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Category: KB

  • MIL-OSI Russia: Construction of the International Hockey Academy continues in the Mnevnikovskaya floodplain

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    As part of the formation of a sports cluster in the Mnevnikovskaya floodplain, the construction of the Alexander Ovechkin International Hockey Academy continues. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy Vladislav Ovchinsky.

    “The main building of the Alexander Ovechkin International Hockey Academy will have training grounds and two ice arenas. One of them will have an auditorium for 1,500 seats. A multifunctional conference hall will also be equipped here. A hotel for athletes and a recovery and rehabilitation center are being built on the territory of the academy. In addition, as part of the formation of a sports cluster, they plan to build a beach sports center and a year-round water recreation and entertainment complex here,” explained Vladislav Ovchinsky.

    In addition, Mnevnikovskaya floodplain will have well-equipped tennis courts, volleyball, streetball, and workout courts. They will also build an ice and multi-purpose sports palace, an ice palace, a multi-functional building with a curling arena, a billiards palace, a rowing base, and a building for the CSKA basketball club.

    “A large sports cluster is being formed on the territory of the Mnevnikovskaya floodplain, for the construction of facilities for which the city is providing land as part of the implementation of large-scale investment projects. Thus, over three hectares have been allocated for the construction of the Alexander Ovechkin International Hockey Academy, almost 2.5 hectares for a multifunctional ice palace for the Russian curling team, over 3.6 hectares for a complex with two ice arenas, martial arts and gymnastics halls, and a tennis center will appear on an area of 2.2 hectares,” said the Minister of the Moscow Government, Head of the Department of City Property of the capital

    Maxim Gaman.

    To implement large-scale investment projects, investors are provided with land without bidding. In addition to sports facilities, production complexes, innovation centers, social institutions, transport, commercial and other facilities can receive the status of such a project. For their construction, the city provides plots for rent for five years.

    On the instructions of Sergei Sobyanin, the city is paying special attention to the quality of sports infrastructure facilities. As noted by the Chairman of the Committee for State Construction Supervision of Moscow (Mosgosstroynadzor) Anton Slobodchikov, since the start of construction of the academy last summer, Mosgosstroynadzor has conducted five on-site inspections. Inspectors assessed the volume of work performed, the organization of the construction site, and compliance with safety requirements. Specialists from the subordinate Expertise Center were involved in the inspections. They conducted instrumental studies of the quality of structures and materials used, as well as their compliance with design documentation.

    Earlier Sergei Sobyanin reportedthat after the completion of the integrated development of the Mnevnikovskaya floodplain territory, a sports cluster with a total area of about 500 thousand square meters will appear here.

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

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

    https://vvv.mos.ru/nevs/item/145891073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Historical festival and excursions prepared at VDNKh for National Unity Day

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    On November 3 and 4, in honor of National Unity Day, VDNKh will host excursions and a historical festival, reported Natalia Sergunina, Deputy Mayor of Moscow.

    “The program is prepared in such a way that it will be interesting for everyone – both adults and children. In addition to excursions, Muscovites and tourists will be treated to immersive performances and master classes,” Natalia Sergunina clarified.

    On November 3 and 4 at 13:00, everyone is invited to an educational walk “National Unity in the Symbols of VDNKh Architecture”. Participants will see iconic places of the complex, such as the “Friendship of Nations” fountain and Pavilion No. 1 “Central”. Guides will tell about the history of the celebration of National Unity Day at the exhibition.

    On November 4 at 15:00, 17:00 and 19:30 there will be excursions in the Cosmonautics and Aviation Center. Visitors will learn about space programs and experiments that are conducted in orbit. In addition, at the meetings they will list the cities of Russia where they are preparing for flights and from where it is possible to launch rockets and satellites.

    On the same day at 17:00 and 19:00, thematic walks will begin in the Museum of Slavic Literature “Word”.

    Admission is free with prior registration. on the exhibition website.

    Old recipes and theatrical interactives

    The festival “Bread Ear – Gold of Russia” is planned for November 4 at the Industrial Square. It will include master classes with theatrical performances reflecting different eras in Russian history.

    A large tent with four zones will be prepared for the guests. They will be transported to the 12th, 17th, 19th and 20th centuries. There they will learn how to bake gingerbread, kalachi and bread according to traditional recipes. Here they will also perform romances, play the gusli and gudok. In addition, you can join a ballroom dancing lesson and an interactive session with poems and fairy tales.

    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.mos.ru/nevs/item/145862073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Perekopsky pond in Zyuzino has been put in order

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Specialists from the city services complex have rehabilitated the Perekop pond in the southwest of the capital. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

    “The pond, located on the territory of the Zyuzinskaya volost museum park between residential buildings, was in an unsatisfactory condition: silt deposits had accumulated at the bottom, which caused the water area to bloom during the warm season, and the coastal strip was partially destroyed. In connection with this, a decision was made to carry out a comprehensive rehabilitation of the pond, now it is again a comfortable place for city residents to relax,” said Pyotr Biryukov.

    The specialists removed the silt deposits, which increased the average depth of the pond. After that, they formed the pond bed by backfilling with sand and began repairing the shoreline, which was over 200 meters long. According to the project, it was done in two ways: vertically – in the form of a crib wall made of larch logs and sloping – with backfilling with crushed stone. In addition, the pavement of the path and stairways was restored.

    At the final stage, three bioplateau zones with a total area of about 240 square meters were organized. More than 3.5 thousand aquatic plants were planted there.

    The city regularly conducts surveys of water bodies and, if problems are identified, makes decisions on rehabilitation. The list of water bodies is compiled annually taking into account the wishes of Muscovites.

    Pond Bykovo Boloto in Zelenograd was put in orderIzyutinsky pond in the south of the capital has been put in order

    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.mos.ru/nevs/item/145906073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Fountains at VDNKh Prepared for Winter

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Specialists from the city economy complex have prepared the fountains on the territory of VDNKh for the winter period. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

    “The fountain season ended in the capital on October 12, after which they began preparing the structures for winter. They washed the fountains “Friendship of Peoples”, “Stone Flower”, “Golden Ear” and 14 fountains located on the Central Alley of VDNKh. The work was carried out by utility crews with the involvement of special equipment,” said Pyotr Biryukov.

    The fountains at VDNKh are complex architectural and artistic structures with a large number of gilded sculptures, as well as decorative copper and bronze elements. They require careful maintenance and are washed exclusively by hand.

    The gilded elements and smalt mosaics were cleaned with a citric acid solution using soft brushes, and the granite surfaces were washed using high-pressure devices with a neutral agent. Industrial climbers were used to clean the upper part of the Golden Ear fountain, which is 16 meters high. Boats were used to reach the fountain, located in the center of the Third Kamensky Pond.

    During the winter period, specialists will carefully check the technical condition of the fountains, all structures in underground collectors, hydraulics, pumping equipment and jet-forming elements.

    In 2018–2019, all 14 fountains located on the Central Alley were restored at VDNKh, as well as fountains that are cultural heritage sites: “Golden Ear”, “Stone Flower” and “Friendship of Peoples”. They were given back their historical appearance and their engineering systems were completely updated.

    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.mos.ru/nevs/item/145908073/

    MIL OSI Russia News –

  • MIL-OSI Europe: Telegram of the Holy Father on the death of His Eminence Cardinal Renato Raffaele Martino

    Source: The Holy See

    Telegram of the Holy Father on the death of His Eminence Cardinal Renato Raffaele Martino, 29.10.2024

    The following is the telegram of condolence on the death on Monday 28 October 2024 of His Eminence Cardinal Renato Raffaele Martino, protodeacon of San Francesco di Paola ai Monti, president emeritus of the Pontifical Council for Justice and Peace and president emeritus of the Pontifical Council for the Pastoral Care of Migrants and Itinerant Peoples, sent by the Holy Father Francis to the late Cardinal’s brother, Marcello Martino:

    Telegram of the Holy Father
    MR. MARCELLO MARTINO00012 GUIDONIA MONTECELIO
    ON LEARNING OF THE NEWS OF THE DEATH OF YOUR BROTHER, CARDINAL RENATO RAFFAELE MARTINO, I WISH TO EXPRESS MY CONDOLENCES TO YOU, TO ALL HIS FAMILY AND TO THE ARCHDIOCESE OF SALERNO-CAMPAGNA-ACERNO OF WHICH HE WAS A RESPECTED PRESBYTER. AS I REMEMBER THIS ZEALOUS PASTOR WHO SERVED THE GOSPEL AND THE CHURCH, I THINK WITH GRATITUDE OF HIS LONG AND DILIGENT COLLABORATION WITH MY PREDECESSORS AS APOSTOLIC NUNCIO TO A NUMBER OF ASIAN COUNTRIES AND ESPECIALLY TO THE UNITED NATIONS ORGANIZATION, WHERE HE SPARED NO ENERGY TO BEAR WITNESS TO THE POPE’S PATERNAL CONCERN FOR THE FATE OF HUMANITY, AND FINALLY AS PRESIDENT OF THE PONTIFICAL COUNCIL FOR JUSTICE AND PEACE. IN THE VARIOUS ROLES ENTRUSTED TO HIM, HE WORKED WITH GREAT DYNAMISM FOR THE GOOD OF PEOPLES, CONSTANTLY PROMOTING DIALOGUE AND CONCORD. I ASK THE LORD TO WELCOME THIS FAITHFUL SERVANT OF HIS TO THE HEAVENLY JERUSALEM AND FROM MY HEART I IMPART MY BLESSING TO THOSE WHO MOURN HIS DEPARTURE, WITH A GRATEFUL THOUGHT FOR THOSE WHO CARED FOR HIM.
    FRANCIS

    MIL OSI Europe News –

  • MIL-OSI Economics: Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results

    Source: Phillips

    Reported third-quarter earnings of $346 million or $0.82 per share; adjusted earnings of $859 million or $2.04 per share
    Returned $1.3 billion to shareholders through dividends and share repurchases
    Achieved business transformation $1.4 billion run-rate savings target, including $1 per barrel Refining cost reduction
    Progressed asset dispositions totaling $2.7 billion toward $3 billion target, including recently executed agreements

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX), a leading integrated downstream energy provider, announced third-quarter earnings.
    “Our employees continue to execute our strategic priorities, deliver strong operating performance and leverage the benefits of our differentiated downstream portfolio,” said Mark Lashier, chairman and CEO of Phillips 66.
    “We have achieved our cost reduction and Midstream synergy targets,” said Lashier. “In addition, we have significantly advanced our asset disposition program with recently announced transactions. Our commitment to operational excellence and disciplined capital allocation continues to create long-term shareholder value.” 
    Financial Results Summary ( in millions of dollars, except as indicated)

     

     

     

    3Q 2024

    2Q 2024

    Earnings

    $

    346

     

    1,015

     

    Adjusted Earnings 1

     

    859

     

    984

     

    Adjusted EBITDA 1

     

    1,998

     

    2,183

     

    Earnings Per Share

     

     

    Earnings Per Share – Diluted

     

    0.82

     

    2.38

     

    Adjusted Earnings Per Share – Diluted 1

     

    2.04

     

    2.31

     

    Cash Flow From Operations

     

    1,132

     

    2,097

     

    Cash Flow From Operations, Excluding Working Capital 1

     

    1,513

     

    1,181

     

    Capital Expenditures & Investments 2

     

    358

     

    367

     

    Return of Capital to Shareholders

     

    1,277

     

    1,325

     

    Share repurchases

     

    800

     

    840

     

    Dividends paid

     

    477

     

    485

     

    Cash

     

    1,637

     

    2,444

     

    Debt

     

    19,998

     

    19,960

     

    Debt-to-capital ratio

     

    40

    %

    40

    %

    Net debt-to-capital ratio 1

     

    38

    %

    36

    %

    1Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

    2Excludes acquisitions of $567 million in the third quarter of 2024, and purchases of government obligations of $1.1 billion in third-quarter of 2024.

