NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Middle East

  • MIL-OSI: Fully Operational Rigetti QPU Included in UK’s Recently Opened National Quantum Computer Centre

    Source: GlobeNewswire (MIL-OSI)

    The UK’s National Quantum Computing Centre (NQCC) officially opened the doors of its landmark facility on Harwell Campus on October 25. The state-of-the-art facility includes a fully operational 24-qubit Ankaa™-class Rigetti system, which will be made available to NQCC researchers for testing, benchmarking, and exploratory applications development.

    LONDON, Oct. 30, 2024 (GLOBE NEWSWIRE) — Rigetti UK Limited, a wholly owned subsidiary of Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced that the UK’s National Quantum Computing Centre (NQCC) officially opened the doors of its landmark facility on Harwell Campus on October 25. The facility will support world-class quantum computing research and provide state-of-the-art laboratories for designing, building, and testing quantum computers. Rigetti’s system located at the NQCC is a fully operational 24-qubit Ankaa™-class quantum computer, featuring tunable couplers and a square lattice for fast gate times, enhanced connectivity, and high fidelity. As part of the implementation, Rigetti will be integrating Riverlane’s technology with the long-term objective of large-scale error correction.

    In February 2024, Rigetti was awarded a Small Business Research Initiative (SBRI) grant delivered by Innovate UK and funded by the NQCC to deliver a quantum computing system based on the Company’s Ankaa-class architecture to the new facility. The 24-qubit system will be made available to NQCC researchers for testing, benchmarking, and exploratory applications development.

    Rigetti CEO Dr. Subodh Kulkarni and CTO David Rivas attended the official inauguration to celebrate the milestone.

    “The NQCC opening is a great occasion for both the UK and Rigetti. We are proud that Rigetti’s on-premises quantum computer is fully operational for the NQCC research team to pursue critical research to advance our understanding of how to use quantum computing to solve real-world problems,” says Rigetti CEO Dr. Subodh Kulkarni.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Company’s proprietary quantum-classical infrastructure provides high performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

    Rigetti Computing Media Contact:
    press@rigetti.com

    Cautionary Language Concerning Forward-Looking Statements
    Certain statements in this communication may be considered “forward-looking statements” within the meaning of the federal securities laws, including but not limited to, expectations related to the Company’s 24-qubit Ankaa-class system operating at the UK’s National Quantum Computing Centre, including the results of researchers testing, benchmarking and performing exploratory applications development on that system, and the SBRI grant to the Company from Innovate UK. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap, help unlock quantum computing, and develop practical applications; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the ability of the Company to expand its QPU sales; the success of the Company’s partnerships and collaborations; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives, expansion plans and continue to innovate its existing services; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s cash resources; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including financial and credit market fluctuations and uncertainty, rising inflation and interest rates, disruptions in banking systems, increased costs, international trade relations, political turmoil, natural catastrophes, warfare (such as the ongoing military conflict between Russia and Ukraine and related sanctions and the state of war between Israel and Hamas and related threat of a larger conflict), and terrorist attacks; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company’s Form 10-Q for the three months ended June 30, 2024, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.

    The MIL Network –

    January 25, 2025
  • MIL-OSI: NCS Multistage Holdings, Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Results

    • Total revenues of $44.0 million, a 15% year-over-year improvement, driven in part by increased international revenues
    • Net income of $4.1 million and diluted earnings per share of $1.60, compared to $4.4 million and diluted earnings per share of $1.77 one year ago
    • Adjusted EBITDA of $7.1 million, a $0.3 million year-over-year improvement
    • Cash flows from operating activities of $2.1 million for the first nine months of 2024; free cash flow less distributions to non-controlling interest of $0.4 million, a $3.3 million improvement over the first nine months of 2023
    • $15.3 million in cash and $8.6 million of total debt as of September 30, 2024

    HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended September 30, 2024.

    Financial Review

    Total revenues were $44.0 million for the quarter ended September 30, 2024 compared to $38.3 million for the third quarter of 2023. Revenue growth was driven by increases in international services revenues, U.S. product sales, and Canada product sales and services. These gains were partially offset by lower U.S. services revenues and international product sales. The significant increase in international revenues was driven by Middle East tracer work and North Sea frac systems, while the increase in the United States reflects higher frac plug and perforating gun sales by our joint venture, Repeat Precision, LLC (“Repeat Precision”). Despite the increase in U.S. revenues, customer activity continues to be negatively impacted by lower natural gas prices. The increase in our Canadian revenue was due in part to higher fracturing systems activity in 2024, as the prior year was impacted more significantly by Canadian wildfires stemming from drought conditions.

    Compared to the second quarter of 2024, total revenues increased by 48%, with an increase in Canada of 139%, primarily due to seasonality associated with spring break-up in the second quarter. This increase was partially offset by a decline of 31% in international revenues, primarily associated with the timing of tracer service work in the Middle East, and a 6% decline in the United States.

    Gross profit was $17.8 million, with a gross margin of 41%, for the third quarter of 2024, compared to $15.2 million, with a gross margin of 40%, for the third quarter of 2023. Gross margin for 2024 improved due to an increase in higher-margin international work in both the Middle East and North Sea, an increase in frac plug and perforating gun sales in the United States, as well as the benefits realized from operational restructurings enacted in 2023. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $18.5 million, or an adjusted gross margin of 42%, for the third quarter of 2024, compared to $15.7 million, or 41%, for the third quarter of 2023.

    Selling, general and administrative (“SG&A”) expenses totaled $14.1 million for the third quarter of 2024, an increase of $1.5 million compared to the same period in 2023. This increase in expense reflects a higher annual incentive bonus accrual year-over-year partially offset by the benefit of cost-saving measures implemented through our restructuring efforts in 2023.

    Other income was $1.5 million for the third quarter of 2024 compared to $2.0 million for the third quarter of 2023. This change in other income is primarily attributable to the prior year recovery of unpaid invoices through a litigation settlement and the reversal of a legal contingency fee in 2023 that was not repeated in 2024. This was partially offset in 2024 by increases in royalty income from licensees and the benefit associated with our technical services and assistance agreement with our local partner in Oman. 

    Net income was $4.1 million, or $1.60 per diluted share, for the quarter ended September 30, 2024 compared to net income of $4.4 million, or $1.77 per diluted share for the quarter ended September 30, 2023.

    Adjusted EBITDA was $7.1 million for the quarter ended September 30, 2024, an increase of $0.3 million compared to the same period a year ago. This improvement is primarily the result of an increase in higher-margin international projects partially offset by an increase in SG&A expenses due to higher annual incentive bonus accruals. Our resulting Adjusted EBITDA margin of 16% for the quarter ended September 30, 2024 compared to 18% for the same period a year ago. 

    Cash flow from operating activities for the nine months ended September 30, 2024 was $2.1 million, a $3.5 million improvement compared to the same period in 2023. For the nine months ended September 30, 2024, free cash flow, less distributions to non-controlling interest, provided cash of $0.4 million compared to a use of cash of $(3.0) million for the same period in 2023. The overall increase in free cash flow was largely attributed to our operating results, change in net working capital, and a reduction in net cash used in investing activities, partially offset by a distribution to our non-controlling interest. 

    Liquidity and Capital Expenditures

    As of September 30, 2024, NCS had $15.3 million in cash and $8.6 million in total debt, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $21.7 million. Our working capital, defined as current assets minus current liabilities, was $77.3 million and $71.2 million as of September 30, 2024 and December 31, 2023, respectively.

    Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.1 million and $56.3 million as of September 30, 2024 and December 31, 2023, respectively. The increase in our net working capital was primarily attributable to an increase in our accounts receivable, partially offset by an increase in accrued expenses.

    NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.7 million and $1.5 million for the nine months ended September 30, 2024 and 2023, respectively.

    Review and Outlook 

    NCS’s Chief Executive Officer, Ryan Hummer commented, “NCS has continued to outperform expectations in a challenging market environment. This quarter marks the third consecutive quarter in which our total revenue has been at the high end or exceeded our expectations, and in which our Adjusted EBITDA exceeded the high end of our expectations.

    Our revenue for the first nine months of 2024 of $117.6 million is over $10 million, or approximately 10%, higher than the same period last year. Importantly, we are also demonstrating the operating leverage in our business, with a modest improvement in gross margin percentage paired with a reduction in SG&A expenses for these periods. Our resulting Adjusted EBITDA of $14.1 million for the first nine months of 2024 is approximately 50% higher than the same period last year, a demonstration of the attractive incremental margins our business can generate as we grow.

    This performance reflects the way our team has embraced and executed our core strategies to build upon our leading market positions, capitalize on international and offshore opportunities and to commercialize innovative solutions to complex customer challenges. One example of this is the 124% improvement in revenue derived outside North America for the first nine months of 2024 as compared to 2023, with international revenue comprising 10% of our total revenue in that period, as compared to 5% last year. Our multi-year efforts to grow our customer base in the North Sea and to enter certain markets in the Middle East are being rewarded.

    Our team at NCS and Repeat Precision has delivered year-over-year revenue growth of 15% in the U.S. through the first nine months of the year, an impressive performance in light of meaningful reductions in industry activity, whether measured by the rig count or unconventional completion counts.

    We are pairing this growth with improved free cash flow generation, with free cash flow after distributions to non-controlling interest for the first nine months of 2024 of $0.4 million, increasing by more than $3 million as compared to the same period in 2023. We maintain a net cash position of $6.7 million, and had total liquidity of over $37 million as of September 30, 2024, which includes our cash on hand and availability under our undrawn revolving credit facility.

    We expect that we will continue to deliver improved revenue performance in the fourth quarter of 2024 as compared to 2023 in each of the U.S., Canada and international markets. However, sequentially we expect a 5-15% reduction in revenue in each of these markets, reflecting the potential for a more significant reduction in year-end activity than in prior years for the U.S. and Canadian markets due to industry drilling and completion efficiencies, and more challenging winter operating conditions in selected international markets, including the North Sea. 

    We believe the value that we bring to our customers across our product and service portfolio, our continued product and service innovation, and our targeted efforts to penetrate international markets positions us to outperform the anticipated changes in industry drilling and completion activity. As demonstrated thus far in 2024, we believe that this revenue growth, paired with previously enacted and continued efforts to control our operating expenses, will enable higher year-over-year Adjusted EBITDA Margins. 

    These results are reflective of the talent, effort and dedication of the outstanding team at NCS and at Repeat Precision. By delivering on our core strategies, we are providing extraordinary outcomes to our customers, driving innovation in the industry and creating value for our shareholders.”

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Net Income (Loss), Adjusted Earnings (Loss) per Diluted Share, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.

    Conference Call

    The Company will host a conference call to discuss its third quarter 2024 results and updated guidance on Thursday, October 31, 2024 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial-in numbers and unique PIN. If you wish to join the conference call but do not plan to ask questions, you may join the listen-only webcast here. The live webcast can also be accessed by visiting the Investors section of the Company’s website at ir.ncsmultistage.com. It is recommended that participants join at least 10 minutes prior to the event start.

    The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    About NCS Multistage Holdings, Inc.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; impairment in the carrying value of long-lived assets including goodwill; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; change in trade policy, including the impact of tariffs; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition; our inability to protect and maintain critical intellectual property assets or losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact

    Mike Morrison
    Chief Financial Officer and Treasurer
    (281) 453-2222
    IR@ncsmultistage.com 

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)

        Three Months Ended     Nine Months Ended  
        September 30,     September 30,  
        2024     2023     2024     2023  
    Revenues                                
    Product sales   $ 31,675     $ 27,286     $ 82,455     $ 76,149  
    Services     12,331       10,993       35,099       31,075  
    Total revenues     44,006       38,279       117,554       107,224  
    Cost of sales                                
    Cost of product sales, exclusive of depreciation and amortization expense shown below     19,408       17,118       51,309       47,945  
    Cost of services, exclusive of depreciation and amortization expense shown below     6,066       5,449       18,171       16,564  
    Total cost of sales, exclusive of depreciation and amortization expense shown below     25,474       22,567       69,480       64,509  
    Selling, general and administrative expenses     14,139       12,669       42,789       43,297  
    Depreciation     1,188       1,001       3,395       2,892  
    Amortization     168       168       502       502  
    Income (loss) from operations     3,037       1,874       1,388       (3,976 )
    Other income (expense)                                
    Interest expense, net     (108 )     (27 )     (323 )     (447 )
    Provision for litigation, net of recoveries     —       (98 )     —       (42,498 )
    Other income, net     1,523       1,983       4,863       3,753  
    Foreign currency exchange gain (loss), net     217       (157 )     (788 )     (79 )
    Total other income (expense)     1,632       1,701       3,752       (39,271 )
    Income (loss) before income tax     4,669       3,575       5,140       (43,247 )
    Income tax (benefit) expense     (35 )     (537 )     722       (287 )
    Net income (loss)     4,704       4,112       4,418       (42,960 )
    Net income (loss) attributable to non-controlling interest     557       (296 )     1,296       (168 )
    Net income (loss) attributable to NCS Multistage Holdings, Inc.   $ 4,147     $ 4,408     $ 3,122     $ (42,792 )
    Earnings (loss) per common share                                
    Basic earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 1.63     $ 1.78     $ 1.23     $ (17.33 )
    Diluted earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 1.60     $ 1.77     $ 1.21     $ (17.33 )
    Weighted average common shares outstanding                                
    Basic     2,548       2,479       2,535       2,469  
    Diluted     2,588       2,489       2,571       2,469  

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS*
    (In thousands, except share data)
    (Unaudited)

        September 30,     December 31,  
        2024     2023  
    Assets                
    Current assets                
    Cash and cash equivalents   $ 15,330     $ 16,720  
    Accounts receivable—trade, net     36,652       23,981  
    Inventories, net     41,199       41,612  
    Prepaid expenses and other current assets     1,996       1,862  
    Other current receivables     4,276       4,042  
    Insurance receivable     —       15,000  
    Total current assets     99,453       103,217  
    Noncurrent assets                
    Property and equipment, net     22,656       23,336  
    Goodwill     15,222       15,222  
    Identifiable intangibles, net     3,905       4,407  
    Operating lease assets     3,644       4,847  
    Deposits and other assets     777       937  
    Deferred income taxes, net     186       66  
    Total noncurrent assets     46,390       48,815  
    Total assets   $ 145,843     $ 152,032  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable—trade   $ 7,512     $ 6,227  
    Accrued expenses     6,874       3,702  
    Income taxes payable     713       364  
    Operating lease liabilities     1,388       1,583  
    Accrual for legal contingencies     —       15,000  
    Current maturities of long-term debt     2,111       1,812  
    Other current liabilities     3,511       3,370  
    Total current liabilities     22,109       32,058  
    Noncurrent liabilities                
    Long-term debt, less current maturities     6,525       6,344  
    Operating lease liabilities, long-term     2,588       3,775  
    Other long-term liabilities     200       213  
    Deferred income taxes, net     311       249  
    Total noncurrent liabilities     9,624       10,581  
    Total liabilities     31,733       42,639  
    Commitments and contingencies                
    Stockholders’ equity                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023     —       —  
    Common stock, $0.01 par value, 11,250,000 shares authorized, 2,557,648 shares issued and 2,502,680 shares outstanding at September 30, 2024 and 2,482,796 shares issued and 2,443,744 shares outstanding at December 31, 2023     26       25  
    Additional paid-in capital     446,721       444,638  
    Accumulated other comprehensive loss     (86,300 )     (85,752 )
    Retained deficit     (262,495 )     (265,617 )
    Treasury stock, at cost, 54,968 shares at September 30, 2024 and 39,052 shares at December 31, 2023     (1,913 )     (1,676 )
    Total stockholders’ equity     96,039       91,618  
    Non-controlling interest     18,071       17,775  
    Total equity     114,110       109,393  
    Total liabilities and stockholders’ equity   $ 145,843     $ 152,032  

    _____________________
    * Preliminary

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)

      Nine Months Ended  
      September 30,  
      2024   2023  
    Cash flows from operating activities            
    Net income (loss) $ 4,418   $ (42,960 )
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:            
    Depreciation and amortization   3,897     3,394  
    Amortization of deferred loan costs   155     153  
    Share-based compensation   3,403     4,198  
    Provision for inventory obsolescence   945     256  
    Deferred income tax expense   3     147  
    Gain on sale of property and equipment   (363 )   (423 )
    Provision for credit losses   44     112  
    Provision for litigation, net of recoveries   —     42,498  
    Net foreign currency unrealized loss (gain)   855     (127 )
    Proceeds from note receivable   61     338  
    Changes in operating assets and liabilities:            
    Accounts receivable—trade   (13,050 )   (2,847 )
    Inventories, net   (1,210 )   (6,356 )
    Prepaid expenses and other assets   821     544  
    Accounts payable—trade   1,124     2,894  
    Accrued expenses   3,224     (1,025 )
    Other liabilities   (2,433 )   (2,023 )
    Income taxes receivable/payable   188     (219 )
    Net cash provided by (used in) operating activities   2,082     (1,446 )
    Cash flows from investing activities            
    Purchases of property and equipment   (1,083 )   (1,704 )
    Purchase and development of software and technology   (70 )   (263 )
    Proceeds from sales of property and equipment   421     454  
    Net cash used in investing activities   (732 )   (1,513 )
    Cash flows from financing activities            
    Payments on finance leases   (1,442 )   (1,159 )
    Line of credit borrowings   3,062     11,702  
    Payments of line of credit borrowings   (3,062 )   (11,758 )
    Treasury shares withheld   (237 )   (265 )
    Distribution to noncontrolling interest   (1,000 )   —  
    Net cash used in financing activities   (2,679 )   (1,480 )
    Effect of exchange rate changes on cash and cash equivalents   (61 )   (397 )
    Net change in cash and cash equivalents   (1,390 )   (4,836 )
    Cash and cash equivalents beginning of period   16,720     16,234  
    Cash and cash equivalents end of period $ 15,330   $ 11,398  
    Noncash investing and financing activities            
    Assets obtained in exchange for new finance lease liabilities $ 2,145   $ 1,665  
    Assets obtained in exchange for new operating lease liabilities $ —   $ 1,791  

    NCS MULTISTAGE HOLDINGS, INC.
    REVENUES BY GEOGRAPHIC AREA
    (In thousands)
    (Unaudited)

        Three Months Ended     Nine Months Ended  
        September 30,     September 30,  
        2024     2023     2024     2023  
    United States                                
    Product sales   $ 9,489     $ 5,200     $ 25,806     $ 20,202  
    Services     1,645       2,812       7,130       8,511  
    Total United States     11,134       8,012       32,936       28,713  
    Canada                                
    Product sales     22,140       21,531       53,078       54,062  
    Services     6,725       6,613       19,514       19,074  
    Total Canada     28,865       28,144       72,592       73,136  
    Other Countries                                
    Product sales     46       555       3,571       1,885  
    Services     3,961       1,568       8,455       3,490  
    Total other countries     4,007       2,123       12,026       5,375  
    Total                                
    Product sales     31,675       27,286       82,455       76,149  
    Services     12,331       10,993       35,099       31,075  
    Total revenues   $ 44,006     $ 38,279     $ 117,554     $ 107,224  

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    Non-GAAP Financial Measures 

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Net Income (Loss), Adjusted Earnings (Loss) per Diluted Share, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income (loss), income (loss) from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income (loss), income (loss) from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

    However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Net Income (Loss), Adjusted Earnings (Loss) per Diluted Share, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period to evaluate our performance relative to other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

    The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

    NET WORKING CAPITAL*

    Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

        September 30,     December 31,  
        2024     2023  
    Working capital   $ 77,344     $ 71,159  
    Cash and cash equivalents     (15,330 )     (16,720 )
    Current maturities of long term debt     2,111       1,812  
    Net working capital   $ 64,125     $ 56,251  

    _____________________
    *Preliminary

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

        Three Months Ended     Nine Months Ended  
        September 30,     September 30,  
        2024     2023     2024     2023  
    Total revenues   $ 44,006     $ 38,279     $ 117,554     $ 107,224  
    Total cost of sales, exclusive of depreciation and amortization expense     25,474       22,567       69,480       64,509  
    Total depreciation and amortization associated with cost of sales     699       558       1,968       1,601  
    Gross Profit   $ 17,833     $ 15,154     $ 46,106     $ 41,114  
    Gross Margin     41 %     40 %     39 %     38 %
    Exclude total depreciation and amortization associated with cost of sales     (699 )     (558 )     (1,968 )     (1,601 )
    Adjusted Gross Profit   $ 18,532     $ 15,712     $ 48,074     $ 42,715  
    Adjusted Gross Margin     42 %     41 %     41 %     40 %

    ADJUSTED NET INCOME (LOSS) AND ADJUSTED EARNINGS (LOSS) PER DILUTED SHARE

    Adjusted net income (loss) is defined as net income (loss) attributable to NCS Multistage Holdings, Inc. adjusted to exclude certain items which we believe are not reflective of ongoing performance. Adjusted income (loss) per diluted share is defined as adjusted net income (loss) divided by our diluted weighted average common shares outstanding during the relevant period.

        Three Months Ended     Nine Months Ended  
        September 30, 2024     September 30, 2023     September 30, 2024     September 30, 2023  
        Effect on
    Net
    Income
        Impact
    on Diluted
    Earnings
    Per Share
        Effect on
    Net
    Income
        Impact on
    Diluted
    Earnings
    Per Share
        Effect on
    Net
    Income
        Impact on
    Diluted
    Earnings
    Per Share
        Effect on
    Net (Loss)
    Income
        Impact on
    Diluted
    (Loss)
    Earnings
    Per Share
     
    Net income (loss) attributable to NCS Multistage Holdings, Inc.   $ 4,147     $ 1.60     $ 4,408     $ 1.77     $ 3,122     $ 1.21     $ (42,792 )   $ (17.33 )
    Adjustments                                                                
    Provision for litigation, net of recoveries (a)     —       —       98       0.04       —       —       42,498       17.21  
    Foreign currency exchange (gain) loss (b)     (262 )     (0.10 )     237       0.10       679       0.26       132       0.06  
    Income tax impact from adjustments (c)     2       —       1       —       (90 )     (0.03 )     303       0.12  
    Adjusted net income attributable to NCS Multistage Holdings, Inc.   $ 3,887     $ 1.50     $ 4,744     $ 1.91     $ 3,711     $ 1.44     $ 141     $ 0.06  

    __________________

    (a) Represents litigation provision primarily associated with a legal matter in Texas for the nine months ended September 30, 2023. In December 2023, we settled the matter where the insurance carrier agreed to pay the mutually-agreed settlement amounts to the plaintiff in January 2024, resulting in no cash payments by NCS.
    (b) Represents realized and unrealized foreign currency exchange gains and losses attributable to NCS Multistage Holdings, Inc. primarily due to movement in the foreign currency exchange rates during the applicable periods.
    (c) Represents income tax impacts based on applicable effective tax rates.

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

    EBITDA is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that management believes do not reflect our ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

    We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period. 

        Three Months Ended     Nine Months Ended  
        September 30,     September 30,  
        2024     2023     2024     2023  
    Net income (loss)   $ 4,704     $ 4,112     $ 4,418     $ (42,960 )
    Income tax (benefit) expense     (35 )     (537 )     722       (287 )
    Interest expense, net     108       27       323       447  
    Depreciation     1,188       1,001       3,395       2,892  
    Amortization     168       168       502       502  
    EBITDA     6,133       4,771       9,360       (39,406 )
    Provision for litigation, net of recoveries (a)     —       98       —       42,498  
    Share-based compensation (b)     651       1,328       2,084       3,285  
    Professional fees (c)     333       (375 )     1,263       1,286  
    Foreign currency exchange (gain) loss (d)     (217 )     157       788       79  
    Severance and other termination benefits (e)     —       671       —       980  
    Other (f)     175       145       573       698  
    Adjusted EBITDA   $ 7,075     $ 6,795     $ 14,068     $ 9,420  
    Adjusted EBITDA Margin     16 %     18 %     12 %     9 %
    Adjusted EBITDA Less Share-Based Compensation   $ 6,424     $ 5,467     $ 11,984     $ 6,135  

    ___________________

    (a) Represents litigation provision primarily associated with a legal matter in Texas. See footnote (a) in the “Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Diluted Share” table above for more information.
    (b) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
    (c) Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions. 
    (d) Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.  
    (e) Represents certain expenses associated with consolidations of our tracer diagnostics business operations and Repeat Precision’s manufacturing operations in Mexico.
    (f) Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

    Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

        Nine Months Ended  
        September 30,  
        2024     2023  
    Net cash provided by (used in) operating activities   $ 2,082     $ (1,446 )
    Purchases of property and equipment     (1,083 )     (1,704 )
    Purchase and development of software and technology     (70 )     (263 )
    Proceeds from sales of property and equipment     421       454  
    Free cash flow   $ 1,350     $ (2,959 )
    Distributions to non-controlling interest     (1,000 )     —  
    Free cash flow less distributions to non-controlling interest   $ 350     $ (2,959 )

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Landmark Bancorp, Inc. Announces 30.5% Increase in Third Quarter Net Earnings and Earnings Per Share of $0.72. Declares Cash Dividend of $0.21 per Share and 5% Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, Oct. 30, 2024 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.72 for the three months ended September 30, 2024, compared to $0.55 per share in the second quarter of 2024 and $0.52 per share in the same quarter last year. Net earnings for the third quarter of 2024 amounted to $3.9 million, compared to $3.0 million in the prior quarter and $2.9 million for the third quarter of 2023. For the three months ended September 30, 2024, the return on average assets was 1.00%, the return on average equity was 11.82%, and the efficiency ratio was 66.5%.

    For the first nine months of 2024, diluted earnings per share totaled $1.77 compared to $1.75 during the same period in 2023. Net earnings for the first nine months of 2024 totaled $9.7 million, compared to $9.6 million in the first nine months of 2023. For the nine months ended September 30, 2024, the return on average assets was 0.84%, the return on average equity was 10.18%, and the efficiency ratio was 68.8%.

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, said, “The Company delivered strong results in the third quarter 2024. Net earnings grew 30.5 percent over the prior quarter and 36.6 percent over the same period last year. Earnings per share also increased 36.5 percent over the third quarter last year. Growth in loans, margin expansion, and higher non-interest income all contributed to strong revenue growth. This quarter total loans grew $21.3 million, or 8.6 percent annualized, driven mainly by strong growth in residential mortgage, agriculture and commercial real estate loans. Additionally, net interest income grew 5.7 percent, to $11.6 million, as higher interest on loans exceeded interest costs on deposits and our net interest margin expanded by nine basis points and was 3.30 percent for the quarter. Non-interest income also increased $533,000 over the prior quarter mainly due to increases in fees and service charges earned along with a gain on the sale of a former branch. During the third quarter 2024, non-interest expense declined by $536,000, as the prior quarter included a $979,000 valuation adjustment on a former branch facility. Deposit balances increased 8.0 percent annualized during the third quarter mainly due to growth in money market, checking, and certificate of deposit accounts. Stockholders’ equity also increased by $11.4 million as lower rates this quarter reduced our net unrealized securities losses and increased our book value per share.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid November 27, 2024, to common stockholders of record as of the close of business on November 13, 2024. The Board of Directors also declared a 5% stock dividend payable on December 16, 2024, to common stockholders of record on December 2, 2024. This is the 24th consecutive year that the Board has declared a 5% stock dividend.

    Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Thursday, October 31, 2024. Investors may participate via telephone by dialing (833) 470-1428 and using access code 242414. A replay of the call will be available through November 30, 2024, by dialing (866) 813-9403 and using access code 908094.

    SUMMARY OF THIRD QUARTER RESULTS

    Net earnings in the third quarter of 2024 increased $919,000, to $3.9 million mainly due to growth in net interest income coupled with higher non-interest income and lower non-interest expense. The current quarter included a gain of $273,000 on the sale of a former branch and we also recorded a provision for credit losses of $500,000.

    Net Interest Income

    Net interest income in the third quarter of 2024 amounted to $11.6 million representing an increase of $630,000, or 5.7%, compared to the previous quarter. The increase in net interest income was due mainly to growth in interest income on loans, but partially offset by higher interest expense on deposits. The net interest margin increased to 3.30% during the third quarter from 3.21% during the prior quarter. Compared to the previous quarter, interest income on loans increased $911,000, or 6.1%, to $15.9 million due to both higher average balances and rates. The average tax-equivalent yield on the loan portfolio increased 10 basis points to 6.43%. Interest expense on deposits increased $157,000, or 2.8%, in the third quarter 2024, compared to the prior quarter, mainly due to higher rates on interest-bearing deposits. The average rate on interest-bearing deposits increased in the third quarter to 2.48% compared to 2.44% in the prior quarter. Interest on borrowed funds increased $55,000 due to slightly higher average balances in the current quarter.

    Non-Interest Income

    Non-interest income totaled $4.3 million for the third quarter of 2024, an increase of $533,000, or 14.3%, from the previous quarter. The increase in non-interest income compared to the second quarter of 2024 was primarily the result of increases of $282,000 in other non-interest income and $189,000 in fees and service charges. Gain on sales of residential mortgage loans also increased 8.6% compared to the prior quarter. The increase in other non-interest income was primarily due to a $273,000 gain on the sale of a former branch.

    Non-Interest Expense

    During the third quarter of 2024, non-interest expense totaled $10.6 million, a decrease of $536,000, or 4.8%, compared to the prior quarter. As mentioned above, non-interest expense in the prior quarter included a valuation allowance of $979,000 recorded on a former branch facility that was ultimately sold in the third quarter of 2024. Partially offsetting that decline were increases of $299,000 in compensation and benefits and $135,000 in occupancy and equipment.

    Income Tax Expense

    Landmark recorded income tax expense of $867,000 in the third quarter of 2024 compared to $587,000 in the prior quarter. The effective tax rate was 18.1% in the third quarter of 2024 compared to 16.3% in the second quarter of 2024. The increase in the effective tax rate was primarily due to higher earnings before taxes as tax-exempt income was consistent between the periods.

    Balance Sheet Highlights

    As of September 30, 2024, gross loans totaled $1.0 billion, an increase of $21.3 million, or 8.6% annualized since June 30, 2024. During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $12.3 million), agriculture (growth of $7.5 million) and commercial real estate (growth of $5.2 million) loans. The increase in one-to-four family residential real estate loans reflects continued demand for adjustable-rate mortgage loans which are retained in our portfolio. Investment securities decreased $9.4 million during the third quarter of 2024, while pre-tax unrealized net losses on these investment securities decreased from $24.8 million at June 30, 2024 to $13.3 million at September 30, 2024.

    Period end deposit balances increased $25.0 million to $1.3 billion at September 30, 2024. The increase in deposits was mainly driven by increases in money market and checking (increase of $19.2 million) and certificates of deposit (increase of $11.4 million). Average interest-bearing deposits however were down slightly this quarter compared to the second quarter. Total borrowings decreased $38.5 million during the third quarter 2024. Average borrowings, including FHLB advances and repurchase agreements increased $4.3 million this quarter compared to the second quarter. At September 30, 2024, the loan to deposits ratio was 77.6% compared to 77.5% in the prior quarter.

    Stockholders’ equity increased to $139.7 million (book value of $25.39 per share) as of September 30, 2024, from $128.3 million (book value of $23.45 per share) as of June 30, 2024. The increase in stockholders’ equity was primarily due to a decline in accumulated other comprehensive losses as the unrealized net losses on investments securities declined during the third quarter. The ratio of equity to total assets increased to 8.93% on September 30, 2024, from 8.22% on June 30, 2024.

    The allowance for credit losses totaled $11.5 million, or 1.15% of total gross loans on September 30, 2024, compared to $10.9 million, or 1.11% of total gross loans on June 30, 2024. Net loan charge-offs totaled $9,000 in the third quarter of 2024, compared to net loan recoveries of $52,000 during the second quarter of 2024. A provision for credit losses of $500,000 was recorded in the third quarter of 2024 compared to a no provision for credit losses in the second quarter of 2024.

    Non-performing loans totaled $13.4 million, or 1.34% of gross loans at September 30, 2024 compared to $5.0 million, or 0.51% of gross loans at June 30, 2024. The increase in non-accrual loans was primarily related to one commercial loan which was put on non-accrual status this quarter. Loans 30-89 days delinquent totaled $7.3 million, or 0.73% of gross loans, as of September 30, 2024, compared to $1.9 million, or 0.19% of gross loans, as of June 30, 2024. The increase in delinquent loans was primarily related to two commercial-related loans. Foreclosed real estate owned totaled $428,000 at September 30, 2024.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 30 locations in 24 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, Kincaid, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, national and international economies, including the effects of inflationary pressures and supply chain constraints on such economies; (ii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance, monetary, trade and tax matters, including any changes in response to the recent failures of other banks; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) changes and uncertainty in benchmark interest rates, including the timing of rate changes, if any, by the Federal Reserve; (x) the effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) unexpected outcomes of existing or new litigation; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including the current Israeli-Palestinian conflict and the conflict in Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) cyber-attacks; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets (unaudited)

    (Dollars in thousands)   September 30,     June 30,     March 31,     December 31,     September 30,  
        2024     2024     2024     2023     2023  
    Assets                              
    Cash and cash equivalents   $ 21,211     $ 23,889     $ 16,468     $ 27,101     $ 23,821  
    Interest-bearing deposits at other banks     4,363       4,881       4,920       4,918       5,904  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     83,753       89,325       93,683       95,667       118,341  
    Municipal obligations, tax exempt     112,126       114,047       118,445       120,623       115,706  
    Municipal obligations, taxable     75,129       74,588       75,371       79,083       73,993  
    Agency mortgage-backed securities     140,004       142,499       149,777       157,396       148,817  
    Total investment securities available-for-sale     411,012       420,459       437,276       452,769       456,857  
    Investment securities held-to-maturity     3,643       3,613       3,584       3,555       3,525  
    Bank stocks, at cost     7,894       9,647       7,850       8,123       8,009  
    Loans:                                        
    One-to-four family residential real estate     344,380       332,090       312,833       302,544       289,571  
    Construction and land     23,454       30,480       24,823       21,090       21,657  
    Commercial real estate     324,016       318,850       323,397       320,962       323,427  
    Commercial     181,652       178,876       181,945       180,942       185,831  
    Agriculture     91,986       84,523       86,808       89,680       84,560  
    Municipal     7,098       6,556       5,690       4,507       3,200  
    Consumer     29,263       29,200       28,544       28,931       29,180  
    Total gross loans     1,001,849       980,575       964,040       948,656       937,426  
    Net deferred loan (fees) costs and loans in process     (63 )     (583 )     (578 )     (429 )     (396 )
    Allowance for credit losses     (11,544 )     (10,903 )     (10,851 )     (10,608 )     (10,970 )
    Loans, net     990,242       969,089       952,611       937,619       926,060  
    Loans held for sale, at fair value     3,250       2,513       2,697       853       1,857  
    Bank owned life insurance     39,176       38,826       38,578       38,333       38,090  
    Premises and equipment, net     20,976       20,986       20,696       19,709       23,911  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,729       2,900       3,071       3,241       3,414  
    Mortgage servicing rights     3,041       2,997       2,977       3,158       3,368  
    Real estate owned, net     428       428       428       928       934  
    Other assets     23,309       28,149       29,684       28,988       29,459  
    Total assets   $ 1,563,651     $ 1,560,754     $ 1,553,217     $ 1,561,672     $ 1,557,586  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     360,188       360,631       364,386       367,103       395,046  
    Money market and checking     565,629       546,385       583,315       613,613       586,651  
    Savings     145,825       150,996       154,000       152,381       157,112  
    Certificates of deposit     203,860       192,470       191,823       183,154       169,225  
    Total deposits     1,275,502       1,250,482       1,293,524       1,316,251       1,308,034  
    FHLB and other borrowings     92,050       131,330       74,716       64,662       82,569  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     9,528       8,745       15,895       12,714       12,590  
    Accrued interest and other liabilities     25,229       20,292       20,760       19,480       23,185  
    Total liabilities     1,423,960       1,432,500       1,426,546       1,434,758       1,448,029  
    Stockholders’ equity:                                        
    Common stock     55       55       55       55       52  
    Additional paid-in capital     89,532       89,469       89,364       89,208       84,568  
    Retained earnings     60,549       57,774       55,912       54,282       57,280  
    Treasury stock, at cost     (396 )     (330 )     (249 )     (75 )     –  
    Accumulated other comprehensive loss     (10,049 )     (18,714 )     (18,411 )     (16,556 )     (32,343 )
    Total stockholders’ equity     139,691       128,254       126,671       126,914       109,557  
    Total liabilities and stockholders’ equity   $ 1,563,651     $ 1,560,754     $ 1,553,217     $ 1,561,672     $ 1,557,586  


    LANDMARK BANCORP, INC. AND SUBSIDIARIES

    Consolidated Statements of Earnings (unaudited)

    (Dollars in thousands, except per share amounts)   Three months ended,     Nine months ended,  
        September 30,     June 30,     September 30,     September 30,     September 30,  
        2024     2024     2023     2024     2023  
    Interest income:                                        
    Loans   $ 15,933     $ 15,022     $ 13,531     $ 45,445     $ 37,530  
    Investment securities:                                        
    Taxable     2,301       2,359       2,445       7,088       7,141  
    Tax-exempt     747       759       772       2,270       2,333  
    Interest-bearing deposits at banks     41       40       46       144       193  
    Total interest income     19,022       18,180       16,794       54,947       47,197  
    Interest expense:                                        
    Deposits     5,830       5,673       4,384       16,960       10,375  
    FHLB and other borrowings     1,100       1,027       1,251       3,149       2,845  
    Subordinated debentures     416       418       417       1,246       1,168  
    Repurchase agreements     72       88       116       267       403  
    Total interest expense     7,418       7,206       6,168       21,622       14,791  
    Net interest income     11,604       10,974       10,626       33,325       32,406  
    Provision for credit losses     500       –       –       800       299  
    Net interest income after provision for credit losses     11,104       10,974       10,626       32,525       32,107  
    Non-interest income:                                        
    Fees and service charges     2,880       2,691       2,618       8,032       7,457  
    Gains on sales of loans, net     704       648       491       1,864       2,014  
    Bank owned life insurance     254       248       230       747       671  
    Other     415       133       313       730       834  
    Total non-interest income     4,253       3,720       3,652       11,373       10,976  
    Non-interest expense:                                        
    Compensation and benefits     5,803       5,504       5,811       16,839       16,925  
    Occupancy and equipment     1,429       1,294       1,373       4,113       4,136  
    Data processing     464       492       458       1,437       1,478  
    Amortization of mortgage servicing rights and other intangibles     256       256       474       924       1,407  
    Professional fees     573       649       624       1,869       1,722  
    Valuation allowance on real estate held for sale     –       979       –       1,108       –  
    Other     2,034       1,921       1,989       5,915       5,753  
    Total non-interest expense     10,559       11,095       10,729       32,205       31,421  
    Earnings before income taxes     4,798       3,599       3,549       11,693       11,662  
    Income tax expense     867       587       671       1,972       2,065  
    Net earnings   $ 3,931     $ 3,012     $ 2,878     $ 9,721     $ 9,597  
                                             
    Net earnings per share (1)                                        
    Basic   $ 0.72     $ 0.55     $ 0.53     $ 1.77     $ 1.75  
    Diluted     0.72       0.55       0.52       1.77       1.75  
    Dividends per share (1)     0.21       0.21       0.20       0.63       0.60  
    Shares outstanding at end of period (1)     5,501,221       5,469,566       5,481,805       5,501,221       5,481,805  
    Weighted average common shares outstanding – basic (1)     5,490,808       5,471,724       5,479,909       5,477,453       5,476,703  
    Weighted average common shares outstanding – diluted (1)     5,495,728       5,474,336       5,482,633       5,481,456       5,481,270  
                                             
    Tax equivalent net interest income   $ 11,777     $ 11,167     $ 10,809     $ 33,852     $ 32,974  

    (1) Share and per share values at or for the period ended September 30, 2023 have been adjusted to give effect to the 5% stock dividend paid during December 2023.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Select Ratios and Other Data (unaudited)

    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        As of or for the
    nine months ended,
     
        September 30,     June 30,     September 30,     September 30,     September 30,  
        2024     2024     2023     2024     2023  
    Performance ratios:                                        
    Return on average assets (1)     1.00 %     0.78 %     0.74 %     0.84 %     0.84 %
    Return on average equity (1)     11.82 %     9.72 %     9.87 %     10.18 %     11.13 %
    Net interest margin (1)(2)     3.30 %     3.21 %     3.06 %     3.21 %     3.19 %
    Effective tax rate     18.1 %     16.3 %     18.9 %     16.9 %     17.7 %
    Efficiency ratio (3)     66.5 %     67.9 %     73.8 %     68.8 %     71.0 %
    Non-interest income to total income (3)     25.5 %     25.4 %     25.6 %     25.0 %     25.3 %
                                             
    Average balances:                                        
    Investment securities   $ 428,301     $ 437,136     $ 486,706     $ 440,744     $ 493,853  
    Loans     985,659       955,104       906,289       962,252       877,048  
    Assets     1,562,482       1,545,816       1,549,724       1,554,682       1,528,938  
    Interest-bearing deposits     936,218       936,237       902,727       935,958       886,227  
    FHLB and other borrowings     77,958       72,875       89,441       74,496       70,774  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     10,774       11,524       15,387       12,218       19,903  
    Stockholders’ equity   $ 132,271     $ 124,624     $ 115,644     $ 127,597     $ 115,275  
                                             
    Average tax equivalent yield/cost (1):                                        
    Investment securities     2.99 %     3.04 %     2.77 %     2.99 %     2.72 %
    Loans     6.43 %     6.33 %     5.93 %     6.31 %     5.72 %
    Total interest-bearing assets     5.38 %     5.29 %     4.81 %     5.26 %     4.62 %
    Interest-bearing deposits     2.48 %     2.44 %     1.93 %     2.42 %     1.57 %
    FHLB and other borrowings     5.61 %     5.67 %     5.55 %     5.65 %     5.37 %
    Subordinated debentures     7.64 %     7.76 %     7.64 %     7.69 %     7.21 %
    Repurchase agreements     2.66 %     3.07 %     2.99 %     2.92 %     2.71 %
    Total interest-bearing liabilities     2.82 %     2.78 %     2.38 %     2.77 %     1.98 %
                                             
    Capital ratios:                                        
    Equity to total assets     8.93 %     8.22 %     7.03 %                
    Tangible equity to tangible assets (3)     6.84 %     6.09 %     4.85 %                
    Book value per share   $ 25.39     $ 23.45     $ 19.99                  
    Tangible book value per share (3)   $ 19.01     $ 17.00     $ 13.46                  
                                             
    Rollforward of allowance for credit losses (loans):                                        
    Beginning balance   $ 10,903     $ 10,851     $ 10,449     $ 10,608     $ 8,791  
    Adoption of CECL     –       –       –       –       1,523  
    Charge-offs     (153 )     (119 )     (142 )     (413 )     (408 )
    Recoveries     144       171       663       449       814  
    Provision for credit losses for loans     650       –       –       900       250  
    Ending balance   $ 11,544     $ 10,903     $ 10,970     $ 11,544     $ 10,970  
                                             
    Allowance for unfunded loan commitments   $ 150     $ 300     $ 200                  
                                             
    Non-performing assets:                                        
    Non-accrual loans   $ 13,415     $ 5,007     $ 4,440                  
    Accruing loans over 90 days past due     –       –       –                  
    Real estate owned     428       428       934                  
    Total non-performing assets   $ 13,843     $ 5,435     $ 5,374                  
                                             
    Loans 30-89 days delinquent   $ 7,301     $ 1,872     $ 6,173                  
                                             
    Other ratios:                                        
    Loans to deposits     77.64 %     77.50 %     70.80 %                
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.73 %     0.19 %     0.66 %                
    Total non-performing loans to gross loans outstanding     1.34 %     0.51 %     0.47 %                
    Total non-performing assets to total assets     0.89 %     0.35 %     0.35 %                
    Allowance for credit losses to gross loans outstanding     1.15 %     1.11 %     1.17 %                
    Allowance for credit losses to total non-performing loans     86.05 %     217.76 %     247.07 %                
    Net loan charge-offs to average loans (1)     0.00 %     -0.02 %     -0.23 %     0.00 %     -0.06 %
    (1 ) Information is annualized.
    (2 ) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3 ) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
         

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)

    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        As of or for the
    nine months ended,
     
        September 30,     June 30,     September 30,     September 30,     September 30,  
        2024     2024     2023     2024     2023  
                                   
    Non-GAAP financial ratio reconciliation:                                        
    Total non-interest expense   $ 10,559     $ 11,095     $ 10,729     $ 32,205     $ 31,421  
    Less: foreclosure and real estate owned expense     (23 )     39       (1 )     (34 )     (21 )
    Less: amortization of other intangibles     (171 )     (171 )     (196 )     (512 )     (591 )
    Less: valuation allowance on real estate held for sale     –       (979 )     –       (1,108 )     –  
    Adjusted non-interest expense (A)     10,365       9,984       10,532       30,551       30,809  
                                             
    Net interest income (B)     11,604       10,974       10,626       33,325       32,406  
                                             
    Non-interest income     4,253       3,720       3,652       11,373       10,976  
    Less: losses (gains) on sales of investment securities, net     –       –       –       –       –  
    Less: gains on sales of premises and equipment and foreclosed assets     (273 )     9       –       (264 )     (1 )
    Adjusted non-interest income (C)   $ 3,980     $ 3,729     $ 3,652     $ 11,109     $ 10,975  
                                             
    Efficiency ratio (A/(B+C))     66.5 %     67.9 %     73.8 %     68.8 %     71.0 %
    Non-interest income to total income (C/(B+C))     25.5 %     25.4 %     25.6 %     25.0 %     25.3 %
                                             
    Total stockholders’ equity   $ 139,691     $ 128,254     $ 109,557                  
    Less: goodwill and other intangible assets     (35,106 )     (35,277 )     (35,791 )                
    Tangible equity (D)   $ 104,585     $ 92,977     $ 73,766                  
                                             
    Total assets   $ 1,563,651     $ 1,560,754     $ 1,557,586                  
    Less: goodwill and other intangible assets     (35,106 )     (35,277 )     (35,791 )                
    Tangible assets (E)   $ 1,528,545     $ 1,525,477     $ 1,521,795                  
                                             
    Tangible equity to tangible assets (D/E)     6.84 %     6.09 %     4.85 %                
                                             
    Shares outstanding at end of period (F)     5,501,221       5,469,566       5,481,805                  
                                             
    Tangible book value per share (D/F)   $ 19.01     $ 17.00     $ 13.46                  

    The MIL Network –

    January 25, 2025
  • MIL-OSI USA: The Evolving Threat of ISKP – Caspian Tides Podcast

    Source: United States Institute of Peace

    Welcome to Caspian Tides, the Caspian Policy Center’s new monthly podcast unpacking the major issues facing the South Caucasus and Central Asia.

    On our inaugural episode, we delve into Islamic State – Khorasan Province, the Afghanistan-based offshoot of the Islamic State. In recent months, ISKP has grabbed major headlines not only for attacks conducted within Afghanistan, but also for major attacks in Iran, Russia, and Europe. What distinguishes ISKP from other terror groups and how does it interact with Central Asia? To answer these questions and more, we welcome our expert guests, Dr. Tricia Bacon of American University and Dr. Gavin Helf of the United States Institute of Peace.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI: Superior Energy Services Announces Third Quarter 2024 Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (the “Company”) filed its Form 10-Q for the period ended September 30, 2024. In accordance with the Company’s Shareholders Agreement, it will host a conference call with shareholders on November 1, 2024.

    For the third quarter of 2024, the Company reported net income from continuing operations of $21.9 million, or $1.09 per diluted share, with revenue of $197.3 million. This compares to net income from continuing operations of $29.5 million or $1.46 per diluted share, with revenue of $201.1 million, for the second quarter of 2024.

    The Company’s Adjusted EBITDA (a non-GAAP measure defined on page 4) was $57.8 million compared to $60.0 million for the second quarter of 2024. Refer to pages 11 and 12 for a reconciliation of Adjusted EBITDA to GAAP results.

    Third Quarter 2024 Geographic Breakdown

    U.S. land revenue was $36.0 million for the third quarter of 2024, a decrease of 8% compared to revenue of $39.0 million for the second quarter of 2024. The decline in U.S. land revenue was primarily driven by decreased activity from our premium drill pipe and bottom hole accessories product lines within our Rentals segment, consistent with a reduced U.S. land rig count.

    U.S. offshore revenue was $49.7 million in the third quarter of 2024, a decrease of 8% compared to revenue of $53.8 million in the second quarter of 2024. U.S. offshore revenue decreased primarily in our Well Services segments, with the most significant decline coming from our project-based completion services product line.  U.S. Offshore revenue in the Rentals segment for the third quarter of 2024 was up $1.6 million versus the second quarter of 2024, despite approximately $1.0 million of revenue slipping to the fourth quarter of 2024 due to hurricane activity in September.

    International revenue was $111.6 million in the third quarter of 2024, an increase of 3% compared to revenue of $108.4 million in the second quarter of 2024. International revenue was up across both our Rentals and Well Services segments, with the increase being driven by our hydraulic snubbing and well control services product lines.

    Third Quarter 2024 Segment Reporting

    The Rentals segment revenue in the third quarter of 2024 was $97.9 million, a 2% decrease compared to revenue of $99.9 million in the second quarter of 2024, primarily driven by reduced activity in U.S. land and hurricane disruptions in the U.S. offshore market. In the third quarter of 2024, Rentals segment income from operations was $43.9 million as compared to $44.1 million in the second quarter of 2024. Adjusted EBITDA was $55.9 million, a decrease from $56.0 million in the second quarter of 2024. Adjusted EBITDA Margin (a non-GAAP measure defined on page 4) was 57%, a 1% increase from the second quarter of 2024.

    The Well Services segment revenue in the third quarter of 2024 was $99.5 million, a 2% decrease compared to revenue of $101.2 million in the second quarter of 2024 and income from operations for the third quarter of 2024 was $3.8 million as compared to $10.7 million in the second quarter of 2024. Adjusted EBITDA for the third quarter of 2024 was $15.4 million with an Adjusted EBITDA Margin of 16%, as compared to Adjusted EBITDA of $19.1 million with an Adjusted EBITDA Margin of 19% in the second quarter of 2024. The Well Services segment sequential decline was primarily driven by lower activity in our project-based completion services product line.

    Liquidity

    As of September 30, 2024, the Company had cash, cash equivalents, and restricted cash of approximately $380.6 million.  As of September 30, 2024, our borrowing base, as defined in our credit agreement, was approximately $89.9 million, and we had $39.5 million in letters of credit outstanding which reduced the borrowing availability to $50.4 million. At September 30, 2024, we had no outstanding borrowings under our credit facility.

    During the third quarter of 2024, we utilized an indirect foreign exchange mechanism known as a Blue Chip Swap. The transactions were completed at implied exchange rates that were approximately 63.0% higher than the official exchange rate, resulting in a loss of approximately $5.1 million during the third quarter of 2024.

    During the third quarter of 2024, net cash from operating activities was $62.5 million. Free Cash Flow (a non-GAAP measure defined on page 4) for the third quarter of 2024 totaled $50.5 million as compared to $39.0 million for the second quarter of 2024. Refer to page 8 for a reconciliation of Free Cash Flow to Net Cash from Operating Activities.

    Third quarter 2024 capital expenditures were $12.0 million. The Company expects total capital expenditures for 2024 to be approximately $100 to $110 million. Approximately 91% of total 2024 capital expenditures are targeted for the replacement of existing assets.  Of the total estimated 2024 capital expenditures, approximately 68% is expected to be invested in the Rentals segment.

    2024 Guidance

    Our full year 2024 guidance remains consistent from the second quarter 2024 guidance. We expect 2024 revenue to come in at a range of $780 million to $840 million with 2024 Adjusted EBITDA expected to be in a range of $235 million to $265 million.

    Conference Call Information

    The Company’s management team will host a conference call on Friday, November 1, 2024, at 10:00 a.m. Eastern Time. The call will be available via live webcast in the “Events” section at ir.superiorenergy.com. To access via phone, participants can register for the call here, where they will be provided a phone number and access code. The call will be available for replay until November 1, 2025 on Superior’s website at ir.superiorenergy.com. If you are a shareholder and would like to submit a question, please email your question beforehand to Jamie Spexarth at ir@superiorenergy.com.

    About Superior Energy Services

    Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells.  For more information, visit: www.superiorenergy.com.

    Non-GAAP Financial Measures

    To supplement Superior’s consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also uses Adjusted EBITDA and Adjusted EBITDA Margin. Management uses Adjusted EBITDA and Adjusted EBITDA Margin internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company also believes these non-GAAP measures provide investors useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-GAAP financial measures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings and may not be comparable to similar measures presented by other public companies. Adjusted EBITDA and Adjusted EBITDA Margin should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with GAAP. We define Adjusted EBITDA as net income (loss) from continuing activities before net interest expense, income tax expense (benefit) and depreciation, amortization, accretion and depletion, restructuring and transaction expenses, adjusted for other gains and losses and other expenses, net, which management does not consider representative of our ongoing operations. We define Adjusted EBITDA Margin as Adjusted EBITDA by segment as a percentage of segment revenues. For a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, please see the tables under “―Superior Energy Services, Inc. and Subsidiaries Reconciliation of Adjusted EBITDA” and “—Superior Energy Services, Inc. and Subsidiaries Reconciliation of Adjusted EBITDA by Segment” included on pages 11 and 12 of this press release.

    Free Cash Flow is defined as net cash from operating activities less payments for capital expenditures. Free Cash Flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes, however, that Free Cash Flow is an important financial measure for use in evaluating the Company’s financial performance, as it measures our ability to generate additional cash from our business operations. Free Cash Flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of Free Cash Flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view Free Cash Flow as supplemental to our entire Statement of Cash Flows. Please see table under “—Condensed Consolidated Statements of Cash Flows” included on page 8 of this press release.

    The Company is unable to provide a reconciliation of the forward-looking non-GAAP financial measure, Adjusted EBITDA, contained in this press release to its most directly comparable GAAP financial measure, net income, as the information necessary for a quantitative reconciliation of the forward-looking non-GAAP financial measure to its respective most directly comparable GAAP financial measure is not (and was not, when prepared) available to the Company without unreasonable efforts due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Net income includes the impact of depreciation, income taxes and certain other items that impact comparability between periods, which may be significant and are difficult to project with a reasonable degree of accuracy. In addition, we believe such reconciliation could imply a degree of precision that might be confusing or misleading to investors. The probable significance of providing this forward-looking non-GAAP financial measure without the directly comparable GAAP financial measure is that such GAAP financial measure may be materially different from the corresponding non-GAAP financial measure.

    Forward-Looking Statements

    This press release contains, and future oral or written statements or press releases by the Company and its management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks”, “will,” “could,” “may” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position and results, financial performance, liquidity, market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) and other uncertainties (such as the war in Ukraine and conflict in Israel and broader geopolitical tensions in the Middle East and eastern Europe)  that could cause the Company’s actual results to differ materially from such statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements.

    While the Company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business.

    These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s Form 10-K for the year ended December 31, 2023 and subsequent reports on Form 10-Qs and those set forth from time to time in the Company’s other periodic filings with the Securities and Exchange Commission, which are available at www.superiorenergy.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

    SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, unaudited)
                                 
      Three Months Ended     Nine Months Ended  
      September 30,     June 30,     September 30,     September 30,  
      2024     2024     2023     2024     2023  
                                 
    Rentals $ 97,857     $ 99,851     $ 113,201     $ 305,799     $ 334,433  
    Well Services   99,450       101,230       97,184       301,223       340,562  
    Total revenues   197,307       201,081       210,385       607,022       674,995  
                                 
    Rentals   35,227       36,596       37,769       109,589       109,258  
    Well Services   74,172       71,672       72,076       214,717       239,062  
    Total cost of revenues   109,399       108,268       109,845       324,306       348,320  
                                 
    Depreciation, depletion, amortization and accretion   21,077       20,868       20,490       62,392       61,250  
    General and administrative expenses   33,458       33,404       30,089       101,837       92,256  
    Restructuring and transaction expenses   5,891       –       –       5,891       1,983  
    Other gains, net   (133 )     (614 )     (4,073 )     (1,829 )     (5,424 )
    Income from operations   27,615       39,155       54,034       114,425       176,610  
                                 
    Other income (expense):                            
    Interest income, net   5,032       5,760       6,629       17,632       18,581  
    Loss on Blue Chip Swaps   (5,113 )     –       (12,120 )     (5,113 )     (12,120 )
    Other income (expense)   979       (2,082 )     (4,520 )     (2,916 )     (8,508 )
    Income from continuing operations before income taxes   28,513       42,833       44,023       124,028       174,563  
    Income tax expense   (6,597 )     (13,370 )     (11,403 )     (34,754 )     (44,615 )
    Net income from continuing operations   21,916       29,463       32,620       89,274       129,948  
    Income from discontinued operations, net of income tax   –       1,896       128       1,896       408  
    Net income $ 21,916     $ 31,359     $ 32,748     $ 91,170     $ 130,356  
                                 
    Income per share – basic:                            
    Net income from continuing operations $ 1.09     $ 1.46     $ 1.62     $ 4.43     $ 6.46  
    Income from discontinued operations, net of income tax   –       0.09       0.01       0.09       0.02  
    Net income $ 1.09     $ 1.55     $ 1.63     $ 4.52     $ 6.48  
                                 
    Income per share – diluted                            
    Net income from continuing operations $ 1.09     $ 1.46     $ 1.62     $ 4.42     $ 6.45  
    Income from discontinued operations, net of income tax   –       0.09       –       0.10       0.02  
    Net income $ 1.09     $ 1.55     $ 1.62     $ 4.52     $ 6.47  
                                 
    Weighted-average shares outstanding                            
    Basic   20,177       20,172       20,136       20,170       20,123  
    Diluted   20,186       20,183       20,159       20,182       20,144  
                                           
    SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (in thousands, unaudited)
               
      September 30,     December 31,  
      2024     2023  
    ASSETS          
    Current assets:          
    Cash and cash equivalents $ 325,881     $ 391,684  
    Accounts receivable, net   200,106       276,868  
    Inventory   70,293       74,995  
    Income taxes receivable   13,383       10,542  
    Prepaid expenses   23,363       18,614  
    Other current assets   7,765       7,922  
    Total current assets   640,791       780,625  
    Property, plant and equipment, net   306,285       294,960  
    Note receivable   72,694       69,005  
    Restricted cash   54,707       85,444  
    Deferred tax assets   59,555       67,241  
    Other assets, net   42,319       43,718  
    Total assets $ 1,176,351     $ 1,340,993  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)          
    Current liabilities:          
    Accounts payable $ 38,897     $ 38,214  
    Accrued expenses   106,203       103,782  
    Income taxes payable   20,100       20,220  
    Decommissioning liability   30,747       21,631  
    Total current liabilities   195,947       183,847  
    Decommissioning liability   140,030       148,652  
    Other liabilities   38,599       47,583  
    Total liabilities   374,576       380,082  
               
    Total equity   801,775       960,911  
    Total liabilities and equity $ 1,176,351     $ 1,340,993  
     
    SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands, unaudited) 
                                 
      Three Months Ended     Nine Months Ended  
      September 30,     June 30,     September 30,     September 30,  
      2024     2024     2023     2024     2023  
                                 
    Cash flows from operating activities                            
    Net income $ 21,916     $ 31,359     $ 32,748     $ 91,170     $ 130,356  
    Adjustments to reconcile net loss to net cash from operating activities:                            
    Depreciation, depletion, amortization and accretion   21,077       20,868       20,490       62,392       61,250  
    Loss on Blue Chip Swaps   5,113       –       12,120       5,113       12,120  
    Washington State Tax Settlement   –       –       –       –       (27,068 )
    Decommissioning costs   (5,111 )     (143 )     (3,401 )     (5,684 )     (6,279 )
    Other non-cash items   (2,642 )     4,205       566       4,798       23,357  
    Changes in operating assets and liabilities:   22,162       17,487       (10,112 )     67,396       (38,390 )
    Net cash from operating activities   62,515       73,776       52,411       225,185       155,346  
                                 
    Cash flows from investing activities                            
    Payments for capital expenditures   (12,005 )     (34,744 )     (21,592 )     (67,447 )     (67,218 )
    Proceeds from sales of assets   292       669       9,563       3,577       24,710  
    Proceeds from sales of Blue Chip Swap securities   8,121       –       9,656       8,121       9,656  
    Purchases of Blue Chip Swap securities   (13,234 )     –       (21,776 )     (13,234 )     (21,776 )
    Net cash from investing activities   (16,826 )     (34,075 )     (24,149 )     (68,983 )     (54,628 )
                                 
    Cash flows from financing activities                            
    Distributions to shareholders   –       –       –       (250,417 )     –  
    Repurchase of shares   –       –       –       (962 )     –  
    Other   (358 )     –       –       (1,363 )     (1,116 )
    Net cash from financing activities   (358 )     –       –       (252,742 )     (1,116 )
    Net change in cash, cash equivalents, and restricted cash   45,331       39,701       28,262       (96,540 )     99,602  
    Cash, cash equivalents and restricted cash at beginning of period   335,257       295,556       410,447       477,128       339,107  
    Cash, cash equivalents, and restricted cash at end of period $ 380,588     $ 335,257     $ 438,709     $ 380,588     $ 438,709  
                                 
    Reconciliation of Free Cash Flow                            
    Net cash from operating activities $ 62,515     $ 73,776     $ 52,411     $ 225,185     $ 155,346  
    Payments for capital expenditures   (12,005 )     (34,744 )     (21,592 )     (67,447 )     (67,218 )
    Free Cash Flow $ 50,510     $ 39,032     $ 30,819     $ 157,738     $ 88,128  
                                 
    Free Cash Flow is a Non-GAAP measure. See Non-GAAP Financial Measures for our definition of Free Cash Flow.  
       
    SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
    REVENUE BY GEOGRAPHIC REGION BY SEGMENT
    (in thousands, unaudited)
                                 
      Three Months Ended     Nine Months Ended  
      September 30,     June 30,     September 30,     September 30,  
      2024     2024     2023     2024     2023  
    U.S. land                            
    Rentals $ 28,934     $ 32,713     $ 37,478     $ 100,653     $ 127,341  
    Well Services   7,027       6,242       8,223       20,735       20,384  
    Total U.S. land   35,961       38,955       45,701       121,388       147,725  
                                 
    U.S. offshore                            
    Rentals   32,228       30,644       44,681       100,123       117,867  
    Well Services   17,489       23,125       14,459       69,486       54,185  
    Total U.S. offshore   49,717       53,769       59,140       169,609       172,052  
                                 
    International                            
    Rentals   36,695       36,494       31,042       105,023       89,225  
    Well Services   74,934       71,863       74,502       211,002       265,993  
    Total International   111,629       108,357       105,544       316,025       355,218  
    Total Revenues $ 197,307     $ 201,081     $ 210,385     $ 607,022     $ 674,995  
                                           
    SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
    SEGMENT HIGHLIGHTS
    (in thousands, unaudited)
                                 
      Three Months Ended     Nine Months Ended  
      September 30,     June 30,     September 30,     September 30,  
      2024     2024     2023     2024     2023  
    Revenues                            
    Rentals $ 97,857     $ 99,851     $ 113,201     $ 305,799     $ 334,433  
    Well Services   99,450       101,230       97,184       301,223       340,562  
    Total Revenues $ 197,307     $ 201,081     $ 210,385     $ 607,022     $ 674,995  
                                 
    Income (loss) from Operations                            
    Rentals $ 43,856     $ 44,061     $ 56,253     $ 139,128     $ 167,373  
    Well Services   3,789       10,686       10,581       27,867       50,860  
    Corporate and other   (20,030 )     (15,592 )     (12,800 )     (52,570 )     (41,623 )
    Income from operations $ 27,615     $ 39,155     $ 54,034     $ 114,425     $ 176,610  
                                 
    Adjusted EBITDA                            
    Rentals $ 55,915     $ 56,023     $ 68,791     $ 174,959     $ 204,632  
    Well Services   15,427       19,078       15,137       56,028       69,697  
    Corporate and other   (13,576 )     (15,078 )     (12,125 )     (45,096 )     (37,207 )
    Total Adjusted EBITDA $ 57,766     $ 60,023     $ 71,803     $ 185,891     $ 237,122  
                                 
    Adjusted EBITDA Margin                            
    Rentals   57 %     56 %     61 %     57 %     61 %
    Well Services   16 %     19 %     16 %     19 %     20 %
    Corporate and other n/a     n/a     n/a     n/a     n/a  
    Total Adjusted EBITDA Margin   29 %     30 %     34 %     31 %     35 %
                                 
    Adjusted EBITDA is a Non-GAAP measure.  See Non-GAAP Financial Measures for our definition of Adjusted EBITDA and pages 11 and 12 for a reconciliation to income (loss) from operations.  
       
    SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA
    (in thousands, unaudited)
                                 
      Three Months Ended     Nine Months Ended  
      September 30,     June 30,     September 30,     September 30,  
      2024     2024     2023     2024     2023  
                                 
    Net income from continuing operations $ 21,916     $ 29,463     $ 32,620     $ 89,274     $ 129,948  
    Depreciation, depletion, amortization and accretion   21,077       20,868       20,490       62,392       61,250  
    Interest income, net   (5,032 )     (5,760 )     (6,629 )     (17,632 )     (18,581 )
    Income tax expense   6,597       13,370       11,403       34,754       44,615  
    Restructuring expenses and other adjustments (1)   9,074       –       (2,721 )     9,074       (738 )
    Loss on Blue Chip Swap Securities   5,113       –       12,120       5,113       12,120  
    Other (income) expense, net   (979 )     2,082       4,520       2,916       8,508  
    Adjusted EBITDA $ 57,766     $ 60,023     $ 71,803     $ 185,891     $ 237,122  
                                 
    Adjusted EBITDA is a Non-GAAP measure.  See Non-GAAP Financial Measures for our definition of Adjusted EBITDA.  
                                 
    (1) Restructuring expenses and other adjustments for the three and nine months ended September 30, 2024 relate to costs associated with changes in our executive management and other restructuring costs.  Adjustments for the three and nine months ended September 30, 2023 relate to exit and disposal activities related to non-core businesses and other restructuring costs.  
       
    SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT
    (in thousands, unaudited)
                                 
      Three Months Ended     Nine Months Ended  
      September 30,     June 30,     September 30,     September 30,  
      2024     2024     2023     2024     2023  
    Rentals                            
    Income from operations $ 43,856     $ 44,061     $ 56,253     $ 139,128     $ 167,373  
    Depreciation, depletion, amortization and accretion   12,059       11,962       12,538       35,831       37,259  
    Adjusted EBITDA $ 55,915     $ 56,023     $ 68,791     $ 174,959     $ 204,632  
                                 
    Well Services                            
    Income from operations $ 3,789     $ 10,686     $ 10,581     $ 27,867     $ 50,860  
    Depreciation, depletion, amortization and accretion   8,455       8,392       7,277       24,978       21,558  
    Restructuring expenses and other adjustments(1)   3,183       –       (2,721 )     3,183       (2,721 )
    Adjusted EBITDA $ 15,427     $ 19,078     $ 15,137     $ 56,028     $ 69,697  
                                 
    Corporate                            
    Loss from operations $ (20,030 )   $ (15,592 )   $ (12,800 )   $ (52,570 )   $ (41,623 )
    Depreciation, depletion, amortization and accretion   563       514       675       1,583       2,433  
    Restructuring expenses and other adjustments (1)   5,891       –       –       5,891       1,983  
    Adjusted EBITDA $ (13,576 )   $ (15,078 )   $ (12,125 )   $ (45,096 )   $ (37,207 )
                                 
    Total                            
    Income from operations $ 27,615     $ 39,155     $ 54,034     $ 114,425     $ 176,610  
    Depreciation, depletion, amortization and accretion   21,077       20,868       20,490       62,392       61,250  
    Restructuring expenses and other adjustments (1)   9,074       –       (2,721 )     9,074       (738 )
    Adjusted EBITDA $ 57,766     $ 60,023     $ 71,803     $ 185,891     $ 237,122  
                                 
    Adjusted EBITDA is a Non-GAAP measure.  See Non-GAAP Financial Measures for our definition of Adjusted EBITDA.  
                                 
    (1) Restructuring expenses and other adjustments for the three and nine months ended September 30, 2024 relate to costs associated with changes in our executive management and other restructuring costs.  Adjustments for the three and nine months ended September 30, 2023 relate to exit and disposal activities related to non-core businesses and other restructuring costs.  
       

    FOR FURTHER INFORMATION CONTACT:
    Jamie Spexarth, Chief Financial Officer
    1001 Louisiana St., Suite 2900
    Houston, TX 77002
    Investor Relations, ir@superiorenergy.com, (713) 654-2200

    The MIL Network –

    January 25, 2025
  • MIL-OSI Security: Minneapolis Man Sentenced to Prison for Insider Trading Scheme

    Source: Office of United States Attorneys

    ST. PAUL, Minn. – A Minneapolis man has been sentenced to 18 months in federal prison, followed by two years of supervised release, and 320 hours of community service for an insider trading conspiracy involving nonpublic negotiations for the acquisition of a medical device company valued at $1.6 billion, announced First Assistant U.S. Attorney Lisa D. Kirkpatrick.

    According to evidence presented at trial, beginning in January 2018 through at least August 2020, Doron “Ron” Tavlin, 69, of Minneapolis, and Afshin “Alex” Farahan, 58, of Los Angeles, engaged in an insider trading conspiracy. The conspiracy involved nonpublic information about the acquisition of Mazor Robotics, an Israeli-based company that specialized in robotics for spinal procedures, by Medtronic, Inc., an Ireland-based medical device company that primarily operated from its executive headquarters in Minneapolis. Tavlin, while working as vice president of business development at Mazor Robotics, learned material, nonpublic information about Medtronic’s impending acquisition of his company. In violation of federal law and his duty to his former employer, Mazor Robotics, Tavlin tipped this information about the acquisition to his friend, Farahan, and instructed him to buy shares in the company. Tavlin and Farahan knew that Medtronic’s imminent acquisition of Mazor would likely result in an increase in Mazor’s stock price. Farahan used the nonpublic information tipped by Tavlin to quickly buy more than $1 million of Mazor stock throughout August and September 2018. The morning after the secret acquisition was publicly announced, Farahan immediately sold all the stock he had purchased over the preceding weeks based on Tavlin’s illegal tip, which resulted in a profit of over $246,000. According to evidence presented at trial, after the acquisition occurred, Tavlin learned that the Financial Industry Regulatory Authority (FINRA) was investigating certain trades of Mazor securities that occurred prior to the publicly announced acquisition. As part of its inquiry, FINRA asked Tavlin, and other insiders who knew about the secret acquisition negotiations, whether he knew any of the parties who traded in Mazor securities leading up to the public announcement. In January 2019, Tavlin responded to FINRA’s inquiry by falsely denying that he recognized any names on a list of persons and entities that purchased Mazor securities, which included Farahan.

    According to evidence presented at trial, the insider trading conspiracy included an agreement between Tavlin and Farahan that Farahan would pay money to Tavlin in exchange for the material, nonpublic information.

    On February 16, 2024, Tavlin was found guilty on one count of conspiracy to commit insider trading and ten counts of securities fraud and aiding and abetting securities fraud following a nine-day trial. He was sentenced yesterday in U.S. District Court by Judge Donovan W. Frank.

    Farahan pleaded guilty on August 4, 2022, to one count of conspiracy to engage in insider trading. His sentencing hearing will be scheduled at a later time.

    This case is the result of an investigation conducted by the FBI.

    Assistant U.S. Attorneys Matthew S. Ebert, Robert M. Lewis, and William C. Mattessich prosecuted the case. 

    MIL Security OSI –

    January 25, 2025
  • MIL-OSI United Kingdom: E3 foreign ministries call for the urgent renewal of Israeli-Palestinian correspondent banking services

    Source: United Kingdom – Executive Government & Departments 3

    Statement calling on Israel to urgently renew reciprocal banking arrangements to prevent economic collapse in the Occupied Palestinian Territories.

    The foreign ministries of France, Germany and the United Kingdom call for the urgent renewal of Israeli-Palestinian correspondent banking services for a period of at least one year. Failure to renew would completely suspend cross-border trade, which would be catastrophic for the Palestinian economy. This will endanger regional security and harm Palestinian and Israeli businesses alike.

    We note the significant steps completed in recent months to mitigate risks related to illicit financing, including the completion of a National Risk Assessment by the Palestinian Monetary Authority and agreement for a MENAFATF on-site evaluation to take place next year.  

    We urge the Government of Israel to renew the indemnifications without delay for a period of least one year, in line with their obligations under the Paris Protocol. We are committed to working with Israel and the Palestinian Authorities to continue countering the financing of terrorism while reiterating that a failure to renew indemnifications, or another temporary renewal, would be unacceptable and cause serious economic damage to both Israel and the West Bank.

    Share this page

    The following links open in a new tab

    • Share on Facebook (opens in new tab)
    • Share on Twitter (opens in new tab)

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI Asia-Pac: FS continues to explore business opportunities for Hong Kong in Riyadh, Saudi Arabia (with photos)

    Source: Hong Kong Government special administrative region

         The Financial Secretary, Mr Paul Chan, together with a delegation, had their second day of visit in Riyadh, Saudi Arabia, yesterday (October 30, Riyadh time).     In the morning, Mr Chan attended the listing ceremony for the first exchange-traded fund (ETF) in Saudi Arabia that invests in Hong Kong stocks at the Saudi Exchange. This product is the result of collaboration between Albilad Bank of Saudi Arabia and Hong Kong’s CSOP Asset Management Limited.     Mr Chan highlighted that as the largest ETF in the Middle East, it will attract more regional investors and broaden funding sources for the Hong Kong market, while diversifying the investment product offerings in the Saudi market, fostering the development of its ETF market, creating a win-win situation.     He also noted that after the first ETF investing in the Saudi market was listed in Hong Kong last November, this marks the Saudi Arabia’s first ETF investing in Hong Kong stocks. He believes that more diversified products will emerge in the future, providing investors from the Middle East with convenient channels to invest in Hong Kong and Mainland China, and enhancing the two-way flow of capital between Hong Kong and Saudi Arabia, and fostering greater connectivity and more vibrant development of the capital markets in both regions.     Mr Chan and some delegation members also attended a breakfast meeting hosted by Hong Kong Exchanges and Clearing Limited (HKEX) to discuss capital market connectivity between Asia and the Middle East.     During his keynote speech at the breakfast meeting, Mr Chan elaborated on Hong Kong’s significant role and function in the global capital market. He pointed out that Saudi Arabia’s Vision 2030 has brought major reforms and opportunities, promoting capital investment from Asian markets. With its unique advantage of “one country, two systems”, Hong Kong has become the premier international financial centre connecting the Middle East with the Chinese market, particularly in three key areas: a deep and broad fund-raising market, asset and wealth management, and green and sustainable finance.  They provide diverse investment offerings for investors and enterprises in the Middle East, and providing financial support to regional economic development and green transformation.     The breakfast meeting included a discussion session moderated by HKEX’s Chief Executive Officer (CEO), Ms Bonnie Chan, featuring remarks from CEO of the Saudi Exchange, Mr Mohammed Al-Rumaih; Deputy Chief Executive of the Hong Kong Monetary Authority, Mr Darryl Chan, and CEO of Standard Chartered Group, Mr Bill Winters.     At noon, Mr Chan called on the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Kingdom of Saudi Arabia, Mr Chang Hua, to brief him on Hong Kong’s latest economic developments and exchange views on China-Saudi co-operation and economic relations.     In the afternoon, Mr Chan co-hosted a capital markets roundtable with Chairman of the Saudi Capital Market Authority, Mr Mohammed bin Abdullah Elkuwaiz. Representatives from regulatory bodies and a number of asset management institutions attended to discuss the latest developments in the financial markets of both regions and to explore further co-operation opportunities.     Later, Mr Chan met with Governor of the Saudi Central Bank, Mr Ayman Alsayari, to discuss advancing connectivity in investment and financial markets between Hong Kong and Saudi Arabia and the Middle East, as well as co-operation in digital finance.     In the evening, the Hong Kong Science and Technology Parks Corporation held the “Hong Kong Tech Disrupt” event, featuring over 20 startups in green technology, biotechnology, artificial intelligence and robotics, etc. They showcased their research products and sought to connect with investors and business partners.     Yesterday, a number of delegation members also attended the “Future Investment Initiative” event and delivered speeches, continuing to tell the good story of China and Hong Kong.     ???     Mr Chan and the delegation will continue their final day of visit in Riyadh today (October 31, Riyadh time).

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI USA: Defense Secretary Lloyd J. Austin III and South Korean Defense Minister Kim Yong Hyun Hold Joint Media Availability

    Source: United States Department of Defense

    PENTAGON PRESS SECRETARY MAJOR GENERAL PAT RYDER: Well, good afternoon and thank you for being here today. Ladies and gentlemen, it is my pleasure to introduce Secretary of Defense Lloyd J. Austin and Republic of Korea Minister of National Defense Kim Yong Hyun. The secretary and the minister will deliver opening remarks and then we’ll have time to take a few questions.

    Please note that I will moderate and call on journalists. And with that, Secretary Austin, over to you sir. SECRETARY OF DEFENSE LLOYD AUSTIN: Thanks, Pat. Good afternoon, everybody and thanks for being here. Minister Kim, let me again welcome you and your team to the Pentagon. It’s our honor to host our allies in the Republic of Korea for our 56th Security Consultative Meeting. The SCM is the annual capstone event for the US-ROK Alliance. It brings our defense leaders together to tackle shared challenges and to deepen our friendship.

    For more than 70 years, our alliance has been the foundation of peace and stability on the Korean Peninsula. Our two proud democracies share a vision of a free and open Indo-Pacific and we stand shoulder to shoulder against those who would upend the status quo. Now we’re closely tracking the unprecedented level of direct military cooperation between Russia and the DPRK. In our meetings today, we shared our deep concerns about the deployment of DPRK troops to Russia.

    We also discussed how we’re going to work together with our allies and partners to respond to this dangerous and destabilizing escalation. The evidence now suggests that North Korea has sent around 10,000 soldiers to train in eastern Russia and some of these DPRK troops have already moved closer to Ukraine.

    And we’re seeing them outfitted with Russian uniforms and provided with Russian equipment. And I am increasingly concerned that the Kremlin plans to use these North Korean soldiers to support Russia’s combat operations in Russia’s Kursk region near the border with Ukraine. And let me remind you that Russia signed on to the UN Security Council resolutions agreeing not to provide military assistance to North Korea.

    Of course, we know that Putin has gone tin cupping to get weapons from the DPRK and Iran. Turning to a pariah state like North Korea for troops just underscores how much trouble he is in. And we take this very seriously. We urge the Kremlin to change course and we fully understand the security implications for both Europe and the Indo-Pacific.

    Putin will not prevail in Ukraine even with more help from North Korea, but these deeply concerning developments only underscore the importance of our alliance with the ROK and other allies and partners committed to shared security and prosperity. Now, Minister Kim and I had an outstanding meeting today.

    Our discussions move the ball forward to modernize and deepen our alliance that will help protect the security of the Korean Peninsula and shape the future of the Indo-Pacific. It was with a sense of urgency we’ve delivered on a shared security objectives that we set forth just a year ago in a defense vision of the US-ROK Alliance.

    The US Department of Defense and the ROK Ministry of National Defense signed the Nuclear Consultative Group guidelines in July and later that month I traveled to Japan to join an historic trilateral ministerial meeting with the ROK and Japan. It was held in Tokyo for the first time as envisioned by the 2023 Camp David Summit.

    Now I assured Minister Kim today that the United States remains fully committed to the defense of the ROK and our extended deterrence commitment remains ironclad. That commitment is backed by the full range of America’s conventional missile defense, nuclear and advanced non-nuclear capabilities. We’ve also returned to large scale exercises with our ROK allies and that strengthening our combined readiness and our interoperability.

    We’re also working together to tackle shared security challenges across the Indo-Pacific. So today Minister Kim and I endorsed a framework to expand our cooperation throughout the region based on our shared values and common interests. We also discussed the important role of the United Nations Command, which reflects the international community’s long-standing commitment to peace on the peninsula.

    And earlier this year with support from the ROK, we accepted Germany as the 18th member state of the UNC. Moving forward, we’ll build on our momentum and will expand the scope and scale of our cooperation. We’ll use our strategic advantages and innovation in our defense industrial bases to bring cutting edge tech to our warfighters.

    Now our alliance has always been rooted in our shared commitment to act together in the interests that brought us together seven decades ago have continued to grow stronger. Today’s discussion again underscored our shared vision for this alliance’s future. So, Minister Kim, thanks for your leadership and your commitment to this proud alliance.

    We got a lot done today and I look forward to doing even more tomorrow in the US-ROK 2+2 with Secretary Blinken and Minister Cho and thanks very much and now let me turn it over to Minister Kim. SOUTH KOREAN DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) Good afternoon. This is the Minister of National Defense of the Republic of Korea, Kim Yong-hyun. I find it highly meaningful to conduct my first overseas defense diplomatic engagements after my inauguration here at the Pentagon, the heart of safeguarding liberal democracy. Today at the SCM, Secretary Austin and I reviewed the work of implementing the defense vision of the ROK-US alliance over the last year.

    In addition, we reaffirmed that the ROK-US alliance remains more robust than ever, even amid complex international security crisis. While asserting its theory of hostile two nations. North Korea continues to escalate tensions on the Korean Peninsula through detonation of sections of inter-Korean roads. In order to deter and respond to DPRK, provocations and

    threats, Secretary Austin and I agreed to maintain an overwhelming combined defense posture and engage in close coordination and responses.

    In particular, we made it clear that DPRK’s ongoing practice of sending filth and trash balloons constitutes a violation of the armistice agreement and called for an immediate cessation of this activity with one voice. Furthermore, we condemned in the strongest terms with a unified voice, the unlawful military cooperation between North Korea and Russia, which directly violates the rules-based order through the deployment of North Korean forces to Russia and arms trade and pledged to closely work with the international community.

    This July, the defense authorities of Korea and the United States completed the NCG Joint Guidelines through the Nuclear Consultative Group, thereby elevating the ROK-US alliance to an unequivocal nuclear based alliance. Building on these guidelines, Secretary Austin and I will diligently pursue the NCG tasks in a substantive manner to enhance the execution capabilities of extended deterrence of ROK and US equal partners.

    Throughout this process, the ROK Strategic Command will be a key unit in the execution of the ROK-US conventional nuclear integration, CNI, operations. Secretary Austin reaffirmed the United States’ unwavering commitment to providing extended deterrence to the Republic of Korea by utilizing the full range of its military capabilities.

    In addition, as tangible evidence of the US commitment to the defense of the ROK, Secretary Austin reiterated that the frequency and intensity of US strategic asset deployment would be increased and made regularized in accordance with President Biden’s commitment in the Washington Declaration. The ROK and the United States will further enhance their — continue to further enhance the Alliance’s capabilities and posture in response to nuclear and missile threats through implementing combined exercises that reflect the North Korean nuclear threats.

    Secretary Austin and I agreed to strengthen security cooperation in the region based on the respective Indo-Pacific strategies of our two countries. The nuclear and missile threat from North Korea is now an existential threat, not only to the ROK, but also to the Indo-Pacific region. We had a shared understanding that the ROK-US-Japan Trilateral Security Cooperation Framework signed this July represents a historic milestone in trilateral security cooperation.

    We will continue to further enhance it. In particular, we highly appreciated the achievements of freedom to exercise the first multi-domain training and have decided to conduct a second training in the near future. In today’s meeting, Secretary Austin and I approved the regional cooperation framework for ROK-US Alliance contributions to security in the Indo-Pacific, demonstrating our commitment to cooperation both domestically and internationally.

    Based on the framework, we will expand substantive cooperation with ASEAN and Pacific Island nations, enhancing the level and broadening the scope of the ROK-US Alliance.

    Secretary Austin and I pledge to strengthen cooperation in science and technology and defense industry based on the defense vision of the alliance.

    We plan to establish a vice minister level defense Science and Technology executive committee within this year to explore the application of cutting-edge science and technology in the defense sector as well as cooperation on all cause Pillar 2. Furthermore, we acknowledge the significance of securing supply chain resilience and modernizing alliance capabilities and pledge to engage in active cooperation in the defense industry sector.

    In this regard, Secretary Austin welcomed ROK’s participation in the US MRO pilot project and underscored the efforts to expand cooperation between our two countries. For more than 70 years, the ROK-US Alliance has overcome countless challenges establishing itself as one of the world’s most premier and exemplary alliances.

    Through the 56th Security Consultative Meeting, Secretary Austin and I reaffirmed our resolve to leap forward as a stronger alliance in response to uncertain future challenges. As the minister of National Defense, I will work closely with Secretary Austin so that the ROK-US Alliance serves as a linchpin of peace and stability in the world extending beyond the Korean Peninsula.

    I deeply appreciate Secretary Austin’s active support for the successful meeting we had today. We go together, [untranslated]. Thank you. MAJ. GEN. RYDER: Thank you very much, gentlemen. Our first question will go to Phil Stewart, Reuters. Q: To Secretary Austin, how soon do you believe that North Korean soldiers may enter the fight against Ukrainian forces in Kursk? Are we talking days or weeks? And do you believe there’s anything the international community can still do to stop that deployment? And to Mr. Kim, does this deployment increase the risk of war on the Korean Peninsula?

    And does this change South Korea’s willingness to provide lethal direct aid to Ukraine? If not, why not? SEC. AUSTIN: Well, Phil, as you heard me say in my opener (pause for translation)— Phil, as you heard me say in my opener, we believe that the DPRK has sent some 10,000 troops into eastern Ukraine and there they’ve been drawing equipment and conducting some training. And some of those troops have begun to make their way towards the border of Ukraine in the Kursk region.

    Whether or not they’ll be employed in the fight, is left to be seen yet. But certainly, if they are employed, then that’s very disturbing. And so, we remain concerned that they’re going to use these troops in combat. I won’t speculate on the timing of employment. Again, this is something we’re going to continue to watch and we’re going to continue to work with allies and partners to discourage Russia from employing these troops in combat.

    Again, this is a violation of the UN security agreement. So, this is pretty serious. Again, we’re going to continue to watch it and continue to work with our allies and partners to discourage it, so (pause for translation) Phil, to be clear, violation of UN sanctions. Q: Do you mean eastern Ukraine? SEC. AUSTIN: I’m sorry? Q: I thought you said deployed to eastern Ukraine. Yeah? Q: Did you mean eastern Ukraine or Eastern Russia that they had deployed to? SEC. AUSTIN: They had deployed to Eastern Russia and then they’re making their way west towards the Ukrainian border, sorry about that. DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) I’d like to answer the question regarding the increase in the possibility of war breaking out on the Korean Peninsula following the North Korean’s troops deployment to Russia. I do not necessarily believe that the North Korean troops deployment to Russia results in the changes in the possibility of war breaking out on the Korean Peninsula.

    However, I believe this can result in the escalation of the security threats on the Korean Peninsula. This is because there is a high possibility that North Korea, in exchange for their troops deployment, would ask for cutting edge technology transfer. There is a high chance that they would, in exchange for their deployment, North Korea is very likely to ask for technology transfers in diverse areas, including the technologies relating to tactical nuclear weapons technologies related to their advancement of ICBM, also those regarding reconnaissance satellite and those regarding SSBNs as well.

    There is also a high chance that they will try to replace their equipment that have been taken a lot of time, so therefore old technologies or equipment. I believe such changes in the technological situation of North Korea can pose an increase in the escalation of security threats on the Korean Peninsula.

    However, one thing to consider is that as we have witnessed in the Russia-Ukraine war, the conventional weapon capabilities of Russia is not as formidable as we expected it to be. Therefore, even with the possibility of Russia’s cutting-edge technology flowing into North Korea and thereby resulting in the advancement of North Korea’s military technology, I believe it is possible for us to overcome such challenges based on our robust ROK-US alliance and ROK-US-Japan trilateral security cooperation.

    And through these cooperation, I believe we can secure enough and sufficient capability in order to overcome such security challenges. In short, I would rather see the results or impacts of the deployment as an increase that can result. I believe the deployment can result in the security threats on the Korean Peninsula and it could also have a destabilizing impact on the security of the Korean Peninsula, but I don’t believe it is going to be any changes in the possibility of war breaking out on the Korean Peninsula.

    MR. RYDER: Thank you both. Our next question will go to Ji Hun Kim, Yonhap News Agency. Q: (Via interpreter) This is Reporter Kim from Yonhap Agency, and first I have a question to direct it to Minister Kim. Last year’s munition deal between Korea’s corporation and the United States is an exemplary case where Korea was able to provide support toward United States in accordance with the mutual defense treaty. And do you have any additional plans to give indirect support to Ukraine by supplying munitions to the United States in an indirect way?

    And also, there’s another question about the trash and filth balloons. Korea has been showing consistently the kind of response — Korea has been showing response such as collecting the trash balloons after they were dropped on the territory of Korean Peninsula, or they have consistently asked North Korea to cease the release of trash balloons.

    Do you have any additional measures in order to respond to such release of trash or filth balloons from North Korea? And this question, the last question is directed to both Minister Kim and Secretary Austin. North Korea has consistently shown their anti-humanitarian provocations. Do you have any messages in mind that you can deliver to Kim Jong Un and North Korea? DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) So the first question about munitions supply to United States, I have to give you an answer that at the current moment, nothing is determined. And for your second question about Korea’s response to North Korea’s release of trash and filth balloons, in today’s meeting, Secretary Austin and I have confirmed that the deployment of trash and filth balloons are a violation of armistice agreement. And as the release of trash and filth balloons is a provocation that poses a safety threat to our people, we have been using the response of first identifying and then tracking and then after we found out the location of the dropping. And then we checked if there is any biological or chemical weapons in it after we have gone through all the tests, then we collected those balloons.

    These measures were taken under our assessment that this is the best and most optimal way of guaranteeing and confirming the safety of our people and that this is the way to protect our people in our best way. However, North Korea is crossing the line with various methods of provocations and we are open to all alternatives when it comes to the risk — when it comes to our response to North Korea’s provocation.

    On your third question, I recall it was if I have any message toward — that I have to Kim Jong Un. I believe the essence of North Korean troop deployment is the possibility of expansion of the war. And this results from the intervention of the third party, which is North Korea. And such possibility is resulting in grave concerns of European countries, including Ukraine.

    And the deployment is — North Korea is joining the collusion of Russia’s illegal aggression and invasion, and therefore I see that the deployment is Kim Jong Un’s attempt to maintain

    its dictatorship and Kim Jong Un didn’t hesitate to sell out its young people and troops as cannon fodder mercenaries. I believe such activities is a war crime that is not only anti-humanitarian but also anti-peaceful.

    Therefore, I would like to strongly condemn the activity of Kim Jong Un and I believe all responsibility from the results of the deployment belong to Kim Jong Un. We call for Kim Jong Un’s immediate withdrawal of his troops in our strongest terms. Thank you.

    SEC. AUSTIN: Thank you for the question. I don’t have any messages for the leadership of DPRK. I call upon them to cease their potentially destabilizing behavior in both the Indo-Pacific region and now in the European theater as well. And like my colleague here, Minister Kim, I call upon them to withdraw their troops out of Russia.

    It does have the potential of lengthening the conflict or broadening the conflict if that continues. MR. RYDER: Our next question will go to Courtney Kube, NBC. Q: Thank you. Mr. Secretary, you told Phil that you — the US will continue to watch this deployment and work with allies to discourage it. But how specifically can the US or the international community actually stop? Is there anything the US can do? And you just said that that this does have the potential for broadening the conflict.

    Does that mean that you see the possibility that if in fact Russian troops are fighting alongside North Korean troops that that means other countries could send troops perhaps even to fight alongside the Ukrainians in an advisory level or fighting or anything? And then just one more, this is my real question. Those were follow ups.

    My real question is just what happens when North Korean troops are killed by US provided weapons? And then Minister Kim, do you see any signs that North Korea plans to interfere in the US elections? We — your DIA said today that DPRK may be ready to launch an ICBM, perhaps a nuclear weapon.

    Is there any indication that that could be or other actions that they may be taking could be specifically to interfere with the US election? Thank you. You only get one. SEC. AUSTIN: So Courtney, the first of your 20 questions here was whether or not we can stop the DPRK from sending troops. We certainly can work with others to discourage this — this kind of behavior. But I didn’t mean to imply that we can stop that. But certainly, their actions have consequences as all actions have consequences.

    And we need to be mindful of that. In terms of what could happen, you mentioned my reference to potentially broadening this conflict. Yes, it could encourage others to take action, different kinds of action, but I won’t speculate on what could exactly happen. But we — there are a number of things that could happen.

    And what happens when DPRK soldiers are killed with US provided weapons? Well, if the DPRK soldiers are fighting alongside Russian soldiers in this conflict and attacking Ukrainian soldiers, Ukrainian soldiers have the right to defend themselves and they will do that with the weapons that we provided and others have provided.

    That’s to be expected. But if they are fighting alongside of — of Russian soldiers, they are co-belligerents and you have every reason to believe that those kinds of things will happen, that they will be killed and wounded as a result of battle. DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) Thank you for giving 20 questions to Secretary Austin, but only one for me. I’m so happy. So on your question about the possibility that North Korea attempts to interfere with US presidential election, my short answer is that the possibility is not high. I believe there isn’t a high chance of them attempting to interfere with the election.

    However, I believe there is a high chance that they would want to exaggerate their existence around the season of US presidential election before and after the election. The expected courses of action that North Korea could take in their attempt to provoke could be either their launch of ICBM or their seventh nuclear tests. MR. RYDER: Thank you. Our final question will go to Ji-ho Yang, Chosun. Q: (Via interpreter) This is Reporter Yang from Chosun Daily. First, I have a question to Minister Kim. The main opposition party of Republic of Korea has expressed their opposition to North Korea’s dispatch of analysis team and Korean delegation to Ukraine. So from your perspective, Minister Kim, what do you think is the role that Korean military can play in Ukraine?

    And I have another — I have a question to Secretary Austin. So it is my understanding that the current assessment of the United States DOD is that North Korea did deploy troops to Ukraine — to Russia, however, they were not involved in any combats at the moment. So however, some are claiming that North Korean troops that are — are already being deployed are being — are already being in engagement.

    So like, what would be your standard to determine whether the participation of these North Korean troops will be deployment or actual participation in combat operations? And also you have — US DOD has also made a statement that the North Korean troops who are in Russia will also be classified as enemies that can be attacked by — by US weapons that are supplied to Ukraine.

    So could you give a little more elaboration on this statement? This concludes my question. DEFENSE MINISTER KIM YONG-HYUN: So I recall the question was about our observers and monitoring teams of Korea that are — that are and could be sent to Ukraine. So throughout the history in many different wars, including the Iraq war, there have been many

    cases where we have sent monitoring teams or lesson learned analysis team to the countries that are currently — that were in war.

    The role of such observers or analysis team play in the war is mainly analysis of the trends of the modern warfare or different aspects of modern welfare. And especially as we have confirmed North Korean troops were deployed to Russia, I believe it could serve as a great opportunity for our analysis team or observer to learn the movements or trends of the North Korean troops.

    In many wars there — we have witnessed many new and diverse weapon systems continuously popping up and also we were able to witness many different modern tactics in the war. I believe if we can collect such information diligently and then utilize it for our future safety of — and stability of our country, I believe it can serve as an opportunity for us to provide better protection to our — the people of Republic of Korea.

    I believe it is an obvious task that our military should play to send observers and analysis team to the Russia-Ukraine war. And I — I would even say that if we don’t send our observers or analysis team, it would mean that we are not faithfully doing our jobs. SEC. AUSTIN: So thank you for your question. As I understand it, the first question was what was our — what is our standard for determining whether or not the DPRK troops are actually fighting or in the fight. And the second question was whether or not they can be engaged with US weapons. So I think standards are pretty easy.

    If they’re fighting, if they’re attacking Ukrainian soldiers and they are co-belligerents, they’re a part of this fight, that’s fairly easy to determine. And it’s not certain that they will be introduced into this fight. But clearly 10,000 soldiers, and some of them are moving west towards the Ukrainian border, then there’s a good likelihood that they will be employed, but we’ll see.

    We won’t speculate. We’ll collect evidence. They’re doing this because Putin has lost a lot of troops, a lot of troops. And you know, he has a choice of either getting other people to help him or he can mobilize. And he doesn’t want to mobilize because then the people in Russia will begin to understand the extent of his losses of their losses.

    So there’s a good likelihood that these troops will be introduced into combat, not certain, but I think the likelihood is pretty high. But this is not a sign of strength. It’s a sign of weakness. Putin has not achieved one strategic objective in two and a half years against a force that was far inferior to his force. That’s a sign of weakness. Again, he’s gone to other countries for weapons and munitions and now he’s going to other countries for people. And as I said earlier, if they are fighting and they’re co-belligerents, they’re attacking Ukrainian troops and the Ukrainian troops have the right to defend themselves, and we have every expectation that they will.

    They’ll use their own weapons. They’ll use the weapons that they’ve been provided, and that won’t be a surprise to anyone. But this doesn’t have to happen. Putin can end this war

    today. It was his choice to launch this war. He’s not achieved his objectives. He can end this war and he should end this war.

    Otherwise, we’ll see a lot more losses on both sides and that’s really highly unnecessary. But I think in terms of our standards for determining whether or not they’re fighting, they’re in the fight, I think it’ll be pretty easy to determine that. OK. MAJ. GEN. RYDER: Secretary Austin, Minister Kim, thank you both, gentlemen. Ladies and gentlemen, that’s all the time we have available today. This concludes our press briefing. Thank you.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI Banking: Kid Witness News (KWN) Global Summit 2024—Announcement of Award Results

    Source: Panasonic

    Headline: Kid Witness News (KWN) Global Summit 2024—Announcement of Award Results

    Participating countries (11 countries)
    Brazil, Cambodia, China, India, Indonesia, Japan, Malaysia, Philippines, United Arab Emirates, United States, Vietnam
    * Presented in alphabetical order* Participants will be able to view a live stream of the summit on the day of the summit.

    MIL OSI Global Banks –

    January 25, 2025
  • MIL-OSI China: Harbin hits ‘home stretch’ for Games

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

    With venues ready, volunteers recruited and testing events underway, Harbin is nearly ready to take up its hosting duties for the 9th Asian Winter Games, with preparatory work almost done entering the 100-day countdown.

    As a traditional hot spot for ice and snow sports activities in Northeast China, Harbin, capital of Heilongjiang province, is pushing ahead with preparations for the 2025 edition of the Games, with full confidence that the continental gala event will be a resounding success in promoting sports and culture exchanges in the region.

    With 100 days to go before the Feb 7 opening ceremony, all 13 existing competition venues for the Games — five for ice sports in downtown Harbin and another eight for snow events in Yabuli, a ski resort cluster 200 kilometers from Harbin — have been renovated and have updated equipment to meet international standards, with workers trained and ready to be deployed to each site, according to the organizing committee.

    The national men’s and under-18 women’s ice hockey championships, which were held during the National Day holiday, were the first of 14 test events to be held in Harbin through January to optimize various venue operations, including capacity, facility function and spectator services.

    Over 6,000 volunteers, mostly local college students, have been recruited from over 10,000 applicants, with a quarter of them having experience serving at international events such as the 2022 Beijing Winter Olympics and last year’s Hangzhou Asian Games, according to organizers.

    The 2025 Harbin Asian Winter Games will mark the biggest representation of Asian countries and regions, with 34 National Olympic Committees — the most in the event’s history — having confirmed their entries, including first-timers Cambodia and Saudi Arabia. Over 1,500 athletes are expected to participate.

    A total of 64 medal events across six sports will be held from Feb 7 to 14. Among them, mixed doubles curling, ski mountaineering and synchronized aerials of freestyle skiing will make their debut at the Games.

    Meanwhile, many Southeast Asian countries and regions, including Thailand, Malaysia and Singapore, have signed up for the alpine skiing competition, which will have more participants than any other event in Harbin’s program, underlining winter sports’ expanding landscape on the continent.

    It will be Harbin’s second time staging the continental gala since it hosted in 1996, and the third edition to be held in China after the 2007 edition in Changchun, Jilin province.

    Boasting ready-made facilities and abundant experience in winter sports promotion, Harbin is confident it can deliver a memorable edition of the Games with strong Chinese characteristics and Asian style, organizers said.

    “With full support from the government, the public and all shareholders, we’ve moved into the home stretch of preparations,” Han Shengjian, vice-governor of Heilongjiang and vice-president of the Harbin organizing committee, said during a news conference on Tuesday. “We are committed to hosting a world-class event representing Asian spirit and Chinese style to promote winter sports across Asia, as well as the unique charm of Harbin as a generous host.”

    Already a popular winter holiday destination in the country, Harbin is keen on taking advantage of the Games to make the city more appealing to winter sports fans and foreign tourists, according to Wang Hesheng, mayor of Harbin and secretary-general of the organizing committee.

    To help boost tourism in the city, a new metro line will be launched at the end of this month in Harbin, and a newly built second runway at the city’s airport will open in January. In addition, more frequent high-speed railway services connecting mountain resorts in Yabuli with downtown Harbin and other major cities are coming in the near future.

    “Hopefully after hosting the Games, Harbin will make its name as a winter wonderland more prominent, not just in our country, but also across Asia,” Wang said.

    MIL OSI China News –

    January 25, 2025
  • MIL-OSI Africa: Islamic Corporation for the Development of the Private Sector (ICD) Commits Eur 40 Million to Nakkas- Basaksehir Section of Türkiye’s Northern Marmara Highway Project

    Source: Africa Press Organisation – English (2) – Report:

    ISTANBUL, Turkey, October 30, 2024/APO Group/ —

    • ICD is investing EUR 40 million in the Nakkaş-Başakşehir section as part of a EUR 1.04 billion funding package.
    • The project incorporates solar energy and LED lighting, aiming to cut energy use and emissions significantly.
    • It’s backed by a consortium led by Rönesans Holding, with support from MDBs and ECAs.

    The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) has signed a EUR 40 million to co-finance the Nakkaş-Başakşehir section of Türkiye Northern Marmara Highway Project.

    The Project  aimes to enhance Istanbul’s east-west connectivity, improve road safety and reduce congestion. It is being developed under a build-operate-transfer agreement by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.

    ICD’s EUR 40 million contribution is part of a broader EUR1.04 billion senior debt package, fully financed by international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), the Islamic Development Bank (IsDB), alongside Atradius and SERV as European export credit agencies, ICIEC, and a consortium of commercial lenders.

    Thanks to Solar Energy Production System to be installed within the scope of the Nakkaş-Başakşehir project, which has “sustainability” at the center of its design, the clean energy obtained from solar panels will meet the energy needs of the highway’s operation and management (O&M) center and service stations.

    The installation of over 4,500 LED lamps, replacing sodium lamps, will cut energy consumption by 37.5%, saving over 35 MWh. Within the scope of the project, in which all O&M highway vehicles are planned to be hybrid or electric, it is expected to save approximately 112 thousand liters of fuel annually.

    While the Nakkaş-Başakşehir Highway Project is expected to prevent 7.9 million tons of greenhouse gas (GHG) emissions in 30 years, in particular, it will reduce particulate matter (PM) emissions by 1,399 tons, nitrogen oxides (NOx) by 58,699 tons and sulfur dioxide (SO2) by 95 tons. tons reduction is aimed.

    MIL OSI Africa –

    January 25, 2025
  • MIL-OSI New Zealand: Energy Sector – Giant transformer is safe, sound and underground

    Source: Meridian

    30 October 2024 – Following a stunning journey worthy of a Hollywood blockbuster, Meridian’s Manapōuri Power Station has taken delivery of a new transformer that’ll give the hydro station a huge – and timely boost.

    A 104-tonne transformer’s not a quick or easy thing to transport, with the New Zealand leg of the journey taking place over several carefully planned days last week.

    After arriving in Bluff from Australia, the 135 MVA transformer was unloaded onto a trailer for the 170 km journey by road to Supply Bay, before spectacularly making its way by barge across Lake Manapōuri.

    It was the first time a piece of generation equipment this size has travelled by barge across Manapōuri – items this large have previously used Deep Cove in Doubtful Sound and then been transported over Wilmot Pass.

    Following the slow and scenic journey across Manapōuri, the transformer was delicately reversed down a two-kilometre road access tunnel into the cavernous machine hall.

    “There were plenty of early starts and late finishes, but our Meridian team and suppliers have achieved an outstanding result for New Zealand’s electricity supply ahead of Winter ‘25,” says Meridian acting GM Generation Yanosh Irani.

    “This has been months of work, planning, and coordination, and the specialist skills on display have been amazing – Meisters for barge operations, Move Logistics for transportation from Bluff to Supply Bay and then again at West Arm, and E-Type for fabricating and installing two unloading wedges for the delivery. A real – and world class – team effort.”

    Manapōuri Power Station has been operating at reduced capacity for around two years, following the discovery of faults in two of its seven transformers, so the arrival of the first replacement transformer is a major milestone.

    “We saw this winter just how important every single megawatt is, so this transformer has landed at a brilliant time,” says Yanosh Irani.

    “Getting our biggest power station closer to full capacity will boost security of electricity supply next winter and, in the meantime, give us the ability to ease off generation in the Waitaki to help restore storage levels in Lake Pūkaki.”

    The new transformer will increase generation capacity at Manapōuri from the current restricted limit of 640 MW to around 768 MW – close to the maximum 800 MW allowed under its consent conditions.

    Work to commission it is expected to be completed by Christmas, and the second replacement transformer (along with a spare) is due to arrive in late 2025.

    MIL OSI New Zealand News –

    January 25, 2025
  • MIL-OSI Submissions: GAZA – Israeli UNRWA ban will deepen Palestinian humanitarian catastrophe – MSF

    Source: Médecins Sans Frontières/Doctors Without Borders (MSF)

    30 October, 2024. The Israeli Knesset’s ban on UNRWA’s operations voted on 28 October represents a devastating blow to Palestinian life. It will further undermine people’s survival prospects in Gaza and heavily impact communities in the West Bank.

    Médecins Sans Frontières/Doctors Without Borders (MSF) denounces this legislation, which represents an inhumane ban on vital humanitarian aid. The Knesset’s vote is propelling Palestinians towards an even deeper humanitarian crisis. It is imperative that the world acts to safeguard Palestinians’ fundamental rights. Immediate international intervention is needed to pressure Israel to allow unhindered access to humanitarian aid, implement a ceasefire and bring to an end the current campaign of destruction in Gaza.

    “UNRWA is a lifeline for Palestinians,” says Christopher Lockyear, MSF Secretary General. “If implemented, the ban on UNRWA’s activities would have catastrophic implications on the dire humanitarian situation of Palestinians living in Gaza, as well as in the West Bank, now and for generations to come. We strongly condemn this decision, which is the culmination of a long-running campaign against the organisation.”

    The newly voted legislation will make it almost impossible for UNRWA to work in Gaza or the West Bank; coordination with Israeli authorities will be impeded and entrance permits to either of the occupied territories will be denied, and essentially blocking delivery of UNRWA aid into and within Gaza. UNRWA handles almost all the distribution of UN aid coming into the strip.

    UNRWA is the largest health provider in Gaza, with over half of Gazans relying on UNWRA for essential healthcare services, including for the treatment of chronic diseases, maternal and child heath, and vaccinations; each day UNWRA’s health teams provide over 15,000 consultations in the Gaza Strip. The ban of its activities threatens to create a vast gap in services within an already largely destroyed health system in Gaza – directly and indirectly endangering the lives of Palestinians. Without urgent action, more Gazans could die from preventable diseases and displacement-related conditions.

    The impact of UNRWA’s ban will extend beyond Gaza. Critical services, including refugee camp management, health services, education, and social programmes across the West Bank are also at risk of destabilisation under this legislation. This legislation sets a grave precedent for other conflict situations where governments may wish to eliminate an inconvenient United Nations presence.

    For months, international leaders and organisations, including MSF, have raised warnings about the disastrous potential of these newly adopted bills. Yet Israel has chosen to press forward with measures that will undermine vital assistance, endangering Palestinian lives and intensifying the collective punishment they face.

    This vote adds to the endless physical and bureaucratic impediments imposed by Israel to limit the amount of aid reaching Gaza, and blatantly contradicts Israel’s claims that it is facilitating humanitarian assistance into the Strip.

    MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au  

    MIL OSI – Submitted News –

    January 25, 2025
  • MIL-OSI China: US secretary of state orders pause on most of existing US foreign aid

    Source: China State Council Information Office

    U.S. Secretary of State Marco Rubio ordered a sweeping pause Friday on almost all of the State Department’s existing foreign aid grants, according to reports by U.S. and British media that obtained an internal memo specifying the order in the form of guidance.

    Effective immediately and valid for 90 days, Rubio’s guidance required State Department staffers to issue “stop-work orders” on nearly all “existing foreign assistance awards,” U.S. outlet Politico reported.

    For exceptions, the guidance allows foreign military financing for Egypt and Israel to continue and allows emergency food assistance and “legitimate expenses incurred prior to the date of this” guidance “under existing awards.”

    At points, it also says the decisions need to be “consistent with the terms of the relevant award,” the outlet added.

    “No new funds shall be obligated for new awards or extensions of existing awards until each proposed new award or extension has been reviewed and approved … as consistent with President Trump’s agenda,” The Guardian, a British newspaper that has also obtained the memo, cited the document as saying.

    The memo said senior officials “shall ensure that, to the maximum extent permitted by law, no new obligations shall be made for foreign assistance” until Rubio makes a decision after a review, according to The Guardian.

    In their respective reports, both Politico and The Guardian noticed the memo’s omission of current U.S. military assistance to Ukraine, which the reports said has sent shock waves across the State Department.

    MIL OSI China News –

    January 25, 2025
  • MIL-OSI Economics: Tech startups well placed to proliferate in Africa as digitalization enables growth in greenfield projects, says GlobalData

    Source: GlobalData

    Tech startups well placed to proliferate in Africa as digitalization enables growth in greenfield projects, says GlobalData

    Posted in Technology

    With digitalization as a key enabler of organic growth in greenfield projects in Africa, technology startups are well placed to capitalize on the desire of larger and established corporations wanting to move into various enterprise technologies in the region, according to research conducted by GlobalData, a leading data and analytics company.

    Recent tie ups – including Safaricom’s deal with Kenyan SaaS startup tappi, American security firm Unartificial Labs tapping Tunisian startup Enova Robotics, and British payment processing firm partnership and financial inclusion firm Paymentology partnering with Zambian fintech startup Union54 – point to this trend.

    Ismail Patel, Senior Analyst, Enterprise Technology and Services at GlobalData, says: “Africa remains a price-sensitive market not only for consumers but also for corporate buyers. This means that technology enablement beyond the deployment of costly physical infrastructure will be a space occupied by smaller vendors who are both less costly and seeking to build their own profiles in the region.”

    GlobalData analysis finds Africa is seeing burgeoning growth in the number of tech startups across cybersecurity, IoT, fintech, SaaS, APIs, analytics, blockchain, and AI. Mergers and acquisitions (M&A) activity associated with these startups has picked up over the past decade, and the number of contractual deals with startups, both inside Africa and beyond, is growing.

    The expectation is that this expansion will continue to grow as there is plenty of room for organic growth across key sectors, including rural communities and SMBs (small and medium businesses), where digitalization is a prime enabler for next-gen technology adoption and boosting national economies. Still, the key buyers for these startups will remain the large African corporate enterprises looking to either partner with them or bring them in-house via acquisition.

    Patel concludes: “Egypt, South Africa, Nigeria, Kenya, and Tunisia have emerged as the tech startup capitals across Africa. Tech enablement is being fueled by capital raising success stories across the board, from debt financing and governmental grants to angel and venture capital investments, all of which are encouraging the startup trends. In its own way, the region is responding to the global technological boom.”

    MIL OSI Economics –

    January 25, 2025
  • MIL-OSI Video: Middle East on the verge of another serious escalation – Security Council Briefing | United Nations

    Source: United Nations (Video News)

    Briefing by Tor Wennesland, Special Coordinator for the Middle East Peace Process, on the situation in the Middle East, including the Palestinian question.

    Tor Wennesland, warned the Security Council of the implications of two laws on UNRWA adopted by the Israeli Knesset on 28 October 2024.

    https://www.youtube.com/watch?v=PAjR3I05iwM

    MIL OSI Video –

    January 25, 2025
  • MIL-OSI: Gilat Receives Approximately $5 Million in Orders from US Defense Customers

    Source: GlobeNewswire (MIL-OSI)

    PETAH TIKVA, Isreal, Oct. 30, 2024 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (Nasdaq: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today announced that it has been awarded contracts valued at approximately $5 million from multiple U.S. based defense organizations. These orders are for Gilat’s cutting-edge satellite communications (SATCOM) technologies and comprehensive services, set to enhance mission-critical connectivity and operational capabilities for defense applications worldwide. The orders are expected to be delivered within the coming months.

    The equipment and services provided will ensure reliable, high-performance communication in a variety of challenging environments. Gilat will supply X, Ku, and Ka-band Block Upconverters (BUCs) for Communications-on-the-Move (COTM) systems, along with test and evaluation, repair, upgrades and engineering services, and field service.

    “We are honored to support U.S. defense organizations with our cutting-edge SATCOM technology and full suite of essential services that meet the stringent requirements of mission-critical defense operations,” said Nicole Robinson, President of DataPath. “These orders reflect the confidence our defense customers place in our comprehensive approach to SATCOM connectivity, ensuring they remain connected in even the most challenging environments.”

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we create and deliver deep technology solutions for satellite, ground, and new space connectivity and provide comprehensive, secure end-to-end solutions and services for mission-critical operations, powered by our innovative technology. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Our portfolio includes a diverse offering to deliver high-value solutions for multiple orbit constellations with very high throughput satellites (VHTS) and software-defined satellites (SDS). Our offering is comprised of a cloud-based platform and high-performance satellite terminals; high-performance Satellite On-the-Move (SOTM) antennas; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense, field services, network management software, and cybersecurity services.

    Gilat’s comprehensive offering supports multiple applications with a full portfolio of products and tailored solutions to address key applications including broadband access, mobility, cellular backhaul, enterprise, defense, aerospace, broadcast, government, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the current terrorist attacks by Hamas, and the war and hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks
    Hagay Katz, Chief Products and Marketing Officer
    hagayk@gilat.com

    The MIL Network –

    January 25, 2025
  • MIL-OSI Asia-Pac: 19th Eco Expo Asia opens today (with photos)

    Source: Hong Kong Government special administrative region

    19th Eco Expo Asia opens today (with photos)
    19th Eco Expo Asia opens today (with photos)
    ********************************************

         The 19th Eco Expo Asia is being held at AsiaWorld-Expo from today (October 30) to November 2. The theme of the Expo this year is “Fostering Green Innovations for Carbon Neutrality”. About 190 officials from around 40 official delegations from various cities and provinces in Mainland China, the Association of Southeast Asian Nations (ASEAN) and Belt and Road countries have been invited, bringing together international exhibitors, industry professionals to showcase cutting-edge green solutions, exchange views and share experiences.      Speaking at the opening ceremony, the Secretary for Environment and Ecology, Mr Tse Chin-wan, said, “Eco Expo Asia is a golden opportunity for us to discuss and advance our shared commitments to a sustainable future. Green innovation solutions are of paramount importance in our decarbonisation journey. During the Expo, we will see the latest innovations and technologies around the world in new energy, climate adaptation and other environmental areas.”      Mr Tse remarked that this year marks the 75th anniversary of the founding of the People’s Republic of China. The documentary series “Enchanting China” was produced by the Environment and Ecology Bureau (EEB) and the Environmental Protection Department, in collaboration with the Center for Environmental Education and Communications of the Ministry of Ecology and Environment. “Beautiful Hong Kong” was produced by the EEB. The two documetaries showcase the contributions and achievements made by the country and the Hong Kong Special Administrative Region (HKSAR) Government in environmental protection and nature conservation. An extract of “Enchanting China” and “Picturesque Bays of Hong Kong”, the first episode of “Beautiful Hong Kong”, was shown at the opening ceremony.      Mr Tse stressed that although Hong Kong’s carbon emissions peaked in 2014, and compared to the peak carbon emissions today have been reduced by about a quarter already, achieving carbon neutrality in Hong Kong by 2050 is still a significant challenge. The HKSAR Government is boosting the promotion of green low-carbon transformation and the development of new energy, new productive forces and green scientific research industries through multiple measures, leading Hong Kong towards carbon neutrality.      The Secretary of the Leading Party Members Group of the Ministry of Ecology and Environment of the People’s Republic of China, Mr Sun Jinlong, was invited to give a keynote speech at the opening ceremony. The Expo’s feature event, the Eco Asia Conference, is being held from today to November 1. In the Government Session, the Deputy Secretary General of the National Development and Reform Commission of the People’s Republic of China and the Director of the Department of National Economy, Mr Yuan Da, and the Director-General of the Department of Energy Conservation and Resources Comprehensive Utilization of the Ministry of Industry and Information Technology of the People’s Republic of China, Mr Wang Peng, introduced the latest environmental policies of the Mainland. In addition, the Vice Minister of the Lao People’s Democratic Republic Ministry of Natural Resources and Environment, Mr Phouvong Luangxaysana; the General Manager of Saudi Arabia’s Corporate Communications and Media of the Ministry of Environment, Water and Agriculture, Mr Saleh Abdulmohsen S Bindakhil; the Permanent Secretary of Myanmar’s Ministry of Natural Resources and Environmental Conservation, Mr Hla Maung Thein; the Director of Brunei’s Department of Environment, Parks and Recreation of the Ministry of Development, Ms Hajah Martinah binti Haji Tamit; and the Deputy Director General of the Vietnam Institute of Meteorology, Hydrology and Climate Change, Dr Le Ngoc Cau, shared their countries’ latest environmental and conservation policies.      The Conference will once again feature the Hydrogen Economy Forum, allowing Hong Kong to capitalise on the environmental and economic opportunities brought by the global development of hydrogen energy, helping Hong Kong to achieve carbon neutrality, developing new quality productive forces, and maintaining international competitiveness.     The EEB continued to participate in the Expo this year by setting up four exhibition zones, namely: “Smart Technology”, “Energy-saving and Green Buildings”, “Community Waste Reduction”, and “Green Transportation”, highlighting the HKSAR Government’s various measures and achievements in decarbonisation. The “Smart Technology” zone introduces high-tech applications in daily environmental protection work, including artificial intelligence (AI) environmental air disturbance detection mechanical dogs, 5G mesh network sampling robot teams, AI coastal cleaning monitoring systems, and AI construction noise recognition systems; the “Energy-saving and Green Buildings” zone covers the sustainable development of an online platform for electromechanical innovation and regional cooling systems; the “Community Waste Reduction” zone introduces smart recycling; and the “Green Transportation” zone highlights Hong Kong’s latest development of hydrogen energy and displays the first hydrogen-powered street-washing vehicle in Hong Kong. To tie in with the “Strategy of Hydrogen Development in Hong Kong” announced by the EEB this year, visitors can try riding on the hydrogen fuel cell double-deckers on the second day (October 31) and the fourth day (November 2) of the Expo.      The Expo is jointly organised by the Hong Kong Trade Development Council and Messe Frankfurt (HK) Ltd, and co-organised by the EEB. In addition, 10 government bureaux/departments, namely the Architectural Services Department, the Civil Engineering and Development Department, the Drainage Services Department, the Electrical and Mechanical Services Department, the Fire Services Department, the Highways Department, the Hong Kong Observatory, the Housing Department, the Transport Department, and the Water Supplies Department are participating in the exhibition to introduce their initiatives in environmental protection and achieving carbon neutrality for Hong Kong.      Eco Expo Asia will open to the public for free on the last day of the event (November 2) to encourage citizens to participate in environmental protection and promote green living.      For details, please refer to the Eco Expo Asia’s website (www.hktdc.com/event/ecoexpoasia/en).

     
    Ends/Wednesday, October 30, 2024Issued at HKT 20:05

    NNNN

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI: Bybit to Host Exclusive Forum: Bridging Islamic Finance and Cryptocurrency

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 30, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce an exclusive forum dedicated to exploring the intersection of Islamic finance and cryptocurrency. This event will take place on November 18, 2024, at 6 PM Dubai at Bybit’s Dubai office.

    The educational forum will feature esteemed speakers, including Dr. Muhammad Yusuf Abu Jazr (Abu Ubaidah), PhD in Comparative Jurisprudence, former member of the Iftaa’ Council, and founding director of the Crypto Halal Office, Dr. Mohammad Mahdy, Founder and Chief Executive Officer at Exaado and more. These renowned experts will share their insights on the principles of Islamic finance and the potential of cryptocurrency to align with Shariah principles.

    Bybit’s launch of its Islamic Account represents a significant development in the intersection of cryptocurrency and Islamic finance, effectively bridging innovation with adherence to Sharia principles. This initiative not only caters to the growing demand for Sharia-compliant trading options among Muslim investors but also aligns with the broader trends in the digital future of Islamic finance.

    The forum aims to educate and engage the community about Bybit’s Shariah-compliant trading products, highlighting the platform’s commitment to providing inclusive and ethical financial solutions.

    Key Highlights of the Forum:

    • In-depth discussion on the principles of Islamic finance and ethical investing
    • Presentation on Bybit’s Islamic Account, including its features, benefits, and unique selling points
    • Live product demonstration to showcase the user-friendly interface and seamless trading experience
    • Engaging Q&A session to address questions and concerns from attendees

    Bybit’s Islamic Account offers a comprehensive suite of Shariah-compliant trading products, providing Muslim traders with an inclusive platform to engage in the digital asset market. Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.

    To RSVP, users can visit: https://lu.ma/fci5yk52

    #Bybit / #TheCryptoArk

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, users can visit Bybit Press. 

    For media inquiries, users can contact: media@bybit.com

    For more information, users can visit: https://www.bybit.com

    For updates, users can follow: Bybit’s Communities and Social Media

    Contact
    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    The MIL Network –

    January 25, 2025
  • MIL-OSI China: Int’l skydiving festival kicks off in Egypt

    Source: China State Council Information Office 3

    The seventh edition of Egypt’s “Jump Like a Pharaoh” air sports festival kicked off on Tuesday, with about 200 skydivers from different countries participating in the three-day event.

    The festival began as 100 skydivers jumped from C-130 aircraft provided by the Egyptian Armed Forces. They fashionably landed at the foot of the Pyramid of Khafre in Giza, near the capital Cairo.

    “This edition witnessed the participation of many professional skydivers from around the world to enjoy the experience of flying over the pyramids,” said Youssef Medhat, a media officer with the organizer Skydive Egypt company.

    He added that one of the event’s main objectives is to boost Egyptian tourism, in addition to promoting the sport of skydiving.

    “The festival has already succeeded in promoting skydiving in Egypt, and we see this through the increasing number of Egyptians who wish to either participate in the festival or learn this wonderful sport,” Medhat said.

    Chris Whitley, a professional skydiver from the United States, flew all the way from Virginia to Cairo to participate in the festival.

    “This is my fifth time to jump over the pyramids … the experience is amazing,” Whitley said. 

    MIL OSI China News –

    January 25, 2025
  • MIL-OSI NGOs: MSF condemns violence against our team in Mali

    Source: Médecins Sans Frontières –

    • An MSF team, along with civilians and community health workers, were attacked on 14 October in the Segou region of Mali.
    • As a result, we had to temporarily suspend our medical activities in the commune of Nampala.
    • Discussions with stakeholders are underway to enable us to resume providing medical care as soon as possible.

    On 14 October, on the outskirts of Nampala in the Segou region of central Mali, a Médecins Sans Frontières (MSF) team and community health workers were violently attacked and robbed by armed men, along with civilians. The men who carried out the attack were conducting regular military operations in the area. Our team was providing care to the community when the incident took place.

    This violence against civilians and humanitarian workers is unacceptable. MSF reiterates that all parties to the conflict must respect civilians, humanitarian staff, health facilities, and patients.

    Following this incident, we had to take the difficult decision to temporarily suspend our medical activities in the Nampala area, depriving communities of essential care. Discussions are underway with all local, regional, and national stakeholders to ensure that such violence does not occur again. This would enable us to resume providing essential care to people as soon as possible, with complete safety for our teams.
     
    MSF has been present in Nampala since 2022 and is currently the only international NGO active in the area. Our staff provide vital free medical care to communities on the outskirts, as well as to people displaced by the many military operations in the area. Years of conflict have led to high health needs in this region, and now the number of cases of malaria is rising, which can be fatal for children under five years old and pregnant women.

    You could also be interested in

     

    Burkina Faso

    MSF temporarily suspends activities in Djibo, Burkina Faso due to escalating insecurity

    Press Release 21 Oct 2024

     

    Gaza-Israel war

    Last remaining hospitals in north Gaza under siege and people trapped

    Press Release 19 Oct 2024

     

    Gaza-Israel war

    Remembering our colleagues killed in Gaza

    Project Update 14 Oct 2024

    MIL OSI NGO –

    January 25, 2025
  • MIL-OSI China: Iraq announces final results of Kurdistan’s parliamentary elections

    Source: China State Council Information Office

    The Iraqi Independent High Electoral Commission (IHEC) announced Wednesday the final results of the parliamentary elections of Iraq’s semi-autonomous Kurdistan region, with the Kurdistan Democratic Party (KDP) leading with 39 seats.

    IHEC’s Chairman Judge Omar Ahmed said at a press conference that the final results showed that the KDP led with 39 seats in the regional 100-seat parliament, while the Patriotic Union of Kurdistan followed with 23 seats and the New Generation Movement with 15 seats.

    Ahmed said that the political parties have the right to appeal the results within three days.

    Iraq’s Kurdistan regional parliamentary elections kicked off on October 20 to elect 100 lawmakers out of 1,091 candidates.

    The elections were originally scheduled for 2022 but have been continuously delayed due to political differences. 

    MIL OSI China News –

    January 25, 2025
  • MIL-OSI China: Pakistan condemns Israeli ban on UNRWA operations

    Source: China State Council Information Office

    Pakistan strongly condemned the latest Israeli attempt to dismantle the operations of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), said a statement from the Ministry of Foreign Affairs on Tuesday evening.

    The ministry said that the latest step is yet another violation of international law and the UN Charter by Israel.

    “Preventing UNRWA from carrying out its vital tasks is a manifestation of Israel’s systematic campaign to deny the much-needed humanitarian aid to the Palestinian people,” added the ministry.

    According to the ministry, Pakistan urged the international community, particularly the United Nations Security Council, to hold Israel accountable and to protect UNRWA’s work under UN General Assembly Resolution 302 (IV) of 1949.

    The statement emphasized that Israel’s actions represent a calculated effort to deny essential aid to the Palestinian population, especially those in Gaza.

    In light of the humanitarian crisis, Pakistan also reiterated its call for an immediate and unconditional ceasefire in Gaza and for uninterrupted humanitarian assistance to relieve the suffering of people.

    Earlier on Monday, the Israeli parliament, the Knesset, passed a law prohibiting the UNRWA from operating in Israel.

    Israel’s state-owned Kan TV News reported that the new law, which received support from 92 out of 120 parliament members, passed despite opposition from the United States and several European countries.

    The law stipulates that the UNRWA will not operate any representation, provide services, or conduct any activities, directly or indirectly, within Israeli territory. 

    MIL OSI China News –

    January 25, 2025
  • MIL-OSI Europe: VATICAN/GENERAL AUDIENCE – Pope Francis: Confirmation must not become the sacrament of “departure” from the Church

    Source: Agenzia Fides – MIL OSI

    Wednesday, 30 October 2024

    Vatican Media

    Vatican City (Agenzia Fides) – “The problem is how to ensure that the Sacrament of Confirmation is not reduced, in practice, to “last rites”, that is the Sacrament of “departure” from the Church, but is rather the Sacrament of participation, of active participation in the life of the Church”. This is what Pope Francis said at today’s general audience in St. Peter’s Square, continuing his catechesis on the Holy Spirit and today reflecting on the presence and action of the Holy Spirit in the life of the Church through the Sacraments.Last week the Pope spoke about the action of the Holy Spirit in marriage, today he reflected on Confirmation, which “par excellence, according to Pope Francis, is the sacrament of the Holy Spirit”. The Pope recalls that in the New Testament, in addition to baptism with water, “another rite is mentioned, that of the imposition of hands, which has the purpose of communicating the Holy Spirit visibly and in a charismatic way, with effects analogous to those produced by the Apostles at Pentecost”.With the passing of time, “the rite of anointing took shape as a Sacrament in itself, assuming diverse forms and content in the various ages and different rites of the Church”. To better suggest what this sacrament represents, the Pope quotes the Catechism of adults of the Italian Episcopal Conference. It states: “Confirmation is for all the faithful what Pentecost was for the entire Church. … It reinforces the baptismal incorporation into Christ and the Church and the consecration to the prophetic, royal and priestly mission. It communicates the abundance of the gifts of the Spirit. … If, therefore, Baptism is the Sacrament of birth, Confirmation is the Sacrament of growth. For this very reason it is also the Sacrament of witness, because this is closely linked to the maturity of Christian existence”.”The problem,” said the Bishop of Rome, “is how to ensure that the Sacrament of Confirmation is not reduced, in practice, to “last rites”, that is the Sacrament of “departure” from the Church.” “It is said that it is the farewell Sacrament, ” cintinued the Pope, “because once young people do it they go away and then return for marriage. This is what people say”. On the contrary, Confirmation is “the Sacrament of participation, of active participation in the life of the Church”. The Bishop of Rome continued: “It is a milestone that can seem impossible, given the current situation throughout the Church, but this does not mean that we should stop pursuing it. It will not be so for all Confirmands, children or adults, but it is important that it is at least for some who will then go on to be the animators of the community”, continues the Pope who proposes that it can be useful, for this purpose “to be helped in preparing for the Sacrament by lay faithful who have had a personal encounter with Christ and have had a true experience of the Spirit. Some people say that they have experienced it as a blossoming of the Sacrament of Confirmation received as children”.But this, he stresses, “does not relate only to future Confirmands; it relates to all of us and at any time. Together with Confirmation and anointing, we have received” what Saint Paul calls “the first fruits of the Spirit”.”We must “spend” this bond, savour these first fruits, not bury underground the charisms and talents received. Here is a good goal for the Jubilee year! To remove the ashes of habit and disengagement, to become, like the torchbearers at the Olympics, bearers of the flame of the Spirit. May the Spirit help us to take a few steps in this direction!”, the Pope concluded.Before the final blessing, Pope Francis once again recalled the countries at war and asked for constant prayers for peace: “War is increasing, let us think of the countries that are suffering so much, such as the tormented Ukraine, Palestine, Israel, Myanmar, North Kivu. Let us pray for peace. Peace is a gift of the Spirit, war is always a defeat. In war, no one wins, everyone loses”.”Yesterday,” the Pope added referring to the recent massacre in the Gaza Strip, “I saw 150 innocent people shot with machine guns. What do children and families have to do with it? They are the first victims of war, let us pray for peace,” the Pope concluded. (F.B.) (Agenzia Fides, 30/10/2024)
    Share:

    MIL OSI Europe News –

    January 25, 2025
  • MIL-OSI Security: U.S. Central Command Conducts Airstrikes Against Several ISIS Camps in Syria

    Source: United States Central Command (CENTCOM)

    Oct. 30, 2024
    Release Number 20241030-01
    FOR IMMEDIATE RELEASE

    TAMPA, Fla. – U.S. Central Command forces conducted a series of strikes against several known ISIS camps in Syria, in the early evening of Oct 28, resulting in up to 35 ISIS operatives killed.

    The strikes targeted multiple ISIS locations in the Syrian desert, targeting multiple ISIS senior leaders.  

    There are no indications of civilian casualties.

    The airstrikes will disrupt the ability of ISIS to plan, organize, and conduct attacks against civilians, as well as U.S., allies, and partners throughout the region and beyond. CENTCOM, alongside allies and partners in the region, will continue to aggressively degrade ISIS operational capabilities to ensure its enduring defeat.

    MIL Security OSI –

    January 25, 2025
  • MIL-OSI Asia-Pac: Speech by FS at breakfast meeting hosted by HKEX in Riyadh, Saudi Arabia (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at a breakfast meeting hosted by the Hong Kong Exchanges and Clearing Limited (HKEX) in Riyadh, Saudi Arabia, today (October 30):     Carlson (Chairman of HKEX, Mr Carlson Tong), Mohammed (CEO of Saudi Exchange, Mr Mohammed Al-Rumaih), Bill (Group Chief Executive of Standard Chartered PLC, Mr Bill Winters), Darryl (Deputy Chief Executive of HKMA, Mr Darryl Chan), Bonnie (CEO of HKEX, Ms Bonnie Chan), distinguished guests, ladies and gentlemen,      Good morning, everyone. It is a great pleasure to join you today at this important breakfast session hosted by HKEX, right at the heart of the FII (Future Investment Initiative).     Before we begin, I want to extend my appreciation to HKEX for organising this session and to FII for providing a forum that brings global leaders together to address the future of investment. My special thanks to Mohammed, CEO of Saudi Exchange, and Bill, Global CEO of Standard Chartered, for joining this panel. A moment for co-operation     There couldn’t be a better time for us to gather and discuss how we can strengthen our capital market connectivity. The transformative agenda set forth by Saudi Arabia’s Vision 2030 seeks to foster a dynamic society through extensive infrastructure projects, green transition, and digitalisation. This ambitious vision is driving significant reforms across various sectors, positioning the Kingdom as a leader in economic diversification and innovation.     In light of the evolving geopolitical landscape and shifts in global economic gravity, Saudi Arabia and the broader Middle East are actively deploying their capital towards Asia. In this context, Hong Kong emerges as a pivotal player, serving as an international financial centre and a gateway to China and the wider Asian market. Hong Kong’s value proposition     Hong Kong’s unique strengths are anchored in the “one country, two systems” framework, which China has committed to maintain over the long term. This arrangement allows Hong Kong to benefit from both the advantages of being part of China and the defining characteristics as an international city. We enjoy convenient, and at times privileged, access to the Mainland market while retaining our distinctive features, including a common law system, a judiciary that exercises powers independently, the free flow of capital, goods, information, and talent, a low and simple tax regime, and a currency pegged to the US dollar.     Hong Kong is one of the top three international financial centres globally, alongside New York and London. We have also recently been recognised by the Fraser Institute as the freest economy in the world. Our world-class professional services adhere to the highest international standards, bolstered by a wealth of international experience and extensive connections.     In short, Hong Kong presents unique advantages that can create significant value for Middle Eastern investors and capital. Hong Kong is an attractive destination for investment and collaboration, particularly in such areas as fund-raising, asset and wealth management, and green and sustainable finance. Allow me to elaborate. Fund-raising markets     First, our fund-raising market. Carlson will provide a comprehensive overview of how Hong Kong serves as the prime connector between the capital markets of the Mainland and the rest of the world.      Our stock market has a capitalisation of over US$4.5 trillion, which is 12 times of our GDP. It went through some challenging times in 2023 and the earliest part of this. It is making a comeback, particularly following the recent announcement of a stimulus package by the central authorities, aimed at injecting liquidity into the banking sector and supporting the real estate market. Since then, the market has increased by about 15 per cent with high volume. We have seen strong buying interest from American and European investors, who accounted for approximately 85 per cent of the buy side by value. Notably, 90 per cent of these investors are long-term fund managers and investment banks.     Over the past few years, we have continuously reformed our listing regime. These reforms have broadened our market’s appeal and positioned Hong Kong as a leading listing hub for innovative enterprises. For example we are now the second-largest biotech fund-raising hub after the United States.     Our country, China, has consistently supported the development of Hong Kong’s stock market. Just this April, the China Securities Regulatory Commission announced five measures to bolster the development of Hong Kong’s capital markets, including, for example, expanding the Connect Schemes we have with the Mainland to cover more ETFs (exchange-traded funds) and REITs (real estate investment trusts), and facilitating the listing of more leading Mainland companies on the Hong Kong Stock Exchange.     By the way, we are also actively enhancing our connectivity with new markets. Last year, we reached an agreement with the Saudi Exchange and Indonesia Stock Exchange to allow companies in these countries to secondary list on our Stock Exchange. As they come to Hong Kong, they are able to access both international capital and capital from the Mainland under the Connect Schemes.      The upcoming listing of two ETFs investing in Hong Kong stocks on the Saudi Exchange will be further reinforcing our links with Saudi Arabia.     Beyond stock market, we boast a vibrant private equity sector, which manages over US$230 billion in assets, making us number two in Asia, only after the Mainland. Indeed, Hong Kong has a comprehensive chain of funds supporting companies at various stages of growth.      Looking to the future, our stock market is poised to grow deeper and more robust. We are determined to attract more quality issuers from around the globe, and new capital sources, particularly Middle East and Asia.     Asset and wealth management hub     Second, asset and wealth management. Many Middle Eastern families and ultra-high-net-worth individuals are increasingly recognising the need to diversify their asset allocation and look beyond traditional American and European markets. They can certainly look to Hong Kong. We manage over US$4 trillion in assets, with more than half coming from outside Hong Kong and Mainland China. We are also home to 2 700 single-family offices. Beyond diversified investment offerings, we have established a robust network comprising private banks, accounting and legal firms, trusts, and other professional service providers, forming a strong nexus that caters to their needs. This is further complemented by our strong philanthropic culture and programmes for families to leave a lasting legacy, making a difference in the world and shaping a better future for generations to come.Green and sustainable finance     Finally, green and sustainable finance. As a key component of Vision 2030, Saudi Arabia has embarked on the Saudi Green Initiative, with clear targets to increase the share of renewable energy, reduce carbon emissions, and enhance land and sea protection. This vision resonates with us well, and we stand ready to contribute.     Hong Kong is Asia’s green finance capital, demonstrated by our leading position in arranging green and sustainable debt, averaging over $63 billion per year over the past three years, accounting for over one-third of Asia’s total. Beyond volume, we are committed to building a green reporting system that meets the highest international standards, by adopting taxonomies interoperable with other international classification frameworks, and adhering to global sustainable reporting standards. Clearly, Hong Kong is an ideal platform for Saudi and Middle Eastern green and sustainable projects looking to access funds in our part of the world.Concluding remarks     Ladies and gentlemen, I have just outlined some of the areas that Hong Kong can play in connecting capital, investments, and opportunities between our markets. I am eager to hear the valuable insights from our panelists this morning on how our capital markets can further collaborate and innovate.      I wish you all the best of health and business in the years to come. May our discussions today inspire new ideas and fruitful collaborations that lead to shared prosperity and growth for all.     Thank you!

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Africa: Afreximbank Calls for Increased Collaboration to Accelerate the Green Energy Transition in Africa

    Source: Africa Press Organisation – English (2) – Report:

    WASHINGTON D.C., United States of America, October 30, 2024/APO Group/ —

    The eighth Babacar Ndiaye Lecture held at the Four Seasons Hotel in Washington D.C., on 26 October 2024, under-scored the need for African nations to strike a balance between short-term development imperatives and long-term climate goals. 

    Under the theme “Saving Lives Today versus Saving the Planet for the Future: Can the AfCFTA Resolve the Climate Change Dilemma?” discussions centred on how the African Continental Free Trade Area (AfCFTA), Africa’s most ambitious trade initiative, could serve as a vehicle for economic growth and environmental sustainability, positioning the continent as a leader in the global green transition.  

    The Lecture drew a distinguished audience of policymakers, academics, financial experts and climate advocates.  

    Speaking about Dr. Babacar Ndiaye in his opening remarks, H.E. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group, said “Dr Babacar Ndiaye was most concerned by the long-term threats posed to humanity by climate change. He once said, “Climate change is the greatest threat to development, particularly in Africa, where millions of people depend on the environment for their livelihoods … Africa’s economic transformation cannot happen without addressing climate change.”  

    Dr. Ndiaye’s reflection on the impact of climate change was spot-on and intellectually deep.” But, “disappointingly, the global debate on climate has been so much focused on emissions reduction with the question of reducing its impact on Africa and other developing countries always reduced to a footnote. A call for Africa to decarbonise, when the continent has not even carbonised, poses a serious threat to the socio-economic development of a gas-rich continent that has at least six hundred million people without electricity.” 

    The African Continental Free Trade Area Agreement “is seen as a potent means of reducing carbon emissions as it is helping to domesticate industrial activities and minimise the carbon emissions caused by shipping of commodities to far-away lands for value addition and reshipping to Africa and elsewhere. We believe that The AfCFTA could offer a pathway to a just transition, enabling local industrial value addition while protecting the planet.”  

    Professor Yemi Osinbajo, SAN, GCON, the Immediate Past Vice President of the Federal Republic of Nigeria, delivered a powerful address titled “Sustainable Infrastructure for Africa’s Future: Harnessing Innovation and Partnerships.” He spoke passionately about the advantages of the AfCFTA and its potential to transform Africa’s trade landscape, reduce carbon emissions and foster innovation in green industries. 

    “There are two obvious advantages to a fully operational AfCFTA.The first is that 42% of African countries, aside from North Africa, now have legislation prohibiting the export of raw ores or minerals before being processed. This legislation gives African countries the benefit of jobs and revenues from local processing and manufacturing.  

    “The second advantage of the AfCFTA is that shipping is a major source of carbon emissions. Under current trade practices, a large share of African raw materials are exported to other regions, where they are processed or manufactured into finished products, usually using fossil fuel power sources, before being shipped back to Africa for consumption. This cycle contributes to higher emissions and constitutes a loss for African countries that do not reap the value chain gain from beneficiation. Intra-African trade in finished goods will substantially reduce this massive cause of global emissions,” he said. 

    The reduction of emissions by intra-African trade has been the subject of several empirical studies. Professor Osinbajo referred to a recent ECA/ CEPII study titled “Greening the African Continental Free Trade Area Agreement’s Implementation” published in December 2023, which found, inter alia, that implementing the AfCFTA can boost intra-African trade by 35% in 2045 while increasing GHG emissions by less than 1%, compared to no AfCFTA or climate policies.  

    These studies do not factor in using renewable energy sources in the processing and manufacturing of traded goods, an assumption of the Climate Positive Growth paradigm, which would again substantially reduce emissions.  

    Professor Osinbajo cited mining bauxite in Guinea as an example. If Guinea, which has 25% of global deposits of bauxite, processed the bauxite it mines to aluminium with renewable energy in readiness for export, Guinea could save the world 335 million tonnes of carbon dioxide equivalent (CO2e) per year, which is approximately 1% of global emissions, and create 280,000 jobs and generate $37 billion of additional revenue. If it chooses to sell the aluminium within Africa, it will again save the huge shipping cost to countries thousands of miles away.  

    A Bloomberg study done for the African Development Bank (AfDB) in 2021 on the manufacture of battery precursors found that manufacturing battery precursors in the Democratic Republic of the Congo (DRC), which has plenty of lithium and cobalt, is three times cheaper than manufacturing it in the US, EU and China. Manufacturing in the DRC would extend value chain opportunities to other African countries, they would need manganese from Zambia, Tanzania, Gabon and South Africa to contribute to its capacity to produce these battery precursors. Manufacturing using renewable energy could significantly reduce the cost of manufacturing. Africa’s abundant renewable energy has very low seasonality or intermittency, making it possible to reliably provide a renewable baseload to power continuous industrial production.  

    “The AfCFTA empowers African countries first to add value to materials and specialise in areas of national comparative advantage, and also to work together to trade more beneficially with the rest of the world,” said Prof Osinbajo. 

    He futher said that “Most African countries depend on fossil fuels for their energy needs and for fossil fuel rich African countries, this is also a major source of export earnings and fiscal revenues. Ostensibly in keeping with their net zero obligations, there has been a growing trend amongst development finance institutions to withdraw from fossil fuel investment. These actions include the World Bank’s decision to cease funding for upstream oil and gas development in Africa and the restrictions on financing downstream gas development by the European Union, the United Kingdom, and the United States. Clearly, the implications of these actions are dire, where there are no immediate alternative sources of power and the cost of the transition to cleaner fuels may be prohibitive. Some studies show that divesting from fossil fuels could reduce GDP by as much as USD$30 billion for Nigeria, USD$22 billion for Algeria, and USD$19.3 billion for Angola.” 

    H.E. Dr Rania A Al-Mashat, Minister for Planning, Economic Development and International Co-operation, Arab Republic of Egypt said that while the “African continent is the least responsible for carbon emissions, it has the biggest burden in terms of financing climate change for developmental needs – such as food and water security, and access to energy. 

    She called for greater collaboration with national and international stakeholders “We need to work together; we need to bring the experiences from other places so that Africa can push forward with respect to development and sustainable economic growth.” 

    In her Goodwill Message, Ms. Amina J. Mohammed, Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group, spoke about the rapidly closing window to prevent the worst impacts of climate change. She addressed the fact that many African countries are mired in debt, exacerbated by extended crises with little access to long-term concessional financing to invest in sustainable development. 

    “With adequate access to financial resources at a reasonable cost, renewables can dramatically boost economies, grow new industries, create jobs and drive development, including by reaching the over 600 million Africans living without access to power,” said Ms Mohammed. 

    She also stressed the importance of prioritising inclusive policies that empower women and youth when building climate-resilient economies.  

    “By harnessing the collective might of the AfCFTA, Africa can make strides in addressing both climate action and sustainable development by promoting regional integration and fostering green industrialisation.  

    “The AfCFTA can help build climate-resilient economies while creating jobs, reducing poverty and strengthening food security.”  

    The eighth Babacar Ndiaye Lecture also reinforced Afreximbank’s commitment to leadership in financing sustainable infrastructure and trade policies across the continent. 

    MIL OSI Africa –

    January 25, 2025
  • MIL-OSI Global: Political sectarianism is fracturing America

    Source: The Conversation – UK – By Simon Mabon, Professor of International Relations, Lancaster University

    Donald Trump’s rally at Madison Square Gardens in New York City on Sunday, October 27 was called a “carnival of grievances, misogyny and racism” by the New York Times. The event, which came just over a week before the election, was a hostile and partisan affair. Trump doubled down on his assertion that one of America’s gravest threats is from “the enemy within”.

    Trump’s rhetoric is a manifestation of the increasingly polarised nature of US politics, whereby hostility from one group towards their perceived enemies is amplified across social media platforms. Yet Trump’s comment about an insidious “threat” hints at a darker undercurrent of division, with the threat of violence.

    A June 2024 poll by the University of Chicago suggested that there was more support for violence against Trump than in his favour – 10% of respondents agreed that “the use of force is justified to prevent Trump becoming president”, compared to 6.9% who believed violence was justified “to restore Trump to the presidency”. Two months earlier, a Marist poll revealed that 47% of Americans believed that another civil war was likely in their lifetime.

    As a report from Chatham House recently observed, the US is more divided “along ideological and political lines than at any time since the 1850s”. And according to another report from UK-based think tank, the Foreign Policy Centre, Americans have “increasingly grown to hate supporters of the other party, viewing their capture of political power as not merely unfortunate but illegitimate”.

    Americans have regularly articulated a preference for living among people who share their political outlook. And they have expressed a stronger aversion to dating, living, working or socialising with supporters of another party. These views point to a state suffering the ills of sectarianism.

    Those who have observed sectarianism around the world know all too well the chaos that such divisions can wreak. In the Middle East, for example, politically charged religious difference has had a devastating impact on political, economic and social life. Hundreds of thousands have been killed and millions displaced from their homes across Syria, Iraq, Yemen, Lebanon, Bahrain, Saudi Arabia, Iran and Libya because of violence along sect-based lines.

    The US may be a long way from these scenarios, but there are some early warning signs. Competing forms of what American social theorist Irving Howe calls “epistemological authoritarianism” – or a sense of certainty that is zero-sum and rejects those of the other – can be easily seen across America’s political landscape.

    Protests and counter-protests have played out both on the streets and online over abortion, gun laws and LGBTQ+ rights, as well as on university campuses over the war in Gaza. Elite entrepreneurs with political capital have also positioned themselves on opposite sides of sensitive issues to cultivate support.

    Take, for example, Donald Trump’s false allegations that Democratic states executed babies after birth, or that migrants in Springfield, Ohio, have been eating pets. Such comments quickly spread across social media, regardless of their veracity. For Trump’s followers, truth matters less than the ability to justify their position on a particular issue. The stance taken by political communities is increasingly polemic and predictable.

    Such dynamics are, of course, also shaped by local contexts. But the growing politicisation of social identities in recent years, and the increasing political importance of social issues, has created a landscape where difference is broadly antagonistic.

    In this situation, grievance becomes a means of reinforcing in-group cohesion and disdain for the other. In such a landscape, society becomes divided into mutually distrustful camps set apart by a form of emotional polarisation that takes on political meaning.

    It is the emotional dimension that is key here, as this is the foundation upon which political and social enmity is built. Supreme Court decisions, for example, relating to emotionally charged issues such as abortion, have strong mobilising potential on both left and right.

    Entrenched differences

    Elections often exacerbate uncertainty and division, as the 2020 US presidential election and its fallout demonstrate. According to Armed Conflict Location & Event Data (Acled), a research group that analyses occurrences of political violence around the world, demonstrations and far-right activity peaked around the 2020 election. This reached a crescendo with the events of January 6 2021 when Trump supporters stormed the US Capitol building.

    Far-right activity has dropped during Biden’s administration. But a number of far-right groups have recently become active in the run-up to the election. Meanwhile, divisions over abortion, LGBTQ+ mobilisation, and the war in Gaza have contributed to a precarious environment.

    Indeed, a vast majority do not think that next week’s election will solve the issues that America faces. In a recent poll, 70% of respondents believe that things in the US are going “in the wrong direction” – a view shared more by Republican respondents (94%) than Democrat respondents (41%). And 19% of Republicans think that if Trump loses the election, he should declare the results invalid and do whatever it takes to assume office.

    Pro-Trump supporters stormed the Capitol building in Washington DC on January 6 2021.
    lev radin / Shutterstock

    The schisms across the US are real and the pieces are not easily put back together. Narratives of division will continue to spread as election fever increases, further deepening the rifts in American society. And sectarianism will become the broad frame through which political and social life is viewed.

    This need not necessarily become violent. But it can easily become entrenched. The increasingly hostile exclusion of “the other” in all its forms, along with a growing willingness to breach established norms and rules, requires a step back from the brink before it is too late.

    Simon Mabon receives funding from Carnegie Corporation of New York. He is a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. Political sectarianism is fracturing America – https://theconversation.com/political-sectarianism-is-fracturing-america-242327

    MIL OSI – Global Reports –

    January 25, 2025
  • MIL-OSI Canada: Affirmation of Command Ceremonies in the Pacific Region

    Source: Government of Canada News (2)

    On October 28, 2024, the Correctional Service of Canada (CSC) held an Affirmation of Command Ceremony in the Pacific Region for five institutions:

    October 29, 2024 – Abbotsford, British Columbia – Correctional Service Canada

    On October 28, 2024, the Correctional Service of Canada (CSC) held an Affirmation of Command Ceremony in the Pacific Region for five institutions:

    • Warden Morgan Andreassen assumed command of Matsqui Institution.
    • Warden Carole Chen assumed command of Fraser Valley Institution.
    • Warden Dan Jack assumed command of Kwìkwèxwelhp Healing Village.
    • Warden Jordan Quaroni assumed command of Mountain Institution.

    Warden Attila Turi assumed command of Pacific Institution and Regional Treatment Centre.

    The ceremony reinforces the responsibility of leadership in the role of Warden. It represents the responsibility, authority, and accountability of a correctional leader.

    This ceremony is an important tradition for CSC. It reaffirms the institutional head’s pledge to support CSC’s mission and contribute to the safety and security of the public, employees, and offenders.

    CSC is proud of the dedicated staff members at these institutions who work tirelessly every day to make a difference in the lives of offenders. Their professionalism and commitment contribute to public safety for Canadians.

    Jean-Paul Lorieau
    Regional Manager Communications
    Pacific Region
    604-870-2523
    Gen.Pac@csc-scc.gc.ca

    MIL OSI Canada News –

    January 25, 2025
←Previous Page
1 … 359 360 361 362 363 … 427
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress