NewzIntel.com

Category: Politics

  • MIL-OSI Security: Dominican National Sentenced for Role in Human Smuggling Event that Resulted in 11 Deaths

    Source: United States Attorneys General 7

    A Dominican national was sentenced today to nine years in prison for his involvement in a deadly human smuggling venture that resulted in the deaths of 11 smuggled aliens.

    According to court documents, on or about the evening of May 12, 2022, Fermin Montilla, 45, piloted a vessel carrying 48 individuals from the Dominican Republic to Puerto Rico, with the intent of bringing those individuals to the United States illegally. At some point during the journey, the vessel took on water and capsized, and 11 people drowned.

    “The defendant attempted to illegally smuggle 48 migrants into the United States, leading to the tragic deaths of 11 people,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Human smugglers threaten our national security and exploit vulnerable people for profit with no regard for their safety. The Criminal Division is committed to eliminating these transnational criminal smuggling organizations and protecting the public and those who would fall victim to them.”

    “Human smuggling operations not only violate U.S. law and threaten our national security, but they also endanger the lives of the smuggled migrants and result in death as in this case,” said U.S. Attorney W. Stephen Muldrow for the District of Puerto Rico. “The Justice Department and the U.S. Attorney’s Office will continue to work with our federal, state, and local partners to bring those who smuggle illegal aliens to justice and dismantle their criminal organizations.”

    “It is essential to send a strong message to individuals that take advantage of the vulnerable by endangering lives undermining the safety and security of our communities,” said Special Agent in Charge Rebecca Gonzalez-Ramos of Homeland Security Investigations (HSI) San Juan. “In this one incident we lost 11 lives, we need to protect individuals from this heinous crime. We will continue to use all resources to pursue and to bring to justice transnational criminal organizations that jeopardize the safety of others exploiting immigration laws. To those seeking to be smuggled into the United States, please remember that it’s extremely dangerous and is not worth your life, these individuals do not care.”

    On Sept. 13, 2024, Montilla pleaded guilty to one count of bringing aliens to the United States at a place other than a designated port of entry resulting in death.

    HSI San Juan investigated this case, with assistance from U.S. Customs and Border Protection, U.S. Border Patrol, the U.S. Coast Guard, and the Puerto Rico Police Bureau.

    Trial Attorney Angela Buckner of the Criminal Division’s Human Rights and Special Prosecutions Section and U.S. Coast Guard Special Assistant U.S. Attorney Helena Daniel for the District of Puerto Rico prosecuted the case.

    The investigation is being conducted under the Extraterritorial Criminal Travel Strike Force (ECT) program, a joint partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    Last June, the Justice Department formally transmitted to Congress a new legislative proposal to increase the recommended penalties for the most prolific and dangerous human smugglers. The proposal, titled the “Deterring Human Smuggling and Harm to Victims Act of 2024,” would amend U.S. Sentencing Guideline 2L1.1, which governs human smuggling offenses, by creating steeper penalty tiers based on the number of people smuggled by the defendant; increasing penalties when the defendant’s conduct results in injury or death to more than one person; and ensuring defendants are subject to sentencing enhancements for sexual assault and other types of prohibited sexual conduct committed during the smuggling offense, even if that conduct occurred outside U.S. jurisdiction. The Department has been working with interested Members of Congress to advance the proposal so that the Sentencing Guidelines accurately account for the full scope of violence that can result from human smuggling.

    MIL Security OSI –

  • MIL-OSI: Farmers and Merchants Bancshares, Inc. Reports Earnings of $4,277,703 or $1.37 Per Share for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    HAMPSTEAD, Md., Feb. 10, 2025 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the year ended December 31, 2024 was $4,277,703, or $1.37 per common share (basic and diluted), compared to $6,418,337, or $2.08 per common share (basic and diluted), for the same period in 2023. Higher interest expense as a result of the Federal Reserve rate increases over the last several years was the primary reason for the decline in net income. The Company’s return on average equity during the year ended December 31, 2024 was 7.83% compared to 13.08% for the same period in 2023. The Company’s return on average assets during the year ended December 31, 2024 was 0.53% compared to 0.86% for the same period in 2023. Loan growth for the year ended December 31, 2024 was $60 million, a growth rate of 11.4%.

    Net income for the three months ended December 31, 2024 was $856,080, or $0.27 per common share (basic and diluted), compared to $1,415,230, or $0.46 per common share (basic and diluted), for the fourth quarter of 2023. The Company’s return on average equity during the three months ended December 31, 2024 was 5.96% compared to 11.92% for the same period in 2023. The Company’s return on average assets during the three months ended December 31, 2024 was 0.41% compared to 0.72% for the same period in 2023.          

    Net interest income for the year ended December 31, 2024 was $579,928 lower when compared to the same period in 2023 due to a decrease in the net interest margin to 2.68% for the year ended December 31, 2024 from 2.97% for the same period in 2023. The decline in the net interest margin was partially offset by a $56.6 million increase in average interest earning assets to $784.6 million for the year ended December 31, 2024 from $728.0 million for the same period in 2023. Higher interest expense was the driving factor in the lower net interest income. The Federal Reserve interest rate decreased by 1.00% over the last four months of 2024 after aggregate increases of 5.25% from March 2022 through August 2023. The net aggregate increase of 4.25% caused the cost of deposits and borrowings to increase by 102 basis points to 2.76% for the year ended December 31, 2024 from 1.74% for the same period in 2023. In addition, average interest bearing liabilities increased by $64.3 million to $634.7 million for the year ended December 31, 2024 from $570.4 million for the same period in 2023. The taxable equivalent yield on total average interest-earning assets increased 59 basis points to 4.92% for the year ended December 31, 2024 from 4.33% for the same period in 2023, partially offsetting the higher cost of funds.

    The Bank entered into several interest rate swaps structured as fair value hedges during 2023 and 2024, some in combination with the purchase of mortgage backed securities, which are intended to offset the impact of higher interest expense by improving interest income on debt securities. During the fourth quarter of 2024, a swap with a notional amount of $22 million was unwound and the related $28 million of mortgage backed securities was sold, resulting in a net gain of $18,708. The notional amount of interest rate swaps outstanding at December 31, 2024 was approximately $75 million.

    Our loan portfolio is comprised primarily of commercial real estate loans with fixed rates for five-year terms. As those loans reprice, our net interest margin should improve. In addition, our current strategy is to increase the diversification of our portfolio with commercial and industrial loans, which are typically adjustable rate loans and would provide an immediate higher yield in today’s interest rate environment.

    A provision for credit losses of $150,000 was recorded for the year ended December 31, 2024. For the year ended December 31, 2023, we recorded a $570,000 recovery. The Company’s loan portfolio continues to perform at a high level with just one non-accrual loan totaling $403,853 and one loan more than 30 days delinquent totalling $269,852 at December 31, 2024.

    Noninterest income increased by $160,947 for the year ended December 31, 2024 when compared to the same period in 2023, primarily as a result of a $138,388 increase in the gain on insurance proceeds for our Upperco location and a $48,252 increase in bank owned life insurance income, offset by a decrease of 19,392 in the gain on sale of SBA loans. Noninterest expense was $1,787,830 higher in the year ended December 31, 2024 when compared to the same period in 2023, due primarily to a $475,241 increase in other expenses, a $505,322 increase in occupancy and furniture and equipment costs, a $495,733 increase in salaries and benefits, and a $311,534 increase in other real estate owned expenses. The increase in other expenses was due primarily to costs associated with our core system conversion that was completed in the fourth quarter of 2024, ATM related expenses, and legal fees incurred for stockholder matters. Also, the Bank’s FDIC assessment expense increased due to higher FDIC assessment rates. The increase in occupancy and furniture and equipment was due primarily to the renovations and new equipment for the Upperco location which was placed in service at the end of the first quarter and the new Towson location that was placed in service during the second quarter. The increase in salaries and benefits was due to normal annual salary increases as well as the hiring of several new employees primarily in the commercial loan production department. The increase in other real estate owned expenses is due primarily to a $249,217 gain that was realized in 2023.

    Income taxes decreased by $786,177 during the year ended December 31, 2024 when compared to the same period in 2023 due to lower earnings before taxes. The effective tax rate decreased to 22.3% for the year ended December 31, 2024 from 23.9% for the same period last year due to an increase in the amount of nontaxable income included in pretax income year over year.

    Total assets increased to $845 million at December 31, 2024 from $800 million at December 31, 2023. Loans increased by 11.4% to $583 million at December 31, 2024 from the $523 million recorded at December 31, 2023. Investments in debt securities decreased to $146 million at December 31, 2024 from $184 million at December 31, 2023. Deposits increased to $758 million at December 31, 2024 from $681 million at December 31, 2023.   The Company’s tangible equity was $49 million at December 31, 2024 compared to $45 million at December 31, 2023.

    The book value of the Company’s common stock increased to $17.77 per share at December 31, 2024 from to $16.74 per share at December 31, 2023. Book value per share at December 31, 2024 was reflective of the $17 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) investment portfolio as a result of the significant rise in interest rates over the last 30 months. Changes in the market value of the AFS investment portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The AFS investment portfolio is comprised of 72% government agency mortgage backed securities which are fully guaranteed, 23% investment grade non agency mortgage backed securities, 1% investment grade corporate and municipal bonds, and 4% subordinated debt of other community banks. There is no indication of credit deterioration in any of the bonds and we intend to hold these investments to maturity, so no actual losses are anticipated. There is no impact on regulatory capital because the Bank elected many years ago to not include in the calculation of regulatory capital changes in the market value of the AFS investment portfolio regardless of whether they are positive or negative.

    The Bank utilized the Federal Reserve Bank’s Bank Term Funding Program during 2024 and had borrowings of $54,000,000 outstanding for most of 2024, but the borrowings were repaid during December 2024 ahead of the maturity date of January 15, 2025. Our Federal Home Loan Bank facility, other borrowing lines available, unpledged securities, brokered deposit access, and cash provided us with access to approximately $332 million of liquidity at December 31, 2024.

    Gary A. Harris, President and CEO, commented “We are pleased that our loan portfolio grew $60 million, or 11.4%, during 2024, demonstrating that our investment in additional loan production staff and facilities is paying off. Our asset quality remains high and our liquidity position remains strong. Due to the sunsetting of our existing core operating system, after an almost year long effort, our core system conversion was completed in October 2024.  While it increased our expenses in 2024, the new system will be a substantial digital upgrade that will position the bank for future growth, provide for significant efficiency gains and an enhanced customer experience moving forward. The Federal Reserve interest rate decreased an additional 50 basis points in the fourth quarter after the 50 basis point reduction in September. Additional cuts are now not expected to occur until the second half of 2025. The 2024 cuts should provide for improvement in our net interest margin in 2025.”

    About the Company

    The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

    Forward-Looking Statements

    The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.

         
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (Unaudited)
         
      December 31, December 31, *
      2024 2023
         
    Assets  
         
    Cash and due from banks $ 63,962,047   $ 44,404,473  
    Federal funds sold and other interest-bearing deposits   697,066     285,864  
    Cash and cash equivalents   64,659,113     44,690,337  
    Certificates of deposit in other banks   100,000     100,000  
    Securities available for sale, at fair value   125,712,926     164,084,673  
    Securities held to maturity, at amortized cost less allowance for credit    
    losses of $60,009 and $35,627   20,498,502     20,163,622  
    Equity security, at fair value   517,550     507,130  
    Restricted stock, at cost   921,000     863,500  
    Mortgage loans held for sale   157,200     –  
    Loans, less allowance for credit losses of $4,260,189 and $4,285,247   582,993,314     523,308,044  
    Premises and equipment, net   7,348,800     6,583,452  
    Accrued interest receivable   2,439,108     2,180,734  
    Deferred income taxes, net   7,606,241     8,312,482  
    Other real estate owned, net   1,176,245     1,242,365  
    Bank owned life insurance   15,324,417     14,930,754  
    Goodwill and other intangibles, net   7,026,096     7,034,424  
    Other assets   8,162,575     5,939,309  
      $ 844,643,087   $ 799,940,826  
         
    Liabilities and Stockholders’ Equity
         
    Deposits    
    Noninterest-bearing $ 107,197,478   $ 115,284,706  
    Interest-bearing   651,609,250     565,678,145  
    Total deposits   758,806,728     680,962,851  
    Securities sold under repurchase agreements   5,564,103     6,760,493  
    Federal Home Loan Bank of Atlanta advances   5,000,000     5,000,000  
    Federal Reserve Bank advances   –     33,000,000  
    Long-term debt, net of issuance costs   11,329,115     13,212,378  
    Accrued interest payable   1,002,525     1,482,773  
    Other liabilities   6,668,826     7,344,040  
        788,371,297     747,762,535  
    Stockholders’ equity    
    Common stock, par value $.01 per share,    
    authorized 5,000,000 shares; issued and outstanding    
    3,166,653 in 2024 and 3,116,966 shares in 2023   31,667     31,170  
    Additional paid-in capital   31,135,552     30,398,080  
    Retained earnings   41,612,654     39,433,185  
    Accumulated other comprehensive loss   (16,508,083 )   (17,684,144 )
        56,271,790     52,178,291  
      $ 844,643,087   $ 799,940,826  
    * – Derived from audited consolidated financial statements    
         
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Statements of Income
    (Unaudited)
         
      Three Months Ended December 31, Year Ended December 31,
      2024 2023 2024 2023
             
    Interest income        
    Loans, including fees $ 8,316,953   $ 6,707,414   $ 30,338,189   $ 25,730,722  
    Investment securities – taxable   1,468,905     1,770,413     6,263,400     4,299,206  
    Investment securities – tax exempt   143,501     137,770     559,130     554,396  
    Federal funds sold and other interest earning assets   341,822     269,093     1,202,744     738,814  
    Total interest income   10,271,181     8,884,690     38,363,463     31,323,138  
             
    Interest expense        
    Deposits   4,274,980     2,960,470     14,518,632     7,971,094  
    Securities sold under repurchase agreements   16,222     17,924     65,335     41,873  
    Federal Home Loan Bank advances and other borrowings   13,433     33,614     122,663     485,886  
    Federal Reserve Bank advances   402,775     431,556     2,313,186     823,319  
    Long-term debt   120,154     140,000     507,562     584,953  
    Total interest expense   4,827,564     3,583,564     17,527,378     9,907,125  
    Net interest income   5,443,617     5,301,126     20,836,085     21,416,013  
             
    Provision for (recovery of) credit losses   150,000     –     150,000     (570,000 )
             
    Net interest income after provision for (recovery of) credit losses   5,293,617     5,301,126     20,686,085     21,986,013  
             
    Noninterest income        
    Service charges on deposit accounts   189,094     205,942     810,273     792,941  
    Mortgage banking income   41,484     4,483     107,846     96,997  
    Bank owned life insurance income   106,050     83,817     393,664     345,412  
    Gain (loss) on sale of debt securities   18,708     5,445     (13,214 )   –  
    Fair value adjustment of equity security   (18,183 )   15,343     (4,346 )   5,445  
    Loss on disposition of furniture and equipment   –     –     (5,157 )   –  
    Gain on sale of SBA loans   –     19,392     –     19,392  
    Gain on insurance proceeds   –     4,406     142,794     4,406  
    Other fees and commissions   85,899     83,782     320,587     326,907  
    Total noninterest income   423,052     422,610     1,752,447     1,591,500  
             
    Noninterest expense        
    Salaries   2,006,144     1,901,031     7,854,322     7,544,773  
    Employee benefits   590,365     517,654     2,187,116     2,000,932  
    Occupancy   271,859     229,377     1,070,456     874,775  
    Furniture and equipment   395,264     243,579     1,292,767     983,126  
    Other real estate owned, net   75,996     (235,538 )   75,996     (235,538 )
    Other   1,283,177     1,296,793     4,449,099     3,973,858  
    Total noninterest expense   4,622,805     3,952,896     16,929,756     15,141,926  
             
    Income before income taxes   1,093,864     1,770,840     5,508,776     8,435,587  
    Income taxes   237,784     355,610     1,231,073     2,017,250  
    Net income $ 856,080   $ 1,415,230   $ 4,277,703   $ 6,418,337  
             
    Earnings per share – basic $ 0.27   $ 0.46   $ 1.37   $ 2.08  
    Earnings per share – diluted $ 0.27   $ 0.46   $ 1.37   $ 2.08  
             
    Farmers and Merchants Bancshares, Inc.
    Selected Consolidated Financial Data
           
      2024 2023 2022
           
    OPERATING DATA      
           
    Interest income $ 38,363,463   $ 31,323,138   $ 26,269,653  
    Interest expense   17,527,378     9,907,125     2,146,158  
    Net interest income   20,836,085     21,416,013     24,123,495  
    Provision for (recovery of) loan losses   150,000     (570,000 )   475,000  
    Net interest income after provision for credit losses   20,686,085     21,986,013     23,648,495  
    Noninterest income   1,752,447     1,591,500     2,293,938  
    Noninterest expense   16,929,756     15,141,926     15,367,280  
    Income before income taxes   5,508,776     8,435,587     10,575,153  
    Income taxes   1,231,073     2,017,250     2,485,026  
    Net income $ 4,277,703   $ 6,418,337   $ 8,090,127  
           
    PER SHARE DATA      
           
    Net income (Basic) $1.37   $2.08   $2.66  
    Dividends $0.67   $0.66   $0.63  
    Book value $17.77   $16.74   $15.56  
           
    KEY RATIOS      
           
    Return on average assets   0.53 %   0.86 %   1.13 %
    Return on average equity   7.83 %   13.08 %   16.03 %
    Efficiency ratio   74.95 %   65.81 %   58.17 %
    Dividend payout ratio   48.91 %   31.73 %   23.68 %
    Net yield on interest-earning assets   2.68 %   2.97 %   3.54 %
    Tier 1 capital leverage ratio   9.12 %   9.42 %   9.83 %
           
    AT PERIOD END      
           
    Total assets $ 844,643,087   $ 799,940,826   $ 718,210,672  
    Gross loans   587,978,965     528,166,501     521,679,143  
    Cash and cash equivalents   64,659,113     44,690,337     7,263,537  
    Securities   146,211,428     184,248,295     146,823,446  
    Deposits   758,806,728     680,962,851     623,611,124  
    Borrowings   10,564,103     57,972,871     40,270,945  
    Stockholders’ equity   56,271,790     52,178,291     47,774,963  
           
    SELECTED AVERAGE BALANCES      
           
    Total assets $ 810,042,767   $ 745,478,612   $ 714,115,497  
    Gross loans   557,861,624     528,910,091     498,427,308  
    Cash and cash equivalents   27,564,076     18,497,261     20,015,477  
    Securities   177,742,677     182,159,701     174,776,879  
    Deposits   672,492,752     642,039,185     631,809,943  
    Borrowings   72,287,329     48,040,853     26,042,874  
    Stockholders’ equity   54,609,886     49,063,426     50,457,994  
           
    ASSET QUALITY      
           
    Nonperforming assets $ 1,580,098   $ 1,897,775   $ 1,897,775  
           
    Nonperforming assets/total assets   0.19 %   0.24 %   0.26 %
           
    Allowance for credit losses on loans/total loans   0.72 %   0.81 %   0.80 %
           
    Contact: Mr. Gary A. Harris
      President and Chief Executive Officer
      (410) 374-1510, ext. 1104
       

    The MIL Network –

  • MIL-OSI New Zealand: Social Issues – Disability support services consultation underway – from Invercargill to Whangarei

    Source: Ministry of Social Development

    People in the disability community are invited to have their say in a six-week consultation that begins this week and runs until 24 March 2025.
    Disability Support Services was transferred from the Ministry of Disabled People – Whaikaha to the Ministry of Social Development (MSD) last year, after an Independent Review recommended changes to stabilise the system.
    The head of Disability Support Services at MSD, Chris Bunny, says feedback is being sought on specific proposals for change.
    “We are seeking feedback on:
    • how needs are assessed, and decisions made on how support is allocated
    • options for changes to flexible funding.
    “My message to the disability community is I know the changes of last year have been difficult for some people, and this year we want to make progress on strengthening the disability support system for disabled people, their whānau and carers.
    “We are working to stabilise disability support services so they are more fair, consistent, transparent and sustainable.
    “This is a major round of consultation which builds on what the disabled community told us in a survey late last year.
    “There’s lots of different ways people can have their say.
    “In-person workshops will be held in Auckland, Christchurch, Dunedin, Christchurch, Wellington, Hamilton, Invercargill, Lower Hutt, Napier, Nelson, New Plymouth, Palmerston North, Porirua, Rotorua, Wellington, and Whangarei.
    In addition, people can attend an online workshop, make a written or video submission, or complete an online survey. There are also DIY resources for people or organisations who want to host their own workshops to support their submissions.
    “Please register to book your place for a workshop in-person or online. You can do that at the Disability Support Services website, disabilitysupport.govt.nz
    “We’ve released a discussion document outlining the issues and proposals on the way forward.
    “Your feedback will help Government to make decisions to stabilise services, before considering further work to strengthen those supports,” says Mr Bunny.
    Editor’s notes
    What is this consultation about?
    The consultation is focused on essential disability support people receive after an assessment from a Needs Assessment Service Coordination provider, or an Enabling Good Lives site.
    While everyone is welcome to participate, Disability Support Services especially want to hear from people receiving these services and whānau, carers, and advocates. 
    The changes under discussion do not apply to people who only receive supports from other agencies, such as ACC, Ministry of Education, Ministry of Health, Ministry of Transport, or Work and Income. 
    What is being proposed?
    Needs assessments
    • Improving how the tool reflects the diversity of disability
    • Proposals that the needs of family/whānau become part of the assessment
    • Making sure services continue to meet their needs – how often should supports be reviewed or reassessed?
    • Proposal that NASCs identify supports that are available through other agencies and provide guidance on how these can be accessed
    Flexible Funding – two options
    • Option 1 – Linking flexible funding to the person’s plan, with oversight of how it is used
    • Option 2 – Adjust current lists of what can and can’t be funded using flexible funding.
    There are also proposals to introduce criteria for receiving flexible funding, and questions on what these should be.
    How do people register for workshops?
    Can media attend workshops or film them?
    Community consultation will begin with a presentation followed by work in smaller groups. To protect the privacy of those attending, these events are closed to media, unless reporters are there in a personal capacity to take part in the consultation. However , you may wish to talk to people outside the venue if you would like to.
    Is the consultation going to be accessible?
    Yes, alternate formats are available of the discussion document summary, including Easy Read, Braille, Audio, Large Print and New Zealand Sign Language. There are also translations in te reo Māori, Samoan, and Tongan.
    We will also have sign language interpreters at our in-person and online workshops.
    Venues for our in-person workshops have been selected because they are accessible, including access points, toilets, and the working spaces themselves.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Calling rangatahi changemakers: Applications now open for Save the Children’s 2025 Youth Ambassador programme

    Source: Save the Children

    Save the Children is searching for passionate young changemakers to join Generation Hope New Zealand, an inspiring youth leadership programme that empowers rangatahi aged 14 – 18 to take action for children’s rights and global issues.
    Now more than ever, young people need the support, skills, and opportunities to make their voices heard. From leading workshops and hosting panel discussions to advocacy and engaging with political leaders. Generation Hope Youth Ambassadors take real action to shape a fairer world.
    “This programme really stands out as an opportunity for young people to not only learn about the work of Save the Children and their own rights but also to feel empowered to act – for themselves, their peers, and their wider communities,” says Vira Paky, Save the Children NZ’s Youth Engagement Co-ordinator.
    “Bringing together like-minded young people who care about fairness, education, and community creates an unparalleled environment. Watching the friendships and knowledge blossom from this programme is such a privilege.”
    Through Generation Hope, youth ambassadors receive leadership training, advocacy skills, and a platform to drive meaningful change. During the programme, past members have held youth-led events and panel discussions, met with politicians, including presenting children’s climate action messages to Ministers at Parliament. Past members have gone on to set up their own youth councils and youth-led organisations.
    “Generation Hope allowed me to form so many friendships with so many other young people willing to advocate for the issues in their communities, that I’m sure will last for many years to come.” says Generation Hope alumna Annamieka.
    “Just go for it and apply,” says Generation Hope alumna Cassie. “There’s nothing for you to lose and everything for you to gain.”
    SCNZ Media and Communications Director Amie Richardson is currently travelling for work. For interviews, please contact Advocacy and Research Director Jacqui Southey on 027 647 7004.  About Save the Children NZ: Save the Children works in 120 countries across the world. The organisation responds to emergencies and works with children and their communities to ensure they survive, learn and are protected. Save the Children NZ currently supports international programmes in Fiji, Cambodia, Bangladesh, Laos, Nepal, Vanuatu, Solomon Islands and Papua New Guinea. Areas of work include child protection, education and literacy, disaster risk reduction and climate adaptation, and alleviating child poverty.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Glendenning one step closer to a new ambulance station

    Source: New South Wales Government 2

    Headline: Glendenning one step closer to a new ambulance station

    Published: 10 February 2025

    Released by: Minister for Health

    Communities in Glendenning, Doonside and the surrounding suburbs are a step closer to a new purpose-built ambulance station following the purchase of a site for a new Ambulance Station on Glendenning Road.