    Segment Financial and Operating Highlights (in millions of dollars, except as indicated)

     

     

     

    3Q 2024

    2Q 2024

    Change

    Earnings 1

    $

    346

     

    1,015

     

    (669

    )

    Midstream

     

    644

     

    767

     

    (123

    )

    Chemicals

     

    342

     

    222

     

    120

     

    Refining

     

    (108

    )

    302

     

    (410

    )

    Marketing and Specialties

     

    (22

    )

    415

     

    (437

    )

    Renewable Fuels

     

    (116

    )

    (55

    )

    (61

    )

    Corporate and Other

     

    (327

    )

    (340

    )

    13

     

    Income tax expense

     

    (44

    )

    (291

    )

    247

     

    Noncontrolling interests

     

    (23

    )

    (5

    )

    (18

    )

     

     

     

     

    Adjusted Earnings 1,2

    $

    859

     

    984

     

    (125

    )

    Midstream

     

    672

     

    753

     

    (81

    )

    Chemicals

     

    342

     

    222

     

    120

     

    Refining

     

    (67

    )

    302

     

    (369

    )

    Marketing and Specialties

     

    583

     

    415

     

    168

     

    Renewable Fuels

     

    (116

    )

    (55

    )

    (61

    )

    Corporate and Other

     

    (327

    )

    (340

    )

    13

     

    Income tax expense

     

    (205

    )

    (278

    )

    73

     

    Noncontrolling interests

     

    (23

    )

    (35

    )

    12

     

     

     

     

     

    Adjusted EBITDA 2

    $

    1,998

     

    2,183

     

    (185

    )

    Midstream

     

    892

     

    971

     

    (79

    )

    Chemicals

     

    466

     

    348

     

    118

     

    Refining

     

    188

     

    531

     

    (343

    )

    Marketing and Specialties

     

    656

     

    484

     

    172

     

    Renewable Fuels

     

    (92

    )

    (43

    )

    (49

    )

    Corporate and Other

     

    (112

    )

    (108

    )

    (4

    )

     

     

     

     

    Operating Highlights

     

     

     

    Midstream NGL Fractionated Volumes (MBD)

     

    728

     

    744

     

    (16

    )

    Chemicals Global O&P Utilization

     

    98

    %

    98

    %

    —

    %

    Refining

     

     

     

    Turnaround Expense ($)

     

    137

     

    100

     

    37

     

    Realized Margin ($/BBL) 2

     

    8.31

     

    10.01

     

    (1.70

    )

    Crude Capacity Utilization

     

    94

    %

    98

    %

    (4

    %)

    Clean Product Yield

     

    87

    %

    86

    %

    1

    %

    Renewable Fuels Produced (MBD)

     

    44

     

    31

     

    13

     

    1Segment reporting is pre-tax.

     

     

     

    2Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

    Third-Quarter 2024 Financial Results
    Reported earnings were $346 million for the third quarter of 2024 versus $1.0 billion in the second quarter. Third-quarter earnings included a legal accrual of $605 million in the Marketing and Specialties segment, costs related to the planned shutdown of the Los Angeles Refinery of $41 million in the Refining segment, and an impairment of $28 million in the Midstream segment. Second-quarter earnings included a gain on sale of investment of $238 million and an impairment of $224 million, both impacting the Midstream segment. Adjusted earnings for the third quarter were $859 million versus $984 million in the second quarter.
    Midstream third-quarter 2024 adjusted pre-tax income decreased compared with the second quarter mainly due to seasonal maintenance costs and lower equity earnings, partially offset by higher export margins.
    Chemicals reported pre-tax income increased mainly due to higher margins and lower costs.
    Refining adjusted pre-tax loss was a decrease compared to the second quarter, primarily due to a decline in realized margins largely driven by lower market crack spreads.
    Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins.
    Renewable Fuels reported pre-tax loss increased primarily due to lower realized margins, partially offset by higher volumes.
    As of September 30, 2024, the company had $1.6 billion of cash and cash equivalents and $5.3 billion of committed capacity available under credit facilities.
    Business Highlights and Strategic Priorities Progress
    Distributed $12.5 billion through share repurchases and dividends since July 2022 and on pace to achieve the company’s $13 billion to $15 billion target by year-end.
    Achieved $1.4 billion in run-rate business transformation savings, delivering on the company’s target ahead of schedule.
    Expanded its Midstream NGL wellhead-to-market business with the acquisition of Pinnacle Midstream and approved a follow-on processing plant expansion in the Midland Basin expected to be completed in mid-year 2025.
    Achieved target of over $400 million of run-rate synergies from the successful integration of DCP Midstream.
    Received proceeds of $1.3 billion since 2022 toward the company’s $3 billion asset disposition target. In addition, the company recently agreed to sell its 49% interest in a Switzerland-based retail joint venture for $1.24 billion, and its interests in non-core Midstream assets in North Dakota.
    Investor Webcast
    Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s third-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.
    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.Use of Non-GAAP Financial Information —This news release includes the terms “adjusted earnings,” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “refining realized margin per barrel,” “cash from operations, excluding working capital,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
    References in the release to earnings refer to net income attributable to Phillips 66. References to run-rate business transformation savings include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. Run-rate savings include run-rate sustaining capital savings. Run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized.
    Basis of Presentation — Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our 16% investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
    In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.
    Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995 —This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

     

     

     

     
     
     

    Earnings

     

     

     

     

     

     

     

     

     

     

     

     

    Millions of Dollars

     

     

    2024

     

     

    2023

     

    3Q  

     

    2Q  

     

    Sep YTD

     

    3Q  

     

    Sep YTD

    Midstream

    $

    644

     

    767

     

    1,965

     

     

    724

     

    2,060

     

    Chemicals

     

    342

     

    222

     

    769

     

     

    104

     

    494

     

    Refining

     

    (108

    )

    302

     

    410

     

     

    1,712

     

    4,481

     

    Marketing and Specialties

     

    (22

    )

    415

     

    759

     

     

    605

     

    1,501

     

    Renewable Fuels

     

    (116

    )

    (55

    )

    (226

    )

     

    22

     

    164

     

    Corporate and Other

     

    (327

    )

    (340

    )

    (989

    )

     

    (354

    )

    (992

    )

    Pre-Tax Income

     

    413

     

    1,311

     

    2,688

     

     

    2,813

     

    7,708

     

    Less: Income tax expense

     

    44

     

    291

     

    538

     

     

    670

     

    1,754

     

    Less: Noncontrolling interests

     

    23

     

    5

     

    41

     

     

    46

     

    199

     

    Phillips 66

    $

    346

     

    1,015

     

    2,109

     

     

    2,097

     

    5,755

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted Earnings

     

     

     

     

     

     

     

     

     

     

     

     

    Millions of Dollars

     

    2024

     

     

    2023

     

    3Q

     

    2Q

     

    Sep YTD

     

    3Q

     

    Sep YTD

    Midstream

    $

    672

     

    753

     

    2,038

     

     

    581

     

    1,915

     

    Chemicals

     

    342

     

    222

     

    769

     

     

    104

     

    494

     

    Refining

     

    (67

    )

    302

     

    548

     

     

    1,742

     

    4,525

     

    Marketing and Specialties

     

    583

     

    415

     

    1,305

     

     

    605

     

    1,501

     

    Renewable Fuels

     

    (116

    )

    (55

    )

    (226

    )

     

    22

     

    164

     

    Corporate and Other

     

    (327

    )

    (340

    )

    (989

    )

     

    (303

    )

    (812

    )

    Pre-Tax Income

     

    1,087

     

    1,297

     

    3,445

     

     

    2,751

     

    7,787

     

    Less: Income tax expense

     

    205

     

    278

     

    709

     

     

    660

     

    1,768

     

    Less: Noncontrolling interests

     

    23

     

    35

     

    71

     

     

    21

     

    218

     

    Phillips 66

    $

    859

     

    984

     

    2,665

     

     

    2,070

     

    5,801

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Millions of Dollars

     

    Except as Indicated

     

    2024

     

     

    2023

     

    3Q

     

    2Q

     

    Sep YTD

     

    3Q

     

    Sep YTD

    Reconciliation of Consolidated Earnings to Adjusted Earnings

     

     

     

     

     

     

     

     

     

     

     

    Consolidated Earnings

    $

    346

     

    1,015

     

    2,109

     

     

    2,097

     

    5,755

     

    Pre-tax adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Impairments 1

     

    28

     

    224

     

    415

     

     

    —

     

    —

     

    Net gain on asset dispositions

     

    —

     

    (238

    )

    (238

    )

     

    (101

    )

    (123

    )

    Change in inventory method for acquired business

     

    —

     

    —

     

    —

     

     

    (46

    )

    (46

    )

    Los Angeles Refinery shutdown-related costs 2

     

    41

     

    —

     

    41

     

     

    —

     

    —

     

    Legal accrual 3

     

    605

     

    —

     

    605

     

     

    30

     

    30

     

    Legal settlement

     

    —

     

    —

     

    (66

    )

     

    —

     

    —

     

    Business transformation restructuring costs

     

    —

     

    —

     

    —

     

     

    51

     

    127

     

    Loss on early redemption of DCP debt

     

    —

     

    —

     

    —

     

     

    —

     

    53

     

    DCP integration restructuring costs

     

    —

     

    —

     

    —

     

     

    4

     

    38

     

    Tax impact of adjustments 4

     

    (161

    )

    13

     

    (171

    )

     

    10

     

    (14

    )

    Noncontrolling interests

     

    —

     

    (30

    )

    (30

    )

     

    25

     

    (19

    )

    Adjusted earnings

    $

    859

     

    984

     

    2,665

     

     

    2,070

     

    5,801

     

    Earnings per share of common stock ( dollars )

    $

    0.82

     

    2.38

     

    4.94

     

     

    4.69

     

    12.61

     

    Adjusted earnings per share of common stock ( dollars ) 5

    $

    2.04

     

    2.31

     

    6.25

     

     

    4.63

     

    12.71

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

    Midstream Pre-Tax Income

    $

    644

     

    767

     

    1,965

     

     

    724

     

    2,060

     

    Pre-tax adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Impairments 1

     

    28

     

    224

     

    311

     

     

    —

     

    —

     

    Net gain on asset disposition

     

    —

     

    (238

    )

    (238

    )

     

    (101

    )

    (137

    )

    Change in inventory method for acquired business

     

    —

     

    —

     

    —

     

     

    (46

    )

    (46

    )

    DCP integration restructuring costs

     

    —

     

    —

     

    —

     

     

    4

     

    38

     

    Adjusted pre-tax income

    $

    672

     

    753

     

    2,038

     

     

    581

     

    1,915

     

    Chemicals Pre-Tax Income

    $

    342

     

    222

     

    769

     

     

    104

     

    494

     

    Pre-tax adjustments:

     

     

     

     

     

     

     

     

     

     

     

    None

     

    —

     

    —

     

    —

     

     

    —

     

    —

     

    Adjusted pre-tax income

    $

    342

     

    222

     

    769

     

     

    104

     

    494

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Refining Pre-Tax Income (Loss)

    $

    (108

    )

    302

     

    410

     

     

    1,712

     

    4,481

     

    Pre-tax adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Impairments 1

     

    —

     

    —

     

    104

     

     

    —

     

    —

     

    Los Angeles Refinery shutdown-related costs 2

     

    41

     

    —

     

    41

     

     

    —

     

    —

     

    Net loss on asset disposition

     

    —

     

    —

     

    —

     

     

    —

     

    14

     

    Legal accrual 3

     

    —

     

    —

     

    —

     

     

    30

     

    30

     

    Legal settlement

     

    —

     

    —

     

    (7

    )

     

    —

     

    —

     

    Adjusted pre-tax income (loss)

    $

    (67

    )

    302

     

    548

     

     

    1,742

     

    4,525

     

    Marketing and Specialties Pre-Tax Income (Loss)

    $

    (22

    )

    415

     

    759

     

     

    605

     

    1,501

     

    Pre-tax adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Legal accrual 3

     

    605

     

    —

     

    605

     

     

    —

     

    —

     

    Legal settlement

     

    —

     

    —

     

    (59

    )

     

    —

     

    —

     

    Adjusted pre-tax income

    $

    583

     

    415

     

    1,305

     

     

    605

     

    1,501

     

    Renewable Fuels Pre-Tax Income (Loss)

    $

    (116

    )

    (55

    )

    (226

    )

     

    22

     

    164

     

    Pre-tax adjustments:

     

     

     

     

     

     

     

     

     

     

     

    None

     

    —

     

    —

     

    —

     

     

    —

     

    —

     

    Adjusted pre-tax income (loss)

    $

    (116

    )

    (55

    )

    (226

    )

     

    22

     

    164

     

    Corporate and Other Pre-Tax Loss

    $

    (327

    )

    (340

    )

    (989

    )

     

    (354

    )

    (992

    )

    Pre-tax adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Business transformation restructuring costs

     

    —

     

    —

     

    —

     

     

    51

     

    127

     

    Loss on early redemption of DCP debt

     

    —

     

    —

     

    —

     

     

    —

     

    53

     

    Adjusted pre-tax loss

    $

    (327

    )

    (340

    )

    (989

    )

     

    (303

    )

    (812

    )

     

     

     

     

     

     

     

     

     

     

     

     

    1Impairments primarily related to certain gathering and processing assets in the Midstream segment, as well as certain crude oil processing and logistics assets in California, reported in the Refining segment.

    2Shutdown-related costs recorded in the Refining segment include pre-tax charges for severance costs.

    3Legal accrual primarily related to ongoing litigation.

    4We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

    5YTD 2024, Q3 2024, Q3 2023 are based on adjusted weighted-average diluted shares of 426,301 thousand, 419,827 thousand, and 447,255 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.

     
     
     

     

    Millions of Dollars

     

    Except as Indicated

     

    2024

     

    3Q

     

    2Q

     

    Reconciliation of Consolidated Net Income to Adjusted EBITDA

     

     

     

     

    Net Income

    $

    369

     

    1,020

     

    Plus:

     

     

     

     

    Income tax expense

     

    44

     

    291

     

    Net interest expense

     

    191

     

    200

     

    Depreciation and amortization

     

    543

     

    497

     

    Phillips 66 EBITDA

    $

    1,147

     

    2,008

     

    Special Item Adjustments (pre-tax):

     

     

     

     

    Impairments

     

    28

     

    224

     

    Net gain on asset disposition

     

    —

     

    (238

    )

    Los Angeles Refinery shutdown-related costs

     

    41

     

    —

     

    Legal accrual

     

    605

     

    —

     

    Legal settlement

     

    —

     

    —

     

    Total Special Item Adjustments (pre-tax)

     

    674

     

    (14

    )

    Change in Fair Value of NOVONIX Investment

     

    —

     

    7

     

    Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

    $

    1,821

     

    2,001

     

    Other Adjustments (pre-tax):

     

     

     

     

    Proportional share of selected equity affiliates income taxes

     

    24

     

    26

     

    Proportional share of selected equity affiliates net interest

     

    12

     

    19

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    188

     

    195

     

    Adjusted EBITDA attributable to noncontrolling interests

     

    (47

    )

    (58

    )

    Phillips 66 Adjusted EBITDA

    $

    1,998

     

    2,183

     

     

     

     

     

     

    Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA

     

     

     

     

    Midstream Income before income taxes

    $

    644

     

    767

     

    Plus:

     

     

     

     

    Depreciation and amortization

     

    233

     

    224

     

    Midstream EBITDA

    $

    877

     

    991

     

    Special Item Adjustments (pre-tax):

     

     

     

     

    Net gain on asset disposition

     

    —

     

    (238

    )

    Impairments

     

    28

     

    224

     

    Midstream EBITDA, Adjusted for Special Items

    $

    905

     

    977

     

    Other Adjustments (pre-tax):

     

     

     

     

    Proportional share of selected equity affiliates income taxes

     

    5

     

    5

     

    Proportional share of selected equity affiliates net interest

     

    3

     

    10

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    26

     

    37

     

    Adjusted EBITDA attributable to noncontrolling interests

     

    (47

    )

    (58

    )

    Midstream Adjusted EBITDA

    $

    892

     

    971

     

    Chemicals Income before income taxes

    $

    342

     

    222

     

    Plus:

     

     

     

     

    None

     

    —

     

    —

     

    Chemicals EBITDA

    $

    342

     

    222

     

    Special Item Adjustments (pre-tax):

     

     

     

     

    None

     

    —

     

    —

     

    Chemicals EBITDA, Adjusted for Special Items

    $

    342

     

    222

     

    Other Adjustments (pre-tax):

     

     

     

     

    Proportional share of selected equity affiliates income taxes

     

    13

     

    15

     

    Proportional share of selected equity affiliates net interest

     

    (2

    )

    —

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    113

     

    111

     

    Chemicals Adjusted EBITDA

    $

    466

     

    348

     

    Refining Income (loss) before income taxes

    $

    (108

    )

    302

     

    Plus:

     

     

     

     

    Depreciation and amortization

     

    230

     

    204

     

    Refining EBITDA

    $

    122

     

    506

     

    Special Item Adjustments (pre-tax):

     

     

     

     

    Los Angeles Refinery shutdown-related costs

     

    41

     

    —

     

    Refining EBITDA, Adjusted for Special Items

    $

    163

     

    506

     

    Other Adjustments (pre-tax):

     

     

     

     

    Proportional share of selected equity affiliates income taxes

     

    (1

    )

    1

     

    Proportional share of selected equity affiliates net interest

     

    (1

    )

    (2

    )

    Proportional share of selected equity affiliates depreciation and amortization

     

    27

     

    26

     

    Refining Adjusted EBITDA

    $

    188

     

    531

     

    Marketing and Specialties Income (loss) before income taxes

    $

    (22

    )

    415

     

    Plus:

     

     

     

     

    Depreciation and amortization

     

    32

     

    32

     

    Marketing and Specialties EBITDA

    $

    10

     

    447

     

    Special Item Adjustments (pre-tax):

     

     

     

     

    Legal accrual

     

    605

     

    —

     

    Marketing and Specialties EBITDA, Adjusted for Special Items

    $

    615

     

    447

     

    Other Adjustments (pre-tax):

     

     

     

     

    Proportional share of selected equity affiliates income taxes

     

    7

     

    5

     

    Proportional share of selected equity affiliates net interest

     

    12

     

    11

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    22

     

    21

     

    Marketing and Specialties Adjusted EBITDA

    $

    656

     

    484

     

    Renewable Fuels Loss before income taxes

    $

    (116

    )

    (55

    )

    Plus:

     

     

     

     

    Depreciation and amortization

     

    24

     

    12

     

    Renewable Fuels EBITDA

    $

    (92

    )

    (43

    )

    Special Item Adjustments (pre-tax):

     

     

     

     

    None

     

    —

     

    —

     

    Renewable Fuels EBITDA, Adjusted for Special Items

    $

    (92

    )

    (43

    )

    Corporate and Other Loss before income taxes

    $

    (327

    )

    (340

    )

    Plus:

     

     

     

     

    Net interest expense

     

    191

     

    200

     

    Depreciation and amortization

     

    24

     

    25

     

    Corporate and Other EBITDA

    $

    (112

    )

    (115

    )

    Special Item Adjustments (pre-tax):

     

     

     

     

    None

     

    —

     

    —

     

    Total Special Item Adjustments (pre-tax)

     

    —

     

    —

     

    Change in Fair Value of NOVONIX Investment

     

    —

     

    7

     

    Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

    $

    (112

    )

    (108

    )

     

     

     

     

     

     

     

     

     

     

    Millions of Dollars

     

    Except as Indicated

     

    September 30, 2024

    Debt-to-Capital Ratio

     

    Total Debt

    $

    19,998

     

    Total Equity

     

    29,784

     

    Debt-to-Capital Ratio

     

    40

    %

    Total Cash

     

    1,637

     

    Net Debt-to-Capital Ratio

     

    38

    %

     

     

     

     

     

     

    Millions of Dollars

     

    September 30, 2024

    Reconciliation of Net Cash Used in Operating Activities to Operating Cash Flow, Excluding Working Capital

     

    Net Cash Used in Operating Activities

    $

    1,132

     

    Less: Net Working Capital Changes

     

    (381

    )

    Operating Cash Flow, Excluding Working Capital

    $

    1,513

     

     

     

     

    Millions of Dollars

     

    Except as Indicated

     

    2024

     

    3Q

     

    2Q

     

    Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins

     

     

     

     

    Income (loss) before income taxes

    $

    (108

    )

    302

     

    Plus:

     

     

     

     

    Taxes other than income taxes

     

    100

     

    74

     

    Depreciation, amortization and impairments

     

    230

     

    203

     

    Selling, general and administrative expenses

     

    60

     

    51

     

    Operating expenses

     

    922

     

    884

     

    Equity in earnings of affiliates

     

    12

     

    (33

    )

    Other segment expense, net

     

    (4

    )

    (1

    )

    Proportional share of refining gross margins contributed by equity affiliates

     

    193

     

    260

     

    Special items:

     

     

     

     

    None

     

    —

     

    —

     

    Realized refining margins

    $

    1,405

     

    1,740

     

    Total processed inputs ( thousands of barrels )

     

    145,440

     

    151,296

     

    Adjusted total processed inputs ( thousands of barrels )*

     

    168,951

     

    174,107

     

    Income (loss) before income taxes ( dollars per barrel )**

    $

    (0.74

    )

    2.00

     

    Realized refining margins ( dollars per barrel )***

    $

    8.31

     

    10.01

     

    *Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

     
     

    **Income before income taxes divided by total processed inputs.

    ***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

    Source: Phillips 66

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: AFCD reports to Expert Group on Conservation of Marine Mammals on progress of work and way forward

    Source: Hong Kong Government special administrative region

         The Expert Group on Conservation of Marine Mammals held its second meeting today (October 29). The Agriculture, Fisheries and Conservation Department (AFCD) reported to the Expert Group on the progress and way forward of the Government’s work on enhancing conservation of marine mammals, including exchanges with agencies with relevant experience, raising public awareness and knowledge of conservation of wildlife (including marine mammals), and review of legislation in relation to the protection of marine mammals.
          
         The specific progress and way forward points were as follows:
     
    (1) Exchange with agencies with relevant experience: The AFCD earlier sent staff to the Beibu Gulf Cetacean Research and Protection Center at Beihai, Guangxi, and Southern Marine Parks, Queensland, Australia, to exchange and learn from their experience in handling marine mammal stranding cases; legislation, management and research on the protection of cetaceans; as well as communication with the public, publicity and education, etc. The department has suitably applied the relevant experiences in their follow-up work such as the formulation of a response plan and legislative review, etc. To prepare for future operations involving field rescues, rehabilitation, and release of stranded whales and dolphins, the department plans to organise a visit to Sanya, Hainan, as there was  a recent successful release of an injured short-finned pilot whale following its rescue and rehabilitation during the period from January to May 2024;
     
    (2) Enhancing publicity and education: The AFCD has conducted a series of public education activities, targeting not only the general public, but also government departments, marine users, students and teachers, with a view to deepening their understanding of Hong Kong’s marine environment and wildlife, raising their awareness of respecting, caring for and appreciating marine resources, and promoting the best practices that minimise the disturbance to cetaceans and fostering a sense of shared stewardship on the protection of wild cetaceans and their habitats. Among others, the AFCD organised the Marine Wildlife Appreciation Festival from January to March 2024 to promote the message of marine conservation to the public.  The AFCD will also prepare to organise a Marine Wildlife Appreciation Roving Exhibition to display the preserved skeleton of Bryde’s whale found in Hong Kong waters in July last year to further raise public awareness on protection of marine mammals; and
     
    (3) Legislative review: The Government has commenced the review of the legislation in relation to the protection of marine mammals. The preliminary suggestions are for the Director of Agriculture, Fisheries and Conservation to be given new power to designate certain areas of Hong Kong waters as a “Temporary Marine Restricted Area” for the purpose of protecting cetaceans when necessary, such as the situation of a non-resident whale appearing in Hong Kong waters, conferring a legal status on the existing Code of Conduct for Dolphin Watching, and exploring the feasibility of a prohibition on watching non-resident cetaceans.
          
         During the meeting, the Expert Group supported the relevant recommendations and direction of work proposed by the AFCD. The AFCD expressed gratitude for the constructive advice offered by the Expert Group and will take into account the views and continue to work with the Expert Group, with a view to enhancing the work of marine mammal conservation.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Heritage Museum Buddhist artefacts exhibition displays 70 treasures including thangka paintings and gilt-bronze Buddhist statues (with photos)

    Source: Hong Kong Government special administrative region

    Heritage Museum Buddhist artefacts exhibition displays 70 treasures including thangka paintings and gilt-bronze Buddhist statues (with photos)
    Heritage Museum Buddhist artefacts exhibition displays 70 treasures including thangka paintings and gilt-bronze Buddhist statues (with photos)
    ******************************************************************************************

         The Hong Kong Heritage Museum (HKHM) will stage the exhibition “Buddhist Pilgrimage: Treasures from the Donation of The Tsui Art Foundation” starting tomorrow (October 30) by selecting 70 Buddhist treasures from the ancient Chinese artefacts collection donated by the late Dr Tsui Tsin-tong for display. Precious exhibits include thangka paintings, gilt-bronze Buddhist statues and rare artefacts such as ritual objects and scriptures. With a multimedia educational display zone, the exhibition, with free admission, aims to present the introduction of Buddhism to China, its influence from the historical, artistic and cultural perspectives, as well as its impact on cultural exchanges between China and other countries.           The opening ceremony of the exhibition was held today (October 29). Addressing the ceremony, the Acting Director of Leisure and Cultural Services, Miss Eve Tam, said that during the early stage of the development of the HKHM, Dr Tsui provided full support in establishing the T. T. Tsui Gallery of Chinese Art, where the precious artefacts he donated to the HKHM were on display. Having witnessed the dispersal of Chinese artefacts abroad, Dr Tsui determined to protect the treasures. Through years of dedicated study and acquisition, he gradually built an extensive thangka art collection. Dr Tsui’s passion for collecting Chinese artefacts transcends mere personal interest, embodying his significant contribution to the cause of Chinese national rejuvenation.           Other officiating guests included representatives of the Tsui Art Foundation Mr Tsui Ho-chuen and Ms Tsui Ching-ming; the Chairman of the History Sub-committee of the Museum Advisory Committee, Professor Joshua Mok; and the Museum Director of the HKHM, Mr Brian Lam.           The Tibetan Buddhist artefacts showcased in this exhibition are all acquired by Dr Tsui through his extensive travels and purchases since the 1970s, including 29 exquisite thangka paintings from the 17th to the 20th century, 18 gilt-bronze Buddhist statues and 23 rare ritual objects, scriptures and other items. Being an artistic form unique to Tibetan Buddhism, thangkas typically portray major Buddhist deities or respected religious patriarchs surrounded by a divine entourage on cotton or silk, to illustrate the stories of their lives or the realms over which they preside. The gilt-bronze Buddhist statues demonstrate the artisanship and the ingenuity of the metalworking craft, reflecting the mutual influence exerted by the cultures of the region throughout various periods.           Highlight exhibits include “Votive thangka of Padmasaṃbhava”, which is the largest thangka on display at this exhibition, measuring 254.5 centimetres high and 202cm wide. The content of this thangka is based on the “Pad-ma thang-yig” (Life of the Master Padmasaṃbhava), and describes the charitable and pious deeds performed during the life of a great religious master. Another thangka, “Amitābha”, portrays the main deity Amitābha in the centre and being surrounded by the Eight Great Bodhisattvas. The layout of the work is extremely detailed and powerful. The delicately painted “Eleven-faced Avalokiteśvara”, with vivid colours, depicts an Avalokiteśvara with eight hands. The first pair of hands is held together in front of the chest, holding a precious jewel. The three hands on the right hold crystal beads, the Wheel of the Law, and the lower hand is in the “abhaya mudrā”. On the left, the hands hold a lotus, a bow and arrows, as well as a kuṇḍikā. “Gilt-bronze figure of Bodhisattva Avalokiteśvara” wears a pair of big earrings, and his exposed chest is adorned with strings of jewellery inlaid with turquoise. In addition, an exquisitely decorated “Conch shell” and a hand written “Buddhist sutra” with illustrations are also on display.           The curatorial team of the HKHM specially designated a multimedia educational display zone, utilising presentation techniques and multimedia installations alongside the artefacts on display, with a view to deepening visitors’ understanding of the inclusiveness of Chinese culture and enhancing their interest in Chinese history and culture. The HKHM also commissioned designer Chiu Kwong-chiu and his team to produce an animation to interpret the pilgrimage to India of the great Buddhist master of the Tang dynasty, Xuanzang, and the contribution he made to cultural exchanges between China and the world. The multimedia installations manifest the influence of Buddhist culture in daily life in a lively way, such as pointing out the Buddhist origins behind everyday expressions, and briefly describing the content of the Heart Sutra and displaying the beauty of calligraphy.           For details of the exhibition, please visit hk.heritage.museum/en/web/hm/exhibitions/data/buddhist2024.html, or call 2180 8188 for enquiries.           The exhibition is one of the activities of the Chinese Culture Promotion Series. The Leisure and Cultural Services Department has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit www.lcsd.gov.hk/en/ccpo/index.html.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 19:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Mavenir Welcomes O-RAN ALLIANCE Report for Spectrum Aggregation in Multi-Vendor Deployments

    Source: GlobeNewswire (MIL-OSI)

    RICHARDSON, Texas, Oct. 29, 2024 (GLOBE NEWSWIRE) — Mavenir, the cloud-native network infrastructure provider building the future of networks, today welcomes the publication of a new Technical Report by the O-RAN ALLIANCE, ‘Spectrum Aggregation for Multi-Vendor Deployments’, that evaluates multiple spectrum aggregation techniques and proposes an open interface specification support between DUs for carrier aggregation in multi-vendor deployments.

    The O-RAN ALLIANCE report – which was initiated and led by Mavenir – sets out the practical scenarios for spectrum aggregation across equipment from multiple network equipment vendors comparing different approaches and includes a recommendation for specification development for carrier aggregation in multi-vendor RAN deployment. The carrier aggregation solution using an open interface between DUs has gathered significant support from operators and vendors to pursue specification development within the O-RAN ALLIANCE.

    Commenting on the report, Dr. Sridhar Rajagopal, Senior Vice President, Access Technologies for Mavenir and rapporteur for the technical report, said: “This report from the O-RAN ALLIANCE, with its welcome set of recommendations on multi-vendor carrier aggregation, could not come at a more pivotal time for Open RAN as spectrum discussions continue for expanding 5G deployments and with 6G on the horizon. Standardizing the interface between DUs for multi-vendor carrier aggregation will remove single vendor stickiness and will be a game changer for Open RAN.”

    Carrier aggregation across available spectrum is one of the key considerations by operators to maximize bandwidth, boost throughput, and improve network performance. An operator obtains new spectrum during regulatory spectrum sale over time. In such a situation, there is a strong desire by the operator to combine the new spectrum with their existing spectrum using carrier aggregation.

    However, there is no open standardized interface that exists today for carrier aggregation between two vendors, creating vendor stickiness to operators for all future spectrum expansions. Thus, operators are forced to rely on their incumbents for spectrum expansion, losing negotiating power and control over network evolution while becoming dependent on features, performance and timelines as dictated by their incumbents. Proprietary interfaces for carrier aggregation have existed since LTE days for carrier aggregation in deployments and are well understood for implementations. While an open interface for carrier aggregation has been proposed multiple times in standard bodies such as 3GPP by many operators, it has not been successful due to resistance from traditional vendors. An open specification for multi-vendor carrier aggregation support will open-up the 5G eco-system further and provide a pathway for new low latency features and services for 6G by enabling real-time communication between DUs that does not exist today.

    Notes to the editor:

    Technical Report by the O-RAN ALLIANCE, ‘Spectrum Aggregation for Multi-Vendor Deployments’, is now available for download: https://specifications.o-ran.org/download?id=715

    About Mavenir

    Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com

    Media Contacts

    Mavenir PR Contacts:
    Emmanuela Spiteri
    PR@mavenir.com

    The MIL Network –

  • MIL-OSI: Climb Channel Solutions Launches North American Partnership with Cybersecurity Vendor Fortra

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB), announced a North American partnership with Fortra.

    Fortra provides trusted cybersecurity solutions that span every part of the cyber-attack chain, from detection to response. Through this partnership, Climb North American VARs and MSPs have access to Fortra’s entire portfolio, which includes solutions covering digital risk and email protection, managed file transfer, data protection, infrastructure protection, managed security services, security awareness training, and automation.

    “Fortra is on a mission to help as many organizations as possible increase their security maturity and decrease operational burden,” said Matt Reck, President at Fortra. “With their strong channel expertise and exceptional operational practices, we believe Climb is the perfect North American partner to help us on this journey.”         

    The Fortra platform will enable partners to unify their cybersecurity stack into one platform. With Fortra’s platform, users are able to:

    • Detect various attacks with a broad-spectrum defense and multi-vector approach
    • Aggregate data to analyze your IT environment
    • Utilize AI to track events and correlate patterns to threats, allowing for improved speed to detection
    • Mitigate detected threats more quickly and efficiently with accurate response

    “The addition of Fortra and their comprehensive portfolio of cybersecurity focused products enables North American partners to provide the security solutions that have a strong line of defense,” said Dale Foster, CEO of Climb Channel Solutions. “VARs and MSPs alike will benefit from Fortra’s integration capabilities that will help them consolidate their security stack.”

    Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.

    About Climb Channel Solutions and Climb Global Solutions

    Climb Channel Solutions is a global specialty technology distributor focusing on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to transform distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to our partners worldwide. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience the Climb difference and learn how our people-first approach empowers VARs and MSPs to grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

    For Media & PR inquiries contact:
    Climb Channel Solutions
    Media Relations
    media@ClimbCS.com

    Investor Relations Contact:
    Elevate IR
    Sean Mansouri, CFA
    T: 720-330-2829
    CLMB@elevate-ir.com

    About Fortra  
    Fortra is a cybersecurity company like no other. We’re creating a simpler, stronger future for our customers. Our trusted experts and portfolio of integrated, scalable solutions bring balance and control to organizations around the world. We’re the positive changemakers and your relentless ally to provide peace of mind through every step of your cybersecurity journey. Learn more about Fortra.  

    Copyright © Fortra, LLC and its group of companies. Fortra™, the Fortra™ logos, and other identified marks are proprietary trademarks of Fortra, LLC.   

    Media Contact:  
    Jessica Ryan    
    Public Relations Manager  
    Jessica.Ryan@fortra.com

    The MIL Network –

  • MIL-OSI: Captivision Announces Venture at Dream Hollywood Hotel

    Source: GlobeNewswire (MIL-OSI)

    MIAMI and SEOUL, Korea, Oct. 29, 2024 (GLOBE NEWSWIRE) — Captivision Inc. (“Captivision” or the “Company”) (Nasdaq: CAPT), a pioneer manufacturer of architectural media glass and innovative LED solution provider, today announced its first collaboration with the Dream Hollywood hotel in Los Angeles. Crescent Hotels & Resorts, a leading hotel management company, manages Dream Hollywood. The property is part of Hyatt’s global portfolio of hotels, under the Dream Hotels brand.

    The collaboration catalyzes Captivision’s expansion into digital out-of-home (“OOH”) in a high-profile Los Angeles location with extraordinary partners. Unlike traditional LED signage, Captivision is creating a uniquely transparent and vibrant digital display, generating a new recurring revenue stream for the Company and its partners. This groundbreaking venture is emblematic of Captivision’s broadening business model as a trusted solution provider featuring highly innovative and transformational technology. The Dream Hollywood display is expected to generate in excess of three million social media impressions annually. Playing a pivotal role in the creation and operation of the OOH digital media at the Dream Hollywood, California-based company, Integrated Market Optimization, Inc. and Smart City Labs, have partnered with Captivision to bring their expertise and industry-leading solutions to this high-profile project.

    “Joining forces with Dream Hollywood is a pivotal venture for our company in multiple respects,” said Gary Garrabrant, Chairman and CEO of Captivision. “Captivision is quickly becoming a solution provider across the LED product spectrum generating entirely new revenue streams with valued partners and clients. We believe this collaboration will kickstart an exciting new chapter of growth for Captivision in the United States and globally.”

    Dream Hollywood (Façade Render)

    Captivision’s transparent and non-transparent LED media solutions provide a versatile and dynamic platform showcasing high-resolution content without compromising architectural integrity and user experience. This seminal venture combines cutting-edge physical and streaming technology to generate social media driven advertising revenue, the first of what promises to be many meaningful applications with recognized and valued partners and clients.

    About Captivision
    Captivision is a pioneering manufacturer of media glass, combining IT building materials with architectural glass. The product has a boundless array of applications including entertainment media, information media, cultural and artistic content as well as marketing use cases. Captivision can transform any glass façade into a transparent media screen with real time live stream capability. Captivision is fast becoming a solution provider across the LED product spectrum.

    Captivision’s media glass and solutions have been implemented in hundreds of locations globally across sports stadiums, entertainment venues, casinos and hotels, convention centers, office and retail properties, and airports. Learn more at http://www.captivision.com.

    About Crescent Hotels & Resorts
    Crescent Hotels & Resorts is an award-winning, nationally recognized, operator of hotels and resorts with over 120 properties in the United States and Canada. Crescent is one of the few elite management companies approved to operate upper-upscale and luxury hotels under the brand families of Marriott, Hilton, and Hyatt. Crescent also works a collection of independent and lifestyle properties under the Latitudes Collection umbrella. These properties include PGA National Resort, The Opus Westchester, Autograph Collection, and NOPSI Hotel New Orleans. Powered by innovative, forward thinking experts, Latitudes is a modern management platform for lifestyle hotels and resorts where creative concepts connect with modern travelers from urban boutique hotels to oceanside resorts.

    Crescent’s clients include premiere REITs, private equity firms and major developers. For more information, please visit www.crescenthotels.com and www.latitudesbycrescent.com or connect with Crescent on LinkedIn.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

    The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company’s strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company’s products; (4) the ability to maintain the listing of the Company’s ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company’s larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company’s manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company’s customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”

    These forward-looking statements are based on information available as of the date of this press release and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

    Media Contact:
    Dukas Linden Public Relations
    +1 212.704.7385
    captivision@dlpr.com

    Investor Contact:
    Gateway Group
    Ralf Esper
    +1 949.574.3860
    CAPT@gateway-grp.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4835d4a9-4083-475d-996e-b09ab5decf06

    The MIL Network –

  • MIL-OSI: Amplify ETFs Launches Targeted 12% Annual Option Premium Fixed Income ETF: Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces the launch of the Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP). TLTP allows investors to tap into the stability of U.S. Treasuries while seeking to generate high, consistent levels of income through a dynamic rules-based covered call* option strategy.

    TLTP seeks to track the performance (before fees and expenses) of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, which is designed to provide a targeted annualized option premium income of 12% through writing weekly covered call options. This approach seeks to generate higher levels of income from targeted 12% option premium income as well as the underlying U.S. Treasuries. The Fund has a monthly distribution frequency.

    “Investors are increasingly seeking diversified income streams and portfolio stability,” said Christian Magoon, CEO of Amplify ETFs. “TLTP’s innovative use of a weekly covered call strategy in fixed income offers a multi-use solution for consistent high-income potential and a defensive position, making it a compelling option for a range of portfolio strategies.”

    The portfolio management team from Samsung Asset Management in New York brings extensive experience in managing U.S. Treasury and options strategies.

    “TLTP offers an effective way for investors to access a fixed income covered call strategy from U.S. Treasuries through a single ticker,” said Yunjae Hwang, lead portfolio manager of TLTP. “We’re excited to bring this solution to the market, especially for those looking for a more diversified and resilient approach to their portfolios.”

    TLTP is Amplify ETFs’ second ETF with its strategic partner Samsung Asset Management.

    For more information about the Amplify Bloomberg U.S. Treasury Target High Income ETF, visit AmplifyETFs.com/TLTP.

    About Amplify ETFs
    Amplify ETFs, sponsored by Amplify Investments, offers a diverse suite of income, growth, and risk-managed ETFs, with over $10 billion in assets under management (as of 10/21/2024). For more information, visit AmplifyETFs.com.

    Sales Contact:
    Amplify ETFs
    855-267-3837
    info@amplifyetfs.com    		 Media Contacts:
    Gregory FCA for Amplify ETFs
    Kerry Davis
    610-228-2098
    amplifyetfs@gregoryfca.com
       

    *A covered call refers to a financial transaction in which the investor selling call options owns an equivalent amount of the underlying security.

    Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

    Investing involves risk, including the possible loss of principal. You could lose money by investing in the Fund. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. There can be no assurance that the Fund’s investment objectives will be achieved. Interest Rate Risk is the risk when interest rates rise, there is a corresponding decline in bond values. Conversely, very low or negative interest rates may magnify interest rate risk. The Fund is subject to the risks associated with the Underlying Funds specifically U.S. Treasury Securities Risk. The Fund bears its proportionate share of the Underlying ETF’s expenses.

    The Fund is non-diversified and can invest a greater portion of its assets in individual securities than a diversified fund; changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Covered call risk is the risk that the Fund will forgo, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. The Fund will also utilize FLEX Options and is subject to the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. The Fund currently expects to make distributions on a regular basis, a portion of which may be considered return of capital.

    Amplify Investments LLC is the Investment Adviser to the Fund, and Samsung Asset Management (New York), Inc. serves as the Investment Sub-Adviser.

    Amplify ETFs are distributed by Foreside Fund Services, LLC.

    The MIL Network –

  • MIL-OSI: Bitfarms Nominates Andrew J. Chang for Election to the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario and BROSSARD, Québec, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a global leader in vertically integrated Bitcoin data center operations, today announced that it has nominated Andrew J. Chang for election to its Board of Directors (the “Board”) at the Special Meeting of shareholders to be held on November 20, 2024 at 4:00p.m. Eastern Time (the “Special Meeting”).

    Bitfarms Special Meeting of Shareholders
    Pursuant to the Settlement Agreement between the Company and Riot Platforms, Inc. dated September 23, 2024, at the Special Meeting, shareholders will be asked to approve an expansion of the Board from five members to six members, to elect an independent director nominated by the Board to serve as the sixth member of the Board, to ratify the Company’s shareholder rights plan adopted on July 24, 2024, and to conduct such other business as may properly come before the Special Meeting.

    Shareholders and guests can access the virtual meeting using this link. Additional information regarding the Special Meeting, including how to vote, is available via the proxy materials disseminated to shareholders by Bitfarms and as filed on SEDAR+ at http://www.sedarplus.ca and on EDGAR at http://www.sec.gov/EDGAR.

    Nomination of Andrew J. Chang to Bitfarms Board of Directors
    Bitfarms’ Governance and Nominating Committee conducted a thorough director search process and held interviews with several qualified candidates, and, along with the Board, unanimously supports the nomination of Andrew J. Chang for election at the Special Meeting.

    Mr. Chang is a 20-year veteran of the technology industry with experience as an investor, operating executive, entrepreneur, and advisor. He was a founding partner of Liberty City Ventures, a leading venture capital fund. Mr. Chang also served as Chief Operating Officer of Paxos, a blockchain infrastructure platform that has powered solutions for PayPal, Stripe, and more. At Paxos, he helped grow the team from 8 to 190 employees and launched the first regulated blockchain focused trust company and the first regulated stablecoin in the U.S. During that time, Paxos raised $500M in capital and its most recent valuation is $2.4 billion.

    Before joining Paxos, Andrew served as a Lead Strategic Partner Development Manager at Google, working in business development for display ad products. Prior to that, he was the Chief Operating Officer of ConditionOne and an associate at TechStars (New York). He also has experience managing innovation in research, analytics and digital media at WPP PLC-owned Kantar Video and at 360i, a digital marketing agency. 

    Andrew earned his MBA from New York University’s Leonard N. Stern School of Business, where he was President of the student body, and a BS from Boston College.

    Brian Howlett, Independent Chairman of the Board, said, “The Bitfarms Board is committed to strong corporate governance and recognizes that a diverse set of skills is required to effectively oversee the execution of the Company’s strategic initiatives. Andrew is an impressive technology industry veteran whose experience and knowledge is highly complementary to that of our current Board. We believe he will be instrumental as we execute our aggressive growth plan, and we look forward to leveraging his expertise to maximize value for Bitfarms shareholders.”

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding holding the Special Meeting and the timing thereof, and the matters to be put before the Company’s shareholders at the Special Meeting are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contact:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contact:

    Québec: Tact
    Louis-Martin Leclerc
    +1 418-693-2425
    lmleclerc@tactconseil.ca

    The MIL Network –

  • MIL-OSI: Beneficient to Present at the LD Micro Main Event XVII on October 30 in Los Angeles

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Beneficient (Nasdaq: BENF) (“Ben” or the “Company”), a technology-enabled financial services holding company, today announced that it will be presenting at the LD Micro Main Event XVII investor conference to be held October 28-30, 2024 in Los Angeles. As part of the conference, the Company will conduct a group presentation at 12:30 pm Pacific Time on Wednesday, October 30, 2024. To join the presentation online, please visit the webcast link available at  https://shareholders.trustben.com/.

    Additionally, Beneficient will host investor meetings throughout the day on Wednesday, October 30, 2024.

    Investors attending the conference in person may request meetings with Beneficient through LD Micro’s meeting portal or Beneficient’s IR contact, mkreps@darrowir.com. Qualified investors who would like to attend the conference should contact registration@ldmicro.com.

    About Beneficient
    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds − with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

    For more information, visit www.trustben.com or follow us on LinkedIn.

    Contacts

    Matt Kreps: 214-597-8200, mkreps@darrowir.com
    Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
    Investor Relations: investors@beneficient.com

    The MIL Network –

  • MIL-OSI: Will 2025 See Lower Salary Increases? Salary.com Releases Latest National Salary Budget Survey

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., Oct. 29, 2024 (GLOBE NEWSWIRE) — Salary.com, a leading provider of compensation market data and software, shared the results of its annual National Salary Budget Survey. Now in its 14th year, the survey collected responses from over 1,000 human resource professionals across 20 industries in the U.S. and Canada to see how companies are planning salary increases.

    This year’s survey found that the median salary increase stayed at 4 percent, but average increases dropped from 4.3 percent to 3.9 percent.

    Salary.com says this drop is because fewer companies are giving higher raises. The number of companies giving raises between 5 and 6.9 percent fell from 25 percent to 14 percent. This trend could be linked to lower inflation and stable unemployment after the economic instability caused by the pandemic and the Great Resignation. The survey also showed a return to typical salary increases of 3 to 3.9 percent, as reported by 38 percent of respondents in 2024, compared to 25 percent in 2023. Expectations for 2025 are similar to 2024.

    “Last year, we noted that salary increases might be at a peak, even with 4 percent becoming the norm. While 4 percent remained the median in 2024, further analysis suggests a shift is happening,” said Andy Miller, Vice President, Compensation Consulting at Salary.com. “This is important for HR and compensation teams as they plan budgets for next year, considering factors like industry, location and work arrangements.”

    The 2024-2025 National Salary Budget Survey also showed:

    • Geographically, the Northeast U.S. had the lowest salary increases, while the West Coast had the highest. The Northeast averaged 3.6 percent, compared to the national average of 3.9 percent. New York City (3.7%) and Boston (3.3%) had lower increases compared to San Francisco (4%) and Seattle (4.3%).
    • Regarding industries, Construction (4.2 percent) and Education, Government & Non-Profit (4.3 percent) had the largest increases. Hospitality (3.4 percent) and Transportation (3.6 percent) had smaller increases. Hospitality continues to adjust to local and regional minimum wage changes while recovering from the pandemic.
    • Defining pay for remote employees is still a challenge. The most common approach in 2024 was to set pay based on the employee’s primary residence (29 percent). Other methods included using a national pay rate (24 percent), regional pay rates (14 percent), or the closest employer location (12 percent). About 14 percent of respondents did not have remote employees.

    Miller added, “In 2024, many organizations experienced a level-set moment. Some sectors and regions saw increases, while others saw decreases, matching changes in labor markets, new laws, and evolving situations. Staying on top of these trends is key to good planning.”

    To buy a copy of Salary.com’s 2024-2025 National Salary Budget Survey, visit https://store.salary.com/national-salary-budget-survey.

    About Salary.com
    Salary.com has been helping organizations with human capital needs for over 20 years. The company leads the industry in compensation data, software, and services. More than 30,000 organizations in 22 countries use Salary.com’s solutions to hire and keep talent and compete in a changing world.

    Salary.com provides over 10 billion data points across more than 225 industries using a proprietary AI framework to ensure fair pay. The company’s main product, CompAnalyst®, helps organizations simplify hiring, reduce guesswork, and increase retention. Employee trust depends on fair pay, and Salary.com helps get it right. Please visit www.salary.com/business.

    The MIL Network –

  • MIL-OSI: SeekOut Announces CHRO Council Workshop Series to Empower Talent Leaders

    Source: GlobeNewswire (MIL-OSI)

    BELLEVUE, Wash., Oct. 29, 2024 (GLOBE NEWSWIRE) — SeekOut, the leading Talent Intelligence Platform, today shared details of its upcoming CHRO Council Workshop Series, a virtual event series designed to equip HR and talent leaders with practical strategies to succeed in today’s competitive business environment. The five-part webinar series, created in partnership with SeekOut’s recently established CHRO Council, will deliver expert guidance to help companies build and execute talent strategies that promote workforce agility and support organizational longevity.

    Drawing on the expertise of the CHRO Council members, the series will provide a hands-on learning experience, combining 30 minutes of guided instruction using a customized worksheet with a 30-minute interactive Q&A session in each session. Participants will have the opportunity to engage directly with industry experts who bring decades of experience from leadership roles in prominent companies. At the conclusion of the series, attendees will receive a comprehensive digital workbook compiling all five worksheets and key takeaways from each session, serving as a valuable resource for ongoing talent strategy development.

    The SeekOut CHRO Council Workshop Series schedule includes:

    “Given the rapid changes in the talent landscape, it’s crucial for HR professionals to adapt and evolve their strategies,” said Bryce Winkelman, Chief Business and Revenue Officer at SeekOut. “Our CHRO Council Workshop Series is designed to provide actionable advice and insights that HR and talent leaders can immediately apply to today’s challenges and help their organizations prepare for the future.”

    Registration for SeekOut’s CHRO Council Workshop Series is open now, with options to sign up for the full series or individual webinars. Each session is tailored to equip participants with the tools and knowledge needed to lead their organizations through transformation, elevate performance and thrive in a dynamic market.

    To learn more and register, visit https://info.seekout.com/CHRO-council-workshop-series.html.

    About SeekOut
    SeekOut’s Talent Intelligence Platform helps thousands of organizations of all sizes and industries hire, grow and retain great talent. Founded in 2017 by a team of enterprise software veterans, SeekOut is backed by leading investors at Tiger Global Management, Madrona Venture Group, Mayfield, and Founders Circle Capital. SeekOut has two primary product offerings – Recruit, for identifying new talent, and Grow, for maximizing a company’s existing internal talent. Leading companies, including Peraton, Experian and Northrup Grumman, rely on SeekOut to unify their talent acquisition, talent management, and talent analytics in a single people-first platform. Learn more at www.seekout.com.

