NewzIntel.com

Category: Politics

  • MIL-OSI USA: Message to the Community on the Proposed State Budget

    Source: US State of Connecticut

    To the UConn Community:

    Earlier today, Governor Lamont released his proposed state biennial budget for fiscal years 2026 and 2027. The governor proposes an appropriation of $234.6 million and $239.8 million for UConn and $123.1 million and $126.9 million for UConn Health, respectively. Both are less than the university requested. The State of Connecticut funds approximately 16% of the combined university budget overall this year.

    The university must take the time to thoroughly review the proposed budget to fully understand its implications if enacted as written. Along with other university leaders, Dr. Agwunobi and I look forward to testifying before the General Assembly’s Appropriations Committee regarding the proposed budget and related issues on Feb. 19.

    Remember that today marks only the beginning of the state budget process and we look forward to working closely with the governor, OPM, and the General Assembly in the months ahead as the process unfolds.

    Overall, we have reasons to be optimistic about our university and its future.

    This year, UConn has set a record for applications at nearly 62,000, an impressive increase of 5,000 compared to last year’s historic high. This success underscores the unwavering confidence that students and families have in our outstanding faculty, more than 300 of whom rank among the most highly cited scholars worldwide. We are a vital force in building communities and advancing the state of Connecticut and our Husky pride is immense.

    Looking ahead, our focus will be building on our distinctive strengths. We are deeply committed to excellence and prioritizing our students, as demonstrated by our exceptional graduation rates. This year, 8,800 first-generation undergraduate students enrolled at UConn. The first-year retention of these students has increased from 86% to 89% in the last several years, an indication of the superb work of our faculty and staff in supporting these students.

    We are committed to cultivating a culture of innovation, leveraging technology like AI and data analytics, exploring new educational delivery models like online and hybrid programs, partnering with industry for applied learning, new revenue generation, and optimizing administrative processes to streamline operations.

    Our dedication to research is unparalleled and remains a cornerstone of our strength. We have successfully submitted major grants, including the SMART AI initiative, positioning Connecticut as a leader in AI smart manufacturing. In collaboration with Yale, we are pursuing what would be the largest grant in the history of the university: Connecticut Quantum Engine, totaling $160 million.

    UConn Health continues to go from strength to strength. Recognized by Newsweek for the last three years as one of the World’s Best Hospitals, UConn John Dempsey Hospital has received eight consecutive “A” patient-safety ratings by the Leapfrog Group, a national nonprofit organization focused on quality and safety in American healthcare, and has been named top 15% in the nation for patient experience by Healthgrades.

    In addition to being Connecticut’s No.1 producer of physicians, surgeons, and dentists, the UConn Schools of Medicine and Dental Medicine at UConn Health are highly competitive, with a year-over-year increase in applications. This year, the School of Medicine received more than 5,700 applicants for 112 available spots, and the School of Dental Medicine received 1,600 applicants for 52 available spots.

    As a result of the quality education these schools provide, 25% of physicians practicing in Connecticut and 65% of dentists in the state were trained at UConn Health. Forbes has also named UConn Health as one of the best places to work in Connecticut.

    Our fundraising efforts have reached new heights, with an average of more than $130 million raised in the past three years, a significant increase from the previous average of $85 million. We are gearing up to announce an open campaign on April 23, with an ambitious goal of $1.5 billion.

    Our crowning achievements will be predicated on successful outcomes for our students. A UConn degree is more than a piece of paper – it is a pathway to lifelong success. Our strategic vision is aligned with state and federal priorities, particularly in creating the “Industry of the Future.” Our research and educational initiatives will focus on the following key areas:

    • Artificial Intelligence
    • Quantum Information Science
    • Advanced Manufacturing
    • Biotechnology
    • Health
    • Humanities and Peace on Earth
    • Utilizing natural resources and advanced technologies to ensure clean water, air, and soil for all
    • Community prosperity and workforce development

    By capitalizing on our strengths, we will attract and retain top-tier faculty to spearhead transformative research efforts and recruit promising graduate students from across the nation and around the globe. We are committed to building and maintaining the infrastructure necessary to support groundbreaking research, fostering an innovative and entrepreneurial environment that drives economic development, particularly in emerging technologies such as AI, quantum science, and health sciences.

    As New England’s leading public land- and sea-grant research institution, UConn is powered by robust academics, world-class innovative research, a premier athletics program, and a dedicated community. Our students come from every town in the state, almost every state in the nation, and nearly 120 different countries.

    Finally, UConn’s contributions to Connecticut are not limited to the graduates shaped in our classrooms or the research that takes place on our campuses – it is also found in the countless programs and people who provide direct public services and outreach to Connecticut’s communities, making a direct impact in every corner of our state.

    UConn recently produced a sort of reference guide outlining many of these services available for use by individuals, communities, schools, municipal governments, and more. It contains important highlights, but it is not a comprehensive catalog of all the ways UConn serves the state and its communities as they are too numerous to list in a single publication.

    As always, our success depends on the continued hard work and commitment of our faculty, staff, and students, united as one community with shared priorities, goals, and far-reaching aspirations.

    Connecticut and UConn are inextricably linked; there is no Connecticut without UConn, and there is no UConn without Connecticut. By working collaboratively with state and federal partners, parents, donors, and alumni, we are poised to reach unprecedented heights in our mission.

    Radenka Maric
    UConn President

    MIL OSI USA News –

  • MIL-OSI USA: Senate Banking Committee Hearing Examines Impacts of Debanking

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – The Senate Banking, Housing, and Urban Affairs (Banking) Committee held a hearing today to ensure banks and financial institutions make lending and services decisions based on impartial, risk-based analysis, not political or reputational favoritism. In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions have used their economic standing to categorically exclude law-abiding industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, and energy producers. 

    Prior to the hearing, U.S. Senator Kevin Cramer (R-ND), a member of the Senate Banking Committee, reintroduced his Fair Access to Banking Act, which protects fair access to financial services and ensures banks operate in a safe and sound manner. The legislation requires lending and services decisions to be based on impartial, risk-based analysis, not political or reputational favoritism.

    Cramer explained his legislation does not require banks to take specific actions, but rather prohibits them from categorically discriminating against legal industries. Cramer noted that the reason “some of the bank presidents, who have never dared say it out loud, tell me they support [the Fair Access to Banking Act] is because they want this burden removed from them. They want this political pressure from their 30-year-old staff or the regulator they fear, or the political movement of the day, or the activist investors trying to impose their values, they want that removed from them.”

    [embedded content]

    “What’s your sense of a bill like a Fair Access to Banking Act that again, it’s not saying you have to bank this industry,” asked Cramer. “It says you’re prohibited from discriminating against. Does this seem like a radical idea?”

    “I think the regulators have pushed debanking of industries, which is what you talking about,” replied Mike Ring, President, CEO and Co-Founder of Old Glory Bank. “I think mid-level executives push debanking of individuals for political causes.”

    “What needs to be done, consistent with the Act that you have introduced, is simply that there’s more transparency and there’s more notice when these kinds of [regulatory] decisions are made,” responded Stephen Gannon, a partner at Davis Wright Tremaine, LLP, a financial services expert.“There’s been a long sort of volume of executive orders coming out of the [Trump] White House, but one of them revived an executive order from 2019 called 13892. That executive order gives more due process to folks who wish to contest the actions of regulators than the due process clause itself allows.”

    MIL OSI USA News –

  • MIL-OSI Australia: $2 million for new health worker accommodation in Albury

    Source: New South Wales Government 2

    Headline: $2 million for new health worker accommodation in Albury

    Published: 6 February 2025

    Released by: Minister for Regional Health

    The Albury Wodonga community will benefit from new Key Worker Accommodation which will help attract, recruit and retain more healthcare workers.

    The Minns Labor Government will invest $2 million in health worker housing in Albury as part of the Key Health Worker Accommodation Program.

    The $200.1 million Program supports more than 20 projects across rural, regional and remote NSW.

    The funding will secure approximately 120 dwellings across regional NSW, which includes the building of new accommodation, refurbishment of existing living quarters and the purchase of suitable properties such as residential units.

    The four-year Program will support the recruitment and retention of more than 500 health workers and their families by providing a range of accommodation options.

    The Program is one of a number of investments the Minns Labor Government is making to strengthen the regional health workforce and builds on the success of the NSW Government’s $73.2 million investment in key health worker accommodation across five regional local health districts (Far West, Murrumbidgee, Southern NSW, Hunter New England and Western NSW).

    Quotes attributable to Minister for Regional Health, Ryan Park:

    “The Minns Labor Government is committed to investing in modern, sustainable accommodation options for key health workers who are the backbone of our regional, rural and remote communities.

    “Strengthening our regional health workforce is a key priority for our government and the $2 million investment in Key Worker Accommodation will help support and attract key healthcare workers to Albury.”

    Quote attributable to Labor Spokesperson for Albury, Tara Moriarty MLC:

    “The Minns Labor Government’s Key Health Worker Accommodation Program will support Albury Wodonga Health in providing high-quality health services to the community.”

    MIL OSI News –

  • MIL-OSI USA: Ernst Pushes to Keep Iowans in the Loop

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – U.S. Senator Joni Ernst (R-Iowa) is supporting the AM Radio for Every Vehicle Act to protect Iowans’ access to news by requiring automakers to maintain AM radio in their vehicles. This legislation also protects consumers from a separate or additional charge for this technology. 
    “Iowans rely on our AM radio stations to receive updates on weather, business, government, and commodity prices, which is why it is so important that we continue this important avenue of communication,” said Ernst. “I’m working to ensure folks across our state can stay in the loop through this resource that delivers timely information.”
    During national emergencies, such as the 2020 derecho that devastated large portions of Iowa, AM radio remains a key communication service to relay life-saving information and updates.
    Read the bill text here. 

    MIL OSI USA News –

  • MIL-OSI China: Argentina announces withdrawal from WHO

    Source: China State Council Information Office

    The government of Argentina announced its withdrawal from the World Health Organization (WHO) on Wednesday.

    The presidential spokesperson Manuel Adorni told a press conference that President Javier Milei “instructed Foreign Minister Gerardo Werthein to withdraw Argentina’s participation in the World Health Organization.”

    “Argentines are not going to allow an international organization to intervene in our sovereignty, much less in our health,” Adorni said.

    “It should be clarified that Argentina does not receive financing from the WHO for health management, therefore, this measure, as some have said, at least on social networks, does not represent a loss of funds for the country, nor does it affect the quality of services,” the spokesperson added.

    The official said that the decision “gives the country greater flexibility to implement policies adapted to the context and interests that Argentina requires, as well as greater availability of resources, and reaffirms our path towards a country with sovereignty also in matters of health.”

    The spokesperson said he did not know when asked about the possibility of the South American country adopting similar measures concerning other international organizations, but he stressed that “the president is very categorical regarding making Argentina freer.”

    MIL OSI China News –

  • MIL-OSI China: Xi holds talks with Pakistani president

    Source: China State Council Information Office

    Chinese President Xi Jinping shakes hands with Pakistani President Asif Ali Zardari at the Great Hall of the People in Beijing, capital of China, Feb. 5, 2025. Xi held talks with Zardari, who is on a state visit to China, in Beijing on Wednesday. [Photo/Xinhua]

    Chinese President Xi Jinping held talks with Pakistani President Asif Ali Zardari in Beijing on Wednesday.

    Xi said China and Pakistan enjoy ironclad friendship and are all-weather strategic cooperative partners.

    In recent years, the two countries have provided firm political support for each other, maintained close high-level exchanges, and advanced the construction of the China-Pakistan Economic Corridor and cooperation in various fields, setting a good example for relations between countries, he said.

    China stands ready to work with Pakistan to advance their respective modernization drives, accelerate the building of an even closer China-Pakistan community with a shared future in the new era, bring more benefits to the two peoples, and make greater contributions to regional peace, stability and prosperity, Xi said.

    Xi stressed that China always views its relations with Pakistan from a strategic perspective, and maintains a high degree of stability and continuity in its friendly policy toward Pakistan. He said that China will, as always, support Pakistan firmly in safeguarding its sovereignty, independence and territorial integrity, in combating terrorism, and in following a development path suited to its national conditions.

    He called on the two countries to deepen the docking of development strategies and the exchange of governance experience, strengthen exchange at all levels and across all authorities, and consolidate the political foundations of China-Pakistan relations constantly.

    China welcomes Pakistan to become one of the first countries to benefit from China’s further deepening of reform comprehensively and expanding high-standard opening up, Xi said, adding that China is ready to deepen practical cooperation with Pakistan in various fields, work together to upgrade China-Pakistan Economic Corridor cooperation, and help Pakistan consolidate its development foundations and unleash its development potential.

    He said that China hopes Pakistan will intensify the security measures for Chinese personnel, projects and institutions in Pakistan, and strengthen bilateral and multilateral counter-terrorism cooperation.

    Noting that next year marks the 75th anniversary of the establishment of diplomatic ties between China and Pakistan, Xi called on the two sides to deepen exchange and cooperation on culture, education and the media, with the aim of passing on the China-Pakistan friendship from generation to generation.

    “China appreciates Pakistan’s active support for the three global initiatives and participation in relevant cooperation, and stands ready to work with Pakistan to adhere to the Five Principles of Peaceful Coexistence, resist unilateralism and hegemonic practices, strengthen multilateral coordination, and safeguard the common interests of developing countries,” Xi said.

    Pakistan will stand steadfastly with China no matter how the situation changes, Zardari said. He expressed Pakistan’s appreciation for the selfless assistance China has provided for Pakistan’s economic and social development. He said that Pakistan is willing to learn from China’s successful experience and promote the high-quality development of the China-Pakistan Economic Corridor and cooperation in various fields, so as to realize industrialization and modernization.

    He said that under the brilliant leadership of President Xi, China has played an ever-growing leadership role in international affairs and has become an increasingly important force for world peace, stability and prosperity.

    Pakistan is willing to work closely with China to uphold multilateralism, safeguard free trade, and promote the common interests of the two countries and the vast number of developing countries, he added.

    After their talks, the two heads of state witnessed the signing of a number of bilateral cooperation documents in the fields of the China-Pakistan Economic Corridor, trade, science and technology, and radio and television.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Government rips up rules to fire-up nuclear power

    Source: United Kingdom – Executive Government & Departments

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    • Prime Minister puts Britain back in the global race for nuclear energy.
    • Changes will allow for Small Modular Reactors for the first time.
    • Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    Reforms to planning rules will clear a path for smaller, and easier to build nuclear reactors – known as Small Modular Reactors –to be built for the first time ever in the UK. This will create thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people.

    This is the latest refusal to accept the status quo, with the government ripping up archaic rules and saying not to the NIMBYs, to prioritise growth. It comes after recent changes to planning laws, the scrapping of the 3-strike rule for judicial reviews on infrastructure projects, and application of common-sense to environmental rules.

    For too long the country has been mired by delay and obstruction, with a system too happy to label decisions as too difficult, or too long term. The UK was the first country in the world to develop a nuclear reactor, but the last time a nuclear power station was built was back in 1995. None have been built since, leaving the UK lagging behind in a global race to harness cleaner, more affordable energy.

    The industry pioneered in Britain has been suffocated by regulations and this saw investment collapse, leaving only one nuclear power plant – Hinkley Point C – under construction. And this was after years of delay caused by unnecessary rules – meaning companies produced a 30,000-page environmental assessment to get planning permission.

    Meanwhile, China is constructing 29 reactors, and the EU has 12 at planning stage, giving these places a huge advantage in the global race to harness new technologies, create jobs and deliver cleaner, cheaper, independent energy.

    Investors want to get on and build reliable, cheap nuclear power, which will in turn support critical modern infrastructure, such as supercomputers to power the UK’s ambitions – but they have been held back.

    Today’s plan will shake up the planning rules to make it easier to build nuclear across the country – delivering jobs, cheaper bills in the long term, and more money in people’s back pockets. This will be achieved by:

    Including mini-nuclear power stations in planning rules for the first time – so firms can start building them in the places that need them.

    Scrapping the set list of 8-sites – which meant nuclear sites could be built anywhere across England and Wales.

    Removing the expiry date on nuclear planning rules – so projects don’t get timed out and industry can plan for the long term. 

    Setting up a Nuclear Regulatory Taskforce – that will spearhead improvements to the regulations to help more companies build here. This will report directly to the PM. 

    This is the Government delivering on a manifesto commitment to galvanise nuclear to help the UK achieve energy security and clean power, while securing thousands of good, clean jobs.

    Prime Minister Keir Starmer said:

    This country hasn’t built a nuclear power station in decades. we’ve been let down, and left behind. 

    Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.  

    I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long. 

    My government was elected to deliver change. I’ll take the radical decisions needed to wrestle Britain from its status quo slumber, to turbocharge our plan for change.

    Currently, nuclear development is restricted to eight sites – as part of archaic planning rules that haven’t been looked at since 2011. With the reforms unveiled today, the refreshed planning framework will help streamline the process to encourage investment and enable developers to identify the best sites for their projects, supporting development at a wider range of locations.  

    Developers will be encouraged to bring forward sites as soon as possible at the pre-application stage in the planning process, speeding up overall timelines.  

    It will include new nuclear technologies such as small and advanced modular reactors for the first time, providing flexibility to co-locate them with energy intensive industrial sites such as AI data centres. 

    These technologies are cheaper and quicker to build than traditional nuclear power plants and require smaller sites, meaning they can be built in a greater variety of locations.  

    There will also continue to be robust criteria for nuclear reactor locations, including restrictions near densely populated areas and military activity, alongside community engagement and high environmental standards. 

    Energy Secretary Ed Miliband said: 

    Build, build, build – that is what Britain’s clean energy mission is all about.  

    The British people have been left vulnerable to global energy markets for too long – and the only way out is to build our way to a new era of clean electricity. 

    Nuclear power creating thousands of skilled jobs. That is what this government will deliver.

    Alongside reforms to the siting process, a specialist taskforce will lead on making sure nuclear regulation incentivises investment, to deliver new projects more quickly and cost efficiently, while upholding high safety and security standards. 

    Britain is currently considered one of the world’s most expensive countries in which to build nuclear power. The taskforce will speed up the approval of new reactor designs and streamline how developers engage with regulators.  

    Nuclear regulation will cover both civil and defence nuclear to help unlock economic growth in the sector.  

    The taskforce will better align the UK with international partners so reactor designs approved abroad could be green lit more quickly, minimising expensive changes. It will also examine how to reduce duplication and simplify processes where there are multiple regulators covering overlapping issues, as well as ensuring regulatory decisions are both safe and proportionate. 

    The work will help the issues faced by projects such as Hinkley Point C, where three European regulators reached different assessments on the reactor design, leading to delays and increased costs. 

    The UK’s rigorous safety standards and record will continue to be upheld. Nuclear plants are designed with multiple layers of safety measures including making them robust enough to withstand a direct aircraft impact. 

    This is part of the government push to drive growth – building on the Prime Minister’s announcement to overhaul the legal challenges to major infrastructure projects including nuclear – with Sizewell C having suffered increased legal costs and uncertainty as a result of local activists taking them to court.  

    In a volatile world, where oil and gas prices are driven by tyrants like Putin, the drive for new nuclear is an integral part of the government’s plans to replace the UK’s dependence on fossil fuel markets with clean homegrown energy, to make the UK energy independent and protect consumers with clean, homegrown power.  

    Since July, the government has committed to driving forward new nuclear including further funding for Sizewell C at the Autumn Budget 2024.  

    Great British Nuclear also continues to progress the small modular reactor competition, with contract negotiations currently underway. 

    Gary Smith, GMB General Secretary, said: 

    GMB has long said there can be no net zero without new nuclear. 

    For too long, the failure to deliver new nuclear has weakened our energy security and undermined economic growth. 

    Sizewell C stands ready and waiting for the green light to power up our country’s future. 

    Now we need to see spades in the ground without delay.

    Alistair Black, Senior Director, UK at X-energy said: 

    Opening up new siting opportunities for a fleet of advanced reactors will help unlock tens of billions of pounds of investment and growth across the country, bringing clean secure electricity and heat for industry. 

    We welcome this step today, and the intent to streamline assessment processes whilst ensuring robust regulatory standards continue to be met. We look forward to reviewing this in detail and responding to the consultation.

    Simone Rossi, CEO of EDF in the UK, said:

    As a major operator, investor and developer, EDF welcomes the proposals designed to speed up new nuclear projects in the UK and unlock economic growth.

    Nuclear is essential to a secure, low carbon energy system and is the ideal partner to renewables. There is a great opportunity to build new infrastructure across England and Wales, to replace aging stations and take advantage of available skills, existing grid connections and supportive communities.

    “The opportunity will only be fully realised with the necessary reforms to planning and regulation, alongside continuing to build on the critical work at Hinkley Point C and Sizewell C to further develop skills and supply chains.”

    Darren Hardman, CEO, Microsoft UK, said: 

    We welcome the government’s plans to accelerate the building of safe, modern nuclear as part of the energy mix. Economic growth will require increased energy supply for the UK, but we must not lose sight of our ambitions for a fully decarbonised grid.

    Chair of Great British Nuclear Simon Bowen said:

    Nuclear energy is a powerful tool for growing the UK’s economy. By expanding the range of sites where safe, secure, reliable, and clean nuclear energy plants can be built, there is huge potential to positively transform areas facing economic uncertainty. 

    Today’s announcement also signals exciting opportunities to co-locate nuclear energy generation on data centre sites and to decarbonise industrial processes.

    Nuclear is one of the safest and cleanest forms of energy generation. The new independent nuclear regulation taskforce will help unlock growth and investment by providing clarity and certainty while ensuring regulations are fit for purpose.

    Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

    This is the Prime Minister’s strongest signal yet that new nuclear is critical to the growth and clean power mission. A more streamlined planning system will give certainty to investors, the supply chain and communities, and will enable us to get on with building new nuclear plants on more sites and at pace for a cleaner, more secure power system.

    We need to make Britain the best possible place to build new nuclear, both large-scale and SMRs, which means avoiding unnecessary stumbling blocks and ensuring regulations are proportionate to our urgent need for low carbon power, energy security and good jobs.

    Jonathan Geldart, Director General of the Institute of Directors, said:

    The government is right to identify nuclear power as a crucial contributor to the UK’s future electricity needs. This development shows the right desire to overcome the significant challenges involved in building back nuclear at scale, in terms of planning obstacles and project delivery. Despite these challenges, today’s announcement marks a significant move forward.

    Mike Clancy, General Secretary of Prospect said:

    The government’s ambition to drive forward a new generation of nuclear power after decades of delay is exactly what Britain needs.

