NewzIntel.com

Category: Politics

  • MIL-OSI USA: McConnell Proud to Confirm McMahon as Education Secretary

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell
    Washington, D.C. – U.S. Senator Mitch McConnell (R-KY) issued the following statement today regarding the confirmation of Linda McMahon as U.S. Secretary of Education:
    “Years of steady decline in student achievement make one thing abundantly clear: our education policies are failing America’s children. We need leadership at the Education Department that will check politics at the door and empower local communities, not federal bureaucrats, to shape their children’s education. I’m confident the President’s Secretary of Education, Linda McMahon, will take an honest look at our education establishment and implement reforms that put the interests of students first.”

    MIL OSI USA News –

  • MIL-OSI Australia: Average dividend and franking credit yields

    Source: Australian Department of Revenue

    When to use these yields

    You can use these yields if you made an election under former section 160APHR of the Income Tax Assessment Act 1936 (ITAA 1936). This means you:

    Note: Under the simplified imputation system, applying from 1 July 2002, franking accounts are expressed in dollars of tax paid, rather than the corresponding taxable income. From this time, average franking credit yield equals average franking rebate yield.

    Example: how to calculate average franking credit yield for periods prior to 1 July 2002 before the franking accounts were expressed in dollars of tax paid.

    The yields for the 12 months to 30 June 1999 are:

    • average dividend yield – 3.65%
    • average franking rebate yield – 1.44%
    • average franking credit yield – 1.44% × (64 ÷ 36) = 2.56%.

    End of example

    Find out more in TD 2007/11 Income tax: imputation: franked distributions: qualified persons: does an entity have to be a qualified person within the meaning of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936.

    List of yields

    These yields are calculated with the assistance of S&P Dow Jones Indices and are generally available by the middle of the following month.

    2025 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 January

    3.07%

    0.96%
    2024 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.10%

    0.97%

    30 November

    3.12%

    0.97%

    31 October

    3.18%

    0.99%

    30 September

    3.23%

    1.01%

    31 August

    3.19%

    0.99%

    31 July

    3.83%

    1.22%

    30 June

    3.86%

    1.23%

    31 May

    3.89%

    1.24%

    30 April

    3.92%

    1.26%

    31 March

    3.95%

    1.27%

    29 February

    3.25%

    1.04%

    31 January

    4.14%

    1.37%
    2023 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.15%

    1.37%

    30 November

    4.17%

    1.38%

    31 October

    4.12%

    1.38%

    30 September

    4.12%

    1.38%

    31 August

    4.58%

    1.57%

    31 July

    4.49%

    1.53%

    30 June

    4.51%

    1.54%

    31 May

    4.51%

    1.55%

    30 April

    4.46%

    1.53%

    31 March

    4.44%

    1.52%

    28 February

    3.95%

    1.31%

    31 January

    4.40%

    1.51%
    2022 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.41%

    1.51%

    30 November

    4.39%

    1.50%

    31 October

    4.36%

    1.49%

    30 September

    4.32%

    1.48%

    31 August

    4.01%

    1.36%

    31 July

    3.99%

    1.36%

    30 June

    3.97%

    1.35%

    31 May

    3.95%

    1.34%

    30 April

    3.94%

    1.34%

    31 March

    3.97%

    1.35%

    28 February

    4.17%

    1.45%

    31 January

    3.61%

    1.22%
    2021 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.64%

    1.23%

    30 November

    3.66%

    1.24%

    31 October

    3.52%

    1.19%

    30 September

    3.57%

    1.21%

    31 August

    2.96%

    0.94%

    31 July

    2.97%

    0.97%

    30 June

    3.02%

    0.99%

    31 May

    3.03%

    1.01%

    30 April

    2.80%

    0.91%

    31 March

    2.87%

    0.93%

    28 February

    2.81%

    0.89%

    31 January

    2.93%

    0.93%
    2020 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    2.93%

    0.93%

    30 November

    3.00%

    0.94%

    31 October

    3.29%

    1.03%

    30 September

    3.29%

    1.03%

    31 August

    3.52%

    1.12%

    31 July

    3.62%

    1.14%

    30 June

    3.60%

    1.13%

    31 May

    3.69%

    1.13%

    30 April

    4.05%

    1.29%

    31 March

    4.03%

    1.28%

    29 February

    3.84%

    1.20%

    31 January

    3.98%

    1.26%
    2019 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.04%

    1.28%

    30 November

    4.10%

    1.30%

    31 October

    4.15%

    1.34%

    30 September

    4.20%

    1.36%

    31 August

    4.14%

    1.35%

    31 July

    4.18%

    1.36%

    30 June

    4.20%

    1.36%

    31 May

    4.21%

    1.37%

    30 April

    4.23%

    1.38%

    31 March

    4.25%

    1.39%

    28 February

    4.22%

    1.39%

    31 January

    4.16%

    1.35%
    2018 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.15%

    1.35%

    30 November

    4.11%

    1.34%

    31 October

    4.11%

    1.34%

    30 September

    4.10%

    1.34%

    31 August

    4.13%

    1.35%

    31 July

    4.11%

    1.34%

    30 June

    4.15%

    1.35%

    31 May

    4.16%

    1.36%

    30 April

    4.18%

    1.36%

    31 March

    4.18%

    1.36%

    28 February

    4.29%

    1.39%

    31 January

    4.19%

    1.36%

    Find yields going back to 1998 on data.gov.auExternal Link.

    S&P Dow Jones Indices

    The ‘All Ordinaries’ is a product of S&P Dow Jones Indices LLC or its affiliates (‘SPDJI’) and ASX Operations Pty Ltd., S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (‘S&P’); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (‘Dow Jones’); ASX, ALL ORDINARIES are trademarks of ASX Operations Pty Ltd. SPDJI, Dow Jones, S&P, their respective affiliates, or ASX Operations Pty Ltd. and none of such parties make any representation regarding the advisability of investing in investment product(s) nor do they have any liability for any errors, omissions, or interruptions of the All Ordinaries.

    MIL OSI News –

  • MIL-Evening Report: Without change, half of Australian kids and adolescents will be overweight or obese by 2050

    Source: The Conversation (Au and NZ) – By Jessica Kerr, Research Fellow, Adolescent Population Health and Obesity Epidemiology, Murdoch Children’s Research Institute

    World Obesity Federation

    Since the 1990s, the proportion of the world’s population who are overweight (with a body mass index of 25–30) or obese (with a body mass index of 30 or above) has doubled.

    If current patterns continue, we estimate that by 2050, 30% of the world’s children and adolescents (aged five to 24 years) will be overweight or obese, according to our new research in The Lancet.

    By 2050, we forecast that 2.2 million Australian children and adolescents will be living with obesity. A further 1.6 million will be overweight. This is a combined prevalence of 50% – and an increase of 146% between 1990 and 2050.

    Already in 2017–18, excess weight and obesity cost the Australian government A$11.8 billion. The projected disease burden will add billions of dollars to these health costs.

    So how did we get here? And most importantly, what can we do to turn this trajectory around?

    It’s not just about health problems later in life

    Living with obesity increases the likelihood of living with disability and dying at a young age.

    Obesity doesn’t just cause health problems later in life. Living with obesity increases the chance of developing many serious diseases during childhood or adolescence, including fatty liver disease, type 2 diabetes and hypertension (high blood pressure).

    Due to weight-related teasing, bullying and stigma, obesity can also cause problems with mental health, and school and community engagement.

    Some of the negative health effects of obesity can be reversed if young people return to a normal weight.

    But reducing your weight from an obese BMI (30-plus) to a normal weight BMI (18.5–25) is very difficult. As a result, 70–80% of adolescents with a BMI of 30 or above live their adult years with obesity.

    So it’s important to prevent obesity in the first place.

    How did this happen?

    Obesity is often blamed on the individual child, parent or family. This is reflected in significant weight-based stigma that people in larger bodies often face.

    Yet the rapidly changing patterns of obesity throughout the world reinforce the importance of viewing it as a society-level problem.

    The drivers of the obesity epidemic are complex. A country’s increasing obesity rates often overlap with their increasing economic development.

    Economic development encourages high growth and consumption. As local farming and food supply systems become overtaken by “big-food” companies, populations transition to high-calorie diets.

    Meanwhile, our environments become more “obesogenic”, or obesity-promoting, and it becomes very difficult to maintain healthy lifestyles because we are surrounded by very convenient, affordable and addictive high-calorie foods.

    Obesity arises from a biological response to living in these environments.

    Some people are more negatively affected by living in these environments and gain more body weight than others. As our recent study showed, compared to those born with low genetic risk, adolescents who are born with a high genetic risk of developing obesity are more likely to become overweight or obese when living in poverty.

    Other research shows those with a high genetic risk are more likely to gain weight when living in obesity-promoting environments.

    Can we fix this problem?

    The steepest increase in the proportion of young people with obesity is expected to be in the coming years. This means there is an opportunity to address this public health issue through bold actions now.

    Some young people with severe obesity should be provided access to funded, stigma-free team-based weight-management health care. This may include:

    • access to GPs and nurses for lifestyle advice about diet and exercise

    • anti-obesity medications such as semaglutide

    • weight-loss surgery.

    Changes need to reach older and younger adolescents.
    Murrr Photo/Shutterstock

    But to reach all young people, it is the overarching systems, not people, that need to change.

    Success will be greatest if policies change multiple parts of the environmental systems that young people live in, including schools, food systems, transport systems and built environments. These changes will also reach older adolescents, whose rate of obesity continues to increase.

    It is also important to target the commercial determinants of obesity. Strategies could include:

    This should be coupled with changes to the built environment and urban planning, such as increasing green space, footpaths and walkability.

    Because obesity doesn’t belong to any one part of government, action can fall through the cracks. Although there are significant efforts being made, action requires coordinated investments from numerous government portfolios – health, education, transport, urban planning – at local, state and national levels.

    Governments should commit to an immediate five-year action plan to ensure we don’t fail another generation of children and adolescents.

    Jessica Kerr has received funding from the Australian National Health and Medical Research Council. This research was also funded by the Gates Foundation.

    Peter Azzopardi receives funding from NHMRC.

    Susan M. Sawyer has received funding from National Health and Medical Research Council and the Wellcome Trust.

    – ref. Without change, half of Australian kids and adolescents will be overweight or obese by 2050 – https://theconversation.com/without-change-half-of-australian-kids-and-adolescents-will-be-overweight-or-obese-by-2050-250520

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Lee Introduces Bills to Valuate and Audit Federal Spectrum Bands

    US Senate News:

    Source: United States Senator for Utah Mike Lee
    WASHINGTON –Sen. Mike Lee’s (R-UT) has introduced the Government Spectrum Valuation Act, legislation that would require the federal government to estimate the value of electromagnetic spectrum currently assigned to federal agencies, as well as a bill to audit the government spectrum and report which bands are being used by which agency.
    “Congress has a clear responsibility to ensure that federal spectrum is being managed effectively and appropriately,” Sen. Lee said. “By calculating the value of federal spectrum allocations, as well as auditing how they are used, Congress and the Trump Administration will be better equipped to identify highly valuable federal spectrum bands, and thus manage each federal spectrum allocation more efficiently.”
    The Government Spectrum Valuation Act can be read HERE.
    The Government Spectrum Audit bill can be HERE.

    MIL OSI USA News –

  • MIL-OSI China: China refutes Rubio’s false charges

    Source: China State Council Information Office

    China strongly deplores and firmly opposes the recent remarks made by U.S. Secretary of State Marco Rubio, which were steeped in the Cold-War mentality and full of lies and false accusations, and has lodged serious protests with the U.S. side, a Chinese foreign ministry spokesperson said on Monday.

    Spokesperson Lin Jian made the remarks at a daily press briefing in response to a query about the remarks made by Rubio, who blamed China on issues of Taiwan, economy and trade, COVID-19 and Indo-Pacific affairs during a recent interview with a U.S. media outlet.

    There is but one China in the world, Taiwan is an inalienable part of China, and the government of the People’s Republic of China is the sole legal government representing the whole of China — this is the real status quo in the Taiwan Strait, Lin said.

    Noting that the Taiwan question is the most crucial, sensitive and explosive question in China-U.S. relations, Lin said that if the United States does not hope to trigger confrontation, it must stop crossing or trampling on the red line of the Taiwan question.

    Lin said that trade and tariff wars have no winner. The U.S.’s attempts to politicize and weaponize trade and economic issues, levy tariff hikes on Chinese imports under the pretext of fentanyl, and create blocks to its normal trade, investment and economic cooperation with China will only harm its own economic interests and international credibility.

    Lin added that China stands ready to work with the United States to address each other’s concerns through dialogue and consultation on the basis of equality and mutual respect, and will take all measures necessary to safeguard its legitimate rights and interests.

    Lin noted that origins-tracing of COVID-19 is a serious science issue, and that it is “extremely unlikely” that the pandemic was caused by a lab leak, which was the authoritative conclusion reached by the experts of the WHO-China joint mission following their field trips to the lab in Wuhan and in-depth communication with researchers. The United States needs to immediately stop slinging mud on and scapegoating China.

    Lin said that the Asia-Pacific is a pace-setter in cooperation and development, not a chess board for geopolitical rivalry. The United States should not project its own hegemonic mentality onto China.

    “Attempts to stoke bloc confrontation in the Asia-Pacific run counter to the trend of the times and go against the common aspiration of regional countries,” Lin said, adding that these moves will win no support and be doomed to failure.

    Lin said that a lie told a thousand times cannot be a fact, that the world will not be fooled by such baseless vilification against China, and that megaphone diplomacy does no good for China-U.S. relations.

    China will be committed to viewing and developing relations with the United States on the basis of the principles of mutual respect, peaceful coexistence and win-win cooperation, and will also firmly defend its national sovereignty, security and development interests, Lin said. 

    MIL OSI China News –

  • MIL-OSI China: Europe unveils plan for Ukraine peace deal amid Transatlantic rifts

    Source: China State Council Information Office

    Following last week’s Trump-Zelensky White House clash, more than a dozen Western leaders gathered Sunday to revive efforts for a Ukraine peace deal and propose a settlement to Washington.

    British Prime Minister Keir Starmer described the summit as a “once-in-a-generation moment for the security of Europe.” Although the meeting could push the region toward greater self-reliance in security, many observers fear the measures may be too little and too late.

    WAKE-UP CALL

    Europe now finds itself at a moment of truth in its security strategy. Before Friday’s diplomatic debacle at the White House, Russia-U.S. talks on the Ukraine crisis took place in Riyadh on Feb. 18, with neither Europe nor Ukraine given a seat at the table.

    This photo shows a scene during a defense summit in London, Britain, March 2, 2025. (Lauren Hurley/No 10 Downing Street/Handout via Xinhua)

    Just one week later, U.S. President Donald Trump announced a plan to impose a 25-percent tariff on all goods imported from the European Union (EU), and justified the move by claiming that the EU was formed to “screw” the United States.

    Europe was in a “moment of real fragility,” Starmer told the BBC’s Sunday with Laura Kuenssberg.

    Asked about the White House clash involving the duo of Trump and U.S. Vice President JD Vance and Ukrainian President Volodymyr Zelensky, Finnish President Alexander Stubb told BBC before the summit that the breakdown was a “wake-up call” for European nations, stressing that they must adopt a cohesive strategy for the Ukraine crisis and post-conflict arrangements.

    Stubb expressed frustration over shifting transatlantic ties, saying the U.S.-Europe relationship “is evolving,” and “we’re witnessing a more transactional United States, where the Trump administration — rightly or wrongly — is pursuing an ‘America First’ policy.”

    This has led European leaders to explore their own security solutions. At the Munich Security Conference last month, European Commission President Ursula von der Leyen pushed for an emergency clause that would allow governments to increase defense spending without being constrained by the EU’s strict budget deficit rules. After Sunday’s summit, she reiterated that Europe must “step up massively” and forge a common security approach.

    French President Emmanuel Macron proposed on Sunday that European countries should boost their defense spending to between 3 and 3.5 percent of gross domestic product (GDP). His proposal came a few days after Starmer’s announcement that Britain would increase its defense spending to 2.5 percent of its GDP by 2027 and to 3 percent in the next parliamentary term, which would mean by 2034 at the latest.

    Following a bilateral meeting with Ukraine on Saturday, Britain also agreed to loan Ukraine 2.26 billion pounds (2.84 billion U.S. dollars) to bolster its defense capabilities. Shortly after the summit, Britain further committed 1.6 billion pounds (2 billion dollars) in export finance, allowing Ukraine to purchase over 5,000 air defense missiles.

    More than eight years after Britain voted to depart from the EU, it has positioned itself at the forefront of European security efforts, trying to play the role of a “bridge” between Europe and the United States to secure a peace deal for Ukraine.

    STRENGTHENED BOND

    After Sunday’s summit, Starmer outlined a four-step plan to strengthen Ukraine and support peace: to maintain military aid to Ukraine while the conflict continues and increase economic pressure on Russia; to ensure that any lasting peace guarantees Ukraine’s sovereignty and security, with Ukraine at the table for any negotiations; to deter “any future invasion by Russia” in the event of a peace deal; and to establish a “coalition of the willing” to defend Ukraine and uphold peace in the country.

    The summit’s outcome was welcomed by European leaders. NATO Secretary General Mark Rutte called it “a good meeting,” saying “European countries are stepping up to ensure Ukraine has what it needs to fight for as long as necessary.”

    German Chancellor Olaf Scholz emphasized the importance of NATO and said on social media on Sunday: “In recent years, we have strengthened our alliance with new members and increased defense spending. This is the path we will continue to follow.”

    However, doubts remain over whether Europe can fully safeguard a peace deal on its own. When asked how Britain plans to persuade more countries to join the “coalition of the willing,” Starmer acknowledged that some countries may be reluctant to contribute militarily.

    “I strongly feel that unless some countries move forward, we will stay in the position we’re in and not be able to move forward,” he said, while admitting the goal to “stay in lockstep with the United States.”

    TRANSATLANTIC DISAGREEMENTS

    The EU and the Trump administration have a range of disagreements on the settlement of the Ukraine crisis, while the U.S. provision of security guarantees for Ukraine is foremost among the discussions.

    Within a week before the London summit, both Macron and Starmer visited Washington to seek U.S. security guarantees for Ukraine or Europe, but failed to persuade Trump in this regard.

    Trump sidestepped the question of security guarantees, expressing confidence that his Russian counterpart, Vladimir Putin, would “keep his word” if an agreement is reached. He also ruled out the possibility of Ukraine joining NATO. Ukraine’s NATO membership has been a focal issue in the crisis.

    Earlier on Sunday before the summit, Starmer announced that Britain, France and Ukraine will work on a ceasefire plan to present to the United States. He named three essential points to achieve “lasting peace” — a strong Ukraine, a European element with security guarantees and a U.S. backstop, with the last one being the subject of “intense” discussion.

    After the announcement of the four-step plan to guarantee peace in Ukraine at the summit, the participating leaders also agreed to meet again soon to sustain the momentum behind these efforts.

    “Europe must do the heavy lifting,” Starmer said, emphasizing that the agreement needs U.S. backing.

    Iain Begg, a research fellow at the London School of Economics and Political Science, told Xinhua: “The real question is whether this will be enough to sway the White House. We’ve seen time and again that Washington can reverse its stance overnight.”

    Also on Sunday, Macron told a French newspaper that he was “trying to make Washington understand that disengaging from Ukraine is not in America’s interest.”

    While the summit has pushed Europe toward greater security commitments, the region still faces divisions over whether to deploy troops to Ukraine under a peacekeeping framework.

    For now, some major European countries, including Germany, Spain and Poland, remain hesitant to commit troops to Ukraine, with Britain and France taking the lead in potentially sending military forces.