    The new Glendenning Ambulance Station is being delivered to boost frontline emergency care for the Glendenning and Doonside communities as part of the NSW Government’s $615.5 million NSW Ambulance Infrastructure Program.

    The new station will support local paramedics to provide the best emergency and mobile medical care now and into the future.

    NSW Ambulance identified the area as a high priority location for a new ambulance station following a comprehensive service planning process using best practice modelling software to map Triple Zero (000) calls.

    New stations are located at places which optimise ambulance response performance, best meet the needs of local community as well as the needs of emergency ambulance operations and paramedic staff.

    The next steps for the Glendenning Ambulance Station include design development and progressing planning approval. Construction and operational timeframes will be determined as the project progresses.

    The NSW Ambulance Infrastructure Program will deliver 30 additional ambulance stations and supporting infrastructure across Sydney, the Central Coast, Newcastle, the Hunter and Wollongong over the coming years, boosting frontline emergency ambulance care.

    Health Infrastructure is working with NSW Ambulance and other government stakeholders to identify potential sites for the new ambulance stations. Sites are confirmed for North Sydney, South Windsor, Oran Park, Berowra, Prestons, Moss Vale, Bargo, Lisarow and now Glendenning.

    The NSW Government is recruiting 2,500 additional NSW Ambulance staff including 500 paramedics to rural and regional areas, to boost emergency and mobile healthcare for our metropolitan and regional communities.

    Quotes attributable to Minister for Health, Ryan Park:

    “The purchase of this site marks a significant milestone in delivering a vital health service for growing communities in Glendenning, Doonside and surrounding suburbs.

    “The new Glendenning Ambulance Station will support local paramedics to provide the best emergency and mobile medical care well into the future.

    Quotes attributable to Member for Blacktown, Stephen Bali:

    “The new Glendenning Ambulance Station will bolster emergency care for the Western Sydney community and provide a first-class facility for NSW Ambulance paramedics.

    “The new ambulance station will improve ambulance network coverage and support existing stations and paramedic teams including the ambulance station at Blacktown.”

    MIL OSI News –

  • MIL-OSI USA: ICYMI: Sen. Joni Ernst in WSJ: USAID Is a Rogue Agency

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – In case you missed it, U.S. Senator Joni Ernst (R-Iowa) detailed in the Wall Street Journal how the U.S. Agency for International Development (USAID) acts against our nation’s best interests and stonewalled her oversight of where tax dollars are going and why. 
    As Senate DOGE Caucus chair and founder, Senator Ernst will continue to work with President Trump’s Department of Government Efficiency (DOGE) to examine how taxpayers’ money is spent and put an end to any waste, fraud, and abuse.
    WSJ: Sen. Joni Ernst: USAID Is a Rogue Agency
    It dodges congressional questions about money that went to sex traffickers and the Wuhan virus lab.
    By: Senator Joni Ernst
    In moments of crisis, America can be counted on for leadership. Our nation’s compassionate giving has saved millions of lives around the world that were at risk from starvation or disease. All Americans should be able to take great pride in our generosity. And the government agencies coordinating aid efforts should be eager to share details about how they’re using taxpayers’ money to make the world a better place.
    Yet the U.S. Agency for International Development, entrusted with disbursing tens of billions of aid dollars to other nations annually, is a rogue bureaucracy. I’ve uncovered that the agency often acts at odds with our nation’s best interests and uses intimidation and shell games to hide where money is going, how it’s being spent and why.
    USAID repeatedly rebuffed my requests for a list of recipients of U.S. tax dollars sent to Ukraine, claiming that the information was classified. Despite the pushback, I persisted. Eventually, USAID permitted my staff to review documents under surveillance in a highly secure room at USAID headquarters, with note-taking prohibited.
    What warranted such secrecy? We learned that the aid that was supposed to alleviate economic distress in the war-torn nation was spent on such frivolous activities as sending Ukrainian models and designers on junkets to New York City, London Fashion Week, Paris Fashion Week and South by Southwest in Austin, Texas.
    I faced the same stonewalling from USAID when I asked about tax dollars being diverted from project missions for largely unrelated costs, known as the negotiated indirect cost rate. The agency claimed that it wasn’t possible to track. My team debunked that by providing USAID staff with a link to a public database. The agency fired back, warning that divulging this information would violate federal laws, including the Economic Espionage Act.
    When I launched a formal investigation in cooperation with the House Foreign Affairs Committee, USAID relented. Turns out, the agency is allowing grantees to skim significant amounts of money, up to and even beyond half of the total, for themselves.
    We need guarantees that U.S. assistance is helping people in need, but a recent review by the agency’s own inspector general found USAID still “does not have proper documentation to support indirect costs charged” by grant recipients.
    I shouldn’t have to ask these questions. All federal spending is required to be publicly available on the website USAspending.gov, a searchable database created nearly two decades ago by a bipartisan law.
    USAID’s sketchy spending schemes were the impetus for this law aimed at making federal funding more transparent. Congressional investigators in 2005 caught the agency supporting an organization involved with the trafficking of teenage girls in Asia. USAID staff called the claims “destructive” and vehemently denied them. The evidence proved otherwise. A pass-through group, set up with the help of former agency employees, was found funneling U.S. tax dollars into abetting the sex trade operation.
    The agency has learned to exploit loopholes in the law, as my investigation into the origins of the pandemic exposed. The watchdog organization White Coat Waste Project was the first to release evidence that both USAID and Anthony Fauci’s National Institute of Allergy and Infectious Diseases were financing bat studies involving coronaviruses at the Wuhan Institute of Virology. Yet no grants to the Chinese lab appeared in USAspending.gov. Audits later uncovered that more than a million dollars from the U.S. government were paying for the dangerous research. The bulk of the money was provided by USAID, not Dr. Fauci.
    USAID evaded the obligation to report this transaction to USAspending.gov by using multiple pass-through organizations, including the nefarious EcoHealth Alliance, which is now barred from receiving U.S. government grants.
    What was our international development agency developing at China’s Wuhan Institute of Virology? If the Central Intelligence Agency and Federal Bureau of Investigation are correct that the Covid virus likely originated from a lab leak, USAID may have had a hand in a once-in-a-century pandemic that claimed the lives of millions.
    There’s no shortage of other questionable USAID projects. More than $9 million intended for civilian food and medical supplies in Syria ended up in the hands of violent terrorists. Another $2 million was spent promoting tourism to Lebanon, a nation the State Department warns against traveling to due to the risks of terrorism, kidnapping and unexploded land mines.
    USAID spent millions of dollars paying people to dig irrigation ditches in Afghanistan and encouraging farmers to grow food crops instead of poppies for opium. The result: Poppy cultivation nearly doubled.
    Many other groups supported by USAID are doing great work, such as caring for orphans and people living with HIV. Imagine how much more good work could be supported with the dollars that instead ended up enriching terrorists, sex traffickers, mad scientists and drug cartels.
    After keeping its spending records hidden from Congress and taxpayers, USAID employees are now protesting the review of the agency’s records by President Trump’s Department of Government Efficiency. It’s no surprise that Washington insiders are more upset at DOGE for trying to stop wasteful spending than at USAID for misusing tax dollars.
    The question we should be asking isn’t why USAID’s grants are being scrutinized, but why it took so long.
    Ms. Ernst, an Iowa Republican, is founder and chairwoman of the Senate DOGE Caucus.

    MIL OSI USA News –

  • MIL-OSI: PrairieSky Announces Fourth Quarter and Year-End Results for 2024, Including Record Annual Oil Royalty Production and Increased Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 10, 2025 (GLOBE NEWSWIRE) — PrairieSky Royalty Ltd. (“PrairieSky” or the “Company”) (TSX: PSK) is pleased to announce its fourth quarter and year-end operating and financial results for the period ended December 31, 2024. PrairieSky is also pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share ($0.26 per common share quarterly).

    Fourth Quarter Highlights:

    • Oil royalty production volumes averaged 13,317 barrels per day, a 4% increase over Q4 2023(1), driven by strong third-party activity in the Mannville Stack(2) and Clearwater. Total royalty production averaged 24,982 BOE per day, a 2% decrease from Q4 2023 due to declines in natural gas and NGL production.
    • Royalty production revenue of $115.6 million combined with other revenue of $20.0 million to generate total revenues of $135.6 million for Q4 2024(1). Other revenue included bonus consideration of $15.8 million earned on entering into 60 new leasing arrangements focused on light and heavy oil targets across a number of different plays.
    • Funds from operations totaled $99.0 million or $0.41 per share, 11% below Q4 2023 primarily due to lower natural gas benchmark pricing.
    • Declared a fourth quarter dividend of $59.9 million ($0.25 per common share), representing a payout ratio of 61%.
    • Completed $31.5 million of both producing and non-producing royalty interest acquisitions primarily targeting light and heavy oil plays in Central Alberta and Saskatchewan. Acquisitions of producing assets (50 BOE per day) closed in late December 2024.

    Annual Highlights:

    • Record annual oil royalty production volumes averaged 13,125 barrels per day, a 6% increase over YE 2023(1). Total royalty production averaged 25,186 BOE per day, a 1% increase over YE 2023 as higher oil royalty volumes were partially offset by lower natural gas and NGL royalty volumes due to shut-ins and declines related to weak benchmark natural gas pricing.
    • Royalty production revenue of $465.8 million combined with other revenue of $43.4 million to generate total revenues of $509.2 million for YE 2024(1). Other revenue included bonus consideration of $30.8 million earned on entering into 219 new leasing arrangements focused on light and heavy oil targets across a number of different plays.
    • Funds from operations totaled $380.5 million or $1.59 per share, 1% below YE 2023.
    • Corporate proved plus probable reserves totaled 63,653 MBOE relative to 65,762 MBOE at December 31, 2023. Proved plus probable oil reserves totaled 26,620 Mbbl, a 3.5% increase over the prior year primarily due to drilling extensions in the Clearwater, Duvernay and Mannville light and heavy oil plays.
    • Declared cumulative annual dividends of $239.0 million ($1.00 per common share), representing a payout ratio of 63%.
    • Completed $57.3 million of both producing and non-producing royalty interest acquisitions primarily targeting light and heavy oil plays in Central Alberta and Saskatchewan.
    • Net debt totaled $134.9 million as at December 31, 2024, a decrease of $87.2 million or 39% since December 31, 2023.

    Dividend Increase:

    • PrairieSky is pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share, to be paid on a quarterly basis ($0.26 per common share quarterly). Subject to the approval of the Board of Directors, the first quarterly dividend of $0.26 per common share is expected to be effective for the March 31, 2025 record date.
    		  
       

    President’s Message

    Oil royalty production averaged 13,317 barrels per day in Q4 2024 and drove funds from operations which totaled $99.0 million ($0.41 per share). These results capped off a strong 2024 with annual funds from operations of $380.5 million ($1.59 per share) and record annual oil royalty production of 13,125 barrels per day, a 6% increase over YE 2023. The growth in oil royalty volumes is a direct result of our strategy of investing in royalties in low-cost oil plays. For 2024, oil royalty production from the Clearwater and Mannville Stack plays represented 21% of total oil royalty production, up from 17% in 2023. The momentum in these plays is expected to continue into 2025 and beyond. We have also seen strong initial results from new wells on our West Shale Duvernay acreage as well as incremental well licensing, which we expect to provide growth in high netback light oil volumes in 2025.

    Third-party operators spud 205 wells on PrairieSky’s royalty acreage during Q4 2024, an increase from 197 wells spud in Q4 2023. The average royalty rate for wells spud in the quarter was 6.2% (Q4 2023 – 7.2%). There were 46 wells spud in the Clearwater, a 5% increase over Q4 2023, with an additional 13 wells spud in the Mannville Stack in the quarter. This brought 2024 annual spuds on PrairieSky’s royalty properties to 741 wells, as compared to 805 wells in 2023, with an average royalty rate of 5.9% (2023 – 7.2%). Multi-lateral drilling continues to increase on our lands accounting for 77 of the spuds in the quarter and bringing 2024 annual multi-lateral drilling to 36% of the activity on our royalty lands versus 31% in YE 2023. Increased multi-lateral drilling activity helped drive the 3.5% increase in proved plus probable oil reserves to 26,620 Mbbl. Corporate proved plus probable reserves decreased to 63,653 MBOE primarily due to lower natural gas pricing impacting both the level of activity in 2024 and future economics.

    Strong oil royalty volumes generated royalty revenue of $100.0 million and represented 87% of total royalty production revenue of $115.6 million for Q4 2024. Natural gas royalty production of 55.1 MMcf per day and NGL royalty production of 2,482 barrels per day decreased 9% and 8% in the quarter, respectively, as compared to Q4 2023 due to lower third-party drilling activity driven by weak natural gas benchmark pricing with daily AECO index pricing averaging $1.48 per Mcf. Natural gas royalty revenue totaled $6.3 million and NGL royalty revenue totaled $9.3 million in the quarter. Total royalty production averaged 24,982 BOE per day in Q4 2024, 2% lower than Q4 2023. PrairieSky’s annual total royalty production averaged 25,186 BOE per day, 1% ahead of YE 2023, and generated annual royalty production revenue of $465.8 million, 2% behind YE 2023.

    Leasing continued to be busy across a number of oil plays including the Duvernay, Mannville and Mannville Stack. Our team issued 60 new leases to 47 separate counterparties and earned $15.8 million in lease bonus consideration in the quarter, which included non-cash consideration of $8.2 million for certain leases that were exchanged for a non-producing gross overriding royalty interest targeting Mannville heavy oil with polymer enhanced oil recovery(3) potential. For YE 2024, lease bonus consideration totaled $30.8 million from issuing 219 new leases to 101 separate counterparties, the second highest number of leases issued in a single year as third-party operators looked to build out their drilling inventories.

    In addition to active leasing in the quarter, PrairieSky acquired $31.5 million of incremental producing and non-producing royalty interests focused on heavy and light oil plays in Central Alberta and Saskatchewan. Acquisitions of producing assets, approximately 50 BOE per day, closed in late December 2024. PrairieSky also entered into an arrangement with a third-party operator to provide a letter of credit which secured their bank facility in order to provide capital to the operator to advance its Montney oil drilling program where PrairieSky has a royalty interest. The letter of credit is secured by a debenture over certain of the third-party operator’s assets. For YE 2024, acquisitions of producing and non-producing royalty properties totaled $57.3 million and were focused on heavy and light oil plays in Central Alberta and Saskatchewan. On January 10, 2025, PrairieSky completed an acquisition of fee lands, lessor interests and gross overriding royalty interests primarily in Central Alberta and Southeast Saskatchewan for cash consideration of $50 million, before customary closing adjustments. The acquisition is expected to add approximately 350 BOE per day of production (65% liquids).

    PrairieSky declared a dividend of $0.25 per share or $59.9 million in the quarter with a resulting payout ratio of 61%. Excess funds from operations, after the payment of the dividend and acquisitions, were used to reduce PrairieSky’s net debt which totaled $134.9 million at December 31, 2024, a decrease of $87.2 million from December 31, 2023. During the quarter, PrairieSky amended its credit facility, voluntarily reducing it to $350 million from $725 million. The credit facility provides for a permitted increase up to $600 million, subject to lender consent. Management believes PrairieSky’s high margin, low-cost business model is uniquely suited to provide sustainable returns to shareholders through all commodity price cycles and we are pleased to announce a 4% increase to our annual dividend policy to $1.04 per common share annually ($0.26 per share quarterly). Subject to the approval of the Board of Directors, the first quarterly dividend of $0.26 per common share is expected to be effective for the March 31, 2025 record date.

    The level of activity on our land base and cash flow generation underscores the benefits of our strategy of investing in low-cost oil plays and the optionality of owning fee mineral title acreage. I am very pleased with our 2024 annual results and the trajectory of the business. I would like to thank our staff for their hard work throughout the year and our shareholders for their continued support.

    Andrew Phillips, President & CEO

    ACTIVITY ON PRAIRIESKY’S ROYALTY PROPERTIES

    Third-party operators continued to be active across PrairieSky’s land base in Q4 2024. There were 205 wells spud (97% oil wells) in the quarter which included 114 wells on GORR acreage, 80 wells on Fee Lands, and 11 unit wells. There were a total of 198 oil wells spud during the quarter which included 55 Mannville light and heavy oil wells, 46 Clearwater wells, 28 Viking wells, 22 Mississippian wells, 17 Bakken wells and 30 additional oil wells spud in the Belly River, Cardium, Charlie Lake, Devonian, Duvernay, Montney, Nisku, and Triassic formations. There were 3 Montney natural gas wells spud in Q4 2024 as well as additional gas wells in the Mannville and Viking formations. PrairieSky’s average royalty rate for wells spud in Q4 2024 was 6.2% (Q4 2023 – 7.2%). 2024 annual spuds on PrairieSky’s royalty properties totaled 741 wells, as compared to 805 wells in 2023, with an average royalty rate of 5.9% (2023 – 7.2%).

    For YE 2024, PrairieSky estimates that $1.9 billion (net – $93 million) in third-party capital was spent drilling and completing wells on PrairieSky’s royalty properties, a decrease from $2.0 billion (net capital – $112 million) in YE 2023. Activity on PrairieSky’s lands drove a 3.5% increase in proved plus probable oil reserves as discussed further below.

    ANNUAL DIVIDEND INCREASED 4% TO $1.04 PER SHARE

    PrairieSky is pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share in 2025, to be paid on a quarterly basis. Subject to the approval of the Board of Directors, the first quarterly dividend of $0.26 per common share is expected to be effective for the March 31, 2025 record date. In determining changes to the dividend policy, the Board of Directors considers a number of factors including current and projected activity levels on PrairieSky’s royalty lands, the current commodity price environment, the working capital and bank debt balance and net earnings of the Company.

    2024 RESERVES INFORMATION

    PrairieSky’s proved plus probable oil reserves increased 3.5% to 26,620 MBOE at December 31, 2024, as drilling extensions and improved recoveries outpaced annual production. PrairieSky’s corporate proved plus probable reserves totaled 63,653 MBOE at December 31, 2024 (December 31, 2023 – 65,762 MBOE). Proved plus probable reserves decreased from 2023, with positive year over year changes to oil reserves outpaced by declines in natural gas and NGL reserves, primarily as a result of lower natural gas pricing impacting both activity on the royalty properties in 2024 and the future economics of certain natural gas plays using the pricing assumptions at December 31, 2024. The increase in oil proved plus probable reserves drove a 5% increase in the before-tax net present value of total proved plus probable reserves, discounted at 10%, to $1.93 billion (2023 – $1.84 billion). Changes to proved plus probable reserves comprised of additions related to third-party drilling and improved recovery (7,131 MBOE), technical additions (624 MBOE) and acquisitions (205 MBOE) less 2024 royalty production volumes of 9,218 MBOE and economic factors (851 MBOE). PrairieSky’s proved plus probable reserves include only developed assets (developed producing and developed non-producing properties) and do not include any future development capital on undeveloped lands.

    PrairieSky’s YE 2024 reserves were evaluated by independent reserves evaluators GLJ Ltd. The evaluation of PrairieSky’s royalty properties was done in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. PrairieSky’s reserves information is included in the Company’s Annual Information Form for the year ended December 31, 2024, which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    2025 INVESTOR DAY

    PrairieSky will be hosting an investor day on May 14, 2025, in Calgary, Alberta, where members of PrairieSky’s management team will present details on the Company’s oil and natural gas plays. The investor day will be webcast starting at 9:30 a.m. MDT (11:30 a.m. EDT). Interested parties may participate in the webcast which will be available through PrairieSky’s investor center at www.prairiesky.com. The webcast will be archived and accessible for replay after the event.

