Category: Middle East

  • MIL-OSI Europe: Encyclical Letter “Dilexit nos” of the Holy Father Francis on the human and divine love of the heart of Jesus Christ

    Source: The Holy See

    Encyclical Letter “Dilexit nos” of the Holy Father Francis on the human and divine love of the heart of Jesus Christ, 24.10.2024
    ENCYCLICAL LETTER
    DILEXIT NOS
    OF THE HOLY FATHER
    FRANCIS
    ON THE HUMAN AND DIVINE LOVE
    OF THE HEART OF JESUS CHRIST
    1. HE LOVED US”, Saint Paul says of Christ (cf.Rom8:37), in order to make us realize that nothing can ever “separate us” from that love (Rom8:39).Paul could say this with certainty because Jesus himself had told his disciples, “I have loved you” (Jn15:9, 12).Even now, the Lord says to us, “I have called you friends” (Jn15:15).His open heart has gone before us and waits for us, unconditionally, asking only to offer us his love and friendship.For “he loved us first” (cf.1 Jn4:10).Because of Jesus, “we have come to know and believe in the love that God has for us” (1 Jn4:16).
    CHAPTER ONE
    THE IMPORTANCE OF THE HEART
    2. The symbol of the heart has often been used to express the love of Jesus Christ.Some have questioned whether this symbol is still meaningful today.Yet living as we do in an age of superficiality, rushing frenetically from one thing to another without really knowing why, and ending up as insatiable consumers and slaves to the mechanisms of a market unconcerned about the deeper meaning of our lives, all of us need to rediscover the importance of the heart.[1]
    WHAT DO WE MEAN BY “THE HEART”?
    3. In classical Greek, the wordkardíadenotes the inmost part of human beings, animals and plants.For Homer, it indicates not only the centre of the body, but also the human soul and spirit.In the Iliad, thoughts and feelings proceed from the heart and are closely bound one to another.[2]The heart appears as the locus of desire and the place where important decisions take shape.[3]In Plato, the heart serves, as it were, to unite the rational and instinctive aspects of the person, since the impulses of both the higher faculties and the passions were thought to pass through the veins that converge in the heart.[4]From ancient times, then, there has been an appreciation of the fact that human beings are not simply a sum of different skills, but a unity of body and soul with a coordinating centre that provides a backdrop of meaning and direction to all that a person experiences.
    4. The Bible tells us that, “the Word of God is living and active… it is able to judge the thoughts and intentions of the heart” (Heb4:12).In this way, it speaks to us of the heart as a core that lies hidden bene ath all outward appearances, even beneath the superficial thoughts that can lead us astray.The disciples of Emmaus, on their mysterious journey in the company of the risen Christ, experienced a moment of anguish, confusion, despair and disappointment.Yet, beyond and in spite of this, something was happening deep within them: “Were not our hearts burning within us while he was talking to us on the road?” (Lk 24:32).
    5. The heart is also the locus of sincerity, where deceit and disguise have no place.It usually indicates our true intentions, what we really think, believe and desire, the “secrets” that we tell no one: in a word, the naked truth about ourselves.It is the part of us that is neither appearance or illusion, but is instead authentic, real, entirely “who we are”.That is why Samson, who kept from Delilah the secret of his strength, was asked by her, “How can you say, ‘I love you’, when your heart is not with me?” (Judg16:15).Only when Samson opened his heart to her, did she realize “that he had told her his whole secret” (Judg16:18).
    6. This interior reality of each person is frequently concealed behind a great deal of “foliage”, which makes it difficult for us not only to understand ourselves, but even more to know others: “The heart is devious above all else; it is perverse, who can understand it?” (Jer17:9).We can understand, then, the advice of the Book of Proverbs: “Keep your heart with all vigilance, for from it flow the springs of life; put away from you crooked speech” (4:23-24).Mere appearances, dishonesty and deception harm and pervert the heart.Despite our every attempt to appear as something we are not, our heart is the ultimate judge, not of what we show or hide from others, but of who we truly are.It is the basis for any sound life project; nothing worthwhile can be undertaken apart from the heart.False appearances and untruths ultimately leave us empty-handed.
    7. As an illustration of this, I would repeat a story I have already told on another occasion.“For the carnival, when we were children, my grandmother would make a pastry using a very thin batter.When she dropped the strips of batter into the oil, they would expand, but then, when we bit into them, they were empty inside.In the dialect we spoke, those cookies were called ‘lies’…My grandmother explained why: ‘Like lies, they look big, but are empty inside; they are false, unreal’”.[5]
    8. Instead of running after superficial satisfactions and playing a role for the benefit of others, we would do better to think about the really important questions in life.Who am I, really?What am I looking for?What direction do I want to give to my life, my decisions and my actions?Why and for what purpose am I in this world?How do I want to look back on my life once it ends?What meaning do I want to give to all my experiences?Who do I want to be for others?Who am I for God?All these questions lead us back to the heart.
    RETURNING TO THE HEART
    9. In this “liquid” world of ours, we need to start speaking once more about the heart and thinking about this place where every person, of every class and condition, creates a synthesis, where they encounter the radical source of their strengths, convictions, passions and decisions.Yet, we find ourselves immersed in societies of serial consumers who live from day to day, dominated by the hectic pace and bombarded by technology, lacking in the patience needed to engage in the processes that an interior life by its very nature requires.In contemporary society, people “risk losing their centre, the centre of their very selves”.[6]“Indeed, the men and women of our time often find themselves confused and torn apart, almost bereft of an inner principle that can create unity and harmony in their lives and actions.Models of behaviour that, sadly, are now widespread exaggerate our rational-technological dimension or, on the contrary, that of our instincts”.[7]No room is left for the heart.
    10. The issues raised by today’s liquid society are much discussed, but this depreciation of the deep core of our humanity – the heart – has a much longer history.We find it already present in Hellenic and pre-Christian rationalism, in post-Christian idealism and in materialism in its various guises.The heart has been ignored in anthropology, and the great philosophical tradition finds it a foreign notion, preferring other concepts such as reason, will or freedom.The very meaning of the term is imprecise and hard to situate within our human experience.Perhaps this is due to the difficulty of treating it as a “clear and distinct idea”, or because it entails the question of self-understanding, where the deepest part of us is also that which is least known.Even encountering others does not necessarily prove to be a way of encountering ourselves, inasmuch as our thought patterns are dominated by an unhealthy individualism.Many people feel safer constructing their systems of thought in the more readily controllable domain of intelligence and will.The failure to make room for the heart, as distinct from our human powers and passions viewed in isolation from one another, has resulted in a stunting of the idea of a personal centre, in which love, in the end, is the one reality that can unify all the others.
    11. If we devalue the heart, we also devalue what it means to speak from the heart, to act with the heart, to cultivate and heal the heart.If we fail to appreciate the specificity of the heart, we miss the messages that the mind alone cannot communicate; we miss out on the richness of our encounters with others; we miss out on poetry.We also lose track of history and our own past, since our real personal history is built with the heart.At the end of our lives, that alone will matter.
    12. It must be said, then, that we have a heart, a heart that coexists with other hearts that help to make it a “Thou”.Since we cannot develop this theme at length, we will take a character from one of Dostoevsky’s novels, Nikolai Stavrogin.[8]Romano Guardini argues that Stavrogin is the very embodiment of evil, because his chief trait is his heartlessness: “Stavrogin has no heart, hence his mind is cold and empty and his body sunken in bestial sloth and sensuality.He has no heart, hence he can draw close to no one and no one can ever truly draw close to him.For only the heart creates intimacy, true closeness between two persons.Only the heart is able to welcome and offer hospitality.Intimacy is the proper activity and the domain of the heart.Stavrogin is always infinitely distant, even from himself, because a man can enter into himself only with the heart, not with the mind.It is not in a man’s power to enter into his own interiority with the mind.Hence, if the heart is not alive, man remains a stranger to himself”.[9]
    13. All our actions need to be put under the “political rule” of the heart.In this way, our aggressiveness and obsessive desires will find rest in the greater good that the heart proposes and in the power of the heart to resist evil.The mind and the will are put at the service of the greater good by sensing and savouring truths, rather than seeking to master them as the sciences tend to do.The will desires the greater good that the heart recognizes, while the imagination and emotions are themselves guided by the beating of the heart.
    14. It could be said, then, that I am my heart, for my heart is what sets me apart, shapes my spiritual identity and puts me in communion with other people.The algorithms operating in the digital world show that our thoughts and will are much more “uniform” than we had previously thought.They are easily predictable and thus capable of being manipulated.That is not the case with the heart.
    15. The word “heart” proves its value for philosophy and theology in their efforts to reach an integral synthesis.Nor can its meaning be exhausted by biology, psychology, anthropology or any other science.It is one of those primordial words that “describe realities belonging to man precisely in so far as he is one whole (as a corporeo-spiritual person)”.[10]It follows that biologists are not being more “realistic” when they discuss the heart, since they see only one aspect of it; the whole is not less real, but even more real.Nor can abstract language ever acquire the same concrete and integrative meaning.The word “heart” evokes the inmost core of our person, and thus it enables us to understand ourselves in our integrity and not merely under one isolated aspect.
    16. This unique power of the heart also helps us to understand why, when we grasp a reality with our heart, we know it better and more fully.This inevitably leads us to the love of which the heart is capable, for “the inmost core of reality is love”.[11]For Heidegger, as interpreted by one contemporary thinker, philosophy does not begin with a simple concept or certainty, but with a shock: “Thought must be provoked before it begins to work with concepts or while it works with them.Without deep emotion, thought cannot begin.The first mental image would thus be goose bumps.What first stirs one to think and question is deep emotion.Philosophy always takes place in a basic mood (Stimmung)”.[12]That is where the heart comes in, since it “houses the states of mind and functions as a ‘keeper of the state of mind’.The ‘heart’ listens in a non-metaphoric way to ‘the silent voice’ of being, allowing itself to be tempered and determined by it”.[13]
    THE HEART UNITES THE FRAGMENTS
    17. At the same time, the heart makes all authentic bonding possible, since a relationship not shaped by the heart is incapable of overcoming the fragmentation caused by individualism.Two monads may approach one another, but they will never truly connect.A society dominated by narcissism and self-centredness will increasingly become “heartless”.This will lead in turn to the “loss of desire”, since as other persons disappear from the horizon we find ourselves trapped within walls of our own making, no longer capable of healthy relationships.[14]As a result, we also become incapable of openness to God.As Heidegger puts it, to be open to the divine we need to build a “guest house”.[15]
    18. We see, then, that in the heart of each person there is a mysterious connection between self-knowledge and openness to others, between the encounter with one’s personal uniqueness and the willingness to give oneself to others.We become ourselves only to the extent that we acquire the ability to acknowledge others, while only those who can acknowledge and accept themselves are then able to encounter others.
    19. The heart is also capable of unifying and harmonizing our personal history, which may seem hopelessly fragmented, yet is the place where everything can make sense.The Gospel tells us this in speaking of Our Lady, who saw things with the heart.She was able to dialogue with the things she experienced by pondering them in her heart, treasuring their memory and viewing them in a greater perspective.The best expression of how the heart thinks is found in the two passages in Saint Luke’s Gospel that speak to us of how Mary “treasured (synetérei) all these things and pondered (symbállousa) them in her heart” (cf.Lk2:19 and 51).The Greek verbsymbállein, “ponder”, evokes the image of putting two things together (“symbols”) in one’s mind and reflecting on them, in a dialogue with oneself.In Luke 2:51, the verb used isdietérei, which has the sense of “keep”.What Mary “kept” was not only her memory of what she had seen and heard, but also those aspects of it that she did not yet understand; these nonetheless remained present and alive in her memory, waiting to be “put together” in her heart.
    20. In this age of artificial intelligence, we cannot forget that poetry and love are necessary to save our humanity.No algorithm will ever be able to capture, for example, the nostalgia that all of us feel, whatever our age, and wherever we live, when we recall how we first used a fork to seal the edges of the pies that we helped our mothers or grandmothers to make at home. It was a moment of culinary apprenticeship, somewhere between child-play and adulthood, when we first felt responsible for working and helping one another.Along with the fork, I could also mention thousands of other little things that are a precious part of everyone’s life: a smile we elicited by telling a joke, a picture we sketched in the light of a window, the first game of soccer we played with a rag ball, the worms we collected in a shoebox, a flower we pressed in the pages of a book, our concern for a fledgling bird fallen from its nest, a wish we made in plucking a daisy.All these little things, ordinary in themselves yet extraordinary for us, can never be captured by algorithms.The fork, the joke, the window, the ball, the shoebox, the book, the bird, the flower: all of these live on as precious memories “kept” deep in our heart.
    21. This profound core, present in every man and woman, is not that of the soul, but of the entire person in his or her unique psychosomatic identity.Everything finds its unity in the heart, which can be the dwelling-place of love in all its spiritual, psychic and even physical dimensions.In a word, if love reigns in our heart, we become, in a complete and luminous way, the persons we are meant to be, for every human being is created above all else for love.In the deepest fibre of our being, we were made to love and to be loved.
    22. For this reason, when we witness the outbreak of new wars, with the complicity, tolerance or indifference of other countries, or petty power struggles over partisan interests, we may be tempted to conclude that our world is losing its heart.We need only to see and listen to the elderly women – from both sides – who are at the mercy of these devastating conflicts.It is heart-breaking to see them mourning for their murdered grandchildren, or longing to die themselves after losing the homes where they spent their entire lives.Those women, who were often pillars of strength and resilience amid life’s difficulties and hardships, now, at the end of their days, are experiencing, in place of a well-earned rest, only anguish, fear and outrage.Casting the blame on others does not resolve these shameful and tragic situations.To see these elderly women weep, and not feel that this is something intolerable, is a sign of a world that has grown heartless.
    23. Whenever a person thinks, questions and reflects on his or her true identity, strives to understand the deeper questions of life and to seek God, or experiences the thrill of catching a glimpse of truth, it leads to the realization that our fulfilment as human beings is found in love.In loving, we sense that we come to know the purpose and goal of our existence in this world.Everything comes together in a state of coherence and harmony.It follows that, in contemplating the meaning of our lives, perhaps the most decisive question we can ask is, “Do I have a heart?”
    FIRE
    24. All that we have said has implications for the spiritual life.For example, the theology underlying the Spiritual Exercises of Saint Ignatius Loyola is based on “affection” (affectus).The structure of the Exercises assumes a firm and heartfelt desire to “rearrange” one’s life, a desire that in turn provides the strength and the wherewithal to achieve that goal.The rules and the compositions of place that Ignatius furnishes are in the service of something much more important, namely, the mystery of the human heart.Michel de Certeau shows how the “movements” of which Ignatius speaks are the “inbreaking” of God’s desire and the desire of our own heart amid the orderly progression of the meditations.Something unexpected and hitherto unknown starts to speak in our heart, breaking through our superficial knowledge and calling it into question.This is the start of a new process of “setting our life in order”, beginning with the heart.It is not about intellectual concepts that need to be put into practice in our daily lives, as if affectivity and practice were merely the effects of – and dependent upon – the data of knowledge.[16]
    25. Where the thinking of the philosopher halts, there the heart of the believer presses on in love and adoration, in pleading for forgiveness and in willingness to serve in whatever place the Lord allows us to choose, in order to follow in his footsteps.At that point, we realize that in God’s eyes we are a “Thou”, and for that very reason we can be an “I”.Indeed, only the Lord offers to treat each one of us as a “Thou”, always and forever.Accepting his friendship is a matter of the heart; it is what constitutes us as persons in the fullest sense of that word.
    26. Saint Bonaventure tells us that in the end we should not pray for light, but for “raging fire”.[17]He teaches that, “faith is in the intellect, in such a way as to provoke affection.In this sense, for example, the knowledge that Christ died for us does not remain knowledge, but necessarily becomes affection, love”.[18]Along the same lines, Saint John Henry Newman took as his motto the phraseCor ad cor loquitur, since, beyond all our thoughts and ideas, the Lord saves us by speaking to our hearts from his Sacred Heart.This realization led him, the distinguished intellectual, to recognize that his deepest encounter with himself and with the Lord came not from his reading or reflection, but from his prayerful dialogue, heart to heart, with Christ, alive and present.It was in the Eucharist that Newman encountered the living heart of Jesus, capable of setting us free, giving meaning to each moment of our lives, and bestowing true peace: “O most Sacred, most loving Heart of Jesus, Thou art concealed in the Holy Eucharist, and Thou beatest for us still…I worship Thee then with all my best love and awe, with my fervent affection, with my most subdued, most resolved will.O my God, when Thou dost condescend to suffer me to receive Thee, to eat and drink Thee, and Thou for a while takest up Thy abode within me, O make my heart beat with Thy Heart.Purify it of all that is earthly, all that is proud and sensual, all that is hard and cruel, of all perversity, of all disorder, of all deadness.So fill it with Thee, that neither the events of the day nor the circumstances of the time may have power to ruffle it, but that in Thy love and Thy fear it may have peace”.[19]
    27. Before the heart of Jesus, living and present, our mind, enlightened by the Spirit, grows in the understanding of his words and our will is moved to put them into practice.This could easily remain on the level of a kind of self-reliant moralism.Hearing and tasting the Lord, and paying him due honour, however, is a matter of the heart. Only the heart is capable of setting our other powers and passions, and our entire person, in a stance of reverence and loving obedience before the Lord.
    THE WORLD CAN CHANGE, BEGINNING WITH THE HEART
    28. It is only by starting from the heart that our communities will succeed in uniting and reconciling differing minds and wills, so that the Spirit can guide us in unity as brothers and sisters.Reconciliation and peace are also born of the heart.The heart of Christ is “ecstasy”, openness, gift and encounter.In that heart, we learn to relate to one another in wholesome and happy ways, and to build up in this world God’s kingdom of love and justice.Our hearts, united with the heart of Christ, are capable of working this social miracle.
    29. Taking the heart seriously, then, has consequences for society as a whole.The Second Vatican Council teaches that, “every one of us needs a change of heart; we must set our gaze on the whole world and look to those tasks we can all perform together in order to bring about the betterment of our race”.[20]For “the imbalances affecting the world today are in fact a symptom of a deeper imbalance rooted in the human heart”.[21]In pondering the tragedies afflicting our world, the Council urges us to return to the heart.It explains that human beings “by their interior life, transcend the entire material universe; they experience this deep interiority when they enter into their own heart, where God, who probes the heart, awaits them, and where they decide their own destiny in the sight of God”.[22]
    30. This in no way implies an undue reliance on our own abilities.Let us never forget that our hearts are not self-sufficient, but frail and wounded.They possess an ontological dignity, yet at the same time must seek an ever more dignified life.[23]The Second Vatican Council points out that “the ferment of the Gospel has aroused and continues to arouse in human hearts an unquenchable thirst for human dignity”.[24]Yet to live in accordance with this dignity, it is not enough to know the Gospel or to carry out mechanically its demands.We need the help of God’s love.Let us turn, then, to the heart of Christ, that core of his being, which is a blazing furnace of divine and human love and the most sublime fulfilment to which humanity can aspire.There, in that heart, we truly come at last to know ourselves and we learn how to love.
    31. In the end, that Sacred Heart is the unifying principle of all reality, since “Christ is the heart of the world, and the paschal mystery of his death and resurrection is the centre of history, which, because of him, is a history of salvation”.[25]All creatures “are moving forward with us and through us towards a common point of arrival, which is God, in that transcendent fullness where the risen Christ embraces and illumines all things”.[26]In the presence of the heart of Christ, I once more ask the Lord to have mercy on this suffering world in which he chose to dwell as one of us.May he pour out the treasures of his light and love, so that our world, which presses forward despite wars, socio-economic disparities and uses of technology that threaten our humanity, may regain the most important and necessary thing of all: its heart.
    CHAPTER TWO
    ACTIONS AND WORDS OF LOVE
    32. The heart of Christ, as the symbol of the deepest and most personal source of his love for us, is the very core of the initial preaching of the Gospel.It stands at the origin of our faith, as the wellspring that refreshes and enlivens our Christian beliefs.
    ACTIONS THAT REFLECT THE HEART
    33. Christ showed the depth of his love for us not by lengthy explanations but by concrete actions.By examining his interactions with others, we can come to realize how he treats each one of us, even though at times this may be difficult to see.Let us now turn to the place where our faith can encounter this truth: the word of God.
    34. The Gospel tells us that Jesus “came to his own” (cf.Jn1:11).Those words refer to us, for the Lord does not treat us as strangers but as a possession that he watches over and cherishes.He treats us truly as “his own”.This does not mean that we are his slaves, something that he himself denies: “I do not call you servants” (Jn15:15).Rather, it refers to the sense of mutual belonging typical of friends.Jesus came to meet us, bridging all distances; he became as close to us as the simplest, everyday realities of our lives.Indeed, he has another name, “Emmanuel”, which means “God with us”, God as part of our lives, God as living in our midst.The Son of God became incarnate and “emptied himself, taking the form of a slave” (Phil2:7).
    35. This becomes clear when we see Jesus at work.He seeks people out, approaches them, ever open to an encounter with them.We see it when he stops to converse with the Samaritan woman at the well where she went to draw water (cf.Jn4:5-7).We see it when, in the darkness of night, he meets Nicodemus, who feared to be seen in his presence (cf.Jn3:1-2).We marvel when he allows his feet to be washed by a prostitute (cf.Lk7:36-50), when he says to the woman caught in adultery, “Neither do I condemn you” (Jn8:11), or again when he chides the disciples for their indifference and quietly asks the blind man on the roadside, “What do you want me to do for you?” (Mk10:51).Christ shows that God is closeness, compassion and tender love.
    36. Whenever Jesus healed someone, he preferred to do it, not from a distance but in close proximity: “He stretched out his hand and touched him” (Mt8:3).“He touched her hand” (Mt8:15).“He touched their eyes” (Mt9:29).Once he even stopped to cure a deaf man with his own saliva (cf.Mk7:33), as a mother would do, so that people would not think of him as removed from their lives.“The Lord knows the fine science of the caress.In his compassion, God does not love us with words; he comes forth to meet us and, by his closeness, he shows us the depth of his tender love”.[27]
    37. If we find it hard to trust others because we have been hurt by lies, injuries and disappointments, the Lord whispers in our ear: “Take heart, son!” (Mt9:2), “Take heart, daughter!” (Mt9:22).He encourages us to overcome our fear and to realize that, with him at our side, we have nothing to lose.To Peter, in his fright, “Jesus immediately reached out his hand and caught him”, saying, “You of little faith, why did you doubt?” (Mt14:31).Nor should you be afraid.Let him draw near and sit at your side.There may be many people we distrust, but not him.Do not hesitate because of your sins.Keep in mind that many sinners “came and sat with him” (Mt9:10), yet Jesus was scandalized by none of them.It was the religious élite that complained and treated him as “a glutton and a drunkard, a friend of tax collectors and sinners” (Mt11:19).When the Pharisees criticized him for his closeness to people deemed base or sinful, Jesus replied, “I desire mercy, not sacrifice” (Mt9:13).
    38. That same Jesus is now waiting for you to give him the chance to bring light to your life, to raise you up and to fill you with his strength.Before his death, he assured his disciples, “I will not leave you orphaned; I am coming to you.In a little while the world will no longer see me, but you will see me” (Jn14:18-19).Jesus always finds a way to be present in your life, so that you can encounter him.
    JESUS’ GAZE
    39. The Gospel tells us that a rich man came up to Jesus, full of idealism yet lacking in the strength needed to change his life.Jesus then “looked at him” (Mk10:21).Can you imagine that moment, that encounter between his eyes and those of Jesus?If Jesus calls you and summons you for a mission, he first looks at you, plumbs the depths of your heart and, knowing everything about you, fixes his gaze upon you.So it was when, “as he walked by the Sea of Galilee, he saw two brothers… and as he went from there, he saw two other brothers” (Mt4:18, 21).
    40. Many a page of the Gospel illustrates how attentive Jesus was to individuals and above all to their problems and needs.We are told that, “when he saw the crowds, he had compassion for them, because they were harassed and helpless” (Mt9:36).Whenever we feel that everyone ignores us, that no one cares what becomes of us, that we are of no importance to anyone, he remains concerned for us.To Nathanael, standing apart and busy about his own affairs, he could say, “I saw you under the fig tree before Philip called you” (Jn1:48).
    41. Precisely out of concern for us, Jesus knows every one of our good intentions and small acts of charity.The Gospel tells us that once he “saw a poor widow put in two small copper coins” in the Temple treasury (Lk21:2) and immediately brought it to the attention of his disciples.Jesus thus appreciates the good that he sees in us. When the centurion approached him with complete confidence, “Jesus listened to him and was amazed” (Mt8:10).How reassuring it is to know that, even if others are not aware of our good intentions or actions, Jesus sees them and regards them highly.
    42. In his humanity, Jesus learned this from Mary, his mother.Our Lady carefully pondered the things she had experienced; she “treasured them… in her heart” (Lk2:19, 51) and, with Saint Joseph, she taught Jesus from his earliest years to be attentive in this same way.
    JESUS’ WORDS
    43. Although the Scriptures preserve Jesus’ words, ever alive and timely, there are moments when he speaks to us inwardly, calls us and leads us to a better place.That better place is his heart.There he invites us to find fresh strength and peace: “Come to me, all who are weary and are carrying heavy burdens, and I will give you rest” (Mt11:28).In this sense, he could say to his disciples, “Abide in me” (Jn15:4).
    44. Jesus’ words show that his holiness did not exclude deep emotions.On various occasions, he demonstrated a love that was both passionate and compassionate.He could be deeply moved and grieved, even to the point of shedding tears.It is clear that Jesus was not indifferent to the daily cares and concerns of people, such as their weariness or hunger: “I have compassion for this crowd… they have nothing to eat… they will faint on the way, and some of them have come from a great distance” (Mk8:2-3).
    45. The Gospel makes no secret of Jesus’ love for Jerusalem: “As he came near and saw the city, he wept over it” (Lk19:41).He then voiced the deepest desire of his heart: “If you had only recognized on this day the things that make for peace” (Lk19:42).The evangelists, while at times showing him in his power and glory, also portray his profound emotions in the face of death and the grief felt by his friends.Before recounting how Jesus, standing before the tomb of Lazarus, “began to weep” (Jn11:35), the Gospel observes that, “Jesus loved Martha and her sister and Lazarus” (Jn11:5) and that, seeing Mary and those who were with her weeping, “he was greatly disturbed in spirit and deeply moved” (Jn11:33).The Gospel account leaves no doubt that his tears were genuine, the sign of inner turmoil.Nor do the Gospels attempt to conceal Jesus’ anguish over his impending violent death at the hands of those whom he had loved so greatly: he “began to be distressed and agitated” (Mk14:33), even to the point of crying out, “I am deeply grieved, even to death” (Mk14:34).This inner turmoil finds its most powerful expression in his cry from the cross: “My God, my God, why have you forsaken me?” (Mk15:34).
    46. At first glance, all this may smack of pious sentimentalism.Yet it is supremely serious and of decisive importance, and finds its most sublime expression in Christ crucified.The cross is Jesus’ most eloquent word of love.A word that is not shallow, sentimental or merely edifying.It is love, sheer love.That is why Saint Paul, struggling to find the right words to describe his relationship with Christ, could speak of “the Son of God, who loved me and gave himself for me” (Gal2:20).This was Paul’s deepest conviction: the knowledge that he was loved.Christ’s self-offering on the cross became the driving force in Paul’s life, yet it only made sense to him because he knew that something even greater lay behind it: the fact that “he loved me”.At a time when many were seeking salvation, prosperity or security elsewhere, Paul, moved by the Spirit, was able to see farther and to marvel at the greatest and most essential thing of all: “Christ loved me”.
    47. Now, after considering Christ and seeing how his actions and words grant us insight into his heart, let us turn to the Church’s reflection on the holy mystery of the Lord’s Sacred Heart.
    CHAPTER THREE
    THIS IS THE HEART THAT HAS LOVED SO GREATLY
    48. Devotion to the heart of Christ is not the veneration of a single organ apart from the Person of Jesus.What we contemplate and adore is the whole Jesus Christ, the Son of God made man, represented by an image that accentuates his heart.That heart of flesh is seen as the privileged sign of the inmost being of the incarnate Son and his love, both divine and human.More than any other part of his body, the heart of Jesus is “the natural sign and symbol of his boundless love”.[28]
    WORSHIPING CHRIST
    49. It is essential to realize that our relationship to the Person of Jesus Christ is one of friendship and adoration, drawn by the love represented under the image of his heart.We venerate that image, yet our worship is directed solely to the living Christ, in his divinity and his plenary humanity, so that we may be embraced by his human and divine love.
    50. Whatever the image employed, it is clear that the living heart of Christ – not its representation – is the object of our worship, for it is part of his holy risen body, which is inseparable from the Son of God who assumed that body forever.We worship it because it is “the heart of the Person of the Word, to whom it is inseparably united”.[29]Nor do we worship it for its own sake, but because with this heart the incarnate Son is alive, loves us and receives our love in return.Any act of love or worship of his heart is thus “really and truly given to Christ himself”,[30]since it spontaneously refers back to him and is “a symbol and a tender image of the infinite love of Jesus Christ”.[31]
    51. For this reason, it should never be imagined that this devotion may distract or separate us from Jesus and his love.In a natural and direct way, it points us to him and to him alone, who calls us to a precious friendship marked by dialogue, affection, trust and adoration.The Christ we see depicted with a pierced and burning heart is the same Christ who, for love of us, was born in Bethlehem, passed through Galilee healing the sick, embracing sinners and showing mercy.The same Christ who loved us to the very end, opening wide his arms on the cross, who then rose from the dead and now lives among us in glory.
    VENERATING HIS IMAGE
    52. While the image of Christ and his heart is not in itself an object of worship, neither is it simply one among many other possible images.It was not devised at a desk or designed by an artist; it is “no imaginary symbol, but a real symbol which represents the centre, the source from which salvation flowed for all humanity”.[32]
    53. Universal human experience has made the image of the heart something unique.Indeed, throughout history and in different parts of the world, it has become a symbol of personal intimacy, affection, emotional attachment and capacity for love.Transcending all scientific explanations, a hand placed on the heart of a friend expresses special affection: when two persons fall in love and draw close to one another, their hearts beat faster; when we are abandoned or deceived by someone we love, our hearts sink.So too, when we want to say something deeply personal, we often say that we are speaking “from the heart”.The language of poetry reflects the power of these experiences.In the course of history, the heart has taken on unique symbolic value that is more than merely conventional.
    54. It is understandable, then, that the Church has chosen the image of the heart to represent the human and divine love of Jesus Christ and the inmost core of his Person.Yet, while the depiction of a heart afire may be an eloquent symbol of the burning love of Jesus Christ, it is important that this heart not be represented apart from him.In this way, his summons to a personal relationship of encounter and dialogue will become all the more meaningful.[33]The venerable image portraying Christ holding out his loving heart also shows him looking directly at us, inviting us to encounter, dialogue and trust; it shows his strong hands capable of supporting us and his lips that speak personally to each of us.
    55. The heart, too, has the advantage of being immediately recognizable as the profound unifying centre of the body, an expression of the totality of the person, unlike other individual organs.As a part that stands for the whole, we could easily misinterpret it, were we to contemplate it apart from the Lord himself.The image of the heart should lead us to contemplate Christ in all the beauty and richness of his humanity and divinity.
    56. Whatever particular aesthetic qualities we may ascribe to various portrayals of Christ’s heart when we pray before them, it is not the case that “something is sought from them or that blind trust is put in images as once was done by the Gentiles”.Rather, “through these images that we kiss, and before which we kneel and uncover our heads, we are adoring Christ”.[34]
    57. Certain of these representations may indeed strike us as tasteless and not particularly conducive to affection or prayer.Yet this is of little importance, since they are only invitations to prayer, and, to cite an Eastern proverb, we should not limit our gaze to the finger that points us to the moon.Whereas the Eucharist is a real presence to be worshiped, sacred images, albeit blessed, point beyond themselves, inviting us to lift up our hearts and to unite them to the heart of the living Christ.The image we venerate thus serves as a summons to make room for an encounter with Christ, and to worship him in whatever way we wish to picture him.Standing before the image, we stand before Christ, and in his presence, “love pauses, contemplates mystery, and enjoys it in silence”.[35]
    58. At the same time, we must never forget that the image of the heart speaks to us of the flesh and of earthly realities.In this way, it points us to the God who wished to become one of us, a part of our history, and a companion on our earthly journey.A more abstract or stylized form of devotion would not necessarily be more faithful to the Gospel, for in this eloquent and tangible sign we see how God willed to reveal himself and to draw close to us.
    A LOVE THAT IS TANGIBLE
    59. On the other hand, love and the human heart do not always go together, since hatred, indifference and selfishness can also reign in our hearts.Yet we cannot attain our fulfilment as human beings unless we open our hearts to others; only through love do we become fully ourselves.The deepest part of us, created for love, will fulfil God’s plan only if we learn to love.And the heart is the symbol of that love.
    60. The eternal Son of God, in his utter transcendence, chose to love each of us with a human heart.His human emotions became the sacrament of that infinite and endless love.His heart, then, is not merely a symbol for some disembodied spiritual truth.In gazing upon the Lord’s heart, we contemplate a physical reality, his human flesh, which enables him to possess genuine human emotions and feelings, like ourselves, albeit fully transformed by his divine love.Our devotion must ascend to the infinite love of the Person of the Son of God, yet we need to keep in mind that his divine love is inseparable from his human love.The image of his heart of flesh helps us to do precisely this.
    61. Since the heart continues to be seen in the popular mind as the affective centre of each human being, it remains the best means of signifying the divine love of Christ, united forever and inseparably to his wholly human love.Pius XII observed that the Gospel, in referring to the love of Christ’s heart, speaks “not only of divine charity but also human affection”.Indeed, “the heart of Jesus Christ, hypostatically united to the divine Person of the Word, beyond doubt throbbed with love and every other tender affection”.[36]
    62. The Fathers of the Church, opposing those who denied or downplayed the true humanity of Christ, insisted on the concrete and tangible reality of the Lord’s human affections.Saint Basil emphasized that the Lord’s incarnation was not something fanciful, and that “the Lord possessed our natural affections”.[37]Saint John Chrysostom pointed to an example: “Had he not possessed our nature, he would not have experienced sadness from time to time”.[38]Saint Ambrose stated that “in taking a soul, he took on the passions of the soul”.[39]For Saint Augustine, our human affections, which Christ assumed, are now open to the life of grace: “The Lord Jesus assumed these affections of our human weakness, as he did the flesh of our human weakness, not out of necessity, but consciously and freely…lest any who feel grief and sorrow amid the trials of life should think themselves separated from his grace”.[40]Finally, Saint John Damascene viewed the genuine affections shown by Christ in his humanity as proof that he assumed our nature in its entirety in order to redeem and transform it in its entirety: Christ, then, assumed all that is part of human nature, so that all might be sanctified.[41]
    63. Here, we can benefit from the thoughts of a theologian who maintains that, “due to the influence of Greek thought, theology long relegated the body and feelings to the world of the pre-human or sub-human or potentially inhuman; yet what theology did not resolve in theory, spirituality resolved in practice.This, together with popular piety, preserved the relationship with the corporal, psychological and historical reality of Jesus.The Stations of the Cross, devotion to Christ’s wounds, his Precious Blood and his Sacred Heart, and a variety of Eucharist devotions… all bridged the gaps in theology by nourishing our hearts and imagination, our tender love for Christ, our hope and memory, our desires and feelings.Reason and logic took other directions”.[42]
    A THREEFOLD LOVE
    64. Nor do we remain only on the level of the Lord’s human feelings, beautiful and moving as they are.In contemplating Christ’s heart we also see how, in his fine and noble sentiments, his kindness and gentleness and his signs of genuine human affection, the deeper truth of his infinite divine love is revealed.In the words of Benedict XVI, “from the infinite horizon of his love, God wished to enter into the limits of human history and the human condition.He took on a body and a heart.Thus, we can contemplate and encounter the infinite in the finite, the invisible and ineffable mystery in the human heart of Jesus the Nazarene”.[43]
    65. The image of the Lord’s heart speaks to us in fact of a threefold love.First, we contemplate his infinite divine love.Then our thoughts turn to the spiritual dimension of his humanity, in which the heart is “the symbol of that most ardent love which, infused into his soul, enriches his human will”.Finally, “it is a symbol also of his sensible love”.[44]
    66. These three loves are not separate, parallel or disconnected, but together act and find expression in a constant and vital unity.For “by faith, through which we believe that the human and divine nature were united in the Person of Christ, we can see the closest bonds between the tender love of the physical heart of Jesus and the twofold spiritual love, namely human and divine”.[45]
    67. Entering into the heart of Christ, we feel loved by a human heart filled with affections and emotions like our own.Jesus’ human will freely chooses to love us, and that spiritual love is flooded with grace and charity.When we plunge into the depths of his heart, we find ourselves overwhelmed by the immense glory of his infinite love as the eternal Son, which we can no longer separate from his human love.It is precisely in his human love, and not apart from it, that we encounter his divine love: we discover “the infinite in the finite”.[46]
    68. It is the constant and unequivocal teaching of the Church that our worship of Christ’s person is undivided, inseparably embracing both his divine and his human natures.From ancient times, the Church has taught that we are to “adore one and the same Christ, the Son of God and of man, consisting of and in two inseparable and undivided natures”.[47]And we do so “with one act of adoration… inasmuch as the Word became flesh”.[48]Christ is in no way “worshipped in two natures, whereby two acts of worship are introduced”; instead, we venerate “by one act of worship God the Word made flesh, together with his own flesh”.[49]
    69. Saint John of the Cross sought to explain that in mystical experience the infinite love of the risen Christ is not perceived as alien to our lives.The infinite in some way “condescends” to enable us, through the open heart of Christ, to experience an encounter of truly reciprocal love, for “it is indeed credible that a bird of lowly flight can capture the royal eagle of the heights, if this eagle descends with the desire of being captured”.[50]He also explains that the Bridegroom, “beholding that the bride is wounded with love for him, because of her moan he too is wounded with love for her.Among lovers, the wound of one is the wound of both”.[51]John of the Cross regards the image of Christ’s pierced side as an invitation to full union with the Lord.Christ is the wounded stag, wounded when we fail to let ourselves be touched by his love, who descends to the streams of water to quench his thirst and is comforted whenever we turn to him:
    “Return, dove!
    The wounded stag
    is in sight on the hill,
    cooled by the breeze of your flight”.[52]
    TRINITARIAN PERSPECTIVES
    70. Devotion to the heart of Jesus, as a direct contemplation of the Lord that draws us into union with him, is clearly Christological in nature.We see this in the Letter to the Hebrews, which urges us to “run with perseverance the race that is set before us, looking to Jesus” (12:2).At the same time, we need to realize that Jesus speaks of himself as the way to the Father: “I am the way…No one comes to the Father except through me” (Jn14:6).Jesus wants to bring us to the Father.That is why, from the very beginning, the Church’s preaching does not end with Jesus, but with the Father.As source and fullness, the Father is ultimately the one to be glorified.[53]
    71. If we turn, for example, to the Letter to the Ephesians, we can see clearly how our worship is directed to the Father: “I bow my knees before the Father” (3:14).There is “one God and Father of all, who is above all and through all and in all” (4:6).“Give thanks to God the Father at all times and for everything” (5:20).It is the Father “for whom we exist” (1 Cor8:6).In this sense, Saint John Paul II could say that, “the whole of the Christian life is like a greatpilgrimage to the house of the Father”.[54]This too was the experience of Saint Ignatius of Antioch on his path to martyrdom: “In me there is left no spark of desire for mundane things, but only a murmur of living water that whispers within me, ‘Come to the Father’”.[55]
    72. The Father is, before all else, the Father of Jesus Christ: “Blessed be the God and Father of our Lord Jesus Christ”(Eph1:3).He is “the God of our Lord Jesus Christ, the Father of glory” (Eph1:17).When the Son became man, all the hopes and aspirations of his human heart were directed towards the Father.If we consider the way Christ spoke of the Father, we can grasp the love and affection that his human heart felt for him, this complete and constant orientation towards him.[56]Jesus’ life among us was a journey of response to the constant call of his human heart to come to the Father.[57]
    73. We know that the Aramaic word Jesus used to address the Father was “Abba”, an intimate and familiar term that some found disconcerting (cf.Jn5:18).It is how he addressed the Father in expressing his anguish at his impending death: “Abba,Father, for you all things are possible; remove this cup from me; yet, not what I want, but what you want” (Mk14:36).Jesus knew well that he had always been loved by the Father: “You loved me before the foundation of the world” (Jn17:24).In his human heart, he had rejoiced at hearing the Father say to him: “You are my Son, the Beloved; with you I am well pleased” (Mk1:11).
    74. The Fourth Gospel tells us that the eternal Son was always “close to the Father’s heart” (Jn1:18).[58]Saint Irenaeus thus declares that “the Son of God was with the Father from the beginning”.[59]Origen, for his part, maintains that the Son perseveres “in uninterrupted contemplation of the depths of the Father”.[60]When the Son took flesh, he spent entire nights conversing with his beloved Father on the mountaintop (cf.Lk6:12).He told us, “I must be in my Father’s house” (Lk2:49).We see too how he expressed his praise: “Jesus rejoiced in the Holy Spirit and said, ‘I thank you, Father, Lord of heaven and earth’ (Lk10:21).His last words, full of trust, were, “Father, into your hands I commend my spirit” (Lk23:46).
    75. Let us now turn to the Holy Spirit, whose fire fills the heart of Christ.As Saint John Paul II once said, Christ’s heart is “the Holy Spirit’s masterpiece”.[61]This is more than simply a past event, for even now “the heart of Christ is alive with the action of the Holy Spirit, to whom Jesus attributed the inspiration of his mission (cf.Lk4:18;Is61:1) and whose sending he had promised at the Last Supper.It is the Spirit who enables us to grasp the richness of the sign of Christ’s pierced side, from which the Church has sprung (cf.Sacrosanctum Concilium, 5)”.[62]In a word, “only the Holy Spirit can open up before us the fullness of the ‘inner man’, which is found in the heart of Christ.He alone can cause our human hearts to draw strength from that fullness, step by step”.[63]
    76. If we seek to delve more deeply into the mysterious working of the Spirit, we learn that he groans within us, saying “Abba!”Indeed,“the proof that you are children is that God has sent the Spirit of his Son into our hearts, crying, ‘Abba! Father!’” (Gal4:6).For “the Spirit bears witness with our spirit that we are children of God” (Rom8:16).The Holy Spirit at work in Christ’s human heart draws him unceasingly to the Father.When the Spirit unites us to the sentiments of Christ through grace, he makes us sharers in the Son’s relationship to the Father, whereby we receive “a spirit of adoption through which we cry out, ‘Abba! Father!’” (Rom8:15).
    77.Our relationship with the heart of Christ is thus changed, thanks to the prompting of the Spirit who guides us to the Father, the source of life and the ultimate wellspring of grace.Christ does not expect us simply to remain in him.His love is “the revelation of the Father’s mercy”,[64]and his desire is that, impelled by the Spirit welling up from his heart, we should ascend to the Father “with him and in him”.We give glory to the Father “through” Christ,[65]“with” Christ,[66]and “in” Christ.[67]Saint John Paul II taught that, “the Saviour’s heart invites us to return to the Father’s love, which is the source of every authentic love”.[68]This is precisely what the Holy Spirit, who comes to us through the heart of Christ, seeks to nurture in our hearts.For this reason, the liturgy, through the enlivening work of the Spirit, always addresses the Father from the risen heart of Christ.
    RECENT TEACHINGS OF THE MAGISTERIUM
    78.In numerous ways, Christ’s heart has always been present in the history of Christian spirituality.In the Scriptures and in the early centuries of the Church’s life, it appeared under the image of the Lord’s wounded side, as a fountain of grace and a summons to a deep and loving encounter.In this same guise, it has reappeared in the writings of numerous saints, past and present.In recent centuries, this spirituality has gradually taken on the specific form of devotion to the Sacred Heart of Jesus.
    79. A number of my Predecessors have spoken in various ways about the heart of Christ and exhorted us to unite ourselves to it.At the end of the nineteenth century, Leo XIII encouraged us to consecrate ourselves to the Sacred Heart, thus uniting our call to union with Christ and our wonder before the magnificence of his infinite love.[69]Some thirty years later, Pius XI presented this devotion as a “summa” of the experience of Christian faith.[70]Pius XII went on to declare that adoration of the Sacred Heart expresses in an outstanding way, as a sublime synthesis, the worship we owe to Jesus Christ.[71]
    80. More recently, Saint John Paul II presented the growth of this devotion in recent centuries as a response to the rise of rigorist and disembodied forms of spirituality that neglected the richness of the Lord’s mercy.At the same time, he saw it as a timely summons to resist attempts to create a world that leaves no room for God.“Devotion to the Sacred Heart, as it developed in Europe two centuries ago, under the impulse of the mystical experiences of Saint Margaret Mary Alacoque, was aresponse to Jansenist rigor, which ended up disregarding God’s infinite mercy…The men and women of the third millennium need the heart of Christin order to know God and to know themselves; they need it to build the civilization of love”.[72]
    81. Benedict XVI asked us to recognize in the heart of Christ an intimate and daily presence in our lives: “Every person needs a ‘centre’ for his or her own life, a source of truth and goodness to draw upon in the events, situations and struggles of daily existence.All of us, when we pause in silence, need to feel not only the beating of our own heart, but deeper still, the beating of a trustworthy presence, perceptible with faith’s senses and yet much more real: the presence of Christ, the heart of the world”.[73]
    FURTHER REFLECTIONS AND RELEVANCE FOR OUR TIMES
    82. The expressive and symbolic image of Christ’s heart is not the only means granted us by the Holy Spirit for encountering the love of Christ, yet it is, as we have seen, an especially privileged one.Even so, it constantly needs to be enriched, deepened and renewed through meditation, the reading of the Gospel and growth in spiritual maturity.Pius XII made it clear that the Church does not claim that, “we must contemplate and adore in the heart of Jesus a ‘formal’ image, that is, a perfect and absolute sign of his divine love, for the essence of this love can in no way be adequately expressed by any created image whatsoever”.[74]
    83. Devotion to Christ’s heart is essential for our Christian life to the extent that it expresses our openness in faith and adoration to the mystery of the Lord’s divine and human love.In this sense, we can once more affirm that the Sacred Heart is a synthesis of the Gospel.[75]We need to remember that the visions or mystical showings related by certain saints who passionately encouraged devotion to Christ’s heart are not something that the faithful are obliged to believe as if they were the word of God.[76]Nonetheless, they are rich sources of encouragement and can prove greatly beneficial, even if no one need feel forced to follow them should they not prove helpful on his or her own spiritual journey.At the same time, however, we should be mindful that, as Pius XII pointed out, this devotion cannot be said “to owe its origin to private revelations”.[77]
    84. The promotion of Eucharistic communion on the first Friday of each month, for example, sent a powerful message at a time when many people had stopped receiving communion because they were no longer confident of God’s mercy and forgiveness and regarded communion as a kind of reward for the perfect.In the context of Jansenism, the spread of this practice proved immensely beneficial, since it led to a clearer realization that in the Eucharist the merciful and ever-present love of the heart of Christ invites us to union with him.It can also be said that this practice can prove similarly beneficial in our own time, for a different reason.Amid the frenetic pace of today’s world and our obsession with free time, consumption and diversion, cell phones and social media, we forget to nourish our lives with the strength of the Eucharist.
    85. While no one should feel obliged to spend an hour in adoration each Thursday, the practice ought surely to be recommended.When we carry it out with devotion, in union with many of our brothers and sisters and discover in the Eucharist the immense love of the heart of Christ, we “adore, together with the Church, the sign and manifestation of the divine love that went so far as to love, through the heart of the incarnate Word, the human race”.[78]
    86. Many Jansenists found this difficult to comprehend, for they looked askance on all that was human, affective and corporeal, and so viewed this devotion as distancing us from pure worship of the Most High God.Pius XII described as “false mysticism”[79]the elitist attitude of those groups that saw God as so sublime, separate and distant that they regarded affective expressions of popular piety as dangerous and in need of ecclesiastical oversight.
