmarknadsgranskning AB (SKMG).

    About Serstech

    Serstech delivers solutions for chemical identification and has customers around the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech’s head office is in Sweden and all production is done in Sweden.

    Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com

    The MIL Network –

  • MIL-OSI: WisdomTree Foreign Exchange Limited Publication of Prospectus

    Source: GlobeNewswire (MIL-OSI)

    WisdomTree Foreign Exchange Limited
    LEI: 213800X2UDCFSIYXXR28
    4 November 2024

    WisdomTree Foreign Exchange Limited
    Publication of Prospectus

    The following prospectus has been approved by the Central Bank of Ireland and the Financial Conduct Authority:

    Prospectus for the issue of Collateralised Currency Securities by WisdomTree Foreign Exchange Limited.

    To view the full document, please paste the following URL into the address bar of your browser.

    https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/key-documents/prospectus/etf-securities/prospectus—etfs-foreign-exchange-limited.pdf

    For further information please contact europesupport@wisdomtree.com

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 04.11.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    4 November 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 04.11.2024

    Espoo, Finland – On 4 November 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,657,264 4.35
    CEUX 300,000 4.35
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,957,264 4.35

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 4 November 2024 was EUR 8,521,536. After the disclosed transactions, Nokia Corporation holds 182,796,988 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

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    The MIL Network –

  • MIL-OSI: NXP Semiconductors Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, Nov. 04, 2024 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the third quarter, which ended September 29, 2024. “NXP delivered quarterly revenue of $3.25 billion, in-line with our overall guidance. While we experienced some strength against our expectations in the Communication Infrastructure, Mobile and Automotive end markets, we were confronted with increasing macro related weakness in the Industrial & IoT market. Our guidance for the fourth quarter reflects broader macro weakness especially in Europe and the Americas. We focus on managing what is in our control enabling NXP to drive resilient profitability and earnings in an uncertain demand environment,” said Kurt Sievers, NXP President and Chief Executive Officer.

    Key Highlights for the Third Quarter 2024:

    • Revenue was $3.25 billion, down 5 percent year-on-year;
    • GAAP gross margin was 57.4 percent, GAAP operating margin was 30.5 percent and GAAP diluted Net Income per Share was $2.79;
    • Non-GAAP gross margin was 58.2 percent, non-GAAP operating margin was 35.5 percent, and non-GAAP diluted Net Income per Share was $3.45;
    • Cash flow from operations was $779 million, with net capex investments of $186 million, resulting in non-GAAP free cash flow of $593 million;
    • During the third quarter of 2024, NXP continued to execute its capital return policy with the payment of $259 million in cash dividends, and the repurchase of $305 million of its common shares. The total capital return of $564 million in the quarter represented 95 percent of third quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return to shareholders represented $2.4 billion or 87 percent of non-GAAP free cash flow. The interim dividend for the third quarter 2024 was paid in cash on October 9, 2024 to shareholders of record as of September 12, 2024. On August 29th, the NXP board of directors authorized an additional $2.0 billion for share repurchases, resulting in a $2.64 billion share repurchase balance at the end of the third quarter. Subsequent to the end of the third quarter, between September 30, 2024 and November 1, 2024, NXP executed via a 10b5-1 program additional share repurchases totaling $117 million;
    • On August 20, 2024, ESMC, the previously announced manufacturing joint venture between TSMC, Robert Bosch GmbH, Infineon Technologies AG and NXP Semiconductors N.V. held a groundbreaking ceremony to mark the initial phase of construction of its first semiconductor fab in Dresden, Germany;
    • On September 4, 2024, Vanguard International Semiconductor Corporation and NXP Semiconductors N.V. announced the receipt of all necessary governmental approvals from relevant authorities and injected capital to officially establish the previously announced VisionPower Semiconductor Manufacturing Company Pte Ltd (VSMC) manufacturing joint venture. The company will now proceed with the planned construction of VSMC’s first 300mm wafer manufacturing facility;
    • On September 10, 2024, NXP announced the Trimension® SR250, the industry’s first single-chip, UWB solution to enable Industrial and IoT applications that integrates on-chip processing capabilities with both short-range UWB-based radar and secure ranging;
    • On September 17, 2024, NXP announced the MC33777, the world’s first electric vehicle battery junction box IC that consolidates essential BMS functions into a single device; and
    • On September 24, 2024, NXP announced the new i.MX RT700 crossover MCU family, designed to power smart AI-enabled edge devices, such as wearables, consumer medical devices, smart home devices and HMI platforms.

    Summary of Reported Third Quarter 2024 ($ millions, unaudited) (1)

      Q3 2024
    		   Q2 2024
    		   Q3 2023    Q – Q   Y – Y
    Total Revenue $ 3,250     $ 3,127     $ 3,434     4%   -5%
    GAAP Gross Profit $ 1,866     $ 1,792     $ 1,965     4%   -5%
    Gross Profit Adjustments(i) $ (26 )   $ (41 )   $ (45 )        
    Non-GAAP Gross Profit $ 1,892     $ 1,833     $ 2,010     3%   -6%
    GAAP Gross Margin   57.4 %     57.3 %     57.2 %        
    Non-GAAP Gross Margin   58.2 %     58.6 %     58.5 %        
    GAAP Operating Income (Loss) $ 990     $ 896     $ 992     10%   —%
    Operating Income Adjustments(i) $ (163 )   $ (175 )   $ (211 )        
    Non-GAAP Operating Income $ 1,153     $ 1,071     $ 1,203     8%   -4%
    GAAP Operating Margin   30.5 %     28.7 %     28.9 %        
    Non-GAAP Operating Margin   35.5 %     34.3 %     35.0 %        
    GAAP Net Income (Loss) attributable to Stockholders $ 718     $ 658     $ 787          
    Net Income Adjustments(i) $ (172 )   $ (171 )   $ (178 )        
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 890     $ 829     $ 965          
    GAAP diluted Net Income (Loss) per Share(ii) $ 2.79     $ 2.54     $ 3.01          
    Non-GAAP diluted Net Income (Loss) per Share(ii) $ 3.45     $ 3.20     $ 3.70          
    Additional information
      Q3 2024
    		   Q2 2024
    		   Q3 2023
    		   Q – Q   Y – Y
    Automotive $ 1,829     $ 1,728     $ 1,891     6%   -3%
    Industrial & IoT $ 563     $ 616     $ 607     -9%   -7%
    Mobile $ 407     $ 345     $ 377     18%   8%
    Comm. Infra. & Other $ 451     $ 438     $ 559     3%   -19%
    DIO   149       148       134          
    DPO   60       64       60          
    DSO   30       27       25          
    Cash Conversion Cycle   119       111       99          
    Channel Inventory (weeks / months)   8 / 1.9       7 / 1.7       7 / 1.5          
    Gross Financial Leverage(iii)   1.9x       1.9x       2.1x          
    Net Financial Leverage(iv)   1.3x       1.3x       1.3x          
                                   
    1. Additional Information for the Third Quarter 2024:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

    Guidance for the Fourth Quarter 2024: ($ millions, except Per Share data) (1)

                  Guidance Range              
      GAAP   Reconciliation   non-GAAP
      Low   Mid   High       Low   Mid   High
    Total Revenue $3,000   $3,100   $3,200       $3,000   $3,100     $3,200
    Q-Q -8%   -5%   -2%       -8%   -5     -2%
    Y-Y -12%   -9%   -6%       -12%   -9     -6%
    Gross Profit $1,674   $1,746   $1,820   $(35)   $1,709   $1,781     $1,855
    Gross Margin 55.8%   56.3%   56.9%       57.0%   57.5%     58.0%
    Operating Income (loss) $810   $872   $936   $(184)   $994   $1,056     $1,120
    Operating Margin 27.0%   28.1%   29.3%       33.1%   34.1%     35.0%
    Financial Income (expense) $(87)   $(87)   $(87)   $(10)   $(77)   $(77)     $(77)
    Tax rate 17.2%-18.2%       16.3%-17.3%
    NCI & Other $(14)   $(14)   $(14)   $(3)   $(11)   $(11)     $(11)
    Shares – diluted 257.0   257.0   257.0       257.0   257.0     257.0
    Earnings Per Share – diluted $2.26   $2.46   $2.66       $2.93   $3.13     $3.33
                                 

    Note (1) Additional Information:

    1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(10) million; Share-based Compensation, $(15) million; Other Incidentals, $(10) million;
    2. GAAP Operating Income (loss) is expected to include PPA effects, $(39) million; Share-based Compensation, $(118) million; Restructuring and Other Incidentals, $(27) million;
    3. GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;
    4. GAAP Non-Controlling Interest (NCI) and Other is expected to include results relating to non-foundry equity-accounted investees $(3) million;
    5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for Non-controlling interest & Other and the adjustment on Tax due to the earlier mentioned adjustments.

    NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

    Non-GAAP Financial Measures

    In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

    These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

    In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

    The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

    Conference Call and Webcast Information

    The company will host a conference call with the financial community on Tuesday, November 5, 2024 at 8:00 a.m. U.S. Eastern Standard Time (EST) to review the third quarter 2024 results in detail.

    Interested parties may preregister to obtain a user-specific access code for the call here.

    The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

    About NXP Semiconductors

    NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $13.28 billion in 2023. Find out more at www.nxp.com.

    Forward-looking Statements

    This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

    For further information, please contact:
       
    Investors: Media:
    Jeff Palmer Paige Iven
    jeff.palmer@nxp.com paige.iven@nxp.com
    +1 408 205 0687  +1 817 975 0602

    NXP-CORP

    NXP Semiconductors
    Table 1: Condensed consolidated statement of operations (unaudited)

    ($ in millions except share data) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
               
    Revenue $ 3,250     $ 3,127     $ 3,434  
    Cost of revenue   (1,384 )     (1,335 )     (1,469 )
    Gross profit   1,866       1,792       1,965  
    Research and development   (577 )     (594 )     (601 )
    Selling, general and administrative   (265 )     (270 )     (294 )
    Amortization of acquisition-related intangible assets   (29 )     (28 )     (71 )
    Total operating expenses   (871 )     (892 )     (966 )
    Other income (expense)   (5 )     (4 )     (7 )
    Operating income (loss)   990       896       992  
    Financial income (expense):          
    Extinguishment of debt   —       —       —  
    Other financial income (expense)   (82 )     (75 )     (75 )
    Income (loss) before income taxes   908       821       917  
    Benefit (provision) for income taxes   (173 )     (154 )     (123 )
    Results relating to equity-accounted investees   (6 )     (3 )     (2 )
    Net income (loss)   729       664       792  
    Less: Net income (loss) attributable to non-controlling interests   11       6       5  
    Net income (loss) attributable to stockholders   718       658       787  
               
    Earnings per share data:          
    Net income (loss) per common share attributable to stockholders in $
    Basic $ 2.82     $ 2.58     $ 3.06  
    Diluted $ 2.79     $ 2.54     $ 3.01  
               
    Weighted average number of shares of common stock outstanding during the period (in thousands):
    Basic   254,458       255,478       257,488  
    Diluted   257,717       258,732       261,095  
               

    NXP Semiconductors
    Table 2: Condensed consolidated balance sheet (unaudited)

    ($ in millions) As of
      September 29, 2024   June 30, 2024   October 1, 2023
    ASSETS          
    Current assets:          
    Cash and cash equivalents $ 2,748     $ 2,859     $ 4,042  
    Short-term deposits   400       400       —  
    Accounts receivable, net   1,070       927       939  
    Inventories, net   2,234       2,148       2,140  
    Other current assets   574       546       495  
    Total current assets   7,026       6,880       7,616  
               
    Non-current assets:          
    Other non-current assets   2,641       2,290       2,236  
    Property, plant and equipment, net   3,309       3,289       3,197  
    Identified intangible assets, net   735       796       1,010  
    Goodwill   9,958       9,941       9,937  
    Total non-current assets   16,643       16,316       16,380  
               
    Total assets   23,669       23,196       23,996  
               
    LIABILITIES AND EQUITY          
    Current liabilities:          
    Accounts payable   899       929       959  
    Restructuring liabilities-current   52       62       16  
    Other current liabilities   1,542       1,622       1,990  
    Short-term debt   499       499       999  
    Total current liabilities   2,992       3,112       3,964  
               
    Non-current liabilities:          
    Long-term debt   9,683       9,681       10,173  
    Restructuring liabilities   4       7       3  
    Deferred tax liabilities   57       48       44  
    Other non-current liabilities   1,189       1,003       1,014  
    Total non-current liabilities   10,933       10,739       11,234  
               
    Non-controlling interests   338       327       310  
    Stockholders’ equity   9,406       9,018       8,488  
    Total equity   9,744       9,345       8,798  
               
    Total liabilities and equity   23,669       23,196       23,996  
               

    NXP Semiconductors
    Table 3: Condensed consolidated statement of cash flows (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    Cash flows from operating activities:          
    Net income (loss) $ 729     $ 664     $ 792  
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:          
    Depreciation and amortization   218       213       273  
    Share-based compensation   115       114       103  
    Amortization of discount (premium) on debt, net   —       1       1  
    Amortization of debt issuance costs   2       1       2  
    Results relating to equity-accounted investees   6       3       2  
    (Gain) loss on equity securities, net   7       3       4  
    Deferred tax expense (benefit)   (40 )     (23 )     (33 )
    Changes in operating assets and liabilities:          
    (Increase) decrease in receivables and other current assets   (167 )     10       40  
    (Increase) decrease in inventories   (86 )     (46 )     (34 )
    Increase (decrease) in accounts payable and other liabilities   118       (220 )     (128 )
    (Increase) decrease in other non-current assets   (134 )     40       (49 )
    Exchange differences   7       5       5  
    Other items   4       (4 )     10  
    Net cash provided by (used for) operating activities   779       761       988  
    Cash flows from investing activities:          
    Purchase of identified intangible assets   (26 )     (55 )     (42 )
    Capital expenditures on property, plant and equipment   (186 )     (185 )     (200 )
    Proceeds from the disposals of property, plant and equipment   —       1       —  
    Purchase of investments   (159 )     —       (31 )
    Net cash provided by (used for) investing activities   (371 )     (239 )     (273 )
    Cash flows from financing activities:          
    Dividends paid to common stockholders   (259 )     (260 )     (262 )
    Proceeds from issuance of common stock through stock plans   39       3       36  
    Purchase of treasury shares and restricted stock unit
    withholdings    		   (305 )     (310 )     (306 )
    Other, net   (1 )     —       (1 )
    Net cash provided by (used for) financing activities   (526 )     (567 )     (533 )
    Effect of changes in exchange rates on cash positions   7       (4 )     (3 )
    Increase (decrease) in cash and cash equivalents   (111 )     (49 )     179  
    Cash and cash equivalents at beginning of period   2,859       2,908       3,863  
    Cash and cash equivalents at end of period   2,748       2,859       4,042  
               
    Net cash paid during the period for:          
    Interest   27       86       38  
    Income taxes, net of refunds   196       193       165  
    Net gain (loss) on sale of assets:          
    Cash proceeds from the sale of assets   —       1       —  
    Book value of these assets   —       (1 )     —  
    Non-cash investing activities:          
    Non-cash capital expenditures   125       166       167  
               