    NOTES AND REFERENCES

    (1) In this press release, the financial reporting periods are referred to as follows:  “Q4 2024” or “the quarter” refers to the three months ended December 31, 2024; “YE 2024” or “the year” refers to the year ended December 31, 2024; “Q4 2023” and “YE 2023” refer to the three months and year ended December 31, 2023, respectively.

    (2) For further details on the “Mannville Stack”, we refer you to PrairieSky’s most recent Corporate Presentation contained on PrairieSky’s website at www.prairiesky.com.

    (3) “enhanced oil recovery” means the extraction of additional crude oil, natural gas, and related substances from reservoirs through a production process other than natural depletion; includes both secondary and tertiary recovery processes such as pressure maintenance, cycling, waterflooding, thermal methods, chemical flooding, and using miscible and immiscible displacement fluids.
     

    Unless otherwise indicated or the context otherwise requires, terms used in this press release but not defined above are as defined in in the Company’s Annual Information Form for the year ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    FINANCIAL AND OPERATIONAL INFORMATION

    The following table summarizes select operational and financial information of the Company for the periods noted. All dollar amounts are stated in Canadian dollars unless otherwise noted.

    A full version of PrairieSky’s management’s discussion and analysis (“MD&A”) and annual audited consolidated financial statements and notes thereto for the fiscal period ended December 31, 2024 is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

      Three months ended Year ended
      December 31 September 30 December 31 December 31 December 31
    ($ millions, except per share or as otherwise noted) 2024 2024 2023 2024 2023
    FINANCIAL          
    Revenues 135.6   117.3   136.6   509.2   513.2  
               
    Funds from operations 99.0   92.4   111.1   380.5   382.5  
    Per share – basic and diluted(1) 0.41   0.39   0.46   1.59   1.60  
               
    Net earnings 60.2   47.3   67.4   215.3   227.6  
    Per share – basic and diluted(1) 0.25   0.20   0.28   0.90   0.95  
               
    Dividends declared(2) 59.9   59.7   57.3   239.0   229.2  
    Per share 0.25   0.25   0.24   1.00   0.96  
               
    Dividend payout ratio(3) 61 % 65 % 52 % 63 % 60 %
               
    Acquisitions – including non-cash consideration(4) 31.5   4.7   22.2   57.3   58.4  
    Net debt(5) 134.9   149.6   222.1   134.9   222.1  
               
    Shares outstanding          
    Shares outstanding at period end 239.0   239.0   239.0   239.0   239.0  
    Weighted average – basic and diluted 239.0   239.0   239.0   239.0   239.0  
               
    OPERATIONAL          
    Royalty production volumes          
    Crude oil (bbls/d) 13,317   12,733   12,844   13,125   12,438  
    NGL (bbls/d) 2,482   2,189   2,697   2,378   2,502  
    Natural gas (MMcf/d) 55.1   57.0   60.4   58.1   59.5  
    Royalty Production (BOE/d)(6) 24,982   24,422   25,608   25,186   24,857  
               
    Realized pricing          
    Crude oil ($/bbl) 81.66   85.90   83.27   84.12   82.52  
    NGL ($/bbl) 40.68   41.10   46.07   43.28   47.60  
    Natural gas ($/Mcf) 1.23   0.50   2.19   1.13   2.60  
    Total ($/BOE)(6) 50.30   49.63   51.78   50.53   52.31  
               
    Operating netback per BOE(7) 45.86   46.65   48.68   45.82   46.32  
               
    Funds from operations per BOE 43.07   41.12   47.16   41.28   42.16  
               
    Oil price benchmarks          
    West Texas Intermediate (WTI) (US$/bbl) 70.27   75.10   78.32   75.72   77.62  
    Edmonton light sweet ($/bbl) 94.90   97.77   99.72   97.55   100.46  
    Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl) (12.55 ) (13.55 ) (21.89 ) (14.76 ) (18.65 )
               
    Natural gas price benchmarks          
    AECO Monthly Index ($/Mcf) 1.46   0.81   2.66   1.44   2.93  
    AECO Daily Index ($/Mcf) 1.48   0.69   2.30   1.46   2.64  
               
    Foreign exchange rate (US$/CAD$) 0.7147   0.7341   0.7343   0.7299   0.7410  
    (1) Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.
    (2) A dividend of $0.25 per share was declared on December 3, 2024. The dividend was paid on January 15, 2025 to shareholders of record as at December 31, 2024.
    (3) Dividend payout ratio is defined under the “Non-GAAP Measures and Ratios” section of this press release.
    (4) Excluding right-of-use asset additions.
    (5) See Note 16 “Capital Management” in the annual audited consolidated financial statements for the years ended December 31, 2024 and 2023 and Note 14 “Capital Management” in the interim condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023.
    (6) See “Conversions of Natural Gas to BOE”.
    (7) Operating netback per BOE is defined under the “Non-GAAP Measures and Ratios” section of this press release.
     

    CONFERENCE CALL DETAILS

    A conference call to discuss the results will be held for the investment community on Tuesday, February 11, 2025, beginning at 6:30 a.m. MST (8:30 a.m. EST). To participate in the conference call, you are asked to register at one of the links provided below. Details regarding the call will be provided to you upon registration.

    Live call participant registration
    URL: https://register.vevent.com/register/BIec7e34fab05745059bfbdddfab97dbdb

    Live webcast participant registration (listen in only)
    URL: https://edge.media-server.com/mmc/p/xfyj3o3u

    FORWARD-LOOKING STATEMENTS

    This press release includes certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) which may include, but are not limited to PrairieSky’s future plans, current expectations and views of future operations and contains forward-looking statements that the Company believes allow readers to better understand the Company’s business and prospects. The use of any of the words “expect”, “expected to”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”, “strategy” and similar expressions (including negative variations) are intended to identify forward-looking information or statements. Forward-looking statements contained in this press release include, but are not limited to, estimates regarding our expectations with respect to PrairieSky’s business and growth strategy and trajectory, including the benefits of the Company’s strategy of investing in low-cost oil plays and the optionality of owning fee mineral title acreage, the expectation that the production growth momentum in the Clearwater and Mannville Stack heavy oil plays will continue, the expectation that incremental well licensing in the Duvernay play will provide growth in high netback light oil volumes in 2025 and the expectation that, subject to approval of the Board of Directors, PrairieSky will declare a quarterly dividend of $0.26 per common share for shareholders of record on March 31, 2025.

    With respect to forward-looking statements contained in this press release, PrairieSky has made several assumptions including those described in detail in our MD&A and the Annual Information Form for the year ended December 31, 2024. Readers and investors are cautioned that the assumptions used in the preparation of such forward-looking information and statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. PrairieSky’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. PrairieSky can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits the Company will derive from them.

    By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond PrairieSky’s control, including the impact of general economic conditions including inflation, industry conditions, volatility of commodity prices, lack of pipeline capacity, currency fluctuations, increasing interest rates, imprecision of reserve estimates, competitive factors impacting royalty rates, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability, the imposition of any tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States and the Company’s ability to access sufficient capital from internal and external sources. In addition, PrairieSky is subject to numerous risks and uncertainties in relation to acquisitions. These risks and uncertainties include risks relating to the potential for disputes to arise with counterparties, and limited ability to recover indemnification under certain agreements. The foregoing and other risks, uncertainties and assumptions are described in more detail in PrairieSky’s MD&A, and the Annual Information Form for the year ended December 31, 2024 under the headings “Risk Management” and “Risk Factors”, respectively, each of which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    Further, any forward-looking statement is made only as of the date of this press release, and PrairieSky undertakes no obligation to update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable securities laws. New factors emerge from time to time, and it is not possible for PrairieSky to predict all of these factors or to assess, in advance, the impact of each such factor on PrairieSky’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

    CONVERSIONS OF NATURAL GAS TO BOE

    To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). PrairieSky uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

    NON-GAAP MEASURES AND RATIOS

    Certain measures and ratios in this document do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to similar measures and ratios presented by other issuers. These measures and ratios are commonly used in the oil and natural gas industry and by PrairieSky to provide potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to conduct its business. Non-GAAP measures and ratios include operating netback per BOE and dividend payout ratio. Management’s use of these measures and ratios is discussed further below. Further information can be found in the Non-GAAP Measures and Ratios section of PrairieSky’s MD&A for the year ended December 31, 2024 and 2023.

    “Operating netback per BOE” represents the cash margin for products sold on a BOE basis. Operating netback per BOE is calculated by dividing the operating netback (royalty production revenue less production and mineral taxes and cash administrative expenses) by the average daily production volumes for the period. Operating netback per BOE is used to assess the cash generating and operating performance per unit of product sold and the comparability of the underlying performance between years. Operating netback per BOE measures are commonly used in the oil and natural gas industry to assess performance comparability. Refer to the Operating Results table on page 7 of PrairieSky’s MD&A for the year ended December 31, 2024 and 2023 and page 7 of PrairieSky’s MD&A for the three and nine months ended September 30, 2024 and 2023.

      Three months ended Year ended
      December 31 September 30 December 31 December 31 December 31
    ($ millions) 2024 2024 2023 2024 2023
    Cash from operating activities 91.3   109.6   128.0   379.9   318.9  
    Other revenue (20.0 ) (5.8 ) (14.6 ) (43.4 ) (38.6 )
    Other revenue – non-cash 8.2   –   –   8.2   0.5  
    Amortization of debt issuance costs (0.2 ) (0.1 ) (0.1 ) (0.5 ) (0.4 )
    Finance expense 2.3   2.7   3.9   12.2   17.5  
    Current tax expense 16.2   15.6   14.4   65.5   58.8  
    Interest on lease obligation (0.1 ) –   –   (0.1 ) –  
    Net change in non-cash working capital 7.7   (17.2 ) (16.9 ) 0.6   63.6  
    Operating netback 105.4   104.8   114.7   422.4   420.3  
                         

    “Operating Margin” represents operating netback as a percentage of royalty production revenue. Management uses this measure to demonstrate the comparability between the Company and production and exploration companies in the oil and natural gas industry as it shows net revenue generation from operations.

      Three months ended Year ended
      December 31 September 30 December 31 December 31 December 31
    ($ millions) 2024 2024 2023 2024 2023
    Royalty production revenue 115.6   111.5   122.0   465.8   474.6  
    Operating netback 105.4   104.8   114.7   422.4   420.3  
    Operating margin 91 % 94 % 94 % 91 % 89 %
                         

    “Dividend payout ratio” is calculated as dividends declared as a percentage of funds from operations. Payout ratio is used by dividend paying companies to assess dividend levels in relation to the funds generated and used in operating activities.

      Three months ended Year ended
      December 31 September 30 December 31 December 31 December 31
    ($ millions, except otherwise noted) 2024 2024 2023 2024 2023
    Funds from operations 99.0   92.4   111.1   380.5   382.5  
    Dividends declared 59.9   59.7   57.3   239.0   229.2  
    Dividend payout ratio 61 % 65 % 52 % 63 % 60 %
                         

    ABOUT PRAIRIESKY ROYALTY LTD.

    PrairieSky is a royalty company, generating royalty production revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most consolidated independently-owned fee simple mineral title position in Canada. PrairieSky’s common shares trade on the Toronto Stock Exchange under the symbol PSK.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Andrew M. Phillips
    President & Chief Executive Officer
    PrairieSky Royalty Ltd.
    (587) 293-4005

    Michael T. Murphy
    Vice-President, Geosciences & Capital Markets
    PrairieSky Royalty Ltd.
    (587) 293-4056

    Investor Relations
    (587) 293-4000
    www.prairiesky.com

    		 Pamela P. Kazeil
    Senior Vice-President, Finance & Chief Financial
    Officer
    PrairieSky Royalty Ltd.
    (587) 293-4089

    HTML available: https://www.globenewswire.com/NewsRoom/AttachmentNg/c0644401-3ea3-41c0-9565-4a5b3a92d061

    PDF available: http://ml.globenewswire.com/Resource/Download/4d86ab10-f760-4db0-9b30-279a327dab36

    The MIL Network –

  • MIL-OSI: Prospect Capital Announces Financial Results for Fiscal December 2024 Quarter

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter ended December 31, 2024.

    FINANCIAL RESULTS

    All amounts in $000’s except per share amounts (on weighted average basis for period numbers) Quarter Ended Quarter Ended Quarter Ended
    December 31, 2024 September 30, 2024 December 31, 2023
           
    Net Investment Income (“NII”) $86,431 $89,877 $96,927
    NII per Common Share $0.20 $0.21 $0.24
    Interest as % of Total Investment Income 91.0% 94.0% 92.3%
           
    Net Income (Loss) Applicable to Common Shareholders $(30,993) $(165,069) $(51,436)
    Net Income (Loss) per Common Share $(0.07) $(0.38) $(0.13)
           
    Distributions to Common Shareholders $65,554 $77,358 $74,056
    Distributions per Common Share $0.15 $0.18 $0.18
    Cumulative Paid and Declared Distributions to Common Shareholders(1) $4,445,060 $4,384,924 $4,162,509
    Cumulative Paid and Declared Distributions per Common Share(1) $21.39 $21.25 $20.76
    Multiple of Net Asset Value (“NAV”) per Common Share(1) 2.7x 2.6x 2.3x
           
    Total Assets $7,234,855 $7,592,705 $7,781,214
    Total Liabilities $2,164,305 $2,469,590 $2,596,824
    Preferred Stock $1,630,514 $1,612,302 $1,500,741
    Net Asset Value (“NAV”) to Common Shareholders $3,440,036 $3,510,813 $3,683,649
    NAV per Common Share $7.84 $8.10 $8.92
           
    Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments $1,879,738 $1,631,291 $1,187,740
           
    Net of Cash Debt to Total Assets 28.1% 29.7% 31.2%
    Net of Cash Debt to Equity Ratio(2) 39.8% 43.7% 46.2%
    Net of Cash Asset Coverage of Debt Ratio(2) 351% 329% 316%
           
    Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity 91.9% 86.0% 78.4%
    Unsecured and Non-Recourse Debt as % of Total Debt 100.0% 100.0% 100.0%
    (1) Declared dividends are through the April 2025 distribution. February through April 2025 distributions are estimated based on shares outstanding as of 2/7/2025.
    (2)  Including our preferred stock as equity.
       

    CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION

    Prospect is declaring distributions to common shareholders as follows:

    Monthly Cash Common Shareholder Distribution Record Date Payment Date Amount ($ per share)
    February 2025 2/26/2025 3/20/2025 $0.0450
    March 2025 3/27/2025 4/17/2025 $0.0450
    April 2025 4/28/2025 5/20/2025 $0.0450

    Prospect expects to declare May 2025, June 2025, July 2025, and August 2025 distributions to common shareholders in May 2025.

    Taking into account past distributions and our current share count for declared distributions, since inception through our April 2025 declared distribution, Prospect will have distributed $21.39 per share to original common shareholders, representing 2.7 times December 2024 common NAV per share, aggregating $4.4 billion in cumulative distributions to all common shareholders.

    Since Prospect’s initial public offering in July 2004 through December 31, 2024, Prospect has invested over $21 billion across over 400 investments, exiting over 300 of these investments.

    Drivers focused on optimizing our business include: (1) rotation of assets into and increased focus on our core business of first lien senior secured middle market loans, including sometimes with selected equity investments, (2) continued amortization of our subordinated structured notes portfolio, (3) prudent exits of equity linked assets (including real estate properties and corporate investments), (4) enhancement of portfolio company operating performance, and (5) greater utilization of our cost efficient revolving floating rate credit facility.

    In our middle market lending strategy, we recently provided a first lien senior secured term loan, a first lien senior secured convertible term loan, and a preferred equity investment to Taos Footwear Holdings, LLC (“Taos Footwear”), aggregating $65 million, in collaboration with Taos Footwear’s founder and leadership team. Taos Footwear is a leading, innovative footwear brand providing customers with stylish and supportive footwear products. Taos Footwear is renowned for its supportive footbed that has reshaped the lifestyle footwear industry over the past 20 years.

    Examples of similar recent investments in our middle market lending strategy with both first lien senior secured debt and equity linked investments include Druid City Infusion, LLC (an infusion therapy services company with multiple locations across the South and Mountain West regions of the United States), Discovery Point Retreat, LLC (a rapidly growing detox and rehabilitation provider in North Texas), The RK Logistics Group, Inc. (a logistics service provider of turnkey inventory management and transportation services focused on technology and other sectors), and iQor Holdings, Inc. (a provider of customer experience services and business process outsourcing services).

    Our subordinated structured notes portfolio as of December 31, 2024 represented 5.8% of our investment portfolio, a reduction of 210 basis points from 7.9% as of December 31, 2023. Since the inception of this strategy in 2011 and through December 31, 2024, we have exited 15 subordinated structured note investments that have earned an unlevered investment level gross cash internal rate of return (“IRR”) of 12.1% and cash on cash multiple of 1.3 times. The remaining subordinated structured notes portfolio had a trailing twelve month average cash yield of 24.4% and an annualized GAAP yield of 3.9% (in each case as of December 31, 2024, based on fair value, and excluding investments being redeemed), with the difference between cash yield and GAAP yield representing amortization of our cost basis.

    In our real estate property portfolio at National Property REIT Corp. (“NPRC”), since the inception of this strategy in 2012 and through December 31, 2024, we have exited 51 property investments (including two exits in the December 2024 quarter) that have earned an unlevered investment-level gross cash IRR of 24.3% and cash on cash multiple of 2.5 times. The remaining real estate property portfolio included 59 properties and paid us an income yield of 6.9% for the quarter ended December 31, 2024. Our aggregate investments in the related portfolio company had a $522 million unrealized gain as of December 31, 2024.

    Our senior management team and employees own 28.7% of all common shares outstanding (an increase of 240 basis points since June 30, 2024) or approximately $1.0 billion of our common equity as measured at NAV.

    PORTFOLIO UPDATE AND INVESTMENT ACTIVITY

    All amounts in $000’s except per unit amounts As of As of As of
    December 31, 2024 September 30, 2024 December 31, 2023
           
    Total Investments (at fair value) $7,132,928 $7,476,641 $7,631,846
    Number of Portfolio Companies 114 117 126
    Number of Industries 33 33 36
           
    First Lien Debt 64.9% 64.9% 58.7%
    Second Lien Debt 10.2% 11.1% 15.5%
    Subordinated Structured Notes 5.8% 6.2% 7.9%
    Unsecured Debt 0.1% 0.1% 0.1%
    Equity Investments 19.0% 17.7% 17.8%
    Mix of Investments with Underlying Collateral Security 80.9% 82.2% 82.1%
           
    Annualized Current Yield – All Investments 9.1% 9.7% 10.1%
    Annualized Current Yield – Performing Interest Bearing Investments 11.2% 11.8% 12.3%
           
    Non-Accrual Loans as % of Total Assets (1) 0.4% 0.5% 0.2%
           
    Middle-Market Loan Portfolio Company Weighted Average EBITDA(2) $101,644 $104,682 $109,719
    Middle-Market Loan Portfolio Company Weighted Average Net Leverage Ratio(2) 6.1x 5.7x 5.4x
    (1) Calculated at fair value.
    (2) For additional disclosure see “Middle-Market Loan Portfolio Company Weighted Average EBITDA and Net Leverage” at the end of the release.
       

    During the March 2025 (to date), December 2024, and September 2024 quarters, investment originations (including follow on investments in existing portfolio companies) and repayments were as follows:

    All amounts in $000’s Quarter Ended Quarter Ended Quarter Ended
    March 31, 2025
    (to date)    		 December 31, 2024 September 30, 2024
           
    Total Originations $110,724 $134,956 $290,639
           
    Middle-Market Lending 86.4% 67.7% 85.8%
    Middle-Market Lending / Buyouts —% 14.5% 6.1%
    Real Estate 13.6% 17.8% 7.8%
    Subordinated Structured Notes —% —% —%
           
    Total Repayments and Sales $19,480 $383,363 $282,328
           
    Originations, Net of Repayments and Sales $91,244 $(248,407) $8,311
           

    For additional disclosure see “Primary Origination Strategies” at the end of this release.

    CAPITAL AND LIQUIDITY

    Our multi-year, long-term laddered and diversified historical funding profile has included a $2.1 billion revolving credit facility (aggregate commitments with 48 current lenders), program notes, institutional bonds, convertible bonds, listed preferred stock, and program preferred stock. We have retired multiple upcoming maturities and, after we retire our upcoming $156.2 million convertible bond maturity due March 2025 (utilizing existing liquidity on hand), will have just $3.9 million remaining of debt maturing during calendar year 2025.

    On June 28, 2024, we completed an extension and upsizing of our Revolving Credit Facility (the “Revolving Credit Facility”), which extended the term of the Facility five years and the revolving period to four years from such date. The Facility includes a revolving period that extends through June 28, 2028, followed by an additional one-year amortization period. The interest rate for amounts drawn under the Facility remained unchanged from prior to the extension and upsizing and is one-month SOFR plus 2.05%.

    Our total unfunded eligible commitments to portfolio companies totals approximately $62 million, of which $29 million are considered at our sole discretion, representing 0.9% and 0.4% of our total assets as of December 31, 2024, respectively.

      As of As of
    All amounts in $000’s December 31, 2024 September 30, 2024
    Net of Cash Debt to Total Assets Ratio 28.1% 29.7%
    Net of Cash Debt to Equity Ratio(1) 39.8% 43.7%
    % of Interest-Bearing Assets at Floating Rates 79.8% 81.0%
    Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity 91.9% 86.0%
         
    Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments $1,879,738 $1,631,291
         
    Unencumbered Assets $4,763,601 $4,852,971
    % of Total Assets 65.8% 63.9%
    (1) Including our preferred stock as equity.
       