    87. It could be argued that today, in place of Jansenism, we find ourselves before a powerful wave of secularization that seeks to build a world free of God.In our societies, we are also seeing a proliferation of varied forms of religiosity that have nothing to do with a personal relationship with the God of love, but are new manifestations of a disembodied spirituality.I must warn that within the Church too, a baneful Jansenist dualism has re-emerged in new forms.This has gained renewed strength in recent decades, but it is a recrudescence of that Gnosticism which proved so great a spiritual threat in the early centuries of Christianity because it refused to acknowledge the reality of “the salvation of the flesh”.For this reason, I turn my gaze to the heart of Christ and I invite all of us to renew our devotion to it.I hope this will also appeal to today’s sensitivities and thus help us to confront the dualisms, old and new, to which this devotion offers an effective response.
    88. I would add that the heart of Christ also frees us from another kind of dualism found in communities and pastors excessively caught up in external activities, structural reforms that have little to do with the Gospel, obsessive reorganization plans, worldly projects, secular ways of thinking and mandatory programmes.The result is often a Christianity stripped of the tender consolations of faith, the joy of serving others, the fervour of personal commitment to mission, the beauty of knowing Christ and the profound gratitude born of the friendship he offers and the ultimate meaning he gives to our lives.This too is the expression of an illusory and disembodied otherworldliness.
    89. Once we succumb to these attitudes, so widespread in our day, we tend to lose all desire to be cured of them.This leads me to propose to the whole Church renewed reflection on the love of Christ represented in his Sacred Heart.For there we find the whole Gospel, a synthesis of the truths of our faith, all that we adore and seek in faith, all that responds to our deepest needs.
    90. As we contemplate the heart of Christ, the incarnate synthesis of the Gospel, we can, following the example of Saint Therese of the Child Jesus, “place heartfelt trust not in ourselves but in the infinite mercy of a God who loves us unconditionally and has already given us everything in the cross of Jesus Christ”.[80]Therese was able to do this because she had discovered in the heart of Christ that God is love: “To me he has granted his infinite mercy, and through it I contemplate and adore the other divine perfections”.[81]That is why a popular prayer, directed like an arrow towards the heart of Christ, says simply: “Jesus, I trust in you”.[82]No other words are needed.
    91. In the following chapters, we will emphasize two essential aspects that contemporary devotion to the Sacred Heart needs to combine, so that it can continue to nourish us and bring us closer to the Gospel: personal spiritual experience and communal missionary commitment.
    CHAPTER FOUR
    A LOVE THAT GIVES ITSELF AS DRINK
    92. Let us now return to the Scriptures, the inspired texts where, above all, we encounter God’s revelation.There, and in the Church’s living Tradition, we hear what the Lord has wished to tell us in the course of history.By reading several texts from the Old and the New Testaments, we will gain insight into the word of God that has guided the great spiritual pilgrimage of his people down the ages.
    A GOD WHO THIRSTS FOR LOVE
    93. The Bible shows that the people that journeyed through the desert and yearned for freedom received the promise of an abundance of life-giving water: “With joy you will draw water from the wells of salvation” (Is12:3).The messianic prophecies gradually coalesced around the imagery of purifying water: “I will sprinkle clean water upon you, and you shall be clean… a new spirit I will put within you” (Ezek36:25-26).This water would bestow on God’s people the fullness of life, like a fountain flowing from the Temple and bringing a wealth of life and salvation in its wake.“I saw on the bank of the river a great many trees on the one side and on the other… and wherever that river goes, every living creature will live… and when that river enters the sea, its waters will become fresh; everything will live where the river goes” (Ezek47:7-9).
    94. The Jewish festival of Booths (Sukkot), which recalls the forty-year sojourn of Israel in the desert, gradually adopted the symbolism of water as a central element.It included a rite of offering water each morning, which became most solemn on the final day of the festival, when a great procession took place towards the Temple, the altar was circled seven times and the water was offered to God amid loud cries of joy.[83]
    95. The dawn of the messianic era was described as a fountain springing up for the people: “I will pour out a spirit of compassion and supplication on the house of David and the inhabitants of Jerusalem, and they shall look on him whom they have pierced…On that day, a fountain shall be opened for the house of David and the inhabitants of Jerusalem, to cleanse them from sin and impurity” (Zech12:10; 13:1).
    96. One who is pierced, a flowing fountain, the outpouring of a spirit of compassion and supplication: the first Christians inevitably considered these promises fulfilled in the pierced side of Christ, the wellspring of new life.In the Gospel of John, we contemplate that fulfilment.From Jesus’ wounded side, the water of the Spirit poured forth: “One of the soldiers pierced his side with a spear, and at once blood and water flowed out” (Jn19:34).The evangelist then recalls the prophecy that had spoken of a fountain opened in Jerusalem and the pierced one (Jn19:37; cf.Zech12:10).The open fountain is the wounded side of Christ.
    97. Earlier, John’s Gospel had spoken of this event, when on “the last day of the festival” (Jn7:37), Jesus cried out to the people celebrating the great procession: “Let anyone who is thirsty come to me and drink… out of his heart shall flow rivers of living water” (Jn7:37-38).For this to be accomplished, however, it was necessary for Jesus’ “hour” to come, for he “was not yet glorified” (Jn7:39).That fulfilment was to come on the cross, in the blood and water that flowed from the Lord’s side.
    98. The Book of Revelation takes up the prophecies of the pierced one and the fountain: “every eye will see him, even those who pierced him” (Rev1:7); “Let everyone who is thirsty come; let anyone who wishes take the water of life as a gift” (Rev22:17).
    99. The pierced side of Jesus is the source of the love that God had shown for his people in countless ways.Let us now recall some of his words:
    “Because you are precious in my sight and honoured, I love you” (Is43:4).
    “Can a woman forget her nursing child, or show no compassion for the child of her womb?Even if these may forget, yet I will not forget you.See, I have inscribed you on the palms of my hands” (Is49:15-16).
    “For the mountains may depart, and the hills be removed, but my steadfast love shall not depart from you, and my covenant of peace shall not be removed” (Is54:10).
    “I have loved you with an everlasting love; therefore I have continued my faithfulness to you” (Jer31:3).
    “The Lord, your God, is in your midst, a warrior who gives you victory; he will rejoice over you with gladness, he will renew you in his love; he will exult over you with loud singing” (Zeph3:17).
    100.The prophet Hosea goes so far as to speak of the heart of God, who “led them with cords of human kindness, with bands of love” (Hos11:4).When that love was spurned, the Lord could say, “My heart is stirred within me; my compassion grows warm and tender (Hos11:8).God’s merciful love always triumphs (cf.Hos11:9), and it was to find its most sublime expression in Christ, his definitive Word of love.
    101.The pierced heart of Christ embodies all God’s declarations of love present in the Scriptures.That love is no mere matter of words; rather, the open side of his Son is a source of life for those whom he loves, the fount that quenches the thirst of his people.As Saint John Paul II pointed out, “the essential elements of devotion [to the Sacred Heart] belong in a permanent fashion to the spirituality of the Church throughout her history; for since the beginning, the Church has looked to the heart of Christ pierced on the Cross”.[84]
    ECHOES OF THE WORD IN HISTORY
    102.Let us consider some of the ways that, in the history of the Christian faith, these prophecies were understood to have been fulfilled.Various Fathers of the Church, especially those in Asia Minor, spoke of the wounded side of Jesus as the source of the water of the Holy Spirit: the word, its grace and the sacraments that communicate it.The courage of the martyrs is born of “the heavenly fount of living waters flowing from the side of Christ”[85]or, in the version of Rufinus, “the heavenly and eternal streams that flow from the heart of Christ”.[86]We believers, reborn in the Spirit, emerge from the cleft in the rock; “we have come forth from the heart of Christ”.[87]His wounded side, understood as his heart, filled with the Holy Spirit, comes to us as a flood of living water. “The fount of the Spirit is entirely in Christ”.[88]Yet the Spirit whom we have received does not distance us from the risen Lord, but fills us with his presence, for by drinking of the Spirit we drink of the same Christ.In the words of Saint Ambrose: “Drink of Christ, for he is the rock that pours forth a flood of water.Drink of Christ, for he is the source of life.Drink of Christ, for he is the river whose streams gladden the city of God.Drink of Christ, for he is our peace.Drink of Christ, for from his side flows living water”.[89]
    103.Saint Augustine opened the way to devotion to the Sacred Heart as the locus of our personal encounter with the Lord.For Augustine, Christ’s wounded side is not only the source of grace and the sacraments, but also the symbol of our intimate union with Christ, the setting of an encounter of love.There we find the source of the most precious wisdom of all, which is knowledge of him.In effect, Augustine writes that John, the beloved disciple, reclining on Jesus’ bosom at the Last Supper, drew near to the secret place of wisdom.[90]Here we have no merely intellectual contemplation of an abstract theological truth.As Saint Jerome explains, a person capable of contemplation “does not delight in the beauty of that stream of water, but drinks of the living water flowing from the side of the Lord”.[91]
    104.Saint Bernard takes up the symbolism of the pierced side of the Lord and understands it explicitly as a revelation and outpouring of all of the love of his heart.Through that wound, Christ opens his heart to us and enables us to appropriate the boundless mystery of his love and mercy: “I take from the bowels of the Lord what is lacking to me, for his bowels overflow with mercy through the holes through which they stream.Those who crucified him pierced his hands and feet, they pierced his side with a lance.And through those holes I can taste wild honey and oil from the rocks of flint, that is, I can taste and see that the Lord is good…A lance passed through his soul even to the region of his heart.No longer is he unable to take pity on my weakness.The wounds inflicted on his body have disclosed to us the secrets of his heart; they enable us to contemplate the great mystery of his compassion”.[92]
    105.This theme reappears especially in William of Saint-Thierry, who invites us to enter into the heart of Jesus, who feeds us from his own breast.[93]This is not surprising if we recall that for William, “the art of arts is the art of love…Love is awakened by the Creator of nature, and is a power of the soul that leads it, as if by its natural gravity, to its proper place and end”.[94]That proper place, where love reigns in fullness, is the heart of Christ: “Lord, where do you lead those whom you embrace and clasp to your heart?Your heart, Jesus, is the sweet manna of your divinity that you hold within the golden jar of your soul (cf.Heb9:4), and that surpasses all knowledge.Happy those who, having plunged into those depths, have been hidden by you in the recess of your heart”.[95]
    106.Saint Bonaventure unites these two spiritual currents.He presents the heart of Christ as the source of the sacraments and of grace, and urges that our contemplation of that heart become a relationship between friends, a personal encounter of love.
    107.Bonaventure makes us appreciate first the beauty of the grace and the sacraments flowing from the fountain of life that is the wounded side of the Lord.“In order that from the side of Christ sleeping on the cross, the Church might be formed and the Scripture fulfilled that says: ‘They shall look upon him whom they pierced’, one of the soldiers struck him with a lance and opened his side.This was permitted by divine Providence so that, in the blood and water flowing from that wound, the price of our salvation might flow from the hidden wellspring of his heart, enabling the Church’s sacraments to confer the life of grace and thus to be, for those who live in Christ, like a cup filled from the living fount springing up to life eternal”.[96]
    108.Bonaventure then asks us to take another step, in order that our access to grace not be seen as a kind of magic or neo-platonic emanation, but rather as a direct relationship with Christ, a dwelling in his heart, so that whoever drinks from that source becomes a friend of Christ, a loving heart.“Rise up, then, O soul who are a friend of Christ, and be the dove that nests in the cleft in the rock; be the sparrow that finds a home and constantly watches over it; be the turtledove that hides the offspring of its chaste love in that most holy cleft”.[97]
    THE SPREAD OF DEVOTION TO THE HEART OF CHRIST
    109.Gradually, the wounded side of Christ, as the abode of his love and the wellspring of the life of grace, began to be associated with his heart, especially in monastic life.We know that in the course of history, devotion to the heart of Christ was not always expressed in the same way, and that its modern developments, related to a variety of spiritual experiences, cannot be directly derived from the mediaeval forms, much less the biblical forms in which we glimpse the seeds of that devotion.This notwithstanding, the Church today rejects nothing of the good that the Holy Spirit has bestowed on us down the centuries, for she knows that it will always be possible to discern a clearer and deeper meaning in certain aspects of that devotion, and to gain new insights over the course of time.
    110.A number of holy women, in recounting their experiences of encounter with Christ, have spoken of resting in the heart of the Lord as the source of life and interior peace.This was the case with Saints Lutgarde and Mechtilde of Hackeborn, Saint Angela of Foligno and Dame Julian of Norwich, to mention only a few.Saint Gertrude of Helfta, a Cistercian nun, tells of a time in prayer when she reclined her head on the heart of Christ and heard its beating.In a dialogue with Saint John the Evangelist, she asked him why he had not described in his Gospel what he experienced when he did the same.Gertrude concludes that “the sweet sound of those heartbeats has been reserved for modern times, so that, hearing them, our aging and lukewarm world may be renewed in the love of God”.[98]Might we think that this is indeed a message for our own times, a summons to realize how our world has indeed “grown old”, and needs to perceive anew the message of Christ’s love?Saint Gertrude and Saint Mechtilde have been considered among “the most intimate confidants of the Sacred Heart”.[99]
    111.The Carthusians, encouraged above all by Ludolph of Saxony, found in devotion to the Sacred Heart a means of growth in affection and closeness to Christ.All who enter through the wound of his heart are inflamed with love.Saint Catherine of Siena wrote that the Lord’s sufferings are impossible for us to comprehend, but the open heart of Christ enables us to have a lively personal encounter with his boundless love.“I wished to reveal to you the secret of my heart, allowing you to see it open, so that you can understand that I have loved you so much more than I could have proved to you by the suffering that I once endured”.[100]
    112.Devotion to the heart of Christ slowly passed beyond the walls of the monasteries to enrich the spirituality of saintly teachers, preachers and founders of religious congregations, who then spread it to the farthest reaches of the earth.[101]
    113.Particularly significant was the initiative taken by Saint John Eudes, who, “after preaching with his confrères a fervent mission in Rennes, convinced the bishop of that diocese to approve the celebration of the feast of the Adorable Heart of our Lord Jesus Christ.This was the first time that such a feast was officially authorized in the Church.Following this, between the years 1670 and 1671, the bishops of Coutances, Evreux, Bayeux, Lisieux and Rouen authorized the celebration of the feast for their respective dioceses”.[102]
    SAINT FRANCIS DE SALES
    114.In modern times, mention should be made of the important contribution of Saint Francis de Sales.Francis frequently contemplated Christ’s open heart, which invites us to dwell therein, in a personal relationship of love that sheds light on the mysteries of his life.In his writings, the saintly Doctor of the Church opposes a rigorous morality and a legalistic piety by presenting the heart of Jesus as a summons to complete trust in the mysterious working of his grace.We see this expressed in his letter to Saint Jane Francis de Chantal: “I am certain that we will remain no longer in ourselves… but dwell forever in the Lord’s wounded side, for apart from him not only can we do nothing, but even if we were able, we would lack the desire to do anything”.[103]
    115.For Francis de Sales, true devotion had nothing to do with superstition or perfunctory piety, since it entails a personal relationship in which each of us feels uniquely and individually known and loved by Christ.“This most adorable and lovable heart of our Master, burning with the love which he professes to us, [is] a heart on which all our names are written…Surely it is a source of profound consolation to know that we are loved so deeply by our Lord, who constantly carries us in his heart”.[104]With the image of our names written on the heart of Christ, Saint Francis sought to express the extent to which Christ’s love for each of us is not something abstract and generic, but utterly personal, enabling each believer to feel known and respected for who he or she is.“How lovely is this heaven, in which the Lord is its sun and his breast a fountain of love from which the blessed drink to their heart’s content!Each of us can look therein and see our name carved in letters of love, which true love alone can read and true love has written.Dear God!And what too, beloved daughter, of our loved ones?Surely they will be there too; for even if our hearts have no love, they nonetheless possess a desire for love and the beginnings of love”.[105]
    116.Francis saw this experience of Christ’s love as essential to the spiritual life, indeed one of the great truths of faith: “Yes, my beloved daughter, he thinks of you and not only, but even the smallest hair of your head: this is an article of faith and in no way must it be doubted”.[106]It follows that the believer becomes capable of complete abandonment in the heart of Christ, in which he or she finds repose, comfort and strength: “Oh God!What happiness to be thus embraced and to recline in the bosom of the Saviour.Remain thus, beloved daughter, and like another little one, Saint John, while others are tasting different kinds of food at the table of the Lord, lay your head, your soul and your spirit, in a gesture of utter trust, on the loving bosom of this dear Lord”.[107]“I hope that you are resting in the cleft of the turtledove and in the pierced side of our beloved Saviour…How good is this Lord, my beloved daughter!How loving is his Heart!Let us remain here, in this holy abode”.[108]
    117.At the same time, faithful to his teaching on the sanctification of ordinary life, Francis proposes that this experience take place in the midst of the activities, tasks and obligations of our daily existence.“You asked me how souls that are attracted in prayer to this holy simplicity, to this perfect abandonment in God, should conduct themselves in all their actions?I would reply that, not only in prayer, but also in the conduct of everyday life they should advance always in the spirit of simplicity, abandoning and completely surrendering their soul, their actions and their accomplishments to God’s will.And to do so with a love marked by perfect and absolute trust, abandoning themselves to grace and to the care of the eternal love that divine Providence feels for them”.[109]
    118.For this reason, when looking for a symbol to convey his vision of spiritual life, Francis de Sales concluded: “I have thought, dear Mother, if you agree, that we should take as our emblem a single heart pierced by two arrows, the whole enclosed in a crown of thorns”.[110]
    A NEW DECLARATION OF LOVE
    119.Under the salutary influence of this Salesian spirituality, the events of Paray-le-Monial took place at the end of the seventeenth century.Saint Margaret Mary Alacoque reported a remarkable series of apparitions of Christ between the end of December 1673 and June of 1675.Fundamental to these was a declaration of love that stood out in the first apparition.Jesus said: “My divine Heart is so inflamed with love for men, and for you in particular, that, no longer able to contain in itself the flames of its ardent charity, it must pour them out through you and be manifested to them, in order to enrich them with its precious treasures which I now reveal to you”.[111]
    120.Saint Margaret Mary’s account is powerful and deeply moving: “He revealed to me the wonders of his love and the inexplicable secrets of his Sacred Heart which he had hitherto kept hidden from me, until he opened it to me for the first time, in such a striking and sensible manner that he left me no room for doubt”.[112]In subsequent appearances, that consoling message was reiterated: “He revealed to me the ineffable wonders of his pure love and to what extremes it had led him to love mankind”.[113]
    121.This powerful realization of the love of Jesus Christ bequeathed to us by Saint Margaret Mary can spur us to greater union with him.We need not feel obliged to accept or appropriate every detail of her spiritual experience, in which, as often happens, God’s intervention combines with human elements related to the individual’s own desires, concerns and interior images.[114]Such experiences must always be interpreted in the light of the Gospel and the rich spiritual tradition of the Church, even as we acknowledge the good they accomplish in many of our brothers and sisters.In this way, we can recognize the gifts of the Holy Spirit present in those experiences of faith and love.More important than any individual detail is the core of the message handed on to us, which can be summed up in the words heard by Saint Margaret Mary: “This is the heart that so loved human beings that it has spared nothing, even to emptying and consuming itself in order to show them its love”.[115]
    122.This apparition, then, invites us to grow in our encounter with Christ, putting our trust completely in his love, until we attain full and definitive union with him.“It is necessary that the divine heart of Jesus in some way replace our own; that he alone live and work in us and for us; that his will… work absolutely and without any resistance on our part; and finally that its affections, thoughts and desires take the place of our own, especially his love, so that he is loved in himself and for our sakes.And so, this lovable heart being our all in all, we can say with Saint Paul that we no longer live our own lives, but it is he who lives within us”.[116]
    123.In the first message that Saint Margaret Mary received, this invitation was expressed in vivid, fervent and loving terms.“He asked for my heart, which I asked him to take, which he did and then placed myself in his own adorable heart, from which he made me see mine like a little atom consumed in the fiery furnace of his own”.[117]
    124.At another point, we see that the one who gives himself to us is the risen and glorified Christ, full of life and light.If indeed, at different times, he spoke of the suffering that he endured for our sake and of the ingratitude with which it is met, what we see here are not so much his blood and painful wounds, but rather the light and fire of the Lord of life.The wounds of the passion have not disappeared, but are now transfigured.Here we see the paschal mystery in all its splendour: “Once, when the Blessed Sacrament was exposed, Jesus appeared, resplendent in glory, with his five wounds that appeared as so many suns blazing forth from his sacred humanity, but above all from his adorable breast, which seemed a fiery furnace.Opening his robe, he revealed his most loving and lovable heart, which was the living source of those flames.Then it was that I discovered the ineffable wonders of his pure love, with which he loves men to the utmost, yet receives from them only ingratitude and indifference”.[118]
    SAINT CLAUDE DE LA COLOMBIÈRE
    125.When Saint Claude de La Colombière learned of the experiences of Saint Margaret Mary, he immediately undertook her defence and began to spread word of the apparitions.Saint Claude played a special role in developing the understanding of devotion to the Sacred Heart and its meaning in the light of the Gospel.
    126.Some of the language of Saint Margaret Mary, if poorly understood, might suggest undue trust in our personal sacrifices and offerings.Saint Claude insists that contemplation of the heart of Jesus, when authentic, does not provoke self-complacency or a vain confidence in our own experiences or human efforts, but rather an ineffable abandonment in Christ that fills our life with peace, security and decision.He expressed this absolute confidence most eloquently in a celebrated prayer:
    “My God, I am so convinced that you keep watch over those who hope in you, and that we can want for nothing when we look for all in you, that I am resolved in the future to live free from every care and to turn all my anxieties over to you…I shall never lose my hope.I shall keep it to the last moment of my life; and at that moment all the demons in hell will strive to tear it from me…Others may look for happiness from their wealth or their talents; others may rest on the innocence of their life, or the severity of their penance, or the amount of their alms, or the fervour of their prayers.As for me, Lord, all my confidence is confidence itself.This confidence has never deceived anyone…I am sure, therefore, that I shall be eternally happy, since I firmly hope to be, and because it is from you, O God, that I hope for it”.[119]
    127.In a note of January 1677, after mentioning the assurance he felt regarding his mission, Claude continued: “I have come to know that God wanted me to serve him by obtaining the fulfilment of his desires regarding the devotion that he suggested to a person to whom he communicates in confidence, and for whose sake he has desired to make use of my weakness.I have already used it to help several persons”.[120]
    128.It should be recognized that the spirituality of Blessed Claude de La Colombière resulted in a fine synthesis of the profound and moving spiritual experience of Saint Margaret Mary and the vivid and concrete form of contemplation found in the Spiritual Exercises of Saint Ignatius Loyola.At the beginning of the third week of the Exercises, Claude reflected:“Two things have moved me in a striking way.First, the attitude of Christ towards those who sought to arrest him.His heart is full of bitter sorrow; every violent passion is unleashed against him and all nature is in turmoil, yet amid all this confusion, all these temptations, his heart remains firmly directed to God.He does not hesitate to take the part that virtue and the highest virtue suggested to him.Second, the attitude of that same heart towards Judas who betrayed him, the apostles who cravenly abandoned him, the priests and the others responsible for the persecution he suffered; none of these things was able to arouse in him the slightest sentiment of hatred or indignation.I present myself anew to this heart free of anger, free of bitterness, filled instead with genuine compassion towards its enemies”.[121]
    SAINT CHARLES DE FOUCAULD AND SAINT THERESE OF THE CHILD JESUS
    129.Saint Charles de Foucauld and Saint Therese of the Child Jesus, without intending to, reshaped certain aspects of devotion to the heart of Christ and thus helped us understand it in an even more evangelical spirit.Let us now examine how this devotion found expression in their lives.In the following chapter, we will return to them, in order to illustrate the distinctively missionary dimension that each of them brought to the devotion.
    Iesus Caritas
    130.In Louye, Charles de Foucauld was accustomed to visit the Blessed Sacrament with his cousin, Marie de Bondy.One day she showed him an image of the Sacred Heart.[122]His cousin played a fundamental role in Charles’s conversion, as he himself acknowledged: “Since God has made you the first instrument of his mercies towards me, from you everything else began.Had you not converted me, brought me to Jesus and taught me little by little, letter by letter, all that is holy and good, where would I be today?”[123]What Marie awakened in him was an intense awareness of the love of Jesus.That was the essential thing, and centred on devotion to the heart of Jesus, in which he encountered unbounded mercy: “Let us trust in the infinite mercy of the one whose heart you led me to know”.[124]
    131.Later, his spiritual director, Father Henri Huvelin, helped Charles to deepen his understanding of the inestimable mystery of “this blessed heart of which you spoke to me so often”.[125]On 6 June 1889, Charles consecrated himself to the Sacred Heart, in which he found a love without limits.He told Christ, “You have bestowed on me so many benefits, that it would appear ingratitude towards your heart not to believe that it is disposed to bestow on me every good, however great, and that your love and your generosity are boundless”.[126]He was to become a hermit “under the name of the heart of Jesus”.[127]
    132.On 17 May 1906, the same day in which Brother Charles, alone, could no longer celebrate Mass, he wrote of his promise “to let the heart of Jesus live in me, so that it is no longer I who live, but the heart of Jesus that lives in me, as he lived in Nazareth”.[128]His friendship with Jesus, heart to heart, was anything but a privatized piety.It inspired the austere life he led in Nazareth, born of a desire to imitate Christ and to be conformed to him.His loving devotion to the heart of Jesus had a concrete effect on his style of life, and his Nazareth was nourished by his personal relationship with the heart of Christ.
    Saint Therese of the Child Jesus
    133.Like Saint Charles de Foucauld, Saint Therese of the Child Jesus was influenced by the great renewal of devotion that swept nineteenth-century France.Father Almire Pichon, the spiritual director of her family, was seen as a devoted apostle of the Sacred Heart.One of her sisters took as her name in religion “Sister Marie of the Sacred Heart”, and the monastery that Therese entered was dedicated to the Sacred Heart.Her devotion nonetheless took on certain distinctive traits with regard to the customary piety of that age.
    134.When Therese was fifteen, she could speak of Jesus as the one “whose heart beats in unison with my own”.[129]Two years later, speaking of the image of Christ’s heart crowned with thorns, she wrote in a letter: “You know that I myself do not see the Sacred Heart as everyone else.I think that the Heart of my Spouse is mine alone, just as mine is his alone, and I speak to him then in the solitude of this delightful heart to heart, while waiting to contemplate him one day face to face”.[130]
    135.In one of her poems, Therese voiced the meaning of her devotion, which had to do more with friendship and assurance than with trust in her sacrifices:
    “I need a heart burning with tenderness,
    Who will be my support forever,
    Who loves everything in me, even my weakness…
    And who never leaves me day or night…
    I must have a God who takes on my nature,
    And becomes my brother and is able to suffer! …
    Ah! I know well, all our righteousness
    Is worthless in your sight…
    So I, for my purgatory,
    Choose your burning love, O heart of my God!”[131]
    136.Perhaps the most important text for understanding the devotion of Therese to the heart of Christ is a letter that she wrote three months before her death to her friend Maurice Bellière.“When I see Mary Magdalene walking up before the many guests, washing with her tears the feet of her adored Master, whom she is touching for the first time, I feel that her hearthas understood the abysses of love and mercy of the heart of Jesus, and, sinner though she is, this heart of love was disposed not only to pardon her but to lavish on her the blessings of his divine intimacy, to lift her to the highest summits of contemplation.Ah! dear little Brother, ever since I have been given the grace to understand also the love of the heart of Jesus, I admit that it has expelled all fear from my heart.The remembrance of my faults humbles me, draws me never to depend on my strength which is only weakness, but this remembrance speaks to me of mercy and love even more”.[132]
    137.Those moralizers who want to keep a tight rein on God’s mercy and grace might claim that Therese could say this because she was a saint, but a simple person could not say the same.In that way, they excise from the spirituality of Saint Therese its wonderful originality, which reflects the heart of the Gospel.Sadly, in certain Christian circles we often encounter this attempt to fit the Holy Spirit into a certain preconceived pattern in a way that enables them to keep everything under their supervision.Yet this astute Doctor of the Church reduces them to silence and directly contradicts their reductive view in these clear words: “If I had committed all possible crimes, I would always have the same confidence; I feel that this whole multitude of offenses would be like a drop of water thrown into a fiery furnace”.[133]
    138.To Sister Marie, who praised her generous love of God, prepared even to embrace martyrdom, Therese responded at length in a letter that is one of the great milestones in the history of spirituality.This page ought to be read a thousand times over for its depth, clarity and beauty.There, Therese helps her sister, “Marie of the Sacred Heart”, to avoid focusing this devotion on suffering, since some had presented reparation primarily in terms of accumulating sacrifices and good works.Therese, for her part, presents confidence as the greatest and best offering, pleasing to the heart of Christ: “My desires of martyrdom are nothing; they are not what give me the unlimited confidence that I feel in my heart.They are, to tell the truth, the spiritual riches that render one unjust, when one rests in them with complacence and one believes that they are something great…what pleases [Jesus] is that he sees me loving my littleness and my poverty, the blind hope that I have in his mercy…That is my only treasure…If you want to feel joy, to have an attraction for suffering, it is your consolation that you are seeking…Understand that to be his victim of love, the weaker one is, without desires or virtues, the more suited one is for the workings of this consuming and transforming Love…Oh!How I would like to be able to make you understand what I feel! …It is confidence and nothing but confidence that must lead us to Love”.[134]
    139.In many of her writings, Therese speaks of her struggle with forms of spirituality overly focused on human effort, on individual merit, on offering sacrifices and carrying out certain acts in order to “win heaven”.For her, “merit does not consist in doing or in giving much, but rather in receiving”.[135]Let us read once again some of these deeply meaningful texts where she emphasizes this and presents it as a simple and rapid means of taking hold of the Lord “by his heart”.
    140.To her sister Léonie she writes, “I assure you that God is much better than you believe.He is content with a glance, a sigh of love…As for me, I find perfection very easy to practise because I have understood it is a matter of taking hold of Jesus by his heart…Look at a little child who has just annoyed his mother… If he comes to her, holding out his little arms, smiling and saying: ‘Kiss me, I will not do it again’, will his mother be able not to press him to her heart tenderly and forget his childish mischief?However, she knows her dear little one will do it again on the next occasion, but this does not matter; if he takes her again by her heart, he will not be punished”.[136]
    141.So too, in a letter to Father Adolphe Roulland she writes, “[M]y way is all confidence and love.I do not understand souls who fear a friend so tender.At times, when I am reading certain spiritual treatises in which perfection is shown through a thousand obstacles, surrounded by a crowd of illusions, my poor little mind quickly tires; I close the learned book that is breaking my head and drying up my heart, and I take up Holy Scripture.Then all seems luminous to me; a single word uncovers for my soul infinite horizons, perfection seems simple to me.I see that it is sufficient to recognize one’s nothingness and to abandon oneself like a child into God’s arms”.[137]
    142.In yet another letter, she relates this to the love shown by a parent: “I do not believe that the heart of [a] father could resist the filial confidence of his child, whose sincerity and love he knows.He realizes, however, that more than once his son will fall into the same faults, but he is prepared to pardon him always, if his son always takes him by his heart”.[138]
    RESONANCES WITHIN THE SOCIETY OF JESUS
    143.We have seen how Saint Claude de La Colombière combined the spiritual experience of Saint Margaret Mary with the aim of the Spiritual Exercises.I believe that the place of the Sacred Heart in the history of the Society of Jesus merits a few brief words.
    144.The spirituality of the Society of Jesus has always proposed an “interior knowledge of the Lord in order to love and follow him more fully”.[139]Saint Ignatius invites us in his Spiritual Exercises to place ourselves before the Gospel that tells us that, “[Christ’s] side was pierced by the lance and blood and water flowed forth”.[140]When retreatants contemplate the wounded side of the crucified Lord, Ignatius suggests that they enter into the heart of Christ.Thus we have a way to enlarge our own hearts, recommended by one who was a “master of affections”, to use the words of Saint Peter Faber in one of his letters to Saint Ignatius.[141]Father Juan Alfonso de Polanco echoed that same expression in his biography of Saint Ignatius: “He [Cardinal Gasparo Contarini] realized that in Father Ignatius he had encountered a master of affections”.[142]The colloquies that Saint Ignatius proposed are an essential part of this training of the heart, for in them we sense and savour with the heart a Gospel message and converse about it with the Lord.Saint Ignatius tells us that we can share our concerns with the Lord and seek his counsel.Anyone who follows the Exercises can readily see that they involve a dialogue, heart to heart.
    145.Saint Ignatius brings his contemplations to a crescendo at the foot of the cross and invites the retreatant to ask the crucified Lord with great affection, “as one friend to another, as a servant to his master”, what he or she must do for him.[143]The progression of the Exercises culminates in the “Contemplation to Attain Love”, which gives rise to thanksgiving and the offering of one’s “memory, understanding and will” to the heart which is the fount and origin of every good thing.[144]This interior contemplation is not the fruit of our understanding and effort, but is to be implored as a gift.
    146.This same experience inspired the great succession of Jesuit priests who spoke explicitly of the heart of Jesus: Saint Francis Borgia, Saint Peter Faber, Saint Alphonsus Rodriguez, Father Álvarez de Paz, Father Vincent Carafa, Father Kasper Drużbicki and countless others.In 1883, the Jesuits declared that, “the Society of Jesus accepts and receives with an overflowing spirit of joy and gratitude the most agreeable duty entrusted to it by our Lord Jesus Christ to practise, promote and propagate devotion to his divine heart”.[145]In September 1871, Father Pieter Jan Beckx consecrated the Society to the Sacred Heart of Jesus and, as a sign that it remains an outstanding element in the life of the Society, Father Pedro Arrupe renewed that consecration in 1972, with a conviction that he explained in these words: “I therefore wish to say to the Society something about which I feel I cannot remain silent.From my novitiate on, I have always been convinced that what we call devotion to the Sacred Heart contains a symbolic expression of what is most profound in Ignatian spirituality, and of an extraordinary efficacy –ultra quam speraverint– both for its own perfection and for its apostolic fruitfulness.I continue to have this same conviction…In this devotion I encounter one of the deepest sources of my interior life”.[146]
    147.When Saint John Paul II urged “all the members of the Society to be even more zealous in promoting this devotion, which corresponds more than ever to the expectations of our time”, he did so because he recognized the profound connection between devotion to the heart of Christ and Ignatian spirituality.For “the desire to ‘know the Lord intimately’ and to ‘have a conversation’ with him, heart to heart, is characteristic of the Ignatian spiritual and apostolic dynamism, thanks to the Spiritual Exercises, and this dynamism is wholly at the service of the love of the heart of God”.[147]
    A BROAD CURRENT OF THE INTERIOR LIFE
    148.Devotion to the heart of Christ reappears in the spiritual journey of many saints, all quite different from each other; in every one of them, the devotion takes on new hues.Saint Vincent de Paul, for example, used to say that what God desires is the heart: “God asks primarily for our heart – our heart – and that is what counts.How is it that a man who has no wealth will have greater merit than someone who has great possessions that he gives up?Because the one who has nothing does it with greater love; and that is what God especially wants…”[148]This means allowing one’s heart to be united to that of Christ.“What blessing should a Sister not hope for from God if she does her utmost to put her heart in the state of being united with the heart of our Lord!”[149]
    149.At times, we may be tempted to consider this mystery of love as an admirable relic from the past, a fine spirituality suited to other times.Yet we need to remind ourselves constantly that, as a saintly missionary once said, “this divine heart, which let itself be pierced by an enemy’s lance in order to pour forth through that sacred wound the sacraments by which the Church was formed, has never ceased to love”.[150]More recent saints, like Saint Pius of Pietrelcina, Saint Teresa of Calcutta and many others, have spoken with deep devotion of the heart of Christ.Here I would also mention the experiences of Saint Faustina Kowalska, which re-propose devotion to the heart of Christ by greatly emphasizing the glorious life of the risen Lord and his divine mercy.Inspired by her experiences and the spiritual legacy of Saint Józef Sebastian Pelczar (1842-1924),[151]Saint John Paul II intimately linked his reflections on divine mercy with devotion to the heart of Christ: “The Church seems in a singular way to profess the mercy of God and to venerate it when she directs herself to the heart of Christ.In fact, it is precisely this drawing close to Christ in the mystery of his heart which enables us to dwell on this point of the revelation of the merciful love of the Father, a revelation that constituted the central content of the messianic mission of the Son of Man”.[152]Saint John Paul also spoke of the Sacred Heart in very personal terms, acknowledging that, “it has spoken to me ever since my youth”.[153]
    150.The enduring relevance of devotion to the heart of Christ is especially evident in the work of evangelization and education carried out by the numerous male and female religious congregations whose origins were marked by this profoundly Christological devotion.Mentioning all of them by name would be an endless undertaking. Let us simply consider two examples taken at random: “The Founder [Saint Daniel Comboni] discovered in the mystery of the heart of Jesus the source of strength for his missionary commitment”.[154]“Caught up as we are in the desires of the heart of Jesus, we want people to grow in dignity, as human beings and as children of God.Our starting point is the Gospel, with all that it demands from us of love, forgiveness and justice, and of solidarity with those who are poor and rejected by the world”.[155]So too, the many shrines worldwide that are consecrated to the heart of Christ continue to be an impressive source of renewal in prayer and spiritual fervour.To all those who in any way are associated with these spaces of faith and charity I send my paternal blessing.
    THE DEVOTION OF CONSOLATION
    151.The wound in Christ’s side, the wellspring of living water, remains open in the risen body of the Saviour.The deep wound inflicted by the lance and the wounds of the crown of thorns that customarily appear in representations of the Sacred Heart are an inseparable part of this devotion, in which we contemplate the love of Christ who offered himself in sacrifice to the very end.The heart of the risen Lord preserves the signs of that complete self-surrender, which entailed intense sufferings for our sake.It is natural, then, that the faithful should wish to respond not only to this immense outpouring of love, but also to the suffering that the Lord chose to endure for the sake of that love.
    With Jesus on the cross
    152.It is fitting to recover one particular aspect of the spirituality that has accompanied devotion to the heart of Christ, namely, the interior desire to offer consolation to that heart.Here I will not discuss the practice of “reparation”, which I deem better suited to the social dimension of this devotion to be discussed in the next chapter.I would like instead to concentrate on the desire often felt in the hearts of the faithful who lovingly contemplate the mystery of Christ’s passion and experience it as a mystery which is not only recollected but becomes present to us by grace, or better, allows us to be mystically present at the moment of our redemption.If we truly love the Lord, how could we not desire to console him?
    153.Pope Pius XI wished to ground this particular devotion in the realization that the mystery of our redemption by Christ’s passion transcends, by God’s grace, all boundaries of time and space.On the cross, Jesus offered himself for all sins, including those yet to be committed, including our own sins.In the same way, the acts we now offer for his consolation, also transcending time, touch his wounded heart.“If, because of our sins too, as yet in the future but already foreseen, the soul of Jesus became sorrowful unto death, it cannot be doubted that at the same time he derived some solace from our reparation, likewise foreseen, at the moment when ‘there appeared to him an angel from heaven’ (Lk22:43), in order that his heart, oppressed with weariness and anguish, might find consolation.And so even now, in a wondrous yet true manner, we can and ought to console that Most Sacred Heart, which is continually wounded by the sins of thankless men”.[156]
    Reasons of the heart
    154.It might appear to some that this aspect of devotion to the Sacred Heart lacks a firm theological basis, yet the heart has its reasons.Here thesensus fideliumperceives something mysterious, beyond our human logic, and realizes that the passion of Christ is not merely an event of the past, but one in which we can share through faith.Meditation on Christ’s self-offering on the cross involves, for Christian piety, something much more than mere remembrance.This conviction has a solid theological grounding.[157]We can also add the recognition of our own sins, which Jesus took upon his bruised shoulders, and our inadequacy in the face of that timeless love, which is always infinitely greater.
    155.We may also question how we can pray to the Lord of life, risen from the dead and reigning in glory, while at the same time comforting him in the midst of his sufferings.Here we need to realize that his risen heart preserves its wound as a constant memory, and that the working of grace makes possible an experience that is not restricted to a single moment of the past.In pondering this, we find ourselves invited to take a mystical path that transcends our mental limitations yet remains firmly grounded in the word of God.Pope Pius XI makes this clear: “How can these acts of reparation offer solace now, when Christ is already reigning in the beatitude of heaven?To this question, we may answer in the words of Saint Augustine, which are very apposite here – ‘Give me the one who loves, and he will understand what I say’.Anyone possessed of great love for God, and who looks back to the past, can dwell in meditation on Christ, and see him labouring for man, sorrowing, suffering the greatest hardships, ‘for us men and for our salvation’, well-nigh worn out with sadness, with anguish, nay ‘bruised for our sins’ (Is53:5), and bringing us healing by those very bruises.The more the faithful ponder all these things the more clearly they see that the sins of mankind, whenever they were committed, were the reason why Christ was delivered up to death”.[158]
    156.Those words of Pius XI merit serious consideration.When Scripture states that believers who fail to live in accordance with their faith “are crucifying again the Son of God” (Heb6:6), or when Paul, offering his sufferings for the sake of others, says that, “in my flesh I am completing what is lacking in Christ’s afflictions” (Col1:24), or again, when Christ in his passion prays not only for his disciples at that time, but also for “those who will believe in me through their word” (Jn17:20), all these statements challenge our usual way of thinking.They show us that it is not possible to sever the past completely from the present, however difficult our minds find this to grasp.The Gospel, in all its richness, was written not only for our prayerful meditation, but also to enable us to experience its reality in our works of love and in our interior life.This is certainly the case with regard to the mystery of Christ’s death and resurrection.The temporal distinctions that our minds employ appear incapable of embracing the fullness of this experience of faith, which is the basis both of our union with Christ in his suffering and of the strength, consolation and friendship that we enjoy with him in his risen life.
    157.We see, then, the unity of the paschal mystery in these two inseparable and mutually enriching aspects.The one mystery, present by grace in both these dimensions, ensures that whenever we offer some suffering of our own to Christ for his consolation, that suffering is illuminated and transfigured in the paschal light of his love.We share in this mystery in our own life because Christ himself first chose to share in that life.He wished to experience first, as Head, what he would then experience in his Body, the Church: both our wounds and our consolations.When we live in God’s grace, this mutual sharing becomes for us a spiritual experience.In a word, the risen Lord, by the working of his grace, mysteriously unites us to his passion.The hearts of the faithful, who experience the joy of the resurrection, yet at the same time desire to share in the Lord’s passion, understand this.They desire to share in his sufferings by offering him the sufferings, the struggles, the disappointments and the fears that are part of their own lives.Nor do they experience this as isolated individuals, since their sufferings are also a participation in the suffering of the mystical Body of Christ, the holy pilgrim People of God, which shares in the passion of Christ in every time and place.The devotion of consolation, then, is in no way ahistorical or abstract; it becomes flesh and blood in the Church’s pilgrimage through history.
    Compunction
    158.The natural desire to console Christ, which begins with our sorrow in contemplating what he endured for us, grows with the honest acknowledgment of our bad habits, compulsions, attachments, weak faith, vain goals and, together with our actual sins, the failure of our hearts to respond to the Lord’s love and his plan for our lives.This experience proves purifying, for love needs the purification of tears that, in the end, leave us more desirous of God and less obsessed with ourselves.
    159.In this way, we see that the deeper our desire to console the Lord, the deeper will be our sincere sense of “compunction”.Compunction is “not a feeling of guilt that makes us discouraged or obsessed with our unworthiness, but a beneficial ‘piercing’ that purifies and heals the heart.Once we acknowledge our sin, our hearts can be opened to the working of the Holy Spirit, the source of living water that wells up within us and brings tears to our eyes…This does not mean weeping in self-pity, as we are so often tempted to do…To shed tears of compunction means seriously to repent of grieving God by our sins; recognizing that we always remain in God’s debt…Just as drops of water can wear down a stone, so tears can slowly soften hardened hearts.Here we see the miracle of sorrow, that ‘salutary sorrow’ which brings great peace…Compunction, then, is not our work but a grace and, as such, it must be sought in prayer.”[159]It means, “asking for sorrow in company with Christ in his sorrow, for anguish with Christ in his anguish, for tears and a deep sense of pain at the great pains that Christ endured for my sake”.[160]
    160.I ask, then, that no one make light of the fervent devotion of the holy faithful people of God, which in its popular piety seeks to console Christ.I also encourage everyone to consider whether there might be greater reasonableness, truth and wisdom in certain demonstrations of love that seek to console the Lord than in the cold, distant, calculated and nominal acts of love that are at times practised by those who claim to possess a more reflective, sophisticated and mature faith.
    Consoled ourselves in order to console others
    161.In contemplating the heart of Christ and his self-surrender even to death, we ourselves find great consolation.The grief that we feel in our hearts gives way to complete trust and, in the end, what endures is gratitude, tenderness, peace; what endures is Christ’s love reigning in our lives.Compunction, then, “is not a source of anxiety but of healing for the soul, since it acts as a balm on the wounds of sin, preparing us to receive the caress of the Lord”.[161]Our sufferings are joined to the suffering of Christ on the cross.If we believe that grace can bridge every distance, this means that Christ by his sufferings united himself to the sufferings of his disciples in every time and place.In this way, whenever we endure suffering, we can also experience the interior consolation of knowing that Christ suffers with us.In seeking to console him, we will find ourselves consoled.
    162.At some point, however, in our contemplation, we should likewise hear the urgent plea of the Lord: “Comfort, comfort my people!” (Is40:1).As Saint Paul tells us, God offers us consolation “so that we may be able to console those who are in any affliction, with the consolation by which we ourselves are consoled by God” (2 Cor1:4).
    163.This then challenges us to seek a deeper understanding of the communitarian, social and missionary dimension of all authentic devotion to the heart of Christ.For even as Christ’s heart leads us to the Father, it sends us forth to our brothers and sisters.In the fruits of service, fraternity and mission that the heart of Christ inspires in our lives, the will of the Father is fulfilled.In this way, we come full circle: “My Father is glorified by this, that you bear much fruit” (Jn15:8).
    CHAPTER FIVE
    LOVE FOR LOVE
    164.In the spiritual experiences of Saint Margaret Mary Alacoque, we encounter, along with an ardent declaration of love for Jesus Christ, a profoundly personal and challenging invitation to entrust our lives to the Lord.The knowledge that we are loved, and our complete confidence in that love, in no way lessens our desire to respond generously, despite our frailty and our many shortcomings.
    A LAMENT AND A REQUEST
    165.Beginning with his second great apparition to Saint Margaret Mary, Jesus spoke of the sadness he feels because his great love for humanity receives in exchange “nothing but ingratitude and indifference”, “coldness and contempt”.And this, he added, “is more grievous to me than all that I endured in my Passion”.[162]
    166.Jesus spoke of his thirst for love and revealed that his heart is not indifferent to the way we respond to that thirst.In his words, “I thirst, but with a thirst so ardent to be loved by men in the Most Blessed Sacrament, that this thirst consumes me; and I have not encountered anyone who makes an effort, according to my desire, to quench my thirst, giving back a return for my love”.[163]Jesus asks for love.Once the faithful heart realizes this, its spontaneous response is one of love, not a desire to multiply sacrifices or simply discharge a burdensome duty: “I received from my God excessive graces of his love, and I felt moved by the desire to respond to some of them and to respond with love for love”.[164]As my Predecessor Leo XIII pointed out, through the image of his Sacred Heart, the love of Christ “moves us to return love for love”.[165]
    EXTENDING CHRIST’S LOVE TO OUR BROTHERS AND SISTERS