    Nuclear is not only essential for hitting our Net Zero goals and maintaining energy security, it also creates thousands of good, well-paid jobs in areas of the country where they are sorely needed.

    Speeding up the approval of new sites and new reactors is an important step towards enabling investment in new nuclear. The government’s support for Sizewell C is also a welcome vote of confidence in the sector and bringing this project to a Final Investment Decision will provide a strong foundation for its future growth.

    The success of Britain’s world class nuclear sector is built on a robust regulatory process, and we welcome a review of this framework to ensure it is supporting investment while still providing assurance that high safety standards are being maintained.

    Cathal O’Rourke, Laing O’Rourke’s Group Chief Executive Officer said:

    This announcement is a significant step forward for the UK’s nuclear industry. The clarity provided by these new planning rules, the focus on streamlining the regulatory process, and the emphasis on standardising reactor designs is precisely the sort of clear, unequivocal direction the industry needs.

    Having played a central role in delivering nuclear capacity at Hinkley Point C, we understand the complexities of these projects firsthand and these new measures, particularly around regulatory reform and streamlined planning, will be invaluable in ensuring future projects, like Sizewell C, can be delivered more efficiently and cost-effectively.  

    In particular, standardisation and an industrialised approach will be key to driving down costs and accelerating construction timelines, ensuring we can deploy new nuclear capacity efficiently and at pace by adopting a “copy, improve, repeat” approach to design and implementation. This type of approach would also improve worker welfare conditions on site from a physical and wellbeing perspective.

    This clear signal from government will unlock investment, create jobs nationwide for shared prosperity, including an ability to plan for long-term investment in apprenticeships, and ensure the UK can benefit from clean, locally supplied nuclear power for generations to come.

    Chris Conboy, Managing Director, Nuclear EMEA at AtkinsRéalis said:

    We welcome plans to accelerate new nuclear developments. Speeding up lengthy planning processes would help to bring forward new projects faster, strengthening the UK’s world-class nuclear supply chain and creating jobs and skills across the country. 

    Nuclear will be the cornerstone of a reliable net zero energy system. We need both large and small nuclear technologies to realise our AI ambitions, bolster our energy security, and enable the sustainable development of towns, cities and industries across the UK: building the right technology in the right locations is vital to power the UK’s growth agenda and meet our net zero goals.

    David Omand, former Director of GCHQ said: 

    It is very welcome to see this government pushing forward on their commitment to national security by making the UK more energy secure and speeding up nuclear power to boost growth across the country. Nuclear is critical to national security, and taking this kind of action is a mark of the seriousness with which Keir Starmer takes the challenges of modern geopolitics. I fully support this push to knock down barriers to safe, modern nuclear as part of the nation’s critical infrastructure.

    Kim Darroch, former National Security Adviser said: 

    As a former National Security Adviser, I think driving for as much homegrown clean power as possible in this age of global turbulence should be among our top national security objectives. So I welcome the Prime Minister’s intervention to accelerate the regeneration of our nuclear power industry.

    Julian David OBE, CEO, techUK said: 

    If we want the UK economy to keep growing, we must invest in our energy infrastructure. We are pleased to see the Government announce new plans to reform planning rules to expand new energy generation. This move will boost the economy, create new jobs, and ensure the UK is not reliant on external agents for its own energy supply.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New survey suggests benefits system is letting down people with mental health conditions who want to work

    Source: United Kingdom – Executive Government & Departments

    Many sick and disabled people say they want to work to help boost their living standards – but aren’t given the right support, according to new data published on Time to Talk day today [6 February].

    • New survey suggests 200k people claiming health and disability benefits are ready for work now if the right job or support were available.
    • Comes as number of young people with a mental health condition who are economically inactive due to long-term sickness reaches over a quarter of a million (270,000)
    • Overhaul of health and disability benefit system set to be unveiled in Spring to ensure it provides meaningful support to help long term sick back into work

    Many sick and disabled people say they want to work to help boost their living standards – but aren’t given the right support, according to new data published on Time to Talk day today [6 February].

    New research published by the Department for Work and Pensions shows that nearly half (44%) of people with a mental health condition expect to be able to work in future if their health improves.

    This comes as the number of young people (aged 16 to 34) who are economically inactive due to long-term sickness and have a mental condition reaches 270,000. This number has been rising consistently over the past decade and has increased by 60,000 (26%) in the last year alone. The equivalent figure for all people of working-age (16 to 64) is 790,000 – an increase of 140,000 (22%) over the last year

    The Work Aspirations of Health and Disability Claimants survey also finds that a third (32%) of those claiming health and disability benefits believe they can work now or in future.  (5%) say that they would be ready now if the right job or support were available. This equates to around 200,000 individuals

    The survey also finds that those out of jobs overwhelmingly see work as a key part of their identity and a route to higher self-esteem, happiness and security.

    In further evidence that the current system pushes people away from work, the survey revealed that 50% of people who are on health and disability benefits and are not currently in work said they were worried they would not get their benefits back if they tried paid employment and it did not work out.

     It comes as the Work and Pensions Secretary Liz Kendall visits Workbridge charity which offers support to people who are unable to work due to mental ill health, to hear how they’re supporting people with mental health conditions into work.

    Responding to the stark survey results, the Work and Pensions Secretary has said the report demonstrates the need to reform the current welfare system, so that it offers better, meaningful support to give disabled people and people with long-term health conditions a real opportunity to find work.

    The upcoming reforms will be a key part of the government’s Plan for Change to boost employment by breaking down barriers to opportunity – creating a welfare system that promotes tailored pathways into work and accommodates the complex nature of disabilities and health conditions – and consequently, improving people’s living standards.

    Work and Pensions Secretary, Rt Hon Liz Kendall MP said:

    Today’s report shows that the broken benefits system is letting down people with mental health conditions who want to work.

    People claiming Health and Disability benefits have been classed by the system as “can’t work” and shut out of jobs and have been ignored – when they’ve been crying out for support.

    That is a serious failure. It’s bad for people, bad for businesses, which miss out on considerable talent, and bad for the economy.

    For young people in particular, being out of work can have a scarring effect that lasts a lifetime.

    On Time to Talk day, it’s time to change how we support people with long-term health conditions, such as a mental health condition, so that they have a fair chance and choice to work.

    On her visit to Workbridge, Kendall will speak to experts to hear their insights on how government and employers can better accommodate the fluctuating nature of people’s mental health – ensuring that people’s views and voices are at the heart of changes that affect them.

    We know that being in work has a positive effect on people’s mental and physical health – providing people with confidence and independence, as well as financial benefits.

    The UK remains the only G7 country that has higher levels of economic inactivity now than before the pandemic, with the benefits bill spiralling – largely driven by the increase in people claiming incapacity benefits for mental health conditions, who had not received the care and treatment they deserve.

    The reforms to the health & disability benefit system due to be unveiled in a Green Paper in Spring will consider these issues and how the government can tackle these barriers to employment, and the government will work closely alongside charities, organisations and disabled people to ensure their voices help shape any proposals for reform.

    The Green Paper will set key ambitions for creating a system that is fairer on disabled people – offering support into work which takes into consideration the realities of their health condition and life circumstances, and fairness for the taxpayer by bringing down the benefits bill.

    The reforms are expected to build on the Get Britain Working White Paper, which set out the first steps to achieving the government’s target 80% employment rate, driving up growth and driving down poverty in every corner of our country. 

    Successful steps have already been taken to offer work and life-changing support, with a record number of people with mental health conditions receiving employment advice through the NHS Talking Therapies programme.

    Alongside this support, the Government has settled record funding for the NHS – so that all people can get the care they need – and have pledged:

    • 8,500 more mental health staff
    • Mental health support teams in every school
    • Open-access mental health hubs in every community

    Additional Information

    Time to Talk Day is an initiative led by Rethink Mental Illness, Mind and Co-op to encourage people to talk about their mental health.

    Full results from the Work Aspirations of Health and Disability Claimants are available here: https://www.gov.uk/government/publications/work-aspirations-and-support-needs-of-health-and-disability-customers

    Source: The employment of disabled people 2024 – Table EIA020  Apr-Jun 24 compared to Apr-Jun 23

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Government rips up rules to fire-up nuclear power

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    • Prime Minister puts Britain back in the global race for nuclear energy.
    • Changes will allow for Small Modular Reactors for the first time.
    • Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    Reforms to planning rules will clear a path for smaller, and easier to build nuclear reactors – known as Small Modular Reactors –to be built for the first time ever in the UK. This will create thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people.

    This is the latest refusal to accept the status quo, with the government ripping up archaic rules and saying not to the NIMBYs, to prioritise growth. It comes after recent changes to planning laws, the scrapping of the 3-strike rule for judicial reviews on infrastructure projects, and application of common-sense to environmental rules.

    For too long the country has been mired by delay and obstruction, with a system too happy to label decisions as too difficult, or too long term. The UK was the first country in the world to develop a nuclear reactor, but the last time a nuclear power station was built was back in 1995. None have been built since, leaving the UK lagging behind in a global race to harness cleaner, more affordable energy.

    The industry pioneered in Britain has been suffocated by regulations and this saw investment collapse, leaving only one nuclear power plant – Hinkley Point C – under construction. And this was after years of delay caused by unnecessary rules – meaning companies produced a 30,000-page environmental assessment to get planning permission.

    Meanwhile, China is constructing 29 reactors, and the EU has 12 at planning stage, giving these places a huge advantage in the global race to harness new technologies, create jobs and deliver cleaner, cheaper, independent energy.

    Investors want to get on and build reliable, cheap nuclear power, which will in turn support critical modern infrastructure, such as supercomputers to power the UK’s ambitions – but they have been held back.

    Today’s plan will shake up the planning rules to make it easier to build nuclear across the country – delivering jobs, cheaper bills in the long term, and more money in people’s back pockets. This will be achieved by:

    Including mini-nuclear power stations in planning rules for the first time – so firms can start building them in the places that need them.

    Scrapping the set list of 8-sites – which meant nuclear sites could be built anywhere across England and Wales.

    Removing the expiry date on nuclear planning rules – so projects don’t get timed out and industry can plan for the long term. 

    Setting up a Nuclear Regulatory Taskforce – that will spearhead improvements to the regulations to help more companies build here. This will report directly to the PM. 

    This is the Government delivering on a manifesto commitment to galvanise nuclear to help the UK achieve energy security and clean power, while securing thousands of good, clean jobs.

    Prime Minister Keir Starmer said:

    This country hasn’t built a nuclear power station in decades. we’ve been let down, and left behind. 

    Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.  

    I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long. 

    My government was elected to deliver change. I’ll take the radical decisions needed to wrestle Britain from its status quo slumber, to turbocharge our plan for change.

    Currently, nuclear development is restricted to eight sites – as part of archaic planning rules that haven’t been looked at since 2011. With the reforms unveiled today, the refreshed planning framework will help streamline the process to encourage investment and enable developers to identify the best sites for their projects, supporting development at a wider range of locations.  

    Developers will be encouraged to bring forward sites as soon as possible at the pre-application stage in the planning process, speeding up overall timelines.  

    It will include new nuclear technologies such as small and advanced modular reactors for the first time, providing flexibility to co-locate them with energy intensive industrial sites such as AI data centres. 

    These technologies are cheaper and quicker to build than traditional nuclear power plants and require smaller sites, meaning they can be built in a greater variety of locations.  

    There will also continue to be robust criteria for nuclear reactor locations, including restrictions near densely populated areas and military activity, alongside community engagement and high environmental standards. 

    Energy Secretary Ed Miliband said: 

    Build, build, build – that is what Britain’s clean energy mission is all about.  

    The British people have been left vulnerable to global energy markets for too long – and the only way out is to build our way to a new era of clean electricity. 

    Nuclear power creating thousands of skilled jobs. That is what this government will deliver.

    Alongside reforms to the siting process, a specialist taskforce will lead on making sure nuclear regulation incentivises investment, to deliver new projects more quickly and cost efficiently, while upholding high safety and security standards. 

    Britain is currently considered one of the world’s most expensive countries in which to build nuclear power. The taskforce will speed up the approval of new reactor designs and streamline how developers engage with regulators.  

    Nuclear regulation will cover both civil and defence nuclear to help unlock economic growth in the sector.  

    The taskforce will better align the UK with international partners so reactor designs approved abroad could be green lit more quickly, minimising expensive changes. It will also examine how to reduce duplication and simplify processes where there are multiple regulators covering overlapping issues, as well as ensuring regulatory decisions are both safe and proportionate. 

    The work will help the issues faced by projects such as Hinkley Point C, where three European regulators reached different assessments on the reactor design, leading to delays and increased costs. 

    The UK’s rigorous safety standards and record will continue to be upheld. Nuclear plants are designed with multiple layers of safety measures including making them robust enough to withstand a direct aircraft impact. 

    This is part of the government push to drive growth – building on the Prime Minister’s announcement to overhaul the legal challenges to major infrastructure projects including nuclear – with Sizewell C having suffered increased legal costs and uncertainty as a result of local activists taking them to court.  

    In a volatile world, where oil and gas prices are driven by tyrants like Putin, the drive for new nuclear is an integral part of the government’s plans to replace the UK’s dependence on fossil fuel markets with clean homegrown energy, to make the UK energy independent and protect consumers with clean, homegrown power.  

    Since July, the government has committed to driving forward new nuclear including further funding for Sizewell C at the Autumn Budget 2024.  

    Great British Nuclear also continues to progress the small modular reactor competition, with contract negotiations currently underway. 

    Gary Smith, GMB General Secretary, said: 

    GMB has long said there can be no net zero without new nuclear. 

    For too long, the failure to deliver new nuclear has weakened our energy security and undermined economic growth. 

    Sizewell C stands ready and waiting for the green light to power up our country’s future. 

    Now we need to see spades in the ground without delay.

    Alistair Black, Senior Director, UK at X-energy said: 

    Opening up new siting opportunities for a fleet of advanced reactors will help unlock tens of billions of pounds of investment and growth across the country, bringing clean secure electricity and heat for industry. 

    We welcome this step today, and the intent to streamline assessment processes whilst ensuring robust regulatory standards continue to be met. We look forward to reviewing this in detail and responding to the consultation.

    Simone Rossi, CEO of EDF in the UK, said:

    As a major operator, investor and developer, EDF welcomes the proposals designed to speed up new nuclear projects in the UK and unlock economic growth.

    Nuclear is essential to a secure, low carbon energy system and is the ideal partner to renewables. There is a great opportunity to build new infrastructure across England and Wales, to replace aging stations and take advantage of available skills, existing grid connections and supportive communities.

    “The opportunity will only be fully realised with the necessary reforms to planning and regulation, alongside continuing to build on the critical work at Hinkley Point C and Sizewell C to further develop skills and supply chains.”

    Darren Hardman, CEO, Microsoft UK, said: 

    We welcome the government’s plans to accelerate the building of safe, modern nuclear as part of the energy mix. Economic growth will require increased energy supply for the UK, but we must not lose sight of our ambitions for a fully decarbonised grid.

    Chair of Great British Nuclear Simon Bowen said:

    Nuclear energy is a powerful tool for growing the UK’s economy. By expanding the range of sites where safe, secure, reliable, and clean nuclear energy plants can be built, there is huge potential to positively transform areas facing economic uncertainty. 

    Today’s announcement also signals exciting opportunities to co-locate nuclear energy generation on data centre sites and to decarbonise industrial processes.

    Nuclear is one of the safest and cleanest forms of energy generation. The new independent nuclear regulation taskforce will help unlock growth and investment by providing clarity and certainty while ensuring regulations are fit for purpose.

    Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

    This is the Prime Minister’s strongest signal yet that new nuclear is critical to the growth and clean power mission. A more streamlined planning system will give certainty to investors, the supply chain and communities, and will enable us to get on with building new nuclear plants on more sites and at pace for a cleaner, more secure power system.

    We need to make Britain the best possible place to build new nuclear, both large-scale and SMRs, which means avoiding unnecessary stumbling blocks and ensuring regulations are proportionate to our urgent need for low carbon power, energy security and good jobs.

    Jonathan Geldart, Director General of the Institute of Directors, said:

    The government is right to identify nuclear power as a crucial contributor to the UK’s future electricity needs. This development shows the right desire to overcome the significant challenges involved in building back nuclear at scale, in terms of planning obstacles and project delivery. Despite these challenges, today’s announcement marks a significant move forward.

    Mike Clancy, General Secretary of Prospect said:

    The government’s ambition to drive forward a new generation of nuclear power after decades of delay is exactly what Britain needs.

    Nuclear is not only essential for hitting our Net Zero goals and maintaining energy security, it also creates thousands of good, well-paid jobs in areas of the country where they are sorely needed.

    Speeding up the approval of new sites and new reactors is an important step towards enabling investment in new nuclear. The government’s support for Sizewell C is also a welcome vote of confidence in the sector and bringing this project to a Final Investment Decision will provide a strong foundation for its future growth.

    The success of Britain’s world class nuclear sector is built on a robust regulatory process, and we welcome a review of this framework to ensure it is supporting investment while still providing assurance that high safety standards are being maintained.

    Cathal O’Rourke, Laing O’Rourke’s Group Chief Executive Officer said:

    This announcement is a significant step forward for the UK’s nuclear industry. The clarity provided by these new planning rules, the focus on streamlining the regulatory process, and the emphasis on standardising reactor designs is precisely the sort of clear, unequivocal direction the industry needs.

    Having played a central role in delivering nuclear capacity at Hinkley Point C, we understand the complexities of these projects firsthand and these new measures, particularly around regulatory reform and streamlined planning, will be invaluable in ensuring future projects, like Sizewell C, can be delivered more efficiently and cost-effectively.  

    In particular, standardisation and an industrialised approach will be key to driving down costs and accelerating construction timelines, ensuring we can deploy new nuclear capacity efficiently and at pace by adopting a “copy, improve, repeat” approach to design and implementation. This type of approach would also improve worker welfare conditions on site from a physical and wellbeing perspective.

    This clear signal from government will unlock investment, create jobs nationwide for shared prosperity, including an ability to plan for long-term investment in apprenticeships, and ensure the UK can benefit from clean, locally supplied nuclear power for generations to come.

    Chris Conboy, Managing Director, Nuclear EMEA at AtkinsRéalis said:

    We welcome plans to accelerate new nuclear developments. Speeding up lengthy planning processes would help to bring forward new projects faster, strengthening the UK’s world-class nuclear supply chain and creating jobs and skills across the country. 

    Nuclear will be the cornerstone of a reliable net zero energy system. We need both large and small nuclear technologies to realise our AI ambitions, bolster our energy security, and enable the sustainable development of towns, cities and industries across the UK: building the right technology in the right locations is vital to power the UK’s growth agenda and meet our net zero goals.

    David Omand, former Director of GCHQ said: 

    It is very welcome to see this government pushing forward on their commitment to national security by making the UK more energy secure and speeding up nuclear power to boost growth across the country. Nuclear is critical to national security, and taking this kind of action is a mark of the seriousness with which Keir Starmer takes the challenges of modern geopolitics. I fully support this push to knock down barriers to safe, modern nuclear as part of the nation’s critical infrastructure.

    Kim Darroch, former National Security Adviser said: 

    As a former National Security Adviser, I think driving for as much homegrown clean power as possible in this age of global turbulence should be among our top national security objectives. So I welcome the Prime Minister’s intervention to accelerate the regeneration of our nuclear power industry.

    Julian David OBE, CEO, techUK said: 

    If we want the UK economy to keep growing, we must invest in our energy infrastructure. We are pleased to see the Government announce new plans to reform planning rules to expand new energy generation. This move will boost the economy, create new jobs, and ensure the UK is not reliant on external agents for its own energy supply.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: What’s the difference between climate and weather models? It all comes down to chaos

    Source: The Conversation (Au and NZ) – By Andy Hogg, Professor and Director of ACCESS-NRI, Australian National University

    Nadia Piet/AIxDESIGN & Archival Images of AI / Better Images of AI , CC BY-SA

    Weather forecasts help you decide whether to go for a picnic, hang out your washing or ride your bike to work. They also provide warnings for extreme events, and predictions to optimise our power grid.

    To achieve this, services such as the Australian Bureau of Meteorology use complex mathematical representations of Earth and its atmosphere – weather and climate models.

    The same software is also used by scientists to predict our future climate in the coming decades or even centuries. These predictions allow us to plan for, or avoid, the impacts of future climate change.

    Weather and climate models are highly complex. The Australian Community Climate and Earth System Simulator, for example, is comprised of millions of lines of computer code.

    Without climate and weather models we would be flying blind, both for short-term weather events and for our long-term future. But how do they work – and how are they different?

    The same physical principles

    Weather is the short-term behaviour of the atmosphere – the temperature on a given day, the wind, whether it’s raining and how much. Climate is about long-term statistics of weather events – the typical temperature in summer, or how often thunderstorms or floods happen each decade.

    The reason we can use the same modelling tools for both weather and climate is because they are both based on the same physical principles.

    These models compile a range of factors – the Sun’s radiation, air and water flow, land surface, clouds – into mathematical equations. These equations are solved on a bunch of tiny three-dimensional grid boxes and pieced together to predict the future state.

    These boxes are sort of like pixels that come together to make the big picture.

    These solutions are calculated on a computer – where using more grid boxes (finer resolution) gives better answers, but takes more computing resources. This is why the best predictions need a supercomputer, such as the National Computational Infrastructure’s Gadi, located in Canberra.

    Because weather and climate are governed by the same physical processes, we can use the same software to predict the behaviour of both.

    But there most of the similarities end.

    Climate and weather models are made up of thousands of 3-dimensional grid cells which are represented by mathematical equations that describe physical processes.
    NOAA

    The starting point

    The main differences between weather and climate come down to a single concept: “initialisation”, or the starting point of a model.

    In many cases, the simplest prediction for tomorrow’s weather is the “persistence” forecast: tomorrow’s weather will be similar to today. It means that, irrespective of how good your model is, if you start from the wrong conditions for today, you have no hope of predicting tomorrow.

    Persistence forecasts are often quite good for temperature, but they’re less effective for other aspects of weather such as rainfall or wind. Since these are often the most important aspects of weather to predict, meteorologists need more sophisticated methods.

    So, weather models use complex mathematics to create models that include weather information (from yesterday and today) and then make a good prediction of tomorrow. These predictions are a big improvement on persistence forecasts, but they won’t be perfect.

    In addition, the further ahead you try to predict, the more information you forget about the initial state and the worse your forecast performs. So you need to regularly update and rerun (or, to use modelling parlance, “initialise”) the model to get the best prediction.

    Weather services today can reliably predict three to seven days ahead, depending on the region, the season and the type of weather systems involved.