    The below table summarizes our December 2024 quarter term debt issuance and repurchase/repayment activity:

    All amounts in $000’s Principal Coupon Maturity
    Debt Issuances      
    Prospect Capital InterNotes® $41,759 6.625% – 7.75% January 2027 – December 2034
    Total Debt Issuances $41,759    
           
    Debt Repurchases/Repayments      
    Prospect Capital InterNotes® $1,187 2.25% – 6.63% May 2026 – December 2051
    2026 Notes $11,443 3.706% January 2026
    Total Debt Repurchases/Repayments $12,630    
           
    Net Debt Repurchases/Repayments $29,129    

    We currently have four separate unsecured debt issuances aggregating approximately $1.1 billion outstanding, not including our program notes, with laddered maturities extending through October 2028. At December 31, 2024, $644 million of program notes were outstanding with laddered maturities through March 2052.

    At December 31, 2024 our weighted average cost of unsecured debt financing was 4.49%, an increase of 0.07% from September 30, 2024, and an increase of 0.34% from December 31, 2023.

    We have raised significant capital from our existing $2.25 billion perpetual preferred stock offering programs. The preferred stock provides Prospect with a diversified source of programmatic capital without creating scheduled maturity risk due to the perpetual term of multiple preferred tranches.

    DIVIDEND REINVESTMENT PLAN

    We have adopted a dividend reinvestment plan (also known as our “DRIP”) that provides for reinvestment of our distributions on behalf of our shareholders, unless a shareholder elects to receive cash. On April 17, 2020, our board of directors approved amendments to the Company’s DRIP, effective May 21, 2020. These amendments principally provide for the number of newly-issued shares pursuant to the DRIP to be determined by dividing (i) the total dollar amount of the distribution payable by (ii) 95% of the closing market price per share of our stock on the valuation date of the distribution (providing a 5% discount to the market price of our common stock), a benefit to shareholders who participate.

    HOW TO PARTICIPATE IN OUR DIVIDEND REINVESTMENT PLAN

    Shares held with a broker or financial institution

    Many shareholders have been automatically “opted out” of our DRIP by their brokers. Even if you have elected to automatically reinvest your PSEC stock with your broker, your broker may have “opted out” of our DRIP (which utilizes DTC’s dividend reinvestment service), and you may therefore not be receiving the 5% pricing discount. Shareholders interested in participating in our DRIP to receive the 5% discount should contact their brokers to make sure each such DRIP participation election has been made through DTC. In making such DRIP election, each shareholder should specify to one’s broker the desire to participate in the “Prospect Capital Corporation DRIP through DTC” that issues shares based on 95% of the market price (a 5% discount to the market price) and not the broker’s own “synthetic DRIP” plan (if any) that offers no such discount. Each shareholder should not assume one’s broker will automatically place such shareholder in our DRIP through DTC. Each shareholder will need to make this election proactively with one’s broker or risk not receiving the 5% discount. Each shareholder may also consult with a representative of such shareholder’s broker to request that the number of shares the shareholder wishes to enroll in our DRIP be re-registered by the broker in the shareholder’s own name as record owner in order to participate directly in our DRIP.

    Shares registered directly with our transfer agent

    If a shareholder holds shares registered in the shareholder’s own name with our transfer agent (less than 0.1% of our shareholders hold shares this way) and wants to make a change to how the shareholder receives dividends, please contact our plan administrator, Equiniti Trust Company, LLC by calling (888) 888-0313 or by mailing Equiniti Trust Company LLC, PO Box 10027, Newark, New Jersey 07101.

    EARNINGS CONFERENCE CALL

    Prospect will host an earnings call on Tuesday, February 11, 2025 at 9:00 a.m. Eastern Time. Dial 888-338-7333. For a replay after February 11, 2025 visit www.prospectstreet.com or call 877-344-7529 with passcode 2146236.

    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share data)
     
      December 31, 2024   June 30, 2024
      (Unaudited)   (Audited)
    Assets      
    Investments at fair value:      
    Control investments (amortized cost of $3,323,998 and $3,280,415, respectively) $ 3,772,329   $ 3,872,575
    Affiliate investments (amortized cost of $11,735 and $11,594, respectively) 20,212   18,069
    Non-control/non-affiliate investments (amortized cost of $3,689,972 and $4,155,165, respectively) 3,340,387   3,827,599
    Total investments at fair value (amortized cost of $7,025,705 and $7,447,174, respectively) 7,132,928   7,718,243
    Cash and cash equivalents (restricted cash of $1,508 and $3,974, respectively) 59,760   85,872
    Receivables for:      
    Interest, net 18,428   26,936
    Other 1,914   1,091
    Deferred financing costs on Revolving Credit Facility 21,180   22,975
    Prepaid expenses 641   1,162
    Due from broker —   734
    Due from Affiliate 4   79
    Total Assets 7,234,855   7,857,092
    Liabilities      
    Revolving Credit Facility 301,522   794,796
    Public Notes (less unamortized discount and debt issuance costs of $10,075 and $12,433, respectively) 966,197   987,567
    Prospect Capital InterNotes® (less unamortized debt issuance costs of $9,299 and $7,999, respectively) 634,535   496,029
    Convertible Notes (less unamortized debt issuance costs of $166 and $649, respectively) 156,002   155,519
    Due to Prospect Capital Management 50,700   58,624
    Interest payable 23,214   21,294
    Dividends payable 20,076   25,804
    Due to Prospect Administration 5,070   5,433
    Accrued expenses 4,028   3,591
    Due to broker 2,762   10,272
    Other liabilities 199   242
    Total Liabilities 2,164,305   2,559,171
    Commitments and Contingencies      
    Preferred Stock, par value $0.001 per share (847,900,000 and 647,900,000 shares of preferred stock authorized, with 80,000,000 and 80,000,000 as Series A1, 80,000,000 and 80,000,000 as Series M1, 80,000,000 and 80,000,000 as Series M2, 20,000,000 and 20,000,000 as Series AA1, 20,000,000 and 20,000,000 as Series MM1, 1,000,000 and 1,000,000 as Series A2, 6,900,000 and 6,900,000 as Series A, 80,000,000 and 80,000,000 as Series A3, 80,000,000 and 80,000,000 as Series M3, 90,000,000 and 80,000,000 as Series A4, 90,000,000 and 80,000,000 as Series M4, 20,000,000 and 20,000,000 as Series AA2, 20,000,000 and 20,000,000 as Series MM2, 90,000,000 and 0 as Series A5, and 90,000,000 and 0 as Series M5, each as of December 31, 2024 and June 30, 2024; 27,968,443 and 28,932,457 Series A1 shares issued and outstanding, 1,309,907 and 1,788,851 Series M1 shares issued and outstanding, 0 and 0 Series M2 shares issued and outstanding, 0 and 0 Series AA1 shares issued and outstanding, 0 and 0 Series MM1 shares issued and outstanding, 163,000 and 164,000 Series A2 shares issued and outstanding, 5,251,157 and 5,251,157 Series A shares issued and outstanding, 24,476,826 and 24,810,648 Series A3 shares issued and outstanding, 2,732,317 and 3,351,101 Series M3 shares issued and outstanding, 2,192,884 and 1,401,747 Series M4 shares issued and outstanding, 7,012,458 and 3,766,166 Series A4 issued and outstanding, 0 and 0 Series AA2 shares issued and outstanding, 0 and 0 Series MM2 shares issued and outstanding, 0 and 0 Series A5 issued and outstanding, and 0 and 0 Series M5 issued and outstanding as of December 31, 2024 and June 30, 2024, respectively) at carrying value plus cumulative accrued and unpaid dividends 1,630,514   1,586,188
    Net Assets Applicable to Common Shares $ 3,440,036   $ 3,711,733
    Components of Net Assets Applicable to Common Shares and Net Assets, respectively      
    Common stock, par value $0.001 per share (1,152,100,000 and 1,352,100,000 common shares authorized; 438,851,578 and 424,846,963 issued and outstanding, respectively) 439   425
    Paid-in capital in excess of par 4,267,636   4,208,607
    Total distributable (loss) (828,039)   (497,299)
    Net Assets Applicable to Common Shares $ 3,440,036   $ 3,711,733
    Net Asset Value Per Common Share $ 7.84   $ 8.74
     
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
    (Unaudited)
     
      Three Months Ended December 31, Six Months Ended December 31,
      2024   2023 2024   2023
    Investment Income            
    Interest income (excluding payment-in-kind (“PIK”) interest income):            
    Control investments $ 57,386   $ 41,690 $ 109,768   $ 90,816
    Non-control/non-affiliate investments 87,159   105,749 182,069   212,105
    Structured credit securities 4,054   8,882 8,233   25,569
    Total interest income (excluding PIK interest income) 148,599   156,321 300,070   328,490
    PIK interest income:            
    Control investments 13,884   26,834 33,594   50,951
    Non-control/non-affiliate investments 6,315   11,476 19,749   17,637
    Total PIK Interest Income 20,199   38,310 53,343   68,588
    Total interest income 168,798   194,631 353,413   397,078
    Dividend income:            
    Control investments 4,387   — 4,387   227
    Affiliate investments —   — 141   1,307
    Non-control/non-affiliate investments 2,574   1,340 4,843   2,865
    Total dividend income 6,961   1,340 9,371   4,399
    Other income:            
    Control investments 8,416   11,616 15,383   41,361
    Non-control/non-affiliate investments 1,291   3,355 3,607   4,349
    Total other income 9,707   14,971 18,990   45,710
    Total Investment Income 185,466   210,942 381,774   447,187
    Operating Expenses            
    Base management fee 37,069   39,087 75,675   78,376
    Income incentive fee 13,632   18,325 29,312   43,942
    Interest and credit facility expenses 37,979   40,044 77,739   80,637
    Allocation of overhead from Prospect Administration 5,708   12,252 11,416   14,365
    Audit, compliance and tax related fees 80   479 1,800   1,496
    Directors’ fees 150   131 300   266
    Other general and administrative expenses 4,417   3,697 9,224   5,566
    Total Operating Expenses 99,035   114,015 205,466   224,648
    Net Investment Income 86,431   96,927 176,308   222,539
    Net Realized and Net Change in Unrealized Gains (Losses) from Investments            
    Net realized gains (losses)            
    Control investments 3   — 6,370   (147)
    Non-control/non-affiliate investments (46,656)   123 (153,393)   (207,219)
    Net realized gains (losses) (46,653)   123 (147,023)   (207,366)
    Net change in unrealized gains (losses)            
    Control investments 30,419   (99,441) (143,829)   (117,235)
    Affiliate investments (1,446)   1,751 2,002   2,588
    Non-control/non-affiliate investments (69,053)   (27,051) (22,020)   188,535
    Net change in unrealized gains (losses) (40,080)   (124,741) (163,847)   73,888
    Net Realized and Net Change in Unrealized Gains (Losses) from Investments (86,733)   (124,618) (310,870)   (133,478)
    Net realized gains (losses) on extinguishment of debt 236   (53) 484   (144)
    Net Increase (Decrease) in Net Assets Resulting from Operations (66)   (27,744) (134,078)   88,917
    Preferred Stock dividends (26,228)   (24,070) (53,385)   (47,221)
    Net gain (loss) on redemptions of Preferred Stock (906)   378 1,398   879
    Gain (loss) on Accretion to Redemption Value of Preferred Stock (3,793)   — (9,997)   —
    Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders $ (30,993)   $ (51,436) $ (196,062)   $ 42,575
     
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    ROLLFORWARD OF NET ASSET VALUE PER COMMON SHARE
    (in actual dollars)
     
      Three Months Ended December 31,   Six Months Ended December 31,  
      2024   2023   2024   2023  
    Per Share Data                
    Net asset value per common share at beginning of period $         8.10   $         9.25   $         8.74   $         9.24  
    Net investment income(1) 0.20   0.24   0.41   0.54  
    Net realized and change in unrealized gains (losses)(1) (0.21)   (0.30)   (0.74)   (0.33)  
    Net increase (decrease) from operations (0.01)   (0.06)   (0.33)   0.21  
    Distributions of net investment income to preferred stockholders (0.06) (4) (0.07) (3) (0.12) (4) (0.12) (3)
    Distributions of capital gains to preferred stockholders — (4) — (3) — (4) — (3)
    Total distributions to preferred stockholders (0.06)   (0.07)   (0.12)   (0.12)  
    Net increase (decrease) from operations applicable to common stockholders (0.07)   (0.13)   (0.45)   0.10 (7)
    Distributions of net investment income to common stockholders (0.15) (4) (0.18) (3) (0.33) (4) (0.34) (3)
    Return of capital to common stockholders — (4) — (3) — (4) (0.02) (3)(6)
    Total distributions to common stockholders (0.15)   (0.18)   (0.33)   (0.36)  
    Common stock transactions(2) (0.04)   (0.02)   (0.13)   (0.06)  
    Net asset value per common share at end of period $         7.84   $         8.92   $         7.84 (7) $         8.92 (7)
    (1) Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for dividends to stockholders which is based on actual rate per share). Realized gains (losses) is inclusive of net realized losses (gains) on investments, realized losses (gains) from extinguishment of debt and realized gains (losses) from the repurchases and redemptions of preferred stock.
       
    (2) Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our common stock dividend reinvestment plan, common shares issued to acquire investments, common shares repurchased below net asset value pursuant to our Repurchase Program, and common shares issued pursuant to the Holder Optional Conversion of our 5.50% Preferred Stock and 6.50% Preferred Stock.
       
    (3) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2024.
       
    (4) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2025.
       
    (5) Diluted net decrease from operations applicable to common stockholders was $0.07 for the three months ended December 31, 2024. Diluted net decrease from operations applicable to common stockholders was $0.13 for the three months ended December 31, 2023. Diluted net decrease from operations applicable to common stockholders was $0.45 for the six months ended December 31, 2024. Diluted net increase from operations applicable to common stockholders was $0.10 for the six months ended December 31, 2023.
       
    (6) The amounts reflected for the respective fiscal periods were updated based on tax information received subsequent to our Form 10-K filing for the year ended June 30, 2023 and our Form 10-Q filing for December 31, 2023. Certain reclassifications have been made in the presentation of prior period amounts.
       
    (7) Does not foot due to rounding.
       

    MIDDLE-MARKET LOAN PORTFOLIO COMPANY WEIGHTED AVERAGE EBITDA, NET LEVERAGE AND INTERNAL RATE OF RETURN

    Middle-Market Loan Portfolio Company Weighted Average Net Leverage (“Middle-Market Portfolio Net Leverage”) and Middle-Market Loan Portfolio Company Weighted Average EBITDA (“Middle-Market Portfolio EBITDA”) provide clarity into the underlying capital structure of PSEC’s middle-market loan portfolio investments and the likelihood that such portfolio will make interest payments and repay principal.

    Middle-Market Portfolio Net Leverage reflects the net leverage of each of PSEC’s middle-market loan portfolio company debt investments, weighted based on the current fair market value of such debt investments. The net leverage for each middle-market loan portfolio company is calculated based on PSEC’s investment in the capital structure of such portfolio company, with a maximum limit of 10.0x adjusted EBITDA. This calculation excludes debt subordinate to PSEC’s position within the capital structure because PSEC’s exposure to interest payment and principal repayment risk is limited beyond that point. Additionally, subordinated structured notes, rated secured structured notes, real estate investments, investments for which EBITDA is not available, and equity investments, for which principal repayment is not fixed, are also not included in the calculation. The calculation does not exceed 10.0x adjusted EBITDA for any individual investment because 10.0x captures the highest level of risk to PSEC. Middle-Market Portfolio Net Leverage provides PSEC with some guidance as to PSEC’s exposure to the interest payment and principal repayment risk of PSEC’s middle-market loan portfolio. PSEC monitors its Middle-Market Portfolio Net Leverage on a quarterly basis.

    Middle-Market Portfolio EBITDA is used by PSEC to supplement Middle-Market Portfolio Net Leverage and generally indicates a portfolio company’s ability to make interest payments and repay principal. Middle-Market Portfolio EBITDA is calculated using the EBITDA of each of PSEC’s middle-market loan portfolio companies, weighted based on the current fair market value of the related investments. The calculation provides PSEC with insight into profitability and scale of the portfolio companies within PSEC’s middle-market loan portfolio.

    These calculations include addbacks that are typically negotiated and documented in the applicable investment documents, including but not limited to transaction costs, share-based compensation, management fees, foreign currency translation adjustments, and other nonrecurring transaction expenses.

    Together, Middle-Market Portfolio Net Leverage and Middle-Market Portfolio EBITDA assist PSEC in assessing the likelihood that PSEC will timely receive interest and principal payments. However, these calculations are not meant to substitute for an analysis of PSEC’s underlying portfolio company debt investments, but to supplement such analysis.

    Internal Rate of Return (“IRR”) is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. IRR is gross of general expenses not related to specific investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. Prospect’s gross IRR calculations are unaudited. Information regarding internal rates of return are historical results relating to Prospect’s past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

    PRIMARY ORIGINATION STRATEGIES

    Lending to Companies – We make directly-originated, agented loans to companies, including companies which are controlled by private equity sponsors and companies that are not controlled by private equity sponsors (such as companies that are controlled by the management team, the founder, a family or public shareholders). This debt can take the form of first lien, second lien, unitranche or unsecured loans. These loans typically have equity subordinate to our loan position. We may also purchase selected equity investments in such companies. In addition to directly-originated, agented loans, we also invest in senior and secured loans syndicated loans and high yield bonds that have been sold to a club or syndicate of buyers, both in the primary and secondary markets. These investments are often purchased with a long term, buy-and-hold outlook, and we often look to provide significant input to the transaction by providing anchoring orders.

    Lending to Companies and Purchasing Controlling Equity Positions in Such Companies – This strategy involves purchasing senior and secured yield-producing debt and controlling equity positions in operating companies across various industries. We believe this strategy provides enhanced certainty of closing to sellers and the opportunity for management to continue on in their current roles. These investments are often structured in tax-efficient partnerships, enhancing returns.

    Purchasing Controlling Equity Positions and Lending to Real Estate Companies – We purchase debt and controlling equity positions in tax-efficient real estate investment trusts (“REIT” or “REITs”). The real estate investments of National Property REIT Corp. (“NPRC”) are in various classes of developed and occupied real estate properties that generate current yields, including multi-family properties, student housing and senior living. NPRC seeks to identify properties that have historically significant occupancy rates and recurring cash flow generation. NPRC generally co-invests with established and experienced property management teams that manage such properties after acquisition. Additionally, NPRC makes investments in rated secured structured notes (primarily debt of structured credit). NPRC also purchases loans originated by certain consumer loan facilitators. It purchases each loan in its entirety (i.e., a “whole loan”). The borrowers are consumers, and the loans are typically serviced by the facilitators of the loans.

    Investing in Structured Credit – We make investments in structured credit, often taking a significant position in subordinated structured notes (equity). The underlying portfolio of each structured credit investment is diversified across approximately 100 to 200 broadly syndicated loans and does not have direct exposure to real estate, mortgages, or consumer-based credit assets. The structured credit portfolios in which we invest are managed by established collateral management teams with many years of experience in the industry.

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For additional information, contact:

    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network –

  • MIL-OSI: Astera Labs Announces Financial Results for the Fourth Quarter of Fiscal Year 2024

    Source: GlobeNewswire (MIL-OSI)

    • Record quarterly revenue of $141.1 million, up 25% QoQ and up 179% YoY
    • Fiscal 2024 record revenue of $396.3 million, up 242% versus the prior year
    • Ramping across diverse set of customers and platforms with four product families in fiscal 2025

    SANTA CLARA, Calif., Feb. 10, 2025 (GLOBE NEWSWIRE) — Astera Labs, Inc. (Nasdaq: ALAB), a global leader in semiconductor-based connectivity solutions for cloud and AI infrastructure, today announced preliminary financial results for the fourth quarter and full fiscal year 2024, ended December 31, 2024.

    “Astera Labs delivered strong Q4 results, with revenue growing 25% versus the previous quarter, and capped off a stellar 2024 with 242% revenue growth year-over-year,” said Jitendra Mohan, Astera Labs’ Chief Executive Officer. “The revenue growth in 2024 was largely driven by Aries PCIe Retimer products, with Taurus Smart Cable Modules for Ethernet coming in strongly in Q4. We expect 2025 to be a breakout year as we enter a new phase of growth driven by revenue from all four of our product families to support a diverse set of customers and platforms. This includes our flagship Scorpio Fabric products for head-node PCIe connectivity and backend AI accelerator scale-up clustering.”

    Fourth Quarter of Fiscal 2024 Financial Highlights

    GAAP Financial Results:  

    • Revenue of $141.1 million, up 25% sequentially and up 179% year-over-year
    • GAAP gross margin of 74.0%
    • GAAP operating income of $0.1 million
    • GAAP operating margin of 0.1%
    • GAAP net income of $24.7 million
    • GAAP diluted net earnings per share of $0.14

    Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

    • Non-GAAP gross margin of 74.1%
    • Non-GAAP operating income of $48.4 million
    • Non-GAAP operating margin of 34.3%
    • Non-GAAP net income of $66.5 million
    • Non-GAAP diluted earnings per share of $0.37

    Full Year Fiscal 2024 Financial Highlights

    GAAP Financial Results:  

    • Revenue of $396.3 million, up 242% year-over-year
    • GAAP gross margin of 76.4%
    • GAAP operating loss of $116.1 million
    • GAAP operating margin of (29.3%)
    • GAAP net loss of $83.4 million
    • GAAP diluted net loss per share of $0.64

    Non-GAAP and Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

    • Non-GAAP gross margin of 76.6%
    • Non-GAAP operating income of $119.6 million
    • Non-GAAP operating margin of 30.2%
    • Non-GAAP net income of $143.3 million
    • Pro forma non-GAAP diluted earnings per share of $0.84

    Full Year Fiscal 2024 Business Highlights

    • Introduced new portfolio of Scorpio Smart Fabric Switches purpose-built for AI infrastructure at cloud-scale. The Scorpio Smart Fabric Switch family features two application-specific product lines with a multi-generational roadmap, including the P-Series for GPU-to-CPU/NIC/SSD PCIe Gen 6 connectivity and the X-Series for platform-specific, back-end AI accelerator clustering. Scorpio is currently shipping in pre-production quantities.
    • Joined the Ultra Accelerator Link Consortium as a promoting member on the Board of Directors. UALink technology will be used to enable efficient high-speed scale-up connectivity between AI accelerators within large and growing cluster sizes for AI workloads. Astera Labs is well positioned to quickly contribute to this new and compelling industry initiative to develop and advance UALink technology.
    • Demonstrated the industry’s first end-to-end PCIe optical connectivity link to provide extended reach for larger, disaggregated GPU clusters. PCIe over optics expands Astera Labs’ widely deployed and field-tested Aries family of Smart DSP retimers and Smart Cable Modules (SCMs) to deliver robust PCIe and CXL connectivity in chip-to-chip, box-to-box, and rack-to-rack topologies throughout the data center.
    • Expanded the widely deployed and field-tested Aries PCIe/CXL Smart DSP Retimer portfolio with the introduction and initial shipment of Aries 6 Retimers, the industry’s lowest power PCIe 6.x/CXL 3.x Retimer solution, to achieve higher bandwidth and extended reach across complex AI and compute topologies.
    • Shipped Aries PCIe/CXL Smart Cable Modules for Active Electrical Cable applications to enable multi-rack GPU clustering and low-latency memory fabric connectivity within AI infrastructure. The solution drives seven meters of reach over flexible copper cables to seamlessly and affordably interconnect clusters of GPUs across rack enclosures.
    • Showcased the first public demonstration of end-to-end interoperability between a PCIe 6.x Switch and a PCIe 6.x SSD at DesignCon 2025. The PCIe 6.x link-up was between an Astera Labs Scorpio P-Series Fabric Switch and Micron’s PCIe 6.x SSDs and showcased remarkable sequential read speeds exceeding 26GB/s.