    NXP Semiconductors
    Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

    ($ in millions except share data) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Gross Profit $ 1,866     $ 1,792     $ 1,965  
    PPA Effects   (12 )     (12 )     (13 )
    Restructuring   —       (4 )     —  
    Share-based compensation   (14 )     (15 )     (14 )
    Other incidentals   —       (10 )     (18 )
    Non-GAAP Gross Profit $ 1,892     $ 1,833     $ 2,010  
    GAAP Gross margin   57.4 %     57.3 %     57.2 %
    Non-GAAP Gross margin   58.2 %     58.6 %     58.5 %
    GAAP Research and development $ (577 )   $ (594 )   $ (601 )
    Restructuring   —       (4 )     4  
    Share-based compensation   (58 )     (58 )     (53 )
    Other incidentals   —       —       (2 )
    Non-GAAP Research and development $ (519 )   $ (532 )   $ (550 )
    GAAP Selling, general and administrative $ (265 )   $ (270 )   $ (294 )
    PPA effects   (1 )     (1 )     (1 )
    Restructuring   —       2       —  
    Share-based compensation   (43 )     (41 )     (36 )
    Other incidentals   (2 )     (2 )     (4 )
    Non-GAAP Selling, general and administrative $ (219 )   $ (228 )   $ (253 )
    GAAP Operating income (loss) $ 990     $ 896     $ 992  
    PPA effects   (42 )     (41 )     (85 )
    Restructuring   —       (6 )     4  
    Share-based compensation   (115 )     (114 )     (103 )
    Other incidentals   (6 )     (14 )     (27 )
    Non-GAAP Operating income (loss) $ 1,153     $ 1,071     $ 1,203  
    GAAP Operating margin   30.5 %     28.7 %     28.9 %
    Non-GAAP Operating margin   35.5 %     34.3 %     35.0 %
    GAAP Income tax benefit (provision) $ (173 )   $ (154 )   $ (123 )
    Income tax effect   9       15       45  
    Non-GAAP Income tax benefit (provision) $ (182 )   $ (169 )   $ (168 )
    GAAP Net income (loss) attributable to stockholders $ 718     $ 658     $ 787  
    PPA Effects   (42 )     (41 )     (85 )
    Restructuring   —       (6 )     4  
    Share-based compensation   (115 )     (114 )     (103 )
    Other incidentals   (6 )     (14 )     (27 )
    Other adjustments:          
    Adjustments to financial income (expense)   (12 )     (8 )     (10 )
    Income tax effect   9       15       45  
    Results relating to equity-accounted investees, excluding Foundry investees1   (6 )     (3 )     (2 )
    Non-GAAP Net income (loss) attributable to stockholders $ 890     $ 829     $ 965  
               
               
    Additional Information:          
    1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
               
    GAAP net income (loss) per common share attributable to stockholders – diluted $ 2.79     $ 2.54     $ 3.01  
    PPA Effects   (0.16 )     (0.16 )     (0.33 )
    Restructuring   —       (0.02 )     0.01  
    Share-based compensation   (0.45 )     (0.44 )     (0.40 )
    Other incidentals   (0.02 )     (0.06 )     (0.10 )
    Other adjustments:          
    Adjustments to financial income (expense)   (0.05 )     (0.03 )     (0.03 )
    Income tax effect   0.04       0.06       0.17  
    Results relating to equity-accounted investees, excluding Foundry investees1   (0.02 )     (0.01 )     (0.01 )
    Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 3.45     $ 3.20     $ 3.70  
               
               
    Additional Information:          
    1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

    NXP Semiconductors
    Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Financial income (expense) $ (82 )   $ (75 )   $ (75 )
    Foreign exchange loss   (3 )     (2 )     (3 )
    Other financial expense   (9 )     (6 )     (7 )
    Non-GAAP Financial income (expense) $ (70 )   $ (67 )   $ (65 )
               

    NXP Semiconductors
    Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Other income (expense) $ (5 )   $ (4 )   $ (7 )
    Other incidentals   (4 )     (2 )     (3 )
    Non-GAAP Other income (expense) $ (1 )   $ (2 )   $ (4 )
               

    NXP Semiconductors
    Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Results relating to equity-accounted investees $ (6 )   $ (3 )   $ (2 )
    Results of equity-accounted investees, excluding Foundry investees1   (6 )     (3 )     (2 )
    Non-GAAP Results relating to equity-accounted investees $ —     $ —     $ —  
               
    Additional Information:
    1. We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

    NXP Semiconductors
    Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Net income (loss) $ 729     $ 664     $ 792  
    Reconciling items to EBITDA (Non-GAAP)          
    Financial (income) expense   82       75       75  
    (Benefit) provision for income taxes   173       154       123  
    Depreciation   149       146       163  
    Amortization   69       67       110  
    EBITDA (Non-GAAP) $ 1,202     $ 1,106     $ 1,263  
    Reconciling items to adjusted EBITDA (Non-GAAP)          
    Results of equity-accounted investees, excluding Foundry investees1   6       3       2  
    Restructuring   —       6       (4 )
    Share-based compensation   115       114       103  
    Other incidental items   6       14       27  
    Adjusted EBITDA (Non-GAAP) $ 1,329     $ 1,243     $ 1,391  
    Trailing twelve month adjusted EBITDA (Non-GAAP)   5,235       5,297       5,384  
               
               
    Additional Information:          
    1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
               
               
    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    Net cash provided by (used for) operating activities $ 779     $ 761     $ 988  
    Net capital expenditures on property, plant and equipment   (186 )     (184 )     (200 )
    Non-GAAP free cash flow $ 593     $ 577     $ 788  
    Trailing twelve month non-GAAP free cash flow $ 2,759     $ 2,954     $ 2,568  
    Trailing twelve month non-GAAP free cash flow as percent of Revenue   21 %     23 %     20 %
               

    The MIL Network –

  • MIL-OSI: Greenlight Re Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, Nov. 04, 2024 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights (all comparisons are to third quarter 2023 unless noted otherwise):

    • Gross premiums written of $168.3 million compared to $183.1 million;
    • Net premiums earned of $151.9 million, compared to $163.1 million;
    • Net underwriting income of $6.1 million, compared to $14.4 million;
    • Total investment income of $28.1 million, compared to $5.1 million;
    • Net income of $35.2 million, or $1.01 per diluted ordinary share, compared to $13.5 million, or $0.39 per diluted ordinary share;
    • Combined ratio of 95.9%, compared to 91.2%; and
    • Fully diluted book value per share increased $1.07, or 6.1%, to $18.72, from $17.65 at June 30, 2024.

    Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “Our third quarter results demonstrated Greenlight Re’s disciplined and resilient underwriting approach, achieving profitable performance for the eighth consecutive quarter. Alongside strong investment returns, Greenlight Re recorded a notably strong quarter.”

    David Einhorn, Chairman of the Board of Directors, said, “Solasglas generated a net return of 5.2% in the third quarter, while maintaining a conservative exposure to equity markets. Despite significant natural catastrophe events during the quarter, Greenlight Re performed well, with positive performance on both our underwriting and investment activities.”

    Third Quarter 2024 Results

    Gross premiums written in the third quarter of 2024 were $168.3 million, compared to $183.1 million in the third quarter of 2023. The $14.7 million decrease, or 8.0%, was primarily due to a personal property contract and a Lloyd’s casualty contract that the Company non-renewed during 2024, and was partially offset by growth in the specialty business. Similarly, earned premiums decreased by $11.2 million, or 6.9%, to $151.9 million.

    The Company recognized net underwriting income of $6.1 million in the third quarter of 2024, compared to net underwriting income of $14.4 million during the equivalent period in 2023. The combined ratio for the third quarter of 2024 was 95.9%, compared to 91.2% for the equivalent period in 2023. Catastrophe losses, including Hurricane Helene, Central European floods and US severe convective storms, added 9.3% to the combined ratio during the third quarter of 2024.

    The Company’s total investment income during the third quarter of 2024 was $28.1 million. The Company’s investment in the Solasglas fund, managed by DME Advisors, returned 5.2%, representing net income of $19.8 million. The Company reported $8.2 million of other investment income, primarily from interest earned on its restricted cash and cash equivalents.

    The net income of $35.2 million contributed to the 6.1% increase in fully diluted book value per share for the quarter, which increased to $18.72 per share at September 30, 2024 from $17.65 at June 30, 2024.

    During the third quarter of 2024, the Company repurchased 547,402 ordinary shares for $7.5 million under its share repurchase plan.

    The following table summarizes the components of the Company’s combined ratio.

        Third Quarter
    Underwriting ratios   2024     2023  
    Loss ratio – current year   65.0 %   61.4 %
    Loss ratio – prior year   (3.7)%   (2.0)%
    Loss ratio   61.3 %   59.4 %
    Acquisition cost ratio   30.4 %   28.8 %
    Composite ratio   91.7 %   88.2 %
    Underwriting expense ratio   4.2 %   3.0 %
    Combined ratio   95.9 %   91.2 %

    Greenlight Capital Re, Ltd. Third Quarter 2024 Earnings Call

    Greenlight Re will host a live conference call to discuss its financial results on Tuesday, November 5, 2024, at 9:00 a.m. Eastern Time. Dial-in details: 

    U.S. toll free  1-877-407-9753
    International  1-201-493-6739

    The conference call can also be accessed via webcast at:

    https://event.webcasts.com/starthere.jsp?ei=1692074&tp_key=a944f284f8

    A telephone replay will be available following the call through November 11, 2024.  The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13749374. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

    2024 Investor Day

    As previously announced, the Company will host its 2024 Investor Day in New York City on Tuesday, November 19, 2024, at 12:00 noon Eastern Time. The event will include a luncheon, detailed presentation from members of the executive management team, and opportunities for live interaction during the Q&A segment.

    Attendees must register in advance. To register, please contact Karin Daly, Greenlight Capital Re’s investor relations representative at IR@greenlightre.ky.

    The 2024 Investor Day will be held exclusively in-person. An archived webcast will become available on the Company’s website following the event.

    Non-GAAP Financial Measures
    In presenting the Company’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including fully diluted book value per share and net underwriting income (loss), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures allow for a more thorough understanding of the underlying business. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

    Forward-Looking Statements
    This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations pillar may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

    About Greenlight Capital Re, Ltd.
    Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

    Investor Relations Contact
    Karin Daly
    Vice President, The Equity Group Inc.
    (212) 836-9623
    IR@greenlightre.ky

    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (expressed in thousands of U.S. dollars, except per share and share amounts)
      September 30, 2024   December 31, 2023
      (UNAUDITED)    
    Assets      
    Investments      
    Investment in related party investment fund, at fair value $ 397,888   $ 258,890
    Other investments   73,559     73,293
    Total investments   471,447     332,183
    Cash and cash equivalents   54,642     51,082
    Restricted cash and cash equivalents   567,091     604,648
    Reinsurance balances receivable (net of allowance for expected credit losses)   718,719     619,401
    Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses)   65,947     25,687
    Deferred acquisition costs   82,206     79,956
    Unearned premiums ceded   35,270     17,261
    Other assets   6,364     5,089
    Total assets $ 2,001,686   $ 1,735,307
    Liabilities and equity      
    Liabilities      
    Loss and loss adjustment expense reserves $ 811,152   $ 661,554
    Unearned premium reserves   347,103     306,310
    Reinsurance balances payable   88,152     68,983
    Funds withheld   20,788     17,289
    Other liabilities   8,491     11,795
    Debt   62,582     73,281
    Total liabilities   1,338,268     1,139,212
    Shareholders’ equity      
    Ordinary share capital (par value $0.10; issued and outstanding, 34,832,493) (2023: par value $0.10; issued and outstanding, 35,336,732) $ 3,483   $ 3,534
    Additional paid-in capital   481,672     484,532
    Retained earnings   178,263     108,029
    Total shareholders’ equity   663,418     596,095
    Total liabilities and equity $ 2,001,686   $ 1,735,307
    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
    (UNAUDITED) 
    (expressed in thousands of U.S. dollars, except percentages and per share amounts)
      Three months ended September 30   Nine months ended September 30
        2024       2023       2024       2023  
    Underwriting revenue              
    Gross premiums written $ 168,346     $ 183,074     $ 554,579     $ 524,472  
    Gross premiums ceded   (26,598 )     (14,789 )     (64,611 )     (35,740 )
    Net premiums written   141,748       168,285       489,968       488,732  
    Change in net unearned premium reserves   10,136       (5,175 )     (18,150 )     (43,030 )
    Net premiums earned $ 151,884     $ 163,110     $ 471,818     $ 445,702  
    Underwriting related expenses              
    Net loss and loss adjustment expenses incurred:              
    Current year $ 98,820     $ 100,143     $ 305,467     $ 273,570  
    Prior year   (5,654 )     (3,300 )     (943 )     10,502  
    Net loss and loss adjustment expenses incurred   93,165       96,843       304,524       284,072  
    Acquisition costs   46,162       46,933       138,226       126,702  
    Underwriting expenses   6,073       4,639       18,223       14,046  
    Deposit interest expense (income), net   377       278       1,020       645  
    Net underwriting income (1) $ 6,107     $ 14,417     $ 9,825     $ 20,237  
                   
    Income (loss) from investment in Solasglas $ 19,844     $ (1,853 )   $ 42,422     $ 27,791  
    Net investment income   8,244       6,958       24,611       24,705  
    Total investment income $ 28,088     $ 5,105     $ 67,033     $ 52,496  
                   
    Corporate expenses $ 4,253     $ 3,266     $ 13,334     $ 13,820  
    Foreign exchange losses (gains)   (5,826 )     1,999       (3,245 )     (7,661 )
    Other income, net   (2,210 )     (706 )     (9,969 )     (5,738 )
    Interest expense   2,018       1,457       4,827       2,977  
    Income tax expense   723       29       1,677       111  
    Net income $ 35,237     $ 13,477     $ 70,234     $ 69,224  
                   
    Earnings per share              
    Basic $ 1.03     $ 0.40     $ 2.05     $ 2.03  
    Diluted $ 1.01     $ 0.39     $ 2.02     $ 1.99  
                   
    Underwriting ratios:              
    Loss ratio – current year   65.0 %     61.4 %     64.7 %     61.4 %
    Loss ratio – prior year (3.7)%   (2.0)%   (0.2)%     2.4 %
    Loss ratio   61.3 %     59.4 %     64.5 %     63.8 %
    Acquisition cost ratio   30.4 %     28.8 %     29.3 %     28.4 %
    Composite ratio   91.7 %     88.2 %     93.8 %     92.2 %
    Underwriting expense ratio   4.2 %     3.0 %     4.1 %     3.3 %
    Combined ratio   95.9 %     91.2 %     97.9 %     95.5 %

    1 Net underwriting income is a non-GAAP financial measure. See “ Key Financial Measures and Non-GAAP Measures” below for discussion and reconciliation of non-GAAP financial measures.

    The following tables present the Company’s net premiums earned and underwriting ratios by line of business: 

      Three months ended September 30   Three months ended September 30
      2024     2023  
      Property   Casualty   Other   Total   Property   Casualty   Other   Total
      ($ in thousands except percentage)
    Net premiums earned $19,134     $83,079     $49,671     $151,884     $24,362     $93,514     $45,234     $163,110  
    Underwriting ratios:                              
    Loss ratio 112.4 %   52.7 %   56.1 %   61.3 %   54.1 %   67.4 %   45.6 %   59.4 %
    Acquisition cost ratio 19.9     34.0     28.4     30.4     17.7     31.9     28.2     28.8  
    Composite ratio 132.3 %   86.7 %   84.5 %   91.7 %   71.8 %   99.3 %   73.8 %   88.2 %
    Underwriting expense ratio             4.2                 3.0  
    Combined ratio             95.9 %               91.2 %
      Nine months ended September 30   Nine months ended September 30
      2024     2023  
      Property   Casualty   Other   Total   Property   Casualty   Other   Total
      ($ in thousands except percentage)
    Net premiums earned $60,610     $263,872     $147,336     $471,818     $63,854     $259,075     $122,773     $445,702  
    Underwriting ratios:                              
    Loss ratio 90.1 %   61.5 %     59.4 %   64.5 %   81.6 %   67.0 %   47.5 %   63.8 %
    Acquisition cost ratio 17.1     32.6       28.3     29.3     18.5     31.0     28.2     28.4  
    Composite ratio 107.2 %   94.1 %     87.7 %   93.8 %   100.1 %   98.0 %   75.7 %   92.2 %
    Underwriting expense ratio             4.1                 3.3  
    Combined ratio             97.9 %               95.5 %


    GREENLIGHT CAPITAL RE, LTD.
    KEY FINANCIAL MEASURES AND NON-GAAP MEASURES

    Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

    The key non-GAAP financial measures used in this news release are:

    • Fully diluted book value per share; and
    • Net underwriting income (loss).

