Category: Finance

  • MIL-OSI China: US stocks close mixed after hot inflation data

    Source: China State Council Information Office

    U.S. stocks ended mixed on Wednesday, as the unexpected rise in inflation led to speculation that the Federal Reserve may delay interest rate cuts to manage the economy’s overheating.

    The Dow Jones Industrial Average declined by 225.09 points, or 0.50 percent, ending at 44,368.56. The S&P 500 decreased by 16.53 points, or 0.27 percent, to close at 6,051.97. In contrast, the Nasdaq Composite Index edged up by 6.09 points, or 0.03 percent, finishing at 19,649.95.

    Within the S&P 500’s 11 primary sectors, nine closed in negative territory. Energy and real estate sectors led the declines, losing 2.69 percent and 0.91 percent, respectively. Conversely, consumer staples and communication services sectors posted gains, rising 0.23 percent and 0.04 percent, respectively.

    The U.S. Bureau of Labor Statistics reported Wednesday that the consumer price index (CPI), a comprehensive measure of the costs of goods and services across the U.S. economy, accelerated by 0.5 percent on a seasonally adjusted basis for the month, pushing the annual inflation rate to 3 percent. This outcome surpassed the estimates, which had predicted a 0.3 percent monthly increase and a 2.9 percent annual rate, with the annual rate rising by 0.1 percentage point compared to December.

    Excluding volatile food and energy prices, the CPI advanced by 0.4 percent for the month, resulting in a 12-month inflation rate of 3.3 percent — again beating the respective forecasts of 0.3 percent and 3.1 percent — and the annual core rate was up by 0.1 percentage point from December.

    “Shelter costs continue to be the main driver of core inflation as higher mortgage rates push more Americans into a rental market in which vacancy rates are near record lows,” said Erik Norland, chief economist at CME Group. “Traders appear to believe that today’s data make additional Fed cuts less likely than they had expected previously.”

    “The ‘wait and see’ Fed is going to be waiting longer than anticipated after a red-hot January CPI inflation report,” wrote Josh Jamner, investment strategy analyst at ClearBridge Investments. “This report puts the final nail in the coffin for the rate cut cycle, which we believe is over.”

    Market expectations have shifted, with traders now pricing the next rate cut to occur no earlier than September, even as Fed Chair Jerome Powell cautioned against reading too much into the latest CPI report. “We don’t get excited about one or two good readings and we don’t get excited about one or two bad readings,” Powell said in testimony before the House Financial Services Committee.

    Powell reiterated Wednesday that while the Fed has made “great progress” in bringing inflation closer to its 2 percent target, it is “not quite there yet.” He emphasized the need to keep monetary policy restrictive for now.

    Meanwhile, a new round of earnings has provided insight into the resilience of Corporate America. Kraft Heinz shares slipped after the company’s 2025 profit outlook fell short of expectations, whereas CVS Health enjoyed a boost as its quarterly profit drop was smaller than anticipated.

    In after-hours trading, Reddit’s upcoming results are drawing significant attention amid lofty Wall Street expectations, and Robinhood’s report is also in the spotlight following a three-year high in its stock price.

    MIL OSI China News

  • MIL-OSI New Zealand: Kiwi businesses to face reduced AML burden

    Source: New Zealand Government

    The Government is moving to reduce the regulatory burden on New Zealand businesses by improving the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009, Associate Justice Minister Hon Nicole McKee says.
    The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill, which had its first reading in Parliament today includes a range of amendments to reduce the compliance burden for businesses.
    “This Bill will make 26 changes to improve the effectiveness, efficiency and consistency of the AML/CFT regime by relaxing requirements on low-risk activities and entities, such as family trusts,” Mrs McKee says.
    “These amendments are the first of the Government’s programme to reform the AML/CFT regime and will benefit New Zealanders by empowering businesses to make the call about the level of checks they need to do on their customers.”
    “The changes address key difficulties for many low-risk businesses who are currently required to undertake onerous checks even when there is clearly very little risk. These are part of the Government’s plan to make the AML/CFT system work better with less overly prescriptive requirements by allowing businesses to take measures in line with the actual risks that they face.”
    The amendments also include the government’s first measures to reduce duplication in the AML/CFT system by:

    clarifying the definition of a ‘trust and company service provider’ to resolve confusion and unnecessary duplication of obligations for some businesses currently captured by two definitions; and
    removing unnecessary duplication of border cash reporting when someone physically brings cash with them when moving into New Zealand.

    “This is just one part of a wider package of reforms to improve the regime and deliver regulatory relief, to support tackling organised crime and to improve New Zealand’s compliance with international standards.
    “Other changes currently being progressed by the Ministry of Justice will build on these amendments and further improve the effectiveness and efficiency of the AML/CFT regime for businesses, agencies, and ordinary New Zealanders. These changes include a new supervisor model, the introduction of a levy, and a wider regulatory package of reforms.”

    MIL OSI New Zealand News

  • MIL-OSI USA: “He’s a Danger,” King Warns in Floor Speech Against RFK Jr. Nomination

    US Senate News:

    Source: United States Senator for Maine Angus King

    WASHINGTON, D.C.  U.S. Senator Angus King (I-ME) tonight took to the floor of the Senate to share his concern over President Trump’s nomination of Robert F. Kennedy, Jr. to serve as the Secretary of Health and Human Services (HHS). In the speech, Senator King began his remarks by outlining the roles of Congress and the Presidency as America’s Founders envisioned: to make laws and to execute laws, respectively.  He then turned to the HHS candidate, speaking to Kennedy’s lack of experience and qualifications needed to run a large-scale health organization, and pointed out Kennedy’s long held public opinions as hostile toward the mission of the agency. He also warned of Kennedy’s dangerous skepticism toward proven, life-saving vaccines, sharing a childhood memory of a classmate who had polio.

    “Mr. President, I’d like to begin my remarks this afternoon by talking a little bit about the Constitution. I spent some time last week talking about the Constitution and our failure to observe that the Constitutional, fundamental structure of the division of power between the Congress and the Executive is being violated and the Congress is allowing it to happen. Another provision of the Constitution is the provision in Article I about advise and consent. It’s a fundamental check and balance built into the Constitution by the framers for a reason. It wasn’t a throw-away line or a few sentences that were put in because they wanted to fill the paragraph out. Again, it’s part of the structure that was designed to protect us from tyranny. And the structure involved the division of power, the separation of power because the framers knew that if all power was concentrated in a single individual or single institution, that institution or that individual would inevitably abuse our people. That’s human nature. That’s 1,000 years of human nature. All power corrupts and absolute power corrupts absolutely. So, the advise and consent provision was in the Constitution for a reason. It was in there for a reason, in order to provide a check on the executive and the people who were going to be put in charge of running the administration. 

    “By the way, I want to stop for a minute and focus on the word administration and the word executive, because it really goes to the discussion we’re having in this country right now about how our government is supposed to work. The executive comes from the word execute, and the word execute means put into action. It doesn’t mean initiate the action. It means put it into action. The same for the term administration. There’s a reason we call it the administration. They are to administer the laws. In fact, the obligation on the president in Article II is to see that the laws are faithfully executed. And it does not give the president the power to ignore laws or to decide which laws he or she thinks are okay, to ignore the responsibility and constitutional authority of the congress to define spending. It does not give the president that power. Although, the fellow we approved for Office of Management and Budget last week thinks he has that power. Or this President or any president has that power. That’s absolutely antithetical to the Constitution, as established by the framers. So, administration means administer the laws, executive means execute the laws, not make them. We make the laws here and the administration is to faithfully execute those laws. 

    “Now, let’s talk about advise and consent. Advise and consent means we have a responsibility — a Constitutional responsibility to consider each of the president’s nominees for these important jobs. This isn’t something that we may do or occasionally do. This is a fundamental part of our job. We take an oath when we come here to defend the Constitution against all enemies, foreign and domestic. I think it’s interesting — they knew in 1787 that there was a potential for domestic enemies to the Constitution. So we have an obligation to take advise and consent seriously. 

    “Now, I’m a former governor, as is the presiding officer. And as a former executive, I believe the executive should have the ability to choose the team that they want, to choose their advisors. To choose the people they will work with, with some limitations. In other words, I start with the premise of the person elected should perhaps get the benefit of the doubt is a little too strong, but I start with the premise that they were elected and they should be able to choose the team that they are going to be working with. However, I think there are two qualifications. This has been my stated position on this since I entered the Senate. Benefit of the doubt to the executive, however, the nominee must be manifestly qualified and not hostile to the mission of the agency to which they’ve had been appointed. Two criteria that for me give life to the idea of advise and consent. 

    “Okay, let’s talk about Robert F. Kennedy, Jr. He, unfortunately, checks both of the boxes as to being disqualified. Number one, he’s not remotely qualified to run an organization. He has no experience running anything remotely like the scope and scale of the Department of Health and Human Services. No executive experience in that sense. So that’s number one. Is he qualified? No. He’s grossly unqualified. But the second box is he hostile to the mission of the agency? And if the mission of the agency, HHS, is to protect the health of the American people, I would argue he is manifestly hostile to that mission. There’s been a lot of discussion here today and I think it’s interesting. I haven’t heard too many people come up on the floor and support this nominee and tell us why he should be approved because, you know what, Mr. President? If this were a secret ballot, this man wouldn’t get 20 votes. Everybody in this body knows he’s not qualified. Everybody in this body knows he has no business anywhere near this position. But here we are. We’re going to take a vote. Unfortunately, it will probably be on a party-line basis. 

    “But let me focus on just one little piece. On January 29, barely a week ago, before the Senate Finance Committee, here’s what Mr. Kennedy said. Quote, “news reports have claimed that I’m antivaccine or anti-industry. I am neither. I am pro-safety. All of my kids are vaccinated.” I bet that came as news to all of the folks he’s been leading astray over the last 25-30 years. I believe vaccines have a critical role in health care. I am reminded of Saul on the road to Damascus. A miraculous conversion. A bright light was shown and suddenly the scales fell from his eyes in his confirmation hearing. Okay, let’s go back a little over a year, July 6, 2023, this is a quote, a direct quote, “there is no vaccine that is safe and effective.” He later said, on the same podcast, ‘vaccines are inherently unsafe.’ Mr. President, this man shouldn’t be confirmed because he told the committee and the Senate something diametrically opposed to the position he’s taken the last 30 years, all of his adult life. 

    “Maya Angelou said, “If somebody tells you who they are, you should believe them.” And he’s told us repeatedly. And he has acted on his vaccine skepticism. This wasn’t something that was rumbling around in his head. He’s traveled the world. He’s written articles, gone on podcasts, gone on TV and he’s discouraged people from being vaccinated. And now he has this miraculous conversion 10 days ago. ‘All my kids are vaccinated. I believe vaccines have a critical role in health care.’ The same thing during COVID. He said, ‘it is criminal medical malpractice to give a child one of these vaccines.’ Wow, criminal malpractice. And of course it’s been discussed. He said I do believe that autism does come from vaccines. July of 2023 there was one study in England — I think it was in 1998 — that showed that — purported to show a tenuous convection between vaccines and — connection between vaccines and autism. I’m reasonably confident that one of the authors recanted. It was withdrawn and it’s been debunked over and over and over again, but this man has been peddling this lie for 20 years, and who knows how many parents have fallen for that on the one hand who knows how many children have paid the price. Just to talk about vaccines, at one point during the pandemic, there was a survey — July of 2021 — remember, that was the height of it — they surveyed 50 hospitals in 17 states. 94% of the patients hospitalized in July of 2021 were unvaccinated. What does that tell you? Vaccinations worked. And people who were unvaccinated were at enormously higher risk. 94% of the people were unvaccinated.

    “In addition to the vaccination issue, this guy — this man doesn’t respect the FDA, the agency that was put in place to protect our health, to regulate us, to be sure that we’re getting safe medications, to deal with some of the awful problems of the potential of harmful medications literally getting into America’s bloodstream. In December of 2024, barely a couple months ago, he said he would fire officials at the FDA. And in October 2024 he said on X, ‘FDA’s war on public health is about to end. If you work for the FDA and are part of this corrupt work, two messages for you: prepare your records and pack your bags.’ He didn’t say a certain office in the FDA or a certain part of the FDA or maybe there was one provision, a part that he didn’t think was helpful. He said, if you work for the FDA, that’s everybody, preserve your records and pack your bags. 

    “This man is not only unqualified, he’s anti-qualified. He’s a danger. We have physicians in the Senate — I believe that the Hippocratic oath, do no harm, should apply to Senate votes. You should not be voting for somebody who you know is going to do harm to the public health. So this is really a kind of surreal debate because everybody in this chamber knows this man should not be Secretary of Health and Human Services. 

    “Now, I want to end with a personal story. One of the few advantages of being older is that you have a long memory. And in 1952 I was entering the third grade at Macarthur School in Alexander, Virginia. In my class was a kid named Butch. And he was horribly twisted into a wheelchair. I don’t think I’d ever seen a wheelchair when I was going into the third grade. He was there, and I’m not even going to say how many years later, but I can close my eyes and see Butch in that chair. Polio was what he had. He was in pain daily. He could barely make himself understood. His arms were crossed. His legs were bent grotesquely in the wheelchair. And three years later the Salk Vaccine began what turned out to be the elimination of Polio. Where would we be as a country if this man had been the head at that time it was HEW and somehow put a stop to this vaccine, which I believe he has said even the Polio vaccine should be rescinded, which has saved millions of lives around the world. Where would we be? I can’t escape the memory of that boy in that wheelchair. I can’t forget the memory of my parents not letting me go to the public swimming pool because of the fear of Polio. Not being able to go out in the summer and play because of the fear of Polio that stalked the land. The former Republican leader was a victim of Polio. Former President Franklin D. Roosevelt was a victim of Polio. It was the vaccine. And, Mr. President, I hope this place comes to its senses and rejects this surreal nomination. It would be probably be hard to find somebody less qualified to serve in this position. I believe that it will lead to damage to our country, to our health, to our children, and I urge my colleagues to vote no. If you vote yes, you’ll regret it. Thank you, Mr. President. I yield the floor.”

    Senator King has been continuously sounding the alarm on President Donald Trump’s existential threat to the Constitution: he declared that the proposal to halt all federal grant and loan disbursement was illegal and a direct assault on the Constitution. More recently, he joined 36 Senators in a letter to Secretary of State Marco Rubio, sharing the detrimental effects of  the Trump Administration’s dismantling of the U.S. Agency for International Development (USAID). He also joined fellow Senate Select Committee on Intelligence (SSCI) colleagues in writing a letter to the White House about the risks to national security by allowing unvetted Department of Government Efficiency (DOGE) staff and representatives to access classified and sensitive government materials. Last week, he spoke on the Senate floor to share his growing concerns over the Trump Administration’s largely unconstitutional and unprecedented overreach; in the speech he cited the Founding Fathers to add historical perspective to the decision facing the Senate, including the importance of the separation of powers.

    MIL OSI USA News

  • MIL-OSI Asia-Pac: The National Credit Guarantee Mechanism Invigorates Offshore Wind Power Financing Mechanisms and Strengthens Market

    Source: Republic Of China Taiwan 2

    According to Ministry of Economic Affairs (MOEA), domestic enterprises have a large and competitive demand for green electricity (such as RE100) to enhance international competitiveness, and advanced manufacturing processes require higher proportions of green electricity. Thus, increasing the share of green electricity in products made in Taiwan by 2030 has become an urgent priority. The National Credit Guarantee Mechanism aims to encourage investments from banks and insurance funds to support offshore wind farms and accelerate offshore wind power construction, thus ensuring sufficient green electricity for domestic high-tech industry to enhance export competitiveness and achieve the 2050 net-zero target.

    Amid public skepticism over the National Credit Guarantee Mechanism, the Energy Administration (EA) of the MOEA explained that the development of offshore wind power has progressed to the Zonal Development phase, with an estimated financing demand of NT$1.08 trillion between 2026 and 2031. The National Development Council (NDC), the Ministry of Finance, and the MOEA have jointly launched initiatives involving the National Development Fund and eight major state-owned banks to provide financing guarantees, with a total capacity of NT$90 billion. This mechanism assists offshore wind farms in obtaining financing and also offers guarantees to eliminate barriers for general enterprises seeking to purchase green electricity. The government remains committed to fostering a benign investment environment for offshore wind power development.

    The EA further stated that the MOEA and the NDC have recently collaborated to raise the national credit guarantee ratio from 60% to 80% for green energy construction projects by project financing developers, enhancing the full credit guarantees for banks to participate in wind farm projects, incentivizing state-owned banks and other financial institutions to finance offshore wind farms, and supports the sustainable development of offshore wind power market in Taiwan.

    Furthermore, the EA noted that offshore wind power financing operations require the long-term and stable financial capacity for electricity procurement. Therefore, the National Credit Guarantee Mechanism can provide any single general business up to 80% of credit guarantees for procurement of green electricity, which provides additional credit protection for domestic electricity-purchasing enterprises without long-term international credit ratings, and, at the same time, boosts the banks’ confidence when reviewing Corporate Power Purchase Agreements (CPPA), improving the financial structure of wind farms.

    Spokesperson for Energy Administration, Ministry of Economic Affairs:
    Deputy Director General, Chun-Li Lee
    Phone: 02-2775-7700, 0936-250-838
    Email: chunlee@moeaea.gov.tw

    Business Contact: Director, Chung-Hsien Chen
    Phone: 02-2775-7770, 0919-998-339
    Email: ctchen2@moeaea.gov.tw

    MIL OSI Asia Pacific News

  • MIL-OSI USA: ICYMI: Delaying RFK Jr. Confirmation Vote on Senate Floor, Warren Highlights Kennedy’s Egregious Conflicts of Interest, “Long History of Promoting Anti-Science Conspiracy Theories”

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 12, 2025

    Warren, Democrats hold Senate floor for 30 hours to oppose “dangerous” RFK Jr. confirmation 

    “Kennedy’s actions speak louder than his latest words, and time and time again, Kennedy has shown us who he is: An anti-science conspiracy peddler who is willing to gamble with American lives. We know who he is, we need to pay attention.”

    “(W)hile you and your family are forced to deal with the grave consequences of Kennedy’s conspiracy-driven health care decisions, Kennedy could set himself up to make millions of dollars off his anti-vaccine crusade – just like he’s been doing for decades. ” 

    Video of Remarks (YouTube)

    Washington, D.C. – On the floor of the United States Senate, Senator Elizabeth Warren, a member of the Senate Finance Committee, joined Democrats in delaying a final vote to confirm Robert F. Kennedy Jr. for Secretary of the Department of Health and Human Services. Senator Warren warned that American families and children would pay the price for Mr. Kennedy’s “conspiracy-driven health care decisions,” while his serious ethics conflicts remain unresolved. 

    Senator Warren called on her colleagues to oppose his nomination. The Senate is scheduled to vote on Mr. Kennedy’s confirmation on the morning of February 13, 2025. 

    Transcript: Floor Speech Opposing the Confirmation of Robert F. Kennedy Jr., Nominee for Secretary of Health and Human Services
    U.S. Senate Floor
    February 12, 2025 
    As Delivered

    Senator Elizabeth Warren: Thank you, Mr. President. And I want to say thanks to the Senator from Minnesota for her leadership on this point. I know that the great research institutions in Minnesota that count on her support are out there fighting thanks to Donald Trump, as they are in Massachusetts. And the people all around this country that rely on those research institutions, who are looking for those cures, for those better treatments, for those opportunities in their lives that right now Donald Trump and his co-president, Elon Musk, seem to want to cut off. So we will stay in this fight. We will indeed. 

    I am here today because Americans didn’t vote to bring back measles.

    Americans didn’t vote to bring back polio.

    Americans didn’t vote to bring back dangerous diseases that we thought we had wiped out decades ago. 

    Americans didn’t vote to get rid of critical vaccines that we know — based on science — we know save lives.

    But that is what Robert F. Kennedy Jr.’s vision would mean for Americans. That is the vision Donald Trump will empower him to carry out.

    Kennedy not only worked to undercut vaccines at home and abroad, he’s made a lot of money doing it. In fact, Kennedy has made millions off of peddling harmful conspiracy theories that hurt real people. He opposed the life-saving Covid vaccine just six months into the pandemic. And he’s set himself up so that he and his family could make millions more from putting Americans’ health at risk.

    One thing is very clear: We cannot trust Robert Kennedy to make health care decisions that will affect every person in this country.

    Right now, millions of Americans are sitting down for dinner with their kids. And I hope we just think for a minute about what RFK Jr.’s plans would mean for them.

    Will their teeth decay because Kennedy took fluoride out of our water based on some conspiracy theory? 

    Will they have to worry about getting measles at school because Kennedy is spreading anti-vax conspiracies on government letterhead? 

    Will parents have to risk their kids getting polio—and maybe dying—by sending them to daycare because Kennedy used HHS rules to open the door to a flood of bogus lawsuits that forced manufacturers to pull the vaccines?

    Look, here’s the thing: Robert Kennedy has spent years on an anti-vaccine crusade, spreading baseless conspiracy theories under the guise of protecting children, so we don’t need to guess the level of harm he will cause; his past already tells us everything we need to know.   

    In July 2018, two children died immediately after receiving a measles vaccine that nurses had incorrectly mixed with a muscle relaxant. Within weeks, the Samoan Health Ministry publicly confirmed the nursing error and charged the nurses with manslaughter. Nevertheless, leading anti-vaccine groups, including Kennedy’s own organization, Children’s Health Defense, exploited public fears to question the reports and spread baseless claims.

    On August 5th, 2018, Kennedy’s organization, Children’s Health Defense, posted on Facebook, and I will quote the post. “Were these once-healthy children the only two to receive MMR that day? If not, why were they the only ones to die? Research needs to determine susceptibility so that no child is ever injured.” Del Bigtree, Kennedy’s partner and former campaign manager, also released a video linking the tragedy to false claims about measles, and telling his followers to “share it with everyone you know. This is how we are changing the world.” 

    Now, amidst public distrust and a paused vaccine program in Samoa, the vaccination rates plummeted. About 10 months later, once the Samoan government had finally stood up against the disinformation and resumed the vaccine program, Kennedy visited the island to meet with the Prime Minister.

    Later, recognizing the blowback that comes with how much went wrong when a conspiracy theory cost people their lives, Kennedy has since denied that his visit had anything to do with vaccines and said that anything suggesting otherwise was an “industry propaganda trope.” In other words, totally false. “Industry propaganda trope.” 

    Kennedy lied. A blog post that Kennedy himself wrote in 2021 admits he went to Samoa to meet with the Prime Minister, who wanted to discuss the possibility of “measur(ing) health outcomes following the ‘natural experiment’ created by the nation’s respite from vaccines.” 

    Think about what that means. Another way to say it is that Kennedy was interested in taking advantage of how the vaccination rate had plummeted, caused by misinformation, so that they could conduct uncontrolled trials on whether unvaccinated kids were healthier than vaccinated kids, a conspiracy theory he has spread widely. You see, at the time, one of his traveling partners was working on a similar study with two anti-vaccine activists, which was ultimately retracted following an investigation that “raised several methodological issues and confirmed that the conclusions were not supported by strong scientific data.” 

    Now, there’s no surprise here. The Prime Minister declined Kennedy’s outrageous proposal – he didn’t want his country to be Kennedy’s guinea pig. He didn’t want unvaccinated children to be studied to see what happened to them when measles or other diseases broke out. But that didn’t stop him from spreading his message. On this trip to Samoa, he met with various anti-vaccine influencers, one of whom said the meeting was “profoundly monumental for (the) movement.” A few months after Kennedy left, in October 2019, the vaccination rate in Samoa hit an historic low of 31%, down from 74% the prior year – and no surprise, a massive measles outbreak erupted. So here is Kennedy telling us now he had nothing, nothing to do with this, his trip to Samoa had nothing to do with the measles vaccine and calling any claim “industry propaganda trope.” And yet, he himself posted a blog about meeting with the Prime Minister and talking about a study to measure health outcomes following a natural experiment of studying children–some with no vaccination and some that were vaccinated. And the anti-vax groups that he met with talked about how profoundly important it is, then Mr. Kennedy leaves, vaccination rates drop down to 31%.

    The measles outbreak was truly tragic. In total, more than 70 children died, right up until a door-to-door vaccination campaign brought the disaster to an end.

    As HHS Secretary, Kennedy would be responsible for whether we keep our children vaccinated or subject them to, in his words, the same “natural experiment” he was interested in testing in Samoa.

    Is that what we want for our kids? Is that what we want for our elderly parents? That is a living nightmare — and it could truly be our reality with Kennedy heading up the Department of Health and Human Services. And all the while that this is going on, while Kennedy is promoting this anti-vax theory, he and his family are profiting off of the plan.

    Now, I’ve been sounding the alarm about Kennedy since the minute Donald Trump announced that he would nominate him for HHS Secretary. It’s not just that he’s unqualified — his long history of promoting anti-science conspiracy theories make him disqualified.

    This is a man who claimed “there is no vaccine that is safe and effective.” “No vaccine.” 

    He said that the polio vaccine “killed many, many more people” than polio ever did. Now, Kennedy came to our committee and said don’t worry, he swears anti-vaccine. But he’s spent his entire career on an anti-vaccine crusade, spreading baseless conspiracy theories under the guise of protecting children and making millions in the process.

    And when, in Senate hearings, he was confronted with his own words, he simply denied saying them.  Denied saying them— despite the videotapes, the transcripts, the blog posts, and the people who heard them. Kennedy thinks he knows what he needs to say to try to get the job that will put him in charge of our vaccine program, so he says he didn’t say exactly what he said.

    Kennedy’s actions speak louder than his latest words, and time and time again, Kennedy has shown us who he is: An anti-science conspiracy peddler who is willing to gamble with American lives. We know who he is, we need to pay attention.

    Let’s do a quick count of some of the ways that, as HHS Secretary, Kennedy could make the anti-vaccine lawsuits — and his own payouts — even bigger. What could Kennedy do? Well, as Secretary of HHS: 

    • He could publish his anti-vaccine conspiracies, but this time on U.S. government letterhead — something that might impress a jury in a subsequent trial. 
    • He could appoint people to the CDC vaccine panel who share his anti-vax views and let them do his dirty work.
    • He could tell the CDC vaccine panel to remove a particular vaccine from the vaccination schedule. 
    • He could remove vaccines from a special compensation program, which would “open up manufacturers to mass torts (lawsuits).” 
    • He could “make more injuries eligible for compensation even if there’s no causal evidence.” 
    • He could change vaccine court processes to make it easier to bring junk lawsuits that could get vaccines pulled from the market.
    • He could turn over FDA (data) to his friends at the law firm, and they could use it however benefits their lawsuits. 

    In short, as HHS Secretary, Kennedy would have the power to make health care decisions that would affect millions of Americans — for working Americans, kids, seniors — on everything from vaccines to abortion to life-saving drugs. Kennedy would have the capacity, as head of HHS, to make it easier to sue vaccine manufacturers. And in an area where the profit margins on vaccines are quite modest, if those lawsuits mount up, vaccines could simply disappear from the market altogether. Manufacturers could decide, “you know, it’s just not worth the lawsuits. We’ll go produce other drugs.” 

    Those kinds of decisions are critically important, and the consequences are grave. For many Americans, they may be the difference between life and death. And they can change lives forever.

    So, while you and your family are forced to deal with the grave consequences of Kennedy’s conspiracy-driven health care decisions, Kennedy could set himself up to make millions of dollars off his anti-vaccine crusade – just like he’s been doing for decades. 

    Remember, the very first ethics agreement that Kennedy submitted to us on the Senate Finance Committee, he said that even while serving as HHS Secretary, he planned to keep his financial stake in ongoing litigation — including vaccine-related litigation. That means that from the jump, Kennedy’s plan was to keep making money off the backs of lawsuits against vaccine manufacturers, some of which directly related to the very products he would have the power to regulate as Secretary of HHS. So, there he is. He has the power to regulate these drugs. He has the power to make life a little better or a little worse for the vaccine manufacturers. He has the power to make it more likely that lawsuits against vaccine manufacturers would succeed. And his initial plan was even while he sat there as Secretary of HHS, he was going to keep on making money from that. 

    This was a damning conflict of interest, so we called it out. Kennedy told us okay, okay, he would submit an updated ethics agreement. Sounds good? What was his update?

    Well, he said instead of personally keeping the millions he’d make off these ongoing lawsuits… he would hand that money directly to his son. Later, he confirmed that the son he’s handing his interests off to is the one who works at Wisner Baum—the same law firm that Kennedy has maintained his very lucrative arrangement with over years, so far netting him a reported $2.5 million just in the last few years. And Kennedy has made clear that he can use his tools as HHS Secretary to open up the door for more anti-vax litigation, and once he’s through as Secretary of HHS, go right back to Wisner Baum and cash in on the new flood of cases that Kennedy himself has unleashed.

    So that is Kennedy’s idea of “fixing” an ethics issue.

    And beyond that, Kennedy has flip-flopped countless times in his answers to the Finance Committee. He is untrustworthy. He has made so many contradictory statements that it’s come to the point it is hard to believe anything he says is true.

    For example, Kennedy originally said he was not an attorney of record in any of these vaccine-related lawsuits. But we did a little homework and we found at least five cases related to the vaccine litigation that hadn’t been disclosed where Kennedy seems to be an attorney of record. That is important because what it means is that Kennedy is a lot closer to these cases than he’s revealing — cases that he and his family will be able to make bank off even as he serves as HHS Secretary. 

    The importance of this litigation can’t be overstated. Just 20 years ago, we watched vaccine makers pull their products off the market because they didn’t have protection from these kinds of lawsuits. The consequence of Kennedy’s ability to make those lawsuits easier is also the ability to shut down access and manufacturing for vaccines for every one of us. And I think that is a terrible mistake.

    Kennedy claims that he is taking on Big Pharma, but that is the lie he is peddling to hide his conflicts. I pressed him on real ways to take on the industry, including using marching-in on Big Pharma’s patents when they use taxpayer funds to bring drugs to market and then turn around and jack up prices on hardworking Americans, and by having the government negotiate prices directly with Big Pharma on behalf of Medicare beneficiaries. But Kennedy, after talking a big game about taking on Big Pharma, said no, he doesn’t support march-in rights and no, he didn’t want to commit to defending Medicare price negotiations, two proven methods to take on the drug industry and put money back into Americans’ pockets. So whose side is he on? 

    Well, one thing is for sure: RKF Jr. is on the side of his own bottom line. He has also refused to share a list of cases that he stands to benefit from. Now, I told you. He said nope, he was not attorney of record on any cases. We dug around and we found five. How many more are there? Well, here’s what Kennedy said when we said, just give us a list of the cases that you’re participating in so we can take a look at the possible conflicts. His answer? The list is so long and the conflicts so clear that, evidently, it would be more damning than what we already know. 

    Kennedy’s list of ethics issues and financial issues are a mile long—and there’s still too much that he refuses to reveal. Think about this. He’s already told us enough about his conflicts, about how he plans to keep making money, even while he was Secretary of HHS. He revealed all that right upfront. He said “Yep, I’m going to make money while I’m Secretary of HHS.” 

    And yet on basic questions like can you just give us a list of the cases that you participated in? He says, “No, I can’t do that,” which really makes you ask what on Earth is he hiding? He is dodging questions from the Senate, he is contradicting himself, and he keeps changing his answers in order to muddy the waters and really make it hard to understand what’s going on.

    Look, no one is fooled about what is happening here. Kennedy has said he’ll, “slam shut the revolving door,” between government agencies and the companies they regulate. But what he won’t agree to is cut off his own family’s steady stream of money flowing in from lawsuits that he personally can directly affect while he is Secretary of HHS. 

    Kennedy knows that these conflicts are serious. And that’s why he scrambled to update his ethics agreement and hand off his interests to his son in a desperate attempt to “fix” things.

    Video of Senator Warren’s full remarks can be found here. 

    MIL OSI USA News

  • MIL-OSI China: China leads in energy transition investment

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

    China led the world in energy transition investment last year, accounting for two-thirds of the $2.1 trillion spent globally in 2024, according to BloombergNEF (BNEF), a research and advisory firm.

    Driven by strong domestic demand, China remained the dominant force in clean energy investment last year, with spending focused on solar power, lithium batteries, electric vehicles, and power grids, BNEF said in its recently released Energy Transition Investment Trends 2025 report.

    With a 20 percent year-on-year growth, the Chinese mainland alone contributed $134 billion of the $202 billion global investment increase in 2024. The country posted solid growth across multiple sectors, including renewables, energy storage, nuclear power, EVs, hydrogen, heat pumps and power grids, it said.

    China’s rapid investment surge widened its lead over other economies, with its energy transition spending more than double that of any other country. Even when adjusted for economic size, China’s investment accounted for 4.5 percent of its GDP, far exceeding countries like the United States with 1.2 percent, said the research firm.

    China’s renewable energy sector experienced a stellar year in 2024, with the total installed capacity of wind and solar power surpassing 1.4 billion kilowatts, further reinforcing the country’s role as a global leader in renewable energy development.

    Industry experts said China has always been a global leader in the green energy shift.

    The Sinopec Economics and Development Research Institute, a think tank that is part of China Petroleum and Chemical Corp, has forecast that China’s investment in its energy transition is expected to surpass $1 trillion by 2030, with a focus on enhancing energy efficiency and accelerating electrification.

    China has doubled the share of renewable energy in its energy investment mix, spending more than 40 percent of its energy transition funds on renewables, or roughly twice the amount allocated to fossil fuels, said Luo Daqing, vice-president of the institute.

    According to Zhou Libo, deputy secretary-general of the China Electricity Council’s electric transportation and energy storage branch, investment in China is set to continue growing in integrated energy stations, photovoltaic-storage-charging hubs and supercharging stations.

    Data released by BNEF reveal that China also maintained its dominance in the clean energy supply chain, accounting for 81 percent of global supply chain investment in 2024.

    BNEF expects China to continue leading global clean energy spending in the years ahead.

    Beyond renewables, investment in other low-carbon energy sources, including nuclear power, rose sharply in 2024, underscoring a global revival of nuclear energy, it said.

    MIL OSI China News

  • MIL-OSI Security: Albany Woman Pleads Guilty to Unemployment Insurance Fraud and Gun and Drug Charges

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Niesha Goodwin, age 37, of Albany, pled guilty today to mail fraud and aggravated identity theft charges for fraudulently obtaining pandemic-related unemployment insurance benefits in the names of other people. Goodwin also pled guilty to firearm and drug distribution charges for a firearm and cocaine base recovered during a search of her residence.

    The announcement was made by United States Attorney Carla B. Freedman; Jonathan Mellone, Special Agent in Charge, Northeast Region, United States Department of Labor, Office of Inspector General (USDOL-OIG); Ketty Larco-Ward, Inspector in Charge of the Boston Division of the United States Postal Inspection Service (USPIS); and Erin Keegan, Special Agent in Charge of the Buffalo Field Office of Homeland Security Investigations (HSI).

    Goodwin admitted that from about July 2020 through March 2021, she fraudulently obtained unemployment insurance benefits worth more than $150,000 by submitting applications for benefits in the names of five other people, including by using stolen personal identifying information. Goodwin agreed to pay $151,783 in restitution to the New York State Department of Labor.

    Goodwin also admitted to possessing a loaded 9mm semi-automatic pistol and cocaine base (a/k/a crack cocaine) with the intent to distribute in November 2022. As a result of her prior conviction for robbery, Goodwin could not lawfully possess the pistol.  Goodwin has agreed to forfeit the firearm and to abandon seven rounds of ammunition that were found in the firearm.

    Goodwin faces at least 2 years in prison, a fine of up to $1.75 million, and a term of supervised release of at least 3 years when she is sentenced on June 12, 2025 by United States District Judge Mae A. D’Agostino.

    The case was investigated by USDOL-OIG, USPIS, and HSI, with assistance from the Albany Police Department. Assistant U.S. Attorneys Matthew M. Paulbeck, Joseph S. Hartunian, and Joshua R. Rosenthal are prosecuting the case.

    MIL Security OSI

  • MIL-OSI Security: Schenectady Man Sentenced for Distributing Drugs in Exchange for Food Stamps

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Omar Alaidrus, age 24, of Schenectady, New York, was sentenced today to 12 months in prison following his guilty pleas to distributing controlled substances and food stamp fraud.

    The announcement was made by United States Attorney Carla B. Freedman; Special Agent in Charge Charmeka Parker of the U.S. Department of Agriculture – Office of the Inspector General Northeast Region (USDA-OIG); Special Agent in Charge Erin Keegan of Homeland Security Investigations (HSI), Buffalo Field Office; and New York State Police Superintendent Steven G. James.

    Alaidrus admitted that on multiple occasions, he exchanged fentanyl for food stamps in the Schenectady deli his family owned and operated.  Alaidrus also unlawfully provided cash in exchange for food stamps, and redeemed food stamps for other prohibited items such as Xanax, alcohol, and tobacco.  Senior United States District Judge Lawrence E. Kahn also ordered Alaidrus to pay $316,975 in restitution to the U.S. Department of Agriculture – Food and Nutrition Service and imposed a 3-year-term of supervised release.

    USDA-OIG, HSI, New York State Police, and the Schenectady Sheriff and Police investigated the case, which Assistant U.S. Attorney Jonathan S. Reiner prosecuted.

    MIL Security OSI

  • MIL-OSI New Zealand: Growing the economy means shrinking the Government

    Source: ACT Party

    “The Government’s Going for Growth agenda shows New Zealand has turned the corner. Governments ignored economic growth, taking wealth for granted and wasting billions until we started feeling poor,” says ACT Leader David Seymour.

    “This Government’s focus on growth is team effort. ACT’s impact can be seen in a number of priority areas.

    “To develop talent, we’ve implemented the attendance action plan, opened the first charter schools, and changed the Accredited Employer Work Visa. We’re removing red tape in Early Childhood Education and continuing reforms to get job seekers into work.

    “For competitive business settings, we’ve repealed so-called ‘Fair Pay Agreements’, extended 90-Day Trials to all businesses, and revoked difficult requirements for accessing credit. We’re leading an inquiry into rural banking practices, reforming health and safety laws, reforming the Holidays Act and Employment Relations Act, conducting sector reviews for regulation of Agricultural and Horticultural Products, and Hairdressing and Barbering, improving Government Procurement Rules, and progressing the Regulatory Standards Bill.

    “To promote global trade and investment, we’re reforming the Overseas Investment Act and have launched a new Minerals Strategy and Critical Minerals List.

    “For innovation, technology and science, we’re liberalising genetic engineering laws.

    “To deliver infrastructure for growth, we’re reforming and replacing the Resource Management Act and have established National Infrastructure Funding and Financing Limited. We’re developing the 30-year National Infrastructure Plan, and finalising the first Regional Deal between central and local government.

    The big challenge

    “The big challenge for growth is shrinking the Government part of the economy. There are only two halves to any economy, the public and the private sector, and it’s the private sector that provides the growth.

    “Every dollar taxed to fund the public sector is a dollar a consumer can’t spend, or a business can’t reinvest in new jobs. Business is about taking risk, every percentage point taken in tax makes it less rewarding when the risks work out. Rational people invest less when taxes are higher.

    “In that sense, the Government still has a big hill to climb, and it’s the mountain of waste left by the last Government. Pre-COVID, government spending amounted to 28 per cent of the economy, now it is 34. The Government must be relentless in reducing its spending.

    “It is not only taxing and spending that holds people back, but regulating. Every compliance fee, every delay waiting for Government permission is a cost put on business. Like taxes, regulations drain the energy from business.

    “That’s why it’s essential that the Government cuts red tape at every opportunity. We must run the ruler over rules that don’t make sense, then delete them. The commitment to passing the Regulatory Standards Bill is a landmark shift in the battle against red tape in favour of wealth and innovation.

    “I’m proud of ACT’s contributions to this Government, especially the many contributions in this plan. For the first time in decades, we have a Government where it’s understood that Government activity and private activity compete for time and money. To grow the economy, we must shrink the Government.”

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: InvestHK backs supply chain drive

    Source: Hong Kong Information Services

    With the Government committed to establishing Hong Kong as a multinational supply chain management centre, Invest Hong Kong (InvestHK) believes that the city’s unique advantages can attract more businesses to establish multinational supply chain management centres here.

    Supply chain management encompasses the administration of all processes from the procurement of raw materials and the production of goods to their delivery to customers.

    “Currently and globally, all the enterprises are undergoing major transformation of diversifying their sourcing bases, diversifying their end market, so there is cause for elevating their supply chain management to a multinational level,” stated Associate Director-General of Investment Promotion Arnold Lau.

    “For companies who want to set up these supply chain management centres in Hong Kong, their physical goods do not necessarily need to go through Hong Kong.”

    As an international financial, shipping and trade hub, Hong Kong has a strong trade foundation supported by comprehensive infrastructure. Mr Lau stressed that the city’s robust financial system and deep market offer various financing options for enterprises. Additionally, its large talent pool and advantageous geographical location are also attractive to businesses seeking to establish multinational supply chain management centres.

    Sany Group, a Mainland engineering machinery company ranked among the top 500 firms on the Forbes Global 2000 list, has established a settlement platform in Hong Kong for its global import and export orders, taking full advantage of the city’s world-class financial and professional services.

    Sany Hong Kong Group Board Member and General Manager Jacky Chen reflected on the city’s advantages, saying: “Hong Kong’s advanced banking system and capital market offer enterprises diverse services, including international settlement, cross-boundary financing, and risk management. In light of exchange rate fluctuations, these advantages offered by Hong Kong are particularly dominant.”

    He added: “We chose to set up a settlement platform here for three reasons: a well-structured taxation system, relatively low financing costs, and the absence of foreign exchange controls on funds.”

    For its part, China Brilliant Group, a Mainland supply chain service provider, acquired and rented warehouses in Hong Kong a decade ago to leverage the city’s cross-boundary logistics network and geographical advantages, with a view to enhancing the group’s international trade efficiency.

    Vice President Wayne Yu stated that Hong Kong’s first-rate ports and airport, its overall transportation efficiency and its excellent logistics infrastructure combine to significantly reduce cargo shipping times and logistics costs.

    He added: “Hong Kong boasts a long-standing foundation in foreign trade, high-quality professional services, airport and other infrastructure, as well as reliable trade financing channels, making it an ideal location for establishing a multinational supply chain management centre.”

    InvestHK has 34 global offices, including five in the Mainland, offering free support services to local companies interested in establishing, or expanding, operations in Hong Kong.

    InvestHK and the Hong Kong Trade Development Council are stepping up collaborative efforts to help businesses make the most of Hong Kong as a platform. InvestHK is striving to attract more Mainland enterprises to establish international or regional headquarters in Hong Kong and provides one-stop, diversified professional advisory services to assist them in doing so.

    Complementing these efforts, the Hong Kong Trade Development Council assists such firms to go global, partly through organising exhibitions and trade fairs.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: BIP ensures continuous services during Lunar New Year with four key support measures.

    Source: Republic Of China Taiwan 2

    To support businesses during the 2024 Lunar New Year holiday (January 25 – February 2), the Bureau of Industrial Parks (BIP) of the Ministry of Economic Affairs (MOEA) will continue providing four essential services: import/export certification, emergency rescue assistance, security patrols, and sanitation services. These measures are designed to create a smooth and supportive operating environment, help businesses seize international opportunities, and ensure a worry-free holiday for all enterprises in the industrial parks.
    Recognizing the technology industry’s need for uninterrupted import and export operations, the BIP will arrange for dedicated staff to process export/import permit applications during the holiday period. Enterprises are encouraged to apply in advance, and the BIP will coordinate with customs to facilitate smooth clearance procedures, ensuring trade operations remain seamless throughout the year.
    To maintain park cleanliness, industrial parks with sanitation teams-including Nanzih, Cianjhen, Linkuang Technology Industrial Parks, and Kaohsiung Software Park-will provide garbage collection services on January 27 (Lunar New Year’s Eve) and January 31 (the third day of the Lunar New Year) from 8:00 AM, following designated collection routes. Taichung Tanzi Technology Industrial Park will offer garbage collection services on January 28 (Lunar New Year’s Eve) and January 31 (the third day of the Lunar New Year).
    Additionally, throughout the holiday period, all industrial park service centers will continue to operate 24/7, with the BIP’s Emergency Response Center on standby to strengthen security, rescue, and patrol efforts. If enterprises or individuals notice any safety hazards or suspicious activities, they can contact their respective service center or reach the BIP Emergency Response Center at (07) 361-2054. BIP personnel will remain fully dedicated to ensuring a safe and stable business environment.
    The BIP extends our warmest wishes for a prosperous and successful Year of the Snake to all enterprises in the industrial parks.

    Spokesman: Mr. Liu Chi-Chuan (Acting Director-General, BIP)
    Contact Number: 886-7-3613349, 0911363680
    Email: lcc12@bip.gov.tw

    Contact Person: Liao, Xuan-Min (Management Guidance and Consulting Section of Investment Services Division)
    Contact Number: 886-7-361-1212 ext 323
    Email: mina18@bip.gov.tw

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Cantwell Votes NO On Advancing RFK Jr. for HHS Secretary: “The Kind Of Research We’re Talking About Here Is The Kind That Saves Lives”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.12.25

    Cantwell Votes NO On Advancing RFK Jr. for HHS Secretary: “The Kind Of Research We’re Talking About Here Is The Kind That Saves Lives”

    In Senate floor speech, says RFK Jr.’s anti-science views put U.S. medical innovation leadership at risk; would hinder response to health crises like avian flu; Trump Administration plans to slash NIH funding put lifesaving research – and 12k jobs – in WA state at risk

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, voted against closing debate on Robert F. Kennedy Jr. – President Trump’s nominee to serve as Secretary of Health and Human Services – and advancing toward his final confirmation vote.

    In a speech delivered on the Senate floor, Sen. Cantwell urged her colleagues to follow suit, cautioning that “President Trump’s nominee would get us stuck in conspiracy theories that would cost us lives.”

    “Now we are at the possibility of the beginning of another crisis, the avian flu. This crisis is yet another reminder of the importance of medical research and collaboration,” Sen. Cantwell said. “Does it make sense to cut science at the time we might have another pandemic? Does it make sense to continue to cut the collaborative efforts of research?”

    “My state is a global leader in medical innovation. From research, to biotech, to getting drugs to the market — in 2023 the National Institutes of Health awarded $1.2 billion in highly competitive grants to 65 different organizations in the State of Washington. This supported about 12,000 jobs and generated close to $3 billion in economic activity. So yes, we know a little something about global health and innovation,” Sen. Cantwell continued. “The kind of research we’re talking about here is the kind that saves lives. And this, ultimately, is about making an investment in saving the lives of people.”

    The Senate ultimately voted to invoke cloture on RFK Jr.’s nomination, 53-47. His final confirmation vote is currently scheduled for tomorrow morning.

    Last week, Sen. Cantwell voted no on advancing RFK Jr.’s nomination out of the Senate Finance Committee, citing his waffling on the safety of vaccines. Her no vote followed a committee hearing in January, when Sen. Cantwell grilled him on his anti-science and anti-vaccine views, and his promise to cut 600 employees from the National Institutes of Health.

    For decades, Sen. Cantwell has remained a staunch supporter of medical innovation and evidence-based science, including treatments for fentanyl addiction, abortion, vaccinations, stem cell research, and more.

    Video of Sen. Cantwell’s speech on the Senate floor today is available HERE, audio HERE, and transcript HERE.



    MIL OSI USA News

  • MIL-OSI Australia: ACCC welcomes passage of world-first scams prevention laws

    Source: Australian Competition and Consumer Commission

    The ACCC welcomes the passage of the Scams Prevention Framework Bill in Parliament today.

    This world-first legislation enhances protections across the economy by setting out consistent and enforceable obligations for businesses in key sectors where scammers operate.

    “The financial crime type, scams, present an unacceptable threat to the Australian community and have had a devastating impact on hundreds of thousands of Australians,” ACCC Deputy Chair Catriona Lowe said.

    “This Bill is a critical step in the fight against scams – creating overarching principles that all members of designated sectors must comply with.  We know scammers will exploit weak links in the system – so these principles are key to a consistent approach.”

    Under the new legislation, the ACCC will closely monitor regulated entities’ compliance with principles to prevent, detect, disrupt, respond to and report scams.

    The Scams Prevention Framework empowers the ACCC to investigate potential breaches and take enforcement action where entities do not take reasonable steps to fulfill their obligations under these principles.

    Businesses that do not meet their obligations under the Framework can face fines up to $50 million.

    “Individuals have been bearing the brunt of the responsibility to combat scammers for too long,” Ms Lowe said.

    “While the steps taken by some organisations over the last few years are welcomed, the Framework provides the opportunity for joint effort across government and industry to develop solutions to scam challenges and for consumers to access meaningful redress.”

    “Importantly, the Framework enables consumers to seek redress from regulated businesses when those businesses have not met their obligations,” Ms Lowe said.

    Banks, certain digital platforms, including social media, and telecommunications providers will be the first sectors required to comply with the legislation.

    The ACCC is a strong supporter of mandatory industry scams codes and, through the National Anti-Scam Centre, has already begun preparing incrementally for the Framework.

    “In reaching this important milestone, we acknowledge that there is considerable work ahead to implement the Framework, including the formal designation of sectors, development of sector codes, consumer and industry guidance,” Ms Lowe said.

    “We will continue to work closely with government, fellow regulators, industry and community agencies to make sure these elements of the Framework work for all stakeholders, most especially consumers.”

    Background

    The ACCC runs the National Anti-Scam Centre, which commenced on 1 July 2023, and Scamwatch service. The National Anti-Scam Centre is a virtual centre that sits within the ACCC and brings together experts from government, law enforcement and the private sector, to disrupt scams before they reach consumers.

    The National Anti-Scam Centre analyses and acts on trends from shared data and raises consumer awareness about how to spot and avoid scams.

    The ACCC, through the National Anti-Scam Centre, has already been partnering with stakeholders across the scams ecosystem to share intelligence and information to detect and disrupt scams on a voluntary basis. The Framework will significantly boost the contributions from industry and require designated businesses to share scam intelligence with the ACCC. 

    The new Scams Prevention Framework will be critical to cutting off scammers before they can reach Australians.

    Under the Framework, the ACCC will also enforce the digital platforms sector scams code and will take enforcement action where digital platforms breach their obligations under this code.

    The Australian Securities and Investments Commission will be the regulator for the banking sector code and the Australian Communications and Media Authority will be the regulator for the telecommunications sector code. Regulators have in place processes to work together to help ensure the right action by the right regulator at the right time.

    The ACCC supports the establishment of a single external dispute resolution body under the new Framework and looks forward to working with the Australian Financial Complaints Authority (AFCA).

    The ACCC’s submissions to the Treasury Exposure Draft, which includes further analysis of the reform can be found online.

    How to spot and avoid scams

    STOP – Don’t give money or personal information to anyone if you’re unsure. Scammers will create a sense of urgency. Don’t rush to act. Say no, hang up, delete.

    CHECK – Ask yourself could the call or text be fake? Scammers pretend to be from organisations you know and trust. Contact the organisation using information you source independently, so that you can verify if the call is real or not.

    PROTECT – Act quickly if something feels wrong. Contact your bank immediately if you lose money. If you have provided personal information call IDCARE on 1800 595 160. The more we talk the less power they have. Report scams to the National Anti-Scam Centre’s Scamwatch service at scamwatch.gov.au when you see them.

    MIL OSI News

  • MIL-OSI Security: Syracuse Man Sentenced to 30 Years in Prison for Sexual Exploitation of a Child and Distribution of Child Sexual Abuse Material

    Source: Office of United States Attorneys

    SYRACUSE, NEW YORK – William Seneca, Sr., age 65, was sentenced today to 30 years in federal prison to be followed by 15 years of supervised release for sexual exploitation of a child and distribution of child sexual abuse material. United States Attorney Carla B. Freedman and Erin Keegan, Special Agent in Charge of the Buffalo Field Office of Homeland Security Investigations (HSI), made the announcement.

    As part of his prior guilty plea, Seneca admitted that, from approximately 2000 through 2008, he engaged in sexual conduct with a minor male child, starting when the child was about seven years old. On several different occasions during that period, Seneca created sexually explicit images depicting that child. Seneca also admitted that, on at least one occasion, he distributed the material he created to someone in Canada.

    In addition to the terms of imprisonment and supervised release, the district court also ordered Seneca to pay $1,141.14 in restitution to the victim, and he will have to register as a sex offender upon his release from prison.

    This case was investigated by HSI with the assistance of the New York State Police and is being prosecuted by Assistant United States Attorney Michael D. Gadarian as part of Project Safe Childhood.

    Launched in May 2006 by the Department of Justice, Project Safe Childhood is led by United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS). Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

    MIL Security OSI

  • MIL-OSI Security: Norwich Man Sentenced for Unlawfully Possessing a Short-Barreled Rifle

    Source: Office of United States Attorneys

    SYRACUSE, NEW YORK – Benjamin Wheeler, age 20, of Norwich, New York was sentenced today to serve 8 months in federal prison for possessing an unregistered short-barreled rifle, announced United States Attorney Carla B. Freedman, Craig. L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), and Bryan Miller, Special Agent in Charge of the New York Field Division of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF).

    As part of his guilty plea, Wheeler admitted that on August 6, 2024, he knowingly possessed a Spikes Tactical AR-15 style rifle at his apartment in Norwich, New York, knowing that the firearm had a barrel length of less than sixteen inches. The firearm was not registered to Wheeler in the National Firearms Registration and Transfer Record.

    Senior United States District Judge David N. Hurd also sentenced Wheeler to a 3-year term of supervised release, to begin after his imprisonment.

    The case was investigated by the FBI’s Joint Terrorism Task Force, the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), New York Police Department (NYPD) and the New York State Police with assistance from the Chenango County Sheriff’s Department.  Assistant U.S. Attorney Geoffrey J. L. Brown prosecuted the case.

    MIL Security OSI

  • MIL-OSI Russia: Building Resilience and Boosting Growth in Asia

    Source: IMF – News in Russian

    Opening Remarks by Deputy Managing Director Kenji Okamura at the 7th IMF-JICA Conference, Tokyo, Japan

    February 13, 2025

    Honorable Ministers and Governors, President Tanaka, Vice Minister Mimura, and Ladies and Gentlemen:

    Welcome to the 7th IMF-JICA Conference. I am so pleased to be here. Let me first express my gratitude to our co-organizer, JICA, and to the Japanese authorities for their generous support. My thanks also to the JICA and IMF staff who have been working for months to organize this event.

    Let me start with the good news. Despite the shocks of recent years, the global economy has remained surprisingly resilient. Our global projections released in January suggest global growth will hold steady at 3.3 percent this year and next.

    Having said that, divergences across countries are widening. The U.S. is outperforming its advanced economy peers with stronger growth than projected. By contrast, growth in the Euro area will increase only modestly due to weak momentum and high energy prices.

    For emerging market economies, growth projections remain at 4.2 percent and 4.3 percent this year and next. We revised up our growth forecast for China slightly for this year and next. But growth remains slower than in past years and is now more like that of other emerging market economies.

    These forecasts could easily change. There is tremendous uncertainty. The world is changing rapidly: global trade and capital flows are shifting; AI is fast advancing.

    Policymakers will need to be agile and focused on building resilience and lifting growth, which is key to raising living standards and creating jobs. We will discuss how to do that in some of the topics covered today but let me focus on three priorities.

    First, implementing reforms to lift productivity. There is no one-size-fits-all approach, but measures that improve the business environment and encourage entrepreneurship, like cutting red tape and deepening capital markets are important. And through our surveillance, we will work with you to identify the right approach with granular and tailored policy advice.

    The second priority is to rebuild fiscal buffers. Public debt and debt servicing ratios in Asia are well above pre-pandemic levels, especially in many Pacific Island countries and emerging markets. Well-designed and growth-friendly fiscal consolidation can reduce debt risks, and create the fiscal space needed to deal with shocks and challenges like ageing or climate change. The Fund can provide useful capacity development in this area, including through peer-to-peer learning.

    Finally, strengthening cooperation. By working together, Asian countries can leverage their collective strengths. In a changing world, this can help buffer against shocks and heightened uncertainty.

    Among Asian countries, cooperation in the areas of AI, digital connectivity, and cross-border digital payments is moving fast, and could be a big boost to growth.

    Let me add one more point as an important message from my end. The IMF continues to play its part at the center of the Global Financial Safety Net (GFSN). My goal—as the Deputy Managing Director that oversees the Fund’s finances—is to ensure that the IMF remains financially strong and sound well into the future. We are also committed to helping Regional Financing Arrangements (RFAs) in Asia be important elements of the GFSN.

    In conclusion, I hope that today’s sessions can contribute to strengthening our ties, as we all navigate these uncertain times together.

    Thank you.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/02/13/sp021325-building-resilience-and-boosting-growth-in-asia

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Security: Venezuelan Men Charged with Bank Larceny Offenses

    Source: Office of United States Attorneys

    Paducah, KY –A federal criminal complaint and arrest warrant were issued this week charging two Venezuelan men with conspiracy to commit bank larceny and attempted bank larceny.

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Special Agent in Charge Michael E. Stansbury of the FBI Louisville Field Office, Special Agent in Charge Rana Saoud of Homeland Security Investigations Nashville, and Police Chief Mike Canon of the Calvert City Police Department made the announcement.

    According to court records, on January 31, 2025, Jhoandiris Jimenez-Barrio, 26, and Yirvel Yonaiker Rios-Castro, 20, both citizens of Venezuela, attempted to steal money from an ATM located in Calvert City, Kentucky. That day the Calvert City Police Department responded to an ATM alarm and the men fled the scene in a vehicle traveling between 70 and 80 mph. The men struck another vehicle and fled the wreck on foot. The Calvert City Police Department apprehended the men near a service station in Calvert City. A search of their vehicle yielded a cordless drill, drill bits, latex gloves, a mask, and duct tape.

    Homeland Security Investigations verified that Jimenez-Barrio and Rios-Castro are Venezuelan and entered the United States illegally.

    Jimenez-Barrio and Rios-Castro are in state custody and will make initial appearances before a U.S. Magistrate Judge in the U.S. District Court for the Western District of Kentucky at a later date. If convicted on the charges in the complaint, the men face maximum potential penalties of 50 years in prison, a $500,000 fine, and three years of supervised release. A federal district court judge will determine any sentence after considering the sentencing guidelines and other statutory factors.

    There is no parole in the federal system.

    The FBI, HSI, and Calvert City Police Department are investigating.

    Assistant U.S. Attorneys Seth Hancock and Raymond McGee, of the U.S. Attorney’s Paducah Branch Office, are prosecuting the case.

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

    ###

    MIL Security OSI

  • MIL-OSI Security: Corning sex offender pleads guilty to new child pornography charges

    Source: Office of United States Attorneys

    ROCHESTER, N.Y.-U.S. Attorney Trini E. Ross announced today that Ryan M. Newman, 33, of Corning, NY, pleaded guilty to production of child pornography before U.S. District Judge Meredith A. Vacca. As a convicted sex offender at the time of his crimes, Newman faces an enhanced minimum penalty of 25 years in prison, of maximum penalty of 50 years, and a $250,000 fine.

    Assistant U.S. Attorney Kyle P. Rossi, who is handling the case, stated that Newman was convicted of child pornography crimes by New York State in 2012, sentenced to serve a local jail term and 10 years’ probation, and required to register as a Level 3 Sex Offender, which is someone considered to be at high risk of re-offending and a threat to public safety.

    In January 2021, the National Center for Missing and Exploited Children (NCMEC) received a report from Snapchat that a user had uploaded a video of child pornography. NCMEC sent the tip to the New York State Police, who executed a search warrant on Newman’s person and residence in 2022. The search determined that Newman uploaded the child pornography video to Snapchat and possessed other child pornography on his electronic devices. Newman remained out of custody following the 2022 search warrant by the State Police. In April 2024, the FBI Corning received a tip that pornography involving a child in the Corning area, was distributed to an undercover agent in Illinois. Subsequent investigation determined that Newman sexually abused the child and produced the child pornography. Newman was taken into custody by the FBI and Corning Police.

    Newman is also charged in Steuben County Court.

    The plea is the result of an investigation by the Federal Bureau of Investigation, Corning Office, under the direction of Special Agent-in-Charge Matthew Miraglia, and the Corning Police Department, under the direction of Chief Kenzie Spaulding.

    Sentencing is scheduled for  June 11, 2025, at 10:00 a.m. before Judge Vacca.

    # # # #

    MIL Security OSI

  • MIL-OSI Security: Former Navy Detective Sentenced to 15 Months for Using Unreasonable Force and Making a False Statement

    Source: Office of United States Attorneys

    SAN DIEGO – Jonathan Christopher LaRoche, a former detective with Naval Base San Diego Criminal Investigations Division, was sentenced in federal court today to 15 months in prison in connection with his use of a carotid restraint on a handcuffed Navy sailor to the point of unconsciousness and later grabbing the man by the throat and pushing his head against a wall.

    LaRoche pleaded guilty in July 2024 to Deprivation of Rights Under Color of Law in connection with the November 2023 incident of excessive force. He also admitted that he intentionally concealed his prior record of excessive force at the El Cajon Police Department in order to be hired as a detective by the Navy.

    During the hearing, the Navy sailor – identified in court records only as G.D. – told the court that LaRoche had subjected him to “unimaginable pain, trauma, and brutality” and left him “feeling violated, discarded, and dehumanized.”

    Before imposing sentence, U.S. District Judge John A. Houston told LaRoche that he “got a pass after three [excessive force] incidents with a local law enforcement agency” and then “lied your way into this job and set yourself up to harm someone else.”  Judge Houston observed that the excessive force used by LaRoche against G.D. was “extraordinary conduct for someone with your law enforcement experience” and called it “disgusting, violent, and extremely disturbing.”

    The defendant was ordered to surrender to the Bureau of Prisons by April 21, 2025.

    “The victim in this case was handcuffed, defenseless, and posed no threat—yet a sworn officer chose to violate his rights through violence,” said U.S. Attorney Tara McGrath. “This office will hold accountable anyone who chooses to abuse their power at the expense of another’s rights.”

    “Mr. LaRoche betrayed his oath as a law enforcement officer when he used excessive force on a sailor who was handcuffed and defenseless,” said Special Agent in Charge Nicholas Carter of the NCIS Southwest Field Office. “NCIS remains committed to fully investigating criminal behavior that threatens the safety of our warfighters and their families.”

    As required by his plea agreement with the United States, LaRoche resigned from his position with the Criminal Investigations Division prior to the sentencing hearing. He is prohibited from seeking or applying for any position of employment with any law enforcement agency in the future.

    This case was prosecuted by Assistant U.S. Attorney Seth Askins in coordination with the Naval Criminal Investigative Service.

    DEFENDANT                                               Case Number 24cr1431-JAH                           

    Jonathan Christopher Laroche                        Age: 41                                   Spring Valley, CA

    SUMMARY OF CHARGES

    False Statement – Title 18, U.S.C., Section 1001

    Maximum penalty:  Five years in prison and $250,000 fine

    Deprivation of Rights Under Color of Law (misdemeanor) – Title 18, U.S.C., Section 242

    Maximum penalty: One year in prison and $100,000 fine

    INVESTIGATING AGENCY

    Naval Criminal Investigative Service

    MIL Security OSI

  • MIL-OSI Security: Prior sex offender pleads guilty to raping a 14-year-old and gun charge

    Source: Office of United States Attorneys

    ROCHESTER, N.Y. – U.S. Attorney Trini E. Ross announced today that Kelvin Hunt, 48, of Rochester, NY, pleaded guilty before U.S. District Judge Charles J. Siragusa to production of child pornography, following a prior conviction, and possession of a firearm in furtherance of drug trafficking, which carry a mandatory minimum penalty of 25 years in prison and a maximum of life in prison.

    Assistant U.S. Attorney Nicholas M. Testani, who is handling the case, stated that in March 1995, Hunt was convicted in Monroe County Court of Sexual Abuse in the First Degree and sentenced to 2 to 6 years in prison. On February 2, 2024, he entered the home of a 14-year-old minor victim in Rochester, and forcibly raped her. Hunt then took the minor victim’s cell phone and took sexually explicit photos of her. After producing the pornographic images, Hunt forced the minor victim to another location, where he forcibly raped her again. On February 4, 2024, law enforcement located Hunt, took him into custody, and executed a search warrant on the hotel room he was staying in. Investigators seized a loaded semi-automatic handgun, and approximately 71 grams of heroin.

    The plea is the culmination of an investigation by the Rochester Police Department, under the direction of Chief David Smith, the Monroe County Sheriff’s Office, under the direction of Sheriff Todd Baxter, the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, and the United States Marshals Service, under the direction of Marshal Charles Salina.

    Sentencing is scheduled for June 12, 2025, at 9:30 a.m. before Judge Siragusa.

    # # # #

     

    MIL Security OSI

  • MIL-OSI China: China remains appealing to foreign investors

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

    SHANGHAI, Feb. 12 — Despite geopolitical tensions and rising trade protectionism, international businesses are deepening their commitments in China as 2025 unfolds, demonstrating the country’s appeal to those seeking to stay competitive globally.

    U.S. automaker Tesla’s Megafactory in Shanghai began producing energy storage batteries on Tuesday. Earlier this month, Toyota announced plans to establish a wholly owned electric vehicle plant in the eastern Chinese economic hub. In January, construction started on Siemens Healthineers’ new manufacturing and research facility in south China’s Shenzhen.

    The rationale behind these investments by global industry leaders is clear: China remains a vital market with significant growth potential.

    With its expanding middle class, China’s position as a global economic powerhouse makes its vast market hard to ignore. In 2024, the country’s gross domestic product (GDP) reached a record 134.91 trillion yuan (about 18.81 trillion U.S. dollars), marking a 5-percent year-on-year increase. As the world’s second-largest economy, China offers opportunities that are difficult to find elsewhere.

    China’s supply chain has become increasingly sophisticated and complete. Its highly competitive and advanced manufacturing ecosystem continues to attract high-value, technology-intensive investments.

    Additionally, China’s talent pool, particularly its abundance of engineers, bolsters multinational corporations’ confidence in establishing global research and development centers here. The country’s transformation into an innovation hub is particularly evident in industries such as electric vehicles and lithium-ion batteries. As China builds a modern industrial system, it accelerates efforts to develop new quality productive forces, creating fresh opportunities for global companies.

    China remains committed to opening up and fostering win-win cooperation. The nation’s market has become increasingly accessible, and a series of measures have been taken to encourage foreign investment. In recent years, China has made significant strides in promoting high-standard openness, including reducing the negative list for foreign investment, eliminating all restrictions on foreign investors in manufacturing, and expanding unilateral opening to the least-developed countries. The results of these efforts are reflected in the 9.9-percent increase in the number of newly established foreign-funded enterprises in China last year.

    Furthermore, Chinese authorities have made expanding high-standard economic openness a key priority for 2025. During an executive meeting on Monday, the State Council approved an action plan to stabilize foreign investment this year. The meeting called for more practical and effective measures to attract foreign capital, underscoring China’s commitment to creating a business-friendly environment.

    Despite challenges posed by the politicization of economic and trade issues in the West and sluggish global investment, China’s high-level openness, economic vitality, and expanding consumer base continue to make it a top investment destination.

    According to the 2024 Kearney Foreign Direct Investment Confidence Index, which measures investor expectations for FDI over the next three years, China jumped from seventh to third place in global rankings, leading all emerging markets.

    As many multinational executives have noted, “The next China is still China.” In an era of uncertainty and instability, one thing remains clear: Investing in China is a strategic move for those looking to secure their future.

    MIL OSI China News

  • MIL-OSI USA: Attorney General James Releases Footage from Investigation into Death of Vilmond Jean-Baptiste

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today released police body-worn camera footage that her office obtained as part of its ongoing investigation into the death of Vilmond Jean-Baptiste, who died on September 13, 2024 following an encounter with members of the New York City Police Department (NYPD) in Brooklyn.

    At approximately 5:21 p.m. on September 13, members of the NYPD’s Brooklyn South Warrant Squad entered an apartment to serve a warrant. When officers encountered Mr. Jean-Baptiste in the apartment, he was allegedly holding a knife. Officers instructed Mr. Jean-Baptiste to drop the knife, but Mr. Jean-Baptiste allegedly failed to do so and instead approached the officers with the knife. One officer discharged his taser and three officers discharged their service weapons, striking Mr. Jean-Baptiste. Mr. Jean-Baptiste was transported to a local hospital where he was pronounced dead.

    The Office of Special Investigation (OSI) of the Attorney General’s Office released footage from body-worn cameras that officers were equipped with during the incident. The release of this footage follows Attorney General James’ directive that camera footage obtained by her office during an OSI investigation be released to the public to increase transparency and strengthen public trust in these matters.

    Pursuant to New York State Executive Law Section 70-b, OSI assesses every incident reported to it where a police officer or a peace officer, including a corrections officer, may have caused the death of a person by an act or omission. Under the law, the officer may be on-duty or off-duty, and the decedent may be armed or unarmed. Also, the decedent may or may not be in custody or incarcerated. If OSI’s assessment indicates an officer may have caused the death, OSI proceeds to conduct a full investigation of the incident.

    The release of this footage is not an expression of any opinion as to the guilt or innocence of any party in a criminal matter or any opinion as to how or whether any individual may be charged with a crime. 

    Warning: These videos contain content that viewers may find disturbing. 

    MIL OSI USA News

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks to 2025 European Union Ambassadors Conference: “How the EU Can Better Leverage Its Unique Partnership with the UN System at the Country Level” [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies,

    Ladies and gentlemen,

    I thank the High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas for her invitation. It is a pleasure to be back following my participation in this conference in 2022.

    Let me begin by congratulating the new EU leadership and welcoming the EU Commissioners. Your leadership comes at a critical juncture, and I look forward to working closely with you to strengthen the vital and strong partnership between our institutions.
    Excellencies,

    There is no doubt that the world we face today is more complex and uncertain than when we last met in 2022.

    We are seeing that geopolitical tensions, economic uncertainty, and a growing climate crisis are reshaping our global landscape. We are seeing key global players redefining their foreign policy and adding uncertainty to what is already a highly volatile political and economic environment.

    A few years ago, who would have imagined the war in Ukraine? Yet here we are, still grappling with the aftermath.

    I hope that we will be able to restore peace and stability in Ukraine, returning to a state of security that transcends the borders that have been so deeply affected.  We must also recognise that the greatest impact of these conflicts is felt by the people— not just in Ukraine but also in Gaza, Sudan, and the Sahel— people who are desperately searching for hope.

    The human toll is immeasurable, and this pressure on humanitarian support—where the European Union has been a generous leader—only adds to the challenges we face in achieving our Sustainable Development Goals.

    Excellencies,
     When we adopted the 2030 Agenda in 2015, we had a vision, but today, with five years to go, the road to realising our SDGs has become much more difficult. However, this does not mean we should abandon these Goals. Quite the opposite – they are now more urgent than ever.

    When we look at the poverty agenda, the inclusion agenda, human rights, climate, and the need for stronger institutions to support these goals, it becomes clear that we must intensify our collective efforts.

     But to get there, we would need stronger, not weaker, international cooperation reinforced by leadership. In September, our Member States came together to adopt the Pact for the Future, reaffirming our commitment to the 2030 Agenda and highlighting four areas of shared concern.

    First, we must tackle the peace and security agenda, recognising the rapid pace of technological advancements and the importance of staying ahead.

    Second, there’s the matter of AI and quantum computing—fields where we are making strides and where we must establish clear guardrails and work collaboratively. The European Union has taken commendable steps in this area, and we value the leadership you’ve shown. We look forward to deepening this cooperation.

    Third, we must address the urgent need to reform the international financial architecture. Many developing countries are grappling with overwhelming debt burdens and limited fiscal space. The combination of rising interest rates—unexpected, partly due to the war in Ukraine—and the aftermath of COVID-19 has put these countries in a difficult position. They are often forced to choose between funding essential services like education or health and servicing their debt. This is not just about managing a crisis; it is about shifting the conversation toward investment—investing in people, the future, and resilience.

    While Official Development Assistance (ODA) is undeniably vital, we must ensure it is strengthened so that it can truly fulfil its promise. ODA alone won’t be enough to meet the scale of the challenges we face. That’s why we must also find innovative ways to harness domestic resources and create an environment that attracts private sector investment.
    As many countries prioritise industrialisation and the growth of small and medium-sized enterprises, it is crucial that we also create the conditions that allow these efforts to flourish. We need to ensure that there is a favourable environment for domestic resources to be better utilised and for private sector investment to flow in. This way, we are giving countries a fair chance at financing their own development and creating sustainable, long-term solutions that go beyond ODA alone.

    Last but certainly not least, the Pact for the Future calls upon us to consider the future generations that will inherit the world we shape today. It emphasises the importance of keeping climate action at the centre of our efforts. As we move forward, we must ensure that these future constituencies are included in the decisions we make now.

    Excellencies,
    The values that underpin our global stability – and on which the UN-EU partnership is rooted are under attack: solidarity, peace, justice, tolerance, human rights, and a rules-based international order.

    We see the EU as an indispensable partner in defending these values.

    As we look ahead to 2025, this is a crucial moment to reflect on the path ahead. What are the EU’s priorities, and how can it balance work within Europe while nurturing the global partnerships that contribute to a more stable Europe and a more peaceful world?

    These partnerships are fundamental, as they not only support Europe’s security and prosperity but also promote the shared values that we all hold dear. This aligns with our UN Charter, which calls for a future built on peace, dignity, and prosperity for all.

    Excellencies,
    The SDGs offer a valuable framework for engaging with our partners across sectors—civil society, government, academia, business, and beyond. Investing in the SDGs should not be viewed as a burden but as a strategic opportunity—one that will drive future markets, social cohesion, resilience, and security, not least for the European Union itself.

    Goals 7 to 15 represent critical areas where economic investments and equality must be prioritized. By addressing these, we unlock dividends for the first six SDGs—providing governments with the resources to fund critical programs such as social protection, education, health, and women’s empowerment.

    However, these goals also depend on robust partnerships and strong institutions. Investing in governance and institutions may take longer to yield results, but it is the foundation for lasting change. The work is difficult, but it is vital if we are to secure a future where no one is left behind.

    To make this a reality, we must find ways to accelerate action on the SDGs together. That is why we have invested in strengthening our strategic UN-EU partnership, not just at the global level but critically – in countries. 

    Over the past years, and with the impulse provided by the Joint Guidance that was shared with you and the UN Resident Coordinators in 2023. We have seen our partnership grow in scope and impact, yielding results in joint advocacy, policy, and programmatic collaboration.

    Together, we have engaged in significant reflection on how to sharpen our focus and ensure that our efforts on the ground deliver greater impact. The UN has established a strong presence, but should we aim for even greater coordination and coherence? Absolutely. We continue to strive for that, and with recent policy decisions by some of our larger donors, we need to leverage these efforts to accelerate action on the ground.

    This is a crucial moment for us to also focus on the regional level—how we can deploy from HQ to the regions and ensure that the countries most in need can come together. The UN has the expertise, but is it sufficient? Can we deliver at the scale and speed that development demands?

    Right now, the answer is no. We need more investment—investment that can drive real change. To do that, we need to work more effectively together with the EU, multilateral development banks, national development banks, and regional institutions so that we can all pull in the same direction. Only by working together can we achieve the progress we need.

    Excellencies,
    In Guatemala, we jointly support the national digital transformation agenda, leveraging the joint SDG Fund digital track—where the EU is the most significant contributor—to scale up innovation and modernize public services.

    In Ghana, our focus is similar, with a special emphasis on empowering women and young people through digital transformation.

    In Bosnia and Herzegovina, joint UN-EU teams are tackling shared priorities, from energy and green transition to digital transformation, human rights, and gender equality. And we are enhancing our programmatic and policy collaboration.

    In Nepal, the focus is on climate resilience, where the melting glaciers are a stark reminder of the climate challenges we face.

    In Zambia, we are focusing on human rights, governance, and emergency response—especially in the wake of climate-related events.

    These are just a few examples of our growing cooperation at the country level. New areas for collaboration are being identified, and we are looking to scale up the work already being done. For example, in the context of food systems and investments, we are identifying synergies that can create a multiplier effect.

    We know that issues like food systems are as important to Europe as they are to Africa, Asia, and SIDS. We are looking at enhancing connectivity and energy access, particularly for small and medium-sized enterprises. This will help empower women, young people, and the agricultural sector by ensuring that businesses can access energy and financial services.
    Trade also plays a key role in this. By improving connectivity and access to e-commerce, we can help women and young people thrive economically. The intersection between education, technology, and the climate agenda is crucial for transforming societies.

    The Global Gateway Strategy and EU priorities, such as infrastructure investments, are vital in this regard. We must ensure we’re better aligned and able to deliver scalable, impactful change. The example of the M300 project, which aims to connect 300 million people to power in Africa, shows great promise—but we need to ensure that these connections are linked with other investments to amplify their impact.

    Excellencies,
    With UN Resident Coordinators and EU Ambassadors in 122 countries where we share presence in partner countries, we can achieve significant development impact that speaks to the ambition of the 2030 Agenda.

    You lead Teams Europe, while our Resident Coordinators steer the UN country teams. Each is making a difference. But by working together, we can aim for large-scale transformation.
    In most countries, we are already consulting each other on the development of our respective country strategies. But we see scope to expand opportunities for you and Resident Coordinators to co-lead regular strategic dialogues that enable the advancement of shared priorities and investment pathways to accelerate the implementation of the SDGs.

    Such pathways – or transitions – range from increasing energy access to transforming food systems, to advancing decent jobs, social protection, health and education, to expanding digital connectivity, to tackling the triple planetary crisis of climate change, biodiversity loss and pollution.

    Excellencies,
    Our institutions are transforming rapidly.

    Just as the EU is reshaping its development cooperation approach, including through the Global Gateway Strategy and the Team Europe approach, the UN development system is also enhancing its impact, coherence and efficiency.

    The UN development system reform spearheaded by the Secretary-General is bearing fruit. The feedback received from developing countries on how the UN is responding to their development needs is very clear.

     In 2023, 96 percent of host governments said that UN teams on the ground are effectively responding to national priorities for SDG delivery. And 92 percent of host governments said that UN Resident Coordinators effectively lead the delivery of strategic support for national plans and priorities, compared to 79 percent in 2019.

    By leveraging our respective expertise and capacities, we can maximise synergies between Global Gateway priorities and the key transitions required for SDG acceleration.
    In complex settings, your leadership, alongside that of the Resident Coordinators, is equally critical to strengthening the coherence between humanitarian, development and peacebuilding action to enable early development investments and to help countries return to a development path.

    Together, we can promote development partners’ coordination mechanisms that are adapted to the country’s context and enable alignment of development investments with national priorities and the SDGs.

    By leveraging our respective convening power, we can scale up collaboration with governments and the national financing ecosystems, as well as International Financing Institutions and multilateral development banks – using existing tools such as the Integrated National Financing Frameworks.

    By challenging business as usual, beyond siloed or project-based models, we can — and we must— develop multistakeholder platforms for innovative financing and policy support.

    Excellencies,
    The challenges are immense but not insurmountable.

    Our strong partnership with the EU gives me hope.

    By strengthening our partnership even further, we can turn the Pact for the Future’s ambition for the SDGs into concrete, life-changing results across the globe.

    But the time for acceleration is now.

    Let us act boldly for a more equitable, resilient, and sustainable future where no one is left behind.

    Thank you.

    .

    .
     

    MIL OSI United Nations News

  • MIL-OSI: Precision Drilling Announces 2024 Fourth Quarter and Year End Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 12, 2025 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, gain on acquisition, loss on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

    Financial Highlights and 2025 Capital Allocation Plans

    • Revenue in the fourth quarter was $468 million, an 8% decrease from 2023 as activity increases in Canadian drilling, well servicing, and international were more than offset by lower activity and day rates in the U.S.
    • Adjusted EBITDA(1) was $121 million in the quarter and included $15 million of share-based compensation charges, $4 million for rig reactivation costs and $4 million of non-recurring charges. In 2023, fourth quarter Adjusted EBITDA was $151 million and included share-based compensation charges of $13 million.
    • Net earnings attributable to shareholders was $15 million or $1.06 per share in the fourth quarter compared to $147 million or $10.42 per share as net earnings in 2023 included an income tax recovery of $69 million and a gain on acquisition of $26 million.
    • In 2024, we invested $217 million into our fleet and infrastructure, including multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025. We expect to invest $225 million into our fleet and infrastructure in 2025, which may fluctuate with activity levels and customer contract upgrade opportunities.
    • For the year ended December 31, 2024, we achieved our annual debt reduction and return of shareholder capital targets, reducing debt by $176 million and repurchasing $75 million of common shares while building cash by $20 million. Precision has consistently met or exceeded its capital allocation goals since implementation in 2016.
    • For 2025, we expect to reduce debt by at least $100 million in 2025 and have increased our long-term debt reduction target to $700 million and extended our debt reduction period to 2027. In 2025, we plan to increase direct shareholder returns to 35% to 45% of free cash flow, before debt repayments. To the extent excess cash is generated these allocations may be increased.

    Operational Highlights

    • Demand for our services continues to be strong and in 2024 our Canadian and international drilling rig utilization days increased 12% and 37%, respectively, while our well servicing rig operating hours increased 26% over 2023.
    • In the fourth quarter, Canada’s activity averaged 65 active drilling rigs versus 64 in the same quarter last year. Our Super Triple and Super Single rigs remain in high demand and are nearly fully utilized. Canadian revenue per utilization day was $35,675, up from $34,616 in the fourth quarter of 2023.
    • Our U.S. activity has remained relatively consistent since mid-2024. We averaged 34 drilling rigs in the fourth quarter with revenue per utilization day of US$30,991 versus 45 drilling rigs at US$34,452 in 2023’s fourth quarter.
    • International activity increased 6% over the same period last year while revenue per utilization day was US$49,636 compared to US$49,872 in the fourth quarter of 2023.
    • Service rig operating hours in the fourth quarter totaled 59,834, representing a 6% increase over the same quarter last year partially driven by the CWC Energy Services Corp. (CWC) acquisition in November of 2023.

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    MANAGEMENT COMMENTARY

    “Through 2024 Precision demonstrated remarkable market resilience despite weaker than expected U.S. customer demand and late year customer budget exhaustion in Canada. We continued our long-term record of meeting or exceeding our capital allocation targets every year since 2016 with $176 million of debt reduction, $75 million of share buybacks, while increasing our cash balance by $20 million. In the fourth quarter, approximately $8 million of reactivation costs and non-recurring items impacted our financial results, along with slightly lower than expected Canadian customer demand. Despite these fourth quarter headwinds we continued investing in our core business lines, including purchasing approximately $18 million of drill pipe in advance of potential tariffs, investing $3 million to begin reactivating two idle Canadian Super Single rigs to meet demand in 2025, and upgrading one rig for Canadian heavy oil pad drilling opportunities.

    “The outlook for Canada remains very strong given robust heavy oil activity following the startup of the Trans Mountain pipeline expansion in May 2024 and the imminent startup of LNG Canada in mid-2025. My enthusiasm is further underpinned by the pace of rig reactivations following the seasonal Christmas break and the stable winter activity we have experienced to date with 81 rigs working since mid-January. The uncertainty introduced by potential U.S. tariffs on Canadian oil and gas exports, has been tempered and we have not experienced any change in customer demand or their longer-term capital spending plans.

    “In Canada, our drilling utilization days increased 12% over 2023 and our Super Triple and Super Single rigs, which represent approximately 80% of our Canadian fleet, are nearly fully utilized. Demand for our Super Triple fleet, which is the preferred rig for Montney drilling, is driven by robust condensate fundamentals and the startup of LNG Canada this year. Demand for our Super Single fleet is driven by increased activity in heavy oil targeted areas as customers are benefiting from improved commodity pricing, following the startup of Trans Mountain, and a softening Canadian dollar.

    “Internationally, our drilling utilization days increased 37% in 2024 following the recertification and reactivation of four rigs in 2023. In 2024, we had eight rigs working on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years.

    “In our Completion and Production Services business, our well servicing operating hours increased 26% over 2023 levels following the successful integration of CWC, where we achieved significant operating synergies. Our Completion and Production Services Adjusted EBITDA increased 30% year over year, which was slightly below our expectation due to late year customer budget exhaustion impacting our activity and rental business. I am very pleased with how we have transformed our Completion and Production Services business with two strategic tuck-in acquisitions. The High Arctic and CWC acquisitions more than doubled our Completion and Production revenue and Adjusted EBITDA since 2021 and solidified Precision as the premier well service provider in Canada.

    “During the year, Precision generated $482 million of cash provided by operations, allowing us to meet our capital return targets and invest $217 million into our fleet and infrastructure, which included multiple drilling rig upgrades and the strategic purchase of drill pipe for use in 2025. We expect to invest approximately $225 million in 2025, which reflects a weaker Canadian dollar and includes expected customer funded upgrades across our North American operations, including approximately $30 million in US fleet upgrades for customers targeting extended reach laterals.

    “With sustained free cash flow as a key differentiator of our business, we remain focused on reducing debt and increasing direct returns to shareholders. In 2025, we expect to reduce debt by at least $100 million, reinforcing our commitment to achieving a sustained Net Debt to Adjusted EBITDA ratio(1) of below 1.0 times. As we continue to realize the benefits of lower debt levels, we have increased our long-term debt reduction target by $100 million to $700 million and extended the debt reduction period by one year to 2027. In 2025, our goal is to increase our direct capital returns to shareholders by allocating 35% to 45% of free cash flow, before debt repayments, while continuing to move towards 50% of free cash flow thereafter, with excess cash potentially used to increase these allocations.

    “I would like to thank our employees for their dedication and commitment to serving our customers, and our shareholders for their continued support. With positive long-term fundamentals associated with global oil and natural gas demand and particularly the unique fundamentals driving drilling activity in our core geographic markets, I am confident we will continue to drive shareholder value,” concluded Mr. Neveu.

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    SELECT FINANCIAL AND OPERATING INFORMATION
    Financial Highlights

      For the three months ended
    December 31,
        For the year ended
    December 31,
     
    (Stated in thousands of Canadian dollars, except per share amounts)   2024       2023     % Change       2024       2023     % Change  
    Revenue   468,171       506,871       (7.6 )     1,902,328       1,937,854       (1.8 )
    Adjusted EBITDA(1)   120,526       151,231       (20.3 )     521,221       611,118       (14.7 )
    Net earnings   14,930       146,722       (89.8 )     111,330       289,244       (61.5 )
    Net earnings attributable to shareholders   14,795       146,722       (89.9 )     111,195       289,244       (61.6 )
    Cash provided by operations   162,791       170,255       (4.4 )     482,083       500,571       (3.7 )
    Funds provided by operations(1)   120,535       145,189       (17.0 )     463,372       533,409       (13.1 )
                                       
    Cash used in investing activities   61,954       57,627       7.5       202,986       214,784       (5.5 )
    Capital spending by spend category(1)                                  
    Expansion and upgrade   21,565       24,459       (11.8 )     52,066       63,898       (18.5 )
    Maintenance and infrastructure   37,335       54,388       (31.4 )     164,632       162,851       1.1  
    Proceeds on sale   (8,570 )     (3,117 )     174.9       (30,395 )     (23,841 )     27.5  
    Net capital spending(1)   50,330       75,730       (33.5 )     186,303       202,908       (8.2 )
                                       
    Net earnings attributable to shareholders per share:                                  
    Basic   1.06       10.42       (89.8 )     7.81       21.03       (62.8 )
    Diluted   1.06       9.81       (89.2 )     7.81       19.53       (60.0 )
    Weighted average shares outstanding:                                  
    Basic   13,982       14,084       (0.7 )     14,229       13,754       3.5  
    Diluted   13,987       15,509       (9.8 )     14,234       15,287       (6.9 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”
    Operating Highlights

      For the three months ended
    December 31,
        For the year ended
    December 31,
     
      2024     2023     % Change     2024     2023     % Change  
    Contract drilling rig fleet   214       214             214       214        
    Drilling rig utilization days:                                  
    U.S.   3,084       4,138       (25.5 )     12,969       17,961       (27.8 )
    Canada   6,018       5,909       1.8       23,685       21,156       12.0  
    International   736       693       6.2       2,928       2,132       37.3  
    Revenue per utilization day:                                  
    U.S. (US$)   30,991       34,452       (10.0 )     32,531       35,040       (7.2 )
    Canada (Cdn$)   35,675       34,616       3.1       34,797       33,151       5.0  
    International (US$)   49,636       49,872       (0.5 )     51,227       50,840       0.8  
    Operating costs per utilization day:                                  
    U.S. (US$)   21,698       21,039       3.1       22,009       20,401       7.9  
    Canada (Cdn$)   21,116       19,191       10.0       20,424       19,225       6.2  
                                       
    Service rig fleet   170       183       (7.1 )     170       183       (7.1 )
    Service rig operating hours   59,834       56,683       5.6       254,224       201,627       26.1  

    Drilling Activity

      Average for the quarter ended 2023   Average for the quarter ended 2024  
      Mar. 31     June 30     Sept. 30     Dec. 31     Mar. 31     June 30     Sept. 30     Dec. 31  
    Average Precision active rig count(1):                                              
    U.S.   60       51       41       45       38       36       35       34  
    Canada   69       42       57       64       73       49       72       65  
    International   5       5       6       8       8       8       8       8  
    Total   134       98       104       117       119       93       115       107  

    (1) Average number of drilling rigs working or moving. 

    Financial Position

    (Stated in thousands of Canadian dollars, except ratios) December 31, 2024     December 31, 2023(2)  
    Working capital(1)   162,592       136,872  
    Cash   73,771       54,182  
    Long-term debt   812,469       914,830  
    Total long-term financial liabilities(1)   888,173       995,849  
    Total assets   2,956,315       3,019,035  
    Long-term debt to long-term debt plus equity ratio (1)   0.33       0.37  

    (1) See “FINANCIAL MEASURES AND RATIOS.”
    (2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

    Summary for the three months ended December 31, 2024:

    • Revenue decreased to $468 million compared with $507 million in the fourth quarter of 2023 as a result of lower U.S. activity and day rates, partially offset by higher Canadian and international activity.
    • Adjusted EBITDA was $121 million in the quarter and included $15 million of share-based compensation charges, $4 million for rig reactivation costs and $4 million of non-recurring charges. In 2023, fourth quarter Adjusted EBITDA was $151 million and included share-based compensation of $13 million. Please refer to “Other Items” later in this news release for additional information on share-based compensation charges.
    • Adjusted EBITDA as a percentage of revenue was 26% as compared with 30% in 2023.
    • Net earnings attributable to shareholders was $15 million compared to $147 million in the same quarter last year as net earnings in 2023 included an income tax recovery of $69 million and a gain on acquisition of $26 million.
    • Generated cash provided by operations of $163 million, reduced debt by $25 million through the partial redemption of our 2026 unsecured senior notes and repayment of our U.S. Real Estate Credit Facility, repurchased $25 million of common shares under our Normal Course Issuer Bid (NCIB), and ended the quarter with $74 million of cash and more than $575 million of available liquidity.
    • U.S. revenue per utilization day, excluding the impact of idle but contracted rigs was US$30,813 compared with US$32,819 in 2023, a decrease of 6%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was down 6% compared with the third quarter of 2024. Fourth quarter U.S. revenue per utilization day was US$30,991 compared with US$34,452 in 2023. The decrease was primarily the result of lower fleet average day rates, idle but contracted rig revenue and recoverable costs. We recognized US$1 million of revenue from idle but contracted rigs in the quarter as compared with US$7 million in 2023.
    • U.S. operating costs per utilization day increased to US$21,698 compared with US$21,039 in 2023. The increase was mainly due to higher rig operating costs and fixed costs spread over lower activity, offset by lower recoverable costs and repairs and maintenance. Sequentially, operating costs per utilization day were down 2% due to lower recoverable costs.
    • Canadian revenue per utilization day was $35,675, an increase from the $34,616 realized in 2023 due to higher average day rates and recoverable costs. Sequentially, revenue per utilization day increased $3,350 due to higher boiler revenue and higher fleet-wide average day rates.
    • Canadian operating costs per utilization day increased to $21,116, compared with $19,191 in 2023, resulting from higher repairs and maintenance, rig reactivation costs and impact of labour rate increases. Sequentially, daily operating costs increased $1,668 and were the result of higher labour expenses due to rate increases, recoverable expenses and repairs and maintenance.
    • Internationally, fourth quarter revenue increased 6% from 2023 as we realized revenue of US$37 million versus US$35 million in the prior year. Our higher revenue was primarily the result of a 6% increase in activity, which was negatively impacted by a planned rig recertification accounting for 21 non-billable utilization days in October. International revenue per utilization day was US$49,636 compared with US$49,872 in 2023.
    • Completion and Production Services revenue was $69 million, an increase of $6 million from 2023, as our fourth quarter service rig operating hours increased 6%, reflecting the successful integration of the CWC acquisition in November 2023.
    • General and administrative expenses were $35 million as compared with $39 million in 2023 primarily due to lower non-recurring costs associated with our CWC acquisition in 2023, partially offset by higher share-based compensation charges.
    • Net finance charges were $16 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
    • Capital expenditures were $59 million compared with $79 million in 2023 and by spend category included $22 million for expansion and upgrades and $37 million for the maintenance of existing assets, infrastructure, and intangible assets.
    • Income tax expense for the quarter was $6 million as compared with a recovery of $69 million in 2023. During the fourth quarter, we continue to not recognize deferred tax assets on certain international operating losses.

    Summary for the year ended December 31, 2024:

    • Revenue for the year was $1,902 million, comparable with 2023.
    • Adjusted EBITDA was $521 million as compared with $611 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and $13 million of higher share-based compensation, partially offset by the strengthening of Canadian and international results.
    • Net earnings attributable to shareholders was $111 million compared to $289 million in the prior year. Our lower current year net earnings was due to the impact of decreased U.S. drilling results, higher income tax expense of $67 million and the gain on acquisition of $26 million recognized in 2023.
    • Cash provided by operations was $482 million as compared with $501 million in 2023. Funds provided by operations were $463 million, a decrease of $70 million from the comparative period.
    • General and administrative costs were $132 million, an increase of $10 million from 2023 primarily due to higher share-based compensation charges.
    • Net finance charges were $70 million, $14 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
    • Capital expenditures were $217 million in 2024, a decrease of $10 million from 2023. Capital spending by spend category included $52 million for expansion and upgrades and $165 million for the maintenance of existing assets, infrastructure, and intangible assets.
    • Reduced debt by $176 million from the partial redemption of our 2026 unsecured senior notes and repayment of our Canadian and U.S. Real Estate Credit Facilities.
    • Repurchased $75 million of common shares under our NCIB.

    STRATEGY

    Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

    Below we summarize the results of our 2024 strategic priorities:

    1. Concentrate organizational efforts on leveraging our scale and generating free cash flow.
      • Generated cash provided from operations of $482 million, allowing us to meet our debt reduction and share repurchase goals and build our cash balance by $20 million.
      • Increased utilization of our Super Single and tele double rigs, driving Canadian drilling activity up 12% over 2023.
      • Successfully integrated our 2023 CWC acquisition, increasing Completion and Production Services operating hours and Adjusted EBITDA 26% and 30%, respectively, year over year. Achieved our $20 million annual synergies target from the acquisition.
      • Internationally, increased our activity 37% year over year and realized US$150 million of contract drilling revenue compared to US$108 million in 2023.
    2. Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
      • Reduced debt by $176 million and ended the year with a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times. On track to achieve a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.
      • Returned $75 million to shareholders through share repurchases, achieving the midpoint of our target range.
      • Renewed our NCIB in September, allowing repurchases of up to 10% of the public float.
    3. Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our AlphaTMand EverGreenTMproducts.
      • Increased our Canadian drilling rig utilization days and well service rig operating hours year over year, maintaining our position as the leading provider of high-quality and reliable services in Canada.
      • Invested $52 million in expansion and upgrade capital to enhance our drilling rigs.
      • Nearly doubled our EverGreenTM revenue year over year.
      • Continued to expand our EverGreenTM product offering on our Super Single rigs with LED mast lighting and hydrogen injection systems.

    2025 Strategic Priorities

    1. Maximize free cash flow through disciplined capital deployment and strict cost management.
    2. Enhance shareholder returns through debt reduction and share repurchases.
      1. Reduce debt by at least $100 million in 2025 and debt by $700 million between 2022 and 2027, while remaining committed to achieving a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.
      2. Allocate 35% to 45% of free cash flow, before debt repayments, directly to shareholders and continue moving direct shareholder capital returns toward 50% of free cash flow thereafter.
      3. Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic consolidating tuck-in acquisitions.
      4. OUTLOOK

        The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive as OPEC+ continues to honour its production quotas, producers remain committed to returning capital to shareholders versus increasing production, and geopolitical issues continue to threaten supply. In Canada, the Trans Mountain pipeline expansion, which became operational in May of 2024, combined with the imminent startup of LNG Canada are projected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of Liquefied Natural Gas (LNG) export terminals is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of artificial intelligence data centers could provide further support for natural gas drilling.

        Our Canadian drilling activity continues to be robust in 2025 and we currently have 81 rigs operating and expect this activity level to continue until spring breakup. Our Super Single fleet is near full utilization as heavy oil customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized, and with the expected startup of LNG Canada in mid-2025, rig demand could exceed supply. Overall, we expect our Canadian drilling activity to be up year over year with near full utilization of our Super Series rigs, which should support day rates and increase demand for term contracts as customers secure rigs to ensure fulfillment of their development programs. The uncertainty introduced by potential U.S. tariffs on Canadian oil and gas exports, has been tempered and we have not experienced any change in customer demand or their longer-term plans.

        In the U.S., we currently have 34 rigs earning revenue, which has been relatively consistent since mid-2024. Drilling activity growth remains constrained as producers continue to focus on shareholder returns rather than growth, while volatile commodity prices, customer consolidation, and drilling and completion efficiencies have restricted activity growth. If commodity prices remain stable and around today’s level, we expect drilling demand to begin to improve in the second half and gain momentum through the remainder of 2025 as new LNG export capacity is added and customers seek to maintain or possibly increase production levels.

        Internationally, we have eight rigs working on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years. We continue to bid our remaining idle rigs within the region and remain optimistic in our ability to secure rig reactivations.

        As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labour constraints, we expect firm pricing into the foreseeable future.

        Contracts

        The following chart outlines the average number of drilling rigs under term contract by quarter as at February 12, 2025. For those quarters ending after December 31, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

        As at February 12, 2025   Average for the quarter ended 2024     Average     Average for the quarter ended 2025     Average  
            Mar. 31     June 30     Sept. 30     Dec. 31     2024     Mar. 31     June 30     Sept. 30     Dec. 31     2025  
        Average rigs under term contract:                                                            
        U.S.     20       17       17       16       18       15       13       8       6       11  
        Canada     24       22       23       23       23       20       19       18       14       18  
        International     8       8       8       8       8       8       8       7       7       8  
        Total     52       47       48       47       49       43       40       33       27       37  


        SEGMENTED FINANCIAL RESULTS

        Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

          For the three months ended December 31,     For the year ended December 31,  
        (Stated in thousands of Canadian dollars)   2024     2023     % Change       2024     2023     % Change  
        Revenue:                                  
        Contract Drilling Services   402,610       446,503       (9.8 )     1,617,735       1,704,265       (5.1 )
        Completion and Production Services   68,830       62,459       10.2       294,817       240,716       22.5  
        Inter-segment eliminations   (3,269 )     (2,091 )     56.3       (10,224 )     (7,127 )     43.5  
            468,171       506,871       (7.6 )     1,902,328       1,937,854       (1.8 )
        Adjusted EBITDA:(1)                                  
        Contract Drilling Services   125,683       162,459       (22.6 )     532,345       630,761       (15.6 )
        Completion and Production Services   15,895       12,193       30.4       66,681       51,224       30.2  
        Corporate and Other   (21,052 )     (23,421 )     (10.1 )     (77,805 )     (70,867 )     9.8  
            120,526       151,231       (20.3 )     521,221       611,118       (14.7 )

        (1) See “FINANCIAL MEASURES AND RATIOS.”

        SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

          For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars, except where noted)   2024       2023     % Change       2024       2023     % Change  
        Revenue   402,610       446,503       (9.8 )     1,617,735       1,704,265       (5.1 )
        Expenses:                                  
        Operating   264,858       270,303       (2.0 )     1,041,068       1,030,053       1.1  
        General and administrative   12,069       13,741       (12.2 )     44,322       43,451       2.0  
        Adjusted EBITDA(1)   125,683       162,459       (22.6 )     532,345       630,761       (15.6 )
        Adjusted EBITDA as a percentage of revenue(1)   31.2 %     36.4 %           32.9 %     37.0 %      

        (1) See “FINANCIAL MEASURES AND RATIOS.”

        United States onshore drilling statistics:(1) 2024     2023  
          Precision     Industry(2)     Precision     Industry(2)  
        Average number of active land rigs for quarters ended:                      
        March 31   38       602       60       744  
        June 30   36       583       51       700  
        September 30   35       565       41       631  
        December 31   34       569       45       603  
        Year to date average   36       580       49       670  

        (1) United States lower 48 operations only.
        (2) Baker Hughes rig counts.

        Canadian onshore drilling statistics:(1) 2024     2023  
          Precision     Industry(2)     Precision     Industry(2)  
        Average number of active land rigs for quarters ended:                      
        March 31   73       208       69       221  
        June 30   49       134       42       117  
        September 30   72       207       57       188  
        December 31   65       194       64       181  
        Year to date average   65       186       58       177  

        (1) Canadian operations only.
        (2) Baker Hughes rig counts.

        SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

          For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars, except where noted)   2024       2023     % Change       2024       2023      % Change  
        Revenue   68,830       62,459       10.2       294,817       240,716       22.5  
        Expenses:                                  
        Operating   50,714       48,297       5.0       217,842       181,622       19.9  
        General and administrative   2,221       1,969       12.8       10,294       7,870       30.8  
        Adjusted EBITDA(1)   15,895       12,193       30.4       66,681       51,224       30.2  
        Adjusted EBITDA as a percentage of revenue(1)   23.1 %     19.5 %           22.6 %     21.3 %      
        Well servicing statistics:                                  
        Number of service rigs (end of period)   170       183       (7.1 )     170       183       (7.1 )
        Service rig operating hours   59,834       56,683       5.6       254,224       201,627       26.1  
        Service rig operating hour utilization   38 %     38 %           42 %     42 %      

        (1) See “FINANCIAL MEASURES AND RATIOS.”

        OTHER ITEMS

        Share-based Incentive Compensation Plans

        We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

        A summary of expense amounts under these plans during the reporting periods are as follows:

          For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars) 2024     2023     2024     2023  
        Cash settled share-based incentive plans   14,018       11,972       42,828       32,063  
        Equity settled share-based incentive plans   1,071       697       4,588       2,531  
        Total share-based incentive compensation plan expense   15,089       12,669       47,416       34,594  
                               
        Allocated:                      
        Operating   3,709       2,765       11,868       9,497  
        General and Administrative   11,380       9,904       35,548       25,097  
            15,089       12,669       47,416       34,594  


        FINANCIAL MEASURES AND RATIOS

        Non-GAAP Financial Measures
        We reference certain Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
        Adjusted EBITDA We believe Adjusted EBITDA (earnings before income taxes, gain on acquisition, loss on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

        The most directly comparable financial measure is net earnings.

          For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars)   2024       2023       2024       2023  
        Adjusted EBITDA by segment:                      
        Contract Drilling Services   125,683       162,459       532,345       630,761  
        Completion and Production Services   15,895       12,193       66,681       51,224  
        Corporate and Other   (21,052 )     (23,421 )     (77,805 )     (70,867 )
        Adjusted EBITDA   120,526       151,231       521,221       611,118  
        Depreciation and amortization   82,210       78,734       309,314       297,557  
        Gain on asset disposals   (1,913 )     (8,883 )     (16,148 )     (24,469 )
        Loss on asset decommissioning         9,592             9,592  
        Foreign exchange   1,487       (773 )     2,259       (1,667 )
        Finance charges   16,281       19,468       69,753       83,414  
        Gain on repurchase of unsecured notes                     (137 )
        Loss on investments and other assets   1,814       735       1,484       6,810  
        Gain on acquisition         (25,761 )           (25,761 )
        Incomes taxes   5,717       (68,603 )     43,229       (23,465 )
        Net earnings   14,930       146,722       111,330       289,244  
        Non-controlling interests   135             135        
        Net earnings attributable to shareholders   14,795       146,722       111,195       289,244  
               
        Funds Provided by (Used in) Operations     We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

        The most directly comparable financial measure is cash provided by (used in) operations.

               
        Net Capital Spending     We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

        The most directly comparable financial measure is cash provided by (used in) investing activities.

        Net capital spending is calculated as follows:

            For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars)     2024       2023       2024       2023  
        Capital spending by spend category                        
        Expansion and upgrade     21,565       24,459       52,066       63,898  
        Maintenance, infrastructure and intangibles     37,335       54,388       164,632       162,851  
              58,900       78,847       216,698       226,749  
        Proceeds on sale of property, plant and equipment     (8,570 )     (3,117 )     (30,395 )     (23,841 )
        Net capital spending     50,330       75,730       186,303       202,908  
        Business acquisitions           646             28,646  
        Proceeds from sale of investments and other assets                 (3,623 )     (10,013 )
        Purchase of investments and other assets     718       61       725       5,343  
        Receipt of finance lease payments     (208 )     (191 )     (799 )     (255 )
        Changes in non-cash working capital balances     11,114       (18,619 )     20,380       (11,845 )
        Cash used in investing activities     61,954       57,627       202,986       214,784  
        Working Capital We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

        Working capital is calculated as follows:

          December 31,     December 31,  
        (Stated in thousands of Canadian dollars)   2024       2023  
        Current assets   501,284       510,881  
        Current liabilities   338,692       374,009  
        Working capital   162,592       136,872  
        Total Long-term Financial Liabilities We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

        Total long-term financial liabilities is calculated as follows:

          December 31,     December 31,  
        (Stated in thousands of Canadian dollars)   2024       2023  
        Total non-current liabilities   935,624       1,069,364  
        Deferred tax liabilities   47,451       73,515  
        Total long-term financial liabilities   888,173       995,849  
        Non-GAAP Ratios
        We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
               
        Adjusted EBITDA % of Revenue     We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
               
        Long-term debt to long-term debt plus equity     We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
               
        Net Debt to Adjusted EBITDA     We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
         
        Supplementary Financial Measures
        We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
               
        Capital Spending by Spend Category     We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.
               

        CHANGE IN ACCOUNTING POLICY

        Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

      • As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
      • As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

      The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

      PARTNERSHIP

      On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Profit attributable to Non-Controlling Interests (NCI) was $0.1 million in 2024.

      Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as NCI in the Consolidated Statements of Net Earnings and Consolidated Statements of Financial Position.

      CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

      Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

      In particular, forward-looking information and statements include, but are not limited to, the following:

      • our strategic priorities for 2025;
      • our capital expenditures, free cash flow allocation and debt reduction plans for 2025 through to 2027;
      • anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;
      • the average number of term contracts in place for 2025;
      • customer adoption of AlphaTM technologies and EverGreenTM suite of environmental solutions;
      • timing and amount of synergies realized from acquired drilling and well servicing assets; and
      • potential commercial opportunities and rig contract renewals.

      These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

      • our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
      • the status of current negotiations with our customers and vendors;
      • customer focus on safety performance;
      • existing term contracts are neither renewed nor terminated prematurely;
      • our ability to deliver rigs to customers on a timely basis;
      • the impact of an increase/decrease in capital spending; and
      • the general stability of the economic and political environments in the jurisdictions where we operate.

      Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

      • volatility in the price and demand for oil and natural gas;
      • fluctuations in the level of oil and natural gas exploration and development activities;
      • fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
      • our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
      • changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
      • shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
      • liquidity of the capital markets to fund customer drilling programs;
      • availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
      • the impact of weather and seasonal conditions on operations and facilities;
      • competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
      • ability to improve our rig technology to improve drilling efficiency;
      • general economic, market or business conditions;
      • the availability of qualified personnel and management;
      • a decline in our safety performance which could result in lower demand for our services;
      • changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
      • terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
      • fluctuations in foreign exchange, interest rates and tax rates; and
      • other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

      Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

      CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

      (Stated in thousands of Canadian dollars)   December 31,
      2024
          December 31,
      2023(1)
          January 1,
      2023(1)
       
      ASSETS            
      Current assets:                  
      Cash   $ 73,771     $ 54,182     $ 21,587  
      Accounts receivable     378,712       421,427       413,925  
      Inventory     43,300       35,272       35,158  
      Assets held for sale     5,501              
      Total current assets     501,284       510,881       470,670  
      Non-current assets:                  
      Income tax recoverable           682       1,602  
      Deferred tax assets     6,559       73,662       455  
      Property, plant and equipment     2,356,173       2,338,088       2,303,338  
      Intangibles     12,997       17,310       19,575  
      Right-of-use assets     66,032       63,438       60,032  
      Finance lease receivables     4,806       5,003        
      Investments and other assets     8,464       9,971       20,451  
      Total non-current assets     2,455,031       2,508,154       2,405,453  
      Total assets   $ 2,956,315     $ 3,019,035     $ 2,876,123  
                         
      LIABILITIES AND EQUITY                  
      Current liabilities:                  
      Accounts payable and accrued liabilities   $ 314,355     $ 350,749     $ 404,350  
      Income taxes payable     3,778       3,026       2,991  
      Current portion of lease obligations     20,559       17,386       12,698  
      Current portion of long-term debt           2,848       2,287  
      Total current liabilities     338,692       374,009       422,326  
                         
      Non-current liabilities:                  
      Share-based compensation     13,666       16,755       47,836  
      Provisions and other     7,472       7,140       7,538  
      Lease obligations     54,566       57,124       52,978  
      Long-term debt     812,469       914,830       1,085,970  
      Deferred tax liabilities     47,451       73,515       28,946  
      Total non-current liabilities     935,624       1,069,364       1,223,268  
      Equity:                  
      Shareholders’ capital     2,301,729       2,365,129       2,299,533  
      Contributed surplus     77,557       75,086       72,555  
      Deficit     (900,834 )     (1,012,029 )     (1,301,273 )
      Accumulated other comprehensive income     199,020       147,476       159,714  
      Total equity attributable to shareholders     1,677,472       1,575,662       1,230,529  
      Non-controlling interest     4,527              
      Total equity     1,681,999       1,575,662       1,230,529  
      Total liabilities and equity   $ 2,956,315     $ 3,019,035     $ 2,876,123  

      (1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

      CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (UNAUDITED)

          Three Months Ended December 31,     Year Ended December 31,  
      (Stated in thousands of Canadian dollars, except per share amounts)   2024     2023     2024     2023  
                               
                               
      Revenue   $ 468,171     $ 506,871     $ 1,902,328     $ 1,937,854  
      Expenses:                        
      Operating     312,303       316,509       1,248,686       1,204,548  
      General and administrative     35,342       39,131       132,421       122,188  
      Earnings before income taxes, loss on investments and
      other assets, gain on acquisition, gain on repurchase
      of unsecured senior notes, finance charges, foreign
      exchange, loss on asset decommissioning, gain on
      asset disposals, and depreciation and amortization
          120,526       151,231       521,221       611,118  
      Depreciation and amortization     82,210       78,734       309,314       297,557  
      Gain on asset disposals     (1,913 )     (8,883 )     (16,148 )     (24,469 )
      Loss on asset decommissioning           9,592             9,592  
      Foreign exchange     1,487       (773 )     2,259       (1,667 )
      Finance charges     16,281       19,468       69,753       83,414  
      Gain on repurchase of unsecured senior notes                       (137 )
      Gain on acquisition           (25,761 )           (25,761 )
      Loss on investments and other assets     1,814       735       1,484       6,810  
      Earnings before income taxes     20,647       78,119       154,559       265,779  
      Income taxes:                        
      Current     2,811       486       7,470       4,494  
      Deferred     2,906       (69,089 )     35,759       (27,959 )
            5,717       (68,603 )     43,229       (23,465 )
      Net earnings   $ 14,930     $ 146,722     $ 111,330     $ 289,244  
      Attributable to:                        
      Shareholders of Precision Drilling Corporation   $ 14,795     $ 146,722     $ 111,195     $ 289,244  
      Non-controlling interests   $ 135     $     $ 135     $  
      Net earnings per share attributable to
      shareholders:
                             
      Basic   $ 1.06     $ 10.42     $ 7.81     $ 21.03  
      Diluted   $ 1.06     $ 9.81     $ 7.81     $ 19.53  


      CONDENSED
      INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

          Three Months Ended December 31,     Year Ended December 31,  
      (Stated in thousands of Canadian dollars)   2024     2023     2024     2023  
      Net earnings   $ 14,930     $ 146,722     $ 111,330     $ 289,244  
      Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency     89,412       (36,755 )     119,821       (33,433 )
      Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt     (49,744 )     22,679       (69,027 )     21,195  
      Tax related to net investment hedge of long-term debt     750             750        
      Comprehensive income   $ 55,348     $ 132,646     $ 162,874     $ 277,006  
      Attributable to:                        
      Shareholders of Precision Drilling Corporation   $ 55,213     $ 132,646     $ 162,739     $ 277,006  
      Non-controlling interests   $ 135     $     $ 135     $  


      CONDENSED
      INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

          Three Months Ended December 31,     Year Ended December 31,  
      (Stated in thousands of Canadian dollars)   2024     2023     2024     2023  
      Cash provided by (used in):                        
      Operations:                        
      Net earnings   $ 14,930     $ 146,722     $ 111,330     $ 289,244  
      Adjustments for:                        
      Long-term compensation plans     4,398       (2,541 )     18,888       6,659  
      Depreciation and amortization     82,210       78,734       309,314       297,557  
      Gain on asset disposals     (1,913 )     (8,883 )     (16,148 )     (24,469 )
      Loss on asset decommissioning           9,592             9,592  
      Foreign exchange     1,477       (853 )     2,442       (866 )
      Finance charges     16,281       19,468       69,753       83,414  
      Income taxes     5,717       (68,603 )     43,229       (23,465 )
      Other     (392 )     (9 )     (272 )     (229 )
      Loss on investments and other assets     1,814       735       1,484       6,810  
      Gain on acquisition           (25,761 )           (25,761 )
      Gain on repurchase of unsecured senior notes                       (137 )
      Income taxes paid     (1,617 )     (708 )     (6,459 )     (3,103 )
      Income taxes recovered     27       17       85       24  
      Interest paid     (2,806 )     (3,335 )     (72,241 )     (83,037 )
      Interest received     409       614       1,967       1,176  
      Funds provided by operations     120,535       145,189       463,372       533,409  
      Changes in non-cash working capital balances     42,256       25,066       18,711       (32,838 )
      Cash provided by operations     162,791       170,255       482,083       500,571  
                               
      Investments:                        
      Purchase of property, plant and equipment     (58,900 )     (78,582 )     (216,647 )     (224,960 )
      Purchase of intangibles           (265 )     (51 )     (1,789 )
      Proceeds on sale of property, plant and equipment     8,570       3,117       30,395       23,841  
      Proceeds from sale of investments and other assets                 3,623       10,013  
      Business acquisitions           (646 )           (28,646 )
      Purchase of investments and other assets     (718 )     (61 )     (725 )     (5,343 )
      Receipt of finance lease payments     208       191       799       255  
      Changes in non-cash working capital balances     (11,114 )     18,619       (20,380 )     11,845  
      Cash used in investing activities     (61,954 )     (57,627 )     (202,986 )     (214,784 )
                               
      Financing:                        
      Issuance of long-term debt     17,078             27,978       162,649  
      Repayments of long-term debt     (41,813 )     (86,699 )     (204,319 )     (375,237 )
      Repurchase of share capital     (25,023 )     (17,004 )     (75,488 )     (29,955 )
      Issuance of common shares from the exercise of options                 686        
      Debt amendment fees     (46 )           (1,363 )      
      Lease payments     (3,266 )     (3,010 )     (13,271 )     (9,423 )
      Funding from non-controlling interest                 4,392        
      Cash used in financing activities     (53,070 )     (106,713 )     (261,385 )     (251,966 )
      Effect of exchange rate changes on cash     1,700       (798 )     1,877       (1,226 )
      Increase in cash     49,467       5,117       19,589       32,595  
      Cash, beginning of period     24,304       49,065       54,182       21,587  
      Cash, end of period   $ 73,771     $ 54,182     $ 73,771     $ 54,182  


      CONDENSED
      INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

          Attributable to shareholders of the Corporation              
      (Stated in thousands of Canadian dollars)   Shareholders’
      Capital
          Contributed
      Surplus
          Accumulated
      Other
      Comprehensive
      Income
          Deficit     Total     Non-
      controlling
      interest
          Total
      Equity
       
      Balance at January 1, 2024   $ 2,365,129     $ 75,086     $ 147,476     $ (1,012,029 )   $ 1,575,662     $     $ 1,575,662  
      Net earnings for the period                       111,195       111,195       135       111,330  
      Other comprehensive income for the period                 51,544             51,544             51,544  
      Share options exercised     978       (292 )                 686             686  
      Settlement of Executive Performance and Restricted Share Units     21,846       (1,479 )                 20,367             20,367  
      Share repurchases     (86,570 )                       (86,570 )           (86,570 )
      Redemption of non-management directors share units     346       (346 )                              
      Share-based compensation expense           4,588                   4,588             4,588  
      Funding from non-controlling interest                                   4,392       4,392  
      Balance at December 31, 2024   $ 2,301,729     $ 77,557     $ 199,020     $ (900,834 )   $ 1,677,472     $ 4,527     $ 1,681,999  
          Attributable to shareholders of the Corporation              
      (Stated in thousands of Canadian dollars)   Shareholders’
      Capital
          Contributed
      Surplus
          Accumulated
      Other
      Comprehensive
      Income
          Deficit     Total     Non-
      controlling
      interest
          Total
      Equity
       
      Balance at January 1, 2023   $ 2,299,533     $ 72,555     $ 159,714     $ (1,301,273 )   $ 1,230,529     $     $ 1,230,529  
      Net earnings for the period                       289,244       289,244             289,244  
      Other comprehensive income for the period                 (12,238 )           (12,238 )           (12,238 )
      Acquisition share consideration     75,588                         75,588             75,588  
      Settlement of Executive Performance and Restricted Share Units     19,206                         19,206             19,206  
      Share repurchases     (29,955 )                       (29,955 )           (29,955 )
      Redemption of non-management directors share units     757                         757             757  
      Share-based compensation expense           2,531                   2,531             2,531  
      Balance at December 31, 2023   $ 2,365,129     $ 75,086     $ 147,476     $ (1,012,029 )   $ 1,575,662     $     $ 1,575,662  


      2024 FOURTH QUARTER AND YEAR-END RESULTS CONFERENCE CALL AND WEBCAST

      Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, February 13, 2025.

      To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

      https://register.vevent.com/register/BI9168b4c0516f4409ab4f297340994ebc

      The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

      https://edge.media-server.com/mmc/p/8hij84aa

      About Precision

      Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

      Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

      Additional Information

      For further information, please contact:

      Lavonne Zdunich, CPA, CA
      Vice President, Investor Relations
      403.716.4500

      800, 525 – 8th Avenue S.W.
      Calgary, Alberta, Canada T2P 1G1
      Website: www.precisiondrilling.com

      The MIL Network

  • MIL-OSI USA: Grassley, Cantwell Reintroduce Bills to Lower Prescription Drug Prices, Drive PBM Accountability

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sen. Chuck Grassley (R-Iowa), Chairman of the Senate Judiciary Committee and former Chairman of the Senate Finance Committee, and Sen. Maria Cantwell (D-Wash.), Ranking Member of the Senate Commerce Committee, are reintroducing two bipartisan bills to combat the high cost of prescription drugs and provide greater transparency of pharmacy benefit managers (PBMs).
    “Iowans are fed up with the skyrocketing cost of prescription drugs and eager for Congress to act to put a stop to pharmacy benefit managers’ shady practices. These bipartisan legislative solutions will bring much-needed transparency to prescription drug pricing and ensure the federal government can effectively target the abusive practices that unfairly drive up drug costs,” Grassley said.  
    “For too long, Americans have been left in the dark while PBMs – the mysterious middlemen – manipulate prescription drug prices. We need to hold PBMs accountable for skyrocketing drug costs. With these bipartisan bills, I’m continuing to fight for accountability and transparency in the drug market so we can shine a light on unfair practices and make sure patients get a fair deal on the medications they need,” Cantwell said.
    Prescription Pricing for the People Act:
    This bill requires the Federal Trade Commission (FTC) to complete a 6(b) study examining the effects of consolidation on pricing in the PBM industry, as well as other potentially abusive behavior by PBMs. The bill instructs the FTC to provide policy recommendations to Congress to improve competition and protect consumers.
    Grassley has welcomed the FTC’s interim staff reports on opaque PBM practices. The interim staff reports are a direct result of Grassley’s prior requests for a 6(b) study on potential anti-competitive practices in the prescription drug industry, as well as his bipartisan demands for a status update in light of FTC’s significant delays. Once passed, this legislation will bring the FTC 6(b) study to completion. The bill falls within the jurisdiction of the Senate Judiciary Committee.
    Additional cosponsors are Sens. Roger Marshall (R-Kan.), Peter Welch (D-Vt.), Tommy Tuberville (R-Ala.), Chris Coons (D-Del.), Thom Tillis (R-N.C.), Richard Blumenthal (D-Conn.), Shelley Moore Capito (R-W.Va.), Mazie Hirono (D-Hawaii) and James Lankford (R-Okla.).
    The bipartisan proposal is supported by the AARP, AIDS Healthcare Foundation, American Pharmacists Association, Biotechnology Innovation Organization, Community Oncology Alliance, National Community Pharmacists Association and National Association of Specialty Pharmacy.
    Pharmacy Benefit Manager (PBM) Transparency Act:
    This bill bans deceptive and unfair pricing schemes, prohibits arbitrary claw backs of payments made to pharmacies, and requires PBMs to report to the FTC on how much money they make through spread pricing and pharmacy fees. The bill falls within the jurisdiction of the Senate Commerce Committee.
    Additional cosponsors are Sens. Joni Ernst (R-Iowa), Peter Welch (D-Vt.), Shelley Moore Capito (R-W.Va.), Jeanne Shaheen (D-N.H.), Roger Marshall (R-Kan.), Martin Heinrich (D-N.M.), Jerry Moran (R-Kan.), Cindy Hyde-Smith (R-Miss.), Thom Tillis (R-N.C.) and Mike Rounds (R-S.D.).
    The bipartisan proposal is supported by the AARP, AIDS Healthcare Foundation, American Pharmacists Association, Association for Clinical Oncology, Association of Mature American Citizens, Autoimmune Association, Biotechnology Innovation Organization, Crohn’s & Colitis Foundation, Community Oncology Alliance, National Community Pharmacists Association and National Association of Specialty Pharmacy.
    “AARP, which advocates for the more than 100 million Americans aged 50 and over, is pleased to support the Prescription Pricing for the People Act of 2025 and Pharmacy Benefit Manager (PBM) Transparency Act of 2025. We value your ongoing bipartisan efforts to lower drug prices for consumers and taxpayers. It is outrageous that Americans pay the highest prices in the world for prescription drugs,” said Bill Sweeney, Senior Vice President, Government Affairs, AARP.
    “APhA supports Senators Grassley’s and Cantwell’s reintroduction of the Pharmacy Benefit Manager Transparency Act, which would go a long way toward addressing PBMs’ anticompetitive business practices putting many independent pharmacies out of business and creating ‘pharmacy deserts’ in rural and underserved communities, where the neighborhood pharmacy may be the only health care provider for miles. We also support the Prescription Pricing for the People Act directing the FTC to report on ways to enforce antitrust and consumer protection laws. APhA stands ready to work with Senators Grassley and Cantwell and the FTC to not only examine PBMs’ anticompetitive business practices but to take the necessary actions to end them,” said the American Pharmacists Association.
    “The Community Oncology Alliance (COA) commends Senators Grassley and Cantwell for once again taking an early lead in introducing pharmacy benefit manager (PBM) legislation in the 119th Congress. The Prescription Pricing for the People Act (S.113 in the 118th Congress) and the Pharmacy Benefit Manager (PBM) Transparency Act (S.127 in the 118th Congress) lit the fuse for additional legislation in both the Senate and the House to stop the top PBMs from harming patients, especially those with cancer. We thank Senators Grassley and Cantwell for their leadership in reintroducing these bills in the 119th Congress. Americans face medication delays and denials, as well as higher costs and waste, at the hands of the top PBMs, especially CVS/Caremark, Cigna/Express Scripts, and United/Optum Rx, which control 80 percent of the prescription drug market. They have to be stopped from harming cancer patients and others with serious diseases. It’s time for Congress to act now!” said Ted Okon, Executive Director, Community Oncology Alliance (COA).
    “Increased transparency into PBM operations is critical to understanding the many ways their underhanded tactics lead to increased costs, delayed access to care, and an unfair marketplace for independent pharmacies – tactics that need swift, significant reforms. The PBMs’ attempt to block every action to increase transparency in the drug delivery system should concern everyone from patients to policymakers. We’re grateful to our allies in Congress like Sens. Grassley and Cantwell for keeping these bills on their agenda and pushing for accountability and change. PBM reform cannot wait,” said B. Douglas Hoey, CEO, National Community Pharmacists Association.
    “IBD patients deserve to understand why PBMs are making the decisions that they do, and whether these decisions are financially motivated or based on science. They should also share in any cost savings achieved by PBMs. The Pharmacy Benefit Manager Transparency Act would make great strides in revealing the true motives and operating practices of PBMs, and in aligning their incentives with increased patient access to medications,” said Erin McKeon, Director, Federal Advocacy, Crohn’s & Colitis Foundation.
    “The Pharmacy Benefit Manager Transparency Act of 2025 would prevent anti-competitive practices and require PBMs to operate with full transparency. This bill ensures that PBMs can no longer manipulate pricing, prioritize profits over patients, or exploit loopholes that drive up costs. AMAC Action is committed to protecting seniors from predatory pricing schemes and ensuring they have access to affordable prescription medications. We commend you both for leading this bipartisan effort and urge Congress to swiftly pass this legislation to bring long-overdue transparency and accountability to the PBM industry,” said Andrew J. Mangione Jr., Senior Vice President, AMAC Action.
    About Pharmacy Benefit Managers
    PBMs were initially formed in the 1960s to process claims and negotiate lower drug prices with drug makers. Now, PBMs administer prescription drug plans for hundreds of millions of Americans.
    Today, three PBMs control nearly 80 percent of the prescription drug market. They serve as middlemen, managing every aspect of the prescription drug benefits process for health insurance companies, self-insured employers, unions and government programs.
    They operate out of the view of regulators and consumers — setting prescription costs, deciding what drugs are covered by insurance plans and how they are dispensed, pocketing unknown sums that might otherwise be passed along as savings to consumers, and undercutting local independent pharmacies.
    This lack of transparency makes it impossible to fully understand if and how PBMs might be manipulating the prescription drug market to increase profits and drive-up drug costs for consumers.
    Background:
    Grassley has long championed efforts to reduce the cost of prescription drugs. Three pieces of legislation authored and coauthored by Grassley have been signed into law to combat anticompetitive practices and stop drug makers from reaping profits at the expense of taxpayers and consumers. Grassley has also led in-depth congressional investigations to expose those responsible for prescription drug price gouging.  
    Other actions include:
    January 2025: Grassley welcomed the FTC’s second interim staff report on PBMs and urged congressional and executive branch action.
    July 2024: Grassley welcomed the FTC’s interim staff report on PBMs and urged congressional and executive branch action.
    January 2024: Grassley sent a letter urging the FTC to complete its investigation into the health care industry’s most powerful prescription drug middlemen.
    November 2023: The Finance Committee adopted a Grassley-led provision to strengthen oversight of CMS and hold PBMs accountable. 
    July 2023: The Finance Committee adopted several Grassley-led PBM accountability provisions. 
    March 2023: The Senate Commerce Committee passed a Grassley-backed bill to hold PBMs accountable for unfair practices driving up costs for consumers.
    February 2023: The Senate Judiciary Committee — which Grassley currently chairs — passed five Grassley-led bills to boost competition in the pharmaceutical industry and improve patients’ access to more affordable prescription drugs.
    October 2022: Grassley led a bipartisan letter urging the FTC to complete its investigation into PBMs to shine light on drug pricing practices.
    January 2021: Grassley and Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) released a two-year bipartisan investigation into insulin price gouging.
    August 2018: Grassley requested the FTC assess pharmaceutical supply chain intermediaries.
    Learn more about Grassley’s persistent efforts to lower prescription drug costs HERE.

    MIL OSI USA News

  • MIL-OSI USA: Durbin Delivers Opening Statement During Senate Judiciary Committee Hearing For Justice Department Executive Nominees

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    February 12, 2025
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today delivered an opening statement during a Senate Judiciary Committee hearing on the nominations of Todd Blanche to be Deputy Attorney General (DAG), and Gail Slater to be Assistant Attorney General for the Antitrust Division (AAG-Antitrust).
    Key Quotes:
    “President Trump has vowed to use the Justice Department to advance his own interests and to seek ‘retribution’ against ‘the enemy within.’”
    “The Trump Administration already purged dozens of senior career leaders at the Department of Justice and Federal Bureau of Investigation… And, the Administration has forced career law enforcement officers to retire, resign, or be fired simply for executing tasks that were assigned to them. These actions are nakedly partisan.”
    “Many members on the Democratic side of the aisle expressed fears that Attorney General Pam Bondi would put her loyalty to the President ahead of anything else. Our fears have been realized.”
    “On her first day as Attorney General, Pam Bondi issued 14 memos to Department of Justice staff that reflect the most extreme of President Trump’s priorities, including far-right Project 2025 policies. Attorney General Bondi established a ‘Weaponization Working Group’ that is a clear effort to make good on her pledge to ‘investigate the investigators.’”
    “Given the political retribution that is already being carried out with the blessing of the President at the Justice Department, Mr. Blanche’s nomination deserves heightened scrutiny. If confirmed, he will serve as the second-in-command at the Department, overseeing the day-to-day operations.”
    “With Ms. Bondi’s unyielding loyalty to President Trump already disclosed, we must ask ourselves whether Mr. Blanche would be willing to act as an independent voice within the Department’s leadership.”
    “Mr. Blanche, I enjoyed meeting with you in my office… You told me repeatedly that your true loyalty is to the rule of law. That’s the right answer from my point of view. But I am afraid I need to ask you more to conclude that you would be able to arise to the occasion which is likely to present itself.”
    “What is happening at the Federal Bureau of Investigation should give Republicans and Democrats pause. That great agency is entrusted with the safety and security of the United States of America. Making it political does not help.”
    Video of Durbin’s opening statement is available here.
    Audio of Durbin’s opening statement is available here.
    Footage of Durbin’s opening statement is available here for TV Stations.
    -30-

    MIL OSI USA News

  • MIL-OSI USA: Durbin Questions Todd Blanche, Trump’s Nominee To Be Deputy Attorney General, During Senate Judiciary Committee Hearing

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    February 12, 2025
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, questioned Todd Blanche, nominated by President Donald Trump to be Deputy Attorney General (DAG), during today’s Senate Judiciary Committee nominations hearing. Mr. Blanche represented President Trump in multiple criminal cases, including the hush money prosecution brought by the Manhattan District Attorney’s Office for which Trump was convicted on 34 counts. Mr. Blanche also represented President Trump in the criminal investigations and prosecutions pursued by Special Counsel Jack Smith regarding Trump’s mishandling of classified documents in Florida and his role in the January 6 insurrection at the U.S. Capitol.
    Durbin’s questions focused on reports that Acting Deputy Attorney General Emil Bove ordered Acting Federal Bureau of Investigation (FBI) Director Brian Driscoll to compile a list of all current and former FBI employees who were assigned “at any time” to a January 6 investigation “to determine whether any additional personnel actions are necessary.”
    Durbin began by asking Mr. Blanche about the insurrection at the Capitol on January 6, 2021.
    “As a former prosecutor, when you saw those scenes, did it cross your mind that it should be investigated?” Durbin asked.
    Mr. Blanche responded, “absolutely.”
    Durbin then asked Mr. Blanche, “If you are going to have a federal prosecution of the people who assaulted the Capitol, it would be understandable that you would turn to FBI agents to conduct the investigation. True?”
    Mr. Blanche responded, “Well, yes.”
    “Of course, during the course of conducting the largest criminal investigation in the history of the Department of Justice, it is no surprise that some 5,000 FBI agents were called on and assigned duties to investigate those crimes,” Durbin said.
    Durbin continued, “Do you understand what is going on now? They are asking for the names of all of the FBI agents who were engaged in that investigation to be disclosed… I am just wondering, in this situation, how you can justify disclosing the identities of these individuals, many of whom were given an assignment. Didn’t you tell me that when you were a U.S. Attorney you didn’t have the luxury of picking the cases you worked on? You were told, at least at the beginning, that this is what you’ll do.”
    Mr. Blanche responded, “That is true.”
    Durbin went on to detail the crimes that January 6th insurrectionists, recklessly pardoned by President Trump, committed during the storming of the U.S. Capitol, including the violent assaults on law enforcement officers. Guy Reffitt was the first defendant to stand trial on charges related to the January 6 insurrection. He was sentenced to 87 months in prison for bringing a firearm to the Capitol on January 6, 2021. Reffitt’s 19-year-old son, Jackson, turned him into law enforcement after the attack. Jackson also indicated that Reffitt had threatened to shoot him and his sister, Peyton, if they reported him to authorities.
    Just weeks after his pardon, Reffitt returned to the Capitol to support Kash Patel, who has been nominated to serve as FBI Director despite a troubling record of peddling conspiracy theories about January 6 and whistleblower reports that he is personally involved in the ongoing purge of senior law enforcement officials at the FBI. Reffitt posted on social media: “Present and in support of @KashPatel as the leftist commies continue to spew lies, misinformation and disinformation. My man Klean House Kash…!!!”
    “Can you understand why the FBI agents would be reluctant to disclose not only their names but perhaps the locations of their families in an effort to justify keeping their jobs if this kind of person is on the loose?” Durbin said. “Let me lay it on the table. Are you prepared to say that if your nomination is approved by the United States Senate, you would stop any effort to disclose this information that might jeopardize the safety of FBI agents?”
    Mr. Blanche responded, “I cannot sit here and commit to anything beyond that statement that we will never do anything to put the lives of the family or the agents of the Federal Bureau of Investigation in danger.”
    Durbin concluded, “There were 5,000 agents involved in this investigation, and they are now being asked to disclose if they were involved in it. I don’t think there is any precedent at the FBI of that kind of effort. And the impact it’s going to have on morale and the operation of that agency will not benefit the safety of Americans.”
    Video of Durbin’s questions in Committee is available here.
    Audio of Durbin’s questions in Committee is available here.
    Footage of Durbin’s questions in Committee is available here for TV Stations.
    -30-

    MIL OSI USA News

  • MIL-OSI New Zealand: Fiscal indicators in line with expectations

    Source: New Zealand Government

    The latest financial statements show the Government’s books are tracking broadly as expected, with some indicators in better shape than forecast at the Half Year Economic and Fiscal Update last year.
    The Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2024 were published by Treasury today.
    Treasury reports a $400 million improvement in the Government’s headline operating balance indicator, OBEGALx, compared to what was forecast. Net core Crown debt is $700 million lower than forecast.
    “The Government is committed to returning OBEGALx to surplus and to bringing net core Crown debt below 40 per cent of GDP,” Finance Minister Nicola Willis says.
    “Prudence with taxpayers’ money supports the Government’s work to grow the economy, invest in things that matter most to New Zealanders and build resilience to future shocks.”
    The publication of the statements coincides with the launch of the Government’s Going for Growth progress report, which lays out the work already underway, as well as the work planned, to grow New Zealand’s economy.
    “Economic growth supports the ability and speed with which we can rectify the Government’s financial position.”

    MIL OSI New Zealand News

  • MIL-OSI Global: Inflation is heating up again, putting pressure on Trump to cool it on tariffs

    Source: The Conversation – USA – By Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame

    Inflation is building again; but the housing industry may find it harder to do so as a result of Trump tariffs. Win McNamee/Getty Images

    Inflation figures released on Feb. 12, 2025, will come as a disappointment to Americans who hoped President Donald Trump would be true to his word on bringing down prices “on Day One.” It will also put pressure on the new administration to be wary of policies that may heat up inflation – and that includes tariffs.

    The consumer price index, which measures the change in prices paid by consumers for a representative basket of goods and services, rose unexpectedly from December to January by 0.5%. It means consumers are paying around 3% more on item prices than they were a year ago.

    Economists had been expecting the pace of inflation to slow in January.

    The news isn’t good for anyone concerned. It means inflation remains above the Federal Reserve’s long-run target of 2% – making it harder for the central bank to cut rates at its next meeting on March 19. At its last meeting, the rate-setting Federal Open Market Committee kept its benchmark federal funds rate unchanged at a range of 4.25-4.50%.

    Following the release of the latest inflation data, markets have a stronger conviction that the Fed will again hold rates steady when it meets in March.

    It also means more pain for consumers. Higher interest rates set by the Fed play a large role in determining rates for mortgages, credit cards and auto loans. If January’s rate of inflation were to continue throughout 2025, consumers would see a painful 6.2% annualized inflation rate.

    And although it would be churlish to link the latest jump in inflation to an administration just weeks old, it does put into focus the current slate of Trump economic policies. Economists have long warned that imposing tariffs on imports and cutting taxes does little to curb inflation – rather, they may contribute to faster price increases.

    Already, China has been hit by a 10% tariff on all products. Trump has also proposed a 25% tariff on all steel and aluminum imports, and he mulled imposing new tariffs on Canada and Mexico – two of the United States’ largest trading partners.

    I believe that if these wide-ranging tariffs come into effect, the Federal Reserve will have no choice but to keep rates elevated for the remainder of 2025.

    Revving up for higher car costs

    One of the largest drivers of inflation in January was rent increases, which accounted for nearly 30% of all items increase. Rents jumped 4.6% from a year earlier.

    If Trump’s tariffs on Canadian imports, like lumber, take effect, Americans can expect continued price increases in the homebuilding sector. Supply and demand imbalances remain a key driver for higher prices, so fewer houses being built due to higher materials cost will likely lead to higher rents.

    Consumers saw better news on new vehicle prices, which remained flat over the month and showed slight declines from a year ago.

    This is even as demand for new cars increased 2.5% over 2024. In January 2025, the number of new vehicles sold topped the same month a year earlier for the fifth month in a row.

    But as with homebuilding, any tariffs on the import of car parts or materials will impact the auto industry. Carmakers may have breathed an immediate breath of relief when Trump delayed new tariffs on Canada and Mexico. But if deals aren’t reached by the March 1 deadline, industry analysts expect immediate impacts on top sellers.

    And any higher cost of new cars will have a knock-on effect on used cars, which saw prices jump 2.2% in January – it’s largest increase since May 2023.

    Increased prices are no yoke! (groan)

    Of course, not all inflationary pressures are in the purview of government.

    The transportation sector, which includes insurance and parking fees, increased by 8% over the year. Insurance prices soared almost 12%, on the back of last year’s 20.6% increase in prices, while parking fees increased by almost 5% as a result of more expensive repairs and more dangerous driving behaviors.

    Meanwhile, with bird flu continuing to spread, egg prices rose a shocking 15.2% in January, and are 53% more expensive than at this time last year.

    All in all, voters who cited inflation as the main reason they were backing Trump may be feeling a little uneasy – the administration is only a few weeks old, but for one reason or other, Americans are experiencing ever higher prices with little relief in sight.

    Jason Reed 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. Inflation is heating up again, putting pressure on Trump to cool it on tariffs – https://theconversation.com/inflation-is-heating-up-again-putting-pressure-on-trump-to-cool-it-on-tariffs-249815

    MIL OSI – Global Reports

  • MIL-OSI Australia: Four charged over alleged aggravated armed robbery at Perth

    Source: Tasmania Police

    Four charged over alleged aggravated armed robbery at Perth

    Thursday, 13 February 2025 – 10:17 am.

    Four people have been charged over a targeted armed robbery at Perth.
    Police received a call from the victim of the alleged robbery on Tuesday evening after four people known to him forced their way into his residence.
    The victim was physically assaulted by one offender who was in possession of a baseball bat, but not seriously injured.
    The alleged offenders then left the scene with the victim’s vehicle, wallet and phone and a large amount of his property.
    Police quickly responded, and located the stolen vehicle a short time later at a Newnham residence.
    Four people – including a 32 Newnham woman, 29 year old Westbury man, 35 year old Newnham man, and 20 year old Launceston man, were located with the vehicle and arrested by police.
    All four have been charged with aggravated armed robbery and motor vehicle stealing and appeared in the Launceston Magistrates Court yesterday.
    They are due to appear again on March 11.
    Police would like to reassure the public this was a targeted incident involving people known to each other and there was no threat to the wider community.
    Investigations are ongoing.
    Anyone with information should contact police on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at crimestopperstas.com.au

    MIL OSI News