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Category: Natural Disasters

  • MIL-OSI Australia: Wednesday, 23 October 2024

    Source: Victoria Country Fire Authority

    Fire Danger Ratings tell you how dangerous a fire could be if one started.

    They are important because they help you decide what actions to take to protect yourself and others from bushfires and grassfires.

    Fire danger ratings are shown in the same way across all of Australia, so whether you’re at home or travelling, you will see the same rating system. 

    The new Fire Danger Ratings

    There are four levels of fire danger:

    • Moderate – Plan and prepare
    • High – Be ready to act
    • Extreme – Take action now to protect your life and property
    • Catastrophic – For your survival, leave bushfire risk areas

    Fire Danger Ratings will be issued on days when there is a fire risk.

    Each fire danger rating will have a clear set of messages including the actions the community can take to reduce their risk.

    Ratings are forecast using Bureau of Meteorology data for up to four days in advance, based on weather and other environmental conditions such as vegetation.

    The rating is your trigger to take action to stay safe.

    What do the ratings mean and what should you do?

    CATASTROPHIC

    What does it mean?

    If a fire starts and takes hold, lives are likely to be lost.

    • These are the most dangerous conditions for a fire.

    What should I do?

    For your survival, leave bushfire risk areas.

    • Your life may depend on the decisions you make, even before there is a fire.
    • For your survival, do not be in bushfire risk areas.
    • Stay safe by going to a safer location early in the morning or the night before.
    • Homes cannot withstand fires in these conditions. You may not be able to leave and help may not be available.

    EXTREME

    What does it mean?

    Fires will spread quickly and be extremely dangerous.

    • These are dangerous fire conditions.
    • Expect hot, dry and windy conditions.

    What should I do?

    Take action now to protect your life and property

    • Check your bushfire plan and that your property is fire ready
    • If a fire starts, take immediate action. If you and your property are not prepared to the highest level, go to a safer location well before the fire impacts.
    • Reconsider travel through bushfire risk areas.
    • Leaving bushfire risk areas early in the day is your safest option.

    HIGH

    What does it mean?

    Fires can be dangerous.

    What should I do?

    Be ready to act.

    • There’s a heightened risk. Be alert for fires in your area.
    • Decide what you will do if a fire starts.
    • If a fire starts, your life and property may be at risk. The safest option is to avoid bushfire risk areas.

    MODERATE

    What does it mean?

    Most fires can be controlled.

    What should I do?

    Plan and prepare.

    • Stay up to date and be ready to act if there is a fire.

    NO RATING

    The system also introduces an ‘off’ level for days where no proactive action is required by the community. This does not mean that fires cannot happen, but that they are not likely to move or act in a way that threatens the safety of the community. This rating is the thin white wedge on the colour wheel sitting under ‘Moderate’.

    Find out more

    To see the current Fire Danger Rating forecast across the state see Total Fire Bans & Fire Danger Ratings. To see the Fire Danger Rating forecast for where you are, see CFA Local.

    For more detailed information, check out the Australasian Fire and Emergency Service Authorities (AFAC) website and FAQs, or Prepare and Get Ready – VicEmergency

     

    Page last updated:  Thursday, 10 October 2024 7:49:48 PM

    MIL OSI News –

    January 24, 2025

  • MIL-OSI New Zealand: First Responders – Waikato wetland fire update #7

    Source: Fire and Emergency New Zealand

    A drone sighting in the area near the Waikato wetland fire forced Fire and Emergency to halt all air operations for a short time this afternoon.
    Incident Controller Mark Tinworth says this is standard practice because drones are a serious threat to aircraft.
    “A mid-air collision between a drone and a helicopter could have fatal consequences,” he says.
    “Members of the public must not fly drones anywhere near the fireground.
    “This impacted our ability to fight this fire as air operations have been our main avenue for suppression of the fire.”
    The drone was quickly grounded and air operations were able to resume after a break of around 10 minutes.

    MIL OSI New Zealand News –

    January 24, 2025

  • MIL-OSI Economics: ADB Approves $200 Million Loan to Enhance Livability in Uttarakhand, India

    Source: Asia Development Bank

    MANILA, PHILIPPINES (23 October 2024) — The Asian Development Bank (ADB) has approved a $200 million loan to help upgrade water supply, sanitation, urban mobility, and other urban services to enhance the quality of life and climate resilience of the people in Uttarakhand state in India.

    The Uttarakhand Livability Improvement Project will improve transportation and urban mobility, drainage, flood management, and overall public services in the city of Haldwani, which serves as the state’s economic hub. To enhance water supply service delivery in Champawat, Kichha, Kotdwar, and Vikasnagar, the project will finance the implementation of efficient and climate-resilient water supply systems.

    “Uttarakhand’s high vulnerability to climate and environmental risks such as floods and droughts adds to the pressing challenges in delivering good public services that are faced by the project towns,” said ADB Senior Urban Development Specialist Pedro Almeida. “With a projected increase in rainfall, temperatures, and flooding and landslides, upgrading infrastructure in these areas is critical not only to improve livability but also to ensure the population’s safety and health.” 

    In Haldwani, the project will develop 16 kilometers (km) of climate-resilient roads, establish an intelligent traffic management system, deploy compressed natural gas buses, and pilot electric buses. To prepare the city against disasters, the project will construct 36 km of stormwater and roadside drains to improve flood management and implement an early warning system. A green-certified administrative complex and bus terminal will be built to improve the delivery of public services. 

    In the towns of Champawat, Kichha, Kotdwar, and Vikasnagar, the project aims to increase water service coverage to 100% by constructing 1,024 km of climate-resilient pipelines with smart water meters, 26 tubewells with a daily capacity of 72,131 cubic meters, new reservoirs with 17,350 cubic meters of storage capacity, and a 3.5 million liter per day water treatment plant. Sanitation coverage in Vikasnagar will be improved by sewage treatment facilities that will benefit around 2,000 households.

    Measures to strengthen the institutional capacity of the Uttarakhand Urban Sector Development Agency and urban local bodies in project management, climate and disaster-resilient planning, and urban infrastructure management will be implemented under the project.

    The project will introduce initiatives for women, such as livelihood skills training on driving buses, bus ticketing, and the operation of electric charging stations. Given women’s role in monitoring water supply systems, the project will build the capacity of women, including those from vulnerable households, in operating and managing water supply and sanitation services. The project will pilot women-led community engagement in water bill distribution and collection in the four towns.

    The European Investment Bank is cofinancing the project with $191 million on a parallel basis, while the state government is contributing $74.9 million—bringing the total project cost to $465.9 million.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
     

    MIL OSI Economics –

    January 24, 2025

  • MIL-Evening Report: New Prada-designed spacesuit is a small step for astronaut style, but could be a giant leap for sustainable fashion

    Source: The Conversation (Au and NZ) – By Alyssa Choat, Lecturer in Fashion and Textiles Design, University of Technology Sydney

    For its recent Spring/Summer 2025 show, fashion brand Diesel filled a runway with mounds of denim offcuts, making a spectacle of its efforts to reduce waste.

    Haunting yet poetic, the “forgotten” byproducts of fashion production were reclaimed and repurposed into something artful. But the irony isn’t lost, given fashion shows like this one demand significant resources.

    Diesel’s event is an example of a growing trend towards the “spectacle of sustainability”, wherein performative displays are prioritised over the deeper, structural changes needed to address environmental issues.

    Can the fashion industry reconcile its tendency towards spectacle with its environmental responsibilities? The recent spacesuit collaboration between Prada and Axiom Space is one refreshing example of how it can, by leaning into innovation that seeks to advance fashion technology and rewrite fashion norms.

    Performance art instead of substantive change

    The fashion industry has always relied on some form of spectacle to continue the fashion cycle. Fashion shows mix art, performance and design to create powerful experiences that will grab people’s attention and set the tone for what’s “in”. Promotional material from these shows is shared widely, helping cement new trends.

    However, the spectacle of fashion isn’t helpful for communicating the complexity of sustainability. Fashion events tend to focus on surface-level ideas, while ignoring deeper systemic problems such as the popularity of fast fashion, people’s buying habits, and working conditions in garment factories. These problems are connected, so addressing one requires addressing the others.

    It’s much easier to host a flashy event that inevitably feeds the problem it purports to fix. International fashion events have a large carbon footprint. This is partly due to how many people they move around the world, as well as their promotion of consumption (whereas sustainability requires buying less).

    The pandemic helped deliver some solutions to this problem by forcing fashion shows to go digital. Brands such as Balenciaga, the Congolese brand Hanifa and many more took part in virtual fashion shows with animated avatars – and many pointed to this as a possible solution to the industry’s sustainability issue.

    But the industry has now largely returned to live fashion shows. Virtual presentations have been relegated to their own sectors within fashion communication, while live events take centre stage.

    Many brands, including Prada, held fashion shows without guests during lockdowns in 2021.

    Towards a sustainable fashion future

    Technology and innovation clearly have a role to play in helping make fashion more sustainable. The recent Prada-Axiom spacesuit collaboration brings this into focus in a new way.

    The AxEMU (Axiom Extravehicular Mobility Unit) suits will be worn by Artemis III crew members during NASA’s planned 2026 mission to the Moon. The suits have been made using long-lasting and high-performance materials that are designed to withstand the extreme conditions of space.

    By joining this collaboration, Prada, known for its high fashion, is shifting into a highly symbolic arena of technological advancement. This will likely help position it at the forefront of sustainability and technology discussions – at least in the minds of consumers.

    Prada itself has varying levels of compliance when it comes to meeting sustainability goals. The Standard Ethics Ratings has listed it as “sustainable”, while sustainability scoring site Good on You rated it as “not good enough” – citing a need for improved transparency and better hazardous chemical use.

    Recently, the brand has been working on making recycled textiles such as nylon fabrics (nylon is a part of the brand DNA) from fishing nets and plastic bottles. It also launched a high-fashion jewellery line made of recycled gold.

    Innovating for a changing world

    Prada’s partnership with Axiom signifies a milestone in fashion’s ability to impact on high-tech industries. Beyond boosting Prada’s image, such innovations can also lead to more sustainable fashions.

    For instance, advanced materials created for spacesuits could eventually be adapted into everyday heat-resistant clothing. This will become increasingly important in the context of climate change, especially in regions already struggling with drought and heatwaves. The IPCC warns that if global temperatures rise by 1.5°C above pre-industrial levels, twice as many mega-cities are likely to become heat-stressed.

    New innovations are trying to help consumers stay cool despite rising temperatures. Nike’s Aerogami is a performance apparel technology that supposedly increases breathability. Researchers from MIT have also designed garment vents that open and close when they sense sweat to create airflow.

    Similarly, researchers from Zhengzhou University and the University of South Australia have created a fabric that reflects sunlight and releases heat to help reduce body temperatures. These kinds of cooling textiles (which could also be used in architecture) could help reduce the need for air conditioning.

    One future challenge lies in driving demand for these innovations by making them seem fashionable and “cool”. Collaborations like the one between Prada and Axiom are helpful on this front. A space suit – an item typically seen as a functional, long-lasting piece of engineering – becomes something more with Prada’s name on it.

    The collaboration also points to a broader potential for brands to use large attention-grabbing projects to convey their sustainability credentials. In this way they can combine spectacle with sustainability. The key will be in making sure one doesn’t come at the expense of the other.

    Alyssa Choat 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. New Prada-designed spacesuit is a small step for astronaut style, but could be a giant leap for sustainable fashion – https://theconversation.com/new-prada-designed-spacesuit-is-a-small-step-for-astronaut-style-but-could-be-a-giant-leap-for-sustainable-fashion-240551

    MIL OSI Analysis – EveningReport.nz –

    January 24, 2025

  • MIL-OSI New Zealand: First Responders – Waikato wetland fire update #8

    Source: Fire and Emergency New Zealand

    Fire and Emergency crews are continuing to make solid progress fighting the large vegetation fire near Meremere, which includes the Whangamarino wetlands.
    The fire has not grown significantly in size during the day – it sits at 1024 hectares with a 15-kilometre perimeter as at 3pm – thanks largely to the air operation of helicopters and fixed wing aircraft. This is despite losing 10 minutes of flight time due to a drone sighting.
    Of equal importance have been the ground operations of around 50 firefighters who have been establishing and strengthening the containment lines around the fire.
    Incident Controller Mark Tinworth says it has been a real team effort to get on top of the fire.
    “The aircraft have been doing great work to slow the spread of the fire while the ground crews have been getting that containment line in so we can get this fire stopped in its tracks.
    “It’s hard work for our crews, and I want to thank them for all their efforts throughout the day.”
    Mark Tinworth also extended his thanks to the community for their patience and understanding while crews have been working.
    “We know there is some anxiety out there about this fire, particularly with the large amount of smoke in the area, and I just want to reassure people that we have your safety as our top priority.
    “While we don’t expect anyone to be in any danger during this incident, we will let you know if there is any danger to you or your property well ahead of time.
    There have been a number of questions asked regarding the risk to the community and businesses in the local area. Fire and Emergency have been working to establish and maintain communication and guidance with all involved.
    A reminder if you are within the vicinity of smoke, keep windows and doors closed, and to avoid the area altogether if possible.
    The final update for the day will be around 7pm this evening.

    MIL OSI New Zealand News –

    January 24, 2025

  • MIL-OSI Security: Half-Brothers Sentenced for Murdering their Sister and her Family, Including Three Children, in their Tijuana Home

    Source: Office of United States Attorneys

    SAN DIEGO – Half-brothers Christopher Baltezar Hernandez and Victor Armondo Aguilar were sentenced in federal court today to six consecutive life terms and 45 years, respectively, for the premeditated execution of their sister, her three children – ages 9, 8 and 4 – and her significant other in their Tijuana home. The siblings had been involved in a bitter dispute over property prior to the murder.

    “I cannot understand how one can point a gun in front of a child’s face and pull the trigger,” U.S. District Judge Linda Lopez told the defendants during the sentencing hearing. She described the murders as “horrific,” “completely incomprehensible,” and “cold, intentional, planned, calculated, and callous.”

    Aguilar, of Tijuana, pleaded guilty in October 2023 and Hernandez, of Fresno, California, pleaded guilty in December 2023, each to a single count of conspiring to murder a U.S. citizen in a foreign country and five counts of stalking resulting in death. The half-brothers are U.S. citizens. The sister and her children were also U.S. citizens; the significant other was a Mexican national.

    According to their plea agreements, on December 3, 2021, the day of the murders, Hernandez traveled from Fresno to Tijuana through San Diego, armed with an assault rifle, .223 caliber ammunition, and two revolver speed loaders. Hernandez met up with Aguilar in Tijuana, where they acquired a revolver.

    The half-brothers, armed with the firearms and wearing dark clothes and gloves, went to the victims’ residence in Tijuana. According to the plea agreements, which identified the victims by their initials, the defendants first shot and killed the sister, J.H., and her eight-year-old daughter, A.M.M., in the kitchen. The significant other, G.M.V., was shot and killed in a bedroom while he attempted to shield the other two children. The bedroom door was forced open and nine-year-old A.M. and four-year-old S.M. were each shot in the head.

    “Borders do not shield criminals from justice when Americans are victimized abroad,” said U.S. Attorney Tara McGrath. “These executioners were charged, convicted, and held to account in a U.S. court. The Department of Justice will continue to use every available tool to protect Americans from harm at home and abroad.”

    “Jealousy and greed led to one family’s devastating loss of five loved ones,” said FBI San Diego Special Agent in Charge Stacey Moy. “Hernandez’s and Aguilar’s well-deserved prison sentences reflect their total disregard for human life. While their imprisonment will never bring back these lives, we hope it offers some peace to the victims’ family. The FBI, alongside our local and international law enforcement partners, remains dedicated to seeking justice and will not hesitate to hold accountable those involved in violent crimes, whether in the United States or abroad.”

    While there were likely multiple motivations for the murders, the primary reason was a dispute over the ownership of numerous properties in Mexico. According to court documents, in the months leading up to the murders, the sister retained an attorney to help in the property dispute, which prompted Hernandez to text her: “We already know about the lawyer.” Hernandez asked, “You think you can just fuck us over and nothing will happen?” Hernandez then mentioned J.H.’s attorney’s name and that he had the attorney “in are[sic] hands.” Hernandez continued to say, “Fuck you and all your family” and, “The truth is I’m not fucking around. You thought you were going to make a dumbass out of me but no. You’re not going to have anything.” Hernandez then challenged J.H. to “…try me and see how much you can handle because with me you’re not going to be able to finish it.”

    Hernandez had a long history of threats against his sister and her children. In May 2019, J.H. called 911 stating Hernandez was threatening to shoot her and her kids in the head. Hernandez and J.H. had the same parents; Aguilar and J.H. were half-siblings. It’s unclear if J.H. and her significant other were married.

    According to the plea agreements, the murders occurred after months of meticulous and obsessive planning and premeditation. Hernandez and Aguilar had researched the victims’ address and the surrounding area online more than 200 times. Hernandez also bought the parts and built a fully functional .223 caliber assault rifle. The week before, Hernandez researched “ar15 jam clearing” and “ar15 room clearing” and watched ten different videos related to tactical firearms training. Hernandez also researched how to build a hidden compartment in his Toyota Corolla and discussed contingency plans with others, among other preparatory steps. The day before the murders, Hernandez bought a pair of revolver speed loaders, and on the day of the murders, Hernandez and Aguilar acquired a revolver in Tijuana, Mexico.

    Aguilar searched for and listened to a podcast related to homicide investigations just hours before the murders. Minutes before the murders, Hernandez removed the SIM card from his phone, and returned it about a half-hour after the murders.

    Following the murders, Hernandez researched numerous news articles about the killings and searched, “does the fbi investigate murders.” Hernandez and Aguilar also deleted their location and messaging history.

    This case is being prosecuted by Assistant U.S. Attorneys Mario Peia, Matthew Brehm and Fred Sheppard.

    DEFENDANTS                                             Case Number 22cr778-LL                              

    Christopher Baltezar Hernandez                    Age: 27                                   Fresno, CA

    Victor Armondo Aguilar                                Age: 22                                   Tijuana, MX

    SUMMARY OF CHARGES

    Conspiracy to Murder – Title 18, U.S.C., Section 1117

    Maximum penalty: Life in prison

    Stalking Resulting in Death – Title 18, U.S.C., Section 2261A

    Maximum penalty: Life in prison

    INVESTIGATING AGENCIES

    Federal Bureau of Investigation

    San Diego County Sheriff’s Department

    MIL Security OSI –

    January 24, 2025

  • MIL-Evening Report: Majority of NZ researchers see Māori Indigenous knowledge as relevant to their work – but there is a gender divide

    Source: The Conversation (Au and NZ) – By Katharina Ruckstuhl, Associate Professor in Indigenous Economy, University of Otago

    Getty Images

    While the New Zealand government plans to review 28 pieces of legislation with a view to changing or repealing references to the Treaty of Waitangi, the science sector is embracing engagement with Māori and leading the way in linking science and Indigenous knowledge at a national scale.

    We surveyed 316 researchers from research organisations across New Zealand on their engagement with Māori and their attitudes towards mātauranga Māori (Indigenous knowledge system). We found the majority agree engagement is important and mātauranga Māori is relevant to their research.

    Our preliminary findings show most of the surveyed researchers engaged with Māori to some degree in the past and expect to keep doing so in the future. A majority agreed mātauranga Māori should be valued on par with Western science.

    New Zealand is not alone in seeing Indigenous knowledge as complementary. Over the past few decades, several international projects engaged Indigenous knowledge systems to help solve pressing local and global problems. This includes traditional Aboriginal burning the reduces the risk of wildfires and sustainable water management.

    But New Zealand has been at the forefront of developing a nationwide approach through the 2007 Vision Mātauranga policy. This science-mātauranga connection has given New Zealand a global lead in how to meaningfully and practically mobilise science and Indigenous knowledge at a national scale.

    In contrast, the US only recently developed its national Indigenous science policy.

    Merging knowledge systems

    The merging of Indigenous and Western knowledge is particularly important in the high-tech innovation field. Here, New Zealand’s approach is starting to have real impacts, including supporting innovations and capabilities that would not have happened otherwise.

    Through years of engagement with the research and innovation sector, Māori are increasingly expecting the sector to work differently. This means both engaging beyond the laboratory and being open to the possibility that science and mātauranga Māori together can create bold innovation. Examples include supporting Māori businesses to create research and development opportunities in high-value nutrition, or using mātauranga to halt the decline of green-lipped mussels in the Eastern Bay of Plenty.

    Mātauranga Māori has been key to restoring green-lipped mussels at Ōhiwa Harbour in the Eastern Bay of Plenty.
    Getty Images

    Some media reports give the impression of a divided research community when it comes to mātauranga Māori. There have also been anecdotal reports suggesting scientists feel “pressured” to include “irrelevant” mātauranga Māori in science applications to win funding.

    We questioned whether this divide was real and as widespread as was being reported. We investigated how non-Māori researchers view engagement and collaboration, in particular the role of mātauranga Māori within that engagement.

    We examined the responses of the 295 non-Māori scientists in our survey and found 56% agreed mātauranga Māori should be valued on par with Western science. Only 25% disagreed. Moreover, 83% agreed scientists had a duty to consult with Māori if the research had impacts on them.

    However, there was a significant gender difference: 75% of women compared to 44% of men agreed mātauranga Māori should be valued on par with science. Only 8% of women disagreed with that statement compared to 34% of men.

    Gender differences

    As social scientists researching New Zealand’s innovation system, these results quantified our earlier observations in two important respects.

    First, it seems that exposing researchers to engagement with Māori communities may create a more open attitude to mātauranga Māori. A key aspect of the past few years has been to broaden the science sector’s engagement with various communities, including Māori.

    The Vision Mātauranga policy has been explicit about this in the innovation sector and research and development areas. It appears likely this approach has, at least for some non-Māori researchers, created an openness to consider mātauranga Māori as an equivalent, although different, knowledge framework.

    This policy push and Māori community pull has seen scientists in this survey overwhelmingly agree that Māori should be consulted about the impacts research may have on their communities.

    Second, while we disagree with the anecdotal evidence that the science community as a whole is split when it comes to mātauranga and engagement with Māori, our results suggest there is a difference between genders. Women researchers in this survey are very positive when it comes to valuing mātauranga Māori, whereas men are relatively less so. We need to study this more deeply to find out why this might be the case.

    Shifts in how researchers work

    New Zealand’s science, research and innovation sector is in the middle of a structural transition with reviews of its priorities, policy, funding and organisational arrangements.

    While central government re-arrangements can happen relatively quickly, the interface between the laboratory, community and industry can take years to adjust. Embedding new practices is complex and not easily done.

    The 2007 Vision Mātauranga policy was initially slow, uneven and bumpy in its implementation. But our results suggest its impact has accelerated over the past few years. This includes recognising that working alongside different knowledge systems is valuable for innovation.

    Whatever New Zealand’s current restructure of the science sector prioritises, the way researchers work has changed. New Zealand is now at the forefront of global shifts when it comes to links between Indigenous knowledge and science.

    Anecdotes aside, accelerating the engagement between Māori and the science sector will be key to delivering the impact Māori and wider New Zealand expect.

    Katharina Ruckstuhl received funding from Science for Technological Innovation, National Science Challenge.

    Madeline Judge received funding from Science for Technological Innovation, National Science Challenge.

    Urs Daellenbach received funding from Science for Technological Innovation, National Science Challenge.

    – ref. Majority of NZ researchers see Māori Indigenous knowledge as relevant to their work – but there is a gender divide – https://theconversation.com/majority-of-nz-researchers-see-maori-indigenous-knowledge-as-relevant-to-their-work-but-there-is-a-gender-divide-241239

    MIL OSI Analysis – EveningReport.nz –

    January 24, 2025

  • MIL-OSI Australia: Delivering local priorities on the North Coast

    Source: Australian Ministers 1

    The Albanese Labor Government continues to boost the liveability of communities across Richmond, with federal funding delivering road and community infrastructure projects across the Tweed and Byron Shires. 

    Federal Minister for Regional Development and Local Government, Kristy McBain MP, joined Member for Richmond, Justine Elliot MP on Tuesday to inspect the progress of projects and to discuss the region’s priorities.

    As part of our commitment to improving the safety of local roads in Richmond, local councils will receive an increase in their Roads to Recovery funding over the next five years.

    Tweed Shire Council will receive over $15.9 million – a boost of over $6.8 million, and Byron Shire Council will receive over $6.4 million – a boost of over $2.7 million.

    This will pave the way for future priority projects and build on projects already delivered and fully funded by the Albanese Government – such as intersection, drainage, and bus stop upgrades at Rifle Range Road at Bangalow, which received $673,076. 

    The surface of Ducat Street at Tweed Heads is currently being upgraded thanks to over $1.5 million from the Albanese Government, with a further $500,000 in federal funding supporting widening and drainage works on Bayshore Drive at Byron Bay – making these roads safer.

    Through Phase 4 of the Local Roads and Community Infrastructure program, Tweed Shire Council is receiving over $2.8 million, and Byron Shire Council is receiving over $1.1 million for high-impact local projects. 

    The Albanese Government has also committed $618,869 under Round 1 of the Growing Regions Program to construct a Men’s Shed, environmental centre, performance stage and commercial kitchen, as well as provide upgrades to existing infrastructure at the Mullum SEED Eco Hub in Mullumbimby – boosting community engagement opportunities in Richmond. 

    Nationally, the Albanese Government is delivering significant funding increases to support local councils deliver their priority projects. 

    The Roads to Recovery program is progressively increasing from $500 million to $1 billion per year, the Road Black Spot Program is increasing from $110 million to $150 million per year, and $200 million per year is available under our Safer Local Roads and Infrastructure Program.

    Quotes attributable to Federal Minister for Regional Development and Local Government, Kristy McBain MP:

    “Justine Elliot is a strong advocate for communities in Richmond, which is why it’s fantastic to be in town with her to see local projects that she’s campaigned for progressing, and to discuss some of the region’s future priorities.

    “Like my own community, Richmond has been impacted by a number of natural disasters, which is why we’re delivering more funding to local councils to improve the safety and flood resilience of local roads, and to support priority projects that will have a lasting impact.” 

    Quotes attributable to Federal Member for Richmond, Justine Elliot MP:

    “As the Local MP, I’m proud to deliver this important funding for our community. These important funding increases from the Albanese Government have made many local projects a reality right across the North Coast.

    “I invited Minister McBain to our region to discuss how we can keep working to deliver projects that create local jobs, improve our area and keep our local economy strong.”

    Quotes attributable to Tweed Shire Mayor, Chris Cherry:

    “We thank the Australian Government for delivering on its commitment to improve our local road network – particularly for roads across the Tweed Shire that have been significantly impacted by flooding events.

    “When we work together, we get the best outcomes for our community, which is why we’ll continue to partner with the Australian Government to deliver the community infrastructure that locals need and deserve.” 

    Quotes attributable to Byron Shire Mayor, Sarah Ndiaye:

    “It’s fantastic to welcome Minister McBain to Byron Shire to highlight the significant progress we’re making with jointly funded projects, and to discuss our future priorities.

    “With the community calling on the Byron Shire Council to provide more services than ever before, we’re strengthening our partnership with the Australian Government to ensure that we can continue to deliver the projects locals want to get off the ground.”

    MIL OSI News –

    January 24, 2025

  • MIL-OSI Asia-Pac: “!NSPIRE Series 2024: Lingnan Images – A Cinematic Crossover of 4 Cities” to examine cultural landscape of Lingnan (with photos)

    Source: Hong Kong Government special administrative region

    “!NSPIRE Series 2024: Lingnan Images – A Cinematic Crossover of 4 Cities” to examine cultural landscape of Lingnan (with photos)
    “!NSPIRE Series 2024: Lingnan Images – A Cinematic Crossover of 4 Cities” to examine cultural landscape of Lingnan (with photos)
    ******************************************************************************************

         The Film Programmes Office (FPO) of the Leisure and Cultural Services Department (LCSD) will present “!NSPIRE Series 2024: Lingnan Images – A Cinematic Crossover of 4 Cities” from November 23 to January 19 next year, screening films that cover the period from the reform and opening-up to date from Hong Kong, Macao, Shenzhen and Guangzhou at Hong Kong City Hall and the Hong Kong Film Archive. Exchange and workshop sessions will also be held to promote the collaboration of filmmakers of the four cities.      The opening film “Ah Ying” (1983) was directed by Hong Kong new wave director Allen Fong. The film was the winner of Hong Kong Film Awards for Best Film, Best Director and Best Film Editing. It delicately depicts the story between Ah Ying, who works at a market fish stall, and her acting mentor, who has also become her friend.      Various selected films illustrate the cultural impact and exchanges in different times. Renowned actor Chow Yun-fat plays a village chief in “Now You See Love… Now You Don’t” (1992). The clash between the lifestyles and ways of thinking of him and his childhood sweetheart returning from abroad, played by Carol “Do Do” Cheng, leads to scene after scene of hilarious comedy. “Little Cheung” (1999) depicts the livelihood of ordinary people from the perspective of children, who are able to find peace and hope in the midst of chaos with their innocence. “Ip Man – The Final Fight” (2013) and “Knitting” (2008) both reflect on how immigrants adapt to their new lives. The former tells the story of Ip Man, who upholds the virtues of Lingnan martial arts while facing the setbacks that come with his relocation to Hong Kong. The latter depicts the evolution of Guangzhou culture amid an influx of workers from outside, resulting in a mixture of northern and southern influences.      There are also films portraying the confusion that urbanites face. Directed by Philip Yung, “Glamorous Youth” (2009) tells the story of a Hong Kong boy moving to Shenzhen to escape from family pressure and love problems, yet still finding himself trapped in the mundane routines of life. “Sun and Rain” (1987), directed by Zhang Zeming, illustrates the alienation and love between people in a city through a love quadrangle. “Damp Season” (2020) depicts the stress lingering in the lives of the working class in Shenzhen, like the dampness and humidity often found in spring. Both set in Guangzhou, “Eight Diagrams” (2009) is a dark comedy about the desire and sadness of urbanites, while “Something in Blue” (2016) is a travelogue of a city that brings together the unremarkable daily lives of four young people.      Some of the selected films bring the cityscapes to the forefront. “Dot 2 Dot” (2014) traces the present and past of Hong Kong as a man and a woman with contrasting backgrounds navigate through the streets of the city. In “San Yuan Li” (2003) and “Cop Shop II” (2011), the Guangzhou cityscape and its changes through time are respectively illustrated with images and sounds.???     Two distinctive works from Macao will also be screened. Both of them are combinations of six stories. “Macau Stories 2: Love in the City” (2011) consists of six stories about love by six directors, while “Passing Rain” (2017), by director and screenwriter Chan Ka-keong, tells the stories of six characters with intertwined plotlines.      Moreover, two collections consisting of seven short films in total on the history, societies and cultures of the Lingnan region will be screened. The films are “Miasma, Plants, Export Paintings” (2017), “Fonting the City” (2015), “Sons of the Land” (2007), “14 Paintings” (2023), “Real Talk” (2024), “An Asian Ghost Story” (2023) and “Fear and Trembling” (2009).     Some of the screenings will be accompanied by post-screening talks, hosted by actor Hui So-ying, screenwriters Sze Yeung-ping and Mabel Cheung, producer Albert Chu, and directors Wong Teng-teng and Chan Ka-keong. To enable audiences to have a better understanding of the creation of films, there will be seminar screening sessions and exchange sessions. Three sessions of seminar screenings, entitled “The Spirit of Films about Intellectuals”, “Lingnan’s Secret Thoughts in Mind” and “The Current Situation of Macao Cinema”, will be held in which directors Gan Xiao’er, Yang Pingdao, and Wong Teng-teng and producer Albert Chu will share on their creative processes with screenings of selected film excerpts. Eight exchange sessions will also be held with filmmakers from the four cities in dialogues with each other or with film critics and audiences. Speakers include directors Yi Lichuan, Fruit Chan, Philip Yung, Herman Yau, Amos Why, and Zhang Zeming, film critic Joyce Yang and co-curators Law Kar and Feng Yu. Ticket holders of screenings with respective talks or exchange sessions will be admitted with priority, while the remaining seats will be available on a first-come, first-served basis with free admission.      All films are with Chinese and English subtitles. “Glamorous Youth” is rated Category III and restricted to viewers aged 18 or above.     Tickets for film screenings and seminar screening sessions priced at $70 are now available at URBTIX (www.urbtix.hk). For telephone bookings, please call 3166 1288. For programme details, please call 2734 2900 or visit http://www.lcsd.gov.hk/fp/en/listing.html?id=65.      To provide an opportunity for new talent of the film industry from the Mainland, Hong Kong and Macao to gain a better understanding about the industry through discussions and exchanges with guidance from professional filmmakers, the FPO will hold the Brainstorming Workshop covering topics of film production, such as screenwriting, directing, cinematography, post-production, fund sourcing, producing and distribution. The workshop will be conducted in Cantonese and is free for admission, with a quota of 30 places. Film students and those who have been involved in film productions can register for selection from November 25 to December 20. Successful registrants will be invited to participate in the two-day workshop to be held on January 9 and 10 at Ko Shan Theatre. For details of the workshop, please visit the above website.      This screening programme is one of the programmes of the 4th Guangdong-Hong Kong-Macao Greater Bay Area Culture and Arts Festival. Hong Kong is the host city of the Festival for the first time, organising and co-ordinating over 260 performances and exchange activities to be held in the “9+2” cities in the Greater Bay Area. The festival aims to showcase the vibrant and diverse cultural richness of the region and foster cultural exchanges and co-operation among the cities. For more information, please visit http://www.gbacxlo.gov.hk./en.      It is also one of the activities in the Chinese Culture Promotion Series. The LCSD has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit http://www.lcsd.gov.hk/en/ccpo/index.html.

     
    Ends/Wednesday, October 23, 2024Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

    January 24, 2025

  • MIL-OSI New Zealand: First Responders – Waikato wetland fire #9

    Source: Fire and Emergency New Zealand

    The large vegetation fire near Meremere is now under control.
    Fire and Emergency was able to stand down its air operations around 5pm with the fire now contained and controlled.
    The fire remains at 1024 hectares with a 15-kilometre perimeter.
    Incident Controller Mark Tinworth praised his crews for their efforts to get the fire to this point.
    “This is a significant milestone for us as we do not expect the fire to grow any larger in size.
    “We will have drones operating overnight to keep an eye out for reignition of the fire and to identify and monitor hotspots and flareups. 
    “We will continue to have a presence at the site tomorrow as this fire will take some time to fully extinguish due to where it is burning in peat and wetland.”

    MIL OSI New Zealand News –

    January 24, 2025

  • MIL-OSI USA: Governor Lamont Directs Flags To Half-Staff in Honor of Wethersfield Firefighter Robert Sharkevich

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that he is directing U.S. and state flags in Connecticut lowered to half-staff in honor of Robert Sharkevich Sr., a member of the Wethersfield Volunteer Fire Department and former member of the Hartford Fire Department who died in the line of duty while responding to a brush fire at Lamentation Mountain in Berlin.

    Flags should be lowered effective immediately and remain lowered until sunset on the date of interment, which has not yet been determined. The Office of the Governor will send out a notification when flags should be returned to full staff.

    “I am very heartbroken to learn the news of the tragic loss of Firefighter Sharkevich, who died while bravely and courageously responding to the brush fire at Lamentation Mountain in Berlin,” Governor Lamont said. “His selfless dedication to public service and the safety of his community and the surrounding towns is nothing less than heroic. On behalf of the people of Connecticut, I thank him for the service he has provided to our state, and I extend my deepest condolences to his family, friends, and colleagues in the Wethersfield Volunteer Fire Department and Hartford Fire Department.”

    “This is a tragic reminder of the sacrifice and risk that our professional and volunteer firefighters face day in and day out when they put on their uniforms,” Lt. Governor Susan Bysiewicz said. “Firefighter Sharkevich bravely answered the call to assist the area’s fire crews in responding to this brush fire, and he will forever be remembered as a hero. My heart breaks for his loved ones and the members of the Wethersfield Volunteer Fire Department, the Hartford Fire Department, and Connecticut’s whole firefighting community. I am keeping each of them and their loved ones in my thoughts and prayers.”

    In accordance with the governor’s directive, flags will be at half-staff on the Connecticut State Capitol building and all other state-operated buildings, grounds, and facilities statewide. Individuals, businesses, schools, municipalities, and any other private entities and government subdivisions are encouraged to lower their flags for this same duration of time. Since no flag should fly higher than the U.S. flag, all other flags, including state, municipal, corporate, or otherwise, should also be lowered.

     

    MIL OSI USA News –

    January 24, 2025

  • MIL-OSI Australia: Local Government Association of Queensland Annual Conference

    Source: Australian Ministers for Regional Development

    I’d like to thank LGAQ CEO, Alison Smith, for the warm invitation to this year’s annual conference.

    It’s really great to be here with you.

    It’s also nice to be in QLD without my kids! 

    Don’t get me wrong, I know how important family holidays are for your economies across Queensland.

    But it’s actually quite nice not to be running around in swimmers at a water park!

    Just don’t tell my kids I said this!

    I’d also like to give a huge shout out to Mayor Matt Burnett, and congratulate him on his appointment as the new Australian Local Government Association National President.

    He’s a strong, passionate voice for the sector and I look forward to working with him in this new capacity.

    Once a regional mayor myself, I’m can’t help but note that Matt and the two new Vice Presidents all hail from regional Australia!

    Like all of you in the room, I’m committed to strengthening the local government sector. 

    The Albanese Government takes this seriously, because when we work together, we get the best outcomes for our communities.

    You are a trusted deliver partner of the services every community across Queensland relies on.

    We value this, and we’re investing in it.

    We’ve brought you back to the national conversation, at both National Cabinet, and at our two successful Australian Council of Local Government forums. 

    We had over 770 people from the local government sector participate this year, many from the Sunshine State! 

    This open-door, collective dialogue is incredibly important, because there’s nothing worse than decisions being made for you – without you – from Canberra. 

    It’s how we can deliver funding where it’s needed, so that we can continue to get projects that matter to your communities off the ground. 

    It’s why your input into the federal inquiry into local government sustainability underway right now is incredibly important, because it will help us shape how we can deliver the support you need.

    This is one of the reasons we’ve significantly increased road funding to all local councils across Queensland – acting on feedback from you.

    Much like my home state of NSW, your roads have more people on them than ever before.

    Many of them are regional, and many of them have been totally washed away by extreme weather events.

    We are progressively doubling Roads to Recovery from $500 million to $1 billion nationally, which will have a huge impact on how you upgrade and maintain your local roads.

    Almost $900 million is flowing to local governments in Queensland over the next five years, a boost of over $353 million thanks to the Albanese Government. 

    A pipeline of new work will build on the thousands of projects being delivered under Roads to Recovery.

    Projects on the roads your communities drive every day – the ones they call or email you about to improve!

    This builds on funding under our Road Black Spot program – which is also increasing from $110 million to $150 million per year. 

    Under this program in this financial year, we’re already supporting 31 Black Spot sites across Queensland, with more than two thirds of this funding supporting projects in regional areas.

    Projects like upgrading Kajabbi Road in the Cloncurry Shire – fixing a problem which often saw this road closed during wet weather.

    But it’s not just roads that our local communities want to see delivered.

    We obviously need safe and reliable roads to get around, because we all have somewhere to go – from work, holidaying, to catching up with family and friends.

    That’s why we’re also investing in projects that bring our communities together.

    Projects that unlock new jobs and economic opportunities.

    We’ve introduced our Growing Regions and Thriving Suburbs programs.

    For the first time, a funding opportunity for everyone community – regardless of your postcode.

    Projects supported through these programs will be truly region-shaping.

    Out of the 40 successful projects under Round 1 of Growing Regions, nine are in Queensland.

    Among them is the Agnes Water Skate Park Revitalisation at Gladstone.

    This is something long called for by the community – and will really be a whole community facility, because skate parks really are for all ages.

    Trust me, there’s vision on my socials to prove that! 

    I don’t know how good I was, but there’s vision!

    In Mackay, the Regional Council will construct the Northern Beaches Community Hub.

    This will be a central gathering place for the community, and really change how they come together for major events and activities.

    Applications for Round 2 – now with a single stage process, which is updated after feedback from you – closed earlier this month.

    A further $393 million is available, and we look forward to seeing many more amazing projects under this round! 

    One of the big things councils across Queensland talk to me about is housing.

    It’s why we’re investing $32 billion in housing initiatives – the biggest investment in over a decade.

    This will see 1.2 million new homes built over the next five years, including many in our regions.

    But increasing housing supply requires collaboration and investment across all levels of government.

    It’s why we launched our $1.5 billion Housing Support Program, to get enabling infrastructure underway, and build more homes sooner. 

    And they say imitation is the best form of flattery, and I note the Opposition have copied this program, so good on them.

    $7 million is flowing to Queensland under Round 1 of our program to 16 projects, with 15 of these in regional locations.

    This is where we know more people are moving to, but where we need more housing to attract and retain the workers our community needs.

    Among the Queensland funding is support for precinct planning around the new Bundaberg Hospital development.

    Support for developing and delivering a Townsville Housing Strategy.

    Plus funding to the Torres Shire Council, to develop and deliver a Horn Island Housing Growth Master Plan.

    Getting more people under a safe and secure roof starts with strengthen your planning abilities.

    The second phase of this program is support for the enabling infrastructure we need to get underway. 

    Successful applications for those programs will be announced later this year. 

    I mentioned before roads getting washed away – and that’s just one of the things that happens when our communities are struck by disasters.

    All of us in the room can agree that when a disaster does hit us, response and recovery is led from the local level up.

    I had this experience myself as Mayor of Bega Valley Shire in NSW – where I had nine declared disasters.

    Black Summer bushfires, which were only put out from extreme floods!

    Ensuring communities are in the best possible position to recover, but that they’re also better prepared, is something very close to my heart.

    My community is still rebuilding, as are so many across Queensland.

    I’m really proud of our $1 billion Disaster Ready Fund.

    We not long had 165 successful projects under Round 2 this program announced nationally.

    This included over $55 million for 29 local projects across Queensland.

    Among them is funding for the Burke Shire towards establishing a multi-sensor warning system.

