NewzIntel.com

Category: Politics

  • MIL-OSI New Zealand: Release: Willis’ supermarket announcement all talk, no plan

    Source: New Zealand Labour Party

    Nicola Willis’ latest supermarket announcement is painfully weak with no new ideas, no real plan, and no relief for Kiwis struggling with rising grocery costs.

    “New Zealanders struggling with the cost of their weekly grocery shopping don’t need more vague promises from Nicola Willis, they need real action,” Labour commerce and consumer affairs spokesperson Arena Williams said. 

    “When Labour was in government, we took bold action to break up the supermarket duopoly. We banned restrictive land covenants, enforced mandatory wholesale access, and introduced a Grocery Commissioner to hold the industry to account. We didn’t just talk about competition, we legislated for it.

    “If National was serious about tackling the supermarket duopoly it would build on the real progress Labour made. Instead, all Nicola Willis is offering is no new ideas, no deadlines, and no clear policies.

    “It’s a smokescreen for a government that is floundering when it comes to the cost of living,” Arena Williams said.

    “Nicola Willis talks about ‘growth’, but the only growth we’ve seen is in the number of job losses, the number of Kiwis leaving, and the number of homeless Kiwis,” Labour finance spokesperson Barbara Edmonds said.

    “Willis’ announcement is part of a troubling trend of all talk and no action. This government has failed to deliver on their FamilyBoost promises, they’re failing on ferries, and now they’re failing to seriously address grocery prices.”

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    MIL OSI New Zealand News –

  • MIL-OSI USA: Armstrong congratulates Superintendent Baesler on nomination to U.S. Department of Education post

    Source: US State of North Dakota

    Gov. Kelly Armstrong today congratulated state Superintendent of Public Instruction Kirsten Baesler on her nomination to serve as Assistant Secretary for Elementary and Secondary Education in the U.S. Department of Education.

    Baesler has served as the state school superintendent and administrator of the North Dakota Department of Public Instruction since January 2013 and was re-elected to a four-year term in November 2024. She plans to continue serving in the role until being confirmed for the Department of Education position.

    In addition to her 12 years as state superintendent, Baesler served for 24 years in the Bismarck Public Schools system as a classroom teacher, instructional aide, library media specialist and vice principal, as well as nine years on the Mandan School Board.

    “Superintendent Baesler has the background and experience needed to bring North Dakota common sense to the U.S. Department of Education,” Armstrong said. “She understands that decisions affecting local schools are best left to local school districts, with guidance from the state and limited involvement from the federal government. We wish her all the best in D.C. and look forward to working with her to support 21st century learning environments that engage students, expand educational opportunities and empower parents.”

    Per state law, once Baesler is confirmed and resigns as state superintendent, Armstrong will appoint a replacement to serve in the role until the next regularly scheduled general election in November 2026.

    MIL OSI USA News –

  • MIL-OSI Security: Prison Term of 18 Years Handed to Man Who Sexually Abused 13-Year-Old

    Source: Office of United States Attorneys

                WASHINGTON – Damion Brown, 33, of Washington D.C., was sentenced today to 18 years in prison and lifetime supervision, for sexually abusing the 13-year-old daughter of his long-time girlfriend in February of 2023, announced U.S. Attorney Edward R. Martin, Jr. and Chief Pamela Smith, of the Metropolitan Police Department (MPD).

                The defendant was convicted on May 7, 2024, by a Superior Court jury of ten felony charges, including first-degree sexual abuse and first-degree child sexual abuse following a multi-day jury trial. The Honorable Judge Anthony Epstein also ordered Brown to stay away and have no contact with the victim or her mother.

                According to the government’s evidence, on February 24, 2023, the 13-year-old victim was home alone with the defendant, who was the victim’s mother’s live-in boyfriend. While the victim was changing clothes, the defendant came into her room and began hugging and kissing her and pushed her onto her bed. The defendant performed a number of sexual acts on the child, then left the room laughing. The victim immediately left the apartment and reported to her aunt, who called the police. The defendant was still in the apartment when police arrived.

                Subsequent DNA testing determined that the defendant could not be excluded from the positive results of DNA found on the victim after the abuse.           

                In announcing the sentence, U.S. Attorney Martin and Chief Smith commended the work of those who investigated the case from the Metropolitan Police Department. They acknowledged the efforts of those who worked on the case from the U.S. Attorney’s Office for the District of Columbia, including Victim Advocate Veronica Vaughn; former Forensic Child Interviewer Tracy Owusu; Paralegals ReShawn Johnson and Garcia Clarke; and Katina Washington-Adams, who assisted with witness travel, and Assistant U.S. Attorneys Sarah Folse and Robert Platt, who prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Global: Inflation is heating up again, putting pressure on Trump to cool it on tariffs

    Source: The Conversation – USA – By Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame

    Inflation is building again; but the housing industry may find it harder to do so as a result of Trump tariffs. Win McNamee/Getty Images

    Inflation figures released on Feb. 12, 2025, will come as a disappointment to Americans who hoped President Donald Trump would be true to his word on bringing down prices “on Day One.” It will also put pressure on the new administration to be wary of policies that may heat up inflation – and that includes tariffs.

    The consumer price index, which measures the change in prices paid by consumers for a representative basket of goods and services, rose unexpectedly from December to January by 0.5%. It means consumers are paying around 3% more on item prices than they were a year ago.

    Economists had been expecting the pace of inflation to slow in January.

    The news isn’t good for anyone concerned. It means inflation remains above the Federal Reserve’s long-run target of 2% – making it harder for the central bank to cut rates at its next meeting on March 19. At its last meeting, the rate-setting Federal Open Market Committee kept its benchmark federal funds rate unchanged at a range of 4.25-4.50%.

    Following the release of the latest inflation data, markets have a stronger conviction that the Fed will again hold rates steady when it meets in March.

    It also means more pain for consumers. Higher interest rates set by the Fed play a large role in determining rates for mortgages, credit cards and auto loans. If January’s rate of inflation were to continue throughout 2025, consumers would see a painful 6.2% annualized inflation rate.

    And although it would be churlish to link the latest jump in inflation to an administration just weeks old, it does put into focus the current slate of Trump economic policies. Economists have long warned that imposing tariffs on imports and cutting taxes does little to curb inflation – rather, they may contribute to faster price increases.

    Already, China has been hit by a 10% tariff on all products. Trump has also proposed a 25% tariff on all steel and aluminum imports, and he mulled imposing new tariffs on Canada and Mexico – two of the United States’ largest trading partners.

    I believe that if these wide-ranging tariffs come into effect, the Federal Reserve will have no choice but to keep rates elevated for the remainder of 2025.

    Revving up for higher car costs

    One of the largest drivers of inflation in January was rent increases, which accounted for nearly 30% of all items increase. Rents jumped 4.6% from a year earlier.

    If Trump’s tariffs on Canadian imports, like lumber, take effect, Americans can expect continued price increases in the homebuilding sector. Supply and demand imbalances remain a key driver for higher prices, so fewer houses being built due to higher materials cost will likely lead to higher rents.

    Consumers saw better news on new vehicle prices, which remained flat over the month and showed slight declines from a year ago.

    This is even as demand for new cars increased 2.5% over 2024. In January 2025, the number of new vehicles sold topped the same month a year earlier for the fifth month in a row.

    But as with homebuilding, any tariffs on the import of car parts or materials will impact the auto industry. Carmakers may have breathed an immediate breath of relief when Trump delayed new tariffs on Canada and Mexico. But if deals aren’t reached by the March 1 deadline, industry analysts expect immediate impacts on top sellers.

    And any higher cost of new cars will have a knock-on effect on used cars, which saw prices jump 2.2% in January – it’s largest increase since May 2023.

    Increased prices are no yoke! (groan)

    Of course, not all inflationary pressures are in the purview of government.

    The transportation sector, which includes insurance and parking fees, increased by 8% over the year. Insurance prices soared almost 12%, on the back of last year’s 20.6% increase in prices, while parking fees increased by almost 5% as a result of more expensive repairs and more dangerous driving behaviors.

    Meanwhile, with bird flu continuing to spread, egg prices rose a shocking 15.2% in January, and are 53% more expensive than at this time last year.

    All in all, voters who cited inflation as the main reason they were backing Trump may be feeling a little uneasy – the administration is only a few weeks old, but for one reason or other, Americans are experiencing ever higher prices with little relief in sight.

    Jason Reed does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Inflation is heating up again, putting pressure on Trump to cool it on tariffs – https://theconversation.com/inflation-is-heating-up-again-putting-pressure-on-trump-to-cool-it-on-tariffs-249815

    MIL OSI – Global Reports –

  • MIL-OSI New Zealand: Science reforms: Save Science Coalition releases latest toll of science roles in wake of further cuts at Callaghan Innovation

    Source: Save Science

    Over 200 science roles have been cut from the sector since July last year, bringing the total number of roles lost in the government science sector to approximately 570. That is despite the Government trumpeting science as a key to economic growth.
    New figures released by the Save Science Coalition, a group of 30 scientific societies and unions, include an additional proposed 63 roles to be disestablished at Callaghan Innovation as the latest casualties of Government cuts. Staff at Callaghan Innovation were made aware of the proposal on Wednesday.
    “The latest cuts at Callaghan Innovation are a direct result of Government decisions to remove the majority of the organisation’s funding by 30 June this year,” explained Dr Lucy Stewart, spokesperson for the Save Science Coalition.
    “This isn’t stopping – we are expecting hundreds of additional jobs to be lost. We are aware of continuing restructuring occurring at Callaghan Innovation, AgResearch and Manaaki Whenua. This is on top of the Government’s proposed restructure of the science sector, which may result in yet further job losses unless the Government makes a clear plan to retain staff through this process.”
    “The Science System Advisory Group report highlighted that retention of the skilled workforce in this sector was of utmost importance. So far, it is difficult to see how the Government is upholding this principle when we are seeing job cuts continue even after the publication of the much-awaited report.”
    The Save Science Coalition also emphasised that funding the sector is critically important.
    “The Science System Advisory Group announcements included no additional funding for the sector, either to fund the reform programme or the ongoing science. While the reforms may help reduce unproductive competition between agencies, which is a positive thing, the benefits of the changes can only fully be realised if there is appropriate funding made available,” explained Stewart.
    “Merging and rebranding institutions costs money, but according to Cabinet papers the proposed changes are to be funded out of existing allocations. Furthermore, there is no commitment to retaining current scientific expertise, at the same time as the Government talks about wanting to attract new talent to our country. We know many researchers have already been forced to relocate offshore.”
    “The Cabinet papers noted that Aotearoa New Zealand receives a return of $3.50 for each dollar invested in science, innovation and technology. For science to be the solution to New Zealand’s economy, as the Prime Minister has so keenly told us, then he needs to front up and invest in it.”
    The Save Science Coalition has written to Science Minister Dr Shane Reti to discuss these matters.
    The Save Science Coalition was set up in May 2024 and completed a report documenting the cuts to science funding and staffing which was released in July 2024. The group has now released an update to the report, detailing additional cuts made between July 2024 and February 2025. The Coalition has also published its collective response to the reforms announced in January 2025.
    The Save Science Coalition’s goals are:
    – to oppose cuts to science funding and science staff across government institutions
    – to highlight and catalogue what is being lost through the current cuts
    – to defend support for world-leading indigenous research including mātauranga Māori
    – to make the case for a foundation of support for public science and re-committing to a target of 2% of GDP to be invested in research and development in Aotearoa New Zealand.
    Current Save Science Coalition member organisations are:

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: BusinessNZ – Growth plan endorsed

    Source: BusinessNZ

    BusinessNZ has endorsed the Going for Growth plan released by the Minister for Economic Growth, outlining actions to be taken or underway to lift economic and productivity growth.
    BusinessNZ Chief Executive Katherine Rich said the proposed reform of taxation, savings and competition policy offered potential for invigorating the economy, and individual businesses stood to gain from the reforms.
    “For example, efforts towards promoting global trade and investment will be a significant boost for NZ exporters, while domestic businesses will gain from the reform of procurement rules that will give more ability for firms to tender for government business.”
    Katherine Rich said the plan’s focus on innovation and AI was well-placed.
    “Recent analysis by Accenture and Microsoft indicates the potential for annual GDP growth of up to $100 billion by 2038, based on greater uptake of AI by NZ businesses.
    “We would expect the Going for Growth plan to stimulate a more productive business environment, allowing businesses to invest in digital and AI technologies, to drive even further productivity and economic growth,” Mrs Rich said.
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News –

  • MIL-OSI: THE ANNOUNCEMENT on the holding of the extraordinary general meeting

    Source: GlobeNewswire (MIL-OSI)

    THE ANNOUNCEMENT
    on the holding of the extraordinary general meeting

    of a joint stock company:

    ZTS Sabinov, a. s., registered seat: Hollého 27, 083 30 Sabinov, ID No.: 00 590 797, registered in the Commercial Register of the District Court of Prešov, Sec.: Sa, Ins. No.: 76/P
    (hereinafter referred to as the “Company“)

    The Board of Directors of the Company, in accordance with § 184 et seq. of Act No. 513/1991 Coll., the Commercial Code, as amended (hereinafter referred to as the “Commercial Code“), convenes

    EXTRAORDINARY GENERAL MEETING
    OF THE COMPANY,

    to be held on 19.03.2025 at 08:00 a.m. at the registered seat of the Company, at Hollého 27, 083 30 Sabinov, with the following agenda:

    1. opening of the Extraordinary General Meeting and election of its bodies (chairman, recorder, verifiers of the minutes and scrutineers);
    1. deciding on changes to the Articles of Association of the Company;
    1. deciding on the termination of trading with all shares of the Company on the Bratislava Stock Market and on the fact that the Company ceases to be a public joint stock company and becomes a private joint stock company;
    1. deciding on the conversion of the type and form of all shares of the Company from book-entry bearer shares to registered paper shares;
    1. deciding on the approval of the process of conversion of all shares of the Company and the issuance of new shares;
    1. deciding according to § 161a of the Commercial Code;
    1. deciding on changes to the Articles of Association of the Company effective as of the date of the announcement of the mandatory takeover bid for the shares of the Company;
    1. closing.

    Registration and presentation of shareholders will take place at the premises of the Company from 07:00 a.m. to 07:55 a.m., personally arranged by authorized persons of the Company. Registration and presentation will close five (5) minutes prior to the commencement of the Extraordinary General Meeting.
    The decisive date for exercising the shareholder’s rights under Section 180(1) of the Commercial Code in the case of shares of a public joint-stock company is the third day preceding the date of the Extraordinary General Meeting, i.e. 16.03.2025.
    The person attending the Extraordinary General Meeting shall be required to prove their identity at the time of registration and presentation. In the case of the personal attendance of a person who is a shareholder:

    1. natural person shall present their valid identity document at the time of presentation and registration;
    1. legal entity shall hand over the original or an officially certified copy of a up to date extract from the commercial register or from a similar register, not older than 90 days, to the person in charge of the presentation and registration of shareholders; if the shareholder (legal entity) is not registered in such a register, the original or an officially certified copy of a up to date proof of the legal personality of such entity shall be handed over, including a document certifying who is authorized to act on behalf of the legal entity; at the same time, the natural person acting on behalf of the shareholder (legal entity) shall present their valid identity document;

    Shareholder may participate in the Extraordinary General Meeting represented by an authorized representative on the basis of a written power of attorney with the officially verified signature of the shareholder. In the case of a shareholder being represented by a representative, the representative shall:

    – shall hand over the original of the written power of attorney with the officially verified signature of the shareholder or an officially verified copy thereof at the time of registration and presentation to the authorized person of the Company;

    – shall hand over the original or an officially certified copy of the documents to be presented or handed over by the shareholder to prove the identity of the shareholder (except for the identity document to be presented) and the circumstances relating to the proceedings and the subject matter of the Extraordinary General Meeting;

    – shall present their valid identification document at the time of presentation and registration;
    Provided that the shareholder, holder of bearer shares, established, as a security covering the respective expenses, a pledge over at least one share of the company pursuant to Section 184(3) of the Commercial Code, shall have the right to request sending a copy of the draft amendment of the Articles of Association of the Company at his own expense and risk to the address given by them. The shareholder shall have the right to request information and explanations at the Extraordinary General Meeting that are relevant to the subject matter thereof. The Board of Directors is obliged to provide the shareholder with the information in writing no later than 15 days after the Extraordinary General Meeting.

    The Board of Directors of the Company, in accordance with Section 184(6) of the Commercial Code, hereby notifies the shareholders of the substance of the proposed changes to the Articles of Association of the Company, which changes are to be subject to decision in accordance with items 2. and 7. of the proposed agenda of the Extraordinary General Meeting:

    • establishment of the shareholders’ right to decide on the conversion of the form of shares of the Joint Stock Company (agenda item 2);
    • change in the details of the type and form of the shares as a result of the conversion of the shares of the Company (agenda item 7);
    • establishing the obligation of the Company to keep a list of shareholders holding registered shares (agenda item 7);
    • regulation of the rights and obligations of shareholders holding registered paper shares in accordance with the provisions of the Commercial Code (agenda item 7);

    Information for Shareholders of the Company:

    • shareholder has the right to attend and vote at the Extraordinary General Meeting. The number of votes of a shareholder corresponds to the ratio of the nominal value of his shares to the amount of the share capital of the Company, whereby one vote shall be cast for every EUR 16.00 of the nominal value of the shareholder’s shares;
    • shareholder attends the extraordinary general meeting at his own expense;
    • shareholder has the right to request information and explanations at the Extraordinary General Meeting concerning the Company’s affairs or the affairs of persons controlled by the Company, which matters are related to the subject matter of the Extraordinary General Meeting, and the shareholder is obliged to exercise this right no later than the decisive date specified in this announcement, i.e. no later than 16.03.2025;
    • shareholder has the right to request copies of the draft Articles of Association or to have them sent to the address provided by the shareholder at the shareholder’s own expense and risk;
    • at the request of a shareholder or shareholders holding shares with a nominal value of at least 5% of the share capital, the Board of Directors shall include the matter specified by them in the agenda of the Extraordinary General Meeting. The Extraordinary General Meeting shall be obliged to discuss the matter in such a case. The request for the addition to the agenda must be supported by reasons or be accompanied by a draft resolution of the extraordinary general meeting, otherwise the extraordinary general meeting may not take such a request into consideration; if the request for the addition of the matter to the agenda of Extraordinary General Meeting is received after the publication of the announcement of the Extraordinary General Meeting, the Board of Directors shall send or publish the addition to the agenda of the Extraordinary General Meeting in the manner prescribed by law and specified in the Articles of Association for convening Extraordinary General Meetings at least 10 days before the Extraordinary General Meeting, i.e. no later than on 09.03.2025; if such publication of the addition to the agenda of the Extraordinary General Meeting is not possible, the specified matter may be included in the agenda of the Extraordinary General Meeting only in the presence and with the consent of all shareholders of the Company; the Board of Directors shall be obliged to send or publish the notification of the addition to the agenda within 10 days before the Extraordinary General Meeting in each case if it is received by the shareholder or shareholders holding shares with a nominal value of at least 5% of the share capital not later than 20 days before the Extraordinary General Meeting, i.e. not later than 27.02.2025;
    • shareholder may participate in the Extraordinary General Meeting represented by an authorized representative on the basis of a written power of attorney with the officially verified signature of the shareholder, a specimen of which is attached as Annex 1 to this announcement; the original of the written power of attorney or an officially verified copy thereof shall be handed over by the authorized representative to the persons in charge of the registration and presentation of the shareholders at the Extraordinary General Meeting no later than the beginning of the Extraordinary General Meeting, which persons shall present the power of attorney to the recorder of the Extraordinary General Meeting; the original of the written power of attorney or a certified copy thereof may be substituted by the verification of the ordinary copy of the written power of attorney by the recorder of the Extraordinary General Meeting – the verification by the recorder of the Extraordinary General Meeting shall be carried out on the basis of the presentation of the original of the document and its ordinary copy, while the verification of the ordinary copy shall be marked thereon and shall be retained for the purposes of the records of the Company; the original of the document shall be returned to the person who presented it;
    • Company accepts shareholder’s notices of appointment, change or revocation of a power of attorney, accompanied by documents proving the indicated legal facts (i) in person at the registered office of the Company, (ii) by means of paper delivery to the registered office of the Company, alternatively (iii) by electronic means in favor of the e-mail address: griad@ztssabinov.sk; the authorized person is obliged to present the original officially certified written power of attorney at the time of registration and presentation of the shareholders at the Extraordinary General Meeting;
    • if a shareholder has granted a written power of attorney to more than one person to exercise the voting rights attached to the same shares at a single extraordinary general meeting, the Company shall enable to vote to that representative who has been entered the earliest in the list of attendees at the extraordinary general meeting;
    • if several shareholders have granted a written power of attorney for representation to one representative, the latter may vote separately for each shareholder duly represented at the Extraordinary General Meeting;
    • shareholder may grant a written power of attorney to a member of the Supervisory Board of the Company exclusively stipulating the specific instructions for voting on each resolution or item on the agenda of the Extraordinary General Meeting on which the member of the Supervisory Board, as representative, is appointed to vote on behalf of the shareholder;
    • shareholder’s voting and participation in the Extraordinary General Meeting cannot be carried out by means of postal services prior to the Extraordinary General Meeting, nor by electronic means, as such voting or participation in the Extraordinary General Meeting is not provided for in the Articles of Association of the Company;
    • Company shall make available to shareholders on the Company’s website www.ztssabinov.sk (electronically) at least 30 days prior to the Extraordinary General Meeting:
    • full text of all documents to be discussed in the agenda of the Extraordinary General Meeting;
    • total number of shares and voting rights attached to the shares as of the date of publication of the announcement of the Extraordinary General Meeting;
    • draft resolutions, if any, of the Extraordinary General Meeting according to the individual items on the agenda of the Extraordinary General Meeting and the opinion of the Board of Directors on each item on the agenda of the Extraordinary General Meeting for which no draft resolution is submitted;
    • specimen of the written power of attorney form that may be used for the voting of representatives;
    • full texts of the documents (in particular the draft Articles of Association) and drafts of any resolutions of the Extraordinary General Meeting to be discussed at the Extraordinary General Meeting are made available to shareholders in hard copy form for inspection at the registered office of the Company within 30 days prior to the Extraordinary General Meeting, on working days between 1:00 p.m. and 3:00 p.m.;
    • Company publishes information pursuant to a special regulation by means of the Internet, on its website at www.ztssabinov.sk ;

    SAMPLE POWER OF ATTORNEY
    for representation at the Extraordinary General Meeting

    POWER OF ATTORNEY

    The undersigned Principal

    Full name/Business name: ………………………………
    Address / Registered office: …………………………….
    Date of birth / Company ID: ……………………………
    Registered in     1: …………………………………………….
    Acting through1: …………………………………………..

    as the owner of ………. dematerialized shares of the issuer ZTS Sabinov, a. s., with its registered office at Hollého 27, 083 30 Sabinov, Company ID: 00 590 797, registered in the Commercial Register of the District Court Prešov, Section: Sa, Insert No.: 76/P, in bearer form, ISIN: ……………………………., with a nominal value of 16 EUR per share.

    (hereinafter referred to as the “Principal“),

    hereby authorizes

    the Authorized Representative
    Full name/Business name: ……………………………….
    Address/Registered office: ……………………………….
    Date of birth/Company ID: ……………………………….
    Registered in1: ……………………………………………..
    Acting through1: ……………………………………………
    (hereinafter referred to as the “Authorized Representative”)

    to represent the Principal at the Extraordinary General Meeting of ZTS Sabinov, a. s., with its registered office at Hollého 27, 083 30 Sabinov, Company ID: 00 590 797, registered in the Commercial Register of the District Court Prešov, Section: Sa, Insert No.: 76/P (hereinafter referred to as the “Company“), which will be held on March 19, 2025, at 08:00 AM at the registered office of the Company (hereinafter referred to as the “Extraordinary General Meeting“), in accordance with the provisions of Section 31 et seq. of the Civil Code, and within the agreed scope of authorization.

    The Authorized Representative is entitled to exercise all rights and fulfill all obligations at the Extraordinary General Meeting, which are granted to the Principal as a shareholder of the Company under the legal framework of the Slovak Republic and the Articles of Association of the Company. In particular, but not exclusively, the Authorized Representative is entitled to vote, submit proposals, and request information on behalf and in the name of the Principal.

    I hereby grant this power of attorney in relation to the shares owned by the Principal as a shareholder of the Company, which are registered on the following securities accounts2:

    1. Securities account number:…………, number of shares owned by the Principal and registered on the specified securities account: ………………;
    2. Securities account number: ………, number of shares owned by the Principal and registered on the specified securities account: ……………;
    3. Securities account number: …………………, number of shares owned by the Principal and registered on the specified securities account: ………………;

    If this power of attorney is granted to an Authorized Representative who is a member of the Supervisory Board of the Company, the Authorized Representative is entitled to exercise all rights at the Extraordinary General Meeting, which the legal system of the Slovak Republic and the Articles of Association of the Company grant to the Principal as a shareholder of the Company, under the following conditions3:

    • For agenda item(s) no. ……………….., the Authorized Representative is obliged to vote in favor;
    • For agenda item(s) no. ……………….., the Authorized Representative is obliged to vote against;
    • For agenda item(s) no. ……………….., the Authorized Representative is obliged to abstain from voting.

    This power of attorney is granted for the duration of the Extraordinary General Meeting.

    By signing this document, the Authorized Representative unconditionally confirms that they have been acquainted with the Articles of Association of the Company by the Principal and are aware of their obligations arising from this power of attorney.

    The Authorized Representative is not entitled to delegate this authorization to another person (prohibition of substitution).

    This power of attorney shall be governed by the legal system of the Slovak Republic.

    On behalf of the Principal:
    In __________________, on __________.2025

    full name / business name:  

     
    position1:  

     
    signature:  

     

     

     

    (officially certified signature)

     

     

     

    On behalf of the Authorized Representative:
    In __________________, on __________.2025

    full name / business name:  

     
    position1:  

     
    signature:  

     

     

     

    (officially certified signature)

     

     

     

    ZTS Sabinov, a. s. accepts notifications regarding the granting of power of attorney, changes to an already granted power of attorney, and revocation of power of attorney also via email at griad@ztssabinov.sk in PDF document format.

    The MIL Network –

  • MIL-OSI USA: Sen. Scott, Colleagues, File Bicameral Amicus Brief – Medina v. Planned Parenthood

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — U.S. Senator Tim Scott (R-S.C.) joined Senator Lindsey Graham (R-S.C.) and Congressman Ralph Norman (R-S.C.) in filing an “amicus curiae” (or “friend of the Court”) brief in the case of Medina v. Planned Parenthood. The brief supports South Carolina’s determination that Planned Parenthood does not qualify to receive Medicaid funding. The South Carolina Republicans were joined by 14 other senators and 76 other members of the House of Representatives.
    “The purpose of Medicaid is to provide essential healthcare services to parents and children in underserved communities where access to quality medical care can be limited,” said Senator Tim Scott. “Using taxpayer dollars to fund abortion not only diverts resources away from Medicaid’s mission, but undermines the intent of both the law and the program itself. I’m proud to join my colleagues from South Carolina in standing up for the right to life and against this government overreach.”
    “As a pro-life state, South Carolina taxpayers should not be forced to subsidize the abortion industry,” said Governor Henry McMaster. “I am grateful for the support of members of the South Carolina delegation and the many other members of Congress who recognize the importance of this case and are standing with South Carolina as we defend our values.”
    “Most Americans oppose their hard-earned tax dollars being used to subsidize abortion,” said Senator Lindsey Graham. “I am honored to join my South Carolina Republican colleagues and lend our voices to Governor Henry McMaster’s effort to make sure Medicaid funding cannot be used by Planned Parenthood in South Carolina in any fashion.”
    “Private parties like Planned Parenthood have no right to undermine congressional intent by forcing states to say that Planned Parenthood is a qualified Medicaid provider,” said Rep. Norman. “South Carolina has every right to determine what qualifies and disqualifies Medicaid healthcare providers operating within our state. That was precisely the intent of Congress. My hope is the Court will see this lawsuit for what it truly is: a misguided attempt to undermine that authority.”
    Background Under federal law and guidance, states administer Medicaid plans, including deciding which medical providers qualify to receive payments for certain services. In 2018, South Carolina Governor Henry McMaster ordered the state’s Department of Health and Human Services (DHHS) to deem abortion clinics unqualified to receive Medicaid funding based on their far Planned Parenthood’s largest federal funding source, providing $1.5 billion in reimbursements nationwide over three years. 
    Following South Carolina’s determination, Planned Parenthood and one of its clients sued the DHHS Director in federal court claiming a right to force DHHS to reverse that decision. There have been four appeals, each of which Members have supported with similar briefs. 
    This brief has the support of Alliance Defending Freedom, Americans United for Life, Catholic Vote, Family Research Council, Students for Life, and Susan B. Anthony Pro-Life America.
    The full text of the brief can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: State Interoperability Executive Council

    Source: US State of Oregon

    he State Interoperability Executive Council (SIEC) will meet Tuesday, February 11, 2025, from 1:30 – 3:30 p.m. The meeting will take place virtually via Microsoft Teams. A dial-in option is also available. The meeting is open to the public and comments will be taken from those who wish to participate.

    The agenda and handouts are posted on the council’s website. Dial-In information for those who wish to attend over the phone or virtually are outlined in the meeting agenda.

    What: State Interoperability Executive Council

    When: Tuesday, February 11, 1:30 PM – 3:30 PM

    Where: Virtually via Microsoft Teams

    Click here to join the meeting

    Dial In: 503-446-4951 Pin: 266 306 980#

    Who: Members of the State Interoperability Executive Council

    The SIEC was created under the State Chief Information Officer to be the statewide interoperability governing body and to serve as the primary steering group for the Oregon Statewide Communications Interoperability Plan (SCIP). The SIEC’s mission is to develop and maintain the SCIP, develop recommendations and guidelines for policy, identify technology and standards, and coordinate intergovernmental resources to facilitate statewide public safety communications interoperability.

    REASONABLE ACCOMMODATION OF DISABILITIES – Reasonable accommodations, such as assistive hearing devices, sign language interpreters and materials in large print or audiotape, will be provided as needed. In order to ensure availability, please contact William Chapman at the Oregon Department of Emergency Management at telephone 971-283-4607, or email SWIC.OR@das.oregon.gov at least 24 hours prior to the meeting with your request.

    MIL OSI USA News –

  • MIL-OSI: Partners Value Investments Inc. Announces Normal Course Issuer Bids

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 12, 2025 (GLOBE NEWSWIRE) — Partners Value Investments Inc. (the “Corporation”) (TSXV: PVF.WT. PVF.PR.V), a subsidiary of Partners Value Investments L.P. announced today that it has received approval from the TSX Venture Exchange (the “Exchange”) for normal course issuer bids (the “Bids”) to purchase up to 1,396,407 of its share purchase warrants (the “Warrants”), representing approximately 5% of its currently outstanding Warrants; and to purchase up to 3,533,558 of its Class A preferred shares, series 1 (the “Preferred Shares”), representing approximately 5% of its currently outstanding Preferred Shares. The Bids will be effective from February 14, 2025 to February 13, 2026, or such earlier date that the Corporation completes its purchases.

    Purchases by the Corporation pursuant to the Bids will be made by its designated broker, RBC Capital Markets, through the facilities of the Exchange, other designated exchanges and alternative trading systems in Canada. The price which the Corporation will pay for any Warrants or Preferred Shares purchased will be the market price of the Warrants and Preferred Shares at the time of acquisition. Any Warrants and Preferred Shares acquired through the Bids will be cancelled. As of January 31, 2025, there were 27,928,149 Warrants and 70,671,137 Preferred Shares outstanding.

    The Corporation believes that, from time to time, the market price of the Warrants and Preferred Shares may not adequately reflect their value. In such circumstances, the Corporation believes that its outstanding Warrants and Preferred Shares may represent an appropriate and desirable use of its available funds.

    In connection with the Bids, the Corporation will enter into an automatic purchase plan with its designated broker on February 13, 2025. The automatic purchase plan will allow for the purchase of Warrants and Preferred Shares when the Corporation would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of these periods, Warrants and Preferred Shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.

    For further information, contact Investor Relations at ir@pvii.ca or 416‐643-7621.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking information and forward-looking statements.

    Although the Corporation believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation and Brookfield Asset Management Ltd., the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws, catastrophic events, such as earthquakes, hurricanes, or pandemics/epidemics; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.

    The Corporation cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Corporation’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI Security: Pair admit stealing ski boat from St. Mary Lake property on Blackfeet Indian Reservation

    Source: Office of United States Attorneys

    GREAT FALLS — A man and a woman today admitted they stole a ski boat and trailer from property on St. Mary Lake on the Blackfeet Indian Reservation, U.S. Attorney Jesse Laslovich said.

    The defendants, Tiffany Rae Morris, 37, of Shelby, and Levi Jacques Carl Johnson, 44, of Kevin, each pleaded guilty in separate hearings to theft within Indian Country. Morris and Johnson face a maximum of five years in prison, a $250,000 fine and three years of supervised release.

    Chief U.S. District Judge Brian M. Morris presided. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing was set for June 25. The defendants were released pending further proceedings.

    In court documents, the government alleged that on June 9, 2024, Morris and Johnson stole a ski boat and trailer from the property of the victim, identified as John Doe. The property is on St. Mary Lake on the Blackfeet Indian Reservation. Doe reported the theft to law enforcement and posted about it on Facebook. An investigation identified Morris and Johnson as potential suspects, based on video surveillance. The following day, a landowner in the Cut Bank area notified law enforcement that a boat had been abandoned on his property and that he thought it was the stolen boat. John Doe responded to the scene and identified his boat. The boat’s identifying decals had been removed. In interviews with law enforcement, Morris and Johnson admitted to stealing the boat. After the theft was circulated on Facebook, the defendants wanted to return the boat but were afraid of being apprehended and abandoned it in the field. Johnson reported that the decals came off when he power-washed the boat. The boat was a 2007 Ski-doo Challenger 180, valued at more than $1,000.

    The U.S. Attorney’s Office is prosecuting the case. Blackfeet Law Enforcement Services, Glacier County Sheriff’s Office, and the FBI conducted the investigation.

    XXX

    MIL Security OSI –

  • MIL-OSI USA: Rosen Helps Introduce Legislation to Ensure the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation Receive the $5 Million They’re Owed

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) joined her colleagues Senators Catherine Cortez Masto (D-NV), Mike Crapo (R-ID), and Jim Risch (R-ID) to reintroduce the Shoshone-Paiute Tribes of the Duck Valley Reservation Water Rights Settlement Act. This legislation will allow the Tribes to finally collect over $5 million in interest they are owed for their 2009 water rights settlement.
    “The Shoshone-Paiute Tribes of the Duck Valley Reservation deserve the millions of dollars in interest they are owed,” said Senator Rosen. “I’m proud to help introduce this bipartisan legislation to ensure they finally receive this payment after a nearly twenty year delay.”
    “It is absurd that the Shoshone-Paiute Tribes of the Duck Valley Reservation have had to go nearly two decades without millions of dollars in interest they are owed,” said Senator Cortez Masto. “My commonsense, bipartisan legislation fixes this years-old oversight and secures funding that these Tribes deserve.”
    “This much-needed fix takes the next step in upholding the federal government’s full interest terms of the 2009 settlement with the Duck Valley reservation,” said Senator Crapo.  “The Senate unanimously advanced the measure in the last Congress and must do so again expeditiously.  The House should follow suit so we can correct this error as soon as possible.”
    “The Shoshone-Paiute Tribes’ water rights settlement mistakenly excluded interest payments, unjustly cutting these communities short,” said Senator Risch. “I’m proud to join my colleagues in introducing legislation to correct this error and provide the Tribes the proper interest they are owed.”
    Senator Rosen has been working to support Tribal communities in Nevada with the resources they need. Earlier this year, she announced more than $700,000 to improve transportation for Tribal communities in Nevada. Last year, she helped secure more than $5 million to improve water infrastructure for Tribal communities in Nevada. Senator Rosen also joined a bipartisan group of her colleagues to request more funding for Tribal law enforcement programs.

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: On Senate Floor, Rosen Announces Opposition to Confirmation of Robert F. Kennedy Jr. as Secretary of Health and Human Services 

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    Watch Senator Rosen’s Full Remarks HERE.
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) took to the Senate floor to oppose the confirmation of Robert F. Kennedy Jr. to lead the Department of Health and Human Services. In her remarks, Senator Rosen highlighted Mr. Kennedy’s lack of qualifications and history of spreading dangerous public health conspiracies.
    Below are excerpts of Senator Rosen’s floor remarks:
    Today, we’re here to discuss President Trump’s nominee to lead the Department of Health and Human Services, Robert F. Kennedy Jr. 
    If confirmed, Mr. Kennedy would be in charge of a department with power to, well, regulate the food we eat, the medicines we take, and the vaccines we depend upon.
    He would oversee agencies that provide health care to almost 170 million Americans – including hundreds of thousands of Nevadans who are on Medicare, Medicaid, and the Children’s Health Insurance Program.
    I’m here today to oppose Robert F. Kennedy Jr. as our next Secretary of Health and Human Services. 
    Confirming him would have disastrous consequences for our public health, for seniors who rely on Medicare, for our families who get their health care through Medicaid.
    Well, let’s start out with his lack – his lack – of qualifications.
    Well, Mr. Kennedy – he’s never worked in health care or federal government. He’s probably best known for his skepticism of vaccines and spreading dangerous conspiracies and outright lies. 
    Mr. Kennedy’s history of promoting anti-vaccine misinformation – it’s well-documented and deeply troubling. 
    Vaccines have saved millions of lives throughout history, and they remain one of the most effective tools we have to protect public health. 
    Yet, Mr. Kennedy has spent years promoting debunked claims linking vaccines to autism, cancer, allergies, and autoimmune diseases. 
    He’s spread lies about vaccine safety, making people fearful and increasing rates of unvaccinated people, which put all of us – all of us – at risk.
    […]
    But his problematic views are just the start. During his confirmation hearing, Mr. Kennedy was also asked about his understanding of Medicare and Medicaid. Just asked if he knew about it.
    Well, he struggled – struggled I mind you – to remember which program covered older and disabled Americans, struggled to remember which program provided for low-income people. 
    This is Medicare and Medicaid, not something that’s so brand new that even Robert F. Kennedy Jr. shouldn’t know what it is. Because Medicare and Medicaid are not mere government programs. 
    They are a lifeline for millions of Americans, including our seniors, our parents, our grandparents, people with disabilities, families in need – including half of all children – and around forty percent of all babies born in this country.
    Why would we trust someone with the future of Medicare and Medicaid when he doesn’t even understand the basics of the system he would oversee? 
    […]
    You know, Mr. President, the role of Secretary of Health and Human Services – it is one of profound responsibility. 
    And Robert F. Kennedy Jr. has undermined the very foundations of our public health system.
    Mr. Kennedy’s vision for the future of our health care system, well, he wants to undermine Medicare and Medicaid, he wants to slash cancer research funding, he wants to push dangerous public health conspiracies. These are visions and these are things I cannot support. No one should support.
    We all want a healthier future for America — one that both prevents diseases and where we can think about curing diseases, where we can do preventative medicine, curative medicine, where we can have that hope for folks whose mother gets lung cancer in the future that she might live, or leukemia in the future, that their brother might live. 
    Mine didn’t, but I hope that they didn’t die in vain because research goes on and will help others. And I want us to be able to cure diseases for the ones that we love.
    And so that is why I cannot in good conscience support Mr. Kennedy’s nomination, and I urge my colleagues to do the same.
    The stakes couldn’t be higher. Our very lives — the lives of our loved ones — they may just depend on it.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla Leads Effort Demanding Trump Reverse Illegal Firing of Independent FEC Chair

    US Senate News:

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

    Padilla Leads Effort Demanding Trump Reverse Illegal Firing of Independent FEC Chair

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Committee on Rules and Administration with oversight over federal elections, led 10 Democratic Senators to demand President Trump rescind his unprecedented and illegal firing of Federal Election Commission (FEC) Chair Ellen Weintraub. The Senators also urged Trump to pursue the lawful process of consulting with the Senate on nominating a replacement for both Weintraub and former Republican Commissioner Sean Cooksey, who recently resigned for a role in the Trump Administration, and future vacancies.

    The FEC is an independent, bipartisan agency tasked with enforcing U.S. campaign finance laws. In the 50 years since it was created — in the wake of the Watergate scandal — a commissioner has never been fired by the President. Typical procedure, as outlined in the Federal Election Campaign Act, is to have a Commissioner depart upon confirmation of their replacement. The illegal, unprecedented firing of Chair Weintraub took effect immediately following receipt of the letter on February 6.

    “Chair Weintraub must be able continue to serve in her role unless and until you use the lawful process of nominating a commissioner for the Senate’s consideration and that nominee is confirmed,” wrote the Senators. “Your letter seeking to remove a commissioner ignores the legal requirements that commissioners may not be removed without cause. This effort violates the procedure set in statute for replacing commissioners in the Federal Election Campaign Act and appears to be a bad faith effort to dismantle the only federal agency that protects the American people’s right to transparency in campaigns and elections.”

    “Record spending in our elections, including from ultra-wealthy individuals who now serve at the highest levels of power, has placed the FEC’s responsibilities at the heart of maintaining a healthy democracy,” continued the Senators. “While years of deadlock at the Commission have hindered its ability to serve as an effective regulator, removing commissioners without cause moves beyond dysfunction to outright destruction.”

    In addition to Senator Padilla, the letter was signed by Senators Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).

    Last week, Senator Padilla rebuked President Trump’s illegal attempt to fire Chair Weintraub.

    Full text of the letter is available here and below:

    Dear President Trump:

    We write to strongly urge you to rescind your illegal attempt to remove Chair Ellen Weintraub from the Federal Election Commission (FEC), the independent and bipartisan agency charged with enforcing our campaign finance laws. Chair Weintraub must be able continue to serve in her role unless and until you use the lawful process of nominating a commissioner for the Senate’s consideration and that nominee is confirmed.

    Your letter seeking to remove a commissioner ignores the legal requirements that commissioners may not be removed without cause. This effort violates the procedure set in statute for replacing commissioners in the Federal Election Campaign Act and appears to be a bad faith effort to dismantle the only federal agency that protects the American people’s right to transparency in campaigns and elections.

    Removing an FEC commissioner without nominating a replacement is without precedent. With Republican Commissioner Sean Cooksey’s recent resignation to join your administration, regular order would be to consult with the Senate on a bipartisan basis and nominate a pair of Republican and Democratic commissioners for the Senate’s consideration. Unlawfully removing a commissioner with an existing vacancy, without consultation with the Senate on nominations to replace them, demonstrates an intent to ignore the Senate’s constitutional role and diminish the Commission’s ability to hold accountable potential violations of campaign finance law.

    Chair Weintraub, a Democratic commissioner, has a strong record of seeking to enforce the law that regulates money in politics on a nonpartisan basis, including holding presidential campaigns accountable. Congress created the FEC over 50 years ago, in the wake of the Watergate scandal that eroded trust in our government. The FEC was designed to be free from the interference of those it might be regulating and to ensure the American people had insight into how money was being spent to influence its elected officials. The role of money in our elections has changed since the FEC was first created, particularly as the Supreme Court has issued decisions permitting dark money to infiltrate our elections. However, the need for balanced and dedicated commissioners who work on behalf of the country has remained unchanged.

    Further, record spending in our elections, including from ultra-wealthy individuals who now serve at the highest levels of power, has placed the FEC’s responsibilities at the heart of maintaining a healthy democracy. While years of deadlock at the Commission have hindered its ability to serve as an effective regulator, removing commissioners without cause moves beyond dysfunction to outright destruction.

    We call on you to rescind your unlawful letter and pursue the legal process for replacing commissioners in bipartisan consultation with the Senate.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI New Zealand: Govt Cuts – Axing 63 roles at Callaghan Innovation will drive essential skills out of the country and undermine Government growth agenda – PSA

    Source: PSA

    New redundances at Callaghan Innovation will undermine the country’s capacity to commercialise innovations of New Zealand businesses, which the Government claims it is so focussed on, says the union for Callaghan Innovation workers, the Public Service Association.
    Last night, Callaghan Innovation told 63 workers their roles were being made redundant, including 16 commercialisation roles, 14 scientists and engineers, 6 Māori Innovation roles, and others working in data, digital, product design, risk and audit, marketing, government engagement and technical support.
    “The Government is dismissing the very workers who could help grow the economy,” said PSA Acting National Secretary Fleur Fitzsimons. “People working in those commercialisation roles have the skills to turn ideas into internationally marketable products and services quickly and successfully.”
    Last month, Science Minister Shane Reti told Callaghan Innovation’s Board Chair that Callaghan would lose most of its funding well before its formal disestablishment, and before any new science organisations have been set up through the science system reforms recently announced. That will see around 75 science staff out of work and forced to find work overseas.
    “The Minister is driving workers with essential knowledge out of the country. By defunding Callaghan Innovation before it’s disestablished, the Minister is forcing staff into redundancy with nowhere in New Zealand for them to go to.”
    Cabinet papers released alongside the science reform announcements stated that the Minister would conduct a review of capability within Callaghan Innovation that could be retained and transferred elsewhere. However, this review resulted in minimal change.
    “Callaghan Innovation staff were never given an opportunity to have input on this review,” said Fitzsimons. “The Minister has made decisions without even talking to the people who are losing their livelihoods over this.
    “The Minister must treat Callaghan Innovation staff with dignity and respect and find ways to keep these highly skilled staff in New Zealand. Otherwise, we’ll lose more people offshore while New Zealand becomes a less attractive place to be a scientist.
    “How will that help the Government’s economic growth agenda?”
    Previous statement on cuts at Callaghan Innovation

    MIL OSI New Zealand News –

  • MIL-OSI Security: California Teenager Sentenced to 48 Months for Nationwide Swatting Spree

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Orlando, Florida – United States District Judge Carlos E. Mendoza has sentenced Alan W. Filion (18, Lancaster, CA) to four years in federal prison for making interstate threats to injure the person of another.

    According to the plea agreement, from approximately August 2022 to January 2024, Filion made over 375 swatting and threat calls, including calls in which he claimed to have planted bombs in the targeted locations or threatened to detonate bombs and/or conduct mass shootings at those locations. Filion targeted religious institutions, high schools, colleges and universities, government officials, and numerous individuals across the United States.

    Filion intended his calls to cause large-scale deployment of police and emergency services units to the targeted locations. During these calls, he provided information to law enforcement and emergency services agencies that he knew to be false, such as false names, false claims that he and others had placed explosives in particular locations, false claims that he and others possessed dangerous weapons, including firearms and explosives, and false claims that he and/or other individuals had committed, or intended to imminently commit, violent crimes. 

    In some instances, armed law enforcement officers approached and entered a targeted residence with their weapons drawn and detained individuals that occupied the residence. Filion claimed in a post on January 20, 2023, that when he swats someone he “usually get[s] the cops to drag the victim and their families out of the house cuff them and search the house for dead bodies.” Additionally, Filion’s calls caused law enforcement officers and dispatchers to respond, and to be unavailable in response to other emergencies.

    Filion became a serial swatter for both profit and recreation. He claimed in a January 19, 2023, online post that his “first” swatting was like “2 to 3 years ago” and that “6-9 months ago [he] decided to turn it into a business. . . .” On several occasions, Filion placed posts on social-media channels advertising his services and swatting-for-a-fee structure.

    On January 18, 2024, Filion was arrested in California on Florida state charges arising from a May 2023 threat he made to a religious institution in Sanford, Florida. In that threat, he claimed to have an illegally modified AR-15, a Glock 17 pistol, pipe bombs, and Molotov cocktails. He said that he was going to imminently “commit a mass shooting” and “kill everyone” he saw. He pleaded guilty in federal court to making that threat.

    Filion also pleaded guilty to making three other threatening calls: an October 2022 call to a public high school in the Western District of Washington, in which he threatened to commit a mass shooting and claimed to have planted bombs throughout the school; a May 2023 call to a Historically Black College & University in the Northern District of Florida, in which he claimed to have placed bombs in the walls and ceilings of campus housing that would detonate in about an hour; and a July 2023 call to a local police department dispatch number in the Western District of Texas, in which he falsely identified himself as a senior federal law enforcement officer, provided the federal law-enforcement officer’s residential address to the dispatcher, claimed to have killed his (the federal officer’s) mother, and threatened to kill any responding police officers.  

    This case was investigated by the Federal Bureau of Investigation and the United States Secret Service. Valuable assistance was provided by the Seminole County (Florida) Sheriff’s Office; the Anacortes (Washington) Police Department; the Florida Department of Law Enforcement; the California Department of Justice; the Los Angeles County (California) Sheriff’s Office; and the Volusia County (Florida) Sheriff’s Office. The case is being prosecuted by Assistant United States Attorney Kara Wick, with valuable assistance from the State Attorney’s Office for Seminole County, Florida, 18th Judicial Circuit; the Counterterrorism Section of the United States Department of Justice; and the United States Attorneys’ Offices for the Western District of Washington, the Northern District of Florida, the Western District of Texas, and the District of Columbia. 

    MIL Security OSI –

  • MIL-OSI: Petrus Resources Announces 2025 Budget Guidance

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 12, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company“) (TSX: PRQ) is pleased to announce its 2025 capital guidance.

    2025 BUDGET GUIDANCE

    In 2025, Petrus will build on its strategy of disciplined capital investment by targeting projects designed to maintain production, increase liquids weighting, enhance capital efficiency and generate free funds flow. The Board of Directors has approved a $40 million to $50 million capital program, with approximately 70% allocated toward high-impact development drilling in its core Ferrier and North Ferrier areas. The remaining capital will be invested in strategic infrastructure, including a 12-kilometer expansion of the North Ferrier pipeline, and land acquisitions. The budget is based on price assumptions of USD$68.50/bbl WTI for oil, CAD$2.04/GJ AECO for natural gas and a USD/CAD exchange rate of $0.70. Through the execution of this capital program, Petrus expects to:

    • Achieve 2025 annual average daily production of 9,000 to 10,000 boe1 per day – 65% gas and 35% total liquids
    • Generate $45 million to $55 million in annual funds flow2 for 2025
    • Pay a monthly dividend of $0.01/share – annually this represents approximately 9% of the current share price
    • Maintain net debt flat2 at $60 million  

    Given the inherent volatility of commodity prices, the Company recognizes it is prudent to remain disciplined and flexible from an operational and financial perspective. For 2025, the Company has hedged approximately 54% of its forecasted production at an average price of $2.78/GJ for natural gas and CAD $94.37/bbl for oil. Petrus will continue to monitor Canadian oil and natural gas prices and will evaluate the capital program on an ongoing basis.

    The Company remains well-positioned to navigate changing market dynamics while delivering consistent value to shareholders. By leveraging operational efficiencies and maintaining financial discipline, Petrus continues to strengthen its financial position and reinforce long-term sustainability. As market conditions evolve, the Company is prepared to adapt and respond quickly to capture opportunities and maximize returns.

    ABOUT PETRUS
    Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

    For further information, please contact:

    Ken Gray
    President and Chief Executive Officer
    T: 403-930-0889
    E: kgray@petrusresources.com

    _____________________________

    1 Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production and Product Type Information” for further details.

    2 Non-GAAP financial measure. During the year ended December 31, 2023, funds flow was $78.0 million. As at September 30, 2024, net debt was $60.4 million. Refer to “Non-GAAP and Other Financial Measures”.

    READER ADVISORIES

    Non-GAAP and Other Financial Measures

    This press release refers to the terms “funds flow” and “net debt”. These non-GAAP and other financial measures are not recognized measures under GAAP (IFRS) and do not have a standardized meaning prescribed by GAAP (IFRS). Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. These non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS as indicators of our performance. Management uses these non-GAAP and other financial measures for the reasons set forth below.

    Funds Flow

    Funds flow is a common non-GAAP financial measure used in the oil and natural gas industry that evaluates the Company’s profitability at the corporate level. Management believes that funds flow provides information to assist a reader in understanding the Company’s profitability relative to current commodity prices. The most directly comparable financial measure that is disclosed in the Company’s primary financial statements is oil and natural gas revenue, which was $125.6 million for the year ended December 31, 2023. For additional information regarding funds flow (including a reconciliation of funds flow to oil and natural gas revenue), see the disclosure under “Non-GAAP and Other Financial Measures – Corporate Netback and Funds Flow” in the Company’s Management’s Discussion & Analysis for the year ended December 31, 2023 which is available on SEDAR+ at www.sedarplus.ca, which disclosure is incorporated by reference herein.

    Net Debt
    Net debt is a non-GAAP financial measure and is calculated as the sum of long-term debt and working capital (current assets and current liabilities), excluding the current financial derivative contracts, the current portion of the lease obligation and the current portion of the decommissioning obligation. Petrus uses net debt as a key indicator of its leverage and strength of its balance sheet. As at September 30, 2024, long-term debt was $25 million. For additional information regarding net debt (including a reconciliation of net debt to long-term debt), see the disclosure under “Non-GAAP and Other Financial Measures – Net Debt” in the Company’s Management’s Discussion & Analysis for the three- and nine-month periods ended September 30, 2024 which is available on SEDAR+ at www.sedarplus.ca, which disclosure is incorporated by reference herein.

    Forward-Looking Statements and FOFI

    Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. Such statements represent Petrus’ internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus. In particular, forward-looking statements included in this press release include, but are not limited to, statements with respect to: our intention in 2025 to build on our strategy of disciplined capital investment by targeting projects designed to maintain production, increase liquids weighting, enhance capital efficiency and generate free funds flow; the range of our capital program in 2025, with approximately 70% allocated toward high-impact development drilling in our core Ferrier and North Ferrier areas, and that the remaining capital will be invested in strategic infrastructure, including a 12-kilometer expansion of the North Ferrier pipeline, and land acquisitions; our belief that through the execution of our 2025 capital program we will achieve 2025 annual average daily production of 9,000 to 10,000 boe per day (65% gas and 35% total liquids), generate $45 million to $55 million in annual funds flow, pay a monthly dividend of $0.01/share, and maintain net debt flat at $60 million; our intention to remain disciplined and flexible from an operational and financial perspective; that for 2025 we have hedged approximately 54% of ours forecasted production, and the details thereof; our intention to continue to monitor Canadian oil and natural gas prices and evaluate our capital program on an ongoing basis; our belief that we are well-positioned to navigate changing market dynamics while delivering consistent value to shareholders; our belief that by leveraging operational efficiencies and maintaining financial discipline, we continues to strengthen our financial position and reinforce long-term sustainability; and that we are prepared to adapt and respond quickly to capture opportunities and maximize returns. These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company’s control, including: the risk that (i) negotiations between the U.S. and Canadian governments are not successful and one or both of such governments implements announced tariffs, increases the rate or scope of announced tariffs, or imposes new tariffs on the import of goods from one country to the other, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on other countries and responses thereto could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company; the risk that we do not generate sufficient funds flow and free funds flow to maintain our dividend at current levels and/or to maintain net debt flat; the impact of general economic conditions; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, or extreme weather events, such as wild fires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that we pay may be reduced or suspended entirely; that we reduce or suspend the repurchase of shares under our NCIB; and the other risks and uncertainties described in our Annual Information Form. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: that the tariffs that have been publicly announced by the U.S. and Canadian governments (but which are not yet in effect) do not come into effect, but that if such tariffs do come into effect, the potential impact of such tariffs, and that other than the tariffs that have been announced, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the amount of dividends that we will pay; the number of shares that we will repurchase under our NCIB; future commodity prices (including as disclosed herein) and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates (including as disclosed herein); the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on our profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide investors with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive. This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Petrus’ prospective results of operations including, without limitation, our forecasts for our 2025 capital spending program, 2025 annual average daily production rate, 2025 annual funds flow, 2025 monthly dividend, and 2025 net debt, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits Petrus will derive therefrom. Petrus has included the FOFI in order to provide readers with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes.

    These forward-looking statements and FOFI are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    BOE Presentation

    The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for simplified measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boe’s do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.

    Production and Product Type Information

    The Company’s forecast 2025 annual average daily production rate disclosed in this press release (9,000 to 10,000 boe per day) consists of the following product types, as defined in National Instrument 51-101 and using the conversion ratio described above, where applicable: 15% light oil and condensate, 20% natural gas liquids and 65% conventional natural gas.

    The MIL Network –

  • MIL-OSI Australia: ABC News with Patricia Karvelas

    Source: Australian Executive Government Ministers

    PATRICIA KARVELAS: As we mentioned in our headlines, the Government says they are prepared to acquire Rex Airlines if a suitable buyer for the collapsed business isn’t found. Now, rival regional airlines have questioned why the Federal Government has refused to meet with them to discuss their offers of support on key Rex routes. The Nationals say any move by the Government to buy out Rex should be a last resort.

    [Excerpt]

    DAVID LITTLEPROUD: We don’t want the taxpayer to have to prop up what should be a commercially viable enterprise. The reality is Rex proved that until they took a change of course, and it’s difficult for then other smaller aviation companies to actually compete with the Australian taxpayer if we enter it. So, what needs to happen is that we need to accelerate the process to allow the solution to be created by the aviation sector themselves. They’re willing and able. They’re prepared to come to the table, but they’ve been locked out because it’s been the unions that have been dictating to the Government about who can actually put their hand up to buy Rex. 

    [End of excerpt]

    PATRICIA KARVELAS: To tell us more, Transport Minister Catherine King joins us live. Catherine King, welcome. 

    CATHERINE KING: Hi. It’s really lovely to be with you.

    PATRICIA KARVELAS: It is. You have put this on the table, but you say it’s not your preference. So, what? Is it just a political tactic?

    CATHERINE KING: No, not at all. What we’ve seen, and we’ve been working with the voluntary administration right the way along, the first sort of thing that we had to do was we put in the guarantee, so you’ll either fly or you’ll get your money back. Luckily, that hasn’t had to be drawn on, passenger numbers are keeping up. The next thing we had to do is – obviously, there was a first sale process that was not successful and we are working our way with the administrators on how can we best support a second sale process – we have come to the party with a credit, a line of credit, in order to keep the administration going. It’s not a grant. It’s a line of credit so that the administration can keep flying the airline. And then, what we’ve also done is stepped into the shoes of the largest creditor so that the company doesn’t get liquidated while we have this second sale process.

    What we’ve said today is that it’s abundantly clear that a second sale process won’t be successful without government support. And we are saying we are prepared to, where there are credible bidders that make its way through the administration process, that we will negotiate that support. Which is also why I can’t meet with individual airlines because they are potential bidders. [Indistinct]…

    PATRICIA KARVELAS: [Interrupts] Okay. Because the Financial Review is reporting that 43 airlines under the Regional Aviation Association of Australia wrote to you last year requesting a meeting that you wouldn’t.

    CATHERINE KING: I can’t meet with them for probity reasons because some of them will be bidders and they will be in a negotiation again, possibly against each other, and I will have to treat every bidder equally, which is why they need to work through the administration. So I can’t, for probity reasons, meet with them. I have met with their peak body before, I meet with them regularly, but I can’t meet with individual airlines who may be bidders in terms of Rex itself.

    PATRICIA KARVELAS: The RAAA Chief Executive has said that you’ve refused to meet them, but also says that they want to put forward a market-based solution for their association’s members. So, perhaps something quite different. 

    CATHERINE KING: Yep.

    PATRICIA KARVELAS: Isn’t that worth pursuing?

    CATHERINE KING: They can now do that. That’s what this has opened up today, through this second sale process. 

    PATRICIA KARVELAS: [Talks over] Has that meeting happened?

    CATHERINE KING: They can now do that, but I can’t meet with them because-

    PATRICIA KARVELAS: [Interrupts] The department can?

    CATHERINE KING: The department’s been meeting with potential bidders all the way along, and that’s been happening. That’s been happening all the way along. But I can’t meet with them because this is now a process where the Government will step in with some support, and we will need to treat every single bidder exactly the same. And so, I don’t know who those are going to be so I can’t meet with individual potential bidders, and I really welcome that there are airlines wanting to do that. 

    What I don’t want to see, though, is the cannibalisation of the routes, and some people saying, well, we want this bit, not this bit, and it really hollowing out.

    PATRICIA KARVELAS: [Talks over] Correct. I was going to go to that, because some people are proposing different- 

    CATHERINE KING: Yeah.

    PATRICIA KARVELAS: What’s wrong with that if it provides a commercial solution rather than the government stepping in?

    CATHERINE KING: It might provide a solution. But again, what – from the first principles of policy – what the Government wants to do is keep routes in regional aviation. We want to keep them flying and we want to make sure they’re viable, not just in the short term but in the longer term as well. Which is why we think the second sale process won’t be successful without government support, and that’s why we’ve got this process now in place. It may be-

    PATRICIA KARVELAS: [Interrupts]When you say with government support…

    CATHERINE KING: Yep.

    PATRICIA KARVELAS: …does that look like a sort of co-ownership model? Like, what sort of [indistinct] could it look like?

    CATHERINE KING: Yeah. At the moment, we’re very open to all of that. And different bidders will come forward and say, you know, we will buy the airline if you do X, Y and Z. And that is the competitive tension that needs to happen as part of this second sale process.

    PATRICIA KARVELAS: [Talks over] Does that mean the government could have, let’s say, a 40 per cent stake?

    CATHERINE KING: It could say that. But the biggest barrier for a sale of this airline at the moment has been that the planes are old and it is highly capital intensive to replace them. And so, that has been the largest barrier. And again, we will have to look at what someone is bringing to the table and what is the best value for taxpayer money; where we’re we going to be able to keep as many of the routes going as possible – I want to keep all of them going if we can; and-

    PATRICIA KARVELAS: [Interrupts]Well, is that a guarantee, if I can just pick you up on that? 

    CATHERINE KING: I would like to but, obviously, we’re going to- that is in the hands of whoever purchases the airline. 

    PATRICIA KARVELAS: Shouldn’t it be, actually, a pre-condition that you must keep them all open?

    CATHERINE KING: It is certainly one of the things that we will be looking at as part of that process. But at the first principle, what the Government is absolutely determined to do is to keep regional aviation and regional communities connected. I was pretty shocked today to see some of the commentary from the National and the Liberal Party who are, basically – I don’t know what that was about today – who are, basically I think, abandoning regional communities and regional aviation.

    PATRICIA KARVELAS: Well, they’re arguing there should be a commercial solution.

    CATHERINE KING: Well, and we’re saying that as well, but we’re also saying that if there isn’t, we are saying that we will start the process to consider if government should acquire it. We’ll need to do that with states and territories as partners, they subsidise a lot of these routes currently. And we’ll need to start the process for that as the buyer of last resort. 

    PATRICIA KARVELAS: Okay. And the buyer of last resort, does that mean that sort of states and territories go in with you?

    CATHERINE KING: We would certainly- we’re certainly in discussions with states and territories who subsidise many of the intrastate routes, which are their responsibility now. 

    PATRICIA KARVELAS: And can you give me a sense of which states are showing an interest in going in?

    CATHERINE KING: Well, every state wants to keep regional aviation going. All of them want regional aviation to… Rex flies everywhere. There’s more than 40 routes that are different routes that are flown weekly. Almost half of those are routes where they’re the only airline that actually flies in. And that’s pretty critical to getting people in regional communities to medical appointments, to their homes, to keep businesses going, to get FIFO workers in. They’re pretty- it’s a pretty important piece of economic infrastructure for our regions. 