    167.We need once more to take up the word of God and to realize, in doing so, that our best response to the love of Christ’s heart is to love our brothers and sisters.There is no greater way for us to return love for love.The Scriptures make this patently clear:
    “Just as you did it to one of the least of these my brethren, you did it to me” (Mt25:40).
    “For the whole law is summed up in a single commandment: ‘You shall love your neighbour as yourself’” (Gal5:14).
    “We know that we have passed from death to life because we love one another. Whoever does not love abides in death” (1Jn3:14).
    “Those who do not love a brother or sister whom they have seen, cannot love God whom they have not seen” (1 Jn4:20).
    168.Love for our brothers and sisters is not simply the fruit of our own efforts; it demands the transformation of our selfish hearts.This realization gave rise to the oft-repeated prayer: “Jesus, make our hearts more like your own”.Saint Paul, for his part, urged his hearers to pray not for the strength to do good works, but “to have the same mind among you that was in Christ Jesus” (Phil2:5).
    169.We need to remember that in the Roman Empire many of the poor, foreigners and others who lived on the fringes of society met with respect, affection and care from Christians.This explains why the apostate emperor Julian, in one of his letters, acknowledged that one reason why Christians were respected and imitated was the assistance they gave the poor and strangers, who were ordinarily ignored and treated with contempt.For Julian, it was intolerable that the Christians whom he despised, “in addition to feeding their own, also feed our poor and needy, who receive no help from us”.[166]The emperor thus insisted on the need to create charitable institutions to compete with those of the Christians and thus gain the respect of society: “There should be instituted in each city many accommodations so that the immigrants may enjoy our philanthropy… and make the Greeks accustomed to such works of generosity”.[167]Julian did not achieve his objective, no doubt because underlying those works there was nothing comparable to the Christian charity that respected the unique dignity of each person.
    170.By associating with the lowest ranks of society (cf.Mt25:31-46), “Jesusbrought the great novelty of recognizing the dignity of every person, especially those who were considered ‘unworthy’.This new principle in human history – which emphasizes that individuals are even more ‘worthy’ of our respect and love when they are weak, scorned, or suffering, even to the point of losing the human ‘figure’ – has changed the face of the world.It has given life to institutions that take care of those who find themselves in disadvantaged conditions, such as abandoned infants, orphans, the elderly who are left without assistance, the mentally ill, people with incurable diseases or severe deformities, and those living on the streets”.[168]
    171.In contemplating the pierced heart of the Lord, who “took our infirmities and bore our diseases” (Mt8:17), we too are inspired to be more attentive to the sufferings and needs of others, and confirmed in our efforts to share in his work of liberation as instruments for the spread of his love.[169]As we meditate on Christ’s self-offering for the sake of all, we are naturally led to ask why we too should not be ready to give our lives for others: “We know love by this, that he laid down his life for us – and that we ought to lay down our lives for one another” (1 Jn3:16).
    ECHOES IN THE HISTORY OF SPIRITUALITY
    172.This bond between devotion to the heart of Jesus and commitment to our brothers and sisters has been a constant in the history of Christian spirituality.Let us consider a few examples.
    Being a fountain from which others can drink
    173.Starting with Origen, various Fathers of the Church reflected on the words of John 7:38 – “out of his heart shall flow rivers of living water” – which refer to those who, having drunk of Christ, put their faith in him.Our union with Christ is meant not only to satisfy our own thirst, but also to make us springs of living water for others.Origen wrote that Christ fulfils his promise by making fountains of fresh water well up within us: “The human soul, made in the image of God, can itself contain and pour forth wells, fountains and rivers”.[170]
    174.Saint Ambrose recommended drinking deeply of Christ, “in order that the spring of water welling up to eternal life may overflow in you”.[171]Marius Victorinus was convinced that the Holy Spirit has given of himself in such abundance that, “whoever receives him becomes a heart that pours forth rivers of living water”.[172]Saint Augustine saw this stream flowing from the believer as benevolence.[173]Saint Thomas Aquinas thus maintained that whenever someone “hastens to share various gifts of grace received from God, living water flows from his heart”.[174]
    175.Although “the sacrifice offered on the cross in loving obedience renders most abundant and infinite satisfaction for the sins of mankind”,[175]the Church, born of the heart of Christ, prolongs and bestows, in every time and place, the fruits of that one redemptive passion, which lead men and women to direct union with the Lord.
    176.In the heart of the Church, the mediation of Mary, as our intercessor and mother, can only be understood as “a sharing in the one source, which is the mediation of Christ himself”,[176]the sole Redeemer.For this reason, “the Church does not hesitate to profess the subordinate role of Mary”.[177]Devotion to the heart of Mary in no way detracts from the sole worship due the heart of Christ, but rather increases it: “Mary’s function as mother of humanity in no way obscures or diminishes this unique mediation of Christ, but rather shows its power”.[178]Thanks to the abundant graces streaming from the open side of Christ, in different ways the Church, the Virgin Mary and all believers become themselves streams of living water.In this way, Christ displays his glory in and through our littleness.
    Fraternity and mysticism
    177.Saint Bernard, in exhorting us to union with the heart of Christ, draws upon the richness of this devotion to call for a conversion grounded in love.Bernard believed that our affections, enslaved by pleasures, may nonetheless be transformed and set free, not by blind obedience to a commandment but rather in response to the delectable love of Christ.Evil is overcome by good, conquered by the flowering of love: “Love the Lord your God with the full and deep affection of all your heart; love him with your mind wholly alert and intent; love him with all your strength, so much so that you would not even fear to die for love of him…Your affection for the Lord Jesus should be both sweet and intimate, to oppose the sweet enticements of the sensual life.Sweetness conquers sweetness, as one nail drives out another”.[179]
    178.Saint Francis de Sales was particularly taken by Jesus’ words, “Learn from me; for I am gentle and humble in heart” (Mt11:29).Even in the most simple and ordinary things, he said, we can “steal” the Lord’s heart.“Those who would serve him acceptably must give heed not only to lofty and important matters, but to things mean and little, since by both alike we may win his heart and love…I mean the acts of daily forbearance, the headache, the toothache, the heavy cold; the tiresome peculiarities of a husband or wife, the broken glass, the loss of a ring, a handkerchief, a glove; the sneer of a neighbour; the effort of going to bed early in order to rise early for prayer or communion, the little shyness some people feel in openly performing religious duties… Be sure that all these sufferings, small as they are, if accepted lovingly, are most pleasing to God’s goodness”.[180]Ultimately, however, our response to the love of the heart of Christ is manifested in love of our neighbour: “a love that is firm, constant, steady, unconcerned with trivial matters or people’s station in life, not subject to changes or animosity…Our Lord loves us unceasingly, puts up with so many of our defects and our flaws.Precisely because of this, we must do the same with our brothers and sisters, never tiring of putting up with them”.[181]
    179.Saint Charles de Foucauld sought to imitate Jesus by living and acting as he did, in a constant effort to do what Jesus would have done in his place.Only by being conformed to the sentiments of the heart of Christ could he fully achieve this goal.Here too we find the idea of “love for love”.In his words, “I desire sufferings in order to return love for love, to imitate him… to enter into his work, to offer myself with him, the nothingness that I am, as a sacrifice, as a victim, for the sanctification of men”.[182]The desire to bring the love of Jesus to others, his missionary outreach to the poorest and most forgotten of our world, led him to take as his emblem the words, “Iesus-Caritas”, with the symbol of the heart of Christ surmounted by a cross.[183]Nor was this a light decision: “With all my strength I try to show and prove to these poor lost brethren that our religion is all charity, all fraternity, and that its emblem is a heart”.[184]He wanted to settle with other brothers “in Morocco, in the name of the heart of Jesus”.[185]In this way, their evangelizing work could radiate outwards: “Charity has to radiate from our fraternities, as it radiates from the heart of Jesus”.[186]This desire gradually made him a “universal brother”.Allowing himself to be shaped by the heart of Christ, he sought to shelter the whole of suffering humanity in his fraternal heart: “Our heart, like that of Jesus, must embrace all men and women”.[187]“The love of the heart of Jesus for men and women, the love that he demonstrated in his passion, this is what we need to have for all human beings”.[188]
    180.Father Henri Huvelin, the spiritual director of Saint Charles de Foucauld, observed that, “when our Lord dwells in a heart, he gives it such sentiments, and this heart reaches out to the least of our brothers and sisters.Such was the heart of Saint Vincent de Paul…When our Lord lives in the soul of a priest, he makes him reach out to the poor”.[189]It is important to realize that the apostolic zeal of Saint Vincent, as Father Huvelin describes it, was also nurtured by devotion to the heart of Christ.Saint Vincent urged his confreres to “find in the heart of our Lord a word of consolation for the poor sick person”.[190]If that word is to be convincing, our own heart must first have been changed by the love and tenderness of the heart of Christ.Saint Vincent often reiterated this conviction in his homilies and counsels, and it became a notable feature of the Constitutions of his Congregation: “We should make a great effort to learn the following lesson, also taught by Christ: ‘Learn from me, for I am gentle and humble of heart’.We should remember that he himself said that by gentleness we inherit the earth.If we act on this, we will win people over so that they will turn to the Lord.That will not happen if we treat people harshly or sharply”.[191]
    REPARATION: BUILDING ON THE RUINS
    181.All that has been said thus far enables us to understand in the light of God’s word the proper meaning of the “reparation” to the heart of Christ that the Lord expects us, with the help of his grace, to “offer”.The question has been much discussed, but Saint John Paul II has given us a clear response that can guide Christians today towards a spirit of reparation more closely attuned to the Gospels.
    The social significance of reparation to the heart of Christ
    182.Saint John Paul explained that by entrusting ourselves together to the heart of Christ, “over the ruins accumulated by hatred and violence, the greatly desired civilization of love, the Kingdom of the heart of Christ, can be built”.This clearly requires that we “unite filial love for God and love of neighbour”, and indeed this is “the true reparation asked by the heart of the Saviour”.[192]In union with Christ, amid the ruins we have left in this world by our sins, we are called to build a new civilization of love.That is what it means to make reparation as the heart of Christ would have us do.Amid the devastation wrought by evil, the heart of Christ desires that we cooperate with him in restoring goodness and beauty to our world.
    183.All sin harms the Church and society; as a result, “every sin can undoubtedly be considered as a social sin” and this is especially true for those sins that “by their very matter constitute a direct attack on one’s neighbour”.[193]Saint John Paul II explained that the repetition of these sins against others often consolidates a “structure of sin” that has an effect on the development of peoples.[194]Frequently, this is part of a dominant mind-set that considers normal or reasonable what is merely selfishness and indifference.This then gives rise to social alienation: “A society is alienated if its forms of social organization, production and consumption make it more difficult to offer the gift of self and to establish solidarity between people”.[195]It is not only a moral norm that leads us to expose and resist these alienated social structures and to support efforts within society to restore and consolidate the common good.Rather, it is our “conversion of heart” that “imposes the obligation”[196]to repair these structures.It is our response to the love of the heart of Jesus, which teaches us to love in turn.
    184.Precisely because evangelical reparation possesses this vital social dimension, our acts of love, service and reconciliation, in order to be truly reparative, need to be inspired, motivated and empowered by Christ.Saint John Paul II also observed that “to build the civilization of love”,[197]our world today needs the heart of Christ.Christian reparation cannot be understood simply as a congeries of external works, however indispensable and at times admirable they may be.These need a “mystique”, a soul, a meaning that grants them strength, drive and tireless creativity.They need the life, the fire and the light that radiate from the heart of Christ.
    Mending wounded hearts
    185.Nor is a merely outward reparation sufficient, either for our world or for the heart of Christ.If each of us considers his or her own sins and their effect on others, we will realize that repairing the harm done to this world also calls for a desire to mend wounded hearts where the deepest harm was done, and the hurt is most painful.
    186.A spirit of reparation thus “leads us to hope that every wound can be healed, however deep it may be.Complete reparation may at times seem impossible, such as when goods or loved ones are definitively lost, or when certain situations have become irremediable.Yet the intention to make amends, and to do so in a concrete way, is essential for the process of reconciliation and a return to peace of heart”.[198]
    The beauty of asking forgiveness
    187.Good intentions are not enough.There has to be an inward desire that finds expression in our outward actions.“Reparation, if it is to be Christian, to touch the offended person’s heart and not be a simple act of commutative justice, presupposes two demanding things:acknowledging our guiltandasking forgiveness…It is from the honest acknowledgment of the wrong done to our brother or sister, and from the profound and sincere realization that love has been compromised, that the desire to make amends arises”.[199]
    188.We should never think that acknowledging our sins before others is somehow demeaning or offensive to our human dignity.On the contrary, it demands that we stop deceiving ourselves and acknowledge our past for what it is, marred by sin, especially in those cases when we caused hurt to our brothers and sisters.“Self-accusation is part of Christian wisdom…It is pleasing to the Lord, because the Lord accepts a contrite heart”.[200]
    189.Part of this spirit of reparation is the custom of asking forgiveness from our brothers and sisters, which demonstrates great nobility amid our human weakness.Asking forgiveness is a means of healing relationships, for it “re-opens dialogue and manifests the will to re-establish the bond of fraternal charity…It touches the heart of our brother or sister, brings consolation and inspires acceptance of the forgiveness requested. Even if the irreparable cannot be completely repaired, love can always be reborn, making the hurt bearable”.[201]
    190.A heart capable of compunction will grow in fraternity and solidarity.Otherwise, “we regress and grow old within”, whereas when “our prayer becomes simpler and deeper, grounded in adoration and wonder in the presence of God, we grow and mature.We become less attached to ourselves and more attached to Christ.Made poor in spirit, we draw closer to the poor, those who are dearest to God”.[202]This leads to a true spirit of reparation, for “those who feel compunction of heart increasingly feel themselves brothers and sisters to all the sinners of the world; renouncing their airs of superiority and harsh judgments, they are filled with a burning desire to show love and make reparation”.[203]The sense of solidarity born of compunction also enables reconciliation to take place.The person who is capable of compunction, “rather than feeling anger and scandal at the failings of our brothers and sisters, weeps for their sins.There occurs a sort of reversal, where the natural tendency to be indulgent with ourselves and inflexible with others is overturned and, by God’s grace, we become strict with ourselves and merciful towards others”.[204]
    REPARATION: AN EXTENSION OF THE HEART OF CHRIST
    191.There is another, complementary, approach to reparation, which allows us to set it in an even more direct relationship with the heart of Christ, without excluding the aspect of concrete commitment to our brothers and sisters.
    192.Elsewhere I have suggested that, “God has in some way sought to limit himself in such a way that many of the things we think of as evils, dangers or sources of suffering, are in reality part of the pains of childbirth which he uses to draw us into the act of cooperation with the Creator”.[205]This cooperation on our part can allow the power and the love of God to expand in our lives and in the world, whereas our refusal or indifference can prevent it.Several passages of the Bible express this metaphorically, as when the Lord cries out, “If only you would return to me, O Israel!” (cf.Jer4:1).Or when, confronted with rejection by his people, he says, “My heart recoils within me; my compassion grows warm and tender” (Hos11:8).
    193.Even though it is not possible to speak of new suffering on the part of the glorified Lord,“the paschal mystery of Christ… and all that Christ is – all that he did and suffered for all men – participates in the divine eternity, and so transcends all times while being made present in them all”.[206]We can say that he has allowed the expansive glory of his resurrection to be limited and the diffusion of his immense and burning love to be contained, in order to leave room for our free cooperation with his heart.Our rejection of his love erects a barrier to that gracious gift, whereas our trusting acceptance of it opens a space, a channel enabling it to pour into our hearts.Our rejection or indifference limits the effects of his power and the fruitfulness of his love in us.If he does not encounter openness and confidence in me, his love is deprived – because he himself has willed it – of its extension, unique and unrepeatable, in my life and in this world, where he calls me to make him present.Again, this does not stem from any weakness on his part but rather from his infinite freedom, his mysterious power and his perfect love for each of us.When God’s power is revealed in the weakness of our human freedom, “only faith can discern it”.[207]
    194.Saint Margaret Mary recounted that, in one of Christ’s appearances, he spoke of his heart’s passionate love for us, telling her that, “unable to contain the flames of his burning charity, he must spread them abroad”.[208]Since the Lord, who can do all things, desired in his divine freedom to require our cooperation, reparation can be understood as our removal of the obstacles we place before the expansion of Christ’s love in the world by our lack of trust, gratitude and self-sacrifice.
    An Oblation to Love
    195.To help us reflect more deeply on this mystery, we can turn once more to the luminous spirituality of Saint Therese of the Child Jesus.Therese was aware that in certain quarters an extreme form of reparation had developed, based on a willingness to offer oneself in sacrifice for others, and to become in some sense a “lightning rod” for the chastisements of divine justice.In her words, “I thought about the souls who offer themselves as victims of God’s justice in order to turn away the punishments reserved to sinners, drawing them upon themselves”.[209]However, as great and generous as such an offering might appear, she did not find it overly appealing: “I was far from feeling attracted to making it”.[210]So great an emphasis on God’s justice might eventually lead to the notion that Christ’s sacrifice was somehow incomplete or only partly efficacious, or that his mercy was not sufficiently powerful.
    196.With her great spiritual insight, Saint Therese discovered that we can offer ourselves in another way, without the need to satisfy divine justice but by allowing the Lord’s infinite love to spread freely: “O my God!Is your disdained love going to remain closed up within your heart?It seems to me that if you were to find souls offering themselves as victims of holocaust to your love, you would consume them rapidly; it seems to me, too, that you would be happy not to hold back the waves of infinite tenderness within you”.[211]
    197.While nothing need be added to the one redemptive sacrifice of Christ, it remains true that our free refusal can prevent the heart of Christ from spreading the “waves of his infinite tenderness” in this world.Again, this is because the Lord wishes to respect our freedom.More than divine justice, it was the fact that Christ’s love might be refused that troubled the heart of Saint Therese, because for her, God’s justice is understood only in the light of his love.As we have seen, she contemplated all God’s perfections through his mercy, and thus saw them transfigured and resplendent with love.In her words, “even his justice (and perhaps this even more so than the others) seems to me clothed in love”.[212]
    198.This was the origin of her Act of Oblation, not to God’s justice but to his merciful love.“I offer myself as a victim of holocaust to your merciful love, asking you to consume me incessantly, allowing the waves of infinite tenderness shut up within you to overflow into my soul, and that thus I may become a martyr of your love”.[213]It is important to realize that, for Therese, this was not only about allowing the heart of Christ to fill her heart, through her complete trust, with the beauty of his love, but also about letting that love, through her life, spread to others and thus transform the world.Again, in her words, “In the heart of the Church, my Mother, I shall be love… and thus my dream will be realized”.[214]The two aspects were inseparably united.
    199.The Lord accepted her oblation.We see that shortly thereafter she stated that she felt an intense love for others and maintained that it came from the heart of Christ, prolonged through her.So she told her sister Léonie: “I love you a thousand times more tenderly than ordinary sisters love each other, for I can love you with the heart of our celestial spouse”.[215]Later, to Maurice Bellière she wrote, “How I would like to make you understand the tenderness of the heart of Jesus, what he expects from you!”[216]
    Integrity and Harmony
    200.Sisters and brothers, I propose that we develop this means of reparation, which is, in a word, to offer the heart of Christ a new possibility of spreading in this world the flames of his ardent and gracious love.While it remains true that reparation entails the desire to “render compensation for the injuries inflicted on uncreated Love, whether by negligence or grave offense”,[217]the most fitting way to do this is for our love to offer the Lord a possibility of spreading, in amends for all those occasions when his love has been rejected or refused.This involves more than simply the “consolation” of Christ of which we spoke in the previous chapter; it finds expression in acts of fraternal love by which we heal the wounds of the Church and of the world.In this way, we offer the healing power of the heart of Christ new ways of expressing itself.
    201.The sacrifices and sufferings required by these acts of love of neighbour unite us to the passion of Christ.In this way, “by that mystic crucifixion of which the Apostle speaks, we shall receive the abundant fruits of its propitiation and expiation, for ourselves and for others”.[218]Christ alone saves us by his offering on the cross; he alone redeems us, for “there is one God; there is also one mediator between God and men, the man Christ Jesus, who gave himself as a ransom for all” (1Tim2:5-6).The reparation that we offer is a freely accepted participation in his redeeming love and his one sacrifice.We thus complete in our flesh “what is lacking in Christ’s afflictions for the sake of his body, that is, the Church” (Col1:24); and Christ himself prolongs through us the effects of his complete and loving self-oblation.
    202.Often, our sufferings have to do with our own wounded ego.The humility of the heart of Christ points us towards the path of abasement.God chose to come to us in condescension and littleness.The Old Testament had already shown us, with a variety of metaphors, a God who enters into the heart of history and allows himself to be rejected by his people.Christ’s love was shown amid the daily life of his people, begging, as it were, for a response, as if asking permission to manifest his glory.Yet “perhaps only once did the Lord Jesus refer to his own heart, in his own words.And he stresses this sole feature: ‘gentleness and lowliness’, as if to say that only in this way does he wish to win us to himself”.[219]When he said, “Learn from me, for I am gentle and humble in heart” (Mt11:29), he showed us that “to make himself known, he needs our littleness, our self-abasement”.[220]
    203.In what we have said, it is important to note several inseparable aspects.Acts of love of neighbour, with the renunciation, self-denial, suffering and effort that they entail, can only be such when they are nourished by Christ’s own love.He enables us to love as he loved, and in this way he loves and serves others through us.He humbles himself to show his love through our actions, yet even in our slightest works of mercy, his heart is glorified and displays all its grandeur.Once our hearts welcome the love of Christ in complete trust, and enable its fire to spread in our lives, we become capable of loving others as Christ did, in humility and closeness to all.In this way, Christ satisfies his thirst and gloriously spreads the flames of his ardent and gracious love in us and through us.How can we fail to see the magnificent harmony present in all this?
    204.Finally, in order to appreciate this devotion in all of its richness, it is necessary to add, in the light of what we have said about its Trinitarian dimension, that the reparation made by Christ in his humanity is offered to the Father through the working of the Holy Spirit in each of us.Consequently, the reparation we offer to the heart of Christ is directed ultimately to the Father, who is pleased to see us united to Christ whenever we offer ourselves through him, with him and in him.
    BRINGING LOVE TO THE WORLD
    205.The Christian message is attractive when experienced and expressed in its totality: not simply as a refuge for pious thoughts or an occasion for impressive ceremonies.What kind of worship would we give to Christ if we were to rest content with an individual relationship with him and show no interest in relieving the sufferings of others or helping them to live a better life?Would it please the heart that so loved us, if we were to bask in a private religious experience while ignoring its implications for the society in which we live?Let us be honest and accept the word of God in its fullness.On the other hand, our work as Christians for the betterment of society should not obscure its religious inspiration, for that, in the end, would be to seek less for our brothers and sisters than what God desires to give them.For this reason, we should conclude this chapter by recalling the missionary dimension of our love for the heart of Christ.
    206.Saint John Paul II spoke of the social dimension of devotion to the heart of Christ, but also about “reparation, which is apostolic cooperation in the salvation of the world”.[221]Consecration to the heart of Christ is thus “to be seen in relation to the Church’s missionary activity, since it responds to the desire of Jesus’ heart to spread throughout the world, through the members of his Body, his complete commitment to the Kingdom”.[222]As a result, “through the witness of Christians, love will be poured into human hearts, to build up the body of Christ which is the Church, and to build a society of justice, peace and fraternity”.[223]
    207.The flames of love of the Sacred Heart of Jesus also expand through the Church’s missionary outreach, which proclaims the message of God’s love revealed in Christ.Saint Vincent de Paul put this nicely when he invited his disciples to pray to the Lord for “this spirit, this heart that causes us to go everywhere, this heart of the Son of God, the heart of our Lord, that disposes us to go as he went…he sends us, like [the apostles], to bring fire everywhere”.[224]
    208.Saint Paul VI, addressing religious Congregations dedicated to the spread of devotion to the Sacred Heart, made the following observation.“There can be no doubt that pastoral commitment and missionary zeal will fan into flame, if priests and laity alike, in their desire to spread the glory of God, contemplate the example of eternal love that Christ has shown us, and direct their efforts to make all men and women sharers in the unfathomable riches of Christ”.[225]As we contemplate the Sacred Heart, mission becomes a matter of love.For the greatest danger in mission is that, amid all the things we say and do, we fail to bring about a joyful encounter with the love of Christ who embraces us and saves us.
    209.Mission, as a radiation of the love of the heart of Christ, requires missionaries who are themselves in love and who, enthralled by Christ, feel bound to share this love that has changed their lives.They are impatient when time is wasted discussing secondary questions or concentrating on truths and rules, because their greatest concern is to share what they have experienced.They want others to perceive the goodness and beauty of the Beloved through their efforts, however inadequate they may be.Is that not the case with any lover?We can take as an example the words with which Dante Alighieri sought to express this logic of love:
    “Io dico che, pensando al suo valore
    amor si dolce si mi si fa sentire,
    che s’io allora non perdessi ardire
    farei parlando innamorar la gente”.[226]
    210.To be able to speak of Christ, by witness or by word, in such a way that others seek to love him, is the greatest desire of every missionary of souls.This dynamism of love has nothing to do with proselytism; the words of a lover do not disturb others, they do not make demands or oblige, they only lead others to marvel at such love.With immense respect for their freedom and dignity, the lover simply waits for them to inquire about the love that has filled his or her life with such great joy.
    211.Christ asks you never to be ashamed to tell others, with all due discretion and respect, about your friendship with him.He asks that you dare to tell others how good and beautiful it is that you found him.“Everyone who acknowledges me before others, I also will acknowledge before my Father in heaven” (Mt10:32).For a heart that loves, this is not a duty but an irrepressible need: “Woe to me if I do not proclaim the Gospel!” (1 Cor9:16).“Within me there is something like a burning fire shut up in my bones; I am weary with holding it in, and I cannot” (Jer20:9).
    In communion of service
    212.We should not think of this mission of sharing Christ as something only between Jesus and me.Mission is experienced in fellowship with our communities and with the whole Church.If we turn aside from the community, we will be turning aside from Jesus.If we turn our back on the community, our friendship with Jesus will grow cold.This is a fact, and we must never forget it.Love for the brothers and sisters of our communities – religious, parochial, diocesan and others – is a kind of fuel that feeds our friendship with Jesus.Our acts of love for our brothers and sisters in community may well be the best and, at times, the only way that we can witness to others our love for Jesus Christ.He himself said, “By this everyone will know that you are my disciples, if you have love for one another” (Jn13:35).
    213.This love then becomes service within the community.I never tire of repeating that Jesus told us this in the clearest terms possible: “Just as you did it to one of the least of these my brethren, you did it to me” (Mt25:40).He now asks you to meet him there, in every one of our brothers and sisters, and especially in the poor, the despised and the abandoned members of society.What a beautiful encounter that can be!
    214.If we are concerned with helping others, this in no way means that we are turning away from Jesus.Rather, we are encountering him in another way.Whenever we try to help and care for another person, Jesus is at our side.We should never forget that, when he sent his disciples on mission, “the Lord worked with them” (Mk16:20).He is always there, always at work, sharing our efforts to do good.In a mysterious way, his love becomes present through our service.He speaks to the world in a language that at times has no need of words.
    215.Jesus is calling you and sending you forth to spread goodness in our world.His call is one of service, a summons to do good, perhaps as a physician, a mother, a teacher or a priest.Wherever you may be, you can hear his call and realize that he is sending you forth to carry out that mission.He himself told us, “I am sending you out” (Lk10:3).It is part of our being friends with him.For this friendship to mature, however, it is up to you to let him send you forth on a mission in this world, and to carry it out confidently, generously, freely and fearlessly.If you stay trapped in your own comfort zone, you will never really find security; doubts and fears, sorrow and anxiety will always loom on the horizon.Those who do not carry out their mission on this earth will find not happiness, but disappointment.Never forget that Jesus is at your side at every step of the way.He will not cast you into the abyss, or leave you to your own devices.He will always be there to encourage and accompany you.He has promised, and he will do it: “For I am with you always, to the end of the age” (Mt28:20).
    216.In your own way, you too must be a missionary, like the apostles and the first disciples of Jesus, who went forth to proclaim the love of God, to tell others that Christ is alive and worth knowing.Saint Therese experienced this as an essential part of her oblation to merciful Love: “I wanted to give my Beloved to drink and I felt myself consumed with a thirst for souls”.[227]That is your mission as well.Each of us must carry it out in his or her own way; you will come to see how you can be a missionary.Jesus deserves no less.If you accept the challenge, he will enlighten you, accompany you and strengthen you, and you will have an enriching experience that will bring you much happiness.It is not important whether you see immediate results; leave that to the Lord who works in the secret of our hearts.Keep experiencing the joy born of our efforts to share the love of Christ with others.
    CONCLUSION
    217.The present document can help us see that the teaching of the social EncyclicalsLaudato Si’andFratelli Tuttiis not unrelated to our encounter with the love of Jesus Christ.For it is by drinking of that same love that we become capable of forging bonds of fraternity, of recognizing the dignity of each human being, and of working together to care for our common home.
    218.In a world where everything is bought and sold, people’s sense of their worth appears increasingly to depend on what they can accumulate with the power of money.We are constantly being pushed to keep buying, consuming and distracting ourselves, held captive to a demeaning system that prevents us from looking beyond our immediate and petty needs.The love of Christ has no place in this perverse mechanism, yet only that love can set us free from a mad pursuit that no longer has room for a gratuitous love.Christ’s love can give a heart to our world and revive love wherever we think that the ability to love has been definitively lost.
    219.The Church also needs that love, lest the love of Christ be replaced with outdated structures and concerns, excessive attachment to our own ideas and opinions, and fanaticism in any number of forms, which end up taking the place of the gratuitous love of God that liberates, enlivens, brings joy to the heart and builds communities.The wounded side of Christ continues to pour forth that stream which is never exhausted, never passes away, but offers itself time and time again to all those who wish to love as he did.For his love alone can bring about a new humanity.
    220.I ask our Lord Jesus Christ to grant that his Sacred Heart may continue to pour forth the streams of living water that can heal the hurt we have caused, strengthen our ability to love and serve others, and inspire us to journey together towards a just, solidary and fraternal world.Until that day when we will rejoice in celebrating together the banquet of the heavenly kingdom in the presence of the risen Lord, who harmonizes all our differences in the light that radiates perpetually from his open heart.May he be blessed forever.
    Given in Rome, at Saint Peter’s, on 24 October of the year 2024, the twelfth of my Pontificate.
    FRANCIS
    ______________________________
    [1]Many of the reflections in this first chapter were inspired by the unpublished writings of the late Father Diego Fares, S.J.May the Lord grant him eternal rest.
    [2]Cf. HOMER,Iliad, XXI, 441.
    [3]Cf.Iliad, X, 244.
    [4]Cf. PLATO,Timaeus, 65 c-d; 70.
    [5]Homily at Morning Mass in Domus Sanctae Marthae, 14 October 2016:L’Osservatore Romano, 15 October 2016, p. 8.
    [6]SAINT JOHN PAUL II,Angelus, 2 July 2000:L’Osservatore Romano, 3-4 July 2000, p. 4.
    [7]ID.,Catechesis, 8 June 1994:L’Osservatore Romano, 9 June 1994, p. 5.
    [8]The Demons(1873).
    [9]ROMANO GUARDINI,Religiöse Gestalten in Dostojewskijs Werk, Mainz/Paderborn, 1989, pp. 236ff.
    [10]KARL RAHNER,“Some Theses for a Theology of Devotion to the Sacred Heart”, inTheological Investigations, vol. III, Baltimore-London, 1967, p. 332.
    [11]Ibid., p. 333.
    [12]BYUNG-CHUL HAN,Heideggers Herz.Zum Begriff der Stimmung bei Martin Heidegger, München, 1996, p. 39.
    [13]Ibid., p. 60; cf. p. 176.
    [14]Cf. ID.,Agonie des Eros, Berlin, 2012.
    [15]Cf. MARTIN HEIDEGGER,Erläuterungen zu Hölderlins Dichtung, Frankfürt a. M., 1981, p. 120.
    [16]Cf. MICHEL DE CERTEAU,L’espace du désir ou le «fondement» des Exercises Spirituels:Christus77 (1973), pp. 118-128.
    [17]Itinerarium Mentis in Deum, VII, 6.
    [18]ID.,Proemium in I Sent.,q. 3.
    [19]SAINT JOHN HENRY NEWMAN,Meditations and Devotions, London, 1912, Part III [XVI], par. 3, pp. 573-574.
    [20]Pastoral ConstitutionGaudium et Spes, 82.
    [21]Ibid., 10.
    [22]Ibid., 14.
    [23]Cf.DICASTERY FOR THE DOCTRINE OF THE FAITH, DeclarationDignitas Infinita(2 April 2024), 8.Cf.L’Osservatore Romano, 8 April 2024.
    [24]Pastoral ConstitutionGaudium et Spes, 26.
    [25]SAINT JOHN PAUL II,Angelus, 28 June 1998:L’Osservatore Romano, 30 June-1 July 1998, p. 7.
    [26]Encyclical LetterLaudato Si’(24 May 2015),83: AAS 107 (2015), 880.
    [27]Homily at Morning Mass in Domus Sanctae Marthae, 7 June 2013:L’Osservatore Romano, 8 June 2013, p. 8.
    [28]PIUS XII, Encyclical LetterHaurietis Aquas(15 May 1956), I: AAS 48 (1956), 316.
    [29]PIUS VI, ConstitutionAuctorem Fidei(28 August 1794), 63: DH 2663.
    [30]LEO XIII,Encyclical LetterAnnum Sacrum(25 May 1899): ASS 31 (1898-1899), 649.
    [31]Ibid:“Inest in Sacro Corde symbolum et expressa imago infinitæ Iesu Christi caritatis”.
    [32]Angelus, 9 June 2013:L’Osservatore Romano, 10-11 June 2013, p. 8.
    [33]We canthus understand why the Church has forbidden placing on the altar representations of the heart of Jesus or Mary alone (cf. Response of the Congregation of Sacred Rites to the Reverend Charles Lecoq, P.S.S., 5 April 1879:Decreta Authentica Congregationis Sacrorum Rituum ex Actis ejusdem Collecta, vol. III, 107-108, n. 3492).Outside the liturgy, “for private devotion” (ibid.), the symbolism of a heart can be used as a teaching aid, an aesthetic figure or an emblem that invites one to meditate on the love of Christ, but this risks taking the heart as an object of adoration or spiritual dialogue apart from the Person of Christ.On 31 March 1887, the Congregation gave another, similar response (ibid., 187, n. 3673).
    [34]ECUMENICAL COUNCIL OF TRENT, Session XXV, DecreeMandat Sancta Synodus(3 December 1563): DH 1823.
    [35]FIFTH GENERAL CONFERENCE OF THE LATIN AMERICAN AND CARIBBEAN BISHOPS,Aparecida Document(29 June 2007), n. 259.
    [36]Encyclical LetterHaurietis Aquas(15 May 1956), I: AAS 48 (1956), 323-324.
    [37]Ep. 261, 3: PG 32, 972.
    [38]In Io. homil.63, 2: PG 59, 350.
    [39]De fide ad Gratianum, II, 7, 56: PL 16, 594 (ed. 1880).
    [40]Enarr. in Ps. 87, 3: PL 37, 1111.
    [41]Cf.De fide orth. 3, 6, 20: PG 94, 1006, 1081.
    [42]OLEGARIO GONZÁLEZ DE CARDEDAL,La entraña del cristianismo, Salamanca, 2010, 70-71.
    [43]Angelus, 1 June 2008:L’Osservatore Romano, 2-3 June 2008, p. 1.
    [44]PIUS XII, Encyclical LetterHaurietis Aquas(15 May 1956), II: AAS 48 (1956), 327-328.
    [45]Ibid.: AAS 48 (1956), 343-344.
    [46]BENEDICT XVI,Angelus, 1 June 2008:L’Osservatore Romano, 2-3 June 2008, p. 1.
    [47]VIGILIUS,ConstitutionInter Innumeras Sollicitudines(14 May 553):DH 420.
    [48]ECUMENICAL COUNCIL OF EPHESUS,Anathemas of Cyril of Alexandria, 8: DH 259.
    [49]SECOND ECUMENICAL COUNCIL OF CONSTANTINOPLE, Session VIII (2 June 553), Canon 9: DH 431.
    [50]SAINT JOHN OF THE CROSS,Spiritual Canticle, red.A, Stanza 22, 4.
    [51]Ibid., Stanza 12, 8.
    [52]Ibid., Stanza 12, 1.
    [53]“There is one God, the Father, from whom are all things and for whom we exist” (1 Cor8:6).“To our God and Father be glory forever and ever. Amen”(Phil4:20).“Blessed be the God and Father of our Lord Jesus Christ, the Father of mercies and the God of all consolation”(2 Cor1:3).
    [54]Apostolic LetterTertio Millennio Adveniente(10 November 1994), 49: AAS 87 (1995), 35.
    [55]Ad Rom., 7: PG 5, 694.
    [56]“That the world may know that I love the Father” (Jn14:31); “The Father and I are one” (Jn10:30); “I am in the Father and the Father is in me” (Jn14:10).
    [57]“Iam going to the Father” (pros ton Patéra:Jn16:28).“I am coming to you” (pros se:Jn17:11).
    [58]“eis ton kolpon tou Patrós”.
    [59]Adv. Haer., III, 18, 1: PG 7, 932.
    [60]In Joh.II, 2: PG 14, 110.
    [61]Angelus, 23 June 2002:L’Osservatore Romano, 24-25 June 2002, p. 1.
    [62]SAINT JOHN PAUL II,Message on the Hundredth Anniversary of the Consecration of the Human Race to the Divine Heart of Jesus, Warsaw, 11 June 1999, Solemnity of the Sacred Heart of Jesus, 3:L’Osservatore Romano, 12 June 1999, p. 5.
    [63]ID.,Angelus, 8 June 1986:L’Osservatore Romano, 9-10 June 1986, p. 5
    [64]Homily, Visit to the Gemelli Hospital and to the Faculty of Medicine of the Catholic University of the Sacred Heart, 27 June 2014:L’Osservatore Romano, 29 June 2014, p. 7.
    [65]Eph1:5, 7; 2:18; 3:12.
    [66]Eph2:5, 6; 4:15.
    [67]Eph1:3, 4, 6, 7, 11, 13, 15; 2:10, 13, 21, 22; 3:6, 11, 21.
    [68]Message on the Hundredth Anniversary of the Consecration of the Human Race to the Divine Heart of Jesus, Warsaw, 11 June 1999, Solemnity of the Sacred Heart of Jesus, 2:L’Osservatore Romano, 12 June 1999, p. 5.
    [69]“Since there is in the Sacred Heart a symbol and the express image of the infinite love of Jesus Christ that moves us to love one another, it is fit and proper that we should consecrate ourselves to his most Sacred Heart – an act that is nothing else than an offering and a binding of oneself to Jesus Christ, for whatever honour, veneration and love is given to this divine Heart is really and truly given to Christ himself…And now, today, behold another blessed and heavenly token is offered to our sight – the most Sacred Heart of Jesus, with a cross rising from it and shining forth with dazzling splendour amidst flames of love.In that Sacred Heart all our hopes should be placed, and from it the salvation of men is to be confidently besought” (Encyclical LetterAnnum Sacrum[25 May 1899]: ASS 31 [1898-1899], 649, 651).
    [70]“For is not the sum of all religion and therefore the pattern of more perfect life, contained in that most auspicious sign and in the form of piety that follows from it inasmuch as it more readily leads the minds of men to an intimate knowledge of Christ our Lord, and more efficaciously moves their hearts to love him more vehemently and to imitate him more closely?”(Encyclical LetterMiserentissimus Redemptor[8 May 1928]: AAS 20 [1928], 167).
    [71]“For it is perfectly clear that this devotion, if we examine its proper nature, is a most excellent act of religion, inasmuch as it demands the full and absolute determination of surrendering and consecrating oneself to the love of the divine Redeemer whose wounded heart is the living sign and symbol of that love…In it, we can contemplate not only the symbol, but also, as it were, the synthesis of the whole mystery of our redemption…Christ expressly and repeatedly pointed to his heart as the symbol by which men are drawn to recognize and acknowledge his love, and at the same time constituted it as the sign and pledge of his mercy and his grace for the needs of the Church in our time” (Encyclical LetterHaurietis Aquas[15 May 1956], Proemium, III, IV: AAS 48 [1956], 311, 336, 340).
    [72]Catechesis, 8 June 1994, 2:L’Osservatore Romano, 9 June 1994, p. 5.
    [73]Angelus, 1 June 2008:L’Osservatore Romano, 2-3 June 2008, p. 1.
    [74]Encyclical LetterHaurietis Aquas(15 May 1956), IV: AAS 48 (1956), 344.
    [75]Cf.ibid.: AAS 48 (1956), 336.
    [76]“The value of private revelations is essentially different from that of the one public revelation: the latter demands faith…A private revelation… is a help which is proffered, but its use is not obligatory” (BENEDICT XVI, Apostolic ExhortationVerbum Domini[30 September 2010], 14: AAS 102 [2010]), 696).
    [77]Encyclical LetterHaurietis Aquas(15 May 1956), IV: AAS 48 (1956), 340.
    [78]Ibid.: AAS 48 (1956), 344.
    [79]Ibid.
    [80]Apostolic ExhortationC’est la Confiance(15 October 2023), 20:L’Osservatore Romano, 16 October 2023.
    [81]SAINT THERESE OF THE CHILD JESUS,Autobiography, Ms A, 83v°.
    [82]SAINT MARIA FAUSTINA KOWALSKA,Diary, 47 (22 February 1931),Marian Press, Stockbridge, 2011, p. 46.
    [83]Mishnah Sukkah, IV, 5, 9.
    [84]Letter to the Superior General of the Society of Jesus, Paray-le-Monial (France), 5 October 1986:L’Osservatore Romano, 7 October 1986, p. IX.
    [85]Acta Martyrum Lugdunensium, in EUSEBIUS OF CAESARIA,Historia Ecclesiastica, V, 1: PG 20, 418.
    [86]RUFINUS, V, 1, 22, in GCS,EusebiusII, 1, p. 411, 13ff.
    [87]SAINT JUSTIN,Dial.135,3: PG 6, 787
    [88]NOVATIAN,De Trinitate, 29: PL 3, 994; cf. SAINT GREGORY OF ELVIRA,Tractatus Origenis de libris Sanctarum Scripturarum, XX, 12: CSSL 69, 144.
    [89]Expl. Ps.1:33: PL 14, 983-984.
    [90]Cf.Tract. in Ioannem61, 6: PL 35, 1801.
    [91]Ep. ad Rufinum, 3, 4.3: PL 22, 334.
    [92]Sermones in Cant.61, 4: PL 183, 1072.
    [93]Expositio altera super Cantica Canticorum, c. 1: PL 180, 487.
    [94]WILLIAM OF SAINT-THIERRY,De natura et dignitate amoris, 1: PL 184, 379.
    [95]ID.,Meditivae Orationes, 8, 6: PL 180, 230.
    [96]SAINT BONAVENTURE,Lignum Vitae.De mysterio passionis, 30.
    [97]Ibid., 47.
    [98]Legatus divinae pietatis, IV, 4, 4: SCh 255, 66.
    [99]LÉON DEHON,Directoire spirituel des prêtres su Sacré Cœur de Jésus, Turnhout, 1936, II, ch. VII, n. 141.
    [100]Dialogue on Divine Providence, LXXV: FIORILLI M.-CARAMELLA S., eds., Bari, 1928, 144.
    [101]Cf., for example, ANGELUS WALZ,De veneratione divini cordis Iesu in Ordine Praedicatorum, Pontificium Institutum Angelicum, Rome, 1937.
    [102]RAFAEL GARCÍA HERREROS, Vida de San Juan Eudes, Bogotá, 1943, 42.
    [103]SAINT FRANCIS DE SALES,Letter to Jane Frances de Chantal, 24 April 1610.
    [104]Sermon forthe Second Sunday of Lent, 20 February 1622.
    [105]Letter to Jane Frances de Chantal, Solemnity of the Ascension, 1612.
    [106]Letter to Marie Aimée de Blonay, 18 February 1618.
    [107]Letter to Jane Frances de Chantal, late November 1609.
    [108]Letter to Jane Frances de Chantal, ca. 25 February 1610.
    [109]Entretien XIV, on religious simplicity and prudence.
    [110]Letter to Jane Frances de Chantal,10 June 1611.
    [111]SAINT MARGARET MARY ALACOQUE,Autobiography, n. 53.
    [112]Ibid.
    [113]Ibid., n. 55.
    [114]Cf. DICASTERY FOR THE DOCTRINE OF THE FAITH,Norms for Proceeding in the Discernment of Alleged Supernatural Phenomena, 17 May 2024, I, A, 12.
    [115]SAINT MARGARET MARY ALACOQUE,Autobiography, n. 92.
    [116]Letter to Sœur de la Barge, 22 October 1689.
    [117]Autobiography, n. 53.
    [118]Ibid., n. 55.
    [119]Sermon on Trust in God, inŒuvres du R.P de La Colombière, t. 5, Perisse, Lyon, 1854, p. 100.
    [120]Spiritual Exercises in London, 1-8 February 1677, inŒuvres du R.P de La Colombière, t. 7, Seguin, Avignon, 1832, p. 93.
    [121]Spiritual Exercises in Lyon, October-November 1674, ibid., p. 45.
    [122]SAINT CHARLES DE FOUCAULD,Letter to Madame de Bondy, 27 April 1897.
    [123]Letter to Madame de Bondy, 28 April 1901.Cf.Letter to Madame de Bondy, 5 April 1909: “Through you I came to know the adoration of the Blessed Sacrament, the benedictions and the Sacred Heart”.
    [124]Letter to Madame de Bondy, 7 April 1890.
    [125]Letter to l’Abbé Huvelin, 27 June 1892.
    [126]SAINT CHARLES DE FOUCAULD,Méditations sur l’Ancien Testament (1896-1897), XXX, 1-21.
    [127]ID.,Letter to l’Abbé Huvelin, 16 May 1900.
    [128]ID.,Diary, 17 May 1906.
    [129]Letter 67 to Mme. Guérin, 18 November 1888.
    [130]Letter 122 to Céline, 14 October 1890.
    [131]Poem 23, “To the Sacred Heart of Jesus”, June or October 1895.
    [132]Letter 247 to l’Abbé Maurice Bellière, 21 June 1897.
    [133]Last Conversations. Yellow Notebook, 11 July 1897, 6.
    [134]Letter 197 to Sister Marie of the Sacred Heart, 17 September 1896.This does not mean that Therese did not offer sacrifices, sorrows and troubles as a way of associating herself with the suffering of Christ, but that, in the end, she was concerned not to give these offerings an importance they did not have.
    [135]Letter 142 to Céline, 6 July 1893.
    [136]Letter 191 to Léonie, 12 July 1896.
    [137]Letter 226 to Father Roulland, 9 May 1897.
    [138]Letter 258 to l’Abbé Maurice Bellière, 18 July 1897.
    [139]Cf. SAINT IGNATIUS LOYOLA,Spiritual Exercises, 104.
    [140]Ibid., 297.
    [141]Cf.Letter to Ignatius Loyola, 23 January 1541.
    [142]De Vita P. Ignatii et Societatis Iesu initiis, ch. 8.96.
    [143]Spiritual Exercises, 54.
    [144]Ibid., 230ff.
    [145]THIRTY-THIRD GENERAL CONGREGATION OF THE SOCIETY OF JESUS, Decree 46, 1:Institutum Societatis Iesu, 2, Florence, 1893, 511.
    [146]In Him Alone is Our Hope. Texts on the Heart of Christ, St. Louis, 1984.
    [147]Letter to the Superior General of the Society of Jesus, Paray-le-Monial, 5 October 1986:L’Osservatore Romano, 6 October 1986, p. 7.
    [148]Conference to Priests, “Poverty”, 13 August 1655.
    [149]Conference to the Daughters of Charity, “Mortification, Correspondence, Meals and Journeys (Common Rules,art. 24-27), 9 December 1657.
    [150]SAINT DANIELE COMBONI,Gli scritti,Bologna, 1991, 998 (n. 3324).
    [151]Homily at the Mass of Canonization, 18 May 2003:L’Osservatore Romano, 19-20 May 2003, p. 6.
    [152]SAINT JOHN PAUL II, Encyclical LetterDives in Misericordia(30 November 1980), 1: AAS 72 (1980), 1219.
    [153]ID.,Catechesis, 20 June 1979:L’Osservatore Romano, 22 June 1979, 1.
    [154]COMBONIAN MISSIONARIES OF THE HEART OF JESUS,Rule of Life, 3.
    [155]SOCIETY OF THE SACRED HEART,Constitutions of 1982, 7.
    [156]Encyclical LetterMiserentissimus Redemptor(8 May 1928): AAS 20 (1928), 174.
    [157]The believer’s act of faith has as its object not simply the doctrine proposed, but also union with Christ himself in the reality of his divine life (cf. SAINT THOMAS AQUINAS,Summa Theologiae, II-II, q. 1, a. 2, ad 2; q. 4, a. 1).
    [158]PIUS XI, Encyclical LetterMiserentissimus Redemptor(8 May 1928): AAS 20 (1928), 174.
    [159]Homily at the Chrism Mass, 28 March 2024:L’Osservatore Romano, 28 March 2024, p. 2.
    [160]SAINT IGNATIUS LOYOLA,Spiritual Exercises, 203.
    [161]Homily at the Chrism Mass, 28 March 2024:L’Osservatore Romano, 28 March 2024, p. 2.
    [162]SAINT MARGARET MARY ALACOQUE,Autobiography, n. 55.
    [163]Letter 133 to Father Croiset.
    [164]Autobiography, n. 92.
    [165]Encyclical LetterAnnum Sacrum(25 May 1899): ASS 31 (1898-1899), 649.
    [166]IULIANUS IMP.,Ep. XLIX ad Arsacium Pontificem Galatiae, Mainz, 1828, 90-91.
    [167]Ibid.
    [168]DICASTERY FOR THE DOCTRINE OF THE FAITH, DeclarationDignitas Infinita(2 April 2024), 19:L’Osservatore Romano, 8 April 2024.
    [169]Cf. BENEDICT XVI,Letter to the Superior General of the Society of Jesus on the Fiftieth Anniversary of the Encyclical“Haurietis Aquas”(15 May 2006): AAS 98 (2006), 461.
    [170]In Num. homil.12, 1: PG 12, 657.
    [171]Epist. 29, 24: PL 16, 1060.
    [172]Adv.Arium1, 8: PL 8, 1044.
    [173]Tract. in Joannem32, 4: PL 35, 1643.
    [174]Expos. in Ev. S. Joannis, cap. VII, lectio 5.
    [175]PIUS XII, Encyclical LetterHaurietis Aquas, 15 May 1956: AAS 48 (1956), 321.
    [176]SAINT JOHN PAUL II, Encyclical LetterRedemptoris Mater(25 March 1987), 38: AAS 79 (1987), 411.
    [177]SECOND VATICAN ECUMENICAL COUNCIL, Dogmatic ConstitutionLumen Gentium, 62.
    [178]Ibid., 60.
    [179]Sermones super Cant.,XX, 4: PL 183, 869.
    [180]Introduction to the Devout Life, Part III, xxxv.
    [181]Sermon for the XVII Sunday after Pentecost.
    [182]Écrits spirituels, Paris 1947, 67.
    [183]After 19 March 1902, all his letters begin with the wordsJesus Caritasseparated by a heart surmounted by the cross.
    [184]Letter to l’Abbé Huvelin, 15 July 1904.
    [185]Letter to Dom Martin, 25 January 1903.
    [186]Cited in RENÉVOILLAUME, Les fraternités du Père de Foucauld, Paris, 1946, 173.
    [187]Méditations des saints Évangiles sur les passages relatifs à quinze vertus, Nazareth, 1897-1898,Charité(Mt13:3), 60.
    [188]Ibid.,Charité(Mt22:1), 90.
    [189]H. HUVELIN,Quelques directeurs d’âmes au XVII siècle, Paris, 1911, 97.
    [190]Conference, “Service of the Sick and Care of One’s own Health”, 11 November 1657.
    [191]Common Rules of the Congregation of the Mission, 17 May 1658, c. 2, 6.
    [192]Letter to the Superior General of the Society of Jesus, Paray-le-Monial, 5 October 1986:L’Osservatore Romano, 6 October 1986, p. 7.
    [193]SAINT JOHN PAUL II, Post-Synodal Apostolic ExhortationReconciliatio et Paenitentia(2 December 1984), 16: AAS 77 (1985), 215.
    [194]Cf. Encyclical LetterSollicitudo Rei Socialis(30 December 1987), 36: AAS 80 (1988), 561-562.
    [195]Encyclical LetterCentesimus Annus(1 May 1991), 41: AAS 83 (1991), 844-845.
    [196]Catechism of the Catholic Church, 1888.
    [197]Catechesis, 8 June 1994, 2:L’Osservatore Romano, 4 May 1994, p. 5.
    [198]Address to the Participants in the International Colloquium “Réparer L’Irréparable”, on the 350thAnniversary of the Apparitions of Jesus in Paray-le-Monial, 4 May 2024:L’Osservatore Romano, 4 May 2024, p. 12.
    [199]Ibid.
    [200]Homily at Morning Mass in Domus Sanctae Marthae, 6 March 2018:L’Osservatore Romano, 5-6 March 2018, p. 8.
    [201]Address to the Participants in the International Colloquium “Réparer L’Irréparable”, on the 350thAnniversary of the Apparitions of Jesus in Paray-le-Monial, 4 May 2024:L’Osservatore Romano, 4 May 2024, p. 12.
    [202]Homily at the Chrism Mass, 28 March 2024:L’Osservatore Romano, 28 March 2024, p. 2.
    [203]Ibid.
    [204]Ibid.
    [205]Encyclical LetterLaudato Si’(24 May 2015), 80: AAS 107 (2015), 879.
    [206]Catechism of the Catholic Church, No. 1085.
    [207]Ibid., No. 268.
    [208]Autobiography, n. 53.
    [209]Ms A, 84r.
    [210]Ibid.
    [211]Ibid.
    [212]Ms A, 83v.; cf.Letter 226 to Father Roulland, 9 May 1897.
    [213]Act of Oblation to Merciful Love, 9 June 1895, 2r-2v.
    [214]Ms B, 3v.
    [215]Letter 186 to Léonie,11 April 1896.
    [216]Letter 258 to l’Abbé Bellière, 18 July 1897.
    [217]Cf. PIUS XI, Encyclical LetterMiserentissimus Redemptor, 8 May 1928: AAS 20 (1928), 169.
    [218]Ibid.: AAS 20 (1928), 172.
    [219]SAINT JOHN PAUL II, Catechesis, 20 June 1979:L’Osservatore Romano, 22 June 1979, p. 1.
    [220]Homily at Mass in Domus Sanctae Marthae, 27 June 2014:L’Osservatore Romano, 28 June 2014, p. 8.
    [221]Message for the Centenary of the Consecration of the Human Race to the Divine Heart of Jesus, Warsaw, 11 June 1999, Solemnity of the Sacred Heart of Jesus.L’Osservatore Romano, 12 June 1999, p. 5.
    [222]Ibid.
    [223]Letter to the Archbishop of Lyon on the occasion of the Pilgrimage of Paray-le-Monial for the Centenary of the Consecration of the Human Race to the Divine Heart of Jesus, 4 June 1999:L’Osservatore Romano, 12 June 1999, p. 4.
    [224]Conference,“Repetition of Prayer”, 22 August 1655.
    [225]LetterDiserti interpretes(25 May 1965), 4:Enchiridion della Vita Consacrata, Bologna-Milano, 2001, n. 3809.
    [226]Vita NuovaXIX, 5-6: “I declare that, in thinking of its worth, love so sweet makes me feel that, if my courage did not fail me, I would speak out and make everyone else fall in love”.
    [227] Ms A, 45v.

    MIL OSI Europe News

  • MIL-OSI United Nations: Secretary-General’s remarks to the 16th BRICS Summit [as delivered]

    Source: United Nations secretary general

    Excellencies, ladies and gentlemen,
     
    I am grateful to participate in the 16th BRICS Summit. 
     
    Collectively, your countries represent nearly half of the world’s population.
     
    And I salute your valuable commitment and support for international problem-solving as clearly reflected in your theme this year.
     
    But no single group and no single country can act alone or in isolation.
     
    It takes a community of nations, working as one global family, to address global challenges.
     
    Challenges like the rising number of conflicts.
     
    The devastation of climate change, pollution and biodiversity loss…
     
    Rising inequalities and lingering poverty and hunger…
     
    A debt crisis that threatens to smother plans for the future of many vulnerable countries… 
     
    The fact that fewer than one-fifth of the Sustainable Development Goals are on-track…
     
    A growing digital divide, and a lack of guardrails for artificial intelligence and other frontier technologies…
     
    And a lack of representation and voice for developing countries at global decision-making tables. From the Security Council to the Bretton-Woods institution and beyond. This must change.
     
    September’s Summit of the Future offered a roadmap for strengthening multilateralism, and advancing peace, sustainable development and human rights.
     
    I see four areas for action.
     
    First — finance.
     
    Today’s international financial system is not offering many vulnerable countries the safety net or level of support they need.
     
    The Pact for the Future calls for accelerating reform of the international financial architecture that is outdated, ineffective and unfair.
     
    And it includes a commitment to move forward with an SDG Stimulus to change the business model to substantially increase the lending capacity of Multilateral Development Banks to developing countries.
     
    To recycle more Special Drawing Rights…
     
    To restructure loans for countries drowning in debt…
     
    And to mobilize more international and domestic resources, public and private, for vital investments in developing countries.
     
    Next year’s Conference on Financing for Development and the Summit on Social Development are two milestones to carry these efforts forward.
     
    We must also recognize the importance of South-South cooperation.
     
    It doesn’t replace the commitments and obligations of developed countries.
     
    But it is providing a growing contribution to supporting developing countries in overcoming obstacles to reaching the SDGs. 
     
    Second — climate.
     
    Every country has committed to limit temperature rise to 1.5 degrees Celsius.
     
    That requires dramatic action to reduce emissions now — with the G20 in the lead.
     
    COP29 is just weeks away. 
     
    That starts the clock for countries to produce new Nationally Determined Contributions plans with 2035 targets that are aligned with the 1.5 degree goal.
     
    COP29 must deliver an ambitious and credible outcome on the new climate finance goal.
     
    Developed countries must also keep promises to double adaptation finance, and ensure meaningful contributions to the Loss and Damage Fund, which was not the case when it was created.
     
    Third — technology.
     
    Every country must be able to access the benefits of technology.
     
    The Global Digital Compact commits to enhanced global cooperation and capacity-building.
     
    It includes the first truly universal agreement on the international governance of Artificial Intelligence to give every country a seat at the AI table.
     
    It calls for an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations with the participations of all countries.
     
    And it requests options for innovative financing for AI capacity-building in developing countries.
     
    And fourth — peace.
     
    We must strengthen and update the machinery of peace.
     
    This includes reforms to make the United Nations Security Council reflective of today’s world.
     
    The Pact for the Future includes important steps on disarmament — including the first multilateral agreement on nuclear disarmament in more than a decade — and steps that address the weaponization of outer space and the use of lethal autonomous weapons.
     
    Across the board, we need peace.
     
    We need peace in Gaza with an immediate cease-fire, the immediate and unconditional release of all hostages, the effective delivery of humanitarian aid without obstacles, and we need to make irreversible progress to end the occupation and establish the two state solution, as it was recently reaffirmed once again by a UN General Assembly resolution.
     
    We need peace in Lebanon with an immediate cessation of hostilities, moving to the full implementation of Security Council resolution 1701. 

    We need peace in Ukraine. A just peace in line with the UN Charter, international law and General Assembly resolutions.
     
    We need peace in Sudan, with all parties silencing their guns and committing to a path towards sustainable peace.
     
    Those were the messages I have delivered to the High-Level segment of the General Assembly in September in New York. Unfortunately, they remain valid here and now.
     
    Everywhere, we must uphold the values of the UN Charter, the rule of law, and the principles of sovereignty, territorial integrity and political independence of all States. 
     
    Excellencies, ladies and gentlemen,
     
    The Summit of the Future charted a course to strengthen multilateralism for global development and security.
     
    Now we must turn words into deeds and we believe BRICS can play a very important role in this direction.
     
    Thank you.

    MIL OSI United Nations News

  • MIL-OSI Canada: Minister Joly to participate in ministerial conference on Lebanon in Paris, France

    Source: Government of Canada News (2)

    The conference will focus on three objectives: reaffirming the need for a diplomatic solution to the Israel-Hezbollah conflict in accordance with the United Nations Security Council Resolution 1701, mobilizing the international community to address the urgent needs for protection and emergency relief for the Lebanese people and exploring strategies to enhance support for Lebanon’s institutions, including the Lebanese Armed Forces, which play a crucial role in ensuring the country’s internal stability.

    October 24, 2024 – Ottawa, Ontario – Global Affairs Canada

    Today, the Honourable Mélanie Joly, Minister of Foreign Affairs, announced that she will participate at the International Conference in Support of Lebanon’s People and Sovereignty, taking place in Paris, France today.

    The conference will focus on three objectives: reaffirming the need for a diplomatic solution to the Israel-Hezbollah conflict in accordance with the United Nations Security Council Resolution 1701, mobilizing the international community to address the urgent needs for protection and emergency relief for the Lebanese people and exploring strategies to enhance support for Lebanon’s institutions, including the Lebanese Armed Forces, which play a crucial role in ensuring the country’s internal stability.

    Minister Joly will engage with her counterparts to create space for a diplomatic solution along the Blue Line and help shore up humanitarian assistance to support the needs of the Lebanese people.

    “I look forward to engaging with my counterparts and other senior officials in Paris as we work toward securing an immediate ceasefire. Canada continues to be steadfast in our commitment to peace and the de-escalation of tensions. Families in Southern Lebanon and Northern Israel must be able to safely return to their homes.”

    – Mélanie Joly, Minister of Foreign Affairs

    MIL OSI Canada News

  • MIL-OSI: Outbrain to Release Third Quarter 2024 Financial Results on November 7, 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB) announced today that the company will release its third quarter 2024 results before the market opens on Thursday, November 7, 2024, followed by a conference call at 8:30 a.m. (Eastern Time) that same day to discuss the company’s results and business outlook.

    The conference call can be accessed live over the phone by dialing 1-866-682-6100 or for international callers, 1-862-298-0702. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13749250. The replay will be available until November 21, 2024.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company’s website at https://investors.outbrain.com/. The online replay will be available for a limited time shortly following the call.

    About Outbrain

    Outbrain (Nasdaq: OB) is a leading technology platform that drives business results by engaging people across the open internet. Outbrain predicts moments of engagement to drive measurable outcomes for advertisers and publishers using AI and machine learning across more than 8,000 online properties globally. Founded in 2006, Outbrain is headquartered in New York with offices in Israel and across the United States, Europe, Asia-Pacific, and South America. To learn more, visit www.outbrain.com.

    Media Contact

    press@outbrain.com

    Investor Relations Contact

    IR@outbrain.com

    (332) 205-8999

    The MIL Network

  • MIL-OSI Africa: Secretary-General’s remarks to the 16th BRICS Summit [as delivered]

    Source: United Nations – English

    xcellencies, ladies and gentlemen,
     
    I am grateful to participate in the 16th BRICS Summit. 
     
    Collectively, your countries represent nearly half of the world’s population.
     
    And I salute your valuable commitment and support for international problem-solving as clearly reflected in your theme this year.
     
    But no single group and no single country can act alone or in isolation.
     
    It takes a community of nations, working as one global family, to address global challenges.
     
    Challenges like the rising number of conflicts.
     
    The devastation of climate change, pollution and biodiversity loss…
     
    Rising inequalities and lingering poverty and hunger…
     
    A debt crisis that threatens to smother plans for the future of many vulnerable countries… 
     
    The fact that fewer than one-fifth of the Sustainable Development Goals are on-track…
     
    A growing digital divide, and a lack of guardrails for artificial intelligence and other frontier technologies…
     
    And a lack of representation and voice for developing countries at global decision-making tables. From the Security Council to the Bretton-Woods institution and beyond. This must change.
     
    September’s Summit of the Future offered a roadmap for strengthening multilateralism, and advancing peace, sustainable development and human rights.
     
    I see four areas for action.
     
    First — finance.
     
    Today’s international financial system is not offering many vulnerable countries the safety net or level of support they need.
     
    The Pact for the Future calls for accelerating reform of the international financial architecture that is outdated, ineffective and unfair.
     
    And it includes a commitment to move forward with an SDG Stimulus to change the business model to substantially increase the lending capacity of Multilateral Development Banks to developing countries.
     
    To recycle more Special Drawing Rights…
     
    To restructure loans for countries drowning in debt…
     
    And to mobilize more international and domestic resources, public and private, for vital investments in developing countries.
     
    Next year’s Conference on Financing for Development and the Summit on Social Development are two milestones to carry these efforts forward.
     
    We must also recognize the importance of South-South cooperation.
     
    It doesn’t replace the commitments and obligations of developed countries.
     
    But it is providing a growing contribution to supporting developing countries in overcoming obstacles to reaching the SDGs. 
     
    Second — climate.
     
    Every country has committed to limit temperature rise to 1.5 degrees Celsius.
     
    That requires dramatic action to reduce emissions now — with the G20 in the lead.
     
    COP29 is just weeks away. 
     
    That starts the clock for countries to produce new Nationally Determined Contributions plans with 2035 targets that are aligned with the 1.5 degree goal.
     
    COP29 must deliver an ambitious and credible outcome on the new climate finance goal.
     
    Developed countries must also keep promises to double adaptation finance, and ensure meaningful contributions to the Loss and Damage Fund, which was not the case when it was created.
     
    Third — technology.
     
    Every country must be able to access the benefits of technology.
     
    The Global Digital Compact commits to enhanced global cooperation and capacity-building.
     
    It includes the first truly universal agreement on the international governance of Artificial Intelligence to give every country a seat at the AI table.
     
    It calls for an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations with the participations of all countries.
     
    And it requests options for innovative financing for AI capacity-building in developing countries.
     
    And fourth — peace.
     
    We must strengthen and update the machinery of peace.
     
    This includes reforms to make the United Nations Security Council reflective of today’s world.
     
    The Pact for the Future includes important steps on disarmament — including the first multilateral agreement on nuclear disarmament in more than a decade — and steps that address the weaponization of outer space and the use of lethal autonomous weapons.
     
    Across the board, we need peace.
     
    We need peace in Gaza with an immediate cease-fire, the immediate and unconditional release of all hostages, the effective delivery of humanitarian aid without obstacles, and we need to make irreversible progress to end the occupation and establish the two state solution, as it was recently reaffirmed once again by a UN General Assembly resolution.
     
    We need peace in Lebanon with an immediate cessation of hostilities, moving to the full implementation of Security Council resolution 1701. 

    We need peace in Ukraine. A just peace in line with the UN Charter, international law and General Assembly resolutions.
     
    We need peace in Sudan, with all parties silencing their guns and committing to a path towards sustainable peace.
     
    Those were the messages I have delivered to the High-Level segment of the General Assembly in September in New York. Unfortunately, they remain valid here and now.
     
    Everywhere, we must uphold the values of the UN Charter, the rule of law, and the principles of sovereignty, territorial integrity and political independence of all States. 
     
    Excellencies, ladies and gentlemen,
     
    The Summit of the Future charted a course to strengthen multilateralism for global development and security.
     
    Now we must turn words into deeds and we believe BRICS can play a very important role in this direction.
     
    Thank you.

    MIL OSI Africa

  • MIL-OSI China: BRICS charts path at milestone summit, Xi offers five suggestions

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

    KAZAN, Russia, Oct. 24 — Heels clicked and shoes shuffled across the media center floors at the BRICS Kazan summit on Wednesday, as journalists from around the world rushed to cover the landmark first in-person summit since the group’s expansion.

    Amid global uncertainties, BRICS embarked on a new chapter, cementing its growing influence on the world stage. Chinese President Xi Jinping, addressing the leaders in an expanded format, put forward five suggestions: building a BRICS committed to peace, innovation, green development, justice, and closer people-to-people exchanges.

    “We must build on this milestone summit to set off anew and forge ahead with one heart and one mind,” Xi said. “China is willing to work with all BRICS countries to open a new horizon in the high-quality development of greater BRICS cooperation.”

    This year’s summit also marked another major progress with the decision to invite a number of nations as partner countries, further advancing the group’s development.

    The growing interest from countries seeking to join BRICS cooperation each year demonstrates that in today’s troubled world, BRICS is important and essential, said Bunn Nagara, director and senior fellow at Belt and Road Initiative Caucus for Asia-Pacific.

    “China, led by President Xi, has contributed significantly to BRICS’ success with a progressive and enlightened approach,” said Nagara.

    During Wednesday’s meetings, leaders exchanged views on BRICS cooperation and key international issues under the theme “Strengthening Multilateralism for Just Global Development and Security,” focusing on global and regional security, sustainable development, climate change, and reforms in global economic governance.

    A major emphasis of the summit was the call for increased funding to support sustainable development in developing countries. Egyptian President Abdel-Fattah al-Sisi said BRICS is set to “strengthen a multipolar international system,” particularly through “innovative and effective” financing for these countries.

    Russian President Vladimir Putin, who chaired the Kazan summit, said that “the trend for the BRICS’ leading role in the global economy will only strengthen.”

    He warned against the ongoing risks from geopolitical tensions and the rise of unilateral sanctions and protectionism, emphasizing “a key task is to promote the use of national currencies to finance trade and investment.”

    Brazilian President Luiz Inacio Lula da Silva, who participated in the summit via video link due to a head injury, echoed this sentiment. “It’s not about replacing our currencies, but we need to work so that the multipolar order we aim for is reflected in the international financial system,” said Lula.

    BRICS has already made strides with the New Development Bank (NDB), headquartered in Shanghai. The BRICS countries agreed on Wednesday to support the NDB in implementing its general strategy for 2022-2026 and in expanding local currency financing.

    In a declaration issued at the 16th BRICS Summit, they also agreed to jointly build the NDB into a new type of multilateral development bank for the 21st century, support its further expansion of membership, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.

    The BRICS countries are also encouraged to strengthen financial cooperation and promote local currency settlement, according to the declaration.

    During the summit, leaders also emphasized the need for a fairer global order for the Global South. South African President Cyril Ramaphosa said that BRICS is an inclusive formation capable of changing the trajectory of the Global South. “To do this we must realize the full potential of our economic partnership, to ensure sustainable development for all and not just for some,” he said.

    “The period of unilateralism is coming to an end,” added Iranian President Masoud Pezeshkian, calling for a more equitable global system.

    Several speakers also highlighted the need for differentiated responsibilities in addressing climate change, urging that developing nations’ emissions reduction efforts should align with their capacities.

    BRICS, initially known as “BRIC” when it was coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, originally represented emerging market economies of Brazil, Russia, India, and China. South Africa joined in 2010, officially forming BRICS.

    In a recent interview with Xinhua, O’Neill acknowledged the need for policymakers to collaborate in creating an optimal system that benefits all. “I think as we pass through time, we will find a new equilibrium where countries will be more at ease with what other countries are doing,” he said.

    Other than the new full members joining on Jan. 1, 2024, over 30 countries, including Thailand, Malaysia, Türkiye and Azerbaijan, have either formally applied for or expressed interest in BRICS membership. Many other developing countries are seeking deeper cooperation with the group.

    Observers view BRICS as a vital platform for developing countries to pursue growth. Ahmed Al-Ali, a political and strategic researcher at the Gulf Research Center in Dubai, noted that BRICS aims to foster a more equitable, effective, and rational international system.

    It will play a crucial role in promoting development and growth opportunities for Global South countries while ensuring the sustainability of economic and social progress, said Al-Ali.

    Echoing that view, Sithembiso Bhengu, a senior research fellow with the Sociology Department, University of Johannesburg, said, “The BRICS mechanism presents real possibilities for making the globe a fairer community of nations, with possibilities for mutual support and cooperation towards our respective goals in modernization and development.”

    MIL OSI China News

  • MIL-OSI: West Bancorporation, Inc. Announces Third Quarter 2024 Financial Results and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Oct. 24, 2024 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported third quarter 2024 net income of $6.0 million, or $0.35 per diluted common share, compared to second quarter 2024 net income of $5.2 million, or $0.31 per diluted common share, and third quarter 2023 net income of $5.9 million, or $0.35 per diluted common share. On October 23, 2024, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on November 20, 2024, to stockholders of record on November 6, 2024.

    David Nelson, President and Chief Executive Officer of the Company, commented, “Our third quarter results include moderate growth in loans and core deposits along with an increase in quarterly net interest income and net interest margin. Our credit quality remains pristine as a result of our disciplined loan growth and credit risk management practices. The ratio of nonperforming assets to total assets remains negligible at 0.01%.”

    David Nelson added, “West Bank is focused on initiatives that will drive sustained core profitability. Those initiatives are centered around our culture of building strong relationships and providing exceptional personal service to drive growth in both commercial and consumer banking services.”

    Third Quarter 2024 Financial Highlights

        Quarter Ended
    September 30, 2024
      Nine Months Ended
    September 30, 2024
      Net income (in thousands) $5,952     $16,953  
      Return on average equity   10.41%       10.18%  
      Return on average assets   0.60%       0.59%  
      Efficiency ratio (a non-GAAP measure)   63.28%       64.16%  
      Nonperforming assets to total assets   0.01%       0.01%  
                     

    Third Quarter 2024 Compared to Second Quarter 2024 Overview

    • Loans increased $22.4 million in the third quarter of 2024, or 3.0 percent annualized. The increase is primarily due to the funding of previously committed construction loans.
    • A provision for credit losses on loans of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. A negative provision for credit losses on unfunded commitments of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. The provision for loans in the third quarter of 2024 was primarily due to changes in the forecasted loss rates due to increases in forecasted unemployment rates. The negative provision for unfunded commitments was primarily due to the decline in unfunded commitments resulting primarily from the funding of construction loans.
    • The allowance for credit losses to total loans was 0.97 percent and 0.95 percent at September 30, 2024 and June 30, 2024, respectively. Nonaccrual loans at September 30, 2024 consisted of two loans with a total balance of $233 thousand, compared to three loans with a balance of $521 thousand at June 30, 2024.
    • Deposits increased $97.6 million, or 3.1 percent, in the third quarter of 2024. Brokered deposits totaled $425.9 million at September 30, 2024, compared to $370.3 million at June 30, 2024, an increase of $55.6 million. Excluding brokered deposits, deposits increased $42.0 million during the third quarter of 2024. As of September 30, 2024, estimated uninsured deposits, which exclude deposits in the IntraFi® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 27.8 percent of total deposits.
    • Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $525.5 million at June 30, 2024. The decrease was primarily due to the balance of federal funds purchased and other short-term borrowings decreasing to $0 as of September 30, 2024, from $85.5 million as of June 30, 2024 as a result of growth in deposits.
    • The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 67.14 percent for the second quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income. In the third quarter of 2024, the increase in interest income on loans outpaced the increase in interest expense on deposits and borrowed funds.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for the third quarter of 2024, compared to 1.86 percent for the second quarter of 2024. Net interest income for the third quarter of 2024 was $18.0 million, compared to $17.2 million for the second quarter of 2024.
    • The tangible common equity ratio was 5.90 percent as of September 30, 2024, compared to 5.65 percent as of June 30, 2024. The increase in the tangible common equity ratio was driven by retained net income and the decrease in accumulated other comprehensive loss, which was primarily the result of the increase in the market value of our available for sale investment portfolio.

    Third Quarter 2024 Compared to Third Quarter 2023 Overview

    • Loans increased $171.4 million at September 30, 2024, or 6.0 percent, compared to September 30, 2023. The increase is primarily due to increases in commercial real estate loans and the funding of previously committed construction loans.
    • Deposits increased to $3.3 billion at September 30, 2024, compared to $2.8 billion at September 30, 2023. Included in deposits were brokered deposits totaling $425.9 million at September 30, 2024, compared to $237.0 million at September 30, 2023. Brokered deposits were used to reduce short-term borrowed funds and to fund loan growth. Excluding brokered deposits, deposits increased $334.2 million, or 13.3 percent, as of September 30, 2024, compared to September 30, 2023. Deposit growth included a mix of public funds and commercial and consumer deposits.
    • Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $705.1 million at September 30, 2023. The decrease was primarily attributable to a decrease of $261.5 million in federal funds purchased and other short-term borrowings as a result of growth in deposits.
    • The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 60.83 percent for the third quarter of 2023. The increase in the efficiency ratio in the third quarter of 2024 compared to the third quarter of 2023 was primarily due to the increase in noninterest expense, partially offset by an increase in net interest income. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for both the third quarter of 2024 and the third quarter of 2023. Net interest income for the third quarter of 2024 was $18.0 million, compared to $16.6 million for the third quarter of 2023.

    The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

    The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, October 24, 2024. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until November 7, 2024, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

    About West Bancorporation, Inc. (Nasdaq: WTBA)

    West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

    Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; changes in local, national and international economic conditions, including the level and impact of inflation and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in recent bank failures; changes in legal and regulatory requirements, limitations and costs including in response to the recent bank failures; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; talent and labor shortages; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    For more information contact:
    Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766

                 
    WEST BANCORPORATION, INC. AND SUBSIDIARY            
    Financial Information (unaudited)                    
    (in thousands)                    
        As of
    CONDENSED BALANCE SHEETS   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Assets                    
    Cash and due from banks   $ 34,157     $ 27,994     $ 27,071     $ 33,245     $ 18,819  
    Interest-bearing deposits     123,646       121,825       120,946       32,112       1,802  
    Securities available for sale, at fair value     597,745       588,452       605,735       623,919       609,365  
    Federal Home Loan Bank stock, at cost     17,195       21,065       26,181       22,957       26,691  
    Loans     3,021,221       2,998,774       2,980,133       2,927,535       2,849,777  
    Allowance for credit losses     (29,419 )     (28,422 )     (28,373 )     (28,342 )     (28,147 )
    Loans, net     2,991,802       2,970,352       2,951,760       2,899,193       2,821,630  
    Premises and equipment, net     106,771       101,965       95,880       86,399       75,675  
    Bank-owned life insurance     44,703       44,416       44,138       43,864       43,589  
    Other assets     72,547       89,046       90,981       84,069       104,329  
    Total assets   $ 3,988,566     $ 3,965,115     $ 3,962,692     $ 3,825,758     $ 3,701,900  
                         
    Liabilities and Stockholders’ Equity                    
    Deposits   $ 3,278,553     $ 3,180,922     $ 3,065,030     $ 2,973,779     $ 2,755,529  
    Federal funds purchased and other short-term borrowings           85,500       198,500       150,270       261,510  
    Other borrowings     438,814       439,998       441,183       442,367       443,552  
    Other liabilities     35,846       34,812       34,223       34,299       37,376  
    Stockholders’ equity     235,353       223,883       223,756       225,043       203,933  
    Total liabilities and stockholders’ equity   $ 3,988,566     $ 3,965,115     $ 3,962,692     $ 3,825,758     $ 3,701,900  
                         
        For the Quarter Ended
    AVERAGE BALANCES   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Assets   $ 3,973,824     $ 3,964,109     $ 3,812,199     $ 3,706,497     $ 3,679,541  
    Loans     2,991,272       2,994,492       2,949,672       2,857,594       2,813,213  
    Deposits     3,258,669       3,123,282       2,956,635       2,878,676       2,764,184  
    Stockholders’ equity     227,513       219,771       219,835       201,920       215,230  
                                             
                 
    WEST BANCORPORATION, INC. AND SUBSIDIARY            
    Financial Information (unaudited)                    
    (in thousands)                    
        As of
    LOANS   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Commercial   $ 512,884     $ 526,589     $ 544,293     $ 531,594     $ 529,293  
    Real estate:                    
    Construction, land and land development     520,516       496,864       465,247       413,477       399,253  
    1-4 family residential first mortgages     89,749       92,230       108,065       106,688       89,713  
    Home equity     17,140       15,264       14,020       14,618       12,429  
    Commercial     1,870,132       1,856,301       1,839,580       1,854,510       1,812,816  
    Consumer and other     14,261       15,234       12,844       10,930       10,123  
          3,024,682       3,002,482       2,984,049       2,931,817       2,853,627  
    Net unamortized fees and costs     (3,461 )     (3,708 )     (3,916 )     (4,282 )     (3,850 )
    Total loans   $ 3,021,221     $ 2,998,774     $ 2,980,133     $ 2,927,535     $ 2,849,777  
    Less: allowance for credit losses     (29,419 )     (28,422 )     (28,373 )     (28,342 )     (28,147 )
    Net loans   $ 2,991,802     $ 2,970,352     $ 2,951,760     $ 2,899,193     $ 2,821,630  
                         
    CREDIT QUALITY                    
    Pass   $ 3,016,493     $ 2,994,310     $ 2,983,618     $ 2,931,377     $ 2,853,100  
    Watch     7,956       7,651       142       144       184  
    Substandard     233       521       289       296       343  
    Doubtful                              
    Total loans   $ 3,024,682     $ 3,002,482     $ 2,984,049     $ 2,931,817     $ 2,853,627  
                         
    DEPOSITS                    
    Noninterest-bearing demand   $ 525,332     $ 530,441     $ 521,377     $ 548,726     $ 551,688  
    Interest-bearing demand     438,402       443,658       449,946       481,207       417,802  
    Savings and money market – non-brokered     1,481,840       1,483,264       1,315,698       1,315,741       1,249,309  
    Money market – brokered     123,780       97,259       119,840       124,335       99,282  
    Total nonmaturity deposits     2,569,354       2,554,622       2,406,861       2,470,009       2,318,081  
    Time – non-brokered     407,109       353,269       381,646       322,694       299,683  
    Time – brokered     302,090       273,031       276,523       181,076       137,765  
    Total time deposits     709,199       626,300       658,169       503,770       437,448  
    Total deposits   $ 3,278,553     $ 3,180,922     $ 3,065,030     $ 2,973,779     $ 2,755,529  
                         
    BORROWINGS                    
    Federal funds purchased and other short-term borrowings   $     $ 85,500     $ 198,500     $ 150,270     $ 261,510  
    Subordinated notes, net     79,828       79,762       79,697       79,631       79,566  
    Federal Home Loan Bank advances     315,000       315,000       315,000       315,000       315,000  
    Long-term debt     43,986       45,236       46,486       47,736       48,986  
    Total borrowings   $ 438,814     $ 525,498     $ 639,683     $ 592,637     $ 705,062  
                         
    STOCKHOLDERS’ EQUITY                    
    Preferred stock   $     $     $     $     $  
    Common stock     3,000       3,000       3,000       3,000       3,000  
    Additional paid-in capital     34,960       34,322       33,685       34,197       33,487  
    Retained earnings     275,724       273,981       272,997       271,369       271,025  
    Accumulated other comprehensive loss     (78,331 )     (87,420 )     (85,926 )     (83,523 )     (103,579 )
    Total stockholders’ equity   $ 235,353     $ 223,883     $ 223,756     $ 225,043     $ 203,933  
                                             
                     
    WEST BANCORPORATION, INC. AND SUBSIDIARY                
    Financial Information (unaudited)                    
    (in thousands)                    
        For the Quarter Ended
    CONSOLIDATED STATEMENTS OF INCOME   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Interest income:                    
    Loans, including fees   $ 42,504     $ 41,700     $ 40,196     $ 38,208     $ 36,756  
    Securities:                    
    Taxable     3,261       3,394       3,416       3,521       3,427  
    Tax-exempt     806       808       810       869       880  
    Interest-bearing deposits     2,041       1,666       148       85       29  
    Total interest income     48,612       47,568       44,570       42,683       41,092  
    Interest expense:                    
    Deposits     26,076       23,943       21,559       20,024       17,156  
    Federal funds purchased and other short-term borrowings     115       1,950       2,183       2,024       3,165  
    Subordinated notes     1,112       1,105       1,108       1,114       1,113  
    Federal Home Loan Bank advances     2,748       2,718       2,325       2,482       2,329  
    Long-term debt     601       622       645       678       695  
    Total interest expense     30,652       30,338       27,820       26,322       24,458  
    Net interest income     17,960       17,230       16,750       16,361       16,634  
    Credit loss expense                       500       200  
    Net interest income after credit loss expense     17,960       17,230       16,750       15,861       16,434  
    Noninterest income:                    
    Service charges on deposit accounts     459       462       460       476       463  
    Debit card usage fees     500       490       458       488       495  
    Trust services     828       794       776       782       831  
    Increase in cash value of bank-owned life insurance     287       278       274       275       262  
    Loan swap fees                             431  
    Realized securities losses, net                       (431 )      
    Other income     285       322       331       308       340  
    Total noninterest income     2,359       2,346       2,299       1,898       2,822  
    Noninterest expense:                    
    Salaries and employee benefits     6,823       7,169       6,489       6,468       6,696  
    Occupancy and equipment     1,926       1,852       1,447       1,499       1,359  
    Data processing     771       754       714       723       703  
    Technology and software     722       731       700       676       573  
    FDIC insurance     711       631       519       475       439  
    Professional fees     239       244       257       235       254  
    Director fees     223       236       199       240       196  
    Other expenses     1,477       1,577       1,543       1,845       1,685  
    Total noninterest expense     12,892       13,194       11,868       12,161       11,905  
    Income before income taxes     7,427       6,382       7,181       5,598       7,351  
    Income taxes     1,475       1,190       1,372       1,073       1,445  
    Net income   $ 5,952     $ 5,192     $ 5,809     $ 4,525     $ 5,906  
                         
    Basic earnings per common share   $ 0.35     $ 0.31     $ 0.35     $ 0.27     $ 0.35  
    Diluted earnings per common share   $ 0.35     $ 0.31     $ 0.35     $ 0.27     $ 0.35  
                                             
         
    WEST BANCORPORATION, INC. AND SUBSIDIARY    
    Financial Information (unaudited)        
    (in thousands)        
        For the Nine Months Ended
    CONSOLIDATED STATEMENTS OF INCOME   September 30, 2024   September 30, 2023
    Interest income:        
    Loans, including fees   $ 124,400     $ 104,715  
    Securities:        
    Taxable     10,071       10,175  
    Tax-exempt     2,424       2,648  
    Interest-bearing deposits     3,855       84  
    Total interest income     140,750       117,622  
    Interest expense:        
    Deposits     71,578       46,772  
    Federal funds purchased and other short-term borrowings     4,248       7,508  
    Subordinated notes     3,325       3,328  
    Federal Home Loan Bank advances     7,791       5,212  
    Long-term debt     1,868       2,132  
    Total interest expense     88,810       64,952  
    Net interest income     51,940       52,670  
    Credit loss expense           200  
    Net interest income after credit loss expense     51,940       52,470  
    Noninterest income:        
    Service charges on deposit accounts     1,381       1,383  
    Debit card usage fees     1,448       1,492  
    Trust services     2,398       2,286  
    Increase in cash value of bank-owned life insurance     839       769  
    Loan swap fees           431  
    Gain from bank-owned life insurance           691  
    Other income     938       1,116  
    Total noninterest income     7,004       8,168  
    Noninterest expense:        
    Salaries and employee benefits     20,481       20,592  
    Occupancy and equipment     5,225       4,008  
    Data processing     2,239       2,067  
    Technology and software     2,153       1,665  
    FDIC insurance     1,861       1,275  
    Professional fees     740       791  
    Director fees     658       652  
    Other expenses     4,597       5,400  
    Total noninterest expense     37,954       36,450  
    Income before income taxes     20,990       24,188  
    Income taxes     4,037       4,576  
    Net income   $ 16,953     $ 19,612  
             
    Basic earnings per common share   $ 1.01     $ 1.17  
    Diluted earnings per common share   $ 1.00     $ 1.17  
                     
                 
    WEST BANCORPORATION, INC. AND SUBSIDIARY            
    Financial Information (unaudited)                            
                                 
        As of and for the Quarter Ended   For the Nine Months Ended
    COMMON SHARE DATA   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      September 30,
    2024
      September 30,
    2023
    Earnings per common share (basic)   $ 0.35     $ 0.31     $ 0.35     $ 0.27     $ 0.35     $ 1.01     $ 1.17  
    Earnings per common share (diluted)     0.35       0.31       0.35       0.27       0.35       1.00       1.17  
    Dividends per common share     0.25       0.25       0.25       0.25       0.25       0.75       0.75  
    Book value per common share(1)     13.98       13.30       13.31       13.46       12.19          
    Closing stock price     19.01       17.90       17.83       21.20       16.31          
    Market price/book value(2)     135.98 %     134.59 %     133.96 %     157.50 %     133.80 %        
    Price earnings ratio(3)     13.65       14.36       12.77       19.79       11.75          
    Annualized dividend yield(4)     5.26 %     5.59 %     5.61 %     4.72 %     6.13 %        
                                 
    REGULATORY CAPITAL RATIOS                            
    Consolidated:                            
    Total risk-based capital ratio     11.95 %     11.85 %     11.78 %     11.88 %     11.96 %        
    Tier 1 risk-based capital ratio     9.39       9.30       9.23       9.30       9.37          
    Tier 1 leverage capital ratio     8.15       8.08       8.36       8.50       8.58          
    Common equity tier 1 ratio     8.83       8.74       8.67       8.74       8.80          
    West Bank:                            
    Total risk-based capital ratio     12.73 %     12.66 %     12.63 %     12.76 %     12.89 %        
    Tier 1 risk-based capital ratio     11.86       11.79       11.76       11.89       12.01          
    Tier 1 leverage capital ratio     10.29       10.25       10.65       10.86       11.00          
    Common equity tier 1 ratio     11.86       11.79       11.76       11.89       12.01          
                                 
    KEY PERFORMANCE RATIOS AND OTHER METRICS                            
    Return on average assets(5)     0.60 %     0.53 %     0.61 %     0.48 %     0.64 %     0.59 %     0.72 %
    Return on average equity(6)     10.41       9.50       10.63       8.89       10.89       10.18       12.22  
    Net interest margin(7)(13)     1.91       1.86       1.88       1.87       1.91       1.88       2.05  
    Yield on interest-earning assets(8)(13)     5.16       5.13       4.99       4.87       4.70       5.10       4.56  
    Cost of interest-bearing liabilities     3.84       3.83       3.70       3.60       3.38       3.79       3.09  
    Efficiency ratio(9)(13)     63.28       67.14       62.04       64.66       60.83       64.16       59.52  
    Nonperforming assets to total assets(10)     0.01       0.01       0.01       0.01       0.01          
    ACL ratio(11)     0.97       0.95       0.95       0.97       0.99          
    Loans/total assets     75.75       75.63       75.20       76.52       76.98          
    Loans/total deposits     92.15       94.27       97.23       98.44       103.42          
    Tangible common equity ratio(12)     5.90       5.65       5.65       5.88       5.51          
                                                     
    (1) Includes accumulated other comprehensive loss.
    (2) Closing stock price divided by book value per common share.
    (3) Closing stock price divided by annualized earnings per common share (basic).
    (4) Annualized dividend divided by period end closing stock price.
    (5) Annualized net income divided by average assets.
    (6) Annualized net income divided by average stockholders’ equity.
    (7) Annualized tax-equivalent net interest income divided by average interest-earning assets.
    (8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
    (9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
    (10) Total nonperforming assets divided by total assets.
    (11) Allowance for credit losses on loans divided by total loans.
    (12) Common equity less intangible assets (none held) divided by tangible assets.
    (13) A non-GAAP measure.
       

    NON-GAAP FINANCIAL MEASURES

    This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

             
    (in thousands)   For the Quarter Ended   For the Nine Months Ended
        September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      September 30,
    2024
      September 30,
    2023
    Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:                            
    Net interest income (GAAP)   $ 17,960     $ 17,230     $ 16,750     $ 16,361     $ 16,634     $ 51,940     $ 52,670  
    Tax-equivalent adjustment (1)     29       55       82       95       113       166       396  
    Net interest income on a FTE basis (non-GAAP)     17,989       17,285       16,832       16,456       16,747       52,106       53,066  
    Average interest-earning assets     3,749,688       3,731,674       3,595,954       3,487,799       3,478,053       3,692,647       3,458,606  
    Net interest margin on a FTE basis (non-GAAP)     1.91 %     1.86 %     1.88 %     1.87 %     1.91 %     1.88 %     2.05 %
                                 
    Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:                            
    Net interest income on a FTE basis (non-GAAP)   $ 17,989     $ 17,285     $ 16,832     $ 16,456     $ 16,747     $ 52,106     $ 53,066  
    Noninterest income     2,359       2,346       2,299       1,898       2,822       7,004       8,168  
    Adjustment for realized securities losses, net                       431                    
    Adjustment for losses on disposal of premises and equipment, net     26       21             24       3       47       5  
    Adjusted income     20,374       19,652       19,131       18,809       19,572       59,157       61,239  
    Noninterest expense     12,892       13,194       11,868       12,161       11,905       37,954       36,450  
    Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2)     63.28 %     67.14 %     62.04 %     64.66 %     60.83 %     64.16 %     59.52 %
                                                             
    (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
    (2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

    The MIL Network

  • MIL-OSI: Drones Driven by A.I. Are Taking Over Major Industries Including Agriculture, Construction, Military & More

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Artificial intelligence (AI) and drones are a formidable combo that has the potential to transform a variety of industries. When coupled, they build intelligent and autonomous airborne systems capable of completing complicated tasks in a variety of conditions. Because of this, the combination of artificial intelligence and drone technology offers new aerial technological developments for various industries, including agriculture, construction, energy, and security, as well as a solution to many aerial imagery demands. Factors such as technological advancements, growing need for automation and efficiency, and the increasing adoption of drones in the Logistics and Delivery, Agriculture and Precision Farming, Disaster Management and Search & Rescue, Environmental Monitoring and Industrial sectors are boosting the adoption of AI solutions in the UAV landscape. A report from Knowledge Sourcing Intelligence projected that the Artificial Intelligence in drone market size is projected to show steady growth during the forecast period (2024-2029). The report said: “Booming drone adoption in the sector boosts AI in drone market growth. Drones driven by AI are taking over major sectors such as agriculture, serving as industrious field workers. They minimize human effort while monitoring crop health, accurately locating pests, and applying irrigation to maximize production and optimize resource use. The movement known as “precision agriculture” is revolutionizing the way of raising food. According to the January 2022 Press Release Bureau, the government is extending financial support under the “Sub-Mission on Agriculture Mechanization” to encourage the use of drones in agriculture. The Agriculture Ministry will give agricultural institutions grants of up to Rs. 10 lakhs so the farmers can buy drones. When it comes to drone demonstrations on farmer fields Farmer’s Producers Organizations (FPOs) can receive funds for up to 75% of the total cost of the drone. The initiatives and factors supporting agriculture enhance the drone market.” Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Palantir Technologies Inc. (NYSE: PLTR), QUALCOMM Incorporated (NASDAQ: QCOM), AgEagle Aerial Systems Inc. (NYSE: UAVS), Draganfly Inc. (NASDAQ: DPRO).

    “The growing need for automation in logistics propels AI in drone market. Industries these days need effective and automated ways to handle logistics jobs. Drones and AI together present an attractive alternative for companies looking to increase productivity and accuracy as they save labor expenses and increase productivity by automating operations that were previously done by hand. By the end of 2024, Prime Air plans to expand internationally into Italy and the UK, in addition to starting drone deliveries in the United States. Similarly, in October 2023, Amazon Pharmacy launched drone delivery of pharmaceuticals. Eligible consumers in College Station, Texas, can now have their drugs delivered to their homes via drone within 60 minutes of placing their purchase with Amazon Pharmacy.”

    ZenaTech Inc. (NASDAQ:ZENA) Issues Big Development News Today on Adding Patent Assets to the Company – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

    Additional Groundbreaking ZenaTech Inc. Developments this week include:

    ZenaTech Announced a Software Company Acquisition Adding Significant Capabilities to Building AI Drones – ZenaTech also announced that it has entered into an agreement to acquire ZooOffice Inc., the holding company for software companies Jadian and DeskFlex, from ZenaTech’s former parent company. The acquisition of these two software companies will provide important compliance and inspection software as well as scheduling and mapping software that will be incorporated into ZenaTech’s ZenaDrone AI drone solutions. This transaction further expands ZenaTech’s portfolio of SaaS software solutions and customer base and is expected to add to recurring revenue in the government sector among others. The acquisition is subject to shareholder and regulatory approvals that may be required.

    “Adding Jadian and DeskFlex software capabilities to the ZenaTech portfolio is part of our strategy to offer full stack, integrated AI drone solutions targeted to multiple sectors such as Agriculture. Jadian’s compliance software will be integrated with ZenaDrone drone hardware and sensors to help farmers track and manage regulatory and environmental requirements such as crop traceability, fertilizer and pesticide use, water conservation, and greenhouse gas emissions. Deskflex scheduling and mapping software will add value integrated into our property management sector solutions,” said CEO Shaun Passley, Ph.D. Read this full release at: https://finance.yahoo.com/news/zenatech-announces-software-company-acquisition-113000656.html

    Other recent developments in the technology industry include:

    Edgescale AI Inc. and Palantir Technologies Inc. (NYSE: PLTR) recently announced a strategic partnership to deliver Live Edge, a groundbreaking combination of Palantir Edge AI and Edgescale AI distributed infrastructure technology, designed to operationalize artificial intelligence (AI) in manufacturing, utilities, and other complex industrial environments.

    AI is reshaping the world and transforming our relationship with technology, yet applying AI to operational technology in industries and critical infrastructure remains a challenge. So long as the complexity and operational burden of activating machines, equipment, vehicles, and sensors in physical systems remains high, we only achieve a fraction of AI’s true potential for automating our technology and improving our lives.

    QUALCOMM Incorporated (NASDAQ: QCOM) recently announced that, through its subsidiary Qualcomm Technologies, Inc., Aramco, and Saudi Arabia’s Research, Development and Innovation Authority (RDIA) are planning to launch Design in Saudi Arabia (DISA). DISA is envisaged to be an incubator program for Saudi Arabia that aims to support startups that are adopting AI, Internet of Things (IoT), and wireless technologies for industrial use cases.

    This initiative aims to support early-stage startups in the high-tech sector by guiding them from product design and development to commercialization. It aims to provide a comprehensive suite of support that includes technical assistance, business coaching, and intellectual property (IP) training, all aimed at enhancing the Kingdom’s technology ecosystem. Should this initiative materialize, startups would gain access to resources such as Qualcomm Technologies and Aramco’s industrial experience and RDIA’s strategic guidance.

    AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, recently issued a Letter to Stockholders from Company CEO Bill Irby.

    Dear Stockholders: First, I want to extend my appreciation for the trust and confidence you have placed in AgEagle. Upon taking over as CEO from Grant Begley (former interim CEO and current Board Chairman), we have been evolving and advancing AgEagle toward the creation of maximum long-term shareholder value.

    To fund our aggressive growth plans, we recently completed a $6.5M capital raise. The market’s reaction was a continued decline in our stock price. It became necessary to plan and execute a 50:1 reverse stock split. Our trading was halted October 4th but has since resumed, and I am truly optimistic regarding the path ahead as I believe that the company is currently under-valued… In conclusion, through a combination of our key initiatives, growing demand, and demonstrated progress in our newest market, I believe AgEagle is on the correct path to increase long-term shareholder value. We appreciate your continued support. Sincerely, Bill Irby, CEO

    Draganfly Inc. (NASDAQ: DPRO), an award-winning, industry-leading developer of drone solutions and systems, recently announced its participation in the upcoming Wings of Saskatchewan event in Regina, from October 30 to October 31, 2024. Draganfly will showcase its latest drone technology advancements, contributing to discussions on industry trends, safety, and regulatory considerations alongside key stakeholders in the aviation sector.

    The Wings of Saskatchewan Conference, hosted by the Saskatchewan Aerial Applicators Association and the Saskatchewan Aviation Council, serves as a vital gathering for the aviation community. This year’s event will bring together leaders from both civil and commercial aviation sectors to discuss technological advancements, regulatory updates, and future trends within the industry.

    About FN Media Group:
    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty nine hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually”, or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network

  • MIL-OSI China: Xi advocates high-quality development of greater BRICS cooperation at milestone summit

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

    Xi advocates high-quality development of greater BRICS cooperation at milestone summit

    KAZAN, Russia, Oct. 24 — Chinese President Xi Jinping on Wednesday called on BRICS countries to work for the high-quality development of greater BRICS cooperation as leaders gathered here for the 16th BRICS Summit.

    In his address to the summit, Xi emphasized the need for BRICS countries to seize the historical opportunity and work together to strengthen solidarity and cooperation among Global South nations.

    STRENGTHENING SOLIDARITY

    During a small-group meeting, President Xi welcomed new members to the BRICS family and extended invitations to many other countries to become partner countries.

    Xi pointed out that the enlargement of BRICS is a major milestone in its development history, and a landmark event in the evolution of the international situation. It is for their shared pursuit and for the overarching trend of peace and development that BRICS countries have come together, he said.

    Stressing that the world is undergoing accelerated changes unseen in a century, marked by new trends of multipolarity and the risks of a “new Cold War,” Xi said BRICS countries should seize the historical opportunity, take proactive steps, remain committed to the original aspiration and mission of openness, inclusiveness and win-win cooperation, conform to the general trend of the rise of the Global South, seek common ground while reserving differences, work in concert to further consolidate common values, safeguard common interests, and strengthen BRICS countries through unity.

    “We must work together to build BRICS into a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform,” Xi said.

    Xi stressed that the more turbulent the world is, the more BRICS countries should uphold the banner of peace, development and win-win cooperation, refining the essence of BRICS and demonstrating its strength. BRICS countries should raise the voice of peace, advocating a new path to security that features dialogue over confrontation and partnership over alliance.

    Xi also urged BRICS countries to jointly pursue a path of development, advocate a universally beneficial and inclusive economic globalization, and stay committed to the principle of common development. He said BRICS countries should consolidate the foundation of cooperation, deepen cooperation in traditional areas such as agriculture, energy, minerals, economy and trade, expand cooperation in emerging areas such as green, low-carbon and artificial intelligence, and safeguard trade, investment and financial security.

    ADVANCING DEVELOPMENT

    As the high-profile gathering unfolded amid global uncertainties, BRICS embarked on a new chapter, cementing its growing influence on the world stage.

    President Xi, addressing the leaders in an expanded format, put forward five suggestions: building a BRICS committed to peace, innovation, green development, justice, and closer people-to-people exchanges.

    “We must build on this milestone summit to set off anew and forge ahead with one heart and one mind,” Xi said. “China is willing to work with all BRICS countries to open a new horizon in the high-quality development of greater BRICS cooperation.”

    This year’s summit also marked another major milestone with the decision to invite a number of nations as partner countries, further advancing the group’s development.

    During Wednesday’s meetings, leaders exchanged views on BRICS cooperation and crucial international issues of shared concern under the theme “Strengthening Multilateralism for Just Global Development and Security.” Central to their discussions were global and regional security, sustainable development, climate change, and reforms in global economic governance.

    A notable focus of the summit was the call for increased funding to support the sustainable development of developing countries. Egyptian President Abdelfattah al-Sisi said that BRICS aims to “strengthen a multipolar international system,” particularly through facilitating “innovative and effective” financing for developing nations.

    Russian President Vladimir Putin said that “the trend for the BRICS’ leading role in the global economy will only strengthen.” He cautioned against the ongoing risks posed by geopolitical tensions, unilateral sanctions, and protectionism. “A key task is to promote the use of national currencies to finance trade and investment,” Putin said.

    Brazilian President Luiz Inacio Lula da Silva, who participated in the summit via video link due to a head injury, said, “It’s not about replacing our currencies, but we need to work so that the multipolar order we aim for is reflected in the international financial system.”

    BRICS has already made strides with the New Development Bank (NDB), headquartered in Shanghai. On Wednesday, the BRICS countries agreed to support the NDB in implementing its general strategy for 2022-2026 and in expanding local currency financing.

    In a declaration issued at the 16th BRICS Summit, they also agreed to jointly build the NDB into a new type of multilateral development bank for the 21st century, support its further expansion of membership, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.

    Leaders also advocated for a fairer global order for the Global South. South African President Cyril Ramaphosa said that BRICS is an inclusive bloc capable of changing the trajectory of the Global South. “To do this we must realize the full potential of our economic partnership, to ensure sustainable development for all and not just for some,” he said.

    “The period of unilateralism is coming to an end,” said Iranian President Masoud Pezeshkian, calling for a more equitable global system.

    GROWING APPEAL

    The term BRIC was initially coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.

    In a recent interview with Xinhua, O’Neill acknowledged the need for policymakers to collaborate in creating an optimal system that benefits all. “I think as we pass through time, we will find a new equilibrium where countries will be more at ease with what other countries are doing,” he said.

    In recent years, BRICS has garnered attention from countries around the world. Over 30 countries, including Thailand, Malaysia, Türkiye, and Azerbaijan, have either formally applied for or expressed interest in joining the group. Many other developing countries are also seeking stronger cooperation with BRICS.

    The growing interest from countries seeking to join BRICS cooperation each year demonstrates that in today’s troubled world, BRICS is not only important but essential, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific.

    “China, led by President Xi, has contributed significantly to BRICS’ success with a progressive and enlightened approach,” said Nagara.

    BRICS is seen as a vital platform for developing countries to pursue growth and address global imbalances.

    The enlargement of BRICS is “important in tipping the financial and technological balance in favor of the majority Global South rather than the minority Global North,” Webby Kalikiti, a lecturer and researcher at the Department of History, University of Zambia noted. He believed that the future of the world depends on the cooperative energies of all countries and the transition to a multipolar world.

    Ahmed Al-Ali, a political and strategic researcher at the Gulf Research Center in Dubai, believed that BRICS aims to foster a more equitable, effective, and rational international system.

    It will play a crucial role in promoting development and growth opportunities for Global South countries, while also ensuring the sustainability of economic and social progress, said Al-Ali.

    Similarly, Sithembiso Bhengu, a senior research fellow with the Sociology Department, University of Johannesburg said that “the BRICS mechanism presents real possibilities for making the globe a fairer community of nations, with possibilities for mutual support and cooperation towards our respective goals in modernization and development.”