    Meanwhile, the EU is still in the early stages of developing a defense budget plan. Some experts noted that Europe’s efforts to build its own defense capabilities may still have a long way to go.

    David Galbreath, a professor of international security at the University of Bath, pointed to the U.S. military’s capabilities: “The U.S. provides far sharper military capabilities, such as long-range strikes, sophisticated anti-tank systems and advanced surface-to-air missiles, than anything coming from Europe.”

    MIL OSI China News –

  • MIL-Evening Report: Why are so many people obsessed with fantasy sports?

    Source: The Conversation (Au and NZ) – By Tom Hartley, Lecturer in Health and Physical Education, University of Tasmania

    Koshiro K/Shutterstock

    With the AFL and NRL seasons kicking off, fantasy footy players have been deep in draft mode, carefully building their best teams.

    Fantasy sports have transformed the way fans engage with many sports, sparking interest beyond simply watching matches or supporting a favourite team.

    What are fantasy sports?

    In simple terms, fantasy sports involve participants acting as team coaches/managers, selecting real-life players to form a fantasy team within the constraints of the game’s rules.

    These teams compete based on the actual performance of the selected players in real matches. Points are awarded on various performance metrics, depending on the sport.

    Many fantasy leagues also incorporate a stock market-like element. When a real-life player exceeds expectations, their fantasy value increases, while underperformance leads to a decrease in value.

    This allows coaches to trade players in and out strategically, aiming to build the most valuable and high-scoring team during a season.

    Success in fantasy sports often depends on statistical analysis, player scouting, and smart decision-making when it comes to trades and team selection.

    The origins of fantasy sports

    The first mainstream fantasy game can be attributed to Rotisserie League Baseball in 1980 by Daniel Okrent and friends.

    Rotisserie League Baseball is said to be the oldest fantasy sports league in the world.

    This league required participants to track their own players’ progress using a scoring system based on statistics obtained in newspapers after a game.

    With the rapid progression of technology, fantasy sports have evolved significantly, with most major sporting codes worldwide now offering multiple fantasy platforms, formats and prizes.

    In Australia, the number of people playing fantasy sports has doubled since 2021, with nearly 2.5 million players engaged in one league or another.

    This growth presents opportunities for content creation, expanded revenue streams, and potentially increased engagement with sports betting.

    Fan engagement

    The way fans engage with sports has evolved with the rise of fantasy sports, social media, and real time data tracking, leading to “second screen consumption”.

    This involves fans using multiple digital platforms such as fantasy sports apps, social media and tracking of live statistics while simultaneously watching live broadcasts.

    This shift has redefined the traditional sports fandom experience.

    Fantasy coaches watch more games each week, with a dual identity that extends beyond traditional loyalty to the team they support.

    While sports fans have historically supported a single team, fantasy sports reshape fan identity by encouraging engagement with both their favourite team and their fantasy team. Fans often watch games they normally wouldn’t be interested in specifically to watch the fantasy-relevant players involved.

    Community engagement is a key motivator for participation, often surpassing interest in the real-life sports.

    In Australia, a study by News Corporation Australia, which owns SuperCoach, found bragging rights, social connection and learning more about sport drive participation.

    While prizes matter, the main reason people join is to connect with others.

    In 2021, Australian fantasy players were largely concentrated in the larger sporting codes such as the AFL and NRL, but by 2023 it had broadened into the Big Bash League (BBL) and National Basketball League (NBL).

    There are many Australians playing fantasy leagues in global sports too, from the English Premier League (soccer) to the United States’ National Football League (NFL) and National Basketball Association (NBA). Some 14% of the Australian fantasy audience plays in global leagues.

    Media involvement

    With some sporting seasons becoming longer and the connection to fantasy sports extending beyond live games, fans are kept invested throughout the off-season as they analyse trades, follow pre-season developments and prepare for the next competition.



    Read more:
    How the AFL and NRL have crept into cricket’s traditional summer timeslot

    This almost year-round involvement offers extended media coverage and consumption of new content in a variety of formats.

    Fantasy sport complements traditional media by offering alternative coverage, such as podcasts and short-form content that extends beyond game day, keeping fans connected throughout the week as they adjust their lineups and strategies.

    Fantasy sports are also boosting viewership for new formats like AFLW by increasing fan engagement.

    Rich pickings

    Fantasy sport has been big business for a long time but the global fantasy sports market is challenging to quantify.

    In 2013, Forbes estimated the NFL fantasy football market alone to be worth $US70 billion ($A111 billion), significantly surpassing the NFL’s 2021 revenue of $US11 billion ($A17 billion), highlighting its major role in the global sporting market.

    Big revenues mainly come from sponsorship and advertising on fantasy platforms.

    Major brands invest hundreds of millions of dollars in targeted advertising campaigns to capitalise on this engaged audience.

    Money is also made by charging fees to enter some contests and to access premium analytics content, in-app purchases, and related entertainment products like websites and podcasts.

    Links to sports betting

    Many of the advertisers on fantasy platforms are gambling businesses.

    Fantasy organisations have tried to highlight the differences between fantasy sports and sports betting, which has been linked to poor mental health, family violence and even suicide.

    Their key argument is that betting is a game of chance whereas fantasy sports are games of skill.

    Despite these differences, concerns have been raised about the links between fantasy sports and sports betting.

    An Australian fantasy betting app was recently fined more than $A500,000 for illegally offering inducements to gamble in dozens of ads on its platform.

    Whether or not fantasy sports are likely to encourage gambling is a grey area – studies in this space are mixed.

    Some studies have found people who participate in fantasy sports are more likely to gamble and experience gambling-related problems.

    However, others describe fantasy sports as a more positive alternative to gambling and that participants are motivated by the social benefits, rather than being motivated by a chance to win money.

    As fantasy sports continue to evolve and attract new players, their ability to deepen fan engagement, foster community connections, and enhance the sports watching experience ensures they will remain a dynamic and influential part of the sporting world.

    I have worked with members of the AFL Fantasy Traders before in schools.

    Vaughan Cruickshank 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. Why are so many people obsessed with fantasy sports? – https://theconversation.com/why-are-so-many-people-obsessed-with-fantasy-sports-249010

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: How to sustain international order in an ‘America First’ world

    Source: The Conversation – Canada – By Daniel Manulak, Postdoctoral Fellow, History, University of Toronto

    The United States is abandoning its traditional role as the anchor of the liberal world order — a set of norms, rules, customs and international institutions designed to maintain global stability and foster peaceful interchange between states.

    From announcing its intention to withdraw from the World Health Organization (WHO) and the United Nations Human Rights Council to threatening allies — including Canada — with annexation and damaging tariffs, U.S. President Donald Trump has launched an assault on the liberal world order that upholds the post-1945 international system.

    Under these circumstances, it’s more urgent than ever that Canada clarifies its vision in world affairs and accepts its responsibility to sustain the rules-based global order. By looking into the past, we can see what Canada can do in the present.



    Read more:
    Like dictators before him, Trump threatens international peace and security

    How Canada made a difference

    The U.S. isn’t the only country with a vested interest in maintaining the liberal international order — even if it has been the only nation with the will and capacity to serve as its safeguard.

    Canada was also present at the creation of the UN in 1945. They, too, played a fundamental part in the development of its specialized agencies — such as the WHO and the International Civil Aviation Organization.

    In fact, Canada has been an engaged member of the international community. The country played a leading role in establishing the UN Emergency Force during the Suez Crisis, fighting apartheid in South Africa and building a coalition to ban anti-personnel land mines in the 1990s, to name a few examples.

    Canada has done so because it’s been in the best interest of the country. A liberal, rules-based international order is a framework in which Canada can make a meaningful difference in global affairs disproportionate to its limited size and capabilities.

    It also makes for a more prosperous, stable and peaceful world. One where norms, rules and institutions constrain aggressive or malevolent world leaders and facilitates co-operation on global problems.

    But what can lessons from the past offer Canada in sustaining global order in an “America First” world. This is a policy espoused by the Trump administration that is focused inwards. It approaches international affairs as a transactional, zero-sum game.

    Learning from the past

    First, Canada is at its most effective when Canadians act in unison towards a common goal.

    During the Ethiopian famine in the 1980s, Canadians of all stripes and levels of government worked in tandem to organize a truly national response to alleviate the humanitarian crisis. Regular citizens contributed more than $30 million — potentially saving over 700,000 people from starvation.

    This domestic political consensus also provided the requisite support for the federal government to co-ordinate an international famine relief effort. This was despite the resistance of Canada’s major allies in the U.S. and the U.K., due to the Marxist orientation of the Ethiopian government.

    Granted, few international causes offer such grounds for unity. Political polarization has only made this type of unity more difficult. And yet, as recent events (such as Trump’s threat to coerce Canada into becoming the 51st state) make clear, Canadians are willing to put aside their differences and rally together when there’s a coherent vision for the country rooted in its values and aspirations.

    Second, Canada needs to work closely with like-minded states through multilateral institutions — such as the United Nations and the Commonwealth. Under Brian Mulroney’s Progressive Conservative government, Canada relied on its membership in nearly every major international association to build and maintain the global coalition against South African apartheid.



    Read more:
    Brian Mulroney’s tough stand against apartheid is one of his most important legacies

    Australia, India, Zambia and Zimbabwe emerged as key partners. Such efforts entailed both political and economic costs. But there was a reason why one of Nelson Mandela’s first visits following his release from prison in 1990 was to Canada.

    By redoubling its engagement in international organizations, Canada can punch above its weight in world affairs and shape global priorities. It also provides a counter to the influence of the United States in Canadian foreign policy.

    Third, the U.S. is more than its president. Canada can still cultivate ties with Americans beyond the White House. Returning to the Mulroney government, Ottawa’s efforts to persuade the Ronald Reagan administration to negotiate restrictions on emissions resulting in acid rain were unsuccessful.

    Nonetheless, by lobbying congressional leaders in impacted states and partnering with environmental non-governmental organizations, Canada and the U.S. eventually agreed to the 1991 Air Quality Agreement.

    Surviving hostile administrations

    Canada should also be realistic about the degree to which it can diversify its economic and diplomatic relationships outside of the U.S.

    In the early 1970s, President Richard Nixon imposed a 10 per cent surcharge on Canadian imports. Then, just as it is now, Ottawa looked for alternative markets to offset Canada’s dependency on the Americans. These initiatives ultimately failed to materialize — but the surcharge was rescinded. Canada-U.S. relations ultimately survived the Nixon administration.

    Similarly, while Trump has offered a stark reminder that Canada needs to take an active role in sustaining the rules-based international order on which it depends, the ties that bind the two countries together are deeper and longer-lasting than any one administration or government.

    Even so, with a world in chaos, Canada needs to step up to defend international norms and institutions. It has done so in the past and can do so again — provided it develops a coherent foreign policy strategy moving forward.

    Daniel Manulak receives funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. How to sustain international order in an ‘America First’ world – https://theconversation.com/how-to-sustain-international-order-in-an-america-first-world-248364

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: UK expands campaign to stop migrant smugglers and their lies

    Source: United Kingdom – Executive Government & Departments

    News story

    UK expands campaign to stop migrant smugglers and their lies

    Digital advertising launches today in the Kurdistan Region of Iraq to warn prospective migrants about people smugglers’ lies.

    Digital advertising launched today in the Kurdistan Region of Iraq (KRI) as part of the government’s international campaign to warn prospective migrants about people smugglers’ lies, expanding on the campaigns in Vietnam and Albania.  

    Quotes from real migrants who have attempted the journey are featured, to counter the myths and misinformation peddled by criminals to dupe people online, as the UK government secures its borders as part of the Plan for Change.  

    The campaign forms part of this government’s work to expand the UK’s international partnerships and boost cooperation, to dismantle the people smuggling gangs operating across borders and protect vulnerable people, delivered through the Border Security Command.  

    It comes as the UK is set to sign a joint communiqué today (4 March 2025) with the Vietnamese government at the third annual UK-Vietnam Migration Dialogue, hosted in Hanoi, agreeing to build on our joint work to prevent the exploitation of irregular migrants, disrupt criminal gang operations, strengthen intelligence sharing and return those with no right to be in the UK.  

    The communiqué includes commitments to enable swifter and more effective returns, and for the UK government to continue its communications campaign in Vietnam to tackle migrant smugglers’ lies.

    Minister for Border Security and Asylum, Dame Angela Eagle, said:

    Ruthless criminal gangs spread dangerous lies on social media to exploit people for money, and we are exposing them using the real stories of their victims.

    This campaign helps to break the business model of these criminals and protect people from falling victim, securing our borders as part of the government’s Plan for Change.

    No one should be in any doubt that putting your life in the hands of a smuggler is not worth the risk. Too many people have died in the English Channel at the hands of these criminals, and we will stop at nothing to bring them to justice.

    The UK’s Border Security Commander, Martin Hewitt, also visited Iraq and the KRI last week, to progress the world-first agreements reached between the Federal Government of Iraq and the UK Government in November and further progress our cooperation on strengthening mutual border security.  

    He met with senior officials in the Federal Government of Iraq and within the Kurdistan Regional Government and its agencies to discuss ongoing cooperation, including increased joint working to tackle organised immigration crime and strengthen our mutual border security co-operation.  

    Through the Border Security Command, the UK government is working on a whole system approach, preventing irregular migration through communications, increasing international collaboration to tackle this issue across borders, and arming law enforcement with the powers it needs.  

    Bold new counterterror-style powers in the Border Security, Asylum and Immigration Bill, which is back in Parliament today for committee stage, will help bolster law enforcement to intercept and smash the people smuggling gangs earlier and faster.  

    This includes stronger powers to seize and search mobile phones to investigate organised immigration crime and new offences against gangs conspiring to plan crossings, selling or handling small boat parts for use in the Channel, or supplying forged identity documents for migrants attempting to come here illegally.

    Border Security Commander Martin Hewitt, said:

    International partnerships are an essential part of our work to stop criminal gangs operating across borders to exploit vulnerable people.

    By strengthening these relationships and working closely with law enforcement partners across the world, we will bring down these gangs, break their business models, and put a stop to the misery and harm they inflict.

    Communications are an important part of this work, and our international campaign is sending a clear message to prospective migrants that these criminals cannot be trusted.

    The Home Office has today published a short film explaining the Border Security Command’s mission, its work to date, and its future plans.   

    The video features the Border Security Commander, Martin Hewitt, and key staff setting out the challenge the UK faces from criminal gangs determined to abuse our borders and exploit people for profit, and how the Border Security Command will defeat them and bring them to justice.  

    The UK’s international communications campaign will also ramp up this year to inform prospective migrants at every stage of the journey about the risks and realities of entering the UK illegally, including informing diaspora communities in the UK about the dangers their friends and families overseas face from people smugglers.

    Updates to this page

    Published 4 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI China: Chinese national political advisors gather in Beijing for annual session

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

    BEIJING, March 3 — Members from various sectors of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) have registered for the top political advisory body’s annual session, scheduled to open on Tuesday in Beijing.

    Preparations for the third session of the 14th National Committee of the CPPCC have been completed, according to the press center of the session on Monday.

    MIL OSI China News –

  • MIL-OSI China: China’s ‘two sessions’ important for both China and global community, say media leaders

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

    China’s ‘two sessions’ important for both China and global community, say media leaders

    Journalists from around the world are closely following China’s “two sessions” given the political event’s significance not only for China      but also for the world.

    MIL OSI China News –

  • MIL-OSI New Zealand: Release: Fewer houses, consents down under National

    Source: New Zealand Labour Party

    The number of building consents issued under this Government continues to spiral, taking a toll on the infrastructure sector, tradies, and future generations of Kiwi homeowners.

    “The latest figures from Stats NZ confirm what the construction sector has been warning for months: building consents are down under the National Government. The slowdown is yet another sign that the Government’s economic mismanagement is making things worse for Kiwi households and businesses,” Labour infrastructure spokesperson Barbara Edmonds said.

    “The economy remains weak thanks to the government’s cancellation of infrastructure projects, leaving 13,000 construction workers out of a job last year. Every scrapped project means fewer jobs and fewer homes, resulting in rising unemployment, rising homelessness, and the sharpest recession, excluding COVID-19, in 30 years.

    “If the Government was serious about economic growth, it would reverse its cuts and invest in public services, infrastructure, and new homes, not axing funding for schools, hospitals, and public housing,” Barbara Edmonds said.

    In the year ended January 2025, consents fell to 33,812 new homes, down 7.2 percent compared with the year ended January 2024.

    “New homes are getting further from reach thanks to the reckless cuts of this Government. It’s not only public housing that’s been ditched – new privately owned family homes aren’t getting built either. Any promises of homes from Chris Bishop are down the gurgler,” Labour housing spokesperson Kieran McAnulty said.

    “On top of that, National’s $2.9 billion landlord tax cuts have made things worse. Labour kept interest deductibility for new builds to encourage investment in more housing, but National scrapped that, shifting investment away from new builds and back into existing homes. That means fewer houses being built and house prices likely to increase.

    “It’s simple: build more public houses so people have somewhere to live. Don’t make living so expensive that people can’t build homes. Housing is the bare minimum that people need to live and it also helps grow the economy by getting more Kiwis into work,” Kieran McAnulty said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: NSW Opposition’s ‘analysis’ ignores regions

    Source: New South Wales Premiere

    Published: 4 March 2025

    Released by: Minister for Planning and Public Spaces

    In a stunning display of just how out of touch they are, the NSW Opposition have ignored the Illawarra, Hunter and Central Coast in a desperate attempt to criticise planning reforms that will deliver homes for young people.

    The Opposition Spokesperson for Planning has tried to pass off a flawed examination of the NSW Government’s Low and Mid-Rise planning reforms as ‘analysis’, conveniently leaving out one-in-five locations.

    The Low and Mid-Rise reforms, introduced last week, address the “missing middle” by allowing terraces, townhouse and mid-rise apartments within 800m of 171 stations across Sydney, the Hunter, Central Coast, the Illawarra and Shoalhaven filling the supply gap between high-rise and single dwellings – a planning solution the Opposition were unable to deliver for twelve years when they were in Government.

    The Opposition Spokesperson has claimed that the regional Low and Mid-Rise sites should not be considered in the total number of sites, defying both logic and explanation.

    The majority of Low and Mid-Rise changes are in Labor electorates. Of the top 12 councils taking the largest amount of new housing set through council targets, 10 are council areas represented predominantly by Labor electorates.

    This follows the NSW Opposition also moving a bill in parliament last year to abolish the Transport Oriented Development program, a program that also delivered housing in a majority of Labor electorates.

    Minister for Planning and Public Spaces Paul Scully said:

    “I represent a large regional city called Wollongong.  While the Opposition don’t seem to have heard of it, it is host to three Low and Mid-Rise sites, that is contributing to solving the housing challenge.

    “It is particularly insulting to have the Opposition continue to ignore regional centres like they did in government.

    “I think the Opposition Spokesperson needs to buy a map of NSW and a calculator.

    “Passing off this sort of rubbish as analysis says everything you need to know about the attitude of the NSW Liberals.

    “I would encourage the Opposition Spokesperson to step outside of his Sydney bubble, stop obsessively worrying about the North Shore and speak to people living in regional NSW, struggling to buy a house.

    “As the Shadow Minister for cities, you’d think he’d know there’s more than one city in NSW.”

    Support for the LMR program from stakeholders:

    Property Council NSW Executive Director, Katie Stevenson:

    “These long-awaited reforms bring certainty and confidence to support the industry to deliver more housing, improve affordability, and provide greater choice for homebuyers and renters.”

    Urban Development Institute of Australia NSW CEO, Stuart Ayres:

    “Today’s announcement is welcome and long overdue. UDIA has consistently advocated to increase availability of medium density housing options in locations close to existing services and transport to help tackle a worsening housing supply crisis.”