    These non-GAAP financial measures are described below.

    Fully Diluted Book Value Per Share

    Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

    We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

    We calculate basic book value per share as (a) ending shareholders’ equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

    The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

      September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    Numerator for basic and fully diluted book value per share:                  
    Total equity as reported under U.S. GAAP $  663,418   $   634,020   $ 624,458   $ 596,095   $ 575,865
    Denominator for basic and fully diluted book value per share:                  
    Ordinary shares issued and outstanding as reported and denominator for basic book value per share   34,832,493     35,321,144     35,321,144     35,336,732     35,337,407
    Add: In-the-money stock options (1) and all outstanding RSUs   602,013     594,612     585,334     264,870     312,409
    Denominator for fully diluted book value per share   35,434,506     35,915,756     35,906,478     35,601,602     35,649,816
                       
    Basic book value per share $ 19.05   $ 17.95   $ 17.68   $ 16.87   $ 16.30
    Fully diluted book value per share $ 18.72   $ 17.65   $ 17.39   $ 16.74   $ 16.15

    (1) Assuming net exercise by the grantee.

    Net Underwriting Income (Loss)

    One way that we evaluate the Company’s underwriting performance is by measuring net underwriting income (loss). We do not use premiums written as a measure of performance. Net underwriting income (loss) is a performance measure used by management to evaluate the fundamentals underlying the Company’s underwriting operations. We believe that the use of net underwriting income (loss) enables investors and other users of the Company’s financial information to analyze our performance in a manner similar to how management analyzes performance. Management also believes this measure follows industry practice and allows the users of financial information to compare the Company’s performance with that of our industry peer group.

    Net underwriting income (loss) is considered a non-GAAP financial measure because it excludes items used to calculate net income before taxes under U.S. GAAP. We calculate net underwriting income (loss) as net premiums earned less net loss and loss adjustment expenses, acquisition costs, underwriting expenses (including related G&A expenses), and deposit interest expense, plus deposit interest income. The measure excludes, on a recurring basis: (1) investment income (loss); (2) other income (expense) not related to underwriting, including foreign exchange gains or losses, and Lloyd’s interest income and expense; (3) corporate G&A expenses; and (4) interest expense. We exclude total investment income or loss, foreign exchange gains or losses, and Lloyd’s interest income or expense as we believe these items are influenced by market conditions and other factors unrelated to underwriting decisions. Additionally, we exclude corporate G&A and interest expenses because these costs are generally fixed and not incremental to or directly related to our underwriting operations. We believe all of these amounts are largely independent of our underwriting process, and including them could hinder the analysis of trends in our underwriting operations. Net underwriting income (loss) should not be viewed as a substitute for U.S. GAAP net income before income taxes.

    The reconciliations of net underwriting income to income before income taxes (the most directly comparable U.S. GAAP financial measure) on a consolidated basis are shown below:

      Three months ended September 30   Nine months ended September 30
        2024       2023       2024       2023  
      ($ in thousands)
    Income before income tax $ 35,960     $  13,506     $ 71,911     $ 69,335  
    Add (subtract):              
    Total investment income   (28,088 )     (5,105 )     (67,033 )     (52,496 )
    Foreign exchange losses (gains)   (5,826 )     1,999       (3,245 )     (7,661 )
    Other non-underwriting income   (2,210 )     (706 )     (9,969 )     (5,738 )
    Corporate expenses   4,253       3,266       13,334       13,820  
    Interest expense   2,018       1,457       4,827       2,977  
    Net underwriting income $ 6,107     $ 14,417     $ 9,825     $ 20,237  

    The MIL Network –

  • MIL-OSI Canada: G7 foreign ministers’ statement on the Launch of an Intercontinental Ballistic Missile by the Democratic People’s Republic of Korea

    Source: Government of Canada News

    “We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States of America, and the High Representative of the European Union, condemn in the strongest terms the Democratic People’s Republic of Korea’s (DPRK) October 31 (local time) launch of an Intercontinental Ballistic Missile (ICBM), following other launches using ballistic missile technology.

    November 4, 2024 – Ottawa, Ontario – Global Affairs Canada

    “We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States of America, and the High Representative of the European Union, condemn in the strongest terms the Democratic People’s Republic of Korea’s (DPRK) October 31 (local time) launch of an Intercontinental Ballistic Missile (ICBM), following other launches using ballistic missile technology. We deplore that the DPRK once again chose to prioritize its unlawful weapons of mass destruction (WMD) and ballistic missile programs over the welfare of the people in the DPRK.

    ” The DPRK continues to advance its unlawful nuclear and ballistic missile capabilities and to escalate its destabilizing activities. We reiterate our call for the complete denuclearization of the Korean Peninsula and demand that the DPRK abandon all its nuclear weapons, existing nuclear programs, and any other weapons of mass destruction (WMD) and ballistic missile programs in a complete, verifiable, and irreversible manner in accordance with all relevant United Nations Security Council resolutions (UNSCRs). We urge UNSC Members to follow through on their commitments and call on all UN Member States to fully and effectively implement relevant UNSCRs.

    ” The G7 remains committed to working with all relevant partners toward the goal of peace and stability on the Korean Peninsula and to upholding the free and open rules-based international order.”

    MIL OSI Canada News –

  • MIL-OSI Economics: ONLINE EVENT | Latin America – Spain Railway Dialogues ‘Rails towards a sustainable future”

    Source: CAF Development Bank of Latin America

    Under the title ‘Rails Towards a Sustainable Future’, this event aims to highlight the tremendous potential of rail as a mode of land transport capable of ensuring the mobility of large volumes of people and goods, boosting the economic, environmental, and social sustainability essential for the future. The Railway Dialogues will take place on November 13 and 14 at the La Moneda Cultural Center, gathering experts, government representatives, private companies, and financial institutions involved in the railway sector.

    The first day is designed to foster knowledge sharing and inter-institutional collaboration, creating an ideal setting for learning from expert insights, discovering best practices, and building valuable connections within the railway industry. Authorities from countries such as Chile, Brazil, Panama, Uruguay, and Spain will participate.

    The second day, organized by EFE as part of its 140th anniversary celebration, will address the challenges and opportunities in Chile’s railway sector, including a panel that brings in international railway perspectives with contributions from experts, authorities, and key institutions in the field.

    To mark this anniversary, the La Moneda Cultural Center will also host the exhibition ‘The Train Runs Along the Line‘, which explores the present and future of railways in Chile.

    This event wraps up a week of railway-related activities in Santiago, Chile. In the days leading up to it, the 60th Annual Assembly of the Latin American Railway Association (ALAF) and the Regional Assembly of the International Union of Railways (UIC) will take place.

    Date: November 13 and 14
    Time: 9:30 a.m. (Chile)*
    *The event will be streamed on this microsite

    MIL OSI Economics –

  • MIL-OSI United Nations: Leadership for Peace Means ‘Living Up to UN Charter’, Says Secretary-General at Security Council Debate

    Source: United Nations – Peacekeeping

    Following are UN Secretary-General António Guterres’ remarks to the Security Council’s high-level debate on “Leadership for peace:  united in respect of the UN Charter, in search of a secure future”, in New York today:

    I thank the Government of Slovenia for convening this high-level debate on Leadership for Peace.

    The topic is rooted in a fundamental truth:  Peace is never automatic.  Peace demands action.  And peace demands leadership.

    Instead, we’re seeing deepening geo-political divisions and mistrust.  Impunity is spreading, with repeated violations of international law and the UN Charter.   Conflicts are multiplying, becoming more complex and deadlier. All regions are affected.

    And civilians are paying the steepest price.  From Gaza to Ukraine to Sudan and beyond — wars grind on, suffering grows, hunger deepens, lives are upended, and the legitimacy and effectiveness of the United Nations, and this Council, are undermined.

    Leadership for peace requires action in at least two key areas.

    First — leadership for peace means all Member States living up to their commitments in the UN Charter, in international law and in recent agreements such as the Pact for the Future.

    Among other things, the Pact calls for strengthening tools and frameworks to prevent conflict, sustain peace and advance sustainable development, with the full, equal and meaningful participation of women.

    It calls for updating our tools for peace operations to allow for more agile, tailored responses to existing, emerging and future challenges.

    It reinforces the commitment to all human rights — civil, political, economic, social and cultural.

    It includes initiatives around disarmament, peacebuilding, and managing threats posed by lethal autonomous weapons and artificial intelligence and in new domains, including outer space and cyberspace.

    It calls for measures to quickly address complex global shocks. And it contains a new push to reform key institutions of global governance, including the global financial architecture and this very Council.

    The Pact is a down-payment on these reforms.  But we will need strong political will to implement them and rebuild the legitimacy and effectiveness of this Council.  Which brings me to my second point about leadership for peace.

    Leadership for peace means ensuring that the UN Security Council acts in a meaningful way to ease global tensions and help address the conflicts that are inflicting so much suffering around the world.

    Geopolitical divisions continue to block effective solutions.  A united Council can make a tremendous difference for peace.  A divided Council cannot.  It is imperative that Council Members spare no effort to work together to find common ground.  And it has proven capable of doing so in some key areas.

    From currently overseeing 11 peacekeeping operations on three continents, involving nearly 70,000 uniformed peacekeeping personnel…

    To resolutions that help keep vital humanitarian aid flowing to the world’s hotspots…

    To the landmark resolution 2719 (2023), which provides for African-Union led peace support operations authorized by the Council to have access to UN assessed contributions…

    To the groundbreaking resolutions that recognized the clear implications of peace and security challenges on the lives of women and youth…

    To this Council’s growing ties to regional and subregional organizations to foster consensus and peace.  These examples — and more — prove that forging peace is possible.

    When we consider the most difficult and intractable conflicts on this Council’s agenda, peace can seem an impossible dream.

    But I strongly believe that peace is possible if we stick to principles.  Peace in Ukraine is possible.  By following the UN Charter and abiding by international law.

    Peace in Gaza is possible.  By sparing no effort for an immediate ceasefire, the immediate release of all hostages, and the beginning of an irreversible process towards a two-State solution.

    Peace in Sudan is possible.  By sending a clear message to the warring parties that all Members of this Council — including the five permanent Members — will not tolerate the horrific violence and desperate humanitarian crisis being unleashed on innocent civilians.

    The situations on this Council’s agenda are complex and do not have quick fixes.  But the scale of the challenge should not deter us.  Our only hope for progress on peace is active collaboration and unity among Council Members.

    Today, I call on all Members to live up to this great responsibility, and to the promise of the UN Charter.  Contribute to this Council’s success — not its diminishment.  Let’s ensure that this Council serves as an effective and representative forum for peace — today and in the years to come.

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Address by Union Minister of New and Renewable Energy Shri Pralhad Joshi on Seventh General Assembly of ISA

    Source: Government of India

    Posted On: 04 NOV 2024 6:32PM by PIB Delhi

    Hon’ble Ministers, Vice Presidents of the ISA Assembly

    Ambassadors, High Commissioners, Honorary Consuls, Director General, Other Excellencies and Esteemed Delegates

    It is a pleasure to stand before you today at the 7th General Assembly of the International Solar Alliance. Today, we are at a crucial point in our mission to reshape the global energy future.

    Today we also celebrate the Power of the Sun. It is amazing to reflect on how harnessing solar energy has been a vital part of cultures globally for centuries.

    In ancient Egypt, the sun god Ra was worshipped, symbolising life and energy. In the early 13th century in South America, the sun god, Inti was considered the ancestor of the Inca people.

    Whether it be the Aztec civilisation, or the African traditions, Sun is personified and worshipped through dances and offerings.

    Just like the Olympics, the Pythian Games were also part of ancient Greece. In Greek mythology, Apollo was the god of sun and light. He was worshipped through various festivals, including the Pythian Games.

    Similarly, in India, the sun has held a sacred place in our culture, with the worship of Surya, deeply embedded in our traditions. To this day, we continue to pay our respect to the Sun God, through festivals like Makar Sankrant, or by reciting Gayatri Mantra or by practising Surya Namaskar every morning.

    Our ancestors utilised solar energy in various forms, from solar heating techniques to architecture designed to capture sunlight effectively. Throughout India, you will find temples dedicated to Surya God anywhere and everywhere you go.

    As we move forward, let us draw inspiration from these rich traditions and continue to promote solar energy, embracing its potential to transform lives and protect our planet. Together, we can harness the sun’s energy, furthering the wisdom of our ancestors while paving the way for a sustainable future.

    Solar energy, once just a vision, is now a powerful reality, leading the world toward a cleaner and more sustainable path. The progress we have made together is undeniable, and the true potential of solar energy is unfolding, showing us just how transformative it can be.

    In 2024, the global solar sector is set to reach approximately 2 terawatt  of installed solar photovoltaic capacity. This marks an extraordinary leap from just a decade ago when solar was still considered a small segment within global energy markets. In 2023, solar energy contributed 5.5% of the global power, with its role in the energy mix expanding rapidly.

    This rapid growth is fuelled by record-breaking investments. Global solar investments have grown from $144 billion in 2018 to $393 billion in 2023 and are expected to reach $500 billion by the end of 2024.

    These investments are not only adding new capacity but are also driving down the cost of energy from solar worldwide. Today solar power has become the most affordable source of electricity in many regions, even surpassing coal and gas.

    This cost-effectiveness is fuelling a global surge in solar ambitions, with several countries emerging as frontrunners in the field. Countries like the United States with more than 130 GW of installed solar capacity, and regions like the European Union (Germany and Spain collectively contribute over 250 GW of solar capacity) are also making good progress.

    It gives me immense pride that India is also swiftly advancing its renewable energy capabilities. India’s journey is one of bold vision and relentless progress.

    Under India’s Prime Minister Shri Narendra Modi’s leadership, India has set ambitious renewable energy targets, and achieved remarkable milestones along the way. Last month, India reached an impressive 90 GW of installed solar capacity, moving steadily forward towards its broader goal of 500 GW of renewable energy capacity by 2030.

    India is also setting its sights on new horizons, with a target to produce 5 million metric tonnes of green hydrogen by 2030, supported by 125 GW of renewable energy capacity. We have approved 50 solar parks with a total capacity of nearly 37.5 GW and identified potential offshore wind energy sites to reach our 30 GW goal by 2030.

    India’s Union Budget for 2024-25 reflects this commitment, with a 110% increase in funding for solar power projects and targeted support for initiatives like the PM-Surya Ghar Muft Bijli Yojana. This, along with exemptions on critical mineral imports, underscores our resolve to lead in solar innovation.

    India has one of the best schemes globally for Solar rooftop installation. We are empowering communities to generate their own renewable energy.

    In fact, the PM-KUSUM scheme is already transforming rural landscapes, enabling farmers to irrigate with solar power and sell surplus energy, advancing both livelihoods and sustainable agriculture. Furthermore, our Production Linked Incentive scheme is strengthening India’s solar manufacturing sector, fostering a self-reliant supply chain.