    First Quarter of Fiscal 2025 Financial Outlook

    Based on current business trends and conditions, Astera Labs estimates the following:

    GAAP Financial Outlook:

    • Revenue within a range of $151 million to $155 million
    • GAAP gross margin of approximately 74%
    • GAAP operating expenses within a range of approximately $113 million to $114 million
    • GAAP tax expense of approximately $3 million
    • GAAP diluted earnings per share within a range of approximately $0.03 to $0.04 on weighted-average diluted shares outstanding of approximately 180 million

    Non-GAAP Financial Outlook (excluding the impact of approximately $47 million of stock-based compensation and including approximately $3 million of additional income taxes):

    • Non-GAAP gross margin of approximately 74%
    • Non-GAAP operating expenses within a range of approximately $66 million to $67 million
    • Non-GAAP tax rate of approximately 10%
    • Non-GAAP diluted earnings per share within a range of approximately $0.28 to $0.29 on non-GAAP weighted-average diluted shares outstanding of approximately 180 million

    Earnings Webcast and Conference Call
    Astera Labs will host a conference call to review its financial results for the fourth quarter and full year of fiscal 2024 and to discuss our financial outlook today at 1:30 p.m. Pacific Time. Interested parties may join the conference call by dialing 1-800-715-9871 and using conference ID 5908687. The call will also be webcast and can be accessed at the Astera Labs website at https://ir.asteralabs.com/. The webcast will be recorded and available for replay on the company’s website for the next six months.

    Discussion of Non-GAAP Financial Measures
    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. A reconciliation of these non-GAAP measures to the closest GAAP measure can be found later in this release. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income (loss), non-GAAP diluted earnings (loss) per share, and non-GAAP weighted-average share count. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income (loss), non-GAAP pro forma diluted earnings (loss) per share, and non-GAAP pro forma weighted-average share count provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    No reconciliation is provided with respect to the forward-looking non-GAAP financial measures included in our non-GAAP financial outlook, as the GAAP measures are not accessible on a forward-looking basis. As a result, we cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results.

    We adjust the following items from one or more of our non-GAAP financial measures:

    Stock-based compensation expense
    We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate non-cash stock-based compensation expense using a variety of valuation methodologies and subjective assumptions. Moreover, stock-based compensation expense is a non-cash charge that can vary significantly from period to period for reasons that are unrelated to our core operating performance, and therefore excluding this item provides investors and other users of our financial information with information that allows meaningful comparisons of our business performance across periods.

    Employer payroll taxes related to stock-based compensation resulting from our IPO
    We exclude employer payroll taxes related to the time-based vesting and net settlement of restricted stock units in connection with our initial public offering (the “IPO”), because this does not correlate to the operation of our business. We believe that excluding this item provides meaningful supplemental information regarding operational performance given the amount of employer payroll tax-related items on employee stock transactions was immaterial prior to our IPO.

    Income tax effect
    This represents the impact of the non-GAAP adjustments on an after-tax basis and one-off discrete tax adjustments that are unrelated to our core operating performance in connection with the presentation of non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share. This approach is designed to enhance investors’ ability to understand the impact of our non-GAAP tax expense on our current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments.

    Non-GAAP pro forma weighted-average shares to compute non-GAAP pro forma net income (loss) per share
    We present non-GAAP pro forma weighted-average shares, assuming our redeemable convertible preferred stock is converted from the beginning of each respective periods presented, to provide meaningful supplemental information regarding EPS trend on a consistent basis. All of our outstanding redeemable preferred stock converted into the equivalent number of shares of common stock in connection with our IPO.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements based on Astera Labs’ current expectations. The words “believe”, “estimate”, “expect”, “intend”, “may”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Astera Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Astera Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, including for the first quarter of fiscal 2025, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products and anticipated results of those products for our customers, our competitive positioning, including to meet the connectivity market opportunity in the future and initiative to advance UALink technology, technological capabilities and plans, our plans to add R&D talent and strategic IP blocks, and macroeconomic trends in cloud and AI infrastructure. A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation: the competitive and cyclical nature of the semiconductor industry; the concentration of our customer base; the changes in demand for AI; the macroeconomic environment; risks that demand and the supply chain may be adversely affected, including by the imposition of tariffs by the United States and any corresponding retaliatory tariffs, changes in political policies, military conflict (such as between Russia/Ukraine and Israel/Hamas), terrorism, sanctions or other geopolitical events globally (including conflict between Taiwan and China); quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with managing international activities (including trade barriers, particularly with respect to China); absence of long-term commitments from customers; risks that Astera Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; stock price volatility; information technology risks, including cyber-attacks against Astera Labs’ products and its networks; and other risks and uncertainties that are detailed under the caption “Risk Factors” and elsewhere in our Annual Report on 10-K that will be filed with the Securities and Exchange Commission (the “SEC”) and in Quarterly Reports on Form 10-Q filed with the SEC and the other SEC filings and reports Astera Labs may make from time to time.  Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Astera Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    About Astera Labs
    Our PCIe, CXL and Ethernet semiconductor-based connectivity solutions are purpose-built to unleash the full potential of accelerated computing at cloud-scale. Inspired by trusted partnerships with hyperscalers and the data center ecosystem, we are an innovation leader of products that are customizable, interoperable, and reliable. Discover how we are transforming AI and modern data-driven applications at www.asteralabs.com.

     
    ASTERA LABS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
    (In thousands)
     
        December 31,
    2024    		   December 31,
    2023
    Assets        
    Current assets        
    Cash and cash equivalents   $ 79,551     $ 45,098  
    Marketable securities     834,750       104,215  
    Accounts receivable, net     38,811       8,335  
    Inventory     43,215       24,095  
    Prepaid expenses and other current assets     16,652       4,064  
    Total current assets     1,012,979       185,807  
    Property and equipment, net     35,651       4,712  
    Other assets     5,878       5,773  
    Total assets   $ 1,054,508     $ 196,292  
             
    Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
    Current liabilities        
    Accounts payable   $ 26,918     $ 6,337  
    Accrued expenses and other current liabilities     59,624       28,742  
    Total current liabilities     86,542       35,079  
    Other liabilities     3,167       3,787  
    Total liabilities     89,709       38,866  
    Commitments and contingencies        
    Redeemable convertible preferred stock     –       255,127  
    Stockholders’ equity (deficit)        
    Common stock     16       4  
    Additional paid-in capital     1,173,153       27,411  
    Accumulated other comprehensive income     426       259  
    Accumulated deficit     (208,796 )     (125,375 )
    Total stockholders’ equity (deficit)     964,799       (97,701 )
    Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)   $ 1,054,508     $ 196,292  
     
    ASTERA LABS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
    (In thousands, except per share amounts)
     
        Three Months Ended   Years Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenue   $ 141,096     $ 113,086     $ 50,514     $ 396,290     $ 115,794  
    Cost of revenue     36,648       25,209       11,489       93,591       35,967  
    Gross profit     104,448       87,877       39,025       302,699       79,827  
                         
    Operating expenses                    
    Research and development     56,524       50,659       19,654       200,830       73,407  
    Sales and marketing     22,818       23,248       4,995       123,652       19,992  
    General and administrative     24,962       22,866       5,356       94,283       15,925  
    Total operating expenses     104,304       96,773       30,005       418,765       109,324  
    Operating income (loss)     144       (8,896 )     9,020       (116,066 )     (29,497 )
    Interest income     10,558       10,912       1,674       34,288       6,549  
    Income (loss) before income taxes     10,702       2,016       10,694       (81,778 )     (22,948 )
    Income tax (benefit) provision     (14,011 )     9,609       (3,631 )     1,643       3,309  
    Net income (loss)   $ 24,713     $ (7,593 )   $ 14,325     $ (83,421 )   $ (26,257 )
                         
    Net income (loss) per share attributable to common stockholders:        
    Basic   $ 0.15     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    Diluted   $ 0.14     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders:                    
    Basic     159,895       156,831       38,627       131,262       37,131  
    Diluted     177,559       156,831       47,636       131,262       37,131  
     
    ASTERA LABS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
    (In thousands)
     
        Years Ended December 31,
          2024       2023  
    Cash flows from operating activities        
    Net loss   $ (83,421 )   $ (26,257 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities        
    Stock-based compensation     234,588       10,679  
    Depreciation     3,154       1,781  
    Non-cash operating lease expense     2,428       1,232  
    Warrants contra revenue     1,395       805  
    Inventory write-downs     168       10,343  
    Accretion of discounts on marketable securities     (8,341 )     (1,624 )
    Changes in operating assets and liabilities:        
    Accounts receivable, net     (30,480 )     2,386  
    Inventory     (19,287 )     (5,564 )
    Prepaid expenses and other assets     (13,031 )     (720 )
    Accounts payable     20,887       (4,264 )
    Accrued expenses and other liabilities     31,018       (167 )
    Operating lease liability     (2,402 )     (1,346 )
    Net cash provided by (used in) operating activities     136,676       (12,716 )
             
    Cash flows from investing activities        
    Purchases of property and equipment     (34,245 )     (2,761 )
    Purchases of marketable securities     (930,575 )     (126,225 )
    Sales and maturities of marketable securities     208,665       111,214  
    Other investing activities     (1,413 )     —  
    Net cash used in investing activities     (757,568 )     (17,772 )
             
    Cash flows from financing activities        
    Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions     672,198       —  
    Payment of deferred offering costs     (4,801 )     (1,407 )
    Proceeds from exercises of stock options     5,458       1,115  
    Proceeds from employee stock purchase plan     4,160       —  
    Tax withholding related to net share settlements of restricted stock units     (20,111 )     —  
    Repurchase of common stock upon termination     (1,066 )     (210 )
    Net cash provided by (used in) financing activities     655,838       (502 )
    Net increase (decrease) in cash, cash equivalents, and restricted cash     34,946       (30,990 )
    Cash, cash equivalents, and restricted cash        
    Beginning of the period     45,098       76,088  
    End of the period   $ 80,044     $ 45,098  
     
    ASTERA LABS, INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)
    (In thousands, except percentages and per share amounts)
     
        Three Months Ended   Years Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    GAAP gross profit   $ 104,448     $ 87,877     $ 39,025     $ 302,699     $ 79,827  
    Stock-based compensation expense upon IPO (1)     —       —       —       516       —  
    Stock-based compensation expense     131       102       8       329       24  
    Non-GAAP gross profit   $ 104,579     $ 87,979     $ 39,033     $ 303,544     $ 79,851  
                         
    GAAP gross margin     74.0 %     77.7 %     77.3 %     76.4 %     68.9 %
    Stock-based compensation expense upon IPO (1)     —       —       —       0.1       —  
    Stock-based compensation expense     0.1       0.1       —       0.1       0.1  
    Non-GAAP gross margin     74.1 %     77.8 %     77.3 %     76.6 %     69.0 %
                         
    GAAP operating income (loss)   $ 144     $ (8,896 )   $ 9,020     $ (116,066 )   $ (29,497 )
    Stock-based compensation expense upon IPO (1)     —       —       —       88,873       —  
    Stock-based compensation expense     48,218       45,535       3,299       145,715       10,679  
    Employer payroll tax related to stock-based compensation from IPO (2)     —       —       —       1,072       —  
    Non-GAAP operating income (loss)   $ 48,362     $ 36,639     $ 12,319     $ 119,594     $ (18,818 )
                         
    GAAP operating margin     0.1 %   (7.9)%     17.9 %   (29.3)%   (25.5)%
    Stock-based compensation expense upon IPO (1)     —       —       —       22.4       —  
    Stock-based compensation expense     34.2       40.3       6.5       36.8       9.2  
    Employer payroll tax related to stock-based compensation from IPO (2)     —       —       —       0.3       —  
    Non-GAAP operating margin     34.3 %     32.4 %     24.4 %     30.2 %   (16.3)%
                         
    GAAP net income (loss)   $ 24,713     $ (7,593 )   $ 14,325     $ (83,421 )   $ (26,257 )
    Stock-based compensation expense upon IPO (1)     —       —       —       88,873       —  
    Stock-based compensation expense     48,218       45,535       3,299       145,715       10,679  
    Employer payroll tax related to stock-based compensation from IPO (2)     —       —       —       1,072       —  
    Income tax effect (3)     (6,439 )     2,340       —       (8,910 )     —  
    Non-GAAP net income (loss)   $ 66,492     $ 40,282     $ 17,624     $ 143,329     $ (15,578 )
                         
    Net income (loss) per share attributable to common stockholders:        
    GAAP – basic   $ 0.15     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    GAAP – diluted   $ 0.14     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    Non-GAAP pro forma – diluted   $ 0.37     $ 0.23     $ 0.12     $ 0.84     $ (0.12 )
                         
    Weighted average shares used to compute net income (loss) per share attributable to common stockholders:        
    GAAP – basic     159,895       156,831       38,627       131,262       37,131  
    GAAP – diluted     177,559       156,831       47,636       131,262       37,131  
    Non-GAAP pro forma – diluted (4)     177,559       173,832       138,527       168,913       128,022  

    ____________________

    (1) Stock-based compensation expense recognized in connection with the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

    (2) Employer payroll taxes related to the time-based vesting and settlement of RSUs, that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

    (3) Income tax effect is calculated based on the tax laws in the jurisdictions in which we operate and is calculated to exclude the impact of stock-based compensation expense and one-off discrete tax adjustments that are unrelated to our core operating performance. For the three months ended December 31, 2024 and September 30, 2024, the non-GAAP tax benefit rate was 13% and tax expense rate of 15%, respectively. The adjustments for the three months ended December 31, 2023 were not material. For the years ended December 31, 2024, the non-GAAP tax expense rate was 7% compared to a tax benefit rate of 27% for the year ended December 31, 2023.

    (4) We present the non-GAAP pro forma weighted average shares to provide meaningful supplemental information of comparable shares for each periods presented. The non-GAAP pro forma weighted average shares is calculated as follows:

        Three Months Ended   Years Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Shares used to compute GAAP net income (loss) per share attributable to common stockholders – diluted   177,559   156,831   47,636   131,262   37,131
    Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the beginning of the periods   —   —   90,891   19,165   90,891
    Effect of dilutive equivalent shares   —   17,001   —   18,486   —
    Shares used to compute non-GAAP pro forma net income (loss) per share- diluted   177,559   173,832   138,527   168,913   128,022

      

     
    ASTERA LABS, INC.SUPPLEMENTAL FINANCIAL INFORMATIONSTOCK-BASED COMPENSATION EXPENSE (Unaudited)
    (In thousands)
     
      Three Months Ended   Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Cost of revenue $ 131   $ 102   $ 8   $ 845   $ 24
    Research and development   18,808     14,641     2,303     76,427     7,360
    Sales and marketing   14,671     16,200     681     95,887     2,067
    General and administrative   14,608     14,592     307     61,429     1,228
    Total stock-based compensation expense (1) $ 48,218   $ 45,535   $ 3,299   $ 234,588   $ 10,679

    ____________________

    (1) Stock-based compensation expense recognized during the year ended December 31, 2024 included $88.9 million of cumulative stock-based compensation expense related to the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.


    IR CONTACT:     Leslie Green
    leslie.green@asteralabs.com

    The MIL Network –

  • MIL-OSI United Nations: Noting Terrorist Groups’ Resilience, UN Counter-Terrorism Chief Tells Security Council Lasting Global Collaboration Key to Address Conditions Conducive to Lawlessness

    Source: United Nations General Assembly and Security Council

    Speakers Discuss Risk ISIL/Da’esh, Their Affiliates Pose in Syria, Afghanistan, Across Africa

    The resilience of terrorist groups underscores the need for sustained international collaboration and comprehensive, long-term responses that address the conditions conducive to terrorism, the Security Council heard today during a briefing on the threat posed by Islamic State in Iraq and the Levant (ISIL/Da’esh).

    Vladimir Voronkov, Under-Secretary-General of the United Nations Office of Counter-Terrorism, discussing the Secretary-General’s twentieth biannual strategic-level report on the topic, highlighted the volatile situation in Syria, and “the risk that stockpiles of advanced weapons could fall into the hands of terrorists”.  An estimated 42,500 individuals, some with alleged links to Da’esh, remain in detention camps in the north-east.  Member States must “facilitate the safe, voluntary and dignified repatriation of their nationals still stranded in those camps and facilities”, he said. 

    Providing details on the global terrorism landscape during the past six months, he said that, in Afghanistan, ISIL-Khorasan continued to pose a significant threat noting that its supporters plotted attacks in Europe and were actively seeking to recruit individuals from Central Asian States.  In West Africa and the Sahel, Da’esh affiliates and other terrorist groups intensified attacks, including against schools in Burkina Faso, Mali and Niger, while in Somalia, the organization successfully recruited foreign terrorist fighters. 

    Sub-Saharan Africa has become the epicenter of global terrorism, he said, noting that the United Nations has prioritized capacity-building support to the continent.  His office increased its delivery of technical assistance by 16 per cent, relying notably on the work of its Rabat Office.  Highlighting the Fusion Cells programme which delivered specialized training to 124 analysts from 21 African Member States, he stressed the need to further strengthen border security to counter movements of terrorists.  His office partnered with the Governments of Kuwait and Tajikistan to organize a conference on this.

    The Countering Terrorist Travel programme, he said, continued to expand with 63 beneficiary Member States who are increasingly relying on the goTRAVEL software to collect and process passenger data to detect and prevent terrorist movements.  Noting that the Pact for the Future renewed the international community’s commitment to a future free from terrorism, he urged Member States to translate these commitments into action, prioritizing inclusive, networked and sustainable responses.

    Approach Centered on Prevention, Respect for Human Rights Key to Countering Terrorist Threat

    Also briefing the Council was Natalia Gherman, Executive Director of Counter-Terrorism Committee Executive Directorate, who voiced concern over the humanitarian and security crisis in north-eastern Syria, with over 40,000 individuals confined in camps and detention facilities, under conditions marked by overcrowding, inadequate shelter and limited access to clean water and sanitation.  Beyond the Middle East, Da’esh remains agile, taking advantage of ongoing conflicts and regions experiencing growing instability, she continued.  The group now poses a threat to security and sustainable development across the African continent.

    Armed terrorist groups, such as Islamic State West Africa Province, are exploiting fragile conditions to recruit children, commit abductions and attack schools and hospitals.  In the Sahel and the Lake Chad Basin, Da’esh’s centralized operations continue to proliferate as regional cooperation declines, she said, adding that the role of the regional financial hubs used by the group and its affiliates has also expanded.

    “Addressing these threats requires an approach centered on prevention, grounded in respect for human rights, and with regional cooperation as the linchpin,” she stressed, noting the Committee’s visits to Côte d’Ivoire, Ghana, Malawi, Mauritania and the United Republic of Tanzania.  Assessments revealed gaps in border security and the need for stronger regional collaboration to counter the transnational nature of Da’esh’s activities.  For its part, the Executive Directorate has recently adopted the non-binding guiding principles on preventing, detecting and disrupting the use of new and emerging financial technologies for terrorist purposes — the so-called “Algeria Guiding Principles”, she said.

    Council Members Concerned Over Terrorists’ Adeptness at Expanding Operations, Attractomg New Recruits

    In the ensuing discussion, Council members expressed concern that, despite decades of counter-terrorism efforts, the phenomenon has transformed adeptly, taking advantage of new technology and financial innovations.  Sierra Leone’s delegate said that ISIL/Da’esh and their affiliates “continue to demonstrate resilience and adapt their modus operandi with extensive propaganda, as well as increased finances, fighters’ expertise and technology”.  14,000 fatalities were recorded on the African continent alone in 2024, he said, noting the impact on women and girls.  A security-centered approach alone is insufficient, he stressed.

    Along similar lines, Algeria’s delegate said that terrorist groups use the lack of development and marginalization to recruit and expand — therefore, security arrangements and development initiatives are equally necessary to combat this.  Highlighting the Sahel, he said that well-equipped armed groups are adopting advancing military strategies as well as using organized crime, narcotic trafficking, kidnapping and new technologies to finance such operations.

    France’s speaker noted that Da’esh, Al-Qaida and their affiliates are misappropriating new technology — such as drones — to carry out more targeted and lethal attacks. “These groups thrive on the soil where basic human rights are being violated, where women are marginalized,” she stated, adding that their use of sexual violence as a means of sowing terror has been documented.

    “Our work is far from complete,” said Somalia’s representative, spotlighting “patterns of expansion” across regions, with groups establishing networks that transcend national borders.  For its part, his Government has successfully conducted military operations with international partners to neutralize foreign Da’esh affiliates and implement joint security initiatives.

    The representative of the United States highlighted her Government’s “precision air strikes” against ISIS in Somalia on 1 February.  Her country “stands ready to find and eliminate terrorists who threaten the United States and our allies,” she said.  She also urged Council members to list more ISIL and Al-Qaida affiliates in the 1267 Sanctions Committee list so that they will be subject to its worldwide assets travel ban and arms embargo.  While the Sahel has become “the global epicenter for fatalities from terrorist attacks”, ISIS-Khorasan is increasing its capabilities to conduct attacks and recruit in Afghanistan and Pakistan, she said.