    Funding towards a back-up generator for the Badu Council Administration Centre in the Torres Straits.

    And funding for a 120-metre long stepped concrete seawall in Deception Bay, to replace a failed rock and shotcrete seawall.

    When we work together we get more done – and this is especially the case for Disaster response and recovery.

    A partnership approach has been our focus since we came to government.

    You’re central to turning federal funding into local results – and I want to thank you for this.

    I’d also like to thank LGAQ for your continued support of the sector, and for your advocacy.

    I know there will be many productive conversations today, so I’ll let you get to it. 

    MIL OSI News –

    January 24, 2025

  • MIL-OSI United Kingdom: The London Fire Brigade: Is its culture changing?

    Source: Mayor of London

    Two years on from a review which identified institutional misogyny, racism and issues in handling mental health, what progress has the London Fire Brigade (LFB) made in tackling its cultural problems?

    Tomorrow, the London Assembly Fire Committee will ask academics, unions, and women in the fire service about how much progress has been made since the review and what work can still be done.

    Members will closely examine whether the LFB’s recently launched Professional Standards Unit and its External Complaints Service are working effectively to drive up standards in the service, and will learn more about the challenges of the delivery of complex cultural change in other institutions.

    The guests are:

    Panel 1: 10am-10.45am

    • Ann-Marie Barlow, Director, Energise Development
    • Suzanne McCarthy, Independent Chair, Fire Standards Board
    • Dr Jessica White, Acting Director of Terrorism and Conflict Studies, Royal United Services Institute
    • Dr Rowena Hill MBE, Professor of Resilience, Emergencies and Disaster Science, Nottingham Trent University

    Panel 2: 10.55am-12.15pm

    • Paula Lyons, Company Secretary, Women in the Fire Service
    • Anna Snelson, LFB Women in the Fire Service
    • Gareth Cooke, London Regional Organiser, Fire Brigades Union
    • Adam Shaw, London Regional Treasurer, Fire Brigades Union
    • Deborah Riviere Williams, Chair of Unison within the LFB

    The meeting will take place on Thursday 24 October from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

    Media and members of the public are invited to attend.

    The meeting can also be viewed LIVE or later via webcast or YouTube.

    Follow us @LondonAssembly.

    MIL OSI United Kingdom –

    January 24, 2025

  • MIL-OSI United Kingdom: South China Sea conference 2024: speech by UK Minister for the Indo-Pacific

    Source: United Kingdom – Executive Government & Departments

    Minister Catherine West gave a keynote speech to the South China Sea conference in Ha Long, Vietnam.

    Location:
    Ha Long, Vietnam
    Delivered on:
    23 October 2024 (Transcript of the speech, exactly as it was delivered)

    Good morning everybody, and it’s lovely to be here on such a perfect morning with those beautiful mountains and sea in front of us.

    As we’ve heard from Dr Dung and Vice Minister Viet, thank you to our local government partners who’ve put on such a beautiful event for us. And thank you to our Indonesian collaborator who spoke first, it was so good to hear from him.

    In the UK we have a relatively new government, elected in July this year…

    … and many people have asked me as the new Minister for the Indo-Pacific, “how do we know that the UK is committed to the Indo-Pacific?”.

    After three weeks my boss, David Lammy, who is the Foreign Secretary, visited Vientiane as part of the ASEAN discussions and this is my third country in the region to visit since July.

    So we know that working together with European partners and with others in the region, we can be allies with all of the partners in ASEAN and we can join together to have a very good discussion about peace and security.

    On Monday, I will go to Manila for the Women, Peace and Security conference, which will I think create a really deep understanding for myself as a new Minister as to the challenges in the region. And also the importance of promoting women’s leadership around this area of partnerships, rooted in respect and mutual trust. 

    Positioning the UK as a long-term reliable partner of the Indo-Pacific, underpinned by a shared respect for ASEAN leadership and centrality. And after that conference I will return to the UK, bringing back news of the conference and your thoughts.

    Because we know that after nearly 25 years of the landmark UN Security Council Resolution 1325,… 

    …in which the UK played a leading role,… 

    …I will underline that our commitment to advancing participation in conflict prevention, reduction and resolution is unwavering, both in ASEAN but also globally.  

    And it is in the same spirit that I join you here today, to set out the UK’s support for collective efforts to maintain regional security and uphold international law.

    Global Maritime Security  

    Let me begin by stating unambiguously that the UK wants a free and open Indo-Pacific.  

    Because put simply, our collective global prosperity hinges on keeping the vital sea-lanes in the South China Sea open. Or the East Sea, as I believe in Vietnam you call it.

    Our shared security interests also demand that we stand-up for principles of sovereignty and territorial integrity… 

    …through the international legal framework that protects these principles,… 

    …for example, the UN Convention on the Law of the Sea – or UNCLOS as we call it.    

    But it’s not just the Indo-Pacific.   

    Undermining international law in any situation, in any context… 

    … has the potential to corrode the wider system of global governance that protects security and prosperity. 

    Take for example the sustainable development goals.  

    We can hardly hope to achieve those goals without peace and security spurring on economic growth.  

    And all of that relies heavily on having stable seas where the rule of law is upheld.  

    And this year we’ve seen a serious and sustained series of incidents,… 

    …representing one of the sharpest spikes in tensions over recent years.  

    The use of water cannons, blocking, and ramming manoeuvres have interfered… 

    …with Philippine rights and freedom of navigation.  

    These actions, and the responses they may incite, raise the risk of serious miscalculation… 

    …as well as posing a direct threat to international law. 

    And last month Chinese law enforcement attacked Vietnamese fishermen, leaving them seriously injured.  

    The grave risk of instability and escalation that these incidents pose is a significant concern for the international community. 

    Not just because of the impact it could have on global prosperity and security, but also on livelihoods and local biodiversity.   

    That is why the UK has and will continue to protest any action which threatens peace and stability… 

    …or seeks to undermine the primacy of UNCLOS.  

    Keeping the South China Sea safe is our priority. 

    And the only way we can achieve that is by working together with partners including those represented here today.  

    Climate and nature security 

    Now another crucial element to our security and prosperity is climate and nature.

    After this session I will be going to visit some of the areas affected by Typhoon Yagi, to understand more deeply how the Red Cross is working to mitigate those terrible floods and hear from local people as to how they’re managing about those floods.

    We were among the first countries to sign the Biodiversity Beyond National Jurisdiction Agreement… 

    …and we remain focussed on its ratification.   

    Home to over a third of world’s coral reefs – this region is critical… 

    …to halting and reversing the loss of the natural ecosystem. 

    Rising sea levels risk leading to worsening maritime disputes. 

    And we cannot tackle the various risks unless we understand them well.  

    So the UK is using its expertise to help.  

    For example, the UK Met Office is studying how changes in sea surface temperature affect migratory fish and coastal ecosystems,… 

    …playing a role not just on food security but also on addressing the poor environmental impact of rising temperatures.

    Back home, we have also set a landmark goal – to be the first major economy to deliver clean energy power by 2030.  

    But acting alone is not a solution.  

    That is why we want to work with you and partners across the world to accelerate the clean energy transition. 

    So we are boosting progress by building on existing programmes. 

    Such as the Just Energy Transition Partnerships – JETP – in Indonesia and Vietnam,… 

    …supporting innovative clean energy… 

    …and the expansion of grids and storage. 

    Growth and Technology 

    Technology also plays a key role… 

    …and is something the UK is keen to harness to help solve global challenges.  

    Modern maritime ecosystems is becoming increasingly interconnected and digital in its nature.  

    And more and more sophisticated technology supports improved port operations across the globe,… 

    …the development of Autonomous Surface Ships will reduce the number of seafarers needed to operate a vessel. 

    We know how essential undersea telecoms cables are.  

    And they will only grow in importance with the use of AI becoming more widespread.  

    That is why the UK is working transparently with partners to develop inclusive global norms and standards… 

    …for the responsible and ethical use of technology and AI, including in maritime contexts. 

    Working together 

    Finally, we know that we live in a rapidly changing world where the more closely we work, the stronger we are.   

    Next year, the UK will hold its third Regional Maritime Security Symposium in Southeast Asia to discuss collaboration on a range of maritime issues. 

    It’s so encouraging to be here today and to work with Asia-Pacific partners, and as I speak, HMS Spey and HMS Tamar, our two Offshore Patrol Vessels, continue their operations in the Indo-Pacific,… 

    …exercising with partners,… 

    …responding to humanitarian disasters,… 

    …and tackling maritime challenges.

    Thank you so much for the opportunity to speak today, and I look forward to questions afterwards.

    Thank you.

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom –

    January 24, 2025

  • MIL-OSI Asia-Pac: LCQ1: Waivers of land lease restrictions of industrial buildings

    Source: Hong Kong Government special administrative region

         â€‹Following is a question by the Hon Jimmy Ng and a reply by the Secretary for Development, Ms Bernadette Linn, in the Legislative Council today (October 23):
     
    Question:
     
         At present, the Lands Department allows owners of industrial building (IB) units to put their units to uses other than those permitted under the land leases through applications for waivers to temporarily relax the restrictions under the land leases. However, some owners have relayed to me that the fee for a waiver application is very high, and the original amount of the fee must be paid in the first place even if the appeal lodged by the owner against the amount of the fee is yet to be concluded. In this connection, will the Government inform this Council:
     
    (1) of the respective numbers of waiver applications in respect of IB land leases received, approved and rejected by the Government in each of the past five years; the number of approved applications for which waiver fees had been paid, as well as the respective amounts and floor areas involved; the respective numbers of appeals lodged against the amount of the waiver fee and successful appeals;
     
    (2) whether it will enhance the mechanism of appeal against the amount of the waiver fee to allow owners to pay the fee only after the appeal has been concluded; if so, of the details; if not, the reasons for that; and
     
    (3) given that at present, the Government has put in place an arrangement for relaxing waiver application in respect of IB land leases, under which owners are allowed to put their units to specific non-industrial uses without applying for a waiver, and such arrangement will expire on January 31, next year, whether the Government will extend or regularise the arrangement and expand the scope of the relevant specific non-industrial uses; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         Under land leases granted in earlier years, many existing industrial buildings (IB) may only be used for industrial use. In general, if owners wish to convert all or part of the units in such IBs for non-industrial uses, applications for waivers must first be made to the Lands Department (LandsD), subject to payment of a waiver fee and an administrative fee.
          
         With a view to encouraging the transformation of aged IBs, and making good use of the floor space of IBs in the urban area to meet the needs of economic development, the Government has rolled out concessionary measures, through exemption of waiver fees, to encourage owners to carry out wholesale conversion of IBs aged 15 years or above and situated in designated planning zones for non-industrial uses.

         If owners simply convert individual IB units for non-industrial uses, subject to compliance with the regulations of land planning and fire safety, the Government has also put in place measures to facilitate approval currently, including:
     

    Under the policy support of the Innovation, Technology and Industry Bureau, if some units in an IB are converted for the use of operating data centres or testing and calibration laboratories, the LandsD would exempt the waiver fees payable for such units;
     
    If the individual IB units are used for some common non-industrial uses such as office, information technology and telecommunication premises, offices for professionals, etc (Note), the LandsD has since 2003 promulgated standard rates for waiver fees for those designated uses , so as to expedite the approval process. The LandsD would make reference to market information to review and adjust the standard rates annually so as to reflect the changes in market rent;

         As for those cases where the abovementioned waiver fee exemption or standard rates are not applicable, the relevant waiver fees would be assessed and determined on a case-by-case basis under the conventional assessment mechanism. If applicants do not agree with the fees proposed by the LandsD, they may lodge an appeal with the LandsD.

         In this policy context, my reply to the various parts of the question raised by the Hon Ng is as follows:
     
    (1) In the past three years, the LandsD received 198 applications for waivers relating to individual IB units. Setting aside those rejected or withdrawn cases, there are 154 cases approved or under processing, over half of which, or some 80 cases, are exempted from waiver fees or are subject to calculation of waiver fees at standard rates. Among the 87 approved cases in the past three years, 31 cases are subject to individual assessment for waiver fees, including three cases in respect of which appeal on the fees have been lodged and are under processing. Details of the relevant figures are set out at Annex. Given the time constraint, the LandsD could only provide the figures for the past three years.

    (2) As I mentioned earlier, the LandsD promulgates the standard rates for waiver applications for designated uses. The merit of the standard rates is to allow the applicants to know the fee calculation method upfront and decide whether to make the applications. This would help shorten the processing time. Therefore, applications calculated at standard rates are not subject to appeal.

         As for other cases under the conventional assessment mechanism, applicants may lodge an appeal against the fees assessed by the LandsD, which would consider the justifications received to make a decision. If the premises has not yet been used for the proposed non-industrial uses at the time of application, applicants do not need to pay the waiver fees immediately during the appeal period.

         If the premises has already been used for non-industrial uses at the time of application, which means that the use has already changed before the application is approved, the relevant use is indeed in breach of the user restriction of industrial use under the lease. Before accepting the appeal on waiver fees for handling, the LandsD would request the applicants to pay upfront the administrative fee and the fees already assessed by the LandsD, so as to avoid the continuation of non-compliant uses without any payment by the applicant through making an appeal. Subject to the review result, if the applicants have overpaid, the relevant amount would be deducted accordingly in the next quarter.

         Even though the above mechanism operates relatively smoothly, the Development Bureau and the LandsD would conduct a review, covering whether there is room for applying standard rates to more uses under waiver applications, and whether standards and targets can be set for the appeal procedures in terms of processing time, so as to optimise and expedite the approval procedures for facilitating businesses.

    (3) To continue encouraging redevelopment and wholesale conversion of aged IBs, the Policy Address delivered last week announced the extension of an array of measures under the revitalisation scheme for IBs to end-2027, including the measures of concern to the Hon Ng as cited in the question, i.e. the conversion of individual units into the non-industrial uses designated by the Government without the need for applying for waivers in the case of those IBs that may not have been able to undergo wholesale conversion due to multiple ownership. The Government has introduced this measure (waiver measure) since 2019, permitting these units to be used for the following uses, including (a) Art Studio; (b) Office (Audio-visual Recording Studio); (c) Office (Design and Media Production); (d) Office (used by “specified creative industries” only); and (e) Research, Design and Development Centre. As no waiver application is required, no waiver fee is payable. For public safety, the designated non-industrial uses under the waiver measure should not involve any uses or activities with direct provision of services or goods, to prevent attracting the public to visit buildings that still have industrial activities..

    Note: Designated non-industrial/non-residential uses are: (1) headquarters or back-office operations; (2) offices for professional consultants, such as architects, engineers, surveyors, planning consultants, solicitors and accountants; (3) offices for business services, such as advertising agencies, management consultants, public relations agencies and interior/graphic designers; (4) information technology and telecommunications industries; (5) cargo handling and forwarding facilities; (6) recyclable collection centres; and (7) such other uses for non-industrial/non-residential purposes not involving direct provision of customer services or goods to the general public.

    MIL OSI Asia Pacific News –

    January 24, 2025

  • MIL-OSI Global: Why Trump’s messaging is becoming more extreme, a mathematician explains

    Source: The Conversation – UK – By Dorje C. Brody, Professor of Mathematics, University of Surrey

    “Talk about extreme.” That was the response of Democratic presidential nominee Kamala Harris at September’s televised debate, after her rival, Donald Trump, made the baseless claim that migrants had been eating the dogs and cats of their neighbours in Springfield, Ohio.

    Despite mounting criticism, Trump doubled down on the accusation. Likewise, during the more recent vice-presidential debate, Trump’s running mate, JD Vance, falsely claimed that the migrants in Springfield are illegal.

    The arrival of hurricanes Milton and Helene then gave them more opportunities to disseminate disinformation. Trump’s team attacked the government over its response to the disaster, claiming that government money earmarked for disaster victims has been spent on migrants who crossed illegally into the US.

    “Kamala spent all her Fema [Federal Emergency Management Agency] money – billions of dollars – on housing for illegal migrants”, Trump said at a rally in Michigan. This point was also repeated by Vance in an opinion piece on October 8 in the Wall Street Journal.

    The claim is false. But does it make sense for Trump’s team to spread such extreme disinformation? Mathematical analysis suggests it can.

    The positions of the candidates on the various issues, such as migration, can be represented on the political spectrum from the left to the right. It is fair to say that Trump places himself at the right end of the spectrum, while Harris sits at the centre.

    If you are at the far end of the spectrum, left or right, then you want to move people as far in your direction as possible. So, given that these days, in the US at least, there appear to be no consequences for disseminating disinformation, you want your messages to be extreme.

    By consistently hyping up the dangers of migrants, for example, more voters will start feeling that something needs to be done, even if they have never encountered an issue themselves.

    Indeed, mathematical models show that the probability of a candidate positioned at the end of the spectrum winning an election can, at least theoretically, reach 100%, if the messages are nothing but extreme. The same does not apply to a candidate positioned in the middle.

    We have seen this effect manifesting itself in the recent elections in Germany and France. Unless the public already has a strong appetite for the centre ground, which was the case for July’s general election in the UK, positions at the centre are often precarious.

    The path to victory for Harris therefore remains steep. But there are means for an effective counteroffensive.

    Clear communication

    Political messages have two purposes: communicating where the candidate stands on the various issues, and making the voters feel that those positions are desirable. We can apply the mathematics of communication, which explains our cognitive response to digesting information, to infer the impact of political messages.

    In particular, we can study how different messages on a given issue combine and interact. This, of course, only concerns voters who consume a variety of information sources, as opposed to those confined to an information echo chamber.

    For those who consume both Democratic and Republican messages, the effect of combining them can be subtle. But, in many cases, they combine in an additive way with some weights on each message.

    You can think of it as a weighted average of the two information sources. For example, if Harris says one thing and Trump says something opposite on a particular issue, then the net effect is each message muting the other slightly.

    So, if Trump says the illegal Haitian migrants in Springfield are eating people’s pets, and Harris says the migrants are there legally and are not eating anyone’s pets, then people might come to the conclusion that, while there may be illegal Haitian migrants in Springfield, they may not be eating pets.

    However, in some cases, one of the weights can take a negative value. This means that rather than adding them, the receiver of the two messages will subtract them. When this happens, the effect of that message is unexpectedly reversed.

    For example, when clear and convincing evidence of the legal status of the migrants in Springfield is presented, the prevailing noise about their pet-eating habits will, in anything, strengthen people’s belief that the claim is false.

    This can happen when the message from Harris is sufficiently loud and clear. Importantly, this does not mean Harris should loudly deny the disinformation. Provided that Harris sticks to her own messages in a clear and transparent manner, the mathematics of communication predicts that disinformation can turn itself against its spreader, for the following reasons.

    The idea, roughly speaking, goes as follows. Suppose that a recipient of the messages is unaware of the prevalence of disinformation, and that there is a considerable gap between the unsubstantiated disinformation and reliable information, with the latter being communicated very clearly.

    In this situation, communication theory shows that the receiver will dismiss disinformation more strongly than someone who is aware of the prevalence of disinformation.

    It is reminiscent of the Japanese martial art judo where the ultimate aim is to use your opponent’s momentum, rather than your own force.

    Disinformation should be challenged. And, indeed, both Harris and her predecessor Joe Biden have come out to condemn Trump’s “onslaught of lies” in relation to the two hurricanes.

    But merely focusing on challenging disinformation is counterproductive. What is more important is for their own message to be communicated loud and clear.

    No crystal ball can tell us whether the Democrats will retain the White House in November. But simply repeating the point that Trump is a threat to democracy, as Biden was prone to do, will not cut it.

    Dorje C. Brody has received funding from UKRI.

    – ref. Why Trump’s messaging is becoming more extreme, a mathematician explains – https://theconversation.com/why-trumps-messaging-is-becoming-more-extreme-a-mathematician-explains-239421

    MIL OSI – Global Reports –

    January 24, 2025

  • MIL-Evening Report: Prabowo’s presidency sparks fear and faint hope in Indonesia’s contested Papua

    By Victor Mambor in Jayapura

    With Prabowo Subianto, a controversial former general installed as Indonesia’s new president, residents in the disputed Papua region were responding to this reality with anxiety and, for some, cautious optimism.

    The remote and resource-rich region has long been a flashpoint for conflict, with its people enduring decades of alleged military abuse and human rights violations under Indonesian rule and many demanding independence.

    With Prabowo now in charge, many Papuans fear that their future will be marked by further violence and repression.

    In Papua — a region known as “West Papua” in the Pacific — views on Prabowo, whose military record is both celebrated by nationalists and condemned by human rights activists, range from apathy to outright alarm.

    Many Papuans remain haunted by past abuses, particularly those associated with Indonesia’s counterinsurgency campaigns that began after Papua was incorporated into Indonesia in 1969 through a disputed UN-backed referendum.

    For people like Maurids Yansip, a private sector employee in Sentani, Prabowo’s rise to the presidency is a cause for serious concern.

    “I am worried,” Yansip said. “Prabowo talked about using a military approach to address Papua’s issues during the presidential debates.

    ‘Military worsened hunman rights’
    “We’ve seen how the military presence has worsened the human rights situation in this region. That’s not going to solve anything — it will only lead to more violations.”

    In Jayapura, the region’s capital, Musa Heselo, a mechanic at a local garage, expressed indifference toward the political changes unfolding in Jakarta.

    “I didn’t vote in the last election—whether for the president or the legislature,” Heselo said.

    “Whoever becomes president is not important to me, as long as Papua remains safe so we can make a living. I don’t know much about Prabowo’s background.”

    But such nonchalance is rare in a region where memories of military crackdowns run deep.

    Prabowo, a former son-in-law of Indonesia’s late dictator Suharto, has long been a polarising figure. His career, marked by accusations of human rights abuses, particularly during Indonesia’s occupation of Timor-Leste, continues to evoke strong reactions.

    In 1996, during his tenure with the elite Indonesian Army special forces unit, Kopassus, Prabowo commanded a high-stakes rescue of 11 hostages from a scientific research team held by Free Papua Movement (OPM) fighters.

    Deadly operation
    The operation was deadly, resulting in the deaths of two hostages and eight pro-independence fighters.

    Markus Haluk, executive secretary of the United Liberation Movement for West Papua (ULMWP), described Prabowo’s presidency as a grim continuation of what he calls a “slow-motion genocide” of the Papuan people.

    “Prabowo’s leadership will extend Indonesia’s occupation of Papua,” Haluk said, his tone resolute.

    “The genocide, ethnocide, and ecocide will continue. We remember our painful history — this won’t be forgotten. We could see military operations return. This will make things worse.”

    Although he has never been convicted and denies any involvement in abuses in East Timor or Papua, these allegations continue to cast a shadow over his political rise.

    He ran for president in 2014 and again in 2019, both times unsuccessfully. His most recent victory, which finally propels him to Indonesia’s highest office, has raised questions about the future of Papua.

    President Prabowo Subianto greets people as he rides in a car after his inauguration in Jakarta, Indonesia, last Sunday. Image: Asprilla Dwi Adha/Antara Foto

    Despite these concerns, some see Prabowo’s presidency as a potential turning point — albeit a fraught one. Elvira Rumkabu, a lecturer at Cendrawasih University in Jayapura, is among those who view his military background as a possible double-edged sword.

    Prabowo’s military experience ‘may help’
    “Prabowo’s military experience and strategic thinking could help control the military in Papua and perhaps even manage the ultranationalist forces in Jakarta that oppose peace,” Rumkabu told BenarNews.

    “But I also worry that he might delegate important issues, like the peace agenda in Papua, to his vice-president.”

    Under outgoing President Joko “Jokowi” Widodo, Papua’s development was often portrayed as a priority, but the reality on the ground told a different story. While Jokowi made high-profile visits to the region, his administration’s reliance on military operations to suppress pro-independence movements continued.

    “This was a pattern we saw under Jokowi, where Papua’s problems were relegated to lower levels, diminishing their urgency,” Rumkabu said.

    In recent years, clashes between Indonesian security forces and the West Papua National Liberation Army (TPNPB) have escalated, with civilians frequently caught in the crossfire.

    Yohanes Mambrasar, a human rights activist based in Sorong, expressed grave concerns about the future under Prabowo.

    “Prabowo’s stance on strengthening the military in Papua was clear during his campaign,” Mambrasar said.

    Called for ‘more troops, weapons’
    “He called for more troops and more weapons. This signals a continuation of militarized policies, and with it, the risk of more land grabs and violence against indigenous Papuans.”

    Earlier this month, Indonesian military chief Gen. Agus Subiyanto inaugurated five new infantry battalions in Papua, stating that their mandate was to support both security operations and regional development initiatives.

    Indeed, the memory of past military abuses looms large for many in Papua, where calls for independence have never abated.

    During a presidential debate, Prabowo vowed to strengthen security forces in Papua.

    “If elected, my priority will be to uphold the rule of law and reinforce our security presence,” he said, framing his approach as essential to safeguarding the local population.

    Yet, amid the fears, some see opportunities for positive change.

    Yohanes Kedang from the Archdiocese of Merauke said that improving the socio-economic conditions of indigenous Papuans must be a priority for Prabowo.

    Education, health care ‘left behind’
    “Education, healthcare, and the economy — these are areas where Papuans are still far behind,” he said.

    “This will be Prabowo’s real challenge. He needs to create policies that bring real improvements to the lives of indigenous Papuans, especially in the southern regions like Merauke, which has immense potential.”

    Theo Hesegem, executive director of the Papua Justice and Human Integrity Foundation, believes that dialogue is key to resolving the region’s long-standing issues.

    “Prabowo has the power to address the human rights violations in Papua,” Hesegem said.

    “But he needs to listen. He should come to Papua and sit down with the people here — not just with officials, but with civil society, with the people on the ground,” he added.

    “Jokowi failed to do that. If Prabowo wants to lead, he must listen to their voices.”

     Pizaro Gozali Idrus in Jakarta contributed to the report. Copyright © 2015-2024, BenarNews. Republished with the permission of BenarNews.

    MIL OSI Analysis – EveningReport.nz –

    January 24, 2025

  • MIL-OSI Europe: Answer to a written question – Measures to address water scarcity – need for EU initiatives and new financial instruments to assist Greece and other southern European countries – E-001675/2024(ASW)

    Source: European Parliament

    The EU provides significant financial support to address water management and scarcity. Between 2021 and 2027, EUR 13.2 billion of Cohesion Policy funds[1] are earmarked for sustainable water management.

    The Recovery and Resilience Facility[2], and several missions and partnerships under Horizon Europe[3] also provide support for water resilience[4].

    The Common Agricultural Policy[5] offers inter alia support[6] for water efficiency and water reuse in the agricultural sector, climate smart agriculture and innovation, and risk and crisis management tools.

    The EU programme for the environment and climate action[7] co-finances innovative projects in the environmental sector, including recovery of resources from water.

    Preparatory work and reflections are ongoing for the next multi-annual financial framework.

    Supporting Member States on climate risk preparedness will be part of a European Climate Adaptation Plan[8].

    Moreover, the European Water Resilience strategy[9] will aim to ensure water resources are properly managed, scarcity is addressed, and that the water industry’s innovation is enhanced and takes a circular economy approach.

    It will build on ongoing efforts on water scarcity and drought management in the context of the implementation of the Water Framework Directive[10], including through the Ad Hoc Task group for Water Scarcity and Droughts[11], and the EU Climate Adaptation Strategy[12].

    The Commission will also continue supporting the tourism ecosystem under the Tourism transition pathway[13] to increase water efficiency, reducing water stress and pollution, and improving sanitation, as well as consider how to best support tourism businesses and destinations in the next EU budget.

    • [1] https://cohesiondata.ec.europa.eu/stories/s/21-27-Sustainable-water-management/ehce-gj6d
    • [2] https://next-generation-eu.europa.eu/index_en
    • [3] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe_en
    • [4] Of particular relevance are the partnerships ‘Water Security for the Planet’ (https://www.water4all-partnership.eu/), the Partnership on Research and Innovation in the Mediterranean Area (PRIMA, https://prima-med.org/) together with the Missions ‘Restore our Ocean and Waters by 2030’ (https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe/eu-missions-horizon-europe/restore-our-ocean-and-waters_en) (https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe/eu-missions-horizon-europe/restore-our-ocean-and-waters_en) (https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe/eu-missions-horizon-europe/restore-our-ocean-and-waters_en), ‘Adaptation to Climate Change’ (https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe/eu-missions-horizon-europe/adaptation-climate-change_en) (https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe/eu-missions-horizon-europe/adaptation-climate-change_en) and a ‘Soil Deal for Europe’ (https://mission-soil-platform.ec.europa.eu/).
    • [5] https://agriculture.ec.europa.eu/common-agricultural-policy_en
    • [6] Different types of support include area-based support, grants and financial instruments for investments.
    • [7] LIFE: https://cinea.ec.europa.eu/programmes/life_en
    • [8] https://commission.europa.eu/about-european-commission/president-elect-ursula-von-der-leyen_en
    • [9] https://commission.europa.eu/about-european-commission/president-elect-ursula-von-der-leyen_en
    • [10] Directive 2000/60/EC of the European Parliament and of the Council of 23 October 2000 establishing a framework for Community action in the field of water policy, OJ L 327, 22.12.2000, p. 1-73, as amended by Commission Directive 2014/101/EU of 30 October 2014, OJ L 311, 31.10.2014, p. 32-35.
    • [11] In this context, the Commission has been assessing the impact of droughts and future drought risks: https://environment.ec.europa.eu/topics/water/water-scarcity-and-droughts_en
    • [12] https://climate.ec.europa.eu/eu-action/adaptation-climate-change/eu-adaptation-strategy_en
    • [13] https://single-market-economy.ec.europa.eu/sectors/tourism/eu-tourism-transition/tourism-transition-pathway_en

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Europe: Answer to a written question – The need for immediate assistance from the EU Civil Protection Mechanism – P-001717/2024(ASW)

    Source: European Parliament

    When a disaster occurs, the affected country can request assistance via the EU Civil Protection Mechanism (UCPM)[1].

    On 13 September 2024, Poland pro-actively activated the Rapid Mapping of the Copernicus Emergency Management Service[2] for floods. On 18 September 2024, Poland activated the UCPM and requested support to strengthen its response to the floods.

    Austria, Belgium, Germany, Denmark, Lithuania, Sweden and Slovenia have immediately offered parts of the requested items. Austria, Denmark, Germany, Lithuania and Sweden, have already delivered them to Poland. The transport arrangements for the remaining items are ongoing. In addition, the EU’s strategic reserve, rescEU[3], has been mobilised to complete the offers.

    • [1] https://civil-protection-humanitarian-aid.ec.europa.eu/what/civil-protection/eu-civil-protection-mechanism_en
    • [2] https://emergency.copernicus.eu/mapping/ems/rapid-mapping-portfolio
    • [3] https://civil-protection-humanitarian-aid.ec.europa.eu/what/civil-protection/resceu_en
    Last updated: 23 October 2024

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Europe: Answer to a written question – Lethal fires in Attica – E-001640/2024(ASW)

    Source: European Parliament

    The EU Solidarity Fund (EUSF) can only be activated at the request of Greece within 12 weeks as from the first damage occurred, demonstrating that the total direct damage exceeds the thresholds specified in Article 2 of Regulation (EC) No 2012/2002[1].

    The EUSF may cover part of the costs for emergency and recovery operations incurred by public authorities. This includes, for example, the recovery of essential infrastructure, provision of temporary accommodation to the population, cleaning-up operations, and protection of cultural heritage. So far, Greece has not requested the EUSF assistance for this disaster.

    With response remaining primarily a national competence, the Union Civil Protection Mechanism[2] is already prepositioning ground and aerial resources in forest fire-prone countries.

    This summer, 240 firefighters from Bulgaria, Moldova, Malta and Romania were prepositioned in Greece from 1 July to 15 September 2024 to support the Greek response to forest fires. During the fire in Attica, 80 firefighters from Moldova, Malta and Romania have been immediately deployed as first responders.

    Regarding aerial resources, the EU is financing, as of 15 June until end of October 2024, 75% stand-by costs of two Canadairs firefighting planes, two light scooping planes and one heavy helicopter located in Greece as part of the rescEU safety net response[3]. All these assets are available for a European response and primarily operate on the Greek territory.

    In addition, the EU has signed a grant agreement with Greece for the purchase of two Canadairs that will complement the national response.

    • [1]  Council Regulation (EC) No 2012/2002 of 11 November 2002 establishing the European Union Solidarity Fund (OJ L 311, 14.11.2002, p. 3) as amended by Regulation (EU) No 661/2014 of the European Parliament and the Council of 15 May 2014 (OJ L 189, 27.6.2014, p. 143) and by Regulation (EU) 2020/461 of the European Parliament and the Council of 30 March 2020 (OJ L 99, 31.3.2020, p. 9).
    • [2]  https://civil-protection-humanitarian-aid.ec.europa.eu/what/civil-protection/eu-civil-protection-mechanism_en#:~:text=In%20October%202001%2C%20the%20European%20Commission%20established%20the,to%20improve%20prevention%2C%20preparedness%2C%20and%20response%20to%20disasters
    • [3]  https://civil-protection-humanitarian-aid.ec.europa.eu/what/civil-protection/resceu_en

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Europe: Written question – Italian court ruling on Libyan Coast Guard rescue operations and its implications for the legal compliance of EU funding – E-002089/2024

    Source: European Parliament

    16.10.2024

    Question for written answer  E-002089/2024
    to the Commission
    Rule 144
    Tineke Strik (Verts/ALE)

    In June 2024, Crotone Civil Court in Italy ruled[1] that interceptions at sea conducted by the Libyan Coast Guard cannot legally qualify as rescue operations since the Libyan authorities are systematically armed, fire gunshots to intimidate civil society actors and migrants, and create an overall situation of danger. Furthermore, the court recalled that Libya cannot be considered a safe place for disembarkation due to its serious and systematic violations of human rights and the fact that it has never ratified the Geneva Convention.

    • 1.Can the Commission confirm that it maintains the view that providing EU funds to the Libyan authorities through the programme entitled ‘Support to integrated border and migration management in Libya’ is justified on humanitarian grounds (see answers E-005612/2021[2] and E-000363/2022[3])?
    • 2.If so, what implications will the Crotone ruling have for the provision of EU funds to Libya under this programme, considering the principle of sound financial management as enshrined in the Financial Regulation[4], which stipulates that EU funds should be effective in achieving the objectives of a project, and also considering the Italian court ruling, which states that Libyan border authorities are unable to carry out rescue operations in line with international standards?

    Submitted: 16.10.2024

    • [1] Ruling No 348/2024, available at: https://www.asgi.it/wp-content/uploads/2024/07/2024_06_26_Court-of-Crotone_final-decision_ITA_geschwarzt.pdf.
    • [2] https://www.europarl.europa.eu/doceo/document/E-9-2021-005612-ASW_EN.html.
    • [3] https://www.europarl.europa.eu/doceo/document/E-9-2022-000363-ASW_EN.html.
    • [4] Article 33 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012, OJ L 193, 30.7.2018, p. 1, ELI: http://data.europa.eu/eli/reg/2018/1046/oj.
    Last updated: 23 October 2024

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Europe: Briefing – Understanding EU policy on firearms trafficking – 23-10-2024

    Source: European Parliament

    Precise figures about the numbers of illegal firearms in the European Union (EU) are lacking, but several indicators point to their widespread availability and accessibility. According to the Small Arms Survey, over half of the estimated total number of firearms held by civilians in the EU in 2017 were unlicensed. While most of these citizens had no criminal intentions, their illicit firearms could be used for self-harm or domestic violence, or end up in the hands of criminals or terrorists. Most criminals and terrorists have more sophisticated ways to get hold of illicit firearms. They can be trafficked from source countries, diverted from legal supply chains, illegally manufactured or assembled in the EU, converted from legally available weapons, or sourced on the internet. Firearms seizures suggest that the EU illicit firearms market is made up mostly of shotguns, pistols and rifles, with converted or convertible weapons also appearing frequently. Illicit firearms trafficking is driven by criminal demand, with organised crime groups that engage in firearms trafficking also involved in other forms of criminality. The EU considers illicit firearms a key crime threat precisely because they are used in many crimes and terrorist attacks. Even people who lack extensive criminal connections can access illicit firearms due to increased online trafficking and the availability of easy-to-convert weapons. The EU is actively involved in addressing the threat posed by illegal firearms by means of legislative and policy measures, and provides operational assistance to the Member States in the fight against firearms trafficking. The EU is also active in the international fight against firearms trafficking, working closely with the United Nations (UN) in its work to combat the proliferation of small arms and light weapons and engaging in the UN’s global firearms programme. Although the export of arms remains a national competence, the EU has defined common rules governing the control of exports of military technology and equipment and works actively with third countries that are viewed as source or transit countries for illicit firearms. This is an update of a briefing by Ann Neville, published in 2022.

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Europe: Written question – Addressing the impact of the housing crisis on teachers and other categories of public servants in Greece – E-001890/2024

    Source: European Parliament

    Question for written answer  E-001890/2024/rev.1
    to the Commission
    Rule 144
    Elena Kountoura (The Left), Konstantinos Arvanitis (The Left), Nikos Pappas (The Left), Nikolas Farantouris (The Left)

    Greece faces a steadily worsening housing crisis that is affecting all its citizens, especially workers in critical parts of the public service sector such as teachers, doctors, nurses, firefighters, police officers and members of the armed services. The problem is acute in tourist areas and on the islands, where the cost of living is disproportionately high, there is a serious shortage of available housing and rents have skyrocketed with the rapid rise in short-term rentals.

    What is more, civil servants’ salaries are still low and are not sufficient to cover the increased cost of housing[1]. This state of affairs has direct consequences for the functioning of critical public services, as workers are discouraged from serving in remote and island areas[2], creating gaps in sectors such as education, health and security.

    As the Commission has announced the first-ever European Affordable Housing Plan[3], can it answer the following questions:

    • 1.What European financial instruments can the Member States use to assist public servants such as teachers, doctors, nurses, firefighters and police officers facing difficulties in finding affordable housing – especially in tourist and remote areas of Greece?
    • 2.Does it intend to support the Member States, such as Greece, with targeted programmes or financial resources to address the housing crisis that is affecting public servants in key sectors such as education, health and public security owing to the rise in housing prices and short-term rentals?

    Submitted: 1.10.2024

    • [1] Particularly the approximately 60 000 newly appointed and auxiliary teachers and other public servants on lower pay scales. For more information: https://www.in.gr/2024/08/29/politics/epikairotita/stegastiki-krisi-matonoun-gia-ena-keramidi-oi-ekpaideytikoi-potiri-ksexeilizei-politeia-kofeyei/.
    • [2] Statement by ADEDY [Supreme Administration of Greek Civil Servants’ Trade Unions] and DOE [Greek Primary Teachers’ Federation] on housing for teachers and public servants: https://adedy.gr/dt-paremvasi-adedy-k-doe-gia-ti-stegasi-ekpaideutikwn-k-dhmosiwn-leitourgwn-13092024/.
    • [3] As part of the Political Guidelines for the next European Commission 2024-2029 set by President Ursula von der Leyen: https://commission.europa.eu/document/e6cd4328-673c-4e7a-8683-f63ffb2cf648_en.
    Last updated: 23 October 2024

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Asia-Pac: ICG implements preventive measures in view of Cyclone Dana’s likely landfall along West Bengal & Odisha coasts

    Source: Government of India

    ICG implements preventive measures in view of Cyclone Dana’s likely landfall along West Bengal & Odisha coasts  

    Vessels & aircraft strategically positioned; Weather warnings & safety advisories being broadcast; Disaster relief teams on standby

    Posted On: 23 OCT 2024 2:49PM by PIB Delhi

    As Cyclone Dana is forecast to make landfall on October 24-25, 2024 along the coasts of West Bengal and Odisha, Indian Coast Guard (ICG) Region (North-East) has implemented a series of preventive measures to safeguard lives and property at sea. The ICG has been closely monitoring the situation and has taken proactive steps to ensure preparedness for dealing with any emergency arising from the cyclone’s impact. 

    ICG has tasked ships, aircraft and Remote Operating Stations at West Bengal and Odisha to broadcast regular weather warnings and safety advisories to fishermen and mariners. These alerts are being transmitted continuously to all fishing vessels, urging them to return to shore immediately and seek safe shelter.

    The ICG has mobilised its vessels and aircraft, positioning them strategically to respond swiftly to any emergency situation at sea. Additionally, ICG personnel are working in coordination with local administrations and disaster management authorities to ensure a coordinated and effective response.

    Fishing communities along the coastline have been informed through various channels, including village heads, to avoid venturing into the sea until the cyclone passes. The ICG is on high alert, with its dedicated disaster relief teams and assets ready to provide assistance, rescue & relief operations.

     ***

    SR/Savvy/KB

    (Release ID: 2067301) Visitor Counter : 65

    MIL OSI Asia Pacific News –

    January 24, 2025

  • MIL-OSI Asia-Pac: Union Minister, Ministry of Panchayati Raj, Shri Rajiv Ranjan Singh to Launch “Weather Forecasts at the Gram Panchayat Level” on 24th October 2024 at Vigyan Bhawan, New Delhi

    Source: Government of India (2)

    Union Minister, Ministry of Panchayati Raj, Shri Rajiv Ranjan Singh to Launch “Weather Forecasts at the Gram Panchayat Level” on 24th October 2024 at Vigyan Bhawan, New Delhi

    Villages to become Climate Resilient: Weather Forecasts will now be Available to Gram Panchayats

    Gram Panchayats to Get Access to 5-Day and Hourly Weather Forecasts

    Posted On: 23 OCT 2024 9:53AM by PIB Delhi

    The Ministry of Panchayati Raj (MoPR), in collaboration with the India Meteorological Department (IMD), Ministry of Earth Sciences (MoES), is set to launch a landmark and a transformative initiative to provide Gram Panchayats with 5 days daily weather forecasting and provision to check hourly weather forecast – Gram Panchayat-Level Weather Forecasting – on 24th October 2024 at Vigyan Bhawan, New Delhi. This initiative, aimed at empowering rural communities and enhancing disaster preparedness at the grassroots, will directly benefit farmers and villagers across the country. As part of the Government’s 100 Days Agenda, this initiative strengthens grassroots governance and promotes sustainable agricultural practices, making rural populations more climate-resilient and better equipped to tackle environmental challenges.

    This is the first time that localized weather forecasts will be available at the Gram Panchayat level, supported by IMD’s expanded sensor coverage. The forecasts will be disseminated through the Ministry’s digital platforms: e-GramSwaraj, which enables efficient governance, project tracking, and resource management; the Meri Panchayat app, which fosters community engagement by allowing citizens to interact with local representatives and report issues; and Gram Manchitra, a spatial planning tool that provides geospatial insights for development projects.

    The launch will be graced by the presence of Shri Rajiv Ranjan Singh alias Lalan Singh, Minister of Panchayati Raj, Shri (Dr.) Jitendra Singh, Minister of State (Independent Charge) for Science and Technology & Earth Sciences, and Shri Prof. S. P. Singh Baghel, Minister of State for Panchayati Raj along with Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Shri Devesh Chaturvedi, Secretary, Ministry of Agriculture & Farmers Welfare, Dr. M. Ravichandran, Secretary, Ministry of Earth Sciences, Dr. Mrutyunjay Mohapatra, DG, India Meteorological Department, Shri Alok Prem Nagar, Joint Secretary, Ministry of Panchayati Raj and other senior officials from the Ministries of Panchayati Raj, Agriculture, Rural Development, National Disaster Management Authority (NDMA), Department of Science and Technology (DST), and other key stakeholders.

    A Training Workshop on “Weather Forecasts at the Gram Panchayat Level” will be organized to mark the launch of this pioneering initiative. The workshop will be attended by more than 200 participants, including Elected Representatives of Panchayati Raj Institutions and State Panchayati Raj officials. This training session will equip Panchayat representatives and functionaries with the knowledge and skills to effectively utilize weather forecasting tools and resources at the grassroots level, empowering them to make informed decisions and enhance climate resilience in their communities.

    This endeavour, a key component of the Government’s 100 Days Agenda, is a significant stride toward boosting local-level governance and cultivating climate-resilient villages. As weather patterns become increasingly unpredictable, the introduction of weather forecasting at the Gram Panchayat level will serve as a crucial tool in safeguarding agricultural livelihoods and enhancing rural preparedness against natural disasters. Gram Panchayats will receive daily updates on temperature, rainfall, wind speed, and cloud cover, empowering them to make critical decisions in agriculture, such as planning sowing, irrigation, and harvesting activities. These tools will also strengthen disaster preparedness and infrastructure planning. Furthermore, SMS alerts will be sent to Panchayat representatives regarding extreme weather events like cyclones and heavy rainfall, ensuring immediate action to protect lives, crops, and property. This endeavour is a transformative step toward building climate-resilient communities at the grassroots level.

    ***

     

    AA

    (Release ID: 2067232) Visitor Counter : 53

    MIL OSI Asia Pacific News –

    January 24, 2025

  • MIL-OSI Video: Iraq, Gaza/UNSCO, Lebanon & other topics – Daily Press Briefing (22 Oct 2024) | United Nations

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:
    -BRICS
    -Iraq
    -Gaza/UNSCO
    -Occupied Palestinian Territory
    -Gaza/UN Development Programme
    -The UN Interim Force in Lebanon
    -Lebanon/Humanitarian
    -Yemen
    -Sudan
    -Ukraine
    -Security Council/Ukraine
    -Cuba
    -Haiti
    -Democratic Republic of the Congo

    BRICS
    I can confirm that the Secretary-General is once again attending the BRICS summit, which this year takes place in Kazan, in the Russian Federation.

    Iraq
    In a statement issued today, the Secretary-General congratulates the Kurdistan Region of Iraq and its people on the holding of parliamentary elections on 20 October, which took place in a calm and peaceful manner. He further commends the efforts of the Independent High Electoral Commission (IHEC), supported by the United Nations Assistance Mission for Iraq (UNAMI), in the preparations and conduct of these elections.
    As the Kurdistan Region of Iraq awaits the final results, the Secretary-General encourages all political leaders and segments of society to continue to maintain a peaceful atmosphere and urges political actors to resolve any electoral disputes through established legal channels and to complete the electoral process by forming an inclusive government as soon as possible. He reiterates the commitment of the United Nations to support Iraq’s efforts to consolidate democratic gains and build a prosperous future for the people of Iraq.

    Gaza/UNSCO
    Tor Wennesland, the UN Special Coordinator for the Middle East Peace Process, visited Gaza today, where he saw firsthand the continued immense destruction and profound suffering of the people.
    He said he met with UN staff and Palestinian NGOs in Gaza, whose tireless efforts are admirable. He heard directly from them about the alarming security and humanitarian situation across the Strip, particularly in northern Gaza. The challenges faced by the people of Gaza, including serious violations of international humanitarian law, are enormous, with urgent needs for food, medical supplies, and protection.
    Mr. Wennesland said that a significant increase in the entry of humanitarian assistance and an improvement in security is urgently required.  He reiterated the Secretary-General’s repeated call for an immediate ceasefire and the unconditional release of all hostages held by Hamas. He calls on all relevant parties to urgently pursue these goals.

    Gaza/UN Development Programme
    The UN Development Programme (UNDP) says that one year into the Gaza war, the humanitarian crisis has reached a catastrophic level – with unprecedented casualties, widespread destruction and severe food insecurity.
    The war has had a severe impact on critical sectors such as education, healthcare, social services, the economy and the environment, UNDP says in a new report. Educational institutions have suffered significant losses, with numerous casualties among students and educators and the widespread destruction of schools. The healthcare system is nearing collapse, facing critical shortages in medical supplies and widespread malnutrition, particularly among children.
    Economic projections indicate that the gross domestic product (GDP) of the State of Palestine contracted by 35.1 per cent in 2024 compared with a no-war scenario, with unemployment potentially rising to 49.9 per cent. By the end of 2024, the Human Development Index (HDI) in the State of Palestine may fall to 0.643, a level not seen since human development calculations began in 2004.
    Poverty in the State of Palestine is projected to rise to 74.3 per cent in 2024, affecting 4.1 million people, including 2.61 million people who are newly impoverished. The full report is online.

    Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=22+October+2024

    https://www.youtube.com/watch?v=gfpt8lR-1Oc

    MIL OSI Video –

    January 24, 2025

  • MIL-OSI: Roper Technologies announces third quarter financial results

    Source: GlobeNewswire (MIL-OSI)

    SARASOTA, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the third quarter ended September 30, 2024. The results in this press release are presented on a continuing operations basis.

    Third quarter 2024 highlights

    • Revenue increased 13% to $1.76 billion; organic revenue increased 4%
    • GAAP DEPS increased 6% to $3.40; adjusted DEPS increased 7% to $4.62
    • GAAP net earnings increased 6% to $368 million; adjusted net earnings increased 7% to $499 million
    • Adjusted EBITDA increased 10% to $717 million
    • Operating cash flow was $755 million; adjusted operating cash flow increased 17%

    “Our portfolio of market-leading technology businesses delivered another solid quarter, highlighted by 13% total revenue growth, 10% EBITDA growth, and 15% free cash flow growth,” said Neil Hunn, Roper Technologies’ President and CEO. “We are, again, increasing our full year guidance to the high end of the range, supported by our third quarter results, the continued expansion of our recurring revenue base, and improving demand for our businesses’ mission critical solutions.”

    “During the third quarter, we completed the acquisition of Transact Campus, which has been combined with our CBORD business. This acquisition adds another high-quality vertical software business to our portfolio with highly compelling value creation opportunities for our shareholders. We remain well positioned to execute our disciplined and process-driven capital deployment strategy, with significant M&A firepower and a robust pipeline of acquisition opportunities,” concluded Mr. Hunn.

    Updating 2024 guidance

    Roper now expects full year 2024 adjusted DEPS of $18.21 – $18.25, compared to previous guidance of $18.10 – $18.25. The Company increased its full year total revenue growth outlook to 13%+ and continues to expect organic revenue growth of approximately 6%.

    For the fourth quarter of 2024, the Company expects adjusted DEPS of $4.70 – $4.74.

    The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.

    Conference call to be held at 8:00 AM (ET) today

    A conference call to discuss these results has been scheduled for 8:00 AM ET on Wednesday, October 23, 2024. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 50829. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (http://www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 50829#.

    Use of non-GAAP financial information

    The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

    Minority interests

    Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as “equity investments gain, net.” Roper also holds a minority interest in Certinia, a leading provider of professional services automation software. The Company’s investment is accounted for under the equity method and its proportionate share of earnings or loss associated with this investment is reported as “equity investments gain, net.” Roper makes non-GAAP adjustments for the impacts associated with these investments.

    Table 1: Revenue and adjusted EBITDA reconciliation ($M)
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    GAAP revenue $ 1,563     $ 1,765     13 %
               
    Components of revenue growth          
    Organic         4 %
    Acquisitions         9 %
    Foreign exchange         — %
    Revenue growth         13 %
               
    Adjusted EBITDA reconciliation          
    GAAP net earnings $ 346     $ 368      
    Taxes   97       99      
    Interest expense   42       68      
    Depreciation   9       9      
    Amortization   182       197      
    EBITDA $ 676     $ 741     10 %
               
    Restructuring-related expenses associated with the
    Syntellis (’23) and Transact (’24) acquisitions    		   9       9      
    Transaction-related expenses for completed
    acquisitions    		   5       5      
    Financial impacts associated with the minority
    investments in Indicor & Certinia A    		   (34 )     (37 )    
    Gain on sale of non-operating assets   (3 )     —      
    Adjusted EBITDA $ 652     $ 717     10 %
    % of revenue   41.7 %     40.7 %   (100 bps)
                       
    Table 2: Adjusted net earnings reconciliation ($M)
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    GAAP net earnings $ 346     $ 368     6 %
    Restructuring-related expenses associated with the
    Syntellis (’23) and Transact (’24) acquisitions    		   7       7      
    Transaction-related expenses for completed
    acquisitions    		   4       4      
    Financial impacts associated with the minority
    investments in Indicor & Certinia A    		   (28 )     (29 )    
    Gain on sale of non-operating assets   (3 )     —      
    Amortization of acquisition-related intangible
    assets B    		   140       149      
    Adjusted net earnings $ 465     $ 499     7 %
               
    Table 3: Adjusted DEPS reconciliation
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    GAAP DEPS $ 3.21     $ 3.40     6 %
    Restructuring-related expenses associated with the
    Syntellis (’23) and Transact (’24) acquisitions    		   0.06       0.07      
    Transaction-related expenses for completed
    acquisitions    		   0.03       0.03      
    Financial impacts associated with the minority
    investments in Indicor & Certinia A    		   (0.26 )     (0.27 )    
    Gain on sale of non-operating assets   (0.02 )     —      
    Amortization of acquisition-related intangible
    assets B    		   1.30       1.38      
    Adjusted DEPS $ 4.32     $ 4.62     7 %
               
    Table 4: Adjusted cash flow reconciliation ($M)
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    Operating cash flow $ 631     $ 755     20 %
    Taxes paid in period related to divestiture   16       —      
    Adjusted operating cash flow $ 647     $ 755     17 %
    Capital expenditures   (13 )     (23 )    
    Capitalized software expenditures   (9 )     (13 )    
    Adjusted free cash flow $ 625     $ 719     15 %
               
    Table 5: Forecasted adjusted DEPS reconciliation
    (from continuing operations)
      Q4 2024   FY 2024
      Low end   High end   Low end   High end
    GAAP DEPS C $ 3.29   $ 3.33   $ 12.64   $ 12.68
    Restructuring-related expenses associated
    with the Transact acquisition    		   —     —     0.07     0.07
    Transaction-related expenses for
    completed acquisitions    		   —     —     0.05     0.05
    Financial impacts associated with the
    minority investments in Indicor & Certinia A    		 TBD   TBD   TBD   TBD
    Amortization of acquisition-related
    intangible assets B    		   1.41     1.41     5.45     5.45
    Adjusted DEPS $ 4.70   $ 4.74   $ 18.21   $ 18.25
                   

    Footnotes:

    A. Adjustments related to the financial impacts associated with the minority investments in Indicor & Certinia as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investments in Indicor or Certinia, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.
                       
        Q3 2023A   Q3 2024A     Q4 2024E   FY 2024E
      Pretax $ (34 )   $ (37 )     TBD   TBD
      After-tax $ (28 )   $ (29 )     TBD   TBD
      Per share $ (0.26 )   $ (0.27 )     TBD   TBD
                       
    B. Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). These adjustments are taxed at 21%.
                       
        Q3 2023A   Q3 2024A     Q4 2024E   FY 2024E
      Pretax $ 177     $ 189       $ 193   $ 745
      After-tax $ 140     $ 149       $ 153   $ 588
      Per share $ 1.30     $ 1.38       $ 1.41   $ 5.45
                       
    C. Forecasted GAAP DEPS do not include any potential impacts associated with our minority investments in Indicor or Certinia. These impacts will be excluded from all non-GAAP results in future periods.
       

    Note: Numbers may not foot due to rounding.

    About Roper Technologies

    Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at http://www.ropertech.com.

    Contact information:
    Investor Relations
    941-556-2601
    investor-relations@ropertech.com

    The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of the current inflationary environment and ongoing supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

    Roper Technologies, Inc.      
    Condensed Consolidated Balance Sheets (unaudited)    
    (Amounts in millions)      
           
      September 30, 2024   December 31, 2023
    ASSETS:      
           
    Cash and cash equivalents $ 269.6     $ 214.3  
    Accounts receivable, net   821.2       829.9  
    Inventories, net   129.0       118.6  
    Income taxes receivable   43.0       47.7  
    Unbilled receivables   130.3       106.4  
    Other current assets   199.2       164.5  
    Total current assets   1,592.3       1,481.4  
           
    Property, plant and equipment, net   132.8       119.6  
    Goodwill   19,267.2       17,118.8  
    Other intangible assets, net   9,212.7       8,212.1  
    Deferred taxes   35.9       32.2  
    Equity investments   878.6       795.7  
    Other assets   433.2       407.7  
    Total assets $ 31,552.7     $ 28,167.5  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
           
    Accounts payable $ 155.8     $ 143.0  
    Accrued compensation   248.5       250.0  
    Deferred revenue   1,671.0       1,583.8  
    Other accrued liabilities   468.4       446.5  
    Income taxes payable   47.0       40.4  
    Current portion of long-term debt, net   699.0       499.5  
    Total current liabilities   3,289.7       2,963.2  
           
    Long-term debt, net of current portion   7,677.6       5,830.6  
    Deferred taxes   1,649.9       1,513.1  
    Other liabilities   420.0       415.8  
    Total liabilities   13,037.2       10,722.7  
           
    Common stock   1.1       1.1  
    Additional paid-in capital   2,976.9       2,767.0  
    Retained earnings   15,661.4       14,816.3  
    Accumulated other comprehensive loss   (107.4 )     (122.8 )
    Treasury stock   (16.5 )     (16.8 )
    Total stockholders’ equity   18,515.5       17,444.8  
    Total liabilities and stockholders’ equity $ 31,552.7     $ 28,167.5  
           
    Roper Technologies, Inc.          
    Condensed Consolidated Statements of Earnings (unaudited)        
    (Amounts in millions, except per share data)        
                   
      Three months ended
    September 30,    		   Nine months ended
    September 30,
        2024       2023       2024       2023  
    Net revenues $ 1,764.6     $ 1,563.4     $ 5,162.1     $ 4,564.3  
    Cost of sales   542.9       467.1       1,566.1       1,382.3  
    Gross profit   1,221.7       1,096.3       3,596.0       3,182.0  
                   
    Selling, general and administrative expenses   725.1       650.2       2,123.9       1,899.6  
    Income from operations   496.6       446.1       1,472.1       1,282.4  
                   
    Interest expense, net   67.7       42.4       188.4       114.6  
    Equity investments gain, net   (37.4 )     (33.9 )     (93.6 )     (98.7 )
    Other (income) expense, net   (0.9 )     (5.0 )     0.9       0.1  
                   
    Earnings before income taxes   467.2       442.6       1,376.4       1,266.4  
                   
    Income taxes   99.3       97.0       289.4       275.5  
                   
    Net earnings from continuing operations   367.9       345.6       1,087.0       990.9  
                   
    Loss from discontinued operations, net of tax   —       (2.9 )     —       (4.1 )
    Gain on disposition of discontinued operations,
    net of tax    		   —       4.5       —       8.4  
    Net earnings from discontinued operations   —       1.6       —       4.3  
                   
    Net earnings $ 367.9     $ 347.2     $ 1,087.0     $ 995.2  
                   
    Net earnings per share from continuing
    operations:    		              
    Basic $ 3.43     $ 3.23     $ 10.15     $ 9.30  
    Diluted $ 3.40     $ 3.21     $ 10.06     $ 9.23  
                   
    Net earnings per share from discontinued
    operations:    		              
    Basic $ —     $ 0.02     $ —     $ 0.04  
    Diluted $ —     $ 0.02     $ —     $ 0.04  
                   
    Net earnings per share:              
    Basic $ 3.43     $ 3.25     $ 10.15     $ 9.34  
    Diluted $ 3.40     $ 3.23     $ 10.06     $ 9.27  
                   
    Weighted average common shares outstanding:              
    Basic   107.2       106.7       107.1       106.5  
    Diluted   108.1       107.6       108.0       107.3  
                                   
    Roper Technologies, Inc.    
    Selected Segment Financial Data (unaudited)
    (Amounts in millions; percentages of net revenues)
                                   
      Three months ended September 30,   Nine months ended September 30,
        2024       2023       2024       2023  
      Amount   %   Amount   %   Amount   %   Amount   %
    Net revenues:                              
    Application Software $ 984.4       $ 803.4       $ 2,811.4       $ 2,335.1    
    Network Software   367.1         364.1         1,102.1         1,076.7    
    Technology Enabled
    Products    		   413.1         395.9         1,248.6         1,152.5    
    Total $ 1,764.6       $ 1,563.4       $ 5,162.1       $ 4,564.3    
                                   
                                   
    Gross profit:                              
    Application Software $ 672.8   68.3 %   $ 557.7   69.4 %   $ 1,939.6   69.0 %   $ 1,609.2   68.9 %
    Network Software   311.8   84.9 %     310.7   85.3 %     935.9   84.9 %     914.0   84.9 %
    Technology Enabled
    Products    		   237.1   57.4 %     227.9   57.6 %     720.5   57.7 %     658.8   57.2 %
    Total $ 1,221.7   69.2 %   $ 1,096.3   70.1 %   $ 3,596.0   69.7 %   $ 3,182.0   69.7 %
                                   
                                   
    Operating profit*:                              
    Application Software $ 259.8   26.4 %   $ 206.9   25.8 %   $ 750.5   26.7 %   $ 601.3   25.8 %
    Network Software   166.0   45.2 %     164.4   45.2 %     492.1   44.7 %     465.0   43.2 %
    Technology Enabled
    Products    		   141.1   34.2 %     137.1   34.6 %     424.0   34.0 %     391.7   34.0 %
    Total $ 566.9   32.1 %   $ 508.4   32.5 %   $ 1,666.6   32.3 %   $ 1,458.0   31.9 %
                                   
    * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $70.3 and $62.3 for the three months ended September 30, 2024 and 2023, respectively, and $194.5 and $175.6 for the nine months ended September 30, 2024 and 2023, respectively.
     
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Amounts in millions)
      Nine months ended
    September 30,
        2024       2023  
    Cash flows from operating activities:      
    Net earnings from continuing operations $ 1,087.0     $ 990.9  
    Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:      
    Depreciation and amortization of property, plant and equipment   27.9       26.3  
    Amortization of intangible assets   573.8       532.8  
    Amortization of deferred financing costs   7.0       7.7  
    Non-cash stock compensation   112.9       99.2  
    Equity investments gain, net   (93.6 )     (98.7 )
    Income tax provision   289.4       275.5  
    Changes in operating assets and liabilities, net of acquired businesses:      
    Accounts receivable   82.8       25.8  
    Unbilled receivables   (17.1 )     (15.3 )
    Inventories   (8.3 )     (11.2 )
    Accounts payable   (7.2 )     12.1  
    Other accrued liabilities   (1.7 )     (72.0 )
    Deferred revenue   24.5       18.6  
    Cash taxes paid for gain on disposal of business   —       (16.4 )
    Cash income taxes paid, excluding tax associated with gain on disposal of
    business    		   (383.1 )     (335.6 )
    Other, net   (23.3 )     (24.0 )
    Cash provided by operating activities from continuing operations   1,671.0       1,415.7  
    Cash used in operating activities from discontinued operations   —       (2.4 )
    Cash provided by operating activities   1,671.0       1,413.3  
           
    Cash flows from (used in) investing activities:      
    Acquisitions of businesses, net of cash acquired   (3,464.1 )     (1,970.1 )
    Capital expenditures   (39.2 )     (37.8 )
    Capitalized software expenditures   (33.4 )     (28.7 )
    Distributions from equity investment   9.5       25.3  
    Other, net   (1.0 )     0.6  
    Cash used in investing activities from continuing operations   (3,528.2 )     (2,010.7 )
    Cash provided by disposition of discontinued operations   —       2.0  
    Cash used in investing activities   (3,528.2 )     (2,008.7 )
           
    Cash flows from (used in) financing activities:      
    Proceeds from senior notes   2,000.0       —  
    Payments of senior notes   (500.0 )     (700.0 )
    Borrowings under revolving line of credit, net   565.0       910.0  
    Debt issuance costs   (24.7 )     —  
    Cash dividends to stockholders   (241.1 )     (217.5 )
    Proceeds from stock-based compensation, net   88.1       99.3  
    Treasury stock sales   14.5       11.6  
    Other   (0.1 )     (0.1 )
    Cash provided by financing activities   1,901.7       103.3  
    (Continued)
           
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited) – Continued
    (Amounts in millions)
      Nine months ended
    September 30,
        2024       2023  
    Effect of exchange rate changes on cash   10.8       (1.2 )
           
    Net increase (decrease) in cash and cash equivalents   55.3       (493.3 )
           
    Cash and cash equivalents, beginning of period   214.3       792.8  
           
    Cash and cash equivalents, end of period $ 269.6     $ 299.5  
           

    The MIL Network –

    January 24, 2025

  • MIL-OSI: Stifel Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Oct. 23, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended September 30, 2024, compared with $1.0 billion a year ago. Net income available to common shareholders was $149.2 million, or $1.34 per diluted common share, compared with $58.8 million, or $0.52 per diluted common share for the third quarter of 2023. Non-GAAP net income available to common shareholders was $166.3 million, or $1.50 per diluted common share for the third quarter of 2024.

    Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “The third quarter represented our second highest quarterly net revenue, an increase of 17%, while earnings per share increased 150%. Through the first three quarters of 2024, net revenue was up 13% to a record $3.6 billion, driven by continued growth in Global Wealth, improvement in our Institutional business, and the stabilization of net interest income. Our financial results illustrate the strength of the Stifel franchise and our ability to capitalize on improving market conditions. Momentum in our business continues to build and we anticipate further upside to both the top and bottom lines in the fourth quarter and in 2025.”

    Highlights

    • The Company reported net revenues of $1.2 billion, the second best revenue quarter in its history, driven by higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income.
    • Non-GAAP net income available to common shareholders of $1.50 per diluted common share was negatively impacted by elevated provisions for legal matters of $0.10 per diluted common share (after-tax).
    • Investment banking revenues increased 66% over the year-ago quarter, driven by higher capital raising and advisory revenues.
      • Capital raising revenues increased 114% over the year-ago quarter.
      • Advisory revenues increased 41% over the year-ago quarter.
    • Record asset management revenues, up 15% over the year-ago quarter.
    • Record client assets of $496.3 billion, up 20% over the year-ago quarter.
    • Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors.
    • Non-GAAP pre-tax margin of 19.2% as the Company maintained its focus on expense discipline, while continuing to invest in the business.
    • Annualized return on tangible common equity (ROTCE) (5) of 20%.
    • Tangible book value per common share (7) of $33.62, up 12% from prior year.
    Financial Summary (Unaudited)
    (000s) 3Q 2024 3Q 2023 9m 2024 9m 2023
    GAAP Financial Highlights:      
    Net revenues $ 1,224,668   $ 1,045,051   $ 3,605,638   $ 3,202,565  
    Net income (1) $ 149,185   $ 58,840   $ 459,413   $ 332,091  
    Diluted EPS (1) $ 1.34   $ 0.52   $ 4.16   $ 2.91  
    Comp. ratio   58.6 %   58.7 %   58.8 %   58.7 %
    Non-comp. ratio   23.7 %   30.8 %   22.8 %   25.7 %
    Pre-tax margin   17.7 %   10.5 %   18.4 %   15.6 %
    Non-GAAP Financial Highlights:      
    Net revenues $ 1,225,351   $ 1,045,028   $ 3,606,330   $ 3,202,539  
    Net income (1)(2) $ 166,270   $ 67,413   $ 506,186   $ 364,937  
    Diluted EPS (1) (2) $ 1.50   $ 0.60   $ 4.58   $ 3.20  
    Comp. ratio (2)   58.0 %   58.0 %   58.0 %   58.0 %
    Non-comp. ratio (2)   22.8 %   30.2 %   22.1 %   24.9 %
    Pre-tax margin (3)   19.2 %   11.8 %   19.9 %   17.1 %
    ROCE (4)   13.7 %   5.8 %   14.4 %   10.4 %
    ROTCE (5)   19.5 %   8.5 %   20.7 %   15.1 %
    Global Wealth Management (assets and loans in millions)  
    Net revenues $ 827,116   $ 768,558   $ 2,418,751   $ 2,283,934  
    Pre-tax net income $ 301,703   $ 298,449   $ 891,624   $ 914,462  
    Total client assets $ 496,298   $ 412,458      
    Fee-based client assets $ 190,771   $ 150,982      
    Bank loans (6) $ 20,633   $ 20,435      
    Institutional Group        
    Net revenues $ 372,401   $ 256,888   $ 1,114,498   $ 867,025  
    Equity $ 222,459   $ 144,764   $ 646,570   $ 508,371  
    Fixed Income $ 149,942   $ 112,124   $ 467,928   $ 358,654  
    Pre-tax net income/ (loss) $ 41,797   ($ 27,804 ) $ 127,719   ($ 5,671 )
    Global Wealth Management
     

    Global Wealth Management reported record net revenues of $827.1 million for the three months ended September 30, 2024 compared with $768.6 million during the third quarter of 2023. Pre-tax net income was $301.7 million compared with $298.4 million in the third quarter of 2023.

    Highlights

    • Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors, with total trailing 12 month production of $10.5 million.
    • Client assets of $496.3 billion, up 20% over the year-ago quarter.
    • Fee-based client assets of $190.8 billion, up 26% over the year-ago quarter.

    Net revenues increased 8% from a year ago:

    • Transactional revenues increased 16% over the year-ago quarter reflecting an increase in client activity.
    • Asset management revenues increased 15% over the year-ago quarter due to higher asset values and net new assets.
    • Net interest income decreased 11% from the year-ago quarter driven by changes in deposit mix, partially offset by higher yields on the investment portfolio and lending growth.

    Total Expenses:

    • Compensation expense as a percent of net revenues increased to 48.7% primarily as a result of higher compensable revenues.
    • Provision for credit losses decreased from the year-ago quarter primarily as a result of lower provisions in the real estate sector compared to the year-ago quarter, partially offset by growth in the loan portfolio.
    • Non-compensation operating expenses as a percent of net revenues increased to 14.8% primarily as a result of higher litigation-related expenses, partially offset by revenue growth over the year-ago quarter.
    Summary Results of Operations
    (000s) 3Q 2024 3Q 2023
    Net revenues $ 827,116   $ 768,558  
    Transactional revenues   192,727     165,547  
    Asset management   382,309     333,088  
    Net interest income   240,825     269,431  
    Investment banking   6,217     3,895  
    Other income   5,038     (3,403 )
    Total expenses $ 525,413   $ 470,109  
    Compensation expense   403,205     359,325  
    Provision for credit losses   5,287     9,992  
    Non-comp. opex   116,921     100,792  
    Pre-tax net income $ 301,703   $ 298,449  
    Compensation ratio   48.7 %   46.8 %
    Non-compensation ratio   14.8 %   14.4 %
    Pre-tax margin   36.5 %   38.8 %
    Institutional Group
     

    Institutional Group reported net revenues of $372.4 million for the three months ended September 30, 2024 compared with $256.9 million during the third quarter of 2023. Institutional Group reported pre-tax net income of $41.8 million for the three months ended September 30, 2024 compared with pre-tax net loss of $27.8 million in the third quarter of 2023.

    Highlights

    Investment banking revenues increased 66% from a year ago:

    • Advisory revenues increased from the year-ago quarter driven by higher levels of completed advisory transactions.
    • Fixed income capital raising revenues more than doubled over the year-ago quarter primarily driven by higher bond issuances.
    • Equity capital raising revenues increased significantly over the year-ago quarter driven by higher volumes.

    Fixed income transactional revenues increased 17% from a year ago:

    • Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and volatility.

    Equity transactional revenues increased 4% from a year ago:

    • Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.

    Total Expenses:

    • Compensation expense as a percent of net revenues decreased to 60.3% primarily as a result of higher revenues.
    • Non-compensation operating expenses as a percent of net revenues decreased to 28.5% primarily as a result of revenue growth and expense discipline.
    Summary Results of Operations
    (000s) 3Q 2024 3Q 2023
    Net revenues $ 372,401   $ 256,888  
    Investment banking   236,965     142,991  
    Advisory   136,857     97,272  
    Fixed income capital raising   49,364     24,670  
    Equity capital raising   50,744     21,049  
    Fixed income transactional   78,974     67,439  
    Equity transactional   48,824     46,930  
    Other   7,638     (472 )
    Total expenses $ 330,604   $ 284,692  
    Compensation expense   224,556     192,638  
    Non-comp. opex.   106,048     92,054  
    Pre-tax net income/(loss) $ 41,797   ($ 27,804 )
    Compensation ratio   60.3 %   75.0 %
    Non-compensation ratio   28.5 %   35.8 %
    Pre-tax margin   11.2 %   (10.8 %)
    Other Matters
     

    Highlights

    • During the third quarter, the Company’s 4.25% Senior Notes matured resulting in the retirement of the $500.0 million outstanding balance.
    • The Company repurchased $20.2 million of its outstanding common stock during the third quarter.
    • Weighted average diluted shares outstanding decreased primarily as a result of share repurchases. The Company has repurchased 3.7 million shares under its share repurchase program since the third quarter of 2023.
    • The Board of Directors declared a $0.42 quarterly dividend per share payable on September 17, 2024 to common shareholders of record on September 3, 2024.
    • The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on September 17, 2024 to shareholders of record on September 3, 2024.
      3Q 2024 3Q 2023
    Common stock repurchases    
    Repurchases (000s) $20,222 $118,810
    Number of shares (000s) 249 1,886
    Average price $81.23 $63.00
    Period end shares (000s) 102,313 103,120
    Weighted average diluted shares outstanding (000s) 110,994 113,195
    Effective tax rate 26.8% 37.7%
    Stifel Financial Corp. (8)    
    Tier 1 common capital ratio 15.0% 13.9%
    Tier 1 risk based capital ratio 17.9% 16.9%
    Tier 1 leverage capital ratio 11.3% 10.8%
    Tier 1 capital (MM) $4,159 $3,914
    Risk weighted assets (MM) $23,184 $23,219
    Average assets (MM) $36,813 $36,356
    Quarter end assets (MM) $38,935 $37,878
    Agency Rating Outlook
    Fitch Ratings BBB+ Stable
    S&P Global Ratings BBB Stable
     

    Conference Call Information

    Stifel Financial Corp. will host its third quarter 2024 financial results conference call on Wednesday, October 23, 2024, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

    All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, http://www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

    Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire & Co., LLC business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at http://www.stifel.com. For global disclosures, please visit http://www.stifel.com/investor-relations/press-releases.

    A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at http://www.stifel.com/investor-relations.

    The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at http://www.stifel.com/investor-relations.

    Cautionary Note Regarding Forward-Looking Statements

    This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

    Summary Results of Operations (Unaudited)
     
      Three Months Ended   Nine Months Ended
    (000s, except per share amounts) 9/30/2024 9/30/2023 % Change 6/30/2024 % Change 9/30/2024 9/30/2023 % Change
    Revenues:                
    Commissions $ 183,445 $ 165,075 11.1   $ 183,317 0.1   $ 552,238 $ 499,983   10.5  
    Principal transactions   137,089   114,841 19.4     153,574 (10.7 )   429,677   336,063   27.9  
    Investment banking   243,182   146,887 65.6     233,281 4.2     690,412   525,591   31.4  
    Asset management   382,616   333,127 14.9     380,757 0.5     1,130,849   968,960   16.7  
    Other income   18,705   459 nm     16,180 15.6     39,835   (940 ) nm  
    Operating revenues   965,037   760,389 26.9     967,109 (0.2 )   2,843,011   2,329,657   22.0  
    Interest revenue   510,823   505,198 1.1     498,152 2.5     1,515,803   1,439,532   5.3  
    Total revenues   1,475,860   1,265,587 16.6     1,465,261 0.7     4,358,814   3,769,189   15.6  
    Interest expense   251,192   220,536 13.9     247,329 1.6     753,176   566,624   32.9  
    Net revenues   1,224,668   1,045,051 17.2     1,217,932 0.6     3,605,638   3,202,565   12.6  
    Non-interest expenses:                
    Compensation and benefits   718,065   613,287 17.1     722,719 (0.6 )   2,120,479   1,880,144   12.8  
    Non-compensation operating expenses   289,945   322,335 (10.0 )   268,319 8.1     822,916   821,724   0.1  
    Total non-interest expenses   1,008,010   935,622 7.7     991,038 1.7     2,943,395   2,701,868   8.9  
    Income before income taxes   216,658   109,429 98.0     226,894 (4.5 )   662,243   500,697   32.3  
    Provision for income taxes   58,153   41,268 40.9     61,600 (5.6 )   174,869   140,645   24.3  
    Net income   158,505   68,161 132.5     165,294 (4.1 )   487,374   360,052   35.4  
    Preferred dividends   9,320   9,321 (0.0 )   9,321 (0.0 )   27,961   27,961   0.0  
    Net income available to common shareholders $ 149,185 $ 58,840 153.5   $ 155,973 (4.4 ) $ 459,413 $ 332,091   38.3  
    Earnings per common share:                
    Basic $ 1.43 $ 0.55 160.0   $ 1.50 (4.7 ) $ 4.41 $ 3.09   42.7  
    Diluted $ 1.34 $ 0.52 157.7   $ 1.41 (5.0 ) $ 4.16 $ 2.91   43.0  
    Cash dividends declared per common share $ 0.42 $ 0.36 16.7   $ 0.42 0.0   $ 1.26 $ 1.08   16.7  
    Weighted average number of common shares outstanding:          
    Basic   103,966   106,068 (2.0 )   104,150 (0.2 )   104,135   107,580   (3.2 )
    Diluted   110,994   113,195 (1.9 )   110,285 0.6     110,457   114,170   (3.3 )
    Non-GAAP Financial Measures (9)
     
      Three Months Ended Nine Months Ended
    (000s, except per share amounts) 9/30/2024 9/30/2023 9/30/2024 9/30/2023
    GAAP net income $ 158,505   $ 68,161   $ 487,374   $ 360,052  
    Preferred dividend   9,320     9,321     27,961     27,961  
    Net income available to common shareholders   149,185     58,840     459,413     332,091  
             
    Non-GAAP adjustments:        
    Merger-related (10)   17,950     13,771     43,925     46,301  
    Restructuring and severance (11)   1,261     —     11,222     —  
    Provision for income taxes (12)   (2,126 )   (5,198 )   (8,374 )   (13,455 )
    Total non-GAAP adjustments   17,085     8,573     46,773     32,846  
    Non-GAAP net income available to common shareholders $ 166,270   $ 67,413   $ 506,186   $ 364,937  
             
    Weighted average diluted shares outstanding   110,994     113,195     110,457     114,170  
             
    GAAP earnings per diluted common share $ 1.42   $ 0.60   $ 4.42   $ 3.15  
    Non-GAAP adjustments   0.16     0.08     0.42     0.29  
    Non-GAAP earnings per diluted common share $ 1.58   $ 0.68   $ 4.84   $ 3.44  
             
    GAAP earnings per diluted common share available to common shareholders $ 1.34   $ 0.52   $ 4.16   $ 2.91  
    Non-GAAP adjustments   0.16     0.08     0.42     0.29  
    Non-GAAP earnings per diluted common share available to common shareholders $ 1.50   $ 0.60   $ 4.58   $ 3.20  
    GAAP to Non-GAAP Reconciliation (9)
     
      Three Months Ended Nine Months Ended
    (000s) 9/30/2024 9/30/2023 9/30/2024 9/30/2023
    GAAP compensation and benefits $ 718,065   $ 613,287   $ 2,120,479   $ 1,880,144  
    As a percentage of net revenues   58.6 %   58.7 %   58.8 %   58.7 %
    Non-GAAP adjustments:        
    Merger-related (10)   (6,101 )   (7,171 )   (17,398 )   (22,947 )
    Restructuring and severance (11)   (1,261 )   —     (11,222 )   —  
    Total non-GAAP adjustments   (7,362 )   (7,171 )   (28,620 )   (22,947 )
    Non-GAAP compensation and benefits $ 710,703   $ 606,116   $ 2,091,859   $ 1,857,197  
    As a percentage of non-GAAP net revenues   58.0 %   58.0 %   58.0 %   58.0 %
             
    GAAP non-compensation expenses $ 289,945   $ 322,335   $ 822,916   $ 821,724  
    As a percentage of net revenues   23.7 %   30.8 %   22.8 %   25.7 %
    Non-GAAP adjustments:        
    Merger-related (10)   (11,166 )   (6,623 )   (25,835 )   (23,380 )
    Non-GAAP non-compensation expenses $ 278,779   $ 315,712   $ 797,081   $ 798,344  
    As a percentage of non-GAAP net revenues   22.8 %   30.2 %   22.1 %   24.9 %
    Total adjustments $ 19,211   $ 13,771   $ 55,147   $ 46,301  
    Footnotes
     
    (1) Represents available to common shareholders.
    (2) Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (3) Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (4) Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
    (5) Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $77.9 million and $67.4 million as of September 30, 2024 and 2023, respectively.
    (6) Includes loans held for sale.
    (7) Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.
    (8) Capital ratios are estimates at time of the Company’s earnings release, October 23, 2024.
    (9) The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
    (10) Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
    (11) The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
    (12) Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

    Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271-3610 | http://www.stifel.com/investor-relations

    The MIL Network –

    January 24, 2025

  • MIL-OSI: United Community Banks, Inc. Reports Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C. , Oct. 23, 2024 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the 2024 third quarter of $47.3 million and pre-tax, pre-provision income of $74.2 million. The result included the previously announced strategic decision to sell $318 million in manufactured housing loans, which negatively impacted the quarter by $21.4 million after-tax, or $0.18 per share. Diluted earnings per share of $0.38 for the quarter represented a decrease of $0.01, or 3%, from the third quarter a year ago and a decrease of $0.16, or 30%, from the second quarter of 2024.

    On an operating basis, United’s diluted earnings per share of $0.57 was up 27% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and a lower provision for credit losses. The $0.57 result includes a $9.9 million Hurricane Helene related loan loss provision to increase the reserve on $383 million of loans in nine North Carolina counties impacted by the hurricane to 3.5% of loans.

    United’s return on assets was 0.67%, or 1.01% on an operating basis. Return on common equity was 5.20% and return on tangible common equity on an operating basis was 11.17%. On a pre-tax, pre-provision basis, operating return on assets was 1.50% for the quarter. At quarter-end, tangible common equity to tangible assets was 8.93%, up 15 basis points from the second quarter of 2024.

    Chairman and CEO Lynn Harton stated, “We continue to focus on growth and the third quarter saw the return of modest loan and strong deposit growth. Excluding the sale of our manufactured housing portfolio, announced in early September, loan balances were up 1.5% annualized. Customer deposits, which exclude brokered deposits, were up $262 million, or 5% annualized. Our balance sheet remains highly liquid and our internal capital generation rate is running well in excess of our current capital needs. We maintained robust capital ratios with our preliminary CET1 moving to 13.1% and we opportunistically redeemed $8 million of relatively expensive Trust Preferred securities. The increase in liquidity and capital place us in a great position to take advantage of growth opportunities as we move into 2025.”

    Mr. Harton continued, “We elected to sell our manufactured housing loan book, a business that was part of our Reliant Bancorp, Inc. acquisition in January of 2022, as a natural conclusion of our exit from the business, as we ceased originating loans in the third quarter of 2023. The transaction reduces our risk profile and allows us to allocate capital to other growth opportunities.”

    United’s net interest margin decreased four basis points to 3.33% from the second quarter. The average yield on United’s interest-earning assets was down four basis points to 5.55%, while its cost of interest-bearing liabilities decreased two basis points, leading to the four-basis point reduction in net interest margin. Net charge-offs were $23.7 million, or 0.52% of average loans, during the quarter, up 26 basis points compared to the second quarter of 2024 due to transaction-related losses resulting from the sale of our manufactured housing portfolio. NPAs were 42 basis points relative to total assets, down one basis point from the second quarter.

    Mr. Harton concluded, “We are pleased with our operating performance this quarter, but we were also reminded this quarter of the importance of community. Many of our employees, customers, and communities have been impacted by the recent hurricanes. We are actively involved in the recovery process through volunteer hours and financial support and will be ready to lead the rebuilding process, when and as needed. Many thanks to our employees throughout the company that have responded, in sometimes heroic ways, to support each other and our customers.”

    Third Quarter 2024 Financial Highlights:

    • Net income of $47.3 million and pre-tax, pre-provision income of $74.2 million
    • EPS down 3% compared to third quarter 2023 on a GAAP basis and up 27% on an operating basis; compared to second quarter 2024, EPS down 30% on a GAAP basis and down 2% on an operating basis
    • The GAAP results were impacted by the decision to sell the manufactured housing loan book at a $21.4 million after-tax loss, or $0.18, approximately one year after making the strategic decision to cease originations
    • Return on assets of 0.67%, or 1.01% on an operating basis
    • Pre-tax, pre-provision return on assets of 1.50% on an operating basis
    • Return on common equity of 5.20%
    • Return on tangible common equity of 11.17% on an operating basis
    • A provision for credit losses of $14.4 million, which includes $9.9 million to establish a special reserve for expected credit losses from Hurricane Helene
    • Net charge-offs of $23.7 million, or 52 basis points as a percent of average loans, which included $11.0 million, or 24 basis points, of transaction-related losses from the sale of our manufactured housing portfolio
    • Nonperforming assets of 0.42% of total assets, down one basis point compared to June 30, 2024
    • Loan production of $1.2 billion
    • Customer deposits were up $262 million from the second quarter, with most of the growth in NOW and money market deposits
    • Net interest margin of 3.33% decreased by four basis points from the second quarter mostly due to lower purchased loan accretion, the sale of our manufactured housing portfolio, and changing composition of our earning assets and interest-bearing liabilities
    • Mortgage closings of $239 million compared to $211 million a year ago; mortgage rate locks of $306 million compared to $304 million a year ago
    • Noninterest income was down $28.5 million on a linked quarter basis with $27.2 million due to losses from the sale of manufactured housing loans. The remaining decrease was primarily driven by the mark on our mortgage servicing rights asset.
    • Noninterest expenses decreased by $4.0 million compared to the second quarter on a GAAP basis and were up $0.3 million on an operating basis
    • Efficiency ratio of 65.5%, or 57.4% on an operating basis
    • Maintained robust capital ratios with preliminary CET1 increasing to 13.1% and opportunistically redeemed $8 million of relatively expensive Trust Preferred securities
    • Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

    Conference Call
    United will hold a conference call on Wednesday, October 23, 2024 at 11 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10193157/fd9f74293a. Those without internet access or unable to pre-register may dial in by calling 1-866-777-2509. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company’s website, http://www.ucbi.com.

    UNITED COMMUNITY BANKS, INC.
    Selected Financial Information
    (In thousands, except per share data)
      2024   2023     Third
    Quarter
    2024-
    2023
    Change    		     For the Nine Months
    Ended September 30,    		      YTD
    2024-
    2023
    Change    		  
        Third
    Quarter    		       Second
    Quarter    		       First
    Quarter    		       Fourth
    Quarter    		       Third
    Quarter    		         2024       2023    
    INCOME SUMMARY                                                        
    Interest revenue $ 349,086     $ 346,965     $ 336,728     $ 338,698     $ 323,147             $ 1,032,779     $ 898,409          
    Interest expense 139,900     138,265     137,579     135,245     120,591             415,744     284,097          
    Net interest revenue 209,186     208,700     199,149     203,453     202,556       3 %   617,035     614,312       — %
    Provision for credit losses 14,428     12,235     12,899     14,626     30,268             39,562     74,804          
    Noninterest income 8,091     36,556     39,587     (23,090 )   31,977       (75 )   84,234     98,573       (15 )
    Total revenue 202,849     233,021     225,837     165,737     204,265       (1 )   661,707     638,081       4  
    Noninterest expenses 143,065     147,044     145,002     154,587     144,474       (1 )   435,111     416,686       4  
    Income before income tax expense 59,784     85,977     80,835     11,150     59,791       —     226,596     221,395       2  
    Income tax expense 12,437     19,362     18,204     (2,940 )   11,925       4     50,003     47,941       4  
    Net income 47,347     66,615     62,631     14,090     47,866       (1 )   176,593     173,454       2  
    Non-operating items 29,385     6,493     2,187     67,450     9,168             38,065     21,444          
    Income tax benefit of non-operating items (6,276 )   (1,462 )   (493 )   (16,714 )   (2,000 )           (8,231 )   (4,775 )        
    Net income – operating(1) $ 70,456     $ 71,646     $ 64,325     $ 64,826     $ 55,034       28     $ 206,427     $ 190,123       9  
    Pre-tax pre-provision income(5) $ 74,212     $ 98,212     $ 93,734     $ 25,776     $ 90,059       (18 )   $ 266,158     $ 296,199       (10 )
    PERFORMANCE MEASURES                                                        
    Per common share:                                                        
    Diluted net income – GAAP $ 0.38     $ 0.54     $ 0.51     $ 0.11     $ 0.39       (3 )   $ 1.43     $ 1.44       (1 )
    Diluted net income – operating(1) 0.57     0.58     0.52     0.53     0.45       27     1.67     1.58       6  
    Cash dividends declared 0.24     0.23     0.23     0.23     0.23       4     0.70     0.69       1  
    Book value 27.68     27.18     26.83     26.52     25.87       7     27.68     25.87       7  
    Tangible book value(3) 19.66     19.13     18.71     18.39     17.70       11     19.66     17.70       11  
    Key performance ratios:                                                        
    Return on common equity – GAAP(2)(4) 5.20 %   7.53 %   7.14 %   1.44 %   5.32 %           6.61 %   6.69 %        
    Return on common equity – operating(1)(2)(4) 7.82     8.12     7.34     7.27     6.14             7.76     7.35          
    Return on tangible common equity – operating(1)(2)(3)(4) 11.17     11.68     10.68     10.58     9.03             11.18     10.65          
    Return on assets – GAAP(4) 0.67     0.97     0.90     0.18     0.68             0.85     0.86          
    Return on assets – operating(1)(4) 1.01     1.04     0.93     0.92     0.79             0.99     0.95          
    Return on assets – pre-tax pre-provision – operating(1)(4)(5) 1.50     1.54     1.40     1.33     1.44             1.48     1.60          
    Net interest margin (fully taxable equivalent)(4) 3.33     3.37     3.20     3.19     3.24             3.30     3.41          
    Efficiency ratio – GAAP 65.51     59.70     60.47     66.33     61.32             61.76     58.06          
    Efficiency ratio – operating(1) 57.37     57.06     59.15     59.57     57.43             57.84     55.07          
    Equity to total assets 12.45     12.35     12.06     11.95     11.85             12.45     11.85          
    Tangible common equity to tangible assets(3) 8.93     8.78     8.49     8.36     8.18             8.93     8.18          
    ASSET QUALITY                                                        
    Nonperforming assets (“NPAs”) $ 114,960     $ 116,722     $ 107,230     $ 92,877     $ 90,883       26     $ 114,960     $ 90,883       26  
    Allowance for credit losses – loans 205,290     213,022     210,934     208,071     201,557       2     205,290     201,557       2  
    Allowance for credit losses – total 215,517     224,740     224,119     224,128     219,624       (2 )   215,517     219,624       (2 )
    Net charge-offs 23,651     11,614     12,908     10,122     26,638             48,173     42,121          
    Allowance for credit losses – loans to loans 1.14 %   1.17 %   1.15 %   1.14 %   1.11 %           1.14 %   1.11 %        
    Allowance for credit losses – total to loans 1.20     1.23     1.22     1.22     1.21             1.20     1.21          
    Net charge-offs to average loans(4) 0.52     0.26     0.28     0.22     0.59             0.35     0.32          
    NPAs to total assets 0.42     0.43     0.39     0.34     0.34             0.42     0.34          
    AT PERIOD END ($ in millions)                                                        
    Loans $ 17,964     $ 18,211     $ 18,375     $ 18,319     $ 18,203       (1 )   $ 17,964     $ 18,203       (1 )
    Investment securities 6,425     6,038     5,859     5,822     5,701       13     6,425     5,701       13  
    Total assets 27,373     27,057     27,365     27,297     26,869       2     27,373     26,869       2  
    Deposits 23,253     22,982     23,332     23,311     22,858       2     23,253     22,858       2  
    Shareholders’ equity 3,407     3,343     3,300     3,262     3,184       7     3,407     3,184       7  
    Common shares outstanding (thousands) 119,283     119,175     119,137     119,010     118,976       —     119,283     118,976       —  

    (1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.

    UNITED COMMUNITY BANKS, INC.
    Non-GAAP Performance Measures Reconciliation
    (in thousands, except per share data)
      2024   2023   For the Nine Months Ended
    September 30,
        Third
    Quarter    		       Second
    Quarter    		       First
    Quarter    		       Fourth
    Quarter    		       Third
    Quarter    		       2024       2023  
                                             
    Noninterest income reconciliation                                        
    Noninterest income (GAAP) $ 8,091     $ 36,556     $ 39,587     $ (23,090 )   $ 31,977     $ 84,234     $ 98,573  
    Loss on sale of manufactured housing loans 27,209     —     —     —     —     27,209     —  
    Gain on lease termination —     —     (2,400 )   —     —     (2,400 )   —  
    Bond portfolio restructuring loss —     —     —     51,689     —     —     —  
    Noninterest income – operating $ 35,300     $ 36,556     $ 37,187     $ 28,599     $ 31,977     $ 109,043     $ 98,573  
                                             
    Noninterest expense reconciliation                                        
    Noninterest expenses (GAAP) $ 143,065     $ 147,044     $ 145,002     $ 154,587     $ 144,474     $ 435,111     $ 416,686  
    Loss on FinTrust (goodwill impairment) —     (5,100 )   —     —     —     (5,100 )   —  
    FDIC special assessment —     764     (2,500 )   (9,995 )   —     (1,736 )   —  
    Merger-related and other charges (2,176 )   (2,157 )   (2,087 )   (5,766 )   (9,168 )   (6,420 )   (21,444 )
    Noninterest expenses – operating $ 140,889     $ 140,551     $ 140,415     $ 138,826     $ 135,306     $ 421,855     $ 395,242  
                                             
    Net income to operating income reconciliation                                        
    Net income (GAAP) $ 47,347     $ 66,615     $ 62,631     $ 14,090     $ 47,866     $ 176,593     $ 173,454  
    Loss on sale of manufactured housing loans 27,209     —     —     —     —     27,209     —  
    Bond portfolio restructuring loss —     —     —     51,689     —     —     —  
    Gain on lease termination —     —     (2,400 )   —     —     (2,400 )   —  
    Loss on FinTrust (goodwill impairment) —     5,100     —     —     —     5,100     —  
    FDIC special assessment —     (764 )   2,500     9,995     —     1,736     —  
    Merger-related and other charges 2,176     2,157     2,087     5,766     9,168     6,420     21,444  
    Income tax benefit of non-operating items (6,276 )   (1,462 )   (493 )   (16,714 )   (2,000 )   (8,231 )   (4,775 )
    Net income – operating $ 70,456     $ 71,646     $ 64,325     $ 64,826     $ 55,034     $ 206,427     $ 190,123  
                                             
    Net income to pre-tax pre-provision income reconciliation                                        
    Net income (GAAP) $ 47,347     $ 66,615     $ 62,631     $ 14,090     $ 47,866     $ 176,593     $ 173,454  
    Income tax expense 12,437     19,362     18,204     (2,940 )   11,925     50,003     47,941  
    Provision for credit losses 14,428     12,235     12,899     14,626     30,268     39,562     74,804  
    Pre-tax pre-provision income $ 74,212     $ 98,212     $ 93,734     $ 25,776     $ 90,059     $ 266,158     $ 296,199  
                                             
    Diluted income per common share reconciliation                                        
    Diluted income per common share (GAAP) $ 0.38     $ 0.54     $ 0.51     $ 0.11     $ 0.39     $ 1.43     $ 1.44  
    Loss on sale of manufactured housing loans 0.18     —     —     —     —     0.18     —  
    Bond portfolio restructuring loss —     —     —     0.32     —     —     —  
    Gain on lease termination —     —     (0.02 )   —     —     (0.02 )   —  
    Loss on FinTrust (goodwill impairment) —     0.03     —     —     —     0.03     —  
    FDIC special assessment —     —     0.02     0.06     —     0.01     —  
    Merger-related and other charges 0.01     0.01     0.01     0.04     0.06     0.04     0.14  
    Diluted income per common share – operating $ 0.57     $ 0.58     $ 0.52     $ 0.53     $ 0.45     $ 1.67     $ 1.58  
                                             
    Book value per common share reconciliation                                        
    Book value per common share (GAAP) $ 27.68     $ 27.18     $ 26.83     $ 26.52     $ 25.87     $ 27.68     $ 25.87  
    Effect of goodwill and other intangibles (8.02 )   (8.05 )   (8.12 )   (8.13 )   (8.17 )   (8.02 )   (8.17 )
    Tangible book value per common share $ 19.66     $ 19.13     $ 18.71     $ 18.39     $ 17.70     $ 19.66     $ 17.70  
                                             
    Return on tangible common equity reconciliation                                        
    Return on common equity (GAAP) 5.20 %   7.53 %   7.14 %   1.44 %   5.32 %   6.61 %   6.69 %
    Loss on sale of manufactured housing loans 2.43     —     —     —     —     0.82     —  
    Bond portfolio restructuring loss —     —     —     4.47     —     —     —  
    Gain on lease termination —     —     (0.22 )   —     —     (0.07 )   —  
    Loss on FinTrust (goodwill impairment) —     0.46     —     —     —     0.16     —  
    FDIC special assessment —     (0.07 )   0.23     0.86     —     0.05     —  
    Merger-related and other charges 0.19     0.20     0.19     0.50     0.82     0.19     0.66  
    Return on common equity – operating 7.82     8.12     7.34     7.27     6.14     7.76     7.35  
    Effect of goodwill and other intangibles 3.35     3.56     3.34     3.31     2.89     3.42     3.30  
    Return on tangible common equity – operating 11.17 %   11.68 %   10.68 %   10.58 %   9.03 %   11.18 %   10.65 %
                                             
    Return on assets reconciliation                                        
    Return on assets (GAAP) 0.67 %   0.97 %   0.90 %   0.18 %   0.68 %   0.85 %   0.86 %
    Loss on sale of manufactured housing loans 0.31     —     —     —     —     0.10     —  
    Bond portfolio restructuring loss —     —     —     0.57     —     —     —  
    Gain on lease termination —     —     (0.03 )   —     —     (0.01 )   —  
    Loss on FinTrust (goodwill impairment) —     0.06     —     —     —     0.02     —  
    FDIC special assessment —     (0.01 )   0.03     0.11     —     0.01     —  
    Merger-related and other charges 0.03     0.02     0.03     0.06     0.11     0.02     0.09  
    Return on assets – operating 1.01 %   1.04 %   0.93 %   0.92 %   0.79 %   0.99 %   0.95 %
                                             
    Return on assets to return on assets- pre-tax pre-provision reconciliation                                        
    Return on assets (GAAP) 0.67 %   0.97 %   0.90 %   0.18 %   0.68 %   0.85 %   0.86 %
    Income tax (benefit) expense 0.19     0.29     0.27     (0.04 )   0.18     0.25     0.25  
    Provision for credit losses 0.21     0.18     0.19     0.21     0.45     0.19     0.38  
    Loss on sale of manufactured housing loans 0.40     —     —     —     —     0.13     —  
    Bond portfolio restructuring loss —     —     —     0.75     —     —     —  
    Gain on lease termination —     —     (0.04 )   —     —     (0.01 )   —  
    Loss on FinTrust (goodwill impairment) —     0.08     —     —     —     0.03     —  
    FDIC special assessment —     (0.01 )   0.04     0.15     —     0.01     —  
    Merger-related and other charges 0.03     0.03     0.04     0.08     0.13     0.03     0.11  
    Return on assets – pre-tax pre-provision – operating 1.50 %   1.54 %   1.40 %   1.33 %   1.44 %   1.48 %   1.60 %
                                             
    Efficiency ratio reconciliation                                        
    Efficiency ratio (GAAP) 65.51 %   59.70 %   60.47 %   66.33 %   61.32 %   61.76 %   58.06 %
    Loss on sale of manufactured housing loans (7.15 )   —     —     —     —     (2.25 )   —  
    Gain on lease termination —     —     0.60     —     —     0.21     —  
    Loss on FinTrust (goodwill impairment) —     (2.07 )   —     —     —     (0.73 )   —  
    FDIC special assessment —     0.31     (1.05 )   (4.29 )   —     (0.24 )   —  
    Merger-related and other charges (0.99 )   (0.88 )   (0.87 )   (2.47 )   (3.89 )   (0.91 )   (2.99 )
    Efficiency ratio – operating 57.37 %   57.06 %   59.15 %   59.57 %   57.43 %   57.84 %   55.07 %
                                             
    Tangible common equity to tangible assets reconciliation                                        
    Equity to total assets (GAAP) 12.45 %   12.35 %   12.06 %   11.95 %   11.85 %   12.45 %   11.85 %
    Effect of goodwill and other intangibles (3.20 )   (3.24 )   (3.25 )   (3.27 )   (3.33 )   (3.20 )   (3.33 )
    Effect of preferred equity (0.32 )   (0.33 )   (0.32 )   (0.32 )   (0.34 )   (0.32 )   (0.34 )
    Tangible common equity to tangible assets 8.93 %   8.78 %   8.49 %   8.36 %   8.18 %   8.93 %   8.18 %
    UNITED COMMUNITY BANKS, INC.
    Loan Portfolio Composition at Period-End
      2024   2023    
    Linked
    Quarter
    Change    		      
    Year over
    Year
    Change    		  
     (in millions)   Third
    Quarter    		       Second
    Quarter    		       First
    Quarter    		       Fourth
    Quarter    		       Third
    Quarter    		      
    LOANS BY CATEGORY                                
    Owner occupied commercial RE $ 3,323     $ 3,297     $ 3,310     $ 3,264     $ 3,279     $ 26     $ 44  
    Income producing commercial RE   4,259       4,058       4,206       4,264       4,130     201     129  
    Commercial & industrial   2,313       2,299       2,405       2,411       2,504     14     (191 )
    Commercial construction   1,785       2,014       1,936       1,860       1,850     (229 )   (65 )
    Equipment financing   1,603       1,581       1,544       1,541       1,534     22     69  
    Total commercial   13,283       13,249       13,401       13,340       13,297     34     (14 )
    Residential mortgage   3,263       3,266       3,240       3,199       3,043     (3 )   220  
    Home equity   1,015       985       969       959       941     30     74  
    Residential construction   189       211       257       302       399     (22 )   (210 )
    Manufactured housing   2       321       328       336       343     (319 )   (341 )
    Consumer   188       183       180       181       180     5     8  
    Other   24       (4 )     —       2     —       28     24  
    Total loans $ 17,964     $ 18,211     $ 18,375     $ 18,319     $ 18,203     $ (247 )   $ (239 )
                                                       
    LOANS BY MARKET                                                  
    Georgia $ 4,470     $ 4,411     $ 4,356     $ 4,357     $ 4,321     $ 59     $ 149  
    South Carolina   2,782       2,779       2,804       2,780       2,801     3     (19 )
    North Carolina   2,586       2,591       2,566       2,492       2,445     (5 )   141  
    Tennessee   1,848       2,144       2,209       2,244       2,314     (296 )   (466 )
    Florida   2,423       2,407       2,443       2,442       2,318     16     105  
    Alabama   996       1,021       1,068       1,082       1,070     (25 )   (74 )
    Commercial Banking Solutions   2,859       2,858       2,929       2,922       2,934     1     (75 )
    Total loans $ 17,964     $ 18,211     $ 18,375     $ 18,319     $ 18,203     $ (247 )   $ (239 )
    UNITED COMMUNITY BANKS, INC.                                    
    Credit Quality                                    
    (in thousands)                                    
          2024                        
        Third
    Quarter    		   Second
    Quarter    		   First
    Quarter    		                        
    NONACCRUAL LOANS                                    
    Owner occupied RE   $ 7,783     $ 4,820     $ 2,310                          
    Income producing RE     31,222       34,285       29,186                          
    Commercial & industrial     28,856       17,335       20,134                          
    Commercial construction     7,356       6,854       1,862                          
    Equipment financing     9,123       8,341       8,829                          
    Total commercial     84,340       71,635       62,321                          
    Residential mortgage     21,851       18,473       16,569                          
    Home equity     4,111       3,779       4,984                          
    Residential construction     118       163       1,244                          
    Manufactured housing     1,808       20,356       19,797                          
    Consumer     152       72       54                          
    Total nonaccrual loans     112,380       114,478       104,969                          
    OREO and repossessed assets     2,580       2,244       2,261                          
    Total NPAs   $ 114,960     $ 116,722     $ 107,230                          
          2024  
        Third Quarter   Second Quarter   First Quarter
    (in thousands)   Net Charge-
    Offs    		     Net Charge-
    Offs to
    Average Loans    (1)    		     Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans    (1)    		   Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans    (1)
    NET CHARGE-OFFS (RECOVERIES) BY CATEGORY                            
    Owner occupied RE   $ (184 )     (0.02 )%   $ 163       0.02 %   $ 202       0.02 %
    Income producing RE     1,409       0.13       2,968       0.29       205       0.02  
    Commercial & industrial     4,577       0.79       1,281       0.22       3,906       0.65  
    Commercial construction     36       0.01       (48 )     (0.01 )     20       —  
    Equipment financing     5,268       1.32       5,502       1.42       6,362       1.66  
    Total commercial     11,106       0.33       9,866       0.30       10,695       0.32  
    Residential mortgage     32       —       (107 )     (0.01 )     (16 )     —  
    Home equity     36       0.01       (27 )     (0.01 )     (54 )     (0.02 )
    Residential construction     111       0.22       26       0.04       119       0.17  
    Manufactured housing     11,556       28.51       1,150       1.43       1,569       1.90  
    Consumer     810       1.74       706       1.57       595       1.33  
    Total   $ 23,651       0.52     $ 11,614       0.26     $ 12,908       0.28  
                                 