    With these initiatives, India is not just contributing to a global energy transition but is setting a benchmark for sustainable growth. I am proud to say that we are making a tangible impact on the ground. This commitment to progress aligns seamlessly with the goals of the International Solar Alliance.

    As a coalition of 120 Member and Signatory countries, ISA has been at the forefront of mobilising resources and facilitating the deployment of solar projects worldwide, particularly in Least Developed Countries and Small Island Developing States.

    I am also pleased to share that ISA has successfully completed 21 out of 27 demonstration projects. This showcases our collective ability to make significant strides in solar energy deployment and support sustainable development across the globe.

    I congratulate ISA and dedicate to the world 11 demonstration projects and the 7 STAR C centres launched today. It will help us expand the strong network of institutional capacities within ISA member states.

    One of our innovative flagship initiatives in 2024 has been the launch of the Solar Data Portal. This platform delivers real-time data on solar resources, project performance, and investment opportunities across countries. It is providing transparent and actionable insights, thereby transforming how governments, investors, and developers engage with solar projects.

    Another flagship initiative of ISA is the establishment of the Global Solar Facility. This facility aims to unlock commercial capital for solar projects in underserved regions, especially in Africa. With a pilot project already underway in the Democratic Republic of Congo, and commitments of $39 million from India, ISA, Bloomberg, and CIFF, we are on track to operationalise this initiative by COP29.

    In addition to this, the SolarX Startup Challenge has successfully identified and supported innovative, scalable solutions for the solar sector. In September, we announced 30 winners from the Asia and Pacific edition, and preparations are underway to host the 3rd Edition of the challenge for the Latin America and the Caribbean region.

    Besides these initiatives, ISA continues to expand knowledge-sharing. Our monthly ISA Knowledge Series and the Green Hydrogen Innovation Centre, launched at the G20 Ministerial, are advancing solar energy research and development.

    Our efforts have been brought to life through global events organised by ISA, like the International Solar Festival and CEO Caucus. At the upcoming COP29, we will host a pavilion called the Solar Hub where we shall be organising numerous high-level sessions to encourage global participation.

    The ISA is guided by the Towards 1000 strategy which aims to mobilise $1,000 billion of investments in solar energy solutions by 2030. This is our strategy to:

    • Deliver energy access to 1,000 million people
    • Installation of 1,000 GW of solar energy capacity
    • Mitigate emissions to the tune of 1,000 MT of carbon dioxide every year.

    Excellencies, ladies, and gentlemen, the path ahead is clear, and the time for action is now. As we look to the future, I urge all of us – governments, international organisations, private sectors, and civil society – to continue working hand in hand to accelerate the solar revolution.

    Our nations come in all shapes and sizes, much like the diverse fingers of a hand. Yet, when we join together, we form a fist that represents strength and unity. ISA is your partner, and together, we have the power to shape a brighter, more sustainable future for generations to come.

    As President of the International Solar Alliance, I take immense pride in the progress we have made together. The achievements of 2024 have set the stage for even greater advancements in the years to come. With your continued support, I am confident that ISA will continue to lead the world in making solar energy the foundation of our clean energy future.

    With these words, I thank you, and look forward to the fruitful discussions ahead as we embark on this next chapter of our shared solar journey.

    Thank you.

    ******

    Navin Sreejith

    (Release ID: 2070668) Visitor Counter : 58

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The International Solar Alliance (ISA) Announces New Office Bearers for 2024 – 2026

    Source: Government of India (2)

    The International Solar Alliance (ISA) Announces New Office Bearers for 2024 – 2026

    Republic of India and Republic of France retain the Presidency and Co-Presidency of the ISA Assembly

    Posted On: 04 NOV 2024 6:04PM by PIB Delhi

     The seventh session of the ISA Assembly in progress at the iconic Bharat Mandapam in New Delhi today elected its President and Co-president for a period of two years from 2024 to 2026. While the Republic of India was the sole contender for the post of President, the Co-Presidency was contested between the Republic of France and Grenada, with the Republic of France emerging victorious.

    The Rules of Procedure of the Assembly of the International Solar Alliance provide for the election of the President, Co-President, and Vice Presidents.

    The Assembly elects the President and Co-President, with due regard to equitable geographical representation. The four regional groups of the ISA Members include Africa; Asia and the Pacific; Europe and Others; and Latin America and the Caribbean. Eight Vice Presidents of the Standing Committee, two from each of the four ISA geographical regions, are selected based on seniority in terms of submitting the instrument of ratification to the depositary on a rotation basis from the ISA Member Countries in the specific region.

    The Republic of Ghana and the Republic of Seychelles will hold office as Vice Presidents for the Africa region; the Commonwealth of Australia and the Democratic Socialist Republic of Sri Lanka for Asia and the Pacific region; the Federal Republic of Germany and the Republic of Italy for Europe and the Others region; Grenada and Republic of Suriname from the Latin America and the Caribbean region.

    As the apex decision-making body of ISA, the Assembly holds significant authority and responsibility. It represents each Member Country and makes crucial decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective.

    The Assembly meets annually at the ministerial level at the ISA’s seat, underscoring the regularity and importance of these gatherings. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance.

    The Seventh Session of the ISA Assembly is currently deliberating on the ISA’s key initiatives, focusing on three critical issues: energy access, energy security, and energy transition. These discussions aim to address and find solutions to these pressing global concerns.

    The ISA’s governance bodies, the Assembly, the Standing Committee, and the Regional Committees, offer an integrated approach to governance and decision-making within the Alliance. These Meetings extend the ISA Secretariat the opportunity to enhance cooperation with ISA Member Countries, as well as provide Member Countries with the ability to improve collaboration among themselves and mutually identify avenues of cooperation and partnership.

     

     

    About the International Solar Alliance

    The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

    ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

    With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

    ***

    Navin Sreejith

    (Release ID: 2070661) Visitor Counter : 23

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The International Solar Alliance Hosts the Seventh Session of its Annual Assembly with representatives from 103 Member & 17 Signatory Countries

    Source: Government of India (2)

    Posted On: 04 NOV 2024 5:54PM by PIB Delhi

    The International Solar Alliance (ISA) is hosting the seventh session of its Assembly here in the Indian capital with ministers from 29 countries.

    Speaking at the inaugural ceremony, the Hon’ble Minister for New and Renewable Energy, India, in his capacity as the President of the ISA Assembly, Shri Pralhad Joshi said: “It is my great honour to stand before you today at the Seventh Session of the Assembly of the ISA. Today, we find ourselves at a key turning point in our mission to reshape the global energy future. Solar energy, once just a vision, is now a powerful reality, leading the world toward a cleaner and more sustainable path. The progress we’ve made together is undeniable, and the true potential of solar energy is unfolding, showing us just how transformative it can be.” He further added, “As a coalition of 120 Member and Signatory countries, ISA has been at the forefront of mobilising resources and facilitating the deployment of solar projects worldwide, particularly in Least Developed Countries (LDCs) and Small Island Developing States (SIDS). I’m proud to state that ISA has successfully completed 21 out of 27 demonstration projects, showcasing our collective ability to make significant strides in solar energy deployment and support sustainable development across the globe. These successful projects are a testament to our shared commitment and dedication. I congratulate and dedicate the eleven demonstration projects and the seven STAR- Centres launched today to the people of these countries.”

    The Hon’ble President also highlighted key interventions of ISA, which are globally pushing the solar agenda. The Solar Data Portal, a platform that delivers real-time data on solar resources, project performance, and investment opportunities across countries, transforms how governments, investors, and developers engage with solar projects by providing transparent and actionable insights. The Global Solar Facility aims to unlock commercial capital for solar projects in underserved regions, especially Africa. A pilot project is underway in the Democratic Republic of Congo, and commitments of USD 39 million from India, ISA, Bloomberg, and Children’s Investment Fund Foundation are on track to be operationalised by COP29.

    In addition, the SolarX Startup Challenge has successfully identified and supported innovative, scalable solutions for the solar sector. The 2024 edition announced 30 winners from the Asia and Pacific region, including India, and preparations are underway to host the Third Edition of the challenge for the Latin America and Caribbean region.

    The monthly ISA Knowledge Series and the Green Hydrogen Innovation Centre, launched at the G20 Ministerial, are advancing solar energy research and development to expand knowledge-sharing and advocacy. Global events like the International Solar Festival, CEO Caucus, and the ISA pavilion ‘Solar Hub’ at the Conference of Parties since COP27 have encouraged global participation and advocacy for solar as a preferred energy source.

    The Co-President of the ISA Assembly, H.E. Mr H.E. Thani Mohamed Soilihi, France’s Minister of State for Development, Francophonie and International Partnerships, via a video message, said:

    “I would like to thank the Secretariat of the International Solar Alliance for its significant work in developing the organisation and setting out ambitious programmes year after year. France has honoured its pledge at the outset of the International Solar Alliance to contribute €1.5 billion to finance solar projects in the organisation’s Member Countries. That is why we renewed our financial support for the Alliance in 2024, which is based on three priorities: First, support for the STAR-C programme which plays a key role in local capacity building. Second, France wishes to facilitate access to financing for developing economies which are transitioning towards sustainable development. Third, France wants to step up the ISA Secretariat’s internationalisation process to increase its outreach. France will continue to support the International Solar Alliance, to enhance collaboration and speed up the development of solar energy. It will thus encourage new partner countries to join the Alliance and will synergise with the initiatives and organisations in developing renewable energies.”

    In his welcome address, Dr Ajay Mathur, Director General of the International Solar Alliance, said, “We are pleased to have honourable ministers from our member, signatory, and prospective countries present here today. Our collective presence symbolises our intention—to explore groundbreaking solutions, exchange expertise, and strengthen partnerships that will drive a new era of solar transformation. In this spirit of global cooperation, we find the collective strength to confront the critical challenges of our time. Over the past years, the Assembly has helped shape the ISA into a global leader in the international arena as the definitive voice on driving energy transition through the deployment of solar energy solutions. This year, too, the Assembly shall be taking up some major initiatives and programmes into consideration that will be laying the foundation for the future.”

    The Assembly will also consider the budgets and work plans for the coming year and include updates on ISA’s priority areas of work, programmes, and projects. An important topic of discussion will be the guidelines for the Viability Gap Funding (VGF) Scheme, which provides for 10% to 35 % of the total solar project cost to be given as a grant for developing solar projects in LDCs and SIDS identified by the countries themselves, provided 90% of the project cost is locked in. Proposals from countries will be considered on a first-come, first-served basis until the annual budget provisions of ISA USD 1.5 million per year are available. The VGF can be availed for solar projects set up by government/government institutions or independent developers/beneficiaries selected through a process per the respective country policies.

    This year’s proceedings will also consist of the election of the president and co-president, who will take over office immediately after the Assembly for the period: 2024 – 2026. The selection of the new Director General, who will assume office in March of 2025, will also be announced.

    The Assembly will be followed by a day-long High-Level Technology Conference on Clean Technologies, which will witness the launch of the third edition of ISA’s flagship report series on technology, investment, and market—the World Solar Reports. The Assembly proceedings will culminate on 6 November 2024 with delegates marking a visit to a farm site in NCT of Delhi to witness first-hand the practical implementation of agrivoltaic system, which entails using the same land for solar energy production and agriculture.

    About the ISA Assembly:

    The Assembly is ISA’s yearly apex decision-making body, representing each Member Country. This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective. The Assembly meets annually at the ministerial level at the ISA’s seat. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance. The Sixth Assembly of the ISA is deliberating on the key initiatives of ISA on three critical issues: energy access, energy security, and energy transition.

    About the Demonstration Projects:

    In May 2020, ISA initiated Demonstration Projects to meet the needs of Least Developed Countries (LDCs) and Small Island Development States (SIDS). The aim was to exhibit solar technology applications that can be scaled up and build the capacity of Member Countries to replicate these solar-powered solutions.

    1. Bhutan: Solar cold storage at the National Post Harvest Centre in Paro
    2. Burkina Faso: Solarisation of two primary healthcare centres in the rural communes of Louda and Korsimoro in the north centre region
    3. Cambodia: Solarisation of primary and secondary schools in Koh Rong city
    4. Cuba: Solar water pumping system at the Hatuey Indian Experimental Station (EEIH) in Perico, Matanzas
    5. Djibouti:  Installation of two off-grid solar-powered cold storage units in Omar Jaga’a in the Arta region and Dougoum village in the Tadjourah region
    6. Ethiopia: Solar-powered water pumps in Gedeo Zone, Irgachefe Woreda community
    7. Mauritius: Solarisation of the Jawaharlal Nehru Hospital in Rose Belle
    8. Samoa: Solar streetlights implemented across 46 locations
    9. Senegal: Solar cold storage in the Borough of Ndande, within the Municipality of Theippe in the Kebemer Department
    10. The Gambia: Solar water pumping systems in Wassadou and Julangel
    11. Tonga: Solar water pumping project in four villages on Tongatapu

    About the STAR-Centre Initiative:

    Solar Technology Application Resource-Centre (STAR-C)are equipped with specialised training facilities, tools, and structured learning modules designed to cultivate a highly skilled solar workforce. To date, ISA has successfully established and operationalised STAR Centers in seven countries: Ethiopia, Somalia, Cuba, Côte d’Ivoire, Kiribati, Ghana, and Bangladesh. Since their launch, these centres have trained professionals in various aspects of solar energy, preparing them to contribute effectively to the sector’s rapid expansion.

    About the International Solar Alliance

    The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

    ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

    With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

    Navin Sreejith

    (Release ID: 2070655) Visitor Counter : 57

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: INTERPOL, human rights and international police cooperation

    Source: Interpol (news and events)

    Updated Repository of Practice provides greater insight into how INTERPOL upholds its constitutional commitments to neutrality and human rights

    LYON, France – INTERPOL has today published an updated Repository of Practice (RoP) on how the Organization assesses member countries’ requests for international police cooperation, including Notices and Diffusions.

    The RoP outlines how the INTERPOL General Secretariat headquarters determines compliance with Articles 2(1) and 3 of the Organization’s Constitution which mandate that all activities align with the Universal Declaration of Human Rights and are not political, military, religious, or racial in nature.

    While the previous RoP published in 2013 only covered Article 3, this comprehensive document shares for the first time how INTERPOL determines compliance on human rights grounds.

    Using specific scenarios based on real-life cases, the updated RoP provides insights into the decision-making process for offences:

    • committed by current or former politicians and high-level civil servants or in the context of a coup d’état or situations of social/civil/political unrest
    • concerning freedom of assembly or of association
    • relating to terrorism or membership of a terrorist organization
    • involving sanctions violations
    • including religious or racial elements

    INTERPOL Secretary General Jürgen Stock said:

    “As a neutral platform for international police cooperation, it is of utmost importance that our activities transcend domestic and global politics.

    “The Repository of Practice is a valuable resource which demonstrates INTERPOL’s commitment to upholding human rights principles and the rule of law in our activities.”

    The revised RoP, which will be regularly updated, reflects the evolving nature of transnational crime and INTERPOL’s continued work to ensure that its activities comply with its Constitution and rules.

    It builds on the creation in 2016 of the Notices and Diffusions Task Force (NDTF), a dedicated multidisciplinary team that conducts a robust quality and legal compliance review of incoming Notice and Diffusions requests from member countries.

    Comprised of lawyers, police officers and operations specialists with a wide range of experience and language skills, the NDTF will either authorize or deny each request.

    Notices approved by the NDTF are published by the General Secretariat and all INTERPOL member countries are notified.

    If a Notice or Diffusion is denied because of non-compliance with Article 2(1) or 3 of the INTERPOL Constitution, no further cooperation is allowed to take place via INTERPOL.

    MIL Security OSI –

  • MIL-OSI Security: NATO Secretary General in Berlin: “your support saves lives on the battlefield every day”

    Source: NATO

    During his first official visit to Berlin on Monday (4 November), NATO Secretary General Mark Rutte thanked Chancellor Olaf Scholz for Germany’s significant contributions to the Alliance and its ongoing support for Ukraine.

    The Secretary General praised Chancellor Scholz’s “personal leadership and commitment” to investing more in defence. “Germany now invests 2 percent of its GDP in defence for the first time in three decades. This is important for Germany and for NATO,” he said.
     
    The Secretary General highlighted Germany’s contributions to NATO, including its presence in the eastern part of the Alliance where it is stationing a full brigade in Lithuania. Mr Rutte welcomed the opening of Germany’s new naval headquarters in Rostock, which will help to protect key trade and supply routes, and critical infrastructure in the Baltic Sea.
     
    Mr Rutte also thanked Germany for being “the biggest European contributor of military aid” to Ukraine, underlining that Germany’s support “saves lives on the battlefield every day.” He also warned of more frequent Russian hybrid attacks against NATO Allies, saying “the shifting frontline in this war is no longer solely within Ukraine.”  Russia is interfering directly in Allies’ democracies, sabotaging industry and committing violence. “All of this to weaken us and to sow divisions, but NATO stands ready to deter and defend against these threats,” he said.
     
    On Monday, the Secretary General also met with German President Frank-Walter Steinmeier, Minister of Defence Boris Pistorius, and Chairman of the Defence Committee of the German Bundestag Marcus Faber.

    MIL Security OSI –

  • MIL-OSI Security: St. Louis County Woman Accused of Three Different Frauds

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

    ST. LOUIS – A woman from St. Louis County, Missouri was indicted Wednesday and accused of aiding a romance fraud conspiracy and committing a nearly $40,000 pandemic relief loan fraud as well as a separate mortgage fraud.

    Shirley Waller, 42, was indicted on three counts of wire fraud, two counts of mortgage fraud and one count of conspiracy to commit mail fraud, wire fraud and use of an assumed name to commit mail fraud.

    The indictment accuses Waller of applying for and receiving a Paycheck Protection Program loan of $19,235 for a Michigan business in 2021, as well as a second loan for a St. Louis resale shop. Waller used the proceeds of the first loan on personal flights to Ghana, Germany and Jamaica instead of approved business purposes, the indictment says.

    On May 14, 2022, Waller applied for a home loan of more than $196,000 by lying about her marital status, salary and job and by submitting counterfeit W-2 forms and paystubs, the indictment says.

    Finally, the indictment accuses Waller of aiding scammers who tricked a 71-year-old St. Louis County woman into believing that she was in an online relationship with a U.S. military surgeon deployed overseas. Scammers told the victim to send $30,000 in cash to Waller’s address, the indictment says. The shipment was tracked on its journey by several IP addresses in Nigeria. In a two-week period, at least 35 Express Mail shipments sent to Waller’s address by other victims were also tracked by Nigerian IP addresses, the indictment says. Waller would open the packages and forward the cash to others via cryptocurrency transactions and other means, it says.

    Charges set forth in an indictment are merely accusations and do not constitute proof of guilt.  Every defendant is presumed to be innocent unless and until proven guilty.

    “The U.S. Postal Inspection Service is charged with defending the nation’s mail system from illegal use.  With the collaborative efforts of our federal law enforcement partners, Postal Inspectors investigate fraudsters who utilize the U.S. Mail to perpetuate financial schemes to defraud others in order to enrich themselves.  Postal Inspectors seek justice for victims, including the multiple individual consumer and business victims in this investigation,” said Inspector in Charge, Ruth Mendonça, who leads the Chicago Division of the U.S. Postal Inspection Service, which includes the St. Louis Field Office.

    Each mail theft charge carries a potential penalty of up to 5 years in prison, a $250,000 fine, or both prison and a fine.

    The U.S. Postal Inspection Service, the Town and Country Police Department and the FBI investigated the case. Assistant U.S. Attorney Tracy Berry is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Appeal following rape in Harrow

    Source: United Kingdom London Metropolitan Police

    Detectives are appealing for witnesses and information after a woman was attacked in Harrow.

    Police were called at 23:45hrs on Saturday, 2 November, to reports that a woman had been raped on Church Hill in Harrow-on-the-Hill.

    Officers attended and are continuing to provide the woman with specialist support.

    A male was arrested on 4 November in connection with the investigation. He remains in custody and enquiries are ongoing.

    Detectives would like to speak with anyone who was in the area at the time of the incident. Did you see or hear anything suspicious? Did you see a man running away?

    Detective Sergeant Phil Inman said: “We know this will cause of lot of concern and anxiety in the area, especially as the attack took place in close proximity to the High Street.

    “I am also asking that you review any CCTV, doorbell or dash cam footage that may assist our investigation – in particular between around 22:00hrs and midnight in the roads surrounding St Mary’s Church, Churchfields Open Space and Grove Open Space.

    “If you have any concerns please speak with a local officer.”

    Anyone with information is asked to call police via 101 quoting CAD 8605/02Nov. To remain anonymous contact Crimestoppers on 0800 555 111.

    MIL Security OSI –

  • MIL-OSI United Nations: Human Rights Committee Adopts Report on Views Concerning Individual Communications on Colombia, Ecuador, Finland, Greece, New Zealand, Sweden, Türkiye, Turkmenistan and Ukraine

    Source: United Nations – Geneva

    The Human Rights Committee today adopted a follow-up progress report on individual communications, presented by the Special Rapporteur for follow-up on Views, which concerned communications on Colombia, Ecuador, Finland, Greece, New Zealand, Sweden, Türkiye, Turkmenistan and Ukraine.

    José Manuel Santos Pais, Special Rapporteur for follow-up on Views, said one individual communication on Colombia concerned a case of enforced disappearance by parliamentary groups.  The State party was urged to conduct an independent, thorough and effective investigation of the disappearances of Mr. Anzola and Mr. Molina and prosecute and punish those responsible; release these people if they were still alive; if they were dead, hand-over their remains to their family; and ensure effective reparation, including adequate compensation, and medical and psychological rehabilitation for the authors for the violations suffered. The State party was also under an obligation to prevent similar violations from occurring in the future and to ensure that any forced disappearances gave rise to prompt, impartial and effective investigations.  The State party had established a search and investigative unit, but one Committee member noted that many measures had not been implemented and there seemed to be no urgency.  The Committee recommended ongoing follow-up dialogue.

    A second communication on Colombia involved the killing of a trade unionist.  The Committee recommended that the State party promptly conduct a thorough, effective, impartial, independent and transparent investigation into the circumstances surrounding the murder, to establish the truth; provide the family members who were the authors with detailed information about the results of the investigation; and provide adequate compensation to the family members, including sufficient compensation to cover the reasonable legal expenses they have incurred. The State party had reported that it would proceed with the compensation procedure and had published the Committee’s Views publicly.  However, it was reported that the State party had not conducted the criminal investigation in a way conducive to the identification of the perpetrators or to shed light on the reasons behind the murder.  The Committee therefore recommended follow-up dialogue. 

    Regarding Ecuador, the communication concerned criminal conviction and the seizure of assets. The Committee recommended making full reparation to the persons whose rights had been violated and ensuring that due process was followed in the relevant suits at law.  The State party had outlined that the Committee had not recommended restitution but called for ensuring effective remedy.  It was acknowledged that partial reparation had been granted by the courts, with an appeal still pending.  There were several conflicting interests in regards to this case.  The Committee decided to close the case with partial satisfaction of the Committee’s Views, because the Views issued did not address directly the return of assets to the author, but gave them the possibility to contest the decisions, which had occurred. 

    On Finland, the communication related to the right to vote for elections at the Sami Parliament. The Committee had requested effective remedy, including to make full reparation to individuals whose rights had been violated.  The State party was obligated to review the Act on the Sami Parliament with a view to ensuring that the criteria for eligibility to vote in Sami Parliament elections was defined and applied in a manner that respected the right of the Sami people to exercise their internal self-determination.  A detailed proposal sent to the State party had requested several measures, but the authors had not received any written responses to their proposals.  The Committee recommended ongoing follow-up dialogue. 

    The communication for Greece concerned conscientious objection to compulsory military service.  Remedies proposed by the Committee included expunging the author’s criminal record, reimbursing all sums paid as fines, providing him with adequate compensation, taking all steps necessary to prevent similar violations in the future, and reviewing the legislation with a view to ensuring the effective guarantee of the right to conscientious objection.  The Committee noted there were some positive steps taken, however, some human rights violations remained unaddressed. Contentious objectors still faced discrimination, and in some cases punishment, including fines and imprisonment.  The State was requested to continue follow-up dialogue and was encouraged to look further into the matter. 

    On New Zealand, the communication concerned compensation for wrongful arrest and detention. The Committee recommended providing the author with adequate compensation and taking all steps to prevent similar violations from occurring in the future, including by reviewing its domestic legislation, to ensure that individuals who had been unlawfully arrested or detained as a result of judicial acts could apply to receive adequate compensations.  The State party had requested a consultation process with civil society, but there was no timeline provided and no deadline for the subsequent report to be submitted to the Committee.  The absence of legislative action demonstrated a lack of willingness on behalf of the State party to fulfil its obligations.  In this regard, the Committee recommended follow-up dialogue and would request a meeting with a representative of the State party during a future session. 

    Regarding Sweden, the communication concerned deportation to Albania.  The Committee had recommended that Sweden review the authors’ claims, taking into account the State party’s obligations under the Covenant and the Committee’s present Views, and refrain from expelling the authors to Albania while their requests for asylum were under reconsideration.  The State party heeded to the Committee’s recommendations and therefore the Committee decided to close the follow-up dialogue with a note of satisfactory implementation of the Committee’s Views. 

    In the individual communication on Türkiye, which concerned conscientious objection to military service by Jehovah’s Witnesses, the Committee recommended expunging their criminal records, providing them with adequate compensation, and avoiding similar violations of the Covenant in the future.  The State party submitted that it had made amendments regarding crimes related to compulsory military services, and had also abolished the military courts, which the Committee described as a welcome development.  However, the author reported that their criminal records had not been expunged, they had not been provided with compensation, and they were still subject to military conscription.  Given this, the Committee recommended follow-up dialogue. 

    On Turkmenistan, the communication included conscientious objection to compulsory military service.  The Committee’s recommendations included expunging the author’s criminal record, providing them with adequate compensation, including by reimbursing any legal costs, and taking steps to prevent similar violations from occurring in the future, including by reviewing the legislation of the State party, for instance by providing for the possibility of alternative service of a civilian nature. The author’s counsel had stated that neither he nor the author were aware of any steps taken by the State party to implement the Committee’s Views.  One Expert noted there was no convincing evidence that the State party had contemplated compensation of any kind to the author.  The Committee decided to close the follow-up dialogue with a note of unsatisfactory implementation of the Committee’s recommendation. 

    On Ukraine, the communication concerned the impossibility of having life sentence reviewed. The Committee recommended providing the author with a meaningful review of his sentence of life imprisonment on the basis of a clear and predictable procedure, providing him with adequate compensation, and taking all steps necessary to prevent similar violations in the future.  Due to the escalating conflict in Ukraine, the author requested that his life imprisonment be replaced with a fixed term imprisonment, which did not exceed 15 years of imprisonment, however, this was rejected by the Supreme Court.  In this regard, the Committee recommended follow-up dialogue, but noted positively, that the State party had prepared legislation allowing for any convicted person to have their life sentence considered by the court. 

    In closing remarks, Mr. Santos Pais said it was his last report as Rapporteur on follow-up to Views.  The report on follow-up to Views was essential in monitoring the Committee’s Views and ensuring victims had access to effective remedies.  It also ensured accountability for States under the Optional Protocol.  He thanked all those who had contributed to the report which was very much a team effort. 

    The Human Rights Committee’s one hundred and forty-second session is being held from 14 October to 7 November 2024.  All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. on Thursday, 7 November to close its one hundred and forty-second session.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CCPR24.024E

    MIL OSI United Nations News –

  • MIL-OSI Canada: Minister of Veterans Affairs and Associate Minister of National Defence Itinerary for Veterans’ Week – Tuesday, 5 November 2024

    Source: Government of Canada News

    Media advisory

    Tuesday, 5 November 2024

    Ottawa, Ontario

    15:30 EST – Minister Petitpas Taylor will join Marie-France Lalonde, Parliamentary Secretary to the Minister of National Defence and MP for Orleans, Yasir Naqvi, Parliamentary Secretary to the Minister of Health and MP for Ottawa—Centre, and Mona Fortier, MP for Ottawa—Vanier to make an announcement regarding support Veterans and their families.

    Note for media: Please arrive no later than 15:15 EST. Media interested in participating must register and can obtain additional information at media@veterans.gc.ca.

    Associated Links:

    Remembrance Day & Veterans’ Week

    Contacts

    Media Relations
    Veterans Affairs Canada
    613-992-7468
    media@veterans.gc.ca

    Isabelle Arseneau
    Press Secretary
    Office of the Minister of Veterans Affairs
    isabelle.arseneau@veterans.gc.ca

    MIL OSI Canada News –

  • MIL-OSI USA: Press Release: Congressional Delegation, RIDOT and Amtrak Kick Off Providence Station State of Good Repair Project

    Source: US State of Rhode Island

    U.S. Senators Jack Reed and Sheldon Whitehouse, Congressman Seth Magaziner, Congressman Gabe Amo, and Rhode Island Department of Transportation (RIDOT) Director Peter Alviti, Jr. today gathered with Amtrak leadership and other federal, state and local leaders to kick off a long-awaited project to renovate Providence Station.

    Built in 1986, Providence Station has grown to serve more than two million passengers a year, making it the 11th most utilized train station in the country. While improvements have been made over the years, many station elements are original. Various infrastructure elements and systems are not in a state of good repair, and station capacity is strained. This project will modernize and expand the station in addition to upgrading access to it and making that access safer and easier.

    The project was made possible by a $12.5 million Federal Railroad Administration (FRA) State of Good Repair Grant delivered by Senator Reed in 2019. Amtrak provided $9.75 million and RIDOT put in $7.75 million. This builds on previous funding the congressional delegation secured, including $5.2 million for station enhancements and $3 million for planning, design, and environmental reviews.

    The project includes many improvements for passenger amenities and public spaces. This includes expanding the station floorplan by enclosing the plaza on the western side of the station, adjacent to Caf� La France, and providing additional seating; modernizing and expanding the restrooms; consolidating ticketing and baggage operations; upgrading the public address system with visual displays; making accessibility improvements; and upgrading the station’s mechanical, electrical, fire protection, and plumbing systems.

    “For millions of passengers each year, the Providence Station is a gateway to Rhode Island and our capital city. This project will help Providence Station meet growing ridership with a welcoming space that is more modern, accessible, and efficient,” said Senator Reed, a leading member of the Appropriations Committee. “I was proud to help deliver a $12.5 million competitive grant to advance this critical renovation project. When it’s completed, it will be a major improvement for passengers, tourism, and the community as a whole.”

    “Providence Station currently serves many more passengers than it was originally designed for, and the wear and tear is evident,” said Senator Whitehouse, a senior member of the Environment and Public Works Committee. “This is an exciting project that will greatly improve the travel experience for the millions of passengers who spend time in the Station every year. Once again, our Bipartisan Infrastructure Law is at work delivering convenient and reliable transportation upgrades for Rhode Islanders.”