    The MIL Network –

  • MIL-OSI: Bitget Wallet Launches Babylon Staking Program with Billion-Point Airdrop

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitget Wallet, a leading non-custodial Web3 wallet, has announced the launch of a new Babylon ecosystem staking program available through its Task2Get feature in the Earning Center. This month-long program runs from October 28 to November 28, offering users multiple opportunities to engage with Babylon ecosystem projects while earning significant rewards, including a total of 9 billion points and 100,000 pSTAKE tokens airdrop.

    Babylon connects Bitcoin’s Proof-of-Work model with Proof-of-Stake networks, enabling Bitcoin staking in PoS systems to expand its use beyond a store of value. The Babylon ecosystem builds on this, offering DeFi projects and tools that increase Bitcoin’s utility and cross-chain opportunities. The Babylon ecosystem staking initiative on Bitget Wallet’s platform includes tasks tied to prominent blockchain projects like pSTAKE, Corn, Solv, Bedrock, StakeStone, Lorenzo, SatLayer, and PumpBTC. Participants can complete various staking-related interactions within the wallet to be eligible for reward distributions.

    By engaging in on-chain staking and exploring Babylon’s ecosystem offerings through Bitget Wallet, users can share in the substantial reward pool provided by Babylon ecosystem projects. Bitget Wallet’s Earning Center is dedicated to bringing users streamlined access to cryptocurrency earning opportunities. Within the Task2Get section, users can conveniently participate in various incentivized activities while deepening their involvement with leading blockchain projects.

    Alvin Kan, COO of Bitget Wallet, stated, “Our partnership with Babylon allows us to offer a robust range of staking opportunities, underscoring our commitment to providing a rewarding and engaging experience for users. This initiative makes it easier for our community to explore the Babylon ecosystem and benefit from an impressive reward structure that enhances their overall Web3 journey.”

    About Bitget Wallet

    Bitget Wallet is the home of Web3, where endless possibilities come together in one wallet. Uniting over 40 million users, this non-custodial wallet brings everything onchain in one place—asset management, quick swaps, rewards, staking, trading tools, live market data, a DApp browser, and an NFT marketplace. With wallet options like mnemonic, MPC, and AA, Bitget Wallet serves everyone from beginners to advanced traders. Supporting 100+ blockchains, 20,000+ DApps and 500,000+ tokens, it connects to hundreds of DEXs and cross-chain bridges for seamless multi-chain trading, and offers a $300 million protection fund to keep your digital assets safe.

    Experience Bitget Wallet Lite to start your Web3 journey.

    For more information, visit: Website | Twitter | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b9bd1b1-4a0b-4570-8c71-aff9772a24b8

    The MIL Network –

  • MIL-OSI: Territorial Reaffirms Board of Directors Recommendation that Territorial Shareholders Vote “FOR” Hope Bancorp Merger

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Oct. 29, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that the Company’s Board of Directors has reaffirmed its recommendation that Territorial shareholders vote “FOR” the merger with Hope Bancorp, Inc. (“Hope Bancorp”) (NASDAQ: HOPE) at the November 6, 2024, Special Meeting of Stockholders.

    On October 25, 2024, Territorial received additional information from Blue Hill Advisors (“Blue Hill”) with respect to its preliminary indication of interest to acquire the Company.

    Territorial’s Board of Directors (the “Territorial Board”), with the assistance of its legal and financial advisors, over the course of several meetings, carefully reviewed this information in accordance with its fiduciary duties, its commitment to serving the best interests of all Territorial shareholders and its obligations under Territorial’s merger agreement with Hope Bancorp.

    Specifically, the Territorial Board reviewed information provided by Blue Hill, recently and previously, to ascertain whether Blue Hill has provided sufficient verifiable and objective information to justify a Territorial Board determination that Blue Hill’s preliminary indication of interest is reasonably likely to lead to a Superior Proposal as defined by Territorial’s merger agreement with Hope Bancorp. The Territorial Board has also considered whether it would be a breach of its fiduciary duty not to enter into a confidentiality agreement or otherwise engage with Blue Hill based on the information provided by Blue Hill to date. The Territorial Board concluded that the totality of the information provided by Blue Hill does not provide a sufficient basis for a finding that both: (i) the Blue Hill preliminary indication of interest is reasonably likely to lead to a Superior Proposal under the terms and conditions required by the merger agreement; and (ii) a failure to enter into a confidentiality agreement or otherwise negotiate with Blue Hill would be more likely than not to result in a violation of its fiduciary duties under applicable law. Accordingly, the Territorial Board concluded that Territorial may not engage with Blue Hill under the terms and conditions of the Hope Bancorp merger agreement and that it continues to support the merger with Hope Bancorp.

    In reaching this conclusion, the Territorial Board considered, among other things:

    • the all-stock nature of the strategic merger with Hope Bancorp and the benefits the combination with Hope Bancorp will have for shareholders as compared to a cash-out transaction, including the comparison of Hope Bancorp’s liquid, dividend-paying stock to what would be the Blue Hill-controlled Territorial stock, which would be expected to be a relatively more illiquid investment that would likely not pay a dividend for a prolonged period of time;
    • continued questions regarding the conditional nature of the financing of the transaction by the Blue Hill investors, despite Territorial’s repeated statements with respect to this deficiency for several weeks;
    • Blue Hill’s failure to address in a reasoned manner how the Blue Hill investor group would overcome the likely regulatory approval hurdles. In contrast, Hope Bancorp is well known by bank regulators and its approval process is well underway;
    • Blue Hill’s failure to address the impact of the expected changes in regulatory capital and the Company’s business plan, all of which should be expected to be considered as part of any regulatory approval process – despite Blue Hill’s claims that regulatory approvals will be less complicated than the Hope Bancorp approvals;
    • Blue Hill’s failure to realistically address transaction timing considerations, particularly including timing related to the application and regulatory approval process, in contrast to the expected timing of the Hope Bancorp merger approvals and expected timing of the closing of the Hope Bancorp merger;
    • the overall execution risk associated with the Blue Hill preliminary indication of interest, including the necessary steps and approvals required to conduct a recapitalization, a tender offer and negotiations with multiple Blue Hill investors versus Hope Bancorp’s standard merger transaction where all required applications are currently being processed;
    • Blue Hill’s failure to identify the expected key management team members that would manage the revised Company if acquired by Blue Hill. These individuals will be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;   
    • Blue Hill’s failure to identify all expected directors of the newly-reconstituted Board that would govern Territorial if acquired by Blue Hill, as these individuals will also be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;
    • Blue Hill’s failure to specify how it would address any limitations established by or approvals that may be required from the banking regulators to pay any termination fee or conduct a tender offer, which would be an outflow of capital that would require regulatory approval; and
    • Blue Hill’s failure to substantiate its projected financial results for Territorial on a stand-alone basis, which Blue Hill has asserted as part of the rationale for its proposed acquisition and which represent a risk for existing shareholders who continue as shareholders if the Blue Hill proposal is completed.

    The Territorial Board continues to recommend that shareholders vote “FOR” the Hope Bancorp merger. For more information, visit the Company’s website at https://www.territorialandhopecombination.com.

    Territorial Shareholders are Urged to Vote “FOR” the Hope Bancorp Merger Ahead of the
    Special Meeting on November 6, 2024 at 8:30 a.m. HST.

    Voting is quick and easy.

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

    The MIL Network –

  • MIL-OSI: DT Midstream Reports Strong Third Quarter 2024 Results; Raises Adjusted EBITDA Guidance

    Source: GlobeNewswire (MIL-OSI)

    DETROIT, Oct. 29, 2024 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced third quarter 2024 reported net income of $88 million, or $0.90 per diluted share. For the third quarter of 2024, Operating Earnings were also $88 million, or $0.90 per diluted share. Adjusted EBITDA for the quarter was $241 million.

    Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

    The company also announced that the DT Midstream Board of Directors declared a $0.735 per share dividend on its common stock payable January 15, 2025 to stockholders of record at the close of business December 16, 2024.

    “We continue our strong performance in 2024,” said David Slater, President and CEO. “And we have made great progress advancing new opportunities which will support our future growth.”

    Slater noted the following significant business updates:

    • Reached final investment decision on the Phase 4 expansion of the LEAP system, which will expand the system to 2.1 Bcf/d by the first half of 2026
    • Upsized the future interconnect between our Stonewall System and Mountain Valley Pipeline
    • Upgraded to investment-grade by Fitch Ratings

    “Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO. “Our strong performance is leading us to increase our Adjusted EBITDA guidance for 2024 to $950 – $980 million.”

    The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 4749988. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

    About DT Midstream

    DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a goal of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

    Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

    Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

    Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

    Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

    DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

    Forward-looking Statements

    This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

    Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

    Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our reports and registration statements filed from time to time with the SEC.

    The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2023, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

    Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

                                         
    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
              Three Months Ended
              September 30,   June 30,
              2024   2024
              Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
              (millions)
      Adjustments
    		     $ —   $ —           $ —   $ —    
      Net Income Attributable to DT Midstream
    		 $ 88   $ —   $ —   $ 88   $ 96   $ —   $ —   $ 96
                                           
              Nine Months Ended
              September 30,   September 30,
               2024    2023
              Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
              (millions)
      Adjustments
    		     $ —   $ —           $ —   $ —    
      Net Income Attributable to DT Midstream
    		 $ 281   $ —   $ —   $ 281   $ 263   $ —   $ —   $ 263
                                           
      (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
                                           
                                                           
    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings per diluted share(2) (non-GAAP, unaudited)
                                         
            Three Months Ended
            September 30,   June 30,
            2024   2024
            Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
            (per share)
      Adjustments
    		     $ —   $ —           $ —   $ —    
      Net Income Attributable to DT Midstream
    		 $ 0.90   $ —   $ —   $ 0.90   $ 0.98   $ —   $ —   $ 0.98
                                         
            Nine Months Ended
            September 30,   September 30,
            2024   2023
            Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
            (per share)
      Adjustments
    		     $ —   $ —           $ —   $ —    
      Net Income Attributable to DT Midstream
    		 $ 2.87   $ —   $ —   $ 2.87   $ 2.70   $ —   $ —   $ 2.70
                                         
      (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments  
      (2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations  
                                         
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
                     
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024       2024       2023  
    Consolidated (millions)
    Net Income Attributable to DT Midstream $ 88     $ 96     $ 281     $ 263  
    Plus: Interest expense   38       39       117       111  
    Plus: Income tax expense   30       33       94       102  
    Plus: Depreciation and amortization   53       53       156       133  
    Plus: Loss from financing activities   4       —       4       —  
    Plus: EBITDA from equity method investees(1)   70       67       212       212  
    Less: Interest income   (1 )     —       (2 )     (1 )
    Less: Earnings from equity method investees   (40 )     (39 )     (125 )     (132 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (3 )     (3 )
    Adjusted EBITDA $ 241     $ 248     $ 734     $ 685  
                     
    (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:  
        
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024       2024       2023  
        (millions)
      Earnings from equity methods investees $ 40     $ 39     $ 125     $ 132  
      Plus: Depreciation and amortization attributable to equity method investees   20       21       61       61  
      Plus: Interest expense attributable to equity method investees   10       7       26       19  
      EBITDA from equity method investees $ 70     $ 67     $ 212     $ 212  
                     
                     
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Pipeline Segment (non-GAAP, unaudited)
                     
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024       2024       2023  
    Pipeline (millions)
    Net Income Attributable to DT Midstream $ 71     $ 71     $ 216     $ 185  
    Plus: Interest expense   12       12       37       42  
    Plus: Income tax expense   24       24       72       72  
    Plus: Depreciation and amortization   18       19       55       50  
    Plus: Loss from financing activities   2       —       2       —  
    Plus: EBITDA from equity method investees(1)   70       67       212       212  
    Less: Interest income   —       —       (1 )     (1 )
    Less: Earnings from equity method investees   (40 )     (39 )     (125 )     (132 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (3 )     (3 )
    Adjusted EBITDA $ 156     $ 153     $ 465     $ 425  
                     
    (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:  
             
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024       2024       2023  
        (millions)
      Earnings from equity methods investees $ 40     $ 39     $ 125     $ 132  
      Plus: Depreciation and amortization attributable to equity method investees   20       21       61       61  
      Plus: Interest expense attributable to equity method investees   10     $ 7       26       19  
      EBITDA from equity method investees $ 70     $ 67     $ 212     $ 212  
                     
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Gathering Segment (non-GAAP, unaudited)
                     
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024     2024       2023
      Gathering (millions)
      Net Income Attributable to DT Midstream $ 17     $ 25   $ 65     $ 78
      Plus: Interest expense   26       27     80       69
      Plus: Income tax expense   6       9     22       30
      Plus: Depreciation and amortization   35       34     101       83
      Plus: Loss from financing activities   2       —     2       —
      Less: Interest income   (1 )     —     (1 )     —
      Adjusted EBITDA $ 85     $ 95   $ 269     $ 260
                     
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
                         
            Three Months Ended   Nine Months Ended
            September 30,   June 30,   September 30,   September 30,
              2024       2024       2024       2023  
       Consolidated
    		 (millions)
       Net Income Attributable to DT Midstream $ 88     $ 96     $ 281     $ 263  
       Plus: Interest expense   38       39       117       111  
       Plus: Income tax expense   30       33       94       102  
       Plus: Depreciation and amortization   53       53       156       133  
       Plus: Loss from financing activities   4       —       4       —  
       Plus: Adjustments for non-routine items(1)   (416 )     —       (416 )     (371 )
       Less: Earnings from equity method investees   (40 )     (39 )     (125 )     (132 )
       Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (3 )     (3 )
       Plus: Dividends and distributions from equity method investees   465       50       590       557  
       Less: Cash interest expense   (6 )     (64 )     (80 )     (76 )
       Less: Cash taxes   (4 )     (1 )     (7 )     (21 )
       Less: Maintenance capital investment(2)   (4 )     (6 )     (17 )     (22 )
       Distributable Cash Flow $ 207     $ 160     $ 594     $ 541  
                         
      (1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the three and nine months ended September 30, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the nine months ended September 30, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution.
      (2) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.
                         