    Counter-terrorism Policies Must Oppose Double Standards and Selectivity 

    Pakistan’s delegate drew attention to the need to address white supremacy and far-right extremism, as well.  Counter-terrorism policies have so far singled out only one religion — Islam — but they must address the negative impact of stigmatizing Muslims and fanning the flames of Islamophobia, he said.  His country is at the forefront of counter-terrorism efforts, fighting not only Da’esh, but also TTP [Tehrik-e Taliban Pakistan] and Majid Brigade.  Further, “the international community has failed to address State terrorism, including the use of State power to suppress legitimate struggles for self-determination or to continue foreign occupation”, he said.

    It was the North Atlantic Treaty Organization’s (NATO) invasion into Libya and the invasion of Iraq which spawned ISIL, the Russian Federation’s delegate said.  Further, the United Nations’ counter-terrorism officials must “study the facts” on assistance to terrorists provided by Western countries, he said, adding that Ukraine, for instance, has become a logistic hub from which weapons disseminate across the world.  NATO troops who hastily left Afghanistan also abandoned vast quantities of weapons which fell into the hands of ISIL and affiliates, he said.

    The Council should oppose double standards and selectivity in counter-terrorism efforts, China’s representative, Council President for the month, speaking in his national capacity, underscored.  He also voiced concern over the Turkistan Islamic Party in Syria, and called on Damascus to fulfil its counter-terrorism obligations and prevent any terrorist forces from using the Syrian territory to threaten the security of other countries.

    Calls to Ensure Terrorist Groups Do Not Take Advantage of Instability in Syria 

    Several speakers, including the delegates of Denmark and Slovenia, stressed the need to ensure that terrorist groups do not take advantage of the instability in Syria.  Greece’s delegate underlined the need for a political road map in that country that includes constitutional reform, free and fair elections and inclusive governance. “This is the only way towards the eradication not only of Da’esh, but terrorism in general,” he added.  The United Kingdom’s delegate spotlighted the Global Coalition’s efforts to reduce the risk Da’esh poses as Syria embarks on its historical political transition.  However, “we cannot fight terrorism with force alone”, he emphasized, calling for a whole-of-society approach — with the meaningful participation of women — to address the long-term drivers of terrorism.

    Terrorists’ Increased Use of Information and Communications Technology Draws Concern

    Delegates also considered how to tackle terrorist groups’ increased use of information and communications technology (ICT), with Guyana’s representative noting that gaming and social media platforms bolster resources and recruitment.  The Analytical Support and Sanctions Monitoring Team has reported extensively on the increased risk of online radicalization and recruitment targeting youth and minors and the increasing use of cryptocurrencies by Da’esh, she said.

    Also noting Da’esh’s use of cryptocurrencies, Panama’s delegate said:  “Terrorism thrives on secrecy and underground flows of money.”  His country is the only Latin American nation to participate in the Global Coalition against Da’esh and is committed to preventing terrorists from using the Panamanian banking system for their financing.

    The Republic of Korea’s speaker stressed that the international community must respond by leveraging artificial-intelligence-driven analytics to improve threat detection, disrupt terrorist narratives and bolster information integrity.  Seoul’s new “AI and Preventing and Countering Violent Extremism” project, designed in collaboration with the United Nations Office of Counter-Terrorism, seeks to map out how terrorists exploit AI and build States’ capacity to counter these tactics by incorporating AI solutions, he said.

    MIL OSI United Nations News –

  • MIL-OSI Canada: Prime Minister Justin Trudeau speaks with artificial intelligence business leaders

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau had meetings with artificial intelligence (AI) business leaders, including the Chief Executive Officer (CEO) of Anthropic, Dario Amodei, the CEO of Advanced Micro Devices, Lisa Su, the founder and Chairman of OVHCloud, Octave Klaba, the co-founder and CEO of Hugging Face, Clément Delangue, and the CEO of Arm, Rene Haas.

    During these meetings, Prime Minister Trudeau positioned Canada as an ideal partner for AI innovation. He highlighted Canada’s world-class research institutions, vibrant AI ecosystem, top talent, diverse startups, and strong government support through initiatives like the Pan-Canadian Artificial Intelligence Strategy. He also emphasized Canada’s commitment to developing AI through an ethical and responsible approach.

    The Prime Minister noted how Canada is well placed to lead and power AI innovation, thanks to its abundant supply of critical minerals, clean and reliable energy, and growing semiconductor industry. He also emphasized that, as G7 President, Canada would continue to demonstrate leadership in advancing security, prosperity, and partnerships, including through AI adoption, energy, and inclusion.

    These meetings were an opportunity for the Prime Minister to hear directly from the world’s leading companies in the AI ecosystem. They also helped deepen commercial relations between Canada and our partners across the United States and the European Union.

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI USA: Shaheen, Hassan Help Reintroduce Bipartisan SHRED Act to Keep Ski Fees Local, Support New Hampshire Recreation Management

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) helped reintroduce the Ski Hill Resources for Economic Development (SHRED) Act, led by U.S. Senators Michael Bennet (D-CO) and John Barrasso (R-WY). The bipartisan bill would fuel investment in outdoor recreation in mountain communities by enabling National Forests like the White Mountain National Forest to retain a portion of the annual fees paid by ski areas operating within their boundaries. 

    “During the winter, New Hampshire’s stunning White Mountains and impressive ski slopes attract Granite State residents and tourists alike – making it a key pillar of our outdoor recreation economy,” said Shaheen. “This bipartisan bill will reinvest ski fees to improve ski areas and support overall recreation in the White Mountain National Forest. I’ll continue supporting commonsense investments in our recreation economy to benefit local communities and preserve our landscapes for generations to come.”    

    “New Hampshire’s ski resorts are cornerstones of our winter tourism industry and our state’s economy,” said Hassan. “The SHRED Act is a commonsense, bipartisan bill that will help strengthen our local communities by ensuring that ski fees are invested in maintaining and improving the places that make New Hampshire a premier destination for winter sports. This legislation will benefit both our local communities and the millions of visitors who come to experience the Granite State’s natural beauty.” 

    In exchange for using some of America’s most stunning forestlands, the 124 ski areas operating on Forest Service lands across the country pay fees to the Forest Service that average over $40 million annually. The SHRED Act would establish a framework for local National Forests to retain a portion of ski fees to offset increased recreational use and support local ski permit and program administration. The SHRED Act also provides the Forest Service with flexibility to direct resources where they are needed the most.  

    Specifically, the SHRED Act would invest in the Granite State by:  

    • Keeping Ski Fees Local: By establishing a Ski Area Fee Retention Account to retain the fees that ski areas pay to the Forest Service. For National Forests that generate ski fees, 80 percent of those fees are available for authorized uses at the local National Forest. The remaining 20 percent of those fees would be available to assist any National Forests with winter or broad recreation needs.   
    • Supporting Winter Recreation: In each forest, 75 percent of the retained funds are directly available to support the Forest Service Ski Area Program and permitting needs, process proposals for ski area improvement projects, provide information for visitors and prepare for wildfire. Any excess funds can be directed to other National Forests with winter or broad recreation needs. 
    • Addressing Broad Recreation Needs: In each forest, 25 percent of the retained funds are available to support a broad set of year-round local recreation management and community needs, including special use permit administration, visitor services, trailhead improvements, facility maintenance, search and rescue activities, avalanche information and education, habitat restoration at recreation sites and affordable workforce housing. This set-aside would dramatically increase some Forest Service unit’s budgets to meet the growing visitation and demand for outdoor recreation.  

    Shaheen and Hassan have long led efforts in Congress that support and invest in New Hampshire’s tourism and travel industries that fuel local economies across the state. Shaheen led her bipartisan Outdoor Recreation Jobs and Economic Impact Act into law to require the federal government to measure the impact of the outdoor recreation on the economy. In November 2024, Shaheen applauded the release of an annual report showing a $1.2 trillion economic contribution by the outdoor recreation sector in 2023, including adding $3.9 billion to New Hampshire’s economy. In New Hampshire, outdoor recreation accounts for 3.4% of gross domestic product (GDP) and employs 32,000 people, which is a 2.9% increase in jobs. 

    Shaheen and Hassan led efforts to help secure full funding and permanent authorization for the Land and Water Conservation Fund (LWCF), which has helped protect more than 2.5 million acres of land and supported tens of thousands of state and local outdoor recreation projects throughout the nation. In 2020, the Senators helped lead the Great American Outdoors Act into law to permanently fund the LWCF and provide mandatory funding for deferred maintenance on public lands.   

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Hassan Reintroduce Bill to Connect Individuals to The Workforce

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Maggie Hassan (D-NH) reintroduced the Improve and Enhance the Work Opportunity Tax Credit Act to build the U.S. workforce and help connect individuals to good jobs. The bill will strengthen the Work Opportunity Tax Credit (WOTC), which has a proven track record of helping disadvantaged individuals secure employment. Companion legislation was introduced in the U.S. House of Representatives by U.S. Representative Lloyd Smucker (R-PA-11).
    “It’s not always easy to rejoin the workforce,” said Dr. Cassidy. “By helping employers connect with prospective employees struggling to find work, we boost the American economy and reduce the reliance on government assistance. It’s a win-win.”
    “Ensuring that every American has access to a good-paying job is critical to the success of our country and our local communities,” said Senator Hassan. “This commonsense, bipartisan legislation will help connect more Granite Staters to good-paying jobs, while also lowering costs for businesses that invest in hiring veterans, people with disabilities, and others who may face barriers to employment.”
    “The best anti-poverty program is a good job. The Work Opportunity Tax Credit (WOTC) is a program that supports employers and employees as they reenter the workforce. I am committed to helping disadvantaged Americans get back to work by advancing legislation to improve this proven tool. WOTC is a bipartisan solution that every Member of Congress should support,” said Representative Smucker.
    The WOTC provides a federal tax credit to employers who invest in American workers who have consistently faced barriers to employment, including eligible veterans, SNAP recipients, individuals with disabilities, and long-term unemployed individuals. Employers incur higher recruitment and training costs to reach WOTC eligible populations and support their successful transition back into employment. WOTC has not been updated since its enactment twenty-seven years ago, and its value has been eroded significantly due to inflation. The National Employment Opportunity Network reports that the WOTC has saved federal governments an estimated $202 billion over ten years.
    The Improve and Enhance the Work Opportunity Tax Credit Act would:

    Update the WOTC, which has not been changed since its enactment twenty-seven years ago and encourage longer-service employment. 
    Increase the current credit percentage from 40% to 50% of qualified wages.
    Add a second level of credit for employees who work 400 or more hours. 
    Eliminate the arbitrary age cap at which SNAP recipients are eligible for WOTC. This change will provide an incentive to hire older workers and better align the credit with previously adopted work reforms.  

    The bill is supported by the Louisiana Retailers Association, Albertsons, American Health Care Association, American Hotel & Lodging Association, American Seniors Housing Association, American Staffing Association, American Trucking Associations, Argentum, Asian American Hotel Owners Association, Associated Builders and Contractors, Associated General Contractors of America, Associated Wholesale Grocers, Inc., Brookshire’s, Brookshire Grocery Company, Coalition of Franchisee Associations, Critical Labor Coalition, Due Process Institute, Dunkin Donuts Independent Franchisee Organization, FMI – The Food Industry Association, Franchise Business Services, Fresh By Brookshire’s, Giant Eagle and GetGo Café + Market, H-E-B. Honest Jobs, ICSC, International Franchise Association, The Worldwide Cleaning Industry Association, The Kroger Co., NAACP, NAPEO, National Association of Convenience Stores, National Association for Home Care and Hospice, National Association of Wholesaler-Distributors, National Beer Wholesalers Association, National Employment Opportunity Network (NEON), National Franchisee Association, National Grocers Association, National Restaurant Association, National Urban League, NATSO, Pete & Gerry’s Organics, LLC, Reasor’s, Retail Industry Leaders Association, Retail Grocers Association MO&KS, Retail Merchants Association, SIGMA: America’s Leading Fuel Marketers, Small Business & Entrepreneurship Council, Society for Human Resource Management, Spring Market, Super 1 Foods, UPS, and Wakefern Food Corp.
    “The restaurant industry has hundreds of thousands of jobs that it needs to fill every month, many of which can be filled by individuals who have traditionally faced barriers to employment. Getting these people back to work is valuable to the individual, the restaurant operator and the community. We appreciate Sens. Cassidy and Hassan’s efforts to improve on WOTC as a tool for restaurant operators to hire needed staff and increase their business viability,” said Sean Kennedy, Executive Vice President of Public Affairs, National Restaurant Association.
    “The Louisiana Restaurant Association applauds Sen. Cassidy for his leadership in introducing the Improve and Enhance the Work Opportunity Tax Credit (WOTC) Act. Restaurants in Louisiana are not just places to enjoy great food; they are training grounds for skill development and second chances for many individuals facing employment barriers. The WOTC program is essential for fostering opportunities, strengthening our workforce, and contributing to the economic vitality of our communities,” said Stan Harris, President and CEO, Louisiana Restaurant Association. 
    “America’s workforce is facing a perfect storm. The labor shortage, exacerbated by demographic shifts, aging population, declining participation, mismatch of skills and the lingering effects of the pandemic, has left employers struggling to fill jobs in critical industries. The Critical Labor Coalition strongly supports the Improve and Enhance the Work Opportunity Tax Credit Act, which will modernize WOTC to reflect today’s labor market realities and ensure that businesses—especially those hit hardest by workforce shortages—are incentivized to hire individuals from historically underemployed groups who may otherwise face barriers to entering the workforce,” said Misty Chally, Executive Director, Critical Labor Coalition.
    “FMI – The Food Industry Association applauds Senators Bill Cassidy (R-LA) and Maggie Hassan (D-NH) for introducing this legislation to improve the Work Opportunity Tax Credit (WOTC). WOTC is an important workforce-building tool, utilized by our grocery, wholesaler, and product supplier members, to hire individuals facing barriers to employment. FMI is excited to work with Senators Cassidy and Hassan and House companion bill sponsors Representatives Lloyd Smucker (R-PA) and Terri Sewell (D-AL) on strengthening the path for veterans, SNAP participants, justice-involved individuals, and others to obtain meaningful employment in the food industry through enactment of this measure,” said Christine Pollack, FMI Vice President, Government Relations.
    “The Work Opportunity Tax Credit has been a vital resource for franchise business owners that provide job opportunities to workers who have faced barriers to employment. IFA applauds Sens. Cassidy and Hassan for taking this important step to help franchised businesses hire workers from underserved communities and provide additional relief, especially since finding labor remains the most significant challenge for local franchises,” said Mike Layman, Chief Advocacy Officer, International Franchise Association.

    MIL OSI USA News –

  • MIL-OSI USA: Grassley-Jordan Statement on Efforts to Eliminate DOJ Weaponization

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa) and Rep. Jim Jordan (R-Ohio), Chairmen of the Senate and House Judiciary Committees, today released a joint statement regarding the Justice Department (DOJ)’s newly-formed “Weaponization Working Group.”

    “If you’ve followed our oversight, it shouldn’t come as news to you that political infection has saturated the DOJ and FBI in recent years. Among many instances of political weaponization, we’ve repeatedly raised concerns about Jack Smith’s investigations and their political origins, baseless attacks on Catholics practicing their faith, the FBI’s Foreign Influence Task Force engaging in political influence, rampant whistleblower retaliation and other politically-infected conduct by the DOJ and FBI. It is welcome news that the Justice Department is now working to right the ship and seek accountability for prior improper conduct. This is a common sense and much needed approach. Our oversight work will continue at full speed to ensure that the blindfold is put back on Lady Justice.”

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Relief Remains Available to Mississippi Businesses Impacted by April Storms:

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Mississippi of the March 10 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, straight-line winds, tornadoes, and flooding that occurred April 8-11, 2024. 

    The disaster declaration covers the counties of Attala, Claiborne, Copiah, Hancock, Harrison, Hinds, Holmes, Humphreys, Jasper, Kemper, Lauderdale, Leake, Leflore, Madison, Neshoba, Newton, Pearl River, Rankin, Scott, Sharkey, Simpson, Smith, Stone, Sunflower, Warren, Washington, and Winston in Mississippi, as well as St. Tammany Parish in Louisiana. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. 

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that would have been paid had the disaster not occurred. 

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition. 

    For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is March 10, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI USA: Tennessee Department of Transportation Awarded $9.6 Million for Debris Removal

    Source: US Federal Emergency Management Agency

    Headline: Tennessee Department of Transportation Awarded $9.6 Million for Debris Removal

    Tennessee Department of Transportation Awarded $9.6 Million for Debris Removal

    The State of Tennessee and FEMA have awarded $9.6 million to the Tennessee Department of Transportation for clearing 457,381 cubic yards of debris left when Tropical Storm Helene swept across Eastern Tennessee in late September.Funding for debris removal is authorized under FEMA’s Public Assistance program. Debris collection began Oct. 1 across roads and public property in Carter, Cocke, Greene, Johnson, Unicoi and Washington counties. It is expected to be completed by Feb. 28. FEMA’s initial estimated share for this project is $7,231,839; the estimated nonfederal share is $2,410,613. The expedited operation includes 90,749 cubic yards of vegetative debris; 164,357 cubic yards of construction and demolition debris; and 202,274 cubic yards of sand, soil and mud. These totals were estimated and will be reconciled for actual costs once FEMA and the state receive permit documentation. This $9.6 million obligation represents about half of the total costs anticipated by completion of the debris removal operation. Because FEMA Public Assistance is a cost-sharing program, FEMA reimburses state applicants 75% of eligible costs for debris removal. The federal share is paid directly to the state to disburse to agencies, local governments and certain private nonprofit organizations that incurred those costs. The remaining 25% represents nonfederal funds.The Public Assistance program is FEMA’s largest grant program, providing funding to help communities responding to and recovering from major presidentially declared disasters or emergencies. Tropical Storm Helene swept across Tennessee Sept. 26-30, and the president approved a major disaster declaration on Oct. 2.
    kwei.nwaogu
    Mon, 02/10/2025 – 16:45

    MIL OSI USA News –

  • MIL-OSI USA: Hoskins Recognizes National Marriage Week; Announces New Parental Leave Policy

    Source: US State of Missouri

     

     

    For Immediate Release:   February 7, 2025

               

    Secretary of State Denny Hoskins Recognizes National Marriage Week; Announces New Parental Leave Policy

    JEFFERSON CITY, MO – Missouri Secretary of State Denny Hoskins has issued a proclamation recognizing February 7-14, 2025, as National Marriage Week, emphasizing the importance of strong marriages and families in building a thriving society.

    “Marriage is the foundation for strong families,” said Secretary Hoskins. “My wife, Michelle, and I wholeheartedly support the biblical definition of marriage and recognize the lasting impact strong marriages and families have on our state. This week is a time to reflect on and celebrate the role marriage plays in strengthening our communities.”

    The theme for this year’s National Marriage Week is “Love Beyond Words,” underscoring the importance of communication, connection, and commitment in fostering lasting marriages. Events and resources to support healthy relationships can be found at NationalMarriageWeekUSA.org.

    In alignment with the values of strong family support, the Secretary of State’s Office is also proud to announce a new parental leave policy for Secretary of State employees designed to provide employees with time to bond with their children after birth or adoption. Under this policy:

    • Primary caregivers will receive up to six weeks (240 hours) of fully paid leave.
    • Secondary caregivers will receive up to three weeks (120 hours) of fully paid leave.
    • Parental leave will be separate from annual and sick leave and will not impact employees’ accrued time off.

    “This new policy reflects our commitment to supporting Missouri families and ensuring that employees have the time and flexibility needed to nurture their growing families,” said Hoskins.


    For more information on National Marriage Week or the new parental leave policy, please contact:

    Rachael Dunn, Director of Communications
    [email protected]

    About Secretary of State Denny Hoskins
    Denny Hoskins, CPA, was elected Missouri Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families.


    Visit www.sos.mo.gov to learn more.

    MIL OSI USA News –

  • MIL-OSI USA: 2025-20 AG NEWS RELEASE – ATTORNEY GENERAL LOPEZ SUES TRUMP ADMINISTRATION FOR DEFUNDING MEDICAL AND PUBLIC HEALTH INNOVATION RESEARCH

    Source: US State of Hawaii

    2025-20 AG NEWS RELEASE – ATTORNEY GENERAL LOPEZ SUES TRUMP ADMINISTRATION FOR DEFUNDING MEDICAL AND PUBLIC HEALTH INNOVATION RESEARCH

    Posted on Feb 10, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF THE ATTORNEY GENERAL

    KA ʻOIHANA O KA LOIO KUHINA

     

    JOSH GREEN, M.D.
     GOVERNOR

    KE KIAʻĀINA

     

    ANNE LOPEZ

    ATTORNEY GENERAL

    LOIO KUHINA

     

    ATTORNEY GENERAL LOPEZ SUES TRUMP ADMINISTRATION FOR DEFUNDING MEDICAL AND PUBLIC HEALTH INNOVATION RESEARCH

     

    News Release 2025-20

     

    FOR IMMEDIATE RELEASE                                                       

    February 10, 2025

     

    HONOLULU – – Attorney General Anne Lopez and 21 other attorneys general today sued the Trump Administration, the Department of Health and Human Services, and the National Institutes of Health (NIH), in an effort to bar them from unlawfully cutting funds that support cutting-edge medical and public health research at universities and research institutions across the country. 

     

    On Friday, February 7, the NIH announced it would abruptly slash indirect cost rates to an across-the-board 15% rate, which is significantly less than the cost required to perform cutting edge medical research. The NIH purported to make this cut effective today (February 10), giving universities and institutions no time to plan for the enormous budget gaps they are now facing. Without immediate relief, this action could result in the suspension of lifesaving and life-extending clinical trials, disruption of research programs, layoffs, and laboratory closures. 

     

    The coalition is challenging the Trump Administration’s attempt to unilaterally cut “indirect cost” reimbursements at every research institution throughout the country. These reimbursements cover expenses to facilitate biomedical research, like lab, faculty, infrastructure and utility costs. Without them, the lifesaving and life-changing medical research in which the United States has long been a leader, could be compromised.

     

    Indirect cost reimbursements are based on each institution’s unique needs, negotiated with the federal government through a carefully regulated process, and then memorialized in an executed agreement.

     

    “President Trump’s total lack of compassion for all Americans knows no bounds. In just three weeks, he has cut programs providing healthcare and education, resources for climate change and clean air, and policies promoting diversity and equity. Now, he is making massive cuts to lifesaving medical research. Here in Hawai‘i, the University of Hawai‘i is supported by 175 awards and subawards from the NIH with a current value of $211M. I joined this lawsuit with my fellow democratic attorneys general because we are the last line of defense to enforce the rule of law,” said Attorney General Lopez.

     

    The coalition also argues that this action to slash indirect costs violates the Administrative Procedure Act, including a directive Congress passed during President Trump’s first term to fend off his earlier proposal to drastically cut research reimbursements. That statutory language, still in effect, prohibits the NIH from requiring categorial and indiscriminate changes to indirect cost reimbursements.

     

    The NIH is the primary source of federal funding for medical research in the United States. Medical research funding by NIH grants have led to innumerable scientific breakthroughs, including the discovery of treatment for cancers of all types, the first sequencing of DNA and the development of the MRI. Additionally, dozens of NIH-supported scientists have earned Nobel Prizes for their groundbreaking scientific work.

     

    Attorney General Lopez is joined by a coalition of attorneys general from Arizona, California, Connecticut, Colorado, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington and Wisconsin.

     

    The lawsuit was filed today in U.S. District Court for Massachusetts and can be found here.

     

     

    # # #

     

    Media contacts:

    Dave Day

    Special Assistant to the Attorney General

    Office: 808-586-1284                                                  

    Email: [email protected]        

    Web: http://ag.hawaii.gov

     

    Toni Schwartz
    Public Information Officer
     Hawai‘i Department of the Attorney General
    Office:     808-586-1252
    Cell: 808-379-9249
    Email:     [email protected] 

    Web: http://ag.hawaii.gov

     

    MIL OSI USA News –

  • MIL-OSI USA: State and federal debris removal begins this week in Los Angeles in record-breaking speed

    Source: US State of California 2

    Feb 10, 2025

    What you need to know: The state and federal government are working at record-pace to remove debris from the Los Angeles area firestorms.

    LOS ANGELES – The State of California, in coordination with federal and local partners, is rapidly advancing wildfire cleanup efforts, with structural debris removal from the Eaton and Palisades fires set to begin this week. This marks the fastest large scale debris removal operation in modern state history.

    Federal Emergency Management Agency (FEMA) and the U.S. Army Corps of Engineers (USACE) will begin private property debris removal on Tuesday morning in Altadena and Tuesday afternoon in Pacific Palisades, closely coordinating efforts with local officials.

    “The speed of this cleanup is unprecedented, and it’s a testament to local, state, and federal government’s commitment to getting families back on their feet as quickly as possible. We’re cutting through the red tape and working with our partners to ensure that recovery moves at a record pace, helping communities rebuild stronger and more resilient.”

    Governor Gavin Newsom

    The removal process begins just 35 days after the fires ignited — roughly half the time it took to start similar operations after the devastating 2018 Woolsey Fire.
     
    Under Governor Gavin Newsom’s leadership, California has expedited the cleanup process by cutting red tape and eliminating bureaucratic barriers, allowing highly trained crews to enter impacted communities sooner and help survivors rebuild their lives faster.
     
    The Los Angeles County Department of Public Works, in partnership with six locally affected jurisdictions, has worked around the clock to collect Right-of-Entry (ROE) forms from residents, develop haul routes, and coordinate safe transport of fire ash and debris.
     
    The U.S. Environmental Protection Agency (EPA) is rapidly completing the removal of households hazardous materials at record speed, clearing the way for this next phase of cleanup.
     
    Last month, Governor Newsom announced that FEMA, working with the Governor’s Office of Emergency Services (Cal OES), had tasked the EPA with safely removing and disposing of hazardous materials from homes and structures impacted by the fires. This crucial first step—one of the most complex phases of wildfire cleanup — paved the way for the structural debris removal now underway.
     
    As these operations continue, residents should anticipate an increased presence of debris removal teams in their communities and plan accordingly. The agencies involved appreciate the public’s support and patience as crews work to eliminate health and safety risks from impacted properties.
     
    Since the fires began, Governor Newsom has led an aggressive, coordinated, whole-of-government response to support impacted communities. Prior to the fires breaking out, the state had already deployed thousands of firefighters and personnel, with more than 16,000 boots on the ground at the peak of response efforts. In the days that followed, the state launched historic recovery and rebuilding efforts to ensure Los Angeles communities receive the support they need.

    Fire survivors can sign up for the federal debris removal program by visiting a Disaster Recovery Center (DRC) or online at ca.gov/LAFires

    Press Releases, Recent News

    Recent news

    Feb 10, 2025

    News What you need to know: Governor Newsom is sponsoring new legislation to allow homeowners who receive insurance payments for lost or damaged property to receive the interest accrued rather than lenders.  LOS ANGELES — As part of the state’s ongoing efforts to…

    Feb 7, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Khalil “KC” Mohseni, of Sacramento, has been appointed Commissioner of the California Department of Financial Protection and Innovation, where he has been the Chief Deputy Director…

    Feb 7, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills: SBX1-1 by Senator Scott Wiener (D-San Francisco) – Budget Act of 2024.SBX1-2 by Senator Scott Wiener (D-San Francisco) – Budget Act of 2024. A signing message can be found…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom sponsors legislation to provide interest for disaster-affected homeowners

    Source: US State of California 2

    Feb 10, 2025

    What you need to know: Governor Newsom is sponsoring new legislation to allow homeowners who receive insurance payments for lost or damaged property to receive the interest accrued rather than lenders. 

    LOS ANGELES — As part of the state’s ongoing efforts to support survivors of the LA-area firestorm, Governor Newsom today announced sponsoring new legislation to ensure homeowners, not lenders, benefit from the interest earned on insurance payouts, particularly those impacted by California’s most destructive wildfires.

    The legislation, authored by Assemblymember John Haradebian (D – Pasadena), seeks to correct an inequity in current law that allows lenders to collect interest on insurance funds held in escrow after a disaster.

    “Homeowners rebuilding after a disaster need all the support they can get, including the interest earned on their insurance funds. This is a commonsense solution that ensures that they receive every resource available to help them recover and rebuild.”

    Governor Gavin Newsom

    The legislation, authored by Assemblymember John Haradebian (D-Pasadena), seeks to correct an inequity in current law that allows lenders to collect interest on insurance funds held in escrow after a disaster.

    “Homeowners, not insurance companies, should receive the interest earned on their insurance payouts. Many Angelenos devastated by these wildfires have lost nearly everything; they are struggling and need every bit of financial support. This bill puts people over profits, ensuring that rightful insurance payments go to those who need them most,” said Assemblymember John Harabedian (D-Pasadena).

    After a disaster, insurance payouts are held in escrow until rebuilding is complete, which can take months or even years. During this time, these funds can accrue significant interest.

    While California law requires lenders to pay homeowners interest on escrowed funds for property taxes and insurance, it does not extend this requirement to insurance payouts held in escrow. This legislation would amend state law to explicitly require lenders to pay homeowners the interest earned on post-loss insurance payouts, just as they do for other escrowed property expenses

    Why this matters

    ✅ Fairness: Homeowners should receive the interest their insurance funds generate—not lenders.

    ✅ Disaster recovery: Provides much-needed financial support for wildfire victims rebuilding their homes and communities.
    ✅ No new burdens on lenders: Simply aligns insurance payout escrow rules with existing California escrow interest law.
    ✅ Protecting homeowners’ rights: Ensures insurance funds are treated the same as other escrowed property expenses.

    This legislation ensures that homeowners benefit from the interest earned on insurance funds, particularly those impacted by California’s most destructive wildfires.

    Speeding recovery, helping survivors 

    Today’s announcement adds to the Governor’s work to cut red tape, remove onerous permitting requirements, and help speed rebuilding and recovery from the Los Angeles firestorms. On January 12, Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending the California Environmental Quality Act (CEQA) and the California Coastal Act permitting requirements and review. 

    • Cutting red tape to help rebuild Los Angeles faster and stronger. Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act. The Governor also issued an executive order further cutting red tape by reiterating that permitting requirements under the California Coastal Act are suspended for rebuilding efforts and directing the Coastal Commission not to issue guidance or take any action that interferes with or conflicts with the Governor’s executive orders. The Governor also issued an executive order removing bureaucratic barriers, extending deadlines, and providing critical regulatory relief to help fire survivors rebuild, access essential services, and recover more quickly.
    • Providing tax and mortgage relief to those impacted by the fires. California postponed the individual tax filing deadline to October 15 for Los Angeles County taxpayers. Additionally, the state extended the January 31, 2025, sales and use tax filing deadline for Los Angeles County taxpayers until April 30 — providing critical tax relief for businesses. Governor Newsom suspended penalties and interest on late property tax payments for a year, effectively extending the state property tax deadline. The Governor also worked with state– and federally-chartered banks that have committed to providing mortgage relief for survivors in certain zip codes.
    • Fast-tracking temporary housing and protecting tenants. To help provide necessary shelter for those immediately impacted by the firestorms, the Governor issued an executive order to make it easier to streamline construction of accessory dwelling units, allow for more temporary trailers and other housing, and suspend fees for mobile home parks. Governor Newsom also issued an executive order that prohibits landlords in Los Angeles County from evicting tenants for sharing their rental with survivors displaced by the Los Angeles-area firestorms.
    • Mobilizing debris removal and cleanup. With an eye toward recovery, the Governor directed fast action on debris removal work and mitigating the potential for mudslides and flooding in areas burned. He also signed an executive order to allow expert federal hazmat crews to start cleaning up properties as a key step in getting people back to their properties safely. The Governor also issued an executive order to help mitigate risk of mudslides and flooding and protect communities by hastening efforts to remove debris, bolster flood defenses, and stabilize hillsides in affected areas. 
    • Safeguarding survivors from price gouging. Governor Newsom expanded restrictions to protect survivors from illegal price hikes on rent, hotel and motel costs, and building materials or construction. Report violations to the Office of the Attorney General here.
    • Directing immediate state relief. The Governor signed legislation providing over $2.5 billion to immediately support ongoing emergency response efforts and to jumpstart recovery efforts for Los Angeles. California quickly launched CA.gov/LAfires as a single hub of information and resources to support those impacted and bolsters in-person Disaster Recovery Centers. The Governor also launched LA Rises, a unified recovery initiative that brings together private sector leaders to support rebuilding efforts. Governor Newsom announced that individuals and families directly impacted by the recent fires living in certain zip codes may be eligible to receive Disaster CalFresh food benefits.
    • Getting kids back in the classroom. Governor Newsom signed an executive order to quickly assist displaced students in the Los Angeles area and bolster schools affected by the firestorms.
    • Protecting victims from real estate speculators. The Governor issued an executive order to protect firestorm victims from predatory land speculators making aggressive and unsolicited cash offers to purchase their property.
    • Helping businesses and workers get back on their feet. The Governor issued an executive order to support small businesses and workers, by providing relief to help businesses recover quickly by deferring annual licensing fees and waiving other requirements that may impose barriers to recovery.

    Get help today

    For those Californians impacted by the firestorms in Los Angeles, there are resources available.Californians can go to CA.gov/LAfires – a hub for information and resources from state, local and federal government.  

    Individuals and business owners who sustained losses from wildfires in Los Angeles County can apply for disaster assistance:

    • Online at DisasterAssistance.gov
    • By calling 800-621-3362
    • By using the FEMA smart phone application
    • Assistance is available in over 40 languages
    • If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service

    Press Releases, Recent News

    Recent news

    Feb 7, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Khalil “KC” Mohseni, of Sacramento, has been appointed Commissioner of the California Department of Financial Protection and Innovation, where he has been the Chief Deputy Director…

    Feb 7, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills: SBX1-1 by Senator Scott Wiener (D-San Francisco) – Budget Act of 2024.SBX1-2 by Senator Scott Wiener (D-San Francisco) – Budget Act of 2024. A signing message can be found…

    Feb 7, 2025

    News LOS ANGELES — Governor Gavin Newsom, LA28 Chairperson and President Casey Wasserman, Dodgers Chairman Mark Walter, and NBA legend Earvin “Magic” Johnson have teamed up through LA Rises to release a new PSA warning fire victims about predatory real estate…

    MIL OSI USA News –

  • MIL-OSI Security: IRS, Postal Employees Indicted for Stealing U.S. Treasury Check

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – Employees with the IRS and the U.S. Postal Service are among three defendants who have been indicted by a federal grand jury for stealing and cashing a U.S. Treasury check.

    Sierra S. McCall, 31, of Independence, Mo., Jalen Koonce, 31, of Raytown, Mo., and Julian A. King, 31, address unknown, where charged in a three-count indictment returned under seal by a federal grand jury in Kansas City, Mo., on Thursday, Feb. 6. The indictment was unsealed and made public following Koonce’s arrest and initial court appearance on Friday, Feb. 7.

    McCall is employed by the IRS as a customer contact representative. Koonce is employed by the U.S. Postal Service at the sorting facility where government checks are processed. King is the father of McCall’s child.

    The federal indictment charges McCall, Koonce, and King together in one count of the theft of government property. The indictment alleges they aided and abetted each other to steal and cash a $72,236 U.S. Treasury check on Aug. 9, 2023.

    The indictment also charges Koonce and King each with one count of money laundering related to financial transactions on Aug. 9, 2023, that involved the proceeds of the theft of government property.

    The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

    This case is being prosecuted by Assistant U.S. Attorney Paul S. Becker. It was investigated by Treasury Inspector General for Tax Administration (TIGTA) and the U.S. Postal Service – Office of Inspector General.

    MIL Security OSI –

  • MIL-OSI Security: Camden Man Admits To Conspiring To Commit Tax Fraud

    Source: Office of United States Attorneys

    CAMDEN, N.J. – A Camden County, New Jersey, man today admitted to conspiring to defraud the IRS by concealing cash wages paid to his business’s employees, Acting U.S. Attorney Vikas Khanna announced.

    Tri Anh Tieu, 53, of Camden, New Jersey, pleaded guilty before U.S. District Judge Christine P. O’Hearn to an indictment charging him and co-defendant Andy Tran with one count of conspiring to defraud the United States.

    According to documents filed in this case and statements made in court:

    Tieu owned Tri States Staffing LLC, a business based in Pennsauken, New Jersey.  Tri States Staffing provided temporary workers to New Jersey businesses located in Gloucester and Burlington Counties. As part of its agreement with its customer businesses, Tri States Staffing was responsible for collecting and paying over to the IRS the payroll taxes due and owing on the wages paid to the temporary workers provided by Tri States Staffing.

    Between the third quarter of 2018 and the second quarter of 2022, Tri States received more than $2.5 million in payments from its customer businesses. Tieu paid Tri States’s employees in cash and failed to pay over the payroll taxes due and owing on those wages.  Tieu spent at least some of the unpaid taxes on personal expenditures, including gambling.  Tieu admitted that the conspiracy caused a tax loss of approximately $305,332.

    The count of conspiracy to defraud the United States carries a maximum penalty of five years in prison and a fine of up to $250,000.  Sentencing is scheduled for June 26, 2025.

    Acting U.S. Attorney Khanna credited special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Yury Kruty in Philadelphia and Special Agent in Charge Jenifer L. Piovesan in Newark, with the investigation leading to today’s plea.

    The government is represented by Assistant U.S. Attorney Jeffrey Bender of the U.S. Attorney’s Office in Camden.
     

    MIL Security OSI –

  • MIL-OSI Economics: Chair issues call for meaningful progress in agriculture talks by MC14

    Source: WTO

    Headline: Chair issues call for meaningful progress in agriculture talks by MC14

    In his final report reflecting on the extensive work done over the past two years, Ambassador Acarsoy expressed regret over the absence of an outcome on agriculture at MC13 in 2024, despite having come very close to a result. He told WTO members that their position today is very similar to where they stood before MC13, and he urged them to consider “what steps can be taken to break free from a recurring ‘Groundhog Day’ scenario and drive meaningful progress forward.”
    “Rebuilding trust and setting credible targets are paramount to progressively restoring an effective negotiating process and achieving an agricultural outcome in March 2026 in Yaoundé,” the Chair told the meeting. He called on members to engage in “evidence-based discussions” and “text-based negotiations”.
    DG Okonjo-Iweala thanked Ambassador Acarsoy for his leadership and expressed hope that his efforts would inspire a “genuine desire” among members to break the deadlock.
    At MC14, agriculture should be “the centre of attention”, the Director-General said. She urged WTO members to try to mobilize the political will and flexibility that will be needed to achieve a breakthrough in the negotiations.
    She also assured members that the General Council Chair is actively working to identify a successor to Ambassador Acarsoy, to ensure a smooth transition.
    The Director-General welcomed ongoing initiatives, such as the joint work of the African Group and the Cairns Group of agricultural exporting countries, and she called for further research into the evolving agricultural landscape to provide fact-based insights that could help inform the negotiations.
    The African Group and the Cairns Group provided an update on their joint work, reaffirming their commitment to levelling the playing field in agriculture and making the global trading system fairer and more predictable. The groups reiterated their plan to submit a “modalities” package — setting out formulas and figures for commitments to reduce trade-distorting domestic support — for the consideration of members before MC14.
    Both groups acknowledged the “great efforts” invested in the process, which allows ideas to be tested without commitment until an overall agreement is reached. While recognizing that “the work has not always been easy,” the two groups emphasized that the process has been “consultative and constructive” and serves as “an example of what can be done”. They pledged to continue to engage with members and groups to advance discussions and build momentum for MC14.
    Members applauded the Chair’s leadership and contributions. Many members emphasized the urgency of appointing a successor as soon as possible. There was broad agreement that MC14 must deliver on agriculture, given its crucial importance for the African continent. Some members suggested that outcomes should focus on addressing the specific needs of least-developed countries (LDCs) and on delivering for Africa.
    Members exchanged views on negotiation priorities and the process for moving talks forward. Several members supported the Chair’s call for the swift resumption of substantive negotiations. Many said that future work should go beyond entrenched positions and take a more creative and innovative approach. While some insisted on the importance of sticking to formal negotiation forums, others saw value in advancing discussions through both formal and informal tracks, citing the constructive ongoing dialogue between the African Group and the Cairns Group as an example.
    Some members also suggested incorporating new knowledge into the negotiations, including by organizing technical workshops and by expanding discussions to address emerging challenges, such as the need to ensure the sustainability of the sector.

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    MIL OSI Economics –

  • MIL-OSI Europe: Answer to a written question – Effectiveness of the steel safeguard measure – P-002868/2024(ASW)

    Source: European Parliament

    The Commission recognises that the EU steel sector is currently facing a challenging situation, given the contraction in EU demand for steel and growing global overcapacity.

    Against this background, the Commission has initiated a review of the EU steel safeguard measure on 17 December 2024, following a request from 13 Member States.

    The investigation will assess whether adjustments to the safeguard would be appropriate to bring short-term relief to EU steel industry in the current market reality. Any decision resulting from this investigation may become applicable as of 1 April 2025, at the start of a new quota quarter.

    The Commission will indeed consider various options for adjusting the measure. The precise adjustments that would be most effective in addressing specific challenges will be determined during the investigation.

    The steel safeguards will expire in mid-2026. The Commission is reflecting, together with stakeholders, on a follow-up solution to provide the necessary protection to the EU’s steel industry.

    As announced in the political guidelines 2024-2029[1] and in the Competitiveness Compass[2], the Commission will adopt a Steel and Metals Action Plan, outlining actions on several policy areas, including trade related, which would also help improve the competitiveness of the EU steel industry.

    • [1] https://commission.europa.eu/document/e6cd4328-673c-4e7a-8683-f63ffb2cf648_en
    • [2] https://commission.europa.eu/document/download/10017eb1-4722-4333-add2-e0ed18105a34_en
    Last updated: 10 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Use of deep fakes to defame people standing for public office – E-001917/2024(ASW)

    Source: European Parliament

    Protecting democratic processes and values, including the right to stand for public office, is a priority for the Commission.

    In addition, the Artificial Intelligence (AI) Act[1], prohibits certain manipulative or deceptive uses of AI technologies that are likely to cause significant harm[2].

    It also imposes transparency obligations on providers and deployers of AI systems generating deep fake contents[3]. Violations are sanctioned by administrative fines.

    However, deepfakes are not criminalised as such by the AI Act, which is a product safety legislation.

    The Commission Recommendation on inclusive and resilient elections (EU) 2023/2829, adopted as part of the 2023 Defence of Democracy package, highlights the highest democratic standards in elections.

    This recommendation also addresses different challenges to the election information environment, including so called ‘deep fakes’, as a vector of disinformation.

    It also encourages political parties and campaign organisations to adopt campaign pledges and codes of conduct on election integrity and fair campaigning.

    In these, political parties and campaigning organisations should commit to refrain from producing, using or disseminating falsified, fabricated, doxed or stolen data or material, including deep fakes generated by artificial intelligence systems.

    • [1] Regulation (EU) 2024/1689.
    • [2] Article 5(1)a) of the AI Act. This provision will apply from 2 February 2025.
    • [3] Article 50(2) and (4) of the AI Act. This provision will apply from 2 August 2026.

    MIL OSI Europe News –

  • MIL-OSI United Nations: Non-Governmental Organizations Brief the Committee on the Elimination of Discrimination against Women on the Situation of Women in Sri Lanka

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women was this afternoon briefed by representatives of non-governmental organizations on the situation of women’s rights in Sri Lanka, the report of which the Committee will review this week.

    The Committee will also review the reports of Belize, Congo and Liechtenstein this week, but there were no non-governmental organizations speaking on those countries.

    Non-governmental organizations speaking on Sri Lanka raised concerns relating to discriminatory legislation, gender-based violence, and the treatment of sex workers, among other issues.

    The following non-governmental organizations spoke on Sri Lanka: Women and Media Collective and Social Scientists Association; Women and Media Collective; 

    Suriya Women’s Development Centre; Centre for Equality and Justice; Sex Workers and Allies South Asia; Women’s Action Network; and Global Campaign for Equality in Family Law, Equality Now.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Tuesday, 11 February to consider the fifth to ninth periodic report of Belize (CEDAW/C/BLZ/5-9). 