    “Providence Station is an essential transit hub for Rhode Islanders and is overdue for an upgrade,” said Representative Magaziner. “This federal funding will modernize amenities and improve accessibility to better serve the millions of passengers that pass through this station each year.” “Providence Station currently serves more than two million loyal riders every year. I’m proud to be one of them,” said Congressman Amo. “Thanks to Senator Jack Reed � who played a key role in securing federal funds for this over $30 million renovation � we’re working to modernize this vital transportation hub. Once open, it will signal to residents and visitors alike that Providence is a leader in providing a 21st-century travel experience.”

    “Providence Station is not only the busiest transit center in Rhode Island, it’s one of the busiest in the entire country,” Director Alviti said. “The improvements are well-deserved and will serve passengers for generations to come while encouraging greater use of transit services for trips within Rhode Island as well as out of state.”

    “Providence Station serves as a vital hub for our community. This renovation will enhance and modernize this space for the millions of passengers who rely on this station every year,” said Providence Mayor Brett P. Smiley. “The state-of-the-art amenities and improved safety and access features that will be implemented at this critical transit center will further cement Providence as a top destination for people to live, work and visit. I want to thank Senators Jack Reed and Sheldon Whitehouse, Congressmen Seth Magaziner and Gabe Amo, the Federal Railroad Administration and RIDOT for their commitment to this important project.”

    “Transforming Providence Station into a more modern facility and expanding the customer amenities and space, while still keeping the original charms of the current station, will simultaneously enhance the customer experience and encourage more residents and visitors to take the train,” said Tom Moritz, Amtrak’s assistant vice president of infrastructure access and investment. “Thanks to Senators Reed and Whitehouse, Congressmen Magaziner and Amo, Mayor Smiley, our partners at RIDOT and the FRA, as well as many more federal, state, and local officials, we are proud to take the next step and begin work to update and upgrade Providence Station.”

    During construction, pedestrian areas may be temporarily blocked with detours established. Amtrak intends to maintain restroom facilities, the Oakwells convenience store, and the caf� operations during the project although some services may be temporarily limited.

    There also will be an increased safety presence with a more prominent Amtrak Police entrance and counter. In an already completed phase of work, RIDOT made improvements to the pedestrian walkways in Station Park in 2023, which connects the station to Francis Street, opposite Providence Place Mall. The total value of all improvements is $30 million.

    All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings and weather.

    The Providence Station of Good Repair Project is made possible by RhodeWorks and the Bipartisan Infrastructure Investment and Jobs Act. RIDOT is committed to bringing Rhode Island’s infrastructure into a state of good repair while respecting the environment and striving to improve it. Learn more at www.ridot.net/RhodeWorks.

    MIL OSI USA News –

  • MIL-OSI Security: Watson Lake — Watson Lake Secondary School Youth Hunt

    Source: Royal Canadian Mounted Police

    This October, students from Watson Lake Secondary School (WLSS)’s grade 12 class participated in an on the land hunting adventure on Kaska Traditional Territory alongside Watson Lake RCMP and Yukon conservation officers.

    Following the success of the youth hunt collaboration in 2023, the First Nations School Board met with key stake holders and purchased canvas wall tents, stoves, and a Utility Task Vehicle (UTV), ensuring the program could continue.

    This year, the hunt was held the week of October 7 to 11. David Dickson, Land and Language Connector for WLSS, organized Elders to attend the camp for the week to share the knowledge of the area, traditions, and culture of the Kaska Nation. Elder Agnes Chief, who was born at Frances Lake, told of stories about living off the land and making the long journey down the Frances River to Watson Lake for supplies. Students also learned about the community of Frances Lake and the forts that existed during the fur trade.

    Elder Charlie Dickson, taught the students about traditional methods of preparing a moose head. Elder Agnes Chief taught about local, traditional medicines, where to find them and how to prepare them for consumption.

    The youth were shown how to field dress and care for meat. They learned about giving thanks to the animals and the traditional ways of giving respect to the harvested moose. The harvested meat was shared throughout the community, benefiting Elders, students, community members, Liard Aboriginal Women Society, and the First Nations Health Program. The First Nations Heath Program will use the meat for traditional meals and will be shared among all three Yukon Hospitals for patients.

    “Traditions being passed down to the younger generation is what life is all about, I was very honoured to be apart of such a meaningful hunt. Seeing Elders and youth interact together brought back so many memories from when I was young. Being raised to hunt was always apart of my upbringing, and now that I’m older and able to provide for my family it has taken on a whole different meaning. Being that role model to my kids but also being a strong woman role model for young lady hunters is also very empowering. Seeing the young ladies dive in with no fear of getting dirty was very heart filling and made me proud” – Nicole Donovan from First Nations Health Program

    “The Yukon Territory provides unparalleled access to incredible outdoor recreation opportunities. The WLSS Grade 12 Youth Hunt, with the support of the Watson Lake RCMP Detachment, Yukon Conservation Officer Services, Liard First Nation, First Nations School Board, and local community members, is an impressive joint-effort to ensure that the next generation is exposed to these amazing opportunities. The experiences, skills, ethics, and knowledge shared with the youth will stay with them for the rest of their lives, and hopefully provide some youths with the first step to taking on the age-old tradition of being a provider to one’s family and community. As a Conservation Officer, I believe that there is no experience more fulfilling to a young man or woman than putting hard work into a hunt, and as a result, providing wholesome food for their family and community. There is a deep sense of pride instilled in a young person when they experience the incredible sense of accomplishment that comes from a hunt. That is the greatest benefit of the youth hunt, and I am optimistic that all of the participating youth will carry that sense of accomplishment and pride with them for the rest of their lives.” – Yukon Conservation Officer, Parker Antal

    “The continued success of this program could not have been achieved without the community support of Liard First Nations, First Nations School Board, Liard Aboriginal Women Society, WLSS, Yukon Conservation Officer Services, and the community volunteers. We look forward to 2025. ” – Sergeant Jordan Cropper, Detachment Commander Watson Lake RCMP

    “It’s important for me to be part of this initiative, on my traditional territory. I am happy to participate. Sógá sénlá’.” – David Dickson, Land and Language Connector with the First Nation School Board

    MIL Security OSI –

  • MIL-OSI USA: Virginia Company and Two Senior Executives Charged with Illegally Exporting Millions of Dollars of U.S. Technology to Russia

    Source: US State Government of Utah

    Eleview International Inc., Oleg Nayandin, 54, of Fairfax, Virginia, and Vitaliy Borisenko, 39, of Vienna, Virginia, made their initial appearance today in the Eastern District of Virginia pursuant to a now unsealed complaint charging them with conspiracy to violate the Export Control Reform Act.

    “As alleged, the defendants — a Virginia company and two of its senior executives — conspired through three evasion schemes to circumvent the export restrictions imposed on Russia following its invasion of Ukraine,” said Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division. “U.S. companies are responsible for complying with laws that protect our national security. The National Security Division is committed to holding accountable individuals and companies who violate these laws and place financial profit over our collective security.”

    “This company allegedly used not one, not two, but three different schemes to illegally transship sensitive American technology to Russia,” said Assistant Secretary for Export Enforcement Matthew S. Axelrod of the Department of Commerce, Bureau of Industry and Security (BIS). “Today’s charges, against both the company and two top executives, are a prime example of our work to bring to justice both the companies and the corporate executives alleged to have circumvented our rules in search of a fatter bottom line.”

    “We must not allow critical systems and technologies to be transferred to anyone who may use them against America and our global partners,” said U.S. Attorney Jessica D. Aber for the Eastern District of Virginia. “Guarding against these transfers is imperative, and violations of the laws that protect our national security will be met with ardent prosecution.”

    “Export control evasion schemes put the American public at risk by concealing the true recipient,” said Special Agent in Charge Derek W. Gordon of Homeland Security Investigations Washington, D.C. “In this instance, HSI, working in partnership with our colleagues at Department of Commerce’s Office of Export Enforcement, uncovered this scheme was supporting a sanctioned country, thus threatening our national security and the safety of other countries. HSI is dedicated to preventing technology with military applications from falling into the wrong hands.”

    According to the complaint, between approximately March 2022 and June 2023, Eleview International Inc. (Eleview), allegedly a Virginia-based company that operated a freight consolidation and forwarding business; Nayandin, the owner, president, and CEO of Eleview; and Borisenko, who oversaw the day-to-day operations of Eleview’s freight forwarding business, conspired to illegally export goods and technology from the United States to Russia by transshipping them through three countries bordering or near Russia.

    As alleged, the defendants operated an e-commerce website that allowed Russian customers to order U.S. goods and technology directly from U.S. retailers, who shipped the items to Eleview’s warehouse in Chantilly, Virginia. The defendants then consolidated the packages before shipping them to the Russian customers, often using other freight forwarders as intermediaries, in exchange for a fee. After the Department of Commerce imposed stricter export controls in response to Russia’s further invasion of Ukraine in February 2022, the defendants began shipping items to purported end users in Turkey, Finland, and Kazakhstan, knowing that the items were ultimately destined for end users in Russia. To facilitate these illegal exports, the defendants made numerous false statements to the Department of Commerce and other freight forwarders about the end users and ultimate consignees of the items in these shipments.

    As part of the conspiracy, the defendants engaged in three export-control evasion schemes, each specific to a different intermediary country. In the Turkey scheme, the defendants exported about $1.48 million worth of telecommunications equipment to a false end user in Turkey, knowing that the equipment was intended for a Russian telecommunications company that supplied the Russian government, including the Federal Security Service, or FSB. The telecommunications equipment that the defendants illegally exported as part of the Turkey scheme had military applications, including use by the Russian military to create and expand communication networks in its war effort against Ukraine.

    In the Finland scheme, the defendants exported about $3.45 million worth of goods purchased to Russia through Eleview’s e-commerce website to a false end user in Finland that neither purchased nor sold goods. Before consolidating the packages into larger pallets for shipment to Finland, the defendants affixed to each package a label with a Russian postal service tracking number so that the Russian postal service could easily ship the package to the customer in Russia. The goods that the defendants illegally exported as part of the Finland scheme included “high priority” items that the Department of Commerce has identified as particularly significant to Russian weaponry, including the same type of electronic component found on Russian “suicide” drones used to destroy Ukrainian tanks and jets.

    In the Kazakhstan scheme, the defendants exported about $1.47 million worth of goods to Russia through an entity in Kazakhstan that advertises its ability to deliver goods to Russia. The goods that the defendants illegally exported as part of the Kazakhstan scheme included controlled dual-use items.

    If convicted, Nayandin and Borisenko each face a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The BIS and Homeland Security Investigations are investigating the case.

    Assistant U.S. Attorneys Gavin R. Tisdale and Amanda St. Cyr for the Eastern District of Virginia and Trial Attorney Garrett Coyle of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case with past assistance provided by then-First Assistant U.S. Attorney Raj Parekh.

    The case is being coordinated through the Justice and Commerce Departments’ Disruptive Technology Strike Force and the Justice Department’s Task Force KleptoCapture. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Justice and Commerce Departments designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation states. Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions and economic countermeasures that the United States has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Smoking ban introduced to protect children and most vulnerable

    Source: United Kingdom – Executive Government & Departments 2

    The government will introduce plans for tougher action to protect people from the harms of smoking in the Tobacco and Vapes Bill today.

    • World-leading reforms introduced to phase out smoking, protecting the public, NHS and economy and put us on track to a smokefree UK

    • Government will be given powers to extend indoor smoking ban to certain outdoor settings, focused on protecting children and the most vulnerable, in addition to creating the first smokefree generation   

    • Bill will also ban vape advertising and sponsorship, as well as create new powers to restrict the flavours, display and packaging of all types of vapes

    • Combined with on the spot fines, tougher action on enforcement and tighter regulation on vaping, the Bill will protect children and young people from harm and addiction

    Tougher action to better protect the public, NHS and the economy from the harms of smoking will be set out in the Tobacco and Vapes Bill, introduced in Parliament today (Tuesday 5 November).   

    The world-leading Bill will include measures to create a smokefree generation, phasing-out the sale of tobacco products across the UK to anyone aged 15 or younger this year, breaking the cycle of addiction and disadvantage. 

    In addition, the government will be given powers to extend the indoor smoking ban to specific outdoor spaces: with children’s playgrounds, outside schools and hospitals all being considered, subject to consultation.

    This sits alongside a ban in the Bill on vape advertising and sponsorship, as well as powers to restrict the flavours, display and packaging of all types of vapes, as well as other nicotine products.    

    Disposable vapes are also due to be banned from 1 June 2025 under separate environmental legislation.   

    The Tobacco and Vapes Bill is part of the government’s reform agenda to shift the focus of healthcare from sickness to prevention and will address one of the biggest risk factors driving poor health. 

    Smoking claims around 80,000 lives a year in the UK, putting huge pressure on our NHS, taking up appointments, scans and operations, and costing taxpayers £3.1 billion a year.   

    The cost of smoking to the economy is even greater, with £18 billion lost in productivity every year, as smokers are a third more likely to be off work sick.   

    Tobacco is a uniquely harmful product, responsible for 1-in-4 of all cancer deaths and killing up to two-thirds of its long-term users. Smoking also substantially increases the risk of many major health conditions throughout people’s lives, such as strokes, diabetes, heart disease, stillbirth, dementia and asthma.   

    Almost every minute, someone is admitted to hospital because of smoking and up to 75,000 GP appointments can be attributed to smoking each month – over 100 every hour.   

    There is no safe level of exposure to second-hand smoke and this is particularly true for children – whose lungs and immune system aren’t as well developed as adults – as well as pregnant women and those with pre-existing health conditions.  

    Health and Social Care Secretary, Wes Streeting, said:      

    Unless we act to help people stay healthy, the rising tide of ill-health in our society threatens to overwhelm and bankrupt our NHS. Prevention is better than cure. 

    This government is taking bold action to create the first smokefree generation, clamp down on kids getting hooked on nicotine through vapes, and protect children and vulnerable people from the harms of second-hand smoke. 

    This historic legislation will save thousands of lives and protect the NHS. By building a healthy society, we will also help to build a healthy economy, with fewer people off work sick.

    The government will also take tougher action to crack down on youth vaping, with 25% of 11 to 15-year-olds having tried vaping in 2023.   

    Subject to consultation, the government is considering extending restrictions in places that are currently smoke free to also become vape free, especially in areas where there are children and young adults.   

    Together, these measures will help protect children from becoming hooked on nicotine while continuing to enable adult smokers to use vapes as a quit aid.  

    Chief Medical Officer for England, Professor Chris Whitty, said:  

    A smokefree country would prevent disease, disability and premature deaths for children born today and for people long into the future. Smoking causes harm across the life course from stillbirths, asthma in children, cancers, strokes and heart attacks to premature dementia.   

    Most smokers wish they had never started, but are trapped by addiction. Second-hand smoke causes harm including to children, pregnant women and medically vulnerable people so reducing this is important. If vulnerable people can smell smoke they are inhaling it.   

    The rising numbers of children vaping is a major concern and the Tobacco and Vapes Bill will help prevent marketing vapes to children, which is utterly unacceptable.  

    This is a major piece of legislation which if passed will have a positive and lasting impact on the health of the nation.

    Professor Sanjay Agrawal, NHS England national speciality advisor for tobacco dependency, said:

    Smoking may seem like a problem for past generations, but it is still the leading cause of preventable illness and deaths and has an enormous impact on the NHS, costing billions each year through appointments, scans and operations. It’s also clear that vaping is a growing issue, particularly among young people.

    NHS treatments, including nicotine replacement therapy, are helping thousands of adults each year to live healthier lives and we have seen adult smoking rates drop by more than half in the last 3 decades.