     

    ALP Electorates

    Liberal Electorates

    Other Electorates

    Total

    Low and Mid-Rise

    80

    69

    22

    171

    The Opposition’s Missing sites:

    1. Erina Fair Centre
    2. Gosford Station
    3. Green Point Centre
    4. The Entrance Town Centre
    5. Tuggerah Westfield
    6. Woy Woy Station
    7. Wyong Station
    8. Cessnock Town Centre
    9. Kiama Town Centre
    10. Belmont Town Centre
    11. Boolaroo Town Centre
    12. Cardiff Station
    13. Charlestown Town Centre
    14. Jewellstown Plaza
    15. Morisset Station
    16. Green Hills Stockland
    17. Maitland Town Centre
    18. Rutherford Marketplace
    19. Adamstown Station
    20. Hamilton Station
    21. Junction Fair Centre
    22. Kotara Station
    23. Mayfield Town Centre
    24. Wallsend Town Centre
    25. Waratah Town Centre
    26. Nelson Bay Town Centre
    27. Raymond Terrace Town Centre
    28. Albion Park Town Centre
    29. Shellharbour Town Centre
    30. Warilla Grove Town Centre
    31. Bomaderry Town Centre
    32. Nowra Town Centre
    33. Corrimal Town Centre
    34. Dapto Town Centre
    35. Fairy Meadow Town Centre
    36. Warrawong Town Centre

    MIL OSI News –

  • MIL-OSI Australia: Understanding of coercive control increases in community

    Source: New South Wales Premiere

    Published: 4 March 2025

    Released by: Minister for the Prevention of Domestic Violence and Sexual Assault

    1 in 2 people in New South Wales have now heard of coercive control and understand what it means, following the NSW Government’s recent awareness campaign.

    The campaign on social media and other platforms demonstrated behaviour that may indicate coercive control with the tag line: ‘It’s not love, it’s coercive control’.

    Independent research shows awareness and understanding of coercive control has increased since the campaign, compared to one in three people pre-campaign.

    Among those who saw the campaign, over 75 per cent took some form of positive action such as discussing coercive control with others, reflecting on their own or other relationships or visiting the website for more information.

    More people can also now correctly identify key behaviours linked to coercive control, such as threats, manipulation or monitoring someone’s movements (21 per cent pre-campaign to 33 per cent post-campaign).

    In NSW, coercive control became a criminal offence in current or former intimate partner relationships on 1 July 2024.

    Coercive control is a pattern of behaviour which may include financial abuse, threats against pets or loved ones, tracking someone’s movements, or isolating them from friends and family to control them.

    Coercive control has been strongly linked to intimate partner homicide, with the NSW Domestic Violence Death Review Team finding that in 97% of intimate partner domestic violence homicides in NSW between 2000 and 2018 were preceded by the perpetrator using coercive and controlling behaviours, such as emotional and psychological abuse, towards the victim.

    The results from this campaign will help inform ongoing campaigns for new target audiences, including older people, people with disability, and additional culturally and linguistically diverse communities.

    The Minns Labor Government is continuing work to build a safer New South Wales by addressing domestic and family violence through a whole of community approach. This includes work in primary prevention and earlier intervention, as well as ensuring perpetrators take accountability for their actions.

    To see the ‘It’s not love, It’s coercive control’ campaign materials, go to the coercive control webpage. 

    The Coercive Control Campaign report is available on the website of the Department of Communities and Justice.

    Minister for the Prevention of Domestic Violence and Sexual Assault Jodie Harrison said:

    “Coercive control is insidious and can manifest in many ways, but it can also be easily overlooked, excused, or not recognised as abuse.

    “The ‘It’s not love, it’s coercive control’ campaign has been important to raise community awareness of this abuse, and empowered people to take positive steps towards better understanding the signs of abuse.

    “Along with the implementation of coercive control laws since July last year, people in NSW can understand the seriousness of these behaviours and that coercive control is a crime.

    “The NSW Government remains committed to reducing domestic violence in our society because all of us have a right to feel safe, no matter where we are and who we are with.”

    NSW Attorney General Michael Daley said:

    “Coercive control in current or former intimate partner relationships is criminal behaviour that will not be tolerated in this state and is punishable by up to seven years’ imprisonment.

    “We know from the results of this awareness campaign that there is awareness of coercive control in the community and that the justice system is responding.

    “We also know that legal reform is just one of the ways we are tackling domestic and family violence with a whole-of-government approach.

    “The NSW Government is listening to victim-survivors and the sector and is committed to continue taking meaningful action against domestic and family violence.”

    Women’s Community Shelters CEO Annabelle Daniel OAM said:

    “The domestic and family violence sector knows the devastating impact of coercive control on the people we support every day. It’s heartening to see so many people took positive action after seeing this campaign – talking with a friend or colleague, researching further, or reaching out to someone. The campaign represents the efforts of so many advocates, including many with lived expertise.

    “Building understanding and awareness of coercive control across New South Wales, along with providing support to those experiencing it, will help us meaningfully interrupt cycles of violence.”

    Support:

    If you or someone you know are in immediate danger, call the Police on Triple Zero / 000.

    If you or someone you know is experiencing domestic and family violence, call the NSW Domestic Violence Line on 1800 65 64 63 for free counselling and referrals, 24 hours a day, 7 days a week.

    For confidential advice, support, and referrals, contact 1800 RESPECT or 13 YARN.

    MIL OSI News –

  • MIL-OSI Australia: A new era for community foundations

    Source: Australian Treasurer

    The Albanese Government is delivering on its commitment to strengthen Australia’s philanthropic sector through historic reforms to support community foundations.

    Community foundations pool donations from individuals, businesses and institutions to fund local initiatives and address community needs. A community foundation operates as a permanent, independent trust, investing funds to generate ongoing grants for charities and grassroots projects within a specific region.

    With the publication of the Taxation Administration (Community Charity) Guidelines 2025, our new pathway to deductible gift recipient status for these community based charities is now established.

    By fostering local giving and collaboration, community foundations strengthen social cohesion and drive long‑term, place‑based change.

    Community foundations are located across Australia, in regions including Bass Coast, Geelong, Mackay, Alice Springs, the Eyre Peninsula, Albany and Fremantle. Community foundations support a wide range of initiatives, including education, mental health, social inclusion, environmental sustainability and disaster recovery.

    Prior to this reform, community foundations have faced barriers attracting donations from private ancillary funds, which are used by individuals and families for private giving. Community foundations have also been constrained from directly supporting community groups that don’t have deductible gift recipient status.

    The Community Charity Guidelines were developed in close consultation with the charitable sector. Community Foundations Australia Chair, Ben Rodgers, has said of the new guidelines:

    ‘The implementation of this reform brings more than 20 years of sector‑wide advocacy to a successful close, creating a new and better tax and regulatory framework for community foundations, in recognition of the vital role they play building thriving communities across Australia.’

    Philanthropy Australia’s Chair, Maree Sidey, has said:

    ‘It’s vital that our policy and regulatory environment empowers people to give … these reforms remove big roadblocks, helping unlock the flow of more resources to important community initiatives,’

    Labor’s support for community foundations is part of our goal to double philanthropic giving by 2030. We know that when charities thrive, communities thrive – and these reforms will provide a significant boost to the sector.

    This reform reflects the Albanese Government’s commitment to fostering a robust charity sector and more resilient communities. It builds on our achievements to date. Since coming into government, the Australian Government has:

    • Improved the deductible gift recipient system by creating a new pathway for community foundations to access tax deductible status.
    • Streamlined the deductible gift recipient application process for environmental organisations, harm prevention charities, cultural organisations, and overseas aid organisations.
    • Introduced legislation to give the Australian Charities and Not‑for‑profits Commission greater discretion to comment publicly on harmful breaches of compliance, to better support public trust and confidence in the regulatory framework.
    • Appointed a widely respected charity sector expert, Sue Woodward, to head the Australian Charities and Not‑for‑profits Commission.
    • Refreshed the Australian Charities and Not‑for‑profits Commission Advisory Board to be more representative of the charity sector, bringing First Nations, CALD and youth voices onto the Board.
    • Sent a clear signal that charitable advocacy is supported and welcomed by this government.
    • Funded a new General Social Survey with new questions on participation in volunteering and involvement in cultural events and cultural activities, and providing insights reflecting the impact of giving, participation, and purpose driven activity.
    • Worked with state and territory governments to streamline and harmonise charitable fundraising rules across jurisdictions.
    • Appointed representatives from all states and territories to the advisory board of the Australian Charities and Not‑for‑profits Commission

    Our government is proud to work alongside the charitable sector to create a stronger, more generous Australia.

    Quotes attributable to Assistant Minister for Charities, Dr Andrew Leigh MP

    “These reforms will make it easier for people to support charitable foundations in their local area.”

    “The Australian Government has set a target of doubling philanthropic giving by 2030, and this announcement is an important step towards that goal.”

    “By reducing the paperwork burden and expanding eligibility for tax‑deductible donations, the Albanese Government is ensuring that more money flows to charities that are making a real difference in people’s lives.”

    MIL OSI News –

  • MIL-OSI Security: Former Gladwyne Entrepreneur Pleads Guilty to Bilking Dozens of Investors, Employees, and Business Partners Out of Millions of Dollars

    Source: Office of United States Attorneys

    PHILADELPHIA – Acting United States Attorney Nelson S.T. Thayer, Jr., announced that Josh S. Verne, 47, formerly of Gladwyne, Pennsylvania, now a resident of Fort Lauderdale, Florida, entered a plea of guilty today before United States District Court Judge John F. Murphy to three counts of securities fraud, nine counts of wire fraud, and one count of aggravated identity theft, charges arising from a series of schemes through which the defendant defrauded dozens of investors, prospective investors, employees, and business partners out of millions of dollars.

    Verne was charged by indictment in August of last year with carrying out the schemes, which took place from in or about 2017 to 2020.

    As detailed in the indictment and admitted by the defendant during today’s guilty plea hearing, Verne held himself out as a wealthy and successful businessman, entrepreneur, and investor, carrying out his fraudulent activities through a series of limited liability companies, of which he was the chief executive and over which he maintained control.

    Among other things, Verne falsely represented his prior business successes, falsely represented his personal net worth, falsely represented his own investments, and falsely represented the financial health of his companies and investments, in order to induce others to invest in or provide loans to him or his companies.

    For instance, Verne admitted to providing an investor with a forged Goldman Sachs statement that showed family investment holdings for Verne of more than $50 million, when, in fact, Verne did not have an investment account at Goldman Sachs in his own name or in his family’s names, much less an account with a market value of more than $50 million.

    Verne also misused business and investor funds to repay prior debts and to finance an affluent lifestyle he could not afford, such as personal expenses related to renovations to his showcase vacation property on the Jersey shore, travel on private jets, contributions to political candidates, personal charitable contributions, and country club payments.

    The defendant admitted that, in order to delay and prevent discovery by law enforcement of his own misconduct, he later sent bank and FedEx confirmations purporting to confirm delivery of funds to investors to whom he had promised repayment; the bank and FedEx confirmations were false and fraudulent.

    Further, Verne stole the identity of a former employee from his company, forging the employee’s signature on a sales agreement to disguise an unauthorized sale of the employee’s shares of stock. Verne obtained $150,000 from the unauthorized sale and used those funds to make payments to himself and to a prior investor.

    The defendant is scheduled to be sentenced on June 13 and faces a maximum possible sentence of 242 years’ imprisonment, with a mandatory minimum of two years’ imprisonment, three years of supervised release, a $17,500,000 fine, and a $1,300 special assessment. Full restitution also shall be ordered.

    The case was investigated by FBI Philadelphia’s Fort Washington Resident Agency and is being prosecuted by Assistant United States Attorneys Paul G. Shapiro and Jerome M. Maiatico. The Securities and Exchange Commission’s Philadelphia Regional Office investigated civil securities fraud charges against Verne, which are pending.

    MIL Security OSI –

  • MIL-OSI: DMG Blockchain Solutions Reports First Quarter 2025 Results and February Operations Update

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 03, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its fiscal first quarter 2025 financial results. All financial references are in Canadian Dollars unless specified otherwise. Readers are encouraged to review the Company’s December 31, 2024 quarterly unaudited financial statements and management’s discussion and analysis thereof for a fulsome assessment of the Company’s performance and applicable risk factors, available at www.sedarplus.ca.

    Q1 2025 Financial Results Highlights

    • Revenue: $11.6 million in Q1 2025, up 97% from $5.9 million in Q4 2024 and up 20% from $9.7 million in Q1 2024.
    • Bitcoin Mined: 97 bitcoin mined in Q1 2025, up 49% from Q4 2024.
    • Cash Flow from Operations: -$2.7 million in Q1 2025, versus +$1.3 million in Q4 2024, as the Company sold $4 million less bitcoin than it earned.
    • Hashrate: 1.62 EH/s for Q1 2025, up 65% sequentially and 68% year-over-year; now operating at 1.8 EH/s with the goal to reach 2.1 EH/s in March 2025.
    • Fleet Efficiency: 22.9 J/TH in Q1 2025, an improvement of 7% from Q4 2024; targeting 21 J/TH when hydro miners are fully energized.
    • Cash and Digital Assets: $58.2 million as of quarter-end Q1 2025, up 62% from Q4 2024 and up 110% from Q1 2024.
    • Net Loss: -$0.02 per share in Q1 2025, versus -$0.05 per share in Q4 2024 and $0.04 in Q1 2024.

    Preliminary February Operational Results

    • Bitcoin Mined: 27 BTC (vs 31 BTC in Jan 2025, in line with 28 days and curtailment)
    • Hashrate: 1.71 EH/s (vs 1.75 EH/s in Jan 2025)
    • Bitcoin Holdings: 443 BTC (vs 431 BTC in Jan 2025)
    • Days non-firm power curtailed: 3 (vs 0 in Jan 2025); average hashrate was 1.81 EH/s for period excluding curtailment

    DMG’s CEO, Sheldon Bennett, commented: “In addition to growing our hashrate, the first part of our financial year 2025 marks a major step forward in our Core+ strategy and Generative Artificial Intelligence ambitions. With Systemic Trust now a Qualified Digital Asset Custodian, we are focused on onboarding new customers and ramping revenue. Our near-term roadmap to offer Systemic Trust custodial wallets that support DMG’s Petra technology along with the integration of both Helm Data Center Infrastructure Management and Reactor into Terra Pool, position us to fully enable our carbon neutral Bitcoin ecosystem. Furthermore, we have expanded our AI initiatives, with a memorandum of understanding for a 10 MW prefabricated data center in addition to our MOU to establish a joint venture with the Malahat Nation for 30 MW of AI compute capacity. We remain committed to growth in areas that can deliver the most long-term value for our shareholders.”

    Financial First Quarter 2025 Financial Results Review

    Revenue increased by $1,942,061 in Q1 2025 from $9,690,764 Q1 2024. The increase in revenue is attributable to increases in digital currency mining revenues of $1,489,833 due to increases in the average bitcoin price in the period of $116,580 versus $49,006 during the same period in the prior year. These increases were offset by increases in network difficulty from the same period last year.

    Operating and maintenance expenses for Q1 2025 was $6,679,843, up from $5,147,651 in Q1 2024. This increase is primarily attributed to a $1,368,217 rise in utilities expenses, driven by expanded digital currency mining operations related to additional operating miners.

    Research costs for Q1 2025 were $553,964, having increased by $115,785 compared to Q1 2024. Research in fiscal 2025 continues to focus on software and relates to work on Systemic Trust, Helm, Reactor and Blockseer Explorer.

    General and administrative costs for Q1 2025 was $1,836,680 in comparison to $886,061 for Q1 2024. General and administrative costs consist mostly of wages, professional fees, consulting fees and interest expense. The overall increase of $950,619 is attributable mainly to an increase of $178,958 in consulting fees, $171,595 in wages and $422,645 in interest expense related to the Company’s credit facility with Sygnum Bank.

    Depreciation for Q1 2025 was $4,349,470 compared to $4,341,782 in Q1 2024.

    Net income decreased by $10,075,491 to a net loss of $3,103,001 for Q1 2025 versus net income of $6,972,490 in Q1 2024. The decrease in net loss is mainly a result of a large unrealized gain on revaluation of digital currencies in the prior year of $8,162,860 in the statement of profit and loss. A gain of $15,319,443 was recorded through other comprehensive income in the current period related to an unrealized gain on the revaluation of the balance held of digital currency. Gains related to the increase in digital currency in the prior year were offset against historical losses incurred in prior periods. Gains are recognized to the extent of any historical losses, after which gains are recognized through other comprehensive income under the accounting policies of IAS 38. Resulting in a large difference in net income between the two periods.

    Total assets as of December 31, 2024 were $137,128,716, an increase of $33,259,735 versus September 30, 2024. The increase is mostly attributable to a net increase in digital currency of $19,615,571, due to the revaluation of digital currency balances at an increased price of bitcoin, $132,949 as of December 31, 2024 as compared to $88,673 as of September 30, 2024.

    In Q1 2025, DMG sold 78 bitcoin, generating $7,305,976 cash, thus selling 81% of the bitcoin mined versus 143% in the prior quarter.

    Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

    First Quarter 2025 Results Conference Call Details

    The Company will host a conference call to review its results and provide a corporate update on Tuesday, March 4, 2025 at 4:30 PM ET. Participants should register for the call via the registration link.

    In addition to a live Q&A session via chat, management will also address pre-submitted questions. Those wishing to submit a question may do so via email at investors@dmgblockchain.com, using the subject line ‘Conference Call Question Submission,’ through 2:00 PM ET on March 4, 2025.

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded, sustainably-focused and vertically integrated blockchain and data center technology company that develops, manages and operates end–to-end digital solutions to monetize the blockchain and generative artificial intelligence compute ecosystems. DMG’s businesses are segmented into two business lines under the Core (data center infrastructure) and Core+ (software and services) strategies and unified through DMG’s vertical integration.

