Category: Finance

  • MIL-OSI: Sky Quarry to Begin Trading Publicly on NASDAQ

    Source: GlobeNewswire (MIL-OSI)

    WOODS CROSS, Utah, Oct. 10, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry,” “SQI,” or the “Company”), an oil production, refining, and development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils, announced that its common stock will begin trading on the NASDAQ Capital Market today, October 10, 2024, at approximately 11:00am EST under the ticker symbol “SKYQ”.

    On October 9, 2024, Sky Quarry announced it closed a Public Offering of $6,708,030 through the sale of 1,118,005 shares of its Common Stock priced at $6.00 per share.

    Digital Offering, LLC, acted as the lead managing selling agent. Clyde Snow & Sessions, PC acted as counsel to Sky Quarry and Bevilacqua PLLC acted as counsel for the managing selling agent.

    For more information and additional investor materials, please visit the Company’s investor relations website here.

    About Sky Quarry Inc.

    Sky Quarry Inc. and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit http://www.skyquarry.com.

    Forward-Looking Statements

    This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.

    Investor Relations
    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    SKYQ@mzgroup.us
    http://www.mzgroup.us

    Company Website

    https://investor.skyquarry.com/

    The MIL Network

  • MIL-OSI: YY Group Holdings Limited Successfully Regains NASDAQ Compliance

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 10, 2024 (GLOBE NEWSWIRE) — YY Group Holding Limited (NASDAQ: YYGH) (“YY Group”, “YYGH”, or the “Company”), is pleased to announce that the company has regained compliance with NASDAQ’s Minimum Bid Price Rule, maintaining a consistent stock price above $1.00 for more than 12 consecutive business days.

    This achievement marks a key milestone in YYGH’s continued growth and recovery, after experiencing a low of $0.71 two months ago. The stock has risen by over 70%, to reach a peak at $1.295, averaging at $1.20 for the past 2 weeks, representing a significant improvement over the past 60 days. This growth highlights the market’s renewed confidence in the Company’s vision and the strength of its business model.

    Investor Support Key to Recovery

    The Company attributes this success to the unwavering support of its investors. In a market characterized by volatility, YYGH’s ability to stabilize and grow its stock price would not have been possible without the trust and confidence of its shareholders. The Company’s leadership recognizes the importance of its investor relationships and is committed to delivering long-term value through strategic initiatives and operational excellence.

    Chief Executive Officer and Executive Director, Mike Fu, expressed his gratitude, stating: “We are incredibly grateful for the support of our investors during this crucial time. Their confidence in YY Group’s future has been a vital component of our ability to regain compliance with NASDAQ’s standards. As we look ahead, our commitment to innovation, excellence, and shareholder value remains stronger than ever.”

    Looking Ahead

    As part of its forward strategy, YYGH is dedicated to driving sustainable growth by leveraging technological advancements and exploring opportunities in new markets. The recent expansions into the UAE have resulted in positive outcomes with contracts signed with 5-star hotels such as Sofitel Al Hamra and DoubleTree by Hilton. Excitedly, the company has also expanded into the European market, with the United Kingdom as its first point of entry.

    About YY Holdings Limited:
    YY Group Holding Limited is a Singapore-based data and technology-driven company that specializes in creating enterprise intelligent labor matching services and smart cleaning solutions. Rooted in innovation and a commitment to user-centric experiences, YY Circle leverages app-based technology to optimize the labor sourcing market and the Internet of Things to revolutionize the cleaning industry.

    For more information on the Company, please log on to https://yygroupholding.com/.

    Investor Contact:
    Phua Zhi Yong, Chief Financial Officer
    YY Group
    Enquiries@yygroupholding.com

    The MIL Network

  • MIL-OSI: Ormat Technologies Inc. Secures Land Parcels in Nevada’s BLM Auction to Advance Future Geothermal Development

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Oct. 10, 2024 (GLOBE NEWSWIRE) — Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced it has successfully secured multiple land parcels in Nevada’s Annual Bureau of Land Management (BLM) Auction. These lease acquisitions will significantly support Ormat’s ongoing exploration and expansion efforts in the state, further strengthening the company’s commitment to advancing renewable energy solutions and meeting Nevada’s increasing demand for sustainable energy.

    The newly leased parcels hold substantial potential for geothermal energy production including a new greenfield prospect, an expansion opportunity for an existing operational asset, and several additional parcels that will enhance Ormat’s land position on an existing greenfield prospect.

    “We believe the parcels we successfully won have a high success rate that will support our growth in the U.S.,” said Doron Blachar, CEO of Ormat Technologies Inc. “Our team is dedicated to exploring and developing these resources to their fullest potential, providing reliable and eco-friendly energy to the people of Nevada.”

    By leveraging nearly 60 years of advanced technologies and industry expertise, Ormat is an industry leader in geothermal energy production and environmental stewardship.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,420MW with a 1,230MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 190MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives.  Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    Ormat Technologies Contact:
    Smadar Lavi
    VP Head of IR and ESG Planning & Reporting
    775-356-9029 (ext. 65726)
    slavi@ormat.com
    Investor Relations Agency Contact:
    Alec Steinberg or Joseph Caminiti
    Alpha IR Group
    312-445-2870
    ORA@alpha-ir.com

    The MIL Network

  • MIL-OSI Russia: Financial News: The autumn cycle of webinars “Fintrek” for students and teachers will begin on October 23

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    In the new season, participants will have 5 webinars with representatives of the Bank of Russia and financial market experts. “Fintrek” is a unique opportunity to learn first-hand why inflation occurs, what generative artificial intelligence is, who are drops and what should a person do who is involved in droppering. They will also tell you where to start your career path and how to achieve success. The topics were selected taking into account the feedback from participants of the last season of “Fintrek”.

    Alexander Auzan, Dean of the Faculty of Economics at Lomonosov Moscow State University, speaker of the 2023 Fintrek fall season, notes: “The financial market is a puzzle of a thousand pieces that can only be assembled by understanding how these pieces are interconnected. The Fintrek webinar series will help students discover these connections with the help of experts who see every detail from the inside, find common ground between them, and assemble them into a single picture.”

    Classes will be held on Wednesdays at 10:00 Moscow time. It is no longer necessary to adjust your plans to the webinar schedule – the recordings will be posted on the Fintrek platform, and you can watch them at any convenient time. You only need to register onproject website.

    Every week, registered participants will be given away a prize of branded merch.

    Upon completion of the classes, students will be able to receive a personal certificate, which will be useful for a personal portfolio. To do this, you need to pass the entrance test until October 23 inclusive, watch all the webinars and successfully pass the final test.

    The autumn season will last until November 20. All information will be posted in the project community VKontakteAndtelegram channelHere you can also send a question to the speakers and receive an answer.

    Students from 1,500 universities from 89 regions of Russia took part in the last season of Fintrek, which took place in the spring of 2024. The most popular topics were “Investment Trends 2024”, “Loans and Installments”.

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

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

    http://vvv.kbr.ru/press/event/?id=21072

    MIL OSI Russia News

  • MIL-OSI United Kingdom: Press release: Tidalwave of clean energy investment worth billions unlocked ahead of Investment Summit

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.

    • Thousands of jobs in energy sector to be created across the UK up to £24 billion worth of investment secured ahead of International Investment Summit.
    • Boost for clean energy industries demonstrates vote of confidence in UK and government’s growth mission.
    • Comes as Prime Minister puts investment and growth at heart of first Council of Nations and Regions meeting in Scotland today.

    Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.        

    The investments confirmed by private investors today will deliver growth in the clean energy sector across our nations and regions, from Yorkshire to Suffolk and Aberdeen to Stow, representing a huge vote of confidence in the UK and long-term growth.       

    Driven by the government’s clear path to growth creating the conditions for businesses to thrive, the billions worth of investments from leading companies include Iberdrola – one of the biggest energy companies in Europe – doubling their investment in the UK, Orsted unlocking £8bn and GreenVolt £2.5bn of investment in offshore wind farms, and SeAh Wind UK announcing a £225 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.   

    In only 100 days, the government has overturned the nine-year onshore wind ban in 72 hours, consented more solar than ever before, secured the most successful renewable auction round in history, and launched Great British Energy.     

    Prime Minister Keir Starmer said:    

    Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.

    Whether you’re in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.

    Today I’m convening the first ever Council of Nations and Regions, because it is when we work together in the spirit of genuine partnership, that we can deliver the real change people want to see and improve opportunities for all.  

    Iberdrola Executive Chairman Ignacio Galán said:    

    After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.

    This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.

    The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to deepen our partnership to drive investment and growth.    

    It also comes as the Prime Minister today convenes the first Council of the Nations and Regions, delivering on a manifesto promise to rewire the way UK Government operates. Focussed on investment and growth, the Council will see First Ministers and Deputy First Minister from the Devolved Governments come together with regional mayors to collaborate and seize opportunities to secure long-term investment and boost growth. The agenda, agreed with attendees, includes discussion on how to boost growth and inward investment across the UK, including through an industrial strategy and the Investment Summit.    

    The Prime Minister will also hold bilateral meetings and a joint meeting with the Devolved Government First Ministers and Deputy First Minister focussed on supporting intergovernmental relations as we continue to reset our relationship and work together to deliver for people across the UK.     

    Today’s investments include:    

    • Iberdrola doubling their investment in the UK, through Scottish Power, from £12bn to £24bn over the next 4 years, which includes £4bn for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan has also today confirmed that the UK has become their largest Investment destination.
    • Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8bn (Orsted) and £2.5bn (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
    • SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
    • Macquarie supporting investment of £1.3bn into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
    • BW Group proceeding with a £300m investment into a new battery energy storage project in Birmingham.
    • Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for Hinkley Point C and likely Sizewell C power stations. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.     

    Mads Nipper, CEO of Ørsted A/S said:    

    The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.

    Lord Nicol Stephen, Chief Executive of Flotation Energy said:  

    Green Volt is a trailblazing, multibillion pound floating offshore wind project which will kickstart jobs and investment by companies right across the UK offshore supply chain. The choice of our HQ in Aberdeen is clear evidence of our strong commitment to support local jobs and businesses wherever possible.

    Chris Sohn, Chief Executive of SeAH Wind, said:    

    With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalization. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.

    Andreas Sohmen-Pao, Chairman of BW Group, said:     

    BW Group is delighted to announce that its subsidiary BW ESS intends to shortly begin construction on two large battery projects in the Midlands – Hams Hall and Berkswell – with a combined capacity of 600 MW. These projects represent a major step forward in enhancing the UK’s energy infrastructure and supporting the transition to renewables.

    I am encouraged by the UK government’s commitment to the clean energy transition and our announcement today highlights BW Group’s commitment to strengthening our presence in the UK and contributing to the growth of the clean energy sector.

    Shemara Wikramanayake, Chief Executive Officer of Macquarie Group, said:   

    We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities. We are fully invested in the UK’s success and look forward to playing our part in delivering the investment the country needs.

    Dr Rick Springman, Holtec’s President of Global Clean Energy Opportunities, said:   

    Holtec has been part of the UK’s nuclear fabric for over 30 years. We recognise the UK’s long-term commitment to nuclear energy to drive forward government missions on clean energy and economic growth.

    Our planned advanced manufacturing factory in South Yorkshire will bring thousands of skilled, highly-paid engineering jobs to the region while supporting tens of thousands more in the UK’s wider manufacturing supply chains.

    The potential size of the prize of this investment is significant. Depending on future SMR order books it could open up a £30bn export market over ten years adding billions of pounds to the UK economy. Over the coming months Holtec will be finalising its full factory plans and designs based on its UK and international order book.

    This follows the announcement earlier this week that up to 500 UK manufacturing jobs are set to be supported as bus operator Go Ahead confirms a major £500 million investment to decarbonise its fleet including. This includes creating a new dedicated manufacturing line and partnership with Northern Ireland-based UK bus manufacturer Wrightbus.    

    Yesterday, the Department for Energy Security & Net Zero gave the green light for a new scheme to help unlock billions in investment in energy storage infrastructure. This could see the first significant long duration energy storage facilities in nearly 4 decades, helping to create back up renewable power and bolster the UK’s energy security.    

    And it also builds on the Government confirming funding to launch the UK’s first carbon capture sites in Teesside and Merseyside. Two new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, in a boost for the economy and British industry, helping remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Tidalwave of clean energy investment worth billions unlocked ahead of Investment Summit

    Source: United Kingdom – Executive Government & Departments

    Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.

    • Thousands of jobs in energy sector to be created across the UK up to £24 billion worth of investment secured ahead of International Investment Summit.
    • Boost for clean energy industries demonstrates vote of confidence in UK and government’s growth mission.
    • Comes as Prime Minister puts investment and growth at heart of first Council of Nations and Regions meeting in Scotland today.

    Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.        

    The investments confirmed by private investors today will deliver growth in the clean energy sector across our nations and regions, from Yorkshire to Suffolk and Aberdeen to Stow, representing a huge vote of confidence in the UK and long-term growth.       

    Driven by the government’s clear path to growth creating the conditions for businesses to thrive, the billions worth of investments from leading companies include Iberdrola – one of the biggest energy companies in Europe – doubling their investment in the UK, Orsted unlocking £8bn and GreenVolt £2.5bn of investment in offshore wind farms, and SeAh Wind UK announcing a £225 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.   

    In only 100 days, the government has overturned the nine-year onshore wind ban in 72 hours, consented more solar than ever before, secured the most successful renewable auction round in history, and launched Great British Energy.     

    Prime Minister Keir Starmer said:    

    Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.

    Whether you’re in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.

    Today I’m convening the first ever Council of Nations and Regions, because it is when we work together in the spirit of genuine partnership, that we can deliver the real change people want to see and improve opportunities for all.  

    Iberdrola Executive Chairman Ignacio Galán said:    

    After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.

    This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.

    The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to deepen our partnership to drive investment and growth.    

    It also comes as the Prime Minister today convenes the first Council of the Nations and Regions, delivering on a manifesto promise to rewire the way UK Government operates. Focussed on investment and growth, the Council will see First Ministers and Deputy First Minister from the Devolved Governments come together with regional mayors to collaborate and seize opportunities to secure long-term investment and boost growth. The agenda, agreed with attendees, includes discussion on how to boost growth and inward investment across the UK, including through an industrial strategy and the Investment Summit.    

    The Prime Minister will also hold bilateral meetings and a joint meeting with the Devolved Government First Ministers and Deputy First Minister focussed on supporting intergovernmental relations as we continue to reset our relationship and work together to deliver for people across the UK.     

    Today’s investments include:    

    • Iberdrola doubling their investment in the UK, through Scottish Power, from £12bn to £24bn over the next 4 years, which includes £4bn for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan has also today confirmed that the UK has become their largest Investment destination.
    • Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8bn (Orsted) and £2.5bn (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
    • SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
    • Macquarie supporting investment of £1.3bn into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
    • BW Group proceeding with a £300m investment into a new battery energy storage project in Birmingham.
    • Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for Hinkley Point C and likely Sizewell C power stations. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.     

    Mads Nipper, CEO of Ørsted A/S said:    

    The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.

    Lord Nicol Stephen, Chief Executive of Flotation Energy said:  

    Green Volt is a trailblazing, multibillion pound floating offshore wind project which will kickstart jobs and investment by companies right across the UK offshore supply chain. The choice of our HQ in Aberdeen is clear evidence of our strong commitment to support local jobs and businesses wherever possible.

    Chris Sohn, Chief Executive of SeAH Wind, said:    

    With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalization. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.

    Andreas Sohmen-Pao, Chairman of BW Group, said:     

    BW Group is delighted to announce that its subsidiary BW ESS intends to shortly begin construction on two large battery projects in the Midlands – Hams Hall and Berkswell – with a combined capacity of 600 MW. These projects represent a major step forward in enhancing the UK’s energy infrastructure and supporting the transition to renewables.

    I am encouraged by the UK government’s commitment to the clean energy transition and our announcement today highlights BW Group’s commitment to strengthening our presence in the UK and contributing to the growth of the clean energy sector.

    Shemara Wikramanayake, Chief Executive Officer of Macquarie Group, said:   

    We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities. We are fully invested in the UK’s success and look forward to playing our part in delivering the investment the country needs.

    Dr Rick Springman, Holtec’s President of Global Clean Energy Opportunities, said:   

    Holtec has been part of the UK’s nuclear fabric for over 30 years. We recognise the UK’s long-term commitment to nuclear energy to drive forward government missions on clean energy and economic growth.

    Our planned advanced manufacturing factory in South Yorkshire will bring thousands of skilled, highly-paid engineering jobs to the region while supporting tens of thousands more in the UK’s wider manufacturing supply chains.

    The potential size of the prize of this investment is significant. Depending on future SMR order books it could open up a £30bn export market over ten years adding billions of pounds to the UK economy. Over the coming months Holtec will be finalising its full factory plans and designs based on its UK and international order book.

    This follows the announcement earlier this week that up to 500 UK manufacturing jobs are set to be supported as bus operator Go Ahead confirms a major £500 million investment to decarbonise its fleet including. This includes creating a new dedicated manufacturing line and partnership with Northern Ireland-based UK bus manufacturer Wrightbus.    

    Yesterday, the Department for Energy Security & Net Zero gave the green light for a new scheme to help unlock billions in investment in energy storage infrastructure. This could see the first significant long duration energy storage facilities in nearly 4 decades, helping to create back up renewable power and bolster the UK’s energy security.    

    And it also builds on the Government confirming funding to launch the UK’s first carbon capture sites in Teesside and Merseyside. Two new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, in a boost for the economy and British industry, helping remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Economics: Jordan — IMF Staff Conclude Article IV Discussions and Reach Staff Level Agreement on the Second Review under the Extended Fund Facility

    Source: International Monetary Fund

    October 10, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the Jordanian authorities have reached a staff level agreement on the second review under the Extended Fund Facility (EFF). All commitments for the second review under the program have been met, demonstrating the authorities’ steadfast commitment to sound macro-economic policies and continued progress on reforms.
    • Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused by the intensifying conflict in the region. Jordan’s economy is expected to grow by 2.3 percent in 2024 and 2.5 percent in 2025. However, strong and timely international support remains important to help Jordan face the external headwinds, and to continue to shoulder the cost of hosting a large number of Syrian refugees.
    • Bringing the Jordanian economy onto a higher growth trajectory is essential to create more jobs and raise prosperity. This requires accelerating structural reforms, while maintaining macro-economic stability, and making significant progress in implementing the authorities’ Economic Modernization Vision.

    Amman: A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, visited Amman during September 30–October 10, 2024, for discussions on the 2024 Article IV consultation and the second review under the arrangement under the IMF’s Extended Fund Facility (EFF), which was approved by the IMF’s Executive Board on January 10, 2024 (Press Release).

    At the conclusion of the mission, Mr. van Rooden issued the following statement:

    “We are pleased to announce that the IMF team and the Jordanian authorities reached a staff-level agreement on the second review of the authorities’ economic reform program supported by the EFF arrangement, approved in January of this year. Program performance continues to be strong, despite a challenging external environment. All quantitative performance criteria and structural benchmarks for the second review were met and steady progress is being made toward achieving the program’s overall objectives, including good progress toward meeting benchmarks for future reviews. The agreement is subject to approval by the IMF’s management and the Executive Board. The completion of this review will make another SDR 97.784 million (about US$131 million) available, out of the previously approved program size of SDR 926.370 million (about US$1.2 billion).  

    “Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused by the intensifying conflict in the region. This resilience is the result of the authorities’ continued pursuit of sound macro-economic policies and reform progress. The recent upgrades to Jordan’s credit ratings, the first in over 20 years, testify to the credibility of the authorities’ economic policies.

    “Nonetheless, as the conflict continues and widens, it is having a larger impact on Jordan’s economy than anticipated at the outset of the program. The economy is projected to grow by 2.3 percent this year, with weaker domestic demand offset by a stronger performance in net exports. Growth is projected at 2.5 percent for 2025. Inflation remains low, at 2 percent, thanks to the Central Bank of Jordan’s (CBJ) firm commitment to monetary stability and safeguarding the exchange rate peg. The financial sector remains healthy and well capitalized. The current account deficit is projected to narrow to 4.4 percent of GDP this year, helping to further build the CBJ’s reserve buffers, and to widen slightly to 4.7 percent of GDP in 2025.

    “Government revenues have been adversely affected this year by the weaker domestic demand, as well as a sharper-than-expected drop in the prices of key export commodities. The authorities have taken strong actions to offset the revenue shortfall to contain this year’s central government budget deficit. With this, the authorities are committed to limit this year’s central government primary deficit (excluding grants and transfers to public utilities) to 2.9 percent of GDP, up slightly from 2.7 percent of GDP in 2023. Together with measures taken to limit the operational losses of the utility companies and continued surpluses of the social security system, the overall general government primary deficit (excluding grants) is expected to remain broadly unchanged this year, at 1.3 percent of GDP, compared to 1.4 percent in 2023, and public debt to be contained at just over 90 percent of GDP by end-2024.

    “The authorities are firmly committed to continue to implement sound macro-economic policies to maintain stability and to advance structural reforms needed to further strengthen the resilience of Jordan’s economy and to improve people’s living standards, as envisaged also in their Economic Modernization Vision. Notably, fiscal policy aims to reduce public debt to 80 percent of GDP by 2028 to ensure fiscal sustainability, by advancing a gradual fiscal consolidation, including limiting the central government primary deficit (excluding grants and transfers to the public utilities) to 2 percent of GDP in 2025. With further efforts to improve the finances of the public utilities and continued surpluses of the social security system, the overall general government primary deficit (excluding grants) will be reduced by 1.1 percent of GDP to 0.2 percent of GDP. The CBJ’s monetary policy will continue to be underpinned by its firm commitment to the exchange rate peg to the US dollar and to maintain low inflation, and the CBJ stands ready to undertake policy adjustments as necessary to credibly safeguard monetary and financial stability.

    “The authorities are determined to step up the pace of structural reforms to achieve stronger growth and generate more jobs, which is particularly important given that unemployment remains high, particularly among the youth and women. Reforms will focus on improving the business environment, to attract more investment, by enhancing competition and labor market flexibility, while further strengthening the social safety net. Efforts will also focus on streamlining regulation and digitalization of government services, including tax and customs administration.  

    “The staff team is grateful to the authorities for the candid and constructive discussions. The team met with Prime Minister Hassan, Minister of Finance Shibli, Minister of Planning and International Cooperation Toukan, Minister of Economic Affairs Shehadeh, Governor of the Central Bank of Jordan Al-Sharkas; and other Ministers and senior government and CBJ officials.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    @IMFSpokesperson

    MIL OSI Economics

  • MIL-OSI: Pieridae to Hold Conference Call and Webcast to Discuss Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

    CALGARY, Alberta, Oct. 10, 2024 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) will release its financial and operating results for the third quarter 2024, on Wednesday, November 6, 2024, after markets close.

    President & Chief Executive Officer Darcy Reding and Chief Financial Officer Adam Gray will discuss the financial results and company developments on an investor conference call and webcast on Thursday, November 7, 2024, at 8:30 a.m. MST / 10:30 a.m. EST.

    To register to participate via webcast please follow this link:

    https://edge.media-server.com/mmc/p/x7jqdags

    Alternatively, to register to participate by telephone please follow this link:

    https://register.vevent.com/register/BI1c44d36dab364545b0c536614eb099d8

    A replay of the webcast will be available two hours after the conclusion of the event and may be accessed using the webcast link above.

    ABOUT PIERIDAE

    Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, natural gas liquids, condensate, and sulphur from the Canadian Foothills and adjacent areas in Alberta and in northeast British Columbia. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs. Pieridae’s Common Shares trade on the TSX under the symbol “PEA”.

    For further information, visit http://www.pieridaeenergy.com, or please contact:

    Darcy Reding, President and Chief Executive Officer
    Telephone: (403) 261-5900
    Adam Gray, Chief Financial Officer
    Telephone: (403) 261-5900
       
    Investor Relations
    investors@pieridaeenergy.com
     

    The MIL Network

  • MIL-OSI USA: Warren, Wyden, Porter Call on Treasury, IRS to Improve Direct File by Ending Reliance on ID.me, Making Identity Verification Secure and Accessible

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    October 09, 2024
    “[Taxpayers] should not be forced to jump through extra, onerous, hoops that private tax prep companies are not required to meet.”
    Text of Letter (PDF)
    Boston, MA – U.S. Senators Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, Ron Wyden (D-Ore.), Chair of the Senate Finance Committee, and Representative Katie Porter (D-Calif.) wrote to the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) urging the agencies to make the Direct File tax filing program more accessible by ending reliance on ID.me, which uses a flawed facial recognition software.
    When Direct File, the first free, public, electronic federal tax filing tool in U.S. history, launched, the IRS announced that taxpayers would need to submit to identity verification through ID.me because it met the IRS’ desired level of strictness, “Identity Assurance Level 2” (IAL 2). IAL 2 is the middle of three “levels” of national identity verification standards, and requires an applicant’s face to be compared to a government ID using facial recognition software or by a human. But the facial recognition technology used by ID.me has been shown to be less accurate when dealing with vulnerable groups, including individuals of color, and has been linked to wrongful arrests of black men. This heightened identity verification is required for the Direct File service and not for commercial tax preparation services. 
    “Requiring them to use ID.me is creating yet another needless barrier to exactly these taxpayers who need Direct File most to claim tax benefits, as it has been with other government benefits,” wrote the lawmakers. 
    Private tax preparation companies are not judged against IAL standards but operate at the equivalent of a level 1 by just having users simply assert their identity.  The private tax preparation companies have also egregiously misused private taxpayer information, and Direct File allows taxpayers the option to not give their money and personal information to private companies when filing their taxes. Login.gov, a government-run identity verification alternative, is expected to be compliant with existing IAL 2 standards, making it available for the 2025 tax season. 
    The IRS’ current approach to security does not make sense. 
    “If the threat posed by identity thieves and fraudsters is severe enough to warrant requiring taxpayers to submit to identity verification…then the IRS should require such security protections, across the board, regardless of whether taxpayers use Direct File, commercial services like TurboTax and H&R Block…,” the lawmakers continued. “Alternatively, if the threat posed by identity thieves is not serious enough for the IRS to require commercial tax prep companies to implement burdensome identity verification, then taxpayers using Direct File should not be required to do so either.” 
    The 2024 Direct File pilot was a clear and resounding success, helping taxpayers claim over $90 million in tax refunds and saving taxpayers $5.6 million in estimated filing fees. The IRS recently announced that it will expand service to 24 states and over 30 million taxpayers for the 2025 tax season. In order to keep Direct File serving taxpayers effectively, the lawmakers requested answers from the Treasury and the IRS about the impact of ID.me on taxpayers’ access to Direct File and potential alternatives to ID.me by October 21, 2024. 
    Senator Warren has been at the forefront of holding tax prep firms and Big Tech accountable for their behavior, and pushed for an effective IRS direct free file program:
    In June 2023, Senators Warren and Carper and Representatives Sherman, Porter, and Beyer led a coalition of 99 Democratic lawmakers in sending a letter to Internal Revenue Service (IRS) Commissioner Daniel Werfel and Deputy Treasury Secretary Adewale Adeyemo, applauding the IRS’ announcement of a pilot  of a free tax filing tool next year. 
    In April 2023, Senators Warren and Carper led their colleagues in sending a letter to IRS Commissioner Daniel Werfel urging the agency to simplify the tax process and broaden access to free e-filing options.
    In April 2023, at a hearing of the Senate Finance Committee, Senator Warren questioned Internal Revenue Service (IRS) Commissioner Daniel Werfel about the IRS’s failed Free-File partnership with private tax preparation software companies and called on the agency to implement a direct E-File program that will be truly free and easy for millions of Americans. 
    Commission Werfel agreed with Senator Warren that the gap between the 70% of taxpayers that Free File is supposed to serve and the 2% it actually does is “massive.”  When Senator Warren pointed out that tax prep companies are instead pushing alternative services that should be free, are marketed as free, but are not, Commissioner Werfel also agreed that “the whole process needs to be improved,” that taxpayer rights have been violated, and the IRS has an obligation to make “the tax system easier for taxpayers to navigate.”

    In March 2023, Senators Warren and King wrote a letter with 19 other senators to the Internal Revenue Service and Secretary Yellen expressing strong support for Secretary Yellen’s directive for the IRS not to raise audit rates for small businesses or households making under $400,000 annually. 
    In December 2022, Senators Warren and Wyden, along with Representatives Porter and Sherman sent letters to tax preparation companies H&R Block, TaxAct, and TaxSlayer, plus big tech firms Meta, and Google, amid reports that the tax preparation companies have been secretly transmitting individual taxpayers’ sensitive financial information to Meta and Google.
    In July 2022, Senator Warren led 22 of her colleagues in introducing the Tax Filing Simplification Act of 2022 to simplify the tax filing process for millions of Americans by lowering costs, eliminating red tape for all taxpayers, and saving them hours and hundreds of dollars. 
    During an exchange of the United States Senate Finance Committee in June 2022, U.S. Treasury Secretary Janet Yellen agreed with Senator Warren on the need to create a free tax filing system that actually works for Americans.

    MIL OSI USA News

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 09.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    9 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 09.10.2024

    Espoo, Finland – On 9 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,278,616 4.04
    CEUX 800,000 4.04
    BATE
    AQEU
    TQEX
    Total 2,078,616 4.04

    * Rounded to two decimals

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

    Total cost of transactions executed on 9 October 2024 was EUR 8,397,193. After the disclosed transactions, Nokia Corporation holds 161,596,221 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

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

    Inquiries:

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

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

    Attachment

    The MIL Network

  • MIL-OSI Security: FBI San Francisco Releases Local Data from 2023 Cryptocurrency Fraud Report

    Source: Federal Bureau of Investigation (FBI) State Crime News

    With Cybersecurity Awareness Month in full swing, the FBI urges the public to stay vigilant

    The FBI’s 2023 Cryptocurrency Fraud Report reveals that California experienced the highest cryptocurrency-related losses in the nation, totaling $1.15 billion. Within the FBI San Francisco Field Office’s territory, losses amounted to $260,313,902, with 1,226 victims across 15 counties, including Alameda, San Francisco, and Santa Clara. Nationally, the FBI’s Internet Crime Complaint Center received more than 69,000 complaints from the public regarding cyber-enabled crime and financial fraud involving the use of cryptocurrency, with over $5.6 billion in reported losses.

    Criminal actors exploit cryptocurrencies for all schemes, to include tech support, confidence and romance, investment and government impersonation scams. Investment fraud was the most reported cryptocurrency scheme in 2023, and also saw the most reported losses, with about $3.9 billion lost.

    “Cryptocurrency’s rapid adoption has made it a prime target for fraudsters,” said Special Agent in Charge Robert Tripp. “We urge the public to stay vigilant and to report any suspected fraud to the FBI through the Internet Crime Complaint Center at ic3.gov.”

    FBI San Francisco encourages the public to submit reports of fraud, or suspected fraud, through ic3.gov, even if a financial loss did not occur.

    Below are some tips to protect yourself from cryptocurrency schemes:

    • Criminals will seek to instill a sense of urgency and isolation.
    • When receiving an unsolicited call by an unknown caller claiming to work for a well-known company or government agency, hang up, independently research the company or agency’s publicly published phone number and call it to confirm authenticity of the original call.
    • No legitimate law enforcement or government official will call to demand payment via a cryptocurrency kiosk.
    • Never give personally identifying information to anyone without verifying the person is who they say they are.
    • Verify the validity of any investment opportunity strangers or long-lost contacts offer on social media websites. If you have never met an individual in real life, be very cautious of accepting investment advice or opportunities.
    • Be on the lookout for domain or website names that impersonate legitimate financial institutions, especially cryptocurrency exchanges.
    • Fraudulent businesses often use website addresses that mimic real financial institutions, but are often slightly different, to convince people the fraudulent website is legitimate.
    • Do not download or use suspicious-looking apps as a tool for investing unless you can verify the legitimacy of the app.
    • If an investment opportunity sounds too good to be true, it likely is. Be cautious of get-rich-quick schemes.