    But there is more to do, so we welcome this public health intervention and look forward to working with government to help the next generation grow up smoke and vape-free.

    The Bill will also include powers to introduce a licensing scheme for retailers to sell tobacco, vape and nicotine products in England, Wales and Northern Ireland, and will introduce on the spot fines of £200 to retailers found to be selling these products to people underage.   

    These measures will protect law abiding businesses and tackle illicit products from being sold.     

    The number of cancer cases caused by smoking has increased by 17% since 2003, with 20 additional people a day being diagnosed with cancer caused by smoking compared to 20 years ago.        

    Smoking is also a significant driver of inequality and poverty with mortality rates attributed to smoking in the most deprived areas of England more than double that in the least deprived areas.      

    The majority of smokers start before the age of 20 and are then addicted for life. Less than 17% of smokers state they want to continue smoking.   

    The government will support current smokers to quit by exploring standardising packaging for all tobacco products, for example cigars or pipe tobacco.  We will also ensure all hospitals integrate ‘opt-out’ smoking cessation interventions into routine care. This will complement existing programmes to help support smokers quit.

    Just last month in England, the Health and Social Care Secretary launched the public engagement that will inform the government’s 10 Year Health Plan to deliver three big shifts in healthcare – hospital to community, analogue to digital and from sickness to prevention – to make the NHS fit for the future. 

    In England, hospitality settings, including outside areas of pubs and bars, will not be included in the proposed extension to the indoor smoking ban.

    Dr Charmaine Griffiths, chief executive at the British Heart Foundation, said:

    We are delighted to see landmark legislation to create a smokefree generation brought to Parliament. Smoking continues to have a devastating impact on our national health, taking thousands of lives across the UK each year, and tough measures must be taken to ensure future generations don’t die early because of tobacco.

    We welcome the government’s commitment to raising the age of sale for tobacco every year, as well as further action to protect children and clinically vulnerable people such as those living with heart disease from second hand smoke in schools, playgrounds and hospital grounds.

    We also welcome measures to make vaping less appealing to young people.  We know the vast majority of the public back the aims of this Bill, and we urge MPs of all parties to support this life-saving legislation and vision of a smokefree UK.

    Dr Ian Walker,  executive director of Policy at Cancer Research UK, said: 

    Today is a significant step forward in the journey to creating a smokefree UK. By increasing the age of sale of tobacco products and properly funding cessation services, the government can build a healthier future, prevent cancer, and protect people from a lifetime of deadly and costly addiction.  

    We urge all MPs to prioritise the nation’s health by voting in favour of the Bill and ensuring that this historic legislation is implemented across the UK.

    Hazel Cheeseman, chief executive at Action on Smoking, said:

    This is a world-leading piece of legislation, the first stop on a roadmap to a smokefree country. It opens up an important debate about smoking and how long we are prepared to tolerate the incredible harms it does to our society. Over the last 50 years, smoking has taken more than 8 million lives in the UK. The health community and the public support the government in this historic effort to phase out the sale of tobacco. Smoking will not steal the health and wealth of future generations.

    Henry Gregg, director of external affairs at Asthma + Lung UK, said:

    The government is taking a huge step forward in the fight against the harms of smoking, the biggest cause of lung disease death in the UK, by tabling the Tobacco and Vapes Bill. 

    Creating a smokefree generation is one of the most impactful things the UK can do to protect future generations from developing lung conditions caused by smoking. The highest rates of respiratory-related deaths are overwhelmingly in the most deprived areas, where people are also more likely to smoke. This landmark legislation will play a vital role in closing this gap, as well as easing some of the £2.2bn burden that smoking places on the NHS each year.

    But we should not forget those who are already addicted to smoking – we need increased investment in stop smoking services to deal with smoking’s deadly legacy. Smoking is one of the worst things anyone can do for their lungs and smoking can also cause significant health problems for those around people who smoke.

    If you’re a smoker and you want to quit tobacco, vaping can be a helpful way to give up smoking. But children and those who don’t smoke should not start to vape, especially if you have a lung condition. Recent figures show a worrying rise in the numbers of children vaping, who mostly use disposable vapes. It’s high time to put a stop to the vaping industry marketing their products towards children with cheap prices and appealing flavour options. It’s good to see increased powers to regulate vape branding, promotion and flavours in this bill and further powers of enforcement.

    Cllr David Fothergill, chairman of the Local Government Association’s Community Wellbeing Board, said:

    We fully support the government’s smokefree generation ambitions, which will improve the lives and health of people across the country.

    Local government has led the way tackling the harms caused by smoking, whether that is calling for a ban on smoking in public places or funding smoking cessation services.

    Raising the legal age of sale for tobacco products is a progressive policy that will help reduce smoking prevalence and the damaging effects on health, while we strongly endorse the measures on vapes, to help reduce their appeal to children.

    Updates to this page

    Published 5 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Protecting children, families and vulnerable from tobacco harms

    Source: United Kingdom – Executive Government & Departments 2

    Professor Sir Chris Whitty writes for The Times on the Tobacco and Vapes Bill.

    Written on:

    No smoker wants to harm other people, but with second-hand smoke they unintentionally do. Despite efforts by the tobacco industry to undermine the evidence on this, it is overwhelming. The risk of getting or accelerating diseases such as cardiovascular disease, lung cancer, and chronic obstructive pulmonary disease (COPD) are significantly increased by second-hand (passive) smoke, including in non-smokers who now make up over 88% of the UK adult population.

    Some people are especially vulnerable to tobacco chemicals: children, pregnant women, people with common pre-existing but usually invisible health conditions like asthma, diabetes or coronary heart disease. There are now more people with serious medical conditions that can be made worse by second-hand smoke than there are smokers and they do not choose to be exposed to risk from smoke in a public place.

    By addicting people at a young age, tobacco companies ensure that millions of people who smoke will suffer substantial health harms throughout their life. These range from stillbirth through to significantly higher rates of dementia, including stroke, heart attacks lung disease and many cancers. Smokers are more likely to need NHS services, be admitted to hospital, drop out of work and need social care years before they otherwise would.

    Most smokers wish they had never started, want to quit and should be supported to do so but are find they are trapped, their choice taken away by the addiction deliberately induced in them by the industry at an early age. To prevent this the last government introduced the Tobacco and Vapes Bill to create a smokefree generation in current children, with wide cross-party and public support, and the Bill being introduced builds on that.

    Many non-smokers are harmed simply by being near smoking. The health harms are lower than for an active smoker but still substantial. Recognising that, the UK stopped smoking in indoor public spaces 17 years ago. This led to rapid improvements in health including around 1200 fewer heart attack admissions and many fewer asthma admissions in children in the first year alone.

    There is no safe level of smoking, but in bringing forward new legislation ministers have considered outdoor public places children, families and medically vulnerable people are most exposed to the risk of second-hand smoke.

    Three things particularly predict harm: the concentration of smoke; the amount of time being exposed; the vulnerability of the individuals. Although outdoor spaces generally have lower concentrations of the toxic chemicals from tobacco than indoors studies show they can still be significant near or downwind of smoking or in areas like a walled or covered outdoor space. If you can smell smoke, you are inhaling it in appreciable amounts.

    Smoke near schools and playgrounds exposes children. Hospitals grounds have very high numbers of medically vulnerable people. This Bill will help protect them from the effects of second-hand smoke. 

    The Bill will also address the tricks used to make vapes attractive to children. The message on vapes is clear; if you smoke swap to vapes; if you don’t smoke don’t vape; it is utterly unacceptable to market vapes to children. Because smoking is so dangerous, smokers moving to vapes is safer, but best of all is not to smoke or vape.

    Anywhere someone can smoke, they should therefore be able to vape as a quit aid but the long-term effects of vaping, including passive vaping, are unknown. If passed the Tobacco and Vapes Bill will ban the advertising and sponsorship of vapes and also allow the government, after consultation, to protect children from marketing techniques vaping companies use to addict them including through bright colours, flavours and cartoons. The government has already moved to ban disposable vapes used by many children. 

    The tobacco industry drives health inequality, harms the economy through ill health including during the working age and causes a burden on the NHS – far outweighing the tax receipts. Ensuring a smokefree generation, protecting families and vulnerable people from involuntary second-hand smoke and preventing some of the tricks used to market cigarettes and vapes to children will have substantial long-term benefits to the health of the public.

    Updates to this page

    Published 5 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Avoid ‘All Out War’ in Lebanon, Stop ‘Tit-for-Tat Violence’ Engulfing Middle East, Secretary-General Tells Security Council

    Source: United Nations – Peacekeeping

    Following are UN Secretary-General António Guterres’ remarks at the Security Council meeting on the situation in the Middle East, in New York today:

    The raging fires in the Middle East are fast becoming an inferno.  Exactly one week ago, I briefed the Security Council about the alarming situation in Lebanon.  Since then, things have gone from bad to much, much worse.

    As I told the Council last week, the Blue Line has seen tensions for years.  But since October, exchanges of fire have expanded in scope, depth and intensity.

    I stated that the almost daily exchanges of fire by Hizbullah and other non-State armed groups in Lebanon and the Israel Defense Forces are in repeated violation of Security Council resolution 1701 (2006).

    I emphasized that the daily use of weapons by non-State armed groups is in violation of Security Council resolutions 1559 (2004) and 1701 (2006).

    And I stressed that Lebanese sovereignty and territorial integrity must be respected and the Lebanese State must have full control of weapons throughout Lebanon.

    In the few short days since then, we have seen a dramatic escalation — so dramatic that I wonder what remains of the framework this Council established with resolution 1701 (2006).

    Israeli forces have conducted relentless air strikes across Lebanon — including Beirut.

    The United States and France — with the support of several other countries — have proposed a temporary ceasefire, allowing for the restart of negotiations.

    Israel refused that proposal and stepped up its strikes, including bombing the Hizbullah headquarters where its leader was killed.

    Hizbullah has continued rocket and missile attacks on Israel.

    And yesterday, the Israel Defense Forces conducted what it stated were “limited incursions” into southern Lebanon.

    UNIFIL [United Nations Interim Force in Lebanon] peacekeepers remain in position, and the UN flag continues to fly despite Israel’s request to relocate [it].

    I reiterate our deep appreciation to the military and civilian members of our UN peacekeeping force — UNIFIL — and to troop-contributing countries.  The safety and security of all UN personnel must be ensured.

    Civilians are paying a terrible price — which I utterly condemn.  Since last October, more than 1,700 people have been killed in Lebanon — including over 100 children and 194 women.

    Over 346,000 people are confirmed to have been displaced from their homes.   Government estimates put this number as high as 1 million.  Another 128,000 people — both Syrian and Lebanese — have crossed into Syria.

    The UN has mobilized all its capacities to provide urgent humanitarian aid in Lebanon and I ask the international community to fully fund our appeal.

    Since 8 October 2023, Hizbullah attacks on Israel have killed 49 people — with over 60,000 people displaced from their homes.

    It is absolutely essential to avoid an all out war in Lebanon which would have profound and devastating consequences.

    Yesterday, Iran launched approximately 200 ballistic missiles towards Israel.  It stated it was in response to the killings of Hassan Nasrallah and the Islamic Revolutionary Guards Corp commander, Abbas Nilforoushan, last week — as well as that of the Hamas leader, Ismail Haniyeh, in Tehran in July.

    Millions of people across Israel and the Occupied Palestinian Territory were forced to seek shelter.  One person was killed from the Iranian strikes — a Palestinian in the occupied West Bank.

    As I did in relation to the Iranian attack in April – and as should have been obvious yesterday in the context of the condemnation I expressed — I again strongly condemn yesterday’s massive missile attack by Iran on Israel.

    These attacks paradoxically do nothing to support the cause of the Palestinian people or reduce their suffering.

    Almost one year has passed since the atrocious 7 October 2023 acts of terror by Hamas and the taking of hostages.

    Since last October, Israel has conducted in Gaza the most deadly and destructive military campaign in my years as Secretary-General. The suffering endured by the Palestinian people in Gaza is beyond imagination.

    At the same time, the situation in the occupied West Bank, including East Jerusalem, continues to deteriorate with Israeli military operations, construction of settlements, evictions, land-grabs and intensification of settler attacks — progressively undermining any possibility of a two-State solution.

    And simultaneously, armed Palestinian groups have also used violence.  Hamas has continued to launch rockets, and just yesterday seven Israelis were killed in a terror attack in Jaffa.

    The events of the past week, the past month and indeed nearly the past year make it clear:

    It is high time for an immediate ceasefire in Gaza, with the immediate and unconditional release of all hostages, the effective delivery of humanitarian aid to Palestinians in Gaza and irreversible progress to a two-State solution.

    It is high time for a cessation of hostilities in Lebanon, real action towards full implementation of Security Council resolutions 1559 (2004) and 1701 (2006), paving the way for diplomatic efforts for sustainable peace.

    It is high time to stop the sickening cycle of escalation after escalation that is leading the people of the Middle East straight over the cliff.

    Each escalation has served as a pretext for the next.  We must never lose sight of the tremendous toll that this growing conflict is taking on civilians.

    We cannot look away from systematic violations of international humanitarian law.  This deadly cycle of tit-for-tat violence must stop.  Time is running out.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Each Day that Passes Only Deepens Misery, Suffering of Lebanon’s People, Secretary-General Tells Conference, Urging Ceasefire, Hostage Release

    Source: United Nations – Peacekeeping

    Following is the text of UN Secretary-General António Guterres’ video message to the International Conference in Support of Lebanon’s People and Sovereignty, in Paris today:

    Monsieur le President, excellencies, friends of Lebanon,

    I welcome this initiative by [France] President [Emmanuel] Macron and underscore our commitment to realizing the aims of this conference and supporting the people of Lebanon.

    We do so in the context of a region that is reeling, and Lebanon in utter turmoil.

    The past year has brought daily exchanges of fire across the Blue Line.

    We are gravely concerned about the safety and well-being of civilians on both sides of the Blue Line — but we must recognize that the conflict has recently taken on an entirely different nature and scale.

    Each day that passes only deepens the misery and suffering of people in Lebanon.

    Since last October, over 2,300 people have been killed in Lebanon, and at least 50 in Israel and the Israeli-occupied Golan.

    More than half of the deaths in Lebanon have occurred since the dramatic escalation in Israeli strikes on 23 September.

    Many of those killed were children and women.  More than 1.2 million people have been displaced or affected in Lebanon.  And in the last year, more than 60,000 have been displaced in Israel and the Israeli-occupied Golan.

    We see continued intense aerial bombardment by Israel in densely populated areas in Lebanon — including Beirut — and ground incursions across the Blue Line … as well as ongoing missile, drone and rocket attacks by Hizbullah into Israel.

    An immediate ceasefire is needed now — along with meaningful steps towards full implementation of Security Council resolutions 1559 (2004) and 1701 (2006).

    The sovereignty and territorial integrity of all countries must be respected.

    Civilians must be protected.

    Civilian infrastructure must not be targeted.

    Obligations under international law must be upheld.

    I urge friends of Lebanon to support the ongoing humanitarian response efforts, including by providing rapid funding of the Lebanon Flash Appeal.

    I call on Lebanon’s leaders to take resolute steps towards ensuring fully functional State institutions to address the country’s pressing political and security challenges.

    And I encourage partners to strengthen their support for those State institutions, including the Lebanese Armed Forces, which are a vital part of a secure — and peaceful — path forward.

    I salute the brave women and men of our peacekeeping force in Lebanon — UNIFIL (United Nations Interim Force in Lebanon) — and the UN family across the country, who are striving to implement their mandates in such challenging conditions. 

    Let me be clear:  Attacks against UN peacekeepers are completely unacceptable.

    They are in breach of international law, against international humanitarian law and may constitute a war crime.

    I also pay tribute to humanitarian workers working to help communities in dire need.

    Excellencies, we know what is happening in Lebanon today is not an isolated phenomenon.

    We had the abhorrent terror attacks by Hamas on 7 October and the taking of hostages.

    Since then, Israeli military operations in Gaza have caused death and destruction at a speed and scale beyond anything in my years as Secretary-General.

    We have seen the impacts from Syria to Iraq to Yemen.

    Now we see the growing threat of a major conflagration between Israel and Iran that would upend the entire region.

    We need a ceasefire in Lebanon — as we need a ceasefire in Gaza and the immediate release of all hostages.

    Escalation after escalation is leading to the unimaginable for the people of the region — including the people of Lebanon for whom we have all come together today.

    Let us show our solidarity with action to ease the suffering and push for peace.

    Thank you.

    MIL OSI United Nations News –

  • MIL-OSI China: Confucius Institute marks 15 years of promoting China-Malta friendship

    Source: China State Council Information Office 3

    The Confucius Institute at the University of Malta received acclaim on Monday for its role in promoting friendship between China and Malta, as it marked its 15th anniversary.

    The special anniversary celebration featured performances by university students from the Confucius Institute as well as primary and secondary school students.

    In his address, Peng Yijun, charge d’affaires of the Chinese Embassy in Malta, praised the institute’s contributions over the past 15 years.

    “The Confucius Institute has opened a door for Maltese young people to explore the real China,” he said, underscoring the strong partnership between the University of Malta and Xiamen University in southeast China’s Fujian Province.

    Shi Dalin, vice president of Xiamen University, expressed hope that the Confucius Institute would continue to serve as a model for educational and cultural collaboration between Xiamen University and the University of Malta.

    University of Malta Pro-Rector Frank Bezzina highlighted Confucius Institute’s role in language teaching and cultural exchanges, noting that institute plays a unique role by promoting dialogue and mutual understanding.

    In a video message, Yu Yunfeng, director of the Center for Language Education and Cooperation at China’s Ministry of Education, said the Confucius Institute has played “a unique and important role” in promoting cultural exchanges and enhancing mutual understanding and friendship.

    MIL OSI China News –

  • MIL-OSI China: 136th Canton Fair wraps up with record int’l buyer attendance

    Source: China State Council Information Office

    Buyers select massage machines at the 136th China Import and Export Fair in Guangzhou, south China’s Guangdong Province, Nov. 4, 2024. [Photo/Xinhua]

    The 136th Canton Fair, officially known as the China Import and Export Fair, concluded on Monday in Guangzhou, south China, recording a historic high in terms of overseas buyer attendance, according to data from the organizers.

    As of Sunday, a total of 253,000 overseas buyers from 214 countries and regions had attended the event, marking an increase of 2.8 percent compared to the previous edition held from April 15 to May 5 this year, setting a new record, Zhou Shanqing, deputy director of China Foreign Trade Center and head of the fair’s media center, told a press conference held on Monday.

    Buyers from countries participating in the Belt and Road Initiative (BRI) accounted for over 60 percent of the attendance. The number of buyers from Middle East countries grew the most, reaching 34,000 or a surge of 32.6 percent compared with the previous edition. There was also a notable rise in the number of buyers from the United States and European countries, with 54,000 attending, an 8.2-percent increase from the previous edition.

    The intended turnover of export transactions at this session reached 24.95 billion U.S. dollars, 1 percent higher than the previous session. Notably, transactions with Belt and Road partner countries accounted for more than half of this total, while transaction volumes involving buyers from Europe and the United States both logged growth.

    Yang Zhusong, an associate professor at the School of Public Policy and Management, Tsinghua University, said that the growing number of exhibitors at the fair is a microcosm of China’s influence in global import and export trade.

    The increase in buyer attendance from Europe and the United States is attributable not merely to their confidence in China’s huge market potential but also to China’s efficient manufacturing prowess, which provides a complete industrial chain of services, Yang said.

    The attendance of increasing number of enterprises from Belt and Road partner countries indicates that China’s cooperation with these countries is pragmatic and the benefits are mutual, according to Yang.

    Christian Noll, a buyer from Germany, was still busy on the last day of the fair. Focused mainly on garments, he browsed some booths and settled on a cooperation plan with a partner from Fuzhou in east China’s Fujian Province.

    “It is the biggest trade show I’ve ever seen. Normally trade shows happen every two years or at most once a year, to allow companies to innovate in between. This show occurs twice a year and each time the size is amazing, and there is a lot of new stuff. This is the coolest show on the planet,” said Noll.

    Having attended the fair for four consecutive years, Moulay Elkamel, a buyer from Morocco, described his latest trip to China as “beyond delightful.”

    “I’ve met great friends and partners and have seen many interesting products. It’s a pity the fair only lasts for half a month. I plan to come back for the show next year in April. There are already some orders ready for settlement,” Elkamel said.

    Themed “Serving high-quality development, promoting high-level opening up,” the 136th Canton Fair featured more than 30,000 exhibitors showcasing 1.15 million new products.

    Yang said international buyers are leveraging the Canton Fair as a platform to forge deeper, more mutually advantageous and promising partnerships with Chinese companies.

    The continuous development of “Made in China” and “Created in China” is also injecting fresh impetus into the growth of global industrial and supply chains, Yang added.

    Chu Shijia, deputy director and secretary general of the fair and head of China Foreign Trade Center, said that the continuous expansion of the Canton Fair reflects the growth and strength of China’s foreign trade, and demonstrates China’s unwavering determination to open wider to the outside world, providing new opportunities for the world with the country’s new development and contributing to the development of an open global economy.

    Founded in 1957, the Canton Fair is held twice a year in Guangzhou, the capital of Guangdong Province. It is the longest-running of several comprehensive international trading events in China, and is hailed as the barometer of China’s foreign trade.

    MIL OSI China News –

  • MIL-OSI China: IP takes lead in western China’s innovation surge

    Source: China State Council Information Office 2

    An aerial drone photo taken on Sept. 8, 2024 shows a partial view of the Shichengzi photovoltaic power station in Hami City, northwest China’s Xinjiang Uygur Autonomous Region. [Photo/Xinhua]
    The western regions of China have experienced remarkable economic strides in recent years, and one contributing factor to this success is the progress made in intellectual property (IP). Amidst the country’s green transformation and pursuit of high-quality growth, this once-impoverished hinterland has now taken an IP-driven development path.
    The China National Intellectual Property Administration (CNIPA) has recently reported rapid growth in two key IP types in the regions. By the end of September, the number of valid invention patents in the regions reached 493,000, up 16.7 percent year on year. Registered trademarks also rose by 10.5 percent compared to the previous year.
    Such growth has not been easy to achieve. Comprising 12 provincial-level regions, western China covers two-thirds of the country’s land area and is home to over a quarter of its population. A sparsely populated area with limited infrastructure, the western regions have lagged economically compared to the eastern provinces.
    However, in recent years, these regions have actively promoted emerging industries, such as smart manufacturing, new energy vehicles and low-altitude economy, which in China are considered as new quality productive forces with high-value invention patents. Local departments have provided IP guidance and financial support to enterprises within these industries, facilitating their rapid growth and narrowing the gap with the east.
    From innovation to invention
    Some have even taken the lead in the country, such as clean energy technology.
    In northwest China’s Qinghai Province, a vast photovoltaic power generation park has been constructed in the Talatan Gobi Desert, spanning 600 square kilometers. Amidst the solar panels, flocks of white sheep were spotted roaming around.
    A few years ago, Talatan was a barren land. The locals creatively planted grass to prevent sand erosion and installed a large area of photovoltaic panels. The water used for cleaning the panels infiltrated beneath the surface, nourishing the grass. However, the grass growth-induced shade problem caused the solar panels to malfunction.
    To manage grass without chemicals, the park integrated sheep farming — using the animals to control vegetation and contribute to ecological conservation.
    This “photovoltaic sheep” concept, patented in 2018, has boosted the efficiency of local photovoltaic power generation, with the park now generating up to 80 million kilowatt-hours of electricity annually.
    Another example is the China-Laos Railway, which links Kunming, the capital of southwest China’s Yunnan Province, and the Lao capital Vientiane.
    The construction of the cross-border railway was a challenging task due to the complex geological structures along the route. Chinese engineers drilled solid tunnels through delicate mountain terrain and constructed high-pier and large-span railway bridges in earthquake-prone areas. Nearly 30 patents were obtained during the construction process, which has not only greatly improved efficiency and safety but also provided technical references for other major projects in both countries. In October this year, the patent-rich railway has facilitated over 42 million passenger trips since its operation in December 2021.
    The innovative achievements from China’s western regions have also garnered global attention. According to the latest report by the World Intellectual Property Organization, four major cities in the area – Xi’an, Chengdu, Chongqing, and Lanzhou – continue to lead the top 100 science and technology cluster ranking. These cities have further enhanced their industrial concentration, attracting high-quality enterprises and talent, and establishing themselves as significant regional hubs of innovation.
    “The market economy necessitates us to establish advanced technology as our competitive advantage and transform tech achievements into business resources. Therefore, we have chosen the path of IP,” said Wang Shechang, chairman of Xi’an-based China National Heavy Machinery Research Institute Co., Ltd.
    “Protecting IP is not only safeguarding innovation but also utilizing them as a means to enhance value exchange and facilitate the transformation of tech accomplishments,” Wang noted.
    From local to global
    Geographical indications (GI) are also a key element in the winning formula of development in Western China.
    GI is a type of IP that signifies a product’s specific origin and the qualities or reputation linked to that location. It serves as a mark of quality, setting the product apart from competitors.
    The latest data shows that the western region has recognized 931 GI products, accounting for 38.8 percent of the national total, with a direct annual output value of 429.8 billion yuan(60.36 billion U.S. dollars).
    “The brand value has been greatly enhanced as many products have obtained GI labels,” said Dolkun Awut, head of the Xinjiang IP department. “We leverage this advantage to drive the development of the GI industry and contribute to rural revitalization.”
    The Guangxi Zhuang Autonomous Region is a major GI contributor. It has 211 GIs, with a comprehensive output value of over 200 billion yuan and employment for over 5 million people.
    The promotion of GI has also strengthened cooperation between the western region and the world. According to the CNIPA, 36 GI products from the western regions have been included in the first China-EU GI list. In 2021, the two sides signed an agreement to enhance bilateral trade of agri-food products, with recognition and protection of 100 Chinese GIs and 96 EU GIs.
    Taking the wine at the eastern foot of Helan Mountain as an example, since it was included in the first China-EU GI list, the product from northwest China’s Ningxia Hui Autonomous Region has been exported to over 40 countries and regions, and major wine-producing areas in European countries such as Britain and France have imported 228,000 liters of this Chinese wine.
    Western China also places great importance on IP exchanges with neighboring countries.
    In Xinjiang, the local IP department has been providing guidance to Chinese enterprises on marketing in Central Asian countries and helping them improve their ability to handle IP disputes.
    Guangxi and ASEAN countries have established forums and conferences on IP cooperation. They have also collaborated on patent technology transfer within the biomedicine and new energy vehicle industries. Moreover, universities in Guangxi conducted academic IP programs with those in Macao Special Administrative Region and Vietnam.
    China’s GDP saw a 5.2 percent year-on-year increase last year, with the western regions outperforming the national average at 5.5 percent. In this remote but robust area, more enterprises and innovators have valued IP, leveraging their innovations to bolster industries with competitive edges and stimulate better economic growth.

    MIL OSI China News –

  • MIL-OSI China: Global firms capitalize on China’s smart, green transformation

    Source: China State Council Information Office

    Jinbao, the mascot of the China International Import Expo (CIIE), and Xiaoxin, a humanoid robot providing inquiry service, are pictured at the media center of the 7th CIIE in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    Global investors are eyeing fresh opportunities in China as the world’s second-largest economy accelerates its intelligent, green transformation.

    With the seventh China International Import Expo (CIIE) set to open on Tuesday, multiple industry leaders from across the world are gearing up to showcase their latest innovations and technologies, aiming to tap into China’s vast market potential.

    Tapping smarter manufacturing

    Aptiv, a multinational developing automobile parts, made its debut at the seventh CIIE, exhibiting software and hardware products featuring intelligence and electrification.

    “The CIIE provides an excellent platform for enterprises from all over the world to exchange ideas and cooperate,” said Simon Yang, president of Aptiv for China and the Asia Pacific region. He noted that Aptiv hopes to make full use of the CIIE to showcase its innovative solutions.

    The company is committed to its long-term development strategy of “In China for China,” and will continue to increase its investment in the Chinese market while expanding business cooperation with Chinese original equipment manufacturers.

    Aptiv is one of a number of multinationals gathering in Shanghai to test the pulse of China’s smart manufacturing market, which plays an important part in the country’s pursuit of high-quality development.

    Swedish technology company Hexagon has brought its new solutions to help traditional manufacturers become more digital-savvy to this year’s CIIE, including cloud platforms for industrial software and smart quality-testing systems.

    “The company is ready to ride the wave of the country’s pursuit of new quality productive forces, which are high-tech, highly efficient and of a high quality,” said Qin Lei, marketing business partner at Hexagon Manufacturing Intelligence (Qingdao) Co., Ltd.

    Merck Group, Germany’s leading tech company, is showcasing its innovative achievements in the new materials section of the CIIE, which is new to the annual event.

    China’s great market potential, improving business environment and rich talent pool have reinforced Merck’s confidence in its long-term investment in the country, said Marc Horn, executive vice president of Merck and president of Merck China.

    Embracing a greener future

    Entering its seventh year, the CIIE has retained its “New Era, Shared Future” theme, which holds special meaning for Christian Bruch, president and CEO of Siemens Energy AG.

    “I strongly agree with the theme, as it envisions a sustainable and more decarbonized future that requires collaborative efforts from governments, enterprises, customers, partners and the entire supply chains,” Bruch said.

    In his view, China’s dedication to building a modern energy system creates “extensive market opportunities” for global energy technology companies, including Siemens Energy.

    “Together with Chinese customers and partners, we have developed many energy infrastructure projects, continuously invested and expanded our manufacturing capacity in China, in order to meet the growing market demand in China and across the world,” he said.

    Pledging to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060, China has been steadfast in accelerating its energy transition. Over the past decade, the share of clean energy in the country’s total energy use has increased 10.9 percentage points, according to the National Energy Administration.

    Dedicated to promoting clean energy in China, Siemens Energy has established 15 manufacturing facilities across the country. It has become an important partner in the country’s energy transition, Bruch said.

    At this year’s CIIE, the company is poised to showcase its cutting-edge decarbonization technologies for the energy sector. Many of its exhibits will be presented for the first time in Asia or China.

    “During the expo, I look forward to meeting and exchanging ideas with partners, building consensus and fostering collaborative development,” Bruch said. “Tackling climate change and driving energy transition is a daunting task that no single country or region can accomplish alone.”

    Bruch’s emphasis on collaboration aligns with China’s increasing global contributions. According to a white paper issued by China’s State Council Information Office in August this year, the country’s wind power and photovoltaic exports helped other countries reduce their carbon dioxide emissions by about 810 million tonnes in 2023.

    Recognizing China’s role in the global energy transition, Bruch highlighted Siemens Energy’s confidence in deepening cooperation with its Chinese partners. “We are fully committed to working together to build a new energy ecosystem that supports China’s dual-carbon goals and fosters sustainable energy development worldwide.”

    MIL OSI China News –