    (1)Annualized.                            
    UNITED COMMUNITY BANKS, INC.
    Consolidated Balance Sheets (Unaudited)
    (in thousands, except share and per share data)   September 30,
    2024    		   December 31,
    2023
    ASSETS        
    Cash and due from banks   $ 202,644     $ 200,781  
    Interest-bearing deposits in banks     537,395       803,094  
    Cash and cash equivalents     740,039       1,003,875  
    Debt securities available-for-sale     4,023,455       3,331,084  
    Debt securities held-to-maturity (fair value $2,060,729 and $2,095,620, respectively)     2,401,877       2,490,848  
    Loans held for sale     49,800       33,008  
    Loans and leases held for investment     17,964,099       18,318,755  
    Allowance for credit losses – loans and leases     (205,290 )     (208,071 )
    Loans and leases, net     17,758,809       18,110,684  
    Premises and equipment, net     396,696       378,421  
    Bank owned life insurance     345,703       345,371  
    Goodwill and other intangible assets, net     975,117       990,087  
    Other assets     681,636       613,873  
    Total assets   $ 27,373,132     $ 27,297,251  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Liabilities:        
    Deposits:        
    Noninterest-bearing demand   $ 6,222,518     $ 6,534,307  
    NOW and interest-bearing demand     5,951,900       6,155,193  
    Money market     6,301,956       5,600,587  
    Savings     1,113,168       1,207,807  
    Time     3,490,399       3,649,498  
    Brokered     173,161       163,219  
    Total deposits     23,253,102       23,310,611  
    Long-term debt     316,363       324,823  
    Accrued expenses and other liabilities     396,987       400,292  
    Total liabilities     23,966,452       24,035,726  
    Shareholders’ equity:        
    Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and
    outstanding; $25,000 per share liquidation preference    		     88,266       88,266  
    Common stock, $1 par value; 200,000,000 shares authorized,
    119,282,762 and 119,010,319 shares issued and outstanding, respectively    		     119,283       119,010  
    Common stock issuable; 588,296 and 620,108 shares, respectively     12,661       13,110  
    Capital surplus     2,707,266       2,699,112  
    Retained earnings     668,965       581,219  
    Accumulated other comprehensive loss     (189,761 )     (239,192 )
    Total shareholders’ equity     3,406,680       3,261,525  
    Total liabilities and shareholders’ equity   $ 27,373,132     $ 27,297,251  
    UNITED COMMUNITY BANKS, INC.
    Consolidated Statements of Income (Unaudited)
        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (in thousands, except per share data)     2024       2023       2024       2023  
    Interest revenue:                
    Loans, including fees   $ 291,574     $ 273,781     $ 867,152     $ 760,696  
    Investment securities, including tax exempt of $1,713, $1,722, $5,133 and $5,563, respectively     52,997       44,729       149,496       125,775  
    Deposits in banks and short-term investments     4,515       4,637       16,131       11,938  
    Total interest revenue     349,086       323,147       1,032,779       898,409  
                     
    Interest expense:                
    Deposits:                
    NOW and interest-bearing demand     43,401       35,613       133,522       80,809  
    Money market     56,874       46,884       160,883       105,430  
    Savings     672       868       2,065       2,108  
    Time     35,202       33,368       107,925       75,464  
    Deposits     136,149       116,733       404,395       263,811  
    Short-term borrowings     27       189       87       3,186  
    Federal Home Loan Bank advances     —       —       —       5,761  
    Long-term debt     3,724       3,669       11,262       11,339  
    Total interest expense     139,900       120,591       415,744       284,097  
    Net interest revenue     209,186       202,556       617,035       614,312  
    Provision for credit losses     14,428       30,268       39,562       74,804  
    Net interest revenue after provision for credit losses     194,758       172,288       577,473       539,508  
                     
    Noninterest income:                
    Service charges and fees     10,488       10,315       30,372       28,791  
    Mortgage loan gains and other related fees     3,520       6,159       17,830       17,264  
    Wealth management fees     6,338       6,451       19,037       17,775  
    Net (losses) gains from sales of other loans     (25,700 )     2,688       (22,867 )     6,909  
    Lending and loan servicing fees     3,512       2,985       11,050       9,979  
    Securities losses, net     —       —       —       (1,644 )
    Other     9,933       3,379       28,812       19,499  
    Total noninterest income     8,091       31,977       84,234       98,573  
    Total revenue     202,849       204,265       661,707       638,081  
                     
    Noninterest expenses:                
    Salaries and employee benefits     83,533       81,173       254,336       236,121  
    Communications and equipment     12,626       10,902       36,534       31,654  
    Occupancy     11,311       10,941       33,466       31,024  
    Advertising and public relations     2,041       2,251       6,401       6,914  
    Postage, printing and supplies     2,477       2,386       7,376       7,305  
    Professional fees     6,432       7,006       18,464       19,670  
    Lending and loan servicing expense     2,227       2,697       6,068       7,546  
    Outside services – electronic banking     4,433       2,561       10,163       8,646  
    FDIC assessments and other regulatory charges     5,003       4,314       17,036       12,457  
    Amortization of intangibles     3,528       4,171       11,209       11,120  
    Merger-related and other charges     2,176       9,168       6,420       21,444  
    Other     7,278       6,904       27,638       22,785  
    Total noninterest expenses     143,065       144,474       435,111       416,686  
    Income before income taxes     59,784       59,791       226,596       221,395  
    Income tax expense     12,437       11,925       50,003       47,941  
    Net income     47,347       47,866       176,593       173,454  
    Preferred stock dividends, net of discount on repurchases     1,573       832       4,719       4,270  
    Earnings allocated to participating securities     272       259       988       939  
    Net income available to common shareholders   $ 45,502     $ 46,775     $ 170,886     $ 168,245  
                     
    Net income per common share:                
    Basic   $ 0.38     $ 0.39     $ 1.43     $ 1.44  
    Diluted     0.38       0.39       1.43       1.44  
    Weighted average common shares outstanding:                
    Basic     119,818       119,506       119,736       116,925  
    Diluted     119,952       119,624       119,827       117,084  
    UNITED COMMUNITY BANKS, INC.
    Average Consolidated Balance Sheets and Net Interest Analysis
    For the Three Months Ended September 30,
          2024       2023  
    (dollars in thousands, fully taxable equivalent (FTE))   Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                        
    Interest-earning assets:                        
    Loans, net of unearned income (FTE)(1)(2)   $ 18,051,741     $ 291,164       6.42 %   $ 18,055,402     $ 273,800       6.02 %
    Taxable securities(3)     6,182,164       51,284       3.32       5,933,708       43,007       2.90  
    Tax-exempt securities (FTE)(1)(3)     361,359       2,292       2.54       368,148       2,313       2.51  
    Federal funds sold and other interest-earning assets     505,792       5,440       4.28       538,039       5,093       3.76  
    Total interest-earning assets (FTE)     25,101,056       350,180       5.55       24,895,297       324,213       5.17  
                             
    Noninterest-earning assets:                        
    Allowance for credit losses     (215,008 )             (209,472 )        
    Cash and due from banks     206,995               225,831          
    Premises and equipment     399,262               367,217          
    Other assets(3)     1,615,468               1,568,824          
    Total assets   $ 27,107,773             $ 26,847,697          
                             
    Liabilities and Shareholders’ Equity:                        
    Interest-bearing liabilities:                        
    Interest-bearing deposits:                        
    NOW and interest-bearing demand   $ 5,797,845       43,401       2.98     $ 5,285,513       35,613       2.67  
    Money market     6,342,455       56,874       3.57       5,622,355       46,884       3.31  
    Savings     1,126,774       672       0.24       1,301,047       868       0.26  
    Time     3,465,980       34,560       3.97       3,473,191       31,072       3.55  
    Brokered time deposits     50,364       642       5.07       209,119       2,296       4.36  
    Total interest-bearing deposits     16,783,418       136,149       3.23       15,891,225       116,733       2.91  
    Federal funds purchased and other borrowings     1,899       27       5.66       44,164       189       1.70  
    Federal Home Loan Bank advances     11       —       —       —       —       —  
    Long-term debt     323,544       3,724       4.58       324,770       3,669       4.48  
    Total borrowed funds     325,454       3,751       4.59       368,934       3,858       4.15  
    Total interest-bearing liabilities     17,108,872       139,900       3.25       16,260,159       120,591       2.94  
                             
    Noninterest-bearing liabilities:                        
    Noninterest-bearing deposits     6,239,926               6,916,272          
    Other liabilities     391,574               435,592          
    Total liabilities     23,740,372               23,612,023          
    Shareholders’ equity     3,367,401               3,235,674          
    Total liabilities and shareholders’ equity   $ 27,107,773             $ 26,847,697          
                             
    Net interest revenue (FTE)       $ 210,280             $ 203,622      
    Net interest-rate spread (FTE)             2.30 %             2.23 %
    Net interest margin (FTE)(4)             3.33 %             3.24 %

    (1) Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $1.09 million and $1.07 million, respectively, for the three months ended September 30, 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
    (2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
    (3) Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $295 million in 2024 and $430 million in 2023 are included in other assets for purposes of this presentation.
    (4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.

    UNITED COMMUNITY BANKS, INC.
    Average Consolidated Balance Sheets and Net Interest Analysis
    For the Nine Months Ended September 30,
          2024       2023  
    (dollars in thousands, fully taxable equivalent (FTE))   Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                        
    Interest-earning assets:                        
    Loans, net of unearned income (FTE)(1)(2)   $ 18,187,790     $ 866,502       6.36 %   $ 17,377,210     $ 760,802       5.85 %
    Taxable securities(3)     5,988,368       144,363       3.21       5,982,615       120,212       2.68  
    Tax-exempt securities (FTE)(1)(3)     363,692       6,876       2.52       386,499       7,470       2.58  
    Federal funds sold and other interest-earning assets     559,786       18,256       4.36       490,703       13,103       3.57  
    Total interest-earning assets (FTE)     25,099,636       1,035,997       5.51       24,237,027       901,587       4.97  
                             
    Non-interest-earning assets:                        
    Allowance for loan losses     (214,372 )             (186,428 )        
    Cash and due from banks     210,982               249,411          
    Premises and equipment     392,561               347,514          
    Other assets(3)     1,613,118               1,518,503          
    Total assets   $ 27,101,925             $ 26,166,027          
                             
    Liabilities and Shareholders’ Equity:                        
    Interest-bearing liabilities:                        
    Interest-bearing deposits:                        
    NOW and interest-bearing demand   $ 5,913,566       133,522       3.02     $ 4,891,214       80,809       2.21  
    Money market     6,092,649       160,883       3.53       5,349,265       105,430       2.64  
    Savings     1,159,982       2,065       0.24       1,341,033       2,108       0.21  
    Time     3,535,343       106,199       4.01       2,936,873       65,856       3.00  
    Brokered time deposits     50,343       1,726       4.58       280,293       9,608       4.58  
    Total interest-bearing deposits     16,751,883       404,395       3.22       14,798,678       263,811       2.38  
    Federal funds purchased and other borrowings     2,001       87       5.81       98,884       3,186       4.31  
    Federal Home Loan Bank advances     5       —       —       166,355       5,761       4.63  
    Long-term debt     324,414       11,262       4.64       324,737       11,339       4.67  
    Total borrowed funds     326,420       11,349       4.64       589,976       20,286       4.60  
    Total interest-bearing liabilities     17,078,303       415,744       3.25       15,388,654       284,097       2.47  
                             
    Noninterest-bearing liabilities:                        
    Noninterest-bearing deposits     6,306,919               7,226,096          
    Other liabilities     394,323               393,048          
    Total liabilities     23,779,545               23,007,798          
    Shareholders’ equity     3,322,380               3,158,229          
    Total liabilities and shareholders’ equity   $ 27,101,925             $ 26,166,027          
                             
    Net interest revenue (FTE)       $ 620,253             $ 617,490      
    Net interest-rate spread (FTE)             2.26 %             2.50 %
    Net interest margin (FTE)(4)             3.30 %             3.41 %
                             

    (1) Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $3.22 million and $3.18 million, respectively, for the nine months ended September 30, 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
    (2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
    (3) Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $320 million in 2024 and $413 million in 2023 are included in other assets for purposes of this presentation.
    (4) Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.

    About United Community Banks, Inc.
    United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of September 30, 2024, United Community Banks, Inc. had $27.4 billion in assets, 202 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2024, United Community became a 10-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. In 2023, United was named by American Banker as one of the “Best Banks to Work For” for the seventh consecutive year and was recognized in the Greenwich Excellence and Best Brands Awards, receiving 15 awards that included national honors for overall satisfaction in small business banking and middle market banking. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found at ucbi.com.

    Non-GAAP Financial Measures
    This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “noninterest income – operating”, “noninterest expense – operating”, “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets – pre-tax, pre-provision – operating,” “return on assets – pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

    Caution About Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors that could cause or contribute to such differences include, but are not limited to general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

    Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.

    United qualifies all forward-looking statements by these cautionary statements.

    For more information:
    Jefferson Harralson
    Chief Financial Officer
    (864) 240-6208
    Jefferson_Harralson@ucbi.com

    The MIL Network –

    January 24, 2025

  • MIL-OSI New Zealand: Mindful Money – Use your KiwiSaver for climate action

    Source: Mindful Money

    On International Day of Climate Action 2024, New Zealand charity Mindful Money is calling on Kiwis to drive climate action with their investments’. Most of us want to do our bit to help avoid climate chaos. A crucial – and easy – step that Kiwis can take is to reduce the emissions that result from their KiwiSaver and other investments.

    Mindful Money is highlighting three actions that Kiwis can take to reduce the emissions financed by their investments.

    Climate action 1: Avoid funding the fossil fools

    Everyone with a KiwiSaver fund has the power to ensure their money doesn’t fuel climate change. There is over a billion dollars of KiwiSaver funds invested in hard core climate polluters that are still increasing their emissions, instead of transitioning to renewable energy.

    Mindful Money Co-CEO Barry Coates explained: “This year’s Climate Action Day comes at a time when floods, fires, lethal heat and cyclones are devastating the lives of millions of vulnerable people, and wreaking havoc on our oceans, glaciers, forests and species. Kiwis can reduce their own contribution by choosing not to invest in the companies causing the most damage.”

    The highest emissions are from the major coal, oil and gas companies that have made billions of dollars in profits while denying the problem and delaying and obstructing climate policy. A mere 57 oil, gas, coal and cement producers are directly linked to 80% of the world’s global fossil CO2 emissions since the 2015 Paris climate agreement.

    The public companies, Shell, ExxonMobil, Chevron, BP and TotalEnergies were the five largest emitters between 2016 and 2022.

    New Zealanders still invest large amounts in these fossil fools. Analysis by Mindful Money across all 376 KiwiSaver funds shows that $3.75 billion was invested in fossil fuel companies at end March 2024. More than a third of that was invested in the companies that are still expanding their production, instead of transitioning to renewable energy.

    Investors in fossil fuel expanders are also taking financial risks from future declines in demand for fossil fuels and stranded assets – the reserves and production infrastructure that will become worthless as renewable energy replaces fossil fuels.

    Barry Coates commented: “Surveys show that 71% of Kiwis want to avoid fossil fuels companies in their investment funds. But most KiwiSaver funds invest in fossil fuels, including those the companies that are still expanding their production. Everyone with a KiwiSaver or some kind of investment can play their part in cutting off investment into the worst climate polluters.”

    ACTION (estimated 15 minutes): Members of the public can go to Mindful Money’s website to find out if their KiwiSaver fund is invested in these companies. It’s quick, easy and free to check your fund, and then find a fund that is better for the climate. https://mindfulmoney.nz/kiwisaver/checker/

    Climate action 2: Don’t fall for the greenwashing

    Over half of Kiwis surveyed are concerned about greenwashing – misleading claims that companies or funds are ‘climate friendly’ or ‘green’ or ‘sustainable’. There has been growing international pressure on companies and funds that make empty promises in order to boost their profits, but little action in New Zealand.

    The EU, UK and other governments are introducing rules on green claims by companies and funds to prevent greenwashing, and regulators are taking action. The Australian Securities and Investment Commission (ASIC) has taken 47 regulatory actions against greenwashing over the past 15 months. 

    There have been three court cases including a fine of $14 million for global fund manager, Vanguard. New Zealand’s Financial Markets Authority (FMA) has repeatedly warned they will take action against misleading claims but has yet to take action. Meanwhile KiwiSaver and investment funds are still claiming green credentials while investing in the fossil fools.

    Barry Coates commented: “It is not surprising the New Zealand public is concerned about greenwashing. Most funds in New Zealand claim to use some form of Environmental, Social and Governance (ESG) management in their investment. But these ESG claims are not consistent with investment portfolios that contain companies destroying the world’s climate and facing huge financial risks.”

    “The New Zealand government is still failing to tackle greenwashing by the providers of KiwiSaver and other funds whose claims are not backed up by their actual investments. Investors need to take action themselves to ensure that their investments are not adding fuel to the climate fire.”

    Without government action in New Zealand, the responsibility for avoiding greenwash falls on individual investors. It is now easy for members of the public to get free information about the reality of where their money goes. Mindful Money’s website not only shows the fossil fuel investments for all KiwiSaver and investment funds, but identifies those that are still expanding their production.

    ACTION: Those with KiwiSaver and investment funds should call on their fund providers to provide evidence of their ESG or sustainability claims, including specifics about the companies they invest in. Information provided by the fund providers can be checked out with the investment listing on Mindful Money. http://www.mindfulmoney.nz/kiwisaver/checker/  

    Climate Action 3: Add your voice for change

    International cooperation in the form of a Fossil Fuel Treaty is needed to stop the major fossil fuel companies from blocking progress towards investment in renewable energy. International treaties have been developed to phase out other forms of harmful products, including landmines and nuclear weapons. The  Fossil Fuel Non-Proliferation Treaty is being proposed to manage a global transition to a safe and affordable energy future for all.  It has been endorsed by 14 governments (not including New Zealand) and thousands of leaders from across civil society and local government, including Wellington City Council and Kāpiti Coast District Council.

    ACTION: Members of the public are encouraged to work with organisations, networks, faiths, academic institutions and Councils to support the treaty, and to sign the treaty themselves. https://fossilfueltreaty.org/

    Barry Coates concluded: “The Treaty is important to focus government attention on the fossil fuel industry. For the third year in a row, the next climate summit in December 2024 will be held in a country producing oil and gas (Azerbaijan). Fossil fuel lobbyists will again be given privileged access. The Fossil Fuel Treaty is a way to bring the issues of fossil fuel phaseout into the climate negotiations.”

    Notes:

    International Climate Day of Action is on Thursday 24th October. It is a time for citizens around the world to consider the actions they can take to help avoid the worsening climate crisis.

    Mindful Money’s Fund Checker enables members of the public to check the investments in their KiwiSaver and investment funds. It is quick, easy and free.
    https://mindfulmoney.nz/kiwisaver/checker/

    The research report ‘In Transition or in denial’ explains the categorisation of fossil fuel companies into those transitioning to renewable energy and those still expanding their oil and gas production. 

    https://mindfulmoney.nz/learn/fossil-fuel-investment-in-transition-or-in-denial/

    The Mindful Money Fund Finder helps members of the public to find a fund that aligns with their values. https://mindfulmoney.nz/kiwisaver/finder/

    The website provides a list of funds that do not invest in fossil fuel companieshttps://mindfulmoney.nz/invest-climate-action/fossil-free-funds/

    Research on capital expenditure by the major coal, oil and gas companies is published by the international research institute, InfluenceMap. 

    This week, a greenwashing action has been launched against the world’s largest fund manager, BlackRock. 
    The complaint to the French financial regulator shows the US investment giant’s so-called “sustainable” funds have poured over a billion dollars into fossil fuel expanders, including ExxonMobil, Shell, TotalEnergies, Chevron and BP. 

    International research shows the large passive funds that are claiming to invest sustainably are still investing in the oil and gas companies that are expanding their production. 70% of the 430 ‘sustainable’ passive funds analysed by international researcher Reclaim Finance were exposed to companies expanding their fossil fuels. These included big oil and gas developers (e.g. ExxonMobil, TotalEnergies, Shell) and big coal developers (e.g. Adani, Mitsubishi, Glencore). 
    Greenwash can take different forms. Some funds claim to be green by investing in the fossil fuel companies and then influencing them towards sustainability. 
    But the latest progress report from the umbrella engagement forum, Climate Action 100+, shows continued empty promises and little action. Only one of 37 major oil and gas companies subject to engagement is making adequate progress towards net zero. Seven years after Climate Action 100+ was formed, most of the coal, oil and gas companies are still expanding their oil and gas production instead of transitioning to renewable energy. 
    The only New Zealand case on greenwashing has been a civil case. Consumer NZ, the Environmental Law Initiative (ELI) and Lawyers for Climate Action New Zealand Inc (LCANZI) are seeking declarations from the High Court that Z Energy has breached the Fair Trading Act by misleading New Zealanders with its public messaging that it is“getting out of the petrol business” and it is “well on track to achieving [its] carbon reduction targets” when in fact its emissions have been increasing. 

    MIL OSI New Zealand News –

    January 24, 2025
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