    The MIL Network –

  • MIL-OSI United Kingdom: Cost-of-living crisis impacted Black health – study

    Source: Anglia Ruskin University

    Published: 29 October 2024 at 10:58

    Rise in inflation and bank rates associated with rise in discrimination and worse health

    A groundbreaking new study has revealed the significant impact of the cost-of-living crisis on discrimination and health outcomes among Black people in the UK, with rising interest and bank rates associated with deterioration in general and mental health and rising discrimination.

    The study, published in the journal Ethnic and Racial Studies during Black History Month, is the first to examine the impact of interest and bank rates during the cost-of-living crisis on the health of Black people.

    Researchers from Anglia Ruskin University (ARU) distributed participation forms during social events in London celebrating 2021 Black History Month. An e-questionnaire was sent to participants between October and December 2021. Follow-up data collection occurred in 2022 and 2023. A total of 264 people took part in the research in 2021, 235 in 2022, and 223 in 2023, resulting in 722 observations overall.

    According to the study, during the 2022/2023 cost-of-living crisis, discrimination towards Black people increased by 3.75%, general health decreased by 4.45% and mental health decreased by 5.62%.

    Instances of discrimination were associated with a 26.4% deterioration in general health and a 27.1% deterioration in mental health.

    Inflation rose from 2.49% in 2021 to 7.9% in 2022, before falling to 6.83% in 2023. In the same time period, the Bank of England’s base interest rate rose from 0.11% in 2021 to 1.58% in 2022 and further to 4.81% in 2023. Researchers found that among the participants, inflation was associated with a 2.9% increase in discrimination towards Black people, while the rising bank rate was associated with a 1.1% increase in discrimination.

    Rising inflation was linked to a 2.3% decline in general health and a 2.5% decline in mental health, while the Bank Rate is associated with a 1.9% decline in general health and a 2.3% decline in mental health.

    The study also found that minority subgroups within the Black community, such as gay men and lesbian women, face higher levels of discrimination and poorer health outcomes compared to reference groups.

    Lead author Nick Drydakis, Professor of Economics at Anglia Ruskin University (ARU), said:

    “The study provides critical insights into how discrimination is related to general and mental health outcomes within the Black community during the cost-of-living crisis. 

    “It was a time of great uncertainty for the majority of people living in the UK and is still having an impact today, but it is clear that it had a disproportionate impact on minority groups.

    “In times of social and economic upheaval, tensions between different communities often intensify, particularly when dominant groups believe their access to resources to be under threat. This can in turn lead to a rise in prejudice and discrimination.

    “The study underlines the need to work towards creating a more equal society and improving the well-being of everybody, particularly those who are most vulnerable.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New road layout coming soon to Downshire Bridge

    Source: Northern Ireland City of Armagh

    Improvements will enhance pedestrian accessibility creating a safer environment for everyone.

    A new road layout will be introduced to Downshire Bridge (The Cut) Banbridge as the £6m public realm scheme nears completion following a major investment. Changes to enhance pedestrian accessibility and the movement of traffic around the Downshire Bridge will take effect from 7pm on Sunday 17th November 2024.

    Road resurfacing and new layout works will take place from 7pm on Saturday 16th November through to 7pm on Sunday 17th November. Overnight weekend works will be carried out to minimise disruption to the busy town centre.

    The key changes coming into effect from Sunday 17th November 2024 will be:

    • The introduction of two ‘Give Way’ signs and road markings at the top of Newry Street and Bridge Street. This means drivers should stop and give way on their approach up the legs of ‘The Cut’.
    • The traffic priority will now be for vehicles moving through Scarva Street and Rathfriland Street.
    • The existing pedestrian crossing on Scarva Street has been moved closer to the junction with Bridge Street.
    • A second pedestrian crossing on Rathfriland Street, close to Houston’s/Menary’s shop corner which aims to create a safer street crossing for pedestrians in this area.

    Lord Mayor of Armagh City, Banbridge and Craigavon Borough, Councillor Sarah Duffy said:

    “As public realm works near completion it is great to see the positive impact this significant investment has had to Banbridge Town Centre. With new and improved pavements and footpaths, feature lighting and street furniture this project has not only created a high-quality and better-connected streetscape, it has strongly focused on improving safety and accessibility for all users to create a safer environment for everyone.

    “The remaining works will introduce changes surrounding the Downshire bridge with priority for pedestrians, as well as improving the junctions for vehicles and traffic flow across the bridge. I understand it will take time to adjust to the new layout and I encourage everyone to embrace the changes recommended to improve this area and make it safer for everyone.”

    During the initial design stages of the public realm scheme, extensive consultations were undertaken with a range of user groups including the Chamber of Commerce, Section 75 groups, such as RNIB, Guide Dogs UK and the Older People’s Alliance.  The Department for Infrastructure advised that the junction at The Cut should be improved to adhere to new guidance.

    An audit was carried out by Inclusive Mobility and Transport Advisory Committee (IMTAC), which identified the junction as a particularly unfriendly environment for pedestrians.

    Michael Larimor, from IMTAC, who completed the audit report on Banbridge commented:

    “In our original report about the area around the bridge we described the layout as an unfriendly environment for most pedestrians but completely inaccessible for many disabled people. The new road layout goes a long way to addressing these issues.

    “The simple change of road priority requiring users of the bridge slip roads to give way immediately makes pedestrians crossing at junctions safer. This coupled with two zebras providing pedestrians with priority crossing across Scarva Street and Rathfriland Street changes the nature of the bridge area completely, giving a much greater priority to pedestrians in the area. The improved sight lines and the reinstatement of kerbs, coupled with the changes in road priority makes the entire area safer and more accessible for disabled people in particular.”

    New road layout signage will be in operation to make drivers and pedestrians aware of the changes and to remind them to approach with caution until users become familiar with the new road layout.

    To find out more information about the public realm scheme and to view a video animation of the new road layout and changes coming into effect on Sunday 17th November 2024, please visit www.armaghbanbridgecraigavon.gov.uk/banbridgepublicrealm

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council seeks local views to improve South Quay Shed

    Source: City of Canterbury

    Home  »  Latest News   »   Council seeks local views to improve South Quay Shed

    Residents, businesses and visitors are being asked to have their say on how to improve South Quay Shed in Whitstable Harbour.

    An online survey has been launched this week by Canterbury Council to find out why people visit the popular destination and what they think of the current food and retail offer, atmosphere, events and pricing.

    It will also ask about improvements to the space and how it can become more attractive to residents and visitors alike.

    The results of the short questionnaire will help inform future plans for the Shed which opened in 2022 as a community event, retail and leisure space with affordable rental units supporting local, creative start-up businesses and food outlets.

    Since opening, it has become home to a wide selection of local businesses and hit national headlines when the Shed’s HatsHats Coffee launched a pop-up shop run by pupils with profound and multiple learning disabilities from St Nicholas School in Canterbury.

    Cllr Chris Cornell, Chair of the Whitstable Harbour Board and Cabinet Member for Economic Development and Inclusion and Coastal Towns Champion, said: “We are committed to making sure the harbour remains a vibrant and thriving home for our communities – and South Quay Shed has a vital role in supporting these ambitions.

    “After three successful seasons, we want to know what people think about it. Do they visit it often? If not, why not? And how can we make it better?”

    The survey follows a consultation by Whitstable Harbour Board and the council about their strategic plans for the harbour over the next decade.

    Feedback from this consultation, which ended in January this year, showed huge support for a commercial working harbour and development plans focused on a reduced carbon footprint and increased accessibility.

    Complete the survey online by Friday 29 November 2024.

    Published: 29 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Highway repairs and improvements planned for Western Road

    Source: City of Leicester

    TRAFFIC restrictions will be in place on a busy residential road in Leicester’s West End from next week, while extensive resurfacing and other improvements are carried out.

    Leicester City Council will carry out essential maintenance work on Western Road from Sunday 3 November.

    Footpaths will be improved to remove dropped kerbs that cut across the pavement and do not now provide access to a parking or loading area. Work to improve carriageway drainage in Western Road will also be carried out.

    Changes will also be made to the crossroads at the junction of Western Road and Briton Street, where adjustments will be made to give priority to vehicles and cycles on Briton Street.

    Resurfacing of the main carriageway on Western Road, between its junctions with Braunstone Gate and Briton Street, will be carried out in Spring 2025.

    Initial works are expected to be complete by late January, and will be carried out in phases on short sections of the road to help minimise disruption. Parking restrictions and rolling road closures will be required, with well signposted diversions in place. Access to houses, shops and businesses will be maintained. Work will be suspended during the Christmas holiday period with full access reinstated.

    Cllr Geoff Whittle, assistant city mayor for environment and transport, said: “The city’s road network needs regular maintenance and repairs to ensure it can cope with modern demands.

    “These latest works will see major maintenance and improvements made to a busy residential street and important local route, which will benefit of everyone who uses it.

    “For that work to take place, parts of the road will need to be closed temporarily but diversions will be clearly signposted and disruption will be kept to a minimum wherever possible.”

    The scheme is expected to cost about £700,000 and will be funded as part of the Connecting Leicester programme which is supported by the Department for Transport’s Transforming Cities Fund.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New funding aims to boost business innovation and deliver positive change for local communities

    Source: City of Leeds

    New funding is on offer for projects that will help local business innovators make a positive difference to life in Leeds.

    Leeds City Council’s Innovation@Leeds programme has up to £175,000 available for distribution in the form of individual grants ranging from £15,000 to £25,000.

    The grants are intended to fund knowledge-sharing projects that will – through the provision of advice, guidance, mentoring or training – encourage world-class innovative thinking and activity by the city’s businesses.

    This in turn, it is hoped, will enable them to deliver cutting-edge products, processes and services that make Leeds a healthier, greener and more inclusive place to live.

    The exact nature of the projects will depend on the proposals submitted by grant applicants, who are being asked to show how their idea can achieve at least one of three main aims. These are:

    • Boosting the capabilities of innovative businesses already operating in fields such as artificial intelligence or financial, health and legal technology;
    • Supporting people from diverse backgrounds who want to launch their own innovation-led businesses;
    • Raising the profile of Leeds as a centre for innovation and showcasing its strengths to outside investors.

    To be considered for a grant to set up and run a project, applicants must be a Leeds-registered small business or microbusiness.

    They should also be able to demonstrate a proven track record in providing development support for innovation-led businesses.

    Councillor Jonathan Pryor, Leeds City Council’s deputy leader and executive member for economy, transport and sustainable development, said:

    “We know Leeds is a city bursting with ideas and inspiration, and we are keen to do whatever we can to ensure local residents realise their full potential.

    “We’re also committed to helping innovative businesses and aspiring entrepreneurs find solutions and ways of working that will have a positive impact on our communities.

    “The new grants will support both of those ambitions – and underline the power of collaboration – by giving innovators access to top-quality knowledge-sharing opportunities.

    “I’d encourage as many eligible small businesses and microbusinesses as possible to apply for a grant, and look forward to seeing the results achieved by the successful projects.”

    Innovation@Leeds was launched by the council in 2021 to ensure that people from all backgrounds have the means to make the most of their talents in fields such as digital and other emerging technologies.

    The programme’s latest grants are being funded through central government’s UK Shared Prosperity Fund, which is administered locally by the West Yorkshire Combined Authority.

    The award of the grants will align with a city-wide vision – co-created by the council with key local partners – for stimulating innovation in a way that has a positive social impact.

    One crucial aspect of that vision is the further development and transformation of the Leeds Innovation Arc, an area on the west side of the city centre that is home to globally-renowned educational, health and cultural establishments as well as an array of start-ups, scale-ups and major businesses.

    For more information about the Innovation@Leeds grants, click here. Applications can be made until November 21, while the projects that secure funding must be delivered by March 28 next year.

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Kirkton Community Centre Update

    Source: Scotland – City of Dundee

    A new community centre run by local people is set to be established in the Kirkton area of Dundee. 

    A partnership between a local charity – Kirkton Community Centre SCIO – and the city council has been agreed this week to pave the way for the purpose-built facility. 

    Following the closure and demolition of the current ageing Kirkton Community Centre, the charity intends to build and run a new centre on the same site. 

    The activities and services being delivered from that location would complement the city council’s Community Hub model for the area, which will be based at the nearby Baldragon and St Paul’s academies. 

    Previously agreed by councillors, the Hub model will see community activities provided at the two local secondary schools, with the library located at St Paul’s Academy. 

    Melanie Kiyani, Treasurer of Kirkton Community Centre SCIO, said: “Our members are residents of Kirkton, and we have ambitious plans for a new purpose-built community centre which will be run and owned by the community of Kirkton for the community of Kirkton. 

    “We are working in partnership with Dundee City Council to realise our ambitions. The new community centre will complement the Kirkton Community Hub model by providing space during the day where people can access a fully operational café, retail units, daily activities and support.  

    “The main aim of the new community centre will be to create community wealth.  Funds raised through the community centre and other initiatives will go straight back into community projects for Kirkton as we are a not-for-profit organisation.” 

    The charity is currently raising funds to build the new facility, which would be community owned and run. 

    Leader of Dundee City Council Councillor Mark Flynn said: “I would like to congratulate all those behind the Kirkton Community Centre SCIO for their efforts in bringing their plans to this stage. 

    “The council will be assisting the group through demolition of the current community centre and an arrangement going forward about the site. 

    “They are planning to deliver a number of activities that would complement the Community Hub and would provide a range of benefits for local people. 

    “I am also pleased that they continue to play their part in the working group tasked with delivering our new Community Hub vision in the coming months. 

    “Between the charity’s community provision and our exciting Hub plans, Kirkton residents can look forward to having access to excellent community spaces and activities day and night, all year round.” 

    The charity said that the new community centre will provide employment and volunteering opportunities for local people and a space “where enterprise and innovation can flourish.” 

    Melanie continued: “Internally, the new community centre will provide a large rentable multi-purpose space for social events and community groups to use. 

    “There will be a rentable sensory room, a large low-cost community café open five days a week. There will be two retail units available for local people to rent in order to run local businesses. 

    “The building will also contain a community post office and parcel pick up / drop off point. The building will be fully accessible and contain a changing places toilet. It will also have full Wi-Fi coverage.  

    “Externally the community centre will include a car jet wash, community washing machines and electric charging points along with a large community garden and orchard. 

    “There will also be outdoor seating accessible via the community café and the Strathmartine Community Food Larder will also run from a cabin based in the outdoor area.”

    More information about the charity’s plans can be found on their website: www.kirktoncommunitycentre.co.uk 

     

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Choi Yuk-lin leads pupils to Jiangxi

    Source: Hong Kong Information Services

    Secretary for Education Choi Yuk-lin and participants of the first Mainland study tour of the senior secondary subject of Citizenship & Social Development (CS) to Jiangxi today attended the tour’s kick-off ceremony and visited several spots in Jiangxi.
     
    More than 100 students and teachers from Kowloon True Light School participated in the study tour.
     
    While addressing those gathered at the ceremony held at Ganzhou Middle School, Ms Choi said that Mainland study tours form an integral part of the CS curriculum that enables students to understand the latest developments and achievements of the country in person.
     
    She added that the Education Bureau has received very positive comments from students and teachers after it arranged for over 90,000 students to visit different places on the Mainland since last year. 

    To provide students with a more diversified learning experience, the number of routes has increased to 28 in this academic year, with 10 routes outside Guangdong Province for four to five days.
     
    The education chief thanked the Fourth Bureau of the State Council Hong Kong & Macao Affairs Office, the Office of Hong Kong, Macao & Taiwan Affairs of the Ministry of Education, the Department of Educational, Scientific & Technological Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, and the Department of Education of Jiangxi Province for their care for Hong Kong students, and the Ganzhou Municipal Education Bureau for its thoughtful arrangements, facilitating the smooth implementation of the study tour.
     
    She stressed that the Education Bureau will continue leading students to undertake study tours on themes such as history and culture, aerospace technology, rural revitalisation, economic development and environmental conservation to further enrich their learning experience.
     
    Ms Choi also said she hopes that students will treasure the opportunities to integrate reading with travelling, delve into the history, culture and national affairs of the country, and strengthen their affection for and sense of belonging to the nation.
     
    Following the ceremony, Ms Choi signed a memorandum of understanding on education co-operation between Jiangxi and Hong Kong with a representative from the Department of Education of Jiangxi Province.
     
    She also witnessed the pairing up of Kowloon True Light School and Ganzhou Middle School as sister schools.
     
    Subsequently, she and the delegation visited the memorial garden for the Long March Starting Point of the Central Red Army and the departure place of the first ferry of the Long March to learn about the Long March Spirit.
     
    The four-day study tour began yesterday, in which Ms Choi led members of the tour to visit Sanbai Mountain in Anyuan County, where the origin of Dongjiang is located.
     
    They attended an activity in commemoration of the 60th anniversary of Dongjiang water supply to Hong Kong to pay tribute to the country for its effort in protecting the source of drinking water.
     
    After that, the delegation visited the national education base for Hong Kong youths and the museum on the origin of Dongjiang water to learn about the history of Dongjiang’s water supply to Hong Kong.
     
    Ms Choi will depart for Beijing tomorrow to continue her visit, while the delegation will press on with touring locations in Jiangxi to learn about the local history, culture and enterprise development.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: U.S. energy production has increased faster than energy consumption over the past 50 years

    Source: US Energy Information Administration

    In-brief analysis

    October 29, 2024

    Data source: U.S. Energy Information Administration, Monthly Energy Review
    Note: Positive net imports mean the United States imported more energy than it exported, while negative net imports mean the United States exported more energy than it imported. Data are for the first seven months of 1974 and 2024. Total energy includes coal, natural gas, petroleum, nuclear, and renewables. See primary energy consumption in the EIA Glossary.

    In October 1974, in the wake of the 1973 Oil Embargo, the Federal Energy Administration—the predecessor of the U.S. Department of Energy—published the first issue of the Monthly Energy Review (MER), an overview of the energy produced and consumed in the United States. In the 50 years since that first publication, the U.S. energy sector has transformed.

    In 1974, the United States consumed more energy than it produced domestically and was a net importer of energy from other countries. Today, the United States produces more energy than it consumes domestically and is a net exporter of energy to other countries.

    Between January and July 2024—the most recent data available—total U.S. energy production was 68%, or 24.0 quadrillion British thermal units (quads), more than the same period in 1974. Increased crude oil and natural gas production, brought about by improvements in drilling techniques such as hydraulic fracturing and horizontal drilling beginning in the 2000s, drove much of the growth in total energy production.

    U.S. energy consumption has increased steadily since 1974, although total consumption growth is less than total production growth. Between January and July 2024, U.S. energy consumption was 32%, or 13.2 quads, more than the same period in 1974. Consumption growth is due to several factors including population growth and increased economic activity. However, primary energy consumption has generally decreased on both a per capita basis and in terms of energy consumed per dollar of GDP since the 1970s. Increased energy efficiency has contributed to these decreases.

    The increase in energy production over the last two decades has turned the United States into the world’s largest crude oil and natural gas producer today and from a net energy importer to a net energy exporter starting in 2019. U.S. net energy imports in the first seven months of 1974 were about 6.8 quads. The United States exported a net total of about 5.0 quads during the same period in 2024. The main driver of this shift has been growing exports of crude oil and petroleum products and liquefied natural gas (LNG) over the last 15 years.

    Evolution of our data collection
    The MER, which predates the establishment of the U.S. Department of Energy in 1977, was first published by the Federal Energy Administration. The MER has grown from 22 tables and 55 graphs in its first issue to 101 tables and 182 graphs in the October 2024 publication. Recent data additions include electric vehicle stocks and electricity use, electricity net summer capacity and capacity factors, and a new total energy flow diagram. For a full list of changes and additions to the MER back to 2000, see the What’s New in the Monthly Energy Review page.

    Principal contributor: Brett Marohl

    MIL OSI USA News –

  • MIL-OSI NGOs: Israel/OPT: Law to ban UNRWA amounts to criminalization of humanitarian aid

    Source: Amnesty International –

    Reacting to the news that the Israeli parliament has passed a law to ban the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) from operating inside Israel, Amnesty International’s Secretary General, Agnès Callamard, said:  

    “This unconscionable law is an outright attack on the rights of Palestinian refugees. It is clearly designed to make it impossible for the agency to operate in the Occupied Palestinian Territory by forcing the closure of the UNRWA headquarters in East Jerusalem and ending visas for its staff. It amounts to the criminalization of humanitarian aid and will worsen an already catastrophic humanitarian crisis.

    “UNRWA has played an indispensable role in offering, food, water, medical aid, education and shelter to the nearly 2 million Palestinians in Gaza who have been forcibly displaced, subjected to an engineered famine, and stand at serious risk of genocide as a result of Israel’s relentless offensive in the last 12 months. This law flies in the face of the International Court of Justice order to Israel to ensure sufficient humanitarian assistance and facilitate basic services.

    “UNRWA has been a lifeline for Palestinian refugees in the occupied Gaza Strip and the West Bank and in neighbouring countries throughout the 75 years since its foundation. The plight of the Palestinian people would be even more severe if not for UNRWA’s tireless work over the last three quarters of a century.

    “This appalling, inhumane law will only exacerbate the suffering of Palestinians, who have endured unimaginable hardship since the horrific attacks by Hamas and other armed groups in southern Israel one year ago, and whose need for global support is greater than ever. The international community must be quick to condemn it in the strongest possible terms and exert any influence they have on the Israeli government to repeal it.”

    MIL OSI NGO –

  • MIL-OSI China: China-donated aid distributed to needy families in W. Afghanistan

    Source: China State Council Information Office

    Photo taken on Dec. 18, 2022 shows China-donated humanitarian aid in Nimroz province, Afghanistan. [Photo/Xinhua]

    Afghan authorities distributed China-donated aid, including blankets and rice, to needy families in Zaranj city, the provincial capital of western Afghanistan’s Nimroz province, an official said on Tuesday.

    The distribution of the assistance to the 350 needy families in Zaranj city started on Monday, said provincial director of the Natural Disaster Management Authority Mohammad Qasim Mohammad, adding that the process of distribution would last two or three days.

    Mohammad also thanked China for sending assistance in the hours of need.

    “I have received 6 liters of cooking oil, two blankets, and a bag of rice. I am thankful to China for its good neighborhood and for helping us,” Ismael Noorudin, an aid recipient, told Xinhua.

    China has provided humanitarian aid, including winter clothes, tents, and foodstuff, to needy Afghans over the past years.

    MIL OSI China News –

  • MIL-OSI China: Yemeni Houthi group launches drone strike on Israeli industrial zone

    Source: China State Council Information Office

    Yemen’s Houthi group claimed on Tuesday that its forces conducted a drone attack targeting an industrial zone in Ashkelon, southern Israel.

    Yahya Sarea, the group’s military spokesman, announced on the Houthi-operated Al-Masirah television channel that the operation was executed by the group’s drone air force unit, describing it as a “qualitative military operation.”

    “The drones successfully reached their designated targets in the industrial zone of the Israeli enemy in the Ashkelon area, south of occupied Palestine,” Sarea stated.

    Meanwhile, the IDF reported on Tuesday that a drone launched from Yemen exploded in an open area in Ashkelon with no casualties.

    The Yemeni military spokesman emphasized that the Houthi forces would persist with their military operations in response to what he described as “Israeli crimes” in Gaza and Lebanon. He indicated that such operations would continue until “the aggression stops, the siege on the Gaza Strip is lifted, and the aggression on Lebanon stops.”

    Since October 2023, the Houthi group has been conducting intermittent missile and drone attacks against Israeli targets. The group has also targeted vessels in the Red Sea, Bab al-Mandab Strait, and Gulf of Aden that it claims have connections to Israel.

    MIL OSI China News –