    Statement by Committee Chair 

    NAHLA HAIDAR, Committee Chair, said this was the second opportunity during the present session for non-governmental organizations to provide information on States parties whose reports were being considered during the second week of the session, namely Belize, Congo, Sri Lanka and Liechtenstein.  It was regretful that non-governmental organizations from Belize, Congo and Liechtenstein were not present, but the presence of representatives from Sri Lanka was greatly appreciated.  The Committee greatly appreciated that they had travelled all the way to Geneva, as the information they provided was crucial.

    Statements by Non-Governmental Organizations from Sri Lanka

    Sri Lanka

    Speakers on Sri Lanka said the economic crisis which had engulfed the country since 2020 had exacerbated the economic rights of women there, compounding labour market inequalities, unpaid care work, the lack of comprehensive and inclusive social protection, and rural economic challenges.  Women’s labour force participation remained low at 32.1 per cent, with many employed in low-wage, insecure jobs in the informal sector as well as in the formal sector.  The gender pay gap remained high, with women earning 27 per cent less than men on average. Proposed labour law reforms promoting part-time and ‘flexible’ work risked further job insecurity for women. In the plantation sector, Malaiyaha Tamil women continued to experience intense labour exploitation and wage discrimination

    A speaker said that Sri Lanka must urgently abolish the centralised power in the office of the Executive President and enable a judicial review of legislation.  Despite international treaty obligations, several discriminatory laws persisted.  The Penal Code continued to criminalise consensual same sex relations and abortion. Statutory rape of married girls between the ages of 12 and 16 by their husbands was exempt.  Urgent legal reforms were therefore a priority.

    The Economic Transformation Act and the policy to create new economic zones without adequate protections for labour, land and local economic development was a serious concern.  The weak national action plan on women peace and security 2023-2027 needed to be revised.  The independent National Commission on Women needed to be established without delay.  Increasing women in decision making required urgent attention and the low representation of women in the new Cabinet was concerning.

    Gender based violence continued with impunity.  Protections, support services and judicial sensitivities under the Prevention of Domestic Violence Act needed to be strengthened.  Technology-facilitated sexual and gender-based violence, a continuum of offline violence, was a fast-evolving form of violence against women. It was imperative that specific laws on technology-facilitated sexual and gender-based violence were included. Women sentenced to death faced intersectional discrimination.  As of 2024, 23 women were on death row.  It was vital that Sri Lanka regularly published disaggregated data regarding people charged with capital crimes.   

    While sex work was not criminalised, sex workers were arbitrarily arrested and subjected to violence under the vagrants and brothels ordinances.  Police violence and systemic discrimination against sex workers persisted, including through the vagrants ordinance.  In custody, sex workers were subjected to sexual bribery, forced sexually transmitted disease testing, physical violence, and prolonged detention. The practice of sexual bribery against sex workers continued with no consequence for the perpetrators.  A speaker urged the State to fulfil the Committee’s recommendation to repeal the vagrants ordinance and other provisions criminalising sex workers.

    In 2024, exam results of 70 advanced level Muslim students were withheld by the Department of Examinations because the girls’ hijabs covered their ears in violation of examination rules. Muslim women and girls were deprived of State protection under the Muslim Marriage and Divorce Act which had no minimum age of marriage, prevented women from signing marriage contracts, excluded Muslim women from becoming judges, prohibited two Muslims marrying under the general marriage registration ordinance, and allowed unconditional polygamy and non-registration of marriage.  It also contained unequal divorce provisions.  The bill which addressed these concerns needed to be enacted without delay.  In 2024, a study conducted across nine districts indicated that almost 50 per cent of Muslim women reported being victims of female genital mutilation, or knowing someone who was.  Victims of female genital mutilation in Sri Lanka were newborn girls after seven days, nine days, 15 days, 40 days and some at six to eight years.

    A speaker said the Penal Code only criminalised marital rape in the context of a married woman raped by her husband if she was judicially separated from him.  The Code needed to be amended to include marital rape in all circumstances. Several provisions in the personal laws discriminated against women, for example, the Thesawalamai law restricted Tamil women from disposing of separate property.  Women faced severe obstacles in accessing justice in family law: litigation costs were high; legal aid was limited; and there was a lack of gender-sensitivity among personnel in the justice sector.

    Comprehensive reform towards an effective and efficient family court system was imperative.  In the plantation communities, there was a lack of Tamil-speaking personnel in law enforcement.  Lesbian, bisexual, transgender and intersex persons were unable to access police as same-sex conduct was criminalised.  The State must ensure prompt, effective and adequate measures for access to justice for women, including from minorities and vulnerable groups.

    Questions by Committee Experts

    A Committee Expert asked about the national action plan on women, peace and security which needed to be revised; what kind of revision was required?  What was the status of the Truth, Reconciliation and Non-Repetition Commission?  How was conflict-related sexual violence being addressed in this context?  What was the status of abortion, including data and access to safe abortion?

    Another Expert asked for the main factors which hindered women’s access to justice?   Could more information be provided on how to improve the impact of the National Women’s Council, the Human Rights Ministry, and other bodies? How could they improve their relationship with civil society organizations?   

    A Committee Expert asked about the economic reform, in view of women’s participation in the labour market?

    An Expert asked about women’s representation in political institutions.  Had quotas and their enforcement been successful?  Was technology-facilitated abuse prevalent for women in decision-making positions and did it act as a deterrence for their participation?

    Another Committee Expert asked about difficulties women experienced in transferring their citizenship to their children?  What measures were in place to ensure migrant women could regularise their position, and obtain identification documents? 

    An Expert asked if there was information available about the changes in the Penal Code concerning the explicit clarification of marital rape?  Were positive changes implemented concerning the law on domestic violence?

    Responses by Non-Governmental Organizations

    Sri Lanka

    Responding to questions on Sri Lanka, a speaker said access to justice was a difficult and lengthy process for victims of gender-based violence, particularly those in the Tamil area. This was due to stigma around reporting, and the lack of police officers near the plantation sector who could speak in the Tamil language.  Typically, the average court procedure took 17 years to complete one case, while the victims faced repeated victimisation.

    The reforms suggested aimed to increase women’s workforce participation through part-time and flexible work. However, there were concerns that the current leave provisions and other benefits would not be included.

    Abortion was considered illegal in Sri Lanka unless the life of the mother was at risk.  However, despite rules that any woman could seek post-abortion care, stigma prevented many women from accessing this option, and many women instead accessed abortion in unsafe and back-alley settings.

    There was no family court system in Sri Lanka and privacy of proceedings was not always guaranteed, nor was the best interest of the child.

    Obtaining identification documents remained challenging for sex workers.  Many sex workers did not possess identity documents or birth certificates, and were reluctant to seek assistance due to police harassment.  Not having these documents meant these women could not obtain legal documents which impacted their access to education. 

    Women in politics were among the primary victim survivors of technology-assisted gender-based violence, in the form of hate speech and degrading memes and images shared online. This was seen in the most recent election, with female candidates’ being targeted for their education, the way they dressed, and the way they spoke.  Women politicians who supported family law reforms faced social media attacks, and this included Sri Lanka’s female Prime Minister who was recently elected. Social media companies such as Meta had not taken down harmful content.

    A private members bill had been raised in the previous government regarding the amendment for allowing same sex marriage.  However, after a second reading the bill was not passed.  The Government was then dissolved, and a new Government was elected. There had been no updates to the amendment to the Penal Code regarding marital rape since March 2024.

    The last parliamentary elections in 2024 doubled the number of women in parliament without a quota.  However, a quota came into effect in 2018 for local authority elections.  Political parties were legally mandated now to ensure 25 per cent of women were represented in politics; however, no political party had nominated more than 10 per cent of women in seats.  It was hoped the State would move to parity and not stop at a limit of 35 per cent in relation to quotas.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW25.006E

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Youth Parliament Competitions

    Source: Government of India

    Posted On: 10 FEB 2025 8:22PM by PIB Delhi

    As per the Scheme of Financial Assistance to States/Union Territories for organizing Youth Parliament Competitions, the Ministry of Parliamentary Affairs provides financial assistance as per the following limits, subject to receiving of the claims on completion of the competitions from the concerned States/UTs:-

     

    Sl. No.

    Strength of Legislature

    Maximum Amount for reimbursement

    1.

    Legislatures having members up to 100

    ₹ 3 lakhs per Legislature p.a.

    2.

    Legislatures having members between 100 -200

    ₹ 4 lakhs per Legislature p.a.

    3.

    Legislatures having members above 200

    ₹ 5 lakhs per Legislature p.a.

    4.

    UTs having no legislature

    ₹ 2 lakhs per UT p.a.

     

    During the Financial Year 2024-25, total amount of financial assistance reimbursed to the states of Madhya Pradesh, Haryana and Odisha is as follows:

    Sl. No.

    State

    Amount Reimbursed
    1.  

    Madhya Pradesh

    ₹4,83,145/-                                     
    1.  

    Haryana

    ₹2,75,335/-
    1.  

    Odisha

    ₹3,66,578/-

    Total

    ₹ 11,25,058/-

     

    As per the guidelines of the Scheme, the Ministry does not prescribe any particular subjects for questions and answers and other discussions in Youth Parliament sittings. However, it is desirable that the matters raised in the Youth Parliament sittings relate to contemporary important and relevant issues, welfare activity, defence of the country, social justice, social reforms, economic development, communal harmony, health and student discipline etc.

    This information was given by the Minister of State for Parliamentary Affairs Dr. L. Murugan in a written reply in the Rajya Sabha today.

     

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  • MIL-OSI Asia-Pac: NITI Aayog Releases Policy Report on ‘Expanding Quality Higher Education through States and State Public Universities’

    Source: Government of India (2)

    Posted On: 10 FEB 2025 8:15PM by PIB Delhi

    NITI Aayog today launched a policy report titled ‘Expanding Quality Higher Education through States and State Public Universities’. The report was released by Sh. Suman Bery, Vice Chairman, NITI Aayog; Dr. Vinod Kumar Paul, Member (Education); NITI Aayog, Sh. BVR Subrahmanyam, CEO, NITI Aayog; Sh. Vineet Joshi, Secretary, Department of Higher Education; and Dr. (Mrs.) Pankaj Mittal, Secretary General, Association of Indian Universities (AIU).

    The report is a first-of-its kind policy document in the higher education sector focused specifically on States and State Public Universities (SPUs). It provides detailed quantitative analysis on vital indicators of Quality, Funding and Financing, Governance and Employability over the last decade across the themes. It provides the distilled essence of the insights gained from extensive stakeholder consultations held with State Government Officers of Higher and Technical Education Departments from over 20 States and Union Territories, Vice Chancellors, and senior academicians of 50 SPUs, and Chairpersons of several State Higher Education Councils.

    Speaking on the occasion, NITI Aayog Vice Chairman Suman Bery said that in many global education systems, public universities set the benchmark for excellence, as seen in the U.S. and Brazil. While India has institutions like IITs, SPUs must also strive for high standards. He observed that as directed by the Hon. PM, NITI Aayog’s role is to create evidence through research, while implementation remains the Ministry’s responsibility. He hoped that the recommendations contained in the report would be enthusiastically taken forward by the Ministries in the Central and State Governments.

    NITI Aayog Member Dr. Vinod Kumar Paul positioned the report in the context of NEP implementation and India’s vision for Viksit Bharat 2047. He emphasized that with 80% of India’s higher education taking place in SPUs, reforming them is crucial for creating human capital and establishing India as a knowledge hub.

    NITI Aayog CEO Sh. BVR Subrahmanyam, highlighted that by 2035, the NEP 2020 target is to double enrolment in the higher education system to nearly 9 crore students. Nearly 7 crore of these will continue to study in SPUs. Hence, it is of utmost importance that these universities transition from focusing only on access to higher education to delivering world class higher education to create the high-quality human resource required to power the vision of becoming a Viksit Bharat by 2047. He pitched the report as a milestone contribution of NITI Aayog that would complement the NEP 2020 in transforming India’s higher education landscape.

    Secretary DHE Sh. Vineet Joshi highlighted key initiatives that were announced in the recent budget including the selection of 10,000 PMRF research fellows, addition of 6,500 seats in second-generation IITs, and the Bharatiya Bhasha textbook scheme for regional language education. He highlighted PM-USHA’s allocation of INR13,000 crores for 2023-24 to 2025-26, with INR 100 crores per SPU for transitioning to become MERUs. He said that these would play a role in transforming SPUs.

    Dr. (Mrs.) Pankaj Mittal, Secretary General, AIU detailed how the report involved extensive deliberations and stakeholder consultations. She highlighted that the report addresses three major constraints raised by vice-chancellors: funding limitations, governance issues, and the need for capacity building of VCs, teachers, and staff, and is a pioneering policy work on SPUs.

    The policy report provides a detailed policy roadmap including nearly 80 policy recommendations, short, medium, and long-term implementation strategies, actors responsible for implementing the recommendations and over 125 Performance Success Indicators. The recommendations assimilated from the consultation process are aimed at improving the quality of research, pedagogy and curriculum, augmenting institutional and systemic funding and financing capacity, upgrading and empowering institutional governance structures, and strengthening industry-academia interface to boost student employability.

    The full policy report can be accessed at:  https://www.niti.gov.in/sites/default/files/2025-02/Expanding-Quality-Higher-Education-through-SPUs.pdf

    The full policy brief can be accessed at: https://www.niti.gov.in/sites/default/files/2025-02/Policy_Brief_Education.pdf

     

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  • MIL-OSI Asia-Pac: India-Israel Business & CEO Forums to Strengthen Bilateral Economic Ties

    Source: Government of India (2)

    India-Israel Business & CEO Forums to Strengthen Bilateral Economic Ties

    India-Israel Business & CEO Forums to Strengthen Economic Cooperation High-Level Business Delegation Led by Israel’s Minister of Economy to Visit India

    Posted On: 10 FEB 2025 8:10PM by PIB Delhi

    India and Israel are set to deepen their economic and trade engagement with the India-Israel Business Forum and the India-Israel CEO Forum, both scheduled for February 11, 2025, in New Delhi. These forums will bring together top business leaders, policymakers, and industry stakeholders from both countries to explore new avenues of economic cooperation, technological collaboration, and investment opportunities.

    Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, and the Embassy of Israel, in partnership with the Confederation of Indian Industry (CII), is organizing the India-Israel Business Forum. The forum will focus on expanding trade relationships, fostering cross-sector collaborations, and identifying investment opportunities between Indian and Israeli businesses.

    A high-level Israeli business delegation, led by H.E. Nir M. Barkat, Minister of Economy and Industry, State of Israel, will participate in the forum. The delegation includes leading Israeli enterprises and representatives from sectors such as technology, manufacturing, healthcare, agri-tech, food processing, defense, homeland security, water management, logistics, and retail.

    The event will feature a ceremonial inaugural session, followed by panel discussions and B2B meetings, allowing Indian and Israeli business leaders to explore new opportunities for joint ventures, investments, and knowledge sharing. Representatives from the Government of India, the Government of Israel, and leading business organizations will participate in these discussions, focusing on sectoral growth and innovation-driven partnerships.

    India and Israel’s shared commitment to technological advancement, innovation, and entrepreneurship makes them natural economic allies. With India’s rise as a global manufacturing and technology hub, the forum will provide a strategic platform to strengthen business-to-business (B2B) and government-to-business (G2B) ties.

    Alongside the Business Forum, the Federation of Indian Chambers of Commerce & Industry (FICCI) will host the India-Israel CEO Forum, an exclusive gathering of top CEOs, senior executives, and policymakers from both nations.

    The CEO Forum will serve as a high-level platform for industry leaders to discuss investment opportunities, policy frameworks, and emerging business trends. The discussions will revolve around technology collaboration, research & development, innovation-driven growth, and trade diversification.

    Key focus areas for engagement between India and Israel include strengthening cooperation in technology and innovation, particularly in AI, digital transformation, and smart manufacturing. Defense and security partnerships will expand in areas like defense technology, cybersecurity, and homeland security solutions. Joint projects in clean energy and sustainability will promote renewable energy, water conservation, and green technologies. In healthcare and life sciences, collaborations will be enhanced in medical research, pharmaceutical trade, and biotech investments. Additionally, agriculture and food security will benefit from Israeli expertise in precision agriculture, drip irrigation, and sustainable farming solutions.

    India and Israel have witnessed steady growth in bilateral trade, which has diversified significantly beyond traditional sectors like diamonds and precious metals to include engineering goods, chemicals, electronics, defense, and agricultural products.

    Israeli investments in India have been expanding, with various Israeli companies operating in various sectors, including renewable energy, water technology, defense, and manufacturing. Similarly, Indian companies have made significant inroads into Israel, particularly in pharmaceuticals, IT, and infrastructure.

    The CEO Forum will provide a unique opportunity for business leaders to develop new partnerships, exchange insights, and explore pathways for expanding bilateral trade and investment flows.

    Both forums are in line with India and Israel’s long-term vision for economic growth and cooperation, highlighting the importance of strengthening business connections, policy discussions, and strategic partnerships. They will promote deeper engagement between Indian and Israeli industries, encourage foreign direct investment (FDI) and joint ventures, foster technology transfer and innovation partnerships, and boost trade by implementing policy reforms and establishing new agreements.

    As India moves towards its goal of Viksit Bharat (Developed India) by 2047, and Israel continues to strengthen its global economic partnerships, these forums will play a crucial role in shaping the future of India-Israel economic ties.

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  • MIL-OSI Asia-Pac: Under the leadership of Prime Minister Shri Narendra Modi, more than Rs. 25,000 crore worth of drugs were seized in 2024 as part of the Zero Tolerance policy against drugs

    Source: Government of India (2)

    Under the leadership of Prime Minister Shri Narendra Modi, more than Rs. 25,000 crore worth of drugs were seized in 2024 as part of the Zero Tolerance policy against drugs

    Value of seized narcotics in 2024 is more than 55 per cent as compared to Rs 16,100 crore seized in 2023

    In 2024, the seized drugs included more harmful and addictive synthetic drugs, cocaine, and pharmaceutical drugs used as psychotropic substances, which are also of much higher value

    This success is a testament to the ‘Bottom to Top’ and ‘Top to Bottom’ approach adopted under the leadership of Prime Minister Modi and the guidance of Union Home Minister Shri Amit Shah

    The Modi government is moving forward with a Whole-of-Government Approach to create a drug-free India

    Posted On: 10 FEB 2025 7:16PM by PIB Delhi

    Under the leadership of Prime Minister Shri Narendra Modi, while implementing zero-tolerance policy against drugs, in 2024, all law enforcement agencies across the country, including the Narcotics Control Bureau (NCB), seized narcotics worth approximately ₹25,330 crore, which is more than 55% higher compared to the ₹16,100 crore worth of drugs seized in 2023. This success is a testament to the ‘Bottom to Top’ and ‘Top to Bottom’ approach adopted under the leadership of Prime Minister Modi and the guidance of Union Home Minister Shri Amit Shah. The Modi government is moving forward with a Whole-of-Government Approach to create a drug-free India.

    In 2024, the seizure of more harmful and addictive synthetic drugs, cocaine, and pharmaceutical drugs used as psychotropic substances has increased significantly, which are also of much higher value.

    In 2024, the quantity of ATS (Amphetamine-Type Stimulants)like Methamphetamine has more than doubled from 34 quintals in 2023 to 80 quintals in 2024. Similarly quantity of cocaine seized has also gone up from 292 Kgs in 2023 to 1426 Kgs in 2024.The quantity of seized Mephedrone has also gone up from 688 kgs in 2023 in comparison to 3391 kgs in 2024. Likewise, quantity of Hashish seized has gone up from 34 Quintal in 2023 to 61 Quintal in 2024.The quantity of pharmaceutical drugs which are increasingly being abused as psychotropic substances has gone up from 1.84 crore to 4.69 crore in number (Tablets).

    Major operations conducted by the Narcotics Control Bureau (NCB) in collaboration with various agencies in 2024:

    February 2024: NCB and Special Cell of Delhi Police busts an international drugs trafficking network with the arrest of three people and seizure of 50 kg narcotics-making chemical Pseudoephedrine. A joint team of NCB and Delhi Police busted the network acting on information provided by Australian and New Zealand authorities.

    February 2024: In a joint operation codenamed ‘Sagar Manthan-1’, carried out by NCB, Navy, and ATS Gujarat Police, a gigantic consignment of approximate 3300 kg of drugs (3110 Kg Charas/Hashish, 158.3 Kg crystalline powder Meth and 24.6 Kg Suspected Heroin) was seized in the Indian Ocean. It was a record in itself in terms of the amount of offshore seizure of Charas/Hashish on the beach in the country. Five suspected foreign nationals were detained in this case.

    March 2024: NCB arrested Jaffer Sadiq, the kingpin of the drug trafficking network busted by it in the month of February, 2024. Jaffer Sadiq was absconding and on the run since 15th February, 2024 when NCB seized 50.070 kg of Pseudoephedrine from the godown of a firm and arrested three accomplices of Jaffer Sadiq in this connection 

    April 2024: In a joint maritime operation by NCB, ATS of Gujarat Police and Indian Coast Guard, a foreign boat carrying 86 kgs (approx.) Heroin was seized and 14 Pakistani nationals were arrested. Drugs worth Approx. Rs.602 Crore were seized during the operation.

    October 2024:NCB conducted a search operation in a factory in Kasna Industrial Area of district Gautam Budh Nagar and found about 95 kg of Methamphetamine in solid and liquid forms. Chemicals like Acetone, Sodium Hydroxide, Methylene Chloride, Premium grade Ethanol, Toluene, Red phosphorus, Ethyl Acetate etc and imported machinery for manufacturing were also found.

    November 2024: In a major breakthrough against the drug trafficking syndicates operating in India and especially in Delhi NCR Region, the Narcotics Control Bureau recovered one of the biggest haul of Cocaine at Delhi. After working on the leads generated in these cases, and through technical and human intelligence, the NCB was finally able to reach at the source of the contraband and 82.53 Kg of high grade Cocaine was recovered from Janakpuri and Nangloi area of Delhi.

    November 2024: In a joint operation codenamed ‘Sagar Manthan-4’, the NCB, Indian Navy, and ATS Gujarat Police busted an international drug trafficking cartel and seized approx. 700 kg of contraband Meth in Gujarat.

    *****

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