    Chaos reigns

    If we can only accurately predict weather systems about a week ahead before chaos takes over, climate models have no hope of predicting a specific storm next century.

    Instead, climate models use a completely different philosophy. They aim to produce the right type and frequency of weather events, but not a specific forecast of the actual weather.

    The cumulative effect of these weather events produces the climate state. This includes factors such as the average temperature and the likelihood of extreme weather events.

    So, a climate model doesn’t give us an answer based on weather information from yesterday or today – it is run for centuries to produce its own equilibrium for a simulated Earth.

    Because it is run for so long, a climate (also known as Earth system) model will need to account for additional, longer-term processes not factored into weather models, such as ocean circulation, the cryosphere (the frozen portions of the planet), the natural carbon cycle and carbon emissions from human activities.

    The additional complexity of these extra processes, combined with the need for century-long simulations, means these models use a lot of computing power. Constraints on computing means that we often include fewer grid boxes (that is, lower resolution) in climate models than weather models.

    A machine learning revolution?

    Is there a faster way?

    Enormous strides have been made in the past couple of years to predict the weather with machine learning. In fact, machine learning-based models can now outperform physics-based models.

    But these models need to be trained. And right now, we have insufficient weather observations to train them. This means their training still needs to be supplemented by the output of traditional models.

    And despite some encouraging recent attempts, it’s not clear that machine learning models will be able to simulate future climate change. The reason again comes down to training – in particular, global warming will shift the climate system to a different state for which we have no observational data whatsoever to train or verify a predictive machine learning model.

    Now more than ever, climate and weather models are crucial digital infrastructure. They are powerful tools for decision makers, as well as research scientists. They provide essential support for agriculture, resource management and disaster response, so understanding how they work is vital.

    Andy Hogg works for ACCESS-NRI, Australia’s Climate Simulator, based at the Australian National University. He receives funding for ACCESS-NRI from the Department of Education through the National Collaborative Research Infrastructure Strategy, and receives research funding from the Australian Research Council. He is a member of the Australian Meteorological and Oceanographic Society.

    Aidan Heerdegen works for ACCESS-NRI, Australia’s Climate Simulator, based at the Australian National University.

    ACCESS-NRI receives funding from the Federal Department of Education through the National Collaborative Infrastructure Strategy.

    Kelsey Druken works for ACCESS-NRI, Australia’s Climate Simulator, based at the Australian National University. ACCESS-NRI receives funding from the Australian federal government through the National Collaborative Research Infrastructure Strategy (NCRIS). She is a member of the American and European Geophysical Unions (AGU, EGU).

    – ref. What’s the difference between climate and weather models? It all comes down to chaos – https://theconversation.com/whats-the-difference-between-climate-and-weather-models-it-all-comes-down-to-chaos-244914

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: LeddarTech Announces Listing Transfer to the Nasdaq Capital Market; Comments on Recent Positive Business Developments

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, today announced that it has received approval from the Nasdaq Stock Market (“Nasdaq”) to transfer the listing of its securities from the Nasdaq Global Market to the Nasdaq Capital Market. The Company’s Common Shares and publicly traded warrants will continue to trade under the symbols “LDTC” and “LDTCW,” respectively. The transfer of the Company’s listing to the Nasdaq Capital Market is not expected to have any impact on trading in the Company’s securities. This transfer is expected to take effect as of the opening of trading on February 6, 2025.

    As previously disclosed, the Company received notifications from Nasdaq indicating the Company had failed to comply with certain continued listing requirements for the Nasdaq Global Market. In connection with the transfer of its listing to Nasdaq Capital Market, the Company had either cured such deficiencies or met the applicable standards on the Nasdaq Capital Market, and will be subject to robust Nasdaq Capital Market listing standards going forward.

    “We look forward to further growth and development of LeddarTech on the Nasdaq,” said Frantz Saintellemy, President and CEO of LeddarTech. “We are excited about our business momentum, as demonstrated by the selection of LeddarVision, our fusion and perception software solution, by one of the world’s leading commercial vehicle OEMs (original equipment manufacturers) for their advanced driver assistance system (ADAS) program for 2028 model year vehicles. We believe this win along with other recent announcements validate our commercial strategy and reflect the momentum that is building with our business.”

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics and ability to comply with Nasdaq Capital Markets listing standards in the future. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, projects, prospects and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.

    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI Submissions: Africa – Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan

    SOURCE: Islamic Corporation for the Development of the Private Sector (ICD)

    Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan. The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the corporation’s ongoing commitment to Egypt’s economic development

    CAIRO, Egypt, February 5, 2025/ — The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank Group (IsDB), has signed it’s the Country Work Program 2025 for Egypt, marking a significant milestone in its strategic partnership with the country.

    The signing ceremony took place in Cairo, in the presence of key government officials, including HE Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank; HE Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport; and HE Dr. Sherif Farouk, Minister of Supply and Internal Trade.

    The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the corporation’s ongoing commitment to Egypt’s economic development.

    The 2025 country work program focuses on strengthening the private sector and driving economic growth in Egypt. Key initiatives include direct financing, investments, and financing tools aimed at boosting key sectors such as industry, infrastructure, energy, and agriculture.

    Additionally, the program seeks to enhance financial inclusion by providing lines of finance to Egyptian banks, particularly to support small and medium-sized enterprises (SMEs). ICD also plans to raise market awareness about the importance of Islamic finance as a tool for development and to facilitate access to capital markets by forming strategic alliances with international investors.

    One of the key components of the program is ICD’s intention to provide up to $100 million in new financing to support private sector projects in Egypt.

    Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: “The Islamic Corporation for the Development of the Private Sector has proven, over the past years, its vital role in supporting the member countries of the Organization of Islamic Cooperation (OIC) by providing innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth, creating job opportunities, and enhancing the role of the private sector, particularly small and medium-sized enterprises.”

    He added: “We recognize that the private sector plays a pivotal role in the economic development process, and therefore, a large part of this cooperation will focus on empowering entrepreneurs and supporting small and medium-sized industries, which are the cornerstone of any strong economy. Through this program, efforts will be made to provide the necessary financing for these industries, as well as encourage innovation and entrepreneurship. This support will contribute to creating new job opportunities, enhancing sustainable economic growth, and improving competitiveness in regional and international markets.”

    Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, praised the successful partnership with the Islamic Corporation for the Development of the Private Sector (ICD). She highlighted the continuation of this fruitful partnership through the ICD’s Country Work Program in the Arab Republic of Egypt for 2025, which includes supporting the private sector in various diverse aspects. The program will allocate $100 million to financial institutions to finance small and medium-sized enterprises, as well as providing funding for large private sector companies operating in strategic sectors that are crucial to economic development. This includes particularly the industrial and agricultural sectors, which are key components of the country’s structural reform plan aimed at enhancing their contribution to GDP.

    Eng. Hani Salem Sonbol, Acting CEO of ICD, commented: “We are proud of our long-standing strategic partnership with the Arab Republic of Egypt. In 2025, we aim to deepen this relationship further by supporting the Egyptian government’s development plans. Our focus will be on enhancing the capacity of Egypt’s private sector and financial institutions, especially in supporting SMEs. Additionally, we will leverage our expertise to provide advisory services in the sukuk sector, particularly in assisting Egypt with issuing foreign currency sukuk and attracting new international investments to bolster financial flexibility.”

    He further added, “Our efforts will also include supporting the Arab-African Trade Bridges (AATB) Program, which aims to increase investments in member states, including Egypt.”

    Since its inception, ICD has provided Egypt with a total of $315 million in financing, including support for private sector companies, financial lines for banks, and direct investments in key sectors such as energy, food, and industry. This financing has played a crucial role in boosting economic growth, creating jobs, and fostering the development of Egypt’s private sector.

    About the Islamic Corporation for the Development of the Private Sector:
    ICD, a member of the Islamic Development Bank (IsDB) Group, is a multilateral financial institution established in 1999. ICD promotes economic development in member countries by financing private sector projects, fostering competition and entrepreneurship, offering advisory services, and encouraging cross-border investments. It holds strong credit ratings, including A2 by Moody’s, A+ by Fitch, and A- by S&P. ICD focuses on Shari’ah-compliant financing for projects like infrastructure and private equity funds, aiming to create jobs and boost exports.

    For more information, visit: www.ICD-ps.org.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Sen. Scott Shines Light on Debanking of Americans, Pledges Solutions

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — At today’s Senate Banking Committee hearing focused on debanking, Senator Tim Scott (R-S.C.) highlighted the importance of access to financial services, citing his own story of obtaining a loan to start his small business. Senator Scott called out the Biden administration’s financial regulators who exploited their power and pressured financial institutions to cut off services to individuals and businesses. Senator Scott pledged that the committee will work to find solutions to address this issue, and he reiterated that no regulator, and no bank, is above the principles of fairness and market access.

    Senator Scott’s opening remarks as delivered:  

    Good morning and thank you all for being with us today.

    We’re here to address an issue that strikes at the core of what it means to live in a free and fair society: access to financial services. 

    Every federally legal business and law-abiding citizen deserves to be treated equally, regardless of political views or ideological leanings.  

    This is an issue that is deeply personal to me.

    When my grandfather was growing up in the Jim Crow South, banks did business with people they felt looked the right way – based on the color of their skin. 

    One’s ability to get a loan to finance their home or state a business was based primarily on the color of their skin. And in the 1940s, my mother experienced the same redlining that has been persistent, pervasive, and unfortunate for decades.

    Thankfully, our nation continues to evolve in the right direction.

    And in the 1990s, when I was starting my small business, I went to a bank and looked for an opportunity to get a loan. I’ll say, without any question, at that time as a kid growing up in poverty in a single parent household my best asset – Mr. Ricketts – was a 1990, ten-year old car with 253,000 miles. One would not consider that an asset, perhaps a liability, but it was my only means of transportation. And I will tell you, without a doubt, for me, it was an asset.

    The bank, however, helped me completely understand it was not. However, in those days someone could get a character loan, because of your time in a community, because of your relationships with local and community banks. Because of that, not only was my financial life changed, not only did my American Dream become a reality, but more importantly, my mother’s American Dream became a reality.

    We saw the strengthening confidence in our banking system, because things had changed in the right direction.

    With that loan everything seemed to get better.

    Had I not gotten that line of credit, I may not be here chairing this committee today.

    You see my story is so consistent with so many other Americans story that really reflects positively on the American Dream.

    In this country, access to credit is one of the cornerstones of building your American Dream.

    Owning a home and starting a business are challenging journeys filled with complexities, and achieving success is never a guarantee, nor should it be. 

    That’s why access to financial services is so important.

    The United States is home to a vast competitive network of banks and payment providers, creating one of the most robust and diverse financial services ecosystems on the planet. 

    It is this incredible landscape that offers countless opportunities for homeowners and entrepreneurs to build a healthy foundation and make strides toward achieving their version of the American Dream. 

    However, it is incredibly alarming and disheartening to hear stories about financial institutions cutting off services to digital asset firms, political figures, and conservative-aligned businesses and individuals.

    Under the Biden administration, we’ve seen the rise of what many are calling Operation Chokepoint 2.0, where federal regulators exploited their power, pressuring banks to cut off services to individuals and businesses with conservative disposition, or folks aligned with industries they just didn’t like – like the color of one’s skin in my family’s history.

    I wholeheartedly believe that debanking someone over their political ideology is un-American and goes against the core values that our nation was founded on. 

    Today, we’ll have an opportunity to hear from Anchorage Digital’s CEO, whose OCC-chartered bank was debanked, Old Glory Bank’s CEO, who started a bank to serve those who had been debanked, and from a legal expert with extensive experience navigating these regulatory abuses, and from a policy expert at the Brookings Institution. 

    This hearing will also examine how practices similar to the original Operation Chokepoint have persisted, despite assurances that they would end. 

    We’ll investigate the role both regulators and financial institutions have played in these harmful practices, which hurt not just businesses but also consumers and our entire economy.

    This issue should concern every American, regardless of political affiliation and that’s why I am committed a bipartisan solution to stop this form of discrimination. 

    This hearing is just the beginning.

    We are here to shine a bright light on these unacceptable practices and to hold those responsible accountable. The message is crystal clear: no regulator, and no bank, is above the principles of fairness and market access. 

    Speaking of shining a light, I was so glad to see that just a couple of hours ago, the FDIC under President Trump’s leadership released a fresh set of never-before-seen supervisory documents, which further prove that Chokepoint 2.0 was real.

    I will be going through the documents in greater detail, but rest assured for those in this room, and those watching at home, they paint a disgusting and disheartening picture of abuse. 

    As Acting Chair Hill characterized them, “these and other actions sent the message to banks that it would be extraordinarily difficult—if not impossible—to move forward [with crypto related activities].” 

    I commend the new FDIC leadership for its commitment to transparency, but it is a shame that it took an election – an election – for the agency to begin following the laws of our country.

    Thank you. I look forward to hearing from our witnesses and working with colleagues on both sides of the aisle to stop debanking and protect every American’s right to participate fully in the economy.

    MIL OSI USA News –

  • MIL-OSI Australia: Thousands of students return to new and upgraded schools

    Source: New South Wales Premiere

    Published: 6 February 2025

    Released by: The Premier, Deputy Premier, Minister for Education and Early Learning

    More than ten thousand students across New South Wales are returning to new and improved schools for day one, term one today as the Minns Labor Government continues work to ensure public schools are quality places to teach and learn.

    Five permanent and two temporary schools will today welcome students for the very first time, at the same time as students return to substantially upgraded facilities at 11 other schools across the state.

    These new schools and upgrades mean more than 400 new classrooms, 20 sports facilities, seven halls, eight libraries and nine canteens will be put to use for the first time today.

    This is part of the Minns Labor Government’s record $8.9 billion investment to deliver new and upgraded schools across the state, including $3.6 billion for Western Sydney and $1.4 billion for regional communities.

    Three of these new public schools, Box Hill High School, Melonba Public School and Gledswood Hills High school have been stood up early, delivering desperately needed local schools which were promised but never delivered by the former Liberal National Government. 

    Students at Melonba High School will transition to their new permanent facilities today after initially opening in fast-tracked temporary buildings in Term 1, 2024.

    In the South West, brand new Gledswood Hills High School is also opening ahead of schedule today in temporary facilities while the permanent school, due to open in 2027, is built.

    Families in Sydney’s densest suburb will finally also have a local high school for their children with the opening of Wentworth Point High School today.

    In the staze’s south, Jindabyne Education Campus is opening with a new state-of-the-art high school and primary school, future-proofing education opportunities for the growing regional community.

    Other students will be starting 2025 alongside a new set of peers, with Randwick Boys and Randwick Girls High School coming together for the first time as Randwick High School; while the Hurstville and Penshurst campuses of Georges River College also begin the year as co-educational schools.

    The campuses have received facilities upgrades to enable the transition to co-education from Thursday, with further works in the pipeline. 

    NSW Premier Chris Minns said:

    “We’re wishing the best to every single student and teacher heading back to the classroom today. I hope you enjoyed the holidays and got the chance to relax and spend time with loved ones.

    “We want NSW public schools to be quality places to work and learn, which is why we are investing to ensure that no matter the post code, whether it’s a rapidly growing part of Western Sydney or a regional community, families have access to a quality, free, public education.”

    Deputy Premier, Minister for Education and Early Learning, Prue Car said:

    “This government is committed to rebuilding our public education system and ensuring every child has access to a world class public education close to home.

    “Of the seven new schools opening across the state today, I’m proud to say five of them are in rapidly-growing suburbs of Western Sydney that were neglected for years under the Liberals – and we have pulled out all the stops to deliver them not only on time, but in some cases well ahead of schedule.

    “Today’s opening of the new primary and high school in Melonba – and the many other new and upgraded schools opening across the state – are a testament to our commitment to investing in our children’s futures and providing them with the best learning opportunities possible.”

    Melonba Public School Principal Larissa Maraga said:

    “I cannot wait to welcome our students and families through the gates of their brand-new primary school for the very first time today.

    “To be opening this world-class public school months earlier than expected is truly incredible and I look forward to seeing what generations of students will achieve here at Melonba Public School.”

    Melonba High School Principal Leon Weatherstone said:

    “After a very successful start in 2024 in our temporary school, I am delighted that we are welcoming Melonba High School students and their families to our new permanent facilities that are truly world-class.

    “It has been the ultimate pleasure and privilege to be a part of bringing this school to life. I can’t thank the Melonba school community enough for their involvement and support in making today a reality.”

    New schools opening to students on Day 1, Term 1 2025:

    • Melonba Public School
    • Melonba High School
    • Wentworth Point High School
    • Jindabyne Public School
    • Jindabyne High School
    • Box Hill Public School (temporary school)
    • Gledswood Hills High School (temporary school)

    New facilities opening to students on Day 1, Term 1 2025:

    • Budawang School – new hydrotherapy pool
    • Castle Hill Public School – new classrooms, hall, canteen and COLA (further upgrade continuing)
    • Cecil Hills High School – new canteen and hall (further upgrade continuing)
    • Gregory Hills Public School – new playground and sports field
    • Hastings Secondary College, Port Macquarie Campus – new T-Block
    • Hurlstone Agricultural High School – new farm hub
    • Lane Cove Public School – new hall
    • Manly Village Public School – building refurbishments (further upgrade continuing)
    • Murwillumbah High School – full redevelopment
    • Neutral Bay Public School – new classrooms, library, canteen, admin facilities and landscaping
    • Wollumbin High School – refurbished canteen, classrooms and sports facilities (further upgrade continuing)

    MIL OSI News –

  • MIL-OSI Australia: Tougher laws against antisemitism and hatred in NSW

    Source: New South Wales Premiere

    Published: 6 February 2025

    Released by: The Premier, Attorney General, Minister for Local Government, Minister for Multiculturalism, Minister for Police and Counter-terrorism

    The Minns Labor Government is announcing a series of tough new measures to crack down on a recent escalation of troubling graffiti, racial hatred and antisemitism in the community.

    The package of reforms will help give police and the community additional powers and resources to respond to disgusting acts of racial violence and hatred.

    It sends a clear message to people who commit these crimes or intend to commit them that these acts have no place in NSW, and they will face severe and harsh penalties if they do.

    In response to recent appalling attacks, the NSW Government will:

    • Introduce a new criminal offence for intentionally inciting racial hatred, with a proposed maximum penalty of 2 years’ imprisonment.
    • Introduce a new offence in section 93ZA of the Crimes Act 1900 directed at the display of a Nazi symbol on or near a synagogue, with an increased maximum penalty to 2 years’ imprisonment, and clarify that that graffiti is a ‘public act’.
    • Expand the aggravating circumstance that applies on sentence when an offence is motivated by hatred or prejudice to ensure that it applies whether a crime is partially or wholly motivated by hatred or prejudice.
    • Amend the Graffiti Control Act 2008 to create an aggravated offence for graffiti on a place of worship.
    • Introduce a new offence in the Crimes Act 1900 to stop people in or near a place of worship from intentionally blocking access to the place of worship without reasonable excuse, or from harassing, intimidating or threatening people accessing places of worship, and provide police with associated move on powers. This new offence is proposed to have a maximum penalty of 2 years’ imprisonment.

    In addition to these strengthened laws, the Minns Labor Government is also announcing:

    • Increased funding to support the crucial work of the NSW Police Force Engagement and Hate Crime Unit by $525,000.  This will allow for boosted engagement and communications with the community, including additional synagogue and school visits.
    • An increase to the NSW Local Government Social Cohesion Grants Program by $500,000.
    • Training to support local governments address rising prevalence of hate crimes.

    These reforms build on the significant work of the police over the summer:

    • The NSW Police Force launched Operation Shelter on 11 October 2023 to respond to public safety in relation to the current conflict in the Middle East.
    • More than 300 proactive patrols are conducted under Operation Shelter every day. These centre around significant sites such as places of worship.
    • Resources from Traffic and Highway Patrol, the Regional Enforcement Squad, dog unit and Pol Air have also been brought in to help local police on the ground.
    • Strike Force Pearl has been established to investigates these hate crimes – and doubled its fulltime dedicated detectives from 20 to 40.

    The reforms send a strong message about the seriousness of committing acts of racial hatred and antisemitism, and the NSW Government’s commitment to send a clear message to perpetrators that they will be held responsible for these acts.

    Premier Chris Minns said:

    “We have seen disgusting acts of racial hatred and antisemitism.

    “These are strong new laws, and they need to be because these attacks have to stop.

    “NSW is a multicultural state, and these acts designed to intimidate and divide will not work.

    “These laws have been drafted in response to the horrifying antisemitic violence in our community but it’s important to note that they will apply to anyone, preying on any person, of any religion.

    “If you commit these acts, you will face severe penalties, and we make no apologies for that.”

    Attorney General Michael Daley said:

    “Blocking access to places of worship, graffitiing sacred sites, or inciting hatred are wholly unacceptable behaviours that have no place in our society. These proposed changes strengthen penalties and expand police powers to maintain order across the community.

    “The Minns Government is expanding the criminal law to send a clear message that inciting hatred is not just unacceptable, it will soon be criminal.

    “The entire community will be safer as a direct result of these changes. The proposed changes will mean that divisive and hateful behaviours will not succeed in dividing our community.”

    Minister for the Police and Counter-terrorism Yasmin Catley said:

    “Police are doing everything they can to disrupt and investigate these vile crimes. Today’s announcement will further strengthen their capability to continue this critical work.

    “Our community thrives on diversity and mutual respect. We refuse to let those driven by hate divide us.”

    Minister for Multiculturalism Steve Kamper said:

    “Our multicultural society is one of our greatest achievements, but it is not something we can afford to take for granted. It requires our constant attention.

    “The Minns Government will continue to proactively address bad faith actors and explore every avenue to ensure social harmony and that our multicultural society is protected.”

    Minister for Local Government Ron Hoenig said:

    “It’s vital that all tiers of government are united in the effort to stop antisemitism.

    “I welcome the additional support and training for councils so that they can expand their work promoting unity and harmony within local communities.”

    MIL OSI News –

  • MIL-OSI Security: New York Man Sentenced To 84 Months In Prison For Conspiring To Engage In Multimillion Dollar Wire Fraud Scheme

    Source: Office of United States Attorneys

    NEWARK, N.J. – A New York man was sentenced today to 84 months in prison for conspiring to commit wire fraud, Acting U.S. Attorney Vikas Khanna announced. 

    Terrell Fuller, 34, of Baldwin, New York, previously pleaded guilty before U.S. District Judge Stanley R. Chesler to an information charging him with conspiring to commit wire fraud.

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

    Fuller and his co-conspirators submitted a fraudulent application to the Small Business Administration, which caused the SBA to provide them with approximately $1,200,000. In addition, Fuller and his co-conspirators opened bank accounts in the names of various entities and individuals, deposited illegally obtained or fraudulent checks into those accounts, and then withdrew and attempted to withdraw money from the accounts. Further, Fuller, using stolen personal identifying information, fraudulently rented locations to live in New York and failed to pay more than $400,000 in rent and fees for those locations. Through the conspiracy, Fuller and his co-conspirators obtained more than $2,000,000 in money and property through their fraudulent actions.

    In addition to the prison term, Judge Chesler sentenced Fuller to 3 years of supervised release and $2,289,816.06 in restitution.

    Acting U.S. Attorney Khanna credited special agents of the Federal Bureau of Investigation, Franklin Township Resident Agency, under the direction of Acting Special Agent in Charge Terence G. Reilly, and special agents of the Internal Revenue Service – Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark.

    The government is represented by Assistant U.S. Attorney Andrew Kogan of the Cybercrime Unit in Newark.

                                         ###

    Defense counsel: Scott Leemon, New York City, New York

    MIL Security OSI –

  • MIL-OSI USA: Wyden Demands Answers About DOGE’s Illegal Seizure of Americans’ Private Data

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    February 05, 2025

    WASHINGTON D.C. – U.S. Sen. Ron Wyden today demanded White House Chief of Staff Susie Wiles answer questions about the acute risks posed to national security by letting unvetted ‘DOGE’ staff rifle through Americans’ private data and classified government materials. 

    Wyden, along with fellow Senate Intelligence Committee members Mark R. Warner (D-VA), Martin Heinrich (D-NM), Angus King (I-ME), Michael Bennet (D-CO), Kirsten Gillibrand (D-NY), Jon Ossoff (D-GA), and Mark Kelly (D-AZ), demanded the administration provide details to Congress about how DOGE staff and representatives are being vetted for security clearance; which systems, records and information are being shared; and what steps the administration is taking to safeguard them from misuse or disclosure.

    “According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies,” the senators wrote. “No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.”

    “As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a ‘need to know.’ Circumventing these requirements creates enormous counterintelligence and security risks,” warned the senators. “For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners. If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.”

    The senators added, “Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information.”

    “Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems,” the senators cautioned.

    Finally, the senators also noted there are strict cybersecurity controls in place for federal networks which DOGE does not seem to be following, including by reportedly connecting personal devices to sensitive government systems and using personal emails. The senators concluded, “To underscore, DOGE seems to have unimpeded access to some of our nation’s most sensitive information, including classified materials and the private personal and financial information of everyday Americans. In light of such unprecedented risks to our national and economic security, we expect your immediate attention and prompt response.”

    The full text of the letter is here. 

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: Senate Intelligence Members Sound the Alarm about “DOGE” Risk to National Security and American Privacy

    US Senate News:

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

    WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence, along with Ron Wyden (D-OR), Martin Heinrich (D-NM), Angus King (I-ME), Michael Bennet (D-CO), Kirsten Gillibrand (D-NY), Jon Ossoff (D-GA), and Mark Kelly (D-AZ), wrote to White House Chief of Staff Susie Wiles about the risks to our national security of allowing unvetted DOGE staff and representatives to access classified and sensitive government materials. The Committee members demanded that the administration provide details to Congress about how DOGE staff and representatives are being vetted, which systems, records and information are being shared, and what steps the administration is taking to safeguard them from misuse or disclosure.

    “According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies,” the senators wrote. “No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.”

    The senators added, “As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a ‘need to know.’ Circumventing these requirements creates enormous counterintelligence and security risks. For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners. If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.”

    The senators also raised alarms about the privacy implications of allowing an unknown number of DOGE staff to access unclassified systems containing information about individual American taxpayers and organizations. 

    Wrote the senators, “Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information.”

    Finally, the senators also noted that there are strict cybersecurity controls in place for federal networks which DOGE does not seem to be following, including by reportedly connecting personal devices to sensitive government systems.

    “Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems,” the letter says. 

    The full text of the letter is available here and below. 

    Dear Ms. Wiles,

    We write to express our grave concern with the illegal actions currently being undertaken by the Department of Government Efficiency (DOGE), which risk exposure of classified and other sensitive information that jeopardizes national security and violates Americans’ privacy. The January 20 Executive Order establishes DOGE under the Executive Office of the President with DOGE Teams established by Agency Heads within their respective agencies, and requires the Administrator of DOGE to report to the White House Chief of Staff. According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies.

    No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.

    As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a “need to know.”  Circumventing these requirements creates enormous counterintelligence and security risks. For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners. If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.

    Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information.

    Moreover, there are strict cybersecurity controls for accessing federal networks, which DOGE does not seem to be following, including by reportedly connecting personal devices to sensitive government systems. Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems.

    The Executive Branch cannot operate without regard to rules, regulations, or Congressional oversight. The American people, and our intelligence officials, deserve to know that their information is being appropriately safeguarded. We therefore respectfully request written responses to the following questions by February 14, 2025:

    1. Provide a list of personnel operating under DOGE, their position or role, and their duties. 
    2. Pursuant to the Executive Order, DOGE teams are to be established by Agency Heads within their respective agencies. Provide a list of each agency that has established a DOGE team, and the agency personnel overseeing such team.
    3. Under what authorities is DOGE conducting its operations?
    4. Who is overseeing DOGE’s operations? 
    5. Provide a list of each agency DOGE has requested information from.
    6. Provide a list of all unclassified systems, records, or other information DOGE has requested and/or gained access to. 
    7. Provide a list of all classified systems, records, or other information DOGE has requested and/or gained access to.
    8. Do DOGE staff or representatives have access to any Intelligence Community systems, networks, or other information? If so, please specify the extent of such access.
    9. Under what authority is DOGE requesting and/or gaining access to classified information?
    10. What security clearances have been provided to DOGE staff or representatives, and who has authorized such clearances?
    11. What processes have been followed prior to granting security clearances to DOGE staff or representatives?
    12. What vetting for potential conflicts of interest has been conducted prior to granting clearances or access to government systems, records, or other information to DOGE staff or representatives?
    13. Provide a list of each DOGE staff or representative who has requested and/or gained access to classified information, what clearance each such individual holds, and who authorized each security clearance. 
    14. Who is supervising and/or monitoring DOGE employee access to classified information?
    15. What processes have been followed prior to granting DOGE staff or representatives access to sensitive government systems and networks, and who has authorized such access?
    16. Who is supervising and/or monitoring DOGE employee access to sensitive government systems and networks?
    17. Has DOGE briefed you, the White House Chief of Staff, on the counterintelligence and other risks of DOGE staff or representatives accessing classified and other sensitive information? If so, please specify the date of the briefing and those in attendance.
    18. Has DOGE briefed you, the White House Chief of Staff, on the counterintelligence and other risks of DOGE staff or representatives accessing government networks and systems? If so, please specify the date of the briefing and those in attendance.
    19. Has the Office of the Director of National Intelligence and/or the Central Intelligence Agency been briefed on the counterintelligence and other risks of DOGE staff or representatives accessing Treasury’s payment systems? If so, please specify the date of the briefing and those in attendance.  
    20. Has the Office of the Director of National Intelligence and/or the Central Intelligence Agency been briefed on the counterintelligence and other risks of DOGE staff or representatives accessing USAID’s classified and other sensitive information, including security clearance files? If so, please specify the date of the briefing and those in attendance.
    21. What actions if any has the Office of the Director of National Intelligence and/or the Central Intelligence Agency taken to ensure DOGE employee access does not create counterintelligence risks?
    22. What actions if any has the Office of the Director of National Intelligence and/or the Central Intelligence Agency taken to ensure DOGE employee access does not compromise classified or other sensitive intelligence and/or personal information of intelligence community officials?  

    To underscore, DOGE seems to have unimpeded access to some of our nation’s most sensitive information, including classified materials and the private personal and financial information of everyday Americans. In light of such unprecedented risks to our national and economic security, we expect your immediate attention and prompt response.

    MIL OSI USA News –

  • MIL-OSI USA: Hickenlooper, Colleagues Urge Trump to Reinstate Inspectors General After Illegally Firing Them 

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper

    Senators: “Removing these non-partisan watchdogs without providing a substantive and non-political reason is not lawful…”

    WASHINGTON – Today, U.S. Senators John Hickenlooper and 39 of his Senate colleagues wrote to President Donald Trump strongly condemning his recent decision to remove Inspectors General (IGs) from at least 18 government agencies and called on the President to immediately reinstate the officials.

    “The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable – regardless of who is in power,” wrote the senators. “Without strong, qualified and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked.”

    IGs provide independent oversight of federal programs and play a key role in improving government efficiency and effectiveness. President Trump removed IGs from at least 18 departments and agencies, including the Departments of Defense, Veterans Affairs, and Health and Human Services.

    According to the Inspector General Independence and Empowerment Act, which was signed into law in 2022, the President is required to provide a 30-day notice and substantive reasons for removal in writing to Congress before an Inspector General can be removed. President Trump failed to alert Congress or provide substantive reasoning. 

    “These officials, which include those appointed by Presidents of both parties, including many during your first Administration, collectively conduct oversight of trillions of dollars of federal spending and the conduct of millions of federal employees,” continued the senators. “Removing these non-partisan watchdogs without providing a substantive and non-political reason is not lawful, and undermines their independence, jeopardizing their critical mission to identify and root out waste, fraud, and abuse within federal programs.”

    Full text of the letter available HERE.

    MIL OSI USA News –

  • MIL-OSI United Nations: DR Congo: UN mission offers protection to ‘vulnerable populations’, despite huge challenges

    Source: United Nations 4

    Peace and Security

    Rwanda-backed M23 rebels continued to consolidate their hold over North Kivu in the Democratic Republic of the Congo (DRC) on Wednesday, despite declaring a ceasefire two days earlier and pledging not to continue south, according to the UN’s Deputy Special Representative for Protection and Operations in the country.

    Vivian van de Perre, briefed from the ground in Goma, the regional capital, telling journalists that “the situation is still highly volatile, with persistent risks of escalation”, emphasising that military action alone will not resolve the conflict.

    The hostilities are occurring in a mineral-rich region that has been unstable for decades amid a proliferation of armed groups, which has forced hundreds of thousands to flee their homes over the years and seek safety in displacement camps.

    Fighting escalated sharply in late January, as the largely-Tutsi M23 fighters seized control of parts of North Kivu, including areas near Goma, and advanced towards South Kivu and the eastern DRC’s second city of Bukavu.

    She warned that the peacekeeping mission (MONUSCO) – where she serves as deputy head – was operating in an increasingly challenging environment.

    “The mission’s key infrastructures in Goma are overwhelmed, with both UN personnel and Congolese seeking shelter within our premises,” said Ms. Van de Perre. Pressure on space is growing – some 2,000 people are on site – and on “critical resources” like water, food and sanitation.

    Humanitarian crisis deepens  

    MONUSCO has confirmed that Goma airport continues to be under M23 control after their takeover last week and has suffered significant damage, including to the control tower.

    UN personnel have been denied access to the site, which is a crucial entry point for humanitarian aid, limiting their ability to assess the full extent of the destruction.

    She said the mission was “gravely concerned” over Kavumu airport and the potential it could be taken by rebel forces. Losing both airports “in the midst of an ongoing humanitarian and IDP crisis will be untenable” for the population of the region.

    Although some water and electricity services have been partially restored in the city of Goma, much more is needed to ensure that people have access to adequate services.

    The World Health Organization (WHO) now warns of potential disease outbreaks as bodies continue to be recovered across the city. Over 2,000 bodies have already been buried, while 900 remain in morgues fuelling fears of a potential epidemic.

    Political and regional dimensions

    While the UN continues to advocate for dialogue, peace efforts remain stalled.

    The Luanda and Nairobi processes – the two main diplomatic initiatives aimed at resolving the conflict – have yet to yield tangible results.

    Meanwhile, the African Union summit scheduled for later this month is seen as a crucial opportunity to reinvigorate regional engagement.

    Ms. van de Perre also confirmed the presence of Rwandan forces in eastern DR Congo, despite denials from Kigali.

    The UN has restricted movement, limiting verification capabilities, she said, but multiple reports have cited Rwandan military involvement alongside M23.

    Uncertain future for MONUSCO

    Amid mounting insecurity, MONUSCO has ceased joint operations with Congolese armed forces (FARDC) and withdrawn from South Kivu, following Security Council mandates.

    The mission now awaits further instructions, with discussions on the next steps expected in the coming days.

    Ms. van de Perre explained that the mission needs “clear guidance” from the Security Council, as the fluid situation is “changing literally every hour”.

    UN News

    Traffic on the streets of Goma, following recent insecurity.

    Aid operations threatened

    In addition to escalating violence, the US government’s decision to halt USAID funding for certain humanitarian programs is expected to cripple UN relief efforts.

    The International Organization for Migration (IOM) and other key UN agencies are already affected by stop-work orders, compounding the crisis.

    Meanwhile, reports indicate that M23 has instructed NGOs to halt operations in areas under its control, further limiting humanitarian access.

    A plea for peace

    “We reiterate our call for the urgent reopening of Goma airport, as we need to evacuate wounded people and bring in humanitarian supplies and staff in,” said Mr. Dujarric.

    As MONUSCO continues its efforts to protect civilians, de-escalate hostilities, and facilitate humanitarian access, Ms. van de Perre underscored the urgent need for a political solution.

    “The people of the DRC deserve peace, security and stability,” she said, calling on all parties to “put an end to hostilities, prioritise dialogue and work towards a peaceful resolution.”

    MIL OSI United Nations News –

  • MIL-OSI Security: Mehtab Syed Named Special Agent in Charge of the Salt Lake City Field Office

    Source: Federal Bureau of Investigation FBI Crime News (b)

    The Federal Bureau of Investigation has named Mehtab Syed as the special agent in charge of the Salt Lake City Field Office. Ms. Syed most recently served as special agent in charge of Cyber and Counterintelligence Division in the Los Angeles Field Office.

    Ms. Syed entered on duty as an FBI special agent in August 2005. She was assigned to the New York Field Office, where she worked counterterrorism investigations and was a member of the crisis negotiation team and the rapid deployment team. 

    In 2008, Ms. Syed deployed to Islamabad, Pakistan, and served as acting assistant legal attaché. She was responsible for conducting extensive coordination between law enforcement, intelligence, and security services of multiple governments. She then returned to the New York Field Office until 2012.

    Ms. Syed was assigned to an 18-month temporary duty assignment (TDY) at the Counterterrorism Division at FBI Headquarters in 2012. She worked as the program manager for extraterritorial counterterrorism cases in the Pakistan/Afghanistan region. 

    In April 2015, Ms. Syed reported to LEGAT Amman as the assistant legal attaché. Ms. Syed returned to the New York Field Office as a supervisor for the New York Joint Terrorism Task Force (NY JTTF) in 2017. Ms. Syed was promoted to acting assistant special agent in charge of the NY JTTF’s Extraterritorial Branch in 2020.

    In November 2020, Ms. Syed was selected as the assistant special agent in charge of the cyber and counterintelligence branch of the Newark Field Office. In 2022, Ms. Syed was promoted to section chief of China Operations II Branch of the Counterintelligence Division at FBI Headquarters. In April of 2023, Ms. Syed served as special agent in charge of Cyber and Counterintelligence Division in the Los Angeles Field Office

    Prior to her career as a special agent for the FBI, Ms. Syed served at the Bureau as a contract linguist from 2004-2005. She has also worked as a financial analyst at the corporate office of Cosi, a restaurant chain with locations throughout the U.S. Ms. Syed received a bachelor’s degree in finance from Adelphi University in 2001. 

    MIL Security OSI –

  • MIL-OSI: South Bow Announces Timing of Fourth-quarter and Year-end 2024 Results and Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 05, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) will release its fourth-quarter and year-end 2024 financial and operational results after the close of markets on March 5, 2025.

    Conference call and webcast details

    South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s fourth-quarter and year-end 2024 results and 2025 outlook on March 6, 2025 at 8 a.m. MT (10 a.m. ET).

    Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    Visit www.southbow.com/investors for the replay following the event.

    Forward-looking information and statements

    This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements). In particular, this news release contains forward-looking statements, including timing of the release of financial and operational results, conference call and webcast, and replay of the conference call and webcast. The forward-looking statements are based on certain assumptions that South Bow has made regarding, among other things: market conditions; economic conditions; and prevailing governmental policies or regulatory, tax, and environmental laws and regulations. Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; actions taken by governmental or regulatory authorities; adverse general economic and market conditions, and other factors set out in South Bow’s public disclosure documents. The foregoing list of assumptions and risk factors should not be construed as exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    About South Bow

    South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

    Contact information  
       
    Investor Relations Media Relations
    Martha Wilmot Katie Stavinoha
    investor.relations@southbow.com communications@southbow.com

    The MIL Network –

  • MIL-OSI USA: Reed & Whitehouse: Trump’s Shutdown of USAID Will Cause Human Suffering Abroad & Weaken U.S. National Security

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Recognizing that diplomacy and development play a key role alongside defense when it comes to U.S. national security, U.S. Senators Jack Reed (D-RI) and Sheldon Whitehouse (D-RI) joined Tim Kaine (D-VA) and 34 of their colleagues in sending a letter to U.S. Secretary of State Marco Rubio expressing their deep concern regarding the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID).

    USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability. Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do. The Trump Administration, led by Mr. Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.

    “…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” wrote the 37 U.S. Senators.

    The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

    “Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” wrote the senators.

    They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

    In addition to Kaine, Reed, and Whitehouse, the letter is signed by U.S. Senators Cory Booker (D-NJ), Dick Durbin (D-IL), Jeff Merkley (D-OR), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), Michael Bennet (D-CO), Elizabeth Warren (D-MA), Peter Welch (D-VT), Edward J. Markey (D-MA), Kirsten Gillibrand (D-NY), Bernie Sanders (I-VT), Gary Peters (D-MI), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Martin Heinrich (D-NM), Amy Klobuchar (D-MN), Tammy Duckworth (D-IL), Andy Kim (D-NJ), Adam Schiff (D-CA), Angus S. King (I-ME), John Hickenlooper (D-CO), Mazie K. Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Chris Murphy (D-CT), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Brian Schatz (D-HI), Mark R. Warner (D-VA), Chris Van Hollen (D-MD), Chris Coons (D-DE), Elissa Slotkin (D-MI), and Reverend Raphael Warnock (D-GA).

    The full text of the letter follows.

    Dear Secretary Rubio:

    The effective administration of U.S. foreign assistance is critical to advancing core U.S. national security priorities, including countering the influence of China, Russia and Iran. As you acknowledged at your confirmation hearing, pushing back on China in particular is a top bipartisan priority. 

    As such, we are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.

    The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.

    Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat.

    Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.

    We request immediate clarification on the following:

    Status of USAID:

    1.         Confirmation of your understanding that any effort to abolish USAID or merge USAID into the Department of State absent Congressional consultation and approval is illegal.

    2.         Confirmation of your understanding that adversaries such as China, Russia and Iran are quickly moving into the vacuum left by suspended USAID programs. 

    3.         The Department of State’s assessment of Mr. Elon Musk’s financial ties to China and the impact of these ties to the decision-making process of Mr. Musk and his employees.

    4.         Confirmation that neither you nor any member of your leadership team are taking direction from Mr. Musk with regards to the work of the Department of State or USAID, personnel or financial decisions for either agency, or any other matters relevant to U.S. national security. 

    5.         Confirmation of the names and employment status of individuals directed by Mr. Musk to engage with USAID staff, the qualifications of these individuals, and the level of their security clearances – if any.

    Personnel:

    1.         Confirmation of your understanding that any unauthorized access by or disclosure of classified information to individuals without appropriate security clearance could be considered a criminal offense.

    2.         The legal authority and rationale under which, on January 28, more than 50 senior career civil and foreign service USAID officials were placed on administrative leave. This move was not only unprecedented, but also inconsistent with the Office of Personnel Management’s own guidelines for the use of administrative leave.

    3.         The legal authority under which, on January 28, approximately 390 USAID Institutional Support Contractors (ISCs) were given stop-work orders, and clarification of which Administration official directed the implementation of this termination.

    4.         Whether any Department of State career civil and foreign service or contractors have been placed on administrative leave or removed from their roles as a result of or relating to the assistance freeze or any directives from the Office of Foreign Assistance.

    5.         Clarification of which Administration official directed the implementation of this mass furlough.

    6.         Clarification of whether these individuals were directed to be terminated without cause.

    7.         Confirmation that personnel will not face retaliation or retribution for performing their duties under the previous Administration’s policy direction.

    8.         Under what authorities and by which official’s directive career civil service, foreign service, and Personal Services Contractors (PSC), and those under other hiring authorities have been removed from their roles or limited in their ability to execute their work.

    9.         Confirmation that further career civil service, foreign service and USAID contractors will not be removed from their roles without cause or receive stop work orders.

    10.       Whether, upon full resumption of legally mandated foreign assistance activities, the Administration intends to re-hire contractors who have been removed from their roles.

    11.       Any additional guidance provided to State and USAID staff regarding the foreign assistance freeze, including confirmation of whether direct hires, contractors, or implementing organizations have been directed not to speak publicly about the foreign assistance freeze.

    12.       Public identification of the individual currently serving as the Director or Acting Director of the State Department’s Office of Foreign Assistance and as Acting Deputy Administrator of USAID, and the dates upon which this individual was appointed to each position.

    13.       Confirmation of your understanding that the State Department’s Director of Foreign Assistance has no authority to issue personnel directives for USAID.

    Resumption of Foreign Assistance:

    1.         The specific process and anticipated timeframe for activities to receive exemptions or waivers, as referenced in your January 28, 2025 directive to State and USAID staff.

    2.         The mechanisms and metrics established for this waiver process.

    3.         The timeline for full resumption of legally mandated foreign assistance activities.

    4.         Clarification of what risk assessment or analysis of potential risk to U.S. national security interests were conducted prior to the decision to freeze foreign assistance activities.

    5.         Confirmation of the Department of State’s obligation to comply with U.S. contract law and your responsibility as Secretary of State ensure the Department honors its commitments to contracting partners.

    We welcome your urgent attention to these questions. We and our staff stand ready to work with you to ensure U.S. foreign assistance funding continues to be deployed effectively to protect American citizens, at home and abroad.

    Respectfully,

    MIL OSI USA News –

  • MIL-OSI Canada: Prime Minister Justin Trudeau speaks with premiers on the Canada-U.S. relationship and economic prosperity

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau, the Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, the Minister of Transport and Internal Trade, Anita Anand, and Canada’s Ambassador to the United States, Kirsten Hillman, met virtually with Canada’s premiers to discuss the Canada-U.S. relationship and economic prosperity.

    The Prime Minister provided an update on his recent conversations with the President of the United States of America, Donald J. Trump, during which the President decided to pause the implementation of U.S. tariffs against Canadian goods for a period of 30 days. The Prime Minister and the premiers reiterated their determination to continue engaging with U.S. partners at the federal, state, and local levels to prevent the imposition of any tariffs on Canadian exports and emphasize the benefits of Canada-U.S. co-operation. The Prime Minister welcomed the premiers’ upcoming mission to Washington, D.C., under the auspices of the Council of the Federation, as a significant opportunity for engagement and advocacy.

    The Prime Minister and Minister LeBlanc discussed progress in the implementation of Canada’s $1.3 billion border plan. The Government of Canada has been redoubling its efforts to uphold border security with new helicopters and technology, enhanced co-ordination with U.S. law enforcement agencies, increased resources to stop the flow of fentanyl, and nearly 10,000 frontline personnel working on protecting the border. This Monday, the Prime Minister announced further commitments to appoint a Fentanyl Czar, list cartels as terrorists, ensure 24/7 eyes on the border, and launch a Canada-U.S. Joint Strike Force to combat organized crime, fentanyl, and money laundering. The Prime Minister also signed a new intelligence directive on organized crime and fentanyl, backed with an investment of $200 million. The Prime Minister thanked premiers for their ongoing efforts to complement Canada’s border plan and committed to continue working in close partnership as the Government of Canada implements the recently announced new measures.

    With the current pause in the proposed U.S. tariffs, First Ministers recognized the important opportunity to build a long-term prosperity agenda for Canada. They welcomed the positive conversations that took place at the meeting of the Committee on Internal Trade in Toronto, Ontario, on January 31, 2025. First Ministers endorsed the recommendations of Internal Trade Ministers to strengthen the Canadian Free Trade Agreement, advance mutual recognition and labour mobility, and explore opportunities to open new domestic markets in key sectors. They looked forward to making progress on these important priorities.

    The Prime Minister also highlighted the upcoming Canada-U.S. Economic Summit that the Council on Canada-U.S. Relations will hold in Toronto on February 7, 2025. Building on the Council’s work to date, the Summit will bring together Canadian leaders in trade, business, public policy, and organized labour to explore ways to grow Canada’s economy, make it easier to build and trade within the country, diversify export markets, and rejuvenate productivity.

    The Prime Minister and the premiers agreed to remain in close contact and to continue standing up for Canadian consumers, jobs, and businesses. They agreed to reconvene in two weeks’ time, or sooner if necessary, to discuss next steps in Canada’s engagement with the United States.

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI: Orange County Bancorp, Inc. Announces Fourth Quarter and Full-Year Earnings for Fiscal 2024

    Source: GlobeNewswire (MIL-OSI)

    • Net Interest Income increased $3.4 million, or 3.8%, to $91.8 million for the year ended December 31, 2024, from $88.4 million for the year ended December 31, 2023
    • Net Interest Margin grew 5 basis points to 3.83% for the year ended December 31, 2024, from 3.78% for the year ended December 31, 2023
    • Total Loans grew $68.7 million, or 3.9%, to $1.8 billion at December 31, 2024 as compared to $1.7 billion at December 31, 2023.
    • Total Deposits rose $114.6 million, or 5.6%, to $2.2 billion at December 31, 2024, from $2.0 billion at year-end 2023
    • Book value per share increased $1.72, or 11.8%, to $16.35 at December 31, 2024, from $14.63 at December 31, 2023
    • Trust and investment advisory income rose $470 thousand, or 16.7%, to $3.3 million for Q4 2024, as compared to $2.8 million for Q4 2023

    MIDDLETOWN, N.Y., Feb. 05, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $7.2 million, or $0.63 per basic and diluted share, for the three months ended December 31, 2024. This compares with net income of $8.1 million, or $0.72 per basic and diluted share, for the three months ended December 31, 2023.   The decrease in earnings per share, basic and diluted, was due primarily to an increase in non-interest expense offset by increases in net interest income and non-interest income during the current period. For the twelve months ended December 31, 2024, net income was $27.9 million, or $2.47 per basic and diluted share, as compared to $29.5 million, or $2.62 per basic and diluted share, for the twelve months ended December 31, 2023.

    Book value per share rose $1.72, or 11.8%, from $14.63 at December 31, 2023 to $16.35 at December 31, 2024. Tangible book value per share increased $1.74, or 12.4%, from $14.06 at December 31, 2023 to $15.80 at December 31, 2024 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were driven primarily by earnings during the twelve months ended December 31, 2024, offset by an increase in accumulated other comprehensive income (loss) associated with unrealized losses within the investment securities portfolio.  

    “Orange Bank closed out 2024 with another solid quarter,” said Company President and CEO Michael Gilfeather.   “Earnings of $7.2 million for the three months ended December 31, 2024 increased our full year total to $27.9 million. Though below our record $29.5 million in earnings the prior year, I am pleased by the results given challenges in the current interest rate environment and significant charges related to a non-performing participation loan. Additionally, given our historically conservative approach to credit quality, we have taken provisions to adequately reserve for charges associated with the previously disclosed participation loan.

    The economic environment in our region remains strong, enabling us to expand and improve the quality of our loan portfolio. For the year just ended, total loans grew nearly $70 million, or 4%, to $1.8 billion.

    Deposit growth was also robust during 2024, with deposits increasing $114.6 million, or 5.6%, to $2.2 billion at December 31, 2024. Even more impressive is the fact the majority of these new deposits were sourced internally as the result of a very targeted and strategic initiative.

    Low cost deposits and strong, high quality loan growth enabled us to expand net interest margin to 3.83% for the year ended December 31, 2024 from 3.78% during the year ended December 31, 2023. This is no small achievement given the uncertainty regarding interest rate and economic policy that characterized much of the year.

    Our Wealth Management business also maintained its consistent performance, contributing $3.3 million of trust and investment advisory income for the quarter, a $470 thousand, or 16.7%, increase over the same period last year. We have always viewed this division as an essential component of our business bank model, offering financial, advisory, estate and planning services for business customers and their families. Since inception, these services have allowed us to expand and retain our customer relationships, new and current, and increase overall customer satisfaction. As successful as this initiative has been, we saw an opportunity to leverage its success further through the promotion of David Dineen. David has been tasked with further aligning and expanding the capabilities of the Bank with the needs of our customers and we are very excited by its prospects.

    We have worked hard to deliver strong, consistent results, despite occasional challenges, and it is exciting to see the market recognize our efforts. This resulted in favorable stock price performance during the year that supported a 2-for-1 stock split in Q4, improving liquidity for shareholders. We always seek opportunities that benefit stakeholders, whether customers, shareholders or employees, and it is rewarding to achieve and implement them.

    As we end the year with another solid quarter, I want to again thank our employees for their hard work and dedication, our customers for their trust and business, and our investors for their continued confidence and support.” 

    Fourth Quarter and Fiscal Year 2024 Financial Review

    Net Income

    Net income for the fourth quarter of 2024 was $7.2 million, a decrease of $960 thousand, or 11.8%, from net income of $8.1 million for the fourth quarter of 2023. The decrease was primarily the result of increased non-interest expense over the same quarter last year. Net income for the twelve months ended December 31, 2024 was $27.9 million, as compared to $29.5 million for the same period in 2023. The decrease similarly reflected increased non-interest expense during the twelve months of 2024 over the same period in 2023.

    Net Interest Income

    For the three months ended December 31, 2024, net interest income rose $929 thousand, or 4.2%, to $23.1 million, versus $22.2 million during the same period last year. The increase was driven primarily by a $1.4 million increase in interest and fees on loans during the current period. For the twelve months ended December 31, 2024, net interest income reached $91.8 million, representing an increase of $3.4 million, or 3.8%, over the twelve months ended December 31, 2023.

    Total interest income rose $639 thousand, or 2.0%, to $32.2 million for the three months ended December 31, 2024, compared to $31.6 million for the three months ended December 31, 2023. The increase reflected a 5.4% growth in interest and fees associated with loans and a 3.2% increase in interest income from tax-exempt investment securities. For the twelve months ended December 31, 2024, total interest income rose $9.5 million, or 8.0%, to $127.2 million as compared to $117.8 million for the twelve months ended December 31, 2023.

    Total interest expense decreased $290 thousand during the fourth quarter of 2024, to $9.1 million, as compared to $9.4 million during the fourth quarter of 2023. The decrease represented the combined effect of management focus on low-cost deposits and a decrease in costs associated with brokered deposits and borrowed funds utilized as alternate sources of funding. Interest expense associated with Time Deposits, mainly brokered, decreased to $1.7 million during the fourth quarter of 2024 as compared to $2.5 million during the fourth quarter of 2023. Interest expense associated with FHLB advances drawn and other borrowings during the quarter totaled $1.9 million, as compared to $2.6 million during the fourth quarter of 2023. During the twelve months ended December 31, 2024, total interest expense rose $6.1 million, to $35.5 million, as compared to $29.4 million for the same period last year.

    Provision for Credit Losses

    As of January 1, 2023, the Company adopted the current expected credit losses methodology (“CECL”) accounting standard, which includes loans individually evaluated, as well as loans evaluated on a pooled basis to assess the adequacy of the allowance for credit losses. The Bank seeks to estimate lifetime losses in its loan and investment portfolio using discounted cash flows and supplemental qualitative considerations, including relevant economic considerations, portfolio concentrations, and other external factors, as well as evaluation of investment securities held by the Bank.

    The Company recognized net recovery within its provision for credit losses of $51 thousand for the three months ended December 31, 2024, as compared to a $462 thousand charge for the three months ended December 31, 2023. This recovery was due primarily to slower loan growth during the 2024 fourth quarter combined with the composition of loans closed during the quarter. The allowance for credit losses to total loans was 1.44% as of December 31, 2024 and 2023. For the twelve months ended December 31, 2024, the provision for credit losses totaled $7.7 million as compared to $7.9 million for the twelve months ended December 31, 2023. No reserves for investment securities were recorded during 2024.

    Non-Interest Income

    Non-interest income rose $562 thousand, or 15.0%, to $4.3 million for the three months ended December 31, 2024, compared to $3.7 million for the three months ended December 31, 2023. This growth was due to increased fee income within several of the Company’s fee income categories, including investment advisory income, trust income, and service charges on deposit accounts. For the twelve months ended December 31, 2024, non-interest income increased $2.6 million, to $16.0 million, as compared to $13.4 million for the twelve months ended December 31, 2023.

    Non-Interest Expense

    Non-interest expense was $18.5 million for the fourth quarter of 2024, reflecting an increase of $3.7 million, or 25.4%, as compared to $14.7 million for the same period in 2023. The increase in non-interest expense consisted primarily of increases in compensation costs, technology charges, and professional fees as well as the recognition of increased costs associated with the nonperforming loan participation and certain costs related to a fraudulent incident within one of our branches. As a result, our efficiency ratio increased to 67.4% for the three months ended December 31, 2024, from 56.9% for the same period in 2023. For the twelve months ended December 31, 2024, our efficiency ratio increased to 60.5% from 55.8% for the same period in 2023. Non-interest expense for the twelve months ended December 31, 2024 reached $65.2 million, reflecting an $8.4 million increase over non-interest expense of $56.8 million for the twelve months ended December 31, 2023.

    Income Tax Expense

    Provision for income taxes for the three months ended December 31, 2024 was $1.8 million, as compared to $2.6 million for the same period in 2023. For the twelve months ended December 31, 2024, the provision for income taxes was $6.9 million, as compared to $7.7 million for the twelve months ended December 31, 2023. The decrease for both 2024 periods was due to lower income before income taxes.   Our effective tax rate for the three-month period ended December 31, 2024 was 20.1%, as compared to 24.1% for the same period in 2023. Our effective tax rate for the twelve-month period ended December 31, 2024 was 19.9%, as compared to 20.6% for the same period in 2023.

    Financial Condition

    Total consolidated assets increased $24.5 million, or approximately 1.0%, to $2.5 billion at December 31, 2024. The stability of the balance sheet reflects loan growth and continued increases in deposits and cash, as well as paydowns of borrowings during the current twelve-month period.

    Total cash and due from banks increased from $147.4 million at December 31, 2023, to $150.3 million at December 31, 2024, an increase of approximately $3.0 million, or 2.0%. This slight increase resulted primarily from increases in deposit balances and managed loan growth which elevated cash levels while reducing short-term borrowings.

    Total investment securities decreased $51.0 million, or 10.1%, from $504.5 million at December 31, 2023 to $453.5 million at December 31, 2024. The decrease continues to be driven primarily by investment maturities and paydowns during the twelve months of 2024.

    Total loans increased $68.7 million, or 3.9%, from $1.7 billion at December 31, 2023 to $1.8 billion at December 31, 2024. The increase was primarily driven by an increase of $102.7 million related to commercial real estate loans as well as a $3.8 million increase in home equity loans offset by decreases in all other loan categories during 2024.

    Total deposits increased $114.6 million, reaching $2.2 billion at December 31, 2024, from $2.0 billion at December 31, 2023. This increase was due primarily to $94.1 million of growth in money market accounts, $26.2 million increase in interest bearing demand accounts, and $42.9 million increase in savings accounts. The increases in deposit accounts were offset by a $48.1 million decrease in noninterest-bearing demand accounts and relatively stable balances in certificates of deposit, mainly associated with brokered deposits utilized by the Bank for short term funding purposes. Deposit composition at December 31, 2024 included 45.6% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remained stable and represented approximately 39% of total deposits at December 31 2024, as compared to 37% of total deposits at December 31, 2023.

    FHLBNY short-term borrowings decreased by $111.0 million, or 49.4%, to $113.5 million as of December 31, 2024, as compared to $224.5 million at December 31, 2023. The decrease in borrowings was driven by increased deposits which outpaced loan growth in 2024 and allowed for paydowns of borrowings while maintaining adequate levels of cash at December 31, 2024. The decrease in borrowings reflects a strategic focus on actively managing liquidity sources and pursuing opportunities to reduce funding costs.

    Stockholders’ equity increased approximately $20.2 million during the year ended 2024, reaching $185.5 million at December 31, 2024 from $165.4 million at December 31, 2023. The increase was due primarily to $27.9 million of net income during the twelve months of 2024, partially reduced by dividends and an increase in unrealized losses of approximately $3.6 million, net of taxes, mainly related to the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss).

    At December 31, 2024, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital to average assets ratio was 10.23%, both common equity and Tier 1 capital to risk weighted assets were 14.12%, and total capital to risk weighted assets was 15.37%.  

    Wealth Management

    At December 31, 2024, our Wealth Management Division, which includes trust and investment advisory, held $1.8 billion in assets under management or advisory, as compared to $1.6 billion at December 31, 2023, a 12.9% increase. Trust and investment advisory income for the year ended December 31, 2024 reached $12.2 million, representing an increase of 18.5%, or $1.9 million, as compared to $10.3 million for the year ended December 31, 2023.

    The breakdown of trust and investment advisory assets as of December 31, 2024 and December 31, 2023, respectively, is as follows:

    ORANGE COUNTY BANCORP, INC.
    SUMMARY OF AUM/AUA
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At December 31, 2024   At December 31, 2023
      Amount   Percent   Amount   Percent
    Investment Assets Under Management & Advisory $    1,105,143   61.99 %   $       909,384   57.56 %
    Trust Asset Under Administration & Management 677,723   38.01 %   670,515   42.44 %
    Total $    1,782,866   100.00 %   $    1,579,899   100.00 %
                       


    Loan Quality

    At December 31, 2024, the Bank had total non-performing loans of $6.3 million, or 0.35% of total loans. Total non-accrual loans represented approximately $6.3 million of loans as of December 31, 2024, compared to $4.4 million at December 31, 2023. The increase was primarily the result of one commercial real estate participation loan which remains non-performing and in non-accrual status at year end.

    Liquidity

    Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of December 31, 2024, the Bank’s cash and due from banks totaled $150.3 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of December 31, 2024, the Bank’s investment in securities available for sale was $453.5 million, of which $104.7 million was not pledged as collateral or specifically designated to any borrowings. Additionally, as of December 31, 2024, the Bank’s overnight advance line capacity at the FHLBNY was $512.2 million, of which $101.0 million was used to collateralize municipal deposits and $10.0 million was utilized for long term advances. As of December 31, 2024, the Bank’s unused borrowing capacity at the FHLBNY was $398.7 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At December 31, 2024, the Bank was not utilizing any available funding from the Federal Reserve.

    The Bank also considers brokered deposits an element of its deposit strategy. As of December 31, 2024, the Bank had brokered deposit arrangements with various terms totaling approximately $180.0 million.

    Non-GAAP Financial Measure Reconciliations
    The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.
     
      December 31, 2024   December 31, 2023
      (Dollars in thousands except for share data)
    Tangible Common Equity:          
    Total stockholders’ equity $                    185,531     $                  165,376  
    Adjustments:          
    Goodwill (5,359 )   (5,359 )
    Other intangible assets (821 )   (1,107 )
    Tangible common equity  $                    179,351     $                  158,910  
    Common shares outstanding 11,350,158     11,302,622  
    Book value per common share $                        16.35     $                      14.63  
    Tangible book value per common share $                        15.80     $                      14.06  
               
    Tangible Assets          
    Total assets $                 2,509,927     $               2,485,468  
    Adjustments:          
    Goodwill (5,359 )   (5,359 )
    Other intangible assets (821 )   (1,107 )
    Tangible assets $                 2,503,747     $               2,479,002  
    Tangible common equity to tangible assets 7.16 %   6.41 %


    About Orange County Bancorp, Inc

    Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.5 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

    Forward Looking Statements

    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

    The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    For further information:
    Michael Lesler
    EVP & Chief Financial Officer
    mlesler@orangebanktrust.com
    Phone: (845) 341-5111

     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
    (UNAUDITED)
      (Dollar Amounts in thousands except per share data)
                   
          December 31, 2024     December 31, 2023  
                   
        ASSETS          
                   
    Cash and due from banks $                    150,334     $                    147,383  
    Investment securities – available-for-sale 443,775     489,948  
    (Amortized cost $519,567 at December 31, 2024 and $560,994 at December 31, 2023)          
    Restricted investment in bank stocks 9,716     14,525  
    Loans 1,815,751     1,747,062  
    Allowance for credit losses (26,077 )   (25,182 )
      Loans, net 1,789,674     1,721,880  
                   
    Premises and equipment, net 15,808     16,160  
    Accrued interest receivable 6,680     5,934  
    Bank owned life insurance 42,257     41,447  
    Goodwill 5,359     5,359  
    Intangible assets 821     1,107  
    Other assets 45,503     41,725  
                   
        TOTAL ASSETS $                 2,509,927     $                 2,485,468  
                   
        LIABILITIES AND STOCKHOLDERS’ EQUITY          
                   
    Deposits:          
      Noninterest bearing $                    651,135     $                    699,203  
      Interest bearing 1,502,224     1,339,546  
        Total deposits 2,153,359     2,038,749  
                   
    FHLB advances, short term 113,500     224,500  
    FHLB advances, long term 10,000     10,000  
    Subordinated notes, net of issuance costs 19,591     19,520  
    Accrued expenses and other liabilities 27,946     27,323  
                   
        TOTAL LIABILITIES 2,324,396     2,320,092  
                   
        STOCKHOLDERS’ EQUITY          
                   
    Common stock, $0.25 par value; 30,000,000 shares authorized;          
      11,366,608 issued; 11,350,158 and 11,302,622 outstanding,          
      at December 31, 2024 and December 31, 2023, respectively 2,842     2,842  
    Surplus 120,896     120,392  
    Retained Earnings 129,919     107,361  
    Accumulated other comprehensive income (loss), net of taxes (67,751 )   (64,108 )
    Treasury stock, at cost; 16,450 and 63,986 shares at December 31,          
      2024 and December 31, 2023, respectively (375 )   (1,111 )
        TOTAL STOCKHOLDERS’ EQUITY 185,531     165,376  
                   
        TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $                 2,509,927     $                 2,485,468  
                   
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
          For Three Months Ended December 31,   Twelve Months Ended December 31,
          2024     2023   2024   2023
    INTEREST INCOME                
      Interest and fees on loans $ 27,263     $ 25,866   106,030   $ 96,264
      Interest on investment securities:                
        Taxable 2,696     3,153   11,672   12,723
        Tax exempt 582     564   2,304   2,285
      Interest on Federal funds sold and other 1,665     1,984   7,221   6,498
                         
        TOTAL INTEREST INCOME 32,206     31,567   127,227   117,770
                         
    INTEREST EXPENSE                
      Savings and NOW accounts 5,308     4,045   20,475   13,126
      Time deposits 1,658     2,500   7,399   6,393
      FHLB advances and borrowings 1,932     2,643   6,666   8,938
      Subordinated notes 230     230   921   922
        TOTAL INTEREST EXPENSE 9,128     9,418   35,461   29,379
                         
        NET INTEREST INCOME 23,078     22,149   91,766   88,391
                         
    Provision for credit losses (51 )   462   7,710   7,868
        NET INTEREST INCOME AFTER                
        PROVISION FOR CREDIT LOSSES 23,129     21,687   84,056   80,523
                         
    NONINTEREST INCOME                
      Service charges on deposit accounts 278     221   1,015   809
      Trust income 1,511     1,391   5,511   5,098
      Investment advisory income 1,772     1,422   6,738   5,241
      Investment securities gains(losses) –     –   –   107
      Earnings on bank owned life insurance 264     259   815   984
      Other 480     450   1,893   1,180
        TOTAL NONINTEREST INCOME 4,305     3,743   15,972   13,419
                         
    NONINTEREST EXPENSE                
      Salaries 7,177     6,141   27,475   24,747
      Employee benefits 2,243     2,080   8,938   7,439
      Occupancy expense 1,243     1,147   4,790   4,761
      Professional fees 1,601     1,241   5,931   4,753
      Directors’ fees and expenses 272     769   1,053   1,451
      Computer software expense 1,761     1,336   5,952   5,050
      FDIC assessment 330     380   1,308   1,403
      Advertising expenses 409     583   1,575   1,657
      Advisor expenses related to trust income 18     31   113   120
      Telephone expenses 181     178   746   712
      Intangible amortization 72     72   286   285
      Other 3,159     770   7,043   4,415
        TOTAL NONINTEREST EXPENSE 18,466     14,728   65,210   56,793
                         
      Income before income taxes 8,968     10,702   34,818   37,149
                         
    Provision for income taxes 1,804     2,578   6,935   7,671
        NET INCOME $ 7,164     $ 8,124   27,883   $ 29,478
                         
    Basic and diluted earnings per share $                          0.63     $                            0.72   $                          2.47   $                          2.62
                         
    Weighted average shares outstanding 11,322,045     11,264,908   11,303,118   11,258,300
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Three Months Ended December 31,
      2024   2023
      Average
    Balance    		   Interest   Average
    Rate    		   Average
    Balance    		   Interest   Average
    Rate
    Assets:                      
    Loans Receivable (net of PPP) $       1,813,263   $    27,261   5.96%   $    1,725,560   $    25,863   5.95%
    PPP Loans 174   2   4.56%   222   3   5.36%
    Investment securities 456,552   3,207   2.79%   471,955   3,480   2.93%
    Due from banks 143,908   1,665   4.59%   149,312   1,984   5.27%
    Other 9,033   71   3.12%   12,432   237   7.56%
    Total interest earning assets 2,422,930   32,206   5.27%   2,359,481   31,567   5.31%
    Non-interest earning assets 94,263           98,224        
    Total assets $       2,517,193           $    2,457,705        
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $          339,233   $         402   0.47%   $       314,008   $         409   0.52%
    Money market accounts 698,335   3,967   2.25%   600,451   2,958   1.95%
    Savings accounts 269,244   939   1.38%   228,078   678   1.18%
    Certificates of deposit 162,610   1,658   4.05%   217,137   2,500   4.57%
    Total interest-bearing deposits 1,469,422   6,966   1.88%   1,359,674   6,545   1.91%
    FHLB Advances and other borrowings 132,908   1,932   5.77%   187,989   2,643   5.58%
    Subordinated notes 19,579   230   4.66%   19,508   230   4.68%
    Total interest bearing liabilities 1,621,909   9,128   2.23%   1,567,171   9,418   2.38%
    Non-interest bearing demand accounts 679,727           719,535        
    Other non-interest bearing liabilities 25,664           24,376        
    Total liabilities 2,327,300           2,311,082        
    Total shareholders’ equity 189,893           146,623        
    Total liabilities and shareholders’ equity $       2,517,193           $    2,457,705        
                           
    Net interest income     $    23,078           $    22,149    
    Interest rate spread 1         3.04%           2.92%
    Net interest margin 2         3.78%           3.72%
    Average interest earning assets to interest-bearing liabilities 149.4%           150.6%        
                           
    Notes:                      
    1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2 Net interest margin is the annualized net interest income divided by average interest-earning assets
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Twelve Months Ended December 31,
      2024   2023
      Average
    Balance    		   Interest   Average
    Rate    		   Average
    Balance    		   Interest   Average
    Rate
    Assets:                      
    Loans Receivable (net of PPP) $       1,760,057   $   106,022   6.01%   $    1,683,232   $    96,236   5.72%
    PPP Loans 192   8   4.16%   1,133   28   2.47%
    Investment securities 467,145   13,255   2.83%   503,410   14,055   2.79%
    Due from banks 153,634   7,221   4.69%   142,003   6,498   4.58%
    Other 8,218   721   8.75%   11,561   953   8.24%
    Total interest earning assets 2,389,246   127,227   5.31%   2,341,339   117,770   5.03%
    Non-interest earning assets 95,597           96,259        
    Total assets $       2,484,843           $    2,437,598        
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $          366,103   $       1,751   0.48%   $       331,056   $      1,284   0.39%
    Money market accounts 670,231   15,199   2.26%   617,345   9,429   1.53%
    Savings accounts 254,098   3,525   1.38%   245,663   2,413   0.98%
    Certificates of deposit 168,202   7,399   4.39%   165,239   6,393   3.87%
    Total interest-bearing deposits 1,458,634   27,874   1.91%   1,359,303   19,519   1.44%
    FHLB Advances and other borrowings 126,149   6,666   5.27%   170,371   8,938   5.25%
    Subordinated notes 19,553   921   4.70%   19,481   922   4.73%
    Total interest bearing liabilities 1,604,336   35,461   2.20%   1,549,155   29,379   1.90%
    Non-interest bearing demand accounts 675,983           717,689        
    Other non-interest bearing liabilities 26,440           23,338        
    Total liabilities 2,306,759           2,290,182        
    Total shareholders’ equity 178,084           147,416        
    Total liabilities and shareholders’ equity $       2,484,843           $    2,437,598        
                           
    Net interest income     $     91,766           $    88,391    
    Interest rate spread 1         3.11%           3.13%
    Net interest margin 2         3.83%           3.78%
    Average interest earning assets to interest-bearing liabilities 148.9%           151.1%        
                           
    Notes:                      
    1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2 Net interest margin is the annualized net interest income divided by average interest-earning assets
    ORANGE COUNTY BANCORP, INC.
    SELECTED RATIOS AND OTHER DATA
    (UNAUDITED)
     
      Three Months Ended   December  31,   Twelve Months Ended December 31,
      2024   2023   2024   2023
    Performance Ratios:               
    Return on average assets (1) 1.14%   1.32%   1.12%   1.21%
    Return on average equity (1) 15.09%   22.16%   15.66%   20.00%
    Interest rate spread (2) 3.04%   2.92%   3.11%   3.13%
    Net interest margin (3) 3.78%   3.72%   3.83%   3.78%
    Dividend payout ratio (4) 19.76%   15.95%   19.05%   17.56%
    Non-interest income to average total assets 0.68%   0.61%   0.64%   0.55%
    Non-interest expenses to average total assets 2.93%   2.40%   2.62%   2.33%
    Average interest-earning assets to average interest-bearing liabilities 149.39%   150.56%   148.92%   151.14%
                   
      At   At        
      December 31, 2024   December 31, 2023        
    Asset Quality Ratios:              
    Non-performing assets to total assets 0.25%   0.18%        
    Non-performing loans to total loans 0.35%   0.25%        
    Allowance for credit losses to non-performing loans 413.99%   568.83%        
    Allowance for credit losses to total loans 1.44%   1.44%        
                   
    Capital Ratios (5):              
    Total capital (to risk-weighted assets) 15.37%   14.16%        
    Tier 1 capital (to risk-weighted assets) 14.12%   12.91%        
    Common equity tier 1 capital (to risk-weighted assets) 14.12%   12.91%        
    Tier 1 capital (to average assets) 10.23%   9.42%        
                   
    Notes:              
    (1) Annualized for the three and twelve month periods ended December 31, 2024 and 2023, respectively.
    (2) Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
    (3) The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
    (4) The dividend payout ratio represents dividends paid per share divided by net income per share.
    (5) Ratios are for the Bank only.
    ORANGE COUNTY BANCORP, INC.
    SELECTED OPERATING DATA
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024     2023   2024   2023
    Interest income $                      32,206     $                      31,567   $                 127,227   $                    117,770
    Interest expense 9,128     9,418   35,461   29,379
    Net interest income 23,078     22,149   91,766   88,391
    Provision for credit losses (51 )   462   7,710   7,868
    Net interest income after provision for credit losses 23,129     21,687   84,056   80,523
    Noninterest income 4,305     3,743   15,972   13,419
    Noninterest expenses 18,466     14,728   65,210   56,793
    Income before income taxes 8,968     10,702   34,818   37,149
    Provision for income taxes 1,804     2,578   6,935   7,671
    Net income $                        7,164     $                        8,124   $                   27,883   $                      29,478
                     
    Basic and diluted earnings per share $                          0.63     $                          0.72   $                       2.47   $                          2.62
    Weighted average common shares outstanding 11,322,045     11,264,908   11,303,118   11,258,300
                     
      At     At        
      December 31, 2024     December 31, 2023        
    Book value per share $                        16.35     $                        14.63        
    Net tangible book value per share (1) $                        15.80     $                        14.06        
    Outstanding common shares 11,350,158     11,302,622        
                     
    Notes:                
    (1)  Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $821, and $1,107 in other intangible assets for December 31, 2024 and December 31, 2023, respectively.
    ORANGE COUNTY BANCORP, INC.
    LOAN COMPOSITION
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At December 31, 2024   At December 31, 2023
      Amount   Percent   Amount   Percent
    Commercial and industrial (a) $                    251,313   13.84 %   $                    273,562   15.66 %
    Commercial real estate 1,362,054   75.01 %   1,259,356   72.08 %
    Commercial real estate construction 80,993   4.46 %   85,725   4.91 %
    Residential real estate 74,973   4.13 %   78,321   4.48 %
    Home equity 17,365   0.96 %   13,546   0.78 %
    Consumer 29,053   1.60 %   36,552   2.09 %
    Total loans 1,815,751   100.00 %   1,747,062   100.00 %
    Allowance for loan losses 26,077         25,182      
    Total loans, net $                 1,789,674         $                 1,721,880      
                       
    (a) – Includes PPP loans of: $                           170         $                           215      
    ORANGE COUNTY BANCORP, INC.
    DEPOSITS BY ACCOUNT TYPE
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At December 31, 2024   At December 31, 2023
      Amount   Percent   Average Rate   Amount   Percent   Average Rate
    Noninterest-bearing demand accounts $               651,135   30.24 %   0.00 %   $      699,203   34.30 %   0.00 %
    Interest bearing demand accounts 331,115   15.38 %   0.42 %   304,892   14.95 %   0.49 %
    Money market accounts 679,082   31.54 %   2.15 %   584,976   28.69 %   2.04 %
    Savings accounts 271,014   12.59 %   1.25 %   228,161   11.19 %   1.19 %
    Certificates of Deposit 221,013   10.26 %   3.97 %   221,517   10.87 %   4.57 %
    Total $            2,153,359   100.00 %   1.31 %   $   2,038,749   100.00 %   1.29 %
                                   
    ORANGE COUNTY BANCORP, INC.
    NON-PERFORMING ASSETS
    (UNAUDITED)
     (Dollar Amounts in thousands)
               
      December 31, 2024     December 31, 2023  
               
    Non-accrual loans:          
    Commercial and industrial $                           293     $                           556  
    Commercial real estate 6,000     2,692  
    Commercial real estate construction –     –  
    Residential real estate 6     1,179  
    Home equity –     –  
    Consumer –     –  
    Total non-accrual loans 6,299     4,427  
    Accruing loans 90 days or more past due:          
    Commercial and industrial –     –  
    Commercial real estate –     –  
    Commercial real estate construction –     –  
    Residential real estate –     –  
    Home equity –     –  
    Consumer –     –  
    Total loans 90 days or more past due –     –  
    Total non-performing loans 6,299     4,427  
    Other real estate owned –     –  
    Other non-performing assets –     –  
    Total non-performing assets $                        6,299     $                        4,427  
               
    Ratios:          
    Total non-performing loans to total loans 0.35 %   0.25 %
    Total non-performing loans to total assets 0.25 %   0.18 %
    Total non-performing assets to total assets 0.25 %   0.18 %

    The MIL Network –

  • MIL-OSI: StoneX Group Inc. Reports Fiscal 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Quarterly Net Operating Revenues of $492.1 million, up 17%  

    Record Quarterly Net Income of $85.1 million, ROE of 19.5%

    Record Quarterly Diluted EPS of $2.54 per share, up 19%

    Announces a Three-for-Two Stock Split

    NEW YORK, Feb. 05, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (the “Company”; NASDAQ: SNEX), a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise, today announced its financial results for the fiscal year 2025 first quarter ended December 31, 2024. In addition and as discussed further below, on February 5, 2024, the Company’s Board of Directors approved a three-for-two split of the Company’s common stock.

    Sean O’Connor, the Company’s Executive Vice-Chairman of the Board, stated, “We achieved another record quarterly result, building on momentum realized through fiscal 2024, reporting net income of $85.1 million, a 23% increase over the prior year quarter, diluted EPS of $2.54, and a 19.5% return on equity for the first fiscal quarter of 2025. We experienced continued strong client engagement with increased volumes across all operating segments and products despite relatively low volatility.”

    StoneX Group Inc. Summary Financials

    Consolidated financial statements for the Company will be included in our Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission (the “SEC”). Upon filing, the Quarterly Report on Form 10-Q will also be made available on the Company’s website at www.stonex.com.

      Three Months Ended December 31,
    (Unaudited) (in millions, except share and per share amounts)   2024       2023     %
    Change
    Revenues:          
    Sales of physical commodities $ 27,051.1     $ 18,820.9     44%
    Principal gains, net   308.9       293.8     5%
    Commission and clearing fees   149.3       129.7     15%
    Consulting, management, and account fees   47.8       38.5     24%
    Interest income   378.2       290.1     30%
    Total revenues   27,935.3       19,573.0     43%
    Cost of sales of physical commodities   26,991.0       18,788.8     44%
    Operating revenues   944.3       784.2     20%
    Transaction-based clearing expenses   86.5       74.3     16%
    Introducing broker commissions   44.3       39.1     13%
    Interest expense   306.2       236.0     30%
    Interest expense on corporate funding   15.2       13.2     15%
    Net operating revenues   492.1       421.6     17%
    Compensation and other expenses:          
    Variable compensation and benefits   133.3       121.9     9%
    Fixed compensation and benefits   119.2       96.2     24%
    Trading systems and market information   20.0       18.7     7%
    Professional fees   19.0       15.7     21%
    Non-trading technology and support   19.7       16.9     17%
    Occupancy and equipment rental   13.0       7.7     69%
    Selling and marketing   12.0       11.7     3%
    Travel and business development   8.4       7.1     18%
    Communications   2.1       2.2     (5)%
    Depreciation and amortization   15.7       11.2     40%
    Bad debts (recoveries), net   1.8       (0.3 )   n/m
    Other   16.7       16.9     (1)%
    Total compensation and other expenses   380.9       325.9     17%
    Other gains   5.7       —     n/m
    Income before tax   116.9       95.7     22%
    Income tax expense   31.8       26.6     20%
    Net income $ 85.1     $ 69.1     23%
    Earnings per share:(1)          
    Basic $ 2.66     $ 2.20     21%
    Diluted $ 2.54     $ 2.13     19%
    Weighted-average number of common shares outstanding:(1)          
    Basic   30,976,042       30,233,107     2%
    Diluted   32,444,772       31,274,307     4%
               
    Return on equity (“ROE”)(1)   19.5 %     19.3 %    
    ROE on tangible book value(1)   20.5 %     20.5 %    
    n/m = not meaningful to present as a percentage
    (1 ) The Company calculates ROE on stated book value based on net income divided by average stockholders’ equity. For the calculation of ROE on tangible book value, the amount of goodwill and intangibles, net is excluded from stockholders’ equity.
         

    The following table presents our consolidated operating revenues by segment for the periods indicated.

      Three Months Ended December 31,
    (in millions)   2024       2023     % Change
    Segment operating revenues represented by:          
    Commercial $ 232.3     $ 198.4     17%
    Institutional   539.6       435.7     24%
    Self-Directed/Retail   124.1       92.5     34%
    Payments   58.1       60.6     (4)%
    Corporate   11.1       9.2     21%
    Eliminations   (20.9 )     (12.2 )   71%
    Operating revenues $ 944.3     $ 784.2     20%
                       

    The following table presents our consolidated income by segment for the periods indicated.

      Three Months Ended December 31,
    (in millions)   2024       2023     % Change
    Segment income represented by:          
    Commercial $ 102.2     $ 87.2     17%
    Institutional   78.1       65.2     20%
    Self-Directed/Retail   56.9       28.7     98%
    Payments   34.1       35.0     (3)%
    Total segment income $ 271.3     $ 216.1     26%
    Reconciliation of segment income to income before tax:          
    Segment income $ 271.3     $ 216.1     26%
    Net operating loss within Corporate(1)   (21.1 )     (15.6 )   35%
    Overhead costs and expenses   (133.3 )     (104.8 )   27%
    Income before tax $ 116.9     $ 95.7     22%
    (1 ) Includes interest expense on corporate funding.
         

    Key Operating Metrics

    The tables below present operating revenues disaggregated across the key products we provide to our clients and select operating data and metrics used by management in evaluating our performance, for the periods indicated.

      Three Months Ended December 31,
        2024       2023     % Change
    Operating Revenues (in millions):          
    Listed derivatives $ 111.8     $ 109.2     2%
    Over-the-counter (“OTC”) derivatives   36.6       44.5     (18)%
    Securities   401.8       316.2     27%
    FX/Contracts for difference (“CFD”) contracts   98.6       74.6     32%
    Payments   56.8       59.4     (4)%
    Physical contracts   92.6       51.4     80%
    Interest/fees earned on client balances   107.6       98.4     9%
    Other   48.3       33.5     44%
    Corporate   11.1       9.2     21%
    Eliminations   (20.9 )     (12.2 )   71%
      $ 944.3     $ 784.2     20%
    Volumes and Other Select Data:          
    Listed derivatives (contracts, 000’s)   53,180       50,759     5%
    Listed derivatives, average rate per contract (“RPC”)(1) $ 2.03     $ 2.03     —%
    Average client equity – listed derivatives (millions) $ 6,620     $ 6,170     7%
    OTC derivatives (contracts, 000’s)   859       814     6%
    OTC derivatives, average RPC $ 42.84     $ 54.92     (22)%
    Securities average daily volume (“ADV”) (millions) $ 8,733     $ 6,224     40%
    Securities rate per million (“RPM”)(2) $ 237     $ 295     (20)%
    Average money market/FDIC sweep client balances (millions) $ 1,197     $ 1,060     13%
    FX/CFD contracts ADV (millions) $ 11,685     $ 10,917     7%
    FX/CFD contracts RPM $ 133     $ 109     22%
    Payments ADV (millions) $ 84     $ 75     12%
    Payments RPM $ 10,414     $ 12,557     (17)%
    (1 ) Give-up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract.
    (2 ) Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM while interest income related to securities lending is excluded.
         

    Interest expense

      Three Months Ended December 31,
    (in millions)   2024     2023   % Change
    Interest expense attributable to:          
    Trading activities:          
    Institutional dealer in fixed income securities $ 223.6   $ 172.1   30%
    Securities borrowing   22.0     14.6   51%
    Client balances on deposit   33.8     36.3   (7)%
    Short-term financing facilities of subsidiaries and other direct interest of operating segments   26.8     13.0   106%
        306.2     236.0   30%
    Corporate funding   15.2     13.2   15%
    Total interest expense $ 321.4   $ 249.2   29%
                   

    Increased interest expense attributable to trading activities principally resulted from an increase in our fixed income, securities borrowing, and physical business activities. The increase in interest expense for the three months ended December 31, 2024 attributable to corporate funding was principally due to an increase in the aggregate amount of senior secured notes outstanding, related to the March 1, 2024 issuance of our 7.875% Senior Secured Notes due 2031 (the “Notes due 2031”), effectively replacing our 8.625% Senior Secured Notes due 2025 (“the Notes due 2025”). This increase was partially offset by lower average borrowings on our revolving credit facility.

    Variable vs. Fixed Expenses
    The table below sets forth our variable expenses and non-variable expenses as a percentage of total non-interest expenses for the periods indicated.

      Three Months Ended December 31,
    (in millions)   2024   % of
    Total    		     2023     % of
    Total
    Variable compensation and benefits $ 133.3   26%   $ 121.9     28%
    Transaction-based clearing expenses   86.5   17%     74.3     17%
    Introducing broker commissions   44.3   9%     39.1     9%
    Total variable expenses   264.1   52%     235.3     54%
    Fixed compensation and benefits   119.2   23%     96.2     22%
    Other fixed expenses   126.6   25%     108.1     24%
    Bad debts (recoveries), net   1.8   —%     (0.3 )   —%
    Total non-variable expenses   247.6   48%     204.0     46%
    Total non-interest expenses $ 511.7   100%   $ 439.3     100%
                         

    Other Gains, net

    The results of the three months ended December 31, 2024 included nonrecurring gains of $5.7 million resulting from proceeds received from class action settlements.

    Segment Results

    Our business activities are managed through four operating segments, including Commercial, Institutional, Self-Directed/Retail and Payments.

    The tables below present the financial performance, a disaggregation of operating revenues, and select operating data and metrics used by management in evaluating the performance of our segments, for the periods indicated. Additional information on the performance of our segments will be included in our Quarterly Report on Form 10-Q to be filed with the SEC.

    Commercial

      Three Months Ended December 31,
    (in millions)   2024     2023     % Change
    Revenues:          
    Sales of physical commodities $ 27,033.7   $ 18,809.5     44%
    Principal gains, net   67.2     77.1     (13)%
    Commission and clearing fees   48.7     44.3     10%
    Consulting, management and account fees   6.5     5.8     12%
    Interest income   52.9     41.3     28%
    Total revenues   27,209.0     18,978.0     43%
    Cost of sales of physical commodities   26,976.7     18,779.6     44%
    Operating revenues   232.3     198.4     17%
    Transaction-based clearing expenses   17.6     15.8     11%
    Introducing broker commissions   11.3     10.4     9%
    Interest expense   14.2     8.8     61%
    Net operating revenues   189.2     163.4     16%
    Variable compensation and benefits   43.5     37.0     18%
    Net contribution   145.7     126.4     15%
    Fixed compensation and benefits   17.0     15.5     10%
    Other fixed expenses   25.3     23.8     6%
    Bad debts (recoveries), net   1.2     (0.1 )   n/m
    Non-variable direct expenses   43.5     39.2     11%
    Segment income   102.2     87.2     17%
    Allocation of overhead costs   9.7     8.8     10%
    Segment income, less allocation of overhead costs $ 92.5   $ 78.4     18%
      Three Months Ended December 31,
        2024     2023   % Change
    Operating Revenues (in millions):          
    Listed derivatives $ 62.2   $ 59.4   5%
    OTC derivatives   36.6     44.5   (18)%
    Physical contracts   90.1     50.6   78%
    Interest/fees earned on client balances   36.6     37.2   (2)%
    Other   6.8     6.7   1%
      $ 232.3   $ 198.4   17%
               
    Volumes and Other Select Data:    
    Listed derivatives (contracts, 000’s)   10,608     9,523   11%
    Listed derivatives, average RPC (1) $ 5.67   $ 5.95   (5)%
    Average client equity – listed derivatives (millions) $ 1,727   $ 1,700   2%
    OTC derivatives (contracts, 000’s)   859     814   5%
    OTC derivatives, average RPC $ 42.84   $ 54.92   (22)%
    (1 ) Give-up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average RPC.
         

    Institutional

      Three Months Ended December 31,
    (in millions)   2024     2023     % Change
    Revenues:          
    Sales of physical commodities $ —   $ —     —%
    Principal gains, net   108.6     103.2     5%
    Commission and clearing fees   85.7     73.3     17%
    Consulting, management and account fees   20.3     17.3     17%
    Interest income   325.0     241.9     34%
    Total revenues   539.6     435.7     24%
    Cost of sales of physical commodities   —     —     —%
    Operating revenues   539.6     435.7     24%
    Transaction-based clearing expenses   63.0     52.9     19%
    Introducing broker commissions   8.1     7.7     5%
    Interest expense   294.5     226.5     30%
    Net operating revenues   174.0     148.6     17%
    Variable compensation and benefits   56.2     48.4     16%
    Net contribution   117.8     100.2     18%
    Fixed compensation and benefits   18.6     16.4     13%
    Other fixed expenses   22.4     19.0     18%
    Bad debts (recoveries), net   —     (0.4 )   (100)%
    Non-variable direct expenses   41.0     35.0     17%
    Other gain   1.3     —     n/m
    Segment income $ 78.1   $ 65.2     20%
    Allocation of overhead costs   14.8     12.8     16%
    Segment income, less allocation of overhead costs $ 63.3   $ 52.4     21%
      Three Months Ended December 31,
        2024     2023   % Change
    Operating Revenues (in millions):          
    Listed derivatives $ 49.6   $ 49.8   —%
    Securities   373.5     293.6   27%
    FX contracts   9.6     8.0   20%
    Interest/fees earned on client balances   70.3     60.5   16%
    Other   36.6     23.8   54%
      $ 539.6   $ 435.7   24%
               
    Volumes and Other Select Data:          
    Listed derivatives (contracts, 000’s)   42,572     41,236   3%
    Listed derivatives, average RPC (1) $ 1.12   $ 1.12   —%
    Average client equity – listed derivatives (millions) $ 4,893   $ 4,470   9%
    Securities ADV (millions) $ 8,733   $ 6,224   40%
    Securities RPM (2) $ 237   $ 295   (20)%
    Average money market/FDIC sweep client balances (millions) $ 1,197   $ 1,060   13%
    FX contracts ADV (millions) $ 4,082   $ 3,970   3%
    FX contracts RPM $ 36   $ 34   6%
    (1 ) Give-up fee revenues, related to contract execution for clients of other FCMs, revenues are excluded from the calculation of listed derivatives, average RPC.
    (2 ) Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM, while interest income related to securities lending is excluded.
         

    Self-Directed/Retail

      Three Months Ended December 31,
    (in millions)   2024     2023   % Change
    Revenues:          
    Sales of physical commodities $ 17.4   $ 11.4   53%
    Principal gains, net   79.5     55.6   43%
    Commission and clearing fees   13.5     11.2   21%
    Consulting, management and account fees   19.3     14.1   37%
    Interest income   8.7     9.4   (7)%
    Total revenues   138.4     101.7   36%
    Cost of sales of physical commodities   14.3     9.2   55%
    Operating revenues   124.1     92.5   34%
    Transaction-based clearing expenses   3.4     3.5   (3)%
    Introducing broker commissions   24.0     20.4   18%
    Interest expense   2.1     1.6   31%
    Net operating revenues   94.6     67.0   41%
    Variable compensation and benefits   3.0     4.4   (32)%
    Net contribution   91.6     62.6   46%
    Fixed compensation and benefits   9.4     10.3   (9)%
    Other fixed expenses   29.2     23.5   24%
    Bad debts, net of recoveries   0.5     0.1   400%
    Non-variable direct expenses   39.1     33.9   15%
    Other gain   4.4     —   n/m
    Segment income   56.9     28.7   98%
    Allocation of overhead costs   12.6     11.5   10%
    Segment income, less allocation of overhead costs $ 44.3   $ 17.2   158%
      Three Months Ended December 31,
        2024     2023   % Change
    Operating Revenues (in millions):          
    Securities $ 28.3   $ 22.6   25%
    FX/CFD contracts   89.0     66.6   34%
    Physical contracts   2.5     0.8   213%
    Interest/fees earned on client balances   0.7     0.7   —%
    Other   3.6     1.8   100%
      $ 124.1   $ 92.5   34%
               
    Volumes and Other Select Data:    
    FX/CFD contracts ADV (millions) $ 7,603   $ 6,948   9%
    FX/CFD contracts RPM $ 185   $ 151   23%

    Payments

      Three Months Ended December 31,
    (in millions)   2024     2023   % Change
    Revenues:          
    Sales of physical commodities $ —   $ —   —%
    Principal gains, net   54.4     57.5   (5)%
    Commission and clearing fees   1.8     1.5   20%
    Consulting, management, account fees   1.3     0.9   44%
    Interest income   0.6     0.7   (14)%
    Total revenues   58.1     60.6   (4)%
    Cost of sales of physical commodities   —     —   —%
    Operating revenues   58.1     60.6   (4)%
    Transaction-based clearing expenses   1.8     1.8   —%
    Introducing broker commissions   0.9     0.6   50%
    Interest expense   —     —   —%
    Net operating revenues   55.4     58.2   (5)%
    Variable compensation and benefits   9.1     10.6   (14)%
    Net contribution   46.3     47.6   (3)%
    Fixed compensation and benefits   6.6     7.3   (10)%
    Other fixed expenses   5.5     5.2   6%
    Bad debts, net of recoveries   0.1     0.1   —%
    Total non-variable direct expenses   12.2     12.6   (3)%
    Segment income   34.1     35.0   (3)%
    Allocation of overhead costs   5.6     5.1   10%
    Segment income, less allocation of overhead costs $ 28.5   $ 29.9   (5)%
      Three Months Ended December 31,
        2024     2023   % Change
    Operating Revenues (in millions):          
    Payments $ 56.8   $ 59.4   (4)%
    Other   1.3     1.2   8%
      $ 58.1   $ 60.6   (4)%
               
    Volumes and Other Select Data:    
    Payments ADV (millions) $ 84   $ 75   12%
    Payments RPM $ 10,414   $ 12,557   (17)%
                   

    Overhead Costs and Expenses

    We incur overhead costs and expenses, including certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities. The following table provides information regarding overhead costs and expenses. The allocation of overhead costs to operating segments includes costs associated with compliance, technology, and credit and risk costs. The share of allocated costs is based on resources consumed by the relevant businesses. In addition, the allocation of human resources and occupancy costs is principally based on employee costs within the relevant businesses.

      Three Months Ended December 31,
    (in millions)   2024       2023     % Change
    Compensation and benefits:          
    Variable compensation and benefits $ 20.2     $ 19.4     4%
    Fixed compensation and benefits   61.0       40.6     50%
        81.2       60.0     35%
    Other expenses:          
    Occupancy and equipment rental   12.1       7.3     66%
    Non-trading technology and support   15.3       13.0     18%
    Professional fees   8.7       7.5     16%
    Depreciation and amortization   6.4       5.5     16%
    Communications   1.5       1.6     (6)%
    Selling and marketing   0.9       1.3     (31)%
    Trading systems and market information   1.6       1.7     (6)%
    Travel and business development   2.6       1.7     53%
    Other   3.0       5.2     (42)%
        52.1       44.8     16%
    Overhead costs and expenses   133.3       104.8     27%
    Allocation of overhead costs   (42.7 )     (38.2 )   12%
    Overhead costs and expense, net of allocation to operating segments $ 90.6     $ 66.6     36%
                       

    Balance Sheet Summary

    The following table below provides a summary of asset, liability and stockholders’ equity information for the periods indicated.

    (Unaudited) (in millions, except for share and per share amounts) December 31, 2024   September 30, 2024
    Summary asset information:      
    Cash and cash equivalents $ 1,398.2   $ 1,269.0
    Cash, securities and other assets segregated under federal and other regulations $ 3,156.6   $ 2,841.2
    Securities purchased under agreements to resell $ 5,479.2   $ 5,201.5
    Securities borrowed $ 2,120.7   $ 1,662.3
    Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net $ 7,783.9   $ 7,283.2
    Receivables from clients, net and notes receivable, net $ 1,096.3   $ 1,013.1
    Financial instruments owned, at fair value $ 6,918.1   $ 6,767.1
    Physical commodities inventory, net $ 861.4   $ 681.1
    Property and equipment, net $ 145.1   $ 143.1
    Operating right of use assets $ 159.7   $ 157.0
    Goodwill and intangible assets, net $ 87.0   $ 80.6
    Other $ 379.1   $ 367.1
           
    Summary liability and stockholders’ equity information:      
    Accounts payable and other accrued liabilities $ 491.3   $ 548.8
    Operating lease liabilities $ 198.6   $ 195.9
    Payables to clients $ 11,338.2   $ 10,345.9
    Payables to broker-dealers, clearing organizations and counterparties $ 445.5   $ 734.2
    Payables to lenders under loans $ 550.0   $ 338.8
    Senior secured borrowings, net $ 543.3   $ 543.1
    Securities sold under agreements to repurchase $ 8,872.9   $ 8,581.3
    Securities loaned $ 1,826.5   $ 1,615.9
    Financial instruments sold, not yet purchased, at fair value $ 3,541.6   $ 2,853.3
    Stockholders’ equity $ 1,777.4   $ 1,709.1
           
    Common stock outstanding – shares   32,034,629     31,874,447
    Net asset value per share $ 55.48   $ 53.62
               

    Three-for-Two Stock Split

    On February 5, 2025, the Company’s Board of Directors approved a three-for-two split of its common stock to make stock ownership more accessible to employees and investors. The stock split will be effected as a stock dividend entitling each stockholder of record to receive one additional share of common stock for every two shares owned. Additional shares issued as a result of the stock dividend will be distributed after close of trading on March 21, 2025, to stockholders of record at the close of business on March 11, 2025. Cash will be distributed in lieu of fractional shares based on the opening price of a share of common stock on March 12, 2025. Trading is expected to begin on a stock split-adjusted basis at market open on March 24, 2025. All share and per share amounts contained herein have not been retroactively adjusted for this subsequent stock split.

    Conference Call & Web Cast

    A conference call to discuss the Company’s financial results will be held tomorrow, Thursday, February 6, 2025 at 9:00 a.m. Eastern time. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. A live webcast of the conference call as well as additional information to review during the call will be made available in PDF form on-line on the Company’s corporate web site at https://register.vevent.com/register/BIe20141cf7fd043c89fde461964a3582e approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

    For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com. 

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,600 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com. 

    Forward Looking Statements

    This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as those pertaining to the Company’s financial condition, results of operations, business strategy, financial needs of the Company and the stock split. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “could,” “intend,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms and similar expressions, as they relate to StoneX Group Inc., are intended to identify forward-looking statements.

    These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including adverse changes in economic, political and market conditions, including losses from our market-making and trading activities arising from counterparty failures, the loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, the possibility of liabilities arising from violations of foreign, United States (“U.S.”) federal and U.S. state securities laws, the impact of changes in technology in the securities and commodities trading industries, and other risks discussed in our filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the year ended September 30, 2024. Although we believe that our forward-looking statements are based upon reasonable assumptions regarding our business and future market conditions, there can be no assurances that our actual results will not differ materially from any results expressed or implied by our forward-looking statements.

    These forward-looking statements speak only as of the date of this press release. StoneX Group Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    StoneX Group Inc.

    Investor inquiries:

    Kevin Murphy
    (212) 403 – 7296
    kevin.murphy@stonex.com

    SNEX-G

    The MIL Network –

  • MIL-OSI: Weatherford Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth quarter revenue of $1,341 million decreased 5% sequentially and 2% year-over-year; full year revenue of $5,513 million increased 7% from prior year, driven by international revenue growth of 10%
    • Fourth quarter operating income of $198 million decreased 19% sequentially and 8% year-over-year; full year operating income of $938 million increased 14% from prior year
    • Fourth quarter net income of $112 million, an 8.4% margin, decreased 29% sequentially and 20% year-over-year; full year net income of $506 million, a 9.2% margin, increased by 21% from prior year
    • Fourth quarter adjusted EBITDA* of $326 million, a 24.3% margin, decreased 8%, or 88 basis points, sequentially and increased 2%, or 74 basis points, year-over-year; full year adjusted EBITDA* of $1,382 million, a 25.1% margin, increased 17%, or 197 basis points, from prior year
    • Fourth quarter cash provided by operating activities of $249 million and adjusted free cash flow* of $162 million; full year cash provided by operating activities of $792 million and adjusted free cash flow* of $524 million
    • Shareholder return of $67 million for the quarter, which included dividend payments of $18 million and share repurchases of $49 million
    • Board approved quarterly cash dividend of $0.25 per share, payable on March 19, 2025, to shareholders of record as of February 21, 2025

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the fourth quarter of 2024 and full year 2024.

    Revenues for the fourth quarter of 2024 were $1,341 million, a decrease of 5% sequentially and 2% year-over-year. Operating income was $198 million in the fourth quarter of 2024, compared to $243 million in the third quarter of 2024 and $216 million in the fourth quarter of 2023. Net income in the fourth quarter of 2024 was $112 million, with an 8.4% margin, a decrease of 29%, or 279 basis points, sequentially, and a decrease of 20%, or 193 basis points, year-over-year. Adjusted EBITDA* was $326 million, a 24.3% margin, a decrease of 8%, or 88 basis points, sequentially, and an increase of 2%, or 74 basis points, year-over-year. Basic income per share in the fourth quarter of 2024 was $1.54 compared to $2.14 in the third quarter of 2024 and $1.94 in the fourth quarter of 2023. Diluted income per share in the fourth quarter of 2024 was $1.50 compared to $2.06 in the third quarter of 2024 and $1.90 in the fourth quarter of 2023.

    Fourth quarter 2024 cash flows provided by operating activities were $249 million, compared to $262 million in the third quarter of 2024, and $375 million in the fourth quarter of 2023. Adjusted free cash flow* was $162 million, a decrease of $22 million sequentially, and $153 million year-over-year. Capital expenditures were $100 million in the fourth quarter of 2024, compared to $78 million in the third quarter of 2024, and $67 million in the fourth quarter of 2023.

    Revenue for the full year 2024 was $5,513 million, compared to revenues of $5,135 million in 2023. Operating income for the full year was $938 million, compared to $820 million in 2023. The Company’s full year 2024 net income was $506 million, compared to $417 million in 2023. Full year cash flows provided by operations were $792 million, compared to $832 million in 2023. Adjusted free cash flow* for the full year was $524 million compared to $651 million in 2023. Capital expenditures for the full year 2024 were $299 million, compared to $209 million in 2023.

    Girish Saligram, President and Chief Executive Officer, commented, “The fourth quarter witnessed a significant drop in activity levels in Latin America and a more cautious tone in a few key geographies. Despite a challenging environment in the fourth quarter, the overall full year 2024 was another one of setting new operational highs, and I would like to express my gratitude to the One Weatherford team for that. We ended the year with the best safety record we have ever had, strong margin expansion and solid cash generation.

    While the activity outlook continues to evolve, margins and cash flow performance continue to be the cornerstone of our financial and strategic objectives. We are well-positioned to deliver another year of strong cash flow generation in 2025. While there is some temporary activity reduction, we continue to believe in the industry’s mid to long-term resilience and remain committed to our goal of achieving EBITDA margins in the high 20’s over the next few years.”

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Operational & Commercial Highlights

    • ADNOC awarded Weatherford a three-year contract for the provision of rigless services as part of the reactivation of ADNOC’s onshore strings.
    • Kuwait Oil Company (KOC) awarded Weatherford a Managed Pressure Drilling (MPD) services contract focused on improving operational efficiency, enhancing safety, accelerating well-delivery timelines, and reducing costs by deploying Weatherford’s innovative VictusTM Intelligent MPD system.
    • KOC awarded Weatherford a one-year contract to provide and operate two onshore Real Time Decision Centers.
    • A National Oil Company (NOC) in Qatar awarded Weatherford a five-year contract to provide fishing and drilling tools, with a five-year extension option.
    • An NOC in Asia awarded Weatherford a three-year contract for the provision of Wireline conveyance and tooling services and a three-year contract for Tubular Running Services (TRS) in onshore India.
    • OMV Petrom awarded Weatherford a two-year contract for openhole and cased-hole logging services in Romania.
    • A major operator in Asia awarded Weatherford a three-year contract for providing ModusTM MPD services for two zones in North and South Sumatra, and awarded a five-year contract to provide openhole and cased-hole Wireline in onshore Indonesia.
    • Khalda awarded Weatherford a three-year contract to deploy up to 300 wells in Egypt using CygNet® SCADA and ForeSite® platform.
    • Azule Energy awarded Weatherford a three-year contract to provide TRS for the NGC Project in offshore Angola. This is in addition to the recently awarded TRS contract in block 15/06 in the deepwater block.
    • PTTEP awarded Weatherford a 24-month contract to provide openhole Wireline Services in onshore Thailand.
    • A major operator in Asia awarded Weatherford with a four-year contract to provide Rotating Control Devices to enable MPD in offshore Indonesia.
    • Shell Petroleum Development Company awarded Weatherford a three-year contract to provide Well Completions and other related specialized services in onshore Nigeria.

    Technology Highlights
    On January 14, 2025, at the annual IKTVA forum held at Dahan Dharan Expo, Weatherford signed an agreement with SPARK, a fully integrated industrial ecosystem aimed at making Saudi Arabia a global energy hub. This strategic partnership, aligned with Saudi Arabia’s Vision 2030, enhances Weatherford’s local presence, boosts production capabilities, and supports the region’s energy goals. By advancing local content, fostering talent, and driving innovation, Weatherford demonstrates its commitment to economic growth and to supporting Saudi Arabia’s leadership in energy innovation.

    • Drilling & Evaluation (“DRE”)
      • In the North Sea, Weatherford successfully deployed the world’s first Dual Advanced Kickover Tool for Equinor. The unique solution enables gas lift valve replacements in just a single run, which significantly increases efficiency and reduces cost of conventional systems.
      • In Saudi Arabia, Weatherford deployed its compact wireline logging tools with shuttle technology to achieve a record total depth for Aramco. This extended reach well features the longest horizontal section, measuring 23,000 feet.
    • Well Construction and Completions (“WCC”)
      • In deepwater Brazil, Weatherford successfully installed the first OptiRoss® RFID Multi-Cycle Sliding Sleeve Valve for a major operator. The system enhances acid stimulation efficiency, improving production and boosting the reservoir’s oil recovery factor.
      • In the Middle East, Weatherford successfully deployed its market-leading Optimax Tubing Retrievable Safety Valve for an NOC. This deployment enabled gas lift valve replacements in a single run, significantly increasing efficiency and reducing costs compared to conventional systems.
    • Production and Intervention (“PRI”)
      • In the Middle East, Weatherford’s Alpha1Go remote re-entry system was deployed for an NOC, optimizing rig site operations by significantly reducing whipstock preparation time and minimizing red-zone exposure. This deployment improved both efficiency and safety, demonstrating the system’s effectiveness in facilitating well re-entry operations and real-time team collaboration in various rig environments.
      • In US land operations, Weatherford successfully deployed its first Reclaim Dual Barrier Plug and Abandon (P&A) system for a major operator. This innovative dual barrier P&A system safely and reliably abandons wells without the need to pull tubing. By eliminating the requirement for conventional drilling rigs, it significantly reduces costs and minimizes the carbon footprint.

    Shareholder Return

    During the fourth quarter of 2024, Weatherford repurchased shares for approximately $49 million and paid dividends of $18 million, resulting in total shareholder return of $67 million. Since the inception of the shareholder return program introduced earlier in 2024, the Company repurchased shares for approximately $99 million and paid dividends of $36 million, resulting in total shareholder return of $135 million.

    On January 29, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on March 19, 2025, to shareholders of record as of February 21, 2025.

    Results by Reportable Segment

    Drilling and Evaluation (“DRE”)

        Three Months Ended   Variance     Twelve Months Ended   Variance
    ($ in Millions)   Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Seq.     YoY   Dec 31,
    2024    		   Dec 31,
    2023    		   YoY
    Revenue   $ 398     $ 435     $ 382     (9 )%   4 %   $ 1,682     $ 1,536     10 %
    Segment Adjusted EBITDA   $ 96     $ 111     $ 97     (14 )%   (1 )%   $ 467     $ 422     11 %
    Segment Adj EBITDA Margin     24.1 %     25.5 %     25.4 %   (140) bps   (127) bps     27.8 %     27.5 %   29 bps

    Fourth quarter 2024 DRE revenue of $398 million decreased by $37 million, or 9% sequentially, primarily from lower activity in Latin America, partly offset by higher international Wireline activity. Year-over-year DRE revenues increased by $16 million, or 4%, primarily from higher activity in North America and higher international Wireline activity, partly offset by lower activity in Latin America.

    Fourth quarter 2024 DRE segment adjusted EBITDA of $96 million decreased by $15 million, or 14% sequentially, primarily driven by lower activity in Latin America, partly offset by higher international Wireline activity. Year-over-year DRE segment adjusted EBITDA decreased by $1 million, or 1%, primarily due to lower activity in Latin America, partly offset by improved performance in Middle East/North Africa/Asia.

    Full year 2024 DRE revenues of $1,682 million increased by $146 million, or 10% compared to 2023, as higher Wireline and Drilling-related services activity were partly offset by lower Drilling Services in Latin America.

    Full year 2024 DRE segment adjusted EBITDA of $467 million increased by $45 million, or 11% compared to 2023, as higher MPD and Wireline activity were partly offset by lower activity in Latin America.

    Well Construction and Completions (“WCC”)

        Three Months Ended   Variance     Twelve Months Ended   Variance
    ($ in Millions)   Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Seq.     YoY   Dec 31,
    2024    		   Dec 31,
    2023    		   YoY
    Revenue   $ 505     $ 509     $ 480     (1 )%   5 %   $ 1,976     $ 1,800     10 %
    Segment Adjusted EBITDA   $ 148     $ 151     $ 131     (2 )%   13 %   $ 564     $ 455     24 %
    Segment Adj EBITDA Margin     29.3 %     29.7 %     27.3 %   (36) bps   202 bps     28.5 %     25.3 %   326 bps

    Fourth quarter 2024 WCC revenue of $505 million decreased by $4 million, or 1% sequentially, primarily due to lower activity in Europe/Sub-Sahara Africa/Russia, partly offset by higher Completions and TRS activity in Middle East/North Africa/Asia. Year-over-year WCC revenues increased by $25 million, or 5%, primarily due to higher activity in Middle East/North Africa/Asia and higher Liner Hangers and Well Services activity in Latin America, partly offset by lower activity in North America.

    Fourth quarter 2024 WCC segment adjusted EBITDA of $148 million decreased by $3 million, or 2% sequentially, primarily due to lower activity in Europe/Sub-Sahara Africa/Russia, partly offset by higher Completions and TRS activity in Middle East/North Africa/Asia. Year-over-year WCC segment adjusted EBITDA increased by $17 million, or 13%, primarily due to higher activity in Middle East/North Africa/Asia, partly offset by lower activity in Europe/Sub-Sahara Africa/Russia.

    Full year 2024 WCC revenues of $1,976 million increased by $176 million, or 10% compared to 2023, primarily from higher activity in Middle East/North Africa/Asia and Latin America, partly offset by lower activity in North America.

    Full year 2024 WCC segment adjusted EBITDA of $564 million increased by $109 million, or 24% compared to 2023, primarily due to improved fall through in major product lines across all geographies.

    Production and Intervention (“PRI”)

        Three Months Ended   Variance       Twelve Months Ended   Variance  
    ($ in Millions)   Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Seq.     YoY     Dec 31,
    2024    		   Dec 31,
    2023    		   YoY  
    Revenue   $ 364     $ 371     $ 386     (2 )%   (6 )%   $ 1,452     $ 1,472     (1 )%
    Segment Adjusted EBITDA   $ 78     $ 83     $ 88     (6 )%   (11 )%   $ 319     $ 323     (1 )%
    Segment Adj EBITDA Margin     21.4 %     22.4 %     22.8 %   (94) bps   (137) bps     22.0 %     21.9 %   3 bps

    Fourth quarter 2024 PRI revenue of $364 million decreased by $7 million, or 2% sequentially, primarily due to lower activity in Latin America and lower Intervention Services and Drilling Tools (ISDT) activity in Europe/Sub-Sahara Africa/Russia and North America. Year-over-year PRI revenue decreased by $22 million, or 6%, as lower activity in Middle East/North Africa/Asia and Latin America was partly offset by higher Artificial Lift activity in North America.

    Fourth quarter 2024 PRI segment adjusted EBITDA of $78 million, decreased by $5 million, or 6% sequentially, primarily from lower activity in Latin America and lower ISDT activity in Europe/Sub-Sahara Africa/Russia and North America, partly offset by higher Artificial Lift activity in Middle East/North Africa/Asia. Year-over-year PRI segment adjusted EBITDA decreased by $10 million, or 11% year-over-year, primarily due to lower activity in Latin America and Europe/Sub-Sahara Africa/Russia, partly offset by better ISDT and Artificial Lift fall through in North America.

    Full year 2024 PRI revenues of $1,452 million decreased by $20 million, or 1% compared to 2023, primarily due to lower international Pressure Pumping and Digital Solutions activity, partly offset by higher ISDT activity in Europe/Sub-Sahara Africa/Russia and Middle East/North Africa/Asia.

    Full year 2024 PRI segment adjusted EBITDA of $319 million decreased by $4 million, or 1% compared to 2023, as lower activity in international Pressure Pumping and Digital Solutions was partly offset by improved performance in Artificial Lift.

    Revenue by Geography

        Three Months Ended   Variance   Twelve Months Ended   Variance
    ($ in Millions)   Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Seq.   YoY   Dec 31,
    2024    		   Dec 31,
    2023    		   YoY
    North America   $ 261   $ 266   $ 248   (2 )%   5 %   $ 1,046   $ 1,068   (2 )%
                                     
    International   $ 1,080   $ 1,143   $ 1,114   (6 )%   (3 )%   $ 4,467   $ 4,067   10 %
    Latin America     312     358     342   (13 )%   (9 )%     1,393     1,387   — %
    Middle East/North Africa/Asia     542     542     547   — %   (1 )%     2,123     1,815   17 %
    Europe/Sub-Sahara Africa/Russia     226     243     225   (7 )%   — %     951     865   10 %
    Total Revenue   $ 1,341   $ 1,409   $ 1,362   (5 )%   (2 )%   $ 5,513   $ 5,135   7 %


    North America

    Fourth quarter 2024 North America revenue of $261 million decreased by $5 million, or 2% sequentially, primarily due to activity decreases in the North and South regions, partly offset by activity increase offshore in the Gulf of Mexico. Year-over-year, North America increased by $13 million, or 5%, primarily from higher Artificial Lift and Wireline activity, partly offset by a decrease in activity across the WCC segment.

    Full year 2024 North America revenue of $1,046 million decreased by $22 million, or 2%, compared to 2023, primarily due to lower activity in the WCC and PRI segments, partly offset by higher Wireline activity.

    International

    Fourth quarter 2024 international revenue of $1,080 million decreased 6% sequentially and decreased 3% year-over-year, and full year 2024 international revenue of $4,467 million increased 10%, compared to 2023.

    Fourth quarter 2024 Latin America revenue of $312 million decreased by $46 million, or 13% sequentially, primarily due to lower Drilling-related Services, partly offset by higher Liner Hangers activity. Year-over-year, Latin America revenue decreased by $30 million, primarily due to lower activity in the DRE and PRI segments, partly offset by higher activity in Liner Hangers and Well Services.

    Full year 2024 Latin America revenue of $1,393 million was largely flat, compared to 2023.

    Fourth quarter 2024 revenue of $542 million in Middle East/North Africa/Asia was flat sequentially, as higher activity from Completions and Artificial Lift were largely offset by lower MPD and Integrated Services & Projects. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $5 million, or 1%, primarily due to lower activity in the PRI segment, partly offset by higher Drilling-related services and Completions activity.

    Full year 2024 revenue of $2,123 million in Middle East/North Africa/Asia increased by $308 million, or 17%, compared to 2023, mainly due to increased activity in the DRE and WCC segments, partly offset by lower activity in Digital Solutions, Artificial Lift and Pressure Pumping.

    Fourth quarter 2024 Europe/Sub-Sahara Africa/Russia revenue of $226 million decreased by $17 million, or 7%, sequentially, mainly driven by lower Completions and ISDT activity, partly offset by higher Wireline activity. Year-over-year Europe/Sub-Sahara Africa/Russia revenue was largely flat due to increased activity in the DRE segment, largely offset by lower activity in the WCC and PRI segments.

    Full year 2024 Europe/Sub-Sahara Africa/Russia revenue of $951 million increased by $86 million, or 10% compared to 2023, due to increased activity in the DRE and WCC segments, partly offset by lower Pressure Pumping and Artificial Lift activity.

    About Weatherford
    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.

    Conference Call Details

    Weatherford will host a conference call on Thursday, February 6, 2025, to discuss the Company’s results for the fourth quarter ended December 31, 2024. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

    Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

    Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

    A telephonic replay of the conference call will be available until February 20, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 9530137. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

    Contacts
    For Investors:
    Luke Lemoine
    Senior Vice President, Corporate Development & Investor Relations
    +1 713-836-7777
    investor.relations@weatherford.com

    For Media:
    Kelley Hughes
    Senior Director, Communications & Employee Engagement
    media@weatherford.com

    Forward-Looking Statements

    This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly and full-year revenues, adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only predictions and may differ materially from actual future events or results, based on factors including but not limited to: global political disturbances, war, terrorist attacks, changes in global trade policies and tariffs, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflict, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

    These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    Selected Statements of Operations (Unaudited)
                         
        Three Months Ended   Year Ended
    ($ in Millions, Except Per Share Amounts)   December
    31, 2024    		   September
    30, 2024    		   December
    31, 2023    		   December
    31, 2024    		   December
    31, 2023
    Revenues:                    
    DRE Revenues   $ 398     $ 435     $ 382     $ 1,682     $ 1,536  
    WCC Revenues     505       509       480       1,976       1,800  
    PRI Revenues     364       371       386       1,452       1,472  
    All Other     74       94       114       403       327  
    Total Revenues     1,341       1,409       1,362       5,513       5,135  
                         
    Operating Income:                    
    DRE Segment Adjusted EBITDA[1]   $ 96     $ 111     $ 97     $ 467     $ 422  
    WCC Segment Adjusted EBITDA[1]     148       151       131       564       455  
    PRI Segment Adjusted EBITDA[1]     78       83       88       319       323  
    All Other[2]     11       23       13       84       38  
    Corporate[2]     (7 )     (13 )     (8 )     (52 )     (52 )
    Depreciation and Amortization     (83 )     (89 )     (83 )     (343 )     (327 )
    Share-based Compensation     (10 )     (10 )     (9 )     (45 )     (35 )
    Other Charges     (35 )     (13 )     (13 )     (56 )     (4 )
    Operating Income     198       243       216       938       820  
                         
    Other Expense:                    
    Interest Expense, Net of Interest Income of $12, $13, $12, $56 and $59     (25 )     (24 )     (31 )     (102 )     (123 )
    Loss on Blue Chip Swap Securities     —       —       —       (10 )     (57 )
    Other Expense, Net     (4 )     (41 )     (36 )     (87 ) —   (134 )
    Income Before Income Taxes     169       178       149       739       506  
    Income Tax Provision     (45 )     (12 )     (2 )     (189 )     (57 )
    Net Income     124       166       147       550       449  
    Net Income Attributable to Noncontrolling Interests     12       9       7       44       32  
    Net Income Attributable to Weatherford   $ 112     $ 157     $ 140     $ 506     $ 417  
                         
    Basic Income Per Share   $ 1.54     $ 2.14     $ 1.94     $ 6.93     $ 5.79  
    Basic Weighted Average Shares Outstanding     72.6       73.2       72.1       73.0       71.9  
                         
    Diluted Income Per Share[3]   $ 1.50     $ 2.06     $ 1.90     $ 6.75     $ 5.66  
    Diluted Weighted Average Shares Outstanding     74.5       75.2       73.9       74.9       73.7  
                                             
    [1]   Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
    [2]   All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.
    [3]   Included the maximum potentially dilutive shares contingently issuable for an acquisition consideration during the three months ended September 30, 2024, the value of which was adjusted out of Net Income Attributable to Weatherford in calculating diluted income per share.
    Weatherford International plc
    Selected Balance Sheet Data (Unaudited)
           
    ($ in Millions) December 31, 2024   December 31, 2023
    Assets:      
    Cash and Cash Equivalents $ 916   $ 958
    Restricted Cash   59     105
    Accounts Receivable, Net   1,261     1,216
    Inventories, Net   880     788
    Property, Plant and Equipment, Net   1,061     957
    Intangibles, Net   325     370
           
    Liabilities:      
    Accounts Payable   792     679
    Accrued Salaries and Benefits   302     387
    Current Portion of Long-term Debt   17     168
    Long-term Debt   1,617     1,715
           
    Shareholders’ Equity:      
    Total Shareholders’ Equity   1,283     922
               
    Weatherford International plc
    Selected Cash Flows Information (Unaudited)
                         
        Three Months Ended   Year Ended
    ($ in Millions)   December
    31, 2024    		   September
    30, 2024    		   December
    31, 2023    		   December
    31, 2024    		   December
    31, 2023
    Cash Flows From Operating Activities:                    
    Net Income   $ 124     $ 166     $ 147     $ 550     $ 449  
    Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:                    
    Depreciation and Amortization     83       89       83       343       327  
    Foreign Exchange Losses (Gain)     (2 )     35       43       56       116  
    Loss on Blue Chip Swap Securities     —       —       —       10       57  
    Gain on Disposition of Assets     (2 )     (1 )     —       (35 )     (11 )
    Deferred Income Tax Provision (Benefit)     —       (19 )     (19 )     8       (86 )
    Share-Based Compensation     10       10       9       45       35  
    Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits     24       30       151       (120 )     (84 )
    Other Changes, Net     12       (48 )     (39 )     (65 )     29  
    Net Cash Provided By Operating Activities     249       262       375       792       832  
                         
    Cash Flows From Investing Activities:                    
    Capital Expenditures for Property, Plant and Equipment     (100 )     (78 )     (67 )     (299 )     (209 )
    Proceeds from Disposition of Assets     13       —       7       31       28  
    Purchases of Blue Chip Swap Securities     —       —       —       (50 )     (110 )
    Proceeds from Sales of Blue Chip Swap Securities     —       —       —       40       53  
    Business Acquisitions, Net of Cash Acquired     —       (15 )     —       (51 )     (4 )
    Other Investing Activities     1       1       (71 )     36       (47 )
    Net Cash Used In Investing Activities     (86 )     (92 )     (131 )     (293 )     (289 )
                         
    Cash Flows From Financing Activities:                    
    Repayments of Long-term Debt     (23 )     (5 )     (80 )     (287 )     (386 )
    Distributions to Noncontrolling Interests     (20 )     (10 )     (31 )     (39 )     (52 )
    Tax Remittance on Equity Awards     (22 )     —       (2 )     (31 )     (56 )
    Share Repurchases     (49 )     (50 )     —       (99 )     —  
    Dividends Paid     (18 )     (18 )     —       (36 )     —  
    Other Financing Activities     (1 )     (6 )     (13 )     (19 )     (20 )
    Net Cash Used In Financing Activities   $ (133 )   $ (89 )   $ (126 )   $ (511 )   $ (514 )

                      

    Weatherford International plc
    Non-GAAP Financial Measures Defined (Unaudited)

    We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA Margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.​

    Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    *Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
     
                         
        Three Months Ended   Year Ended
    ($ in Millions, Except Margin in Percentages)   December
    31, 2024    		   September
    30, 2024    		   December
    31, 2023    		   December
    31, 2024    		   December
    31, 2023
    Revenues   $ 1,341     $ 1,409     $ 1,362     $ 5,513     $ 5,135  
    Net Income Attributable to Weatherford   $ 112     $ 157     $ 140     $ 506     $ 417  
    Net Income Margin     8.4 %     11.1 %     10.3 %     9.2 %     8.1 %
    Adjusted EBITDA*   $ 326     $ 355     $ 321     $ 1,382     $ 1,186  
    Adjusted EBITDA Margin*     24.3 %     25.2 %     23.6 %     25.1 %     23.1 %
                         
    Net Income Attributable to Weatherford   $ 112     $ 157     $ 140     $ 506     $ 417  
    Net Income Attributable to Noncontrolling Interests     12       9       7       44       32  
    Income Tax Provision     45       12       2       189       57  
    Interest Expense, Net of Interest Income of $12, $13, $12, $56 and $59     25       24       31       102       123  
    Loss on Blue Chip Swap Securities     —       —       —       10       57  
    Other Expense, Net     4       41       36       87       134  
    Operating Income     198       243       216       938       820  
    Depreciation and Amortization     83       89       83       343       327  
    Other Charges[1]     35       13       13       56       4  
    Share-Based Compensation     10       10       9       45       35  
    Adjusted EBITDA*   $ 326     $ 355     $ 321     $ 1,382     $ 1,186  
                         
    Net Cash Provided By Operating Activities   $ 249     $ 262     $ 375     $ 792     $ 832  
    Capital Expenditures for Property, Plant and Equipment     (100 )     (78 )     (67 )     (299 )     (209 )
    Proceeds from Disposition of Assets     13       —       7       31       28  
    Adjusted Free Cash Flow*   $ 162     $ 184     $ 315     $ 524     $ 651  
    [1]   Other charges in the three and twelve months ended December 31, 2024, primarily included severance and restructuring costs and fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico.
         

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)
     
                   
         
    ($ in Millions)   December
    31, 2024    		   September
    30, 2024    		   December
    31, 2023    		  
    Current Portion of Long-term Debt   $ 17   $ 21   $ 168  
    Long-term Debt     1,617     1,627     1,715  
    Total Debt   $ 1,634   $ 1,648   $ 1,883  
                   
    Cash and Cash Equivalents   $ 916   $ 920   $ 958  
    Restricted Cash     59     58     105  
    Total Cash   $ 975   $ 978   $ 1,063  
                   
    Components of Net Debt              
    Current Portion of Long-term Debt   $ 17   $ 21   $ 168  
    Long-term Debt     1,617     1,627     1,715  
    Less: Cash and Cash Equivalents     916     920     958  
    Less: Restricted Cash     59     58     105  
    Net Debt*   $ 659   $ 670   $ 820  
                   
    Net Income for trailing 12 months   $ 506   $ 534   $ 417  
    Adjusted EBITDA* for trailing 12 months   $ 1,382   $ 1,377   $ 1,186  
                   
    Net Leverage* (Net Debt*/Adjusted EBITDA*)     0.48 x   0.49 x   0.69 x
                         

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    The MIL Network –

  • MIL-OSI USA: Tuberville, Lee Celebrate America’s Role in Creating the Panama Canal

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Mike Lee (R-UT) in introducing a resolution recognizing the great American achievement of creating the Panama Canal, the vital importance of the Canal in America’s trade, national security, and geopolitical interests, and the necessity to ensure the neutrality of the Canal from interference by global adversaries like China.

    “The Panama Canal would not exist without America,” said Sen. Tuberville. “Connecting the Atlantic and Pacific Oceans is integral to our global supply chain and national security interests. Now, more than ever, we cannot let our foreign adversaries, like China, have a foot in the door here. I’m glad Congress and the White House are putting America’s interests first when it comes to the Panama Canal.”

    Joining U.S. Senators Tuberville and Lee in cosponsoring the resolution are U.S. Senators Marsha Blackburn (R-TN) and Rick Scott (R-FL).

    Full text of the resolution can be found here. 

    BACKGROUND:

    Sen. Tuberville has sounded the alarm of the growing Chinese influence in Panama since his visit in 2023. Over the last two years, he has led multiple trips to the country and met with a plethora of Panamanian officials as well as questioned DOD officials on American involvement in the country. 

    MORE:

    ICYMI: Tuberville Joins “Sunday Morning Futures” With Maria Bartiromo

    ICYMI: Tuberville Joins Kudlow on Fox Business Network

    1819 News: Tuberville Warns of ISIS Fighters Crossing Southern Border—‘They’re Coming by the Droves’

    Tuberville Questions Top Defense Nominees on Recruiting and Readiness

    Tuberville Discusses Panama Visit, Growing Threat from China During Senate Armed Services Hearing

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Takes Action to Protect Conservatives, Taxpayers from Political Discrimination by Banks

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Kevin Cramer (R-ND) to reintroduce the Fair Access to Banking Act, which protects fair access to financial services and ensures banks operate in a safe and sound manner. The legislation requires that lending and services decisions must be based on impartial, risk-based analysis, not political or reputational favoritism. 

    In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions use their economic standing to categorically exclude law-abiding, legal industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, as well as energy producers. 

    “Banks should make lending decisions based solely on economic factors – not woke political concerns,” said Sen. Tuberville. “Big banks are bowing to pressure from woke activists who oppose loans being given to businesses that don’t fall in line with the left’s agenda. No financial institution should be pressured to cut off lending to a legitimate business. Financial discrimination is un-American and unacceptable. I’m proud to support the Fair Access to Banking Act to push back against attempts to weaponize the banking sector for political reasons.”

    “When progressives failed at banning these entire industries, what they did instead is they turned to weaponizing banks as sort of a backdoor to carry out their activist goals,” said Sen. Cramer. “Financial institutions are backed by taxpayers, for crying out loud! They should be obligated to provide services in an unbiased, risk-based manner. The Fair Access to Banking Act ensures that banks provide fair access to services and enacts strict penalties for categorically discriminating against legal industries and individuals.”

    The Fair Access to Banking Act is endorsed by several organizations, including the National Shooting Sports Foundation, National Rifle Association, North Dakota Petroleum Council, National Cattlemen’s Beef Association, The Digital Chamber, Blockchain Association, Independent Petroleum Association of America, Online Lenders Alliance, Day 1 Alliance, GEO Group, the Lignite Energy Council, and National Association of Wholesaler-Distributors.

    Joining U.S. Senators Tuberville and Cramer in cosponsoring this bill are U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Bill Hagerty (R-TN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), and Roger Wicker (R-MS).

    U.S. Representative Andy Barr (R-KY) introduced similar legislation in the House of Representatives. 

    Click here for bill text. 

    BACKGROUND:

    Specifically, this legislation penalizes banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally compliant, credit-worthy person. It also prevents payment card networks from discriminating against any qualified person because of political or reputational considerations. The bill requires qualified banks to provide written justification for why they are denying a person financial services. Further, the Fair Access to Banking Act would penalize providers who fail to comply with the law by disqualifying institutions from using discount window lending programs, terminating status as an insured depository institution or credit union, or imposing a civil penalty of up to $10,000 per violation. 

    The bill is based on President Trump’s Fair Access Rule, which was introduced during his first administration and required financial institutions to make individual risk assessments rather than broad decisions regarding entire industries or categories of customers. The Biden administration paused the rule’s implementation in early 2021.

    The Senators’ legislation is a response to United States banks and financial institutions increasingly using their economic standing to categorically discriminate against legal industries and conservatives. For example, Citigroup instituted a policy in 2018 to withhold project-related financing for coal plants, and in 2020, five of the country’s largest banks announced they would not provide loans or credit to support oil and gas drilling in the Arctic National Wildlife Refuge, despite explicit congressional authorization. Such exclusionary practices also extend to industries protected by the Second Amendment, with Capital One, among other banks, previously including “ammunitions, firearms, or firearm parts” in the prohibited payments section of its corporate policy manual, and payment services like Apple Pay and PayPal denying their services for transactions involving firearms or ammunition. First Lady Melania Trump and technology companies alike allege banks have debanked them or refused to do business. During his address to the World Economic Forum in January, President Trump highlighted big banks and their discriminatory practices of targeting conservatives.  

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI United Nations: Secretary-General Appoints Bjørg Sandkjær of Norway Assistant Secretary-General for Policy Coordination

    Source: United Nations General Assembly and Security Council

    Biographical Note

    United Nations Secretary-General António Guterres announced today the appointment of Bjørg Sandkjær of Norway as Assistant Secretary-General for Policy Coordination in the United Nations Department of Economic and Social Affairs.  She will succeed Maria-Francesca Spatolisano of Italy, to whom the Secretary-General and the Under-Secretary-General for Economic and Social Affairs are grateful for her commitment and dedicated service to the Organization.

    Ms. Sandkjær has over 26 years of experience in policymaking and international development.  She served as Deputy Minister for International Development at the Norwegian Ministry of Foreign Affairs since 2021, having been responsible for the development of Norway’s strategic vision and engagement in international development cooperation issues and played a key role in the negotiations on Norway’s budgetary allocations for official development assistance (ODA) while also leading her country’s engagement in key sustainable development processes and fora, including the high-level political forum on sustainable development.

    Ms. Sandkjær also served as the deputy leader of the Standing Committee on Health and Welfare of the Oslo City Council and held several positions at the Norwegian Agency for Development Cooperation, Gavi, the Vaccine Alliance, the Economic Commission for Africa (ECA) and the Church of Norway.

    Ms. Sandkjær holds a master’s degree in demography from the London School of Economics and Political Science and an undergraduate degree from the University of Oslo.  She is fluent in English and Norwegian.

    For information media. Not an official record.

    MIL OSI United Nations News –