    For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
    Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

    DMG Blockchain Solutions Inc.
    Condensed Consolidated Interim Statements of Financial Position
    (Expressed in Canadian Dollars)
     

    Notes

    		 As at
    December 31, 2024
    (unaudited)    		   As at
    September 30, 2024
    (audited)    		  
    ASSETS   $   $  
    Current      
    Cash and cash equivalents   4,273,533   1,679,060  
    Amounts receivable 6 4,802,944   4,910,251  
    Digital currency 5 53,943,274   34,327,703  
    Prepaid expense and other current assets   402,787   337,042  
    Marketable securities 8 359,833   316,803  
    Short-term investment 9 5,516,500   –  
    Total current assets   69,298,871   41,570,859  
           
    Long-term deposits 10 10,743,511   2,047,682  
    Property and equipment 12 50,194,530   53,798,978  
    Intangible asset   276,040   –  
    Long-term investments 13 45,000   45,000  
    Amount recoverable 7 6,570,764   6,406,462  
    Total assets   137,128,716   103,868,981  
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Current      
    Trade and other payables 14 3,748,608   5,183,107  
    Deferred revenue 19 7,355   –  
    Current portion of lease liability 15 40,071   43,483  
    Current portion of loans payable 16 20,020,520   13,928,462  
    Total current liabilities   23,816,554   19,155,052  
           
    Long-term lease liability 15 41,534   51,842  
    Total liabilities   23,858,088   19,206,894  
           
    Shareholders’ Equity      
    Share capital 17(a) 120,326,738   113,086,455  
    Reserves 17(b)(c) 55,036,328   45,853,100  
    Accumulated other comprehensive income   25,736,645   10,448,614  
    Accumulated deficit   (87,829,083)   (84,726,082)  
    Total shareholders’ equity   113,270,628   84,662,087  
    Total liabilities and shareholders’ equity   137,128,716   103,868,981  
           
    DMG Blockchain Solutions Inc.  
    Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)  
    (Expressed in Canadian Dollars, except for number of shares)  
    (Unaudited)  
        For the three months ended December 31,
    		  
      Notes 2024   2023  
        $
    		   $
    		  
    Revenue 19 11,632,825   9,690,764  
           
    Expenses      
    Operating and maintenance costs 20(a) 6,679,843   5,147,651  
    General and administrative 20(b) 1,836,680   886,061  
    Stock-based compensation 17(b) 678,528   368,494  
    Research 20(c) 553,964   438,179  
    Bad debt (recovery) expense 6 (4,743)   3,764  
    Depreciation 12 4,349,470   4,341,782  
    Total expenses   14,093,742   11,185,931  
           
    Operating loss before other items   (2,460,917)   (1,495,167 )
           
    Other income (expense)      
    Interest and other income 7 164,302   165,781  
    Impairment of non-current assets   37,819   –  
    Foreign exchange loss   (909,388)   (94,585)  
    Loss on fair value of investments 10 –   (609,120)  
    Provision of sales tax receivable 6 (307,739)   (253,900)  
    Unrealized revaluation gain on digital currency 5 28,083   8,162,860  
    Realized gain on sale of digital currency   301,809   851,870  
    Gain on change in fair value of marketable securities 8 43,030   244,751  
    Net income (loss)   (3,103,001 ) 6,972,490  
           
    Other comprehensive income      
    Items that may be reclassified subsequently to income or loss:      
    Revaluation gain on digital assets 5 15,319,443   –  
    Cumulative translation adjustment   (31,412)   10,082  
    Net income and comprehensive income   12,185,030   6,982,572  
           
    Basic earnings (loss) per share 17(d) $(0.02)   $0.04  
    Diluted earnings (loss) per share 17(d) $(0.02)   $0.04  
    Weighted average number of shares outstanding 17(d)    
    – basic   185,799,634   168,147,570  
    – diluted   185,799,634   170,175,939  

                                                                                                                         

    DMG Blockchain Solutions Inc.    
    Condensed Consolidated Interim Statements of Cash Flows    
    (Expressed in Canadian Dollars)    
    (Unaudited)    
    For the three months ended December 31, 2024   2023  
      $   $  
    OPERATING ACTIVITIES    
    Net income (loss) for the period (3,103,001)   6,972,490  
    Non-cash items:    
    Accretion 1,867   11,460  
    Depreciation 4,349,472   4,338,369  
    Share-based payments 678,528   368,494  
    Unrealized gain on revaluation of digital currency (28,083)   (8,162,861)  
    Unrealized foreign exchange (gain) loss 926,984   (16,272)  
    Impairment of non-current assets (37,819)   –  
    Unrealized gain on marketable securities (43,030)   (244,751)  
    Impairment of investment –   609,120  
    Provision for sales tax receivable 307,739   253,900  
    Bad debt (recovery) expense (4,743)   3,764  
    Digital currency related revenue (11,266,187)   (8,744,492)  
    Digital currency sold 7,305,976   9,445,176  
    Realized gain on sale of digital currency (301,809)   (851,870)  
    Non-cash interest income (164,302)   (164,632)  
    Accrued interest 329,604   –  
         
    Changes in non-cash operating working capital:    
    Prepaid expenses and other current assets (65,745)   30,629  
    Amounts receivable (101,051)   (781,682)  
    Deferred revenue 7,355   14,302  
    Trade and other payables (1,523,145)   668,276  
    Net cash (used in) provided by operating activities (2,731,390)   3,749,420  
         
    INVESTING ACTIVITIES    
    Purchase of property and equipment (343,976)   (381,773)  
    Purchase of intangible assets (276,040)   –  
    Deposits on mining equipment (9,554,087)   (2,570,515)  
    Purchase of short-term investment (5,516,500)   (609,120)  
    Refund of security deposit 457,325   –  
    Net cash used in investing activities (15,233,278)   (3,561,408)  
         
    FINANCING ACTIVITIES    
    Proceeds from issuance of units 17,254,945   –  
    Share issuance costs (1,570,875)   –  
    Proceeds from option exercises 60,913   269,776  
    Principal lease payments (15,356)   (45,276)  
    Repayment of loan payable (1,000,000)   –  
    Proceeds from secure loan 5,829,013   –  
    Net cash provided by financing activities 20,558,640   224,500  
         
    Impact of currency translation on cash and cash equivalents 501   (206)  
    Cash and cash equivalents, change 2,594,473   412,306  
    Cash and cash equivalents, beginning 1,679,060   1,789,913  
    Cash and cash equivalents, end 4,273,533   2,202,219  
             

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding the planned conference call, DMG’s strategies and plans, increasing hashrate and the anticipated timelines, the expected arrival and operation of the hydro miners and containers, growing the Company’s hashrate to 2.1 EH/s by March 2025, the development of Systemic Trust including generating revenues, the potential for a 10-megawatt prefabricated data center in addition to the MOU to establish a potential joint venture with the Malahat Nation for 30 megawatts of AI compute capacity, improving fleet efficiency and continuing to execute on Core+ software initiatives, onboarding of new clients to Terra Pool, the opportunity and plans to monetize bitcoin transactions, the continued investment in Bitcoin network software infrastructure and applications, developing and executing on the Company’s products and services, increasing self-mining, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network –

  • MIL-OSI Canada: AHS third-party investigation: DM McPherson

    “While serving as Acting Deputy Minister of Executive Council, Premier Danielle Smith asked me to establish a credible, independent, third-party investigation into the procurement processes used by the Government of Alberta and AHS and their outcomes.

    “I have informed Premier Smith that the Honourable Raymond E. Wyant, former Chief Judge of the Provincial Court of Manitoba, will lead this investigation. I asked Premier Smith to issue a ministerial order to facilitate his work and she has done so. Judge Wyant’s work on this matter begins immediately.

    “Judge Wyant was appointed to the Manitoba bench in 1998 before becoming Chief Judge in 2002. Prior to his service on the bench, Judge Wyant worked as a criminal defence lawyer and Crown attorney and was acting deputy director of Manitoba prosecutions at the time of his appointment to the Bench. He has also taught law for many years at Robson Hall at the University of Manitoba.

    “Judge Wyant will review the relevant legislation, regulations and policies related to procurement typically used by Government of Alberta departments and agencies, specifically AHS, and their application to the procurement of pharmaceuticals and to services offered by chartered surgical facilities. Questions that Judge Wyant will consider are outlined in the attached terms of reference, and include whether or not any elected official, Government of Alberta or AHS employee, or other individuals, acted improperly during the procurement processes. Judge Wyant will make recommendations to the government for improvement or further action as appropriate.

    “Appointed under the Government Organization Act, Judge Wyant will operate independently of government. The Government of Alberta will provide Judge Wyant with access to all relevant documents held by its departments and AHS, as well as facilitate interviews with relevant individuals. 

    “Judge Wyant has been given a budget of $500,000 to undertake this important work, including to retain legal and audit assistance at his discretion. He is being paid $31,900 per month, which is the same remuneration rate as the Chief Justice of the Alberta Court of Justice.

    “To ensure additional independence, Service Alberta and Red Tape Reduction will hold the budget for this third-party investigation.  

    “Judge Wyant will deliver an interim written report by May 30, 2025. A final written report and recommendations will be delivered by June 30, 2025, and it will be posted on alberta.ca.”

    Related information

    • Ministerial Order and Terms of Reference
    • Biography of Judge Raymond E. Wyant

    MIL OSI Canada News –

  • MIL-OSI Economics: China Unicom Launches AI Unites All Plan to Bridge Digital Divide Via Industry Intelligence Supported by Huawei

    Source: Huawei

    Headline: China Unicom Launches AI Unites All Plan to Bridge Digital Divide Via Industry Intelligence Supported by Huawei

    [Barcelona, Spain, March 3, 2025] During MWC 2025 in Barcelona, China Unicom held a development workshop with the theme of 5G-A Empowering, AI Transforming, Digital Living. Jian Qin, General Manager (GM) of China Unicom and Yang Chaobin, Huawei Board Member and CEO of the ICT Business Group attended the press conference and delivered speeches. Several representatives from the industry, including GSMA, shared their ideas. The AI Unites All plan and its surrounding achievements were officially released at the conference, angled heavily on the integration of networks, services, and AI.
    Jian Qin delivering a speech

    According to Jian Qin in his speech, “China Unicom remains committed to technological innovation as our guiding principle, actively embracing the Al revolution, and contributing ‘Unicom Intelligence’ and ‘Unicom Solutions’ to global smart transformation. With forward-looking planning and sustained investment in Al, we prioritize integrated innovation across five pillars: computing infrastructure, network connectivity, data resources, model development, and application scenarios. Our goal is to lead and drive the convergence of Al technologies and industrial applications.”
    Yang Chaobin making a speech

    Yang Chaobin mentioned in his speech that Huawei looks forward to working with China Unicom to support their AI Unites All strategy. “We will do this by facilitating a wide range of intelligent user applications with the latest AI technologies. This will allow China Unicom to create new AI service portals with a global impact and make intelligence more inclusive for all,” he said.
    As a strategic partner of China Unicom, Huawei and China Unicom maintain close cooperation and work together on converged AI innovation to seize new business opportunities in the AI era. Both parties have built a cloud-based AI service platform for individual and home users, combining cloud, computing, networks, and devices for a unified AI service portal. For example, during the Asian Winter Games, China Unicom launched personalized and cloud-based AI phones with the AI assistant named Tone. The product uses mainstream foundation models and 5G-A networks to provide users with a consistent experience in all scenarios and secure and reliable AI services. Huawei and China Unicom have also been using AI to empower sectors like government, healthcare, and manufacturing, as well as cultural and creative industries, making network experience more secure, reliable, flexible, scalable, efficient, and collaborative. China Unicom has also been actively engaged in advancing synergy between AI and networks. For smart home services, China Unicom has been a leading player in whole-house fiber broadband. The carrier launched the industry’s first HI-CON (Home Intelligent Collaborative Optical Network) communications system that features optical and Wi-Fi collaboration. This system is powered by an intelligent scheduling algorithm that greatly improves overall network experience for home users.
    Group photo taken at the AI Unites All launch ceremony

    At the conference, China Unicom launched its AI Unites All plan. Under the guidance of its Strategy for Convergence and Innovation, China Unicom will comprehensively advance the synergy of networks and AI to bring intelligent connection to all. It also looks to make AI accessible for use in a much wider range of technologies. By facilitating the integration of services and AI, China Unicom aims to enable various industries to go intelligent and benefit thousands of households.
    MWC Barcelona 2025 is held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1.
    In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world. For more information, please visit: http://carrier-back.huawei.com/en/events/mwc2025

    MIL OSI Economics –

  • MIL-OSI USA: Reed, SASC Colleagues Demand Answers on Abrupt Firings of JAG Officers

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Today, U.S. Senator Jack Reed (D-RI), the Ranking Member of the Senate Armed Services Committee (SASC), joined Senator Mazie K. Hirono (D-HI), the Ranking Member of the Subcommittee on Readiness and Management Support, and ten of their SASC colleagues in sending a letter to Secretary of Defense Pete Hegseth, demanding answers regarding the recent abrupt dismissals of several Judge Advocate Generals (JAG).

    In addition to demanding legal justification for these dismissals, the lawmakers requested documentation of the decision-making process, and a response to several oversight questions. The letter also expressed serious concerns about statements made by Secretary Hegseth regarding these actions.

    “By arbitrarily and baselessly removing duly selected and highly qualified JAG officers, the Administration undermines the military justice system and has interfered with the independent legal counsel that uniformed attorneys provide to commanders and the Department itself,” the 12 Senators wrote. “Such removals create an unmistakable chilling effect, signaling to all judge advocates that their positions are contingent not upon their legal expertise and adherence to the law, but rather upon political or personal loyalty. Further, this move undermines the rigorous selection and confirmation process established by Congress.”

    The JAG Corps provides critical independent legal advice to servicemembers and serves as a key component in our military’s operational readiness. JAG officers provide guidance on military justice, international law, operational law, administrative compliance, and ethics, helping to ensure that the U.S. military operates within the bounds of national and international legal frameworks. In their letter, the senators emphasized that in addition to violating federal law, these dismissals also undermine the integrity of the military justice system and effectively politicize military legal advice.

    “Such actions by the Administration amount to a betrayal of public trust and an erosion of the apolitical foundation of our military legal system,” the lawmakers continued. “These arbitrary dismissals are a direct violation of their statutory protections. It sends a dangerous message that military legal professionals who provide objective, legally sound advice may be removed at will, thereby making it impossible for the JAG Corps to function as prescribed by law.”

    The lawmakers also expressed their serious concerns over Secretary Hegseth’s statements following the dismissals, which undermined the JAG officers’ qualifications and the critical, apolitical role they play in ensuring adherence to the Constitution, the Uniform Code of Military Justice, and international law. The letter emphasized that Secretary Hegseth’s plan to demote JAG leadership would reduce oversight and eliminate guardrails meant to ensure military operations comply with international law, potentially exposing U.S. forces to war crimes allegations, damaging alliances, and undermining our country’s global leadership.

    “The independence of military legal professionals must be preserved, and any actions that erode this independence must be rectified without delay,” the Senators concluded. “Failing to integrate JAGs into military planning who are free to give independent legal advice to the commander threatens not only compliance with the law but also the safety and effectiveness of U.S. forces.”

    In addition to Senators Reed and Hirono, the letter is signed by U.S. Senators Jeanne Shaheen (D-NH), Kirsten Gillibrand (D-NY), Richard Blumenthal (D-CT), Tim Kaine (D-VA), Angus King (I-ME), Elizabeth Warren (D-MA), Gary Peters (D-MI), Tammy Duckworth (D-IL), Jacky Rosen (D-NV), Mark Kelly (D-AZ), and Elissa Slotkin (D-MI).

    The full text of the letter follows:

    March 3, 2025

    Secretary Hegseth:

    The Judge Advocate General’s (JAG) Corps is an essential pillar of our military, ensuring adherence to the rule of law, upholding the Uniform Code of Military Justice (UCMJ), and providing critical independent legal advice to commanders at all levels. The JAG Corps is not only a vital element in maintaining good order and discipline within our armed forces, but it is also a key component of operational readiness. By law, JAG officers provide guidance on military justice, international law, operational law, administrative compliance, and ethics, ensuring that our warfighters operate within the bounds of national and international legal frameworks. The stability and impartiality of the JAG Corps are paramount, and any undue interference in its functioning directly impacts the effectiveness and credibility of our military.

    We write to you with deep concern regarding the recent relief of Judge Advocate Generals. This action not only undermines the integrity of the military justice system but also appears to be in direct violation of federal law, specifically 10 U.S.C. §§ 7037(e) (Army) and 9037(f) (Air Force). The Army statute explicitly states: “No officer or employee of the Department of Defense may interfere with— (1) the ability of the Judge Advocate General to give independent legal advice to the Secretary of the Army or the Chief of Staff of the Army; or (2) the ability of judge advocates of the Army assigned or attached to, or performing duty with, military units to give independent legal advice to commanders.” The Air Force and Navy statutes contain substantively identical language.

    By arbitrarily and baselessly removing duly selected and highly qualified JAG officers, the Administration undermines the military justice system and has interfered with the independent legal counsel that uniformed attorneys provide to commanders and the Department itself. Such removals create an unmistakable chilling effect, signaling to all judge advocates that their positions are contingent not upon their legal expertise and adherence to the law, but rather upon political or personal loyalty. Further, this move undermines the rigorous selection and confirmation process established by Congress.

    We are also deeply troubled by your follow-up statement after the firings where you said, “We want lawyers who give sound constitutional advice and don’t exist to attempt to be roadblocks.” This characterization of legal advisors within the military undermines the critical apolitical role they play in ensuring adherence to the Constitution, the UCMJ, and international law. Military lawyers are not “roadblocks” as you describe; they are guardrails, ensuring that orders issued by commanders are lawful and the armed forces uphold the principles that distinguish our military from those that serve autocrats around the world. Furthermore, your assertion that the selection process for senior legal officers is an “insulated” system that perpetuates the status quo disregards the legal framework established by 10 U.S.C. Chapter 36, which specifically governs the appointment, promotion, and selection of military officers, including those of the Judge Advocate General’s Corps. This is not a self-perpetuating bureaucracy; it is a system codified by law to ensure that those entrusted with legal oversight are experienced, competent, and independent enough to provide candid legal counsel, even under difficult circumstances. Undermining this structure risks politicizing the military and eroding the very professionalism that has long been its foundation.

    We are also troubled that you plan to reduce the rank of JAG leadership from a three-star to a two-star general or flag officer. This position was elevated to three-stars to signal the United States’ commitment to the rule of law as the foundation of good decisions and to ensure they could advise policymakers on our most critical national security decisions, following the abuses at Abu Ghraib. Demoting the military’s champions for lawfulness sends a clear and troubling message across the force. JAGs play a crucial role in ensuring the U.S. military complies with international law, including the DoD Law of War Manual, DoD Directive 3000.09, and the Army Field Manual on Interrogation, which govern the conduct of armed conflict, the use of autonomous weapon systems, and authorized military interrogation techniques. Without independent legal counsel, military operations risk violating international law, exposing U.S. forces to war crimes allegations, damaging alliances, and undermining global legitimacy. The absence of sound legal advice can lead to unlawful targeting decisions, excessive use of force, or misuse of emerging technologies, increasing operational and strategic risks. It endangers uniformed service members by ceding moral high ground to our adversaries in their own conduct and prosecution of armed conflict.

    Such actions by the Administration amount to a betrayal of public trust and an erosion of the apolitical foundation of our military legal system. These arbitrary dismissals are a direct violation of their statutory protections. It sends a dangerous message that military legal professionals who provide objective, legally sound advice may be removed at will, thereby making it impossible for the JAG Corps to function as prescribed by law.

    Given these grave concerns, we demand immediate clarification on the legal justification for these reliefs and an explanation as to how these actions comply with Title 10 statutes governing the selection and tenure of JAG officers. Additionally, we request a detailed account of the individuals involved in the decision-making process and any documentation that led to these dismissals.

    To facilitate proper congressional oversight, we request responses to the following questions by March 13, 2025:

    1. What is the legal basis for the removal of these JAG officers?
    2. Were any communications or directives issued to justify these removals? If so, please provide them for review.
    3. Do you plan to appoint two- or three-star officers to replace these JAG officers?
    4. What analysis has the Department conducted to determine that the replacements for these JAG officers should be two-stars?
    5. How does the Department plan to ensure the continued independence of the JAG Corps in light of these dismissals?
    6. Were any external political or administrative pressures exerted on the decision to remove these officers?
    7. How will the Department mitigate the chilling effect this decision has had on the ability of JAG officers to provide independent legal counsel?
    8. What measures will be put in place to restore trust in the military justice system and prevent similar actions in the future?
    9. Will you follow the legally-prescribed process in selecting the next Judge Advocates General of the Army, Navy, and Air Force?

    The rule of law is a foundational pillar of our nation, and the DoD must uphold it without exception. The independence of military legal professionals must be preserved, and any actions that erode this independence must be rectified without delay. Failing to integrate JAGs into military planning who are free to give independent legal advice to the commander threatens not only compliance with the law but also the safety and effectiveness of U.S. forces. As you committed at your confirmation hearing to respond promptly to the committee, we expect a response to these straightforward questions, along with full transparency in addressing the damage these firings have inflicted upon the military justice system.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Warner Invites Fired Fredericksburg Park Ranger to State of the Union

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) today announced that Ms. Ashley Ranalli of Fredericksburg will attend as his guest to President Trump’s joint address to Congress on Tuesday, March 4. Ms. Ranalli was employed as a National Park Service (NPS) ranger at Fredericksburg and Spotsylvania National Military Park until last month, when – despite exemplary performance reviews – she became one of an estimated 1,000-plus Park Service workers who were indiscriminately fired by the Trump administration due to their “probationary” employment status, joining thousands of other federal workers who were fired without cause as part of Elon Musk and President Trump’s attacks on the workforce. Ms. Ranalli, 41, is a survivor of thyroid cancer and now has no health insurance.

    “Ashley Ranalli is one of the many dedicated public servants who have been forced out of their jobs serving Americans by President Trump and Elon Musk. Our national parks are places where we connect with nature, our shared history and one another, and that is made possible by the hard work of national park rangers, whose dedication, expertise, and passion not only safeguard our landscapes and wildlife but also help preserve the stories and history that make these places so special. These indiscriminate cuts of Park Service personnel are devastating to the parks and their local communities,” said Sen. Warner. “I am glad that Ashley is able to join as my guest for the address to Congress, so that President Trump can look out into the audience and face a Virginian directly affected by his short-sighted and reckless choices.”

    “Becoming a national park ranger was my dream and after years of dedication and hard work, it finally became a reality, only to be ripped away,” said Ms. Ranalli. “I am devastated by the effect the purge of federal employees has had on Fredericksburg, a community that I love and which relies upon federal workers and tourism dollars from the national park. When I come to Washington, I hope to represent not just my fellow park rangers, but also to be a voice for the people, communities and small businesses that are suffering because of political choices being made in our nation’s capital.”

    When Ashley Ranalli was hired as a volunteer and youth program coordinator at the Fredericksburg and Spotsylvania National Military Park in the fall, it was the culmination of years of effort and hard work. Prior to becoming a park ranger, Ashley was a public school English teacher who spent her summers working as a seasonal worker for the National Park Service, living away from her family at various NPS sites in Virginia in order to demonstrate commitment to the job and distinguish herself from a pool of largely younger candidates. On February 14, she received a layoff notice from the Department of the Interior, despite a recent performance review that described her work as “excellent” and “outstanding,” and which noted that she “goes the extra mile” when working with visitors, volunteers, and colleagues.

    While the administration has declined to make public the exact scope of the cuts at NPS and the duties and locations of those affected by the layoffs, the National Parks Conservation Association estimates that in a period of just weeks, nine percent of NPS staff have been lost to mass firings and resignations, in addition to hundreds of vacant positions that can’t be filled due to the ongoing hiring freeze. In addition, the National Park Service has been directed to identify more cuts as part of the larger Reduction in Force (RIF) efforts.

    Warner is the author of the Great American Outdoors Act, one of the largest-ever investments in conservation and public lands in our nation’s history. Signed into law by President Trump in 2020, the bipartisan Great American Outdoors Act provided billions of dollars to improve infrastructure and expand recreation opportunities in national parks and other public lands after years of underinvestment led a massive backlog in needed maintenance and repairs to Park Service sites. In Virginia alone, Warner’s Great American Outdoors Act has provided over $470 million for projects at Virginia’s 22 park service units and supported thousands of jobs – investments that are now being undermined by the Trump administration’s reckless layoffs that threaten safe operations at the parks ahead of the peak summer season. Last month, Warner led the Virginia delegation in writing the Secretary of the Interior, pushing the administration to reverse the cuts.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Economy – Strengthening Trust and Confidence in New Zealand’s Insurance Industry – RBNZ

    Source: Reserve Bank of New Zealand

    4 March 2025 – Deputy Governor Christian Hawkesby has reinforced the Reserve Bank of New Zealand’s commitment to ensuring a resilient, efficient, innovative and transparent insurance sector, speaking at the Insurance Council of New Zealand’s conference today.

    “The insurance industry is not just a key pillar of our financial system; it is fundamental to our society by enabling risk to be spread, transferred and shared. Its success relies on trust and confidence that comes with transparency, ensuring that consumers have the right coverage and that insurers can meet their obligations when needed,” Mr Hawkesby said.

    New Zealand’s insurance landscape presents distinct challenges, with its complex composition of participants – retail and wholesale players, foreign parents, global reinsurers, government providers – and New Zealand’s unique risks – seismic activity, volcanic threats, and the increasing impact of climate change.

    Meeting these challenges also requires a stable and sound financial system, underpinned by a modern and fit for purpose regulatory regime. The review of the Insurance Prudential Supervision Act (IPSA) is aimed at bringing about this modernisation.

    It also requires all participants to take a system view and the necessity for a collaborative approach and leadership from across the industry. The CoFR[1] insurance forum is an opportunity to support this leadership and for regulators to share and collaborate with the industry.

    The Reserve Bank remains dedicated to enhancing engagement with the industry, modernising its regulatory framework and approach, and embedding deeper insurance expertise within its leadership.

    “We recognise that there is more work to do. However, our commitment to working collaboratively with industry leaders ensures that the insurance sector continues to play a vital role in a productive and sustainable economy,” Mr Hawkesby said.

    More information

    read the release : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f31a61e71d&e=f3c68946f8

    ________________________________
    [1] The Council of Financial Regulators (CoFR), includes the Financial Markets Authority, Treasury, Commerce Commission, and Ministry of Business, Innovation and Employment,

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Minister Rishworth interview on the Today Show with Charles Croucher

    Source: Ministers for Social Services

     E&OE TRANSCRIPT

    Topics: Laos methanol poisoning investigation; Rugby League in Las Vegas; Academy Awards.

    CHARLES CROUCHER, HOST:  Welcome back. The parents of Holly Bowles and Bianca Jones, who died of methanol poisoning in Laos, are urging travellers to boycott the country until it adequately investigates their daughter’s deaths. Joining us to discuss is Minister for Social Services Amanda Rishworth and Nationals Senator Bridget McKenzie. Good morning to you both. Amanda, I’m going to start with you. There are concerns that are boycott might discourage authorities there from doing the right thing by these families. How do we approach this?

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: Firstly, I would say the Australian Government continues to stand with Holly and Bianca’s family and continues to of course press the Laos Government to fully and transparently investigate these circumstances. Of course, there are warnings on Smartraveller which is an important government resource to look at the risks. But we as a Government will continue to press for a full investigation because it is really important that any issues that emerge from that are addressed to make sure travellers are safe.

    CHARLES CROUCHER: I guess the issue is, is there something more the Government can be doing if the parents are now encouraging travellers to do the lobbying for them?

    AMANDA RISHWORTH: We have continued on an ongoing basis to have conversations and to continue to press the Laos Government and we will continue to do that. We’ve been providing consular support to Bianca’s and Holly’s families. We will continue to do everything we can as a Government to push this. But it’s important people are properly informed when they do travel overseas about what the risks are.

    CHARLES CROUCHER: Bridget, can we be doing more?

    BRIDGET MCKENZIE, NATIONALS SENATOR: Well, I think the Government’s outlined that it’s pursuing every diplomatic measure it can. It’s an absolute tragedy what happened to Holly and Bianca. We don’t want any other young Australians who go overseas for a great holiday to suffer the same fate. So, we need to be pushing for a full investigation so that the issues can be made clear. And you know, we back the Government all the way in their efforts to do that.

    CHARLES CROUCHER: And we stay with the parents because it’s such a tough situation they’ve been in, and we’ve been sort of amazed at how brave they’ve been in speaking out as well. Well, we’re going to move on because the NRL’s Vegas gamble well and truly paid off. It reached, we’re told, an audience that was unprecedented and generated more than $100 million. Now the attention turns to the AFL which weather permitting, will kick off on Thursday. Bridget, you’re a Senator from Victoria. It’s the AFL home state. Are they getting beaten when it comes to launching the season by the people from up north.

    BRIDGET MCKENZIE: Look, we know that NRL is a spectator sport that had the most successful seat opening since 2010. And I think what really resonated with the US was no helmets, no pads, all action, no timeout. And I mean, when you compare that to the NFL, the US rocked up in droves to actually see the NRL live. Obviously, Charles, I am from Victoria. We’ve got the G and we pack it out week in, week out to watch our great game. So, you know, I think it’s the difference between the two sports. One is, you know, best live and the other is building that, you know, a sustainable funding base going forward. Because we know if the NRL gets 1 per cent of the US market, it’ll be sustaining funding for them going forward, which is also good news in decades to come.

    CHARLES CROUCHER: A great TV product, of course, and it’s on Nine as well, which shows. Amanda, Gather Round [AFL] is in South Australia. Never ruined that with an election on the same weekend, obviously. But should the AFL be doing more to make this round the number one?

    AMANDA RISHWORTH: Well, you know, the Gather Round is an absolutely amazing round, I have to say. It brings a buzz not just to South Australia but to footy fans, to be all in the same place. I think the AFL has been looking at how they engage their audiences and I would say that Gather Round is a great example of that and will continue to do so. But congratulations to the NRL. And hopefully we’ll start seeing people in America wearing those NRL colours. But of course, I would like to see everyone in America wearing some AFL colours as well. And I think we can all work towards that.

    CHARLES CROUCHER: All right, finally, from Conan O’Brien’s opening monologue to Anora’s sweeping success, the Oscars delivered a host of memorable moments. We’re sort of short on time, so I might even just go with a hands up approach here. But did anyone tune in and has anyone seen any of the movies that are nominated this year? 

    BRIDGET MCKENZIE: Too busy fighting Labor. 

    AMANDA RISHWORTH: I’ve seen Wicked.

    BRIDGET MCKENZIE: Charles, I’m halfway through Conclave on a flight.

    CHARLES CROUCHER: That’s probably the way you’re going to do it. And Amanda’s seen Wicked. So that’s a good sign of the way things are going for Conclave and Wicked – two brutal fights of political natures. And that shapes well for whatever’s to come in the next couple of weeks. Really lovely speaking to both you this morning.

    MIL OSI News –

  • MIL-OSI USA: S. 216, Save Our Seas 2.0 Amendments Act

    Source: US Congressional Budget Office

    S. 216 would authorize annual appropriations for the Marine Debris Program within the National Oceanic and Atmospheric Administration (NOAA) and would authorize a single-year appropriation for the Marine Debris Foundation. The bill would allow the foundation to match contributions from foreign governments and from tribal and regional organizations. Both the program and the foundation support efforts to remove plastics, discarded fishing gear, and other harmful materials from the marine environment.

    CBO assumes that the bill will be enacted in 2025 and that the authorized amounts will be provided in each year. On that basis, and using historical spending patterns, CBO estimates that implementing the bill would cost $77 million over the 2025-2030 period. The costs of the legislation, detailed in Table 1, fall within budget function 300 (natural resources and environment).

    Marine Debris Program

    S. 216 would reauthorize the appropriation of $15 million annually from 2025 through 2029 for NOAA to operate the Marine Debris Program. In 2024, NOAA allocated $36 million for the program. CBO estimates that implementing this provision would cost $75 million over the 2025-2030 period.

    Table 1.

    Estimated Increases in Spending Subject to Appropriation Under S. 216
     

    By Fiscal Year, Millions of Dollars

    		  
     

    2025

    2026

    2027

    2028

    2029

    2030

    2025-2030

    Marine Debris Program

    		              

    Authorization

    15

    15

    15

    15

    15

    0

    75

    Estimated Outlays

    13

    15

    15

    15

    15

    2

    75

    Marine Debris Foundation

    		              

    Authorization

    2

    0

    0

    0

    0

    0

    2

    Estimated Outlays

    1

    1

    0

    0

    0

    0

    2

    Total Increases

    		              

    Authorization

    17

    15

    15

    15

    15

    0

    77

    Estimated Outlays

    14

    16

    15

    15

    15

    2

    77

    Marine Debris Foundation

    The bill would authorize the appropriation of $2 million in 2025 for the Marine Debris Foundation to match external contributions. An appropriation of $10 million a year was authorized for the foundation to match contributions from private individuals or from state and local governments but that authorization expired at the end of 2024; the Congress has not appropriated any funds for the foundation to date. The bill would allow the foundation to match contributions from foreign governments, tribal governments and organizations, and other regional organizations. CBO estimates that implementing this provision would cost $2 million over the 2025-2030 period.

    The foundation is authorized to invest appropriated funds in Treasury securities and to spend any credited interest without further appropriation. The collection and spending of contributions as well as the spending of credited interest are classified in the budget as direct spending. CBO estimates that the net effect on direct spending from the additional contributions to the foundation would be insignificant over the 2025-2035 period because those collections would be spent quickly. CBO also expects that the spending of any interest credited to the foundation would be insignificant.

    The CBO staff contact for this estimate is Aurora Swanson. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI Security: Former Hapeville Police Officer Charged with Excessively Tasing Detainee

    Source: Office of United States Attorneys

    ATLANTA – Shevoy Brown, a former officer with the Hapeville (GA) Police Department, has been arraigned on charges of using unreasonable force by repeatedly tasing a handcuffed detainee who had been arrested for trespassing.                                                                                                                                     

    “Our local law enforcement partners employ dedicated officers who risk their lives and safety every day to help make our district safer.  This indictment alleges conduct by a former officer that runs counter to the culture of professionalism and public service that epitomizes the work performed by police officers in and outside our district,” said Acting United States Attorney Richard S. Moultrie, Jr.

    “People being held under arrest have the right to be treated humanely,” said FBI Atlanta Special Agent in Charge Paul Brown. “The FBI and our law enforcement partners will continue to protect the civil rights of the public and ensure those who abuse their power are held responsible.”

    According to Acting U.S. Attorney Moultrie, the indictment, information provided in court, and other publicly available information: On June 3, 2024, Hapeville, Georgia Police Department officers arrested a man for trespassing and transported him to the department’s headquarters.  The man was placed alone in a small holding cell and handcuffed to a stationary bench.  Although the detainee was a threat to no one, former Hapeville Police Officer Shevoy Brown allegedly tased him at least six times without any legal justification. The repeated tasing injured the detainee and required medical attention.  Following the tasing, Brown allegedly wrote a false use of force report to cover up his conduct.  So in addition to the offense of excessive force, Brown is also charged with obstruction of justice.

    Shevoy Brown, of Hampton, Georgia, was arraigned before Chief U.S. Magistrate Judge Russell G. Vineyard.  He was indicted by a federal grand jury on February 12, 2025.

    Members of the public are reminded that the indictment only contains charges.  The defendant is presumed innocent, and it will be the government’s burden to prove his guilt beyond a reasonable doubt at trial.

    This case is being investigated by the Federal Bureau of Investigation with assistance from the Georgia Bureau of Investigation.

    Assistant United States Attorneys Brent Alan Gray and Bret R. Hobson are prosecuting the case.

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6280.  The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI –

  • MIL-OSI Economics: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

    Source: W & T Offshore Inc

    Headline: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company” or “us”) today reported operational and financial results for the fourth quarter and full year 2024, including the Company’s year-end 2024 reserve report. Detailed guidance for the first quarter of 2025 and full year 2025 was also provided, and W&T announced its dividend for the first quarter of 2025.

    This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow, Net Debt and PV-10 which are described and reconciled to the most comparable GAAP measures below in the accompanying tables under “Non-GAAP Information.”

    Key highlights for the fourth quarter of 2024, the full year 2024 and since year end 2024 include:

    • Delivered production in full year 2024 of 33.3 thousand barrels of oil equivalent per day (“MBoe/d”) (43% oil), or 12.2 million barrels of oil equivalent (“MMBoe”). This production was within the Company’s guidance range despite impacts from three hurricanes in the Gulf of America (“GOA”) and other downtime which was mainly related to the Cox acquisition (as defined below);
      • Achieved mid-point of the guidance for annual oil production and increased it by 4% year-over-year;
      • Produced 32.1 MBoe/d (43% oil) or 3.0 MMBoe in fourth quarter 2024, within W&T’s guidance range;
      • Announced the Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to come back online in the second quarter of 2025;
    • Increased year-end 2024 proved reserves at SEC pricing to 127.0 MMBoe, with oil reserves increasing 39%;
      • Reported a standardized measure of discounted future net cash flows of $740.1 million and a present value of estimated future oil and natural gas revenues, minus direct expenses, discounted at a 10% annual rate (“PV-10”) of $1.2 billion, a 14% increase compared to PV-10 for year-end 2023, despite lower SEC pricing;
      • Benefited from acquisitions totaling 21.7 MMBoe, along with positive well performance and technical revisions of 5.0 MMBoe, partially offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year, resulting in replacement of 219% of 2024 production with new reserves;
    • Incurred lease operating expenses (“LOE”) of $281.5 million in full year 2024, at the low end of the Company’s full year guidance range and $64.3 million in fourth quarter 2024, 12% below the low end of the Company’s fourth quarter guidance;
    • Acquired six shallow water GOA fields in January 2024 (“the Cox acquisition”), all of which are 100% working interest and located adjacent to existing W&T operations, for $77.3 million, which was funded with cash on hand;
    • Sold a non-core interest in Garden Banks Blocks 385 and 386 in January 2025, which included latest net production of approximately 195 barrels of oil equivalent per day (“Boe/d”) (72% oil) for $11.9 million (the “Garden Banks Disposition”), or over $60,000 per flowing barrel, after customary closing adjustments;
    • Received $58.5 million in cash for an insurance settlement (the “Insurance Settlement”) related to the Mobile Bay 78-1 well, in first quarter of 2025, which further bolsters W&T’s balance sheet;
    • Successfully refinanced the Company’s $275.0 million 11.75% Senior Second Lien Notes due 2026 (the “11.75% Notes”) and $114.2 million outstanding amount under the term loan provided by Munich Re Risk Financing, Inc., as lender (the “MRE Term Loan”) with proceeds from the issuance of new $350.0 million of 10.75% Senior Second Lien Notes due 2029 (the “10.75% Notes”) in January 2025 and available cash on hand;
      • Paid down and effectively reduced gross debt by around $39.0 million;
      • Eliminated principal payments of $27.6 million in 2025, $25.4 million in 2026, $22.9 million in 2027 and $38.3 million in 2028;
      • Lowered interest rate on the Senior Second Lien Notes by 100 basis points;
    • Entered into a new credit agreement in the first quarter 2025 for a $50 million revolving credit facility which matures in July 2028, that is undrawn and replaces the previous credit facility provided by Calculus Lending, LLC;
    • Reported net loss for full year 2024 of $87.1 million, or $(0.59) per diluted share and net loss of $23.4 million, or $(0.16) per diluted share for fourth quarter 2024;
      • Adjusted Net Loss totaled $67.6 million, or $(0.46) per diluted share for full year 2024, and $26.2 million, or $(0.18) per diluted share, for fourth quarter 2024, which primarily excludes the net unrealized gain on outstanding derivative contracts, non-ARO plugging and abandonment (“P&A”) costs, other costs and the related tax effect;
    • Generated Adjusted EBITDA of $153.6 million in full year 2024 and $31.6 million in the fourth quarter of 2024;
    • Produced net cash from operating activities of $59.5 million and Free Cash Flow of $44.9 million in full year 2024;
    • Reported cash and cash equivalents of $109.0 million, lowered total debt to $393.2 million and lowered Net Debt to $284.2 million at December 31, 2024;
    • Added costless collar hedges for 50,000 million British Thermal Units per day (“MMBtu/d”) of natural gas for the period of March through December 2025;
    • Paid fifth consecutive quarterly dividend of $0.01 per common share in November 2024; and
      • Declared first quarter 2025 dividend of $0.01 per share, which will be payable on March 24, 2025 to stockholders of record on March 17, 2025;

    Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We delivered solid results in 2024 thanks to our continued commitment to executing on our strategic vision focused on free cash flow generation, maintaining solid production and maximizing margins. We generated strong Adjusted EBITDA of $153.6 million and Free Cash Flow of $44.9 million for full year 2024. This was achieved despite limited contribution from the Cox acquisition as we continued to work on enhancing long-term value for these assets at the expense of deferring some near-term production. Some of this benefit is already reflected in our year-end reserves, which saw a 39% increase in oil reserves, and our PV-10 increased by almost $150 million, despite lower SEC pricing compared to year end 2023. We replaced production by over 200% with our positive revisions and acquisitions. Our focus on cost control and capturing synergies associated with our asset acquisitions contributed to our LOE coming in at the bottom end of our reduced guidance range. In addition, we are expecting further production uplift associated with the remaining fields from the Cox acquisition coming online in the second quarter of 2025 that have been shut in so that we could improve the facilities and transportation of production to enhance safety and efficiency of operations in the future.”

    “In early 2025, we strengthened our balance sheet by closing the new 10.75% Notes, entered into a new revolving credit facility and added material cash through a non-core disposition and an insurance settlement. The new 10.75% Notes have an interest rate 100 basis points lower than our 11.75% Notes and received improved credit ratings from S&P and Moody’s, had a broad distribution including international investors and were significantly oversubscribed. We also received a $58.5 million cash insurance settlement payment related to a well loss event. Finally, we sold our non-core interests for $11.9 million after customary closing adjustments in Garden Banks 385 and 386 at over $60,000 per flowing barrel which is highly accretive to W&T. This further demonstrates the value of our assets and our ability to divest our properties at attractive multiples.”

    Mr. Krohn concluded, “As we progress through 2025 with a stronger balance sheet, we remain poised to take advantage of potential acquisitions that will be accretive to our stakeholders. We remain committed to enhancing shareholder value and returning value to our shareholders through the quarterly dividend in place since November 2023. Our strategy has proven to be sustainable over the past 40 plus years, and we are well-positioned to continue to successfully execute it in the future.”

    Production, Prices and Revenue: Production for the fourth quarter of 2024 was 32.1 MBoe/d, within the Company’s fourth quarter guidance and up 4% compared with 31.0 MBoe/d for the third quarter of 2024 and down compared with 34.1 MBoe/d for the corresponding period in 2023. Production in the second half of 2024 was temporarily reduced mainly due to multiple named storms and third-party downtime. Fourth quarter 2024 production was comprised of 13.7 thousand barrels per day (“MBbl/d”) of oil (43%), 3.0 MBbl/d of natural gas liquids (“NGLs”) (9%), and 92.4 million cubic feet per day (“MMcf/d”) of natural gas (48%).

    W&T’s average realized price per Boe before realized derivative settlements was $39.86 per Boe in the fourth quarter of 2024, a decrease of 5% from $41.92 per Boe in the third quarter of 2024 and a decrease of 4% from $41.55 per Boe in the fourth quarter of 2023. Fourth quarter 2024 oil, NGL and natural gas prices before realized derivative settlements were $68.71 per barrel of oil, $24.59 per barrel of NGL and $2.85 per Mcf of natural gas.

    Revenues for the fourth quarter of 2024 were $120.3 million, which were slightly lower than the third quarter of 2024 revenues of $121.4 million driven by lower realized prices for oil. Fourth quarter 2024 revenues were approximately 9% lower than $132.3 million of revenues in the fourth quarter of 2023 due to lower average realized prices and lower production volumes.

    Lease Operating Expenses: LOE, which includes base lease operating expenses, insurance premiums, workovers and facilities maintenance expenses, was $64.3 million in the fourth quarter of 2024, which was 12% below the low end of the previously provided guidance range of $73.0 to $81.0 million. LOE came in lower than expected as the Company continued to realize synergies from asset acquisitions in late 2023 and early 2024. LOE for the fourth quarter of 2024 was approximately 11% lower compared to $72.4 million in the third quarter of 2024 primarily due to favorable audit adjustments, an increase in royalty credits and lower repairs and maintenance costs. LOE for the fourth quarter of 2024 was essentially flat compared to $64.6 million for the corresponding period in 2023. On a component basis for the fourth quarter of 2024, base LOE and insurance premiums were $53.5 million, workovers were $0.9 million, and facilities maintenance and other expenses were $9.9 million. On a unit of production basis, LOE was $21.76 per Boe in the fourth quarter of 2024. This compares to $25.37 per Boe for the third quarter of 2024 and $20.61 per Boe for the fourth quarter of 2023, reflecting a decrease in production in the periods.

    Gathering, Transportation Costs and Production Taxes: Gathering, transportation costs and production taxes totaled $5.9 million ($2.00 per Boe) in the fourth quarter of 2024, compared to $6.1 million ($2.15 per Boe) in the third quarter of 2024 and $6.6 million ($2.11 per Boe) in the fourth quarter of 2023. Gathering, transportation costs and production taxes decreased in the fourth quarter of 2024 from the prior quarter due to lower processing and transportation fees offset by increased production taxes.

    Depreciation, Depletion and Amortization (“DD&A”): DD&A was $12.94 per Boe in the fourth quarter of 2024. This compares to $11.99 per Boe and $10.73 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

    Asset Retirement Obligations Accretion: Asset retirement obligations accretion was $2.76 per Boe in the fourth quarter of 2024. This compares to $2.75 per Boe and $2.35 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

    General & Administrative Expenses (“G&A”): G&A was $20.8 million for the fourth quarter of 2024, which increased from $19.7 million in the third quarter of 2024 primarily due to higher quarter over quarter accrual for non-cash long-term incentives and increased from $18.3 million in the fourth quarter of 2023 primarily due to higher quarter over quarter accruals for short-term incentives and non-cash long term incentives. On a unit of production basis, G&A was $7.04 per Boe in the fourth quarter of 2024 compared to $6.91 per Boe in the third quarter of 2024 and $5.82 per Boe in the corresponding period of 2023. These differences are primarily related to production variances.

    Derivative (Gain) Loss, net: In the fourth quarter of 2024, W&T recorded a net loss of $2.1 million with commodity derivative contracts comprised of $2.6 million of realized losses and $0.5 million of unrealized gains related to the increase in fair value of open contracts. W&T recognized a net gain of $3.2 million in the third quarter of 2024 and a net gain of $13.2 million in the fourth quarter of 2023 related to commodity derivative activities.

    To take advantage of the recent uptick in prices for natural gas, W&T recently added Henry Hub costless collars for 50,000 MMBtu/d of natural gas for the period of March through December 2025 with a floor of $3.88 per MMBtu and a ceiling of $5.125 per MMBtu.

    A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.

    Interest Expense: Net interest expense in the fourth quarter of 2024 was $10.2 million compared to $10.0 million in the third quarter of 2024 and $9.7 million in the fourth quarter of 2023.

    Other Expense: During 2021 and 2022, as a result of the declaration of bankruptcy by a third party that is the indirect successor in title to certain offshore interests that were previously divested by the Company, W&T recorded a contingent loss accrual related to anticipated non-ARO P&A costs. During the fourth quarter of 2024, the Company reassessed its existing obligations and recorded a $2.8 million decrease in the contingent loss accrual.

    Income Tax (Benefit) Expense: W&T recognized an income tax benefit of $1.8 million in the fourth quarter of 2024. This compares to the recognition of an income tax benefit of $4.5 million and an income tax expense of $1.9 million for the quarters ended September 30, 2024 and December 31, 2023, respectively.

    Capital Expenditures and Asset Retirement Settlements: Capital expenditures on an accrual basis (excluding acquisitions) in the fourth quarter of 2024 were $12.2 million, and asset retirement settlement costs totaled $19.3 million. For the year ended December 31, 2024, capital expenditures on an accrual basis (excluding acquisitions) totaled $28.6 million and asset retirements costs were $39.7 million. Investments related to acquisitions in the year ended December 31, 2024 totaled $80.6 million, which included $77.3 million for the Cox acquisition and $3.3 million of final purchase price adjustments related to W&T’s acquisition of properties in September 2023.

    Balance Sheet and Liquidity: As of December 31, 2024, W&T had available liquidity of $159.0 million comprised of $109.0 million in unrestricted cash and cash equivalents and $50.0 million of borrowing availability under W&T’s first priority secured revolving facility provided by Calculus Lending LLC. As of December 31, 2024, the Company had total debt of $393.2 million and Net Debt of $284.2 million. As of December 31, 2024, Net Debt to trailing twelve months (“TTM”) Adjusted EBITDA was 1.8x.

    Debt Refinance: On January 28, 2025 W&T closed an offering of the 10.75% Notes at par in a private offering that was exempt from registration under the Securities Act of 1933, as amended. The Company used a portion of the proceeds from the 10.75% Notes offering, along with cash on hand to, (i) purchase for cash pursuant to a tender offer, such of the Company’s outstanding 11.75% Notes that were validly tendered pursuant to the terms thereof, (ii) repay $114.2 million outstanding under the Term Loan, (iii) fund the full redemption amount for an August 1, 2025 redemption of the remaining 11.75% Notes not validly tendered and accepted for purchase in the tender offer, and (iv) pay premiums, fees and expenses related to these transactions. On the closing date of the offering of the 10.75% Notes, the Company completed all actions necessary to satisfy and discharge the indenture governing the 11.75% Notes.

    Pro forma for the debt refinance, the Garden Banks Disposition and the Insurance Settlement, as of December 31, 2024, W&T’s cash and cash equivalents would have been approximately $104.3 million, total debt would have been approximately $349.5 million and Net Debt would have been approximately $245.2 million. As of December 31, 2024, the pro forma Net Debt to TTM Adjusted EBITDA would have been 1.6x.

    In conjunction with the issuance of the 10.75% Notes, the Company entered into a new credit agreement which provides the Company with a revolving credit and letter of credit facility, with initial lending commitments of $50 million with a letter of credit sublimit of $10 million. The Credit Facility matures on July 28, 2028.

    Accretive Acquisition of Producing Properties in the GOA: In January 2024, W&T was the successful bidder for six fields in the GOA, including Eugene Island 64, Main Pass 61, Mobile 904, Mobile 916, South Pass 49 and West Delta 73, all of which include a 100% working interest and an average 82% net revenue interest. They are located in water depths ranging between approximately 15 and 400 feet. Their proximity to W&T’s areas of existing operations provides the ability for W&T to capture synergies regarding personnel, well optimization, gathering and transport. The final purchase price for the assets was $77.3 million, after closing costs and other transaction costs, which were funded from the Company’s cash on hand. Key highlights of the transaction included:

    • Added significant year-end 2024 reserves of 21.7 MMBoe (62% liquids), even after excluding 1.3 MMBoe of production during 2024;
    • Based on the cash consideration paid of $77.3 million, this equates to a price of $3.38 per Boe of 2024 SEC reserves booked, when adding back 2024 production of 1.3 MMBoe;
    • Multiple fields were immediately shut-in while improvements were made to bring them up to W&T’s standards for safety and efficiency. Those fields are expected to come back online in the first half of 2025;
      • The Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to return to production in the second quarter of 2025; and
    • The Company believes that it can further increase production on these properties through workovers, recompletions and ongoing facility upgrades.

    Non-Core Asset Disposition

    In early 2025, W&T sold a non-core interest in Garden Banks Blocks 385 and 386, which included net production of approximately 195 Boe/d, for $11.9 million after normal purchase price adjustments. The effective date of the sale was December 1, 2024, and the transaction closed in January 2025. The impact to W&T’s reserves for year-end 2024 were minimal at about 0.12 MMBoe.

    Full Year-End 2024 Financial Review

    W&T reported a net loss for the full year 2024 of $87.1 million, or $(0.59) per diluted share, and Adjusted Net Loss of $67.6 million, or $(0.46) per diluted share. For the full year 2023, the Company reported net income of $15.6 million, or $0.11 per diluted share, and Adjusted Net Loss of $21.7 million, or $(0.15) per diluted share. W&T generated Adjusted EBITDA of $153.6 million for the full year 2024 compared to $183.2 million in 2023. The year-over-year decrease was primarily driven by lower oil and natural gas prices and decreased production. Revenues totaled $525.3 million for 2024 compared with $532.7 million in 2023. Net cash provided by operating activities for the year ended December 31, 2024 was $59.5 million compared with $115.3 million for the same period in 2023. Free Cash Flow totaled $44.9 million in 2024 compared with $63.3 million in 2023.

    Production for 2024 averaged 33.3 MBoe/d for a total of 12.2 MMBoe, comprised of 5.3 MMBbl of oil, 1.2 MMBbl of NGLs and 34.3 Bcf of natural gas. Full year 2023 production averaged 34.9 MBoe/d or 12.7 MMBoe in total and was comprised of 5.1 MMBbl of oil, 1.4 MMBbl of NGLs and 37.6 Bcf of natural gas.  

    For the full year 2024, W&T’s average realized sales price per barrel of crude oil was $75.28 and $23.08 per barrel of NGLs and $2.65 per Mcf of natural gas. While the realized pricing for oil and natural gas were down year-over-year, the production mix was more weighted toward oil in 2024, thus the equivalent sales price for 2024 was $42.23 per Boe, which was 3% higher than the equivalent price of $41.16 per Boe realized in 2023.  For 2023, the Company’s realized crude oil sales price was $75.52 per barrel, NGL sales price was $22.93 per barrel, and natural gas price was $2.93 per Mcf.

    For the full year 2024, LOE was $281.5 million compared to $257.7 million in 2023. While LOE increased year-over-year in 2024 due to increased workover and facility investments, higher oil production and costs from the acquisition of additional properties in January 2024 and September 2023, W&T’s LOE for 2024 was 10% below the midpoint guidance for LOE as the Company was able to mitigate some of these increased costs through synergies from the asset acquisitions.

    Gathering, transportation, and production taxes totaled $28.2 million in 2024, an increase from the $26.3 million in 2023.

    For the full year 2024, G&A was $82.4 million, which was a 9% increase over the $75.5 million reported in 2023. The increase year-over-year is primarily due to increased salary and benefits costs and non-recurring legal fees that were somewhat offset by lower accruals for short-term incentives. On a per unit basis, G&A per Boe was $6.76 in 2024, up from $5.93 per Boe in 2023.  G&A increased on a per Boe basis primarily due to lower production.  

    OPERATIONS UPDATE

    Well Recompletions and Workovers

    During the fourth quarter of 2024, the Company performed two workovers and two recompletions that positively impacted production for the quarter. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.

    Year-End 2024 Proved Reserves

    The Company’s year-end 2024 SEC proved reserves were 127.0 MMBoe, compared with 123.0 MMBoe at year-end 2023. In 2024, W&T recorded positive performance revisions of 5.0 MMBoe, and acquisitions of reserves of 21.7 MMBoe, which were offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year.  During 2024, W&T continued to focus on reducing Net Debt while identifying and executing attractive acquisitions.  Successful workovers, operational excellence and acquisitions allowed W&T to replace 219% of production with new reserves.  

    The SEC twelve-month first day of the month average spot prices used in the preparation of the report for year-end 2024 were $76.32 per barrel of oil and $2.13 per MMBtu of natural gas. Comparable prices used for the prior year report were $78.21 per barrel of oil and $2.64 per MMBtu of natural gas. The PV-10 of W&T’s proved reserves at year-end 2024 increased 14% to $1.2 billion from $1.1 billion at year-end 2023, driven primarily by an increase in oil reserves due to the acquisition in January 2024 and by positive reserve performance revisions which were somewhat offset by lower SEC pricing.

    Approximately 51% of year-end 2024 proved reserves were liquids (41% crude oil and 10% NGLs) and 49% natural gas. The reserves were classified as 52% proved developed producing, 31% proved developed non-producing, and 17% proved undeveloped. W&T’s reserve life ratio at year-end 2024, based on year-end 2024 proved reserves and 2024 production, was 10.4 years.

                           
        Oil   NGLs   Natural Gas       PV-101
        (MMBbls)   (MMBbls)   (Bcf)   MMBoe   ($MM)
    Proved reserves as of December 31, 2023   37.0     13.7     434.0     123.0     $ 1,080.9
    Revisions of previous estimates   7.4     1.8     (26.1 )   5.0        
    Revisions due to change in SEC prices   (0.4 )   (1.6 )   (51.0 )   (10.5 )      
    Purchase of minerals in place   12.9     0.3     51.8     21.7        
    Production   (5.3 )   (1.2 )   (34.3 )   (12.2 )      
    Proved reserves as of December 31, 2024   51.6     13.0     374.4     127.0     $ 1,229.5

    (1)   PV-10 for this presentation excludes any provisions for asset retirement obligations or income taxes.

    In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2024 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average of the first-day-of-the-month price for the year ended December 31, 2024. The WTI spot price and the Henry Hub spot price were utilized as the reference prices and after adjusting for quality, transportation, fees, energy content, and regional price differentials, the average realized prices were $74.69 per barrel for oil, $22.98 per barrel for NGLs, and $2.58 per Mcf for natural gas. In determining the estimated realized price for NGLs, a ratio was computed for each field of the NGLs realized price compared to the crude oil realized price. This ratio was then applied to the crude price using SEC guidance. Such prices were held constant throughout the estimated lives of the reserves. Future estimated production and development costs are based on year-end costs with no escalations.

    The standardized measure of future net cash flows was $740.1 million at December 31, 2024, which is calculated as the PV-10 of $1,229.5 million less discounted cash outflows of $334.6 million associated with asset retirement obligations and $154.8 million associated with income taxes. At December 31, 2023, the standardized measure was $683.2 million, which is calculated as the PV-10 of $1,080.9 million less discounted cash outflows of $246.7 million associated with asset retirement obligations and $151.0 million associated with income taxes.

    First Quarter and Full Year 2025 Production and Expense Guidance

    The guidance for the first quarter and full year 2025 in the table below represents the Company’s current expectations. Please refer to the section entitled “Forward-Looking and Cautionary Statements” below for risk factors that could impact guidance.

    In the first quarter of 2025, there have been several planned facility and pipeline maintenance projects as well as unplanned downtime at several fields due to multiple winter freezes in the first quarter of 2025 that temporarily reduced production. Full year 2025 production reflects the West Delta 73 field returning to production in the second quarter as well as the other fields that were temporarily shut-in during the first quarter of 2025. First quarter 2025 LOE is expected to be higher than the prior quarter due to increased maintenance and repair costs and facility upgrades; full year 2025 LOE is expected to be modestly higher than 2024.

         
    Production First Quarter 2025 Full Year 2025
    Oil (MBbl) 1,130 – 1,250 5,150 – 5,690
    NGLs (MBbl) 205 – 235 1,020 – 1,140
    Natural gas (MMcf) 7,220 – 7,980 34,880 – 38,560
    Total equivalents (MBoe) 2,538 – 2,815 11,983 – 13,257
    Average daily equivalents (MBoe/d) 27.6 – 30.6 32.8 – 36.3
    Expenses First Quarter 2025 Full Year 2025
    Lease operating expense ($MM) 72.5 – 80.5 280.0 – 310.0
    Gathering, transportation & production taxes ($MM) 6.1 – 6.9 27.1 – 30.1
    General & administrative – cash ($MM) 17.8 – 19.8 62.0 – 69.0
    General & administrative – non-cash ($MM) 2.1 – 2.5 10.1 – 11.3
    DD&A ($ per Boe)   13.40 – 14.90

    W&T expects substantially all income taxes in 2025 to be deferred. 

    2025 Capital Investment Program

    W&T’s capital expenditure budget for 2025 is expected to be in the range of $34.0 million to $42.0 million, which excludes potential acquisition opportunities.  Included in this range are planned expenditures related to asset integrations as well as ongoing costs related to the acquisitions for facilities, leasehold, seismic, and recompletions. 

    Plugging and abandonment expenditures are expected to be in the range of $27.0 million to $37.0 million.  The Company spent approximately $40 million on these costs in 2024.

    Conference Call Information: W&T will hold a conference call to discuss its financial and operational results on Tuesday, March 4, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may dial 1-844-739-3797. International parties may dial 1-412-317-5713. Participants should request to connect to the “W&T Offshore Conference Call.” This call will also be webcast and available on W&T’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of December 31, 2024, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 646,200 gross acres (502,300 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 493,000 gross acres on the conventional shelf, approximately 147,700 gross acres in the deepwater and 5,500 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    Forward-Looking and Cautionary 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. All statements other than statements of historical facts included in this release, including those regarding the Company’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, projected costs, industry conditions, potential acquisitions, sustainability initiatives, the impact of and integration of acquired assets, and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

                                   
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
           2024        2024        2023     2024        2023  
    Revenues:                              
    Oil   $ 86,778     $ 90,862     $ 94,076     $ 395,620     $ 381,389  
    NGLs     6,713       5,636       6,851       27,978       32,446  
    Natural gas     24,203       23,148       29,401       90,877       110,158  
    Other     2,651       1,726       2,012       10,786       8,663  
    Total revenues     120,345       121,372       132,340       525,261       532,656  
                                   
    Operating expenses:                              
    Lease operating expenses     64,259       72,412       64,643       281,488       257,676  
    Gathering, transportation and production taxes     5,912       6,147       6,620       28,177       26,250  
    Depreciation, depletion, and amortization     38,208       34,206       33,658       143,025       114,677  
    Asset retirement obligations accretion     8,157       7,848       7,377       32,374       29,018  
    General and administrative expenses     20,799       19,723       18,251       82,391       75,541  
    Total operating expenses     137,335       140,336       130,549       567,455       503,162  
                                   
    Operating (loss) income     (16,990 )     (18,964 )     1,791       (42,194 )     29,494  
                                   
    Interest expense, net     10,226       9,992       9,729       40,454       44,689  
    Derivative (gain) loss, net     2,113       (3,199 )     (13,199 )     (3,589 )     (54,759 )
    Other (income) expense, net     (4,118 )     15,709       3,772       18,071       5,621  
    (Loss) income before income taxes     (25,211 )     (41,466 )     1,489       (97,130 )     33,943  
    Income tax (benefit) expense     (1,849 )     (4,545 )     1,932       (9,985 )     18,345  
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
                                   
    Net (loss) income per share:                              
    Basic   $ (0.16 )   $ (0.25 )   $ —     $ (0.59 )   $ 0.11  
    Diluted     (0.16 )     (0.25 )     —       (0.59 )     0.11  
                                   
    Weighted average common shares outstanding                              
    Basic     147,365       147,206       146,578       147,133       146,483  
    Diluted     147,365       147,206       146,578       147,133       148,302  
                                   
    W&T OFFSHORE, INC.
    Condensed Operating Data
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024   2024      2023   2024      2023
    Net sales volumes:                              
    Oil (MBbls)     1,263     1,210     1,219     5,255     5,050
    NGLs (MBbls)     273     262     329     1,212     1,415
    Natural gas (MMcf)     8,505     8,289     9,533     34,296     37,591
    Total oil and natural gas (MBoe) (1)     2,953     2,854     3,136     12,183     12,730
                                   
    Average daily equivalent sales (MBoe/d)     32.1     31.0     34.1     33.3     34.9
                                   
    Average realized sales prices (before the impact of derivative settlements):                              
    Oil ($/Bbl)   $ 68.71   $ 75.09   $ 77.17   $ 75.28   $ 75.52
    NGLs ($/Bbl)     24.59     21.51     20.82     23.08     22.93
    Natural gas ($/Mcf)     2.85     2.79     3.08     2.65     2.93
    Barrel of oil equivalent ($/Boe)     39.86     41.92     41.55     42.23     41.16
                                   
    Average operating expenses per Boe ($/Boe):                              
    Lease operating expenses   $ 21.76   $ 25.37   $ 20.61   $ 23.10   $ 20.24
    Gathering, transportation and production taxes     2.00     2.15     2.11     2.31     2.06
    Depreciation, depletion, and amortization     12.94     11.99     10.73     11.74     9.01
    Asset retirement obligations accretion     2.76     2.75     2.35     2.66     2.28
    General and administrative expenses     7.04     6.91     5.82     6.76     5.93

    (1)   MBoe is determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or NGLs (totals may not compute due to rounding). The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, NGLs and natural gas may differ significantly. The realized prices presented above are volume-weighted for production in the respective period.

                 
    W&T OFFSHORE, INC.
    Consolidated Balance Sheets
    (In thousands)
    (Unaudited)
                 
           December 31,    December 31, 
        2024     2023  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 109,003     $ 173,338  
    Restricted cash     1,552       4,417  
    Receivables:            
    Oil and natural gas sales     63,558       52,080  
    Joint interest, net     25,841       15,480  
    Other     —       2,218  
    Prepaid expenses and other assets     18,504       17,447  
    Total current assets     218,458       264,980  
                 
    Oil and natural gas properties, net     777,741       749,056  
    Restricted deposits for asset retirement obligations     22,730       22,272  
    Deferred income taxes     48,808       38,774  
    Other assets     31,193       38,923  
    Total assets   $ 1,098,930     $ 1,114,005  
                 
    Liabilities and Shareholders’ (Deficit) Equity            
    Current liabilities:            
    Accounts payable   $ 83,625     $ 78,857  
    Accrued liabilities     33,271       31,978  
    Undistributed oil and natural gas proceeds     53,131       42,134  
    Advances from joint interest partners     2,443       2,962  
    Current portion of asset retirement obligations     46,326       31,553  
    Current portion of long-term debt, net     27,288       29,368  
    Total current liabilities     246,084       216,852  
                 
    Asset retirement obligations     502,506       467,262  
    Long-term debt, net     365,935       361,236  
    Other liabilities     16,182       19,420  
                 
    Commitments and contingencies     20,800       18,043  
                 
    Shareholders’ (deficit) equity:            
    Preferred stock     —       —  
    Common stock     2       1  
    Additional paid-in capital     595,407       586,014  
    Retained deficit     (623,819 )     (530,656 )
    Treasury stock     (24,167 )     (24,167 )
    Total shareholders’ (deficit) equity     (52,577 )     31,192  
    Total liabilities and shareholders’ (deficit) equity   $ 1,098,930     $ 1,114,005  
                                   
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024     2024        2023     2024        2023  
    Operating activities:                              
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                              
    Depreciation, depletion, amortization and accretion     46,365       42,054       41,035       175,399       143,695  
    Share-based compensation     3,818       1,956       3,124       10,192       10,383  
    Amortization and write off of debt issuance costs     1,117       1,109       1,266       4,562       6,980  
    Derivative loss (gain), net     2,113       (3,199 )     (13,199 )     (3,589 )     (54,759 )
    Derivative cash (settlements) receipts, net     (1,638 )     1,208       (2,809 )     4,527       (8,932 )
    Deferred income (benefit) taxes     (1,941 )     (4,545 )     3,838       (10,077 )     18,485  
    Changes in operating assets and liabilities:                 —              
    Accounts receivable     (17,064 )     21,913       (2,989 )     (19,621 )     12,586  
    Prepaid expenses and other current assets     1,792       2,502       (28,262 )     (1,450 )     (2,712 )
    Accounts payable, accrued liabilities and other     3,831       (2,962 )     43,155       26,433       7,972  
    Asset retirement obligation settlements     (19,348 )     (8,347 )     (9,052 )     (39,692 )     (33,970 )
    Net cash (used in) provided by operating activities     (4,317 )     14,768       35,664       59,539       115,326  
                                   
    Investing activities:                              
    Investment in oil and natural gas properties and equipment     (14,124 )     (9,577 )     (12,139 )     (37,357 )     (41,813 )
    Acquisition of property interests     —       —       1,479       (80,635 )     (27,384 )
    Deposit related to acquisition of property interests     —       —       8,850       —       —  
    Purchase of corporate aircraft     —       —       —       —       (8,983 )
    Purchases of furniture, fixtures and other     (19 )     (69 )     (347 )     (185 )     (3,428 )
    Net cash used in investing activities     (14,143 )     (9,646 )     (2,157 )     (118,177 )     (81,608 )
                                   
    Financing activities:                              
    Proceeds from issuance of long-term debt     —       —       —       —       275,000  
    Repayments of long-term debt     (275 )     (275 )     (7,687 )     (1,100 )     (586,934 )
    Debt issuance costs     (183 )     (174 )     —       (762 )     (7,380 )
    Payment of dividends     (1,475 )     (1,473 )     (1,466 )     (5,902 )     (1,466 )
    Other     (13 )     (31 )     (9 )     (798 )     (957 )
    Net cash used in financing activities     (1,946 )     (1,953 )     (9,162 )     (8,562 )     (321,737 )
    Change in cash, cash equivalents and restricted cash     (20,406 )     3,169       24,345       (67,200 )     (288,019 )
    Cash, cash equivalents and restricted cash, beginning of period     130,961       127,792       153,410       177,755       465,774  
    Cash, cash equivalents and restricted cash, end of period   $ 110,555     $ 130,961     $ 177,755     $ 110,555     $ 177,755  


    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are “Net Debt,” “Adjusted Net Loss,” “Adjusted EBITDA,” “Free Cash Flow” and “PV-10” or are derivable from a combination of these measures. Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Prior period amounts have been conformed to the methodology and presentation of the current period.

    We calculate Net Debt as total debt (current and long-term portions), less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.

    Reconciliation of Net (Loss) Income to Adjusted Net Loss

    Adjusted Net Loss adjusts for certain items that the Company believes affect comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include unrealized commodity derivative gain, net, allowance for credit losses, write-off of debt issuance costs, non-recurring legal and IT-related costs, non-ARO P&A costs, and other which are then tax effected using the Federal Statutory Rate. Company management believes that this presentation is relevant and useful because it helps investors to understand the net (loss) income of the Company without the effects of certain non-recurring or unusual expenses and certain income or loss that is not realized by the Company.

                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024     2024     2023     2024     2023  
          (in thousands)
          (Unaudited)
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Unrealized commodity derivative gain, net     (497 )     (1,829 )     (14,785 )     (710 )     (58,846 )
    Allowance for credit losses     118       10       28       558       37  
    Write-off debt issuance costs     —       —       —       —       2,330  
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Tax effect of selected items (1)     753       (2,972 )     2,194       (5,192 )     9,903  
    Adjusted net loss   $ (26,193 )   $ (25,740 )   $ (8,696 )   $ (67,611 )   $ (21,657 )
                                   
    Adjusted net loss per common share:                              
    Basic   $ (0.18 )   $ (0.17 )   $ (0.06 )   $ (0.46 )   $ (0.15 )
    Diluted   $ (0.18 )   $ (0.17 )   $ (0.06 )   $ (0.46 )   $ (0.15 )
                                   
    Weighted average shares outstanding:                              
    Basic     147,365       147,206       146,578       147,133       146,483  
    Diluted     147,365       147,206       146,578       147,133       146,483  

    (1)   Selected items were tax effected with the Federal Statutory Rate of 21% for each respective period.


    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Adjusted EBITDA/ Free Cash Flow Reconciliations

    The Company also presents non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITDA as net (loss) income plus net interest expense, income tax (benefit) expense, depreciation, depletion and amortization, ARO accretion, excluding the unrealized commodity derivative gain, allowance for credit losses, non-cash incentive compensation, non-recurring legal and IT-related costs, non-ARO P&A costs, and other. Company management believes this presentation is relevant and useful because it helps investors understand W&T’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

    The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, P&A costs and net interest expense (all on an accrual basis). For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, P&A costs and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses.

    The following table presents a reconciliation of the Company’s net (loss) income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow, as such terms are defined by the Company:

                                   
        Three Months Ended    
        December 31,      September 30,    December 31,   Year Ended December 31, 
        2024       2024     2023     2024     2023  
        (in thousands)
        (Unaudited)
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Interest expense, net     10,226       9,992       9,729       40,454       44,689  
    Income tax (benefit) expense     (1,849 )     (4,545 )     1,932       (9,985 )     18,345  
    Depreciation, depletion and amortization     38,208       34,206       33,658       143,025       114,677  
    Asset retirement obligations accretion     8,157       7,848       7,377       32,374       29,018  
    Unrealized commodity derivative gain, net     (497 )     (1,829 )     (14,785 )     (710 )     (58,846 )
    Allowance for credit losses     118       10       28       558       37  
    Non-cash incentive compensation     3,818       1,956       3,124       10,192       10,383  
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Adjusted EBITDA   $ 31,614     $ 26,689     $ 44,930     $ 153,641     $ 183,222  
                                   
    Capital expenditures, accrual basis (1)   $ (12,228 )   $ (4,461 )   $ (10,319 )   $ (28,626 )   $ (41,278 )
    Asset retirement obligation settlements     (19,348 )     (8,347 )     (9,052 )     (39,692 )     (33,970 )
    Interest expense, net     (10,226 )     (9,992 )     (9,729 )     (40,454 )     (44,689 )
    Free Cash Flow   $ (10,188 )   $ 3,889     $ 15,830     $ 44,869     $ 63,285  

    (1) A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                                   
    Capital expenditures, accrual basis reconciliation                              
    Investment in oil and natural gas properties and equipment   $ (14,124 )   $ (9,577 )   $ (12,139 )   $ (37,357 )   $ (41,813 )
    Less: acquisition related expenditures included in investment in oil and natural gas properties and equipment     —       (4,929 )     —       (4,929 )     —  
    Less: changes in operating assets and liabilities associated with investing activities     (1,896 )     (187 )     (1,820 )     (3,802 )     (535 )
    Capital expenditures, accrual basis   $ (12,228 )   $ (4,461 )   $ (10,319 )   $ (28,626 )   $ (41,278 )

    The following table presents a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as defined by the Company:

                                   
        Three Months Ended    
        December 31,    September 30,    December 31,   Year Ended December 31, 
        2024     2024     2023     2024     2023  
        (in thousands)
        (Unaudited)
    Net cash (used in) provided by operating activities   $ (4,317 )   $ 14,768     $ 35,664     $ 59,539     $ 115,326  
    Allowance for credit losses     118       10       28       558       37  
    Amortization of debt items and other items     (1,117 )     (1,109 )     (1,266 )     (4,562 )     (6,980 )
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Current tax (benefit) expense (1)     92       —       (1,906 )     92       (140 )
    Change in derivatives (payable) receivable (1)     (972 )     162       1,223       (1,648 )     4,845  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Changes in operating assets and liabilities, excluding asset retirement obligation settlements     11,441       (21,453 )     (11,904 )     (5,362 )     (17,846 )
    Capital expenditures, accrual basis     (12,228 )     (4,461 )     (10,319 )     (28,626 )     (41,278 )
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Free Cash Flow   $ (10,188 )   $ 3,889     $ 15,830     $ 44,869     $ 63,285  

    (1) A reconciliation of the adjustments used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                                   
    Current tax (benefit) expense:                              
    Income tax (benefit) expense   $ (1,849 )   $ (4,545 )   $ 1,932     $ (9,985 )   $ 18,345  
    Less: Deferred income (benefit) taxes     (1,941 )     (4,545 )     3,838       (10,077 )     18,485  
    Current tax (benefit) expense   $ 92     $ —     $ (1,906 )   $ 92     $ (140 )
                                   
    Changes in derivatives receivable (payable)                              
    Derivatives (payable) receivable, end of period   $ (1,377 )   $ (405 )   $ 271     $ (1,377 )   $ 271  
    Derivatives payable (receivable), beginning of period     405       567       952       (271 )     4,574  
    Change in derivatives (payable) receivable   $ (972 )   $ 162     $ 1,223     $ (1,648 )   $ 4,845  


    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Reconciliation of PV-10 to Standardized Measure

    The Company also discloses PV-10, which is not a financial measure defined under GAAP. The standardized measure of discounted future net cash flows is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. Company management believes that the non-GAAP financial measure of PV-10 is relevant and useful for evaluating the relative monetary significance of oil and natural gas properties. PV-10 is also used internally when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. Company management believes that the use of PV-10 is valuable because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid. Additionally, Company management believes that the presentation of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of the Company’s estimated oil and natural gas reserves. PV-10 should not be considered in isolation or as substitutes for the standardized measure of discounted future net cash flows as defined under GAAP. Investors should not assume that PV-10 of the Company’s proved oil and natural gas reserves represents a current market value of the Company’s estimated oil and natural gas reserves.

    The following table presents a reconciliation of the standardized measure of discounted future net cash flows relating to the Company’s estimated proved oil and natural gas reserves, a GAAP measure, to PV-10, as defined by the Company.

                 
           December 31, 
        2024     2023  
    PV-10   $ 1,229.5     $ 1,080.9  
    Future income taxes, discounted at 10%     (154.8 )     (151.0 )
    PV-10 before ARO     1,074.7       929.9  
    Present value of estimated ARO, discounted at 10%     (334.6 )     (246.7 )
    Standardized measure   $ 740.1     $ 683.2  
         
    CONTACT: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released March 3, 2025

    MIL OSI Economics –

  • MIL-OSI USA: Luján Announces Guest for President’s Joint Address to Congress, Highlights Roadrunner Food Bank and Nutrition Support

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.) announced that Katy Anderson, Vice President of Strategy, Partnerships, and Advocacy at Roadrunner Food Bank will be his guest to President Trump’s address to a Joint Session of Congress.
    “The Musk-Trump funding freeze and broad and indiscriminate firings across the federal government have devastated communities across America, leaving countless families uncertain where their next meal would come from. That’s why I’m honored to have Katy Anderson, Vice President of Strategy, Partnerships, and Advocacy at Roadrunner Food Bank join me for the President’s Joint Address. Roadrunner Food Bank is a leading hunger relief organization, ensuring that families in need have access to nutritious meals. But now, Elon Musk, President Trump, and Congressional Republicans are threatening critical funding for nutrition support – putting New Mexico families at risk,” said Senator Luján.
    “Programs like the Supplemental Nutrition Assistance Program (SNAP) and the Emergency Food Assistance Program (TEFAP) are lifelines for thousands of New Mexicans. Gutting these resources hurts our families and threatens our communities and the economy. I hope Katy’s presence is a powerful reminder of the vital role that Roadrunner Food Bank and federal nutrition programs play in keeping our communities healthy and fed,” continued Senator Luján.
    “Nutrition access is vital to New Mexicans – these are people who work hard to provide for themselves and their families. Those facing hunger want the same thing we all want for ourselves – dignity, access to fresh, healthy food and the opportunity to thrive. Proposed cuts to nutrition programs like SNAP and TEFAP undermine that; confusion around federal funding freezes undermines that,” said Katy Anderson, Vice President of Strategy, Partnerships, and Advocacy at Roadrunner Food Bank. “I’m honored to join Senator Luján for the Joint Address to stand up for New Mexico families.”
    Background on Katy Anderson and Roadrunner Food Bank:
    Katy Anderson joined Roadrunner Food Bank in 2014, focusing on special projects for the Community Initiatives team. For her first six years, she worked closely with the Food Bank’s network of 350+ partners as well as managing grants and government contracts. In April 2020, she moved into the role of Chief Programs Officer, a position that allowed her to work with amazing teams leading innovative efforts with all food partners, health and wellness programming, and data collection and analysis. In late 2023, she became the Vice President – Strategy, Partnerships, and Advocacy and has shifted her focus to state-wide collaborative approaches to addressing hunger issues.
    Roadrunner Food Bank of New Mexico, a Feeding America member, is the largest non-profit dedicated to solving food insecurity in New Mexico. As a food distribution hub, Roadrunner Food Bank provides food to hundreds of affiliated member partners around the state including food pantries, soup kitchens, shelters and regional food banks. Roadrunner Food Bank also distributes food through specialized programs helping children, families and seniors at schools, low-income senior housing sites, senior centers and with and through health care partnerships. Every week, tens of thousands of hungry children, seniors and families are reached through this statewide hunger relief network. Roadrunner Food Bank is working together with partners, volunteers and contributors to end food insecurity and hunger in New Mexico. Learn more about Roadrunner Food Bank here.