    MIL OSI China News

  • MIL-OSI Video: Blinken holds a joint press availability with Qatari Prime Minister and Foreign Minister Al Thani

    Source: United States of America – Department of State (video statements)

    Secretary of State Antony J. Blinken holds a joint press availability with Qatari Prime Minister and Foreign Minister Mohammed bin Abdulrahman Al Thani in Doha, Qatar, on October 24, 2024.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
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    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=HH1EgtRhUCU

    MIL OSI Video

  • MIL-OSI Russia: “Language is the key to understanding the soul of a country”

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Photo: freepic.com

    21 countries and 52 universities open their doors every semester to HSE students participating in the international academic mobility program. In the fall semester of this year, Sofia Malyukova, a third-year student of the bachelor’s program, went to study at the Ca’Foscari State University (Venice, Italy) under the academic mobility program.Foreign languages and intercultural communication» Foreign language schools National Research University Higher School of Economics.

    Her training in Ca’Foscari, whose rich history spans over 150 years, will last for two modules: from September 2024 to February 2025.

    Why Italy and the University of Venice

    — I have dreamed of studying in Italy since the 10th grade, and today, thanks to the HSE School of Foreign Languages, my dream has come true. I chose the Ca’Foscari University of Venice thanks to the positive feedback from students of our educational program who had already studied in Venice and were absolutely delighted with this university. In addition, the process of creating a curriculum turned out to be quite easy, since Ca’Foscari offers an extensive list of subjects for international students.

    Studying at the HSE School of Foreign Languages

    — I studied Italian from the age of 14 with a teacher, outside the school curriculum, because I was always attracted by the culture and history of Italy, and language is the key to understanding the soul of the country. Now my level of Italian is C1-C2, which allows me not only to communicate freely at the university, but also to feel confident outside of it.

    Having entered the first year of the bachelor’s degree program at the School of Foreign Languages (SFL) of the National Research University Higher School of Economics, I decided to choose French as my second foreign language because I wanted to learn another language from scratch. And I continue to intensively develop my Italian skills thanks to the variety of extracurricular activities of the HSE School of Foreign Languages related to Italian: I take part in annual International scientific and practical conference for students and postgraduates “Lingua e cultura italiana: soft power in the XXI century”, and also help with the preparation of events for the Italian Club of the HSE University School of Economics.

    Educational program at the University of Venice

    — The program for this semester is intense. I will study English and French, the theory of the first foreign language, the theory of teaching a foreign language, intercultural communication. Mobility at Ca’Foscari University will certainly bring me new unique experience for my future career. This university is one of the strongest in the field of linguistics. Here I will be able to expand my knowledge in a unique intercultural academic environment and learn how cultural differences affect corporate interaction, which is especially important for my specialization “Intercultural Corporate Communication”, which I will begin studying this academic year.

    Life in a city of contrasts

    — Venice certainly made a strong impression on me right away. It is a city that seems like a fairy tale and almost unreal, especially when you see it for the first time. Walking along narrow streets, crossing numerous bridges, you understand that every corner here breathes history. Venice is a city of contrasts. On the one hand, it is a tourist center, which is felt most strongly in the city center. But once you turn aside, go deeper into lesser-known neighborhoods, you find yourself in quiet, almost deserted places, where it seems that time has stopped.

    Of course, at first we had to get used to the absence of familiar streets, avenues and cars. Instead, locals travel by water trams (vaporetto), which is very convenient and fast.

    As for the climate, there is very high humidity, which is especially noticeable during the rainy season (usually late October and February). On rainy days, the streets can be slightly flooded, a phenomenon called “high water” (aqua alta), and then you have to go around the streets next to the canals. So living on the water is not only romantic, but also difficult. On the other hand, it has its charm: Venice is surrounded by water, and you always feel it.

    When I was choosing a place to live, I wanted to live not in Venice itself, but on the mainland, where there are more amenities for living. That’s why I found an apartment in the small town of Mestre, 15 minutes from Venice. These cities are connected by regular buses and trains, so there are no problems with transportation.

    And for students in Venice, there is a special transport card that allows you to move around Venice and the nearby cities (Mestre and Marghera) by bus, tram and vaporetto. Some campuses of Ca’Foscari University are located near vaporetto stops, so students also actively use this transport. However, in Italy there are often strikes during which employees of the transport industry do not work, so you have to plan your routes in advance.

    Ca’Foscari is like home

    — Studying at the University of Venice is an unforgettable experience due to the intercultural exchange, as students from all over the world study here. Among my friends there are not only Italians, but also guys from Japan, Korea, Turkey, America, Great Britain, Russia.

    All foreign students are treated very kindly, including by teachers who value foreign students very much and are always ready to help. All Italians are very hospitable and open, so I immediately felt at home among them.

    At the university, classes usually start early in the morning, but some subjects can be held in the evening, depending on the course. The class lasts for an hour and a half, which is universal for all Italian universities. In addition to classes at the Italian university, I take some compulsory subjects of my educational program at the National Research University Higher School of Economics online.

    Overall, my workload here is distributed very conveniently, thanks to which I have time to devote to additional education, my hobbies and travel around Italy. For example, I have already managed to visit seven cities: Rome, Milan, Florence, Verona, Peschiera del Garda, Padua and Treviso.

    As for the canteen, the university has one, but not all campuses. For example, some campuses are just classrooms in historical buildings, where there is no canteen. Moreover, breaks between classes last only 15 minutes, so it is best to take a snack from home to avoid standing in line at the canteen. I cook at home most often, but I also like to try different dishes of Italian cuisine. Sometimes we get together with foreign friends at Italians, cook pasta together and chat, exchanging impressions and telling each other about our cultures.

    Studying here is a unique cultural experience that I will definitely not forget. Venice teaches you not to rush, to enjoy the moment and the beauty around you. There is a special magic in Venice that cannot be explained in words, but can only be felt by seeing the city with your own eyes.

    Advice for those who want to take part in academic mobility

    — First of all, it was necessary to draw up an individual curriculum and coordinate it with the educational office. I chose the subjects that I would study in Italy and transfer upon my return. Therefore, it is very important that the content of the curriculum corresponds to the subjects studied at that time in our educational program at the School of Foreign Languages of the National Research University Higher School of Economics.

    The motivation letter was also an important document, as it was where I could explain how the opportunity to participate in the mobility program was connected with my academic and career goals and why my candidacy should be selected. The motivation letter is the only opportunity to “talk” to the admission committee, so it is very important to talk about your experience, personal qualities and plans for the future. Do not be afraid to fully disclose your achievements and show your desire for new heights!

    In addition to the motivation letter, letters of recommendation from teachers play a significant role. In my experience, it is important that they reflect various aspects of your activities. For example, I attached recommendations that covered not only my academic successes, but also extracurricular achievements (active participation in the life of the HSE School of Foreign Languages and the HSE School of Foreign Languages Italian Club, experience of volunteering at Olympiads and working as a teaching assistant).

    My main advice is to start preparing for the competition in advance and carefully work through each document. Approach this process as responsibly as possible and keep in mind that the commission pays attention not only to your academic achievements, but also to how you show yourself outside of your studies. Show your activity and interests, tell how the academic mobility program is connected with your plans for the future, and then your chances of successfully passing the selection will increase significantly.

    And of course, don’t be afraid of anything. Follow your dream, dare and be sure that getting the coveted letter that you have passed the competitive selection for the academic mobility program is quite possible. Good luck!

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

    MIL OSI Russia News

  • MIL-OSI China: Full Text: Address by Chinese President Xi Jinping at ‘BRICS Plus’ leaders’ dialogue

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

    Full Text: Address by Chinese President Xi Jinping at ‘BRICS Plus’ leaders’ dialogue

    KAZAN, Russia, Oct. 24 — Chinese President Xi Jinping on Thursday delivered an important speech at the “BRICS Plus” leaders’ dialogue in Kazan, Russia.

    The following is the full text of the speech:

    Combining the Great Strength of the Global South To Build Together a Community with a Shared Future for Mankind

    Remarks by H.E. Xi Jinping

    President of the People’s Republic of China

    At the “BRICS Plus” leaders’ dialogue

    Kazan, October 24, 2024

    Your Excellency President Vladimir Putin,

    Colleagues,

    I would like to thank President Putin and the Russian government for putting together this “BRICS Plus” leaders’ dialogue, and warmly welcome all the leaders joining us today. It is a great pleasure to see old and new friends in Kazan.

    The collective rise of the Global South is a distinctive feature of the great transformation across the world. Global South countries marching together toward modernization is monumental in world history and unprecedented in human civilization. At the same time, peace and development still faces severe challenges, and the road to prosperity for the Global South will not be straight. Standing at the forefront of the Global South, we should use our collective wisdom and strength, and stand up to our responsibility for building a community with a shared future for mankind.

    — We should uphold peace and strive for common security. We should come forward together to form a stabilizing force for peace. We should strengthen global security governance, and explore solutions to address both symptoms and roots of hotspot issues. Many parties have warmly responded to my Global Security Initiative. Under the Initiative, we have made prominent progress in maintaining regional stability and in many other areas. China and Brazil jointly issued the six-point consensus, and launched the group of Friends for Peace on the Ukraine crisis together with other Global South countries. We should promote early deescalation to pave the way for political settlement. Last July, Palestinian factions reconciled with each other in Beijing, marking a key step toward peace in the Middle East. We should continue to promote comprehensive ceasefire in the Gaza Strip and revive the two-State solution. We must stop the flames of war from spreading in Lebanon and end the miserable sufferings in Palestine and Lebanon.

    — We should reinvigorate development and strive for common prosperity. The Global South emerges for development and prospers through development. We should make ourselves the main driving force for common development. We should play an active and leading role in the global economic governance reform, and make development the core of international economic and trade agenda. Since its introduction three years ago, the Global Development Initiative has helped make available nearly US$20 billion of development fund and launch more than 1,100 projects. And recently the Global Alliance on Artificial Intelligence for Industry and Manufacturing Center of Excellence has been established in Shanghai. China will also build a World Smart Customs Community Portal and a BRICS Customs Center of Excellence. We welcome active participation by all countries.

    — We should promote together development of all civilizations and strive for harmony among them. Diversity of civilization is the innate quality of the world. We should be advocates for exchanges among civilizations. We should enhance communication and dialogue, and support each other in taking the path to modernization suited to our respective national conditions. The Global Civilization Initiative I proposed is exactly for the purpose of building a garden of world civilizations in which we can share and admire the beauty of each civilization. China will coordinate with others to form a Global South Think Tanks Alliance to promote people-to-people exchanges and experience-sharing in governance.

    Colleagues,

    The Third Plenary Session of the 20th Central Committee of the Communist Party of China made systemic plans for further deepening reform comprehensively to advance Chinese modernization. This will provide more opportunities for the world. Last month, we held in Beijing a successful summit of the Forum on China-Africa Cooperation and announced ten partnership actions for China and Africa to jointly advance modernization. This will instill new energy for the Global South on its way toward modernization.

    No matter how the international landscape evolves, we in China will always keep the Global South in our heart, and maintain our roots in the Global South. We support more Global South countries in joining the cause of BRICS as full members, partner countries or in the “BRICS Plus” format so that we can combine the great strength of the Global South to build together a community with a shared future for mankind.

    Thank you!

    MIL OSI China News

  • MIL-OSI USA: Mullin joins Risch, 26 Colleagues in Introducing Stand with Israel Act to Combat Israel’s Persecution at UN

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    Mullin joins Risch, 26 Colleagues in Introducing Stand with Israel Act to Combat Israel’s Persecution at UN

    WASHINGTON, DC – U.S. Senator Markwayne Mullin (R-OK) joined Senate Foreign Relations Committee Ranking Member Jim Risch (R-ID) and 26 of their GOP Senate colleagues in announcing their intent to introduce the Stand with Israel Act when the Senate and House reconvene in November. This legislation would cut off U.S. funding to United Nations (UN) agencies that expel, downgrade, suspend, or otherwise restrict the participation of the State of Israel. This is companion legislation to bipartisan House bill HR 9394 led by Representative Mike Lawler (R-N.Y.).

    “The United States must end funding to the UN if they cave to the Palestinian Authority and downgrade or restrict the State of Israel’s participation in any way,” said Senator Mullin. “Senate Republicans will not allow American taxpayer dollars to fund organizations that undermine the authority and autonomy of the only democracy in the Middle East. I’m glad to support this common sense legislation.”

    “Any attempt to alter Israel’s status at the UN is clearly anti-Semitic,” said Ranking Member Risch. “That said, if the UN member states allow the Palestinian Authority and the Palestine Liberation Organization to downgrade Israel’s status at the UN, the U.S. must stop supporting the UN system, as it would clearly be beyond repair. I am disgusted that this outrageous idea has even been discussed, and will do all we can to ensure any changes to Israel’s status will come with consequences.”

    Sens. Mullin and Risch are joined on this legislation by Senators Tom Cotton (R-AR), Chuck Grassley (R-IA), Bill Cassidy (R-LA), Dan Sullivan (R-AK), Steve Daines (R-MT), Mike Lee (R-UT), Kevin Cramer (R-ND), John Barrasso (R-WY), Pete Ricketts (R-NE), Eric Schmitt (R-MO), Rick Scott (R-FL), John Kennedy (R-LA), Mike Crapo (R-ID), Roger Wicker (R-MS), Shelley Moore Capito (R-WV), Marco Rubio (R-FL), Joni Ernst (R-IA), Ron Johnson (R-WI), Thom Tillis (R-NC), Ted Budd (R-NC), Susan Collins (R-ME), Tim Scott (R-SC), Josh Hawley (R-MO), James Lankford (R-OK), John Thune (R-SD), and Deb Fischer (R-NE).

    BACKGROUND:

    • Reports indicate that the Palestinian Authority (PA) will attempt to downgrade Israel’s status at the UN.
    • The PA is able to do this after the UN General Assembly passed a biased resolution which enhanced the PA’s status at the United Nations on May 10, 2024.
    • Following that vote, Ranking Member Risch led 24 Senate colleagues in introducing the No Official Palestine Entry (NOPE) Act, legislation to update existing funding prohibitions in law that would cause the United States to cut off assistance to entities that give additional rights and privileges to the Palestinian Authority.
    • The Stand with Israel Act would cut off U.S. funding to UN agencies that expel, downgrade, suspend, or otherwise restrict the participation of the State of Israel. The bill is modeled after the current prohibition of funding to any UN entities that elevate the status of the Palestinian Authority to a member state.

    Text of the Stand with Israel Act can be found here.

    MIL OSI USA News

  • MIL-OSI: WENDEL: Q3 2024 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE – OCTOBER 24, 2024

    Fully diluted1Net Asset Value of €184.5

    up +13.7 %2year-to-date (+5.3% since June 30)

    With the announced acquisition of Monroe Capital, Wendel dramatically expands its Asset Management platform and rebalances its business model towards more recurring cash flows and growth

    Fully diluted Net Asset Value3as of September 30, 2024: €184.5 per share

    • Fully diluted NAV per share up +16.1%4 since the start of the year when restating for the €4 dividend paid in May 2024 reflecting:
      • Strong increase in Bureau Veritas’ share price (+34% YTD)
      • Slight decrease in value of non-listed assets
      • Positive contribution of Asset Management activities (IK Partners), reflecting the increase in market multiples

    Very active implementation of new strategic directions and active portfolio rotation

    • Principal Investment:
      • €2.3 billion proceeds and value crystallization through the sale of 9% of Bureau Veritas’ share capital and the disposal of Constantia Flexibles
      • €0.7 billion invested including €625 million in Globeducate, closed on October 16
    • Asset Management:
      • €0.4 billion invested for the acquisition of 51% of IK Partners
      • $1.13 billion will be invested in equity to acquire 75% of Monroe Capital, as announced on October 22, 2024 (closing expected in the first half of 2025)

    Wendel Asset Management business is now a significant performance driver

    • Considering the announced acquisition of Monroe Capital, Wendel’s Asset Management platform will represent c.€31bn of AuM in private assets5
    • In 2025, Wendel AM business is expected to generate c.€160m6 of Fee Related Earnings (“FRE”) and c.€185m of total pre-tax profit in 2025
    • IK Partners Fee Paying AuM up +19% over the first 9 months of 2024

    Consolidated 9M 2024 sales of €5,918.1 million, up +14.6% overall and +8.9% organically

    • Very strong organic growth at Bureau Veritas (+10.4% over 9 months)
    • Solid growth at CPI (+7.9%)    
    • ACAMS (+8%) in total over 9 months, due to the earlier timing of a flagship conference than in 2023
    • Encouraging first 9 months for Stahl (+1.6% total growth), with Q3 (-4.7%) impacted by a mixed environment in its industry
    • Scalian: slight decrease of -0.2% over 9 months

    Strong financial structure and committed to remain Investment Grade

    • Debt maturity of 3.9 years with an average cost of 2.4%
    • LTV ratio at -6.8% as of September 30, 2024, and 18.9%7 on a pro forma basis
    • Pro forma total liquidity of €1.48 billion as of September 30, 2024, including €0.5 billion in cash and €875 million in committed credit facility (fully undrawn)
    Laurent Mignon, Wendel Group CEO, commented:

    “The first nine months of 2024 have been generating good value creation for shareholders, with fully diluted Net Asset Value growing by 13.7%, driven notably by Bureau Veritas’ strong stock price and operating performances.

    We continue to enhance our cash flow generation and value creation profile, by executing our strategic plan with determination, rigor and financial discipline, as demonstrated by the Monroe Capital acquisition, announced two days ago, while also focusing on premium assets in our principal investment activities, highlighted by the recent acquisition of Globeducate.

    Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit.

    Following the investment in Globeducate and the announced acquisition of Monroe Capital, the priorities of Wendel’s teams are to create value on existing assets, to successfully build the private asset management platform around IK Partners and Monroe Capital, and to maintain a solid financial structure.”

    Wendel’s net asset value as of September 30, 2024: €184.5 per share on a fully diluted basis

    Wendel’s Net Asset Value (NAV) as of September 30, 2024, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

    Fully diluted Net Asset Value was €184.5 per share as of September 30, 2024 (see detail in the table below), as compared to €162.3 on December 31, 2023, representing an increase of +13.7% since the start of the year and +16.1% restated for the dividend paid in 2024. Compared to the last 20-day average share price as of September 30, the discount to the September 30, 2024, fully diluted NAV per share was -50.6%.

    Bureau Veritas contributed very positively to the increase in Net Asset Value: on September 30, its 20-day average share price was up strongly (+34.3%) compared to December 31, 2023. Impacts from share price movements from IHS Towers (-30.0%) and Tarkett (-2.8%) were negligible given the weight of Bureau Veritas in the NAV. Total value creation per share of listed assets was therefore +€26.1 over the first nine months of 2024 on a fully diluted basis.

    Unlisted assets’ contribution to the growth of the NAV was slightly negative over the first nine months of the year with a total change per share of -€1.2, reflecting a positive evolution of the market multiples and from bolt-on acquisitions, more than entirely offset by negative FX effect and selective downward revisions of outlooks for the current year (compared to December 31, 2023).

    Asset management activities were consolidated and accounted in the NAV for the first time at the end of June following the acquisition of IK Partners. There is no sponsor money included in the NAV yet, as no capital has been called. IK Partners’ valuation is up by €1.5 per share over the third quarter, driven by positive market multiples evolution.

    Cash operating costs and net financing results impacted NAV by -€1.2 over 9 months, as Wendel benefited from a positive carry. The impact of year-to-date share buybacks on fully diluted NAV per share is +€1.4 per share more as of September 30, 2024, than as of December 31, 2023. Other assets and liabilities impacted NAV by -€0.5.

    Total Net Asset Value increase amounted to €26.2 per share over the first nine months of the year before dividend payment.

    Fully diluted NAV per share of €184.5 as of September 30, 2024

    (in millions of euros)     09/30/2024 12/31/2023
    Listed investments Number of shares Share price (1) 3,800 3,867
    Bureau Veritas 120.3m/160.8m €29.9/€22.2 3,591 3,575
    IHS 63.0m/63.0m $3.1/$4.4 174 251
    Tarkett   €8.9/€9.1 35 40
    Investment in unlisted assets (2) 3,158 4,360
    Asset Management Activities (3) 449
    Other assets and liabilities of Wendel and holding companies (4) 95 6
    Net cash position & financial assets (5) 3,027 1,286
    Gross asset value     10,530 9,518
    Wendel bond debt     -2,386 -2,401
    IK Partners transaction deferred payment -131
    Net Asset Value     8,012 7,118
    Of which net debt     509 -1,115
    Number of shares     44,430,864 44,430,554
    Net Asset Value per share 180.3 €160.2
    Wendel’s 20 days share price average   €91.1 €79.9
    Premium (discount) on NAV -49.5% -50.1%
    Number of shares – fully diluted 42,469,744 43,302,016
    Fully diluted Net Asset Value, per share 184.5 €162.3
    Premium (discount) on fully diluted NAV -50.6% -50.8%

    (1)   Last 20 trading days average as of September 30, 2024, and December 31, 2023.

    (2)   Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Wendel Growth as of September 30, 2024, also included Constantia Flexibles as of December 31, 2023). Aggregates retained for the calculation exclude the impact of IFRS16.

    (3)   IK Partners’ activity, no sponsor money has been called at this stage. It is therefore not included in the NAV at this stage.

    (4)   Of which 1,961,120 treasury shares as of September 30, 2024, and 1,128,538 treasury shares as of December 31, 2023.

    (5)   Cash position and financial assets of Wendel and holdings.

    Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.

    If co-investment and management LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 246 of the 2023 Universal Registration Document.

    Wendel’s Principal Investments’ portfolio rotation

    Since the beginning of the year, Wendel has realized a total of €2.3 billion in disposals for its own account and has invested €0.7 billion, reflecting the acceleration of the diversification of its investment portfolio, in line with the strategy announced a few months ago:

    • Wendel announced on January 4, 2024, that it had completed the sale of Constantia Flexibles, generating total net proceeds9 for Wendel of €1,121 million for its shares, i.e. a valuation over 10% higher than the latest NAV on record before the announcement of the transaction (as at March 31, 2023).
    • Wendel announced on April 5, 2024, that it had successfully completed the sale of 40.5 million shares in Bureau Veritas, representing c.9% of the Company’s share capital, for total proceeds of approximately €1.1 billion. The transaction was carried out at a price of €27.127, or a discount of 3% from the previous day’s share price.
    • Wendel Growth realized its investment in Preligens, a leader in artificial intelligence (AI) for aerospace and defence, generating net proceeds to Wendel of c.€14.6M, translating into a gross IRR of 28%10. In addition, Wendel Growth announced on June 11, 2024, the acquisition of a minority stake in YesWeHack through an equity investment of €14.5 million.
    • Wendel reinvested €43.7m in Scalian upon the acquisition of MANNARINO Systems & Software on June 21, 2024. This Canadian company is a leading engineering services specialist for advanced technology R&D for the aviation sector, primarily in North America, with recognized expertise in safety-critical embedded software and systems.
    • On October 16, 2024, Wendel completed the acquisition of c.50% of Globeducate, one of the world’s leading international K-12 education groups, from Providence Equity Partners. Wendel invested €625 million of equity, at an Enterprise Value of c.€2 billion11, to join Providence, and both firms will now own c.50% of the group.

    Wendel’s Asset Management platform evolution

    Acquisition of Monroe Capital dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth

    Wendel announced on October 22 that it had entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

    For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding Principal Investment business.

    With IK Partners and Monroe Capital, Wendel’s third party asset management platform will reach c.€31 billion in AUM12, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€101 million in pre-tax FRE (Wendel share) by 2025 and is expected to reach €150 million (Wendel share) in pre-tax FRE by 2027 through double-digit organic growth.

    For more information, see the October 22, 2024, announcement on http://www.wendelgroup.com.

    Third Party Asset Management value creation and performance

    9 months 2024 performance

    Over the first nine months of 2024, IK Partners had particularly strong activity, generating a total of €126.4 million in revenue. Total Assets under Management (€13.3 billion, of which €3.3 billion of Dry Powder13) grew by 20% since the beginning of the year, and FPAuM14 (€9.0 billion) by 19%. Over the period, €1.7 billion of new funds were raised (IK X, PFIII and IK SO) and 7 exits have been announced, for over €1.2 billion.

    Sponsor money invested by Wendel

    Wendel committed €400 million in IK Partners funds, of which €300 million in IK X. These commitments have not yet been called.

    Principal Investment companies’ value creation and performance

    Listed Assets: 36% of Gross Asset Value

    Bureau Veritas – Strong Q3 2024 organic revenue growth; refocused portfolio with ongoing acquisitions acceleration, in line with the LEAP | 28 strategy; 2024 revenue outlook upgraded

    (Full consolidation)

    Revenue in the first nine months of 2024 totaled € 4,569.6 million, a 5.6% increase year-to-date.

    Revenue in the third quarter of 2024 amounted to € 1,547.9 million, an 8.8% increase compared to Q3 2023. Organic growth achieved a strong 13.0%, which led to 10.5% on a 9-month basis. The scope effect was a positive 0.5%, reflecting bolt-on acquisitions (contributing to +1.1%) realized in the past few quarters and partly offset by the impact of small divestments completed over the last twelve months (contributing to -0.6%). Currency fluctuations had a negative impact of 4.7%, due to the strength of the euro against most currencies.

    Three businesses delivered very strong organic growth: Marine & Offshore, up 13.2%, Industry, up 23.8%, and Certification, up 17.7%. Buildings & Infrastructure further recovered, up 9.3% organically in the third quarter (after 4.3% in the first half) while both Consumer Products Services and Agri Food & Commodities grew high-single digits organically, both reflecting improving market trends.

    Based on the 9-month performance, leveraging a healthy and growing sales pipeline and strong underlying market growth, Bureau Veritas now expects to deliver for the full year 2024:

    • 9 to 10% organic revenue growth (from “high single-digit” previously);
    • Improvement in adjusted operating margin at constant exchange rates;
    • Strong cash flow, with a cash conversion above 90%.

    For more information: https://group.bureauveritas.com

    Tarkett – Slight organic decrease year-to-date, with Q3 2024 solid organic sales growth of +2.4%, as Sports division grew at a sustained pace in the most important quarter of the year. Activity remained sluggish in flooring, particularly in EMEA and the CIS countries

    (Equity method)

    Revenue in the first nine months of 2024 amounted to €2,560.7 million, down by -1.2% compared to the same period of 2023, reflecting an organic decline of -0.4%. Sales prices remained stable over the financial year, i.e. -0.3% compared to the first nine months of 2023. In Q3 2024, Group net sales came to €1,002 million, up +1.8% compared to the third quarter of 2023. Organic growth reached +2.4%. Sales prices remained broadly stable over the year, with a slight decline of -0.5% compared to the third quarter of 2023.

    For more information: https://www.tarkett-group.com/en/investors/

    IHS Towers (not consolidated) – IHS Towers will report its Q3 2024 results in the coming weeks

    Unlisted Assets: 30% of Gross Asset Value

      Sales (in millions)
      9 months 2023 9 months 2024
    Stahl €677.3 €687.9
    CPI $103.6 $112.0
    ACAMS $67.9 $76.8
    Scalian €402.2 €401.3

    Stahl – Total sales up 1.6% for the first 9 months of 2024 on the back of Q3 market challenges in the leather market for automotive and luxury goods

    (full consolidation) 

    Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €687.9 million in the first 9 months of 2024, representing a total increase of +1.6% over the period. Organically, sales were slightly down -0.4%, in a context of tougher markets in automotive and luxury goods, while FX contributed -1.3%. The acquisition of ICP Industrial Solutions Group (ISG) in March 2023 contributed positively (+3.3%) to total sales variation.

    Stahl Q3 sales were down -4.7% (-3.1% organically and -1.6% due to FX) linked to the weaker market performance of the automotive and luxury goods sectors, notably in August, which was a particularly quiet month this year as many Italian tanneries were inactive for a four-week period due to reduced activity.

    On September 27, Stahl completed the acquisition of WEILBURGER Coatings, a leading German-based manufacturer of water-based and energy cured coatings for the graphic arts and packaging industry. The transaction significantly strengthens Stahl’s packaging coatings division and supports its strategy to broaden its franchise for specialty coatings for flexible materials. This acquisition strengthens Stahl’s strategic position in Europe, positioning the company as the second-largest packaging coatings player in the region. WEILBURGER Coatings posted sales of €70 million in 2023 and has over 140 employees, primarily based in Germany.

    Stahl also announced it maintained its Platinum EcoVadis rating for the third consecutive year, reaffirming its commitment to sustainability. In August, Stahl was awarded the Living Wage certification strengthening its commitment to fair compensation and employee well-being.

    Crisis Prevention Institute reports +8.2% revenue as compared with 9M 2023

    (full consolidation)

    CPI recorded first nine months 2024 revenues of $112 million, up +8.2% compared to 9M 2023, or +8.1% organically (FX impact was +0.1%), resulting from the addition of new certified instructors across end markets and geographies, and strong consumption of training materials, signifying active training of broader staff throughout the Company’s primary customers in educational, healthcare and human services settings. The company’s year-to-date results include relatively flat year-over-year revenue for the third quarter, however, reflecting what management describes as a temporary, seasonal slowdown in new certified instructors and a difficult year-over-year comparison resulting from an unusually large enterprise program added in the third quarter of 2023.

    2024 continues to be a pivotal year for CPI in growing its impact and reach, including further global expansion with the opening of its first office in the United Arab Emirates, and new program launches, including Reframing Behavior, a new certification program designed to help educators build a more positive, supportive learning environment and prevent disruptive classroom behavior. In addition, regulatory and legislative actions continue to provide support for workplace violence prevention programs and related training, including expanded requirements in New York, Texas and California during 2024.

    ACAMS – ACAMS reports positive total growth amid accelerated transformation

    (full consolidation)

    ACAMS, the global leader in training and certifications for anti-money laundering and financial crime prevention professionals, reported year-to-date bookings of $78 million, roughly flat with reported bookings for the same period in 2023, and revenue of $77 million for the first nine months of 2024, representing 8% year-over-year growth. The results for the first nine months of 2024 reflect continued growth and market expansion in North America and Europe, largely offset by declines with customers in the Asia-Pacific region. As well, the year-to-date results include the impact of ACAMS’ flagship Las Vegas conference that was held in the third quarter of 2024 and fourth quarter of 2023. Excluding the impact of this timing difference would reduce year-over-year bookings and revenue growth for the nine months ending September 30, 2024, to -0.8% and +0.3%, respectively.

    The Company has made considerable progress in its transformation this year. Having largely completed its separation and transition to a stand-alone, independent company in 2023, ACAMS has made many investments instrumental to the Company’s future growth, including organizational changes led by the CEO, Neil Sternthal, who joined ACAMS in early 2024 and subsequently added several executives, including a new Chief Financial Officer and a Chief Revenue Officer, investments in the Company’s technology platform, business analytics and sales organizations, and new product development, most notably with the planned introduction of its Certified Anti-Fraud Specialist (CAFS) certification.

    Scalian – Slight decrease of total sales of -0.2% year-to-date, in a context of overall market slowdown

    (full consolidation since July 2023.)  

    Scalian, a European leader in digital transformation, project management and operational performance consulting, reported total revenues of €401.3 million over the first 9 months in a context of continued industry slowdown, in particular supply chain tensions in the aeronautic sector as well as the turndown of the European automotive sector. Sales are down by -2.5% organically and benefited from a positive scope effect of +2.3%.

    Scalian announced the acquisition of Dulin Technology in January 2024, a Spanish-based consulting firm specializing in cybersecurity for the financial sector, and MANNARINO Systems & Software in June 2024, a Canadian-based company that is a leading engineering services specialist with a unique know-how in advanced technology R&D for the aviation sector.

    Agenda

    Friday, December 6, 2024,

    2024 Investor Day.

    Wednesday, February 26, 2025

    Full-Year 2024 Results – Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)

    Thursday, April 24, 2025

    Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

    Thursday, May 15, 2025

    Annual General Meeting

    Wednesday, July 30, 2025

    H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

    Appendix 1: Nine-month 2024 sales of Group companies

    Nine-month 2024 consolidated sales

    (in millions of euros) 9-month 2023 9-month 2024            Δ Organic Δ
    Bureau Veritas 4,328.0 4,569.6 +5.6% +10.4%
    Stahl (1) 677.3 687.9 +1.6% -0.4%
    Scalian (2) n.a. 409.3 n.a. n.a.
    Crisis Prevention Institute 95.6 103.1 +7.9% +8.1%
    ACAMS (3) 62.7 70.6 +12.6% +8.6%
    IK Partners(4) n.a. 77.6 n.a. n.a.
    Consolidated net sales (3)(4) 5,163.5 5,918.1 +14.6% +8.9%

    (1)   Acquisition of ICP Industrial Solutions Group (ISG) since March 2023 (sales’ contribution of €70.8M vs €62.7M as of 9M 2023)
    (2)   Scalian has a different reporting date to Wendel. Consequently, sale’s contribution corresponds to 9 months’ sales between October 1st 2023 and June 30 2024.
    (3)   The sales include a PPA restatement for an impact of -€0.5M (vs -€3.2M as of 9M 2023). Excluding this restatement, the sales amount to €71.3M vs. €66.1M as of 9M 2023. The total growth of +12.6% include a PPA effect of +4.5% and the conference revenue which generated $5,9M while this event occurred in Q4 2023 last year.        
    (4)   Contribution of five months of sales        
                                                                            

    Nine-month 2024 sales of equity accounted companies

    (in millions of euros) 9-month 2023 9-month 2024           Δ Organic Δ
    Tarkett(5) 2,592.6 2,560.7 -1.2% -0.4%

    (5)   Sales price adjustments in CIS countries are historically intended to compensate for currency movements and are therefore excluded from the “organic growth” indicator.

    Q3 2024 sales of Group companies

    Q3 2024 consolidated sales

    (in millions of euros) Q3 2023 Q3 2024             Δ Organic Δ
    Bureau Veritas 1,423.8 1,547.9 +8.8% +13.0%
    Stahl 234.3 223.3 -4.7% -3.1%
    Scalian (1) n.a. 131.1 n.a. n.a.
    Crisis Prevention Institute 42.0 41.2 -1.8% -1.0%
    ACAMS (2) 20.2 26.1 +29.1% +28.6%
    IK Partners n.a. 44.2 n.a. n.a.
    Consolidated net sales 1,720.2 2,013.8 +17.1% +10.6%

    (1)   Scalian has a different reporting date to Wendel. Consequently, sale’s contribution corresponds to 3 months’ sales between April 1st 2024 and June 30 2024.
    (2)   ACAMS Q3 2024 sales includes the conference which generated $5,9M, while this event occurred in Q4 2023 last year.                        

    Q3 2024 sales of equity accounted companies

    (in millions of euros) Q3 2023 Q3 2024           Δ Organic Δ
    Tarkett(3) 984.3 1,002.0 +1.8% +2.4%

    (3)   Sales price adjustments in CIS countries are historically intended to offset exchange rate movements, and are therefore excluded from the “organic growth” indicator.


    1 Fully-diluted NAV per share assumes all treasury shares are cancelled and a complementary liability is booked to account for all LTIP related securities in the money as of the valuation date.
    2 +13.7% compared with fully diluted NAV of €162.3 as of Dec. 31, 2023.
    3 Fully diluted of share buybacks and treasury shares. Without adjusting for dilution, NAV stands at €8,012m and €180.3 per share.
    4 Including the €4.0 per share dividend paid in 2024, and on a non-fully diluted basis NAV is up 15.0%.
    5 As of September 2024.
    6 c.€101m of FRE expected in 2025, Wendel share.

    7 Proforma of Globeducate acquisition (€-625m), sponsor money commitment in IK (€-400m), IK Partners transaction deferred payment (€-131m), Monroe Capital 75% acquisition (including estimated earnout) and GP commitments in Monroe Capital ($-200m for 2025).

    8 Proforma of Globeducate acquisition (€-625m), sponsor money commitment in IK (€-400m), IK Partners transaction deferred payment (€-131m), Monroe Capital 75% acquisition (including estimated earnout) and GP commitments in Monroe Capital ($-200m for 2025).

    9 Net proceeds after ticking fees, financial debt, dilution to the benefit of the Company’s minority investors, transaction costs and other debt-like adjustments.
    10 Gross IRR of 28%. Net IRR of 26%.
    11 EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at c.€1.86 billion.
    12 As of September 2024

    13 Commitments not yet invested

    14 Fee Paying AuM

    Attachment

    The MIL Network

  • MIL-OSI NGOs: Whatever we lose we will come back

    Source: Médecins Sans Frontières –

    Amid the ongoing Israeli bombardment and incursions across southern Lebanon, countless families have been uprooted, many seeking refuge in the coastal city of Saida. Médecins Sans Frontières’ (MSF’s) mobile medical teams have been visiting several locations in the southern city, offering general healthcare, medication, and mental health support to people displaced by the violence. Here are some of the testimonies of our patients there:

    Hassan Zeineddine

    “There’s nothing like living in your own home,” reflects Hassan Zeineddine, 67, an internally displaced Lebanese man with hypertension. He and his wife fled Kfar Melki, in the south of Lebanon, after nearby Israeli bombardments, leaving with only the clothes on their backs. “My sons are also displaced, scattered across the country. That alone is a struggle, but what we are going through is similar to what everyone else is.”

    Having been uprooted three times during the recent escalations, Hassan, a retired employee who lost his pension and savings in the 2020 economic crisis, reminisces about the olive harvest and his deep connection to the land he was forced to leave behind.

    “There is nothing quite like the south,” he says. “Wherever we go, whatever we lose, and whatever we are offered, we will always come back. I lived through the 1982 Israeli invasion and remember the airstrikes on southern villages then. As we returned to our homes then, we will now.”

    Khadija

    Khadija, a Syrian refugee and mother of five, was displaced from Nabatieh with her family. “She’s fading right before my eyes,” says Khadija, pointing to her seven-year-old daughter, who she says suffers from stunted growth. She describes the harsh conditions in the open parking lot by the Saida coastline where they’ve sought refuge.

    “We never feel clean. People are competing over food here, and we don’t have enough clean water to wash. We go to the sea to relieve ourselves, but there are often men around.”

    Her children are battling various health issues and it’s breaking her spirit. “Sidra, 13, has asthma, Hiba, 7, weighs barely 10 kilograms, and Malak, my 8-month-old, has a fever and diarrhoea. I breastfeed her whenever I can, but it’s not always enough, and I can’t properly clean her bottles.”

    In a moment of despair Khadija admits, “Sometimes I wish we had stayed and died in an airstrike instead of living like this.”

    Um Mohammad

    Um Mohammad, a 40-year-old Syrian refugee displaced from Qsaibeh, in south Lebanon, has three daughters. She used to maintain her employer’s garden, landscaping and building fences around his land. The night she fled Qsaibeh, an airstrike landed dangerously close.

    She recalls joining the community with buckets of water to put out the fire, and then her employer told her it was time to leave. She packed a change of clothes for each of her daughters, aged 18, 6, and 4, and grabbed only a blanket, leaving behind the groceries she had just bought that day on her kitchen floor.

    Hala

    Hala, 24, is a Syrian refugee and mother of three—Yamen, 2, Rawan, 3, and Razan, 6. She fled from the coastal town of Adloun in south Lebanon amidst airstrikes and the sirens of ambulances. “We left with nothing. We escaped on a motorcycle, but it broke down here in Saida. My husband went back to retrieve our belongings, but everything was stolen.”

    Now, they rely on aid for food.

    “All my children are sick with vomiting and diarrhoea. Rawan, who has down syndrome, used to receive physical therapy to walk and move. We had high hopes that she would begin verbal communication through speech therapy soon, and she had made so much progress. But now, all that is gone. She requires lots of medications and is often bullied by other children for not being able to express herself.”

    Shams Al Mahmoud, Marimar, and Kazem

    Shams Al Mahmoud, whose first name means ‘sun’ in Arabic and is a Syrian refugee, remains as bright and warm as ever, despite the hardships she and her family have endured. Along with her children—Mimar, 24, Mimas, Kazem, 20, and Marimar,14—Shams was displaced from Kfar Roumane and now lives in a parking lot in Saida, southern Lebanon.

    With an endearing smile, she recounts the moments her family escaped Israeli airstrikes in the town they had called home for over a decade, fleeing for 12 hours on foot to finally find relative safety in Saida. A few days later, Kazem and one of his sisters made a dangerous trip back to their former home on a borrowed motorcycle to rescue their two kittens, Simba and Mimi.

    “We thought of them as we were leaving,” says Marimar, as she fondly strokes one of the kittens. “But the airstrikes were too close. I’m so relieved we could go back for them.”

    Najah Ashour

    Najah Ashour, a Syrian refugee living in south Lebanon, was displaced once again along with her daughters—Maya, 11, Lujain, 6, and Sary, 9 months—after airstrikes struck the southern town of Baisariyeh. She is among the 1.2 million people displaced by the ongoing Israeli bombardments. While the war affects everyone, minority groups like Syrian refugees, migrant workers, the elderly, and people with disabilities face even greater risks of discrimination and exclusion, further limiting their access to healthcare and humanitarian aid.

    MIL OSI NGO

  • MIL-OSI Video: Addressing the Humanitarian Crisis in Gaza

    Source: United States of America – Department of State (video statements)

    Today, we’re announcing an additional $135 million dollars in humanitarian assistance — water, sanitation, maternal health — for Palestinians in Gaza as well as in the region. – Secretary Blinken from Doha, Qatar on October 24, 2024.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    Twitter: https://twitter.com/StateDept
    Instagram: https://www.instagram.com/statedept
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    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
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    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

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

    MIL OSI Video

  • MIL-OSI USA: Congresswoman Monica De La Cruz Introduces Legislation to Honor Local War Hero, Lance Corporal Dustin Sekula

    Source: United States House of Representatives – Monica De La Cruz (TX-15)

    Congresswoman Monica De La Cruz introduced the Lance Corporal Dustin Sekula Congressional Gold Medal Act on Friday (October 18th). The bill would posthumously award the Congressional Gold Medal to Edinburg, Texas, native Lance Corporal Dustin Sekula. The legislation seeks to honor Sekula’s courageous service and ultimate sacrifice for his country.

    Lance Corporal Sekula was the first Edinburg native to be killed during Operation Iraqi Freedom. He was just 18 years old when he died on April 1, 2004, after sustaining injuries from enemy fire in Iraq. A proud Marine, Sekula had turned down an agriculture college scholarship to join the military at the age of 17, driven by a desire to serve and protect the United States.

    The medal would be presented to Sekula’s family in recognition of his heroic life and the lasting impact he has had on his community and his country. His legacy continues in Edinburg, where the Dustin Sekula Memorial Library stands as a tribute to his memory.

    “Lance Corporal Dustin Sekula made the ultimate sacrifice for our freedom, and this bill ensures that his bravery and service are honored at the highest level,” said Congresswoman De La Cruz. “His story is one of unwavering dedication to his family, his community, and his country. We must never forget his courage and sacrifice.”

    MIL OSI USA News

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks to the Security Council – on Women, Peace and Security [as delivered]

    Source: United Nations secretary general

    Madam President, Excellencies,

    First, let me begin by wishing everyone a happy UN Day.

    Every year, in this Chamber, the global community reaffirms its commitment to ensuring women’s full, equal, and meaningful participation in conflict prevention, resolution, and recovery, and to upholding their rights during times of war.

    Yet, progress remains dishearteningly slow. 
     
    Peace and security decision-making is overwhelmingly dominated by men.

    And ending impunity for atrocities against women and girls is still but a distant goal.

    And the past year has been especially difficult.

    In Gaza, tens of thousands of Palestinian women and girls have been killed and injured amidst continued war and a terrible humanitarian crisis.

    Meanwhile, the plight of Israeli women still held hostage demands urgent action to ensure their safety and immediate release.

    In Lebanon, an escalation of destruction and displacement threatens women and girls’ safety and livelihood.  

    In Sudan, women are enduring extreme suffering, facing not only the loss of loved ones but also the dire lack of access to essential services and medical care.

    I reiterate the Secretary-General’s calls:

    Civilians must be protected, civilian infrastructure must not be targeted, and international law must be upheld.

    The United Nations remains steadfast.

    We will not look away or lose hope.

    The women, peace and security agenda will always guide our work and show a path forward. 

    Despite attacks on our offices, and the detention and killings of our staff in unprecedented numbers, allow me to honor the work of my colleagues and share examples of what they do.

    In peacekeeping missions, the women, peace and security agenda is a key political and strategic imperative.

    Our teams work tirelessly to help protect and assist women – from relocating human rights defenders to aiding women after their release from abduction by armed groups, from ensuring women’s representation in local dialogues to helping bring justice to women in places where sexual violence has long been met with impunity.

    In the Democratic Republic of Congo, for example, 57 percent of cases supported by the mission’s Prosecution Support Cells in 2023 involved conflict-related sexual violence, contributing to the conviction of dozens of members of armed groups and state security forces.

    In Abyei, earlier this year, one-third of participants in a post-migration conference were women – this was a first.

    In the Central African Republic, the mission is helping mobilize women for local elections that have not been held in 38 years.

    Deploying more diverse teams to peacekeeping operations has helped us deliver better on our mandates.

    The representation of women in most categories of uniformed personnel has doubled in the last five years, and initiatives have been put in place to foster gender-responsive work environments for all peacekeepers.

    Yet, much more remains to be done to improve the gender balance of our deployments and reap the benefits of inclusion and diversity.

    Success in peacekeeping hinges on the political support from Member States, especially those with the great honor of sitting in this Chamber to protect international peace and security.

    I commend the efforts of the United Arab Emirates to empower Women in Peace and Security. This initiative has provided training and capacity building opportunities for over 600 women from the Middle East, Africa and Asia in military and peacekeeping. The UN is a proud partner in these efforts that advance the Women, Peace and Security Agenda.

    Throughout the world, the UN reaches millions of displaced women and girls and survivors of violence with food, medical support, legal aid, shelter, access to safe spaces, psychosocial support, education, and jobs and livelihood opportunities.

    Yesterday, survivors of conflict-related sexual violence from many war-torn corners of the globe gathered for a Survivor’s Hearing to mark the 15th anniversary of resolution 1888.

    Effective protection from sexual violence is fundamental to women’s effective participation in peacebuilding, conflict recovery, and sustainable development that leaves no one behind. 

    None of this would happen without women’s organizations in the frontlines of crises, and we are trying to find ways of channeling more resources to them.

    The Women’s Peace and Humanitarian Fund has supported over 1,300 local women’s civil society organizations since 2016, nearly half of them accessing UN funds for the first time, and 582 women human rights defenders and their families.

    Last year, the Secretary-General invited all partners to contribute to the goal of raising 300 million dollars for women’s organizations in conflict-affected countries.

    We still have a long way to go to get there.

    40 percent of all funding of the 25-million-dollar GBV-focused grant by the Central Emergency Response Fund to UN Women and UNFPA was sub-granted to local women’s organizations and delivered remarkable results, a powerful demonstration that localization is both feasible and effective.

    The Peacebuilding Fund has now exceeded its internal target allocation of 30 percent to gender equality for seven years in a row.

    We know that the inclusion of women and gender-related provisions in peace processes not only advances gender equality, but also results in more durable peace agreements. From Guatemala to Northern Ireland, from Colombia to Liberia, research has shown how women in formal processes worked with diverse women’s groups to not only reach an agreement but also to strengthen the substance of peace agreements and opportunities for implementation.

    Yet, women remain starkly under-represented from peace negotiations and conflict resolution efforts – including in some of the most intractable conflicts over the last year.

    Historical data underscores this challenge: between 1992 and 2019, women constituted only 13 per cent of negotiators and six per cent of mediators in major peace processes.

    More recent data from UN Women for 2023 shows that women on average made up less than ten per cent of peace negotiators and 13.5 per cent of mediators.

    The processes in Libya and Yemen, where conflict parties have not included women, highlight a continued resistance to progress.

    In Afghanistan, the regression of women’s rights highlights the severe impact of excluding women from governance – and society altogether.

    It is imperative that we reinforce our resolve to support women in Afghanistan and elsewhere, advocating for their rights, agency and inclusion at every opportunity.

    Collective action and solidarity are crucial.

    In today’s broader global mediation landscape, the United Nations is not always present.

    In fact, a diverse set of regional, state and other mediation actors initiates and leads mediation processes.

    Many contexts feature joint or overlapping peace initiatives.

    This means that no single mediator can affect global and meaningful change on women’s participation.

    It is why, today, on behalf of the Secretary-General, I am pleased to launch the “Common Pledge on Women’s Participation in Peace Processes”, an initiative that brings together a broad array of mediation actors. 

    By endorsing this Common Pledge, Member States, regional organizations and other mediation actors commit to join the United Nations in taking concrete steps on women’s participation in all peace processes they are involved in.   

    These commitments include: 

    Appointing women as lead mediators and ensuring women are an integral part of mediation teams;

    Ensuring mediators advocate with conflict parties for concrete targets and measures that promote women’s direct and meaningful participation in peace processes, including as members of their delegations;

    Consulting with a broad range of women leaders and women-led civil society organizations in all stages of peace processes; and

    Embedding gender expertise in their mediation teams to foster gender-responsive peace processes and agreements.

    This Pledge targets mediating entities and is intended as an operational initiative, and not another general statement of principle. 

    It focuses on measures and decisions that are under the control of mediators and their organizations.

    The Secretary-General invites Member States, regional organizations and other actors who are actively engaged in mediation to join this initiative and report on their progress at next year’s 25th Anniversary Security Council Open Debate on women, peace and security.

    Madam President,

    We have no illusions about the challenges posed by today’s geopolitical landscape and the complexity of achieving diplomatic outcomes.

     As long as gendered power inequalities, patriarchal social structures, systematic biases, violence and discrimination continues to hold back half our societies, peace will remain elusive.

    Yet, our collective experience has shown that progress is possible.

    Together, we can have an impact that is greater than the sum of our individual efforts.

    By leveraging our respective political capital and roles, let us dismantle the patriarchal power structures and advance gender equality, ensuring women’s full, equal and meaningful participation in political and public life.

    Thank you.
     

    MIL OSI United Nations News

  • MIL-OSI: Cointelegraph Accelerator opens applications for its upcoming cohort, offering investment to innovative projects

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 24, 2024 (GLOBE NEWSWIRE) — Cointelegraph Accelerator, a startup booster leveraging Cointelegraph’s capabilities as a media and strategic partner, has announced the launch of the application process for its upcoming cohort, inviting innovative Web3 startups to apply for the program. The application period runs from October 24, 2024, to January 31, 2025, with the cohort set to commence in the first quarter of 2025.

    The program supports early-stage crypto and blockchain companies by providing them with the necessary resources to scale. Selected startups receive seed investments and benefit from Cointelegraph’s extensive media reach, marketing expertise, industry connections and mentorship from seasoned professionals, positioning them for accelerated growth and success in the competitive Web3 landscape.

    An accelerator designed for impact

    Cointelegraph Accelerator’s program structure is crafted to offer much more than just funding. Participants receive:

    • An investment of up to $100,000 to scale operations to enhance product development and expand market reach.
    • Mentorship and advisory from industry experts, providing guidance and insights from experienced leaders to help up-and-coming Web3 startups navigate challenges, refine business strategies and capitalize on emerging opportunities.
    • Integration into Cointelegraph’s network enables connections with a vast array of investors, strategic partners, KOLs and thought leaders in the crypto and blockchain sectors.
    • Access to Cointelegraph media products allows startups to utilize Cointelegraph’s global media platform to amplify visibility, engage with a broader audience and establish a strong market presence.
    • Marketing expertise from a team with over 10 years of Web3 experience, including a critical assessment of value proposition, enhancement of go-to-market strategies, and best practices for PR, social media and community management

    Focus areas for the cohort

    The accelerator program is seeking applications from projects that are innovating within key verticals poised to shape the future of the blockchain industry:

    Payments

    Projects focusing on innovative payment technologies that facilitate seamless, secure and cost-effective transactions using crypto and blockchain rails. These solutions aim to enhance global commerce by making financial exchanges more accessible and efficient for individuals and businesses.

    Infrastructure

    Projects developing infrastructure solutions that serve as the backbone of blockchain technology. This includes advancements in blockchain protocols, DePIN, scalability solutions, infrastructure layers supporting AI and interoperability frameworks that enable other projects to build and thrive upon these foundations.

    Decentralized finance (DeFi)

    Projects creating decentralized protocols and platforms that provide alternatives to conventional banking, lending and investment services. By leveraging blockchain technology, these solutions aim to democratize finance, reduce reliance on intermediaries and empower users with greater control over their assets.

    Real-world assets (RWA)

    Projects that bring tangible items — such as securities, real estate and commodities — onto the blockchain through real-world asset tokenization. This integration allows for fractional ownership, improved liquidity and broader investment opportunities, making markets more inclusive and efficient.

    Consumer Applications

    Projects that develop solutions in areas like digital identity management, loyalty and rewards programs, social media platforms and content delivery networks. These applications aim to simplify user experiences, enhance security and offer new value propositions to everyday users, thereby accelerating the integration of blockchain technology into daily life.

    Program Structure and Duration

    The Accelerator is a 12-week intensive program conducted entirely remotely, providing flexibility and accessibility to startups worldwide. Despite being remote, the program includes offline meetups and demo days, offering valuable face-to-face networking opportunities and the chance to present projects to potential investors and partners.

    During and upon completion of the program, startups will benefit from a media campaign lasting up to a year, leveraging Cointelegraph’s global reach to maintain momentum, increase brand awareness, and engage continuously with the broader blockchain community.

    Inside the Cointelegraph Accelerator

    Emphasizing the program’s commitment to fostering innovation in the industry, Paul Solntsev, managing director of Cointelegraph Accelerator, highlighted:

    “We are excited to launch the application stage for the new cohort and support pioneering projects that will shape the future of the crypto and blockchain industry. Our accelerator is committed to providing the capital, as well as the resources, network, and mentorship necessary for these projects to thrive.”

    Cointelegraph’s CEO, Yana Prikhodchenko, highlighted the profound impact of the accelerator program, saying:

    “At Cointelegraph, we’re redefining the role of media in the blockchain industry by actively participating in its growth. Through our accelerator program, we go beyond traditional media business and nurture groundbreaking projects. This initiative allows us to provide tangible value to the community of founders and investors to empower the next generation of blockchain pioneers.”

    About Cointelegraph Accelerator
    Cointelegraph Accelerator is working with early-stage Web3 projects to boost their growth by leveraging its access to a native Web3 audience, marketing expertise, and a broad network of partners in the industry. Accelerator participants also get mentorship support over key aspects of Web3 startup growth, e.g., token launch, liquidity management, token incentives design, etc. The equity/token-based program aligns the interests of the accelerator and the participants, allowing them to build meaningful partnerships for sustainable growth.

    For more information on the program and how to apply, visit the Cointelegraph Accelerator Program.

    Tags: Blockchain, DeFi, Web3, Startups, Business, Cointelegraph Accelerator, Announcement

    Contact:
    Paul Solntsev
    Head of Cointelegraph Accelerator
    ps@cointelegraph.com

    Disclaimer: This content is provided by Cointelegraph. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b96b721-dd22-4a92-8c98-8b19ab8ccb28

    The MIL Network

  • MIL-OSI: Origin Bancorp, Inc. Reports Earnings For Third Quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    RUSTON, La., Oct. 23, 2024 (GLOBE NEWSWIRE) — Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $18.6 million, or $0.60 diluted earnings per share for the quarter ended September 30, 2024, compared to net income of $21.0 million, or $0.67 diluted earnings per share, for the quarter ended June 30, 2024. Pre-tax, pre-provision (“PTPP”)(1) earnings was $28.3 million for the quarter ended September 30, 2024, compared to $32.0 million for the linked quarter.

    “I am pleased with the balance sheet trends we showed in the third quarter,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “I am confident these trends will continue and our bankers will capitalize on opportunities throughout our markets.”

    (1) PTPP earnings is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure.

    Financial Highlights

    • Total loans held for investment (“LHFI”) were $7.96 billion at both September 30, 2024, and June 30, 2024. LHFI, excluding mortgage warehouse lines of credit (“MW LOC”), were $7.46 billion at September 30, 2024, reflecting an increase of $8.9 million, or 0.12%, compared to June 30, 2024.
    • Noninterest-bearing deposits were $1.89 billion at September 30, 2024, reflecting an increase of $27.1 million, or 1.5%, compared to June 30, 2024.
    • Net interest income was $74.8 million for the quarter ended September 30, 2024, reflecting an increase of $914,000, or 1.2%, compared to the linked quarter.
    • Our book value per common share was $36.76 as of September 30, 2024, reflecting an increase of $1.53, or 4.3%, compared to June 30, 2024. Tangible book value per common share(1) was $31.37 at September 30, 2024, reflecting an increase of $1.60, or 5.4%, compared to June 30, 2024.
    • Stockholders’ equity was $1.15 billion at September 30, 2024, reflecting an increase of $49.8 million, or 4.5%, compared to June 30, 2024.
    • At September 30, 2024, and June 30, 2024, the ratio of Company-level common equity Tier 1 capital to risk-weighted assets was 12.46%, and 12.15%, respectively, the Tier 1 leverage ratio was 10.93% and 10.70%, respectively, and the total capital ratio was 15.45% and 15.16%, respectively. The ratio of tangible common equity to tangible assets(1) was 9.98% at September 30, 2024, compared to 9.47% at June 30, 2024.

    (1) Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures. Please see the last few pages of this document for a reconciliation of these alternative financial measures to their most directly comparable GAAP measures.

    Results of Operations for the Three Months Ended September 30, 2024

    Net Interest Income and Net Interest Margin

    Net interest income for the quarter ended September 30, 2024, was $74.8 million, an increase of $914,000, or 1.2%, compared to the quarter ended June 30, 2024, $813,000 of which was driven by one additional day in the current quarter. Higher interest rates drove a net increase of $147,000 in net interest income, which was reflected in a $1.2 million increase in interest income earned on interest-earnings assets offset by a $1.1 million increase in interest expense paid on interest-bearing liabilities.

    Higher interest rates on LHFI drove a $2.0 million increase in the yield for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, $1.5 million of which was driven by real estate-based loans. The average rate on LHFI increased to 6.67% for the quarter ended September 30, 2024, compared to 6.58% for the quarter ended June 30, 2024. Higher interest rates on savings and interest-bearing transaction accounts drove a $1.1 million increase in interest expense, compared to the quarter ended June 30, 2024. The average rate on interest-bearing deposits increased to 4.01% for the quarter ended September 30, 2024, compared to 3.95% for the quarter ended June 30, 2024.

    The Federal Reserve Board sets various benchmark rates, including the federal funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. The federal funds target rate range was reduced by 50 basis points on September 18, 2024, to a range of 4.75% to 5.00%, the first rate reduction since early 2020.

    The NIM-FTE was 3.18% for the quarter ended September 30, 2024, representing a one- and a four-basis-point increase compared to the linked quarter and the prior year same quarter, respectively. The yield earned on interest-earning assets for the quarter ended September 30, 2024, was 6.09%, an increase of five and 40 basis points compared to the linked quarter and the prior year same quarter, respectively. The average rate paid on total interest-bearing liabilities for the quarter ended September 30, 2024, was 4.04%, representing a six- and 45-basis point increase compared to the linked quarter and the prior year same quarter, respectively.

    As discussed in our June 30, 2024, Origin Bancorp, Inc. Earnings Release, we reversed $1.2 million of accrued loan interest during the quarter ended June 30, 2024, due to certain questioned activity involving a single banker, who has since been terminated, in our East Texas market. This reversal of accrued loan interest income negatively impacted the fully tax equivalent net interest margin (“NIM-FTE”) by five basis points for the linked quarter. Had we not experienced the reversal of the $1.2 million of accrued interest income during the quarter ended June 30, 2024, our NIM-FTE would have been 3.22% for the linked quarter, and we would have experienced a four-basis point decrease in our current NIM-FTE compared to the linked quarter. There was no equivalent interest income reversal during the current quarter and these loans remain on non-accrual.

    Credit Quality

    The table below includes key credit quality information:

      At and For the Three Months Ended   Change   % Change
    (Dollars in thousands, unaudited) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      Linked
    Quarter
      Linked
    Quarter
    Past due LHFI $ 38,838     $ 66,276     $ 20,347     $ (27,438 )   (41.4)%
    Allowance for loan credit losses (“ALCL”)   95,989       100,865       95,177       (4,876 )   (4.8 )
    Classified loans   107,486       118,254       64,021       (10,768 )   (9.1 )
    Total nonperforming LHFI   64,273       75,812       31,608       (11,539 )   (15.2 )
    Provision for credit losses   4,603       5,231       3,515       (628 )   (12.0 )
    Net charge-offs   9,520       2,946       2,686       6,574     223.2  
    Credit quality ratios(1):                  
    ALCL to nonperforming LHFI   149.35 %     133.05 %     301.12 %     16.30 %   N/A
    ALCL to total LHFI   1.21       1.27       1.26       (0.06 )   N/A
    ALCL to total LHFI, adjusted(2)   1.28       1.34       1.30       (0.06 )   N/A
    Classified loans to total LHFI   1.35       1.49       0.85       (0.14 )   N/A
    Nonperforming LHFI to LHFI   0.81       0.95       0.42       (0.14 )   N/A
    Net charge-offs to total average LHFI (annualized)   0.48       0.15       0.14       0.33     N/A

    ___________________________

    (1) Please see the Loan Data schedule at the back of this document for additional information.
    (2)  The ALCL to total LHFI, adjusted, is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.
       

    As discussed in our June 30, 2024, Origin Bancorp, Inc. Earnings Release, our credit metrics were negatively impacted by certain questioned activity involving a single banker, who has since been terminated, in our East Texas market. Our investigation of this activity remains ongoing and is not final; however, as a result of a forbearance agreement with one of our impacted customer relationships, our past due LHFI declined $26.4 million when compared to the quarter ended June 30, 2024. There was no material change in the level of our nonperforming or classified LHFI principal balances between the current quarter and the linked quarter as a result of the questioned activity. We continue to work with an outside forensic accounting firm to confirm the bank’s identification and reconciliation of the activity, targeting a conclusion of this analysis by the end of this year. At this time, we believe that any ultimate loss arising from the situation will not be material to our financial position.

    Past due LHFI were $38.8 million for the quarter ended September 30, 2024, compared to $66.3 million at June 30, 2024. Of the $27.4 million decrease, $26.4 million were impacted by or related to the questioned activity. The remaining net decrease in past due LHFI was primarily due to charge-offs or payoffs in commercial and industrial past due loans during the quarter ended September 30, 2024.

    Nonperforming LHFI decreased $11.5 million for the quarter reflecting a decrease in the percentage of nonperforming LHFI to LHFI to 0.81% compared to 0.95% for the linked quarter. The decrease in nonperforming loans was primarily driven by three commercial and industrial loan relationships totaling $14.6 million at June 30, 2024, $10.4 million of which were charged-off and $4.2 million were paid down during the current quarter.

    Classified loans decreased $10.8 million to $107.5 million at September 30, 2024, reflecting 1.35% as a percentage of total LHFI, down 14 basis points from the linked quarter. The decrease in classified loans was primarily driven by the same three commercial and industrial loan relationships mentioned in the nonperforming loan paragraph directly above.

    Noninterest Income

    Noninterest income for the quarter ended September 30, 2024, was $16.0 million, a decrease of $6.5 million, or 28.8%, from the linked quarter. The decrease from the linked quarter was primarily driven by decreases of $5.2 million, $725,000 and $621,000 in the change in fair value of equity investments, mortgage banking revenue and other income, respectively.

    The decrease in change in fair value of equity investments was due to a $5.2 million positive valuation adjustment on a non-marketable equity security recognized during the linked quarter with no comparable amount recognized during the current quarter.

    The decrease in mortgage banking revenue was primarily due to an $833,000 combined decrease in the pipeline and interest rate lock commitment fair values during the current quarter compared to the linked quarter.

    The decrease in other income was primarily due to an $818,000 gain on sale of bank property recognized in the linked quarter with no comparable amount recognized in the current quarter.

    Noninterest Expense

    Noninterest expense for the quarter ended September 30, 2024, was $62.5 million, a decrease of $1.9 million, or 2.9% from the linked quarter. The decrease was primarily driven by a decrease of $1.6 million and in other noninterest expense.

    The decrease in other expenses resulted from recognizing contingent liabilities totaling approximately $1.2 million related to certain questioned activity involving a single banker, who has since been terminated, in our East Texas market, as described previously, in the linked quarter with no comparable liability incurred in the current quarter. Also, contributing to the quarter over quarter decline was a $357,000 decrease in corporate membership fees.

    Financial Condition

    Loans

    • Total LHFI were $7.96 billion at both September 30, 2024, and June 30, 2024, and reflected an increase of $388.7 million, or 5.1%, compared to September 30, 2023.
    • Total LHFI, excluding MW LOC, were $7.46 billion at September 30, 2024, representing an increase of $8.9 million, or 0.1%, from June 30, 2024, and an increase of $179.8 million, or 2.5%, from September 30, 2023.
    • During the quarter ended September 30, 2024, compared to the linked quarter, we experienced declines in construction/land/land development loans and MW LOC of $25.8 million and $11.3 million, respectively, partially offset by growth in multi-family real estate loans of $36.1 million.

    Securities

    • Total securities were $1.18 billion at both September 30, 2024, and June 30, 2024, and reflected a decrease of $129.8 million, or 9.9%, compared to September 30, 2023.
    • Accumulated other comprehensive loss, net of taxes, primarily associated with the available for sale (“AFS”) portfolio, was $94.2 million at September 30, 2024, an improvement of $32.9 million, or 25.9%, from the linked quarter.
    • The weighted average effective duration for the total securities portfolio was 4.21 years as of September 30, 2024, compared to 4.28 years as of June 30, 2024.

    Deposits

    • Total deposits at September 30, 2024, were $8.49 billion, a decrease of $24.3 million, or 0.3%, compared to the linked quarter, and represented an increase of $112.1 million, or 1.3%, from September 30, 2023. The decrease in the current quarter compared to the linked quarter was primarily due to a decrease of $205.2 million in brokered (which includes both brokered time and brokered interest-bearing demand) deposits. The decrease in brokered deposits was primarily replaced with customer deposits.
    • Excluding brokered deposits, total deposit increased $180.9 million, or 2.3%, to $8.05 billion, primarily due to increases of $87.0 million, $64.4 million and $27.1 million in money market deposits, interest-bearing demand deposits and noninterest-bearing demand deposits, respectively.
    • At September 30, 2024, noninterest-bearing deposits as a percentage of total deposits were 22.3%, compared to 21.9% and 24.0% at June 30, 2024, and September 30, 2023, respectively. Excluding brokered deposits, noninterest-bearing deposits as a percentage of total deposits were 23.5%, compared to 23.7% and 26.1% at June 30, 2024, and September 30, 2023, respectively.

    Borrowings

    • FHLB advances and other borrowings at September 30, 2024, were $30.4 million, a decrease of $10.3 million, or 25.3%, compared to the linked quarter and represented an increase of $18.2 million, or 149.3%, from September 30, 2023.

    Stockholders’ Equity

    • Stockholders’ equity was $1.15 billion at September 30, 2024, an increase of $49.8 million, or 4.5%, compared to $1.10 billion at June 30, 2024, and an increase of $146.7 million, or 14.7%, compared to September 30, 2023.
    • The increase in stockholders’ equity from the linked quarter is primarily due to a decrease in accumulated other comprehensive loss of $32.9 million and net income of $18.6 million, partially offset by dividends declared of $4.8 million during the current quarter.

    Conference Call

    Origin will hold a conference call to discuss its third quarter 2024 results on Thursday, October 24, 2024, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International 1); +1 (857) 999-3259 (U.S. Local / International 2); +1 (800) 528-1066 (U.S. Toll Free), enter Conference ID: 84865 and request to be joined into the Origin Bancorp, Inc. (OBK) call. A simultaneous audio-only webcast may be accessed via Origin’s website at www.origin.bank under the investor relations, News & Events, Events & Presentations link or directly by visiting https://dealroadshow.com/e/ORIGINQ324.

    If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Origin’s website at www.origin.bank, under Investor Relations, News & Events, Events & Presentations.

    About Origin

    Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 60 locations from Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.

    Non-GAAP Financial Measures

    Origin reports its results in accordance with generally accepted accounting principles in the United States of America (“GAAP”). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin’s results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin’s reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this release: PTPP earnings, adjusted NIM-FTE, PTPP ROAA, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, ROATCE, and core efficiency ratio.

    Please see the last few pages of this release for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin’s future financial performance, business and growth strategies, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including changes to interest rates by the Federal Reserve and the resulting impact on Origin’s results of operations, estimated forbearance amounts and expectations regarding the Company’s liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin’s control. Statements or statistics preceded by, followed by or that otherwise include the words “assumes,” “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would” and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Further, certain factors that could affect Origin’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, including the effects of declines in the real estate market, high-profile bank failures, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; changes in benchmark interest rates and the resulting impacts on net interest income; deterioration of Origin’s asset quality; factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; changes in the value of collateral securing Origin’s loans; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; Origin’s ability to anticipate interest rate changes and manage interest rate risk (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business and the impact of prolonged elevated interest rates on our financial projections, models and guidance); the effectiveness of Origin’s risk management framework and quantitative models; Origin’s inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin’s common stockholders, repurchase Origin’s shares of common stock and satisfy obligations as they become due; the impact of labor pressures; changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; changes in management personnel; Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; increasing costs as Origin grows deposits; operational risks associated with Origin’s business; significant turbulence or a disruption in the capital or financial markets and the effect of market disruption and interest rate volatility on our investment securities; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which Origin operates and in which its loans are concentrated; Origin’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in Origin’s loan portfolio; changes in laws, rules, regulations, interpretations or policies relating to financial institutions, and potential expenses associated with complying with such regulations; periodic changes to the extensive body of accounting rules and best practices; further government intervention in the U.S. financial system; a deterioration of the credit rating for U.S. long-term sovereign debt or actions that the U.S. government may take to avoid exceeding the debt ceiling; a potential U.S. federal government shutdown and the resulting impacts; compliance with governmental and regulatory requirements, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and others relating to banking, consumer protection, securities, and tax matters; Origin’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; changes in the utility of Origin’s non-GAAP liquidity measurements and its underlying assumptions or estimates; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies and similar organizations; natural disasters and adverse weather events, acts of terrorism, an outbreak of hostilities (including the impacts related to or resulting from Russia’s military action in Ukraine or the conflict in Israel and surrounding areas, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments), regional or national protests and civil unrest (including any resulting branch closures or property damage), widespread illness or public health outbreaks or other international or domestic calamities, and other matters beyond Origin’s control; the impact of generative artificial intelligence; fraud or misconduct by internal or external actors (including Origin employees) which Origin may not be able to prevent, detect or mitigate, system failures, cybersecurity threats or security breaches and the cost of defending against them; Origin’s ability to maintain adequate internal controls over financial and non-financial reporting; and potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Origin’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any updates to those sections set forth in Origin’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Origin’s underlying assumptions prove to be incorrect, actual results may differ materially from what Origin anticipates. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Origin does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

    New risks and uncertainties arise from time to time, and it is not possible for Origin to predict those events or how they may affect Origin. In addition, Origin cannot assess the impact of each factor on Origin’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Origin or persons acting on Origin’s behalf may issue. Annualized, pro forma, adjusted, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.

    Contact:

    Investor Relations
    Chris Reigelman
    318-497-3177
    chris@origin.bank

    Media Contact
    Ryan Kilpatrick
    318-232-7472
    rkilpatrick@origin.bank

    Origin Bancorp, Inc.
    Selected Quarterly Financial Data
    (Unaudited)

      Three Months Ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
                       
    Income statement and share amounts (Dollars in thousands, except per share amounts)
    Net interest income $ 74,804     $ 73,890     $ 73,323     $ 72,989     $ 74,130  
    Provision for credit losses   4,603       5,231       3,012       2,735       3,515  
    Noninterest income   15,989       22,465       17,255       8,196       18,119  
    Noninterest expense   62,521       64,388       58,707       60,906       58,663  
    Income before income tax expense   23,669       26,736       28,859       17,544       30,071  
    Income tax expense   5,068       5,747       6,227       4,119       5,758  
    Net income $ 18,601     $ 20,989     $ 22,632     $ 13,425     $ 24,313  
    PTPP earnings(1) $ 28,272     $ 31,967     $ 31,871     $ 20,279     $ 33,586  
    Basic earnings per common share   0.60       0.68       0.73       0.43       0.79  
    Diluted earnings per common share   0.60       0.67       0.73       0.43       0.79  
    Dividends declared per common share   0.15       0.15       0.15       0.15       0.15  
    Weighted average common shares outstanding – basic   31,130,293       31,042,527       30,981,333       30,898,941       30,856,649  
    Weighted average common shares outstanding – diluted   31,239,877       31,131,829       31,078,910       30,995,354       30,943,860  
                       
    Balance sheet data                  
    Total LHFI $ 7,956,790     $ 7,959,171     $ 7,900,027     $ 7,660,944     $ 7,568,063  
    Total LHFI excluding MW LOC   7,461,602       7,452,666       7,499,032       7,330,978       7,281,770  
    Total assets   9,965,986       9,947,182       9,892,379       9,722,584       9,733,303  
    Total deposits   8,486,568       8,510,842       8,505,464       8,251,125       8,374,488  
    Total stockholders’ equity   1,145,673       1,095,894       1,078,853       1,062,905       998,945  
                       
    Performance metrics and capital ratios                  
    Yield on LHFI   6.67 %     6.58 %     6.58 %     6.46 %     6.35 %
    Yield on interest-earnings assets   6.09       6.04       5.99       5.86       5.69  
    Cost of interest-bearing deposits   4.01       3.95       3.85       3.71       3.47  
    Cost of total deposits   3.14       3.08       2.99       2.84       2.61  
    NIM – fully tax equivalent (“FTE”)   3.18       3.17       3.19       3.19       3.14  
    Return on average assets (annualized) (“ROAA”)   0.74       0.84       0.92       0.55       0.96  
    PTPP ROAA (annualized)(1)   1.13       1.28       1.30       0.82       1.33  
    Return on average stockholders’ equity (annualized) (“ROAE”)   6.57       7.79       8.57       5.26       9.52  
    Book value per common share $ 36.76     $ 35.23     $ 34.79     $ 34.30     $ 32.32  
    Tangible book value per common share(1)   31.37       29.77       29.24       28.68       26.78  
    Adjusted tangible book value per common share(1)   34.39       33.86       33.27       32.59       32.37  
    Return on average tangible common equity (annualized) (“ROATCE”)(1)   7.74 %     9.25 %     10.24 %     6.36 %     11.48 %
    Efficiency ratio(2)   68.86       66.82       64.81       75.02       63.59  
    Core efficiency ratio(1)   67.48       65.55       65.24       70.55       60.49  
    Common equity tier 1 to risk-weighted assets(3)   12.46       12.15       11.97       11.83       11.46  
    Tier 1 capital to risk-weighted assets(3)   12.64       12.33       12.15       12.01       11.64  
    Total capital to risk-weighted assets(3)   15.45       15.16       14.98       15.02       14.61  
    Tier 1 leverage ratio(3)   10.93       10.70       10.66       10.50       10.00  

    __________________________

    (1) PTPP earnings, PTPP ROAA, tangible book value per common share, adjusted tangible book value per common share, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their most directly comparable GAAP measures, please see the last few pages of this release.
    (2) Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
    (3) September 30, 2024, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.
       

    Origin Bancorp, Inc.
    Selected Year-To-Date Financial Data
    (Unaudited)

      Nine Months Ended September 30,
    (Dollars in thousands, except per share amounts)   2024       2023  
           
    Income statement and share amounts  
    Net interest income $ 222,017     $ 226,568  
    Provision for credit losses   12,846       14,018  
    Noninterest income   55,709       50,139  
    Noninterest expense   185,616       174,310  
    Income before income tax expense   79,264       88,379  
    Income tax expense   17,042       18,004  
    Net income $ 62,222     $ 70,375  
    PTPP earnings(1) $ 92,110     $ 102,397  
    Basic earnings per common share   2.00       2.29  
    Diluted earnings per common share   2.00       2.28  
    Dividends declared per common share   0.45       0.45  
    Weighted average common shares outstanding – basic   31,051,672       30,797,399  
    Weighted average common shares outstanding – diluted   31,160,867       30,903,222  
           
    Performance metrics      
    Yield on LHFI   6.61 %     6.19 %
    Yield on interest-earning assets   6.04       5.50  
    Cost of interest-bearing deposits   3.94       3.03  
    Cost of total deposits   3.07       2.22  
    NIM-FTE   3.18       3.24  
    Adjusted NIM-FTE(2)   3.18       3.21  
    ROAA (annualized)   0.84       0.94  
    PTPP ROAA (annualized)(1)   1.24       1.37  
    ROAE (annualized)   7.62       9.45  
    ROATCE (annualized)(1)   9.04       11.47  
    Efficiency ratio(3)   66.83       62.99  
    Core efficiency ratio(1)   66.09       59.94  

    ____________________________

    (1) PTPP earnings, PTPP ROAA, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their most directly comparable GAAP measures, please see the last few pages of this release.
    (2) Adjusted NIM-FTE is a non-GAAP financial measure and is calculated for nine months ended September 30, 2024, by removing the $20,000 net purchase accounting amortization from net interest income. And, for the nine months ended September 30, 2023, by removing the $2.2 million net purchase accounting accretion from net interest income.
    (3) Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
       

    Origin Bancorp, Inc.
    Consolidated Quarterly Statements of Income
    (Unaudited)

      Three Months Ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
                       
    Interest and dividend income (Dollars in thousands, except per share amounts)
    Interest and fees on loans $ 133,195   $ 129,879   $ 127,186     $ 123,673     $ 121,204  
    Investment securities-taxable   6,536     6,606     6,849       7,024       8,194  
    Investment securities-nontaxable   905     893     910       1,124       1,281  
    Interest and dividend income on assets held in other financial institutions   3,621     4,416     3,756       3,664       4,772  
    Total interest and dividend income   144,257     141,794     138,701       135,485       135,451  
    Interest expense                  
    Interest-bearing deposits   67,051     65,469     62,842       59,771       55,599  
    FHLB advances and other borrowings   482     514     518       220       3,207  
    Subordinated indebtedness   1,920     1,921     2,018       2,505       2,515  
    Total interest expense   69,453     67,904     65,378       62,496       61,321  
    Net interest income   74,804     73,890     73,323       72,989       74,130  
    Provision for credit losses   4,603     5,231     3,012       2,735       3,515  
    Net interest income after provision for credit losses   70,201     68,659     70,311       70,254       70,615  
    Noninterest income                  
    Insurance commission and fee income   6,928     6,665     7,725       5,446       6,443  
    Service charges and fees   4,664     4,862     4,688       4,889       4,621  
    Other fee income   2,114     2,404     2,247       2,118       2,006  
    Mortgage banking revenue (loss)   1,153     1,878     2,398       (719 )     892  
    Swap fee income   106     44     57       196       366  
    Gain (loss) on sales of securities, net   221         (403 )     (4,606 )     (7,173 )
    Change in fair value of equity investments       5,188                 10,096  
    Other income   803     1,424     543       872       868  
    Total noninterest income   15,989     22,465     17,255       8,196       18,119  
    Noninterest expense                  
    Salaries and employee benefits   38,491     38,109     35,818       35,931       34,624  
    Occupancy and equipment, net   6,298     7,009     6,645       6,912       6,790  
    Data processing   3,470     3,468     3,145       3,062       2,775  
    Office and operations   2,984     3,072     2,502       2,947       2,868  
    Intangible asset amortization   1,905     2,137     2,137       2,259       2,264  
    Regulatory assessments   1,791     1,842     1,734       1,860       1,913  
    Advertising and marketing   1,449     1,328     1,444       1,690       1,371  
    Professional services   2,012     1,303     1,231       1,440       1,409  
    Loan-related expenses   751     1,077     905       1,094       1,220  
    Electronic banking   1,308     1,238     1,239       1,103       1,384  
    Franchise tax expense   721     815     477       942       520  
    Other expenses   1,341     2,990     1,430       1,666       1,525  
    Total noninterest expense   62,521     64,388     58,707       60,906       58,663  
    Income before income tax expense   23,669     26,736     28,859       17,544       30,071  
    Income tax expense   5,068     5,747     6,227       4,119       5,758  
    Net income $ 18,601   $ 20,989   $ 22,632     $ 13,425     $ 24,313  
    Basic earnings per common share $ 0.60   $ 0.68   $ 0.73     $ 0.43     $ 0.79  
    Diluted earnings per common share   0.60     0.67     0.73       0.43       0.79  
                                       

    Origin Bancorp, Inc.
    Consolidated Balance Sheets
    (Unaudited)

    (Dollars in thousands) September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Assets                  
    Cash and due from banks $ 159,337     $ 137,615     $ 98,147     $ 127,278     $ 141,705  
    Interest-bearing deposits in banks   161,854       150,435       193,365       153,163       163,573  
    Total cash and cash equivalents   321,191       288,050       291,512       280,441       305,278  
    Securities:                  
    AFS   1,160,965       1,160,048       1,190,922       1,253,631       1,290,839  
    Held to maturity, net of allowance for credit losses   11,096       11,616       11,651       11,615       10,790  
    Securities carried at fair value through income   6,533       6,499       6,755       6,808       6,772  
    Total securities   1,178,594       1,178,163       1,209,328       1,272,054       1,308,401  
    Non-marketable equity securities held in other financial institutions   67,068       64,010       53,870       55,190       63,842  
    Loans held for sale   7,631       18,291       14,975       16,852       14,944  
    Loans   7,956,790       7,959,171       7,900,027       7,660,944       7,568,063  
    Less: ALCL   95,989       100,865       98,375       96,868       95,177  
    Loans, net of ALCL   7,860,801       7,858,306       7,801,652       7,564,076       7,472,886  
    Premises and equipment, net   126,751       121,562       120,931       118,978       111,700  
    Mortgage servicing rights                     15,637       19,189  
    Cash surrender value of bank-owned life insurance   40,602       40,365       40,134       39,905       39,688  
    Goodwill   128,679       128,679       128,679       128,679       128,679  
    Other intangible assets, net   39,272       41,177       43,314       45,452       42,460  
    Accrued interest receivable and other assets   195,397       208,579       187,984       185,320       226,236  
    Total assets $ 9,965,986     $ 9,947,182     $ 9,892,379     $ 9,722,584     $ 9,733,303  
    Liabilities and Stockholders’ Equity                  
    Noninterest-bearing deposits $ 1,893,767     $ 1,866,622     $ 1,887,066     $ 1,919,638     $ 2,008,671  
    Interest-bearing deposits excluding brokered interest-bearing deposits   5,137,940       4,984,817       4,990,632       4,918,597       4,728,263  
    Time deposits   1,023,252       1,022,589       1,030,656       967,901       968,352  
    Brokered deposits   431,609       636,814       597,110       444,989       669,202  
    Total deposits   8,486,568       8,510,842       8,505,464       8,251,125       8,374,488  
    FHLB advances and other borrowings   30,446       40,737       13,158       83,598       12,213  
    Subordinated indebtedness   159,861       159,779       160,684       194,279       196,825  
    Accrued expenses and other liabilities   143,438       139,930       134,220       130,677       150,832  
    Total liabilities   8,820,313       8,851,288       8,813,526       8,659,679       8,734,358  
    Stockholders’ equity:                  
    Common stock   155,837       155,543       155,057       154,931       154,534  
    Additional paid-in capital   535,662       532,950       530,380       528,578       525,434  
    Retained earnings   548,419       534,585       518,325       500,419       491,706  
    Accumulated other comprehensive loss   (94,245 )     (127,184 )     (124,909 )     (121,023 )     (172,729 )
    Total stockholders’ equity   1,145,673       1,095,894       1,078,853       1,062,905       998,945  
    Total liabilities and stockholders’ equity $ 9,965,986     $ 9,947,182     $ 9,892,379     $ 9,722,584     $ 9,733,303  
                                           

    Origin Bancorp, Inc.
    Loan Data
    (Unaudited)

      At and For the Three Months Ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
                       
    LHFI (Dollars in thousands)
    Owner occupied commercial real estate $ 991,671     $ 959,850     $ 948,624     $ 953,822     $ 932,109  
    Non-owner occupied commercial real estate   1,533,093       1,563,152       1,472,164       1,488,912       1,503,782  
    Construction/land/land development   991,545       1,017,389       1,168,597       1,070,225       1,076,756  
    Residential real estate – single family   1,414,013       1,421,027       1,373,532       1,373,696       1,338,382  
    Multi-family real estate   434,317       398,202       359,765       361,239       349,787  
    Total real estate loans   5,364,639       5,359,620       5,322,682       5,247,894       5,200,816  
    Commercial and industrial   2,074,037       2,070,947       2,154,151       2,059,460       2,058,073  
    MW LOC   495,188       506,505       400,995       329,966       286,293  
    Consumer   22,926       22,099       22,199       23,624       22,881  
    Total LHFI   7,956,790       7,959,171       7,900,027       7,660,944       7,568,063  
    Less: ALCL   95,989       100,865       98,375       96,868       95,177  
    LHFI, net $ 7,860,801     $ 7,858,306     $ 7,801,652     $ 7,564,076     $ 7,472,886  
                       
    Nonperforming assets(1)                  
    Nonperforming LHFI                  
    Commercial real estate $ 2,776     $ 2,196     $ 4,474     $ 786     $ 942  
    Construction/land/land development   26,291       26,336       383       305       235  
    Residential real estate(2)   14,313       13,493       14,918       13,037       13,236  
    Commercial and industrial   20,486       33,608       20,560       15,897       17,072  
    Consumer   407       179       104       90       123  
    Total nonperforming loans   64,273       75,812       40,439       30,115       31,608  
    Repossessed assets   6,043       6,827       3,935       3,929       3,939  
    Total nonperforming assets $ 70,316     $ 82,639     $ 44,374     $ 34,044     $ 35,547  
    Classified assets $ 113,529     $ 125,081     $ 88,152     $ 84,474     $ 67,960  
    Past due LHFI(3)   38,838       66,276       32,835       26,043       20,347  
                       
    Allowance for loan credit losses                  
    Balance at beginning of period $ 100,865     $ 98,375     $ 96,868     $ 95,177     $ 94,353  
    Provision for loan credit losses   4,644       5,436       4,089       3,582       3,510  
    Loans charged off   11,226       3,706       6,683       3,803       3,202  
    Loan recoveries   1,706       760       4,101       1,912       516  
    Net charge-offs   9,520       2,946       2,582       1,891       2,686  
    Balance at end of period $ 95,989     $ 100,865     $ 98,375     $ 96,868     $ 95,177  
                       
    Credit quality ratios                  
    Total nonperforming assets to total assets   0.71 %     0.83 %     0.45 %     0.35 %     0.37 %
    Nonperforming LHFI to LHFI   0.81       0.95       0.51       0.39       0.42  
    Past due LHFI to LHFI   0.49       0.83       0.42       0.34       0.27  
    ALCL to nonperforming LHFI   149.35       133.05       243.27       321.66       301.12  
    ALCL to total LHFI   1.21       1.27       1.25       1.26       1.26  
    ALCL to total LHFI, adjusted(4)   1.28       1.34       1.30       1.31       1.30  
    Net charge-offs to total average LHFI (annualized)   0.48       0.15       0.13       0.10       0.14  

    ____________________________

    (1) Nonperforming assets consist of nonperforming/nonaccrual loans and property acquired through foreclosures or repossession, as well as bank-owned property not in use and listed for sale.
    (2) Includes multi-family real estate.
    (3) Past due LHFI are defined as loans 30 days or more past due.
    (4) The ALCL to total LHFI, adjusted is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.
       

    Origin Bancorp, Inc.
    Average Balances and Yields/Rates
    (Unaudited)

      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
      Average Balance   Yield/Rate   Average Balance   Yield/Rate   Average Balance   Yield/Rate
                           
    Assets (Dollars in thousands)
    Commercial real estate $ 2,507,566   5.93 %   $ 2,497,490   5.91 %   $ 2,428,969   5.73 %
    Construction/land/land development   1,019,302   7.37       1,058,972   6.98       1,044,180   7.04  
    Residential real estate(1)   1,824,725   5.56       1,787,829   5.48       1,663,291   5.06  
    Commercial and industrial (“C&I”)   2,071,984   7.96       2,128,486   7.87       2,024,675   7.62  
    MW LOC   484,680   7.64       430,885   7.57       376,275   7.21  
    Consumer   22,739   7.93       22,396   8.06       23,704   7.74  
    LHFI   7,930,996   6.67       7,926,058   6.58       7,561,094   6.35  
    Loans held for sale   14,645   6.28       14,702   6.84       11,829   5.81  
    Loans receivable   7,945,641   6.67       7,940,760   6.58       7,572,923   6.35  
    Investment securities-taxable   1,038,634   2.50       1,046,301   2.54       1,310,459   2.48  
    Investment securities-nontaxable   146,619   2.46       143,232   2.51       216,700   2.35  
    Non-marketable equity securities held in other financial institutions   66,409   2.85       56,270   6.53       58,421   6.47  
    Interest-bearing balances due from banks   229,224   5.46       254,627   5.53       279,383   5.42  
    Total interest-earning assets   9,426,527   6.09       9,441,190   6.04       9,437,886   5.69  
    Noninterest-earning assets   559,309         567,035         597,678    
    Total assets $ 9,985,836       $ 10,008,225       $ 10,035,564    
                           
    Liabilities and Stockholders’ Equity                    
    Liabilities                      
    Interest-bearing liabilities                      
    Savings and interest-bearing transaction accounts $ 5,177,522   3.88 %   $ 5,130,224   3.80 %   $ 4,728,211   3.28 %
    Time deposits   1,469,849   4.47       1,534,679   4.46       1,626,935   4.04  
    Total interest-bearing deposits   6,647,371   4.01       6,664,903   3.95       6,355,146   3.47  
    FHLB advances and other borrowings   40,331   4.75       41,666   4.96       230,815   5.51  
    Subordinated indebtedness   159,826   4.78       159,973   4.83       196,792   5.07  
    Total interest-bearing liabilities   6,847,528   4.04       6,866,542   3.98       6,782,753   3.59  
    Noninterest-bearing liabilities                      
    Noninterest-bearing deposits   1,850,046         1,894,141         2,088,183    
    Other liabilities   162,565         163,273         151,716    
    Total liabilities   8,860,139         8,923,956         9,022,652    
    Stockholders’ Equity   1,125,697         1,084,269         1,012,912    
    Total liabilities and stockholders’ equity $ 9,985,836       $ 10,008,225       $ 10,035,564    
    Net interest spread     2.05 %       2.06 %       2.10 %
    NIM     3.16         3.15         3.12  
    NIM-FTE(2)     3.18         3.17         3.14  

    ____________________________

    (1) Includes multi-family real estate.
    (2) In order to present pre-tax income and resulting yields on tax-exempt investments comparable to those on taxable investments, a tax-equivalent adjustment has been computed. This adjustment also includes income tax credits received on Qualified School Construction Bonds.
       

    Origin Bancorp, Inc.
    Notable Items
    (Unaudited)

      At and For the Three Months Ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      $ Impact   EPS
    Impact(1)
      $ Impact   EPS
    Impact(1)
      $ Impact   EPS
    Impact(1)
      $ Impact   EPS
    Impact(1)
      $ Impact   EPS
    Impact(1)
                                           
      (Dollars in thousands, except per share amounts)
    Notable interest income items:                                    
    Interest income reversal on relationships impacted by questioned banker activity $     $     $ (1,206 )   $ (0.03 )   $     $     $     $     $     $  
    Notable provision expense items:                                    
    Provision expense related to questioned banker activity               (3,212 )     (0.08 )                                    
    Provision expense on relationships impacted by questioned banker activity               (4,131 )     (0.10 )                                    
    Notable noninterest income items:                                    
    MSR gain (impairment)                           410       0.01       (1,769 )     (0.05 )            
    Gain (loss) on sales of securities, net   221       0.01                   (403 )     (0.01 )     (4,606 )     (0.12 )     (7,173 )     (0.18 )
    Gain on sub-debt repurchase               81                                            
    Positive valuation adjustment on non-marketable equity securities               5,188       0.13                               10,096       0.26  
    Gain on bank property sale               800       0.02                                      
    Notable noninterest expense items:                                    
    Operating expense related to questioned banker activity   (848 )     (0.02 )     (1,452 )     (0.04 )                                    
    Total notable items $ (627 )     (0.02 )   $ (3,932 )     (0.10 )   $ 7           $ (6,375 )     (0.16 )   $ 2,923       0.07  

    ____________________________

    (1) The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
       

    Origin Bancorp, Inc.
    Notable Items – Continued
    (Unaudited)

      Nine Months Ended September 30,
        2024       2023  
      $ Impact   EPS Impact(1)   $ Impact   EPS Impact(1)
                   
      (Dollars in thousands, except per share amounts)
    Notable interest income items:              
    Interest income reversal on relationships impacted by questioned banker activity $ (1,206 )   $ (0.03 )   $     $  
    Notable provision expense items:              
    Provision expense related to questioned banker activity   (3,212 )     (0.08 )            
    Provision expense on relationships impacted by questioned banker activity   (4,131 )     (0.10 )            
    Notable noninterest income items:              
    MSR gain   410       0.01              
    Loss on sales of securities, net   (182 )           (7,029 )     (0.18 )
    Gain on sub-debt repurchase   81             471       0.01  
    Positive valuation adjustment on non-marketable equity securities   5,188       0.13       10,096       0.26  
    Gain on bank property sale   800       0.02              
    Notable noninterest expense items:        
    Operating expense related to questioned banker activity   (2,300 )     (0.06 )            
    Total notable items $ (4,552 )     (0.12 )   $ 3,538       0.09  

    ____________________________

    (1) The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
       

    Origin Bancorp, Inc.
    Non-GAAP Financial Measures
    (Unaudited)

      At and For the Three Months Ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
                       
      (Dollars in thousands, except per share amounts)
    Calculation of PTPP earnings:                  
    Net income $ 18,601     $ 20,989     $ 22,632     $ 13,425     $ 24,313  
    Provision for credit losses   4,603       5,231       3,012       2,735       3,515  
    Income tax expense   5,068       5,747       6,227       4,119       5,758  
    PTPP earnings (non-GAAP) $ 28,272     $ 31,967     $ 31,871     $ 20,279     $ 33,586  
                       
    Calculation of PTPP ROAA:                  
    PTPP earnings $ 28,272     $ 31,967     $ 31,871     $ 20,279     $ 33,586  
    Divided by number of days in the quarter   92       91       91       92       92  
    Multiplied by the number of days in the year   366       366       366       365       365  
    PTPP earnings, annualized $ 112,473     $ 128,571     $ 128,184     $ 80,455     $ 133,249  
                       
    Divided by total average assets $ 9,985,836     $ 10,008,225     $ 9,861,236     $ 9,753,847     $ 10,035,564  
    ROAA (annualized) (GAAP)   0.74 %     0.84 %     0.92 %     0.55 %     0.96 %
    PTPP ROAA (annualized) (non-GAAP)   1.13       1.28       1.30       0.82       1.33  
                       
    Calculation of tangible common equity to tangible common assets, book value per common share and adjusted tangible book value per common share:
    Total assets $ 9,965,986     $ 9,947,182     $ 9,892,379     $ 9,722,584     $ 9,733,303  
    Goodwill   (128,679 )     (128,679 )     (128,679 )     (128,679 )     (128,679 )
    Other intangible assets, net   (39,272 )     (41,177 )     (43,314 )     (45,452 )     (42,460 )
    Tangible assets   9,798,035       9,777,326       9,720,386       9,548,453       9,562,164  
                       
    Total common stockholders’ equity $ 1,145,673     $ 1,095,894     $ 1,078,853     $ 1,062,905     $ 998,945  
    Goodwill   (128,679 )     (128,679 )     (128,679 )     (128,679 )     (128,679 )
    Other intangible assets, net   (39,272 )     (41,177 )     (43,314 )     (45,452 )     (42,460 )
    Tangible common equity   977,722       926,038       906,860       888,774       827,806  
    Accumulated other comprehensive loss   94,245       127,184       124,909       121,023       172,729  
    Adjusted tangible common equity   1,071,967       1,053,222       1,031,769       1,009,797       1,000,535  
    Divided by common shares outstanding at the end of the period   31,167,410       31,108,667       31,011,304       30,986,109       30,906,716  
    Book value per common share (GAAP) $ 36.76     $ 35.23     $ 34.79     $ 34.30     $ 32.32  
    Tangible book value per common share (non-GAAP)   31.37       29.77       29.24       28.68       26.78  
    Adjusted tangible book value per common share (non-GAAP)   34.39       33.86       33.27       32.59       32.37  
    Tangible common equity to tangible assets (non-GAAP)   9.98 %     9.47 %     9.33 %     9.31 %     8.66 %
                                           
    Calculation of ROATCE:                
    Net income $ 18,601     $ 20,989     $ 22,632     $ 13,425     $ 24,313  
    Divided by number of days in the quarter   92       91       91       92       92  
    Multiplied by number of days in the year   366       366       366       365       365  
    Annualized net income $ 74,000     $ 84,417     $ 91,025     $ 53,262     $ 96,459  
                       
    Total average common stockholders’ equity $ 1,125,697     $ 1,084,269     $ 1,062,705     $ 1,013,286     $ 1,012,912  
    Average goodwill   (128,679 )     (128,679 )     (128,679 )     (128,679 )     (128,679 )
    Average other intangible assets, net   (40,487 )     (42,563 )     (44,700 )     (46,825 )     (43,901 )
    Average tangible common equity   956,531       913,027       889,326       837,782       840,332  
                       
    ROATCE (non-GAAP)   7.74 %     9.25 %     10.24 %     6.36 %     11.48 %
                       
    Calculation of core efficiency ratio:                  
    Total noninterest expense $ 62,521     $ 64,388     $ 58,707     $ 60,906     $ 58,663  
    Insurance and mortgage noninterest expense   (8,448 )     (8,402 )     (8,045 )     (8,581 )     (8,579 )
    Adjusted total noninterest expense   54,073       55,986       50,662       52,325       50,084  
                       
    Net interest income $ 74,804     $ 73,890     $ 73,323     $ 72,989     $ 74,130  
    Insurance and mortgage net interest income   (2,578 )     (2,407 )     (2,795 )     (2,294 )     (2,120 )
    Total noninterest income   15,989       22,465       17,255       8,196       18,119  
    Insurance and mortgage noninterest income   (8,081 )     (8,543 )     (10,123 )     (4,727 )     (7,335 )
    Adjusted total revenue   80,134       85,405       77,660       74,164       82,794  
                       
    Efficiency ratio (GAAP)   68.86 %     66.82 %     64.81 %     75.02 %     63.59 %
    Core efficiency ratio (non-GAAP)   67.48       65.55       65.24       70.55       60.49  
                                           

    Origin Bancorp, Inc.
    Non-GAAP Financial Measures – Continued
    (Unaudited)

      Nine Months Ended September 30,
        2024       2023  
           
      (Dollars in thousands, except per share amounts)
    Calculation of PTPP earnings:      
    Net income $ 62,222     $ 70,375  
    Provision for credit losses   12,846       14,018  
    Income tax expense   17,042       18,004  
    PTPP earnings (non-GAAP) $ 92,110     $ 102,397  
           
    Calculation of PTPP ROAA:      
    PTPP Earnings $ 92,110     $ 102,397  
    Divided by the year-to-date number of days   274       273  
    Multiplied by number of days in the year   366       365  
    Annualized PTPP Earnings $ 123,037     $ 136,904  
           
    Divided by total average assets $ 9,951,890     $ 10,004,097  
    ROAA (annualized) (GAAP)   0.84 %     0.94 %
    PTPP ROAA (annualized) (non-GAAP)   1.24       1.37  
           
    Calculation of ROATCE:    
    Net income $ 62,222     $ 70,375  
    Divided by the year-to-date number of days   274       273  
    Multiplied by number of days in the year   366       365  
    Annualized net income $ 83,114     $ 94,091  
           
    Total average common stockholders’ equity $ 1,091,018     $ 995,395  
    Average goodwill   (128,679 )     (128,679 )
    Average other intangible assets, net   (42,576 )     (46,391 )
    Average tangible common equity   919,763       820,325  
           
    ROATCE   9.04 %     11.47 %
           
    Calculation of core efficiency ratio:      
    Total noninterest expense $ 185,616     $ 174,310  
    Insurance and mortgage noninterest expense   (24,895 )     (25,768 )
    Adjusted total noninterest expense   160,721       148,542  
           
    Net interest income $ 222,017     $ 226,568  
    Insurance and mortgage net interest income   (7,780 )     (5,187 )
    Total noninterest income   55,709       50,139  
    Insurance and mortgage noninterest income   (26,747 )     (23,714 )
    Adjusted total revenue   243,199       247,806  
           
    Efficiency ratio   66.83 %     62.99 %
    Core efficiency ratio   66.09       59.94  

    The MIL Network

  • MIL-OSI USA: Boyle Statement on Vandalism of Congregation Mikveh Israel

    Source: United States House of Representatives – Congressman Brendan Boyle (13th District of Pennsylvania)

    WASHINGTON, D.C. — Today, Congressman Brendan F. Boyle (PA-02) released the following statement on the recent vandalism and arson of the historic Congregation Mikveh Israel synagogue in his district:

    “I am appalled by the disgraceful vandalism and arson of the historic Congregation Mikveh Israel synagogue. I hope the perpetrator is quickly brought to justice and urge anyone with information to submit a tip to the Philadelphia Police Department. Philadelphia stands united against hatred and antisemitism, and we all have a responsibility to combat the unacceptable rise in antisemitism that our Jewish community has faced over the past year.”