    If you believe you are a victim of fraud or someone you know—regardless of financial loss—and you are not under imminent threat, please report the fraud to FBI’s Internet Crime Complaint Center at ic3.gov or call FBI San Francisco at (415) 553-7400.

    View the full 2023 Cryptocurrency Fraud Report

    For more information or media inquiries, email Media.sf@fbi.gov.

    MIL Security OSI

  • MIL-OSI USA: NASA’s Hubble, New Horizons Team Up for a Simultaneous Look at Uranus

    Source: NASA

    6 min read

    Download this image

    NASA’s Hubble Space Telescope and New Horizons spacecraft simultaneously set their sights on Uranus recently, allowing scientists to make a direct comparison of the planet from two very different viewpoints. The results inform future plans to study like types of planets around other stars.

    Astronomers used Uranus as a proxy for similar planets beyond our solar system, known as exoplanets, comparing high-resolution images from Hubble to the more-distant view from New Horizons. This combined perspective will help scientists learn more about what to expect while imaging planets around other stars with future telescopes.

    “While we expected Uranus to appear differently in each filter of the observations, we found that Uranus was actually dimmer than predicted in the New Horizons data taken from a different viewpoint,” said lead author Samantha Hasler of the Massachusetts Institute of Technology in Cambridge and New Horizons science team collaborator.

    In this image, two three-dimensional shapes (top) of Uranus are compared to the actual views of the planet from NASA’s Hubble Space Telescope (bottom left) and NASA’s New Horizon’s spacecraft (bottom right). Comparing high-resolution images from Hubble to the smaller view from New Horizons offers a combined perspective that will help researchers learn more about what to expect while imaging planets around other stars with future observatories.
    NASA, ESA, STScI, Samantha Hasler (MIT), Amy Simon (NASA-GSFC), New Horizons Planetary Science Theme Team; Image Processing: Joseph DePasquale (STScI), Joseph Olmsted (STScI)

    Download this image

    Direct imaging of exoplanets is a key technique for learning about their potential habitability, and offers new clues to the origin and formation of our own solar system. Astronomers use both direct imaging and spectroscopy to collect light from the observed planet and compare its brightness at different wavelengths. However, imaging exoplanets is a notoriously difficult process because they’re so far away. Their images are mere pinpoints and so are not as detailed as the close-up views that we have of worlds orbiting our Sun. Researchers can also only directly image exoplanets at “partial phases,” when only a portion of the planet is illuminated by their star as seen from Earth.

    Uranus was an ideal target as a test for understanding future distant observations of exoplanets by other telescopes for a few reasons. First, many known exoplanets are also gas giants similar in nature. Also, at the time of the observations, New Horizons was on the far side of Uranus, 6.5 billion miles away, allowing its twilight crescent to be studied—something that cannot be done from Earth. At that distance, the New Horizons view of the planet was just several pixels in its color camera, called the Multispectral Visible Imaging Camera.

    On the other hand, Hubble, with its high resolution, and in its low-Earth orbit 1.7 billion miles away from Uranus, was able to see atmospheric features such as clouds and storms on the day side of the gaseous world.

    “Uranus appears as just a small dot on the New Horizons observations, similar to the dots seen of directly-imaged exoplanets from observatories like Webb or ground-based observatories,” added Hasler. “Hubble provides context for what the atmosphere is doing when it was observed with New Horizons.”

    The gas giant planets in our solar system have dynamic and variable atmospheres with changing cloud cover. How common is this among exoplanets? By knowing the details of what the clouds on Uranus looked like from Hubble, researchers are able to verify what is interpreted from the New Horizons data. In the case of Uranus, both Hubble and New Horizons saw that the brightness did not vary as the planet rotated, which indicates that the cloud features were not changing with the planet’s rotation.

    However, the importance of the detection by New Horizons has to do with how the planet reflects light at a different phase than what Hubble, or other observatories on or near Earth, can see. New Horizons showed that exoplanets may be dimmer than predicted at partial and high phase angles, and that the atmosphere reflects light differently at partial phase.

    NASA has two major upcoming observatories in the works to advance studies of exoplanet atmospheres and potential habitability.

    “These landmark New Horizons studies of Uranus from a vantage point unobservable by any other means add to the mission’s treasure trove of new scientific knowledge, and have, like many other datasets obtained in the mission, yielded surprising new insights into the worlds of our solar system,” added New Horizons principal investigator Alan Stern of the Southwest Research Institute.

    This illustration shows NASA’s New Horizons spacecraft’s view of our solar system from deep in the Kuiper Belt. New Horizons is currently at an estimated distance of more than 5 billion miles from Earth. The probe was 6.5 billion miles away from Uranus when it recently observed the planet. In this study, researchers used the gas giant as an exoplanet proxy, comparing high-resolution images from NASA’s Hubble Space Telescope to the smaller view from New Horizons to learn more about what to expect while imaging planets around other stars.
    NASA, ESA, Christian Nieves (STScI), Ralf Crawford (STScI), Greg Bacon (STScI)

    Download this image

    NASA’s upcoming Nancy Grace Roman Space Telescope, set to launch by 2027, will use a coronagraph to block out a star’s light to directly see gas giant exoplanets. NASA’s Habitable Worlds Observatory, in an early planning phase, will be the first telescope designed specifically to search for atmospheric biosignatures on Earth-sized, rocky planets orbiting other stars.

    “Studying how known benchmarks like Uranus appear in distant imaging can help us have more robust expectations when preparing for these future missions,” concluded Hasler. “And that will be critical to our success.”

    Launched in January 2006, New Horizons made the historic flyby of Pluto and its moons in July 2015, before giving humankind its first close-up look at one of these planetary building block and Kuiper Belt object, Arrokoth, in January 2019. New Horizons is now in its second extended mission, studying distant Kuiper Belt objects, characterizing the outer heliosphere of the Sun, and making important astrophysical observations from its unmatched vantage point in distant regions of the solar system.

    The Uranus results are being presented this week at the 56th annual meeting of the American Astronomical Society Division for Planetary Sciences, in Boise, Idaho.

    The Hubble Space Telescope has been operating for over three decades and continues to make ground-breaking discoveries that shape our fundamental understanding of the universe. Hubble is a project of international cooperation between NASA and ESA (European Space Agency). NASA’s Goddard Space Flight Center in Greenbelt, Maryland, manages the telescope and mission operations. Lockheed Martin Space, based in Denver, Colorado, also supports mission operations at Goddard. The Space Telescope Science Institute in Baltimore, Maryland, which is operated by the Association of Universities for Research in Astronomy, conducts Hubble science operations for NASA.

    The Johns Hopkins Applied Physics Laboratory (APL) in Laurel, Maryland, built and operates the New Horizons spacecraft and manages the mission for NASA’s Science Mission Directorate. Southwest Research Institute, based in San Antonio and Boulder, Colorado, directs the mission via Principal Investigator Alan Stern and leads the science team, payload operations and encounter science planning. New Horizons is part of NASA’s New Frontiers program, managed by NASA’s Marshall Space Flight Center in Huntsville, Alabama.

    Media Contacts:

    Claire AndreoliNASA’s Goddard Space Flight Center, Greenbelt, MDclaire.andreoli@nasa.gov

    Hannah Braun, Ray VillardSpace Telescope Science Institute, Baltimore, MD

    Science Contacts:

    Samantha HaslerMassachusetts Institute of Technology, Cambridge, MA

    MIL OSI USA News

  • MIL-OSI: Artisan Partners Asset Management Inc. Reports September 2024 Assets Under Management

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, Oct. 09, 2024 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) today reported that its preliminary assets under management (“AUM”) as of September 30, 2024 totaled $167.8 billion. Artisan Funds and Artisan Global Funds accounted for $81.0 billion of total firm AUM, while separate accounts and other AUM1 accounted for $86.8 billion.

    PRELIMINARY ASSETS UNDER MANAGEMENT BY STRATEGY2    
         
    As of September 30, 2024 – ($ Millions)    
    Growth Team    
    Global Opportunities $         22,005          
    Global Discovery           1,688          
    U.S. Mid-Cap Growth           12,792          
    U.S. Small-Cap Growth           3,177          
    Global Equity Team    
    Global Equity           360          
    Non-U.S. Growth           13,217          
    China Post-Venture           188          
    U.S. Value Team    
    Value Equity           4,931          
    U.S. Mid-Cap Value           2,863          
    Value Income           17          
    International Value Team    
    International Value           46,605          
    International Explorer           343          
    Global Value Team    
    Global Value           29,390          
    Select Equity           338          
    Sustainable Emerging Markets Team    
    Sustainable Emerging Markets           2,006          
    Credit Team    
    High Income           11,295          
    Credit Opportunities           254          
    Floating Rate           73          
    Developing World Team    
    Developing World           4,225          
    Antero Peak Group    
    Antero Peak           2,175          
    Antero Peak Hedge           228          
    International Small-Mid Team    
    Non-U.S. Small-Mid Growth           7,311          
    EMsights Capital Group    
    Global Unconstrained           655          
    Emerging Markets Debt Opportunities           1,024          
    Emerging Markets Local Opportunities           680          
         
    Total Firm Assets Under Management (“AUM”) $         167,840          

    1 Separate account and other AUM consists of the assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. Separate account and other AUM includes assets we manage in traditional separate accounts, as well as assets we manage in Artisan-branded collective investment trusts, and in our own private funds.
    2 AUM for Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth Strategies includes $97.7 million in aggregate for which Artisan Partners provides investment models to managed account sponsors (reported on a lag not exceeding one quarter).


    ABOUT ARTISAN PARTNERS

    Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

    Investor Relations Inquiries: 866.632.1770 or ir@artisanpartners.com
    Source: Artisan Partners Asset Management Inc.

    The MIL Network

  • MIL-OSI: RCP Advisors Secondary and Co-investment Programs Ranked Among Top by PitchBook

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 09, 2024 (GLOBE NEWSWIRE) — P10, Inc. (NYSE: PX), a leading private markets solutions provider, today announced that its subsidiary, RCP Advisors (RCP), has been recognized by PitchBook in its 2023 Global Manager Performance Score League Tables, an annual ranking of asset manager funds to inform LP decision-making. RCP’s secondary family of funds (RCP SOF I-IV) ranked among the top ten secondary programs, while its co-investment program (RCPDirect I-IV) achieved the highest performance score in the co-investment category.

    “This recognition is a testament to the deep expertise and dedication of the RCP team,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “RCP has a focused approach in the small buyout market that is well positioned to deliver continued exceptional results.”

    RCP Advisors specializes in private equity primary fund, secondary fund, and co-investment fund strategies, focusing on North American small buyout fund managers. The strong ranking by PitchBook underscores the firm’s consistent approach in providing investors access to the attractive small buyout space.

    “Our top-performing strategy is a result of our firm-wide commitment to the North American small buyout market,” said Jon Madorsky, Managing Partner and Co-Portfolio Manager of Secondary Funds at RCP. “Our laser focus gives us unique deal flow and diligence opportunities. We’re extremely proud of what we’ve achieved together at RCP.”

    Dave McCoy, Managing Partner and Co-Portfolio Manager of Co-investments at RCP added, “We are honored that our RCPDirect co-investment program has been recognized by PitchBook with a top performance score. Our team works hard to achieve these results, and I want to further thank our GPs and their portfolio management teams, without which our high-quality deal flow and operating performance would not be possible.”

    For more information about RCP, please visit https://www.rcpadvisors.com/.

    About P10
    P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of June 30, 2024, P10 has a global investor base of more than 3,700 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit http://www.p10alts.com.

    About RCP
    Founded in 2001, RCP Advisors, a subsidiary of P10, Inc. (NYSE: PX), is a private equity investment firm that provides access to North American small buyout fund managers through primary funds, secondary funds, and co-investment funds, as well as customized solutions and research services. RCP believes it is one of the largest fund sponsors focused on this niche, with over $14.7 billion in committed capital* and 56 full-time professionals as of September 30, 2024.

    Past performance is not a guarantee of future results. There can be no assurance that a fund will achieve comparable results as any prior investments or prior investment funds of RCP. Source: PitchBook. The PitchBook Manager Performance Scores (the “Performance Scores”) are a third-party rating published by PitchBook, an independent third-party, on 9/20/24 (data as of most current date). The PitchBook Global Manager Performance Score League Tables (the “League Tables”) are a third-party rating published by PitchBook on 7/30/24 (data as of 12/31/23). The Performance Scores are a quantitative framework designed to assess the performance track record of a fund manager’s closed-end private market strategies, also known as fund families. The Performance Scores aggregate historical performance of each manager’s family of funds across vintage years and reflect the extent to which certain fund families outperformed or underperformed a benchmark, which is based on IRR across all fund vintages within the same fund strategy peer group (e.g., fund-of-funds, secondaries, co-investment, etc.). For the “co-investment – general” fund strategy, a total of 768 fund families across 1,479 funds were included in their evaluation. For the “Secondaries funds” fund strategy, a total of 60 fund families across 209 funds were included in their evaluation. To be included in the ranking, PitchBook required fund families to have at least two funds that are at least five years in age with a Z-score to qualify. Comparisons made by PitchBook are to fund sponsors with investment strategies, structures and investment terms and conditions that are different (in some cases, materially) than those of RCP. Additional information regarding the criteria and methodology underlying the Performance Scores are available here.

    Neither P10 nor RCP have not made any payment to PitchBook or any of its affiliates to be considered for this ranking or in connection with any other services. The Performance Scores should not be considered an endorsement of RCP or its funds by the authors or distributors of such rankings. The Performance Scores are developed on a proprietary basis exclusively by PitchBook. Neither P10 nor RCP have not independently verified the data used in PitchBook’s Performance Scores and makes no representations about the accuracy or completeness of such information or Performance Scores. This ranking is not to be construed as indicative of RCP’s future performance or the future performance of any investment vehicle managed by RCP. The Performance Scores should not be relied upon when making a decision to invest in any fund. *“Committed capital” primarily reflects the capital commitments associated with RCP’s SMAs, focused commingled funds, and advisory accounts advised by RCP since the firm’s inception in 2001 (including funds that have since been sold, dissolved, or wound down and certain historical advisory accounts for which RCP’s advisory contracts have expired). We include capital commitments in our calculation of committed capital if (a) we have full discretion over the investment decisions in an account or have responsibility or custody of assets or (b) we do not have full discretion to make investment decisions but play a role in advising the client on asset allocation, performing investment manager due diligence and recommending investments for the client’s portfolio and/or monitoring and reporting on their investments. For our discretionary SMAs and commingled funds, as well as for our non-discretionary advisory accounts for which RCP is responsible for advising on all investments within the client’s portfolio, committed capital is calculated based on aggregate capital commitments to such accounts. For non-discretionary accounts where RCP is responsible for advising only a portion of the client portfolio investments, committed capital is calculated as capital commitments by the client to those underlying investments which were made based on RCP’s recommendation or with respect to which RCP advises the client. Committed capital does not include (i) certain historical non-discretionary advisory accounts no longer under advisement by RCP, (ii) assets managed or advised by the Private Capital Unit or HB Units of RCP 2, (iii) capital commitments to funds managed or sponsored by RCP’s affiliated (but independently operated) management companies, and (iv) RCP’s ancillary products or services.

    Forward-Looking Statements
    Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 13, 2024, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

    Ownership Limitations
    P10’s Certificate of Incorporation contains certain provisions for the protection of tax benefits relating to P10’s net operating losses. Such provisions generally void transfers of shares that would result in the creation of a new 4.99% shareholder or result in an existing 4.99% shareholder acquiring additional shares of P10, and it expires at the third anniversary of the IPO, October 2024.

    P10 Investor Contact:
    info@p10alts.com

    P10 Media Contact:
    Taylor Donahue
    pro-p10@prosek.com

    The MIL Network

  • MIL-OSI: Bel Fuse Schedules Third Quarter 2024 Financial Results Conference Call

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced plans to release preliminary financial results for the third quarter after market close on Wednesday, October 23, 2024. An earnings conference call has been scheduled as follows:

    When: Thursday, October 24, 2024 at 8:30 a.m. ET
    Dial in: 877.407.0784, or international: 201.689.8560
    Online: https://ir.belfuse.com/events-and-presentations
    How: Live over the internet – Simply log on to the web at the address above
    Replay: 844.512.2921, or international: 412.317.6671
    Conference ID:   13749258

    A replay will be available after 12:30 p.m. ET for 30 days following the call.

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

    Contacts:

    Bel Fuse Inc.

    Lynn Hutkin, VP Financial Reporting & Investor Relations
    ir@belf.com

    Three Part Advisors
    Jean Marie Young, Managing Director
    Steven Hooser, Partner
    jyoung@threepa.com
    shooser@threepa.com

    The MIL Network

  • MIL-OSI: South Plains Financial, Inc. Announces Third Quarter 2024 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, Oct. 09, 2024 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank, today announced that its third quarter 2024 financial results will be released after market close on Wednesday, October 23, 2024. The Company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss the financial results.

    Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available on the Company’s website at https://www.spfi.bank/news-events/events.     

    A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed through the News & Events tab of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13749147. The replay will be available until November 6, 2024.  

    About South Plains Financial, Inc.

    South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust, and mortgage services. Please visit https://www.spfi.bank for more information.

    Contact: Mikella Newsom, Chief Risk Officer and Secretary
      investors@city.bank
      (866) 771-3347
       

        Source: South Plains Financial, Inc.

    The MIL Network

  • MIL-OSI: Employers Holdings, Inc. Appoints Michael Pedraja as its Next CFO

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Oct. 09, 2024 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (NYSE: EIG), a leading provider of workers’ compensation insurance, is pleased to announce that Michael Pedraja will join the company as Executive Vice President and Chief Financial Officer (Designate), effective February 3, 2025. He will assume the role of Executive Vice President and Chief Financial Officer effective on or about March 31, 2025.

    Mr. Pedraja succeeds outgoing Executive Vice President, Chief Financial Officer, Michael Paquette, who will retire in March 2025.

    Mr. Pedraja has more than 30-years of experience as a corporate financial services leader in various insurance-related roles.

    “With a proven track record in financial leadership and a deep understanding of the insurance industry, Michael will be instrumental in driving our strategic goals, optimizing our financial operations, and helping to shape the next phase of the Company’s transformation,” said Katherine Antonello, President and Chief Executive Officer of Employers Holdings, Inc.

    As Chief Financial Officer, Mr. Pedraja will serve as a member of Employers Holdings’ executive leadership team and will be charged with leading the financial and investor relations functions of the business.

    Most recently, he served as Group Chief Financial Officer for Ariel Re Services, a leading reinsurance underwriter. His professional career spans roles from Senior Vice President and Treasurer of The Allstate Corporation to insurance-focused Investment Banker at Aon Securities, Barclays and Credit Suisse. Mr. Pedraja received a bachelor’s degree in accounting from DePaul University.

    “The team has a done a wonderful job in solidifying EMPLOYERS as America’s small business insurance specialist,” said Mr. Pedraja. “It is an honor to partner with Kathy and the leadership team to further that position while profitably growing the business and driving shareholder value.”

    About EMPLOYERS

    Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

    EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

    EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company, and Cerity Insurance Company, all rated A – (Excellent) by A.M. Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit http://www.employers.com and http://www.cerity.com.

    Forward-Looking Statements

    In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current levels of inflation, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Media Contact:

    Kimberly Eye
    Vice President, Marketing & Communications
    keye@employers.com

    Investor Relations Contact:
    Michael Paquette
    Executive Vice President, Chief Financial Officer
    mpaquette@employers.com

    The MIL Network

  • MIL-OSI: APA Corporation Provides Third-Quarter 2024 Supplemental Information and Schedules Results Conference Call for November 7 at 10 a.m. Central Time

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 09, 2024 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain third-quarter 2024 financial and operational results. This information is intended only to provide additional information regarding current estimates management believes will affect results for the third-quarter 2024. It is provided to assist investors, analysts and others in formulating their own estimates, and is not intended to be a comprehensive presentation of all factors that will affect third-quarter 2024 results. Actual results and the impact of factors identified here may vary depending on the impact of other factors not identified here and are subject to finalization of the financial reporting process for third-quarter 2024.

    Estimated Average Realized Prices – 3Q24
      Oil (bbl) NGL (bbl) Natural Gas (Mcf)
    United States $76.25 $20.75 $0.15
    International $80.00 $45.75 $3.30
    Egypt tax barrels: 35 MBoe/d
    Realized gain on commodity derivatives (before tax): $3 million
    Dry hole costs (before tax): $10-$15 million
    Net gain on oil and gas purchases and sales (before tax):
    Includes gain on natural gas purchased and sold to Cheniere.
    $178 million
    General and Administrative Expense: $100 million

    Production update

    APA curtailed approximately 103 MMcf/d of U.S. natural gas production in the third quarter in response to weak or negative Waha hub prices. APA also curtailed an estimated 10,000 barrels per day of natural gas liquids during the quarter, which were mostly associated with the voluntary gas curtailments. Previous third quarter guidance issued in July contemplated curtailments of ~90 MMcf/d of natural gas and ~7,500 barrels per day of NGLs.

    Asset sales update

    In September, APA announced an agreement to divest non-core assets in the Permian Basin for $950 million, prior to customary closing adjustments. At the time of the announcement, these properties had an estimated net production of ~21 MBOE/D (57% oil). Fourth-quarter guidance issued with the divestiture announcement removed production from the pending divestiture for the entirety of the fourth quarter, though the transaction is not expected to close until later in the fourth quarter.

    Weighted-average shares outstanding

    The estimated weighted-average basic common shares for the third quarter is 370 million, compared with a weighted average of 371 million shares in the second-quarter 2024. APA repurchased 0.1 million shares at an average price of $29.32 per share during the third quarter.

    Third-quarter 2024 earnings call

    APA will host a conference call to discuss its third-quarter 2024 results at 10 a.m. Central time, Thursday, November 7. The conference call will be webcast from APA’s website at http://www.apacorp.com and investor.apacorp.com. Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.

    About APA

    APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, http://www.apacorp.com.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended December 31, 2023, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

    Contacts

    Investor: (281) 302-2286 Gary Clark
    Media: (713) 296-7276 Alexandra Franceschi
    Website: http://www.apacorp.com  

    APA-F

    The MIL Network

  • MIL-OSI USA: NSF congratulates laureates of the 2024 Nobel Prize in chemistry

    Source: US Government research organizations

    Researchers have enabled the design and prediction of proteins, the building blocks of life

    The U.S. National Science Foundation congratulates David Baker, Demis Hassabis and John Jumper on being awarded the 2024 Nobel Prize in chemistry. Baker and his colleagues revolutionized protein design enabling the creation of protein structures never seen in nature, many of which have potential as therapeutics or treatments, new materials or in other applications. Hassabis and Jumper similarly revolutionized protein prediction with the creation of AlphaFold software, enabling the determination of a protein’s structure from its amino acid sequence alone. NSF is immensely proud of the decades of fundamental research support and infrastructure investments that led to these advances.

    NSF has supported the Protein Data Bank (PDB), the critical repository for structure data for large biological molecules that enabled the work of all the awardees, for nearly five decades. PDB now contains over 200,000 structures from proteins to DNA and RNA. Baker used this library as a knowledge base for his first protein structure design algorithms which became part of the Rosetta family of tools — and later his protein design tools — for which his portion of the Nobel Prize is being awarded. The PDB also provided the training library for AlphaFold, a deep learning, artificial intelligence-powered software designed by Hassabis, Jumper and the DeepMind team for which they earned half of the prize.

    In addition to its support of PDB, NSF has continuously supported Baker’s career since his Young Investigator award in 1994. The interdisciplinary nature of the work and the potential impact of protein design is exemplified by the broad nature of NSF support received by Baker that has come from NSF Directorates for Biological Sciences, Engineering, Mathematical and Physical Sciences and Computer and Information Science and Engineering.

    In 2003, Baker and colleagues were able to design the first completely novel globular protein with atomic level accuracy. In 2008, Baker and colleagues reported the first design of an enzyme — a protein that initiates a reaction in a cell. Several of the proteins designed by Baker and his team are already moving toward being used to treat Celiac disease and cancers.

    “Protein design holds transformative potential to address societal challenges by enabling the discovery of once unimaginable structures,” said NSF Director Sethuraman Panchanathan. “Decades of federal investments in fundamental research and infrastructure, combined with industry innovation, have yielded tools that significantly impact everyday life. Baker’s work continues to break new ground — as he recently received 5,000 hours of computing time on NSF’s Frontera supercomputer through the NSF-led National AI Research Resource pilot — to create even more advanced biological models.”

    NSF’s support of Baker also has helped enable a wide range of broader societal impacts, including the training of a legion of students and fellows that are now contributing to the field of biotechnology and synthetic biomaterials in academia and industry around the world. In addition to those he trained directly, Baker’s early and long-standing commitment to open access and sharing policies fostered development of a broad community of developers and users that have accelerated the pace of discovery and innovation in the field.

    Select NSF awards

    MIL OSI USA News

  • MIL-OSI USA: SEC Charges Three So-Called Market Makers and Nine Individuals in Crackdown on Manipulation of Crypto Assets Offered and Sold as Securities

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission today announced fraud charges against three companies purporting to be market makers and nine individuals for engaging in schemes to manipulate the markets for various crypto assets being offered and sold as securities to retail investors. As alleged, the schemes were intended to induce investor victims to purchase the crypto assets by creating the false appearance of an active trading market for them.

    According to the SEC’s complaints, crypto asset promoters Russell Armand, Maxwell Hernandez, Manpreet Singh Kohli, Nam Tran, and Vy Pham (Promoters) hired so-called market makers ZM Quant and Gotbit to provide market-manipulation-as-a-service, which included generating artificial trading volume or manipulating the price of crypto assets that the Promoters offered and sold as securities to retail investors in unregistered transactions. The SEC also alleged that ZM Quant and a third so-called market maker, CLS Global, undertook similar schemes to manipulate the market of a crypto asset offered and sold as a security that was created at the direction of the Federal Bureau of Investigation as part of its parallel investigation into potential market manipulation in the crypto asset industry.

    “Today’s enforcement actions demonstrate, once more, that retail investors are being victimized by fraudulent activity by institutional actors in the markets for crypto assets,” said Sanjay Wadhwa, Deputy Director of the SEC’s Division of Enforcement. “With purported promoters and self-anointed market makers teaming up to target the investing public with false promises of profits in the crypto markets, investors should be mindful that the deck may be stacked against them.”

    The SEC alleged that ZM Quant and its employees Baijun Ou and Ruiqi Lau, Gotbit and its employee Fedor Kedrov, and CLS Global and its employee Andrey Zhorzhes manipulated markets on behalf of the Promoters by self-trading (commonly referred to as “wash trading”) on popular crypto asset trading platforms or by engaging in other trading practices that likewise served no economic purpose, and that they used algorithms (or bots) that, at times, generated quadrillions of transactions and billions of dollars of artificial trading volume each day.

    “We remain concerned about the ease with which the market for a crypto asset can be manipulated and are committed to rooting out instances of such misconduct when it involves securities,” said Jorge G. Tenreiro, Acting Chief of the Division of Enforcement’s Crypto Asset and Cyber Unit (CACU). “The wrongdoers behind these schemes are profiting handsomely at the expense of investors that have been deceptively lured into these markets and lost their hard-earned savings.”

    The SEC’s five complaints, filed in the United States District Court for the District of Massachusetts, allege that all defendants violated the antifraud and market manipulation provisions of the securities laws and that certain defendants violated registration provisions. The complaints seek permanent injunctions, conduct-based injunctions, disgorgement of allegedly ill-gotten gains plus interest, and civil penalties against all the defendants, as well as officer and director bars against certain defendants. Armand, Hernandez, and Pham consented to bifurcated settlements, subject to court approval, permanently enjoining them from further violations of the federal securities laws, subjecting them to conduct-based injunctions, and barring them from acting as officers or directors. The court will determine the amount of disgorgement and prejudgment interest, and any civil penalties.

    The SEC appreciates the assistance of the FBI and the United States Attorney’s Office for the District of Massachusetts, which today announced parallel criminal actions.

    The SEC’s investigations were conducted by David D’Addio, Amy Harman Burkart, Ivan Panchenko, Jeffrey Cook, and John McCann in the SEC’s Boston Regional Office, as well as Colin Missett and Joy Guo of the CACU. They were supervised by Amy Gwiazda, Michael Brennan, Donald Battle, and Mr. Tenreiro of CACU and by Celia Moore and John T. Dugan of the Boston Regional Office. The team also thanks the staff of the SEC’s Office of Strategic Hub for Innovation and Financial Technology for their assistance. The litigations will be led by Mr. D’Addio and Ms. Burkart.

    MIL OSI USA News

  • MIL-OSI USA: Murphy, Blumenthal, Courtney, Himes, Hayes Announce Over $16 Million For Lead-Free Homes

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    October 09, 2024

    HARTFORD—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) and U.S. Representatives Joe Courtney (D-Conn.-02), Jim Himes (D-Conn.-04), and Jahana Hayes (D-Conn.-05) on Wednesday announced over $16 million in funding from the U.S. Department of Housing and Urban Development (HUD) to protect children under the age of six years old from lead poisoning. The funds are awarded through HUD’s Lead-Based Paint Hazard Reduction Grant Program.

    “Investing in lead paint removal will protect our communities from the lifelong, devastating effects of lead poisoning. This $16 million in funding will help mitigate lead-based paint hazards in older homes, maintain affordable housing, and provide resources to ensure families in Bridgeport, Norwich, and Waterbury can address other health and safety concerns. There is no safe level of lead exposure, and I will keep fighting to ensure everyone in our state has a safe and healthy place to call home,” said Murphy. 

    “Over $16 million will protect families across Connecticut from exposure to the pernicious poison that is lead in their homes. Lead poisoning causes detrimental and irreversible damage, especially to children. Currently, more than 1,000 Connecticut children are affected by lead each year and I am proud that federal funding will work to address this dire crisis,” said Blumenthal.

    “My office and I were pleased to lead the federal effort to advocate on the City of Norwich’s behalf and bring the federal funding home to ensure less children are exposed to the serious dangers of lead paint. The federal funding award is a clear testament to the outstanding work executed by the City, Wayne Sharkey, and his team, and the hours and hours they spent on this application to continue their live-saving work,” said Courtney. 

    “Many New England homes and apartments were constructed well before we knew how dangerous lead paint exposure can be, especially for young children. The over $6 million in federal funding Bridgeport will receive will allow the city to expand its remediation efforts and help ensure children are no longer exposed to lead paint’s harmful effects. When coupled with the Governor’s Lead Free CT Campaign, this investment brings us closer to eliminating lead contaminants in Connecticut once and for all,” said Himes.

    The federal funding announced today will address lead-based paint hazards in the following municipalities:

    1. The City of Waterbury will receive $7,000,000.
    2. The City of Bridgeport will receive $6,006,105.
    3. The City of Norwich will receive $3,157,991.

    The Lead-Based Paint Hazard Reduction Grant Program helps transform communities by fixing older housing, preserving affordable housing, and improving communities and the health of children and families in these communities. In addition to addressing lead-based paint hazards, HUD also offers healthy homes supplemental funding to address other housing related health and safety issues while addressing the lead-based paint. 

    MIL OSI USA News

  • MIL-Evening Report: Do recent class actions against ‘flex commission’ car loans mean consumer voices are getting stronger?

    Source: The Conversation (Au and NZ) – By Jeannie Marie Paterson, Professor of Law, The University of Melbourne

    Gatot Adri/Shutterstock

    It’s been more than five years since the banking royal commission, but its findings continue to have an impact on the financial services sector.

    Law firm Maurice Blackburn recently announced it had settled with ANZ in a class action over allegedly unlawful “flex commissions” built into car loans made by Esanda between 2011 and 2016.

    ANZ agreed to settle the proceedings for $85 million on a “no admission of liability” basis. However, two further flex commission class actions – against Westpac & St George and Macquarie Leasing – remain on foot and will be heard this month.

    Class actions are a growing trend in the ways consumers seek to access justice. Many cases are simply too small to be pursued individually.

    On top of this, a recent High Court ruling could see organisations come under greater scrutiny over the systems they put in place. Could all of this mean consumers are getting a stronger voice?

    What are flex commissions?

    Many car dealers offer to provide financing for prospective car buyers as an alternative to getting a loan directly from a bank. But dealers typically don’t have their own huge reserves of funds to lend out.

    This financing usually comes from a finance company or bank lender through what is sometimes called a “white label” product.

    Many car dealers offer financing arrangements directly to customers.
    Tikhomirov Sergey/Shutterstock

    Dealers will usually be paid a commission on the loans they arrange by the lender. Prior to 2018, some lenders offered these car dealers arranging loans what is called a “flex commission”.

    Flex commissions allowed car dealers to set the interest rate on car loans above an agreed base rate.

    Higher interest rates meant a greater commission for the car dealer, but were not always in the interests of the borrower.

    Banned and heavily criticised

    Flex commissions were formally banned by Australia’s corporate watchdog, the Australian Securities and Investments Commission (ASIC), in November 2018.

    ASIC had been concerned that borrowers were paying excessively high interest rates on dealer-arranged car loans, and that the commissions were not fair or transparent.

    The watchdog’s own research found about 15% of customers were being charged an interest rate that was 7% or more above the base rate.

    Their main concern was that many car dealers weren’t increasing rates in line with actual credit risk, but rather opportunistically to target inexperienced or vulnerable consumers.

    Shortly after the ban, the final report of the banking royal commission didn’t mince words. Commissioner Kenneth Hayne noted a lack of transparency and a misplaced trust:

    Many borrowers knew nothing of these arrangements. Lenders did not publicise them; dealers did not reveal them. […] To the borrower, the dealer might have appeared to be acting for the borrower by submitting a loan proposal on behalf of the borrower. The borrower was given no indication that in fact the dealer was looking after its own interests.

    Why were class actions needed?

    Neither ASIC’s ban nor the criticisms of the banking royal commission guaranteed any redress for borrowers subject to loans with flex commissions.

    ASIC suggested flex commissions may have contravened the National Consumer Credit Protection Act by being unfair, or the ASIC Act by being misleading. But it is difficult and expensive for individuals to pursue such claims themselves in court.

    ASIC itself can seek compensation on behalf of borrowers, or require redress to be paid as part of other enforcement action. The watchdog has already gone down this road in some of the especially egregious instances of misconduct identified by the royal commission, such as fees for no service.

    Where individual action is too hard or regulator action lacking, consumers’ best option for redress may lie in a class action – taken on a no-win, no-fee basis. The likelihood of a good result may be increased in instances where the class action “piggybacks” on an adverse report from the regulator.

    Corporations may face increasing scrutiny

    It’s reasonable to ask why upstream lenders are being targeted in “flex commission” class actions when it is the car dealers who allegedly wronged borrowers.

    The ongoing class actions do not allege the lenders themselves misled borrowers or treated them unfairly. However, in this context that may not matter.

    In each of the class actions, Maurice Blackburn has argued the car dealers were acting as the representatives of the lenders, which they say makes the lenders responsible for the car dealers’ alleged misconduct.

    A recent High Court ruling may mean corporations have to take greater responsibility for the systems they oversee.
    Shutterstock

    Moreover, in these and similar cases, a recent High Court ruling that centred on “systemic unconscionable conduct” could make it harder for such upstream entities to argue their distance from alleged wrongdoing in systems they put in place.

    Better access to justice

    There has been a rise in consumer protection class actions in recent years, supported by changes in rules of procedure in several jurisdictions.

    Justice Bernard Murphy of the Federal Court of Australia has argued these changes promote the important value of access to justice:

    The important thing to remember is that class actions are critical in ensuring that people can obtain redress for mass civil wrongs. Laws which are not, in fact, readily capable of enforcement by ordinary Australians are little more than an illusion.

    This trend is important. Dishonest or unfair conduct has long been prohibited in the National Consumer Credit Protection Act, but this hasn’t been used much to date.

    Given the current flex commission actions closely follow the findings of ASIC, we should watch the regulator closely for hints of any future actions in other areas. Many could spark discussions that ultimately lead to stronger protection for consumers.

    But when they are successful, we also need to keep an eye on the actual payout to borrowers and hope it takes place without undue delay.

    Jeannie Marie Paterson has previously received funding from the Australian Research Council, DFAT and the Menzies Foundation.

    ref. Do recent class actions against ‘flex commission’ car loans mean consumer voices are getting stronger? – https://theconversation.com/do-recent-class-actions-against-flex-commission-car-loans-mean-consumer-voices-are-getting-stronger-240795

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Urgently Earns AutoTech Breakthrough Award for ‘Overall Transportation Tech of the Year’

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Oct. 09, 2024 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced it has earned the “Overall Transportation Tech of the Year” award in the 2024 AutoTech Breakthrough Awards, conducted by AutoTech Breakthrough, a leading market intelligence organization that recognizes the standout companies, products and services in the global automotive and transportation technology markets today. This year’s program attracted thousands of nominations from over 15 different countries throughout the world.

    Urgently was recognized for its next-generation yield-based pricing technology, which was introduced earlier this year. This AI-driven dynamic pricing technology makes it possible to reliably predict and optimize job prices for roadside assistance services, leading to higher-quality customer experiences. Real-time yield-based pricing allows Urgently to better manage surges in roadside assistance demand, similar to surge pricing used by ride-hail services.

    Insights and predictive pricing generated by this technology empower Urgently’s customer partners to build roadside assistance programs that best fit their business goals, such as:

    • Maximizing performance while maintaining a stable cost structure
    • Balancing performance and cost by market
    • Increasing performance by market or job attribute, such as a premium/VIP program

    “This award is the result of our hard-working data and engineering teams who developed our yield-based pricing technology, and who continually look for ways to apply technology to advance the roadside experience,” said Matt Booth, Chief Executive Officer, Urgently. “We’re thrilled to be featured alongside other automotive technology leaders and to be recognized for our innovative work in this industry.”

    For more information about Urgently’s roadside and mobility assistance solutions, visit https://www.geturgently.com/industry-solutions.

    More information about the AutoTech Breakthrough Awards is available at https://autotechbreakthrough.com/.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit http://www.geturgently.com.

    Forward Looking Statements

    This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s yield-based pricing technology. These statements are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 202, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended June 30, 2024, which was filed with the SEC on August 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

    Contacts:
    For Press: media@geturgently.com
    For Investors: investorrelations@geturgently.com

    The MIL Network

  • MIL-OSI: Blue Hill Doubles Down on Cloak of Secrecy and Unanswered Questions

    Source: GlobeNewswire (MIL-OSI)

    Blue Hill’s Inability to Address Questions About How It Would Pay for or Complete an Acquisition Further Adds to Uncertainty, Risk and Doubt About Its Preliminary Indication of Interest

    Territorial Reiterates Board’s Unanimous Recommendation that Shareholders Vote FOR Hope Bancorp Merger

    Visit http://www.TerritorialandHopeCombination.com for More Information

    HONOLULU, Oct. 09, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial”) issued the following statement regarding the presentation released today by Blue Hill Advisors (“Blue Hill”):

    For the fourth time, Blue Hill has failed to address questions that are fundamental in any bank M&A transaction – How will you pay for it? How will you obtain regulatory approval? How will you close it? What are the assurances that you can do all of the above?

    Blue Hill’s inability to address these questions further compounds the concerns associated with Blue Hill’s illusory, non-binding and highly conditional preliminary indication of interest.

    • Blue Hill’s claims about “capital support” and AUM are not committed financing. If Blue Hill is so capable of backing its preliminary indication of interest, why won’t it show proof of financing or even a financing commitment? Why won’t Blue Hill show us the cash? Without financing, Blue Hill’s preliminary indication of interest is simply not real.
    • Blue Hill has provided no information to validate or support its claims that it could obtain the multiple regulatory approvals needed to buy control of a bank. In fact, Blue Hill’s lack of information all but ensures that regulatory applications would be rejected as soon as they were submitted:
      • The identity of many of Blue Hill’s supposed investors remains a hidden secret as does the management team it would put in place to run the Company. Why is Blue Hill refusing to disclose the names of its investors and proposed management team? What is Blue Hill hiding? No regulator – state or federal – would allow an anonymous entity – much less “discrete” secret investors – to gain control of a bank that is responsible for overseeing $1.57 billion1 in deposits.
      • Blue Hill hasn’t provided any information about how it or its investors would address safety and soundness issues regarding interest rate risk, liquidity, capital and earnings, which are paramount to regulators.
      • No information has been provided about Blue Hill’s claimed M&A record, including which companies were involved in those transactions and whether or not they were successful – or went bankrupt.
      • Blue Hill repeatedly names Allan Landon in its materials. However, Mr. Landon is not a stated investor. What is Mr. Landon’s role in Blue Hill’s transaction?
    • Blue Hill has provided no information to give assurance that it understands the regulatory review process. In fact, its own statements make clear that Blue Hill has a fundamentally failed understanding of what it will take to obtain regulatory approval.
      • Purchasing a bank is a complex process. The takeover of an entire bank, as Blue Hill is seeking, is likely a controlled acquisition. The coordinated efforts of six individuals, even if “discrete” would likely be viewed as a group that is “acting in concert.”
      • Blue Hill has not previously applied for — nor secured — regulatory approvals for any transaction of this size based on information it has provided to Territorial.
      • Blue Hill far underplays the significant obstacles it faces in achieving regulatory approvals on a timely basis, if at all.
    • Blue Hill’s belief that it can complete the 70% tender offer it proposed is close to fantasy.
      • Territorial has an approximately 50% retail shareholder base and a highly fragmented institutional investor base.
      • Given these facts, why should anyone believe what Blue Hill is claiming? Once again, where is the documentation to support Blue Hill’s assertions?

    Additional considerations that are important for Territorial shareholders to know:

    • Territorial shareholders will not immediately receive any payment for their shares while any transaction with Blue Hill is sitting in regulatory limbo. Income taxes and the impact of the regulatory delays on time-value-of-money mean that the net value of Blue Hill’s preliminary indication of interest, if completed, would be substantially less than what it has proposed.
    • Blue Hill has provided no assurances that it wouldn’t reduce its proposed value if the Hope Bancorp, Inc. (NASDAQ: HOPE) merger agreement was terminated or following its unspecified “due diligence.” Indeed, Blue Hill has explicitly stated that its indication of interest is “non-binding.”
    • If Blue Hill is so confident in its ability to gain regulatory approval, complete a tender offer and close a transaction, Blue Hill could provide assurances to the Territorial Board and shareholders through a legally binding “hell or highwater” commitment. Yet, once again, Blue Hill is all talk, and no substance.
    • Blue Hill is simply not credible. It was only formed in 2023, has offices in a residential home (which is for rent) and is withholding material information.
    • As a standalone, monoline, one- to four-family loan focused bank, Territorial faces substantial business and regulatory risks – even in a declining interest rate environment. The Company has been operating at a loss over multiple quarters; loan growth is flat; and revenues are declining. These and other factors led to the Board’s decision to reduce the Territorial dividend as well as enter into an agreement with Hope Bancorp. While these challenges would be addressed by the Hope Bancorp merger, Blue Hill offers nothing to deal with these challenges if the Hope Bancorp agreement is terminated. Indeed, with Blue Hill and its undisclosed “discrete” investors, Board and management team, Territorial’s challenges could worsen.

    The Territorial Board continues to unanimously recommend that Territorial shareholders vote FOR the merger with Hope Bancorp and all related proposals.

    The combination with Hope Bancorp provides compelling value for Territorial shareholders. The merger is structured as a 100% tax free, stock-for-stock transaction under which Territorial shareholders will receive 0.8048 shares of Hope Bancorp common stock for each share of Territorial common stock they own. This per share consideration represents an approximately 25% premium2 to Territorial’s closing stock price just prior to the merger announcement. In addition, the transaction has strong implied transaction multiples across all relevant metrics, including earnings per share and adjusted tangible book value per share.

    With Hope Bancorp, Territorial will become a larger, more diversified, more resilient business with increased resources to invest and grow, resulting in increased value for Territorial’s shareholders. Territorial shareholders will also realize a 1000% increase in their dividend. For Territorial stakeholders, the merger also provides meaningful benefits. As stated publicly:

    • Upon close of the transaction, Territorial will continue to operate under the Territorial name.
    • Local branches and operations will be led by local teams, which means Territorial’s customers can benefit from additional choices and rely on the same people they know and respect.
    • Employees will continue to receive competitive compensation and benefits and will have additional career opportunities. 
    • Territorial’s legacy of community support and investment will continue.

    Territorial and Hope Bancorp have initiated the process for all regulatory approvals, and the companies continue on the path to close the transaction by the end of 2024.

    Your Vote is Important

    Territorial Shareholders are Urged to Vote FOR the Hope Bancorp Merger TODAY.

    Voting is quick and easy.
    Vote well in advance of the Special Meeting on November 6, 2024 at 8:30 a.m. HST.

    Call toll-free:
    (888) 742-1305
    Banks and brokers should call:
    (516) 933-3100
    Email: info@laurelhill.com
    Electronically: http://www.proxyvote.com


    About Us

    Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank.

    Additional Information about the Hope Merger and Where to Find It

    In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at http://www.sec.gov.

    Forward-Looking Statements

    Some statements in this news release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the low-cost core deposit base, diversification of the loan portfolio, expansion of market share, capital to support growth, strengthened opportunities, enhanced value, geographic expansion, and statements about the proposed transaction being immediately accretive. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

    Investor / Media Contacts:
    Walter Ida
    SVP, Director of Investor Relations
    808-946-1400
    walter.ida@territorialsavings.net


    1 As of Jun 30, 2024
    2 Based on Territorial and Hope Bancorp’s closing prices as of Apr 26, 2024 (day before merger announcement)

    The MIL Network

  • MIL-OSI: CORRECTION – Fanhua Announces Changes to the Board of Directors and Management Team

    Source: GlobeNewswire (MIL-OSI)

    GUANGZHOU, China, Oct. 09, 2024 (GLOBE NEWSWIRE) — The board of directors (the “Board”) of Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today issued an updated press release to correct its press release disseminated on October 1, 2024 which announced changes to its board of directors and management team (the “Original Announcement”). The statement regarding the professional experience of the newly appointed chairperson of the Board in the Original Announcement is hereby replaced with and changed to “Since June 2023, Ms. Hang Suong Nguyen has served as the Vice President of WEALTH WILL LIMITED, overseeing operational strategies and driving the company’s capital deployment and growth in multiple emerging markets. Prior to that, from late 2018 until May 2023, she held the position of Sales Director at Trustwell Far East Pte. Ltd., where she was responsible for formulating and executing sales strategies, managing the sales team, analyzing market demands, maintaining customer relationships, and expanding business channels, making significant contributions to the company’s cross-border business. She obtained her Bachelor’s degree in International Business from Vietnam National University in 2008 and her Master’s degree in Business Administration from Hanoi University of Science and Technology in 2009.” Except for the above, there are no other changes to the Original Announcement. The updated press release is as follows.

    GUANGZHOU, China, October 9, 2024 (GLOBE NEWSWIRE) — the board of directors (the “Board”) of Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today announced that Ms. Hang Suong Nguyen has been appointed as the new Chairperson of the Board, effective September 30, 2024.

    Ms. Hang Suong Nguyen, Chairperson of the Board

    Since June 2023, Ms. Hang Suong Nguyen has served as the Vice President of WEALTH WILL LIMITED, overseeing operational strategies and driving the company’s capital deployment and growth in multiple emerging markets. Prior to that, from late 2018 until May 2023, she held the position of Sales Director at Trustwell Far East Pte. Ltd., where she was responsible for formulating and executing sales strategies, managing the sales team, analyzing market demands, maintaining customer relationships, and expanding business channels, making significant contributions to the company’s cross-border business. She obtained her Bachelor’s degree in International Business from Vietnam National University in 2008 and her Master’s degree in Business Administration from Hanoi University of Science and Technology in 2009.

    The Board also announces that incumbent independent directors Mr. Yunxiang Tang and Mr. Allen Lueth, along with incumbent executive director Mr. Ben Lin, have tendered their resignations from the Board due to personal reasons, effective September 30, 2024. Additionally, Mr. Lin has resigned from the position of Chief Strategy Officer.

    The Board has appointed Ms. Jiaxing Shi as Independent Director and the Chair of the Audit Committee and Mr. Changfu Li as Independent Director and the Chair of the Compensation Committee to fill the vacancies left by the departure of Mr. Tang and Mr. Lueth, effective September 30, 2024.

    Ms. Jiaxing Shi, Independent Director and the Chair of Audit Committee

    Ms. Jiaxing Shi has served as the Investment Operations Manager at YD Network Technology Co Ltd. since March 2024, overseeing the company’s investment strategy, and financial due diligence to optimize long-term returns. Prior to this role, she served as senior audit professionals at UHY LLP and Marcum LLP from 2022 to 2024. Prior to that, she served as senior manager position in financial reporting and investor relations role at Aurora Mobile Ltd. (Nasdaq: JG) from 2018 to 2022. She received an MBA Degree in Financial Management from Goldey-Beacom College in 2018 and a Master Degree in Accounting from St. John’s University in 2015. She received Bachelor’s Degree in Inner Mongolia University of Finance and Economics in 2013.

    Mr. Changfu Li, Independent Director and the Chair of Compensation Committee

    Mr. Changfu Li has over a decade of experience in senior management, with a focus on strategic operations and cost management across various industries. Mr. Li has served as a consulting advisor at Beijing Shanying Legal Consulting Co., Ltd since November 2023. Prior to this, he served as a procurement supervisor at Shanghai Sanqing Industrial Development Co., Ltd. from June 2010 to March 2020, where he managed procurement operations and contributed to sales strategy planning. And later he was promoted to Vice President of Administration and Purchasing Manager at the company’s Guangzhou branch in March 2020. Before that, from 2006 to 2010, Mr. Li held the position of procurement associate at Zhejiang Shalangsi Craft Co., Ltd. Mr. Li earned his bachelor’s degree in International Economics and Trade from Yanbian University in 2006.

    With the appointment and departure of these directors, the composition of the Board will be adjusted accordingly. Below is the updated list of board members:

    Ms. Hang Suong Nguyen, Chairperson of Fanhua Inc.

    Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua Inc.

    Mr. Peng Ge, Executive Director and Chief Financial Officer of Fanhua Inc.

    Mr. Mengbo Yin, Independent Director and Chair of Nominating and Governance Committee of Fanhua Inc.

    Ms. Jiaxing Shi, Independent Director and Chair of Audit Committee of Fanhua Inc.

    Mr. Changfu Li, Independent Director and Chair of Compensation Committee of Fanhua Inc.

    Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua, commented: “We are thrilled to announce that Ms. Nguyen has been appointed as our new Chairperson, a decision that signifies a major milestone for the Company’s strategic upgrade towards pursuing growth by harnessing the power of artificial intelligence. At the same time, we deeply appreciate the significant contributions that Mr. Yunxiang Tang, Mr. Allen Lueth, and Mr. Ben Lin have made during their tenure. As we look ahead, our commitment to our strategic goals and growth remains unwavering. With Ms. Nguyen at the helm as Chairperson, we are poised to build upon our momentum and achieve even greater heights.”

    Ms. Hang Suong Nguyen, Chairperson of Fanhua, stated: “It is my pleasure to join the Board and take on the role of Fanhua’s Chairperson. I understand the significant responsibility that comes with this position and I am confident in our Company’s future. And I look forward to working with all of Fanhua’s team members to meet challenges and achieve great success together.”

    About Fanhua Inc.

    Driven by its digital technologies and professional expertise in the insurance industry, Fanhua Inc. is the leading independent financial service provider in China, focusing on providing insurance-oriented family asset allocation services that covers customers’ full lifecycle and a one-stop service platform for individual sales agents and independent insurance intermediaries.

    With strategic focus on long-term life insurance products, we offer a broad range of insurance products, claims adjusting services and various value-added services to meet customers’ diverse needs, through an extensive network of digitally empowered sales agents and professional claims adjustors. We also operate Baowang (www.baoxian.com), an online insurance platform that provides customers with a one-stop insurance shopping experience.

    For more information about Fanhua Inc., please visit https://ir.fanhgroup.com.

    Forward-looking Statements

    This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control including macroeconomic conditions in China. Except as otherwise indicated, all information provided in this press release speaks as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

    For more information, please contact:

    Fanhua Inc.

    Investor Relations

    Tel: +86 (20) 8388-3191

    Email: ir@fanhgroup.com 

    The MIL Network

  • MIL-OSI USA: Cassidy Tours CHRISTUS Health Care Center, Visits Local Officials in Coushatta

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    SHREVEPORT – Yesterday afternoon, U.S. Senator Bill Cassidy, M.D. (R-LA) spoke to the Natchitoches Area Chamber of Commerce, where he spoke about the Infrastructure Investment and Jobs Act’s (IIJA) impact on their community, and what is being done to help their community.

    “When I was negotiating this bill, it was my hope that our state would benefit as much as possible. It is a pleasure to visit Natchitoches and know that it has received a grant from the Bipartisan Infrastructure Bill to redo a downtown thoroughfare,” said Dr. Cassidy. “I am working so that every village, town and city benefits.”
    Specifically, the RAISE grant for Natchitoches is worth $17.2 million and was awarded in August of 2022. When completed, the City of Natchitoches says it will revitalize the Texas Street Business Corridor and rehabilitate feeder roads and neighborhood streets. There will also be new pavement, new and widened sidewalks, walking paths, marked bike and pedestrian lanes, and improved lighting.
    As of last fall, money has also been awarded to replace bridges in Natchitoches Parish, as well as provide money to the Natchitoches Regional Airport. Cassidy was welcomed to the Chamber by Ms. Laura Lyles, President and CEO of the Natchitoches Area Chamber of Commerce.
    “We appreciate Senator Cassidy taking the time to engage with our Chamber membership about legislative priorities and how they impact our region,” said Ms. Lyles. “This kind of open dialogue is crucial as we work together to create opportunities for growth and prosperity in our communities.”

    Later that afternoon, Cassidy visited the CHRISTUS Coushatta Health Care Center, where he held a wide-ranging discussion about the needs of Red River Parish with members of the policy jury, officials at CHRISTUS Coushatta, and the Superintendent of the Red River Parish School District.
    “I did two good things in Red River Parish today,” said Dr. Cassidy. “I met with community leaders and toured Coushatta Hospital. In my meeting, I heard from them about the good things happening in Red River Parish. I got to talk about how legislation I worked on such as the Safer Communities Act can expand access to mental health care services in schools, and how the Bipartisan Infrastructure Bill can help meet Red River Parish’s needs.”
    Before their meeting, Cassidy toured CHRISTUS Coushatta and learned how they meet their patients’ needs. According to them, they have highly trained health professionals and up-to-date technology, which helps them provide emergency care services, acute inpatient care, laboratory services, mammograms and oncology services, among other programs.
    As a doctor and Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, Cassidy has been a champion for rural health care and underserved communities. Earlier this Congress, Cassidy introduced the Protecting Access to Ground Ambulance Medical Services Act to improve rural ambulance services, and the PEERS in Medicare Act, to expand peer mental health counseling in rural areas. He also introduced the CONNECT for Health Act to expand telehealth services through Medicare and make COVID-era telehealth flexibilities permanent. This coupled with the launch of Louisiana’s new $1.35 billion broadband initiative funded by Cassidy’s IIJA will substantially improve telehealth access across the state.
    Among others, Cassidy was thanked for visiting Coushatta by Mr. Brandon Hillman, the administrator for CHRISTUS in Coushatta and a member of the Red River Parish Police Jury.
    “We appreciate Senator Cassidy taking the time to tour CHRISTUS Coushatta and to join leaders in Red River Parish for a roundtable discussion on local issues,” said Mr. Hillman. “We were able to engage in a robust discussion about the ways the Senator can continue to support rural health care in Louisiana, and the many federal resources available to enhance the infrastructure of the parish.”

    MIL OSI USA News

  • MIL-OSI Canada: Government advances Made-in-Canada sustainable investment guidelines and mandatory climate disclosures to accelerate progress to net-zero emissions by 2050

    Source: Government of Canada News

    News release

    October 9, 2024 – Toronto, Ontario – Department of Finance Canada

    The federal government is leading the world with a bold climate plan to grow our economy and reach net-zero emissions by 2050. Achieving this goal will require between $125 billion and $140 billion in investment into Canada every year. As a cornerstone of Canada’s net-zero economic plan, the federal government’s $93 billion suite of major economic tax credits are already available to help attract this investment.

    Beyond incentives to attract investment to Canada, investors need robust and transparent guidelines to credibly classify their investments into the clean economy on the path to net-zero. That is why in the 2023 Fall Economic Statement and Budget 2024, the government committed to develop a sustainable finance taxonomy identifying “green” and “transition” investments and to expand the coverage of mandatory climate disclosure requirements to private companies. Moving forward with these commitments is essential for market certainty, for Canada to unlock net-zero investments, and to uphold the Paris climate target of limiting global warming to 1.5°C above pre-industrial levels.

    Today in Toronto at the Principles for Responsible Investment conference, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced:

    • A plan to deliver Made-in-Canada sustainable investment guidelines; and,
    • Mandatory climate-related financial disclosures for large, federally incorporated private companies.

    The Made-in-Canada sustainable investment guidelines will become an important, voluntary tool for investors, lenders, and other stakeholders navigating the global race to net-zero by credibly identifying “green” and “transition” economic activities. These guidelines will provide the certainty needed to accelerate the flow of private capital into sustainable activities across the Canadian economy. From building electric vehicle batteries, to generating clean energy, to decarbonizing emissions-intensive heavy industries, these guidelines will identify job-creating activities in a way that is scientifically credible and aligned with limiting global temperature rise to 1.5°C above pre-industrial levels. The Canadian taxonomy will be developed and governed by an external, third-party organization(s).

    To attract more private capital into Canada’s largest corporations and ensure Canadian businesses can continue to effectively compete as the world races towards net-zero, the government is also moving forward with mandating climate-related financial disclosures for large, federally incorporated private companies. These disclosures will help investors better understand how large businesses are thinking about and managing risks related to climate change, ensuring that capital allocation aligns with the realities of a net-zero economy. Specifically, the government intends to bring forward amendments to the Canada Business Corporations Act that will require these disclosures. The government will launch a regulatory process to determine the substance of these disclosure requirements and the size of private federal corporations that would be subject to them. As small- and medium-sized businesses will not be subject to the requirements, the government is considering ways to encourage those businesses to voluntarily release climate disclosures, if they wish.

    The federal government is ready to work with provincial and territorial partners to ensure broad disclosure coverage across the Canadian economy. The government will seek to harmonize its regulations with those that will be required from public companies by securities regulators. More details will be released in due course.

    These two sustainable finance initiatives will mobilize further private sector capital towards activities essential to building a net-zero economy. More private sector capital will enable businesses to grow the economy, create more good-paying jobs for Canadians, and boost their resiliency against the risks posed by climate change.

    In addition to these announcements, today, the federal government successfully issued an additional $2 billion in green bonds, through a re-opening of Canada’s second green bond issued in February.

    Together, today’s progress is about building a flourishing Canadian sustainable finance industry and sending a clear signal to corporate boards and shareholders, at home and around the world, that Canada is their trusted partner for putting private capital to work in the race to net-zero.

    Quotes

    “In the 21st century, a competitive economy is a net-zero economy. We are seizing Canada’s economic advantages to attract investment and ensure Canadian workers benefit their fair share in the global race to net-zero. Today’s release of a path for Made-in-Canada sustainable investment guidelines and climate disclosures from large companies will accelerate the flow of private capital into Canada, in turn growing our economy, creating good jobs, and advancing our progress to net-zero emissions by 2050.”

    The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

    “Building a cleaner economy is not only an environmental imperative, it is a major economic opportunity. The development of a sustainable investment taxonomy, paired with heightened transparency on climate disclosures, amounts to an important stepping stone for Canada on the path towards that cleaner economy. These initiatives will help mobilize needed private sector financial flows to build a cleaner economy and give investors who are looking for the sustainable option the clear direction they seek.”

    The Honourable Steven Guilbeault, Minister of Environment and Climate Change

    “Canadian workers and businesses are already attracting historic investment in areas such as clean energy, critical minerals, and electric vehicles, and seeing the associated benefits for job creation and economic growth. With changes announced today, investors will have more certainty that companies are taking real and serious action to address the climate crisis and drive down emissions, while building a strong economy.”

    The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources

    “Fighting climate change as well as protecting the economy and Canadians from the costs of climate inaction is a priority for our government. It’s important to send a clear signal to Canadian companies and organizations that climate risks and opportunities are critical to integrate into corporate culture and decision making, and that’s what we’re doing.”

    The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

    “Creating a financial system that is sustainable and globally competitive is essential for Canada’s economic future. In order to compete both at home and abroad, we are moving forward with sustainable investment guidelines and mandatory climate disclosures to help provide credibility, accountability, and transparency in the marketplace. These are essential conditions for investors and companies to fill the investment gap necessary to meet the climate challenge while seizing generational opportunities for clean prosperity.”

    Ryan Turnbull, Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance and to the Minister of Innovation, Science and Industry

    Quick facts

    • In Budget 2024, the federal government committed to provide an update by the end of 2024 on the development of Made-in-Canada sustainable investment guidelines, in recognition that promoting credible climate investment and combatting greenwashing are critical to fostering investor confidence and mobilizing the private investment Canada needs to achieve net-zero by 2050. 

    • In the 2023 Fall Economic Statement, the federal government committed to develop options for making climate disclosures mandatory, as part of expanding mandatory climate disclosures across the Canadian economy. It also first announced the government’s commitment to developing a Made-in-Canada taxonomy. 

    • The development of a Made-in-Canada sustainable finance taxonomy and regulations to require climate disclosures from large companies builds on the important work done by the Sustainable Finance Action Council.

    • The federal government is investing over $160 billion in its net-zero economic plan, including through a $93 billion suite of tax credits for major economic investments in:

      • Carbon capture, utilization, and storage;
      • Clean technology;
      • Clean hydrogen;
      • Clean technology manufacturing;
      • Clean electricity; and,
      • Electric vehicle (EV) supply chains.
    • In addition to tax credits for major economic investments, the federal government is attracting net-zero private sector investment by:

      • Catalyzing private investment in low-carbon projects, technologies, businesses, and supply chains through the $15 billion Canada Growth Fund, which has already invested over $2 billion across eight deals, including three novel Carbon Contracts for Difference;
      • Leveraging at least $20 billion from the Canada Infrastructure Bank to build major clean electricity and clean growth infrastructure projects;
      • Securing Canada’s advantage as the world’s supplier of choice for critical minerals and the clean technologies they enable, by further developing supply chains through a $3.8 billion Critical Minerals Strategy; and,
      • Building more clean, affordable, and reliable power, and supporting innovation in electricity grids, including offshore wind, through the $3 billion recapitalization of the Smart Renewables and Electrification Pathways Program.
    • The third-party, arm’s-length organization(s) will further develop and implement the taxonomy.

    • The Department of Finance, Environment and Climate Change Canada, and Innovation, Science and Economic Development Canada will work together to make the required legislative and regulatory changes for mandatory climate disclosures.

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    Media may contact:

    Katherine Cuplinskas
    Deputy Director of Communications
    Office of the Deputy Prime Minister and Minister of Finance
    Katherine.Cuplinskas@fin.gc.ca

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    Department of Finance Canada
    mediare@fin.gc.ca
    613-369-4000

    General enquiries:

    Phone: 1-833-712-2292
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    MIL OSI Canada News

  • MIL-OSI Canada: Government advances Made-in-Canada sustainable investment guidelines to accelerate progress to net-zero emissions by 2050

    Source: Government of Canada News

    Backgrounder

    October 9, 2024

    The Government of Canada supports the development of voluntary Made-in-Canada sustainable investment guidelines (otherwise known as a taxonomy) that would categorize investments based on scientifically determined eligibility criteria that are consistent with the goal of reaching net-zero emissions by 2050 and limiting global temperature rise to 1.5°C above pre-industrial levels.

    This is a high standard that will be important for building and maintaining the credibility of a Canadian taxonomy, which will mobilize private capital for low- or non-emitting activities with a “green” category.

    Importantly, the Canadian taxonomy would also establish a “transition” category to identify, and boost funding for, scientifically credible pathways to rapidly decarbonize Canada’s emissions-intensive sectors. Canada’s leadership in the transition aspect of taxonomy will be a notable and valuable contribution to the international dialogue on transition finance.

    The development of the metrics-based Canadian taxonomy would first focus on the following sectors for the Canadian economy: electricity, transportation, buildings, agriculture and forestry, manufacturing, and extractives, including mineral extraction and processing, and natural gas. A taxonomy for two to three priority sectors will be released within 12 months of the arm’s-length, third-party organization(s) beginning its work.

    Once finalized, the Canadian taxonomy would be available for entities such as financial institutions, lenders, and companies to use on a voluntary basis. It would not be mandatory.

    Details of the Canadian Taxonomy

    This backgrounder outlines the government’s expectations for the development and implementation of the Canadian taxonomy, including:

    1. Guiding Principles
    2. Defining green and transition investments
    3. Priority Sectors
    4. Company-level expectations
    5. Governance and Funding

    Background on Taxonomy

    To close the climate financing gap, financial market participants, including banks, insurers, pension plans and asset managers, have indicated that they need clarity about what economic activities are considered “green” or “transition.” A taxonomy is a tool that can provide this clarity by promoting a shared understanding or classification system that defines or categorizes these activities.

    Like the proposed Canadian taxonomy, many international taxonomies also use detailed eligibility criteria, anchored in climate science, to support the taxonomy’s credibility among international investors. These eligibility criteria often involve the use of performance-based metrics and thresholds to demonstrate what economic activities are aligned with pathways to limiting global temperature rise to 1.5°C above pre-industrial levels, in line with the Paris Agreement. These taxonomies likewise aim to preserve interoperability with other jurisdictions to reflect the global nature of financial and capital markets.

    A taxonomy supports a wide range of use cases. For example, taxonomies can be used to set standards for classifying climate-related financial instruments (e.g., bonds or loans), and/or to evaluate the green or transition credentials of financial instruments and issuers.
    The aim of the Canadian taxonomy would be to mobilize investment in support of Canada’s net-zero transition by enabling investors to understand and communicate which key activities and investments will deliver a Canadian net-zero economy.

    Over 40 jurisdictions worldwide are developing or have implemented taxonomies, which generally are calibrated to a particular country’s domestic economic reality and priorities. This is an opportunity to develop a Made-in-Canada taxonomy that aligns with Canada’s net-zero pathways and drives transformational investments within Canada’s economy that will also create good-paying, sustainable jobs.

    The Sustainable Finance Action Council (SFAC), which was composed of 25 of Canada’s leading deposit-taking institutions, insurance companies, and pension funds, was launched by the Government of Canada in May 2021 to help lead the Canadian financial sector towards integrating sustainable finance into standard industry practice. The SFAC’s recommendations on taxonomy, including its Taxonomy Roadmap Report, have been important inputs for informing the Government of Canada’s next steps on taxonomy. The Government of Canada thanks the SFAC for its advice on taxonomy and its valuable contribution to building a sustainable finance market in Canada throughout its mandate, which concluded on March 31, 2024.

    i. Guiding Principles

    The Canadian taxonomy would be developed and maintained in accordance with the following principles (Guiding Principles), which draw from the recommendations of the SFAC and international organizations, as well as from international taxonomy precedents.

    These Guiding Principles are intended to ensure that the Canadian taxonomy fulfills its objective of being a credible and usable tool for financial market participants and others to identify green and transition investments.

    Guiding Principles

    • Usable

      Mobilize capital toward the net-zero transition.

    • Credible

      Clear, rigorous, and credible science-based criteria that align with limiting global temperature rise to 1.‍5°C above pre-industrial levels, with no or low overshoot and all relevant emissions scopes considered.​ Any activity which receives the green or transition taxonomy label must be scientifically defensible as being aligned with this.

    • Comprehensive

      Cover transition and green activities that make a material positive contribution to climate change mitigation, addressing high-emitting sectors.

    • Interoperable

      Be interoperable and broadly compatible with other major science-based taxonomies and frameworks globally, while reflecting Canada’s own economic context.

    • Transparent

      A governance structure that is transparent, efficient, adaptive, and results-oriented; safeguards scientific integrity; and engages with key stakeholders, including provincial and territorial governments, civil society, financial market participants, industry, and Indigenous partners.

    • Dynamic

      A built-in review process to ensure the Canadian taxonomy is updated as the landscape evolves.

    • Holistic

      Do-No-Significant-Harm criteria addressing environmental, social, and Indigenous objectives.

    ii. Defining green and transition investments

    At a high level, the Canadian taxonomy would define which economic activities are green or transition in line with SFAC recommendations, as follows:

    • Green: low-or zero-emitting activities, such as green hydrogen, solar, and wind energy generation, or those that enable them, such as electricity transmission lines and hydrogen pipelines; and,
    • Transition: decarbonizing emission-intensive activities that are critical for sectoral transformation and consistent with a net-zero, 1.5°C transition pathway, such as installing lower-emitting (electric) furnaces to produce steel.

    Activities are expected to be classified according to a categorization framework to be confirmed and operationalized. The figure below shows an example of such a framework proposed by the SFAC.

    SFAC Taxonomy Roadmap Report Categorization Framework

    For clarity, in this framework:

    Green activities are expected to be those that:

    • Do not have material scope 1 and 2 emissions;
    • Have low or zero downstream scope 3 emissions; and,
    • Sell into or benefit from markets that are expected to grow in the global
      net-zero transition.

    Transition activities are expected to be those that:

    • Have material scope 1 and 2 emissions but make significant emission reductions;
    • Have low or zero scope 3 emissions; and,
    • Do not create carbon lock-in and path dependency.

    As well as activities that:

    • Have material scope 3 emissions but significantly reduce their scope 1 and
      2 emissions;
    • Do not face immediate demand-side risk (i.e., market contraction); and,
    • Have lifespans proportionate to when global demand for their products is expected to decline.

    iii. Priority Sectors

    The initial phase of taxonomy development would focus on developing eligibility criteria for the following priority sectors. A taxonomy for two to three priority sectors will be released within 12 months of the arm’s-length, third-party organization(s) beginning its work. The final determination of eligible activities would rest with the third-party organization(s) which will develop, implement, and maintain the Canadian taxonomy, and align with the guiding principles, including scientific credibility and alignment with limiting global warming to 1.5°C:

    Electricity, which could include activities related to low- and zero-emitting electricity generation, electricity storage, and grid infrastructure improvements.

    Transportation, which could include low- and zero-emitting passenger and freight transportation activities in a variety of transportation modes (e.g., road, rail, marine transport) as well as enabling infrastructure (e.g., electric vehicle charging).

    Buildings, which could include the construction and operation of high-performance buildings, the retrofitting of buildings to improve their performance, and the installation of equipment to reduce the emissions of buildings and their occupants.

    Agriculture and Forestry, which could include the sustainable production of crops and livestock, activities to decarbonize agricultural production, and the planting, sustainable management, and restoration of forests.

    Heavy Industry:

    These important sectors of the Canadian economy have been prioritized based on the following criteria:

    • Anticipated future levels of green and transition investment opportunity, including as assessed by market participants;
    • Importance of their decarbonization for decarbonizing the Canadian economy, based on current sectoral emissions and projections of future emission reductions; and
    • Economic significance to Canada, including current levels of investment and economic activity.

    Further below is a list of examples of activities within these sectors that may be eligible for a green or transition taxonomy label, subject to the development of activity-specific performance criteria and Do-No-Significant-Harm requirements.

    iv. Company-level expectations

    The Government of Canada supports the adoption of net-zero targets, credible transition plans, and robust climate disclosures by Canadian companies. These are key infrastructure elements of a robust sustainable finance market and are essential to achieving net-zero goals, fostering transparency, and enabling informed decision-making.

    The Government of Canada has committed to moving towards mandatory climate-related financial disclosures across a broad spectrum of the Canadian economy. Mandatory disclosure requirements are already in place for federal Crown corporations and federally regulated financial institutions. The Government of Canada intends to bring forward amendments to the Canada Business Corporations Act to enable climate-related financial disclosure requirements for large, federally incorporated private companies.

    The Government of Canada encourages the developers of the taxonomy to consider including these company-level requirements as part of the eligibility criteria for green and transition labelling in the Canadian taxonomy, in line with SFAC’s recommendations.

    Potential Company-Level Actions for Taxonomy Users

    • Net-Zero Targets

      A commitment to reach net-zero emissions by 2050 or earlier, usually with interim targets.​

    • Credible Transition Plans

      A strategy that lays out the company’s targets, actions, and/or resources for its transition toward a lower-carbon economy, including actions such as reducing its greenhouse gas emissions.​

    • Robust Climate Disclosure

      The provision of information about a company’s climate-related governance, risk management, strategy, and metrics and targets.​

    v. Governance and Funding

    Developing a taxonomy requires significant climate science and sectoral expertise and engagement with stakeholders, including financial market participants, industry, civil society, governments, regulators, and Indigenous partners. In addition, good governance practices are needed to oversee the development and implementation of a Canadian taxonomy that safeguards scientific integrity and meets market needs. The guiding principle of scientific credibility will ensure that the taxonomy’s green and transition labels are only applied to activities that are in line with the goal of limiting global warming to 1.5°C with no or limited overshoot.

    The Canadian taxonomy would be developed, implemented, and maintained at arm’s length to the Government of Canada by an organization or organizations external-to-government.

    The final determination of guiding principles, eligible activities, priority sectors and company-level expectations would rest with the external-to-government organization.

    The Government of Canada would contribute funding to support the technical work to develop the eligibility criteria for the taxonomy.

    Examples of Potential Taxonomy Eligible Activities

    Under the Canadian taxonomy, a range of economic activities that contribute to Canada’s net-zero transition will be eligible for a “green” or “transition” label, which, for example, could be used in the context of labelled bond issuances. Not all economic activities will be eligible.

    Through a survey of international taxonomies, the following examples of activities in priority sectors that may be eligible for a green and/or transition label were identified. These examples are in no way intended to direct the work of the arm’s length organization or organizations who will develop, implement, and maintain the Canadian taxonomy, who would make final determinations with respect to the inclusion of and criteria for these example activities, in line with the guiding principles, including alignment with limiting global warming to 1.5°C. As such, these examples should be considered indicative only, not prescriptive.

    It is expected that activity-specific performance criteria would be developed for each activity included in the Canadian taxonomy along, with Do-No-Significant-Harm requirements, to define the circumstances under which that activity would be eligible for green or transition labelling. That is, only some forms of a given activity might be eligible while other forms of the same activity might be ineligible. Some forms of an eligible activity may be green-eligible while other forms would be transition-eligible. As such, the examples below show activities that may  be eligible, subject to activity-specific criteria and Do-No-Significant-Harm requirements.

    These examples are not intended to be exhaustive. The international taxonomies surveyed to identify these examples reflect the economic and net-zero transition needs of other jurisdictions, which may be different from those of Canada, so it is to be expected that the Canadian taxonomy could break new ground and include sub-sectors or activities not covered in these examples. For example, it could include green and transition activities in the agricultural sector such as certain forms of crop and livestock agriculture.

    In consideration of Canada’s economic makeup, the taxonomy could potentially include activities that significantly reduce the emissions of existing natural gas production and/or the emissions associated with a limited buildout of existing production sites. The technical drafters may also consider a broad range of possible eligibility criteria for existing natural gas production, such as the displacement of more polluting fuels internationally, provided they are aligned with limiting global temperature rise to 1.5°C above pre-industrial levels. Based on the Guiding Principles, the Government does not anticipate new natural gas production to be eligible. The final determination of eligible activities across all sectors will be made by the arms length, external organization(s).

    In the electricity sector, examples of potentially eligible green or transition activities include:

    • Co-generation of heating or cooling and electricity from solar energy;
    • Electricity generation from bioenergy;
    • Electricity generation using concentrated solar power (CSP) technology;
    • Electricity generation from geothermal energy;
    • Electricity generation from hydropower;
    • Electricity generation from ocean energy technologies;
    • Electricity generation using solar photovoltaic technology;
    • Electricity generation from wind power;
    • Storage of electricity; and,
    • Transmission and distribution of electricity.

    In the transportation sector, examples of potentially eligible green or transition activities include:

    • Low carbon transport infrastructure, such as electric vehicle charging.
    • Zero-emission and low-emission operations of the following modes of transportation:
      • Air transport, including ground handling operations;
      • Freight transport by road;
      • Inland water transport;
      • Road passenger transport;
      • Sea and coastal water transport;
      • Railway transport; and,
      • Urban and suburban passenger land transport.

    In the buildings sector, examples of potentially eligible green or transition activities include:

    • Acquisition and ownership of low-emitting and energy-efficient buildings;
    • Construction of low-emitting and energy-efficient new buildings;
    • Installation of energy efficiency equipment;
    • Installation of renewable energy technologies; and,
    • Renovation of existing buildings to reduce emissions and/or improve energy efficiency.

    In the agriculture and forestry sectors, examples of potentially eligible green or transition activities include:Footnote 1

    • Afforestation;
    • Conservation, restoration, and maintenance of natural forests; and,
    • Sustainable forest management.

    In the heavy industry sector, examples of potentially eligible green or transition activities include:

    • The low-emission or energy-efficient manufacturing of:
      • Aluminum;
      • Basic chemicals, such as ammonia, aromatics BTX, carbon black, chlorine, nitric acid, and soda ash;
      • Cement;
      • Hydrogen;
      • Iron and steel; and,
      • Plastics in primary form.
    • The manufacturing of:
      • Batteries;
      • Energy efficiency equipment for buildings, such as energy-efficient appliances and light sources, energy-efficient HVAC systems, heat pumps, and energy-efficient building automation and control systems;
      • Equipment for the production of hydrogen through electrolysis;
      • Low-carbon technologies for household sector;
      • Low-carbon technologies for transport, such as low-carbon vehicles that meet transportation sector criteria; and,
      • Renewable energy technologies.
    • The mining of:Footnote 2
      • Copper;
      • Iron ore;
      • Lithium; and,
      • Nickel.

    MIL OSI Canada News

  • MIL-OSI Security: Defense News: SECNAV Del Toro As-Written Remarks at the San Francisco Fleet Week Senior Leaders Seminar

    Source: United States Navy

    Introduction/Thank you

    Good afternoon, everyone! It is an honor to be here onboard USS Tripoli (LHA 7) for the start of San Francisco Fleet Week and this Senior Leader Seminar.

    Mr. Loeven, thank you for inviting me for this wonderful occasion and for providing me with the opportunity to say a few words.

    Captain Harrington, thank you for hosting us here on your ship—this incredible instrument of American naval power and a phenomenal example of our Navy-Marine Corps team.

    Representative Garamendi, it’s wonderful to see you. Thank you for joining us, and for your steadfast partnership and advocacy for our Sailors and Marines in Congress.

    Ambassador Romualdez, it is wonderful to see you. Thank you for your ongoing efforts to strengthen the critical partnership between our nations.

    Lieutenant General Cederholm, thank you for your leadership and guidance of our Marines and Sailors at One MEF.

    Vice Admiral Downey, Ms. Forbes, Mr. Wunderman, Mr. Vaca, and Mr. Gonzales, thank you for being part of the panel in a few minutes to discuss how the Bay Area can work with us to restore our national maritime industry.

    To the rest of our distinguished guests and panelists in later sessions, thank you for coming.

    It truly is wonderful to be back here in San Francisco.

    San Francisco holds a special place in my heart—when I was a student at the Naval Postgraduate School in Monterey, my wife Betty and I would often make the drive up to the city with our kids.

    History

    This city’s rich maritime and naval history and tradition is worth celebrating, not just annually during Fleet Week, but yearlong.

    San Francisco Bay once hosted an extensive Naval presence from Port Chicago to Treasure Island, and two major Naval shipyards—Hunters Point and Mare Island.

    Mare Island Naval Shipyard was the first U.S. Navy base established on the Pacific coast and, in the middle of last century, was the only shipyard on the West Coast that built nuclear submarines.

    In fact, the first commanding officer of Mare Island Naval Shipyard—indeed the man hand selected by the 22nd Secretary of the Navy, James Dobbin to establish the shipyard—was also our Navy’s first Admiral, and our first Hispanic-American Admiral, David Glasgow Farragut.

    I think he’s a little more famous for his service during the Civil War, but I would submit that his work creating a basing and repair station on the West Coast for the Navy had nearly as profound an impact on the future of our Navy and our Nation.

    And during World War I, the Union Iron Works Shipyard south of the Embarcadero built cruisers, submarines, and battleships and during World War II, nearly two thirds of Liberty and Victory ships were built in the Bay area.

    On a more somber note, I was most recently here in July for the 80th commemoration of the Port Chicago Disaster.

    If any of you are unfamiliar with the story, 258 African-American Sailors were wrongfully and shamefully labeled as criminals for refusing to work in unsafe conditions during World War II.

    Thanks to the work of my General Counsel, Mr. Sean Coffey, and his military assistant Captain Justin Pilling, I was able to make the decision in July to set aside the court martial results of all Sailors convicted as part of the Port Chicago incident.

    That action was about more than correcting the historical record.

    It was and is a resounding affirmation of the values we, as Americans, hold dear—justice, equality, and the right to a safe workplace.

    The legacy of the Port Chicago Sailors should inspire us all to be more vigilant, to speak truth to power, and to never give up on the pursuit of liberty and justice.

    San Francisco has long been a key part of our nation’s maritime industry—and our naval heritage.

    And while we don’t currently build naval ships here, our relationships with industry here and academic partnerships through the Naval Postgraduate School are integral to developing the fleet of the future.

    World Today

    The world our nation faces today is much different than when I was sworn in as Secretary of the Navy in August 2021, much less during my career on active duty or the end of World War II.

    In Europe, the unprovoked and illegal Russian invasion of Ukraine continues—and is now well into its third year.

    This conflict poses a direct threat to European security and the principles of democracy and sovereignty upon which our international order is built.

    In July, we, alongside our NATO allies, convened in Washington to reaffirm our unwavering support for Ukraine.

    We stand united in our commitment to helping Ukraine defend its sovereignty and territorial integrity, recognizing that their struggle is not just for their own freedom but for the preservation of democracy worldwide.

    Beyond the European theater, for the first time since World War II, we face a comprehensive maritime power—our pacing challenge—in the Indo-Pacific.

    The People’s Republic of China continues to assert its unlawful maritime claims through its naval, coast guard, and maritime militia forces.

    I can assure you that the PRC is watching the ongoing conflicts in Europe and the Red Sea closely and drawing valuable lessons for its own strategic ambitions.

    In the Red Sea and Gulf of Aden, we have been working tirelessly alongside our NATO allies and Middle Eastern partners to protect innocent civilian mariners and commercial shipping from Iranian-aligned Houthi attacks.

    Following the October 7th attacks in Israel one year ago this week, our Navy and Marine Corps were swiftly deployed to the region, forming a formidable and integrated force capable of responding to any threat.

    Carrier Air Wing Three, our “Battle Axe,” played a pivotal role in protecting civilian mariners, deploying over sixty air-to-air missiles and over 420 air-to-surface weapons.

    The Bataan Amphibious Ready Group, with the embarked 26th Marine Expeditionary Unit, made significant contributions by deterring hostile Houthi attacks and preventing the conflict from escalating throughout the region.

    Our warships, including the Carney, Mason, Gravely, Laboon, Thomas Hudner, and Eisenhower, have demonstrated exceptional performance under fire, successfully deterring and defeating missile and drone attacks targeting innocent maritime shipping.

    And last week, Cole and Bulkeley—the latter of which I had the honor and privilege to construct and commission as her first commanding officer—launched interceptors in defense of Israel from nearly 200 Iranian ballistic missiles.

    As President Biden said, “Our support for Israel’s security is ironclad. We unequivocally condemn this brazen attack by Iran.”

    The actions of our ships and their crews echo the valiant and heroic legacies of their namesakes.

    Vice Admiral John D. Bulkeley, the namesake of the ship I commissioned, was awarded the Medal of Honor for bringing Douglas MacArthur through Japanese controlled waters in a PT boat to safety in the dark early days of World War II.

    As a destroyer skipper in the Mediterranean later in the war, he spotted a pair of German ships that threatened to overwhelm the group of vulnerable coastal vessels he was assigned to protect.

    Despite being outnumbered and outgunned, and with just one of his destroyer’s main guns operable, Bulkeley charged into close action and sank both German ships without losing a single one of his sailors.

    As he later said of his actions on that day in 1944, and I quote, “What else could I do? You engage, you fight, you win. That was the reputation of our Navy then, and in the future.”

    Ladies and gentlemen, that is still the reputation of our Navy and Marine Corps—and it will remain our reputation because of the brave men and women who have chosen, in this era of accelerating change and uncertainty, to serve our country.

    They truly have earned our deepest respect and gratitude.

    Their exceptional service and courage in the face of danger represents the absolute best of our Navy, Marine Corps, and indeed our Nation.

    And if anyone is inspired to join the Navy or Marine Corps, I’m happy to administer the oath right here!

    Maritime Statecraft

    Last fall, at Harvard University’s John F. Kennedy School of Government, I set out a vision for a new Maritime Statecraft to guide our nation through an era of intense strategic competition.

    This comprehensive approach extends beyond traditional naval diplomacy and maritime competition, encompassing a whole-of-government effort to build robust U.S. and allied maritime power, both commercial and naval.

    Maritime Statecraft recognizes that great naval power requires the solid foundation of a thriving commercial maritime industry.

    Investing in economic development, trade, education, science, innovation, and climate diplomacy can enhance our global competitiveness and support our maritime industry.

    A cornerstone of Maritime Statecraft is the revitalization of U.S. commercial shipping and shipbuilding.

    By restoring the competitiveness of these sectors, we can not only improve the cost-effectiveness of naval shipbuilding but also strengthen our national economy and maritime capabilities.

    To achieve this goal, I have worked tirelessly with cabinet leaders across the administration to raise awareness and advocate for long-term solutions to the Navy’s challenges.

    The solutions to many of our Navy’s most pressing issues lie in renewing the health of our nation’s broader seapower ecosystem.

    A significant step in this direction was our creation of the Government Shipbuilder’s Council.

    This interagency body brings together representatives from the Maritime Administration (MARAD), Coast Guard, National Oceanic and Atmospheric Administration (NOAA), and even the Army to address common ship construction and maintenance challenges.

    Furthermore, we have catalyzed multiple White House-led interagency processes on both naval and commercial shipbuilding, involving the National Security Council, National Economic Council, and various departments across the Executive Branch. These efforts aim to identify and implement effective strategies for strengthening our maritime capabilities.

    In addition, my team is working closely with Congress to revitalize existing authorities and create new incentives for building and flagging commercial ships in the United States.

    By investing in domestic shipbuilding, we can support our naval shipbuilding efforts, create jobs, and boost our domestic manufacturing base.

    And as part of Maritime Statecraft, it is essential to forge strong partnerships with local governments, suppliers, and leaders.

    These collaborations will be instrumental in revitalizing our nation’s maritime industry.

    By working closely with local officials, we can identify and address the specific challenges and opportunities, including potential infrastructure improvements, streamlining regulatory processes, and attracting investment to support shipbuilding, repair, and maritime-related industries.

    I have long advocated for the restoration and expansion of some of our nation’s smaller, dormant, and underutilized shipyards as part of the effort to rebuild our maritime industrial capacity, and nowhere is that more applicable than here in San Francisco.

    We are confident that these initiatives will yield significant returns for naval shipbuilding and sealift.

    By adopting a holistic approach to Maritime Statecraft, we can position the United States to maintain its global leadership and safeguard our national interests.

    Conclusion

    As we move to the panel, I want to leave you with one question.

    The theme for this session is “Reimagining the American Maritime Industry.”

    At the heart of the matter the question I would ask us to ponder today, this week, and moving into our shared future is:

    “How can the Bay Area and the Navy work together to restore the comprehensive maritime power of the United States?”

    Whether through workforce development, improving and increasing maritime infrastructure, partnerships in the technology sector and with academia, or revitalizing dormant or underutilized shipyards, the Navy is prepared to work alongside you, to partner with you, and to succeed together.

    Thank you for joining us today, and may God grant the Navy, the Marine Corps, San Francisco, and indeed our Nation fair winds and following seas.

    MIL Security OSI

  • MIL-OSI Security: Eight Charged in $68M Social Adult Day Care and Home Health Care Scheme

    Source: United States Attorneys General

    An indictment was unsealed today in Brooklyn, New York, charging eight defendants for their alleged roles in a scheme to defraud Medicaid of approximately $68 million through the operation of two social adult day cares and a home health care financial intermediary that were paying kickbacks and bribes for services that were not provided.

    According to court documents, Zakia Khan, 53, of Brooklyn, and Ahsan Ijaz, 27, of Brooklyn, owned two social adult day cares, Happy Family Social Adult Day Care Center Inc. (Happy Family) and Family Social Adult Day Care Center Inc. (Family Social), and a financial intermediary, Responsible Care Staffing Inc. (Responsible Care), for the New York Medicaid Consumer Directed Personal Assistance Services Program (CDPAP), which permits family members of Medicaid recipients to receive payment for assisting Medicaid recipients with activities of daily living. Beginning in approximately October 2017, in exchange for kickbacks and bribes, marketers Elaine Antao, 45, also known as Aleena, of Brooklyn, Omneah Hamdi, 61, of Brooklyn, and Manal Wasef, 44, of Brooklyn, allegedly referred Medicaid recipients to Happy Family, Family Social, and/or Responsible Care. The marketers in turn allegedly paid kickbacks and bribes to Medicaid recipients for social adult day care and CDPAP services that Happy Family, Family Social, and Responsible Care billed to Medicaid but were not provided or were induced by kickbacks and bribes. Ansir Abassi, 38, also known as Zaib Abassi and Ansir Zaib, of Brooklyn, and Amran Hashmi, 53, of Brooklyn, allegedly managed Happy Family and Family Social and the marketers. To carry out the kickback scheme, Khan, Antao, Ijaz, Abassi, and Hamdi allegedly used business entities to launder the fraud proceeds and generate the cash used to pay kickbacks and bribes. Seema Memon, 30, of Brooklyn, an employee of Happy Family who was previously charged by complaint on July 1, was also indicted.

    “As alleged in the indictment, these defendants orchestrated a years-long scheme to defraud Medicaid of tens of millions of dollars for social adult day care and home care services for seniors that they did not provide,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “The defendants allegedly paid cash bribes and kickbacks to recruiters and Medicaid recipients as part of a scheme to enrich themselves at the expense of vital programs for senior citizens. Today’s charges make clear that the Criminal Division will not tolerate schemes that brazenly steal from federal health care programs.”

    “Social adult day care and home health services are meant to help seniors, but as alleged, the defendants allegedly turned their businesses into a brazen cash grab of millions of dollars from the Medicaid program,” said U.S. Attorney Breon Peace for the Eastern District of New York. “My office is committed to investigating and prosecuting those who plunder taxpayer-funded, federal health care programs dollars while purporting to offer health care services.” 

    “HHS-OIG is committed to working with our law enforcement partners to investigate allegations that bribes and kickbacks are paid with Medicaid monies,” said Special Agent in Charge Naomi Gruchacz of the Department of Health and Human Services Office of Inspector General (HHS-OIG). “Individuals and entities that participate in the federal health care system are required to obey the laws meant to preserve the integrity of program funds and the provision of appropriate, quality services to patients.”

    “The crimes outlined in this indictment took advantage of a network that offers essential health care and other services to those in need,” said Interim Commissioner Thomas G. Donlon of the New York City Police Department (NYPD). “Let it be clear: anyone who attempts to profit by defrauding the system will face consequences, as these schemes drain already limited resources and deprive beneficiaries of crucial funds. I commend our NYPD investigators and federal law enforcement partners for their successful and continued collaboration.”

    “As alleged, the defendants saw nothing beyond the dollar signs associated with their crimes, and in turn defrauded the U.S. government of $68 million in welfare funds meant for one of our country’s most vulnerable populations,” said Special Agent in Charge William S. Walker of Homeland Security Investigations (HSI) New York. “Today’s announcement underscores the HSI New York El Dorado Task Force’s unrelenting focus on dismantling and disrupting financial fraud schemes that exploit the American public and hurt our economy.”

    Khan is charged with conspiracy to commit health care fraud, three counts of health care fraud, conspiracy to defraud the United States and to pay and receive health care kickbacks, paying health care kickbacks, conspiracy to commit money laundering, and money laundering. If convicted, she faces a maximum penalty of 20 years in prison for each count of conspiracy to commit money laundering and money laundering, 10 years in prison for each count of conspiracy to commit health care fraud, health care fraud, and paying health care kickbacks, and five years in prison for conspiracy to defraud the United States and to pay and receive health care kickbacks.

    Abassi, Antao, Hamdi, and Ijaz are charged with conspiracy to commit health care fraud, conspiracy to defraud the United States and to pay and receive health care kickbacks, conspiracy to commit money laundering, and money laundering. If convicted, they face a maximum penalty of 20 years in prison for each count of conspiracy to commit money laundering and money laundering, 10 years in prison for conspiracy to commit health care fraud, and five years in prison for conspiracy to defraud the United States and to pay and receive health care kickbacks.

    Hashmi is charged with conspiracy to commit health care fraud, three counts of health care fraud, conspiracy to defraud the United States and to pay and receive health care kickbacks, and paying health care kickbacks. If convicted, he faces a maximum penalty of 10 years in prison for each count of conspiracy to commit health care fraud, health care fraud, and paying health care kickbacks, and five years in prison for conspiracy to defraud the United States and to pay and receive health care kickbacks.

    Memon is charged with conspiracy to commit health care fraud, conspiracy to defraud the United States and to pay and receive health care kickbacks, and paying health care kickbacks. If convicted, she faces a maximum penalty of 10 years in prison for each count of conspiracy to commit health care fraud and paying health care kickbacks and five years in prison for conspiracy to defraud the United States and to pay and receive health care kickbacks.

    Wasef is charged with conspiracy to commit health care fraud and conspiracy to defraud the United States and to pay and receive health care kickbacks. If convicted, she faces a maximum penalty of 10 years in prison for conspiracy to commit health care fraud and five years in prison for conspiracy to defraud the United States and to pay and receive health care kickbacks.

    HHS-OIG, NYPD, and HSI are investigating the case.

    Trial Attorney Patrick J. Campbell of the Criminal Division’s Fraud Section is prosecuting the case. Assistant U.S. Attorney Tanisha R. Payne for the Eastern District of New York is assisting with forfeiture matters.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,400 defendants who collectively have billed federal health care programs and private insurers more than $27 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at http://www.justice.gov/criminal-fraud/health-care-fraud-unit.

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

    MIL Security OSI