    PATRICIA KARVELAS: Just on another topic, but still very much in your portfolio, is it right that the Victorian Government wants a top-up to the contentious Suburban Rail Loop? 

    CATHERINE KING: So, I mean, it’s in- all in the public domain. I must admit, I’ve been reluctant to comment on this because there’s a fair bit of gossip going around and it’s unhelpful, I think, as we [Indistinct] not you just-

    PATRICIA KARVELAS: [Interrupts] I am happy for you to just tell us the facts now.

    CATHERINE KING: So I will say- yeah. So on Suburban Rail Loop, I have released the $2.2 billion. Infrastructure Australia and my department have now assessed that and recommended that money be released to the Victorian Government on the basis of very specific things that it will be going towards. And so I have now signed that off. And the Victorian Government, I’m sure, will be receiving the news of that now as we speak. So you’ve got [Indistinct].

    PATRICIA KARVELAS: [Talks over] So, can you just be clear, that’s not- just the distinction, I know that they’re asking for a top up. You’re saying that’s not the top up? That’s…?

    CATHERINE KING: No, that’s the- so that’s the existing money that we’ve had on the table for Suburban Rail East. We will continue discussions, as we do through budget processes with every state and territory, and the Victorians are no different, who come to us with an ask. But I’ve been pretty consistent in terms of suburban rail to say there are still some hurdles that the Victorian Government will need to overcome in relation to advice that I will receive from Infrastructure Australia about particularly the costings around value capture before the Commonwealth can make another investment.

    PATRICIA KARVELAS: So you’re not convinced that this is a value for money proposition? 

    CATHERINE KING: I do think it’s a really good project. As a Victorian, I actually know- you know, and I grew up in the south eastern suburbs of Melbourne. That was my home and was my home well into my 20s. And I would catch that Glen Waverley train…

    PATRICIA KARVELAS: [Talks over] Same here.

    CATHERINE KING: [Indistinct]…train into the city as a 14-year-old all the time. I’ve seen the huge population growth around Box Hill where you and I would go shopping and you’d take your friends there as well. So really, it’s an important project for the city. It’s a big project for the city. You know, I’m a supporter of it, but I also need to make sure that I’m getting value for money for Australian taxpayers’ dollars and [Indistinct].

    PATRICIA KARVELAS: [Interrupts] So, to be clear, you’ve now- you said that they’ll be finding out now you’ve handed over two- just to be clear?

    CATHERINE KING: Yeah. The 2.2, which was the election commitment we made, Infrastructure Australia and the- my department have now provided me with advice on the assessment of their- the project appraisal report, which is pretty routine. That’s what I do. And that’s now been released to the Victorian Government. 

    PATRICIA KARVELAS: Okay. And that now draws a line for a while, you’re saying no extra funding?

    CATHERINE KING: Well, what I’m saying to them is there’s some more work that will need to be done before further investment in Suburban Rail Loop. But there’s also other projects, of course, that we continue to talk to the Victorians about. I work with very closely [Indistinct]…

    PATRICIA KARVELAS: [Interrupts] Because it brings me to the Werribee by-election and some of the lessons there. There are parts of your heartland who feel very neglected. Is that part of the lesson here?

    CATHERINE KING: I think that, again, I stood with Jacinta Allan to talk about and to put money into a road project, two road projects in Werribee, and they had been worked with and negotiated on and talked with the Victorian Government well over six months ago. You know, they were not new. They were things that the Victorian Government had brought to me to say, we need to invest in the West. 

    PATRICIA KARVELAS: But beyond that, you’re talking about something that’s already committed. There’s clearly more demand [Indistinct]…

    CATHERINE KING: [Interrupts] Yeah, absolutely. And that’s what happens through budget processes, through the mid-year economic financial outlook. They come to me with projects that they want to invest in, they want us to co-invest in, and they do that all the way around the state. They’ve done- you know, in regional communities, they’ve put $1 billion into a road blitz to really deal with potholes and a range of things in regional communities. You know, we’re really keen to partner with them on a whole range of projects, and we’ll keep talking to them as part of the budget process. 

    PATRICIA KARVELAS: Catherine King, thanks for coming in. 

    CATHERINE KING: Good to talk to you.

    MIL OSI News –

  • MIL-OSI Australia: School year starts with safer school zones across regional NSW

    Source: Australian Executive Government Ministers

    As the new school year gets underway, parents and students across regional NSW can feel reassured knowing that hundreds of school zones are now safer following upgrades delivered through the School Zone Infrastructure Sub Program.

    Since its launch in 2020, this over $40 million investment by the Australian and NSW governments has enabled the NSW Government and local councils to implement 474 critical safety improvements on roads near schools in regional and rural areas.

    These improvements have enhanced safety and accessibility in school zones, making it easier for both drivers and pedestrians to navigate these areas.

    In towns and communities across regional NSW, these upgrades include:

    • raising pedestrian ‘wombat’ crossings and pedestrian ‘blisters’
    • creation of “kiss and drop” locations along with installing signage
    • installation of pedestrian refuges and zebra crossings
    • installation of new kerb ramps, pedestrian fencing and lighting
    • installation of traffic signals
    • installation and upgrades of footpaths and shared paths
    • signage upgrades
    • repainting and replenishing faded “Dragon’s Teeth” markings on roadways
    • guttering and pathway to provide safe access between bus stop and school.

    From Bega to Broken Hill and the Richmond Valley, these road safety infrastructure projects have delivered significant improvements to local schools across regional NSW. 

    The School Zone Infrastructure Sub Program is part of a broader $1.18 billion investment from the Australian and NSW Governments under the Road Safety Program and has played a crucial role in enhancing safety. 

    These projects were designed to protect vulnerable road users, reduce road trauma and save lives, and supported more than 2,500 direct and indirect jobs, as the economy recovered from the COVID-19 pandemic.

    For more information visit the Transport for NSW website here.

    Quotes attributable to Federal Assistant Minister for Regional Development, Anthony Chisholm: 

    “Important investments like these will keep students and parents safe on the streets that surround NSW schools, and are part of our collective commitment to significantly reduce the number of incidents on our roads.

    “I’d like to thank the NSW Government for working constructively with us on road safety projects such as these, which are critical to helping bring down the number of lives lost on NSW roads. 

    “These upgrades form part of the Federal Government’s commitment under the Road Safety Program to work in partnership with the states and territories to fund priority road safety works across the nation.”

    Quotes attributable to NSW Minister for Regional Transport and Roads, Jenny Aitchison: 

    “Ensuring the safety of our students as they travel to and from school is a high priority for the NSW Government. The enhancements made through the School Zone Infrastructure Sub Program will not only protect our young road users but also provide peace of mind for parents and caregivers.

    “Our collaboration with the Federal Government and local councils has been instrumental in delivering these vital safety improvements. From raising pedestrian crossings to installing new signage, every enhancement is designed to make our roads safer for everyone.

    “As we welcome students back to school, let’s remember that road safety is a shared responsibility. I urge all drivers to stay vigilant in school zones, ensuring our children arrive at school safely.”

    MIL OSI News –

  • MIL-OSI USA: $150M for Climate Resiliency on SUNY & CUNY Campuses

    Source: US State of New York

    Governor Kathy Hochul today announced $150 million in climate resiliency grants  to make New York State’s public college campuses greener, more resilient to severe weather and more energy efficient. Supported by funding from the $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022, the State University of New York (SUNY) is receiving $100 million for clean energy projects, including the installation of a thermal energy network at SUNY Buffalo, and the City University of New York (CUNY) is receiving $50 million for solar, energy storage, and heat pump projects on three campuses as part of a comprehensive plan to reduce CUNY’s carbon footprint.

    “New York’s higher education institutions play a significant role in leading by example to help advance a cleaner, greener future,” Governor Hochul said. “The $150 million in new investments from the Environmental Bond Act will allow SUNY and CUNY to take a significant step forward in electrifying campuses and integrating cleaner energy solutions to reduce pollution and help New York’s colleges become more energy efficient.”

    SUNY projects funded by the Environmental Bond Act include:

    Binghamton University: Binghamton University will install thermal energy networks and building heat pump technology on its campus. The funding will help implement construction of new high-efficiency networked water source heat pump systems in select buildings currently operating on approximately 20-year-old, lower-efficiency chillers. The new systems will effectively lower energy use by 45 percent, operating costs by $300,000, greenhouse gases by 1,100 metric tons (based on current grid emission factors), and other pollutants for the benefit of the campus and the larger community.

    University at Buffalo: UB will construct the first of many energy hubs, all of which are needed to phase out fossil fuel-based systems and replace aging, lower efficiency systems with on-site electrical systems that lower greenhouse gas and other pollutants and improve operating efficiencies. This first high-efficiency energy hub will service a network of up to five buildings on UB’s South Campus.

    SUNY Oswego: The campus will construct a geoexchange field system for a geothermal network to improve operating efficiencies, lower operating costs, and reduce greenhouse gas and other pollutants for the benefit of the campus and larger community. The project will result in an extensive underground utility infrastructure and central plant and building-level equipment conversions, which are required to continue converting the campus plant to sustainable measures.

    Stony Brook University: The Environmental Bond Act investment will provide design and construction for multiple ground and rooftop solar voltaic (PV) arrays to improve community air quality and public health and decarbonize the Long Island electric grid. The resulting on-site renewable power generation will provide operational efficiencies, energy use reduction, greenhouse gas and pollutant reductions, as well as to provide additional capacity for any potential future campus growth.

    CUNY projects funded by the Environmental Bond Act include:

    City College of New York: Parking lot solar canopies on the south campus will be paired with battery storage, which will support flexible demand management and electric vehicle (EV) chargers will be added to help electrify campus transportation. Rooftop solar will also be deployed. Heat pumps will be installed to electrify heating and cooling for the library and other spaces in the North Academic Center, and also in the science building to heat building domestic hot water and pool water. Heat Pumps are three to four times more efficient than a boiler as they move existing heat, rather than creating heat through combustion.

    Brooklyn College: Geothermal energy will be tapped as bore holes are drilled to provide ground source renewable heating and cooling for the adjacent West End Building, which houses student clubs, the film department, a testing center, and computer labs, and is a vital hub of student activity. Rooftop solar and EV charging stations will be installed at James Hall and West Quad, promoting EV adoption while supporting the college’s fleet electrification goals.

    Hunter College: This project initiates the hydronic conversion transformation of North Hall energy systems away from inefficient steam and standalone window air conditioning. Energy efficient hot and chilled water from the central plant will replace an antiquated steam system. This step toward electrification will reduce baseload energy use and cut use of fossil fuels, ensuring a better-controlled, state-of-the-art, sustainable learning environment for students.

    SUNY Chancellor John B. King Jr. said, “With thanks to Governor Hochul, SUNY’s campuses are leading the way in advancing sustainability and addressing climate change. This Bond Act funding for four SUNY projects will help achieve New York State’s ambitious decarbonization goals and build a more sustainable future.”

    CUNY Chancellor Félix V. Matos Rodríguez said, “By helping CUNY reduce the carbon footprint of our campuses, curb our consumption of fossil fuels and harness our capacity to aid sustainable energy production, Governor Hochul is enabling the University to promote prudent environmental stewardship. The Environmental Bond Act investments announced today will help CUNY play a key role in the development of a resilient, responsible, and resourceful New York.”

    New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “Governor Hochul’s commitment in the State of the State to advance a greener future through decarbonization is bolstered with this new $150 million Clean Water, Clean Air and Green Jobs Environmental Bond Act investment for innovative clean energy projects at SUNY and CUNY campuses across the state. Through the State’s Environmental Bond Act investments, New York is supporting advanced thermal energy networks, EV charging infrastructure, and other technologies that reduce pollution, lower operating costs, and create far-reaching benefits for schools and their surrounding communities.”

    New York League of Conservation Voters President Julie Tighe said, “As the state transitions to a clean energy economy, it is critical that the government not just pass laws, but that they also lead by example. That is exactly what Governor Hochul is doing by allocating Bond Act funds to decarbonize SUNY and CUNY campuses, including by building out thermal energy networks and investing in solar and EV charging infrastructure at some of the most polluting buildings the state owns. We applaud the Governor for reducing New York’s carbon footprint while also helping seed one of the most promising clean energy solutions we have for our large buildings and campuses.”

    Building Decarbonization Coalition New York Director Lisa Dix said, “We applaud the Governor for this critical step forward in implementing the Decarbonization Leadership Program and the SUNY and CUNY campus decarbonization action plans to advance Thermal Energy Networks across our state. This funding and continued leadership is key to getting fifteen Thermal Energy Networks, shovel-ready projects by 2026. Thermal Energy Networks will advance new economic development, modernize our universities, create union jobs, help avoid costly grid upgrades, slash pollution in our communities and help achieve New York’s climate goals – all while building a thriving clean energy economy.”

    New York State AFL-CIO President Mario Cilento said, “Thanks to Governor Hochul’s leadership, the potential of the Environmental Bond Act is now becoming a reality. These projects will be built union with robust labor standards, including prevailing rate, labor peace, and Buy American. As I said in 2022, when the delegates to the New York State AFL-CIO convention voted overwhelmingly to support the Environmental Bond Act ballot referendum, working together, we will decarbonize while establishing a solid foundation for union careers.”

    New York State Building Trades President Gary LaBarbera said, “As New York looks to progress towards its climate goals, we must continue to fund clean energy initiatives that not only modernize our key institutions but also create thousands of good-paying careers for working class people. The investments from the Environmental Bond Act will help our SUNY and CUNY campuses operate in a greener and more environmentally friendly manner, generate more accessible pathways to the middle class for hardworking New Yorkers, and contribute to improving the experiences of everyone who attends and works at these colleges. We applaud Governor Hochul for supporting this investment and look forward to playing a role in pushing these climate adaptions forward.”

    New York State continues to advance resiliency initiatives and investments that are helping to protect communities. Today’s announcement complements Governor Hochul’s Executive Budget proposal to invest more than $1 billion to help fund a more sustainable and affordable future. This ambitious proposal is the single-largest climate investment in state history, generating thousands of jobs, slashing energy bills for households, and cutting harmful pollution.

    The funding to SUNY and CUNY demonstrates the ways New York State’s continued commitment can be achieved, by deploying renewable energy, advancing clean transportation and building decarbonization, and exploring emerging technologies that can support decarbonization goals and economic development. The Executive Budget also includes $108 million for climate resiliency initiatives that support coastal resiliency and additional funding for Green Resiliency Grants and continues a record $400 million for Environmental Protection Fund programs that include measures to adapt and mitigate climate impacts. Progress also continues in administering the $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act, which has allocated approximately $1.25 billion, or 25 percent, of Bond Act funds to date.

    New York State’s Climate Agenda

    New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    MIL OSI USA News –

  • MIL-OSI Global: The Paris summit marks a tipping point on AI’s safety and sustainability

    Source: The Conversation – Canada – By Robert Diab, Professor, Faculty of Law, Thompson Rivers University

    United States Vice President JD Vance made headlines this week by refusing to sign a declaration at a global summit in Paris on artificial intelligence.

    In his first appearance on the world stage, Vance made clear that the U.S. wouldn’t be playing ball. The Donald Trump administration believes that “excessive regulation of the AI sector could kill a transformative industry just as it’s taking off,” he said. “We’ll make every effort to encourage pro-growth AI policies.”

    His remarks confirmed a widespread fear that Trump’s return to the White House will signal a sharp turn in tech policy. American tech companies and their billionaire owners will now be shielded from effective oversight.

    But upon a closer look, events this week point to signs that just the opposite may be unfolding. A host of nations took notable steps towards address growing safety and environmental concerns about AI, indicating that a regulatory tipping point has been reached.

    Prime Minister Justin Trudeau delivered the keynote address at the AI Action Summit in Paris, France.

    Wide consensus

    The two-day global summit in Paris, chaired by France and India, led to broad consensus. Some 60 countries signed on to a Statement on Inclusive and Sustainable AI. This included Canada, the European Commission, India and China.

    Both the U.S. and the United Kingdom declined to sign on. But the prevailing winds are against them.

    The meeting in Paris was the third global summit on AI, following meet-ups at Bletchley Park in the U.K. in 2023 and in Seoul, South Korea, in 2024. Each of them ended with similar declarations widely endorsed.

    The Paris communiqué calls for an “inclusive approach” to AI, seeking to “narrow inequalities” in AI capabilities among countries. It encourages “avoiding market concentration” and affirms the need for openness and transparency in building and sharing technology and expertise.

    The document is not binding. It does little more than tout principles, or affirm a collective sentiment among the parties. One of these — perhaps the most important — is to keep talking, meeting and working together on the common concerns that AI raises.

    Environmental challenges

    Meanwhile, a smaller group of countries at the Paris summit, along with 37 tech companies, agreed to form a Coalition for Sustainable AI — setting out a series of goals and deliverables.

    While nothing is binding on the parties, the goals are notably specific. They include coming up with standards for measuring AI’s environmental impact and more effective ways for companies to report on the impact. Parties also aim to “optimize algorithms to reduce computational complexity and minimize data usage.”

    Even if most of this turns out to be merely aspirational, it’s important that the coalition offers a platform for collaboration on these initiatives. At the very least, it signals a likelihood that sustainability will be at the forefront of debate about AI moving forward.



    Read more:
    AI is bad for the environment, and the problem is bigger than energy consumption

    Signing the first international treaty on AI

    A further notable event at the summit was that Canada signed the Council of Europe’s Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law. In recent months, 12 other countries had signed, including the U.S. (under former president Joe Biden), the U.K., Israel and the European Union.

    The convention commits parties to pass domestic laws on AI that deal with privacy, bias and discrimination, safety, transparency and environmental sustainability.

    The treaty has been criticized for containing no more than “broad affirmations” and imposing few clear obligations. But it does show that countries are committed to passing law to ensure that AI development unfolds within boundaries — and they’re eager to see more countries do the same.

    If Canada were to ratify the treaty, Parliament would likely revive Bill C-27, which contained the AI and Data Act.



    Read more:
    The federal government’s proposed AI legislation misses the mark on protecting Canadians

    The act aimed to do much of what Canada agrees to do under the convention: impose greater oversight of the development and use of AI. This includes transparency and disclosure requirements on AI companies, and stiff penalties for failure to comply.

    What does this really mean?

    While the U.S. signed the convention on AI and human rights, democracy and rule of law in the fall of 2024, it likely won’t be implemented by a Republican Congress. The same might happen in Canada under a Conservative government led by Pierre Poilievre. He could also decide not to fulfil commitments made under other agreements about AI.

    And if Poilievre comes to power by the time Canada hosts the next G7 meeting in June, he might decline to honour the Trudeau government’s commitment to make AI regulation a central focus of the meeting.

    The Trump administration may have ushered in a period of more lax tech regulation in the U.S., and Silicon Valley is indeed a key player in tech — especially AI. But it’s a wide world, with many other important players in this space, including China, Europe and Canada.

    The events in Paris have revealed a strong interest among nations around the globe to regulate AI, and specifically to foster ideas about inclusion and sustainability. If the Paris summit was any indication, the hope of sheltering AI from effective regulation won’t last long.

    Robert Diab 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. The Paris summit marks a tipping point on AI’s safety and sustainability – https://theconversation.com/the-paris-summit-marks-a-tipping-point-on-ais-safety-and-sustainability-249706

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Policies to Bolster Social Resilience in Context of More Frequent, Complex Crises among Topics Discussed, as Commission for Social Development Continues Session

    Source: United Nations General Assembly and Security Council

    During one of two round-table discussions held today by the Commission for Social Development, panelists emphasized the importance of governance, preparedness and investment in human capital to strengthen “social resilience” — the ability of individuals and societies to prevent, absorb, adapt and recover positively from crises.

    The Commission — established in 1946 by the Economic and Social Council as one of its functional commissions — advises the United Nations on social development issues, and its sixty-third session will run through 14 February.

    The first panel discussion, titled “Policies to bolster social resilience in the context of more frequent and complex crises”, featured presentations that together offered a comprehensive understanding of the multidimensional nature of resilience and the policy actions needed to reinforce it.

    “The sixty-third session of the Commission for Social Development comes at a pivotal time as we reflect on the legacies of the World Summit for Social Development held three decades ago in Copenhagen,” said Moderator Angela Kawandami, Permanent Secretary at the Ministry of Community Development and Social Services of Zambia.  While the principles of social inclusion, poverty eradication and equity remain as vital as possible, the global landscape has transformed significantly, presenting new and compounding challenges that demand urgent and innovative solutions today, she said, adding that crises — more frequent, interconnected and complex, spanning geopolitical, economic, health and environmental spheres — are testing the resilience of societies and institutions.

    Meir Bing, Chief Executive Officer at the Open University of Israel, presented a case study of building resilience in minority populations in his country, where the number of minority students in higher education more than doubled in the last decade.  He said that a year ago, he was General Director of the Ministry of Social Equality in charge of minorities.  Of the 10 million people in his country, 2 million are religious and ethnical minority groups, including Muslim, Christian and Druze, he said, adding that many of them are young and face socioeconomic challenges.

    He highlighted the three keys to building resilience in vulnerable populations:  fostering trust between Government and social and business sectors; enhancing infrastructure and public services; and creating communities.  Sharing how educational and other infrastructure and socioeconomic projects are expanded in the country’s local communities, he said that the percentage of students from minority groups in bachelor’s degree programmes increased from 10 per cent in 2010 to nearly 20 per cent in 2023.

    Marek Kamiński, explorer and founder of the Kaminski Foundation, said that during his expeditions, he learned that physical strength isn’t enough, stating:  “The real fight happens in the mind, with fear and doubt.  We all need to ask, are we strong enough inside to face the challenges ahead?”  Today’s world needs practical solutions to help people handle crises.  That’s why he created LifePlan Academy, a programme that teaches mental resilience, stress management and how to adapt to challenges.  It’s a practical tool that works in any country with any culture, he said, stressing: “With the right tools and support, anyone can overcome challenges and achieve their goals.”

    Michael Woolcock, Lead Social Scientist in the Development Research Group at the World Bank, said that development policies are as effective as the shared legitimacy they enjoy.  Development policies will struggle, where societal groups despise one another, where elite factions use lies and violence to secure power, where there is little coherence or trust between local and national authority, and where Governments reject international law and covenants to which they are a signatory.  “So all these nice policies that we come up with — unless they can engage with these local contexts and imbue them with the legitimacy they need to do their difficult work — are probably going to struggle,” he said.

    Obiageli Ezekwesili, President of Human Capital Africa, founder of the School of Politics Policy and Governance, and Senior Economic Adviser at the Africa Economic Development Policy Initiative, said that “democracy is in crisis more than it had ever been”.  The power of society to be resilient depends on how everyone feels cared for within society. Today’s democratic processes are exclusionary in many ways.  That’s because the tiny fraction of people who exercise political leadership in many countries have become monopoly democrats.  “We must fix politics,” she said, noting a strong correlation between the quality of politics and economic performance.  “Let’s keep an eye on the United States of America,” she added.

    Michael Woolcock, Lead Social Scientist, World Bank, served as moderator for the second panel, which focused on “Universal rights-based social protection systems that adapt to evolving risks and support social resilience”.  “For our present purposes, we are going to recognize that social resilience refers to the capacity of individuals and societies to prevent, resist, absorb, adapt, respond and recover positively, efficiently and effectively when faced with a wide range of long-term prospects for sustainable development, peace and security, human rights and well-being for all,” he said before commencing the panel discussion.

    Danilo Türk, President of Club de Madrid and former President of Slovenia, stressed the need to make sure that social development is guided in a way that promotes the full realization of human rights.  “This means adopting an approach which anticipates and addresses the vulnerabilities of people,” he went on to stress.  That must include the consequences of climate change and its effect on populations, especially those vulnerable to displacement.  Innovations like digital cash transfers, mobile health services and data driven risk assessment can significantly improve service delivery, particularly for marginalized and remote populations.  Social protection systems must consider the interests of vulnerable segments of societies, particularly women, youth, older people and persons with disabilities.

    Angela Chomba Kawandami, Permanent Secretary at the Ministry of Community Development and Social Services, Zambia, said that social protection systems are central to addressing vulnerabilities, reducing poverty and mitigating the impacts of various risks such as climate change, pandemics and economic crises.  “Social protection systems in Zambia are designed to address both short-term needs and long-term vulnerabilities,” she added.  These systems include cash transfers, food assistance and social insurance schemes.  “The goal is to ensure that individuals, especially those in our rural areas, older persons, persons with disabilities and other vulnerable groups, have access to basic services and support mechanisms,” she emphasized.  Zambia’s social protection programmes aim to reduce vulnerability by providing financial support to households living below the poverty line.  Climate change is also included into Zambia’s protection system as the phenomenon poses an increasing threat with more frequent droughts and floods.

    Héctor Ramón Cárdenas Molinas, Executive Director of the Technical Unit of the Social Cabinet of the President of Paraguay, said that extreme weather events cause major damage and loss.  “Most of them are linked to climate events,” he said, noting their high economic and social impact.  Exposure depends not only on geographic location but also on the development policies and adaptation measures taken to mitigate the risks of climate change.  “It is absolutely essential that we integrate policies and strategies that promote sustainable and resilient development,” he said.  Underscoring other initiatives in health, education and poverty eradication, he said Paraguay aims to ensure that services meet very high standards in terms of efficiency and effectiveness.  “The main challenge remains financing,” he added.

    Edgilson Tavares de Araújo, Ministry of Development and Social Assistance, Brazil, said that Brazil’s social protection system is based on the principles of universality, equity and democracy.  “Since 2023, we have seen a drop of 84 per cent in severe food insecurity, according to a 2024 UN survey,” he added.  With the creation of a global alliance to fight hunger and poverty, Brazil hopes to continue to make progress.  A strong State working with a healthy civil society must be resilient to truly transform society.  “We are increasing our budgetary commitments and broadening our global alliance to combat hunger and poverty,” he went on to say.  Brazil is committed to providing decent employment and “an economy of solidarity” which can help build social resilience.  “Being protected means having someone to rely on,” he added.

    MIL OSI United Nations News –

  • MIL-OSI: James Altucher Video Released: “Trump and Musk’s AI Power Play Will Reshape America’s Future”

    Source: GlobeNewswire (MIL-OSI)

    Washington, D.C., Feb. 12, 2025 (GLOBE NEWSWIRE) — AI expert James Altucher is sounding the alarm in a recent video presentation: the collaboration between President Donald Trump and Elon Musk is about to trigger a seismic shift in America’s technological and economic landscape.

    “The world’s two most powerful men… are about to change America — forever.”

    According to Altucher, Trump’s anticipated repeal of Executive Order #14110 will unleash AI 2.0—a new era of artificial intelligence that could rapidly transform industries, government operations, and global competition.

    “I have reason to believe that in his first 100 days… Donald Trump will overturn Executive Order #14110… limiting the development of U.S. artificial intelligence.”

    At the center of this revolution is Elon Musk’s secretive AI supercomputer, Project Colossus—an innovation so powerful that it has already outpaced the world’s leading AI firms, including Microsoft, OpenAI, and Google.

    “Right here, at a remote warehouse in Memphis, TN… Elon Musk has created the AI mothership.”

    “Developed by his new company, xAI… it contains not just one or two… but 100,000 units of Nvidia’s most advanced AI chip… making it the most powerful AI facility known to man.”

    With Musk expanding Project Colossus and Trump clearing regulatory hurdles, Altucher warns that America is on the verge of an AI arms race that could define the 21st century.

    “We are about to enter an age of exponential innovation — and wealth.”

    About James Altucher

    James Altucher is a leading AI expert, author, and entrepreneur with nearly four decades of experience in emerging technologies. He has been featured in major media outlets and is known for his forward-thinking insights on AI’s impact on society.

    The MIL Network –

  • MIL-OSI: Farmers & Merchants Bancorp, Inc. Reports 2024 Fourth-Quarter and Full-Year Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 12, 2025 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 fourth quarter and twelve months ended December 31, 2024.

    2024 Fourth Quarter Financial and Operating Highlights (on a year-over-year basis unless noted):

    • 87 consecutive quarters of profitability
    • Net income increased 51.2% to $8.4 million, or $0.61 per basic and diluted share, from $5.5 million, or $0.41 per basic and diluted share
    • Asset quality remains at historically strong levels with nonperforming loans of only $3.1 million at December 31, 2024, compared to $22.4 million at December 31, 2023
    • Net charge-offs to average loans were 0.00%
    • Allowance for credit losses was 826.70% of nonperforming loans
    • Tier 1 leverage ratio was 8.12%
    • Net interest margin increased 27 basis points to 2.84%
    • Efficiency ratio improved to 59.82%, compared to 69.23% for the same period a year ago

    2024 Full-Year Financial Highlights Include (on a year-over-year basis unless noted):

    • Total loans, net were $2.56 billion at December 31, 2024, compared to $2.58 billion at December 31, 2023 and $2.54 billion at September 30, 2024
    • Total assets increased 2.5% to $3.36 billion
    • Deposits increased 3.0% to a record $2.69 billion
    • Stockholders’ equity increased 5.9% to $335.2 million
    • Net interest income after provision for credit losses increased 7.5% to $85.6 million
    • Return on average tangible equity was 8.91%
    • F&M ended 2024 with excellent liquidity levels, and over $690 million in contingent funding sources, and a cash-to-assets ratio of 5.3%, compared to 4.3% at December 31, 2023
    • Dividend raised 3.8% year-over-year, representing the 30th consecutive annual increase in the Company’s regular dividend payment since 1994

    Lars B. Eller, President and Chief Executive Officer, stated, “Our strong 2024 financial performance reflects solid execution of our multi-year strategic plan, as we have remained focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. Thanks to the unwavering dedication of our team and the trust of our customers, F&M’s financial and operating results strengthened throughout 2024. This performance creates a solid foundation and further solidifies F&M’s position as a leading community bank in the Ohio, Indiana and Michigan markets we serve.”

    Mr. Eller continued, “Strong earnings growth in 2024 was driven by the success of ongoing strategies aimed at expanding our net interest margin, maintaining excellent asset quality, and driving efficiencies across our business. Core earnings for the 2024 fourth quarter were strong as net interest income after provision for credit losses increased 16.1% year-over-year to a quarterly record of $22.6 million, and noninterest income expanded 4.1% year-over-year to $4.0 million. We believe these trends highlight the improvements we have made to profitability, and we expect these trends to continue in the second half 2025.”

    Income Statement
    Net income for the 2024 fourth quarter ended December 31, 2024, was $8.4 million, compared to $5.5 million for the same period last year. Net income per basic and diluted share for the 2024 fourth quarter was $0.61, compared to $0.41 for the same period last year. Net income for the 2024 twelve months ended December 31, 2024, was $25.9 million, compared to $22.8 million for the same period last year. Net income per basic and diluted share for the 2024 twelve months was $1.90, compared to $1.67 for the same period last year.

    Deposits
    At December 31, 2024, total deposits were a record $2.69 billion, an increase of 3.0% from December 31, 2023. The Company’s cost of interest-bearing liabilities was 3.01% for the quarter ended December 31, 2024, compared to 3.02% for the quarter ended December 31, 2023. For the 2024 twelve months ended December 31, 2024, F&M’s cost of interest-bearing liabilities was 3.12%, compared to 2.53% in the prior year reflecting the higher rate environment and growth in interest-bearing checking and savings accounts.  

    Mr. Eller commented, “Throughout 2024, we pursued strategies aimed at optimizing our deposit base and growing low-cost checking (DDA) deposits. Since the beginning of 2024, we added nearly 7,500 new checking accounts, and benefited from new and expanded relationships at offices that were opened in 2023. As a result, we ended 2024 with a loan-to-deposit ratio of 94.4%, compared to 98.0% at December 31, 2023.”

    Loan Portfolio and Asset Quality
    “While the demand for loans is high across our markets, our approach to risk and pricing remains prudent. This strategy has contributed to historically strong asset quality over the past two quarters and is a testament to F&M’s risk, lending, and compliance capabilities and high-performing teams.   We expect loan growth to increase modestly in 2025, with growth weighted in the back half of the year. In addition, 31.4% of our loan portfolio is subject to reprice in the next 12 months. We believe these favorable trends will contribute to higher net interest income in 2025,” continued Mr. Eller.

    Total loans, net at December 31, 2024, decreased 0.7%, or by $19.3 million to $2.56 billion, compared to $2.58 billion at December 31, 2023. The year-over-year decline was driven primarily by lower consumer real estate, consumer, and agricultural real estate loans, partially offset primarily by higher commercial and industrial and agricultural loans. Compared to the quarter ended September 30, 2024, total loans, net at December 31, 2024 increased by 0.9% or $23.5 million.

    F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $3.1 million, or 0.12% of total loans at December 31, 2024, compared to $22.4 million, or 0.87% of total loans at December 31, 2023, and $2.9 million, or 0.11% at September 30, 2024.

    F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.2% of the Company’s total loan portfolio at December 31, 2024. In addition, F&M’s commercial real estate office credit exposure represented 5.2% of the Company’s total loan portfolio at December 31, 2024, with a weighted average loan-to-value of approximately 64% and an average loan of approximately $958,100.

    F&M’s CRE portfolio included the following categories at December 31, 2024:

    CRE Category

    		   Dollar
    Balance    		   Percent of
    CRE
    Portfolio    (*)    		   Percent of
    Total Loan
    Portfolio    (*)
                 
    Industrial   $ 269,315   20.6%   10.5%
    Multi-family     233,868   17.8%   9.1%
    Retail     219,395   16.7%   8.6%
    Hotels     141,514   10.8%   5.5%
    Office     134,139   10.2%   5.2%
    Gas Stations     70,767   5.4%   2.8%
    Food Service     49,246   3.8%   1.9%
    Senior Living     31,799   2.4%   1.3%
    Development     29,491   2.3%   1.2%
    Auto Dealers     28,081   2.1%   1.1%
    Other     103,196   7.9%   4.0%
    Total CRE   $ 1,310,811   100.0%   51.2%

    * Numbers have been rounded

    At December 31, 2024, the Company’s allowance for credit losses to nonperforming loans was 826.70%, compared to 111.95% at December 31, 2023. The allowance to total loans was 1.07% at December 31, 2024, compared to 1.06% at December 31, 2023. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at December 31, 2024, compared to 1.13% at December 31, 2023.

    Mr. Eller concluded, “Throughout the new year, we will leverage F&M’s strong banking platform, while continuing to make strategic investments that expanded our operations, capabilities, and services. We believe this will expand operating efficiencies and produce better outcomes for our customers. I am proud of our strong performance in 2024, and expect 2025 to be another good year for F&M.”

    Stockholders’ Equity and Dividends
    Total stockholders’ equity increased 5.9% to $335.2 million, or $24.47 per share at December 31, 2024, from $316.5 million, or $23.17 per share at December 31, 2023. The Company’s Tier 1 leverage ratio of 8.12%, remained stable compared to December 31, 2023.

    Tangible stockholders’ equity increased to $270.0 million at December 31, 2024, compared to $254.2 million at December 31, 2023. On a per share basis, tangible stockholders’ equity at December 31, 2024, was $17.74 per share, compared to $16.29 per share at December 31, 2023.

    For the twelve months ended December 31, 2024, the Company declared cash dividends of $0.8825 per share, representing a 3.8% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the twelve months ended December 31, 2024, the dividend payout ratio was 46.07% compared to 50.65% for the same period last year.

    About Farmers & Merchants State Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe Harbor Statement
    Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Non-GAAP Financial Measures
    This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.

    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
    (Unaudited) (in thousands of dollars, except per share data)
     
      Three Months Ended     Twelve Months Ended
      December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		     December 31,
    2023    		     December 31,
    2024    		     December 31,
    2023    		  
    Interest Income                                        
    Loans, including fees $ 36,663     $ 36,873     $ 36,593     $ 35,200     $ 34,493     $ 145,329     $ 129,344  
    Debt securities:                                        
    U.S. Treasury and government agencies 1,882     1,467     1,148     1,045     987     5,542     4,090  
    Municipalities 384     387     389     394     397     1,554     1,598  
    Dividends 367     334     327     333     365     1,361     882  
    Federal funds sold 24     7     7     7     8     45     44  
    Other 2,531     2,833     2,702     1,675     2,020     9,741     3,850  
    Total interest income 41,851     41,901     41,166     38,654     38,270     163,572     139,808  
    Interest Expense                                        
    Deposits 15,749     16,947     16,488     15,279     15,015     64,463     46,923  
    Federal funds purchased and securities sold under agreements to repurchase 274     277     276     284     293     1,111     1,474  
    Borrowed funds 2,713     2,804     2,742     2,689     2,742     10,948     8,876  
    Subordinated notes 285     284     285     284     285     1,138     1,138  
    Total interest expense 19,021     20,312     19,791     18,536     18,335     77,660     58,411  
    Net Interest Income – Before Provision for Credit Losses 22,830     21,589     21,375     20,118     19,935     85,912     81,397  
    Provision for (Recovery of) Credit Losses – Loans 346     282     605     (289 )   278     944     1,698  
    Provision for (Recovery of) Credit Losses – Off Balance Sheet Credit Exposures (120 )   (267 )   (18 )   (266 )   189     (671 )   46  
    Net Interest Income After Provision for Credit Losses 22,604     21,574     20,788     20,673     19,468     85,639     79,653  
    Noninterest Income                                        
    Customer service fees 237     300     189     598     415     1,324     1,332  
    Other service charges and fees 1,176     1,155     1,085     1,057     1,090     4,473     4,343  
    Interchange income 1,322     1,315     1,330     1,429     1,310     5,396     5,318  
    Loan servicing income 771     710     513     539     666     2,533     4,405  
    Net gain on sale of loans 223     215     314     107     230     859     699  
    Increase in cash surrender value of bank owned life insurance 248     265     236     216     216     965     834  
    Net gain (loss) on sale of other assets owned 22     –     49     –     (86 )   71     (135 )
    Net loss on sale of available-for-sale securities –     –     –     –     –     –     (891 )
    Total noninterest income 3,999     3,960     3,716     3,946     3,841     15,621     15,905  
    Noninterest Expense                                        
    Salaries and wages 7,020     7,713     7,589     7,846     6,981     30,168     26,915  
    Employee benefits 2,148     2,112     2,112     2,171     1,218     8,543     7,520  
    Net occupancy expense 1,072     1,054     999     1,027     1,187     4,152     3,833  
    Furniture and equipment 1,032     1,472     1,407     1,353     1,370     5,264     5,022  
    Data processing 160     339     448     500     785     1,447     3,147  
    Franchise taxes 312     410     265     555     308     1,542     1,487  
    ATM expense 328     472     397     473     665     1,670     2,611  
    Advertising 498     597     519     530     397     2,144     2,606  
    FDIC assessment 505     516     507     580     594     2,108     1,982  
    Servicing rights amortization – net 244     219     187     168     182     818     611  
    Loan expense 236     244     251     229     246     960     1,055  
    Consulting fees 242     251     198     186     192     877     832  
    Professional fees 368     453     527     445     331     1,793     1,430  
    Intangible asset amortization 446     445     444     445     446     1,780     1,780  
    Other general and administrative 1,465     1,128     1,495     1,333     1,532     5,421     6,373  
    Total noninterest expense 16,076     17,425     17,345     17,841     16,434     68,687     67,204  
    Income Before Income Taxes 10,527     8,109     7,159     6,778     6,875     32,573     28,354  
    Income Taxes 2,146     1,593     1,477     1,419     1,332     6,635     5,567  
    Net Income 8,381     6,516     5,682     5,359     5,543     25,938     22,787  
    Other Comprehensive Income (Loss) (Net of Tax):                                        
    Net unrealized gain (loss) on available-for-sale securities (7,403 )   11,664     2,531     (1,995 )   13,261     4,797     10,781  
    Reclassification adjustment for realized loss on sale of available-for-sale securities –     –     –     –     –     –     891  
    Net unrealized gain (loss) on available-for-sale securities (7,403 )   11,664     2,531     (1,995 )   13,261     4,797     11,672  
    Tax expense (benefit) (1,554 )   2,449     531     (418 )   2,784     1,008     2,451  
    Other comprehensive income (loss) (5,849 )   9,215     2,000     (1,577 )   10,477     3,789     9,221  
    Comprehensive Income $ 2,532     $ 15,731     $ 7,682     $ 3,782     $ 16,020     $ 29,727     $ 32,008  
    Basic Earnings Per Share $ 0.61     $ 0.48     $ 0.42     $ 0.39     $ 0.41     $ 1.90     $ 1.67  
    Diluted Earnings Per Share $ 0.61     $ 0.48     $ 0.42     $ 0.39     $ 0.41     $ 1.90     $ 1.67  
    Dividends Declared $ 0.22125     $ 0.22125     $ 0.22     $ 0.22     $ 0.22     $ 0.88250     $ 0.85  
                                             
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited) (in thousands of dollars, except per share data)
     
      December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		     December 31,
    2023    		  
            (Unaudited)     (Unaudited)     (Unaudited)        
    Assets                            
    Cash and due from banks $                       174,855     $                       244,572     $                     191,785     $                     186,541     $                      140,917  
    Federal funds sold 1,496     932     1,283     1,241     1,284  
    Total cash and cash equivalents 176,351     245,504     193,068     187,782     142,201  
                                 
    Interest-bearing time deposits 2,482     2,727     3,221     2,735     2,740  
    Securities – available-for-sale 426,556     404,881     365,209     347,516     358,478  
    Other securities, at cost 14,400     15,028     14,721     14,744     17,138  
    Loans held for sale 2,996     1,706     1,628     2,410     1,576  
    Loans, net of allowance for credit losses of $25,826 12/31/24 and $25,024 12/31/23 2,536,043     2,512,852     2,534,468     2,516,687     2,556,167  
    Premises and equipment 33,828     33,779     34,507     35,007     35,790  
    Construction in progress –     35     38     9     8  
    Goodwill 86,358     86,358     86,358     86,358     86,358  
    Loan servicing rights 5,656     5,644     5,504     5,555     5,648  
    Bank owned life insurance 34,872     34,624     34,359     34,123     33,907  
    Other assets 45,181     46,047     49,552     54,628     43,218  
    Total Assets $                    3,364,723     $                    3,389,185     $                  3,322,633     $                  3,287,554     $                   3,283,229  
                                 
    Liabilities and Stockholders’ Equity                            
    Liabilities                            
    Deposits                            
    Noninterest-bearing $                       516,904     $                       481,444     $                     479,069     $                     510,731     $                      528,465  
    Interest-bearing                            
    NOW accounts 850,462     865,617     821,145     829,236     816,790  
    Savings 671,818     661,565     673,284     635,430     599,191  
    Time 647,581     676,187     667,592     645,985     663,017  
    Total deposits 2,686,765     2,684,813     2,641,090     2,621,382     2,607,463  
                                 
    Federal funds purchased and securities                            
    sold under agreements to repurchase 27,218     27,292     27,218     28,218     28,218  
    Federal Home Loan Bank (FHLB) advances 246,056     263,081     266,102     256,628     265,750  
    Subordinated notes, net of unamortized issuance costs 34,818     34,789     34,759     34,731     34,702  
    Dividend payable 2,996     2,998     2,975     2,975     2,974  
    Accrued expenses and other liabilities 31,659     40,832     27,825     25,930     27,579  
    Total liabilities 3,029,512     3,053,805     2,999,969     2,969,864     2,966,686  
                                 
    Commitments and Contingencies                            
                                 
    Stockholders’ Equity                            
    Common stock – No par value 20,000,000 shares authorized; issued                            
    14,564,425 shares 12/31/24 and 12/31/23; outstanding 13,699,536 135,565     135,193     135,829     135,482     135,515  
    shares 12/31/24 and 13,664,641 shares 12/31/23                            
    Treasury stock – 864,889 shares 12/31/24 and 899,784 shares 12/31/23 (10,985 )   (10,904 )   (11,006 )   (10,851 )   (11,040 )
    Retained earnings 235,854     230,465     226,430     223,648     221,080  
    Accumulated other comprehensive loss (25,223 )   (19,374 )   (28,589 )   (30,589 )   (29,012 )
    Total stockholders’ equity 335,211     335,380     322,664     317,690     316,543  
                                 
    Total Liabilities and Stockholders’ Equity $                    3,364,723     $                    3,389,185     $                  3,322,633     $                  3,287,554     $                   3,283,229  
                                 
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    SELECT FINANCIAL DATA
                                               
        For the Three Months Ended   For the Twelve Months Ended
    Selected financial data   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Return on average assets     0.99%     0.78%     0.69%     0.66%     0.67%     0.78%     0.71%
    Return on average equity     10.00%     7.93%     7.13%     6.76%     7.27%     7.98%     7.46%
    Yield on earning assets     5.20%     5.27%     5.22%     5.00%     4.93%     5.17%     4.67%
    Cost of interest bearing liabilities     3.01%     3.21%     3.18%     3.06%     3.02%     3.12%     2.53%
    Net interest spread     2.19%     2.06%     2.04%     1.94%     1.91%     2.05%     2.14%
    Net interest margin     2.84%     2.71%     2.71%     2.60%     2.57%     2.72%     2.72%
    Efficiency     59.82%     67.98%     69.03%     74.08%     69.23%     67.54%     68.48%
    Dividend payout ratio     35.75%     45.99%     52.35%     55.52%     54.23%     46.07%     50.65%
    Tangible book value per share   $ 17.74   $ 17.72   $ 16.79   $ 16.39   $ 16.29            
    Tier 1 leverage ratio     8.12%     8.04%     8.02%     8.40%     8.20%            
    Average shares outstanding     13,699,869     13,687,119     13,681,501     13,671,166     13,665,773     13,679,955     13,641,336
                                               
    Loans   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		            
    (Dollar amounts in thousands)                                          
    Commercial real estate   $ 1,310,811   $ 1,301,160   $ 1,303,598   $ 1,304,400   $ 1,337,766            
    Agricultural real estate     216,401     220,328     222,558     227,455     223,791            
    Consumer real estate     520,114     524,055     525,902     525,178     521,895            
    Commercial and industrial     275,152     260,732     268,426     256,051     254,935            
    Agricultural     152,080     137,252     142,909     127,670     132,560            
    Consumer     63,009     67,394     70,918     74,819     79,591            
    Other     24,978     25,916     26,449     26,776     30,136            
    Less: Net deferred loan fees, costs and other (1)     (676)     1,499     (1,022)     (982)     517            
    Total loans, net   $ 2,561,869   $ 2,538,336   $ 2,559,738   $ 2,541,367   $ 2,581,191            
                                               
                                               
    Asset quality data   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		            
    (Dollar amounts in thousands)                                          
    Nonaccrual loans   $ 3,124   $ 2,898   $ 2,487   $ 19,391   $ 22,353            
    90 day past due and accruing   $ –   $ –   $ –   $ –   $ –            
    Nonperforming loans   $ 3,124   $ 2,898   $ 2,487   $ 19,391   $ 22,353            
    Other real estate owned   $ –   $ –   $ –   $ –   $ –            
    Nonperforming assets   $ 3,124   $ 2,898   $ 2,487   $ 19,391   $ 22,353            
                                               
                                               
    Allowance for credit losses   $ 25,826   $ 25,484   $ 25,270   $ 24,680   $ 25,024            
    Allowance for unfunded     1,541     1,661     1,928     1,946     2,212            
    Total allowance for credit losses   $ 27,367   $ 27,145   $ 27,198   $ 26,626   $ 27,236            
    Total allowance for credit losses/total loans     1.07%     1.07%     1.06%     1.05%     1.06%            
    Adjusted credit losses with accretable yield/total loans     1.08%     1.10%     1.10%     1.11%     1.13%            
    Net charge-offs:                                          
    Quarter-to-date   $ 4   $ 68   $ 15   $ 55   $ 531            
    Year-to-date   $ 142   $ 138   $ 70   $ 55   $ 551            
    Net charge-offs to average loans                                          
    Quarter-to-date     0.00%     0.00%     0.00%     0.00%     0.02%            
    Year-to-date     0.01%     0.01%     0.00%     0.00%     0.02%            
    Nonperforming loans/total loans     0.12%     0.11%     0.10%     0.76%     0.87%            
    Allowance for credit losses/nonperforming loans     826.70%     879.37%     1016.08%     127.28%     111.95%            
    NPA coverage ratio     826.70%     879.37%     1016.08%     127.28%     111.95%            
                                               
    (1) Includes carrying value adjustments of $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, $969 thousand as of March 31, 2024 and $2.7 million as of December 31, 2023 related to interest rate swaps
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
    (in thousands of dollars, except percentages)
                               
      For the Three Months Ended     For the Three Months Ended  
      December 31, 2024     December 31, 2023  
    Interest Earning Assets: Average
    Balance    		   Interest/
    Dividends    		   Annualized
    Yield/Rate    		     Average
    Balance    		   Interest/
    Dividends    		   Annualized
    Yield/Rate    		  
    Loans $            2,543,628   $                    36,663   5.77 %   $            2,553,023   $                    34,493   5.41 %
    Taxable investment securities 450,648   2,554   2.27 %   386,931   1,660   1.72 %
    Tax-exempt investment securities 18,571   79   2.15 %   24,145   89   1.87 %
    Fed funds sold & other 209,307   2,555   4.88 %   142,642   2,028   5.69 %
    Total Interest Earning Assets 3,222,154   $                    41,851   5.20 %   3,106,741   $                    38,270   4.93 %
                               
    Nonearning Assets 174,172             189,202          
                               
    Total Assets $            3,396,326             $            3,295,943          
                               
    Interest Bearing Liabilities:                          
    Savings deposits $            1,548,638   $                      9,459   2.44 %   $            1,392,304   $                      8,570   2.46 %
    Other time deposits 666,896   6,290   3.77 %   701,347   6,445   3.68 %
    Other borrowed money 255,490   2,713   4.25 %   265,948   2,742   4.12 %
    Fed funds purchased & securities                          
    sold under agreement to repurchase 27,341   274   4.01 %   28,739   293   4.08 %
    Subordinated notes 34,799   285   3.28 %   34,683   285   3.29 %
    Total Interest Bearing Liabilities $            2,533,164   $                    19,021   3.01 %   $            2,423,021   $                    18,335   3.02 %
                               
    Noninterest Bearing Liabilities 527,751             567,813          
                               
    Stockholders’ Equity $               335,411             $               305,109          
                               
    Net Interest Income and Interest Rate Spread     $                    22,830   2.19 %       $                    19,935   1.91 %
                               
    Net Interest Margin         2.84 %           2.57 %
                               
    Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
                               
                               
      For the Twelve Months Ended     For the Twelve Months Ended  
      December 31, 2024     December 31, 2023  
    Interest Earning Assets: Average
    Balance    		   Interest/
    Dividends    		   Annualized
    Yield/Rate    		     Average
    Balance    		   Interest/
    Dividends    		   Annualized
    Yield/Rate    		  
    Loans $            2,557,213   $                  145,329   5.68 %   $            2,491,502   $                  129,344   5.19 %
    Taxable investment securities 410,764   8,129   1.98 %   394,424   6,204   1.57 %
    Tax-exempt investment securities 20,154   328   2.06 %   24,686   366   1.88 %
    Fed funds sold & other 176,307   9,786   5.55 %   85,018   3,894   4.58 %
    Total Interest Earning Assets 3,164,438   $                  163,572   5.17 %   2,995,630   $                  139,808   4.67 %
                               
    Nonearning Assets 164,464             197,726          
                               
    Total Assets $            3,328,902             $            3,193,356          
                               
    Interest Bearing Liabilities:                          
    Savings deposits $            1,502,365   $                    39,750   2.65 %   $            1,376,318   $                    27,424   1.99 %
    Other time deposits 663,320   24,713   3.73 %   640,390   19,499   3.04 %
    Other borrowed money 262,094   10,948   4.18 %   220,175   8,876   4.03 %
    Fed funds purchased & securities                          
    sold under agreement to repurchase 27,750   1,111   4.00 %   35,421   1,474   4.16 %
    Subordinated notes 34,755   1,138   3.27 %   34,640   1,138   3.29 %
    Total Interest Bearing Liabilities $            2,490,284   $                    77,660   3.12 %   $            2,306,944   $                    58,411   2.53 %
                               
    Noninterest Bearing Liabilities 513,588             580,931          
                               
    Stockholders’ Equity $               325,030             $                305,481          
                               
    Net Interest Income and Interest Rate Spread     $                    85,912   2.05 %       $                    81,397   2.14 %
                               
    Net Interest Margin         2.72 %           2.72 %
                               
    Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
    (in thousands of dollars, except percentages)
     
      For the Three Months Ended December 31, 2024   For the Three Months Ended December 31, 2023
      As Reported   Excluding Acc/Amort   Difference   As Reported   Excluding Acc/Amort   Difference
      $ Yield     $ Yield     $   Yield     $ Yield     $ Yield     $   Yield  
    Interest Earning Assets:                                                  
    Loans $         36,663 5.77 %   $     36,039 5.67 %   $          624   0.10 %   $         34,493 5.41 %   $     33,769 5.29 %   $          724   0.12 %
    Taxable investment securities 2,554 2.27 %   2,554 2.27 %   –   0.00 %   1,660 1.72 %   1,660 1.72 %   –   0.00 %
    Tax-exempt investment securities 79 2.15 %   79 2.15 %   –   0.00 %   89 1.87 %   89 1.87 %   –   0.00 %
    Fed funds sold & other 2,555 4.88 %   2,555 4.88 %   –   0.00 %   2,028 5.69 %   2,028 5.69 %   –   0.00 %
    Total Interest Earning Assets 41,851 5.20 %   41,227 5.12 %   624   0.08 %   38,270 4.93 %   37,546 4.84 %   724   0.09 %
                                                       
    Interest Bearing Liabilities:                                                  
    Savings deposits $           9,459 2.44 %   $       9,459 2.44 %   $             –   0.00 %   $           8,570 2.46 %   $       8,570 2.46 %   $             –   0.00 %
    Other time deposits 6,290 3.77 %   6,290 3.77 %   –   0.00 %   6,445 3.68 %   6,381 3.64 %   64   0.04 %
    Other borrowed money 2,713 4.25 %   2,710 4.24 %   3   0.01 %   2,742 4.12 %   2,760 4.15 %   (18 ) -0.03 %
    Federal funds purchased  and                                                  
    securities sold under agreement to                                                  
    repurchase 274 4.01 %   274 4.01 %   –   0.00 %   293 4.08 %   293 4.08 %   –   0.00 %
    Subordinated notes 285 3.28 %   285 3.28 %   –   0.00 %   285 3.29 %   285 3.29 %   –   0.00 %
    Total Interest Bearing Liabilities 19,021 3.01 %   19,018 3.00 %   3   0.01 %   18,335 3.02 %   18,289 3.02 %   46   0.00 %
                                                       
    Interest/Dividend income/yield 41,851 5.20 %   41,227 5.12 %   624   0.08 %   38,270 4.93 %   37,546 4.84 %   724   0.09 %
    Interest Expense / yield 19,021 3.01 %   19,018 3.00 %   3   0.01 %   18,335 3.02 %   18,289 3.02 %   46   0.00 %
    Net Interest Spread 22,830 2.19 %   22,209 2.12 %   621   0.07 %   19,935 1.91 %   19,257 1.82 %   678   0.09 %
    Net Interest Margin   2.84 %     2.76 %       0.08 %     2.57 %     2.48 %       0.09 %
                                                       
      For the Twelve Months Ended December 31, 2024   For the Twelve Months Ended December 31, 2023
      As Reported   Excluding Acc/Amort   Difference   As Reported   Excluding Acc/Amort   Difference
      $ Yield     $ Yield     $   Yield     $ Yield     $ Yield     $   Yield  
    Interest Earning Assets:                                                  
    Loans $       145,329 5.68 %   $   142,627 5.58 %   $       2,702   0.10 %   $       129,344 5.19 %   $   126,133 5.06 %   $       3,211   0.13 %
    Taxable investment securities 8,129 1.98 %   8,129 1.98 %   –   0.00 %   6,204 1.57 %   6,204 1.57 %   –   0.00 %
    Tax-exempt investment securities 328 2.06 %   328 2.06 %   –   0.00 %   366 1.88 %   366 1.88 %   –   0.00 %
    Fed funds sold & other 9,786 5.55 %   9,786 5.55 %   –   0.00 %   3,894 4.58 %   3,894 4.58 %   –   0.00 %
    Total Interest Earning Assets 163,572 5.17 %   160,870 5.09 %   2,702   0.08 %   139,808 4.67 %   136,597 4.57 %   3,211   0.10 %
                                                       
    Interest Bearing Liabilities:                                                  
    Savings deposits $         39,750 2.65 %   $     39,750 2.65 %   $             –   0.00 %   $         27,424 1.99 %   $     27,424 1.99 %   $             –   0.00 %
    Other time deposits 24,713 3.73 %   24,713 3.73 %   –   0.00 %   19,499 3.04 %   19,839 3.10 %   (340 ) -0.06 %
    Other borrowed money 10,948 4.18 %   10,964 4.18 %   (16 ) 0.00 %   8,876 4.03 %   8,947 4.06 %   (71 ) -0.03 %
    Federal funds purchased  and                                                  
    securities sold under agreement to                                                  
    repurchase 1,111 4.00 %   1,111 4.00 %   –   0.00 %   1,474 4.16 %   1,474 4.16 %   –   0.00 %
    Subordinated notes 1,138 3.27 %   1,138 3.27 %   –   0.00 %   1,138 3.29 %   1,138 3.29 %   –   0.00 %
    Total Interest Bearing Liabilities 77,660 3.12 %   77,676 3.12 %   (16 ) 0.00 %   58,411 2.53 %   58,822 2.55 %   (411 ) -0.02 %
                                                       
    Interest/Dividend income/yield 163,572 5.17 %   160,870 5.09 %   2,702   0.08 %   139,808 4.67 %   136,597 4.57 %   3,211   0.10 %
    Interest Expense / yield 77,660 3.12 %   77,676 3.12 %   (16 ) 0.00 %   58,411 2.53 %   58,822 2.55 %   (411 ) -0.02 % 
    Net Interest Spread 85,912 2.05 %   83,194 1.97 %   2,718   0.08 %   81,397 2.14 %   77,775 2.02 %   3,622   0.12 %
    Net Interest Margin   2.72 %     2.63 %       0.09 %     2.72 %     2.60 %       0.12 %
    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network –

  • MIL-OSI: MKS Instruments Reports Fourth Quarter and Full-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Quarterly revenue of $935 million, above the midpoint of guidance
    • Quarterly GAAP net income of $90 million and net income per diluted share of $1.33
    • Quarterly Adjusted EBITDA of $237 million and Non-GAAP net earnings per diluted share of $2.15, above the midpoint of guidance

    ANDOVER, Mass., Feb. 12, 2025 (GLOBE NEWSWIRE) — MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of enabling technologies that transform our world, today reported fourth quarter and full year 2024 financial results.

    “MKS delivered revenue and adjusted EBITDA above the midpoint of our outlook, closing out 2024 on an impressive note against a mixed demand backdrop,” said John T.C. Lee, President and Chief Executive Officer. “Our broad and deep technology portfolio serving an array of semiconductor, electronics and industrial applications enables us to address key demand opportunities as broader end market recovery begins to develop.”

    Mr. Lee added, “We enter 2025 in a strong position, highlighted by increasing customer engagement with our World Class Optics solutions, as well as solid trends in our chemistry business as we demonstrate the pivotal role we play in advanced electronics.”

    “Our revenue and profitability remained robust in the fourth quarter as our team executed well,” said Ram Mayampurath, Executive Vice President, Chief Financial Officer and Treasurer.

    Mr. Mayampurath added, “We delivered continued healthy gross margin, earnings per share growth and increased operating cash flow in 2024. This underscores the value customers see in our technology portfolio as well as our strong focus on both cost management and cash generation. We also continue to make good progress proactively managing our leverage, completing another repricing of our term loan B and making a voluntary principal prepayment of $100 million in January.”

    First Quarter 2025 Guidance

    For the first quarter of 2025, the Company expects revenue of $910 million, plus or minus $40 million, GAAP net income of $43 million, plus or minus $19 million, Adjusted EBITDA of $217 million, plus or minus $23 million, GAAP net income per diluted share of $0.63, plus or minus $0.28, and Non-GAAP net earnings per diluted share of $1.40, plus or minus $0.27. The guidance for the first quarter is based on the current business environment, including the immaterial impact of the recently announced U.S. import tariffs up through but not including the date of this release. This guidance does not reflect the imposition of any other import tariffs by the United States or potential retaliatory actions taken by other countries. The Company will continue to monitor and adapt to changes in the business environment as needed.

    Conference Call Details

    A conference call with management will be held on Thursday, February 13, 2025 at 8:30 a.m. (Eastern Time). To participate in the call by phone, participants should visit the Investor Relations section of MKS’ website at investor.mks.com and click on Events & Presentations, where you will be able to register online and receive dial-in details. We encourage participants to register and dial in to the conference call at least 15 minutes before the start of the call to ensure a timely connection. A live and archived webcast and related presentation materials will be available on the Investor Relations section of the MKS website.

    About MKS Instruments

    MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.

    Use of Non-GAAP Financial Results

    This press release includes financial measures that are not in accordance with U.S. generally accepted accounting principles (“Non-GAAP financial measures”). These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS’ reported results under U.S. generally accepted accounting principles (“GAAP”), and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. For further information regarding these Non-GAAP financial measures, please refer to the tables presenting reconciliations of our Non-GAAP results to our GAAP results and the “Notes on Our Non-GAAP Financial Information” at the end of this press release.

    Selected GAAP and Non-GAAP Financial Measures
    (In millions, except per share data)

      Quarter   Full Year
      Q4 2024   Q3 2024   Q4 2023     2024       2023  
    Net Revenues                  
    Semiconductor $ 400     $ 378     $ 362     $ 1,498     $ 1,479  
    Electronics & Packaging   254       231       226     $ 922     $ 916  
    Specialty Industrial   281       287       305     $ 1,166     $ 1,227  
    Total net revenues $ 935     $ 896     $ 893     $ 3,586     $ 3,622  
    GAAP Financial Measures                  
    Gross margin   47.2 %     48.2 %     46.0 %     47.6 %     45.3 %
    Operating margin   14.5 %     14.3 %     2.7 %     13.9 %     (42.9 %)
    Net income (loss) $ 90     $ 62     $ (68 )   $ 190     $ (1,841 )
    Diluted income (loss) per share $ 1.33     $ 0.92       (1.02 )   $ 2.81     $ (27.54 )
    Non-GAAP Financial Measures                  
    Gross margin   47.2 %     48.2 %     46.0 %     47.6 %     45.7 %
    Operating margin   21.3 %     21.8 %     20.3 %     21.3 %     19.5 %
    Net earnings $ 146     $ 116     $ 78     $ 444     $ 297  
    Diluted earnings per share $ 2.15     $ 1.72     $ 1.17     $ 6.58     $ 4.43  
                                           

    Additional Financial Information

    At December 31, 2024, the Company had $714 million in cash and cash equivalents, $3.2 billion of secured term loan principal outstanding, $1.4 billion of convertible senior notes outstanding and up to $675 million of additional borrowing capacity under a revolving credit facility, subject to certain leverage ratio requirements. During the fourth quarter of 2024, the Company paid a cash dividend of $15 million or $0.22 per diluted share and made a voluntary principal prepayment of €200 million, which equated to $216 million, on its EUR term loan B.

    In January 2025, the Company completed the repricing of its USD term loan B and EUR term loan B and made a voluntary principal prepayment of $100 million on its USD term loan B.

    SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the future financial performance, business prospects and growth of MKS Instruments, Inc. (“MKS,” the “Company,” “our,” or “we”). These statements are only predictions based on current assumptions and expectations. Any statements that are not statements of historical fact (including statements containing the words “will,” “projects,” “intends,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” “forecasts,” “continues” and similar expressions) should be considered to be forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements that we make are the level and terms of our substantial indebtedness and our ability to service such debt; our entry into the chemicals technology business through our acquisition of Atotech Limited (“Atotech”) in August 2022 (the “Atotech Acquisition”), which has exposed us to significant additional liabilities; the risk that we are unable to realize the anticipated benefits of the Atotech Acquisition; legal, reputational, financial and contractual risks resulting from the ransomware incident we identified in February 2023, and other risks related to cybersecurity, data privacy and intellectual property; competition from larger, more advanced or more established companies in our markets; the ability to successfully grow our business, including through growth of the Atotech business and growth of the Electro Scientific Industries, Inc. business, which we acquired in February 2019, and financial risks associated with those and potential future acquisitions, including goodwill and intangible asset impairments; manufacturing and sourcing risks, including those associated with limited and sole source suppliers and the impact and duration of supply chain disruptions, component shortages, and price increases; changes in global demand; the impact of a pandemic or other widespread health crisis; risks associated with doing business internationally, including geopolitical conflicts, such as the conflict in the Middle East, trade compliance, trade protection measures, such as import tariffs by the United States or retaliatory actions taken by other countries, regulatory restrictions on our products, components or markets, particularly the semiconductor market, and unfavorable currency exchange and tax rate fluctuations, which risks become more significant as we grow our business internationally and in China specifically; conditions affecting the markets in which we operate, including fluctuations in capital spending in the semiconductor, electronics manufacturing and automotive industries, and fluctuations in sales to our major customers; disruptions or delays from third-party service providers upon which our operations may rely; the ability to anticipate and meet customer demand; the challenges, risks and costs involved with integrating or transitioning global operations of the companies we have acquired; risks associated with the attraction and retention of key personnel; potential fluctuations in quarterly results; dependence on new product development; rapid technological and market change; acquisition strategy; volatility of stock price; risks associated with chemical manufacturing and environmental regulation compliance; risks related to defective products; financial and legal risk management; and the other important factors described under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent Quarterly Reports on Form 10-Q, each as filed with the U.S. Securities and Exchange Commission. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, even if subsequent events cause our views to change, after the date of this press release. Amounts reported in this press release are preliminary and subject to finalization prior to the filing of our Annual Report on Form 10-K for the year ended December 31, 2024.

    Company Contact:
    Paretosh Misra
    Vice President, Investor Relations
    Telephone: (978) 284-4705
    Email: paretosh.misra@mks.com 

    MKS Instruments, Inc.
    Unaudited Consolidated Statements of Operations
    (In millions, except per share data)
                       
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    Net revenues:                  
    Products $ 824     $ 776     $ 785     $ 3,124     $ 3,200  
    Services   111       120       108       462       422  
    Total net revenues   935       896       893       3,586       3,622  
    Cost of revenues:                  
    Products   443       410       423       1,662       1,748  
    Services   51       54       59       216       232  
    Total cost of revenues (exclusive of amortization shown separately below)   494       464       482       1,878       1,980  
    Gross profit   441       432       411       1,708       1,642  
    Research and development   65       70       70       271       288  
    Selling, general and administrative   176       167       160       674       675  
    Acquisition and integration costs   3       3       3       9       16  
    Restructuring and other   1       1       7       6       20  
    Fees and expenses related to the repricing of Term Loan Facility   —       2       2       5       2  
    Amortization of intangible assets   61       61       70       245       295  
    Goodwill and intangible asset impairment   —       —       75       —       1,902  
    Gain on sale of long-lived assets   —       —       —       —       (2 )
    Income (loss) from operations   135       128       24       498       (1,554 )
    Interest income   (5 )     (6 )     (7 )     (21 )     (17 )
    Interest expense   54       64       90       284       356  
    Loss on extinguishment of debt   4       5       8       57       8  
    Other expense (income), net   3       5       12       (2 )     27  
    Income (loss) before income taxes   79       60       (79 )     180       (1,928 )
    (Benefit) provision for income taxes   (11 )     (2 )     (11 )     (10 )     (87 )
    Net income (loss) $ 90     $ 62     $ (68 )   $ 190     $ (1,841 )
    Net income (loss) per share:                  
    Basic $ 1.34     $ 0.92     $ (1.02 )   $ 2.82     $ (27.54 )
    Diluted $ 1.33     $ 0.92     $ (1.02 )   $ 2.81     $ (27.54 )
    Cash dividends per common share $ 0.22     $ 0.22     $ 0.22     $ 0.88     $ 0.88  
    Weighted average shares outstanding:                  
    Basic   67.4       67.4       66.9       67.3       66.8  
    Diluted   67.7       67.6       66.9       67.6       66.8  
    MKS Instruments, Inc.
    Unaudited Consolidated Balance Sheets
    (In millions)
           
           
      December 31,   December 31,
        2024       2023  
    ASSETS      
    Cash and cash equivalents $ 714     $ 875  
    Trade accounts receivable, net   615       603  
    Inventories   893       991  
    Other current assets   252       227  
    Total current assets   2,474       2,696  
    Property, plant and equipment, net   771       784  
    Right-of-use assets   238       225  
    Goodwill   2,479       2,554  
    Intangible assets, net   2,272       2,619  
    Other assets   356       240  
    Total assets $ 8,590     $ 9,118  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Short-term debt $ 50     $ 93  
    Accounts payable   341       327  
    Other current liabilities   384       428  
    Total current liabilities   775       848  
    Long-term debt, net   4,488       4,696  
    Non-current deferred taxes   504       640  
    Non-current accrued compensation   141       151  
    Non-current lease liabilities   211       205  
    Other non-current liabilities   149       106  
    Total liabilities   6,268       6,646  
    Stockholders’ equity:      
    Common stock   —       —  
    Additional paid-in capital   2,067       2,195  
    Retained earnings   503       373  
    Accumulated other comprehensive loss   (248 )     (96 )
    Total stockholders’ equity   2,322       2,472  
    Total liabilities and stockholders’ equity $ 8,590     $ 9,118  
           
    MKS Instruments, Inc.
    Unaudited Consolidated Statements of Cash Flows
    (In millions)
                       
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    Cash flows from operating activities:                  
    Net income (loss) $ 90     $ 62     $ (68 )   $ 190     $ (1,841 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                  
    Depreciation and amortization   87       87       95       348       397  
    Goodwill and intangible asset impairments   —       —       75       —       1,902  
    Unrealized loss (gain) on derivatives not designated as hedging instruments   11       2       10       13       32  
    Amortization of debt issuance costs and original issue discount   7       7       10       30       33  
    Loss on extinguishment of debt   4       5       8       57       8  
    Gain on sale of long-lived assets   —       —       —       —       (2 )
    Stock-based compensation   11       11       11       48       54  
    Provision for excess and obsolete inventory   15       16       10       56       64  
    Deferred income taxes   (58 )     (72 )     (61 )     (226 )     (234 )
    Other   2       2       —       8       5  
    Changes in operating assets and liabilities, net of acquired assets and liabilities   7       43       90       4       (99 )
    Net cash provided by operating activities   176       163       180       528       319  
    Cash flows from investing activities:                  
    Proceeds from sale of long-lived assets   —       1       —       1       3  
    Purchases of property, plant and equipment   (51 )     (22 )     (34 )     (118 )     (87 )
    Net cash used in investing activities   (51 )     (21 )     (34 )     (117 )     (84 )
    Cash flows from financing activities:                  
    Proceeds from borrowings   —       —       214       2,161       216  
    Payments of borrowings   (229 )     (123 )     (336 )     (2,427 )     (403 )
    Purchase of capped calls related to Convertible Notes   —       —       —       (167 )     —  
    Payments of deferred financing fees   —       —       (9 )     (33 )     (9 )
    Dividend payments   (15 )     (15 )     (15 )     (59 )     (59 )
    Net proceeds (payments) related to employee stock awards   3       (1 )     4       (9 )     (1 )
    Other financing activities   (5 )     (5 )     (1 )     (15 )     (3 )
    Net cash used in financing activities   (246 )     (144 )     (143 )     (549 )     (259 )
    Effect of exchange rate changes on cash and cash equivalents   (26 )     13       13       (23 )     (10 )
    (Decrease) increase in cash and cash equivalents   (147 )     11       16       (161 )     (34 )
    Cash and cash equivalents at beginning of period   861       850       859       875       909  
    Cash and cash equivalents at end of period $ 714     $ 861       875     $ 714     $ 875  
                       
    The following supplemental Non-GAAP earnings information is presented to aid in understanding MKS’ operating results:            
                       
    MKS Instruments, Inc.
    Schedule Reconciling Selected Non-GAAP Financial Measures
    (In millions, except per share data)
                       
                       
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    Net income (loss) $ 90     $ 62     $ (68 )   $ 190     $ (1,841 )
    Acquisition and integration costs (Note 1)   3       3       3       9       16  
    Restructuring and other (Note 2)   1       1       7       6       20  
    Amortization of intangible assets   61       61       70       245       295  
    Loss on debt extinguishment (Note 3)   4       5       8       57       8  
    Amortization of debt issuance costs (Note 4)   5       5       7       21       24  
    Fees and expenses related to repricing of Term Loan Facility (Note 5)   —       2       2       5       2  
    Goodwill and intangible asset impairment (Note 6)   —       —       75       —       1,902  
    Gain on sale of long-lived assets (Note 7)   —       —       —       —       (2 )
    Ransomware incident (Note 8)   —       —       1       —       15  
    Excess and obsolete charge from discontinued product line (Note 9)   —       —       —       —       13  
    Tax effect of Non-GAAP adjustments (Note 10)   (18 )     (23 )     (26 )     (89 )     (156 )
    Non-GAAP net earnings $ 146     $ 116     $ 78     $ 444     $ 297  
    Non-GAAP net earnings per diluted share $ 2.15     $ 1.72     $ 1.17     $ 6.58     $ 4.43  
    Weighted average diluted shares outstanding   67.7       67.6       67.1       67.6       67.0  
                       
    Net cash provided by operating activities $ 176     $ 163     $ 180     $ 528     $ 319  
    Purchases of property, plant and equipment   (51 )     (22 )     (34 )     (118 )     (87 )
    Free cash flow $ 125     $ 141     $ 146     $ 410     $ 232  
                       
    MKS Instruments, Inc.
    Schedule Reconciling Selected Non-GAAP Financial Measures
    (In millions)
                       
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    Gross profit $ 441     $ 432     $ 411     $ 1,708     $ 1,642  
    Gross margin   47.2 %     48.2 %     46.0 %     47.6 %     45.3 %
    Excess and obsolete charge from discontinued product line (Note 9)   —       —       —       —       13  
    Non-GAAP gross profit $ 441     $ 432     $ 411     $ 1,708     $ 1,655  
    Non-GAAP gross margin   47.2 %     48.2 %     46.0 %     47.6 %     45.7 %
    Operating expenses $ 306     $ 304     $ 387     $ 1,210     $ 3,196  
    Acquisition and integration costs (Note 1)   3       3       3       9       16  
    Restructuring and other (Note 2)   1       1       7       6       20  
    Amortization of intangible assets   61       61       70       245       295  
    Fees and expenses related to repricing of Term Loan Facility (Note 5)   —       2       2       5       2  
    Goodwill and intangible asset impairment (Note 6)   —       —       75       —       1,902  
    Gain on sale of long-lived assets (Note 7)   —       —       —       —       (2 )
    Ransomware incident (Note 8)   —       —       1       —       15  
    Non-GAAP operating expenses $ 242     $ 237     $ 229     $ 945     $ 948  
    Income (loss) from operations $ 135     $ 128     $ 24     $ 498     $ (1,554 )
    Operating margin   14.5 %     14.3 %     2.7 %     13.9 %     (42.9 %)
    Acquisition and integration costs (Note 1)   3       3       3       9       16  
    Restructuring and other (Note 2)   1       1       7       6       20  
    Amortization of intangible assets   61       61       70       245       295  
    Fees and expenses related to repricing of Term Loan Facility (Note 5)   —       2       2       5       2  
    Goodwill and intangible asset impairment (Note 6)   —       —       75       —       1,902  
    Gain on sale of long-lived assets (Note 7)   —       —       —       —       (2 )
    Ransomware incident (Note 8)   —       —       1       —       15  
    Excess and obsolete charge from discontinued product line (Note 9)   —       —       —       —       13  
    Non-GAAP income from operations $ 199     $ 195     $ 182     $ 763     $ 707  
    Non-GAAP operating margin   21.3 %     21.8 %     20.3 %     21.3 %     19.5 %
    Interest expense, net $ 49     $ 58     $ 83     $ 263     $ 339  
    Amortization of debt issuance costs (Note 4)   5       5       7       21       24  
    Non-GAAP interest expense, net $ 45     $ 53     $ 76     $ 242     $ 315  
    Net income (loss) $ 90     $ 62     $ (68 )   $ 190     $ (1,841 )
    Interest expense, net   49       58       83       263       339  
    Other expense (income), net   3       5       12       (2 )     27  
    (Benefit) provision for income taxes   (11 )     (2 )     (11 )     (10 )     (87 )
    Depreciation   26       26       25       103       102  
    Amortization   61       61       70       245       295  
    Stock-based compensation   11       11       11       48       54  
    Acquisition and integration costs (Note 1)   3       3       3       9       16  
    Restructuring and other (Note 2)   1       1       7       6       20  
    Loss on debt extinguishment (Note 3)   4       5       8       57       8  
    Fees and expenses related to repricing of Term Loan Facility (Note 5)   —       2       2       5       2  
    Goodwill and intangible asset impairment (Note 6)   —       —       75       —       1,902  
    Gain on sale of long-lived assets (Note 7)   —       —       —       —       (2 )
    Ransomware incident (Note 8)   —       —       1       —       15  
    Excess and obsolete charge from discontinued product line (Note 9)   —       —       —       —       13  
    Adjusted EBITDA $ 237     $ 232     $ 218     $ 914     $ 863  
    Adjusted EBITDA margin   25.3 %     25.9 %     24.4 %     25.5 %     23.8 %
                       
    MKS Instruments, Inc.
    Reconciliation of GAAP Income Tax Rate to Non-GAAP Income Tax Rate
    (In millions)
                           
                           
      Three Months Ended December 31, 2024   Three Months Ended December 31, 2023
      Income Before   (Benefit) Provision   Effective   (Loss) Income Before   (Benefit) Provision   Effective
      Income Taxes   for Income Taxes   Tax Rate   Income Taxes   for Income Taxes   Tax Rate
                           
    GAAP $ 79   $ (11 )   (14.5 %)   $ (79 )   $ (11 )   14.2 %
    Acquisition and integration costs (Note 1)   3     —           3       —      
    Restructuring and other (Note 2)   1     —           7       —      
    Amortization of intangible assets   61     —           70       —      
    Loss on debt extinguishment (Note 3)   4     —           8       —      
    Amortization of debt issuance costs (Note 4)   5     —           7       —      
    Fees and expenses related to repricing of Term Loan Facility (Note 5)   —     —           2       —      
    Goodwill and intangible asset impairment (Note 6)   —     —           75       —      
    Ransomware incident (Note 8)   —     —           1       —      
    Tax effect of Non-GAAP adjustments (Note 10)   —     18           —       26      
    Non-GAAP $ 153   $ 7     4.0 %   $ 94     $ 15     15.6 %
                           
      Three Months Ended September 30, 2024
      Income Before   (Benefit) Provision    Effective
      Income Taxes   for Income Taxes   Tax Rate
    GAAP $ 60   $ (2 )   (4.0 %)
    Acquisition and integration costs (Note 1)   3     —      
    Restructuring and other (Note 2)   1     —      
    Amortization of intangible assets   61     —      
    Loss on debt extinguishment (Note 3)   5     —      
    Amortization of debt issuance costs (Note 4)   5     —      
    Fees and expenses related to repricing of Term Loan Facility (Note 5)   2     —      
    Tax effect of Non-GAAP adjustments (Note 10)   —     23      
    Non-GAAP $ 137   $ 21     15.1 %
               
      Twelve Months Ended December 31, 2024   Twelve Months Ended December 31, 2023
      Income Before   (Benefit) Provision   Effective   (Loss) Income Before   (Benefit) Provision    Effective
      Income Taxes   for Income Taxes   Tax Rate   Income Taxes   for Income Taxes   Tax Rate
    GAAP $ 180   $ (10 )   (5.7 %)   $ (1,928 )   $ (87 )   4.5 %
    Acquisition and integration costs (Note 1)   9     —           16       —      
    Restructuring and other (Note 2)   6     —           20       —      
    Amortization of intangible assets   245     —           295       —      
    Loss on debt extinguishment (Note 3)   57     —           8       —      
    Amortization of debt issuance costs (Note 4)   21     —           24       —      
    Fees and expenses related to repricing of Term Loan Facility (Note 5)   5     —           2       —      
    Goodwill and intangible asset impairment (Note 6)   —     —           1,902       —      
    Gain on sale of long-lived assets (Note 7)   —     —           (2 )     —      
    Ransomware incident (Note 8)   —     —           15       —      
    Excess and obsolete charge from discontinued product line (Note 9)   —     —           13       —      
    Tax effect of Non-GAAP adjustments (Note 10)   —     89           —       156      
    Non-GAAP $ 523   $ 78     14.8 %   $ 366     $ 69     18.9 %
                           
    MKS Instruments, Inc.  
    Schedule Reconciling Selected Non-GAAP Financial Measures – Q1’25 Guidance  
    (In millions, except per share data)  
               
               
        Three Months Ending March 31, 2025  
        $ Amount   Per Share  
    GAAP net income and net income per share   $ 43     $ 0.63  
    Amortization of intangible assets     60        
    Loss on debt extinguishment     3        
    Amortization of debt issuance costs     4        
    Fees and expenses related to repricing of Term Loan Facility     2        
    Tax effect of Non-GAAP adjustments     (17 )      
    Non-GAAP net earnings and net earnings per share   $ 95     $ 1.40  
    Estimated weighted average diluted shares     67.8        
               
    GAAP operating expenses   $ 317        
    Amortization of intangible assets     (60 )      
    Fees and expenses related to repricing of Term Loan Facility     (2 )      
    Non-GAAP operating expenses   $ 255        
               
    GAAP net income     43        
    Interest expense, net     50        
    Provision for income taxes     10        
    Depreciation     26        
    Amortization of intangible assets     60        
    Stock-based compensation     23        
    Loss on debt extinguishment     3        
    Fees and expenses related to repricing of Term Loan Facility     2        
    Adjusted EBITDA   $ 217        
               

    MKS Instruments, Inc.
    Notes on Our Non-GAAP Financial Information

    Non-GAAP financial measures adjust GAAP financial measures for the items listed below. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS’ reported GAAP results, and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. Totals presented may not sum and percentages may not recalculate using figures presented due to rounding.

    Note 1: Acquisition and integration costs related to the Atotech Acquisition.

    Note 2: Restructuring costs primarily related to severance costs due to global cost-saving initiatives. Other costs related to certain legal matters.

    Note 3:  During the three and twelve months ended December 31, 2024, we recorded charges to write-off deferred financing fees and original issue discount costs related to voluntary principal prepayments on our USD term loan B. During the three months ended September 30, 2024 and the twelve months ended December 31, 2024, we recorded charges to write-off deferred financing fees and original issue discount costs related to the repricing of our USD term loan B and EUR term loan B. Additionally, during the twelve months ended December 31, 2024, we recorded charges to (i) write-off deferred financing fees and original issue discount costs related to voluntary principal prepayments on our EUR term loan B and (ii) write-off deferred financing fees related to the extinguishment of our term loan A. During the three and twelve months ended December 31, 2023, we recorded a charge to write-off deferred financing fees and original issue discount costs related to the repricing of our USD term loan B and the voluntary prepayment on our USD Tranche A loan.

    Note 4: We recorded additional interest expense related to the amortization of deferred financing costs associated with our term loan facility.

    Note 5: During the twelve months ended December 31, 2024 and the three months ended September 30, 2024, we recorded fees and expenses related to the repricing of our USD term loan B and EUR term loan B. During the twelve months ended December 31, 2024, we also recorded fees and expenses related to an amendment to our term loan facility where we borrowed additional amounts under our USD term loan B and EUR term loan B and fully repaid our term loan A. During the three and twelve months ended December 31, 2023, we recorded fees and expenses related to the repricing of our USD term loan B.

    Note 6: During the twelve months ended December 31, 2023, we noted softer industry demand, particularly in the personal computer and smartphone markets and concluded there was a triggering event at our Materials Solutions Division, which represents the former Atotech business, and Equipment Solutions Business, which represents the former Electro Scientific Industries business and is a reporting unit of our Photonics Solutions Division. We performed a quantitative assessment which resulted in an impairment of $1.3 billion for our Materials Solutions Division and $0.5 billion for our Equipment Solutions Business. In addition, during the three months ended December 31, 2023, as part of our annual goodwill and intangible asset impairment analysis, we recorded additional impairment charges of $62 million for our Materials Solutions Division and $13 million for our Equipment Solutions Business.

    Note 7: We recorded a gain on the sale of a minority interest investment in a private company.

    Note 8: We recorded costs, net of recoveries, associated with the ransomware incident we identified on February 3, 2023. These costs were primarily comprised of various third-party consulting services, including forensic experts, restoration experts, legal counsel, and other information technology and accounting professional expenses, enhancements to our cybersecurity measures, and costs to restore our systems and access our data.

    Note 9: We recorded an excess and obsolescence inventory charge related to a product line that was discontinued.

    Note 10: Non-GAAP adjustments are tax effected at applicable statutory rates resulting in a difference between the GAAP and Non-GAAP tax rates.

    The MIL Network –

  • MIL-OSI Submissions: U.S. Foreign Aid Freeze Disrupts Lifesaving Health Care, Services for Survivors of Sexual Violence Midst Deadly Conflict in Democratic Republic of the Congo: PHR

    Source: Physicians for Human Rights (PHR)

    February 12, 2025 – The Trump administration’s executive order to freeze U.S. foreign aid for 90 days has halted the supply of lifesaving medical care to populations facing rising conflict in eastern Democratic Republic of the Congo (DRC) including survivors of conflict-related sexual violence, said Physicians for Human Rights (PHR).

    The order was issued as the M23 militia moves deeper into eastern DRC after taking Goma, the largest city and the capital of North Kivu, in January, further destabilizing the region’s dire humanitarian crisis. More than 500,000 people in North and South Kivu have been displaced due to the escalation of violence by armed groups, while health facilities have been subjected to indiscriminate shooting and bombing. There is an acute risk of further violence as M23 advances south in DRC and the United Nations has expressed concern about the significant increase of sexual violence. A rapid assessment of health care facilities in and around Goma conducted by the WHO found 45 cases of rape and gender-based violence reported among the displaced and 21 survivors of multiple-perpetrator rape admitted to medical facilities in recent days. The actual number of cases is likely much higher in light of barriers to reporting.  

    “Health facilities in eastern DRC are struggling as they try to provide health care in unimaginable conditions,” said Payal Shah, JD, PHR director of research, legal, and advocacy. “The United States pulled funding right when besieged communities in DRC needed international support the most. Health workers are risking their lives to address the rise in injuries, deaths, displacements, and cases of sexual violence. Now, they must do so without the vital support of foreign aid from the United States, which accounted for nearly 70 percent of humanitarian funding to DRC last year.”  

    PHR partner medical facilities and humanitarian organizations in the region reported a massive influx of cases of survivors of sexual violence in 2024, including children, who require specialized support. These facilities were already overburdened by mass displacements and the outbreak of infectious diseases including mpox.  

    HEAL Africa, a center for medical, psychosocial, and legal support for survivors of sexual violence in North Kivu, has been forced to halt critical projects related to the care of adult and child survivors of sexual violence, including the treatment of fistulas, specialized psychosocial care, and protection for child survivors. In places like Bulengo, an internally displaced persons camp in North Kivu, services like child-friendly spaces for younger survivors of sexual violence are at risk of being abandoned due to forced closure, attacks on health care facilities, and staffing shortages due to the U.S. aid freeze.  

    The funding freeze has also significantly impacted access to essential health supplies and resources, including blood bank reserves and post-exposure prophylaxis (PEP) kits for HIV. These kits, which are expensive and can be difficult to procure, are a key tool in post-rape care as they typically include prophylaxis medication and a copy of a medicolegal forensic form used by providers to collect forensic evidence and support justice processes for survivors. Many facilities will run out of supplies within days if financial support does not resume. 

    “For survivors, the lack of health care is compounding the trauma of sexual violence and leading to grave risks of lifelong debilitating health conditions. Urgent and coordinated action is needed on the part of international actors and all parties to the ongoing conflict to respond to this conflict, including to prevent violence and ensure care for survivors of sexual violence,” said Shah. “The U.S. government must use its influence to ensure all parties abide by international humanitarian law and it must end the 90-day freeze on foreign funding support, which is indispensable to the development, security, and facilitation of humanitarian aid in DRC.”

    “All parties to the ongoing conflict in DRC must support safe access to resources via dedicated humanitarian corridors to enable the continued supply of essential medical supplies and services. Each day that goes by without funding for lifesaving health interventions as well as legal and psychosocial support is causing devastating, preventable harm for countless individuals in eastern DRC,” said Shah.

    Physicians for Human Rights (PHR) is a global advocacy organization that uses science and medicine to prevent mass atrocities and severe human rights violations. Learn more here: https://phr.org/about/

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Japan’s Expertise in International Assistance: Leveraging Experiences Gained in Southeast Asia to Aid Ukraine -The Shared Future of Asia and Japan

    Source: Japan Connect

    Diplomacy / InternationalAsia & Pacific

    In 2022, Russia invaded Ukraine. The Russian military has continuously been launching missiles and artillery attacks on civilian facilities, causing great damage to the lives of the Ukrainian people. Japan is offering various assistance through public and private endeavors to rebuild lives, drawing on experiences gained through providing aid to countries in Southeast Asia.

    One such example is a water supply aid project. As part of the government’s gratuitous recovery assistance, Japan is sending mobile water purification systems and ready-to-assemble water supply tanks to Ukraine’s cities where water supply networks were destroyed.

    As part of this initiative, Nihon Genryo Co., Ltd., a manufacturer of water treatment systems headquartered in Kawasaki, Kanagawa Prefecture, delivered four Mobile Siphon Tanks, a mobile water purification system, to Ukraine’s capital Kyiv and the southern port city Odesa. The system, developed by Nihon Genryo, does not require filter replacements, which were necessary in previous water purification systems. The company also invited water supply technicians in Kyiv to Japan and conducted training on water purification technology.

    Nihon Genryo has been deeply involved in Southeast Asia. In 1982, it delivered fully automatic dust scrapers to the Bangkhen Water Treatment Plant in Bangkok, Thailand, to help remove impurities and provide safe, treated water. It also delivered Mobile Siphon Tanks to cities in Laos and Vietnam as part of Japan’s Official Development Assistance (ODA) and is training local staff on how to use them. In Laos, the company carried out emergency water supply operations during flood disasters in 2013 and 2020. In the Philippines, it provided drinking water to regions without access to a water supply by using river water. It also carried out emergency water supply operations at the request of the Japanese government in the wake of disasters such as Super Typhoon Haiyan in 2013 and Super Typhoon Rai in 2021. In this way, the company gained extensive experience assisting the lives and lifestyles of people in Southeast Asia, which is now being leveraged to help Ukraine, halfway across the globe in Europe.

    In addition to water supply assistance, Japan also has international experience in providing aid to people with disabilities. Since Russia’s invasion, over 300,000 Ukrainian troops and civilians have become disabled as a result of injuries. However, medical equipment is growing outdated due to a shortage of funds, and providing assistance is an urgent matter. Japan provided rehabilitation equipment and welfare vehicles to 11 facilities in Kyiv Oblast through the Japan International Cooperation Agency (JICA). In December 2024, a commemorative ceremony was held in Kyiv. Ruslan Kravchenko, the governor of Kyiv Oblast, expressed his gratitude, saying, “We thank the Japanese government and its people for their extensive support. This will allow us to greatly improve the conditions for people with disabilities.”

    Japan has also been committed to providing aid to people with disabilities in Southeast Asia. Gratuitous financial assistance was offered to Indonesia, for example, by providing mobile rehabilitation equipment in 1989 and taking part in a project to construct a vocational rehabilitation center for people with disabilities in 1995. In addition to dispatching Japanese specialists and Japan Overseas Cooperation Volunteers (JOCVs) to countries like Thailand and the Philippines, Japan also invites trainees from various countries to Japan through JICA initiatives to help raise rehabilitation standards for people with disabilities.

    Removing landmines is another urgent issue that must be addressed in Ukraine. It is believed that the Russian military may have planted mines in an area of up to 150,000 square kilometers, which amounts to over a fourth of the country’s land. The Japanese government has been engaged in mine clearance efforts in Cambodia for many years. Drawing on this experience, it is offering comprehensive support to Ukraine by providing resources developed by Japanese companies, such as mine detectors, mine removers and systems using artificial intelligence (AI) to identify areas where mines have been planted, in addition to training on how to prevent injuries and offering aid to victims.

    Japan is also working on assisting Ukrainian soldiers and civilians who survived mines but lost their limbs.

    Instalimb, Inc. is a startup company headquartered in Tokyo that utilizes digital technology to create prosthetic legs. The company uses a special scanner to capture the shape of a patient’s leg and creates a 3D-printed prosthetic based on data designed by a prosthetist using software.
    The CEO of the company, Yutaka Tokushima, said in an interview with the Japanese broadcasting network TBS Television, “One (of the merits) is that we can create prosthetics very quickly. Where it usually takes a month, we can do it in a day (at the quickest) and significantly lower the cost. Another merit is that one professional prosthetist can make many prosthetics.” 
    Prosthetic legs cost around 400,000 yen in Japan, but Tokushima says the company can reduce it to one-tenth of that amount.
    Instalimb has its roots in the Philippines. After working at a computer-related company and as a designer of industrial products, Tokushima joined the JOCV program under JICA and was posted to the Philippines in 2012. 
    Later, with support from JICA and the Philippine government, he established a laboratory equipped with a 3D printer and laser cutter for industrial development. After he learned that many people in the Philippines needed prosthetic legs as a result of diabetes, he took on the challenge of developing high-performance yet affordable prosthetics. Over the course of four years, he developed a technology that specialized in creating prosthetic legs using 3D printing. These prosthetics are now available to people in the Philippines who cannot afford conventional ones.

    As he works on creating prosthetics in Ukraine, Tokushima says, “Many people want to recover and rebuild their lives, but they can’t work because they don’t have access to prosthetic legs. So I want to give them hope, first and foremost. Our current mission is to provide prosthetics to each and every person who needs them as we aim for the ultimate goal of helping all the people of Ukraine regain their bright future.” A Japanese company, born in the Philippines, is now striving to help the wounded people of Ukraine.

    Japan is offering aid to Ukraine in a diverse range of fields including infrastructure, education, agriculture, economy, machinery and culture—and much of this expertise comes from the experience Japan gained in Southeast Asia.

    By Akio Yaita
    Journalist. Graduated from the Faculty of Letters at Keio University. After completing his doctorate at the Chinese Academy of Social Sciences, he worked as a correspondent for the Sankei Shimbun in Beijing and as Taipei bureau chief. Author or co-author of many books.

    *The stories and materials above are provided by JIJI.com or AFPBBNews. Feel free to feature these stories in your own media.

    About “Japan Connect”
    Bringing you the latest stories about Japan.
    This new service is provided by AFPBB News, which AFP launched in 2007.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Cortez Masto, Crapo Introduce Legislation to Ensure the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation Receive the $5 Million They’re Owed

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Mike Crapo (R-Idaho) reintroduced the Shoshone-Paiute Tribes of the Duck Valley Reservation Water Rights Settlement Act. This legislation will allow the Tribes to finally collect over $5 million in interest they are owed for their 2009 water rights settlement. Senators Jacky Rosen (D-Nev.) and Jim Risch (R-Idaho) are cosponsors of this legislation.
    “It is absurd that the Shoshone-Paiute Tribes of the Duck Valley Reservation have had to go nearly two decades without millions of dollars in interest they are owed,” said Senator Cortez Masto. “My commonsense, bipartisan legislation fixes this years-old oversight and secures funding that these Tribes deserve.”
    “This much-needed fix takes the next step in upholding the federal government’s full interest terms of the 2009 settlement with the Duck Valley reservation,” said Senator Crapo.  “The Senate unanimously advanced the measure in the last Congress and must do so again expeditiously.  The House should follow suit so we can correct this error as soon as possible.”
    “The Shoshone-Paiute Tribes of the Duck Valley Reservation deserve the millions of dollars in interest they are owed,” said Senator Rosen. “I’m proud to help introduce this bipartisan legislation to ensure they finally receive this payment after a nearly twenty year delay.”
    “The Shoshone-Paiute Tribes’ water rights settlement mistakenly excluded interest payments, unjustly cutting these communities short,” said Senator Risch. “I’m proud to join my colleagues in introducing legislation to correct this error and provide the Tribes the proper interest they are owed.”
    Senator Cortez Masto has long been a champion for Tribal communities. Last year, the Senate passed both her legislation to make it easier for Indian Health Services to recruit and retain doctors and her legislation to strengthen Tribal public safety. She repeatedly called on the Biden administration to do more to address the epidemic of violence against Native women and girls, including securing federal funding to protect Native communities, urging the administration to draft a plan to address this issue, and requesting the Government Accountability Office (GAO) investigate the federal response to this crisis.

    MIL OSI USA News –

  • MIL-OSI USA: Citing National Security Concerns on Senate Floor, Shaheen Announces Opposition to Tulsi Gabbard’s Confirmation

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senator Jeanne Shaheen, Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Armed Services Committee, took to the Senate floor to underscore her dire national security concerns ahead of the confirmation of Tulsi Gabbard to be the next Director of National Intelligence (DNI). Specifically, Shaheen highlighted Gabbard’s troubling history of siding with America’s adversaries over our own allies and national security interests, detailing the threat her confirmation would pose to U.S. national security and defense. At the conclusion of her remarks, Shaheen announced that she would oppose Gabbard’s nomination. Click here to watch Senator Shaheen’s full floor speech. 
    Key quotes from Senator Shaheen: 
    “Our adversaries will be thrilled if we confirm Tulsi Gabbard as Director of National Intelligence—no one more so than Russian President Vladimir Putin. Ms. Gabbard has not hidden her positive views of Russia and President Putin. While Ukrainians fight valiantly to protect their homeland and defend freedom and democracy, Tulsi Gabbard cozies up to Putin and publicly defends Russia’s brutal invasion.” 
    “I don’t relish the idea of America’s Director of National Intelligence—a role that includes such sensitive responsibilities such as producing the President’s Daily Brief and setting U.S. Policy for intelligence-sharing with foreign entities—I don’t appreciate the fact that she’s called ‘superwoman’ by a mouthpiece for the Kremlin.” 
    “To talk amiably about a brutal dictator who is openly opposed to American interests and human rights, a dictator like Assad, and like Putin for that matter, shows at best a lack of judgement and at worst allegiance to our adversaries.” 
    “I think this chamber faces a choice. We can choose to defend America’s national security and keep our promise to our constituents to protect their lives and safety and their interests or we can choose to give a gift to Vladimir Putin and our adversaries, to usher them into the inner halls of the American intelligence system. I know which choice I intend to make.” 
    Remarks as delivered can be found below: 
    Mr. President, I come up to the floor this afternoon to join a number of my colleagues because of my concern for the national security of the United States. 
                
    Whether it’s a terror attack, a cyberattack from a non-state actor, whether it is a threat in Russia or China or Iran, we in the United States are the targets of foreign adversaries every single day.  
    But thanks to our intelligence community and the thousands of Americans who dedicate their lives to our security, we’re safe.  
    These brave men and women are counting on us to have their backs. 
    Which is why the nomination of Tulsi Gabbard is so concerning.  
    Our adversaries will be thrilled if we confirm Tulsi Gabbard as Director of National Intelligence—no one more so than Russian President Vladimir Putin.  
    Ms. Gabbard has not hidden her positive views of Russia and President Putin.  
    While Ukrainians fight valiantly to protect their homeland and defend freedom and democracy, Tulsi Gabbard cozies up to Putin and publicly defends Russia’s brutal invasion. 
    The former Congresswoman has parroted Russian propaganda saying that the war could have been avoided if NATO and the Biden Administration had simply, and I’m quoting, “simply acknowledged Russia’s legitimate security concerns.” 
    And we know that a nominee is problematic when the Kremlin has such nice things to say about her.  
    On November 17, 2024, a major Russian state-controlled news agency called Tulsi Gabbard “superwoman” and noted her past appearances on Russian TV.  
    Well, I don’t relish the idea of America’s Director of National Intelligence—a role that includes such sensitive responsibilities such as producing the President’s Daily Brief and setting U.S. Policy for intelligence-sharing with foreign entities—I don’t appreciate the fact that she’s called “superwoman” by a mouthpiece for the Kremlin.  
    Not only does Putin have kind words for Ms. Gabbard, but they also share mutual friends—namely, ousted Syrian dictator Bashar al-Assad. 
    Since her clandestine meeting with Mr. Assad in 2017, a visit that took place while she was serving in Congress, former Congresswoman Gabbard has faced numerous questions about why she went to Syria and arranged this meeting in the first place.  
    She’s answered none of those questions nor has she provided any substantive details on her conversation with Assad.  
    And in fact, Ms. Gabbard has repeatedly refused to call Assad what he is, and that is an enemy of the United States, a brutal dictator who is responsible for the deaths of hundreds of thousands of Syrians. 
    Assad, who’s Putin’s best buddy in the Middle East; Assad, who is backed by Iran, whose regime openly seeks to undermine and destroy American interests and values worldwide.  
    This is the person who co-Presidents Musk and Trump want to lead our intelligence agencies, to spearhead our national security operations.  
    Well, that doesn’t make me comfortable sleeping at night.  
    To talk amiably about a brutal dictator who is openly opposed to American interests and human rights, a dictator like Assad, and like Putin for that matter, shows at best a lack of judgement and at worst allegiance to our adversaries. 
    And even in cases of proven espionage against the American intelligence community—the very organization that she seeks to lead—Tulsi Gabbard instead has sided with criminals.  
    Of course, I’m speaking about her support for Edward Snowden.  
    In 2020, while she was a member of the United States House of Representatives, she introduced a resolution suggesting that the federal government should drop all charges against Edward Snowden.  
    There’s only one other member who cosponsored this resolution, and that was former Congressman Matt Gaetz.  
    Now in 2025, Ms. Gabbard still refuses to call Snowden what he is—a traitor to the United States. 
    When she was asked about that at her hearing, she was given several opportunities to indicate that she understood that Edward Snowden is a traitor who put at risk the lives of thousands of Americans in the intelligence community.  
    She refused to acknowledge that he’s a traitor.  
    With such a track record, how are we supposed to expect that she will properly classify our enemies? 
    How are we to expect that she would label Xi Jinping or Kim Jong Un? As enemies of the United States or simply as foreign leaders, or as friends? Who knows what Ms. Gabbard will do.  
    I think there’s a stark difference between our adversaries who want to undermine the United States and those who are our allies, and it doesn’t appear that Tulsi Gabbard understands the difference.  
    So how can the men and women of the intelligence community trust that Ms. Gabbard will protect their secrets? That she’ll protect our secrets, the secrets of the United States?  
    How many Russians are going to risk their lives to pass along information to our intelligence officers if they’re worried that Ms. Gabbard will sell them out?  
    How much will our allies in NATO, in the Indo-Pacific share with Ms. Gabbard in charge?  
    The work of American covert operations and intelligence-gathering is based on one central principle, and that is trust.  
    I wouldn’t trust Tulsi Gabbard any further than I can throw her.  
    I think this chamber faces a choice.  
    We can choose to defend America’s national security and keep our promise to our constituents to protect their lives and safety and their interests or we can choose to give a gift to Vladimir Putin and our adversaries, to usher them into the inner halls of the American intelligence system.  
    I know which choice I intend to make.  
    I intend to vote no on Tulsi Gabbard, and I hope that my colleagues, particularly those across the aisle, at least some of them, will have the courage to do the same. 
    Thank you, Mr. President. I yield the floor. 
    Senator Shaheen is the top Democrat on the U.S. Senate Foreign Relations Committee and also serves on the U.S. Senate Appropriations Subcommittees on State, Foreign Operations and Related Programs and Defense. In 2018, Shaheen re-established the bipartisan U.S. Senate NATO Observer Group with U.S. Senator Tillis (R-NC). Senator Shaheen believes that a strong and active United States is fundamental to securing our national interests at home and abroad. She also believes that U.S. global leadership is directly tied to the strength of our ideals, our alliances and our diplomacy, and she is constantly working to ensure our national security policies reflect our broader democratic values.  

    MIL OSI USA News –

  • MIL-OSI USA: Schatz Introduces Bipartisan Legislation To Protect Post Offices in Hawai’i and Across the Country, Help Ensure Regular Delivery of Mail to Residents

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON — At a time when the United States Postal Service (USPS) is under strain due to a lack of carriers and supply shortages, communities across the country have reported struggles in conveying needs to the USPS and have experienced sudden and surprising post office closures. U.S. Senators Brian Schatz (D-Hawai‘i) and Mike Crapo (R-Idaho) introduced legislation to improve access to local USPS post offices. The Mandating Advisable and Informed Locations and Solutions (MAILS) Act would require more community input before relocating a post office as well as encourage recommendations from municipalities to request additional post offices.

    “In Hawai‘i, where many people live in rural or remote areas, the Postal Service is a lifeline for everything from essential goods to staying connected with loved ones,” said Senator Schatz. “Our bill ensures that people in Hawai‘i and across the country have a voice in decisions about keeping post offices in their communities.”

    Schatz has led efforts in Congress to fully fund and protect post offices in Hawai‘i. In 2020, he included a provision in a government spending bill to ensure post offices across Hawai‘i were funded and remained open for residents.

    The full text of the bill is available here.

    MIL OSI USA News –