    A surveillance photo and information on how to submit a tip to the Philadelphia Police Department can be found here.

    ###

    MIL OSI USA News

  • MIL-OSI United Kingdom: Aid organisations must be able to provide assistance in Syria without interference: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Statement by Ambassador Barbara Woodward, UK Permanent Representative to the UN, at the UN Security Council meeting on Syria.

    The conflict in Lebanon has had a devastating impact on civilians including Syrians who had sought refuge from the Assad regime in Lebanon. Hundreds of thousands of Syrian, Lebanese and Palestinian people are now fleeing into Syria where, tragically, they will face further conflict.

    However, let me be clear that this movement of people does not mean that Assad has met the conditions to facilitate the safe return of Syrians, something we and the international community have long called for. Syria remains unsafe for voluntary, safe and dignified returns. Sadly, those fleeing are motivated by desperation and not the promise of a safe home.

    We urge Syrian authorities to protect the rights and safety of these displaced civilians. Whilst UNHCR’s increased monitoring capacity on the border is welcome, it is essential that the UN has full access to continue this monitoring across the country.

    Second, as we have heard from our briefers, the humanitarian situation in Syria, with a record 16.7 million people in need, threatens to deteriorate even further with dwindling resources.

    We cannot allow essential services to collapse. A coordinated response across Syria, building on existing humanitarian structures, is urgently needed to respond to these needs.

    For our part, the UK has mobilised programming and funding in response to the displacement crisis in Syria, committing over $3.8 million.

    As needs continue to grow, it is essential that humanitarian organisations can deliver lifesaving assistance free from interference or restriction.

    Third, we are concerned by the increased violence and civilian casualties across Syria in recent weeks. This includes in north west Syria, where attacks by the Assad regime and its Russian backer have displaced thousands of Syrians and resulted in civilian casualties.

    Airstrikes have been conducted near displacement camps, have halted schools and health services, and have impacted water distribution facilities. All of this in a region where humanitarian need is already staggering.

    The escalation across the region is a sobering reminder of the devastating price civilians pay for ongoing conflict and violence. The solution in Syria is clear and I reiterate our call for the Assad regime and all parties to Syria’s conflict to engage meaningfully in the political process in line with Resolution 2254.

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Human rights go hand in hand with sustainable development: UK Statement at the UN Third Committee

    Source: United Kingdom – Executive Government & Departments

    Statement by Alex Berelowitz, Second Secretary Human Rights at the General Debate of the UN Third Committee.

    Almost eighty years ago, the UN Charter established the three founding pillars of the UN system: peace and security, development and human rights.

    As our Prime Minister said before the General Assembly, one of these – human rights – speaks to the very essence of what it is to be human.

    We have made many advances in the years since the Universal Declaration of Human Rights.

    But we cannot ignore the challenges we now face.

    Widespread conflict and violence, misuse of new technologies, entrenched inequality, rollback of women and girls’ rights, climate vulnerability, and – all too often – downright impunity where power is abused.

    In seeking solutions we must have human rights and the rule of law front and centre. As all member states agreed in the Pact for the Future, human rights are key to meeting the needs of everyone – especially the most vulnerable.

    This includes women and children in the Occupied Palestinian Territories and Lebanon.

    The humanitarian implications of the conflict are devastating and compounding an existing crisis in Lebanon.

    We remain deeply concerned at the escalation of violence, the number of deaths and injuries, the displacement of families from their homes, and unacceptable attacks on UN Peacekeepers.

    We call for an immediate ceasefire, and the release of all hostages in Gaza and the rapid provision of humanitarian aid into Gaza and Lebanon.

    Diplomacy, not violence, is the way to achieve peace, stability and security across the region.

    In Ukraine, Russia continues to disregard the UN Charter through its illegal invasion.

    Many Russian atrocities amount to war crimes. Russia’s attacks on energy infrastructure, as well as the widespread and systematic use of torture against Ukrainian POWs are beyond reprehensible. We must hold perpetrators to account.

    With conflict driving most of the world’s humanitarian needs, the UN’s role in independently monitoring and documenting human rights abuses and violations is more critical than ever.

    We welcome the Human Rights Council’s recent renewal of the Fact-Finding Mission in Sudan. While international attention is on the Middle East and Ukraine, a brutal war has displaced over 10 million people, with atrocities carried out by both warring parties.

    But in non conflict situations too, human rights are under threat.

    Two years after the Office of the High Commissioner for Human Right’s Assessment on Xinjiang, China continues to persecute and arbitrarily detain Uyghurs and Tibetans, restricting civil society and independent media, and targeting human rights defenders and lawyers.

    We again call upon China to implement its OHCHRs recommendations

    The use of the death penalty in Iran has also reached a critical level – we cannot ignore politically motivated executions of protesters, dissidents, and juvenile offenders.

    With so many global challenges we must recommit to collective action underpinned by responsible global leadership.

    In 2025 the United Kingdom will stand for election to the Human Rights Council. We will do all we can to advert greater conflict, instability and injustice. 

    Realising human rights goes hand-in-hand with sustainable development. But that too is throttled in places like Afghanistan, where we have seen a wholesale regression of the rights of women and girls. Banned from education and employment, with numerous restrictions on their presence in public spaces.

    And in Syria we have seen the targeting of girls, subjected to forced marriage, and forced to take on increased care-giving responsibilities.

    We will not progress on sustainable development if women and girls are denied their human rights.

    Let us recommit, together, to the UN Charter and Universal Declaration and continue to strive for a world where nobody is left behind.

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom

  • MIL-OSI: ChampionX Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $906.5 million
    • Net income attributable to ChampionX of $72.0 million
    • Adjusted net income of $85.9 million
    • Adjusted EBITDA of $197.5 million
    • Income before income taxes margin of 11.2%
    • Adjusted EBITDA margin of 21.8%
    • Cash from operating activities of $141.3 million and free cash flow of $108.1 million

    THE WOODLANDS, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — ChampionX Corporation (NASDAQ: CHX) (“ChampionX” or the “Company”) today announced third quarter of 2024 results. Revenue was $906.5 million, net income attributable to ChampionX was $72.0 million, and adjusted EBITDA was $197.5 million. Income before income taxes margin was 11.2% and adjusted EBITDA margin was 21.8%. Cash from operating activities was $141.3 million and free cash flow was $108.1 million.

    CEO Commentary

    “The third quarter demonstrated the resiliency of our ChampionX portfolio as we delivered strong adjusted EBITDA and adjusted EBITDA margin, and generated robust free cash flow. These results were the direct result of our employees around the world remaining laser-focused on serving our customers well, and I am grateful to them for their dedication to our corporate purpose of improving lives,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.

    “During the third quarter of 2024, we generated revenue of $907 million, which decreased 4% year-over-year, as growth in North America, Middle East & Africa, Europe, and Asia Pacific was offset by Latin America, which was impacted by lower sales in Mexico. Revenue from all areas other than Mexico increased 6% year-over-year. Our revenue increased 1% sequentially, with both North America and international revenues increasing slightly versus the second quarter. North America revenues were up 2% sequentially, driven primarily by higher sales volumes in our artificial lift business. International revenues were up 1% sequentially, driven, in part, by the contribution of RMSpumptools, which was acquired during the quarter. We generated net income attributable to ChampionX of $72 million, income before income taxes margin of 11.2%, and we delivered adjusted EBITDA of $198 million, representing a 21.8% adjusted EBITDA margin, our highest level as ChampionX, which speaks to the productivity and profitability focus of our team.

    “Cash flow from operating activities was $141 million during the third quarter, which represented 196% of net income attributable to ChampionX, and we generated strong free cash flow of $108 million, which represented 55% of our adjusted EBITDA for the period. We remain confident in achieving at least 50% adjusted EBITDA to free cash flow conversion for 2024. Our balance sheet and financial position remain strong, ending the third quarter with approximately $1.1 billion of liquidity, including $389 million of cash and $671 million of available capacity on our revolving credit facility.”

    Agreement to be Acquired by SLB

    On April 2, 2024, SLB (NYSE: SLB) and ChampionX jointly announced a definitive Agreement and Plan of Merger (the “Merger Agreement”) for SLB to purchase ChampionX in an all-stock transaction. The transaction was unanimously approved by the ChampionX board of directors and the transaction received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024. The transaction is subject to regulatory approvals and other customary closing conditions. It is currently anticipated that the closing of the transaction will occur in the first quarter of 2025.

    ChampionX may continue to pay its regular quarterly cash dividends with customary record and payment dates, subject to certain limitations under the Merger Agreement. Given the pending acquisition of ChampionX by SLB, ChampionX has discontinued providing quarterly guidance and will not host a conference call or webcast to discuss its third quarter 2024 results.

    Production Chemical Technologies

    Production Chemical Technologies revenue in the third quarter of 2024 was $559.5 million, a decrease of $10.0 million, or 2%, sequentially, due primarily to lower international sales volumes.

    Segment operating profit was $87.3 million and adjusted segment EBITDA was $120.6 million. Segment operating profit margin was 15.6%, an increase of 60 basis points, sequentially, and adjusted segment EBITDA margin was 21.6%, an increase of 94 basis points, sequentially. The sequential increase in segment operating profit margin and adjusted segment EBITDA margin was driven by strong cost management, productivity improvements, and favorable product mix.

    Production & Automation Technologies

    Production & Automation Technologies revenue in the third quarter of 2024 was $275.7 million, an increase of $31.2 million, or 13%, sequentially, due primarily to higher artificial lift systems demand in North America, and the acquisition of RMSpumptools, which was completed during the quarter. Revenue from digital products was $57.9 million in the third quarter of 2024, an increase of 7% sequentially, driven by increased customer activity in North America.

    Segment operating profit was $34.1 million and adjusted segment EBITDA was $69.6 million. Segment operating profit margin was 12.4%, an increase of 330 basis points, sequentially, and adjusted segment EBITDA margin was 25.2%, an increase of 118 basis points, sequentially. The increase in segment operating profit margin and adjusted segment EBITDA margin was driven by higher sales volumes, productivity improvements, and favorable product mix.

    Drilling Technologies

    Drilling Technologies revenue in the third quarter of 2024 was $51.8 million, a decrease of $1.1 million, or 2%, sequentially, driven by lower sales volumes in the bearings product line associated with customers managing inventory levels.

    Segment operating profit was $11.5 million and adjusted segment EBITDA was $12.9 million. Segment operating profit margin was 22.2%, compared to 22.4% in the prior quarter, and adjusted segment EBITDA margin was 24.8%, a decrease of 2 basis points, sequentially, due primarily to lower volumes.

    Reservoir Chemical Technologies

    Reservoir Chemical Technologies revenue in the third quarter 2024 was $20.5 million, a decrease of $6.6 million, or 24%, sequentially, driven by lower sales volumes in the U.S. and internationally.

    Segment operating profit was $1.7 million and adjusted segment EBITDA was $3.3 million. Segment operating profit margin was 8.2%, a decrease of 793 basis points, sequentially, and adjusted segment EBITDA margin was 16.0%, a decrease of 592 basis points, sequentially. The decrease in segment operating profit margin and adjusted segment EBITDA margin was driven by lower volumes.

    Other Business Highlights

    • ChampionX won the Gulf Energy Information Excellence Award for best coating / corrosion advancement technology for its AnX coiled rod product line. The company was a finalist in four additional categories: SMARTEN™ XE ESP control system in the best controls, instrumentation, automation technology category; Pump Checker™ gas lift analysis module in the best digital transformation – upstream category; Chemical Technologies Decarbonization Program in the best HSE contribution category; and the ChampionX Diversity, Equality, and Inclusion programs in the DE&I in energy category.

    Other Business Highlights: Production Chemical Technologies and Reservoir Chemical Technologies

    • In the Asia Pacific region, ChampionX secured a significant new contract to provide both engineering services and the initial chemical supply for a new Floating Production Storage and Offloading (FPSO) unit, set to be deployed at a large gas condensate field in Australasia. Operations are scheduled to begin in the first half of 2025 and contribute significantly to regional Liquified Natural Gas (LNG) production capacity. This strategic win further strengthens our presence in the region and reinforces our commitment to delivering innovative, high-quality solutions to our upstream customers.
    • ChampionX was awarded a large first-fill contract to supply multiple production chemicals for corrosion inhibitors, scale inhibitors, and biocides for a major onshore oil and gas incremental project in Saudi Arabia.
    • ChampionX has secured a first-fill contract to supply production chemicals for a significant gas development program in Qatar.
    • ChampionX secured a multi-million-dollar order for a novel application of UltraFab in Carbon Capture, Utilization, and Storage (CCUS) for delivery in 2025.
    • ChampionX recently completed the pre-commission cleaning, chemical treatment, and readiness work for the 303-mile natural gas Mountain Valley Pipeline connecting Marcellus and Utica shale production to markets in the Mid- and South-Atlantic regions.
    • In the Canadian oil sands, ChampionX completed a steam additive first-fill program for a major technology development trial, leading to additional market interest.
    • ChampionX was awarded a three-year contract extension from a major producer in the San Juan Basin in California, recognizing our service, people, and commitment to helping the producer achieve their strategic goals as reasons for the extension.
    • As part of an initiative to expand our technology into adjacent markets, ChampionX Reservoir Chemical Technologies was awarded business with a premier supplier of local sand used for hydraulic fracturing in the Permian Basin. Our solution affords the supplier a significant savings on sand drying costs and is designed to increase operational throughput.

    Other Business Highlights: Production & Automation Technologies

    • In the third quarter, ChampionX completed the acquisition of RMSpumptools, a provider of advanced mechanical and electrical solutions for complex ESP systems. The acquisition expands ChampionX’s international footprint while providing greater opportunities for RMSpumptools in North America. Soon after the acquisition close, our Permian ESP team collaborated with RMSpumptools to deliver a sand control solution to a major oil company operating in the Permian basin.
    • ChampionX Artificial Lift expanded its Latin America footprint into Ecuador with a contract award for two 400HP multiplex surface pump systems for jet lift applications. This accomplishment is the result of a strengthening partnership with a Latin America independent operator that is expanding its operations from Colombia to Ecuador. Unlike typical systems, the surface pump and oil vessel required for jet lifted wells will be built on one skid with all the necessary piping, which reduces assembly time at the wellsite.
    • Building on the combined strengths of our XSPOC artificial lift software and the acquisition of Artificial Lift Performance Limited Pump Checker software, ChampionX introduced ALLY™ production optimization digital solutions, debuting a modern interface with user-friendly dashboards and intuitive workflows, paired with powerful performance—ingesting, processing, and displaying more data than ever before. It is a one-stop-shop for production teams to manage and optimize their producing assets, regardless of lift type or equipment provider. Building on the launch of this new digital solution, in the third quarter ChampionX secured seven new clients for our production optimization software solution.
    • ChampionX launched the PCS Ferguson new generation SMARTEN™ Unify control system, which is engineered to deliver sophisticated digital automation and optimization capabilities at a cost of ownership that fits within the narrow economic profile of plunger lifted wells. SMARTEN Unify provides enhanced visibility to what is happening “live” at any second in a plunger lift system, eliminating the need for operating based on calculated guesses.

    Other Business Highlights: Drilling Technologies

    • Drilling Technologies’ diamond bearings products continue to see positive test results in additional downhole drilling and completion tools applications.
    • Drilling Technologies’ diamond inserts business had significant new products launches with four major customers.

    About Non-GAAP Measures

    In addition to financial results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), this news release presents non-GAAP financial measures. Management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to ChampionX and adjusted diluted earnings per share attributable to ChampionX, provide useful information to investors regarding the Company’s financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. In addition, free cash flow, free cash flow to adjusted EBITDA ratio, and free cash flow to revenue ratio are used by management to measure our ability to generate positive cash flow for debt reduction and to support our strategic objectives. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating ChampionX’s overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables.

    About ChampionX

    ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.ChampionX.com

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements relating to the proposed transaction between SLB and ChampionX, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, and information regarding the businesses of SLB and ChampionX, including expectations regarding outlook and all underlying assumptions, SLB’s and ChampionX’s objectives, plans and strategies, information relating to operating trends in markets where SLB and ChampionX operate, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that SLB or ChampionX intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “intends,” “plans,” “seeks,” “targets,” “may,” “can,” “believe,” “predict,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “ambition,” “goal,” “scheduled,” “think,” “could,” “would,” “will,” “see,” “likely,” and other similar expressions or variations, but not all forward-looking statements include such words. These forward-looking statements involve known and unknown risks and uncertainties, and which may cause SLB’s or ChampionX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part I, “Item 1. Business”, “Item 1A. Risk Factors”, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in SLB’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on January 24, 2024 and Part 1, Item 1A, “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 6, 2024, and each of their respective, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX, including the effect of the announcement of the proposed transaction; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including the adoption of the merger agreement in respect of the proposed transaction by ChampionX stockholders); other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; changes in demand for SLB’s or ChampionX’s products and services; global market, political and economic conditions, including in the countries in which SLB and ChampionX operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the extent of growth of the oilfield services market generally, including for chemical solutions in production and midstream operations; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; the impact of shifts in prices or margins of the products that SLB or ChampionX sells or services that SLB or ChampionX provides, including due to a shift towards lower margin products or services; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics (including COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; trends in crude oil and natural gas prices, including trends in chemical solutions across the oil and natural gas industries, that may affect the drilling and production activity, profitability and financial stability of SLB’s and ChampionX’s customers and therefore the demand for, and profitability of, their products and services; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction; failure to effectively and timely address energy transitions that could adversely affect the businesses of SLB or ChampionX, results of operations, and cash flows of SLB or ChampionX; and disruptions of SLB’s or ChampionX’s information technology systems.

    These risks, as well as other risks related to the proposed transaction, are included in the Form S-4 and proxy statement/prospectus that was filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to SLB’s and ChampionX’s respective periodic reports and other filings with the SEC, including the risk factors identified in SLB’s and ChampionX’s Annual Reports on Form 10-K, respectively, and SLB’s and ChampionX’s subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this communication are made only as of the date hereof. Neither SLB nor ChampionX undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

    Investor Contact: Byron Pope
    byron.pope@championx.com 
    281-602-0094

    Media Contact: John Breed
    john.breed@championx.com 
    281-403-5751

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)

      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    (in thousands, except per share amounts)   2024       2024       2023       2024       2023  
    Revenue $ 906,533     $ 893,272     $ 939,783     $ 2,721,946     $ 2,814,730  
    Cost of goods and services   608,764       613,426       647,923       1,845,127       1,957,309  
    Gross profit   297,769       279,846       291,860       876,819       857,421  
    Costs and expenses:                  
    Selling, general and administrative expense   180,501       182,995       162,317       535,910       485,617  
    (Gain) loss on sale-leaseback transaction and disposal group   57                   (29,826 )     12,965  
    Interest expense, net   14,137       15,421       13,744       43,493       40,754  
    Foreign currency transaction (gains) losses, net   3,505       (2,767 )     7,992       793       21,683  
    Other expense (income), net   (2,176 )     938       (1,994 )     1,689       (13,494 )
    Income before income taxes   101,745       83,259       109,801       324,760       309,896  
    Provision for income taxes   28,078       27,868       29,009       82,542       69,334  
    Net income   73,667       55,391       80,792       242,218       240,562  
    Net income attributable to noncontrolling interest   1,659       2,822       3,081       4,718       3,522  
    Net income attributable to ChampionX $ 72,008     $ 52,569     $ 77,711     $ 237,500     $ 237,040  
                       
    Earnings per share attributable to ChampionX:                  
    Basic $ 0.38     $ 0.28     $ 0.40     $ 1.25     $ 1.20  
    Diluted $ 0.37     $ 0.27     $ 0.39     $ 1.23     $ 1.18  
                       
    Weighted-average shares outstanding:                  
    Basic   190,496       190,426       195,881       190,575       197,058  
    Diluted   193,362       193,257       199,592       193,655       201,025  
                                           

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)

    (in thousands) September 30, 2024   December 31, 2023
    ASSETS      
    Current Assets:      
    Cash and cash equivalents $ 389,109     $ 288,557  
    Receivables, net   434,107       534,534  
    Inventories, net   546,817       521,549  
    Prepaid expenses and other current assets   68,218       80,777  
    Total current assets   1,438,251       1,425,417  
           
    Property, plant and equipment, net   760,775       773,552  
    Goodwill   729,783       669,064  
    Intangible assets, net   270,361       243,553  
    Other non-current assets   178,490       130,116  
    Total assets $ 3,377,660     $ 3,241,702  
           
    LIABILITIES AND EQUITY      
    Current Liabilities:      
    Current portion of long-term debt $ 6,203     $ 6,203  
    Accounts payable   455,485       451,680  
    Other current liabilities   278,498       324,866  
    Total current liabilities   740,186       782,749  
           
    Long-term debt   592,161       594,283  
    Other long-term liabilities   246,296       203,639  
    Stockholders’ equity:      
    ChampionX stockholders’ equity   1,814,310       1,676,622  
    Noncontrolling interest   (15,293 )     (15,591 )
    Total liabilities and equity $ 3,377,660     $ 3,241,702  
                   

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)

      Nine Months Ended September 30,
    (in thousands)   2024       2023  
    Cash flows from operating activities:      
    Net income $ 242,218     $ 240,562  
    Depreciation and amortization   183,291       177,226  
    (Gain) loss on sale-leaseback transaction and disposal group   (29,826 )     12,965  
    Loss on Argentina Blue Chip Swap transaction   7,086        
    Deferred income taxes   (16,810 )     (15,380 )
    Loss (gain) on disposal of fixed assets   868       (1,480 )
    Receivables   115,269       85,181  
    Inventories   (40,118 )     (50,011 )
    Accounts payable   (30,577 )     (7,018 )
    Other assets   6,665       17,470  
    Leased assets   (24,193 )     (38,597 )
    Other operating items, net   (31,442 )     (49,600 )
    Net cash flows provided by operating activities   382,431       371,318  
           
    Cash flows from investing activities:      
    Capital expenditures   (101,403 )     (110,965 )
    Proceeds from sale of fixed assets   9,323       12,328  
    Proceeds from sale-leaseback transaction   44,292        
    Purchase of investments   (31,526 )      
    Sale of investments   24,358        
    Acquisitions, net of cash acquired   (123,269 )      
    Net cash used for investing activities   (178,225 )     (98,637 )
           
    Cash flows from financing activities:      
    Proceeds from long-term debt         15,500  
    Repayment of long-term debt   (4,652 )     (43,625 )
    Repurchases of common stock   (49,399 )     (159,730 )
    Dividends paid   (52,430 )     (48,309 )
    Other   3,854       (384 )
    Net cash used for financing activities   (102,627 )     (236,548 )
           
    Effect of exchange rate changes on cash and cash equivalents   (1,027 )     (1,314 )
           
    Net increase in cash and cash equivalents   100,552       34,819  
    Cash and cash equivalents at beginning of period   288,557       250,187  
    Cash and cash equivalents at end of period $ 389,109     $ 285,006  
                   

    CHAMPIONX CORPORATION
    BUSINESS SEGMENT DATA
    (UNAUDITED)

      Three Months Ended
      September 30,   June 30,   September 30,
    (in thousands)   2024       2024       2023  
    Segment revenue:          
    Production Chemical Technologies $ 559,539     $ 569,577     $ 604,254  
    Production & Automation Technologies   275,700       244,487       256,148  
    Drilling Technologies   51,792       52,888       54,869  
    Reservoir Chemical Technologies   20,531       27,123       25,093  
    Corporate and other   (1,029 )     (803 )     (581 )
    Total revenue $ 906,533     $ 893,272     $ 939,783  
               
    Income before income taxes:        
    Segment operating profit (loss):          
    Production Chemical Technologies $ 87,260     $ 85,388     $ 94,560  
    Production & Automation Technologies   34,136       22,207       28,299  
    Drilling Technologies   11,501       11,863       12,255  
    Reservoir Chemical Technologies   1,675       4,363       2,461  
    Total segment operating profit   134,572       123,821       137,575  
    Corporate and other   18,690       25,141       14,030  
    Interest expense, net   14,137       15,421       13,744  
    Income before income taxes $ 101,745     $ 83,259     $ 109,801  
               
    Operating profit margin / income before income taxes margin:          
    Production Chemical Technologies   15.6 %     15.0 %     15.6 %
    Production & Automation Technologies   12.4 %     9.1 %     11.0 %
    Drilling Technologies   22.2 %     22.4 %     22.3 %
    Reservoir Chemical Technologies   8.2 %     16.1 %     9.8 %
    ChampionX Consolidated   11.2 %     9.3 %     11.7 %
               
    Adjusted EBITDA          
    Production Chemical Technologies $ 120,622     $ 117,421     $ 133,101  
    Production & Automation Technologies   69,604       58,848       59,288  
    Drilling Technologies   12,867       13,149       13,786  
    Reservoir Chemical Technologies   3,292       5,954       4,198  
    Corporate and other   (8,873 )     (12,139 )     (12,837 )
    Adjusted EBITDA $ 197,512     $ 183,233     $ 197,536  
               
    Adjusted EBITDA margin          
    Production Chemical Technologies   21.6 %     20.6 %     22.0 %
    Production & Automation Technologies   25.2 %     24.1 %     23.1 %
    Drilling Technologies   24.8 %     24.9 %     25.1 %
    Reservoir Chemical Technologies   16.0 %     22.0 %     16.7 %
    ChampionX Consolidated   21.8 %     20.5 %     21.0 %
                           

    CHAMPIONX CORPORATION
    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (UNAUDITED)

      Three Months Ended
      September 30,   June 30,   September 30,
    (in thousands)   2024       2024       2023  
    Net income attributable to ChampionX $ 72,008     $ 52,569     $ 77,711  
    Pre-tax adjustments:          
    (Gain) loss on sale leaseback transaction and disposal group(1)   57              
    Russia sanctions compliance and impacts(2)   109       32       95  
    Restructuring and other related charges   5,317       7,927       1,228  
    Merger transaction costs(3)   8,312       15,059        
    Acquisition costs and related adjustments(4)   753       574        
    Intellectual property defense   69       531       220  
    Merger-related indemnification responsibility               722  
    Tulsa, Oklahoma storm damage               1,895  
    Foreign currency transaction (gains) losses, net   3,505       (2,767 )     7,992  
    Loss on Argentina Blue Chip Swap transaction         2,994        
    Tax impact of adjustments   (4,259 )     (5,722 )     (2,702 )
    Adjusted net income attributable to ChampionX   85,871       71,197       87,161  
    Tax impact of adjustments   4,259       5,722       2,702  
    Net income attributable to noncontrolling interest   1,659       2,822       3,081  
    Depreciation and amortization   63,508       60,203       61,839  
    Provision for income taxes   28,078       27,868       29,009  
    Interest expense, net   14,137       15,421       13,744  
    Adjusted EBITDA $ 197,512     $ 183,233     $ 197,536  

    _______________________

    (1) Amount represents the gain on the sale and leaseback of certain buildings and land.
    (2) Includes charges incurred related to legal and professional fees to comply with, as well as additional foreign currency exchange losses associated with, the sanctions imposed in Russia.
    (3) Includes costs incurred in relation to the Merger Agreement with Schlumberger Limited, including third party legal and professional fees.
    (4) Includes costs incurred for the acquisition of businesses.
       
      Three Months Ended
      September 30,   June 30,   September 30,
    (in thousands)   2024       2024       2023  
    Diluted earnings per share attributable to ChampionX $ 0.37     $ 0.27     $ 0.39  
    Per share adjustments:          
    (Gain) loss on sale leaseback transaction and disposal group                
    Russia sanctions compliance and impacts                
    Restructuring and other related charges   0.03       0.04       0.01  
    Merger transaction costs   0.04       0.08        
    Acquisition costs and related adjustments                
    Intellectual property defense                
    Merger-related indemnification responsibility               0.01  
    Tulsa, Oklahoma storm damage               0.01  
    Foreign currency transaction (gains) losses, net   0.02       (0.01 )     0.04  
    Loss on Argentina Blue Chip Swap transaction         0.02        
    Tax impact of adjustments   (0.02 )     (0.03 )     (0.02 )
    Adjusted diluted earnings per share attributable to ChampionX $ 0.44     $ 0.37     $ 0.44  
                           

    CHAMPIONX CORPORATION
    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES BY SEGMENT
    (UNAUDITED)

      Three Months Ended
      September 30,   June 30,   September 30,
    (in thousands)   2024       2024       2023  
    Production Chemical Technologies          
    Segment operating profit $ 87,260     $ 85,388     $ 94,560  
    Non-GAAP adjustments   7,073       5,851       9,079  
    Depreciation and amortization   26,289       26,182       29,462  
    Segment adjusted EBITDA $ 120,622     $ 117,421     $ 133,101  
               
    Production & Automation Technologies          
    Segment operating profit $ 34,136     $ 22,207     $ 28,299  
    Non-GAAP adjustments   1,656       6,000       2,089  
    Depreciation and amortization   33,812       30,641       28,900  
    Segment adjusted EBITDA $ 69,604     $ 58,848     $ 59,288  
               
    Drilling Technologies          
    Segment operating profit $ 11,501     $ 11,863     $ 12,255  
    Non-GAAP adjustments   54             (8 )
    Depreciation and amortization   1,312       1,286       1,539  
    Segment adjusted EBITDA $ 12,867     $ 13,149     $ 13,786  
               
    Reservoir Chemical Technologies          
    Segment operating profit $ 1,675     $ 4,363     $ 2,461  
    Non-GAAP adjustments   3       11       72  
    Depreciation and amortization   1,614       1,580       1,665  
    Segment adjusted EBITDA $ 3,292     $ 5,954     $ 4,198  
               
    Corporate and other          
    Segment operating profit $ (32,827 )   $ (40,562 )   $ (27,774 )
    Non-GAAP adjustments   9,336       12,488       920  
    Depreciation and amortization   481       514       273  
    Interest expense, net   14,137       15,421       13,744  
    Segment adjusted EBITDA $ (8,873 )   $ (12,139 )   $ (12,837 )
                           

    Free Cash Flow

      Three Months Ended
      September 30,   June 30,   September 30,
    (in thousands)   2024       2024       2023  
    Free Cash Flow          
    Cash flows from operating activities $ 141,298     $ 67,625     $ 163,030  
    Less: Capital expenditures, net of proceeds from sale of fixed assets   (33,248 )     (29,310 )     (48,469 )
    Free cash flow $ 108,050     $ 38,315     $ 114,561  
               
    Cash From Operating Activities to Revenue Ratio          
    Cash flows from operating activities $ 141,298     $ 67,625     $ 163,030  
    Revenue $ 906,533     $ 893,272     $ 939,783  
               
    Cash from operating activities to revenue ratio   16 %     8 %     17 %
               
    Free Cash Flow to Revenue Ratio          
    Free cash flow $ 108,050     $ 38,315     $ 114,561  
    Revenue $ 906,533     $ 893,272     $ 939,783  
               
    Free cash flow to revenue ratio   12 %     4 %     12 %
               
    Free Cash Flow to Adjusted EBITDA Ratio          
    Free cash flow $ 108,050     $ 38,315     $ 114,561  
    Adjusted EBITDA $ 197,512     $ 183,233     $ 197,536  
               
    Free cash flow to adjusted EBITDA ratio   55 %     21 %     58 %

    The MIL Network

  • MIL-OSI USA: Tillis Urges Congress to Quickly Pass a Disaster Recovery Package

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis
    WASHINGTON, D.C. – Today, The Hill published an op-ed by Senator Thom Tillis on the importance for elected officials in Congress to step up and be proactive with long-term disaster recovery assistance. 
    Read the full op-ed HERE.
    Tillis on North Carolina’s recovery from Helene:
    “The recovery process will be long and difficult and will require years and billions of dollars of assistance. That is why it is so important for elected officials in Congress to step up and be proactive — not reactive — with long-term disaster recovery assistance. This is why I have led a bipartisan group of senators in disaster-hit states calling on Congress to end its seven-week recess and come back to Washington to pass a disaster funding package that initiates the long-term recovery process for victims and communities ravaged by Helene and Milton.” 
    Tillis on the need to replenish the SBA Disaster Loan Fund and FEMA Disaster Relief Fund:
    “The most pressing need is to replenish the Small Business Administration’s disaster loan fund, which has already run out of money. Few Helene victims have flood insurance, so the SBA’s various disaster recovery programs are key to long-term recovery. By utilizing these programs, victims can access low-interest loans to replace lost property or repair or rebuild their homes or small businesses. The loans can also be used to provide a financial cushion for small businesses that face an economic loss in the months ahead due to the storm. Now that funding for the SBA disaster loan program has run out, it risks delays in processing storm victims’ loans and their ability to get their lives back together. We cannot let this continue to go on. 
    “FEMA is also in danger of running out of money in its Disaster Relief Fund. The hurricane season isn’t over until November and the National Hurricane Center is already monitoring tropical disturbances that could turn into more full-blown storms. It may only get worse.” 
    Tillis on the broken disaster response and recovery process:
    “The fact is, the federal disaster response and recovery process is broken and many Americans understandably have concerns. First, there are questions about prioritization. It was telling that in a 24-hour period in the wake of Helene, the Biden-Harris administration bragged about sending $100 million in transportation funding to rebuild roads in Western North Carolina as it also pledged $157 million in assistance to Lebanon. That is reflective of an administration that can’t read a room and doesn’t have its priorities in order. Wrong message, wrong time. Additionally, there has been a big political dust-up over FEMA money being used for illegal immigrants. This confusion could have been avoided if FEMA had been laser-focused on its mission to respond to natural disasters. FEMA should never have become a funding conduit for responding to the Biden-Harris administration’s border security crisis.
    “Secondly, and most important, is the question about competency. The federal government is already too slow and bureaucratic, but the disaster recovery process takes it to another level. The long-term funding for recovery is, shockingly, neither permanent nor predictable and requires constant reauthorization from Congress. I have worked across the aisle to introduce legislation that would help fix this problem by establishing a permanent and predictable funding process for long-term recovery and getting assistance to families and business owners sooner. 
    “There also needs to be a drastic improvement in how FEMA assists victims who suffer property damage. I recently introduced a bipartisan bill to end the ‘one-size-fits-all’ approach to disaster relief and cut the red tape that prevents many individuals and communities from accessing the relief they desperately need when they need it.” 

    MIL OSI USA News

  • MIL-OSI USA: Press Briefing by Press Secretary Karine Jean-Pierre and National Security Communications Adviser John  Kirby

    US Senate News:

    Source: The White House
    James S. Brady Press Briefing Room
    1:42 P.M. EDT
    MS. JEAN-PIERRE:  All right.  Good afternoon, everyone. 
    Q    Good afternoon.
    MS. JEAN-PIERRE:  I have just one thing at the top, and then I’ll hand it over.
    So, today, as part of the White House Initiative on Women’s Health Research, First Lady Jill Biden announced $110 million in awards from the Advanced Research Projects Agency for Health — for Health, ARPA-H, to accelerate transformative research and development in women’s health care.
    These new ARPA-H awardees will spur innovation and advance bold solutions to diseases and conditions that affect women uniquely, disproportionately, and differently.
    In less than a year since the president and the first lady launched the effort, the White House Initiative on Women’s Health Research has galvanized nearly one — nearly a billion dollars in funding for women’s health research.
    And now, I’m going to turn it over to my NSC colleague, Admiral John Kirby, who will talk to you more about the news of North Korea’s — Korean soldiers traveling to Russia, today’s historic announcement of the — of the use of frozen Russian sov- — sovereign assets to support Ukraine, and other foreign policy matters. 
    Admiral. 
    MR. KIRBY:  Thank you very much, Karine. 
    Good afternoon, everybody. 
    Q    Good afternoon.
    MR. KIRBY:  So, just before I kick off on those issues, I do want to start off by extending our thoughts to the victims of the horrible terrorist attack in Ankara, Turkey, this morning. 
    Our prayers are with all of those affected and their families and, of course, also the people of Turkey during this difficult time.
    Now, Turkish authorities, as they’ve said, are investigating this as a possible terrorist attack.  And while we don’t yet know the motive or who is exactly behind it, we strong — strongly condemn this — this act of violence.
    Now, I think, as you have all heard earlier this morning, we have seen the public reporting indicating that North Korean soldiers are traveling to Russia to fight against Ukraine.  We’re working closely with our allies and partners to gain a full understanding of this situation, but today, I’m prepared to share what we know at this stage.
    We assess that between early- to mid-October, North Korea moved at least 3,000 soldiers into eastern Russia.  We assessed that these soldiers traveled by ship from the Wonsan area in North Korea to Vladivostok, Russia.  These soldiers then traveled onward to multiple Russian military training sites in eastern Russia where they are currently undergoing training.
    We do not yet know whether these soldiers will en- — enter into combat alongside the Russian military, but this is a certain — certainly a highly concerning probability.
    After completing training, these soldiers could travel to western Russia and then engage in combat against the Ukrainian military.  We have briefed the Ukrainian government on our understanding of this situation, and we’re certainly consulting closely with other allies, partners, and countries in the region on the implications of such a dramatic mov- — move and on how we might respond. 
    I expect to have more to share on all of that in the coming days.
    For the time being, we will continue to monitor the situation closely.  But let’s be clear, if North Korean soldiers do enter into combat, this development would demonstrate Russia’s growing desperation in its war against Ukraine. 
    Russia is suffering extraordinary casualties on the battlefield every single day, but President Putin appears intent on continuing this war.  If Russia is indeed forced to turn to North Korea for manpower, this would be a sign of weakness, not strength, on the part of the Kremlin. 
    It would also demonstrate an unprecedented level of direct military cooperation between Russia and North Korea with security implications in Europe as well as the Indo-Pacific.
    As we have said before, Russia’s cooperation with the North Korean military is in violation of multiple U.N. Security Council resolutions which prohibit the procurement of arms from North Korea and military arms training.  This move is likewise a violation.
    At President Biden’s direction, the United States continues to surge security assistance to Ukraine.  In just the past week, which I think you’ve seen, the United States has announced more than $800 million in security assistance to meet Ukraine’s urgent battlefield needs.
    Now, looking ahead, the United States is on track to provide Ukraine with hundreds of additional air defense interceptors, dozens of tactical air defense systems, additional artillery, significant quantities of ammunition, hundreds of armored personnel can- — carriers and infantry fighting vehicles, and thousands of additional armored vehicles, all of which will help keep Ukraine effective on the battlefield.
    And in coming days, the United States will announce a significant sanctions tranche targeting the enablers of Russia’s war in Ukraine located outside of Russia.
    The Ukrainian military continues to fight bravely and effectively, and President Biden is determined to provide Ukraine with the support that it needs to prevail.  To that end, the president announced today that of the $50 billion that the G7 committed to loan Ukraine back in June, the United States will provide a loan of $20 mil- — $20 billion.  The other $30 billion in loans will come from a combination of our G7 partners, including the European Union, the United Kingdom, Canada, and Japan. 
    Now, this is unique.  Never before has a multilateral coalition frozen the assets of an aggressor country and then harnessed the value of those assets to fund the defense of the aggrieved party, all while respecting the rule of law and maintaining solidarity. 
    These loans will support the people of Ukraine as they defend and rebuild their country, and it’s another example of how Mr. Putin’s war of aggression has only unified and strengthened the resolve of G7 countries and our partners to defend shared values.
    And — yep, that’s it.  Thank you.  (Laughter.)  Sorry.  I had an extra page in there, and I wasn’t sure where it was going.  So —
    MS. JEAN-PIERRE:  Go ahead, Aamer.  
    Q    Does the pre- — is the assessment that the presence of North Korean troops can have a meaningful trajectory on thou- — the war?
    And then, secondly, you’ve said earlier even that it shows a sign of desperation on the Russians, but does it also demonstrate North Korea’s commitment to this burgeoning alliance with Russia?  And is that, in of itself, a broadening and discouraging concern for America?
    MR. KIRBY:  So, on your first question, too soon to tell, Aamer, what kind of an impact these troops can have on the battlefield, because we just don’t know enough about what the intention is in terms of using them.  So, I — I think that’s why I said at the top, we’re going to monitor this and watch it closely.
    To your second question: yeah, absolutely.  As we’ve also said, yes, I’ve called this a sign of desperation and a sign of weakness.  It’s not like Mr. Putin is being very honest with the Russian people about what he doing here.  I mean, Mr. Peskov, his spokesman, just the other day dec- — denied knowing anything about it.
    But — but we’ve also talked many, many times about the burgeoning and growing defense relationship between North Korea and Russia and how reckless and dangerous we think that is, not only for the people of Ukraine — and clearly we’ll watch to see what this development means for them — but also for the Indo-Pacific region.
    MS. JEAN-PIERRE:  Go ahead, Nadia.
    Q    Thank you.  With the U.S. diplomats in the region, Mr.  Hochstein in Lebanon and the Secretary of State in Saudi Arabia now before Israel, do you be- — do you believe there is a chance now for the ceasefire to be back on the table? 
    And do you believe that with the demise of Mr. Sinwar and Hassan Nasrallah, you have better chances or worse chances for somebody to negotiate with?
    MR. KIRBY:  The ceasefire you’re talking about, I’m assuming, is with Gaza.
    Q    Well, both.  I mean, you have Lebanon and you have Gaza —
    MR. KIRBY:  Yeah.
    Q    — implementation 1701 and in Gaza.
    MR. KIRBY:  I mean, look, the short answer to your question, Nadia, is — is yes.  And we wouldn’t be s- — we wouldn’t be engaged in this — these diplomatic efforts if we didn’t think there was still an opportunity here to get a ceasefire — a ceasefire for Gaza that brings the hostages home and increases humanitarian assistance, and certainly a ceasefire between Israel and — and Hezbollah. 
    And as for the — the implication that the — the deaths of the two leaders, Nasrallah and Sinwar, as President Biden said last week, that does open up — we believe opens up, should open up an opportunity to try to get there. 
    But I don’t want to sound too sanguine here.  I’ll let Secretary Blinken speak for his travels.  He’s still on the road.  He talked about it a little bit today that, you know, they had good, constructive conversations, specifically with respect to — to Gaza while he was in Israel.  But there’s still a lot of work before us.
    Q    Okay.  And one more, quickly.  The number of civilians killed in Gaza was 779 in the last 20 days, especially in Jabalia, and the total number is 100,000 between the dead and the wounded.  Ninety percent of Gaza is destroyed.  Does the U.S. still believe that Israel’s strategy in Gaza is working, and do you still support it?
    MR. KIRBY:  We still support Israel’s right and responsibility to defend itself against these threats, including the continued threat of Hamas.  And we still urge Israel to be mindful — ever mindful of civilian casualties and the damage to civilian infrastructure, and we’re going to continue to work with them to that end.
    Q    Has the U.S. made an assessment about the type of weapons training or what type of training the North Korean soldiers are undergoing in Russia that could potentially be used in Ukraine? 
    And does this represent a new type of an — an agreement, in terms of an information-sharing agreement between the North Koreans and the Russians?
    MR. KIRBY:  I don’t believe we have a very specific assessment at this time of the exact nature of all the training.  There’s — there’s three sites that we assess right now that the — this first tranche of about 3,000 are being trained. 
    I — I think I could go so far as to say that, at least in general terms, it’s — it’s basic kind of combat training and familiarization.  I think I’ll go — I could go as far as that and no further. 
    But, as I also said, we’re going to monitor this and watch this closely.  And obviously, if we have more information that we can share with you, we certainly will.
    To your second question about information-sharing, as I’ve said before, in answer to — to Aamer, we have been watching this relationship grow and deepen now for many, many months.  And the — the question that we’re asking ourselves — and we don’t have an answer for right now — is: What does Kim Jong Un think he’s getting out of this?
    And so, you talked about information-sharing.  I mean, they’re — maybe that’s part of this.  Maybe it’s technology.  Maybe it’s capabilities. 
    We don’t have a good sense of that.  But that’s what’s so concerning to us, is — is not only the concern for the impact on the war in Ukraine but the impact that this could have in the Indo-Pacific, with Kim Jong Un benefiting to some degree.
    Q    Can you talk about that just briefly?  Like, how significant is this for U.S. allies in the region and the U.S. as a whole?
    MR. KIRBY:  It could be significant.  Again, we don’t know enough right now. 
    So, when you say “region,” I think you mean Indo-Pacific.  Until we have a better sense of what the North Koreans at least believe they’re getting out of this, as opposed to what they actually get, it’s hard to know and to put a metric on exactly what the impact is in the Indo-Pacific.
    But it is concerning.  It’s been concerning.  Certainly, this development — this — this willingness of — of Kim to literally put skin in the game here, soldiers in Russia for the potential deployment — and we haven’t seen them deployed, but for the potential deployment — certainly would connote an expectation that he thinks he’s getting something out of this.
    MS. JEAN-PIERRE:  Go ahead, Selina.
    Q    You mentioned that the U.S. is discussing how we would possibly respond.  What are the possibilities for how the U.S. could respond to this?
    MR. KIRBY:  Well, for one thing, we’re going to continue to surge security assistance, as I just mentioned in my — my topper.  And you’re going to continue to see — the president has made it clear that we’re going to continue to provide security assistance all the way up to the end of his administration, for sure.  So, you’re going to see that continue to flow, and we’re talking to allies and partners about what the right next steps ought to be. 
    I’m not at liberty today to go through any specific options, but — but we’re going to — we’re going to have those conversations, and — and we have been.
    Q    And China is a critical trading partner to North Korea.  What’s the U.S. assessment for how China is looking at all of this?
    MR. KIRBY:  We don’t know how President Xi and the Chinese are looking at this.  One would think that — if you take their comments at face value about desiring stability and security in the region, particularly on the Korean Peninsula, one would think that they’re also deeply concerned by this development.
    But you can expect that we’ll be — we’ll be communicating with the — with the Chinese about this and certainly sharing our perspectives to the degree we can and — and gleaning theirs. 
    Q    And local South Korean press is reporting that, according to intelligence, these troops — North Korean troops lack understanding of modern warfare, such as drone attacks, and it’s anticipated there will be a high number of casualties when deployed to the front lines.
    MR. KIRBY:  I — too soon to know.  I mean, we — we don’t really know what they’re going to be used for or where they’re going to — if they’re going to — if they’re going to deploy, where they’re going to deploy and to what purpose. 
    I can tell you one thing, though.  If they do deploy to fight against Ukraine, they’re fair game.  They’re fair targets.  And the Ukrainian military will defend themselves against North Korean soldiers the same way they’re defending themselves against Russian soldiers. 
    And so, the — the possibility that there could be dead and wounded North Korean soldiers fighting against Ukraine is — is absolutely real if they get deployed. 
    MS. JEAN-PIERRE:  Go ahead, M.J.
    Q    Just to clarify something you said earlier about what Kim Jong Un possibly gets out of this.  As far as you know, has he gotten anything in return?
    MR. KIRBY:  Well, I mean, from this particular move, I can’t speak to that, M.J.  I — I don’t think we have seen any specific, you know, quid — quid pro quo with respect to this provision of troops. 
    But we know that — that he and Mr. Putin have, again, been growing in their defense relationship.  And we know Mr. Putin is — has been able to purchase North Korean artillery.  He’s been able to get North Korean ballistic missiles, which he has used against Ukraine.  And in return, we have seen, at the very least, some technology sharing with North Korea. 
    But what this particular development means going forward, we just don’t know.  We’re going to have to watch that. 
    Q    And do you know if this came about because Putin specifically first asked for help, or whether it’s that Kim Jong Un offered the help first? 
    MR. KIRBY:  Don’t know.  Don’t know what precipitated it, but I think it’s important to remember that in the three-plus years that he’s been fighting in — in and around Ukraine, Mr. Putin and — and his military has suffered 530,000 casualties.  And as we’re speaking today, he’s losing, casualties alone — and that’s killed and wounded — 1,200 — 1,000 to 1,200 per day. 
    Now, 530,000 is a lot.  I mean, there were — in the American Civil War, there were, like, 620,000 killed, just to put this into some perspective.  This is three years fighting in Ukraine.  Five hundred and thirty [thousand] casualties is — is a lot. 
    And he hasn’t been fully transparent with the Russian people about this.  And he hasn’t been transparent at all with the Russian people about this particular move, about br- — bringing in North Korean soldiers.  So, that he has to farm out the fighting to a foreign country, I think, speaks volumes about how much his military is suffering and — and how uncertain he believes, how untenable he believes his — his situation is. 
    Q    And I guess, just if you had to guess, how would the training — what would the training even look like, given the language barrier?  And once these North Korean soldiers are deployed, like, what would the command structure even look like, given —
    MR. KIRBY:  It’s a great question.  I — I wish we had an answer to it.  You’re — you’re not wrong to highlight the language barrier.  I mean, these are — these aren’t even similar languages.  They’re — and they are going to have to overcome that.  It’s not like they have a long, productive history of working together as two militaries, even at all.  So, that’s going to be a challenge. 
    Command and control is going to be a challenge.  And this is not a challenge that the Russians have even solved amongst themselves.  They’re still having command and control challenges: logistics and sustainment, getting things to the battlefield, keeping their troops in the field.  They haven’t solved that for their own soldiers.  So, they’re going to have to figure that out here too, if, in fact, they deploy.  We haven’t seen that. 
    So, there are — there are some pretty big challenges they’re — they’re going to have to overcome. 
    Q    And I have a non-Ukraine question.  Do you think that Donald Trump meets the definition of a fas- — fascist?
    MR. KIRBY:  That — I’m going to —
    MS. JEAN-PIERRE:  We got to move on.  (Laughs.)
    MR. KIRBY:  Yeah, I’m —
    MS. JEAN-PIERRE:  Go ahead, Michael.
    MR. KIRBY:  — I’m not going to talk about that stuff.
    Q    John, there — there’s concern among Democrats on the Hill that Donald Trump’s team has not entered into these critical transition agreements with the White House that could potentially, in their words, endanger national security.  Is that a concern of yours?
    MR. KIRBY:  Well, look, with a caveat that I’ll — I’m going to defer to Karine on anything to do with the election and — and the transition.  That’s really for her. 
    All I’ll say is that no matter how things play out in the election, the National Security Council, under Mr. Sullivan’s leadership, is and will make sure we’re ready for proper transition handover. 
    Q    And there are intelligence officials who have warned that foreign adversaries might be looking to stoke violence in the next 13 days ahead of the election.
    MR. KIRBY:  I saw the DNI assessment, yeah. 
    Q    What are you doing in preparation?
    MR. KIRBY:  Well, we’re working hard across the interagency, as you might expect we would, to share information not only inside the — at the federal level but working very hard to make sure we’ve got good handshakes and — and information sharing at state and local levels as well. 
    That’s the last thing we want, of course, is to see any violence or protest activity that — that leads to intimidation and that kind of thing.  So, we’re working hard, again, with local and state officials.
    MS. JEAN-PIERRE:  Need to start wrapping it up.  Go ahead, sir.  Yeah.
    Q    Thank you.  So, would North Korea’s possible engagement in combat in Ukraine trigger a bolder move from the White House, like decision to lift the restrictions on usage of American weapons?
    MR. KIRBY:  Yeah, again, number one, we’re monitoring this closely, and that’s where we are right now.  I came and gave you a very honest assessment of exactly where we are, and we just don’t know if these troops are going to be deployed against Ukraine in combat and, if so, where, when, and how. 
    So, number one, we’re monitoring this closely.  I don’t have any policy decisions or options to speak to today.  I can tell you the last thing I’ll say is that there’s been no change to the president’s policy when it comes to what we’re providing Ukraine and — and how they’re using it.
    MS. JEAN-PIERRE:  Go ahead, Jacqui.
    Q    Thank you, Karine.  John, why not?  Why not green-light the long-range missiles for Ukraine’s use, which is Zelenskyy’s number one ask, as you’re sounding the alarm about what could have far-reaching implications if North Korean soldiers go into Ukraine? 
    MR. KIRBY:  Well, for one thing, Jacqui, we don’t exactly know what these guys are going to do. 
    Q    What else could they be there for?
    MR. KIRBY:  We don’t know what they’re going to do.  We don’t know if they’re going to deploy into combat or not.  We don’t know, if they do, in what strength.  We certainly don’t have a sense of what capability they might be able to bring to the field with them.  Now —
    Q    Doesn’t this seem, though, like —
    MR. KIRBY:  Hang on, now.  Just a second.
    Q    — we were — a couple years ago, they were staged — you had Russian troops staged on the Ukrainian border, and this administration was saying, “We don’t know if they’re going to go in.  We don’t want to impose any sanctions.”  We didn’t do it ahead of time. 
    MR. KIRBY:  No, no, no, no, no, no.
    Q    Where — why is there not a consequence first?
    MR. KIRBY:  Well, first of all, let’s not rewrite history, Jacqui.  We — we were the first country to go out publicly and say, “Here’s what we think the Russians are going to do.  Here’s the timeline.”
    Q    But didn’t do anything about it. 
    MR. KIRBY:  That is not true, Jacqui. 
    Q    There was no preemptive sanction.  Nothing. 
    MR. KIRBY:  Jacqui, that is not true.  It is true we didn’t levy sanctions originally because we were hoping that the threat of sanctions might deter or dissuade Mr. Putin.  You lay sanctions on before the man makes a decision, then he might as well just go ahead and do it. 
    Q    Well, he did it anyway.
    MR. KIRBY:  And we — and we did levy sanctions on him — heavy sanctions — not just us but around the world. 
    Number two, we mobilized support for Ukraine even before Mr. Putin decided to step across that line.  And no country — no country has done more than the United States to make sure Ukraine is ready.  So —
    Q    Well, why not do something —
    MR. KIRBY:  — let’s not —
    Q    — to prevent —
    MR. KIRBY:  Wait, wait.  Jac- —
    Q    — this from happening? 
    MR. KIRBY:  Jacqui, let me finish the second question, and then we’ll get your third one. 
    So, let’s not rewrite history.  The United States didn’t sit idly by here.  We’ve been Ukraine’s staunchest and most prolific supporter in terms of security assistance.
    And as for the policy decision, the — the president remains and we all remain in direct contact with our Ukrainian counterparts.  We’re talking to them over what the — what they need.  As I said, we’ve just announced $800 million more, and there’ll be more coming in security assistance. 
    I just don’t have any policy changes to —
    Q    But why —
    MR. KIRBY:  — to speak to today. 
    Q    Why would you not u- — put a restriction on the type of target that can be hit, rather than the distance from a border that obviously Russia doesn’t recognize?  And you’ve got training happening with North Korean troops, I would assume, on the types of military installations that would be fair game if that decision was made. 
    MR. KIRBY:  Yeah, we’ll see —
    Q    That —
    MR. KIRBY:  We’ll see — we’ll see what the Russians and North Koreans decide to do here.  As I said earlier, if these North Korean soldiers decide to join the fight against Ukraine, they will become legitimate military targets. 
    MS. JEAN-PIERRE:  All right, Jacqui.  We got to go.
    Aurelia.
    Q    Yeah.  Thank you.  John, would you still describe the Israeli operation in Lebanon as targeted?
    MR. KIRBY:  I’m sorry, I do-
    Q    Yeah.  The Israeli strikes on Lebanon, would you still describe them as targeted?
    MR. KIRBY:  Again, I’m not going to get into scorecarding each and every strike that the Israelis take.  I’ll just say a couple of things.  They have a right to defend themselves.  There are legitimate threats that Hezbollah still poses to the Israeli people.  I mean, rockets and missiles are still being fired at Israeli cities. 
    So, let’s not forget what Hezbollah continues to be able to do.  That’s number one. 
    Number two, we have said many, many times that we don’t support daily, you know, strikes into heavily populated areas, and that remains the case today.  We still oppose, you know, daily strikes into densely populated areas —
    Q    But they still are coming — the strikes.
    MR. KIRBY:  — and we have had those conversations.  Secretary Blinken has had that exact conversation when he was in Israel for the last couple of days.  We’ll continue to press the Israelis on that. 
    MS. JEAN-PIERRE:  Go ahead.
    Q    Hi.  So, the interest from the frozen assets, does it apply only to the European Union or also the U.S. assets?
    MR. KIRBY:  It is — it’s for all the frozen assets.
    Q    Also in the U.S.?
    MR. KIRBY:  I believe so.  I believe so.
    Q    Because this morning, I heard Daleep Singh said just European Union, so I wasn’t sure. 
    MR. KIRBY:  Okay.  You know what?  Let me take the question.  When I — I can’t even balance my checkbook at home, so — (laughter).
    MS. JEAN-PIERRE:  Go ahead.
    Q    Thank you.  I wanted to ask about Kursk specifically with the North Korean troops in Russia.  Russia and North Korea have this mutual security pact.  If they were to use North Korean troops against Ukrainians in Kursk, would it be legitimate to try to reclaim sovereign territory, or would that be seen as an escalation in the war against Ukraine?
    MR. KIRBY:  Again, I don’t want to get ahead of where we are right now and hypothesize what these troops may or may not be doing and, if the Russians are going to deploy them, where they’re going to deploy them, whether it’ll be inside Russia or inside Ukraine. 
    Let me just please go back to what I said before.  If these North Korean troops are employed against Ukraine, they will become legitimate military targets. 
    MS. JEAN-PIERRE:  All right.  Janne, you have the last one. 
    Q    Thank you very much.  (Inaudible) questions. 
    MS. JEAN-PIERRE:  Well, you’re about to jump out of your seat, so —
    Q    Thank — thank you, John.
    MR. KIRBY:  This — this seems like a fair day for Janne.
    MS. JEAN-PIERRE:  That’s true.  Truly. 
    Q    On same — same topic, on North Korea.  The chairman of the House Intelligence Committee recently sent a letter to President Biden requesting a briefing regarding the seriousness of North Korea’s troops deployment and the neglect of the Korean Peninsula issue.  What is the White House’s response to this?
    MR. KIRBY:  Well, we’ll respond.  We’ll respond as — as appropriate to the chairman, and we won’t do that from the podium here in the briefing room.  We’ll do it appropriately with him and his staff.
    I’ll just say — and hopefully my being here today and the — my statement at the top should reflect how seriously we’re taking this issue and how closely we’re going to monitor it.  We recognize the potential danger here, and we’re going to be talking to allies and partners, including the Ukrainians, about what the proper next steps are going to be. 
    But as for our response to the chairman, I’ll let that stand in legislative channels.
    Q    Last quick one.  Your colleague said at the State Department briefing that the United States does not reflect other countries’ intelligence analyses.  So, what is your assessment of intelligence cooperation with allies at this —
    MR. KIRBY:  What — what did my colleague at the State Department say?
    Q    Said that — at the briefing that the United States does not reflect other countries’ intelligence analyses.
    MR. KIRBY:  About — about —
    Q    About the —
    MR. KIRBY:  — the North Korean troops?
    Q    Yeah, about the North Korean troops, so —
    MR. KIRBY:  I just shared with you — to- — today’s opening statement was a downgrade of U.S. intelligence of what — what we’re seeing.  And I think you can see similarities between what I said today and what our South Korean counterparts have — have said.  Ukrainian intelligence has — has released information very, very similar. 
    And again, we’re — you know, today isn’t the end of this conversation.  It’s — it’s, quite frankly, the beginning of the conversation that we’re going to be having with allies and partners, including through the intelligence community. 
    MS. JEAN-PIERRE:  All right.  Thank you so much, Admiral. 
    MR. KIRBY:  Thank you. 
    MS. JEAN-PIERRE:  Go ahead, Toluse.
    Q    Thanks, John.
    MR. KIRBY:  Thank you.
    MS. JEAN-PIERRE:  Thank you.  Sorry, guys.  Give me one second. 
    Let’s let Toluse take — I know he’s been waiting patiently on the sides- — sideline. 
    We don’t have much time because I have to be in the Oval in about 20 minutes, but go ahead.
    Q    Can I ask about the McDonald’s outbreak, the E. coli outbreak? 
    MS. JEAN-PIERRE:  Yeah.
    Q    And this follows a couple of big ones that we’ve seen over the summer, including Boar’s Head.  I think there’s another nationwide one.  Is the president tracking this?  And more importantly, how confident should Americans feel about the food supply right now?
    MS. JEAN-PIERRE:  So, what I would say is the administration’s top priority — its top priority is to make sure that Americans are safe.  And so, we are taking this very seriously.  We’re monitoring the situation. 
    CDC, as it relates to McDonald’s specifically, is working to determine the source of the outbreak, as we speak abou- — as you asked me about the E. cola — E. coli outbreak.  And so, what I would suggest is that families, they need to and they must follow the latest CDC guidance. 
    Obviously, we’re aware.  The president is — is also aware.  And going back to this particular outbreak with McDonald’s, I understand that the company has halted sales of product to protect customers, and CDC is certainly in touch with — with local authorities to — to prevent infection. 
    So, look, we’re always concerned when we hear these types of — these types of situations — right? — poten- — outbreaks.  And so — and the president wants to make sure that the American people are safe.  So, it is a — it is certainly a priority for us, and CDC is on top of this and looking into it.
    Q    And then just one more.  Any reaction to Jill Stein asserting the U.S. and the UK have blocked a peace agreement between Russia and Ukraine?
    MS. JEAN-PIERRE:  I have not seen those reporting.  I’m not going to respond to a — a political candidate in — for this — for this —
    Q    Well, it seems (inaudible) — it’s a factual thing that’s —
    MS. JEAN-PIERRE:  I — I have not even seen the — the comments that —
    Q    Okay.
    MS. JEAN-PIERRE:  — you are mentioning to me, so I — I can’t give you an honest response from here.
    So, go ahead, M.J.
    Q    Karine, what did the president mean when he said last night, about Donald Trump, “We got to lock him up”? 
    MS. JEAN-PIERRE:  So, look, and I — the president spoke to — about this very clearly as well in his statement, and he — and he said he meant, “lock him out” politically — politically lock him out.  That’s what he said, and that’s what we have to do.  That was the part of his quote that he said last night while he was in — in New Hampshire. 
    Look, let’s not forget, this is a president that has not –never shied away from being very clear and laying down what is at stake in this election. 
    I’m going to be really m- — mindful in not speaking about 2024 election that’s just a — less than two weeks away. 
    But this is just speaking to what the president said last night.  He made clear — he made very clear yesterday that he was referring to defeating — to defeating Donald Trump.  That is what he was talking about.  He said, politically — politically, lock him — lock him out.  That is what he was referring to. 
    Q    Well, he first said twice, “lock him up.”  So, you’re saying —
    MS. JEAN-PIERRE:  And then — and —
    Q    — when he said “lock him up,” he meant, defeat Donald Trump?
    MS. JEAN-PIERRE:  Well, it’s not what saying.  It’s what he said.  He said —
    Q    Well, when —
    MS. JEAN-PIERRE:  — to the au- —
    Q    — he clarified.
    MS. JEAN-PIERRE:  Wa- — wait. 
    Q    But he initially said —
    MS. JEAN-PIERRE:  He — he — right.  
    Q    — “lock him up.”
    MS. JEAN-PIERRE:  Exactly, he clarified himself.  He wanted to make sure that things were put into context.  He wanted to make sure that it — while we are — you know, while not just New Hampshire folks that were there were going to see it but also the Americans who are watching and pay attention to what the president is saying.  He wanted to put it into context.  And he, himself — this is not me; this is the president himself going back to explain — to explain — to say that he was talking about politically — politically locking him out. 
    Q    Is the president aware of John Kelly’s assertion that Donald Trump meets the definition of a fascist and that Trump wanted the kinds of generals Hitler had?
    MS. JEAN-PIERRE:  I mean, look, you have heard from this president over and over again about the threats to democracy, and the president has spoken about that.  You’ve heard from the former president himself saying that he is going to be a dictator on day one.  This is him, not us.  This is him. 
    And it’s not just all — it’s not just us, the White House, saying this.  You’ve heard it from officials — former officials that worked for the former president say this as well. 
    So, you know, do we agree — I know that the — the vice president just spoke about this.  Do we agree about that determination?  Yes, we do.  We do. 
    Let’s not forget — I will point you to January 6th.  What we saw on January 6th: 2,000 people were told to go to the Capitol to undo a free and fair election by the former president.  It was a dark, dark day in our democracy and a dangerous one.  We have people who died because of what happened on January 6th.  And, you know, we cannot forget that.  We cannot forget that.
    And so — and I will add — I will add this, that — and I can’t believe I even have to say this — but our nation’s veterans are heroes.  They are heroes.  They’re not losers or suckers; they are heroes. 
    And to be praising Adolf Hitler is dangerous, and it’s also disgusting. 
    Q    So, just to be clear, when you said, “we do” agree, President Biden believes that Donald Trump is a fascist?
    MS. JEAN-PIERRE:  I mean, yes, we have said — he said himself — the former president has said he is going to be a dictator on day one.  We cannot ignore that.  We cannot.
    And we cannot ignore or forget what happened on January 6th, 2021.  That is real.  Real people were affected by this — law enforcement who were trying to protect — protect the Capitol, protect law — elected officials in the Capitol, congressional members, senators, House members.  Their lives were ruined because of that day, because 2,000 people — again, 2,000 people were told by the former president to go there to find the former vice president to stop a free and fair election.  That is what — that is what happened. 
    Some of you — some of your colleagues were there, reported it, and saw it for yourself. 
    We cannot forget that. 
    Go ahead.
    Q    Karine, I mean, you talk about the context of the president’s comments yesterday.  I want to put them in the fuller context as well.  The president went to New Hampshire to make a policy argument against Republicans on the issue of prescription drugs, but the majority — more of his comments yesterday were really some of the most dire warnings we’ve heard from this president yet about a return to a Donald Trump presidency and what it would mean — could mean for this country.  He talked about world leaders pulling him aside, saying, “He can’t win.”  He talked about the concern — what it would mean for future generations of America. 
    How concerned is the president about — at this point, about the state of the race?  Is he worried that Trump is on a path to victory at this point?
    MS. JEAN-PIERRE:  So, look, I’m not going to talk about the state of the race.  You heard from the president.  You just laid out very clearly about what the president talked about yesterday in New Hampshire.  He laid out what his thoughts were.  He laid out what the stakes are for this country, and this is somebody who cares, clearly, very deeply about the future of this country.
    And so, I’m not going to get into what he thinks about this — the race in this current moment.  That is not something that I’m here to do.  I am not — I am no longer a political pundit.  I am the White House press secretary.  I speak for the president, but obviously I cannot speak to the 2024 election.
    And you did talk about something else — right? — when you talked about what he went to do on the official side.  And I would read you some quotes here — some headlines that we — that we saw in New Hampshire today from New Hampshire press, which I think is really important: “Biden, Sanders tout prescription drug cost-savings at New — New Hampshire event.”  Another one, “Biden and Bernie Sanders highlight lower prescription drug costs in New Hampshire stop.”  That is important. 
    The president wanted to go to New Hampshire to talk about what he and the vice president have been able to do in more than three and a half years: lowering prescription drugs, beating Big Pharma.  He talked about the Inflation Reduction Act.  By the way, no Republican voted for that.  Now it is popular with Democrats and Republicans, and this is something that is going to change people’s lives. 
    And so, that’s what he was there for.  He talked about — let’s not forget, what — what they’ve been — oth- — other things they’ve been able to do, whether it’s the bipartisan gun violence protection — being able to do that in a bipartisan way, and dealing with COVID that t- — put our economy in a downturn.  And this president has been able to empower — powering the economy, and we are now leading as a country in the world when it comes to the economy.
    So, I think he was able to do both things.  I think he was able to speak his mind on — on the political, you know, nature of where we are right now, which he can — obviously, he spoke to.  And I think people in New Hampshire got a sense of what the president is trying to do on behalf of them in talking about lowering costs.  We saw that in — in the New Hampshire papers.  So, it broke through, and I think that’s important. 
    Q    You were with the president last week in Germany —
    MS. JEAN-PIERRE:  Yes.
    Q    — when he says he had these conversations with world leaders expressing their dire concern about the election here.  What has been his response to those world leaders about that?
    MS. JEAN-PIERRE:  I — I’m not going to get into private diplomatic conversations, and I will just leave it there.
    Q    And then, I’ll ask you — we — NBC News is reporting that the vice president is likely to spend election night here in Washington, perhaps at her alma mater of Howard University.  Do we have an understanding yet of where the president will be —
    MS. JEAN-PIERRE:  (Laughs.)
    Q    — and when — how he plans to vote?
    MS. JEAN-PIERRE:  As soon as — you all know, we certainly will share that with all of you. 
    I will say is that the president is certainly looking forward to casting his ballot in Delaware.  And so, once we have the full information on what his day is going to look like or what the last couple of days leading up to November 5th will look like, we certainly will share that with all of you.
    Go ahead.
    Q    Since we’re talking about scheduling, it is traditional for the president to hold a press conference after —
    MS. JEAN-PIERRE:  Oh boy.  I knew that was coming.  (Laughter.)
    Q    Can’t stop.  Won’t stop.
    MS. JEAN-PIERRE:  You were- — you weren’t here for the — the drop-by.  Were you here for the drop-by?
    Q    Yes, I was. 
    MS. JEAN-PIERRE:  Oh.  It was great.
    Q    It was great.  We’d love to see him again.
    MS. JEAN-PIERRE:  Yeah.
    Q    So, the — and —
    MS. JEAN-PIERRE:  And you know what?  He had a really good time.  He enjoyed — he enjoyed it.
    Q    So, just an —
    Q    Come on back.  (Laughter.)
    Q    — open invitation for the president to follow tradition and do a press conference after the election, which I think —
    MS. JEAN-PIERRE:  I —
    Q    — is standard and important.
    MS. JEAN-PIERRE:  I — I totally hear that, Tam, and I know it is a tradition. 
    I — I don’t want to get ahead of what the schedule is going to look like.  As we know, in less than two weeks, we will have an important election.  Obviously, I’m not speaking about that election specifically, but we want to share — we will share more as we get closer.  And we — we certainly are tracking that tradition, and we’ll certainly have more to share. 
    Q    Are we going to see him with the vice president much in the next couple of weeks?
    MS. JEAN-PIERRE:  I mean, look, I — I know you all have asked this question of him.  You’ve asked this question of me.  They have, as you know, campaigned together.  They’ve done official events together in the past just couple of weeks. 
    They speak regularly.  And — and I would say the president — you’ve heard the president just, you know, tout how proud and how he thinks she will be a great leader on day one, which is –he also said in 2020, which is why he chose her as his running mate, and he has said as well, this was the best decision that he’s made.  And understands that she’s going to cut her own path.  Said this himself just last week when he was in — in Philadelphia. 
    Don’t have anything to share, again, on the schedule.  I know this is all part of a scheduling question, and we certainly will have more to share as the days — as the days — as you know, I mean, one day is like an eternity in — in this space, as you know.  (Laughs.)  And so, less than two weeks is — feels like so far away.  So, we will have more to share, for sure.
    Go ahead, Selina.
    Q    I just want to follow up on M.J.’s question. 
    MS. JEAN-PIERRE:  Yeah.
    Q    So, did the president actually read former Marine General Kelly’s comments or listen to them?  And did you —
    MS. JEAN-PIERRE:  So —
    Q    — do you know how he reacted after doing so?
    MS. JEAN-PIERRE:  So, look — I mean, look, I just gave a really good — I think a good sense of the — what the president has said about our reaction here from the White House.  The president is aware of John Kelly’s comments.  And I gave you a reaction as part of the — as — as the president’s White House press secretary.  And what I’m saying to you today is something that the president has said over and over and over again and repeated. 
    And let’s not forget the words that we have heard from the former president.  And it matters here, because we’re talking about our democracy.  We’re talking about what’s at stake here with our democracy.  And when you have a former president saying that they will be a dictator on day one, that is something that we cannot forget. 
    And so, you know, the president has spoke- — spoken about this and given speeches on this.  And that’s why I continue to point to January 6th, 2020 — -21 — 2021, because it was — it’s something that we cannot forget, a dark day on our democracy — a dark day on our democracy, because of what was — what — what occurred — what occurred.
    Q    Was the president surprised by any of the comments from Kelly?
    MS. JEAN-PIERRE:  No, not at all.  I mean, again, the president has made comments and spoken about this over and over again.  So, no.  I will say no. 
    Go ahead.
    Q    Thanks, Karine.  Elon Musk has been, you know, campaigning with former President Donald Trump, and he is offering $1 million to voters.  I just was wondering: Has the president expressed any concern to, you know, this interference by Elon Musk?  And I don’t know if he — you know, his — the administration maybe has any plans or has discussed maybe how to sort of maybe move forward with what’s El- — Elon Musk is doing with — with the $1 million.
    MS. JEAN-PIERRE:  So, on — on this particular question, I’m going to have to refer you to the FEC.  I just have to be — that one, I — I — that’s a place that I’m going to have to refer you.  I can’t speak to it beyond that. 
    Q    But has the president mentioned it at all, Elon Musk or —
    MS. JEAN-PIERRE:  He’s aware of it.  He’s aware of it.  That I can tell you.  I just can’t speak to it beyond that.  I have to refer you to the FEC.
    Go ahead, Jared. 
    Q    You talk and you’ve taken questions today, and obviously throughout the — the presidency, President Biden has talked a lot about democratic institutions.  I’m just curious if between now and Election Day, the president is going to speak sort of more broadly about the confidence in the votes being counted accurately.
    MS. JEAN-PIERRE:  Well, the president has talk — talked about this.  He believes in our institution.  He believes in — in — this will be a free and fair election.  He’s talked about this.  We have to give the American people, who some of them are voting right now — to make sure that they have the confidence in their vote and how important it is to cast their vote. 
    I’m not going to go beyond that, but I think the president has been very clear about that. 
    Q    But you don’t — should we talk about schedules or something?  (Laughs.)
    MS. JEAN-PIERRE:  Yeah.
    Q    Is there, like, a big sort of — because he’s done these types of addresses on issues like this before. 
    MS. JEAN-PIERRE:  Yeah, I —
    Q    So, I’m just curious if, like, this is a time that he would do that.
    MS. JEAN-PIERRE:  Oh, no, I hear you.  And I hear you’re talking about the moment that we’re in and if the president is going to speak about it in a more formal way — in remarks, in a speech. 
    I don’t have anything to share with you, but he’s been very clear about having the confidence in our institutions, and so I’ll leave it there.
    Go ahead.
    Q    I just want to ask you briefly about congressional outreach for the $10 billion that would be military aid.  Has the White House started that process, reaching out to members of Congress to get their buy-in to kind of help expedite this process?
    MS. JEAN-PIERRE:  I mean, we’re in regular touch with congressional members about any type of initiative that we’re trying to push through, especially if it involves Congress, obviously.
    I don’t have anything to read out to you at this time, but we are in regular conversation about a myriad of things when it comes to legislation, things that we’re trying to push forward.  Again, certainly that is important to the American people.  I just don’t have anything to share at this time.
    Q    Just a quick —
    MS. JEAN-PIERRE:  Yeah.
    Q    — 2024 question.  You said the president is going to vote.  It’s a scheduling question.
    MS. JEAN-PIERRE:  Yeah. 
    Q    Will he vote ear- —
    MS. JEAN-PIERRE:  You guys are very into schedules today.
    Q    Yeah, we’re — we’re into this.  We’re into this.
    MS. JEAN-PIERRE:  Yeah, I know.  Into th- —
    Q    Will he vote early?  Early voting —
    MS. JEAN-PIERRE:  — into the POTUS schedule.
    Q    Early voting starts in Delaware, obviously, this week, and will he go early, before Election Day?
    MS. JEAN-PIERRE:  I — as — as soon as we have something to share, I will certainly share that.
    Q    Final try.
    MS. JEAN-PIERRE:  I — I appreciate the effort here.  The president — I can say for sure the president is looking forward to casting his ballot.  And when we have more to share about his schedule — I mean, we’re not — we’re — the president can’t not just go vote and not tel- — for you guys not to know, right?  So, you guys follow him wherever he is, which is good —
    Q    Thanks.
    MS. JEAN-PIERRE:  — which is a good thing.  (Laughs.)
    Go ahead.
    Q    Thanks, Karine.  The former president described the vice president as “lazy as hell” yesterday.  She had a day when she was not on the campaign trail.  I was going to give you an opportunity to respond to that.
    MS. JEAN-PIERRE:  I would check the source.  Pay real close attention to who’s saying that.  That’s all I’ll say.
    Q    Okay.  Another question about the vice president’s interview with NBC.  She talked — she was asked about whether there should be any concessions on the issue of abortion and the situation — 
    MS. JEAN-PIERRE:  Wait, say that one more time.
    Q    She was asked whether or not there should be concessions on the issue of abortion — the scenario being a potential divided government like we have now — whether or not she would be willing to offer concessions, things like religious freedom, on the issue of abortion.  And I wanted to see if —
    MS. JEAN-PIERRE:  Meaning like on- — once she’s in office? 
    Q    Yes.
    MS. JEAN-PIERRE:  Oh, look, I’m not going to — I’m not going to get into hypotheticals.  It’s not — that is something that certainly, you know, when she be — when she is in office and becomes pre- — and all of the things happen — I’m not going to get into hypotheticals — she’s going to make her own decisions and decide what’s best for the American people.  I can’t speak to that at this time.  Not going to get into hypotheticals. 
    What you know and what you have seen from this president and this vice president is their commitment to continue to fight for women’s rights and continue to call on Congress to — to — you know, to reinstate Roe v. Wade, make sure that legislation is put out there, voted on.  And so, he would sign that, obviously, if that were to happen. 
    And so, that is what they — he — they both have asked for.  That is what we’ve been saying during this administration.  And she has been, obviously, a passionate fighter on that issue, understanding what this means to women, understanding what this means to people’s rights and freedoms, and so has this president. 
    And so that’s what we’re — you’re going to continue to see.  You just — you just heard us — I forget all the days — all the days come together — recently talk about how we’re expanding in the ACA for contraception, because understanding how that — how important that is to women and families, or — or women and Americans who are trying to make decisions on their family or how to move forward, and they should have that right — and so — and that freedom.
    And so, again, that action shows you the commitment from the — and I hope the American people — from the Biden-Harris administration.
    What she’s going to do next, how she’s going to govern, that’s not for me to say.
    Q    Another question from the interview.  She was asked whether or not sexism would come into play in this election.  She said, “I don’t think of it that way.”  Obviously, the former president, Barack Obama, said that he did believe that sexism was coming into play in this election.  What does the president think about (inaudible)?
    MS. JEAN-PIERRE:  Oh, I’ll say this.  Clearly, the vice president spoke to this, and this is her campaign, and she sees — she’s going to say how she sees things. 
    The president has always said and will continue to say that she is ready to lead on day one.  And you don’t have to just look at her record with him as a critical partner over the last more than three and a half years as vice president, but as senator, as attorney general, as district attorney, she is someone that has always fought for Americans, fought for people, whether it is citizens in California or more broadly, obviously. 
    And I think that’s what the American people — I know that’s what the American people want to see.  They want to see a fighter.  And that’s what the president sees in her.
    And, again, just look at what we’ve been able to do in the more than three and a half years when it comes to trying to beat back COVID and make sure that we all could come together in this room again without masks and make sure there was a strategy to deal with this pandemic; turn the economy around because of this pandemic; make sure that, you know, schools were open, businesses were open.  Now we have a record number of people applying to open up small businesses. 
    They’re doing that because they believe that the economy is working for them.  Nobody wants to open a small business if they don’t think the economy is working — is — is working for them. 
    Now, there’s always a lot more work to be done, and we’re going to continue to do that work.  You saw what the president did with Senator Bernie Sanders in New Hampshire — in Concord, New Hampshire, answering and lay- — and laying out what the — what the Inflation Reduction Act has been able to do, saving people a billion dollars because of that Inflation Reduction Act — which, I may add, Republicans did not vote for.  They did not vote for it. 
    I know I have to get — I’m getting the pull here. 
    Go ahead, Jon. 
    Q    Thanks a lot, Karine.  What’s the level of concern that the administration has about election interference, specifically from Russia? 
    MS. JEAN-PIERRE:  I mean, we spoke to that.  We’ve laid out — we made an — an announcement on what we were seeing from Russia on election interference.  We sent a very clear message on that just a couple of weeks ago.  So, obviously, that is something that continues to be a concern.  We will speak loud and clear about that, as we did just a couple of weeks ago.
    But we also want Americans to know th- — to trust the institution, and that’s what the president is going to continue to say and — and — and also continue to lay out the stakes — what’s at stakes.
    Okay.  Thanks, everybody.  Hopefully, see you on the road.
    2:30 P.M. EDT

    MIL OSI USA News

  • MIL-OSI Global: Human rights advocate Alexander Lapshin: No place to go, but still fighting for global freedom

    Source: The Conversation – Canada – By Frederick John Packer, Associate Professor of Law and Director of the Human Rights Research and Education Centre, L’Université d’Ottawa/University of Ottawa

    Global freedom has been in decline for nearly two decades, according to Freedom House, an American non-profit organization devoted to supporting democracy around the world.

    That means the role of high-profile freedom activists, including activists in exile — people who are displaced from their countries of origin due to their activism but continue to affect change through various means — has become ever more crucial.

    A recent incident involving Alexander Lapshin, a Soviet-born Israeli travel journalist turned human rights advocate, at Armenia’s Yerevan airport highlights the ongoing persecution faced by activists even in seemingly secure environments.

    On Sept. 21, during Armenia’s Independence Day celebrations, Lapshin said he was detained at the request of Belarusian authorities, accused of insulting the honour and dignity of Belarusian President Aleksandr Lukashenko by highlighting the authoritarian nature of his regime in social media posts.

    Though not formally expelled from any one country, Lapshin’s circumstances have effectively left him with no safe or stable place to settle. He says legal and political pressures in both Ukraine and Israel prevent him from returning.

    Armenia ultimately refused to arrest him, but Lapshin and his family were forced to endure four hours of distressing uncertainty at the Yerevan police station before his release was formally registered by Armenia’s Prosecutor General’s Office.

    This provocation underscored the persistent threats activists face even in countries offering relative safety.

    Extradited to Azerbaijan

    Just weeks before his arrest in Yerevan, we met with Lapshin in Ottawa to learn about his odyssey, and by extension, the suffering of his family resulting from his work as a travelling journalist.

    It’s not the first time Lapshin had been targeted by authoritarians. In 2016, while in Minsk, the capital of Belarus, Lapshin was detained by the authorities at the request of the Azerbaijani government. He was subsequently extradited to Azerbaijan on charges related to his travel in 2012 to the disputed region of Nagorno-Karabakh/Artsakh — an area claimed by both Armenia and Azerbaijan.

    The Azerbaijani government accused Lapshin of violating its laws by entering the enclave without permission and promoting its independence. However, at that point Lapshin had never been involved in politics nor called for the region’s independence. The Azerbaijani court dropped this charge, though convicted him of taking an unauthorized journalistic trip.

    The story of Lapshin’s arrest and extradition drew widespread condemnation from human rights organizations and various governments, who viewed it as a blatant violation of his rights to freedom of movement and expression.

    Lapshin was nevertheless found guilty and sentenced to three years in prison. However, following significant international pressure and diplomatic negotiations, he was pardoned and released in September 2017.

    Lapshin’s Azerbaijani ordeal

    In his subsequent testimony to the Centre for Truth and Justice, a U.S.-based non-profit organization, Lapshin detailed the severe abuse he endured during his imprisonment in Azerbaijan.

    Upon arrival at Kurdakhani prison — known for holding political prisoners — Lapshin was subjected to humiliating strip searches and invasive medical checks. For seven months, he was confined to a small, windowless cell, kept under constant artificial light and allowed only one hour of exercise in a similarly confined yard. His diet was minimal and of poor quality, leading to significant physical and psychological distress.

    Lapshin testifies about how he was treated in Azerbaijan. (The Centre for Truth and Justice YouTube channel)

    The most harrowing part of his imprisonment came on Sept. 10, 2017, when four masked men brutally assaulted him in his cell. Lapshin described the attack in detail:

    “I felt three of them holding my legs and chest while one strangled me. They punched my ribs, my head and my genitals. I lost consciousness within seconds.”

    He sustained severe injuries, including broken ribs, a broken wrist and multiple broken teeth. Azerbaijani authorities maintained that he had attempted suicide.

    Lapshin’s further testimony about how he was treated in Azerbaijan. (The Centre for Truth and Justice YouTube channel)

    The European Court of Human Rights eventually examined his complaints and found a violation of his “right to life.” The United Nations Human Rights Committee found multiple violations of his rights (including freedom from torture) under the International Covenant on Civil and Political Rights.

    According to Lapshin, Azerbaijan released him not because of the European Court’s decision, but due to his near death following an attempted murder in custody. He believes the president of Azerbaijan decided to release him without formalities to avoid international tension if he’d died in prison.

    Broader implications

    Lapshin’s recent detention in Armenia is part of a continued pattern of harassment against him as he’s morphed from a travel blogger to a human rights advocate.

    Despite the ordeal, Lapshin sees these provocations as an opportunity to create greater public awareness. The media coverage generated from such incidents often works to his advantage, drawing more attention to the plight of political prisoners and the excesses of authoritarian regimes.

    Lapshin sees his ordeals as helping to raise public awareness about authoritarians.
    (WikiMedia), CC BY

    Lapshin’s collaboration with Jivan Avetisyan, a prominent film director focusing on human rights issues, exemplifies his strategic approach to advocacy — turning personal trauma into powerful narratives that reach a global audience.

    Such collaborations contribute significantly to keeping human rights abuses in the spotlight.

    Activists like Lapshin are crucial figures in the global struggle against authoritarianism. Despite enduring harsh persecution, they persist in their advocacy efforts from the relative safety of democracies, and work to raise awareness among policymakers and the public.

    Lapshin’s recent trip to Ottawa is one example of this. He met with Global Affairs Canada officials and presented them with a sanctions list targeting Azerbaijani officials he alleges are responsible for war crimes and abuses, including those involved in his prison mistreatment.

    Impact and challenges

    Activists like Lapshin employ diverse strategies to advance their causes, such as social media engagement and public mobilization, as well as partnerships with global human rights organizations.

    These efforts often result in positive changes, including the release of detained activists and the imposition of sanctions on oppressive governments. Lapshin’s resilience, along with that of notable exiled activists like Chinese-born Chen Guangcheng and Belarus’ Sviatlana Tsikhanouskaya, demonstrates the power and influence that individuals can wield against repressive regimes from afar.




    Read more:
    Fighting for a future: The Belarusian regiment in Ukraine is staking its claim on democracy


    Activists, in particular those in exile, face numerous challenges, including transnational repression and a lack of resources. Authoritarian regimes employ measures like surveillance, intimidation, physical assaults and even murder to target activists beyond their borders. These activists must also navigate legal, financial and cultural barriers in foreign countries when they seek asylum, find work and try to integrate into new societies, all while continuing their advocacy.

    Lapshin’s experiences illustrate these challenges. The ongoing threats and harassment against him continue even today. Nonetheless, his dedication to human rights advocacy remains unwavering.

    I am a member of various professional / academic associations and some human rights NGOs including (pro bono) the Canada Committee of Human Rights Watch. None of these would be affected by this article nor would I gain any benefit as a result.

    Philip Leech-Ngo does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Human rights advocate Alexander Lapshin: No place to go, but still fighting for global freedom – https://theconversation.com/human-rights-advocate-alexander-lapshin-no-place-to-go-but-still-fighting-for-global-freedom-241550

    MIL OSI – Global Reports

  • MIL-OSI Security: Defense News: Secretary Del Toro As-Written Remarks at the Georgia Tech Research Institute

    Source: United States Navy

    Introduction/Thank You

    Good afternoon, everyone!

    It is wonderful to be with you at Georgia Tech Research Institute, the future of engineering, science, and technology.

    President Cabrera, thank you for your leadership of the students here at Georgia Tech, the future scientists, engineers, innovators, and problem-solvers of our country.

    Dr. Hudgens, thank you for your leadership and vision for the Georgia Tech Research Institute, and all that you are doing to advance our national security interests.

    I thank the future Navy and Marine Corps Officers from the NROTC consortium here with us today.

    Thank you for answering the call to service—for choosing a path both challenging and difficult. I look forward to you joining our Fleet and Force.

    To all of our Georgia Tech faculty and students, distinguished visitors, and guests—welcome, and thank you for your time today.

    World Today

    As you have read in the news, we face challenges in every corner of the world—from the Indo-Pacific, to Europe, to the Red Sea.

    In Europe, we are approaching the third anniversary of Russia’s full-scale and illegal invasion of Ukraine.

    Ukraine is fighting not only for their own liberty and freedom—they are fighting to protect democracy in Europe and indeed around the world.

    We proudly stand beside them in support for their just and noble cause.

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

    The People’s Republic of China continues to exert its excessive maritime claims through their navy, coast guard, and maritime militia.

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

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

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

    We mourn the loss of two trailblazing, combat-decorated naval aviators from Carrier Air Wing Three who passed away during a training event last week: Lieutenant Commander Lyndsay “Miley” Evans and Lieutenant Serena “Dug” Wileman.

    Their sacrifice reminds us that what we ask of our Sailors and Marines is anything but routine.

    And our hearts go out to the families and friends of these brave and selfless warfighters.

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

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

    Two of our highly capable destroyers, the USS Cole (DDG 67)—a warship which carries a proud legacy of standing tall to acts of terrorism—and the USS Bulkeley (DDG 84)—which will always have a special place in my naval carer as her first Commanding Officer—aided our Israeli allies in shooting down Iranian ballistic missiles. 

    I am incredibly proud of the professionalism, dedication, and resilience shown by our Cole and Bulkeley Sailors.

    These brave young men and women illustrate the consistent excellence and effectiveness expected of our United States Navy.

    Our Navy-Marine Corps Team remains at the center of global and national security—maintaining freedom of the seas, international security, and global stability.

    DON Innovation Initiatives

    To win the fight of the future, we must embrace and implement emerging technologies.

    We stand on the shoulders of giants in innovation.

    And delivering technology which changes the very nature of warfighting is in our DNA.

    A little over a year ago, I stood in the courtyard of the Pentagon to celebrate the 100-year anniversary of the Naval Research Lab—the place that invented radar, GPS, and the first satellite tracking system—and a place I worked at as a young lieutenant commander.

    At that time, I challenged the research, engineering, and technology developers of today to take their place in the company of those innovation giants.

    I challenged my team to innovate at the speed of relevance to deliver concepts of operations and capabilities which bolster deterrence and expand our warfighting advantage.

    I challenged my Chief of Naval Research to align the Office of Naval Research’s investment in science and technology research—including the research conducted here at Georgia Tech—with each effort aimed at addressing issues we face as a maritime nation.

    Within three months of my challenge to the Chief of Naval Research, he delivered.

    Our new Naval Science and Technology Strategy now drives our Navy and Marine Corps’ innovation investments in science and technology research during this decisive period.

    This strategy is a global call to service for scientists, engineers, inventors, and innovators from academia, industry, and government to work with us in solving naval problems to ensure our freedom and way of life.

    And the Georgia Tech Research Institute has answered this call.

    During this past fiscal year, ONR completed 22 grants here at GTRI worth $23.6 million, and Georgia Tech currently has 72 active contracts and grants with the Navy worth $216 million.

    These ONR grants support research and development of technology in cyber, AI and autonomy, materials and electronics, as well as ocean, atmosphere, and space—focus areas in our Naval S&T Strategy.

    Service to our national security is indeed the engine of GTRI.

    Another critical investment we have made as a result of our strategic change is the establishment of the Naval Innovation Center at the Naval Postgraduate School.

    The NIC will enhance and accelerate the innovation process at NPS by driving “ideas to impact,” bringing research concepts out of the lab and into the field faster by empowering students and partners across the entire Naval Research and Development Establishment to work with the Naval innovation ecosystem and industry—in a whole-of-Navy approach—to speed the delivery of warfighting advantages to our Naval forces.

    Furthermore, we are supporting the construction of a purposefully-designed facility to house the NIC at the Naval Postgraduate School, providing a space for collaboration, defense-focused experimentation, and demonstration of operational use cases to ensure the right technology is evolving.

    S&T Board One Year Update

    Last fall, I also announced the establishment of the Department of the Navy’s Science and Technology Board, with the intent that the board provide independent advice and counsel to the Department on matters and policies relating to scientific, technical, manufacturing, acquisition, logistics, medicine, and business management functions.

    Our Science and Technology Board just completed its inaugural year.

    Under the expert leadership of former Secretary of the Navy Richard Danzig, this impressive group of thought leaders with expertise in government, industry, and academia has completed an ambitious research agenda to identify new technologies for rapid adoption.

    Since I signed out the Board’s initial tasking in February, they have achieved the impressive feat of undertaking and concluding six studies, delivering near term, practical recommendations, that the Department of the Navy can quickly implement.

    I have accepted recommendation reports from the Board and issued implementation guidance related to the path forward on unmanned systems, improving sailor physical and mental health, mission assurance of digital infrastructure, and capitalizing on opportunities for additive manufacturing.

    In fact, Georgia Tech’s own Chief Manufacturing Officer and Manufacturing Institute Executive Director Dr. Tom Kurfess, lent his breadth and depth of expertise in leading a study on additive manufacturing which I accepted last month.

    It is a testament to the Board’s energy and dedication, that it is already embarking on additional projects to keep our Navy at the leading edge of technology and innovation.

    Innovation Closer to the Fight

    Similar to the focus of our S&T Board of Advisors, who are looking at today’s problems and ways that technology can provide new ways to tackle our operational challenges, I chartered a Disruptive Capabilities Office last January to look at already-available or emerging technology to address the Fleet’s capability gaps. 

    And they have delivered.

    DCO identified meaty organizational, doctrinal, and technological advancements that the Navy has implemented, within six months, to close an emergent warfighting gap in Counter-UAS base defense for the CENTCOM area of responsibility.

    DCO is also leading an effort to combine innovative commercial space-enabled capabilities in coordination with the National Reconnaissance Office, the National Geospatial-Intelligence Agency, U.S. Coast Guard, and other governmental agencies to enhance Maritime Domain Awareness for the Department of the Navy along with our allies and partners.

    Replicator and Capability-Based Delivery

    My call to innovation has also put more “ready players on the field” as we look to grow force structure in the near term.

    In the last twelve months, I have fielded varying sizes of unmanned surface vessels into the hands of our operators for use in experimentation, CONOP development, and for operation.

    We are expanding our systems to include not only homogeneous but also heterogeneous collaborative autonomy.

    I am extremely proud of my team’s leadership in this domain, to include our leadership in identifying and quickly procuring the capabilities that support Deputy Secretary of Defense Hicks’s “Replicator” initiative.

    It is no accident that four of the five selected “Replicator” systems came out of the Department of the Navy’s innovation ecosystem.

    And over the last year, our Department has expended more missiles than we have since the Second World War.

    My Program Executive Office for Integrated Warfare Systems has been at the forefront of this fight.

    Last year, I challenged that office to operate and field its systems as a “portfolio of capabilities”—and they have delivered.

    The IWS RCO has been working hand-in-hand with our operators in the fight in the Red Sea to deliver innovations, in near-real time, as we continue to innovate—at speed.

    Call to Action/Closing

    I am extremely proud of everything our department has accomplished over the last three years, and I am excited for our Navy-Marine Corps team as we chart a course for the future—a future that will require us to respond and adapt to whatever geopolitical challenges our Nation may face.

    To those Georgia Tech, Spellman, and Morehouse College students who are not affiliated with the NROTC program—if anything that I said today interests you, I encourage you to speak with me or a member of my staff to learn more about how you can join our team in the Navy or Marine Corps.

    Service in the Navy and Marine Corps is more than just a job—it represents a chance to serve and become something much bigger than yourself.

    And the Department of the Navy also provides numerous opportunities for public service beyond serving in uniform—we need engineers, scientists, and analysts in our Department.

    As our Department continues to re-imagine and refocus our innovation efforts, I encourage all of you—our nation’s scientists, engineers, researchers, and inventors—to join us.

    No matter how you serve, you’ll be part of a team working together toward a shared goal.

    We are indeed in an innovation race—and it is one we must win.

    Innovation must permeate every aspect of our Department’s approach to deliver technologies and capabilities at a speed and scale necessary for our Navy and Marine Corps to confront the challenges of today and the future.

    Thank you all for your commitment to the Department of the Navy, the maritime services, and indeed our Nation.

    May God continue to bless our Sailors, Marines, Civilians, and their families stationed around the globe with fair winds and following seas.

    MIL Security OSI

  • MIL-OSI Video: Ahead of the Threat Podcast: Episode One

    Source: Federal Bureau of Investigation (FBI) (video statements)

    In December 2021, UKG Kronos was hit with a ransomware attack that impacted thousands of business customers.

    On this episode of Ahead of the Threat, co-hosts Bryan Vorndran, assistant director of the FBI’s Cyber Division, and Jamil Farshchi, a strategic engagement advisor for the FBI, speak to Aaron Ain, former CEO and current Executive Chair at UKG, who gives a firsthand account of what it’s like to lead a multinational technology company during major cyber incident. Learn how Aaron handled the extreme pressure of the situation, prioritized transparency to rebuild customer trust, and made enduring structural reforms to supply-chain security and cybersecurity at the board level.

    At the start of the episode, Bryan and Jamil discuss trending topics like Iran’s brazen effort to interfere in the 2024 U.S. presidential election, the Salt Typhoon hack of U.S. telecoms, and recent supply chain compromises.
    —————————————————
    Subscribe to Inside the FBI wherever you get your podcasts:
    Spotify: https://open.spotify.com/show/4H2d3cg…
    Apple Podcasts: https://podcasts.apple.com/us/podcast…
    Google Podcasts: https://podcasts.google.com/feed/aHR0…
    More ways to follow us: https://inside-the-fbi.transistor.fm/…

    Follow us on social media:
    X: https://twitter.com/fbi
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    https://www.youtube.com/watch?v=xOsOCAaH2Ms

    MIL OSI Video

  • MIL-OSI USA: Sullivan, House Republicans Urge Biden-Harris Admin to Improve Plastic Management Treaty at U.N.

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan
    10.23.24
    WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska) sent a letter to Secretary of State Antony Blinken urging the Biden-Harris administration to press for improvements to a global plastics treaty being negotiated by United Nations participating countries. Sen. Sullivan expressed concerns that the treaty could be plagued with vague requirements and expensive efforts that do not provide adequate solutions to the pressing issue of plastic waste. The letter was first reported on in an article by Politico’s Jordan Wolman on October 16.
    “Since this treaty has no enforcement provisions and relies on the good faith and self-reporting of signatory countries, the treaty needs to be common-sense and future-looking, building on reducing demand for single use plastic, on technical innovation, and on implementing measures that enhance the circularity of plastic,” Sen. Sullivan wrote. “I urge the Biden-Harris administration to focus on securing an agreement that the U.S. can join and one that will result in a lasting solution to end plastic pollution.”
    Representative Dan Crenshaw (R-Texas) led a similar letter in the House joined by 26 of his Republican colleagues.
    Click here to read the full letter.
    Senator Sullivan has led on the issue of plastic pollution, specifically in regard to oceans and marine ecosystems, with his Save our Seas (SOS) 2.0 Act, introduced with Senator Sheldon Whitehouse (D-R.I.) and signed into law in December 2020. This legislation has fostered multiple efforts to eliminate plastic pollution and mitigate the impacts on the environment, including:
    The Solid Waste Infrastructure for Recycling Grant Program (SWIFR), authorized by SOS 2.0 and implemented by the Environmental Protection Agency (EPA), has provided $375 million in infrastructure and recycling programs for local communities.
    The Save Our Seas Initiative, launched by USAID in 2022, has implemented programs in 25 cities across 10 countries to reduce the flow of ocean plastic pollution. The initiative’s recently-launched CIRCLE Initiative (Catalyzing Inclusive, Resilient and Circular Local Economies) is a public-private partnership that furthers this aim.
    The Department of State leads inter-agency efforts to negotiate a 175+ country global treaty on plastic pollution, including in the marine environment. The Department also launched the End Plastic Pollution International Collaborative; EPPIC is a public-private partnership built to catalyze governments, NGOs, and businesses to support innovative solutions to the plastic pollution crisis.
    The Marine Debris Foundation, a charitable and nonprofit foundation established by SOS 2.0, announced Juneau, Alaska as its headquarters, following strong support by Sen. Sullivan to locate the headquarters in Alaska.
    The National Academies of Sciences, Engineering and Medicine (NASEM) published a landmark report on the U.S. contribution to global ocean plastic waste; other members of the Interagency Marine Debris Coordinating Committee have published additional reports that further our understanding and galvanize action to combat plastic pollution.

    MIL OSI USA News