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Category: European Union

  • MIL-OSI Banking: Thales reports its order intake and sales as of September 30, 2024

    Source: Thales Group

    Headline: Thales reports its order intake and sales as of September 30, 2024

    • Order intake: €15.6 billion, up 23% on an organic basis1(+26% total change)
    • Sales: €14.1 billion, up 6.2% on an organic basis (+9.4% total change)
    • 2024 targets confirmed:
      • Book-to-bill ratio above 1
      • Organic sales growth between +5% and +6%2
      • EBIT margin: 11.7% to 11.8%

    Thales (Euronext Paris: HO) today announced its order intake and sales for the period ending September 30, 2024.

    Reminder: 9m 2023 figures have been restated to include Cyber civil activities transferred from Defence and Security to Digital Identity & Security.

    “The third quarter confirmed the continued strong commercial momentum and organic sales growth in most of Thales’ businesses.
    ​The Defence business enjoyed unparalleled visibility thanks to emblematic long-term contracts. Avionics was driven by the recovery in air traffic and solid growth prospects. The cybersecurity and biometrics businesses benefited from a robust environment.
    ​We are also proud of Thales’ inclusion in the CAC 40 ESG index. This is a strong external endorsement of our non-financial performance and of our contribution to the protection of society, the planet and citizens.
    ​We are confident that we will achieve our annual financial targets for 2024, thanks to our teams’ unwavering involvement.”
    ​
    ​Patrice Caine, Chairman & Chief Executive Officer

    Order intake

    Order intake over the first nine months of 2024 amounted to €15,551 million, up 23% on an organic basis4 compared with the first nine months of 2023 (up 26% total change). The Group continued to benefit from an excellent commercial momentum in all its businesses, particularly in Defence & Security.

    Over the period, Thales recorded 19 large orders with a unit value of more than €100 million, the cumulative amount of which came to €4,983 million:

    • Four large orders booked in Q1 2024:
      • The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
      • Order of an aerial surveillance system for a military customer in the Middle East;
      • Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles;
      • Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN).
    • Eight large orders booked in Q2 2024:
      • Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
      • Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
      • Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
      • Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition;
      • Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
      • Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
      • Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
      • Service contract for the maintenance of the Royal Australian Navy fleet.
    • Seven major orders recorded in Q3 2024:
      • Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program;
      • Order for the renovation of an air traffic management system;
      • Order from the UK Ministry of Defence for the supply of LMM missiles to strengthen Ukraine’s air defence capabilities;
      • Order of LMM missiles for the British armed forces;
      • Order for the supply of Ground Fire multifunction radars and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
      • Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
      • Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5.

    At €10,567 million, order intake with a unit value of less than €100 million increased by 6% compared to the first nine months of 2023; while order intake with a unit value of less than €10 million was up by 7% at September 30, 2024.

    From a geographical5 point of view, order intake in mature markets recorded organic growth of 12%, to €11,413 million, driven by strong sales momentum in the United Kingdom (up 28% on an organic basis) as well as in Australia and New Zealand (up 34% on an organic basis). Order intake in emerging markets amounted to €4,137 million, with strong organic growth of 69% as at September 30, 2024. This performance reflected excellent momentum in the Near and Middle East (up 175% on an organic basis) and in Asia (up 49% on an organic basis).

    Order intake in the Aerospace segment totaled €3,639 million, versus €3,403 million over the first nine months of 2023 (+8% at constant scope and exchange rates). This increase reflects two contrasting trends. On the one hand, the avionics market remained strong, our activities growing double-digit organically. On the other hand, the order intake in the space business declined due to a high comparison basis (two large orders signed as at September 30, 2024 versus five as of September 30, 2023).

    At €8,951 million (compared with €6,404 million for the first nine months of 2023), order intake in the Defence & Security segment continued to record a strong momentum, with organic growth of 40%. Seven new orders with a unit value of more than €100 million in the third quarter were added to the nine already recorded in the first half of the year. The order book stood at €37.0 billion, compared with €35.1 billion at September 30, 2023.

    At €2,905 million, order intake in the Digital Identity & Security segment was in line with sales over the period, as most of the activities in this segment operate on short cycles.

    Sales

    Sales for the first nine months of 2024 amounted to €14,069million, compared with €12,854 million for the same period in 2023, an increase of 6.2% at constant scope and exchange rates.

    From a geographical5 point of view, sales growth was strong in mature markets (+6.3% on an organic basis), driven in particular by Europe (+9.0%) including France (+9.4%), and Australia and New Zealand (+8.5%). Emerging markets posted organic growth of +5.8% over the period.

    Sales in the Aerospace segment amounted to €3,839 million, up 5.6% compared to the first nine months of 2023 (+5.3% at constant scope and exchange rates). This growth reflected ongoing robust demand in the avionics market, leading the activity to grow mid-single digit plus. It was however mitigated by the low-single digit organic growth of the space business.

    Sales in the Defence & Security segment totaled €7,239 million, up +8.8% compared to the first nine months of 2023 (+8.5% at constant scope and exchange rates). After sustained growth recorded in the first half of the year, this segment confirmed its strong momentum in the third quarter. Growth was driven in particular by land and air systems.

    In the Digital Identity & Security segment, sales totaled €2,914 million, up 15.7% in the first nine months of 2024 (+0.3% at constant scope and exchange rates), including the positive scope effect linked to the acquisitions of Tesserent and Imperva. The stability in organic growth in this segment reflects contrasting trends:

    • Banking and Payment solutions, negatively affected by a high comparison basis, continued to suffer from further destocking in North America;
    • Steady pace of growth in Cyber and Biometrics activities;
    • Continued ramp-up on Connectivity Solutions market, recording double-digit organic growth.

    Outlook

    Thales continues to benefit from its solid positioning in all its major markets and enjoys robust medium-term outlook, as illustrated by the continued strong sales momentum in the third quarter of 2024.

    As a result, assuming there are no major new disruptions in the global economy or global supply chains, Thales confirms its 2024 annual targets:

    • A book-to-bill ratio above 1;
    • Organic sales growth of between +5% and +6%, corresponding to sales in the range of €19.9 billion to €20.1 billion6;
    • An EBIT margin between 11.7% and 11.8%.

    ****

    This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).

    1In this press release, “organic” means “at constant scope and exchange rates”.

    2Between €19.9 billion and €20.1 billion based on September 2024 scope and exchange rates.

    3Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries.

    4Taking into account a negative currency effect of -€45 million and a positive net scope effect of €441 million.

    5See table on page 6.

    5Seetableon page 6.

    6Based on September 2024 scope and exchanges rates.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Committee on Market Access holds third thematic session on supply chain resilience

    Source: WTO

    Headline: Committee on Market Access holds third thematic session on supply chain resilience

    The moderator of the session, Mr Iain Fifer of the United Kingdom, emphasized the critical role of trade data in analyzing and enhancing the resilience of supply chains. He noted the challenges in gathering reliable, timely and relevant data, and underlined how such information can inform decision-making.
    Thailand highlighted logistical challenges related to train freight routes from Thailand to Europe. While rail transport is faster than ocean freight and cheaper than air freight, it faces significant obstacles such as customs clearance issues at multiple borders, a lack of harmonized standards, and higher costs compared to sea freight. Additionally, it stressed how limitations in rail infrastructure add complexity.
    China emphasized the importance of multilateral and bilateral trade frameworks, such as those supported by the WTO, in ensuring smooth supply chain operations. It underscored technological advances, particularly in big data and green energy, as key influencers of the development of global supply chains. China also announced the upcoming release of its Global Supply Chain Connectivity Index at the second China International Supply Chain Expo in November 2024. The document will provide a quantitative assessment of the resilience and stability of global supply chains.
    India focused on the three fundamental pillars of supply chains — production, logistics and markets. It also underlined the importance of digital infrastructure in bolstering supply chain resilience. Additionally, India discussed initiatives such as the Unified Logistics Interface Platform and the PM Gati Shakti National Master Plan, which utilize geospatial data to enhance infrastructure connectivity and logistics efficiency.
    The United States introduced its newly established Supply Chain Center within the Department of Commerce, designed to enhance supply chain resilience. The unit’s “Scale” tool assesses risks across sectors of the US economy by evaluating more than 40 indicators of criticality, vulnerability and resiliency in supply chains. The tool provides an in-depth view of current risks to better inform policy decisions, the United States underlined.
    Switzerland presented an initiative led by the Organisation for Economic Cooperation and Development (OECD) aimed at improving the transparency and resilience of medical supply chains. The initiative was prompted by the supply shortages experienced during the COVID-19 pandemic. Switzerland’s project involves a monitoring mechanism designed to increase visibility in global medical supply chains and address future disruptions through international cooperation and the use of advanced technologies such as artificial intelligence.
    In his conclusion, the moderator emphasized the importance of data design and collection in creating a comprehensive understanding of various supply chains. He stressed that data sharing and collaboration were central themes of the discussion, noting that swift and accurate exchange of information between stakeholders and governments is essential. Additionally, he acknowledged the significant analytical work required after data collection and pointed out that once data analysis is completed, it must be effectively utilized to guide policymaking. The session also featured examples of ongoing policy initiatives shaped by data-driven projects.
    The interim Chair of the Market Access Committee, Ms Nicola Waterfield of Canada, expressed appreciation for the presentations and highlighted the importance of the discussions. She also announced that the Committee’s next formal meeting is scheduled for 19-20 November 2024.

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    MIL OSI Global Banks –

  • MIL-OSI: Fidelity D & D Bancorp, Inc. Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DUNMORE, Pa., Oct. 23, 2024 (GLOBE NEWSWIRE) — Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three and nine-month periods ended September 30, 2024.

    Unaudited Financial Information

    Net income for the quarter ended September 30, 2024 was $5.0 million, or $0.86 diluted earnings per share, compared to $5.3 million, or $0.93 diluted earnings per share, for the quarter ended September 30, 2023.  The $0.3 million decline in net income resulted primarily from the $1.0 million increase in non-interest expenses coupled with a $0.4 million increase in the provision for credit losses on unfunded loan commitments and $0.2 million increase in the provision for credit losses on loans. This was partially offset by a $0.8 million increase in net interest income and a $0.7 million increase in non-interest income.

    For the nine months ended September 30, 2024, net income was $15.0 million, or $2.59 diluted earnings per share, compared to $17.7 million, or $3.11 diluted earnings per share, for the nine months ended September 30, 2023.  The $2.7 million, or 15%, decline in net income stemmed from the $2.0 million higher non-interest expenses and $1.6 million reduction in net interest income partially offset by the increase of $0.8 million in non-interest income.

    “Our third quarter results reflect strong balance sheet growth, increased capital levels, liquidity, and non-interest income,” stated Daniel J. Santaniello, President and Chief Executive Officer. “Q3 also reflected an increase in net interest margin. We remain focused, disciplined and thoughtful as we execute on our strategic plan. The Fidelity Bankers continue to demonstrate exemplary efforts and Fidelity Bank is well positioned for the future and committed to our clients, shareholders, and the communities we serve.”

    Consolidated Third Quarter Operating Results Overview

    Net interest income was $15.4 million for the third quarter of 2024, a 5% increase over the $14.6 million earned for the third quarter of 2023.  The $0.8 million increase in net interest income resulted from the increase of $3.6 million in interest income primarily due to a $71.0 million increase in the average balance of interest-earning assets and a 50 basis point increase in fully-taxable equivalent (“FTE”) yield. The loan portfolio had the biggest impact, producing a $3.7 million increase in FTE interest income from $122.8 million in higher quarterly average balances and an increase of 50 basis points in FTE loan yield. Slightly offsetting the higher interest income, a $2.8 million increase in interest expense was due to a 55 basis point increase in the rates paid on interest-bearing deposits coupled with a $94.4 million quarter-over-quarter increase in average deposit balances. 

    The overall cost of interest-bearing liabilities was 2.70% for the third quarter of 2024, an increase of 53 basis points from the 2.17% for the third quarter of 2023.  The cost of funds increased 45 basis points to 2.08% for the third quarter of 2024 from 1.63% for the third quarter of 2023. The FTE yield on interest-earning assets was 4.68% for the third quarter of 2024, an increase of 50 basis points from the 4.18% for the third quarter of 2023.  The Company’s FTE (non-GAAP measurement) net interest spread was 1.98% for the third quarter of 2024, a decrease of 3 basis points from the 2.01% recorded for the third quarter of 2023.  FTE net interest margin increased to 2.70% for the three months ended September 30, 2024 from 2.63% for the same 2023 period due to allocation of better performing interest earning assets, which led to a 7 basis point margin improvement.

    The provision for credit losses on loans was $0.7 million coupled with a provision for credit losses on unfunded loan commitments of $0.1 million for the third quarter of 2024. For the three months ended September 30, 2024, the provision for credit losses on loans increased $0.2 million compared to the three months ended September 30, 2023. The increase in the provision for credit losses on loans was due to growth in the loan portfolio of $67.0 million in the third quarter of 2024 compared to growth of $16.1 million in the same quarter of 2023, specifically in the commercial loan portfolio. For the three months ended September 30, 2024, the provision for credit losses on unfunded loan commitments increased $0.4 million compared to the three months ended September 30, 2023. The increase in the provision for credit losses on unfunded commitments was due to a growth in the unfunded commitments reserve of $135 thousand in the third quarter of 2024 compared to a reduction of $275 thousand in the same quarter of 2023, specifically in commercial construction commitments.

    Total non-interest income increased $0.7 million, or 15%, to $5.0 million for the third quarter of 2024 compared to $4.3 million for the third quarter of 2023. The increase in non-interest income was primarily attributable to an additional $0.1 million service charges on commercial loans, $0.1 million higher fees from trust fiduciary activities, $0.1 million more in financial services revenue, and fees from commercial loans with interest rate hedges increased $0.1 million.

    Non-interest expenses increased $1.0 million, or 8%, for the third quarter of 2024 to $13.8 million from $12.8 million for the same quarter of 2023. The increase in non-interest expenses was primarily due to $0.9 million higher salaries and benefits expense from higher salaries related to new hires and banker incentives. There were also increases in professional services of $0.1 million and PA shares tax of $0.1 million.

    The provision for income taxes increased $0.2 million during the third quarter of 2024 primarily due to less tax credits compared to the third quarter of 2023.

    Consolidated Year-To-Date Operating Results Overview

    Net interest income was $45.5 million for the nine months ended September 30, 2024 compared to $47.1 million for the nine months ended September 30, 2023.  The $1.6 million, or 3%, reduction was the result of interest expense growing faster than interest income.  On the asset side, the loan portfolio caused interest income growth by producing $9.5 million more in interest income primarily from an increase of 47 basis points in FTE loan yields on $97.4 million in higher average balances.  On the funding side, total interest expense increased by $11.6 million primarily due to an increase in interest expense paid on deposits of $12.0 million from an 86 basis point higher rate paid on a $97.1 million larger average balance of interest-bearing deposits, partially offset by a decrease in interest expense on borrowings of $0.4 million for the nine months ended September 30, 2024 compared to the same period in 2023.

    The overall cost of interest-bearing liabilities was 2.60% for the nine months ended September 30, 2024 compared to 1.79% for the nine months ended September 30, 2023.  The cost of funds increased 66 basis points to 1.99% for the nine months ended September 30, 2024 from 1.33% for the same period of 2023. The FTE yield on interest-earning assets was 4.59% for the nine months ended September 30, 2024, an increase of 47 basis points from the 4.12% for year-to-date September 30, 2023.  The Company’s FTE (non-GAAP measurement) net interest spread was 1.99% for the nine months ended September 30, 2024, a decrease of 34 basis points from the 2.33% recorded for the same period of 2023.  FTE net interest margin decreased by 16 basis points to 2.70% for the nine months ended September 30, 2024 from 2.86% for the same 2023 period due to the increase in rates paid on interest-bearing liabilities growing at a faster pace than the yields on interest-earning assets.

    The provision for credit losses on loans was $1.1 million and the provision for credit losses on unfunded loan commitments was $0.2 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2024, the provision for credit losses on loans decreased $0.3 million compared to the nine months ended September 30, 2023. The decrease in the provision for credit losses on loans was due to a reduction in net charge-offs. For the nine months ended September 30, 2024, the provision for credit losses on unfunded loan commitments increased $0.3 million compared to the nine months ended September 30, 2023. The increase in the provision for credit losses on unfunded commitments was due to a higher growth in unfunded loan commitments, specifically commercial construction commitments.

    Total non-interest income for the nine months ended September 30, 2024 was $14.2 million, an increase of $0.8 million, or 7%, from $13.4 million for the nine months ended September 30, 2023.  The increase was primarily due to $0.5 million in additional trust fiduciary fees and $0.2 million higher fees from financial services.  During the first nine months of 2023, the Company recorded a write-down associated with a branch closure reducing non-interest income. In the third quarter of 2023, the Company received $0.3 million in recoveries from acquired charged-off loans, offsetting the increase in other income. Additionally, the Company experienced a decrease of $0.2 million in fees from commercial loans with interest rate hedges compared to the first nine months of 2023.

    Non-interest expenses increased to $41.1 million for the nine months ended September 30, 2024, an increase of $2.0 million, or 5%, from $39.1 million for the nine months ended September 30, 2023.  The increase in non-interest expenses was primarily due to the $2.0 million increase in salaries and benefits expense coupled with increases in professional fees of $0.3 million and PA shares tax of $0.3 million for the nine months ended September 30, 2024 compared to the same period in 2023. The increases were partially offset by $0.4 million less in fraud losses and $0.2 million less advertising and marketing expenses. 

    The provision for income taxes decreased $0.2 million during the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to lower income before taxes. 

    Consolidated Balance Sheet & Asset Quality Overview

    The Company’s total assets had a balance of $2.6 billion as of September 30, 2024, an increase of $0.1 billion, from $2.5 billion as of December 31, 2023. The increase resulted from $107.9 million in growth in the loans and leases portfolio during the nine months ended September 30, 2024. Cash and cash equivalents increased $8.2 million and the investment portfolio decreased by $8.5 million. The decline in the investment portfolio was primarily due to $16.7 million in paydowns partially offset by an $8.4 million increase in market value of available-for-sale securities. As of September 30, 2024, the market value of held-to-maturity securities also increased by $6.0 million compared to December 31, 2023, with $22.2 million in unrealized losses. During the same time period, total liabilities increased $95.0 million, or 4%. Deposit growth of $184.1 million was utilized to pay down $92.0 million in short-term borrowings. The Company experienced an increase of $98.7 million in money market deposits and an increase of $96.1 million in certificate of deposits due to promotional rates offered as a result of market competition. The growth in these products was partially offset by a decrease of $10.8 million in checking and savings account balances as of September 30, 2024. As of September 30, 2024, the ratio of insured and collateralized deposits to total deposits was approximately 75%.

    Shareholders’ equity increased $17.8 million, or 9%, to $207.3 million at September 30, 2024 from $189.5 million at December 31, 2023. The increase was caused by retained earnings improvement from net income of $15.0 million, partially offset by $6.6 million in cash dividends paid to shareholders and a $8.0 million improvement in accumulated other comprehensive income due to lower unrealized losses in the investment portfolio. At September 30, 2024, there were no credit losses on available-for-sale and held-to-maturity debt securities.  Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Fidelity Deposit and Discount Bank remains above well capitalized limits with Tier 1 capital at 9.30% of total average assets as of September 30, 2024.  Total risk-based capital was 14.56% of risk-weighted assets and Tier 1 risk-based capital was 13.38% of risk-weighted assets as of September 30, 2024.  Tangible book value per share was $32.55 at September 30, 2024 compared to $29.57 at December 31, 2023.  Tangible common equity was 7.19% of total assets at September 30, 2024 compared to 6.79% at December 31, 2023.

    Asset Quality

    Total non-performing assets were $7.6 million, or 0.29% of total assets, at September 30, 2024, compared to $3.3 million, or 0.13% of total assets, at December 31, 2023. Past due and non-accrual loans to total loans were 0.62% at September 30, 2024, compared to 0.46% at December 31, 2023. Net charge-offs to average total loans were 0.02% at September 30, 2024, compared to 0.04% at December 31, 2023. 

    About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

    Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”).  Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at http://www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,980 hours of volunteer time and over $1.4 million in donations to non-profit organizations directly within the markets served throughout 2023. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

    Non-GAAP Financial Measures

    The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities.  The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures.  Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

    Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent (FTE), in order to calculate certain ratios within this document.  This treatment allows a uniform comparison among yields on interest-earning assets.  Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2024 and 2023.

    Forward-looking statements

    Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.  The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

    The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

    • local, regional and national economic conditions and changes thereto;
    • the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
    • the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
    • securities markets and monetary fluctuations and volatility;
    • disruption of credit and equity markets;
    • impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
    • governmental monetary and fiscal policies, as well as legislative and regulatory changes;
    • effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
    • the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
    • the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;
    • the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
    • the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
    • the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans;
    • the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;
    • technological changes;
    • the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
    • acquisitions and integration of acquired businesses;
    • the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
    • acts of war or terrorism; and
    • the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

    The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release.  The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

    For more information please visit our investor relations web site located through http://www.bankatfidelity.com. 

    Contacts:  
       
    Daniel J. Santaniello Salvatore R. DeFrancesco, Jr.
    President and Chief Executive Officer Treasurer and Chief Financial Officer
    570-504-8035 570-504-8000
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   September 30, 2024     December 31, 2023  
    Assets                
    Cash and cash equivalents   $ 120,169     $ 111,949  
    Investment securities     559,819       568,273  
    Restricted investments in bank stock     3,944       3,905  
    Loans and leases     1,795,548       1,686,555  
    Allowance for credit losses on loans     (19,630 )     (18,806 )
    Premises and equipment, net     36,057       34,232  
    Life insurance cash surrender value     57,672       54,572  
    Goodwill and core deposit intangible     20,576       20,812  
    Other assets     41,778       41,667  
                     
    Total assets   $ 2,615,933     $ 2,503,159  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 549,710     $ 536,143  
    Interest-bearing deposits     1,792,796       1,622,282  
    Total deposits     2,342,506       2,158,425  
    Short-term borrowings     25,000       117,000  
    Secured borrowings     6,323       7,372  
    Other liabilities     34,843       30,883  
    Total liabilities     2,408,672       2,313,680  
                     
    Shareholders’ equity     207,261       189,479  
                     
    Total liabilities and shareholders’ equity   $ 2,615,933     $ 2,503,159  
    Average Year-To-Date Balances:   September 30, 2024     December 31, 2023  
    Assets                
    Cash and cash equivalents   $ 51,707     $ 35,462  
    Investment securities     556,559       597,359  
    Restricted investments in bank stock     3,961       4,212  
    Loans and leases     1,722,655       1,635,286  
    Allowance for credit losses on loans     (19,169 )     (18,680 )
    Premises and equipment, net     35,418       32,215  
    Life insurance cash surrender value     55,963       54,085  
    Goodwill and core deposit intangible     20,679       20,977  
    Other assets     41,854       44,180  
                     
    Total assets   $ 2,469,627     $ 2,405,096  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 524,238     $ 558,962  
    Interest-bearing deposits     1,673,443       1,586,527  
    Total deposits     2,197,681       2,145,489  
    Short-term borrowings     39,873       49,860  
    Secured borrowings     7,009       7,489  
    Other liabilities     31,724       29,881  
    Total liabilities     2,276,287       2,232,719  
                     
    Shareholders’ equity     193,340       172,377  
                     
    Total liabilities and shareholders’ equity   $ 2,469,627     $ 2,405,096  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Statements of Income
    (dollars in thousands)
     
        Three Months Ended     Nine Months Ended  
        Sep. 30, 2024     Sep. 30, 2023     Sep. 30, 2024     Sep. 30, 2023  
    Interest income                                
    Loans and leases   $ 24,036     $ 20,502     $ 68,685     $ 59,223  
    Securities, interest-bearing cash and other     3,263       3,176       10,278       9,772  
                                     
    Total interest income     27,299       23,678       78,963       68,995  
                                     
    Interest expense                                
    Deposits     (11,297 )     (8,488 )     (31,697 )     (19,713 )
    Borrowings and debt     (571 )     (551 )     (1,775 )     (2,136 )
                                     
    Total interest expense     (11,868 )     (9,039 )     (33,472 )     (21,849 )
                                     
    Net interest income     15,431       14,639       45,491       47,146  
                                     
    Net benefit (provision) for credit losses on loans     (675 )     (525 )     (1,075 )     (1,380 )
    Net benefit (provision) for credit losses on unfunded loan commitments     (135 )     275       (225 )     100  
    Non-interest income     4,979       4,325       14,167       13,349  
    Non-interest expense     (13,840 )     (12,784 )     (41,146 )     (39,066 )
                                     
    Income before income taxes     5,760       5,930       17,212       20,149  
                                     
    (Provision) benefit for income taxes     (793 )     (590 )     (2,252 )     (2,407 )
    Net income   $ 4,967     $ 5,340     $ 14,960     $ 17,742  
        Three Months Ended  
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Interest income                                        
    Loans and leases   $ 24,036     $ 22,516     $ 22,133     $ 21,406     $ 20,502  
    Securities, interest-bearing cash and other     3,263       3,523       3,492       3,434       3,176  
                                             
    Total interest income     27,299       26,039       25,625       24,840       23,678  
                                             
    Interest expense                                        
    Deposits     (11,297 )     (10,459 )     (9,941 )     (9,232 )     (8,488 )
    Borrowings and debt     (571 )     (463 )     (741 )     (707 )     (551 )
                                             
    Total interest expense     (11,868 )     (10,922 )     (10,682 )     (9,939 )     (9,039 )
                                             
    Net interest income     15,431       15,117       14,943       14,901       14,639  
                                             
    Net benefit (provision) for credit losses on loans     (675 )     (275 )     (125 )     (111 )     (525 )
    Net benefit (provision) for credit losses on unfunded loan commitments     (135 )     (140 )     50       65       275  
    Non-interest income (loss)     4,979       4,615       4,572       (1,944 )     4,325  
    Non-interest expense     (13,840 )     (13,616 )     (13,689 )     (12,804 )     (12,784 )
                                             
    Income before income taxes     5,760       5,701       5,751       107       5,930  
                                             
    (Provision) benefit for income taxes     (793 )     (766 )     (694 )     361       (590 )
    Net income   $ 4,967     $ 4,935     $ 5,057     $ 468     $ 5,340  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Assets                                        
    Cash and cash equivalents   $ 120,169     $ 78,085     $ 72,733     $ 111,949     $ 110,471  
    Investment securities     559,819       552,495       559,016       568,273       576,688  
    Restricted investments in bank stock     3,944       3,968       3,959       3,905       3,800  
    Loans and leases     1,795,548       1,728,509       1,697,299       1,686,555       1,647,552  
    Allowance for credit losses on loans     (19,630 )     (18,975 )     (18,886 )     (18,806 )     (18,757 )
    Premises and equipment, net     36,057       35,808       34,899       34,232       32,625  
    Life insurance cash surrender value     57,672       57,278       54,921       54,572       54,226  
    Goodwill and core deposit intangible     20,576       20,649       20,728       20,812       20,897  
    Other assets     41,778       42,828       44,227       41,667       49,318  
                                             
    Total assets   $ 2,615,933     $ 2,500,645     $ 2,468,896     $ 2,503,159     $ 2,476,820  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 549,710     $ 527,572     $ 537,824     $ 536,143     $ 549,741  
    Interest-bearing deposits     1,792,796       1,641,558       1,678,172       1,622,282       1,602,018  
    Total deposits     2,342,506       2,169,130       2,215,996       2,158,425       2,151,759  
    Short-term borrowings     25,000       98,120       25,000       117,000       124,000  
    Secured borrowings     6,323       7,237       7,299       7,372       7,439  
    Other liabilities     34,843       30,466       28,966       30,883       28,190  
    Total liabilities     2,408,672       2,304,953       2,277,261       2,313,680       2,311,388  
                                             
    Shareholders’ equity     207,261       195,692       191,635       189,479       165,432  
                                             
    Total liabilities and shareholders’ equity   $ 2,615,933     $ 2,500,645     $ 2,468,896     $ 2,503,159     $ 2,476,820  
    Average Quarterly Balances:   Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Assets                                        
    Cash and cash equivalents   $ 41,991     $ 58,351     $ 54,887     $ 42,176     $ 33,238  
    Investment securities     554,578       551,445       563,674       558,423       598,604  
    Restricted investments in bank stock     3,965       3,983       3,934       3,854       3,763  
    Loans and leases     1,763,254       1,707,598       1,696,669       1,664,905       1,640,411  
    Allowance for credit losses on loans     (19,323 )     (19,171 )     (19,013 )     (19,222 )     (18,812 )
    Premises and equipment, net     36,219       35,433       34,591       33,629       31,746  
    Life insurance cash surrender value     57,525       55,552       54,796       54,449       54,110  
    Goodwill and core deposit intangible     20,602       20,677       20,759       20,844       20,930  
    Other assets     41,734       42,960       40,871       46,028       44,346  
                                             
    Total assets   $ 2,500,545     $ 2,456,828     $ 2,451,168     $ 2,405,086     $ 2,408,336  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 522,827     $ 530,048     $ 519,856     $ 533,663     $ 548,682  
    Interest-bearing deposits     1,702,187       1,670,211       1,647,615       1,616,826       1,607,793  
    Total deposits     2,225,014       2,200,259       2,167,471       2,150,489       2,156,475  
    Short-term borrowings     37,220       28,477       53,952       48,490       37,595  
    Secured borrowings     6,429       7,269       7,335       7,412       7,470  
    Other liabilities     31,999       30,734       32,434       30,745       29,638  
    Total liabilities     2,300,662       2,266,739       2,261,192       2,237,136       2,231,178  
                                             
    Shareholders’ equity     199,883       190,089       189,976       167,950       177,158  
                                             
    Total liabilities and shareholders’ equity   $ 2,500,545     $ 2,456,828     $ 2,451,168     $ 2,405,086     $ 2,408,336  
    FIDELITY D & D BANCORP, INC.
    Selected Financial Ratios and Other Financial Data
     
        Three Months Ended  
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Selected returns and financial ratios                                        
    Basic earnings per share   $ 0.87     $ 0.86     $ 0.88     $ 0.08     $ 0.94  
    Diluted earnings per share   $ 0.86     $ 0.86     $ 0.88     $ 0.08     $ 0.93  
    Dividends per share   $ 0.38     $ 0.38     $ 0.38     $ 0.38     $ 0.36  
    Yield on interest-earning assets (FTE)*     4.68 %     4.58 %     4.52 %     4.36 %     4.18 %
    Cost of interest-bearing liabilities     2.70 %     2.58 %     2.51 %     2.36 %     2.17 %
    Cost of funds     2.08 %     1.96 %     1.93 %     1.79 %     1.63 %
    Net interest spread (FTE)*     1.98 %     2.00 %     2.01 %     2.00 %     2.01 %
    Net interest margin (FTE)*     2.70 %     2.71 %     2.69 %     2.66 %     2.63 %
    Return on average assets     0.79 %     0.81 %     0.83 %     0.08 %     0.88 %
    Pre-provision net revenue to average assets*     1.05 %     1.00 %     0.96 %     0.03 %     1.02 %
    Return on average equity     9.89 %     10.44 %     10.71 %     1.10 %     11.96 %
    Return on average tangible equity*     11.02 %     11.72 %     12.02 %     1.26 %     13.56 %
    Efficiency ratio (FTE)*     65.33 %     66.47 %     67.56 %     63.74 %     65.01 %
    Expense ratio     1.41 %     1.47 %     1.50 %     2.43 %     1.39 %
        Nine months ended  
        Sep. 30, 2024     Sep. 30, 2023  
    Basic earnings per share   $ 2.61     $ 3.13  
    Diluted earnings per share   $ 2.59     $ 3.11  
    Dividends per share   $ 1.14     $ 1.08  
    Yield on interest-earning assets (FTE)*     4.59 %     4.12 %
    Cost of interest-bearing liabilities     2.60 %     1.79 %
    Cost of funds     1.99 %     1.33 %
    Net interest spread (FTE)*     1.99 %     2.33 %
    Net interest margin (FTE)*     2.70 %     2.86 %
    Return on average assets     0.81 %     0.99 %
    Pre-provision net revenue to average assets*     1.00 %     1.19 %
    Return on average equity     10.34 %     13.64 %
    Return on average tangible equity*     11.57 %     15.52 %
    Efficiency ratio (FTE)*     66.44 %     62.33 %
    Expense ratio     1.46 %     1.43 %
    Other financial data   At period end:  
    (dollars in thousands except per share data)   Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Assets under management   $ 942,190     $ 906,861     $ 900,964     $ 876,287     $ 799,968  
    Book value per share   $ 36.13     $ 34.12     $ 33.41     $ 33.22     $ 29.04  
    Tangible book value per share*   $ 32.55     $ 30.52     $ 29.80     $ 29.57     $ 25.37  
    Equity to assets     7.92 %     7.83 %     7.76 %     7.57 %     6.68 %
    Tangible common equity ratio*     7.19 %     7.06 %     6.98 %     6.79 %     5.89 %
    Allowance for credit losses on loans to:                                        
    Total loans     1.09 %     1.10 %     1.11 %     1.12 %     1.14 %
    Non-accrual loans   2.77x     2.75x     5.31x     5.68x     6.24x  
    Non-accrual loans to total loans     0.39 %     0.40 %     0.21 %     0.20 %     0.18 %
    Non-performing assets to total assets     0.29 %     0.28 %     0.15 %     0.13 %     0.14 %
    Net charge-offs to average total loans     0.02 %     0.03 %     0.01 %     0.04 %     0.04 %
                                             
    Fidelity Bank Capital Adequacy Ratios                                        
    Total risk-based capital ratio     14.56 %     14.69 %     14.68 %     14.57 %     14.69 %
    Common equity tier 1 risk-based capital ratio     13.38 %     13.52 %     13.47 %     13.32 %     13.51 %
    Tier 1 risk-based capital ratio     13.38 %     13.52 %     13.47 %     13.32 %     13.51 %
    Leverage ratio     9.30 %     9.30 %     9.15 %     9.08 %     9.17 %

    * Non-GAAP Financial Measures – see reconciliations below

    FIDELITY D & D BANCORP, INC.
    Reconciliations of Non-GAAP Financial Measures to GAAP
     
    Reconciliations of Non-GAAP Measures to GAAP   Three Months Ended  
    (dollars in thousands, except per share data)   Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    FTE net interest income (non-GAAP)                                        
    Interest income (GAAP)   $ 27,299     $ 26,039     $ 25,625     $ 24,840     $ 23,678  
    Adjustment to FTE     775       751       747       664       700  
    Interest income adjusted to FTE (non-GAAP)     28,074       26,790       26,372       25,504       24,378  
    Interest expense (GAAP)     11,868       10,922       10,682       9,939       9,039  
    Net interest income adjusted to FTE (non-GAAP)   $ 16,206     $ 15,868       15,690       15,565       15,339  
                                             
    Efficiency Ratio (non-GAAP)                                        
    Non-interest expenses (GAAP)   $ 13,840     $ 13,616     $ 13,689     $ 12,804     $ 12,784  
                                             
    Net interest income (GAAP)     15,431       15,117       14,943       14,901       14,639  
    Plus: taxable equivalent adjustment     775       751       747       664       700  
    Non-interest income (GAAP)     4,979       4,615       4,572       (1,944 )     4,325  
    Less: (Loss) gain on sales of securities     –       –       –       (6,467 )     –  
    Net interest income (FTE) plus adjusted non-interest income (non-GAAP)   $ 21,185     $ 20,483     $ 20,262     $ 20,088     $ 19,664  
    Efficiency ratio (non-GAAP) (1)     65.33 %     66.48 %     67.56 %     63.74 %     65.01 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.                                        
                                             
    Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)                                        
    Total assets (GAAP)   $ 2,615,933     $ 2,500,645     $ 2,468,896     $ 2,503,159     $ 2,476,820  
    Less: Intangible assets     (20,576 )     (20,649 )     (20,728 )     (20,812 )     (20,897 )
    Tangible assets     2,595,357       2,479,996       2,448,168       2,482,347       2,455,923  
    Total shareholders’ equity (GAAP)     207,261       195,692       191,635       189,479       165,432  
    Less: Intangible assets     (20,576 )     (20,649 )     (20,728 )     (20,812 )     (20,897 )
    Tangible common equity     186,685       175,043       170,907       168,667       144,535  
                                             
    Common shares outstanding, end of period     5,736,025       5,735,728       5,735,732       5,703,636       5,696,351  
    Tangible Common Book Value per Share   $ 32.55     $ 30.52     $ 29.80     $ 29.57     $ 25.37  
    Tangible Common Equity Ratio     7.19 %     7.06 %     6.98 %     6.79 %     5.89 %
                                             
    Pre-Provision Net Revenue to Average Assets                                        
    Income before taxes (GAAP)   $ 5,760     $ 5,701     $ 5,751     $ 107     $ 5,930  
    Plus: Provision for credit losses     810       415       75       47       250  
    Total pre-provision net revenue (non-GAAP)     6,570       6,116       5,826       154       6,180  
    Total (annualized) (non-GAAP)   $ 26,423     $ 24,600     $ 23,432     $ 609     $ 24,517  
                                             
    Average assets   $ 2,500,545     $ 2,456,828     $ 2,451,168     $ 2,405,086     $ 2,408,336  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.05 %     1.00 %     0.96 %     0.03 %     1.02 %
    Reconciliations of Non-GAAP Measures to GAAP   Nine months ended  
    (dollars in thousands)   Sep. 30, 2024     Sep. 30, 2023  
    FTE net interest income (non-GAAP)                
    Interest income (GAAP)   $ 78,963     $ 68,995  
    Adjustment to FTE     2,272       2,186  
    Interest income adjusted to FTE (non-GAAP)     81,235       71,181  
    Interest expense (GAAP)     33,472       21,849  
    Net interest income adjusted to FTE (non-GAAP)   $ 47,763     $ 49,332  
                     
    Efficiency Ratio (non-GAAP)                
    Non-interest expenses (GAAP)   $ 41,146     $ 39,066  
                     
    Net interest income (GAAP)     45,491       47,146  
    Plus: taxable equivalent adjustment     2,272       2,186  
    Non-interest income (GAAP)     14,167       13,349  
    Net interest income (FTE) plus non-interest income (non-GAAP)   $ 61,930     $ 62,681  
    Efficiency ratio (non-GAAP) (1)     66.44 %     62.33 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.                
                     
    Pre-Provision Net Revenue to Average Assets                
    Income before taxes (GAAP)   $ 17,212     $ 20,149  
    Plus: Provision for credit losses     1,300       1,280  
    Total pre-provision net revenue (non-GAAP)   $ 18,512     $ 21,429  
    Total (annualized) (non-GAAP)   $ 24,661     $ 28,650  
                     
    Average assets   $ 2,469,627     $ 2,405,100  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.00 %     1.19 %

    The MIL Network –

  • MIL-OSI: Stifel Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Oct. 23, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended September 30, 2024, compared with $1.0 billion a year ago. Net income available to common shareholders was $149.2 million, or $1.34 per diluted common share, compared with $58.8 million, or $0.52 per diluted common share for the third quarter of 2023. Non-GAAP net income available to common shareholders was $166.3 million, or $1.50 per diluted common share for the third quarter of 2024.

    Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “The third quarter represented our second highest quarterly net revenue, an increase of 17%, while earnings per share increased 150%. Through the first three quarters of 2024, net revenue was up 13% to a record $3.6 billion, driven by continued growth in Global Wealth, improvement in our Institutional business, and the stabilization of net interest income. Our financial results illustrate the strength of the Stifel franchise and our ability to capitalize on improving market conditions. Momentum in our business continues to build and we anticipate further upside to both the top and bottom lines in the fourth quarter and in 2025.”

    Highlights

    • The Company reported net revenues of $1.2 billion, the second best revenue quarter in its history, driven by higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income.
    • Non-GAAP net income available to common shareholders of $1.50 per diluted common share was negatively impacted by elevated provisions for legal matters of $0.10 per diluted common share (after-tax).
    • Investment banking revenues increased 66% over the year-ago quarter, driven by higher capital raising and advisory revenues.
      • Capital raising revenues increased 114% over the year-ago quarter.
      • Advisory revenues increased 41% over the year-ago quarter.
    • Record asset management revenues, up 15% over the year-ago quarter.
    • Record client assets of $496.3 billion, up 20% over the year-ago quarter.
    • Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors.
    • Non-GAAP pre-tax margin of 19.2% as the Company maintained its focus on expense discipline, while continuing to invest in the business.
    • Annualized return on tangible common equity (ROTCE) (5) of 20%.
    • Tangible book value per common share (7) of $33.62, up 12% from prior year.
    Financial Summary (Unaudited)
    (000s) 3Q 2024 3Q 2023 9m 2024 9m 2023
    GAAP Financial Highlights:      
    Net revenues $ 1,224,668   $ 1,045,051   $ 3,605,638   $ 3,202,565  
    Net income (1) $ 149,185   $ 58,840   $ 459,413   $ 332,091  
    Diluted EPS (1) $ 1.34   $ 0.52   $ 4.16   $ 2.91  
    Comp. ratio   58.6 %   58.7 %   58.8 %   58.7 %
    Non-comp. ratio   23.7 %   30.8 %   22.8 %   25.7 %
    Pre-tax margin   17.7 %   10.5 %   18.4 %   15.6 %
    Non-GAAP Financial Highlights:      
    Net revenues $ 1,225,351   $ 1,045,028   $ 3,606,330   $ 3,202,539  
    Net income (1)(2) $ 166,270   $ 67,413   $ 506,186   $ 364,937  
    Diluted EPS (1) (2) $ 1.50   $ 0.60   $ 4.58   $ 3.20  
    Comp. ratio (2)   58.0 %   58.0 %   58.0 %   58.0 %
    Non-comp. ratio (2)   22.8 %   30.2 %   22.1 %   24.9 %
    Pre-tax margin (3)   19.2 %   11.8 %   19.9 %   17.1 %
    ROCE (4)   13.7 %   5.8 %   14.4 %   10.4 %
    ROTCE (5)   19.5 %   8.5 %   20.7 %   15.1 %
    Global Wealth Management (assets and loans in millions)  
    Net revenues $ 827,116   $ 768,558   $ 2,418,751   $ 2,283,934  
    Pre-tax net income $ 301,703   $ 298,449   $ 891,624   $ 914,462  
    Total client assets $ 496,298   $ 412,458      
    Fee-based client assets $ 190,771   $ 150,982      
    Bank loans (6) $ 20,633   $ 20,435      
    Institutional Group        
    Net revenues $ 372,401   $ 256,888   $ 1,114,498   $ 867,025  
    Equity $ 222,459   $ 144,764   $ 646,570   $ 508,371  
    Fixed Income $ 149,942   $ 112,124   $ 467,928   $ 358,654  
    Pre-tax net income/ (loss) $ 41,797   ($ 27,804 ) $ 127,719   ($ 5,671 )
    Global Wealth Management
     

    Global Wealth Management reported record net revenues of $827.1 million for the three months ended September 30, 2024 compared with $768.6 million during the third quarter of 2023. Pre-tax net income was $301.7 million compared with $298.4 million in the third quarter of 2023.

    Highlights

    • Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors, with total trailing 12 month production of $10.5 million.
    • Client assets of $496.3 billion, up 20% over the year-ago quarter.
    • Fee-based client assets of $190.8 billion, up 26% over the year-ago quarter.

    Net revenues increased 8% from a year ago:

    • Transactional revenues increased 16% over the year-ago quarter reflecting an increase in client activity.
    • Asset management revenues increased 15% over the year-ago quarter due to higher asset values and net new assets.
    • Net interest income decreased 11% from the year-ago quarter driven by changes in deposit mix, partially offset by higher yields on the investment portfolio and lending growth.

    Total Expenses:

    • Compensation expense as a percent of net revenues increased to 48.7% primarily as a result of higher compensable revenues.
    • Provision for credit losses decreased from the year-ago quarter primarily as a result of lower provisions in the real estate sector compared to the year-ago quarter, partially offset by growth in the loan portfolio.
    • Non-compensation operating expenses as a percent of net revenues increased to 14.8% primarily as a result of higher litigation-related expenses, partially offset by revenue growth over the year-ago quarter.
    Summary Results of Operations
    (000s) 3Q 2024 3Q 2023
    Net revenues $ 827,116   $ 768,558  
    Transactional revenues   192,727     165,547  
    Asset management   382,309     333,088  
    Net interest income   240,825     269,431  
    Investment banking   6,217     3,895  
    Other income   5,038     (3,403 )
    Total expenses $ 525,413   $ 470,109  
    Compensation expense   403,205     359,325  
    Provision for credit losses   5,287     9,992  
    Non-comp. opex   116,921     100,792  
    Pre-tax net income $ 301,703   $ 298,449  
    Compensation ratio   48.7 %   46.8 %
    Non-compensation ratio   14.8 %   14.4 %
    Pre-tax margin   36.5 %   38.8 %
    Institutional Group
     

    Institutional Group reported net revenues of $372.4 million for the three months ended September 30, 2024 compared with $256.9 million during the third quarter of 2023. Institutional Group reported pre-tax net income of $41.8 million for the three months ended September 30, 2024 compared with pre-tax net loss of $27.8 million in the third quarter of 2023.

    Highlights

    Investment banking revenues increased 66% from a year ago:

    • Advisory revenues increased from the year-ago quarter driven by higher levels of completed advisory transactions.
    • Fixed income capital raising revenues more than doubled over the year-ago quarter primarily driven by higher bond issuances.
    • Equity capital raising revenues increased significantly over the year-ago quarter driven by higher volumes.

    Fixed income transactional revenues increased 17% from a year ago:

    • Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and volatility.

    Equity transactional revenues increased 4% from a year ago:

    • Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.

    Total Expenses:

    • Compensation expense as a percent of net revenues decreased to 60.3% primarily as a result of higher revenues.
    • Non-compensation operating expenses as a percent of net revenues decreased to 28.5% primarily as a result of revenue growth and expense discipline.
    Summary Results of Operations
    (000s) 3Q 2024 3Q 2023
    Net revenues $ 372,401   $ 256,888  
    Investment banking   236,965     142,991  
    Advisory   136,857     97,272  
    Fixed income capital raising   49,364     24,670  
    Equity capital raising   50,744     21,049  
    Fixed income transactional   78,974     67,439  
    Equity transactional   48,824     46,930  
    Other   7,638     (472 )
    Total expenses $ 330,604   $ 284,692  
    Compensation expense   224,556     192,638  
    Non-comp. opex.   106,048     92,054  
    Pre-tax net income/(loss) $ 41,797   ($ 27,804 )
    Compensation ratio   60.3 %   75.0 %
    Non-compensation ratio   28.5 %   35.8 %
    Pre-tax margin   11.2 %   (10.8 %)
    Other Matters
     

    Highlights

    • During the third quarter, the Company’s 4.25% Senior Notes matured resulting in the retirement of the $500.0 million outstanding balance.
    • The Company repurchased $20.2 million of its outstanding common stock during the third quarter.
    • Weighted average diluted shares outstanding decreased primarily as a result of share repurchases. The Company has repurchased 3.7 million shares under its share repurchase program since the third quarter of 2023.
    • The Board of Directors declared a $0.42 quarterly dividend per share payable on September 17, 2024 to common shareholders of record on September 3, 2024.
    • The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on September 17, 2024 to shareholders of record on September 3, 2024.
      3Q 2024 3Q 2023
    Common stock repurchases    
    Repurchases (000s) $20,222 $118,810
    Number of shares (000s) 249 1,886
    Average price $81.23 $63.00
    Period end shares (000s) 102,313 103,120
    Weighted average diluted shares outstanding (000s) 110,994 113,195
    Effective tax rate 26.8% 37.7%
    Stifel Financial Corp. (8)    
    Tier 1 common capital ratio 15.0% 13.9%
    Tier 1 risk based capital ratio 17.9% 16.9%
    Tier 1 leverage capital ratio 11.3% 10.8%
    Tier 1 capital (MM) $4,159 $3,914
    Risk weighted assets (MM) $23,184 $23,219
    Average assets (MM) $36,813 $36,356
    Quarter end assets (MM) $38,935 $37,878
    Agency Rating Outlook
    Fitch Ratings BBB+ Stable
    S&P Global Ratings BBB Stable
     

    Conference Call Information

    Stifel Financial Corp. will host its third quarter 2024 financial results conference call on Wednesday, October 23, 2024, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

    All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, http://www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

    Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire & Co., LLC business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at http://www.stifel.com. For global disclosures, please visit http://www.stifel.com/investor-relations/press-releases.

    A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at http://www.stifel.com/investor-relations.

    The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at http://www.stifel.com/investor-relations.

    Cautionary Note Regarding Forward-Looking Statements

    This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

    Summary Results of Operations (Unaudited)
     
      Three Months Ended   Nine Months Ended
    (000s, except per share amounts) 9/30/2024 9/30/2023 % Change 6/30/2024 % Change 9/30/2024 9/30/2023 % Change
    Revenues:                
    Commissions $ 183,445 $ 165,075 11.1   $ 183,317 0.1   $ 552,238 $ 499,983   10.5  
    Principal transactions   137,089   114,841 19.4     153,574 (10.7 )   429,677   336,063   27.9  
    Investment banking   243,182   146,887 65.6     233,281 4.2     690,412   525,591   31.4  
    Asset management   382,616   333,127 14.9     380,757 0.5     1,130,849   968,960   16.7  
    Other income   18,705   459 nm     16,180 15.6     39,835   (940 ) nm  
    Operating revenues   965,037   760,389 26.9     967,109 (0.2 )   2,843,011   2,329,657   22.0  
    Interest revenue   510,823   505,198 1.1     498,152 2.5     1,515,803   1,439,532   5.3  
    Total revenues   1,475,860   1,265,587 16.6     1,465,261 0.7     4,358,814   3,769,189   15.6  
    Interest expense   251,192   220,536 13.9     247,329 1.6     753,176   566,624   32.9  
    Net revenues   1,224,668   1,045,051 17.2     1,217,932 0.6     3,605,638   3,202,565   12.6  
    Non-interest expenses:                
    Compensation and benefits   718,065   613,287 17.1     722,719 (0.6 )   2,120,479   1,880,144   12.8  
    Non-compensation operating expenses   289,945   322,335 (10.0 )   268,319 8.1     822,916   821,724   0.1  
    Total non-interest expenses   1,008,010   935,622 7.7     991,038 1.7     2,943,395   2,701,868   8.9  
    Income before income taxes   216,658   109,429 98.0     226,894 (4.5 )   662,243   500,697   32.3  
    Provision for income taxes   58,153   41,268 40.9     61,600 (5.6 )   174,869   140,645   24.3  
    Net income   158,505   68,161 132.5     165,294 (4.1 )   487,374   360,052   35.4  
    Preferred dividends   9,320   9,321 (0.0 )   9,321 (0.0 )   27,961   27,961   0.0  
    Net income available to common shareholders $ 149,185 $ 58,840 153.5   $ 155,973 (4.4 ) $ 459,413 $ 332,091   38.3  
    Earnings per common share:                
    Basic $ 1.43 $ 0.55 160.0   $ 1.50 (4.7 ) $ 4.41 $ 3.09   42.7  
    Diluted $ 1.34 $ 0.52 157.7   $ 1.41 (5.0 ) $ 4.16 $ 2.91   43.0  
    Cash dividends declared per common share $ 0.42 $ 0.36 16.7   $ 0.42 0.0   $ 1.26 $ 1.08   16.7  
    Weighted average number of common shares outstanding:          
    Basic   103,966   106,068 (2.0 )   104,150 (0.2 )   104,135   107,580   (3.2 )
    Diluted   110,994   113,195 (1.9 )   110,285 0.6     110,457   114,170   (3.3 )
    Non-GAAP Financial Measures (9)
     
      Three Months Ended Nine Months Ended
    (000s, except per share amounts) 9/30/2024 9/30/2023 9/30/2024 9/30/2023
    GAAP net income $ 158,505   $ 68,161   $ 487,374   $ 360,052  
    Preferred dividend   9,320     9,321     27,961     27,961  
    Net income available to common shareholders   149,185     58,840     459,413     332,091  
             
    Non-GAAP adjustments:        
    Merger-related (10)   17,950     13,771     43,925     46,301  
    Restructuring and severance (11)   1,261     —     11,222     —  
    Provision for income taxes (12)   (2,126 )   (5,198 )   (8,374 )   (13,455 )
    Total non-GAAP adjustments   17,085     8,573     46,773     32,846  
    Non-GAAP net income available to common shareholders $ 166,270   $ 67,413   $ 506,186   $ 364,937  
             
    Weighted average diluted shares outstanding   110,994     113,195     110,457     114,170  
             
    GAAP earnings per diluted common share $ 1.42   $ 0.60   $ 4.42   $ 3.15  
    Non-GAAP adjustments   0.16     0.08     0.42     0.29  
    Non-GAAP earnings per diluted common share $ 1.58   $ 0.68   $ 4.84   $ 3.44  
             
    GAAP earnings per diluted common share available to common shareholders $ 1.34   $ 0.52   $ 4.16   $ 2.91  
    Non-GAAP adjustments   0.16     0.08     0.42     0.29  
    Non-GAAP earnings per diluted common share available to common shareholders $ 1.50   $ 0.60   $ 4.58   $ 3.20  
    GAAP to Non-GAAP Reconciliation (9)
     
      Three Months Ended Nine Months Ended
    (000s) 9/30/2024 9/30/2023 9/30/2024 9/30/2023
    GAAP compensation and benefits $ 718,065   $ 613,287   $ 2,120,479   $ 1,880,144  
    As a percentage of net revenues   58.6 %   58.7 %   58.8 %   58.7 %
    Non-GAAP adjustments:        
    Merger-related (10)   (6,101 )   (7,171 )   (17,398 )   (22,947 )
    Restructuring and severance (11)   (1,261 )   —     (11,222 )   —  
    Total non-GAAP adjustments   (7,362 )   (7,171 )   (28,620 )   (22,947 )
    Non-GAAP compensation and benefits $ 710,703   $ 606,116   $ 2,091,859   $ 1,857,197  
    As a percentage of non-GAAP net revenues   58.0 %   58.0 %   58.0 %   58.0 %
             
    GAAP non-compensation expenses $ 289,945   $ 322,335   $ 822,916   $ 821,724  
    As a percentage of net revenues   23.7 %   30.8 %   22.8 %   25.7 %
    Non-GAAP adjustments:        
    Merger-related (10)   (11,166 )   (6,623 )   (25,835 )   (23,380 )
    Non-GAAP non-compensation expenses $ 278,779   $ 315,712   $ 797,081   $ 798,344  
    As a percentage of non-GAAP net revenues   22.8 %   30.2 %   22.1 %   24.9 %
    Total adjustments $ 19,211   $ 13,771   $ 55,147   $ 46,301  
    Footnotes
     
    (1) Represents available to common shareholders.
    (2) Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (3) Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (4) Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
    (5) Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $77.9 million and $67.4 million as of September 30, 2024 and 2023, respectively.
    (6) Includes loans held for sale.
    (7) Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.
    (8) Capital ratios are estimates at time of the Company’s earnings release, October 23, 2024.
    (9) The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
    (10) Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
    (11) The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
    (12) Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

    Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271-3610 | http://www.stifel.com/investor-relations

    The MIL Network –

  • MIL-OSI Europe: Swedish Minister for Health Care and Ukrainian Minister of Health sign agreement on continued support to Ukraine’s path to the EU and its health care

    Source: Government of Sweden

    Minister for Health Care Acko Ankarberg Johansson and Ukrainian Minister of Health Viktor Liashko have signed a technical agreement between Sweden and Ukraine. The aim is to intensify cooperation and advance Ukraine’s process of integration into the EU. Ms Ankarberg Johansson also visited several care facilities in Kyiv, including the Okhmatdyt children’s hospital that Russia attacked in July.

    “The Government has made clear that Swedish support to Ukraine will continue for as long as necessary. This includes the area of health care, which is an essential part of the country’s resilience and reforms. For me it was important to be here on the ground and show my support and that of the entire Government to the war-affected country,” said Ms Ankarberg Johansson.

    The agreement covers matters such as cooperation on transfer of knowledge to healthcare staff, efforts to combat antimicrobial resistance and exchange of experience of rehabilitation for Ukrainians affected by the war. It also covers cooperation and capacity-building aimed at supporting reforms that are required for EU integration in areas such as medicines.

    The ministers signed the agreement at Ukraine’s Ministry of Health. It builds on earlier agreements between the countries.

    Ukrainian translation of Swedish handbook on spinal cord injury

    Ms Ankarberg Johansson visited a hospital in Kyiv, where Spinalis Foundation co-founder Professor Claes Hultling presented the Ukrainian translation of the Foundation’s handbook A new page of life with spinal cord injury. Speakers during the presentation included First Lady of Ukraine Olena Zelenska, Mr Liashko, Ms Ankarberg Johansson and Professor Hultling.

    The Spinalis Foundation promotes research and rehabilitation of spinal injuries. 

    During the visit in Kyiv, Spinalis concluded an agreement on international medical partnership with the Rivne Regional Hospital for Veterans of War.

    Visit to bombed children’s hospital

    Ukraine’s largest children’s hospital, Okhmatdyt, is located in Kyiv. It was the target of a Russian missile attack on 8 July 2024, and a major portion of the hospital was destroyed in the attack and is in need of reconstruction. Ms Ankarberg Johansson was given a tour of the destruction and met with patients at the hospital.

    The Government has provided nearly SEK 10 million in support to help rebuild the children’s hospital. This support goes to the volunteer organisation Beredskapslyftet, which together with Astrid Lindgren’s Children’s Hospital at Karolinska University Hospital initiated the project and is responsible for purchasing equipment.

    Following the attack, the Government decided to provide immediate humanitarian aid, which was channelled via the United Nations Children’s Fund (UNICEF) and distributed directly to the affected children and their families.

    Ms Ankarberg Johansson’s visit to Kyiv took place on 15–16 October. During her stay, she also visited a primary care clinic in Makariv that was rebuilt following an attack in March 2022 and met with injured soldiers who had undergone surgical reconstruction at a military hospital. Ms Ankarberg Johansson later stopped by the pharmaceutical company Farmak and attended the conference ‘European Integration of Ukraine: Healthcare’ to deliver an opening address.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: expert reaction to MHRA and NICE news on donanemab for Alzheimer’s disease

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on MHRA saying ‘Donanemab licensed for treatment of Alzheimer’s disease in some adults’, and NICE draft guidance saying ‘Donanemab does not currently demonstrate value for the NHS’.

    Prof Andrew Doig, Professor of Biochemistry, University of Manchester, said

    “Donanemab is a new drug for Alzheimer’s Disease (AD) which tackles the build-up of a form of amyloid-β in the brain, the likely root cause of AD. It is an antibody that is administered through a needle inserted into a vein. Donanemab was tested with a clinical trial on about 2000 people with early-stage AD, run over 18 months.

    “Donanemab shows real benefit to patients with mild AD by slowing down cognitive decline. The benefits are small, however, and there are concerns with the drug. Firstly, donanemab is not a cure for AD and it does not reverse, or even halt, the disease. All it does is to slow down the rate at which the disease progresses, as measured by loss of memory and other cognitive skills. In effect, patients who take donanemab see a delay to their loss of brain function by around six months. Secondly, carrying out a diagnosis to see who is eligible to take donanemab can only be carried out by a PET scan, similar an MRI scan, or by analysing cerebrospinal fluid, carried out by a lumbar puncture. These diagnosis methods are expensive and can be unpleasant for patients, so are not routinely available. Genetic tests to check that a patient is eligible for the drug are also useful. Thirdly, there is a small, but real risk, that donanemab can cause swelling or bleeding in the brain. About a quarter of patients in the trial showed evidence of this. Finally, the cost of the drug is very high, as is the cost of administering the drugs, as it requires regular MRI scans. Given the small benefits and high costs of the drug, NICE has not approved donanemab. NHS resources are limited (e.g. MRI machines) and are better spent elsewhere.

    “This decision will be disappointing for patients and carers who are living with the burden of this horrible disease that has no cure. Nevertheless, there is hope. Better diagnostic methods are in development, such as a simple blood test, which would mean that PET scans or lumbar punctures are not needed. Donanemab has not been ruled out forever and this decision could change. We will continue to track how well it works over longer time periods. Costs may also come down. In addition, many other AD therapies, such as other antibodies are on the way. Some of them are likely to work better than donanemab and could be approved.

    “Donanemab and other related drugs have shown that it is possible to slow cognitive decline caused by AD. They therefore point the way to a future where AD can be treated, bringing benefit to millions of people.”

     

    Prof B. Paul Morgan, UK Dementia Research Institute Cardiff, Cardiff University, said:

    “NICE has reached the decision that the Alzheimer’s drug Donanemab, despite having a modest effect on rate of disease progression, does not clear the clinical benefit and cost-effectiveness hurdles for approval for use in the NHS.  The drug requires monthly infusions and carries significant risk of side effects, necessitating very close monitoring using imaging and other expensive tests.

    “The decision is not surprising in that it closely mirrors that made for another Alzheimer’s drug, Lecanemab, in August.  Both drugs are monoclonal antibodies that target amyloid, the main component of the plaques that develop in the brain in Alzheimer’s disease. They differ subtly in that Lecanemab targets the soluble form of amyloid to prevent plaque formation while Donanemab targets amyloid aggregates in plaques. Nevertheless, both efficiently clear amyloid and have a similar slowing effect on progression of cognitive decline in patients. Both also share the same risks, notably an increase in inflammation in brain blood vessels that can lead to bleeding in the brain. 

    “The decision will be a disappointment to Alzheimer’s sufferers and their carers. It means that there are no disease-modifying drugs for Alzheimer’s currently approved in the UK. The decision also highlights the problems with the amyloid-targeting drugs – eye-wateringly expensive, difficult to administer and potentially harmful. Balancing these against a modest impact on the disease, the decision made by NICE is understandable.  These drugs are already in use in the US and elsewhere, albeit at lower than predicted uptake, and more will be learned from their wider use.  In particular, improvements in patient selection and monitoring may tip the balance in the future.

    “The final lesson from these disappointments is that we need better drugs for Alzheimer’s disease, moving beyond the focus on amyloid clearance and targeting other aspects of the disease that may provide better, safer and affordable routes to effective therapy of this awful disease.”

     

    Prof Rob Howard, Professor of Old Age Psychiatry, University College London (UCL), said:

    “NICE have made the correct and responsible decision that donanemab treatment within the NHS cannot be considered to represent a cost-effective use of resources. Importantly, the estimated potential value-based benefits of donanemab to patients with dementia and their families were between only a fifth and a sixth of the actual costs of buying and administering the treatment.

    “Although there is considerable uncertainty about both the meaningfulness of the very small benefits seen with treatment and any longer term effects beyond the 18 months of data collected in the pivotal trials, NHS access to these new drugs would not have made an appreciable difference to the experience of patients and families affected by dementia. 

    We have well-established drug treatments and psychosocial interventions for Alzheimer’s disease that are already available to people with dementia within the NHS but are not universally accessed. Our priority now should be to ensure that everyone with dementia who might benefit from these cost-effective interventions and adequately resourced adult social care services is able to access them. It would be unhelpful if the conversation about how we adequately fund NHS and social care for people with dementia was distracted by the issue of these new drugs. We should thank NICE for their leadership and clarity in this regard.”

     

    Prof Siddharthan Chandran, Director of the UK Dementia Research Institute, said: 

    “These first drugs are just the opening chapter for Alzheimer’s treatments. Today’s MHRA approval of donanemab is another step towards a future where we can begin to offer treatments to people affected by dementia. In this case, NICE’s initial recommendation is that the benefits of the drug are not significant enough to make it cost effective, which means it will not be available to patients on the NHS. This will be disappointing to many. However, I do believe we are at a pivotal moment in our research mission to develop better, safer treatments.

    “This is a long journey and is only possible because of long-term investment in research that underpins the identification and development of new treatments. The MRC-funded UK Dementia Research Institute is at the forefront of research into dementias, and working together with our many partners from patient charities, leading UK universities, the NHS and industry we are hopeful that major advances in diagnostics and treatments are ahead of us.”

     

    Prof Charles Marshall, Clinical Senior Lecturer and Honorary Consultant Neurologist, Queen Mary University of London (QMUL), said:

    “This will be very disappointing news for people affected by Alzheimer’s who are desperate for something that can slow the course of the disease. Hopefully, future developments will allow the introduction of treatments like this in the NHS. For this we will need investment in modernised dementia clinics that can deliver diagnosis and treatment appropriately, as well as evidence that Donanemab continues to slow Alzheimer’s disease over a longer time period, which could make it cost effective. We need NHS patients to be involved in generating this evidence so that we can see how effective Donanemab might be if used widely in the UK.”

     

    Prof Tara Spires-Jones, Director of the Centre for Discovery Brain Sciences at the University of Edinburgh, Group Leader in the UK Dementia Research Institute, and President of the British Neuroscience Association said:

    “While people living with dementia and their loved ones will undoubtedly be disappointed by the decision not to fund this new treatment on the NHS, the good news that new treatments can slow disease even a small amount is hopeful.  New research is bringing us closer to treatments that should be safer and more effective. This decision on the amyloid targeting drug donanemab is not a surprise as it is consistent with the recent recommendations for lecanemab, a very similar drug.  Donanemab is an antibody that removes amyloid pathology from the brain. This is not a cure. The treatment slows disease progression modestly but does not stop or reverse symptoms.  The treatment also comes with potentially serious side effects of brain swelling and brain bleeding.”

     

    Prof Tom Dening, Professor of Dementia Research, School of Medicine, University of Nottingham, said:

    “Given the MHRA and NICE positions previously stated on lecanemab, these decisions in relation to donanemab are hardly surprising. My personal position stands more with NICE, because I think that we don’t do enough to support people with dementia after they get a diagnosis, and the expensive monoclonal antibodies are a bit of a distraction from the main issue, which is to help people live the best lives they can with the diagnosis.”

    Professor Fiona Carragher, Chief Policy and Research Officer at Alzheimer’s Society, said:  

    “Disease-modifying therapies like donanemab and lecanemab offer a new horizon of hope in the fight against dementia. MHRA’s approval of donanemab marks another milestone in this journey, but it comes alongside a draft NICE decision not to recommend donanemab for use on the NHS. While this is disheartening, we respect the decision of the regulator. 

    “In other diseases like cancer, treatments have become more effective, safer and cheaper over time and we hope to see similar progress in dementia. 

    “With around 20 Alzheimer’s disease drugs in late-stage clinical trials, more drugs will be submitted for approval within the next few years. 

    “New treatments are an important catalyst for change, but they are only one piece of the puzzle. While preparing for the future, we must not lose sight of the million people living with dementia in the UK today – a third of whom don’t have a diagnosis. 

    “We need to see significant government investment to bring about radical change so that everyone with dementia in the UK can get an early and accurate diagnosis. Without this, people won’t be able to access existing treatments and interventions to help manage their symptoms today or be ready for the disease slowing treatments of tomorrow.” 

     

    Hilary Evans-Newton, Chief Executive at Alzheimer’s Research UK, said:

    “Today’s announcement marks another frustrating setback for people affected by Alzheimer’s disease. We finally have two new treatments licensed in Britain for Alzheimer’s, but it’s incredibly disappointing that NHS patients in England and Wales won’t receive them. While these drugs are not cures and come with risk of side effects, trials show they are the first treatments to slow the decline in memory and thinking skills linked to Alzheimer’s, rather than just alleviating symptoms.

    “NICE’s recent interim decisions on lecanemab and donanemab highlight uncertainty about their benefits compared to the significant costs of delivering them in the NHS. Yet dementia remains the UK’s leading cause of death, and without action, an ageing population means more families will be affected, driving up NHS costs through emergency admissions and care.

    “NHS England has identified nearly 30 other dementia treatments that could be available by 2030, giving the government and NHS a crucial opportunity to transform how dementia is treated – just as Labour pledged in their manifesto. But we still haven’t heard from Health Secretary Wes Streeting on how he plans to break the deadlock we’re facing, where research is delivering new treatments but they remain out of reach for NHS patients. We’ve written to the Health Secretary again, calling for his leadership to bring together NICE, NHS England and industry so that people with dementia in the UK aren’t left behind.

    “Today’s decision also risks signalling that the UK is no longer a good place to launch new dementia treatments. Although the UK has a strong history in dementia research, it currently hosts just 7% of global dementia trials and under 3% of participants in phase 3 trials for dementia worldwide live here. How the government tackles these challenges will show if they’re serious about bringing innovation to the NHS and cutting the red tape that is limiting people’s access to research and innovative medicines.”

    MHRA decision and NICE draft guidance on donanemab for Alzheimer’s disease was published at 10:00am UK time Wednesday 22nd October 2024. 

    https://www.nice.org.uk/guidance/indevelopment/gid-ta11221

    Declared interests

    Prof Andrew Doig: Andrew Doig is a Professor of Biochemistry at the University of Manchester. He is a founder and director of PharmaKure, a spin-out company working on diagnostics and drugs for Alzheimer’s Disease and other neurodegenerative conditions.

    Prof Rob Howard: I don’t have any relevant CoIs.

    Prof Charles Marshall: I have no relevant conflicts to declare.

    Prof Siddharthan Chandran: Siddharthan is the academic lead of Neurii, a £5M partnership to deliver patient focused digital health solutions for dementia, part funded by Eisai. The UK Dementia Research Institute holds partnerships with charities (BHF, Alzheimer’s Research UK, Alzheimer’s Society and LifeArc), and industry (Lilly, Eisai, Astex, SPARC and Ono).

    Hilary Evans-Newton No COI.

    Prof Tom Dening: No COI.

    Professor Fiona Carragher: No conflicts of interest.

    Prof Tara Spires-Jones: I have no conflicts with this study but have received payments for consulting, scientific talks, or collaborative research over the past 10 years from AbbVie, Sanofi, Merck, Scottish Brain Sciences, Jay Therapeutics, Cognition Therapeutics, Ono, and Eisai. I am also Charity trustee for the British Neuroscience Association and the Guarantors of Brain and serve as scientific advisor to several charities and non-profit institutions.

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom –

  • MIL-OSI: EBC Financial Group and the University of Oxford’s Department of Economics Announce WERD Episode on Macroeconomics and Climate

    Source: GlobeNewswire (MIL-OSI)

    OXFORD, United Kingdom, Oct. 23, 2024 (GLOBE NEWSWIRE) — EBC Financial Group (EBC) is proud to announce its continued collaboration with the University of Oxford’s Department of Economics for the 2024-2025 edition of the acclaimed “What Economists Really Do” (WERD) webinar series. The upcoming event will be the first WERD event to feature a dedicated panel discussion session in a hybrid setting, titled “Sustaining Sustainability: Balancing Economic Growth and Climate Resilience”. It also marks the second collaboration between EBC and the University of Oxford’s Department of Economics this year, following an earlier success in March. EBC’s ongoing collaboration with the University of Oxford’s Department of Economics builds on the success of their previous WERD webinar, which focused on The Economics of Tax Evasion. That session explored the impact of tax evasion on both global and local economies, highlighting the importance of financial literacy in addressing complex economic issues.

    The hybrid event will take place on 14 November 2024 at the Sir Michael Dummett Lecture Theatre, Christ Church College, and will bring together prominent thought leaders to discuss the intersection of economic policies and environmental sustainability.

    As global climate challenges intensify, this event comes at a critical time when the financial sector’s role in fostering sustainable development is under increased scrutiny. In today’s economic landscape, aligning financial strategies with environmental stewardship is essential. Through sponsoring this upcoming WERD episode, EBC will shift its focus toward addressing the pressing issues of climate resilience and sustainable economic growth. The panel discussion will explore how macroeconomic policies can help address some of the world’s most urgent environmental challenges while ensuring economic stability. This timely dialogue underscores EBC’s commitment to fostering discussions on how financial markets can lead the charge in sustainability.

    David Barrett, CEO of EBC Financial Group (UK) Ltd, expressed his enthusiasm for the ongoing collaboration: “We are excited to partner once more with the University of Oxford’s Department of Economics for the second episode of the ‘What Economists Really Do’ webinar series for the 2024-2025 edition. This collaboration embodies our commitment to advancing academic research and addressing the pressing issue of climate change through macroeconomic perspectives. At EBC Financial Group, we believe in the power of strategic partnerships to drive meaningful change, and we are proud to support such an esteemed partner in a collective mission to shape a more sustainable future.”

    Banu Demir Pakel, session moderator and the Associate Head of External Engagement and Associate Professor of Economics, added: “We are pleased to welcome EBC Financial Group back to sponsor another special episode of ‘What Economists Really Do’ (WERD). In the previous WERD episode, we welcomed David Barrett, CEO of EBC Financial Group (UK) Ltd to discuss ‘The Economics of Tax Evasion’—proving how invaluable industry insights can be to an academic discussion. On the basis of this success, we are looking forward to hosting a larger hybrid panel event with further guests from the industry, plus a keynote lecture from Professor Andrea Chiavari on the topic of ‘Macroeconomics and Climate.’ The Department of Economics is proud to facilitate thought-leadership discussions between academia and industry, and we are grateful for EBC’s ongoing support. We look forward to a prosperous event.”

    The University of Oxford’s Department of Economics is globally celebrated for its rigorous academic research and significant contributions to economic policy. Attendees will gain valuable insights into how macroeconomic principles can align with sustainable growth objectives, informed by perspectives from both academia and the financial sector. With discussions that bridge the gap between theory and practice, this event will provide a forward-looking view of how economic policies can uplift environmental resilience and ensure global economic stability. Participants will also hear from industry leaders about the practical steps businesses and institutions can and are taking to achieve sustainable growth.

    Embracing a Broader Vision of Sustainable Development
    EBC Financial Group’s support for this initiative comes at a time of strategic global expansion. With a growing presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, and Sydney, as well as emerging markets in Southeast Asia, Latin America, Africa, and India, EBC is committed to empowering local markets with financial solutions that are both robust and sustainable. By engaging with leading academic institutions like the University of Oxford’s Department of Economics, EBC aims to strengthen its role as a catalyst for positive change in regions that are traditionally underserved by major financial institutions.

    The proceeds from this year’s WERD event will support the Department and its goal to produce leading research and world-class education. Registration for the event is now open, offering both in-person and online access to accommodate a global audience. To reserve your spot, please visit this link.

    About EBC Financial Group
    Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

    Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

    At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

    EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

    https://www.ebc.com/

    Media Contact:

    Savitha Ravindran
    Global Public Relations Manager (EMEA, LATAM)
    savitha.ravindran@ebc.com  

    Chyna Elvina
    Global Public Relations Manager (APAC, LATAM)
    chyna.elvina@ebc.com

    Douglas Chew
    Global Public Relations Lead
    douglas.chew@ebc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aaaa905a-4c02-44a0-bf7d-b8be3dec4b36

    The MIL Network –

  • MIL-OSI: Lloyds Bank PLC: 2024 Q3 Interim Management Statement

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Oct. 23, 2024 (GLOBE NEWSWIRE) —

    Lloyds Bank plc
    Q3 2024 Interim Management Statement
    23 October 2024

    Member of the Lloyds Banking Group

    FINANCIAL REVIEW

    Income statement

    The Group’s profit before tax for the first nine months of 2024 was £3,927 million, 27 per cent lower than the same period in 2023. This was driven by lower net interest income and higher operating expenses, partly offset by a lower impairment charge. Profit after tax was £2,727 million (nine months to 30 September 2023 £3,975 million).

    Total income for the first nine months of 2024 was £12,613 million, a decrease of 8 per cent on the same period in 2023. Within this, net interest income of £9,378 million was 10 per cent lower on the prior year, driven by a lower margin. The lower margin reflected anticipated headwinds due to deposit churn and asset margin compression, particularly in the mortgage book as it refinances in a lower margin environment. These factors were partially offset by benefits from higher structural hedge earnings as balances are reinvested in the higher rate environment.

    Other income amounted to £3,235 million in the nine months to 30 September 2024 compared to £3,268 million in the same period in 2023, with improved UK Motor Finance performance, reflecting growth following the acquisition of Tusker in the first quarter of 2023, increased fleet size and higher average rental value, partially offset by the impact of changes to commission arrangements with Scottish Widows.

    Operating expenses of £8,392 million were 13 per cent higher than in the prior year. This includes the impacts of higher operating lease depreciation, largely as a result of fleet growth, the depreciation of higher value vehicles and declines in used electric car prices, alongside higher ongoing strategic investment, accelerated severance charges and inflationary pressure. It also includes c.£0.1 billion relating to the sector-wide change in the charging approach for the Bank of England Levy taken in the first quarter. In the nine months to 30 September 2024, the Group recognised remediation costs of £118 million (nine months to 30 September 2023: £127 million), largely in relation to pre-existing programmes, with no further charges in respect of the FCA review of historical motor finance commission arrangements. The FCA confirmed in September 2024 its intention to set out next steps in its review in May 2025, including its assessment of the outcome of the Judicial Review and Court of Appeal decisions involving other market participants; the Group will assess the impact, if any, of these decisions.

    The impairment charge was £294 million compared with a £881 million charge in the nine months to 30 September 2023. The decrease reflects a larger credit from improvements to the Group’s economic outlook in the first half of the year, notably house price growth and through changes to the severe downside scenario methodology. The charge also benefitted from strong portfolio performance, a large debt sale write-back, and a release in Commercial Banking from loss rates used in the model. Asset quality remains strong with resilient credit performance.

    Balance sheet

    Total assets were £4,207 million higher at £609,612 million at 30 September 2024 compared to £605,405 million at 31 December 2023. Financial assets at amortised cost were £15,406 million higher at £503,477 million compared to £488,071 million at 31 December 2023 with increases in reverse repurchase agreements of £11,128 million and loans and advances to customers of £7,355 million, partly offset by a reduction in loans and advances to banks of £2,919 million. The increase in reverse repurchase agreements and the decrease in cash and balances at central banks by £17,984 million to £39,925 million reflected a change in the mix of liquidity holdings. The increase in loans and advances to customers included growth in UK mortgages, UK Retail unsecured loans, credit cards and the European retail business, partly offset by government-backed lending repayments in Commercial Banking. Financial assets at fair value through other comprehensive income were £5,032 million higher reflecting a change in the mix of liquidity holdings. Other assets increased by £1,864 million to £28,925 million, driven by higher settlement balances and higher operating lease assets reflecting continued motor finance growth.

    Total liabilities were £4,390 million higher at £569,364 million compared to £564,974 million at 31 December 2023. Customer deposits at £446,311 million have increased by £4,358 million since the end of 2023, driven by inflows to limited withdrawal and fixed term savings products, partly offset by a reduction in current account balances and an expected significant outflow in Commercial Banking. In addition, repurchase agreements at £41,370 million have increased by £3,668 million since the end of 2023. Debt securities in issue at amortised cost decreased by £7,369 million to £45,080 million at 30 September 2024. Amounts due to fellow Lloyds Banking Group undertakings increased by £1,510 million to £4,442 million at 30 September 2024. Other liabilities increased by £3,042 million to £12,926 million, driven by higher settlement balances.

    Total equity was £40,248 million at 30 September 2024 was broadly stable compared to £40,431 million at 31 December 2023, with the profit for the period largely offset by interim dividends of £3.4 billion, pension revaluations and movements in the cash flow hedging reserve.

    FINANCIAL REVIEW (continued)

    Capital

    The Group’s common equity tier 1 (CET1) capital ratio reduced to 13.6 per cent at 30 September 2024 (31 December 2023: 14.4 per cent). This largely reflected profit for the period, offset by the payment of interim ordinary dividends, the accrual for foreseeable ordinary dividends and an increase in risk-weighted assets.

    The Group’s total capital ratio reduced to 19.8 per cent (31 December 2023: 20.5 per cent). The issuance of AT1 and Tier 2 capital instruments was more than offset by the reduction in CET1 capital, the reduction in eligible provisions recognised through Tier 2 capital, the impact of regulatory amortisation and foreign exchange on Tier 2 capital instruments and the increase in risk-weighted assets.

    Risk-weighted assets have increased by £2,350 million to £184,910 million at 30 September 2024 (31 December 2023: £182,560 million). This reflects the impact of Retail lending growth, Retail secured CRD IV model updates and other movements, partly offset by optimisation including capital efficient securitisation activity.

    The Group’s UK leverage ratio reduced to 5.3 per cent (31 December 2023: 5.6 per cent). This reflected both the reduction in the total tier 1 capital position and an increase in the leverage exposure measure, principally related to the increase in securities financing transactions and other balance sheet movements.

     
    CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
     
      Nine
    months ended
    30 Sep
    2024
    £m    		     Nine
    months ended
    30 Sep
    2023
    £m    		  
           
    Net interest income 9,378     10,432  
    Other income 3,235     3,268  
    Total income 12,613     13,700  
    Operating expenses (8,392 )   (7,457 )
    Impairment (294 )   (881 )
    Profit before tax 3,927     5,362  
    Tax expense (1,200 )   (1,387 )
    Profit for the period 2,727     3,975  
           
    Profit attributable to ordinary shareholders 2,454     3,708  
    Profit attributable to other equity holders 256     249  
    Profit attributable to equity holders 2,710     3,957  
    Profit attributable to non-controlling interests 17     18  
    Profit for the period 2,727     3,975  
     
    CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
     
      At 30 Sep
    2024
    £m    		     At 31 Dec
    2023
    £m    		  
               
    Assets          
    Cash and balances at central banks 39,925     57,909  
    Financial assets at fair value through profit or loss 1,990     1,862  
    Derivative financial instruments 2,926     3,165  
    Loans and advances to banks 5,891     8,810  
    Loans and advances to customers 440,479     433,124  
    Reverse repurchase agreements 43,879     32,751  
    Debt securities 12,569     12,546  
    Due from fellow Lloyds Banking Group undertakings 659     840  
    Financial assets at amortised cost 503,477     488,071  
    Financial assets at fair value through other comprehensive income 32,369     27,337  
    Other assets 28,925     27,061  
    Total assets 609,612     605,405  
               
    Liabilities          
    Deposits from banks 3,474     3,557  
    Customer deposits 446,311     441,953  
    Repurchase agreements 41,370     37,702  
    Due to fellow Lloyds Banking Group undertakings 4,442     2,932  
    Financial liabilities at fair value through profit or loss 4,964     5,255  
    Derivative financial instruments 3,583     4,307  
    Debt securities in issue at amortised cost 45,080     52,449  
    Other liabilities 12,926     9,884  
    Subordinated liabilities 7,214     6,935  
    Total liabilities 569,364     564,974  
               
    Equity          
    Share capital 1,574     1,574  
    Share premium account 600     600  
    Other reserves 2,904     2,395  
    Retained profits 29,667     30,786  
    Ordinary shareholders’ equity 34,745     35,355  
    Other equity instruments 5,428     5,018  
    Non-controlling interests 75     58  
    Total equity 40,248     40,431  
    Total equity and liabilities 609,612     605,405  
    ADDITIONAL FINANCIAL INFORMATION
     

    1.  Basis of presentation

    This release covers the results of Lloyds Bank plc together with its subsidiaries (the Group) for the nine months ended 30 September 2024.

    Accounting policies

    The accounting policies are consistent with those applied by the Group in its 2023 Annual Report and Accounts

    2.  Capital

    The Group’s Q3 2024 Interim Pillar 3 Disclosures can be found at http://www.lloydsbankinggroup.com/investors/financial-downloads.html.

    3.  UK economic assumptions

    Base case and MES economic assumptions

    The Group’s base case scenario is for a slow expansion in GDP and a modest rise in the unemployment rate alongside small gains in residential and commercial property prices. Following a reduction in inflationary pressures, cuts in UK Bank Rate are expected to continue during 2024 and 2025. Risks around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios.

    The Group has taken into account the latest available information at the reporting date in defining its base case scenario and generating alternative economic scenarios. The scenarios include forecasts for key variables as of the third quarter of 2024. Actuals for this period, or restatements of past data, may have since emerged prior to publication and have not been included, including specifically in the Quarterly National Accounts release of 30 September 2024. The Group’s approach to generating alternative economic scenarios is set out in detail in note 19 to the financial statements for the year ended 31 December 2023. For September 2024, the Group continues to judge it appropriate to include a non-modelled severe downside scenario for ECL calculations as explained in note 12 of the Group’s 2024 Half-Year news release.

    UK economic assumptions – base case scenario by quarter

    Key quarterly assumptions made by the Group in the base case scenario are shown below. Gross domestic product is presented quarter-on-quarter. House price growth, commercial real estate price growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.

    At 30 September 2024 First
    quarter
    2024
    %    		   Second
    quarter
    2024
    %    		   Third
    quarter
    2024
    %    		   Fourth
    quarter
    2024
    %    		 First
    quarter
    2025
    %    		 Second
    quarter
    2025
    %    		 Third
    quarter
    2025
    %    		 Fourth
    quarter
    2025
    %
                     
    Gross domestic product 0.7   0.6   0.3   0.3 0.3 0.3 0.4 0.4
    Unemployment rate 4.3   4.2   4.3   4.5 4.6 4.7 4.8 4.8
    House price growth 0.4   1.8   5.3   3.1 3.2 3.6 2.4 2.0
    Commercial real estate price growth (5.3 ) (4.7 ) (2.5 ) 0.3 1.4 1.9 1.6 1.7
    UK Bank Rate 5.25   5.25   5.00   4.75 4.50 4.25 4.00 4.00
    CPI inflation 3.5   2.1   2.1   2.7 2.4 2.9 2.7 2.3
                           

    ADDITIONAL FINANCIAL INFORMATION (continued)

    3.  UK economic assumptions (continued)

    UK economic assumptions – scenarios by year

    Key annual assumptions made by the Group are shown below. Gross domestic product and CPI inflation are presented as an annual change, house price growth and commercial real estate price growth are presented as the growth in the respective indices within the period. Unemployment rate and UK Bank Rate are averages for the period.

    At 30 September 2024 2024
    %    		   2025
    %    		   2026
    %    		   2027
    %    		   2028
    %    		   2024-2028
    average
    %
                 
    Upside            
    Gross domestic product 1.2   2.4   1.9   1.5   1.4   1.7  
    Unemployment rate 4.2   3.3   2.8   2.7   2.8   3.1  
    House price growth 3.5   4.6   7.1   6.4   5.1   5.3  
    Commercial real estate price growth 1.6   9.0   4.2   1.8   0.7   3.4  
    UK Bank Rate 5.06   5.08   5.16   5.34   5.58   5.24  
    CPI inflation 2.6   2.7   2.4   2.8   2.8   2.7  
                 
    Base case            
    Gross domestic product 1.1   1.3   1.5   1.5   1.5   1.4  
    Unemployment rate 4.3   4.7   4.7   4.5   4.5   4.5  
    House price growth 3.1   2.0   1.0   1.5   2.1   2.0  
    Commercial real estate price growth 0.3   1.7   2.1   0.7   0.3   1.0  
    UK Bank Rate 5.06   4.19   3.63   3.50   3.50   3.98  
    CPI inflation 2.6   2.6   2.1   2.2   2.1   2.3  
                 
    Downside            
    Gross domestic product 1.0   (0.3 ) 0.4   1.3   1.5   0.8  
    Unemployment rate 4.4   6.5   7.3   7.3   7.1   6.5  
    House price growth 2.9   (0.2 ) (6.1 ) (5.8 ) (2.9 ) (2.5 )
    Commercial real estate price growth (0.7 ) (6.2 ) (1.7 ) (1.9 ) (1.9 ) (2.5 )
    UK Bank Rate 5.06   3.11   1.48   0.96   0.65   2.25  
    CPI inflation 2.6   2.6   1.9   1.5   1.1   2.0  
                 
    Severe downside            
    Gross domestic product 0.9   (2.0 ) (0.1 ) 1.1   1.4   0.2  
    Unemployment rate 4.6   8.6   9.9   9.9   9.7   8.5  
    House price growth 2.3   (2.5 ) (13.5 ) (12.6 ) (8.3 ) (7.1 )
    Commercial real estate price growth (2.7 ) (16.5 ) (6.5 ) (6.5 ) (5.1 ) (7.6 )
    UK Bank Rate – modelled 5.06   1.83   0.23   0.06   0.02   1.44  
    UK Bank Rate – adjusted1 5.13   3.67   2.55   2.16   1.88   3.08  
    CPI inflation – modelled 2.6   2.6   1.5   0.7   0.1   1.5  
    CPI inflation – adjusted1 2.6   3.5   1.8   1.3   0.9   2.0  
                 
    Probability-weighted            
    Gross domestic product 1.1   0.8   1.1   1.4   1.4   1.2  
    Unemployment rate 4.3   5.2   5.4   5.3   5.3   5.1  
    House price growth 3.1   1.7   (0.7 ) (0.6 ) 0.5   0.8  
    Commercial real estate price growth 0.1   (0.3 ) 0.7   (0.5 ) (0.8 ) (0.1 )
    UK Bank Rate – modelled 5.06   3.90   3.10   2.95   2.92   3.59  
    UK Bank Rate – adjusted1 5.07   4.08   3.33   3.15   3.11   3.75  
    CPI inflation – modelled 2.6   2.6   2.0   2.0   1.8   2.2  
    CPI inflation – adjusted1 2.6   2.7   2.1   2.1   1.9   2.3  
                             

    1 The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks to the Group’s base case view in an economic environment where the risks of supply and demand shocks are seen as more balanced.

    ADDITIONAL FINANCIAL INFORMATION (continued)

    4.  Loans and advances to customers and expected credit loss allowance

    At 30 September 2024 Stage 1
    £m    		     Stage 2
    £m    		     Stage 3
    £m    		     POCI
    £m    		     Total
    £m    		     Stage 2
    as % of
    total    		   Stage 3
    as % of
    total
                               
    Loans and advances to customers
                               
    UK mortgages 271,138     28,389     4,545     6,949     311,021     9.1   1.5
    Credit cards 13,429     2,620     262     –     16,311     16.1   1.6
    Loans and overdrafts 8,839     1,374     173     –     10,386     13.2   1.7
    UK Motor Finance 14,390     2,314     119     –     16,823     13.8   0.7
    Other 16,702     513     150     –     17,365     3.0   0.9
    Retail 324,498     35,210     5,249     6,949     371,906     9.5   1.4
    Small and Medium Businesses 26,393     3,430     1,303     –     31,126     11.0   4.2
    Corporate and Institutional Banking 37,564     2,306     637     –     40,507     5.7   1.6
    Commercial Banking 63,957     5,736     1,940     –     71,633     8.0   2.7
    Other1 260     –     –     –     260     –   –
    Total gross lending 388,715     40,946     7,189     6,949     443,799     9.2   1.6
    ECL allowance on drawn balances (764 )   (1,228 )   (1,106 )   (222 )   (3,320 )        
    Net balance sheet carrying value 387,951     39,718     6,083     6,727     440,479          
                               
    Customer related ECL allowance (drawn and undrawn)
                               
    UK mortgages 86     321     339     222     968          
    Credit cards 207     351     129     –     687          
    Loans and overdrafts 170     242     111     –     523          
    UK Motor Finance2 169     105     68     –     342          
    Other 15     18     42     –     75          
    Retail 647     1,037     689     222     2,595          
    Small and Medium Businesses 138     190     160     –     488          
    Corporate and Institutional Banking 126     125     259     –     510          
    Commercial Banking 264     315     419     –     998          
    Other –     –     –     –     –          
    Total 911     1,352     1,108     222     3,593          
                               
    Customer related ECL allowance (drawn and undrawn) as a percentage of loans and advances to customers
                               
    UK mortgages –     1.1     7.5     3.2     0.3          
    Credit cards 1.5     13.4     49.2     –     4.2          
    Loans and overdrafts 1.9     17.6     64.2     –     5.0          
    UK Motor Finance 1.2     4.5     57.1     –     2.0          
    Other 0.1     3.5     28.0     –     0.4          
    Retail 0.2     2.9     13.1     3.2     0.7          
    Small and Medium Businesses 0.5     5.5     12.3     –     1.6          
    Corporate and Institutional Banking 0.3     5.4     40.7     –     1.3          
    Commercial Banking 0.4     5.5     21.6     –     1.4          
    Other –     –     –     –     –          
    Total 0.2     3.3     15.4     3.2     0.8          
                                         

    1 Contains central fair value hedge accounting adjustments.

    2 UK Motor Finance includes £170 million relating to provisions against residual values of vehicles subject to finance leases.

    FORWARD-LOOKING STATEMENTS

    This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; tightening of monetary policy in jurisdictions in which the Lloyds Bank Group operates; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at http://www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

    CONTACTS

    For further information please contact:

    INVESTORS AND ANALYSTS

    Douglas Radcliffe
    Group Investor Relations Director
    020 7356 1571
    douglas.radcliffe@lloydsbanking.com

    Nora Thoden
    Director of Investor Relations – ESG
    020 7356 2334
    nora.thoden@lloydsbanking.com

    Tom Grantham
    Investor Relations Senior Manager
    07851 440 091
    thomas.grantham@lloydsbanking.com

    Sarah Robson
    Investor Relations Senior Manager
    07494 513 983
    sarah.robson2@lloydsbanking.com

    CORPORATE AFFAIRS

    Grant Ringshaw
    External Relations Director
    020 7356 2362
    grant.ringshaw@lloydsbanking.com

    Matt Smith
    Head of Media Relations
    07788 352 487
    matt.smith@lloydsbanking.com

    Copies of this News Release may be obtained from:
    Investor Relations, Lloyds Banking Group plc, 25 Gresham Street, London EC2V 7HN
    The statement can also be found on the Group’s website – http://www.lloydsbankinggroup.com

    Registered office: Lloyds Bank plc, 25 Gresham Street, London EC2V 7HN
    Registered in England No. 2065

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit http://www.rns.com.

    The MIL Network –

  • MIL-OSI United Kingdom: Crime news: procurement process for 2025 Standard Crime Contract

    Source: United Kingdom – Executive Government & Departments

    The second stage of the procurement process opens for delivery of criminal legal aid services from Wednesday 1 October 2025.

    Stage 2 of the crime procurement process is now open. It closes on 30 April 2025. Tenders submitted in this stage will have contracts commence on 1 October 2025 and will be able to join the duty rotas from January 2026.

    If you have submitted a bid in Stage 1 you should not tender Stage 2. Anyone who tendered in Stage 1 will be notified of the outcome in mid-December 2024.

    Tenders received after Thursday 1 May 2025 will be opened on the 1st working day of each month following their submission commencing from 1 July 2025 and, where successful, the contract will commence no later than three months after processing began.

    How do I tender?

    Tenders must be submitted using the LAA’s eTendering system.

    For full details of the procurement process please read the Application Guide which is available at Crime Contract 2025 Tender – GOV.UK (www.gov.uk)

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Nordic statement on the draft legal bills in the Knesset related to UNRWA

    Source: Government of Sweden

    The Nordic countries are deeply concerned by the recent introduction of draft legal bills in the Knesset that, if adopted, would prevent the UNRWA from continuing its operations in the West Bank, including East Jerusalem, and Gaza. Effectively, UNRWA would no longer be able to exercise its core tasks as stipulated by UN General Assembly Resolution 302 (IV) of 8 December 1949, that is “to carry out […] direct relief and works programmes” for the millions of Palestine refugees living in these areas. It is from this and subsequent UN resolutions that UNRWA’s mandate is derived, and as its parent organ, it is only the General Assembly that can define the UNRWA mandate.

    UNRWA is at present the most centrally placed humanitarian organisation responding to the needs of Palestine refugees in the Middle East. UNRWA provides education for more than half a million children and adolescents, health services covering millions of patient visits annually and social safety net support for the most vulnerable refugees along with an emergency response programme. In the midst of an ongoing catastrophic humanitarian situation in Gaza, a halt to any of the organisation’s activities would have devastating consequences for the hundreds of thousands of civilians served by UNRWA. The consequential vacuum in services and humanitarian aid for Palestine refugees in Gaza, and the West Bank, including East Jerusalem, may well further destabilise the situation in these areas, in Israel and in the region as a whole, and may fundamentally jeopardize the prospects for a two-state solution. 

    Following serious allegations directed towards some workers of the Agency, we welcome the prompt follow-up action initiated by the United Nations Secretary-General and the UNRWA Commissioner General, and we expect its continued implementation. 

    Considering the above, the proposed draft legal bills that restrict UNRWA’s continued operations may entail the violation of Israel’s obligations under international law, including international humanitarian law, and the legally binding provisional measures ordered by the International Court of Justice.

    The Nordic countries reaffirm their unwavering commitment to the United Nations and international law, including international humanitarian law. The latter requires all parties to conflicts to ensure that affected populations receive the necessary humanitarian aid to live under adequate material conditions, as well as to ensure the safety of humanitarian workers. It is on this basis that the Nordic countries call for the proposed legal bills to be reconsidered and strongly urge Israel to ensure continued and unhindered humanitarian access for UNRWA to the Palestine refugees that it was set up to serve.

    Lars Løkke Rasmussen, Minister for Foreign Affairs of Denmark 
    Elina Valtonen, Minister for Foreign Affairs of Finland
    Thórdís Kolbrún Reykfjörd Gylfadóttir, Minister for Foreign Affairs of Iceland
    Espen Barth Eide, Minister for Foreign Affairs of Norway
    Maria Malmer Stenergard, Minister for Foreign Affairs of Sweden

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Firm shut down for falsely offering ‘early resolution’ to IVA debt solutions

    Source: United Kingdom – Executive Government & Departments

    Firm offered advice on early resolution to customers’ IVA debt solutions despite not being licensed to provide financial or debt advice

    • McKenzie Jones Associates charged fees to help end customers’ IVAs early 

    • The company promised full refunds if IVAs did not reach an early solution – but investigators found no evidence that refunds were made 

    • Investigation found the firm had taken almost £55,000 in fees for this service, but a lack of company records prevented its full financial position from being uncovered 

    A company which claimed to help customers reach an early resolution to their Individual Voluntary Arrangements (IVAs), but instead exposed them to the risk of their debt solution failing, has been closed down. 

    McKenzie Jones Associates, which was last registered to an address in Kent Road, Formby, near Liverpool, was wound up at the High Court in Manchester on 22 October 2024. 

    The company sent unsolicited letters to people who had an IVA, which led to offers to help secure an early resolution to the debt solution for a fee.

    IVAs are legally-binding agreements with creditors to pay all or part of a person’s debts, and usually last about five years. 

    Sales staff for the company told customers it would refund the fee if it did not achieve an early resolution of their IVAs. 

    The company also falsely advised customers that their IVA supervisors – the Insolvency Practitioners administering their debt solutions – must place the IVAs on hold and suggested that customers should refuse to speak to their IVA supervisors if they contacted them.

    However McKenzie Jones Associates was not registered with the Financial Conduct Authority to provide debt advice, and their advice exposed customers to the risk of their IVAs failing.

    David Usher, Chief Investigator at the Insolvency Service, said

    McKenzie Jones Associates took advantage of people in debt to offer them a solution that was unlikely to work and gave advice which jeopardised the success of their IVAs. 

    The Insolvency Service has powers to remove companies that operate against the public interest. 

    We will shut down businesses that prey on people facing tough times and protect the public from further financial harm. 

    The company generated custom by sending letters to people listed on the Individual Insolvency Register, inviting them to call a freephone number to discuss ‘financially beneficial information’. 

    Those who responded were offered help to encourage their IVA Supervisors to propose an early resolution of the IVA, known as a ‘Paid to Date’ solution, to their creditors. 

    Sales staff for McKenzie Jones Associates advised customers that they would use ‘new government legislation’ to help them exit their IVA. But investigators found this ‘legislation’ was in fact guidance for Insolvency Practitioners on specific considerations for recommending a Paid to Date solution. 

    One customer was told that she would be debt free in six months if she used the company’s services. 

    But in reality the likelihood of such an early resolution was very low. 

    The firm typically charged a £450 fee, paid over six instalments of £75.

    Their customer records showed 424 files related to Paid to Date, and investigators found that the company had received at least £54,900 from clients under the Paid to Date scheme, but had made no provision to pay refunds. 

    None of the customers who responded to the investigation had benefited from the services offered by the company or received a refund. 

    And as the firm’s directors failed to maintain or hand over all the company’s books, investigators were unable to establish the true financial position of the company, including the full amount it had received under the scheme, or the amount McKenzie Jones Associates had refunded – if any – to clients.

    They were also unable to verify the accuracy of accounts filed for the periods ending 31 December 2020 and 31 December 2021, or confirm whether receipts of £128,996 and payments from £129,046 in McKenzie Jones Associates’ bank accounts were legitimate business transactions. 

    McKenzie Jones Associates ceased trading in April 2023. 

    The Official Receiver was appointed by the court as liquidator of the company. All enquiries concerning the affairs of McKenzie Jones Associates should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.

    Further Information

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: A Long, Long Time Ago, in Galaxies Near and Far

    Source: US State of Connecticut

    Until now, space exploration has been dominated by two categories of missions – flagship missions, like the James Webb and Hubble Space Telescopes, and smaller-scale missions – with little in between. 

    Cara Battersby is an associate professor of physics at UConn.

    But a “happy medium” can help fill in the gaps of information gleaned from these two mission types. Recognizing this, NASA’s Probe Explorers program recently selected two probe designs to receive $5 million funding for development over the next 12 months. The two designs will then compete to receive $1 billion funding to get off the ground – literally – and launch in 2032. 

    One of these probe concepts, PRIMA (PRobe far-Infrared Mission for Astrophysics), has been developed by an international team including UConn physics associate professor Cara Battersby, who leads one of the project’s key science objectives.  

    If selected for launch, it will use far-infrared sensing technology to illuminate the secrets of the universe, helping scientists understand our own and surrounding galaxies.

    Uncovering Galactic Secrets in Hidden Wavelengths

    “This observatory is designed to fill this enormous gap in wavelength coverage between the mid-infrared all the way to the submillimeter,” Battersby says.  

    The James Webb telescope can “see” in the mid-infrared range of electromagnetic radiation, while the ALMA telescope in Chile can “see” in the submillimeter range. Everything in between is known as the “far infrared” range. This frequency of radiation isn’t visible to the human eye, or even from Earth itself, Battersby points out. 

    “The Earth’s atmosphere completely absorbs this wavelength of light that comes from interstellar space – distant galaxies, forming planets,” she says. “So there’s really no existing or planned telescope that can cover this wavelength gap. The fact that NASA is supporting the next phase for this mission is really exciting, and the science that it enables it is breathtaking.” 

    In space, PRIMA would use this wavelength range to understand the time period between “cosmic dawn” and “cosmic noon,” which encompasses the first era of galaxy formation and the peak of cosmic star formation in the universe. It would also uncover new data to explain how planets and their atmospheres develop. Battersby herself is leading the star and planet formation group on the PRIMA team. 

    In other words, PRIMA would provide the entire astronomy community with critical insights from this key wavelength range that can help us understand our cosmic origins: from the formation of stars and planets to the buildup of elements and the evolution of galaxies over cosmic time. 

    Battersby compares the current state of astrophysics to looking at a crowd of people and attempting to guess their ages, without knowing much about human development. If you didn’t have background knowledge – that children are generally shorter than adults, for instance – it would be impossible. 

    But if, instead, you understand that people generally get taller as they mature, and that there are exceptions (some people are always very short; some are tall from a young age), you can start to sort people visually and make educated guesses about how old they are. 

    Likewise, if you understand what distinguishes an older galaxy from a younger one, you can start to piece together the story of how space took shape over billions of years. 

    “We see these pictures of populations of galaxies, and we don’t know what they were like when they first formed and how they grew. What controls how big a galaxy can get or how many stars it can form? Does it make a really big black hole or really small black hole?” Battersby says. “In order make sense of the data, you need to uncover pictures of the galaxies when they were young and follow them as they grow. Only then can you put the timeline together.”

    Cara Battersby (right) and graduate student Rachel Lee (left) at the Max Planck Institute for Astronomy, in Heidelberg, Germany. (Courtesy of Cara Battersby)

    Enriching Scientific Community on Earth

    In addition to the sheer scientific advancement potential, Battersby is excited about PRIMA’s ability to enrich the entire astronomy community – and provide UConn students with some truly once-in-a-lifetime research opportunities. 

    “A large percentage of the time the observatory is actually operating will be devoted to the astronomy community,” she says. “They can put in proposals to do their favorite science [with PRIMA]. We actually had a community call for proposals, and we had about 70 people write papers about what they would like to do with the telescope – so there’s a ton of community interest.” 

    And if PRIMA is selected to launch, that means Battersby’s students at UConn will have a chance to get involved with this historic project. In fact, one of her graduate students, Rachel Lee, is already nearing publication on a paper exploring some potential applications for PRIMA. 

    “I’m really excited about what this opportunity will mean for students at UConn moving forward, because there will be a chance to make meaningful impacts on this mission that has a very good likelihood of going into space,” she says. “That’s really unique. I certainly never had that opportunity as a student. Working on this is one of the coolest things I’ve done in my career, and now that’s something that UConn students could have a chance to do – they could be part of this whole team.” 

    PRIMA’s principal investigator is Jason Glenn of the NASA Goddard Space Flight Center. 

    MIL OSI USA News –

  • MIL-OSI Economics: Galaxy AI to Support 20 Languages by End of 2024

    Source: Samsung

    Samsung Electronics Co., Ltd. today announced the upcoming expansion of four new languages for Galaxy AI1: Turkish, Dutch, Swedish and Romanian. Existing supported languages will also expand to cover additional dialects in traditional Chinese and Portuguese (Europe). This expanded support will begin rolling out from the end of October.
    Galaxy AI currently supports 16 languages2, and by the end of the year that number will go up to 20 with these new additions. This update means even more users will be able to lower language barriers and step into a larger world with the power of Galaxy AI. The new languages and dialects will be available for download as language packs from the Settings app of compatible Galaxy devices.
    For more information about Galaxy AI, please visit: Samsung Newsroom, Samsungmobilepress.com or Samsung.com.

    1 Galaxy AI features by Samsung will be provided for free until the end of 2025 on supported Samsung Galaxy devices.
    2 Supported languages include Arabic, Chinese (China mainland, Hong Kong), English (Australia, India, United Kingdom, United States), French (Canada, France), German, Hindi, Indonesian, Italian, Japanese, Korean, Polish, Portuguese (Brazil), Russian, Spanish (Mexico, Spain, United States), Thai and Vietnamese.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Traders see almost £10,000 worth of fake Paddington Bear goods seized ahead of half-term film release | Westminster City Council

    Source: City of Westminster

    Almost £10,000 worth of counterfeit Paddington Bear merchandise was seized by Westminster City Council’s Trading Standards during raids along Oxford Street.

    Just days away from the release of the latest film in the Paddington series, officers targeted nine shops along Oxford Street and Central London seizing £9,500 worth of unofficial merchandise. Some of the items seized included t-shirts, tote bags, fridge magnets and even shot glasses – all emblazoned with the image of Westminster’s famous furry character.

    Supporting the council’s officers were representatives from Surelock, acting on behalf of Paddington & Co. They helped to identify products that displayed trademarks and copyrighted material without the permission of the owner. This represented criminal breaches of the Trade Marks Act 1994 and Copyright, Designs and Patents Act 1988.

    When it comes to protecting Westminster’s consumers the council provides more than the bear necessities. This latest sting is part of a wider operation by the council targeting unscrupulous businesses on Europe’s premier shopping destination that continue to sell counterfeit goods or American candy or snacks containing banned ingredients.

    Ron Harrison, Managing Director of Surelock said: 

    We are extremely grateful to the team, carrying out enforcement action at so many premises in one day, it was unprecedented, everyone worked very hard.”

    Leader of Westminster City Council, Cllr Adam Hug said:

    Trying to con shoppers in Westminster with fake Paddington goods is bear-faced cheek we won’t stand for.

    “Our job is to ensure shoppers get what they pay for. Big retail names are making a welcome return to Oxford Street and rogue traders have been a blemish on the area for too long.

    “People trying to fleece Paddington fans have felt the long-arm of the paw, and so will anyone who tries to rip off customers in Westminster.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Play your part in a greener, more resilient Plymouth

    Source: City of Plymouth

    From Monday 4 to Friday 8 November, in celebration of Green Careers Week, the Skills team at Plymouth City Council are inviting local people to take part in activities that will inspire them to get involved in developing the city’s green economy.

    Students, career changers, job seekers, or anyone simply interested in the transition to a more sustainable and green economy can sign up to attend free sessions that aim to inspire local people to contribute to a sustainable future, while also exploring the range of green careers available in Plymouth.

    Councillor Tom Briars-Delve, Cabinet Member for Environment and Climate Change, said: “Whether you’re interested in renewable energy, conservation, or sustainable construction, taking part in these Green Careers Week activities can help you to find out how your skills can play a part in a greener, more resilient Plymouth.

    “There’s a fantastic line-up of activities with organisations including MVV Plymouth, Fugro, Marine Biological Association, Plymouth Sound National Marine Park, Poole Farm, Secure Forests, the University of Plymouth, Plymouth City Bus and Southwest Highways, and it’s a great chance for people to find out more about the career opportunities that are out there.

    “Join us to discover how various sectors in our city are contributing to a sustainable future and explore the range of green careers available!”

    Click here to view the programme and for details on Green Careers Week with Skills Launchpad Plymouth.

    If you are interested in participating in Green Careers Week, please click here to sign up. You can also email skillslaunchpad@plymouth.gov.uk  

    ​​​

    ​

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Esplanade resurfacing during October half term23 October 2024 The Government of Jersey will be carrying out essential highway maintenance on the eastbound carriageway of the Esplanade from 26 October to 3 November 2024. The Esplanade and Victoria Avenue will remain… Read more

    Source: Channel Islands – Jersey

    23 October 2024

    The Government of Jersey will be carrying out essential highway maintenance on the eastbound carriageway of the Esplanade from 26 October to 3 November 2024.

    The Esplanade and Victoria Avenue will remain open in both directions during the work, with a contraflow to ensure there are two lanes for each direction. 

    Signed diversions will also be in place, which will be especially important if you have an appointment at the General Hospital. Drivers approaching from the east will need to use Castle Street to get to Patriotic Street Car Park, while those coming from the west will need to use Cheapside/Gloucester Street to access Kensington Place/Patriotic Street. 

    We are sorry for any inconvenience caused. The work is much needed as some sections were last improved more than 20 years ago. 

    More details on diversions and working times are detailed on gov.je/roadworks​.​

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Rick Witter’s namesake gritter unveiled!

    Source: City of York

    City of York Council is introducing its new fleet of gritters ahead of the winter season, with one named as Rick Gritter (after Rick Witter, Shed Seven).

    The lead singer from the local band Shed Seven has been chosen in recognition of their achievements in the last year.

    Cllr Pete Kilbane, Deputy Leader of City of York Council, said:

    We’ve got a couple of new gritters this year, so this is a fantastic opportunity mark a hometown tribute to Rick and the band in recognition of their achievements.

    “Our gritting season officially starts in November, with some ‘dry runs’ taking place this month. So, you’ll start to see Rick Gritter on the streets of York soon!”

    Here’s how the council is helping residents, visitors and businesses during the winter months:

    Gritting

    The council has stockpiled 3,000 tonnes of road salt (as per national reserves allow), which is stored in its salt barn at Hazel Court depot.

    On average, crews spread around 6,000 tonnes of road salt per season, over 75-80 road treatments (gritter runs). The council has a full crew of staff for its gritters, for the whole season.

    Each season, crews treat eight routes across the highway, covering 226miles (365km) of York’s road network, including 13.6miles (22km) of priority footpaths and off road cycle network, and when resources allow, 36miles (58km) of cycle network.

    Salt bins in wards

    Around 180 salt bins, amounting to approximately 36tonnes of salt in total, are located across the city in prominent places such as near slopes or shopping areas. To locate salt bins, or report them empty visit the council website.

    Cycle/walking network

    Small tractors will be used to grit 11miles (18km) of York’s cycle/walking network to help keep people safer in winter conditions.

    Popular cycle routes, including Scarborough Bridge and other off road bridges too, are included.

    Off road cycle networks are often difficult to grit or salt because cycles don’t have the same weight or action as a vehicle tyre. Effective gritting works by vehicles driving over the grit with their tyres which beds the grit into the snow and ice.

    Whilst cars or heavy vehicles generally follow the same tyre path. Cycle tyres are much thinner and therefore these typical treatments are less effective.

    Snow wardens

    The council runs a snow warden scheme, which supports around 200 volunteers and is encouraging more people to join. Volunteers receive training, equipment and insurance cover. They choose where and when to keep pavements free of ice and snow and make a real difference to their neighbourhoods. Find out more online.

    For more information about gritting in York, visit the winter page on the council website, or follow Facebook, X, Instagram.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Are Londoners’ voices heard in transport planning?

    Source: Mayor of London

    Who is using London’s transport, and what is being done to make sure their needs are taken into account in planning services?

    Tomorrow, the London Assembly Transport Committee looks at demographic trends in people using different services, and examines what is being done to provide accessible and inclusive transport options for Londoners.

    The meeting will focus on the needs of women, children and young adults, and people in low-income households. The Committee has also launched a call for evidence, which is open to transport planners, campaign and advocacy groups with expertise on the needs of Londoners from a broad range of demographics.

    Members will ask what more, or alternative, accessibility and inclusion measures Transport for London (TfL) could consider to improve its services, and ask how TfL engages with different groups as it plans and designs our transport system.

    The Committee will also hear from Members of some of TfL’s advisory groups, to understand whether they are consulted with and listened to in the transport planning process, and on decisions affecting the services they use.

    Guests include:

    Panel 1: 2pm – 3.30pm

    • Dr Emily Barker, Research and Learning Officer, 4in10
    • Gideon Salutin, Senior Researcher, Social Market Foundation
    • Dr Liz Hind, Senior Local Partnerships and Training Officer, Women’s Budget Group
    • Dr Sara Reis, Deputy Director and Head of Research and Policy, Women’s Budget Group

    Panel 2: 3.45pm – 4.45pm

    • James Lee, City Bridge Foundation, TfL’s Independent Disability Advisory Group Board Member
    • Lauren Price, TfL’s Youth Panel Member
    • Callum Shakespeare, Whizz Kidz, TfL’s Inclusive Transport Forum Member

    The meeting will take place on Thursday 24 October from 2pm, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

    Media and members of the public are invited to attend.

    The meeting can also be viewed LIVE or later via webcast or YouTube.

    Follow us @LondonAssembly.

    MIL OSI United Kingdom –

  • MIL-OSI: Voters Express Growing Concerns About Deepfake Technology Ahead of 2024 Elections: Global Survey Reveals Rising Fears

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., Oct. 23, 2024 (GLOBE NEWSWIRE) — As the 2024 U.S. elections approach, a new survey by Regula, a global leader in identity verification solutions, reveals growing voter concerns about hyper-realistic fake content. Many respondents worry that deepfakes could manipulate public opinion, undermine trust in the media, and jeopardize the integrity of election results.

    Given the evolution of AI-generated content into highly sophisticated tools of deception, voters and institutions feel uncertain about the upcoming wave of fake news.

    Image: Regula’s Deepfake Trends study reveals growing fears as deepfakes threaten to distort our perception of reality

    Key highlights from the new “Deepfake Trends 2024” survey include:

    • 33% of U.S. respondents say the media is most at risk from deepfakes, fearing fake news reports and interviews that could mislead the public.
    • 28% of Americans and 34% of Germans worry that deepfakes could directly manipulate political elections, spreading fabricated content designed to influence voter behavior.
    • In Mexico, a stunning 48% of people believe their media is vulnerable to deepfake corruption, the highest among surveyed nations.
    • The threat isn’t limited to elections—35% of U.S. respondents fear that AI-generated content could disrupt courtrooms with fake evidence, a concern shared by 27% of Germans.
    • Interestingly, for Singapore, which recently passed a law banning digitally manipulated content of candidates during elections, the largest concern about deepfakes lies in Healthcare. 35% of respondents worry that deepfakes could impersonate medical professionals or spread false medical advice, potentially leading to harmful health outcomes.
    • In the United Arab Emirates, the biggest concern (34% of respondents) is the use of deepfakes to create fake social media posts, messages, or videos, which could damage personal reputations and relationships.

    “We’ve reached a tipping point where voters and institutions alike can no longer trust what they see or hear. Deepfakes are becoming so sophisticated that we must equip ourselves with the tools and skills needed to detect and combat this new wave of disinformation. It’s crucial to remember that when overwhelmed by information, we often switch to autopilot, making us more vulnerable to manipulation. That’s why building digital literacy is essential—always question what you see, double-check before sharing, and protect your personal data. Strengthen your online security and stay informed on the latest AI developments—this is how we safeguard ourselves,” says Henry Patishman, Executive VP of Identity Verification Solutions at Regula.

    Find more insights on deepfake fraud and businesses in the survey report. Read the full version on our website.

    *The research was initiated by Regula and conducted by Sapio Research in August 2024 using an online survey of 575 business decision-makers across the Financial Services (including Traditional Banking and FinTech), Crypto, Technology, Telecommunications, Aviation, Healthcare, and Law Enforcement sectors. The respondent geography included Germany, Mexico, the UAE, the US, and Singapore.

    About Regula

    Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the largest library of document templates in the world, we create breakthrough technologies in document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security or speed. Regula was repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

    Learn more at http://www.regulaforensics.com.

    Contact:

    Kristina – ks@regulaforensics.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7fcf6b3b-4ff4-404b-b2be-b36d7925a403

    The MIL Network –

  • MIL-OSI: 4BIO Capital leads oversubscribed $28.4 million Series A financing of March Biosciences

    Source: GlobeNewswire (MIL-OSI)

    March Bio is rapidly advancing its innovative autologous chimeric antigen receptor T-cell (CAR-T) therapy, MB-105, in development for the treatment of relapsed and refractory CD5 positive T-cell lymphoma.

    Series A was led by 4BIO Capital and Mission BioCapital with participation from KdT Ventures, Alexandria Venture Investments, Volnay Therapeutics, Modi Ventures, and Mansueto Investments.

    London, United Kingdom, 23 October 2024 – 4BIO Capital (“4BIO” or “the Group”), an international venture capital firm unlocking the treatments of the future by investing in advanced therapies and other emerging technologies, today announces that it has led a $28.4 million (£21.9 million) Series A Financing round of March Biosciences (“March Bio” or the “Company”).

    4BIO led the oversubscribed round alongside Mission BioCapital with participation from new investors KdT Ventures, Alexandria Venture Investments, Volnay Therapeutics, Modi Ventures and Mansueto Investments and existing investors TMC Venture Fund, Cancer Focus Fund and Small Ventures.

    Since its inception as a spinout of the Center for Cell and Gene Therapy (Baylor College of Medicine, Houston Methodist Hospital, Texas Children’s Hospital), March Bio has rapidly advanced its innovative autologous chimeric antigen receptor T-cell (CAR-T) therapy, MB-105, in development for the treatment of relapsed and refractory CD5 positive T-cell lymphoma. MB-105 is specifically engineered to overcome major hurdles related to T-cell targeting by overcoming T-cell fratricide while maintaining high potency against CD5 positive tumor cells. MB-105 has demonstrated a favorable safety profile and durable remissions in relapsed T-cell lymphoma patients in a Phase 1 clinical trial at Baylor College of Medicine, with plans to begin a Phase 2 clinical trial in early 2025. Proceeds from the financing will support the Phase 2 clinical development of MB-105 to expand on this data with optimized manufacturing processes.

    Owen Smith, Partner of 4BIO Capital, said, “For far too long, T-cell cancers have been an innovation desert with patients facing a dismal prognosis. March Bio’s innovative autologous CAR-T approach brings patients new hope. MB-105 is specifically engineered for relapsed and refractory CD5 positive T-cell lymphomas and I am delighted that this targeted approach combined with the incredible team led by Sarah is moving rapidly into Phase 2 to bring this exciting new treatment to patients. We are honored to be a co-lead investor in March Bio and to help support the company as it continues in its mission to bring transformative therapies to those in urgent need.”

    Sarah Hein, Co-Founder and Chief Executive Officer of March Biosciences, added, “This oversubscribed financing enables us to advance our first-in-class CAR-T therapy, MB-105, into a Phase 2 trial for T-cell lymphoma – an indication with an exceptionally poor prognosis and few treatment options. With the support and confidence of 4BIO and all of our investors, we are not only advancing our lead program but also expanding our pipeline, underscoring our commitment to delivering best-in-class therapies to patients that can change the treatment paradigm for these challenging cancers.”

    Owen Smith of 4BIO Capital and Cassidy Blundell of Mission BioCapital will be joining March Bio’s Board of Directors. The financing will also provide resources for the ongoing development of undisclosed pipeline products, as well as for general corporate proceeds.

    – End –

    Contacts

    4BIO Capital +44 (0) 203 427 5500
    info@4biocapital.com
       
    ICR Consilium
    Amber Fennell, Kris Lam, Jonathan Edwards    		 +44 (0)20 3709 5700
    4biocapital@consilium-comms.com

    About 4BIO Capital

    4BIO Capital (“4BIO”) is an international venture capital firm focused on investing in advanced therapies, including genomic medicines and other emerging technologies, to unlock the treatments of the future. 4BIO’s objective is to invest in, support, and grow early-stage companies developing treatments in areas of high unmet medical need, with the ultimate goal of ensuring access to these potentially curative therapies for all patients. Specifically, it looks for viable, high-quality opportunities in cell and gene therapy, RNA-based therapy, targeted therapies, and the microbiome. The 4BIO team comprises leading advanced therapy scientists and experienced life science investors who have collectively published over 250 scientific articles in prestigious academic journals including Nature, The Lancet, Cell, and the New England Journal of Medicine. 4BIO has both an unrivalled network within the advanced therapy sector and a unique understanding of the criteria that define a successful investment opportunity in this space. For more information, connect with us on LinkedIn and X @4biocapital and visit http://www.4biocapital.com.

    About March Biosciences

    Houston-based March Biosciences, launched from the Center for Cell and Gene Therapy (Baylor College of Medicine, Houston Methodist Hospital, Texas Children’s Hospital), is dedicated to addressing challenging cancers unresponsive to current immunotherapies. Its lead asset, MB-105, is a CD5-targeted CAR-T cell therapy currently in Phase 1 trials in patients with refractory T-cell lymphoma and leukemia, with promising signals of efficacy and safety to date. A Phase 2 trial is expected to begin next early year. The company has raised over $50M to date, inclusive of this current financing and support from the Cancer Prevention & Research Institute of Texas (CPRIT) and the NIH SBIR program. Learn more at http://www.march.bio.

    The MIL Network –

  • MIL-Evening Report: Kanak leader Christian Tein’s jailing in France overturned in new legal twist

    Asia Pacific Report

    France’s Supreme Court has overturned a judgment imprisoning pretrial in mainland France Kanak pro-independence leader Christian Tein, who is widely regarded as a political prisoner, reports Libération.

    Tein, who is head of the CCAT (Field Action Coordination Unit) in New Caledonia was in August elected president of the main pro-independence umbrella group Kanak and Socialist National Liberation Front (FLNKS).

    He has been accused by the French authorities of “masterminding” the violence that spread across New Caledonia in May.

    The deadly unrest is estimated to have caused €2.2 billion (NZ$3.6 billion) in infrastructural damage, resulting in the destruction of nearly 800 businesses and about 20,000 job losses.

    In this new legal twist, the jailing in mainland France of Tein and another activist, Steve Unë, was ruled “invalid” by the court.

    “On Tuesday, October 22, the Court of Cassation in Paris overturned the July 5 ruling of the investigating chamber of the Noumea Court of Appeal, which had confirmed his detention in mainland France,” reports NC la 1ère TV.

    “The Kanak independence activist, imprisoned in Mulhouse since June, will soon have to appear before a judge again who will decide his fate,” the report said.

    Kanak activists’ cases reviewed
    The court examined the appeal of five Kanak pro-independence activists — including Tein – who had challenged their detention in mainland France on suspicion of having played a role in the unrest in New Caledonia, reports RFI News.

    This appeal considered in particular “the decision by the judges in Nouméa to exile the defendants without any adversarial debate, and the conditions under which the transfer was carried out,” according to civil rights attorney François Roux, one of the defendants’ lawyers.

    “Many of them are fathers, cut off from their children,” the lawyer said.

    The transfer of five activists to mainland France at the end of June was organised overnight using a specially chartered plane, according to Nouméa public prosecutor Yves Dupas, who has argued that it was necessary to continue the investigations “in a calm manner”.

    Roux has denounced the “inhumane conditions” in which they were transported.

    “They were strapped to their seats and handcuffed throughout the transfer, even to go to the toilet, and they were forbidden to speak,” he said.

    Left-wing politicians in France have also slammed the conditions of detainees, who they underline were deported more than 17,000 km from their home for resisting “colonial oppression”.

    Another legal twist over arrested Kanaks . . . Christian Tein wins Supreme Court appeal. Image: APR screenshot Libération

    Total of seven accused
    A total of seven activists from the CCAT separatist coalition are accused by the French government of orchestrating deadly riots earlier this year and are currently incarcerated – the five in various prisons in France and two in New Caledonia itself.

    They are under investigation for, among other things, complicity in attempted murder, organised gang theft with a weapon, organised gang destruction of another person’s property by a means dangerous to people and participation in a criminal association with a view to planning a crime.

    Two CCAT activists who were initially imprisoned have since been placed under house arrest in mainland France.

    Tein, born in 1968, has consistently denied having incited violence, claiming to be a political prisoner.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: How different people around the world understand democracy – and why it matters

    Source: The Conversation – UK – By Scott Williamson, Associate Professor, Department of Politics and International Relations, University of Oxford

    Most people in most countries say they want to be governed democratically. Because democracy’s appeal is so powerful, governments and political leaders everywhere claim to be supporters of democracy.

    Take China, for instance. The Chinese Communist Party (CCP) has ruled for decades under a single-party system, a system that contrasts sharply with traditional definitions of democracy. Democratic systems emphasise competitive elections for key leaders, strong protections for political rights and constraints on executive power.

    Yet, ask members of the CCP and they will probably tell you that their governance is democratic because it responds to the preferences of the Chinese public. In their view, what makes a democracy is not elections, liberties and constraints. Rather, strong and unencumbered political leaders can govern well and give the people what they want.

    How do people understand democracy? If people around the world hold dramatically different views of what democracy means – or even adhere to understandings of democracy that reflect a more authoritarian style of government – then democracy’s apparent global appeal may not mean very much in practice.

    Researchers have long been interested in how people from different countries and backgrounds understand democracy. But it’s a complex issue and previous studies have found it difficult to determine what people really mean when they say they want to be governed democratically. In a new article published in Science, we use an experiment administered via surveys in Egypt, India, Italy, Japan, Thailand and the US to bring fresh evidence to this debate.

    We presented survey respondents with paired profiles of hypothetical countries. These profiles randomised nine factors reflecting different theories of how people understand democracy. For instance, we presented respondents with information about the countries’ elections, varying whether they were free and fair, biased, or not held at all.

    We also randomised whether political rights were protected or repressed, and whether the executive respected the powers of the legislature and courts or not. These three attributes reflect traditional concepts of democracy.

    We also included attributes of the hypothetical countries that reflect alternative understandings of democracy. Some claim that democracy means a political system capable of producing substantial changes that benefit citizens broadly. So we varied whether economic equality in the country is higher or lower. We also adjusted whether social equality between genders is better or worse. And we randomised how much influence technocratic experts wield over policy decisions.

    Others argue for a more authoritarian model of democracy in which unconstrained leaders give the people what they want in exchange for their obedience. To reflect this view, we gave information about how often the countries’ political leaders follow the majority’s preferences. We also varied whether people obey the government or not.

    After reviewing the country profiles, respondents were asked to determine which hypothetical country was more democratic. Analysing which attributes influenced respondents’ choices more strongly gives us insights into how they understand what democracy means.

    Reasons to be cheerful

    Our results indicate that the traditional definition of democracy is widely accepted. Across the six diverse countries in our sample, respondents were much more likely to perceive countries as democratic when elections were free and fair and political rights were strongly protected.

    This prioritisation of elections held across the board. People felt that way regardless of their individual characteristics such as gender, educational attainment, political ideology, age, minority status and attitudes toward geopolitics.

    This finding implies some reasons to be optimistic about support for democracy. It suggests that when people say they want democratic governance, many mean competitive elections and protected liberties. This agreement is important. It makes it more likely that enough people will recognise – and potentially push back – against attempts by anti-democratic political leaders to subvert democratic governance.

    Reasons for caution

    But our findings also highlight points of caution. First, institutional checks and balances were less central to how our respondents understood democracy. This suggests that political leaders may be able to increase their grip on power more easily by undermining the influence of the legislature and courts.

    And anti-democratic politicians can still claim to be democratic by deceptively arguing that they prioritise these elements of the political system, while actually undermining them. A prominent example is former US president Donald Trump. In 2020, Trump tried to overturn his election loss by falsely asserting it had been rigged against him.

    Even in outright authoritarian countries, rulers often use controlled elections as “evidence” of their democratic character. In Egypt, for instance, the autocratic president Abdel Fatah al-Sisi declared after winning his rigged 2023 election that he would continue to build “a democratic state that protects its citizens”.

    Many people may see through such claims, but autocrats can sometimes build support by using elections to present themselves as democrats – even when they are not free and fair.

    While many people reject outright authoritarian notions of what democracy means, factors other than elections and liberties also influence their understanding of democratic governance. In our study, countries were often believed to be more democratic when they delivered good outcomes – for example, by providing higher gender or economic equality.

    Gender equality was the only attribute in the experiment which came close to elections and liberties in its ability to shape perceptions of which countries were more democratic. Because gender equality is inherently desirable and is associated with democracy, some autocrats have successfully engaged in “genderwashing”. They’ve done this by (often nominally) reforming women’s rights to reduce pressure for more competitive elections and protected political rights.

    Finally, just because people generally agree on what democracy means does not necessarily mean they will continue to support it. If democracies fail to perform effectively or represent their citizens well, people may be persuaded to accept more authoritarian models of governance.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. How different people around the world understand democracy – and why it matters – https://theconversation.com/how-different-people-around-the-world-understand-democracy-and-why-it-matters-241617

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Government to take part in Nordic Council Session in Reykjavik

    Source: Government of Sweden

    When the Nordic Council holds its 76th Session in Reykjavik on 28–31 October, the focus will be on peace and security in the Arctic and Nordic regions.

    “In light of Sweden’s and Finland’s accession to NATO and Russia’s war in Ukraine, it has become all the more important to discuss security and defence issues in a Nordic context. Our cooperation and collective defence of democracy and everyone’s right to live in peace and freedom are now more important than ever,” says Prime Minister Ulf Kristersson.

    The Nordic Council Session will cover issues such as how the Nordic countries can best guarantee peace and security in the Nordic and Arctic regions.

    During the week, ministers will attend separate meetings with the Nordic Council and together with their Nordic counterparts. Discussion topics for the prime ministers’ meeting will be organised crime, migration and an integrated Nordic region without border barriers.

    An N5 meeting between the foreign ministers will also take place in conjunction with the Nordic Council Session. In 2024, Sweden has been acting Coordinator of the N5, an informal Nordic cooperation format for foreign and security policy issues. The Nordic ministers for culture will also meet during the week.

    During the Session, the Nordic Council of Ministers will present the programme of the forthcoming Finnish Presidency of the Council.

    Representing the Swedish Government are Mr Kristersson, Minister for Foreign Affairs Maria Malmer Stenergard, Minister for EU Affairs Jessica Rosencrantz and Minister for Culture Parisa Liljestrand.

    On Tuesday, the Nordic prime ministers and foreign ministers will hold joint press conferences.

    Friday 25 October is the final day for journalists to apply for accreditation. Follow the link below under Shortcuts.

    A detailed programme for the week of the Session is available on the Nordic Council website, where parts of the programme will also be live-streamed.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: ESFA Update: 23 October 2024

    Source: United Kingdom – Executive Government & Departments

    Latest information and actions from the Education and Skills Funding Agency for academies, schools, colleges, local authorities and further education providers.

    Applies to England

    Documents

    ESFA Update further education: 23 October 2024

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    ESFA Update academies: 23 October 2024

    HTML

    ESFA Update local authorities: 23 October 2024

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    Details

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    Published 23 October 2024

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Isle of Wight the most successful area with Warmer Homes scheme 23 October 2024 Warmer Homes

    Source: Aisle of Wight

    A government funded scheme allowing eligible Island residents to apply for free upgrades to make their homes more energy efficient has been the most successful in our region.

    Upgrades are worth up to £38,000 per household and could include insulation, air source heat pumps and solar PV panels which can be installed for free, saving households thousands of pounds in the future. The eligibility criteria includes,

    • You use electric, oil or LPG to heat your home, not mains gas
    • Your Energy Performance Certificate (EPC) rating is D, E, F, or G (Warmer Homes can help you find out if you’re not sure).
    • You have a household income of £36,000 or under, or you or you receive a means-tested benefit.

    The Isle of Wight Council was among a group of 23 local authorities to successfully bid for £41.4 million in government funding. The money comes from the Home Upgrade Grant and aims to help lower income households whose home is not very energy efficient and not heated by mains gas.

    Councillor Phil Jordan, council leader, said: “We are really pleased that eligible Isle of Wight residents have taken up the Warmer Homes scheme more than anywhere else in the southern region. This is testament to the work we have done to ensure that those who can claim this help have been targeted. We have produced a campaign to included social media and radio ads as well as working closely with our partners to promote the scheme to those eligible residents.’’

    He continues ‘’Improving energy efficiency in homes is a key issue. Energy bills are a major concern for many households so anything that can be done to reduce these costs is vital. Making homes more energy efficient at the same time helps to reduce carbon emissions across the Island.”

    Katherine Shadwell, Project Manager, AgilityEco said: “We are proud to be supporting the Isle of Wight Council with their delivery of the Warmer Homes scheme. Since 2023, the Warmer Homes scheme has supported Isle of Wight residents with a range of fully funded energy-saving home improvements to help keep their homes warm and their energy bills low. Since the Warmer Homes scheme has been introduced to the Island, we have supported over 120 homes with over £2.5 million of fully funded energy-saving measures.”

    The scheme has now been extended by a further month and the application deadline for residents is now the end of November (31/11/2024).

    More information can be found on the Isle of Wight Council website by visiting The Warmer Homes programme

    You can also call the freephone number on 0800 038 5737 or email: retrofit@warmerhomes.org.uk for further information and guidance.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Libraries consultation proposes revised opening hours

    Source: City of Birmingham

    Published: Wednesday, 23rd October 2024

    Following feedback from the final phase of the libraries consultation, it was highlighted there was a need for more equitable hours. Therefore, we are now proposing a revision of option 4.

    The revision of option 4 is directly based on input from responses during the final phase consultation, which closed last month. We now want to hear your thoughts on this revised option 4 and the proposed hours for each library.

    We welcome everyone who lives, works and study in Birmingham to share your thoughts and comments on the revised option 4 model. Share your comments on the revised proposals here before 11.59pm 3 November 2024.

    The revised option 4 model will be presented to Cabinet for their decision in January 2025. Final decisions will not be made until after the Cabinet meeting and results will be shared in advance across the council’s channels.

    To find more information about the revised proposal visit the library consultation page.

    Paper forms will also be available at all Birmingham Libraries.

    Comment can also be sent via email to LibrariesPublicConsultation@birmingham.gov.uk

    MIL OSI United Kingdom –

  • MIL-OSI Security: In Estonia NATO Secretary General visits a multinational battlegroup protecting the Eastern Flank

    Source: NATO

    During his first trip to the Eastern Flank of the Alliance since taking office, NATO Secretary General Mark Rutte met with Estonian President Alar Karis, Prime Minister Kristen Michal, Foreign Minister Margus Tsahkna, and visited Allied troops at Tapa Army Base.

    After touring the military base with President Karis on Wednesday (October 23), the Secretary General thanked the personnel there – from Estonia and the UK, France and Iceland – for their service. “You are one of eight NATO battlegroups stretching from the Baltic to the Black Sea, backed by the full weight of NATO’s fighting forces in all domains. Land, air, sea, space and cyberspace. Every hour of your vigilance reinforces our collective defence,” he said.

    On Tuesday (October 22), during meetings with President Karis and Prime Minister Michal, the Secretary General praised Estonia for its significant investments in defence and its support for Ukraine.

    “By spending over 3% of your GDP on defence, Estonia is truly leading by example. And I know you intend to invest even more in our shared security in the coming years,” he said. Mr Rutte added that all Allies need to invest more “in order to meet our capability targets.” 

    Estonia is among Ukraine’s strongest supporters, having provided over 500 million euros of military aid since 2022.

    “Today we discussed how to bolster our support for Ukraine, now, through the difficult winter ahead, and also for the long-term,” said the Secretary General.  He emphasised that Allies are working hard to deliver on the commitments made at the Washington Summit in July, “including a new command to coordinate security assistance and training for Ukraine, and our financial pledge of at least 40 billion euros in 2024.”

    During his visit, the Secretary General also met with students from Tallinn University and paid his respects at the Memorial of the Victims of Communism.

    Since joining NATO in 2004, Estonia has made significant contributions to the collective defence of the Alliance. It hosts NATO’s UK-led multinational battlegroup in Tapa, NATO’s Baltic Air Policing at Ämari Air Base, a new regional hub for NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA), and NATO’s Cooperative Cyber Defence Centre of Excellence in Tallinn.

    MIL Security OSI –

  • MIL-OSI Europe: Around 40,000 litres of illegal alcoholic beverages seized under OLAF’s lead

    Source: European Anti-Fraud Offfice

    The European Anti-Fraud Office coordinated an action that led the EU Member States’ and Norwegian customs authorities to seize around 40,000 litres of illicit alcoholic beverages. The targeted action is part of operation OPSON XIII, the global initiative coordinated alongside Europol to tackle food fraud and ensure the safety of food and beverages across Europe. 

    The operation, which ran from December 2023 to May 2024, focused on identifying and removing counterfeit and substandard food and drinks from markets while disturbing the criminal network behind these illicit products. 

    As in previous years, OLAF led a targeted action focused specifically on illicit alcoholic beverages. The operation revealed sophisticated schemes aimed at infiltrating the EU market with products of inferior quality – mostly beer, homemade alcohol and wine. Fraudsters used deceptive packaging, falsified documents and false labels to sell these products to consumers. 

    The OLAF coordinated action involved customs authorities from 15 Member States and one non-EU country: Austria, Belgium, Bulgaria, Croatia, Denmark, France, Germany, Greece, Ireland, Italy, Lithuania, Norway, Poland, Portugal, Spain and Slovakia. 

    More information on Operation OPSON XIII is available in Europol’s press release.

    MIL OSI Europe News –

  • MIL-OSI: Trust Stamp Enhances Biometric Security with Palm-Enhanced Cryptographic Solution

    Source: GlobeNewswire (MIL-OSI)

    Atlanta, GA, Oct. 23, 2024 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI), a global provider of advanced identity solutions, is pleased to announce the launch of a pioneering research initiative aimed at expanding its biometric cryptosystem, Stable IT2, to include contactless palm authentication. The Biometric Secure Module (BSM) project will further enhance security by integrating face and palm biometrics, providing a more resilient and privacy-centric authentication system.

    Cyber-crime is on the rise, with global costs projected to reach $10.5 trillion by 2025. Trust Stamp’s BSM project aims to address this growing concern by developing a biometric cryptosystem that offers high-entropy, secure authentication without the need to store sensitive biometric data. This ensures users’ data remains protected even in the event of a device breach, as no cryptographic keys are stored directly on the device.

    Project Biometric Secure Module (BSM) financed by Xjenza Malta, through the FUSION: R&I Technology Development Programme Lite, will span 18 months, with a start date of November 1, 2024. The funding covers 75% of the project cost, with the company contributing 25% from its own resources. By leveraging Trust Stamp’s proprietary Stable IT2 algorithm, the BSM will generate cryptographic keys directly from facial and palm biometric features. This innovative approach maintains high security while minimizing the risks associated with device compromises.

    Prof. Norman Poh, Chief Science Officer of Trust Stamp, emphasized the privacy advantages of this approach, stating, “By utilizing palm biometrics, we can generate secure keys from a biometric modality that is less publicly exposed than facial features. This provides an added layer of protection against unauthorized access.”

    Prof. Reuben Farrugia, Research Director at Trust Stamp, outlined the significance of the research, noting that this project aims to deliver a software development kit (SDK) for Android devices. This SDK will allow integration of the Stable IT2 process into mobile applications, enabling secure on-device authentication. Additionally, the development of Trust Stamp’s Orchestration Layer will provide seamless access to helper data, facilitating user-friendly biometric authentication.

    Trust Stamp’s BSM project represents a significant advancement in the field of biometrics, offering a robust solution that aligns with industry standards such as the FIDO Alliance’s recommendations. With the combination of face and palm recognition, Trust Stamp is poised to redefine digital identity security, particularly for financial institutions, digital wallets, and identity access management providers.

    About Trust Stamp: Trust Stamp is a global provider of AI-powered identity verification and authentication solutions. With a focus on privacy-first security, Trust Stamp offers innovative biometric technology to enhance digital identity management. For more information, visit http://www.truststamp.net.

    About Xjenza Malta: Xjenza Malta is the government agency responsible for promoting and coordinating scientific research, technological innovation, and science communication in Malta.

    Inquiries                                                                                                     Email: dgrima@truststamp.net
    Trust Stamp

    David Grima      
    Director of Product Innovation, Trust Stamp

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

    All statements in this release that are not based on historical fact are “forward-looking statements,” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI Global: As more Americans go ‘no contact’ with their parents, they live out a dilemma at the heart of Shakespeare’s ‘King Lear’

    Source: The Conversation – USA – By Jeanette Tran, Associate Professor of English, Drake University

    Losing a connection to your family, intentionally or not, is tragic. catscandotcom/E+ via Getty Images

    Is blood thicker than water? Should family always come first?

    These clichés about the importance of family abound, despite the recognition that familial relations are oftentimes hard, if not downright dysfunctional.

    But over the past few years, a discussion has emerged about a somewhat taboo move: cutting ties altogether with family members deemed “toxic.”

    Called going “no contact,” this form of estrangement usually involves adult children cutting ties with their parents. It might happen after years of abuse or when a parent disapproves of a child who has come out as LGBTQ+. Or it might be spurred by political or religious differences. Even Vice President Kamala Harris has been mostly estranged from her father since her parents’ divorce.

    The “no contact” movement has its proponents and detractors.

    Those in favor say people should disentangle from unhealthy relationships without shame, and that family should be held to the same standards as friends and romantic partners.

    Those against say the bar for what constitutes familial trauma has become too low, and that some kids who cut off all contact are being selfish.

    At the heart of the debate over the ethics of estrangement is a cultural attachment to the idea of family. The field of family estrangement is still in its early stages, but discussions of the collapsed parent-child relationship – its sources, its ethics, its consequences – can be found in literature across history. As I’ve encountered more articles, forums and social media posts devoted to family estrangement, I can’t help but see connections to Shakespeare’s “King Lear,” which I teach to my students as a tragedy about dysfunctional families.

    The tragedy features characters who are cast out by their families, and while the work is over 400 years old, it offers uncanny insight into the logic of modern family estrangement.

    Early modern family

    In Shakespeare’s time – the English early modern era, which spanned from the beginning of the 16th century to the start of the 18th century – Protestantism reinforced the idea that people had special obligations to their kin.

    As the English Puritan preacher John Foxe wrote in “The Book of Martyrs,” “Among all the affections of nature, there is none that is so deeply graved in a father’s mind, as the love and tender affection towards his children.”

    In Foxe’s teaching, children were blessings from God who required nurturing, spiritual guidance and material support from their parents. Children, in turn, were obliged to honor and obey their parents who cared for them.

    While this sounds simple enough, the early modern family was no less prone to dysfunction than the modern family.

    Just like today, parent-child relationships were dynamic and evolved across the life span of the parents. As historian Ilana Krausman Ben-Amos argues, the family bond was not sustained by adhering to God’s commands, but through giving and reciprocation that was asymmetrical.

    Parents could invest a lot into their children and get very little in return, and vice versa. Due to shorter life expectancy, many parents did not live to see their children come of age, and if they did, children rarely earned enough to pay their parents back for the cost of raising them. Thus, children might reciprocate in less material forms, such as through offering affection.

    When a parent died, the children might receive some form of inheritance, but this was largely determined by class status, gender and the order of birth.

    Shakespeare’s characters go ‘no contact’

    “King Lear” features two storylines. Each relates to the disintegration of the family.

    In ‘King Lear,’ Edgar cuts his family off after his father, Gloucester, disavows him.
    Heritage Images/Hulton Archive via Getty Images

    The first plot involves Gloucester and his two sons, Edgar and Edmund. Edmund is a bastard, which means when Gloucester dies, his legitimate brother, Edgar, will inherit everything. To get his revenge, Edmund forges a letter in which Edgar reveals plans to murder Gloucester to expedite his inheritance. Once Gloucester sees the letter, he writes Edgar off as a villain. Feeling betrayed, Edgar assumes a new identity as a beggar and goes no-contact with his family.

    In the second plot, King Lear attempts to divide his kingdom among his daughters. Because it is impossible to equally divvy up cities, towns and villages, he invents a contest: Each daughter will give a speech articulating their love for their father. He’ll award the best parts of the kingdom to the daughter who does the finest job stroking his ego.

    Lear expects Cordelia, his favorite, to outshine her sisters. But she refuses to play along and instead calls him out for his vanity. Feeling disrespected, Lear disinherits Cordelia. With no money, she’s forced to marry the first man who will take her and moves to France.

    In these family dramas, the parents are unfair, even vindictive, toward their children. But the conflict is still compelling and relatable to readers today because so many families are characterized by inequality.

    The favorite child, the preferred parent and the inheritance dispute are as timeless to families as birthday parties and funerals.

    Right and wrong get muddied

    Deception inspires Gloucester’s disavowal and disinheritance of Edgar. And, yes, Edmund’s scheme to destroy Edgar and Gloucester’s relationship is diabolical. But at the same time, Gloucester’s decision to throw away his decades-long relationship with his son over a letter – phony or not – seems rash.

    Was Edgar right to flee from his father? Or could something have been done to save the relationship?

    Cordelia is correct that Lear is vain for expecting his daughters to compete for their inheritance. At the same time, complimenting her father seems like a small price to pay for an entire kingdom.

    Is Cordelia acting like a spoiled brat by refusing to honor and obey her father? Or is she doing him a favor by calling out his unbecoming behavior?

    Shakespeare doesn’t offer us any clear answers to these questions; he just asks readers to wade in the complexity of them and experience the unique grief that comes from watching a family fall apart over something that maybe could have been avoided.

    No envy for the estranged

    No one gets a happy ending in “King Lear” – not the children who reject their parents, and most certainly not the parents, who need their children to protect them and care for them in old age.

    Edmund’s grief over his bastard status begets the grief he brings to Gloucester and Edgar. For failing to see the truth of Edgar’s innocence, Gloucester is physically blinded by one of Edmund’s unwitting co-conspirators, a punishment he accepts. When Edgar reunites with Gloucester, his eyes fill with tears as he witnesses his father’s physical suffering. Before Gloucester dies, Edgar asks his father for a blessing.

    Even though Lear cut off contact with Cordelia, she still returns to England once she learns her sisters have thrown Lear out onto the streets with nothing but the clothes on his back. The sisters come off as villains, but one could also see their abandoning Lear as karmic retribution. When Lear reunites with Cordelia, he begs for her forgiveness, suggesting he recognizes his failures, and she begs for his, recognizing her enduring love for him despite his faults.

    Cordelia comforts her father, King Lear, after he’s been betrayed by his other daughters.
    Universal History Archive/Getty Images

    Then and now, family estrangement often leads to loneliness, along with social stigma.

    Parents can be ashamed to say their children no longer speak to them. People who are estranged from their parents speak of the impulse to share milestones with family, but fear eroding the boundaries they’ve worked so hard to maintain.

    Just like in “King Lear,” not having a family also means being economically vulnerable: It remains difficult to get a loan or lease as a young adult without a co-signer.

    The advantages of belonging to a family are so obvious that losing that affiliation, intentionally or not, is tragic. “King Lear” ends with almost all the characters dying, but because this is a play – a fiction, a fantasy – they get to ask for and receive forgiveness before the curtain closes.

    Real life doesn’t usually work like that, nor should it be expected to. If “King Lear” and Kamala Harris’ estrangement from her father make anything clear, it is that no amount of money, power or threat of bad publicity can fully protect a family from dysfunction and disintegration.

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

    – ref. As more Americans go ‘no contact’ with their parents, they live out a dilemma at the heart of Shakespeare’s ‘King Lear’ – https://theconversation.com/as-more-americans-go-no-contact-with-their-parents-they-live-out-a-dilemma-at-the-heart-of-shakespeares-king-lear-239916

    MIL OSI – Global Reports –