    MIL OSI USA News –

  • MIL-OSI USA: Ahead of Confirmation Hearing, Warren Presses FDA, NIH Nominees to Address Conflicts of Interest with Private Health Care, Medical Research Companies

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    March 03, 2025
    “The rampant revolving door of former government leaders lobbying the agencies they once led, while their government relationships remain fresh, erodes Americans’ faith in the federal government.” 
    Text of Letter to Dr. Makary (PDF) | Text of Letter to Dr. Bhattacharya (PDF) 
    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) wrote to Marty Makary and Jay Bhattacharya, nominees to lead the Food and Drug Administration (FDA) and the National Institutes of Health (NIH), respectively, asking them to address their conflicts of interest ahead of their confirmation hearings. 
    Dr. Makary currently serves as Chief Medical Officer at Sesame Care, a direct-to-consumer health care company that connects patients with providers who virtually prescribe Sesame’s medicine. He also serves on the board of Harrow, an ophthalmic company that relies on the FDA to approve its therapeutics. While Dr. Makary said he would resign from the board before taking office, his relationship with the company raises concerns about his ability to be impartial at the FDA. 
    Dr. Bhattacharya most recently worked as a research associate at Acumen, LLC, which offers analytical research services to the federal government, and has contracts with multiple agencies across the Department of Health and Human Services – including NIH.
    Senator Warren asked both nominees to recuse themselves from all matters involving their former clients and employers for at least four years, a commitment their predecessors under the Biden administration made. 
    Senator Warren also asked them to agree to not work for any companies they regulate or interact with during their tenure, for four years after leaving office. During his confirmation process, Health and Human Services Secretary Robert F. Kennedy Jr., who oversees both of the nominees’ agencies, committed not to work for a pharmaceutical company for at least four years after leaving office. 
    Lastly, Senator Warren asked the nominees to refrain from lobbying their respective agencies for four years after leaving office.
    “The rampant revolving door of former government leaders lobbying the agencies they once led, while their government relationships remain fresh, erodes Americans’ faith in the federal government,” wrote Senator Warren to the nominees.  
    To mitigate concerns about former government leaders lobbying the agencies they once led, multiple Biden appointees agreed to a post-employment lobbying ban, following pressure from Senator Warren. 
    “By making these commitments, you would increase Americans’ trust in your ability to serve the public interest, rather than the special interests of [former contractors or companies they regulated],” concluded Senator Warren. 
    Senator Warren gave the nominees until March 10, 2025 to demonstrate their commitment to public health and address their conflicts of interest. 
    Senator Warren has been a leader on enforcing government ethics standards and pressing nominees to address conflicts of interest: 
    In February 2025, Senator Elizabeth Warren wrote to Mr. Stephen Feinberg, nominee for Deputy Secretary of the Department of Defense (DoD), pressing him to explain his “serious conflicts of interest” and his track record of mismanagement.
    In February 2025, following reports that Elon Musk would take advantage of loopholes in federal ethics laws to avoid publicly disclosing his financial conflicts of interest, Senator Elizabeth Warren led several Democrats in a letter demanding Musk publicly reveal how he could stand to profit from his role in the Trump administration.
    In February 2025, Senator Elizabeth Warren and Tim Kaine (D-Va.) called on Mr. Robert F. Kennedy Jr. to recuse himself from former clients’ and employers’ particular matters and commit to not lobbying HHS after his tenure as Secretary.
    In February 2025, following the Senate Finance Committee vote to advance the nomination of Mr. Robert F. Kennedy Jr. for Secretary of Health and Human Services, Senator Elizabeth Warren gave remarks regarding the nominee’s continued conflicts of interest. 
    In February 2025, Senators Warren and Ron Wyden (D-Ore.), Ranking Member on the Senate Finance Committee, wrote to Mr. Robert F. Kennedy Jr., pressing him to urgently resolve his serious conflicts of interest before the committee vote Wednesday morning.
    In January 2025, following pressure from Senate Democrats, Mr. Robert F. Kennedy Jr. agreed to amend his flawed ethics agreement (see Warren QFRs at the end of Part 2 and start of Part 3).
    In January 2025, at a hearing of the Senate Finance Committee, Senator Elizabeth Warren questioned Mr. Robert F. Kennedy Jr., nominee for Secretary of Health and Human Services, about his dangerous conflicts of interest and record of profiting from anti-vaccine conspiracies.
    In January 2025, ahead of Mr. Robert F. Kennedy Jr.’s confirmation hearing for Secretary of Health and Human Services, Senator Elizabeth Warren sent a 34-page letter detailing her concerns with his nomination and asked him to answer 175 questions ahead of his hearing before the Finance Committee.
    In January 2025, Senator Elizabeth Warren wrote to Mr. Pete Hegseth, then-nominee for Secretary of the Department of Defense, regarding his ethics conflicts ahead of the Senate’s consideration of his nomination. Particularly concerning were the facts that Mr. Hegseth’s household owns stock in several defense contractors and that he was unwilling to commit to the same post-employment restrictions he previously advocated for.
    In January 2025, Senator Elizabeth Warren wrote to Trump Transition Co-Chairs Howard Lutnick and Linda McMahon, urging them to make the White House’s ethics pledge for incoming appointees as strong as possible and outlining specific provisions to do so. The letter came at the end of the first week of confirmation hearings for President-elect Trump’s cabinet nominees, many of whom have been found to have serious conflicts of interest and massive wealth.
    In December 2024, Senator Elizabeth Warren sent a letter to President-elect Trump with concerns about Elon Musk’s conflicts of interest as he served as a top advisor for the incoming president.
    In December 2024, Senators Elizabeth Warren, Ron Wyden (D-Ore.), Dick Durbin (D-Ill.), Jeff Merkley (D-Ore.), and Representative Lloyd Doggett (D-Texas) wrote to Dr. Mehmet Oz, President-elect Donald Trump’s pick to lead the Centers for Medicare & Medicaid Services, raising stark concerns about his advocacy to eliminate traditional Medicare and his deep financial ties to the private health insurers that would benefit from that move.
    In November 2024, in response to the news that President-elect Donald Trump selected Robert F. Kennedy Jr. to serve as Secretary of Health and Human Services, Senator Elizabeth Warren released a statement calling him a “danger to public health, scientific research, medicine, and health care coverage for millions of Americans.”
    In March 2024, Senator Elizabeth Warren secured ethics commitments from Douglas Schmidt, ahead of his confirmation to be the Director of Operational Test and Evaluation (DOT&E) for the Department of Defense.
    In February 2024, Senator Elizabeth Warren secured unprecedented ethics commitments from former Congressman Sean Patrick Maloney, President Biden’s nominee for U.S. Ambassador to the Organisation for Economic Co-operation and Development (OECD), including his recusal from participating in the OECD’s decision making processes regarding crypto and digital assets policy. 
    In January 2024, Senator Elizabeth Warren and Representative Jayapal sent a letter to Secretary of Commerce Gina Raimondo, expressing concerns about the Department of Commerce’s reliance on a small team of Wall Street financiers to help allocate $39 billion in CHIPS and Science Act taxpayer-funded manufacturing and R&D subsidies.
    In June 2023, Senator Elizabeth Warren and representative Andy Kim reintroduced her Department of Defense Ethics and Anti-Corruption Act.
    In April 2023, Senator Elizabeth Warren chaired a hearing with Pentagon officials and ethics experts about problems with the revolving door, retired military officers working for foreign governments, and issues with executive branch officials owning stocks in companies impacted by their official actions.
    In May 2022, Senator Elizabeth Warren secured a commitment from then-Federal Reserve Vice Chair for Supervision nominee Michael Barr not to seek employment or compensation – including as a result of board service – from any company that has a party matter before the Fed, or any financial services company, for four years after he leaves government service.
    In February 2022, Senator Elizabeth Warren secured the strongest ethics standards ever agreed to by Federal Reserve Board nominees from Lisa Cook, Phillip Jefferson, and Sarah Bloom Raskin. The nominees agreed to a four-year recusal period from matters which they oversee on the Board of Governors, not to seek a waiver from these recusals, and not to seek employment or compensation from financial services companies for four years after leaving government service.
    In January 2022, Senator Elizabeth Warren secured a commitment from then-FDA Commissioner nominee Dr. Robert Califf to recuse himself from matters involving his former employers and clients for four years, two years longer than what was required in the Biden administration’s Ethics Pledge. He also agreed not to seek employment with or compensation, including as a result of board service, from any pharmaceutical or medical device company that he interacts with during his tenure as FDA Commissioner for four years after completing his government service. 
    In July 2021, Senator Elizabeth Warren secured agreements to four-year recusals from former clients’ and employers’ party matters from then-Secretary of the Air Force Frank Kendall and then-USD(R&E) Heidi Shyu.
    In January 2021, Senator Elizabeth Warren secured a commitment from General Lloyd Austin III, then-nominee for Secretary of Defense, to extend his recusal from Raytheon Technologies for four years and to not seek a position on the board of a defense contractor or become a lobbyist after his government service.
    In December 2020, Senator Elizabeth Warren and Representative Jayapal introduced the Anti-Corruption and Public Integrity Act, the most ambitious anti-corruption legislation since Watergate, which would outlaw corrupt revolving-door schemes so that public servants are serving the public – not the financial interests of themselves or giant corporations.
    In March 2020, President Trump signed the bipartisan Presidential Transition Enhancement Act into law, which included major provisions of Sen. Warren’s (D-Mass.) Transition Team Ethics Improvement Act.
    In September 2019, the Senate passed a key provision of the Transition Team Ethics Improvement Act introduced by Senators Warren and Tom Carper (D-Del.) to enhance the ethics requirements that govern presidential transitions.
    In November 2016, as President Trump prepared to take office, Senator Elizabeth Warren and Chairman Cummings requested a GAO investigation of the chaotic Trump transition. In September 2017, Government Accountability Office (GAO) released the results of the investigation, finding that the Trump transition team ignored advice from the Office of Government Ethics and failed to follow past precedents regarding ethics and presidential transitions.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: NBC: ‘L.A. fire captain who fought California wildfires to attend joint address to Congress’

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    ICYMI: NBC: ‘L.A. fire captain who fought California wildfires to attend joint address to Congress’

    Padilla and Líma survey the devastation of the Los Angeles fires [January 8, 2025] Additional photos of Senator Padilla and Captain Líma are available here.WASHINGTON, D.C. — In case you missed it, NBC recently highlighted U.S. Senator Alex Padilla’s (D-Calif.) announcement that Frank Líma, a longtime Los Angeles City fire captain and firefighter union leader, will be his guest at President Trump’s 2025 Address to a Joint Session of Congress. Captain Líma was on the frontlines in the fight against the devastating Los Angeles fires in January, including defending the Pacific Palisades fire station.
    The article focuses on Padilla and Líma’s push for a fully supported firefighting workforce as well as federal disaster relief for Southern California communities with no strings attached — as has always been the case for disaster aid from the federal government.
    Key Excerpts:
    Palisades and Eaton fire survivors still need help. That’s the message Sen. Alex Padilla, D-Calif., hopes to send to Congress next week at first joint address of President Donald Trump’s second term.
    Joining him at the address Tuesday will be union leader Frank Lima, a Los Angeles fire captain who helped defend the Pacific Palisades fire station when flames and scorching embers surrounded it on Jan. 7.
    “As President Trump outlines his priorities for our country, we want to make clear that Los Angeles County cannot be forgotten,” Padilla said in a statement. “The community faces a long road to recovery and we need a fully staffed and supported firefighting workforce and federal support without conditions.”
    Lima described the nearly weeklong siege “as a once-in-a-generation, biblical fire.” … Among the difficulties that week was persistent lack of resources, including water and staffing, within the overwhelmed fire department, whose ranks have dwindled in recent years. “We had more firefighters on duty in 1971 than we do today, yet our population doubled,” Lima told NBC News. “Our call load has increased fivefold per day. Our members are being run into the ground.”
    Padilla has repeatedly questioned the Trump administration’s approach to distributing disaster aid. He pushed Doug Burgum, who is now the interior secretary, at his confirmation hearing on the question of whether conditions should be placed on aid. “Each situation is different,” Burgum said. Padilla countered that there had never been strings attached to disaster relief. “And I certainly hope this is not the first case,” he said.
    Full text of the article is available here and below:
    L.A. fire captain who fought California wildfires to attend joint address to Congress
    By Alicia Victoria Lozano
    Palisades and Eaton fire survivors still need help.
    That’s the message Sen. Alex Padilla, D-Calif., hopes to send to Congress next week at first joint address of President Donald Trump’s second term.
    Joining him at the address Tuesday will be union leader Frank Lima, a Los Angeles fire captain who helped defend the Pacific Palisades fire station when flames and scorching embers surrounded it on Jan. 7.
    Attendees often bring guests who represent causes important to lawmakers.
    “As President Trump outlines his priorities for our country, we want to make clear that Los Angeles County cannot be forgotten,” Padilla said in a statement. “The community faces a long road to recovery and we need a fully staffed and supported firefighting workforce and federal support without conditions.”
    It has been nearly two months since deadly wildfires devastated the Los Angeles neighborhood of Pacific Palisades, the city of Altadena and surrounding communities in what is likely to be the costliest disaster in California’s history.
    At least 29 people died, and more than 16,000 structures were destroyed.
    Lima described the nearly weeklong siege “as a once-in-a-generation, biblical fire.” Hurricane-force winds ripped through large swaths of Los Angeles County, toppling trees and utility wires and sending thick smoke, ash and soot whirling across the county.
    Among the difficulties that week was persistent lack of resources, including water and staffing, within the overwhelmed fire department, whose ranks have dwindled in recent years.
    “We had more firefighters on duty in 1971 than we do today, yet our population doubled,” Lima told NBC News. “Our call load has increased fivefold per day. Our members are being run into the ground.”
    Amid ongoing tensions over how the fires were handled, Mayor Karen Bass ousted Fire Chief Kristin Crowley last week.
    The decision was made “in the best interests of Los Angeles’ public safety, and for the operations of the Los Angeles Fire Department,” Bass said in a statement.
    “We know that 1,000 firefighters that could have been on duty on the morning the fires broke out were instead sent home on Chief Crowley’s watch,” Bass said.
    On Thursday, Crowley appealed the decision, she said in a statement obtained by NBC Los Angeles.
    The blame game has been constant since January.
    When Trump viewed the destruction two weeks after the fires, he initially expressed shock and then pointed the finger at California Democratic leaders for failing to address the state’s ongoing wildfire threat.
    Trump argued that wildlife protections have impeded access to water in California and then suggested he could withhold disaster aid over disagreements about voter ID laws and water policies.
    Lima said Thursday: “Federal aid should not come with strings attached. Our firefighters and this community and the state need federal support.”
    A recent economic impact study estimated total damages of the Palisades and Eaton fires will top $53 billion. The study, released by the nonprofit Los Angeles County Economic Development Corporation, listed “federal funding uncertainty” as a primary recovery challenge.
    Padilla has repeatedly questioned the Trump administration’s approach to distributing disaster aid. He pushed Doug Burgum, who is now the interior secretary, at his confirmation hearing on the question of whether conditions should be placed on aid.
    “Each situation is different,” Burgum said.
    Padilla countered that there had never been strings attached to disaster relief.
    “And I certainly hope this is not the first case,” he said.
    Background:
    Senator Padilla has fought relentlessly to secure and protect Southern Californians’ access to desperately needed disaster relief aid. In the immediate aftermath of the Los Angeles fires, Padilla and Senator Adam Schiff (D-Calif.) led 47 bipartisan members of the California Congressional delegation in successfully urging President Biden to grant Governor Gavin Newsom’s request for a major disaster declaration to expedite timely relief to Los Angeles County residents impacted by these disasters. Padilla also delivered remarks on the Senate floor urging his Republican colleagues and President Trump to provide essential disaster recovery aid to California without conditioning it on the passage of partisan legislation.
    Last month, Padilla introduced bipartisan legislation to create a national Wildfire Intelligence Center to streamline federal response and create a whole-of-government approach to combat wildfires. He also announced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts, including the Wildfire Emergency Act, the Fire-Safe Electrical Corridors Act, and the Disaster Mitigation and Tax Parity Act. In January, Padilla introduced another suite of bipartisan bills to strengthen wildfire recovery and resilience, including the Wildland Firefighter Paycheck Protection Act to protect firefighter pay.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: New Chief Executive appointed at MHRA

    Source: United Kingdom – Executive Government & Departments

    Press release

    New Chief Executive appointed at MHRA

    Lawrence Tallon is appointed as the new Chief Executive Officer of Medicines and Healthcare products Regulatory Agency (MHRA).

    The government has today announced the appointment of Lawrence Tallon as the new Chief Executive Officer of Medicines and Healthcare products Regulatory Agency (MHRA).

    Following an extensive recruitment process, Mr Tallon will begin the role from 1 April 2025.

    He will succeed Dame June Raine DBE who is retiring and has led the organisation since 2019, having steered the MHRA through the COVID-19 pandemic and the UK’s exit from the European Union.

    Health and Social Care Secretary Wes Streeting said:

    “I’m delighted to appoint Lawrence Tallon as CEO, marking an important new chapter for the MHRA.    

    “MHRA’s work is mission critical to making the NHS fit for the future. There is a revolution taking place in life sciences, with new innovative medicines developed more frequently than ever before. We need the MHRA to work much faster so patients can benefit as soon as possible, and I’m confident that Lawrence is the man for the job.

    “The agency plays a crucial role in protecting public health and promoting medical innovation and, under Lawrence’s leadership, I am confident it will continue to be a world-leading regulator.  

    “I want to thank Dame June and wish her all the best in her retirement.”  

    Throughout his career, Mr Tallon has demonstrated a strong commitment to healthcare innovation and patient safety.

    He is currently Deputy Chief Executive at Guy’s and St Thomas’ NHS Foundation Trust, where he has served since March 2020.

    He is also managing director of the Shelford Group, which represents some of England’s leading NHS teaching hospitals. This experience has given him valuable insight into the challenges and opportunities facing modern healthcare systems.

    Prior to this he served as Director of Strategy, Planning and Performance at University Hospitals Birmingham NHS Foundation Trust and worked within the Department of Health and Social Care alongside ministers and NHS leaders.

    Professor Anthony Harnden, Chair of the Medicines and Healthcare products Regulatory Agency said:  

     “I am delighted to welcome Lawrence Tallon as the new MHRA Chief Executive.  

     “Lawrence is an impressive leader who brings with him a wealth of experience from across the healthcare sector, nationally and globally. I look forward to working with him to maintain the UK as a global centre of excellence in life sciences and strengthening safety systems in the best interests of patients and the public. 

    “I would also like to give enormous thanks to Dame June Raine, who is handing the baton on to Lawrence after more than 5 years of being MHRA CEO and nearly 40 illustrious years at the Agency. June’s leadership and unwavering commitment to patient and public health cannot be overstated.” 

    The appointment comes at a crucial time for the MHRA as it continues to enhance its position as a sovereign regulator and strengthen its international partnerships. Mr Tallon will lead the organisation’s work to accelerate patient access to innovative medicines and medical devices while maintaining the highest standards of safety and effectiveness.  
    The Medicines and Healthcare products Regulatory Agency (MHRA) is the UK’s regulator of medicines, medical devices and blood components for transfusion.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –