Category: Politics

MIL-OSI Security: Massachusetts Member of Al-Qaeda in the Arabian Peninsula Sentenced to 44 Years in Prison for Terrorism Offenses

Source: United States Attorneys General 13

Minh Quang Pham, also known as “Amim”, 41, of Massachusetts, was sentenced today to 44 years in prison and a lifetime of supervised release for attempted suicide bombing in alliance with al-Qaeda in the Arabian Peninsula (AQAP), a designated foreign terrorist organization.

“The defendant was sentenced for an attempt to commit an act of terrorism and plotting a suicide bombing on behalf of AQAP,” said Devin DeBacker, head of the Justice Department’s National Security Division. “The Justice Department will not rest in seeking justice for acts of terrorism and will continue to thwart any attempt to jeopardize global security.”

“Pham coordinated with known terrorist Anwar al-Aulaqi on a plot to conduct a suicide bombing at Heathrow International Airport which could have killed or injured many people, but fortunately that plan was stopped,” said Assistant Director David J. Scott of the FBI’s Counterterrorism Division. “Pham also tried to recruit others to commit acts of terrorism. The FBI will work with our partners to hold accountable those who align themselves with terrorist organizations and attempt to carry out acts of violence.”

“Minh Quang Pham’s actions were not just an affront to the safety of this country, but to the principles of peace and security that we hold dear,” said U.S. Attorney Danielle R. Sassoon for the Southern District of New York. “Today’s sentencing underscores our collective resolve to stop terrorism before it occurs, and place would-be terrorists in prison.”

According to court documents, in December 2010, Pham informed others that he planned to travel to Ireland while residing in London. From Ireland, he traveled to Yemen, the principal base of operations for AQAP. Pham traveled to Yemen in order to join AQAP, wage jihad on behalf of AQAP, and martyr himself for AQAP’s cause. After arriving in Yemen, he swore an oath of loyalty to AQAP in the presence of an AQAP commander.

While in Yemen in 2010 and 2011, Pham provided assistance to and received training from Anwar al-Aulaqi, a U.S.-born senior leader of AQAP. Al-Aulaqi advised Pham to return to the U.K. for the purpose of finding and making contact with individuals who, like Pham, wanted to travel to Yemen to join AQAP. Al-Aulaqi also provided Pham with money, as well as a telephone number and e-mail address that Pham was to use to contact al-Aulaqi upon his return to the U.K. In addition, Pham exchanged his laptop computer with al-Aulaqi, who provided him with a new “clean” laptop to take with him when he returned to the U.K. so that the authorities would not find anything if they searched his computer.

In or about June 2011, prior to his departure from Yemen, Pham approached al-Aulaqi about conducting a suicide attack whereby he would “sacrifice” himself on behalf of AQAP. Al-Aulaqi personally taught Pham how to create a lethal explosive device using household chemicals and directed Pham to detonate such an explosive device at the arrivals area of Heathrow International Airport following Pham’s return to the U.K. in 2011. Al-Aulaqi instructed Pham to carry an explosive in a concealed backpack and target the area where flights arrived from the U.S. or Israel. During this time, Pham made videos depicting his preparation to carry out that attack. In one video, Pham is shown wiring an electrical device for the use of making an explosive device. In another video, he sketches an explosive device to be contained in a backpack, and in a third, Pham wears a backpack with wiring for explosives on it, which he turns on in the video.

During this time, around June or July 2011 — shortly before Pham returned from Yemen to the U.K. — Pham recorded a video in which he attempted to recruit and encourage individuals in the West to engage in violent jihad abroad or in their home countries. In this video, he also expresses a desire to martyr himself. At the outset of this video, consisting of an approximately 13-minute-long monologue, Pham states that, “America itself is not fighting a war with a group or an organization, they are fighting with the army of Allah, the believers.” He continues, in part, “We have that opportunity, that ability to be in their midst, in their land . . . and I advise the brothers inshallah to, whatever you can, to gather and prepare and strike the enemy in their own land . . . The saying, a thousand cuts, you hit them with as much as you can until inshallah the enemy will bleed to death.” During his time in Yemen, Pham also assisted with the preparation and dissemination of AQAP’s propaganda magazine, Inspire. Pham, who has college degrees in both graphic design and animation, worked directly with now-deceased U.S. citizen, Samir Khan, who was a prominent member of AQAP responsible for editing and publishing Inspire.

Pham also received a six-page document entitled “Your Instructions” from al-Aulaqi in Yemen, which provided detailed instructions on how Pham was to commit his suicide attack at Heathrow. The document from al-Aulaqi instructed Pham, “[d]o not do anything for the first three months” and “[y]ou should target Christmas/ New Year season[.]” The instructions from al-Aulaqi provided explicit direction about the importance of using shrapnel to kill as many people as possible, including that “[t]he proper use of shrapnel is as important as the main charge itself. The detonation wave from a main charge of AP by itself is most likely not going to cause the death of anyone except those who are in its immediate vicinity. It is the shrapnel that would do the job. You may imagine this IED as a shotgun that is firing in all directions.” The document therefore instructed Pham to take “special care” with the “proper arrangement and choice of shrapnel,” and to “poison” it to inflict maximum death.

On July 27, 2011, Pham returned to the U.K. Upon his arrival at Heathrow, U.K. authorities detained Pham, searched him, and recovered various materials from him, including a live round of 7.62mm caliber armor-piercing ammunition, which is consistent with ammunition that is used in a Kalashnikov assault rifle, a type of weapon for which Pham received training from AQAP in Yemen. U.K. authorities released Pham and cautioned him for his possession of the live round of ammunition, before, in December 2011, arresting him pursuant to their authorities under U.K. immigration law. In searches of Pham’s residence, other locations, and vehicles, U.K. authorities recovered several pieces of electronic media. Among other things, a forensic analysis of Pham’s electronic media showed that he was accessing speeches and writings of al-Aulaqi as late as December 2011 — months after Pham’s return to the U.K.

On May 24, 2012, a grand jury returned an indictment charging Pham with terrorism offenses and U.S. authorities sought Pham’s extradition from the U.K. He was provisionally arrested with a view towards extradition on June 29, 2012, and he was extradited to the United States on Feb. 26, 2015. On Jan. 8, 2016, Pham pleaded guilty to terrorism offenses related to certain of the same underlying conduct. On May 27, 2016, Pham was sentenced by U.S. District Judge Alison J. Nathan principally to a term of 40 years in prison. On Sept. 12, 2017, the U.S. Court of Appeals for the Second Circuit affirmed Pham’s conviction and sentence. Thereafter, Pham made a motion that, based on intervening Supreme Court decisions, resulted in the vacatur of one of the counts of his conviction. Ultimately, the government, with Pham’s consent, moved to vacate Pham’s earlier convictions. On April 8, 2021, a grand jury returned a superseding indictment, reinstating certain charges and filing other new charges against Pham, and which formed the basis for Pham’s May 11, 2023, guilty plea and conviction.

The FBI Washington and New York Field Offices investigated the case. The Justice Department’s Office of International Affairs, Metropolitan Police Service/SO 15 Counter Terrorism Command at New Scotland Yard, Crown Prosecution Service, and the Home Office provided assistance in the investigation, extradition, and prosecution of the case.

Assistant U.S. Attorney Jacob H. Gutwillig for the Southern District of New York and Trial Attorney John Cella of the National Security Division’s Counterterrorism Section prosecuted the case.

MIL Security OSI –

February 5, 2025
MIL-OSI Submissions: Europe – Research Highlights: 5K+ Women Reveal Career Progression Barriers In Tech Industry

Source: Women Go Tech

Women Go Tech published results from a Google.org and OSCE-backed study on the challenges and disparities facing women at all levels of the tech sector. Over 40 experts and 5,000 women provided insight into how the situation can be improved, mostly through public policy and private development.

February 5, Vilnius–Lithuania. Women Go Tech, a Lithuanian NGO focused on empowering women in tech, recently released a new study highlighting the challenges women in Central and Eastern Europe face during their career progression in the tech industry, and presenting strategies to empower women in tech.

The study, “Building the Future Power Hub for Women in Tech,” surveyed 5,475 women across 13 countries, with support from Google.org and the Organization for Security and Cooperation in Europe (OSCE). The results revealed which countries are most ready to enable women in tech: Bulgaria, Lithuania, Romania, and Latvia. On the other hand, Slovakian, Czech, and Croatian women are experiencing the most barriers to enter the industry.

“After women shared their experiences, they were analyzed by more than 40 experts, outlining solutions to shift the tech industry landscape to help women succeed faster, in CEE and around the world,” Žydrūnė Vitaitė, co-founder of Women Go Tech, shared.

In the study, respondents from all CEE countries agreed that ageism, negative stereotypes about women’s abilities, and education bias were all factors holding women back or discouraging them from pursuing careers in tech. Women also reported poor work-life balance and low representation in leadership roles as influencing their career decisions, as well as fewer opportunities to learn about tech compared to men.

Specifically in Slovakia, Czechia, Croatia, Slovenia, Hungary, Poland, Austria, Estonia, and Latvia, women also believe it is harder for them to succeed in the tech sector than for men. Croatian and Slovenian women are still facing the strongest stereotypes regarding female incapacity to work in the tech sector.

“Although women in the tech sector today face several challenges, this study also explains where the tech industry can improve and how it can attract more female talent,” noted Žydrūnė. “We need to create a robust environment where women feel supported and empowered not only by the government but also by their peers and other women. A more gender-balanced company will understand and serve the diverse demands of its users and clients, resulting in better products and services. This in turn will help unlock the CEE’s potential to become a global leader in tech innovation.”

Bulgaria, for instance, boasts one of the highest rates of women in tech and science in all of Europe, and respondents in the WGT study recognized opportunities for upskilling as well as equal access to education and jobs. The country’s tech sector grew by 12% in 2023 and has witnessed steady growth over the past 15 years and is one of Europe’s most dynamic tech hubs.

According to a 2023 McKinsey study of 1,265 companies in 23 countries, those companies performing in the top quartile of gender representation had a 39% better chance of financial outperformance versus their peers in the bottom quartile. The same held true for diversity on companies’ boards of directors, with a 27% greater likelihood of outperformance. Moreover, the study concluded that diverse representation will foster diverse talent and innovation.

Governmental input into mentorship programs is needed to close the gap

Better compensation is the primary motivator for women of any age or experience to enter the tech sector, despite the persistence of a pay gap. Work flexibility and work-life balance are also important incentives. Unfortunately, many women working in tech report a lack of these elements in their jobs.

“This discrepancy may be discouraging to women’s willingness to mentor and inspire others to join the industry,” said Vitaitė.

Study revealed that most women surveyed did not have a mentor while progressing through a tech sector.

Survey also revealed that to change the dynamic, policymakers should invest in mentorship and training programs tailored to women. While this is recommended on a governmental level, businesses should also prioritize mentorship programs for women, embrace diverse hiring practices, and work to increase female representation in leadership positions.

An issue that remains in the industry is equal pay, alongside the need to promote transparent equal pay policies. The study encourages hybrid and remote work options in tech. Enabling equal career progression for IT professionals is crucial as Europe faces Information and Communication Technology (ICT) skills shortage–only 12 million specialists are projected by 2030 despite EU’s target of 20 million.

“Building the Future Power Hub for Women in Tech” also included a section focusing on the barriers and biases faced by Ukrainian women in exile who are working to build professional lives within the tech sector.

About Women Go Tech

The organization “Women Go Tech” is an NGO navigating women toward careers in tech. Started as a first mentorship program for women in Lithuania in 2017, it has now expanded activities in the CEE. The organization is committed to educating 20,000 women on the use of AI tools and applications. So far, 700+ women have successfully transitioned into the IT industry with the help of the mentorship program and over 19,000 women participated in the introduction course “Discover Tech”. Having positively impacted the lives of hundreds of women and cultivated a new generation of female role models in tech, the NGO has grown from a local project into a movement with significant influence across the region. The organization is a long-term grantee of Google.org.

MIL OSI – Submitted News –

February 5, 2025
MIL-OSI United Kingdom: Funding secured for next phase of major flood defence scheme

Source: City of Derby

Derby’s Our City, Our River (OCOR) project has been handed a £35 million boost by the Government, with the allocation of Flood Defence Grant-in-Aid to deliver the next phase of the scheme

The funding has been released by the Department for Environment, Food and Rural Affairs (Defra) from their Flood and Coastal Erosion Risk Management Investment Programme and will be managed by the Environment Agency on their behalf.

This secures the future of Derby Riverside, which will deliver significant flood resilience protection to many properties along the east bank of the Derwent. It will now go to Cabinet to be formally accepted and allows the Council to enter into contract with construction partners.

Councillor Carmel Swan, Cabinet Member for Climate Change, Transport and Sustainability, said:

It’s incredible news for Derby that this funding package has been allocated by the government to protect our city from the risk of flooding. This will be such welcome news for households and businesses alike. We can now really start to push ahead with the works at Derby Riverside as we continue to future proof the city against extreme weather.

Here in Derby, we’re all too familiar with the effects of climate change. In the last six years we have seen the five highest river levels on record. The Our City, Our River flood prevention scheme has already delivered enhanced protection to thousands of properties, but there is still more work to do to ensure our city has the best defences possible.

This £35 million investment from the Government means we can now build on the years of hard work from the Council and Environment Agency to deliver this critical infrastructure our city needs.

Alex McDonald, Strategic Senior Flood Risk Management Advisor at the Environment Agency said:

We know the devastating effect that flooding can have on communities and businesses including within Derby City. OCOR represents a long-standing partnership between Derby City Council and the Environment Agency. The Derby Riverside element will replace aging flood defences in the city, provide space for water and help to transform the city centre. As the project moves into its next phase we will continue to support Derby City Council to deliver this vital infrastructure for the city centre, helping the city to keep pace with our changing climate.

The city saw the effects of climate change in action in 2023 when river levels reached their highest point ever recorded during Storm Babet, and while the flood gates and defences built during earlier phases of OCOR have not been called into action since, there have been several named storms in recent months.

Derby Riverside will deliver enhanced protection along the east bank of the river, starting at Causey Bridge and ending at the Railway Bridge across the river. The new flood wall and flood gates will offer far better protection for Exeter House and properties on Meadow Road and Meadow Lane, as well as unlocking the potential for regeneration in this part of the city.

This next stage will also provide enhanced protection to businesses such as Rolls-Royce, which is planning to expand its riverside site at Raynesway. Terry Meighan, Director – Infrastructure at Rolls-Royce Submarines said:

We continue to work closely with Derby City Council and the Environment Agency on future flood defences, which will protect our Raynesway site and play an important role in our expansion plans. The work we do helps protect the UK by powering the Royal Navy’s fleet of nuclear submarines and defending against flooding helps us maintain our delivery commitments to the UK Ministry of Defence.

These works will involve the demolition of the riverside office blocks on Stuart Street to create a new riverside green area, providing more space for water to pass through the city in a controlled corridor during a flood event. The Council are currently working with affected businesses to acquire the necessary land.

MIL OSI United Kingdom –

February 5, 2025
MIL-OSI USA: Trump Administration “Fork Directive” Unlawful as Written, Unions Urge Court to Find

Source: American Federation of State, County and Municipal Employees Union

Offer, FAQs Are Misleading, Coercive

Lawsuit Seeks to Stay February 6 Deadline, Require Agency to Articulate a Lawful Policy

Massachusetts – In a legal challenge filed today, the American Federation of Government Employees (AFGE), AFGE Local 3707, the American Federation of State, County and Municipal Employees, (AFSCME), and the National Association of Government Employees (NAGE) represented by Democracy Forward, are seeking a to halt the Trump-Vance administration’s “Fork Directive” Feb. 6 deadline and require the government to articulate a policy that is lawful, rather than an arbitrary, unlawful, short-fused ultimatum which workers may not be able to enforce. The complaint was filed in Federal District Court in Massachusetts.

The “Fork Directive” is the latest attempt by the Trump-Vance administration to implement Project 2025’s dangerous plans to remove career public service workers and replace them with partisan loyalists. The “Fork Directive” amounts to a clear ultimatum to a sweeping number of federal employees: resign now or face the possibility of job loss without compensation in the near future. Even so, as employees face threats from the Office of Personnel Management (OPM) that failure to resign may result in being fired without compensation, workers are being offered a package that violates the law. For example, it is wholly unclear how the government can promise to pay workers for a deferred resignation when the funds to do so have not been appropriated.

The complaint further describes FAQs made available promoting the “Fork Directive” that are misleading. For example, despite assertions that workers would be free to accept other jobs after resigning, longstanding federal ethics regulations place numerous restrictions on the outside employment opportunities that a current federal worker can accept.

“AFGE is bringing this suit with our partners today to protect the integrity of the government and prevent union members from being tricked into resigning from the federal service,” said AFGE National President Everett Kelley. “Federal employees shouldn’t be misled by slick talk from unelected billionaires and their lackeys. Despite claims made to the contrary, this deferred resignation scheme is unfunded, unlawful, and comes with no guarantees. We won’t stand by and let our members become the victims of this con.”

“We are filing this lawsuit to stop the purge of qualified professionals from the federal government workforce. Not only are these actions illegal and a scam, but they are eroding the health and well-being of our communities. These workers do everything from making sure families receive their Medicare, Medicaid and Social Security benefits on time to protecting our drinking water and the food we eat to overseeing our national security. If this chaos goes unchecked, it will have devastating impacts on working people,” said AFSCME President Lee Saunders.

“The ‘Fork Directive’ is a blatant attempt to undermine the merit-based foundation of our civil service,” said NAGE National President David J. Holway. “NAGE will not allow our members to be intimidated into making hasty decisions based on misleading information. The administration must be held accountable for this unlawful directive, and we are committed to protecting the rights and jobs of our members. NAGE stands firmly against any effort to replace qualified professionals with partisan loyalists at the expense of the American people.”

“The vast majority—more than 90%— of Americans believe that government employees should be hired and promoted based on merit, not political loyalty. Yet, President Trump and his unelected associates are threatening that value and our hardworking, dedicated, and independent civil servants—individuals who swear an oath to support and defend the Constitution and the American people,” said Skye Perryman, President and CEO of Democracy Forward. “Civil service members deserve more than one-sided ultimatums and misleading schemes. Our team is proud to represent these unions that have been at the forefront of Trump’s attacks on our civil service, and we will continue to urge the court to act swiftly to examine unlawful ultimatums and protect our federal employees.”

The complaint alleges the “Fork Directive” violates the federal Administrative Procedure Act as arbitrary and capricious and for exceeding statutory authority under the Antideficiency Act. A copy of the complaint is available here.

###

AFGE is the largest federal employee union, representing more than 800,000 workers in the federal government and the government of the District of Columbia. For the latest AFGE news and information, visit the AFGE Media Center.

NAGE represents over 125,000 public and private sector workers across the country, including 75,000 federal employees. Individuals who work tirelessly to support our communities, from keeping the lights on and water clean, highways safe, and state & federal Governments running, to providing essential EMS care and community protection services, NAGE members set the standard of service. For more information, please visit nage.org

Democracy Forward is a national legal organization that advances democracy and social progress through litigation, policy, public education, and regulatory engagement. For more information, please visit www.democracyforward.org.

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: PREPARED REMARKS: Sanders on America’s Dangerous Movement Toward Oligarchy, Authoritarianism & Kleptocracy

US Senate News:

Source: United States Senator for Vermont – Bernie Sanders

WASHINGTON, Feb. 4 – Sen. Bernie Sanders (I-Vt.) today gave remarks on the floor of the Senate outlining the Trump administration’s movement toward oligarchy, authoritarianism and kleptocracy.

Sanders remarks, as prepared for delivery, are below and can be watched HERE:

M. President: Today, we find ourselves in a pivotal moment in American history and millions of Americans, by their actions or lack of action, will determine the future of this country for decades.

M. President: In my view, the Trump administration is moving this country very aggressively into an oligarchic form of society where extraordinary power rests in the hands of a small number of unelected multi-billionaires.

The Trump administration is moving this country very aggressively into an authoritarian society where the rule of law, and our constitution, are being ignored and undermined in order to give more power to the White House and the billionaires who now control our government.

In my view, the Trump administration is moving this country very rapidly toward a kleptocracy – where the function of government is not to serve the people of America, but to enrich those who are in power.

M. President: I think that today is a good day to recall what one of our great presidents said at Gettysburg in November of 1863. Looking out at a battlefield where thousands of Union soldiers had just sacrificed their lives in the defense of freedom, Lincoln famously stated:

“The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced. It is rather for us to be here dedicated to the great task remaining before us – that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion – that we here highly resolve that these dead shall not have died in vain – that this nation, under God, shall have a new birth of freedom – and that government of the people, by the people, for the people, shall not perish from the earth.

“Government of the people, by the people, for the people, shall not perish from the earth.”

M. President: Under President Trump we are not seeing a “government of the people, by the people, for the people.” Quite the contrary.

We are seeing a government of the billionaire class, by the billionaire class, for the billionaire class. And it’s not being done secretly. It’s right out there for all to see.

Several weeks ago, Donald Trump was inaugurated for his second term as President of the United States. Standing right behind him were the three richest men in the country – Elon Musk, Jeff Bezos and Mark Zuckerberg – worth a combined $920 billion. These 3 men have more wealth than the bottom half of America – 170 million people. And I should point out, and this should tell you exactly where we are going as a nation, these 3 men have become some $232 billion richer since Trump was elected. In just two weeks under Trump their wealth has exploded by $232 billion dollars.

M. President: This is how an oligarchic system works. Elon Musk, the richest person in the world, and now a key part of the administration, spent over $277 million to get Trump elected. In other words, within a corrupt campaign finance system he helped buy the election for Donald Trump.

Jeff Bezos and Mark Zuckerberg, the second and third wealthiest people in our country, both kicked a million each into Trump’s inauguration fund.

And let’s remember that Mr. Bezos, who owns the Washington Post, rescinded the endorsement of Kamala Harris of the Washington Post’s editorial board. Mr. Bezos was showing early on that he was willing to bend the knee for Donald Trump.

Mark Zuckerberg, the founder and CEO of Meta, which owns Facebook and Instagram, agreed to settle a lawsuit with Trump for $25 million.

These three multibillionaires are working with Trump because they understand one very important reality. Trump’s policies are designed to make the very richest people in this country even richer.

Since Trump’s election, Mr. Musk has become $154 billion richer, Mr. Bezos has become $35 billion richer, and Mr. Zuckerberg has become $43 billion richer.

M. President: I am growing increasingly concerned that in our country, under the leadership of President Trump, we are moving rapidly towards authoritarianism.

And all over this country people are alarmed and shocked by what they are seeing.

Just a few examples.

Last week, Trump attempted to suspend all federal grants and loans in direct violation of the U.S. Constitution and federal law. As every 3rd grader knows, the power of the purse belongs to Congress, not the president.

Let’s be clear. The president can recommend legislation, he can veto legislation, but he does not have the power to unilaterally terminate funding and legislation passed by the U.S. Congress. That is a dangerous and blatantly unconstitutional act.

And I should add that Trump’s blocking of federal funding would have had an horrific impact on millions of Americans who utilize programs like Medicaid, Head Start, community health centers, Meals on Wheels, homeless veterans’ programs and many, many other initiatives.

Tens of millions of Americans, including some of the most vulnerable people in our country, were impacted by that decision.

But that’s not all.

A few days ago, Trump fired 17 inspectors general – independent government watchdogs that were created by Congress, in the wake of the Watergate scandal, to prevent the abuse of power by the executive branch.

Last week, President Trump fired a member of the National Labor Relations Board, and in so doing, effectively neutered the only federal agency in America with the authority to hold corporations accountable for illegal union busting and to protect the constitutional right of workers to form a union and to collectively bargain for better wages, benefits and working conditions.

Not only is this move blatantly illegal, it is exactly what Elon Musk, the owner of Tesla, and Jeff Bezos, the owner of Amazon, have been fighting for for months. This is a huge gift to the two wealthiest people in our country who are both strongly anti-union.

The President also illegally fired members of the Equal Employment Opportunity Commission – the only independent commission in our country that protects workers against discrimination in the workplace.

Further, and this should upset every American regardless of political view, in direct violation of the Constitution and federal law, Trump is intimidating the media with lawsuits against ABC, CBS, Meta and the Des Moines Register. His FCC is now threatening to investigate PBS and NPR. Take a deep breath my fellow Americans.

What Trump is essentially saying to every media outlet in America: If you say or do anything that is critical of me, that displeases me, you may be subject to a lawsuit or a federal investigation.

If this is not a direct attack on the First Amendment, the U.S. Constitution and Freedom of Speech, I don’t know what is.

But that’s not all.

Elon Musk and his unelected minions at DOGE have forced out officials at the Treasury Department and illegally shut down US AID – a program which, among other things, helps feed and provide medical help to starving and desperate children all over the world. Presidents, much less unelected billionaires, do not have the unilateral right to shut down federal agencies established by Congress.

When we talk about the dangerous movement towards authoritarianism let us not forget Trump’s pardoning of the January 6th insurrectionists who injured 174 police officers at the Capitol.

Even worse, Trump is undermining the FBI by investigating the agents there who helped bring these violent criminals to justice.

In other words, what Trump is saying is that violence against police officers, when done in his name is ok, but when law enforcement officers try to hold criminals accountable that is not ok.

M. President: Under Trump, we are rapidly moving towards a kleptocracy as well.

Just before Trump was inaugurated, he and his wife Melania launched their own cryptocurrency coins giving them the potential to earn tens of billions of dollars.

M. President: If Wall Street CEOs tried to bribe the President with a bag full of money that would be against the law.

But now, they don’t have to do that.

Today, if a multi-billionaire or the head of a foreign country wants to curry favor with the President, all they have to do is buy his cryptocurrency coins and, when they do that, they are directly enriching Donald Trump and the First Lady.

That is unacceptable and cannot stand.

So, M. President, the question then becomes, where do we go from here?

Instead of moving toward an economy which is designed to benefit the very richest people in our society we have got to fight hard to create a government that works for all of us, not just Mr. Musk or Mr. Bezos or Mr. Zuckerberg and other multi-billionaires.

M. President, at a time of massive wealth and income inequality we must not provide more tax breaks to billionaires paid for by huge cuts in Medicaid and other programs that working families and low-income people desperately need.

But let me tell you what we should be doing.

At a time when 85 million Americans are uninsured or under-insured we have got to do what every major country on earth does and that is to guarantee health care as a human right to every man, woman and child in this country.

At a time when 1 out of 4 Americans cannot afford the medicine that their doctors prescribe we have got to end the absurdity of Americans paying by far the highest prices in the world for prescription drugs.

We have got to cut the cost of prescription drugs in half.

M. President: The federal minimum wage of $7.25 an hour is a starvation wage. While 60% of our people live paycheck to paycheck, we must raise that minimum wage to a living wage, at least $17 an hour. If you work 40 hours a week, you should not be living in poverty.

Mr. Musk and Mr. Bezos want to make it harder for workers to join unions. Well, we have got to do exactly the opposite. We must pass the PRO Act so that anti-union CEOs cannot act unconstitutionally to deny workers the right to join a union.

At a time when we need the best educated workforce in the world, we need to have the best public schools in the world. And, among other things, that means we need to substantially raise teacher salaries. If we want the best and the brightest to become educators no teacher in America should earn less than $60,000 a year.

M. President: All over this country, we have a major housing crisis. And it’s not just the 800,000 who are homeless. It is millions of working families who are spending 40, 50 or 60 percent of their limited incomes on housing. Instead of spending almost a trillion dollars a year on a wasteful and bloated Pentagon budget, we have got to build millions of units of low-income and affordable housing. And when we do that, we put large numbers of people to work at good-paying union jobs.

M. President: I hear from Trump supporters that the president won the election and he has been given this huge mandate to do whatever he wants. Well, no president has the right to move us to oligarchy, authoritarianism and kleptocracy. But more importantly, let us not forget that while Trump did win this election he actually received 4 million fewer votes in 2024 than Biden did in 2020 when Biden won the election.

MIL OSI USA News –

February 5, 2025
MIL-OSI United Kingdom: Record investment to protect thousands of UK homes and businesses
Source: United Kingdom – Executive Government & Departments

A record £2.65 billion will be committed to build or maintain up to 1,000 flood defences, protecting more than 66,000 properties.
Environment Agency: Ipswich Tidal Barrier

Tens of thousands of homes and business will be better protected from flooding as the government unveils a record package to build new flood defences and maintain and repair those already in place.

As part of the Plan for Change, the Government is committing a record two-year investment of £2.65 billion with 52,000 properties set to benefit from new defences by March 2026. To shore up creaking defences in need of repairs, funding will be reprioritised for investment in much-needed maintenance, benefitting a further 14,500 properties. This means a total of 66,500 properties will benefit from this funding.

With the frequency of extreme weather events only continuing to rise, leading to devastating impacts for people, homes, businesses and communities and costing the UK economy billions each year, decisive action to invest in adapting to climate change has never been more important.

As well as protecting families from the devastation of flooding, the investment supports economic growth by protecting businesses, supporting jobs, and supporting a stable economy in the face of the increasing risk of flooding as a result of climate change. It will also protect farmland which has been badly hit by recent storms, in turn helping to safeguard farm businesses and farmers’ profits.

This Government inherited flood assets in their poorest condition on record, as years of underinvestment and damaging storms left 3,000 of the Environment Agency’s 38,000 high-consequence assets at below the required condition.  

The announcement comes as the Government’s Floods Resilience Taskforce meets today, with Floods Minister Emma Hardy joined by ministers from across government alongside representatives from the Met Office, Local Resilience Forums, and the National Farmers’ Union. They will look at further steps that can be taken to protect the 6.3 million properties in England at risk from flooding, and discuss lessons to learn from Storms Bert, Conall and Éowyn this winter.

Secretary of State for Environment, Food and Rural Affairs Steve Reed said:

The storms this winter have devastated lives and livelihoods.  

The role of any Government is to protect its citizens.

Under our Plan for Change, we are investing a record £2.65 billion to build and maintenance flood defences to protect lives, homes and businesses from the dangers of flooding.

Up to 1000 projects are set to receive a share of the funding. Projects receiving funding include:

Bridgwater Tidal Barrier Flood Defence Scheme in Somerset, which will receive £43 million.

The Derby Flood Risk Management Scheme “Our City Our River”, which is set to receive £35 million.

In the West Midlands, the Beales Corner project, which protects communities in Bewdley, will benefit from £2 million.

An additional £3.5 million for the Poole Bridge to Hunger Hill Flood Defences in Dorset

Support for property flood resilience schemes across Leicestershire, Derbyshire and Nottinghamshire, receiving £2.5 million.

Essential maintenance will be made to defences across the country including:

Phase 3 of the Stallingborough Sea Defences along the Humber estuary, receiving over £7 million

A further £3.8 million will be spent to improve protection in Pevensey Bay, as part of work to repair local sea defences.

Environment Agency Chair Alan Lovell said:

The impact of flooding on our communities will only become greater as climate change brings more extreme weather, like Storms Bert, Conall and Éowyn.

With this new funding, we will work closely with the Government to deliver the vital projects that are needed across the country, ensuring our investment goes to those communities who need it the most.

Recognising many flood defence projects have stalled, £140 million from the investment programme will be prioritised for 31 projects that are ready for delivery, ensuring nearby communities are protected as soon as possible. The full list of schemes to benefit will be announced in the coming months.

In addition to providing this crucial funding, the Government will be focused on fixing the foundations of the nation’s flood defences and giving communities confidence that they will protect them. This year, £36 million is being spent to undertake urgent repairs to defences damaged in last winter’s extreme flooding events.

For the next year, a further £72 million will go towards maintaining and repairing assets, including those damaged in recent flood events, to ensure they are as resilient as possible and operate as expected.  

Today’s Floods Resilience Taskforce will be hosted by Flood Re, a joint initiative between the Government and insurers aimed at making the flood cover part of household insurance policies more affordable.

The expert group’s discussions will focus on the national and local response to this winter’s flooding. It will also discuss further the long-term delivery of the Government’s flood resilience strategy and investment, including the planned review of the government’s funding formula for allocating money to flood and coastal erosion defence schemes.

Wider action to improve the nation’s flood resilience

The government is committed to delivering a refreshed and updated approach to flood defences, fit for the challenges we face.

The existing funding formula for allocating money to defences slows down the delivery of new schemes through a complex application process and neglects more innovative approaches to flood management – which is why a consultation to update the formula will be launched shortly.

In addition, to support rural communities impacted by flooding, more than £57 million has paid out to farmers impacted by severe weather between October 2023 and March 2024. The Farming Recovery fund has supported 12,700 businesses to cover the cost of restoring their farmland.

Elsewhere, the government has allocated £50 million to internal drainage boards (IDBs) as part of a one-off £75 million IDB Fund. This funding will empower IDBs to manage water levels effectively for agriculture and environmental needs, ensuring their crucial role in flood and water management is supported for years to come. 

In addition, the Environment Agency has also confirmed that 34 natural flood management projects will move ahead to delivery. These projects, which are located across England, will use nature to increase the nation’s flood resilience. These projects, which are located across England, will use nature to increase the nation’s flood resilience.

Beneficiaries include Leicester City Council, which is working in partnership with Trent Rivers Trust to reduce flood risk across 13 locations in Leicestershire. Their work includes implementing blue green sustainable drainage at several schools, tree planting, and creating new wetlands to improve floodplain connectivity and increase flood water storage.

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Published 4 February 2025
MIL OSI United Kingdom –
February 5, 2025
MIL-OSI United Nations: Human rights situation in Haiti remains ‘very alarming’, UN report finds

Source: United Nations 4

4 February 2025 Human Rights

Gang violence in Haiti continues to have a devastating impact on the population, according to a new report from the UN office in the country (BINUH) on human rights violations recorded during the last quarter of 2024.

Released on Tuesday, the new report highlights that at least 5,626 people have been killed and more than 2,213 injured in the past year, due to the armed gangs who control much of the capital and the country at large.

These figures reflect a sharp increase of over 1,000 fatalities compared to 2023, underscoring the unrelenting brutality gripping the nation.

UN Spokesperson Stéphane Dujarric highlighted the findings in Tuesday’s press briefing in New York, pointing to a severe deterioration in Haiti’s security landscape.

Harrowing mass killings

According to BINUH, the last quarter of 2024 saw an alarming rise in deadly gang-related attacks.

At least 1,732 people were killed and 411 injured due to violence by armed groups, self-defence units and law enforcement operations.

The report highlights three large-scale massacres that resulted in over 300 deaths, with the most severe attack occurring in the Wharf Jérémie neighbourhood of Port-au-Prince.

Between 6 and 11 December, at least 207 people were slaughtered by a gang led by Monel Felix, known as “Micanor,” who accused the mainly elderly victims of practicing voodoo and being responsible for the death of his child.

The armed gang executed people in their homes and a local place of worship before burning or dismembering bodies to conceal evidence. No law enforcement intervention was reported during the five-day attack.

Similar atrocities took place in Pont Sondé and Petite Rivière de l’Artibonite, where coordinated gang offensives left at least 170 people dead in early December.

The murders sparked reprisals by self-defence groups, further intensifying the violence

State-sanctioned executions

Haiti’s security forces have also been implicated in grave human rights violations.

The report documents more than 250 executions carried out by police in 2024, with two children among the victims.

Many individuals were executed after being detained, while others – including street vendors and motorcycle taxi drivers – were shot for failing to provide identification.

The Public Prosecutor of Miragoâne was also cited for six extrajudicial executions, bringing the total killings by prosecutors to 42 in 2024.

Despite calls for accountability, investigations into police abuses remain largely stalled.
BINUH noted that no officers have undergone vetting since June 2023, reflecting a deep-seated lack of supervision.

Child exploitation

Haiti has also experienced a 150 per cent surge in kidnappings with gangs increasingly targeting children.

The report raised alarm over widespread sexual violence, with at least 94 cases of rape and sexual exploitation documented in the last quarter alone.

Women and girls remain particularly vulnerable in gang-controlled areas, where they are subjected to systemic abuse.

Additionally, child trafficking and forced recruitment by armed groups continue to rise.

UNICEF has warned of a 70 per cent increase in child soldiers, with boys as young as 12 being used for kidnappings, armed confrontations and extortion.

Judicial failures

Despite the scale of the crisis, Haiti’s judicial system remains paralysed.

While some efforts were made in late 2024 – including appointments to key judicial posts – progress on high-profile massacres and corruption cases remains slow.

Prime Minister Alix Didier Fils-Aimé ordered investigations into the Pont Sondé and Wharf Jérémie massacres, yet no arrests or judicial actions had been taken by the end of the year.

International response

The High Commissioner for Human Rights Volker Türk emphasised the critical need to restore the rule of law and called on the international community to ensure the full deployment of the Multinational Security Support mission (MSS).

The UN has also urged regional governments to intensify inspections of arms shipments destined for Haiti, in line with Security Council resolutions.

With over one million people displaced and a humanitarian catastrophe continue to unfold, urgent international intervention is seen as vital to stabilising the country.

MIL OSI United Nations News –

February 5, 2025
MIL-OSI Security: Former soldier sentenced to 7+years in prison for sexual abuse of a child on Joint Base Lewis-McChord

Source: Office of United States Attorneys

Defendant previously investigated in the Army and prosecuted in State Court for sexual assault crimes

Tacoma – A former U.S. Army soldier was sentenced today in U.S. District Court in Tacoma to 87 months in prison for abusive sexual contact with a child, announced U.S. Attorney Tessa M. Gorman. Cameron James Taylor, 49, of Seattle, pleaded guilty in May 2024 and has been in custody since his guilty plea. At today’s sentencing hearing Chief U.S. District Judge David G. Estudillo noted the conduct in this case may cause the victim lifetime torment. The victim “is a strong individual” and “shows courage to move on” Chief Judge Estudillo said.

“This horrific conduct cannot go unpunished. Our work to protect children on our military bases is a priority in the Western District of Washington,” said U.S. Attorney Gorman. “Mr. Taylor sexually assaulted a child who was just 5 years old. He then pressured the child to hide the conduct when questioned by other adults. I commend the strength of the victim in this case.”

According to records filed in the case, Taylor left the Army in 2016 with an “Other than Honorable” discharge after he was investigated for sexual assault of an unconscious female in Germany, and for assaulting soldiers who went to arrest him. Taylor resigned in lieu of Court Martial.

Once back in the U.S., Taylor was convicted of the 2019 sexual assault of a 5-year-old neighbor child. Taylor forced the child to massage him and reach into his pants. In 2022, Taylor was sentenced in King County Superior Court to 18 months in prison.

During the investigation related to the neighbor child, other children who had been in Taylor’s care were interviewed. Taylor had coached a child, who was now a teen about hiding his sexual assaults. Ultimately, the child disclosed to a relative that in 2012, while stationed on JBLM, Taylor locked the then 5- or 6-year-old in a closet and sexually assaulted the child.

On the eve of trial, Taylor pleaded guilty.

In asking for the 8-year sentence prosecutors wrote to the court, “Taylor’s crimes reveal a man who lacks empathy and who prioritized his own pleasure over others’ pain. Taylor is also no stranger to the justice system; this is his third criminal sex offense. The government hopes that a 96-month sentence, coupled with lifetime supervised release, will prevent Taylor from reoffending again.”

Taylor is required to register as a sex offender following his prison term. Chief Judge Estudillo ordered that he be on supervised release for ten years following prison.

The case was investigated by U.S. Army Criminal Investigations (CID), the King County Sheriff’s Office, and the FBI.

The case was prosecuted by Assistant United States Attorneys Hillary K. Stuart and Erika J. Evans.

MIL Security OSI –

February 5, 2025

MIL-OSI: Hut 8 Operations Update for January 2025

Source: GlobeNewswire (MIL-OSI)

Infrastructure upgrades near completion in advance of expected miner deliveries

205 MW Vega project advancing on track for Q2 2025 energization

MIAMI, Feb. 04, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today released its operations update for January 2025.

“With infrastructure upgrades for our initial fleet upgrade near completion, we believe we are well-positioned to energize new miners upon expected delivery in the coming weeks,” said Asher Genoot, CEO of Hut 8. “While these upgrades resulted in downtime during the month, we remain focused on optimizing returns from our existing fleet, leveraging Reactor to dynamically curtail operations, particularly at our Alpha site, where power prices were elevated.”

“We continue to execute on key growth initiatives across our digital infrastructure layer. Data center construction at Vega is progressing rapidly, keeping us on schedule for energization in Q2 2025 as we prepare for the launch of our ~15 EH/s colocation agreement with BITMAIN. As we focus on AI data center development, we also advanced and expanded our development pipeline.”

Highlights

Infrastructure upgrades near completion in advance of expected miner deliveries for initial fleet upgrade
Data center construction at Vega progressing rapidly, on track for Q2 energization (image to left)
Advanced AI data center development opportunities across development pipeline

Operating Metrics

Average during the period unless otherwise noted¹	January 2025	December 2024
Total energy capacity under management (mining)^2,3,4	665 MW	665 MW
Total deployed miners under management⁵	115.3K	121.4K
Total hashrate under management⁶	12.7 EH/s	13.2 EH/s

Self-Mining⁷
Deployed miners^8,9	47.1K	53.2K
Deployed hashrate¹⁰	5.0 EH/s	5.5 EH/s
Bitcoin produced³^,¹¹	65 BTC	89 BTC
Bitcoin held in reserve³^,12	10,208 BTC	10,171 BTC

Managed Services¹³
Energy capacity under management³	280 MW	280 MW
Deployed miners under management⁹	85.7K	85.5K
Hashrate under management	9.4 EH/s	9.4 EH/s

Hosting
Deployed miners under management^9,14	68.1K	68.2K
Hashrate under management¹⁵	7.7 EH/s	7.7 EH/s

Energy Infrastructure Platform³

				Current/Contracted Revenue Stream(s)¹⁶
Site	Location	Owner¹⁷	Power Capacity	Self- Mining	Managed Services	Hosting	HPC	Power Sales
Vega¹⁸	Texas Panhandle	Hut 8	205 MW			Yes¹⁹
Medicine Hat	Medicine Hat, AB	Hut 8	67 MW	Yes
Salt Creek	Orla, TX	Hut 8	63 MW	Yes
Alpha	Niagara Falls, NY	Hut 8	50 MW			Yes
Drumheller²⁰	Drumheller, AB	Hut 8	42 MW
Kelowna	Kelowna, BC	Hut 8	1.1 MW				Yes
Mississauga	Mississauga, ON	Hut 8	0.9 MW				Yes
Vaughan	Vaughan, ON	Hut 8	0.6 MW				Yes
Vancouver II	Vancouver, BC	Hut 8	0.5 MW				Yes
Vancouver I	Vancouver, BC	Hut 8	0.3 MW				Yes
King Mountain²¹	McCamey, TX	Hut 8 (JV)	280 MW	Yes	Yes	Yes		Yes
Iroquois Falls²²	Iroquois Falls, ON	Hut 8 (JV)	120 MW					Yes
Kingston²²	Kingston, ON	Hut 8 (JV)	110 MW					Yes
North Bay²²	North Bay, ON	Hut 8 (JV)	40 MW					Yes
Kapuskasing²²	Kapuskasing, ON	Hut 8 (JV)	40 MW					Yes
Total			1,020 MW

Upcoming Conferences & Events

February 24–25, 2025: Capacity Media Metro Connect USA, Fort Lauderdale
February 24–28, 2025: Bitcoin Investor Week, New York
February 25–27, 2025: Infocast ERCOT Market Summit, Austin
March 3–6, 2025: Morgan Stanley Energy & Power Conference, New York

Notes:

	(1)	All figures exclude Hut 8’s managed services agreement with Ionic Digital Inc. (“Ionic”), which was terminated effective December 10, 2024.
	(2)	Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, and (iii) 280 MW of capacity under management at King Mountain.
	(3)	As of the end of the period.
	(4)	Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN.
	(5)	Includes all miners that are racked with power and networking, rounded to the nearest 100, in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the King Mountain site.
	(6)	Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
	(7)	Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
	(8)	Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed self-mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 38.4K during January 2025 and 44.5K during December 2024.
	(9)	Miners are rounded to the nearest 100.
	(10)	Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during both January 2025 and December 2024.
	(11)	Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 51 BTC during January 2025 and 74 BTC during December.
	(12)	Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut’s previously announced fleet upgrade.
	(13)	Managed Services includes 280 MW of capacity under management at King Mountain.
	(14)	34.1K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during January 2025 and December 2024.
	(15)	3.8 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during both January 2025 and December 2024.
	(16)	Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
	(17)	Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
	(18)	Site is currently under development.
	(19)	Anticipated to begin generating revenue by Q2 2025.
	(20)	Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
	(21)	Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
	(22)	Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.

About Hut 8

Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising fifteen sites: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the completion of the Company’s infrastructure upgrades, the timing of the delivery and energization of Company’s initial fleet upgrade, the Company’s execution on key growth initiatives, the timing for the buildout and energization of the Company’s Vega site, and the Company’s continuing progress and expansion of its development pipeline.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations
Sue Ennis
ir@hut8.com

Hut 8 Corp. Media Relations
media@hut8.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9acab77-45dc-4fc4-9d65-ccaa8aa90be2

The MIL Network –

February 5, 2025

MIL-Evening Report: 24 years of life lost: people placed in state care have died earlier, more violent deaths – new study

Source: The Conversation (Au and NZ) – By Belinda Borell, Kairangahau/Researcher, Te Kunenga ki Pūrehuroa – Massey University

Lake Alice Hospital, one of many institutions investigated by the abuse-in-state-care inquiry. Wikimedia Commons, CC BY

A new study using a large collection of demographic data has revealed the lasting and damaging consequences for children placed in state care between 1950 and 1999 – including huge disparities in life expectancy compared with the general population.

The study utilised the Stats NZ Integrated Data Infrastructure – a large collection of linked data sets about people and households from across many government agencies, Stats NZ surveys, and non-government organisations.

From a substantial sample of approximately 20,000 children placed in care between 1950–1999, the study also found about 11% of this group had subsequently died, on average much younger than the rest of the population.

The causes of death were also generally more violent, though self-harm, motor vehicle accidents and assaults, at rates greater than the general population.

These findings support the conclusions of the Royal Commission of Inquiry into Abuse in State Care, which exposed significant harms experienced by Māori tamariki (children) and whānau (families), revealing systemic failures and breaches of te Tiriti o Waitangi/Treaty of Waitangi.

Inside the demographic data

The Integrated Data Infrastructure (IDI) allows researchers to conduct cross-sector research, to track a broad range of outcomes, compare them with the general population, and potentially explore links across generations.

We examined a range of social and health outcomes for a group of children in state care between 1950–1999. Information about these children was collected from handwritten records of state care institutions.

These lists were matched by officials in the Ministry of Health and the Department of Corrections. All identifiable information (names, birth dates, addresses, etc.) were removed or encrypted and made available to our research team from Stats NZ.

We linked this initial group to the IDI and retrieved records of available socio-demographic, health and life-event data. We were left with a list of just over 20,000 children, a substantial sample of the many hundreds of thousands of children placed in care during this time.

Life expectancy and cause of death

Basic demographic information reflects what is already widely known about children placed in state care: they are overwhelmingly male and Māori.

The birth years of the children are also significant. We see an increase in placement into state care of children who were born between 1960 and 1989. The Royal Commission’s final report records that the disproportional representation of Māori children in state care begins at this point, as shown in the graph below.

The government approach of the times, as espoused in the 1961 Hunn report into the Department of Māori Affairs, was to assimilate Māori into the European way of life. The effects of state action to deal with Māori perceived to have fallen short of these expectations can clearly be seen in these data.

By 2018, the sample group of children in our study were in their late 40s. Using mortality data, we know that approximately 11% of this group have died. Astonishingly, they have an average age at death of 46 years, compared to an average age of 70 for people in the general population born at the same time.

This corresponds to an average 24 years of life lost for those in state care. We can extrapolate this further when we examine the primary causes of death in this group and compare them with the general population.

Cancer, heart disease and strokes are the primary causes in the general population. These causes tend to increase with age; you are more likely to be affected the longer you live. As those in state care are less likely to reach old age, they have lower rates of death from these conditions.

Rather, we see they are subject to much more violent deaths through self-harm, motor vehicle accidents and assaults, at rates many times greater than the population at large.

Historical context and modern policy

As the Royal Commission of Inquiry documented so thoroughly, tamariki Māori were placed in environments where tikanga Māori was disregarded, their whakapapa and whenua were disconnected, and their identity as Māori denied.

Many faced neglect, abuse, and the loss of connection to mātauranga and wairua, leaving trauma that continues to affect whānau today.

The royal commission’s report coincided with the National-led government’s reintroduction of military-style youth training academies for young offenders, colloquially known as “boot camps”.

In mid-2024, Prime Minister Christopher Luxton dismissed concerns from the chief commissioner for children about the policy:

I don’t care what you say about whether it does or doesn’t work. We can have that intellectual conversation all day long, but we are […] going to try something different because we cannot carry on getting the results that we’ve been getting.

Based on our research findings – together with the royal commission’s report and significant international and local evidence about the real risks of such policies – we would argue the current approach in New Zealand needs to be revisited.

More broadly, extensive international scholarship demonstrates Indigenous people are particularly and uniquely affected by longstanding trauma through colonisation. Specific acts of oppression that remain unaddressed often result in the inter-generational transfer of trauma and trauma responses.

In Aotearoa New Zealand, as with many other colonised Indigenous territories, the forced removal of Māori children from their families to be placed in a range of state and church institutions was a key plank of colonial policy and practice.

We must accept that poor outcomes across a range of areas in health, welfare, education and justice exist within a historical and contemporary context. Those impacts are linked across generations and affect whānau to this day.

A paper based on these findings will be submitted for publication shortly. Research is continuing to expand the analyses explored here and to link outcomes across affected generations.

We would like to acknowledge Tui Barrett, Professor Tim McCreanor and Professor Helen Moewaka Barnes for their input and guidance.

If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 0800 543 354 (0800 LIFELINE) or free text 4357 (HELP)

Belinda Borell receives funding from Nga Pae o Te Maramatanga, Centre for Research Excellence at the University of Auckland, and the Health Research Council of New Zealand.

Jose S. Romeo receives funding from Nga Pae o Te Maramatanga, Centre for Research Excellence at the University of Auckland and the Health Research Council of New Zealand.

– ref. 24 years of life lost: people placed in state care have died earlier, more violent deaths – new study – https://theconversation.com/24-years-of-life-lost-people-placed-in-state-care-have-died-earlier-more-violent-deaths-new-study-248540

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI Canada: Prime Minister announces Terry Duguid as the new Ministerial Lead for Jasper
Source: Government of Canada – Prime Minister

The Prime Minister, Justin Trudeau, today announced that the Minister of Sport and Minister responsible for Prairies Economic Development Canada, Terry Duguid, will also serve as Ministerial Lead for Jasper.

In this role, Minister Duguid will continue the federal government’s work to support people and businesses in Jasper following last summer’s unprecedented wildfires that devastated the town. He will co-ordinate federal support with provincial, municipal, and Indigenous partners to accelerate the recovery process, report on its progress, and ensure environmental protection measures remain world-class. He will be supported in this role by a working group of Cabinet ministers – each with their own mandate in helping Jasper recover.

Jasper is a home to Indigenous Peoples since time immemorial and a place of natural beauty that has long attracted visitors from all over the world. As the people of Jasper continue to rebuild their community, the Government of Canada is committed to ensuring this national treasure builds back stronger than ever before.

Quote

“Our government will always be there for the people of Jasper. With Minister Duguid as Ministerial Lead for Jasper, we’re making sure Jasper recovers, rebuilds, and continues to prosper, so its breathtaking beauty can be experienced for generations to come.”

Quick Facts
- The position of Ministerial Lead for Jasper was established in October 2024 to ensure the long-term recovery of Jasper.
- Last week, the Government of Canada announced an additional $12.6 million in matching funds to the Canadian Red Cross’ 2024 Alberta Wildfires Appeal. These funds have contributed to a total of $40.4 million in support of people impacted by the wildfires in Jasper.
Associated Link

MIL OSI Canada News –
February 5, 2025
MIL-OSI USA: “Brazen and Illegal” — King, Colleagues Raise Alarm Over Trump Administration’s Attempt to Dismantle Critical National Security Agency
US Senate News:
Source: United States Senator for Maine Angus King

WASHINGTON, D.C. — U.S. Senator Angus King (I-ME) and 36 of his colleagues have contacted Secretary of State Marco Rubio, expressing their deep concern regarding the growing chaos at the U.S. Department of State and the Trump Administration’s attempt to abolish the U.S. Agency for International Development (USAID). In a letter to Secretary Rubio, the Senators highlighted that USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability. By law, USAID is an independent agency and cannot be dismantled without approval from Congress.

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 — despite no legal authority to do so. The Trump Administration 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 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.”

The letter is signed by U.S. Senators Tim Kaine (D-VA), 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), Sheldon Whitehouse (D-RI), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Jack Reed (D-RI), Chris Murphy (D-CT), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Brian Schatz (D-HI), Mark Warner (D-VA), Chris Van Hollen (D-MD), Chris Coons (D-DE), and Elissa Slotkin (D-MI).

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

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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 –
February 5, 2025
MIL-OSI USA: Cassidy Delivers Floor Speech in Support of RFK, Jr. to be HHS Secretary

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

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WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) spoke on the U.S. Senate floor today to detail his decision to vote for Robert F. Kennedy, Jr. to serve as U.S. Secretary of the Department of Health and Human Services. Cassidy delivered the speech after voting to advance Kennedy’s nomination in the U.S. Senate Finance Committee. The nomination now awaits a full vote in the U.S. Senate.
Cassidy’s speech as prepared for delivery can be found below:
Mr. President, I’d like to make a statement regarding my vote in Committee on behalf of Robert F. Kennedy to be the Secretary of HHS. First, I thank everyone who has contacted me over the last few days. Almost all have been respectful and seek the best for our country. And I’ve been contacted by text, by phone, by email. And if I did not respond to anyone, it was not to be rude. It’s just I was getting hundreds of messages a day personally and thousands through the office. And I just physically could not.
Now Mr. President, believe it or not, of these hundreds of people calling me or contacting me, however they did, many of them disagreed with each other. Diametrically, three dimensionally, they disagreed. But the unifying factor is that they all desire the best for our country, even though they differ from each other so much. And maybe that kind of frames my feelings about this nomination.
For context, before entering politics, before ever thinking running for political office, I practiced medicine for 30 years in a public hospital for the uninsured. Caring for those who otherwise would not have been able to afford the access to the care that I provided. After seeing patients die from vaccine preventable diseases, I dedicated much of my time to vaccine research and immunization programs. Personally witnessing the safety monitoring, and the effectiveness of immunization. But simply, vaccines save lives.
This is the context that informed me when considering Robert F. Kennedy Jr as the nominee to be Secretary of the Department of Health and Human Services.
It was a decision I studied exhaustively. I took very seriously. As I said I would, I spoke with Mr. Kennedy not once, but multiple times over the weekend, including this morning. We had in-depth conversations about the medical literature and the science behind the safety of vaccines. He referred me to studies and people. I reviewed them and spoke to those whom he mentioned I should speak to.
Now, the most notable opponents of Mr. Kennedy were pediatricians on the front lines of our children’s health who regularly have to combat misinformation; combating vaccine skepticism with correct information—correct information that comes from their education, training and experience as physicians. They are aware of the falling vaccine rates and the inevitability of increasing hospitalizations and deaths of children from vaccine-preventable diseases. They are aware that children are now contracting diseases that they would not have contracted if the children were vaccinated.
I heard from others impassioned about the need to address chemicals in our food, and a belief that we are victims of large, impersonal forces maximizing profits while sacrificing our health. There is evidence for that. Although food safety is principally a USDA concern, I strongly agree that this is an issue society must address.
Other RFK supporters are concerned regarding environmental risk. They fear these risks are being ignored by authorities. Mr. Kennedy’s history of environmental activism motivates their support. I pointed out that the Environmental Protection Agency monitors this, not the Department of Health and Human Services but they still feel that he can make a difference.
So, as I looked how to resolve this, I returned to where I began. Would it be possible to have Mr. Kennedy collaborate in helping public health agencies re-earn the trust of the American people?
Regarding vaccines, Mr. Kennedy has been insistent that he just wants good science and to ensure safety. But on this topic, the science is good, the science is credible. Vaccines save lives. They are safe. They do not cause autism. There are multiple studies that show this. They are a crucial part of our nation’s public health response.
But as someone who has discussed immunizations with thousands of people, I do recognize that many mothers need reassurance that the vaccine their child is receiving is necessary, effective, and most of all safe.
While I am aligned with Mr. Kennedy as regards to ultra-processed foods, reforming NIH, taking on chronic disease—once more, it still leaves vaccines.
Now, Mr. Kennedy and the administration reached out seeking to reassure me regarding their commitment to protecting the public health benefit of vaccination.
To this end, Mr. Kennedy and the administration committed that he and I will have an unprecedently close collaborative working relationship if he is confirmed. We will meet or speak multiple times a month. This collaboration will allow us to work well together and therefore to be more effective.
Mr. Kennedy has asked for my input into hiring decisions at HHS, beyond Senate-confirmed positions. This aspect of our collaboration will allow us to represent all sides of those folks that were contacting me this weekend.
He has also committed that he would work within the current vaccine approval and safety monitoring systems, and not establish parallel systems. If confirmed, he will maintain the Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices without changes. CDC will not remove statements on their website pointing out that vaccines do not cause autism. Mr. Kennedy and the administration also committed that this administration will not use the subversive techniques employed under the Biden administration, like sue and settle, to change policies enacted by Congress without first going through Congress.
Mr. Kennedy and the administration committed to a strong role of Congress. Aside from us meeting regularly, he will come before the Committee on a quarterly basis, if requested. He committed that the HELP Committee Chair, whether it’s me or someone else, may choose a representative on any board or commission formed to review vaccine safety.
If he is confirmed, HHS will provide a 30-day notice to the HELP Committee if the agency seeks to make changes to any of our federal vaccine safety monitoring programs, and HELP Committee will have the option to call a hearing to further review.
These commitments, and my expectation that we can have a great relationship to make America healthy again, is the basis of my support. He will be Secretary, but I believe he will also be a partner in working for this end.
If Mr. Kennedy is confirmed, I will use my authority as Chairman of the Senate Committee with oversight of HHS to rebuff any attempts to remove the public’s access to life-saving vaccines without ironclad, causational scientific evidence that can be defended before the mainstream scientific community and before Congress. I will carefully watch for any effort to wrongfully sow public fear about vaccines between confusing references of coincidence and anecdote.
But my support is built on assurances that this will not have to be a concern and that he and I can work together to build an agenda to make America healthy again.
We need a leader at HHS who will guide President Trump’s agenda to Make America Healthy Again. Based on Mr. Kennedy’s assurances on vaccines and his platform to positively influence Americans’ health, it is my consideration that he will get this done.
As I’ve said, it’s been a long, intense process. But I’ve assessed it as I would assess a patient as a physician. Ultimately, restoring trust in our public health institutions is too important and I think Mr. Kennedy can get that done. And as Chairman of the Senate committee with oversight authority of HHS, I will do my best to make sure that is what we accomplish.
I want Mr. Kennedy to succeed in making America healthy again. His success will be tied to the health of our nation. He has the opportunity to address the most pertinent issues affecting Americans’ health. We also need to reform our health institutions like FDA and NIH. Those, as already been indicated, are my priorities as Chairman of HELP Committee. I look forward to his support in accomplishing this.
If confirmed, I look forward to working together with Mr. Kennedy to achieve President Trump’s mission of improving the health of all Americans.

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Gillibrand, Schumer, Blackburn, Fischer, Clarke, Garbarino, Langworthy, and Torres Reintroduce E-bike Safety Bill

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand

Today, U.S. Senators Kirsten Gillibrand, Chuck Schumer (D-NY), Marsha Blackburn (R-TN), and Deb Fischer (R-NE), along with Congressman Ritchie Torres (D-NY), Congressman Andrew Garbarino (R-NY), Congresswoman Yvette D. Clarke (D-NY), and Congressman Nick Langworthy (R-NY), reintroduced the Setting Consumer Standards for Lithium-Ion Batteries Act. The bipartisan bill would require the Consumer Product Safety Commission (CPSC) to publish a final consumer product safety standard for rechargeable lithium-ion batteries used in e-bikes and other micromobility devices to protect against the risk of fires caused by such batteries. The bill is being reintroduced at a time when fires from lithium-ion batteries have become widespread in New York City. The New York City Fire Department (FDNY) reports rechargeable lithium-ion batteries have caused more than 850 fires since 2021, resulting in more than 450 injuries, 34 deaths & damage to hundreds of structures. In 2024, there were 279 e-bike and e-mobility device battery fires in NYC, a dramatic increase from the 44 that occurred in 2020.

“Far too many innocent lives have been lost in New York City and across the country to fires caused by faulty and improperly manufactured lithium-ion batteries used in e-bikes and other micromobility devices,” said U.S. Senator Kirsten Gillibrand. “The Setting Consumer Standards for Lithium-Ion Batteries Act is a commonsense solution that brings us one step closer to stopping preventable fires, and I encourage my congressional colleagues to pass this bipartisan bill and create the first-ever mandatory consumer product safety standard for rechargeable lithium-ion batteries used in micromobility devices.”

“We are in a time where technology is outpacing federal safety action in many ways, moving faster than the measures we need to keep the public safe, and there might be no better example of this dilemma than with the cheap, China-made lithium-ion batteries in e-bikes, e-scooters and other devices,” said U.S. Senator Charles Schumer. “The fires and injuries caused by these batteries have resulted in tremendous loss across New York and federal action is needed to protect consumers and our brave firefighters who are on the front lines of this new paradigm in fire prevention spurred by these unpredictable, and often times, very dangerous batteries—and that’s why we are reintroducing the Setting Consumer Standards for Lithium-Ion Batteries Act to create a consumer product safety standard for rechargeable lithium-ion batteries.”

“Battery fires in e-bikes have caused far too many devastating injuries and deaths,” said U.S. Senator Deb Fischer. “We need effective, sensible safety standards for the batteries in motorized devices like e-bikes and e-scooters. Our bipartisan bill will protect people across America from these preventable tragedies.”

“Since 2021, we’ve seen far too many avoidable deaths and injuries due to unregulated, unsafe lithium-ion batteries in e-bikes, e-scooters, and other mobility devices New Yorkers use to travel throughout the city delivering goods and services, said Rep. Yvette D. Clarke. “I fully support this legislation to improve public safety and ensure safety guidelines and standards to prevent fire risks – protecting our constituents and businesses from injury and loss of life.”

“Unregulated lithium-ion batteries are one of the leading causes of fatal fires in New York, posing a serious threat to both the public and the firefighters who respond to these emergencies,” said Rep. Andrew Garbarino. “As the use of lithium-ion batteries in devices like e-scooters and e-bikes continues to grow, so do the risks. This legislation is a critical step toward preventing these fires and improving public safety.”

“The safety of American consumers must always come first. Rechargeable lithium batteries power so many aspects of our daily lives, but without proper standards, they pose serious risks of fires and explosions,” said Rep. Nicholas Langworthy. “This legislation sets clear safety guidelines to protect families, first responders, and businesses from preventable hazards. I am proud to support this commonsense measure to ensure that these products meet rigorous safety standards before they reach the market.”

“For years, it has been clear that unregulated lithium-ion batteries pose a clear and present threat to the public’s safety, and it’s long past time that we do something about it,” said Rep. Ritchie Torres. “My district specifically is acutely aware of the unmitigated disaster that urban fires pose and the urgent need for stronger safety standards. My colleagues and I fought throughout the last Congress to advance this legislation, and we will continue pushing it toward the finish line in the 119th — no matter the national political scene.”

“Keeping our country safe from the dangers of lithium-ion batteries is incredibly important, because as we have seen time and time again, they present unique safety risks to the public and to first responders,” said NYC Fire Commissioner Robert Tucker. “We’re grateful to our partners in government for bringing back this legislation we know will save lives. We will continue to beat the drum on safe usage and best practices of these devices to help prevent tragedies in the future.”

“I thank Senator Gillibrand, Representative Torres, and their allies for their continued leadership and perseverance on the Setting Consumer Standards for Lithium-Ion Batteries Act,” said Chief Josh Waldo, President and Chair of the Board, the International Association of Fire Chiefs. “Fire departments across the country face numerous challenges when responding to these preventable incidents. We have gone far too long without any impactful changes to ensure the safety of humans around these devices. As we have seen, further injury and property damage is the result of inaction. It is time for Congress to act together and pass this life-saving legislation.”

“Lithium-ion batteries, especially those of inferior quality, can be prone to explosion, thermal runaway, and other hazards. As devices powered by these batteries have become more common, so have the risks associated with them. I applaud Senator Gillibrand and Rep. Torres for introducing this bill, which would require lithium-ion batteries powering certain mobility devices to meet quality and safety standards, thereby reducing the fire risk these devices pose,” said Steven W. Hirsch, Chair, National Volunteer Fire Council.

“Lithium-ion battery fires burn intensely, last longer than most fires, and release toxic fumes, putting fire fighters and the public at risk,” said International Association of Fire Fighters General President Ed Kelly. “The Setting Consumer Standards for Lithium-Ion Batteries Act is an important step toward preventing these fires, protecting our communities, and keeping fire fighters safe. The IAFF thanks Senator Gillibrand for her leadership on this critical issue.”

“Lithium-ion battery safety has rapidly become a top priority for property owners and managers across the country, as we’re on the front lines of making sure that office buildings and other commercial spaces are kept safe,” said Manuel Moreno, Chair and Chief Elected Officer of the Building Owners and Managers Association (BOMA) International, the professional association representing the commercial real estate sector. “This legislation will help protect the safety of millions of people in the nation’s commercial buildings as well as the safety of first responders who have to confront these intense chemical fires. This legislation will save lives.”

“We applaud Senator Kirsten Gillibrand, Representative Richie Torres, and their Congressional colleagues for taking decisive action to address substandard lithium-ion batteries flooding in from overseas and help ensure that everyone can safely use these devices without fear that they may lack necessary safeguards,” said John Horton, Head of North America Public Policy at DoorDash. “DoorDash will continue to work with all stakeholders to help ensure certified safe lithium-ion batteries are used in our communities, but a safety floor must be put in place to keep unsafe batteries from the marketplace to begin with, and this bill does just that.”

“Addressing the dangers posed by uncertified lithium-ion batteries is essential to protecting public safety,” said Kara Kelber, Grubhub’s Director of Federal Affairs. “Grubhub applauds Senator Gillibrand, Senator Schumer, Senator Blackburn and Senator Fischer for their continued leadership on this critical issue. The Setting Consumer Standards for Lithium-Ion Batteries Act shows a strong, bipartisan commitment to tackling this urgent safety concern and keeping unsafe products from infiltrating our streets and communities. We are eager to see the bill pass and ensure safer micromobility options for communities across the country.”

MIL OSI USA News –

February 5, 2025
MIL-OSI Canada: Don’t default to the Rate of Last Resort
[. While most ratepayers choose to sign competitive contracts with one of more than 50 electricity providers in the province’s uniquely competitive market, those who don’t are automatically enrolled on the Rate of Last Resort – the default electricity rate – and likely to pay more for their power.

As part of ongoing efforts to help Albertans save more on their electricity bill, Alberta’s government is launching an advertising campaign to encourage Albertans to explore their electricity options and ensure they know they don’t have to settle for the Rate of Last Resort.

“Albertans shouldn’t pay more on their power bill than they have to. Our government is taking action to ensure they have the tools they need to make informed decisions about their electricity so more of their hard-earned dollars can be used where they’re needed most for them and their families.”

Nathan Neudorf, Minister of Affordability and Utilities

Last year, tens of thousands of households made the switch from the Rate of Last Resort to a competitive contract. The campaign aims to ensure new Albertans and first-time ratepayers still on the Rate of Last Resort know they have choices when it comes to their power bill, and a better electricity option that could save them hundreds of dollars may be available to them.

“Alberta’s competitive electricity market gives consumers choice, and for most Albertans, competitive retail rates are a better choice than the Rate of Last Resort. I encourage everyone to learn about their electricity options and contact the Utilities Consumer Advocate if you need help understanding your utilities.”

Chantelle de Jonge, parliamentary secretary, Affordability and Utilities

The campaign builds on existing consumer awareness initiatives and efforts to lower utility bills and protect ratepayers from volatile price spikes. New regulations came into effect Jan. 1 that require providers to clearly indicate on customers’ utility bills if they are on the Rate of Last Resort and inform them of their competitive retail market options. Every 90 days, the Utilities Consumer Advocate will contact all ratepayers on the Rate of Last Resort, confirm whether they would like to remain on the default rate and encourage them to explore their options.

“Moving to a new place can be overwhelming and expensive, especially those moving from outside the province or country. Alberta’s government is helping ease stress and financial strain by making sure newcomers are informed about their electricity options.”

Yuliia Haletska, case manager – Ukrainian, vulnerable population services, Centre for Newcomers

To protect any Albertans who may not be able to sign a competitive contract from sudden, volatile price spikes, the Rate of Last Resort is set at approximately 12 cents/kWh. The rate is set every two years and can only be changed by a maximum of 10 per cent between two-year terms. Through these changes, Alberta’s government is making the Rate of Last Resort more stable and predictable for Albertans unable to sign a competitive contract. Albertans who are looking for help with their utility bills or are experiencing a dispute with their provider should contact the Utilities Consumer Advocate (UCA).

Quick facts
- Albertans have three options when purchasing their electricity: the Rate of Last Resort, a competitive contract for a variable rate, or a competitive contract for a fixed rate.
- Competitive retail contracts continue to provide the best, lowest cost options for Albertans.
- The Rate of Last Resort is approved by the Alberta Utilities Commission (AUC) and is not determined by the government.
- Approximately 26 per cent of residential customers purchase electricity through the Rate of Last Resort.
- Approximately 29 per cent of eligible commercial customers and 40 per cent of farm customers purchase electricity through the Rate of Last Resort.
Related information
- Utilities Consumer Advocate
- Alberta Utilities Commission
Related news
- Rewiring Alberta’s electricity system (Dec. 10, 2024)
- Introducing the Rate of Last Resort (Sept. 25, 2024)
- Power rates slashed in half by new market rules (Sept. 5, 2024)
- Power watchdog supports Alberta’s electricity market reforms (Aug. 6, 2024)
- Making utility bills more affordable (April 22, 2024)
- Making electricity more affordable (April 18, 2024)
Multimedia
- Watch the news conference
MIL OSI Canada News –
February 5, 2025
MIL-OSI: Great Elm Group Expands Real Estate Enterprise Launching Monomoy Construction Services

Source: GlobeNewswire (MIL-OSI)

PALM BEACH GARDENS, Fla., Feb. 04, 2025 (GLOBE NEWSWIRE) — Great Elm Group, Inc. (“we,” “us,” “our,” “GEG” or “Great Elm,”) (NASDAQ: GEG), an alternative asset manager, today announced the formation of Monomoy Construction Services, LLC (“MCS”) upon acquisition of Greenfield CRE’s (“Greenfield’s”) assets. The result will combine the construction talent from Greenfield with civil engineering and land planning talent at Monomoy BTS Construction Management to form MCS, which will operate adjacent to Monomoy’s industrial asset management business Monomoy CRE, LLC (“MCRE”) (together with MCS, “Monomoy”), to provide an integrated business model in the industrial real estate market. With this acquisition, Monomoy will offer a full-service suite of project management, procurement, construction management, asset management, market analysis and feasibility for its industrial real estate tenants.

Strategic Considerations

The transaction is part of GEG’s strategy to grow its existing real estate franchise by bringing Greenfield, Monomoy’s existing general contractor partner, in-house. Greenfield shares a seasoned relationship with Monomoy and has detailed knowledge of Monomoy’s development projects and tenant expectations. This unique opportunity enhances the overall Monomoy enterprise in procurement and construction management expertise, enabling the business to propel its focus on construction opportunities for its existing industrial tenant base. The acquisition enables increased fee revenue from construction consulting and build-to-suit projects, while lowering in-house execution costs, allowing competitive pricing to further drive business growth.

Management Commentary

Jason Reese, Executive Chairman of GEG, said, “The Monomoy Construction Services transaction represents a successful outcome for Great Elm’s shareholders. This marks the latest in a series of strategic actions taken to enhance our focus and capabilities across our industrial real estate platform.”

Chris Macri, President of MCRE, stated, “We welcome the Greenfield team as trusted colleagues with whom we have worked extensively. As a combined platform, we intend to pursue a robust pipeline of construction opportunities for our tenants, leading the way for creative real estate solutions in the industrial real estate and development market.”

Key Hire

MCS hires Brandon Finomore, the former President of Greenfield CRE, to lead its construction services business. Mr. Finomore joins Monomoy with over 20 years of real estate development expertise, managing and directing projects across the US ranging from $500,000 to $30,000,000. Licensed as a general contractor with the ability to run projects nationally, Mr. Finomore will work alongside the President of Monomoy, Chris Macri, to carry out Monomoy’s strategic construction initiatives. As part of the transaction, GEG has awarded 276,182 restricted shares of GEG stock to Mr. Finomore that will vest on the 5th year anniversary of the grant date. These restricted shares were granted as a material inducement to Mr. Finomore’s entry into employment with MCS, an affiliate of GEG, in accordance with Nasdaq Listing Rule 5635(c)(4).

About Great Elm Group, Inc.

Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial-focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com.

About Monomoy CRE, LLC & Monomoy Construction Services, LLC

Monomoy CRE, LLC (“MCRE”) and Monomoy Construction Services, LLC (“MCS”), subsidiaries of GEG (together “Monomoy”) provide a full-service real estate services enterprise that provide solutions for our tenants through property management, real estate investments, construction and development. Monomoy invests in build-to-suit and existing Class A, B, and C single-tenant industrial properties across the US, focusing on equipment rental, building supply, materials, manufacturing, warehousing, distribution, and logistics, while specifically targeting critical markets with economic growth.

About Greenfield CRE

Greenfield CRE is an innovator in the commercial real estate industry, with a focus on development, construction management, property management, and acquisitions across the United States. Greenfield provides third-party development services to select clients focusing on site selection, building planning, market review, construction management, and advisory services. Greenfield has a nationwide coverage area and has a specialty focus on the industrial outdoor storage (IOS) commercial real estate space.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release that are “forward-looking” statements, including statements regarding expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent GEG’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and GEG’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from GEG’s expectations, please see GEG’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to GEG’s financial position and results of operations is also contained in GEG’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.

This press release does not constitute an offer of any securities for sale.

Media & Investor Contact:
Investor Relations
geginvestorrelations@greatelm.com

The MIL Network –

February 5, 2025

MIL-OSI: ChampionX Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Fourth-quarter revenue of $912.0 million
Fourth-quarter net income attributable to ChampionX of $82.8 million
Fourth-quarter adjusted EBITDA of $212.3 million
Fourth-quarter income before income taxes margin of 13.0%
Fourth quarter adjusted EBITDA margin of 23.3%
Fourth-quarter cash from operating activities of $207.3 million and free cash flow of $170.1 million

Full-year net income attributable to ChampionX of $320.3 million
Full-year adjusted EBITDA of $784.7 million
Full-year cash from operating activities of $589.7 million and free cash flow of $460.5 million

THE WOODLANDS, Texas, Feb. 04, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (NASDAQ: CHX) (“ChampionX” or the “Company”) today announced fourth quarter of 2024 and full year 2024 results. For the fourth quarter of 2024, revenue was $912.0 million, net income attributable to ChampionX was $82.8 million, and adjusted EBITDA was $212.3 million. Income before income taxes margin was 13.0%, and adjusted EBITDA margin was 23.3%. Cash provided by operating activities was $207.3 million, and free cash flow was $170.1 million.

CEO Commentary

“2024 was a year in which we continued to demonstrate the unique nature of ChampionX’s cash flow resiliency, driven by the strength of our high-margin operating model and capital-light portfolio of businesses. We delivered robust adjusted EBITDA margin expansion and generated strong free cash flow. Our differentiated performance is the direct result of our employees around the world remaining committed to serving our customers well and living our continuous improvement culture daily. I am thankful and humbled to lead such a remarkably dedicated team,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.

“During the fourth quarter of 2024, we generated revenue of $912 million, which increased 1% sequentially, driven by seasonal strength in our Production Chemical Technologies business. Sequential growth in Production Chemical Technologies was offset by typical seasonal declines in our Production & Automation Technologies business into the year-end holidays. For the full year 2024, we generated revenue of $3.6 billion, and we grew our North America revenue by 3% year-over-year, driven by particular strength in the Permian basin. We generated net income attributable to ChampionX of $83 million, income before income taxes margin of 13.0%, and delivered adjusted EBITDA of $212 million, representing a 23.3% adjusted EBITDA margin, our highest level as ChampionX, which speaks to the continued productivity and profitability focus of our team. For the full year 2024, we generated net income attributable to ChampionX of $320 million, income before income taxes margin of 12.2%, a 90 basis point increase over the prior year, and delivered adjusted EBITDA of $785 million, representing a 21.6% adjusted EBITDA margin, an increase of 107 basis points year-over-year.

“We once again demonstrated our strong cash flow profile. Cash flow from operating activities was $207 million during the fourth quarter, which represented 250% of net income attributable to ChampionX, and includes a $48 million tax payment deferred from the fourth quarter of 2024 to the first quarter of 2025. We generated robust free cash flow of $170 million during the fourth quarter, converting 80% of our adjusted EBITDA for the period. Cash flow from operating activities was $590 million for the full year 2024, which represented 184% of net income attributable to ChampionX. For the full year 2024, we generated free cash flow of $460 million and achieved 59% adjusted EBITDA to free cash flow conversion. Our balance sheet and financial position remain strong, ending the year with approximately $1.2 billion of liquidity, including $508 million of cash and $675 million of available capacity on our revolving credit facility.

“As we look ahead to 2025, we expect global oil production to grow, and given our differentiated and resilient production-oriented portfolio, we expect another year of positive performance relative to general oil and gas market activity.”

Agreement to be Acquired by SLB

On April 2, 2024, SLB (NYSE: SLB) and ChampionX jointly announced a definitive Agreement and Plan of Merger (the “Merger Agreement”) for SLB to purchase ChampionX in an all-stock transaction. The transaction was unanimously approved by the ChampionX board of directors and the transaction received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024. The transaction is subject to regulatory approvals and other customary closing conditions.

ChampionX may continue to pay its regular quarterly cash dividends with customary record and payment dates, subject to certain limitations under the Merger Agreement. Given the pending acquisition of ChampionX by SLB, ChampionX has discontinued providing quarterly guidance and will not host a conference call or webcast to discuss its fourth quarter and full year 2024 results.

Production Chemical Technologies

Production Chemical Technologies revenue in the fourth quarter of 2024 was $569.7 million, an increase of $10.1 million, or 2%, sequentially, due to seasonally higher volumes in certain international markets and higher volumes in North America.

Segment operating profit was $103.6 million and adjusted segment EBITDA was $133.5 million. Segment operating profit margin was 18.2%, an increase of 259 basis points, sequentially, and adjusted segment EBITDA margin was 23.4%, an increase of 187 basis points, sequentially, in each case due to volumes and product mix.

Production & Automation Technologies

Production & Automation Technologies revenue in the fourth quarter of 2024 was $269.6 million, a decrease of $6.1 million, or 2%, sequentially, due primarily to seasonality in our North American businesses into the year-end holidays.

Revenue from digital products was $62.3 million in the fourth quarter of 2024, an increase of $4.4 million, or 7.5%, compared to $57.9 million in the third quarter of 2024.

Segment operating profit was $39.0 million, and adjusted segment EBITDA was $70.7 million. Segment operating profit margin was 14.5%, an increase of 210 basis points, sequentially, and adjusted segment EBITDA margin was 26.2%, an increase of 100 basis points, sequentially, in each case due to productivity improvements and product mix.

Drilling Technologies

Drilling Technologies revenue in the fourth quarter of 2024 was $51.9 million, an increase of $0.2 million, or flat, sequentially, in-line with flat sequential U.S. rig count activity.

Segment operating profit was $10.7 million, and adjusted segment EBITDA was $12.3 million. Segment operating profit margin was 20.6%, a decrease of 160 basis points, sequentially, and adjusted segment EBITDA margin was 23.7%, a decrease of 112 basis points, sequentially, in each case due to slightly higher operating costs.

Reservoir Chemical Technologies

Reservoir Chemical Technologies revenue in the fourth quarter of 2024 was $21.9 million, an increase of $1.4 million, or 7%, sequentially, due primarily to higher product volumes.

Segment operating profit was $2.3 million, and adjusted segment EBITDA was $3.8 million. Segment operating profit margin was 10.5%, as compared to 8.2% in the prior quarter, and adjusted segment EBITDA margin was 17.1%, an increase of 106 basis points, sequentially, in each case due to higher product volumes.

Other Business Highlights: Production Chemical Technologies and Reservoir Chemical Technologies

Chosen by a Canadian operator to be their sole supply partner for production chemical programs to support longer asset life for the customer’s project.
Awarded SAGD accounts with a Canadian oil sands operator after a well-executed ChampionX pursuit, trial and transition. This success is expected to lead to additional growth opportunities with the customer in 2025.
Achieved growth with a national oil company in Central Asia through technology and alignment to the customer’s key business drivers. Organized technical workshops and reviews leading to the implementation of a paraffin treatment program with the customer.
Secured a new contract for the provision of chemical injection skids for Drag Reducing Agents (“DRA”) as part of a new development in Eastern Africa.
Executed a successful field trial for an innovative AAHI (hydrate inhibitor) with a major operator in Egypt. This strategic initiative is expected to assist the customer with significantly boosting production and enhancing operational efficiency.
Successfully qualified corrosion inhibitors for an existing gas field in Qatar. This achievement marks a significant step in supporting asset integrity assurance and commitment to delivering reliable solutions to the industry.
Qualified a new Kinetic Hydrate Inhibitor for a major gas field operated by a major national oil company in the Middle East region. This innovative solution delivers higher value, efficiency, and a lower total cost of operation.
Instituted notable customer-centric innovations, including the Right Products campaign which delivered 12 new chemistry innovations, the ParaClear^(R) program for paraffin remediation, and the full-time Flowback Team with new product lines and digital tools.
Advanced digital capabilities, including MyAnalytics platform for sales representatives, the Sensor Team for equipment monitoring, and a trial of a Centralized Ordering system to streamline orders.
Delivered on our first RenewIQ+^(R) opportunity, pumping a Reservoir Chemical Technologies chemistry in conjunction with our standard RenewIQ^(R) offering.
Gained significant commercial traction among key customers with Reservoir Chemical Technologies’ new acidizing technology. This innovative system has been evaluated by a major Middle East operator and recognized as one of the top-performing solutions in the market. This milestone underscores our commitment to providing sustainable, high-performance solutions that align with the evolving needs of the industry.

Other Business Highlights: Production & Automation Technologies

Expanded the portfolio of recently acquired RMSpumptools into North America, delivering new solutions to a major oil company in the Permian basin using permanent magnet motor technology. Additional interest and growth with customers are building into 2025.
Introduced the SMARTEN™ Lite rod pump controller, which offers an economical automation solution for marginal, low-producing rod pump wells. This new technology was successfully operating on 60 new wells in Q4 2024, helping operators gain 24/7 surveillance and remote control of their rod pump assets with a low-cost edge computing device that requires minimal hardware and setup.
Continuing to see strong market penetration and interest in Artificial Lift Performance’s Pump Checker software offering. Software license counts have increased by more than 30% since the February 2024 acquisition, with a focused growth on gas lift/plunger lift well applications.
Successfully added well density to a performance-based integrated production optimization (“IPO”) project recently secured with a customer in the Permian basin, and extended the reach of this holistic solution with an additional customer in the Permian. The IPO solution combines artificial lift, chemicals and chemical injection systems with digital automation, controls, data management, and optimization services to drive incremental production with effective cost management for operators.
Deployed a large SOOFIE™ continuous emissions monitoring system for an operator in the Middle East. Based on initial results, the customer plans to deploy additional fixed emissions monitoring systems as well as incorporate the ChampionX Aura™ optical gas imaging camera in the field. Our technology was selected based on its proven capabilities and ChampionX collaboration with the field team to assure a steady stream of high-quality data. The SOOFIE continuous monitoring system provides real-time, 24/7 surveillance of methane and other greenhouse gases at oil and gas facilities and landfills.
Completed installations of ChampionX’s AnX™ coiled rod technology with a Middle East operator. Based on the excellent performance of this corrosion-resistant coiled rod, the customer has ordered product to install in additional wells in 2025. AnX recently won the Gulf Energy Excellence award for Best Production Technology and has demonstrated dramatic run life improvement in highly corrosive applications in multiple geographies around the world.
Successfully completed the initial installations of a full rod pumping solution on a very challenging application in Colombia. The solution brings together both the downhole rods and pump with ChampionX’s rod lift production optimization software. The customer reports that results are exceeding expectations, with production increasing by 35% while reducing operating costs through optimizing resources required to operate the wells.
Expanded production optimization software capabilities with customers in Peru and Argentina. Our XSPOC™ software has been implemented across more than 300 wells in Peru and additional licenses are planned in Q1 2025. In Argentina, a customer implemented the software across three fields. By delivering diagnostic insights and actionable recommendations, XSPOC software enables customers to enhance well performance, increase production, and reduce operating costs.

About Non-GAAP Measures

In addition to financial results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), this news release presents non-GAAP financial measures. Management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to ChampionX and adjusted diluted earnings per share attributable to ChampionX, provide useful information to investors regarding the Company’s financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. In addition, free cash flow, free cash flow to adjusted EBITDA ratio, and free cash flow to revenue ratio are used by management to measure our ability to generate positive cash flow for debt reduction and to support our strategic objectives. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating ChampionX’s overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables.

About ChampionX

ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.ChampionX.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements relating to the proposed transaction between SLB and ChampionX, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, and information regarding the businesses of SLB and ChampionX, including expectations regarding outlook and all underlying assumptions, SLB’s and ChampionX’s objectives, plans and strategies, information relating to operating trends in markets where SLB and ChampionX operate, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that SLB or ChampionX intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “intends,” “plans,” “seeks,” “targets,” “may,” “can,” “believe,” “predict,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “ambition,” “goal,” “scheduled,” “think,” “could,” “would,” “will,” “see,” “likely,” and other similar expressions or variations, but not all forward-looking statements include such words. These forward-looking statements involve known and unknown risks and uncertainties, and which may cause SLB’s or ChampionX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part I, “Item 1. Business”, “Item 1A. Risk Factors”, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in SLB’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on January 24, 2024 and Part 1, Item 1A, “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 6, 2024, and each of their respective, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX, including the effect of the announcement of the proposed transaction; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including the adoption of the merger agreement in respect of the proposed transaction by ChampionX stockholders); other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; changes in demand for SLB’s or ChampionX’s products and services; global market, political and economic conditions, including in the countries in which SLB and ChampionX operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the extent of growth of the oilfield services market generally, including for chemical solutions in production and midstream operations; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; the impact of shifts in prices or margins of the products that SLB or ChampionX sells or services that SLB or ChampionX provides, including due to a shift towards lower margin products or services; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics (including COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; trends in crude oil and natural gas prices, including trends in chemical solutions across the oil and natural gas industries, that may affect the drilling and production activity, profitability and financial stability of SLB’s and ChampionX’s customers and therefore the demand for, and profitability of, their products and services; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction; failure to effectively and timely address energy transitions that could adversely affect the businesses of SLB or ChampionX, results of operations, and cash flows of SLB or ChampionX; and disruptions of SLB’s or ChampionX’s information technology systems.

These risks, as well as other risks related to the proposed transaction, are included in the Form S-4 and proxy statement/prospectus that was filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to SLB’s and ChampionX’s respective periodic reports and other filings with the SEC, including the risk factors identified in SLB’s and ChampionX’s Annual Reports on Form 10-K, respectively, and SLB’s and ChampionX’s subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this communication are made only as of the date hereof. Neither SLB nor ChampionX undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Investor Contact: Byron Pope
byron.pope@championx.com
281-602-0094

Media Contact: John Breed
john.breed@championx.com
281-403-5751

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands, except per share amounts)		2024			2024			2023			2024			2023
Revenue	$	912,037		$	906,533		$	943,555		$	3,633,983		$	3,758,285
Cost of goods and services		600,154			608,764			661,337			2,445,281			2,618,646
Gross profit		311,883			297,769			282,218			1,188,702			1,139,639
Selling, general and administrative expense		184,722			180,501			147,415			720,632			633,032
(Gain) loss on sale-leaseback transaction and disposal group		—			57			—			(29,826	)		12,965
Interest expense, net		12,375			14,137			13,808			55,868			54,562
Foreign currency transaction losses (gains), net		1,697			3,505			14,651			2,490			36,334
Other income, net		(5,026	)		(2,176	)		(7,584	)		(3,337	)		(21,078	)
Income before income taxes		118,115			101,745			113,928			442,875			423,824
Provision for income taxes		33,204			28,078			35,771			115,746			105,105
Net income		84,911			73,667			78,157			327,129			318,719
Net income attributable to noncontrolling interest		2,145			1,659			959			6,863			4,481
Net income attributable to ChampionX	$	82,766		$	72,008		$	77,198		$	320,266		$	314,238

Earnings per share attributable to ChampionX:
Basic	$	0.43		$	0.38		$	0.40		$	1.68		$	1.60
Diluted	$	0.43		$	0.37		$	0.39		$	1.65		$	1.57

Weighted-average shares outstanding:
Basic		190,586			190,496			193,191			190,578			196,083
Diluted		193,487			193,362			196,649			193,643			199,906

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	December 31,
(in thousands)		2024			2023
Assets
Current Assets:
Cash and cash equivalents	$	507,681		$	288,557
Receivables, net		466,782			534,534
Inventories, net		496,831			521,549
Prepaid expenses and other current assets		92,603			80,777
Total current assets		1,563,897			1,425,417

Property, plant and equipment, net		755,422			773,552
Goodwill		718,944			669,064
Intangible assets, net		258,614			243,553
Other non-current assets		173,375			130,116
Total assets	$	3,470,252		$	3,241,702

Liabilities
Current portion of long-term debt	$	6,203		$	6,203
Accounts payable		455,531			451,680
Other current liabilities		324,138			324,866
Total current liabilities		785,872			782,749

Long-term debt		591,453			594,283
Other long-term liabilities		261,749			203,639
Stockholders’ equity:
ChampionX stockholders’ equity		1,846,437			1,676,622
Noncontrolling interest		(15,259	)		(15,591	)
Total liabilities and equity	$	3,470,252		$	3,241,702

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

	Years Ended December 31,
(in thousands)		2024			2023
Cash flows from operating activities:
Net income	$	327,129		$	318,719
Depreciation and amortization		245,825			235,936
(Gain) loss on sale-leaseback transaction and disposal group		(29,826	)		12,965
Loss on Argentina Blue Chip Swap transaction		7,086			—
Deferred income taxes		(22,873	)		(22,272	)
(Gain) on disposal of fixed assets		(443	)		(1,046	)
Receivables		76,569			70,021
Inventories		(8,924	)		18,753
Accounts payable		(399	)		(53,891	)
Other assets		(15,152	)		20,395
Leased assets		(33,767	)		(51,247	)
Other operating items, net		44,456			(8,062	)
Net cash provided by operating activities		589,681			540,271

Cash flows from investing activities:
Capital expenditures		(141,310	)		(142,324	)
Proceeds from sale of fixed assets		12,113			14,545
Proceeds from sale-leaseback transaction		44,292			—
Purchase of investments		(31,526	)		—
Sale of investments		24,358			—
Acquisitions, net of cash acquired		(123,269	)		—
Net cash used for investing activities		(215,342	)		(127,779	)

Cash flows from financing activities:
Proceeds from long-term debt		—			15,500
Repayment of long-term debt		(6,203	)		(45,176	)
Repurchases of common stock		(49,399	)		(277,575	)
Dividends paid		(70,531	)		(64,980	)
Other		(24,324	)		(934	)
Net cash used for financing activities		(150,457	)		(373,165	)

Effect of exchange rate changes on cash and cash equivalents		(4,758	)		(957	)

Net increase in cash and cash equivalents		219,124			38,370
Cash and cash equivalents at beginning of period		288,557			250,187
Cash and cash equivalents at end of period	$	507,681		$	288,557

CHAMPIONX CORPORATION
BUSINESS SEGMENT DATA
(UNAUDITED)

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Segment revenue:
Production Chemical Technologies	$	569,662		$	559,539		$	634,137		$	2,288,886		$	2,404,377
Production & Automation Technologies		269,568			275,700			241,294			1,042,369			1,003,146
Drilling Technologies		51,942			51,792			46,821			211,828			215,721
Reservoir Chemical Technologies		21,937			20,531			21,402			94,296			96,154
Corporate and other		(1,072	)		(1,029	)		(99	)		(3,396	)		38,887
Total revenue	$	912,037		$	906,533		$	943,555		$	3,633,983		$	3,758,285

Income (loss) before income taxes:
Segment operating profit (loss):
Production Chemical Technologies	$	103,567		$	87,260		$	102,179		$	364,047		$	350,216
Production & Automation Technologies		39,027			34,136			22,110			123,840			118,409
Drilling Technologies		10,703			11,501			8,679			78,469			45,481
Reservoir Chemical Technologies		2,294			1,675			3,907			12,078			10,541
Total segment operating profit		155,591			134,572			136,875			578,434			524,647
Corporate and other		25,101			18,690			9,139			79,691			46,261
Interest expense, net		12,375			14,137			13,808			55,868			54,562
Income before income taxes	$	118,115		$	101,745		$	113,928		$	442,875		$	423,824

Operating profit margin / income (loss) before income taxes margin:
Production Chemical Technologies		18.2	%		15.6	%		16.1	%		15.9	%		14.6	%
Production & Automation Technologies		14.5	%		12.4	%		9.2	%		11.9	%		11.8	%
Drilling Technologies		20.6	%		22.2	%		18.5	%		37.0	%		21.1	%
Reservoir Chemical Technologies		10.5	%		8.2	%		18.3	%		12.8	%		11.0	%
ChampionX Consolidated		13.0	%		11.2	%		12.1	%		12.2	%		11.3	%

Adjusted EBITDA
Production Chemical Technologies	$	133,475		$	120,622		$	139,107		$	489,549		$	506,991
Production & Automation Technologies		70,739			69,604			52,800			259,531			232,672
Drilling Technologies		12,321			12,867			10,361			54,411			51,986
Reservoir Chemical Technologies		3,751			3,292			5,501			18,343			18,498
Corporate and other		(8,021	)		(8,873	)		(9,624	)		(37,112	)		(38,926	)
Adjusted EBITDA	$	212,265		$	197,512		$	198,145		$	784,722		$	771,221

Adjusted EBITDA margin
Production Chemical Technologies		23.4	%		21.6	%		21.9	%		21.4	%		21.1	%
Production & Automation Technologies		26.2	%		25.2	%		21.9	%		24.9	%		23.2	%
Drilling Technologies		23.7	%		24.8	%		22.1	%		25.7	%		24.1	%
Reservoir Chemical Technologies		17.1	%		16.0	%		25.7	%		19.5	%		19.2	%
ChampionX Consolidated		23.3	%		21.8	%		21.0	%		21.6	%		20.5	%

CHAMPIONX CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Net income attributable to ChampionX	$	82,766		$	72,008		$	77,198		$	320,266		$	314,238
Pre-tax adjustments:
(Gain) loss on sale-leaseback transaction and disposal group⁽¹⁾		—			57			—			(29,826	)		12,965
Russia sanctions compliance and impacts⁽²⁾		73			109			160			366			1,209
Restructuring and other related charges		2,704			5,317			2,407			17,657			13,387
Merger transaction costs⁽³⁾		14,434			8,312			—			37,805			245
Acquisition costs and related adjustments⁽⁴⁾		75			753			(6,817	)		2,634			(12,670	)
Intellectual property defense		158			69			638			1,537			1,545
Merger-related indemnification responsibility⁽⁵⁾		100			—			—			100			722
Tulsa, Oklahoma storm damage		—			—			660			305			3,162
Foreign currency transaction losses, net		1,697			3,505			14,651			2,490			36,334
Loss on Argentina Blue Chip Swap transaction		—			—			—			7,086			—
Tax impact of adjustments		(5,565	)		(4,259	)		(2,600	)		(10,480	)		(12,650	)
Adjusted net income attributable to ChampionX		96,442			85,871			86,297			349,940			358,487
Tax impact of adjustments		5,565			4,259			2,600			10,480			12,650
Net income attributable to noncontrolling interest		2,145			1,659			959			6,863			4,481
Depreciation and amortization		62,534			63,508			58,710			245,825			235,936
Provision for income taxes		33,204			28,078			35,771			115,746			105,105
Interest expense, net		12,375			14,137			13,808			55,868			54,562
Adjusted EBITDA	$	212,265		$	197,512		$	198,145		$	784,722		$	771,221

_______________________

(1)	Amounts represents the and the gain on the sale and leaseback of certain buildings and land during 2024. For the year ended December 31, 2023, the loss recorded to properly adjust the carrying value of our Chemical Technologies operations in Russia to the lower of carrying value or fair value less costs to sell .
(2)	Includes charges incurred related to legal and professional fees to comply with, as well as additional foreign currency exchange losses associated with, the sanctions imposed in Russia.
(3)	Includes costs incurred during 2024 in relation to the Merger Agreement with Schlumberger Limited, including third party legal and professional fees.
(4)	Includes costs incurred for the acquisition of businesses and revenue associated with the amortization of a liability established as part of the merger transaction with Ecolab Inc. (“Ecolab”) to acquire the Chemical Technologies business, representing unfavorable terms under the Cross Supply Agreement, as well as costs incurred for the acquisition of businesses. During the fourth quarter of 2023, we recorded a fair value adjustment to contingent consideration on a prior acquisition as well as the settlement of an item pursuant to the tax matters agreement with Ecolab.
(5)	Expense related to the June 3, 2020 merger transaction with Ecolab in which we acquired the Chemical Technologies business.

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Diluted earnings per share attributable to ChampionX	$	0.43		$	0.37		$	0.39		$	1.65		$	1.57
Per share adjustments:
(Gain) loss on sale-leaseback transaction and disposal group		—			—			—			(0.15	)		0.06
Russia sanctions compliance and impacts		—			—			—						—
Restructuring and other related charges		0.01			0.03			0.01			0.09			0.07
Merger transaction costs		0.07			0.04			—			0.20			—
Acquisition costs and related adjustments		—			—			(0.03	)		0.01			(0.06	)
Intellectual property defense		—			—			—			0.01			0.01
Merger-related indemnification responsibility		—			—			—			—			—
Tulsa, Oklahoma storm damage		—			—			0.01			—			0.02
Foreign currency transaction losses		0.01			0.02			0.07			0.01			0.18
Loss on Argentina Blue Chip Swap transaction		—			—			—			0.04			—
Tax impact of adjustments		(0.02	)		(0.02	)		(0.01	)		(0.05	)		(0.06	)
Adjusted diluted earnings per share attributable to ChampionX	$	0.50		$	0.44		$	0.44		$	1.81		$	1.79

CHAMPIONX CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Production Chemical Technologies
Segment operating profit	$	103,567		$	87,260		$	102,179		$	364,047		$	350,216
Non-GAAP adjustments		2,251			7,073			11,194			19,108			51,717
Depreciation and amortization		27,657			26,289			25,734			106,394			105,058
Segment adjusted EBITDA	$	133,475		$	120,622		$	139,107		$	489,549		$	506,991

Production & Automation Technologies
Segment operating profit	$	39,027		$	34,136		$	22,110		$	123,840		$	118,409
Non-GAAP adjustments		75			1,656			1,231			9,807			5,246
Depreciation and amortization		31,637			33,812			29,459			125,884			109,017
Segment adjusted EBITDA	$	70,739		$	69,604		$	52,800		$	259,531		$	232,672

Drilling Technologies
Segment operating profit	$	10,703		$	11,501		$	8,679		$	78,469		$	45,481
Non-GAAP adjustments		306			54			109			(29,523	)		313
Depreciation and amortization		1,312			1,312			1,573			5,465			6,192
Segment adjusted EBITDA	$	12,321		$	12,867		$	10,361		$	54,411		$	51,986

Reservoir Chemical Technologies
Segment operating profit	$	2,294		$	1,675		$	3,907		$	12,078		$	10,541
Non-GAAP adjustments		39			3			4			69			1,486
Depreciation and amortization		1,418			1,614			1,590			6,196			6,471
Segment adjusted EBITDA	$	3,751		$	3,292		$	5,501		$	18,343		$	18,498

Corporate and other
Segment operating profit	$	(37,476	)	$	(32,827	)	$	(22,947	)	$	(135,559	)	$	(100,823	)
Non-GAAP adjustments		16,570			9,336			(839	)		40,693			(1,863	)
Depreciation and amortization		510			481			354			1,886			9,198
Interest expense, net		12,375			14,137			13,808			55,868			54,562
Segment adjusted EBITDA	$	(8,021	)	$	(8,873	)	$	(9,624	)	$	(37,112	)	$	(38,926	)

Free Cash Flow

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Free Cash Flow
Cash provided by operating activities	$	207,250		$	141,298		$	168,953		$	589,681		$	540,271
Less: Capital expenditures, net of proceeds from sale of fixed assets		(37,117	)		(33,248	)		(29,142	)		(129,197	)		(127,779	)
Free cash flow	$	170,133		$	108,050		$	139,811		$	460,484		$	412,492

Cash From Operating Activities to Revenue Ratio
Cash provided by operating activities	$	207,250		$	141,298		$	168,953		$	589,681		$	540,271
Revenue	$	912,037		$	906,533		$	943,555		$	3,633,983		$	3,758,285

Cash from operating activities to revenue ratio		23	%		16	%		18	%		16	%		14	%

Free Cash Flow to Revenue Ratio
Free cash flow	$	170,133		$	108,050		$	139,811		$	460,484		$	412,492
Revenue	$	912,037		$	906,533		$	943,555		$	3,633,983		$	3,758,285

Free cash flow to revenue ratio		19	%		12	%		15	%		13	%		11	%

Free Cash Flow to Adjusted EBITDA Ratio
Free cash flow	$	170,133		$	108,050		$	139,811		$	460,484		$	412,492
Adjusted EBITDA	$	212,265		$	197,512		$	198,145		$	784,722		$	771,221

Free cash flow to adjusted EBITDA ratio		80	%		55	%		71	%		59	%		53	%

The MIL Network –

February 5, 2025

MIL-OSI USA: Kaine Leads 37 Senators in Raising Alarm Over Trump Administration Chaos at Critical National Security Agencies
US Senate News:
Source: United States Senator for Virginia Tim Kaine

WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), a member of the Senate Foreign Relations Committee, led 37 of his colleagues in sending a letter to 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 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 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.”

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), Sheldon Whitehouse (D-RI), John Hickenlooper (D-CO), Mazie K. Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Jack Reed (D-RI), 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 is available here and below.

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 –
February 5, 2025
MIL-OSI USA: Warner, Kaine, Colleagues Call for Reinstatement of Inspectors General Illegally Fired by President Trump

US Senate News:

Source: United States Senator for Virginia Tim Kaine

WASHINGTON, D.C. – U.S. Senators Mark R. Warner and Tim Kaine (both D-VA), alongside a group of 37 senators, wrote to President Trump strongly condemning the President’s recent order to remove Inspectors General (IGs) from at least 18 government agencies and called on the President to immediately reinstate the officials. 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.

In Virginia, IGs have played key roles in much-needed oversight, including over the quality of the United States Postal Services’ work, and in responding to the horrific animal abuse committed by Envigo Global Services against 4,000 beagles in Cumberland County.

“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,” wrote 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.”

The senators continued, “While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized. The law requires that the President provide a written 30-day notice to both Houses of Congress and include “the substantive rationale, including detailed and case-specific reasons for any such removal or transfer.” With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal. Because your actions violated the law, these Inspectors General should be reinstated immediately…”

IGs are responsible for providing independent oversight of federal programs and play a key role in improving government efficiency and effectiveness. IGs were removed from at least 18 departments and agencies, including Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, and the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, the Social Security Administration, and the Special Inspector General for Afghanistan Reconstruction.

In addition to Warner and Kaine, the letter was signed by U.S. Senators Gary Peters (D-MI), Chuck Schumer (D-NY), Ed Markey (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), Adam Schiff (D-CA), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Ruben Gallego (D-AZ), Bernie Sanders (I-VT), Brian Schatz (D-HI), Maggie Hassan (D-NH), Jack Reed (D-RI), Dick Durbin (D-IL), Andy Kim (D-NJ), Alex Padilla (D-CA), Mazie Hirono (D-HI), Elissa Slotkin (D-MI), Amy Klobuchar (D-MN), John Hickenlooper (D-CO), Jacky Rosen (D-NV), Rev. Raphael Warnock (D-GA), Jeanne Shaheen (D-NH), Martin Heinrich (D-NM), Jeff Merkley (D-OR), Kirsten Gillibrand (D-NY), Lisa Blunt Rochester (D-DE), Maria Cantwell (D-WA), Patty Murray (D-WA), Mark Kelly (D-AZ), Angela Alsobrooks (D-MD), and John Fetterman (D-PA).

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

Dear Mr. President,

Your decision Friday evening to remove Inspectors General (IGs) from at least 18 offices across government—including those overseeing the Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, and the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, and the Social Security Administration, as well as the Special Inspector General for Afghanistan Reconstruction—does not comply with current law and could do lasting harm to IG independence. 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. 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.

Inspectors General are responsible for providing independent oversight of federal programs by working to root out waste, fraud, and abuse and protect taxpayer dollars – oversight our federal agencies desperately need. They play a key role in improving government efficiency and effectiveness and have helped identify and recover billions of taxpayer dollars. IG independence is the foundation of this work, and IGs must be free of political influence so that they can carry out their important mission with integrity and credibility. 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. 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. For example, just this week the Office of Management and Budget (OMB) issued an unlawful memo directing agencies to pause nearly all federal grants and loans, which significantly disrupts the administration of over a trillion dollars of critical assistance to communities, businesses, and organizations across the country. It is especially vital to have independent watchdogs at each of these agencies to conduct oversight of the impacts of this unconstitutional and unprecedented directive.

While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized. The law requires that the President provide a written 30-day notice to both Houses of Congress and include “the substantive rationale, including detailed and case-specific reasons for any such removal or transfer.” With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal. Because your actions violated the law, these Inspectors General should be reinstated immediately, until such time as you have provided in writing “the substantive rationale, including detailed and case-specific reasons” for each of the affected Inspectors General and the 30-day notice period has expired.

Lastly, if you believe it is necessary to place any of the affected IGs on administrative leave before the 30-day notice period has ended, the law requires that you submit a separate notification to Congress explaining how the IG presents a threat as defined in the Administrative Leave Act.

Sincerely,

MIL OSI USA News –

February 5, 2025
MIL-OSI Security: Maryland Woman Pleads Guilty to Defrauding Covid-19 Tenant Assistance Program

Source: Office of United States Attorneys

           WASHINGTON – Syreeta Price, 51, of Maryland, pleaded guilty today in DC Superior Court to one count of first-degree fraud for obtaining more than $20,000 from a DC Covid-19 tenant assistance program despite having no tenancy in DC. The announcement was made by U.S. Attorney Edward R. Martin, Jr., and District of Columbia Inspector General Daniel W. Lucas.

           The Honorable Errol Arthur accepted Price’s plea and scheduled sentencing for April 8, 2025.

           According to court documents, in 2021, Price, through a third party, submitted an application to Stronger Together by Assisting You (STAY DC), a DC government program established in 2021 to help cover unpaid rent and utilities for DC renters suffering hardship from the Covid-19 pandemic. Despite actually living in Maryland at the time, Price used the address of an acquaintance in Southeast DC to make herself appear to be a DC resident. The DC government sent her a check for $22,750 intended to cover nearly a year’s worth of unpaid rent for that DC address. Despite knowing she was not eligible for the program, Price cashed the check, deposited it into her personal bank account, and kept the money for her personal use.

           This case was investigated by the D.C. Office of the Inspector General. The case is being prosecuted by Special Assistant U.S. Attorney Micah Bluming.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: Two Individuals Charged With Running a Fencing Operation for South American Theft Groups in Manhattan’s Diamond District

Source: Office of United States Attorneys

Defendants Allegedly Received Luxury Items Linked to Burglaries Across Multiple States

Earlier today, at the federal court in Brooklyn, an indictment was unsealed charging Dimitriy Nezhinskiy and Juan Villar with conspiracy to receive stolen property related to their purchasing of stolen goods that traveled across state lines. The defendants were arrested today, Nezhinskiy in New Jersey and Villar in Manhattan. They will be arraigned tomorrow before United States Magistrate Judge Lara K. Eshkenazi.

John J. Durham, United States Attorney for the Eastern District of New York, James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), Jessica S. Tisch, Commissioner, New York City Police Department (NYPD) and Patrick J. Ryder, Commissioner, Nassau County Police Department (NCPD) announced the charges.

“As alleged, the defendants created an illicit market and fueled demand for burglaries by South American Theft Groups and other crews around the country by purchasing stolen watches, jewelry and other luxury items, and then re-selling them in their New York City store,” stated United States Attorney Durham. “My Office will continue to pursue organized groups who engage, enable, or encourage the pillaging of residential homes and businesses that has a corrosive effect on the sense of security in our communities.”

“For almost five years, Dimitriy Nezhinskiy and Juan Villar allegedly served as unlawful brokers to perpetuate the sale of stolen luxury items by purchasing them from burglary crews. The defendants’ alleged actions incentivized highly organized South American Theft Groups to continue their meticulous looting scheme against a myriad of affluent residences and businesses across the country. With our law enforcement partners, the FBI will continue to dismantle any criminal activity curated to capitalize on victims’ losses and establish an economic demand for ill-obtained merchandise within our city,” stated FBI Assistant Director in Charge Dennehy.

“We will not tolerate crime of any kind in New York, whether it be street crime, retail theft, or these organized operations that target residential homes to steal and resell luxury goods,” said NYPD Commissioner Tisch. “Today’s indictment is the result of our strong work with our law enforcement partners and our commitment to cracking down on these crime rings that threaten our communities.”

“We want to thank our partners in federal law enforcement for this collaborative effort to bring this criminal to justice,” stated NCPD Commissioner Ryder. “The men and women of the Nassau County Police Department, particularly the dedicated Detectives of the Major Case Squad, work tirelessly to investigate crimes and arrest those who prey upon our citizens.”

As alleged in the indictment, between approximately 2020 and 2025, the defendants conspired with each another and others to receive and purchase stolen property, including jewelry, watches, handbags and assorted luxury items that had been stolen outside of the state of New York and transported into New York. As detailed in court filings, Nezhinskiy and Villar regularly served as “fences” for burglary crews based out of South America who traveled around the United States committing burglaries, typically targeting wealthier neighborhoods or jewelry vendors, and stealing luxury accessories. Nezhinskiy and Villar’s operation provided an essential market for the stolen goods, perpetuating the dangerous criminal activities of the burglary and theft crews composed largely of foreign nationals.

For example, evidence links Nezhinskiy and Villar to thefts around the country, including crimes committed by Bryan Leandro Herrera Maldonado, a prolific burglar who committed at least 16 residential burglaries across the United States between 2019 and 2020. Additionally, phone records and video surveillance links Nezhinskiy to at least two members of a four-man burglary crew believed to be involved in the December 9, 2024 burglary of a high-profile athlete in Ohio, and showed Nezhinskiy in contact with that crew less than one week before the burglary in Ohio.

In addition, between October 2022 and January 2024, an undercover detective conducted seven controlled sales of purported stolen property, including high-end handbags and luxury accessories, to Nezhinskiy or Villar, or both, at their business location in Manhattan’s Diamond District. During these controlled sales, the undercover detective provided the defendants with items that the undercover told the defendants had been stolen, and received cash in exchange for the stolen goods.

Today, law enforcement executed a search warrant at the location on 47^th Street in Manhattan where Nezhinskiy and Villar operate a pawn shop and seized large quantities of suspected stolen property, including dozens of high-end watches and jewelry. Law enforcement also recovered large quantities of cash and marijuana. Simultaneously, law enforcement executed a search warrant at storage units belonging to Nezhinskiy in New Jersey where an additional cache of suspected stolen property was found. From inside Nezhinskiy’s storage units, law enforcement recovered large quantities of luxury goods and clothing, including high-end handbags, wine, sports memorabilia, jewelry, artwork and power tools consistent with those commonly used in burglaries and opening safes.

The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty. If convicted of receipt of stolen goods, the defendants face up to 10 years in prison.

The government’s case is being handled by the Criminal Section of the Office’s Long Island Division and the Office’s General Crimes Section. Assistant United States Attorneys Michael R. Maffei, Katherine P. Onyshko and Sean M. Sherman are in charge of the prosecution.

The Defendants:

DIMITRIY NEZHINSKIY
Age: 43
North Bergen, New Jersey

JUAN VILLAR
Age: 48
Queens, New York

E.D.N.Y. Docket No. 25-CR-40 (WFK)

MIL Security OSI –

February 5, 2025
MIL-OSI Security: Two Individuals Indicted on Federal Child Pornography Charges
Source: Office of United States Attorneys

COUNCIL BLUFFS, Iowa – A federal grand jury in Council Bluffs returned a two-count indictment on January 29, 2025 charging two individuals with offenses related to distribution and receipt of child pornography.

The following individuals are charged in the Indictment:
- Jason J. Traina, 52, Rockland County, New York is charged with distribution of child pornography. On January 31, 2025, Traina made his initial appearance in the Southern District of New York. The government argued Traina should remain detained pending trial. The United States Magistrate Judge released Traina on conditions of home detention and location monitoring.
- Carrie Marie Campbell, 40, of Council Bluffs, is charged with receipt of child pornography. On February 3, 2025, Campbell made her initial appearance in the Southern District of Iowa. Campbell was temporarily ordered detained until a detention hearing.
Traina and Campbell each face a mandatory minimum sentence of five years in prison and a maximum sentence of twenty years in prison.

United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. The Federal Bureau of Investigation and the Council Bluffs Police Department are investigating this case, with assistance from the Rockland County District Attorney’s Office, FBI Safe Streets NY, and the Stony Point Police Department.

An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –
February 5, 2025
MIL-OSI Europe: Highlights – Visit to Washington DC – Committee on the Internal Market and Consumer Protection

Source: European Parliament

Reinforcing the transatlantic bonds © European Parliament

Between 24 and 28 February 2025, IMCO Members are going to visit Washington DC. The main aim of this delegation visit is to strengthen the transatlantic cooperation on key policy IMCO areas while obtaining feedback from U.S. stakeholders on the implementation and impact of major EU legislation, including the Digital Services Act (DSA), Digital Markets Act (DMA), EU AI Act, Cyber Resilience Act (CRA), Data Act, and Political Advertising Regulation.

The visit will also address shared challenges in digital innovation, cybersecurity, AI, and fair competition, while informing IMCO’s parliamentary oversight and future legislative priorities.

MIL OSI Europe News –

February 5, 2025
MIL-OSI Europe: Answer to a written question – The status of payments requested from the Commission within the eight regional development programmes in Romania – E-002925/2024(ASW)
Source: European Parliament
1. The total European Regional Development Fund (ERDF) amount included in payment applications submitted by the Romanian regional development agencies to the Commission up to 30 November 2024 is EUR 113 million. Together with the additional amount of EUR 25 million which was submitted in December, the total amount of EUR 138 million has already been reimbursed to the Romanian regional authorities.

2. The Commission has supported the eight regional development agencies, in close coordination with the Romanian central services. Until now, the focus was on the first phase of programme implementation, in particular preparation of transparent and non-discriminatory selection criteria and respect for EU horizontal principles[1]. This has contributed to timely publishing of adequate project guidelines and has created the conditions for a smooth start of the programmes, with evaluation and selection procedures either completed or currently well advanced. The good performance of the regional programmes is also shown by the projects selection rate of 34.4% of total allocation which is above the EU average of 30.9%.

[1] To ensure accessibility to persons with disabilities, gender equality, and take account of the Charter of Fundamental Rights of the European Union, the principle of sustainable development and of the Union policy on the environment, including the DNSH (Do Not Significant Harm).
Last updated: 4 February 2025
MIL OSI Europe News –
February 5, 2025
MIL-OSI Europe: Written question – Violation of the right to self-determination by the Albanian Government – E-000340/2025
Source: European Parliament
Question for written answer E-000340/2025
to the Commission
Rule 144
Nikolaos Anadiotis (NI)

The three recent Albanian Government decrees (Këshillit të Ministrave, 26/12/2024) on the application of Law 96/2017 “On the protection of national minorities”[1] constitute significant obstacles to the recognition of the Greek minority.

The Albanian Government is essentially cancelling the right to self-determination and discouraging the registration of minorities. Specifically, it sets and imposes criteria and procedures (note the term “claims”, instead of “feels”); audit committees do not ensure that the nationality request is fully accepted, due to the absence of documents of origin from 2010; there is reference to data concerning the arbitrary and illegal registration of thousands of Greeks as being Albanian nationals, either from the formation of Albania (1913) or previously denounced censuses; the pyramid of approval up to ministerial level is time consuming; and the examining committee comprises first and foremost institutional agents, raising reasonable concerns about a lack of transparency.

Since these practices violate the European Framework Convention for the Protection of National Minorities,

1.What actions does the Commission intend to take to ensure that Albania complies with its international obligations regarding respect for the right to self-determination?

2.Will the Commission link Albania’s development and progress in the accession negotiations – and the whole process – with requiring immediate reform of these practices?

Submitted: 27.1.2025

[1] https://www.kryeministria.al/newsroom/vendime-te-miratuara-ne-mbledhjen-e-keshillit-te-ministrave-date-26-dhjetor-2024/.
Last updated: 4 February 2025
MIL OSI Europe News –
February 5, 2025

MIL-OSI: Enact Reports Fourth Quarter and Full Year 2024 Results and Announces Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

GAAP Net Income of $163 million, or $1.05 per diluted share
Adjusted Operating Income of $169 million, or $1.09 per diluted share
Return on Equity of 13.0% and Adjusted Operating Return on Equity of 13.5%
Record Primary insurance in-force of $269 billion, a 2% increase from fourth quarter 2023
PMIERs Sufficiency of 167% or $2,052 million
Book Value Per Share of $32.80 and Book Value Per Share excluding AOCI of $34.16
Returned over $350 million of capital to shareholders in 2024
Announces quarterly cash dividend of $0.185 per common share

RALEIGH, N.C., Feb. 04, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) today announced its fourth quarter and full-year 2024 results.

“Our very strong performance in 2024 underscores the effectiveness of our strategy and the continued successful execution of our priorities,” stated Rohit Gupta, President and CEO of Enact. “In a complex economic environment, we responsibly grew our portfolio, drove operational efficiencies, maintained a strong balance sheet and generated meaningful capital returns to our shareholders. As we look to the future, our proven strategy and disciplined execution position us well to realize the opportunities ahead and to create long-term value for our stakeholders.”

Key Financial Highlights

(In millions, except per share data or otherwise noted)	4Q24	3Q24	4Q23	2024	2023
Net Income (loss)	$163	$181	$157	$688	$666
Diluted Net Income (loss) per share	$1.05	$1.15	$0.98	$4.37	$4.11
Adjusted Operating Income (loss)	$169	$182	$158	$718	$676
Adj. Diluted Operating Income (loss) per share	$1.09	$1.16	$0.98	$4.56	$4.18
NIW ($B)	$13	$14	$10	$51	$53
Primary IIF ($B)	$269	$268	$263
Primary Persistency Rate	82%	83%	86%	83%	85%
Net Premiums Earned	$246	$249	$240	$980	$957
Losses Incurred	$24	$12	$24	$39	$27
Loss Ratio	10%	5%	10%	4%	3%
Operating Expenses	$58	$56	$59	$223	$223
Expense Ratio	24%	22%	25%	23%	23%
Net Investment Income	$63	$61	$56	$241	$207
Net Investment gains (losses)	$(7)	$(1)	$(1)	$(23)	$(14)
Return on Equity	13.0%	14.7%	13.8%	14.3%	15.2%
Adjusted Operating Return on Equity	13.5%	14.8%	13.9%	14.9%	15.5%
PMIERs Sufficiency ($)	$2,052	$2,190	$1,887
PMIERs Sufficiency (%)	167%	173%	161%

Fourth Quarter 2024 Financial and Operating Highlights

Net income was $163 million, or $1.05 per diluted share, compared with $181 million, or $1.15 per diluted share, for the third quarter of 2024 and $157 million, or $0.98 per diluted share, for the fourth quarter of 2023. Adjusted operating income was $169 million, or $1.09 per diluted share, compared with $182 million, or $1.16 per diluted share, for the third quarter of 2024 and $158 million, or $0.98 per diluted share, for the fourth quarter of 2023.
New insurance written (NIW) was approximately $13 billion, down 2% from the third quarter of 2024 primarily from seasonality partially offset by an estimated increase in refinance originations and up 27% from the fourth quarter of 2023 primarily driven by estimated higher originations. NIW for the current quarter was comprised of 96% monthly premium policies and 86% purchase originations.
Primary insurance in-force (IIF) was a record $269 billion, up from $268 billion in the third quarter of 2024 and up 2% from $263 billion in the fourth quarter of 2023.
Persistency remained elevated at 82%, down slightly from 83% in the third quarter of 2024 and down from 86% in the fourth quarter of 2023. The decrease year-over-year was primarily driven by a decline in mortgage rates in September 2024. Approximately 70% of our IIF had mortgage rates below 6%.
Net premiums earned were $246 million, down 1% from $249 million in the third quarter of 2024 and up 2% from $240 million in the fourth quarter of 2023. Net premiums decreased sequentially, primarily driven by higher ceded premiums and increased year over year driven by premium growth from attractive adjacencies and growth in primary insurance in-force, partially offset by higher ceded premiums.
Losses incurred for the fourth quarter of 2024 were $24 million and the loss ratio was 10%, compared to $12 million and 5%, respectively, in the third quarter of 2024 and $24 million and 10%, respectively, in the fourth quarter of 2023. The current quarter reserve release of $56 million from favorable cure performance and loss mitigation activities compares to a reserve release of $65 million and $53 million in the third quarter of 2024 and fourth quarter of 2023, respectively. The sequential increase in losses and the loss ratio were primarily driven by a lower reserve release and new delinquencies are up 1% excluding hurricane-related delinquencies.
Operating expenses in the current quarter were $58 million and the expense ratio was 24%. This compared to $56 million and 22%, respectively, in the third quarter of 2024 and $59 million and 25%, respectively in the fourth quarter of 2023. The sequential increase was driven by incentive-based compensation while the year-over-year decrease was driven in part by the impact of our cost reduction initiatives.
Net investment income was $63 million, up from $61 million in the third quarter of 2024 and $56 million in the fourth quarter of 2023, driven by the continuation of elevated interest rates and higher average invested assets.
Net investment loss in the quarter was $(7) million, as compared to $(1) million sequentially and $(1) million in the same period last year. The current period was primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
Annualized return on equity for the fourth quarter of 2024 was 13.0% and annualized adjusted operating return on equity was 13.5%. This compares to third quarter 2024 results of 14.7% and 14.8%, respectively, and to fourth quarter 2023 results of 13.8% and 13.9%, respectively.

Capital and Liquidity

We returned $354 million to shareholders in 2024 inclusive of quarterly dividends and share repurchases.
During the quarter, we announced two quota share reinsurance agreements with a panel of highly-rated reinsurers that will cede approximately 27% of a portion of expected new insurance written for the 2025 and 2026 book years.
As previously announced, we paid approximately $28 million, or $0.185 per share, dividend in the fourth quarter.
For the full year 2024, we repurchased 7.6 million shares at a weighted average share price of $31.95 for a total of $243 million.
EMICO completed a distribution of approximately $230 million in the fourth quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
Enact Holdings, Inc. held $243 million of cash and cash equivalents plus $298 million of invested assets as of December 31, 2024. Combined cash and invested assets increased $98 million from the prior quarter, primarily due to a contribution from EMICO, partially offset by share buybacks and our quarterly dividend.
PMIERs sufficiency was 167% and $2.1 billion above the PMIERs requirements, compared to 173% and $2.2 billion above the PMIERs requirements in the third quarter of 2024.

Recent Events

In January 2025, Fitch Ratings (“Fitch”) upgraded the Insurer Financial Strength rating for EMICO to A from A- and also upgraded Enact’s senior debt rating to BBB. The outlook for both ratings is stable.
Subsequent to quarter end, we announced two excess of loss reinsurance agreements with a panel of highly rated reinsurers that will provide ~$225M and ~$260M of coverage on a portion of expected new insurance written for the 2025 and 2026 book years, respectively.
We repurchased approximately 2.1 million shares at an average price of $34.75 for a total of approximately $74 million in the quarter. Additionally, through January 31, 2024, we repurchased 0.6 million shares at an average price of $32.60 for a total of $19 million. There remains approximately $74 million of our $250 million repurchase authorization.
We announced today that the Board of Directors declared a quarterly dividend of $0.185 per common share, payable on March 14, 2025, to shareholders of record on February 21, 2025.

Conference Call and Financial Supplement Information
This press release, the fourth quarter 2024 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

Enact will discuss third quarter financial results in a conference call tomorrow, Wednesday, February 5, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

The webcast will also be archived on the Company’s website for one year.

About Enact
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders’ businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

GAAP/Non-GAAP Disclosure Discussion
This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss)”, “adjusted operating income (loss) per share,” and “adjusted operating return on equity.” Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates performance and allocates resources on the basis of adjusted operating income (loss). Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months and twelve months ending December 31, 2024 and 2023, as well as for the three months ended September 30, 2024

Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

	4Q24		3Q24		4Q23			2024		2023
REVENUES:
Premiums	$245,735		$249,055		$240,101		$980,104		$957,075
Net investment income		62,624		61,056		56,161		240,564		207,369
Net investment gains (losses)		(7,167)		(1,243)		(876)		(22,807)		(14,022)
Other income		584		720		804		3,913		3,264
Total revenues		301,776		309,588		296,190		1,201,774		1,153,686

LOSSES AND EXPENSES:
Losses incurred		23,813		12,164		24,372		38,657		27,165
Acquisition and operating expenses, net of deferrals		55,325		53,091		56,560		213,310		212,491
Amortization of deferred acquisition costs and intangibles		2,522		2,586		2,566		9,659		10,654
Interest expense		12,262		12,290		12,948		51,157		51,867
Loss on debt extinguishment		0		0		0		10,930		0
Total losses and expenses		93,922		80,131		96,446		323,713		302,177

INCOME BEFORE INCOME TAXES		207,854		229,457		199,744		878,061		851,509
Provision for income taxes		45,116		48,788		42,436		189,993		185,998
NET INCOME	$162,738		$180,669		$157,308		$688,068		$665,511

Net investment (gains) losses		7,167		1,243		876		22,807		14,022
Costs associated with reorganization		411		848		408		4,652		(131)
Loss on debt extinguishment		0		0		0		10,930		0
Taxes on adjustments		(1,591)		(439)		(270)		(8,061)		(2,917)
Adjusted Operating Income	$168,725		$182,321		$158,322		$718,396		$676,485

Loss ratio ⁽¹⁾		10%		5%		10%		4%		3%
Expense ratio ⁽²⁾		24%		22%		25%		23%		23%
Earnings Per Share Data:
Net Income per share
Basic	$1.06		$1.16		$0.99		$4.40		$4.14
Diluted	$1.05		$1.15		$0.98		$4.37		$4.11
Adj operating income per share
Basic	$1.10		$1.17		$0.99		$4.60		$4.21
Diluted	$1.09		$1.16		$0.98		$4.56		$4.18
Weighted-average common shares outstanding
Basic		153,537		155,561		159,655		156,277		160,870
Diluted		154,542		157,016		160,895		157,554		161,847

⁽¹⁾ The ratio of losses incurred to net earned premiums.
⁽²⁾ The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by one percentage point for the three-month period ended December 31, 2024, and zero percentage points for the three-month periods ended September 30, 2024, and December 31, 2023. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by one percentage point for the year ended December 31, 2024 and zero percentage points for the year ended December 31, 2023.

Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

Assets	4Q24		3Q24		4Q23
Investments:
Fixed maturity securities available-for-sale, at fair value	$5,624,773		$5,652,399		$5,266,141
Short term investments		3,367		1,550		20,219
Total investments		5,628,140		5,653,949		5,286,360
Cash and cash equivalents		599,432		673,363		615,683
Accrued investment income		49,595		45,954		41,559
Deferred acquisition costs		23,771		24,160		25,006
Premiums receivable		53,031		48,834		45,070
Other assets		102,549		100,723		88,306
Deferred tax asset		65,013		50,063		88,489
Total assets	$6,521,531		$6,597,046		$6,190,473

Liabilities and Shareholders’ Equity
Liabilities:
Loss reserves	$524,715		$510,401		$518,191
Unearned premiums		114,680		121,382		149,330
Other liabilities		142,990		186,312		145,189
Long-term borrowings		743,050		742,706		745,416
Total liabilities		1,525,435		1,560,801		1,558,126
Equity:
Common stock		1,523		1,544		1,593
Additional paid-in capital		2,076,788		2,145,518		2,310,891
Accumulated other comprehensive income		(207,455)		(101,984)		(230,400)
Retained earnings		3,125,240		2,991,167		2,550,263
Total equity		4,996,096		5,036,245		4,632,347
Total liabilities and equity	$6,521,531		$6,597,046		$6,190,473

Book value per share	$32.80		$32.61		$29.07
Book value per share excluding AOCI	$34.16		$33.27		$30.52

U.S. GAAP ROE ⁽¹⁾		13.0%		14.7%		13.8%
Net investment (gains) losses		0.6%		0.1%		0.1%
Costs associated with reorganization		0.0%		0.1%		0.0%
(Gains) losses on early extinguishment of debt		0.0%		0.0%		0.0%
Taxes on adjustments	(0.1)%			0.0%		0.0%
Adjusted Operating ROE⁽²⁾		13.5%		14.8%		13.9%

Debt to Capital Ratio		13%		13%		14%

⁽¹⁾ Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
⁽²⁾ Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity

This press release was published by a CLEAR® Verified individual.

The MIL Network –

February 5, 2025

MIL-OSI: AMD Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — AMD (NASDAQ:AMD) today announced financial results for the fourth quarter and full year of 2024. Fourth quarter revenue was a record $7.7 billion, gross margin was 51%, operating income was $871 million, net income was $482 million and diluted earnings per share was $0.29. On a non-GAAP^(*) basis, gross margin was 54%, operating income was a record $2.0 billion, net income was a record $1.8 billion and diluted earnings per share was $1.09.

For the full year 2024, AMD reported record revenue of $25.8 billion, gross margin of 49%, operating income of $1.9 billion, net income of $1.6 billion, and diluted earnings per share of $1.00. On a non-GAAP^(*) basis, gross margin was a record 53%, operating income was $6.1 billion, net income was $5.4 billion and diluted earnings per share was $3.31.

“2024 was a transformative year for AMD as we delivered record annual revenue and strong earnings growth,” said AMD Chair and CEO Dr. Lisa Su. “Data Center segment annual revenue nearly doubled as EPYC processor adoption accelerated and we delivered more than $5 billion of AMD Instinct accelerator revenue. Looking into 2025, we see clear opportunities for continued growth based on the strength of our product portfolio and growing demand for high-performance and adaptive computing.”

“We closed 2024 with a strong fourth quarter, delivering record revenue up 24% year-over-year, and accelerated earnings expansion while investing aggressively in AI and innovation to position us for long-term growth and value creation,” said AMD EVP, CFO and Treasurer Jean Hu.

GAAP Quarterly Financial Results

	Q4 2024	Q4 2023	Y/Y	Q3 2024	Q/Q
Revenue ($M)	$7,658	$6,168	Up 24%	$6,819	Up 12%
Gross profit ($M)	$3,882	$2,911	Up 33%	$3,419	Up 14%
Gross margin	51%	47%	Up 4 ppts	50%	Up 1%
Operating expenses ($M)	$3,022	$2,575	Up 17%	$2,709	Up 12%
Operating income ($M)	$871	$342	Up 155%	$724	Up 20%
Operating margin	11%	6%	Up 5 ppts	11%	Flat
Net income ($M)	$482	$667	Down 28%	$771	Down 37%
Diluted earnings per share	$0.29	$0.41	Down 29%	$0.47	Down 38%

Non-GAAP(*) Quarterly Financial Results

	Q4 2024	Q4 2023	Y/Y	Q3 2024	Q/Q
Revenue ($M)	$7,658	$6,168	Up 24%	$6,819	Up 12%
Gross profit ($M)	$4,140	$3,133	Up 32%	$3,657	Up 13%
Gross margin	54%	51%	Up 3 ppts	54%	Flat
Operating expenses ($M)	$2,125	$1,727	Up 23%	$1,956	Up 9%
Operating income ($M)	$2,026	$1,412	Up 43%	$1,715	Up 18%
Operating margin	26%	23%	Up 3 ppts	25%	Up 1 ppt
Net income ($M)	$1,777	$1,249	Up 42%	$1,504	Up 18%
Diluted earnings per share	$1.09	$0.77	Up 42%	$0.92	Up 18%

Annual Financial Results

	GAAP			Non-GAAP^(*)
	2024	2023	Y/Y	2024	2023	Y/Y
Revenue ($M)	$25,785	$22,680	Up 14%	$25,785	$22,680	Up 14%
Gross profit ($M)	$12,725	$10,460	Up 22%	$13,759	$11,436	Up 20%
Gross margin %	49%	46%	Up 3 ppts	53%	50%	Up 3 ppts
Operating expenses ($M)	$10,873	$10,093	Up 8%	$7,669	$6,616	Up 16%
Operating income ($M)	$1,900	$401	Up 374%	$6,138	$4,854	Up 26%
Operating margin %	7%	2%	Up 5 ppts	24%	21%	Up 3 ppts
Net income ($M)	$1,641	$854	Up 92%	$5,420	$4,302	Up 26%
Diluted earnings per share	$1.00	$0.53	Up 89%	$3.31	$2.65	Up 25%

Segment Summary

Data Center segment revenue in the quarter was a record $3.9 billion, up 69% year-over-year primarily driven by the strong ramp of AMD Instinct™ GPU shipments and growth in AMD EPYC™ CPU sales.
- For 2024, Data Center segment revenue was a record $12.6 billion, an increase of 94% compared to the prior year, driven by growth in both AMD Instinct and EPYC processors.
Client segment revenue in the quarter was a record $2.3 billion, up 58% year-over-year primarily driven by strong demand for AMD Ryzen™ processors.
- For 2024, Client segment revenue was a record $7.1 billion, up 52% compared to the prior year, due to strong demand for AMD Ryzen processors in desktop and mobile.
Gaming segment revenue in the quarter was $563 million, down 59% year-over-year, primarily due to a decrease in semi-custom revenue.
- For 2024, Gaming segment revenue was $2.6 billion, down 58% compared to the prior year, primarily due to a decrease in semi-custom revenue.
Embedded segment revenue in the quarter was $923 million, down 13% year-over-year, as end market demand continues to be mixed.
- For 2024, Embedded segment revenue was $3.6 billion, down 33% from the prior year, primarily due to customers normalizing their inventory levels.

Recent PR Highlights

AMD continues expanding its partnerships to deliver highly performant AI infrastructure at scale:
- IBM announced plans to deploy AMD Instinct MI300X accelerators to power generative AI and HPC applications on IBM Cloud.
- Vultr and AMD announced a strategic collaboration to leverage AMD Instinct MI300X accelerators and AMD ROCm™ open software to power Vultr’s cloud infrastructure for enterprise AI development and deployment.
- Aleph Alpha announced that it will leverage AMD Instinct MI300 Series accelerators and ROCm software to enable its tokenizer-free LLM architecture, a new approach to generative AI that aims to simplify the development of sovereign AI solutions for governments and enterprises.
- Fujitsu and AMD announced a strategic partnership to develop more sustainable computing infrastructure to accelerate open source AI.
- AMD expanded strategic investments to advance the AI ecosystem and solutions, including investments in LiquidAI, Vultr and Absci.

AMD is accelerating its AI software roadmap to deliver a robust open AI stack for the ecosystem:
- AMD released ROCm 6.3 with numerous performance enhancements enabling faster inferencing on AMD Instinct accelerators as well as additional compiler tools and libraries.
- AMD shared an update on its 2025 plans for the ROCm software stack to enable easier adoption of and improved out of box support for both inferencing and training applications.
Dell and AMD announced that AMD Ryzen AI PRO processors will power new Dell Pro notebook and desktop PCs, bringing exceptional battery life, on-device AI, Copilot+ experiences and dependable productivity to enterprise users. For the first time, Dell will offer a full portfolio of commercial PCs based on Ryzen processors, marking a significant milestone in the companies’ collaboration.
AMD expanded its broad consumer and commercial AI PC portfolio:
- New AMD Ryzen AI Max and Ryzen AI Max PRO Series processors deliver workstation-level performance and next-gen AI performance for gaming, content creation and complex AI-accelerated workloads.
- Expanded Ryzen AI 300 and Ryzen AI 300 PRO Series processors bring premium AI capabilities to mainstream and entry-level notebooks, as well as enhanced security, manageability and support for Microsoft Copilot+ experiences tailored for business users.
- Additional Ryzen 200 and Ryzen 200 PRO Series processors offer incredible AI experiences, performance and battery life for everyday users and professionals.
- More than 150 Ryzen AI platforms are expected to be available from leading OEMs this year.
AMD extended its leadership in high performance computing (HPC), enabling the most powerful and many of the most energy efficient supercomputers in the world:
- The El Capitan supercomputer at Lawrence Livermore National Laboratory became the second AMD supercomputer to surpass the exascale barrier, placing #1 on the latest Top500 list.
- The Hunter supercomputer at the High-Performance Computing Center of the University of Stuttgart (HLRS), powered by AMD Instinct MI300A APUs, began service, delivering HPC and AI resources for scientists, researchers, industry and the public sector.
- AMD EPYC processors and AMD Instinct accelerators power many new supercomputing projects and AI deployments, including the Eni HPC 6 system, the University of Paderborn’s latest supercomputer and the Sigma2 AS system which is slated to be the fastest system in Norway.
AMD powers incredible experiences for gamers across a broad range of devices:
- At CES 2025, AMD announced new AMD Ryzen 9000X3D, Ryzen Z2 and Ryzen 9000HX processors, extending its leadership in desktop, mobile and handheld gaming.
- AMD shared the latest version of AMD Software: Adrenalin Edition™, 24.9.1, continuing to enhance gaming experiences with AMD Fluid Motion Frames 2 and AMD HYPR-RX.
AMD continues to deliver leadership compute performance and capabilities at the edge with an expanded portfolio of solutions:
- New AMD Versal™ Gen 2 portfolio with next-generation interface and memory technologies for data-intensive applications in the data center, communications, test and measurement and aerospace and defense markets.
- AMD Versal RF Series adaptive SoCs, combining high-resolution radio frequency data converters, dedicated DSP hard IP, AI engines and programmable logic in a single chip.
- Vodafone and AMD announced they are collaborating on mobile base station silicon chip designs to enable higher-capacity AI and digital services.

Current Outlook

AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.

For the first quarter of 2025, AMD expects revenue to be approximately $7.1 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 30% and a sequential decline of approximately 7%. Non-GAAP gross margin is expected to be approximately 54%.

AMD Teleconference
AMD will hold a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its fourth quarter and full year 2024 financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in millions, except per share data) (Unaudited)

	Three Months Ended									Year Ended
	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
GAAP gross profit	$	3,882		$	3,419		$	2,911		$	12,725		$	10,460
GAAP gross margin		51	%		50	%		47	%		49	%		46	%
Stock-based compensation		6			5			6			22			30
Amortization of acquisition-related intangibles		252			233			215			946			942
Acquisition-related and other costs ⁽¹⁾		—			—			1			1			4
Inventory loss at contract manufacturer ⁽²⁾		—			—			—			65			—
Non-GAAP gross profit	$	4,140		$	3,657		$	3,133		$	13,759		$	11,436
*Non-GAAP gross margin*		54	%		54	%		51	%		53	%		50	%

GAAP operating expenses	$	3,022		$	2,709		$	2,575		$	10,873		$	10,093
GAAP operating expenses/revenue %		39	%		40	%		42	%		42	%		45	%
Stock-based compensation		333			346			368			1,385			1,350
Amortization of acquisition-related intangibles		332			352			420			1,448			1,869
Acquisition-related and other costs ⁽¹⁾		46			55			60			185			258
Restructuring charges ⁽³⁾		186			—			—			186			—
Non-GAAP operating expenses	$	2,125		$	1,956		$	1,727		$	7,669		$	6,616
*Non-GAAP operating expenses/revenue %*		28	%		29	%		28	%		30	%		29	%

GAAP operating income	$	871		$	724		$	342		$	1,900		$	401
GAAP operating margin		11	%		11	%		6	%		7	%		2	%
Stock-based compensation		339			351			374			1,407			1,380
Amortization of acquisition-related intangibles		584			585			635			2,394			2,811
Acquisition-related and other costs ⁽¹⁾		46			55			61			186			262
Inventory loss at contract manufacturer ⁽²⁾		—			—			—			65			—
Restructuring charges ⁽³⁾		186			—			—			186			—
Non-GAAP operating income	$	2,026		$	1,715		$	1,412		$	6,138		$	4,854
*Non-GAAP operating margin*		26	%		25	%		23	%		24	%		21	%

	Three Months Ended																		Year Ended
	December 28, 2024						September 28, 2024						December 30, 2023						December 28, 2024						December 30, 2023
GAAP net income / earnings per share	$	482		$	0.29		$	771		$	0.47		$	667		$	0.41		$	1,641		$	1.00		$	854		$	0.53
(Gains) losses on equity investments, net		—			—			(1	)		—			1			—			2			—			(1	)		—
Stock-based compensation		339			0.21			351			0.21			374			0.23			1,407			0.86			1,380			0.85
Equity income in investee		(12	)		(0.01	)		(7	)		—			(6	)		—			(33	)		(0.02	)		(16	)		(0.01	)
Amortization of acquisition-related intangibles		584			0.36			585			0.36			635			0.39			2,394			1.46			2,811			1.73
Acquisition-related and other costs ⁽¹⁾		46			0.03			56			0.03			61			0.04			187			0.11			262			0.16
Inventory loss at contract manufacturer ⁽²⁾		—			—			—			—			—			—			65			0.04			—			—
Restructuring charges ⁽³⁾		186			0.11			—			—			—			—			186			0.11			—			—
Income tax provision		152			0.10			(251	)		(0.15	)		(483	)		(0.30	)		(429	)		(0.25	)		(988	)		(0.61	)
Non-GAAP net income / earnings per share	$	1,777		$	1.09		$	1,504		$	0.92		$	1,249		$	0.77		$	5,420		$	3.31		$	4,302		$	2.65

(1	)	Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments for inventory, certain compensation charges, contract termination costs and workforce rebalancing charges.
(2	)	Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility.
(3	)	Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments.

About AMD
For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

Cautionary Statement

This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as, the opportunities for continued growth based on AMD’s product portfolio and growing demand for high-performance and adaptive computing; AMD’s ability to position itself for long-term growth and value creation; the features, functionality, performance, availability, timing and expected benefits of future AMD products; and AMD’s expected first quarter 2025 financial outlook, including revenue and non-GAAP gross margin, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD’s ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses; our ability to complete the acquisition of ZT Systems;  impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

(*)

In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue%, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024, AMD used a non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments. AMD also provided adjusted EBITDA, free cash flow and free cash flow margin as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of February 4, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP gross margin outlook typically include stock-based compensation, amortization of acquired intangible assets and acquisition-related and other costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD’s control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.

© 2025 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, 3D V-Cache, Alveo, AMD Instinct, EPYC, FidelityFX, Kria, Radeon, Ryzen, Threadripper, Ultrascale+, Versal, Zynq, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages) (Unaudited)

	Three Months Ended									Year Ended
	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Net revenue	$	7,658		$	6,819		$	6,168		$	25,785		$	22,680
Cost of sales		3,524			3,167			3,042			12,114			11,278
Amortization of acquisition-related intangibles		252			233			215			946			942
Total cost of sales		3,776			3,400			3,257			13,060			12,220
Gross profit		3,882			3,419			2,911			12,725			10,460
Gross margin		51	%		50	%		47	%		49	%		46	%
Research and development		1,712			1,636			1,511			6,456			5,872
Marketing, general and administrative		792			721			644			2,783			2,352
Amortization of acquisition-related intangibles		332			352			420			1,448			1,869
Licensing gain		(11	)		(14	)		(6	)		(48	)		(34	)
Restructuring charges		186			—			—			186			—
Operating income		871			724			342			1,900			401
Interest expense		(19	)		(23	)		(27	)		(92	)		(106	)
Other income (expense), net		37			36			49			181			197
Income before income taxes and equity income		889			737			364			1,989			492
Income tax provision (benefit)		419			(27	)		(297	)		381			(346	)
Equity income in investee		12			7			6			33			16
Net income	$	482		$	771		$	667		$	1,641		$	854
Earnings per share
Basic	$	0.30		$	0.48		$	0.41		$	1.01		$	0.53
Diluted	$	0.29		$	0.47		$	0.41		$	1.00		$	0.53
Shares used in per share calculation
Basic		1,623			1,620			1,616			1,620			1,614
Diluted		1,634			1,636			1,628			1,637			1,625

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions)

	December 28, 2024			December 30, 2023
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	3,787		$	3,933
Short-term investments		1,345			1,840
Accounts receivable, net		6,192			4,323
Inventories		5,734			4,351
Receivables from related parties		113			9
Prepaid expenses and other current assets		1,878			2,312
Total current assets		19,049			16,768
Property and equipment, net		1,802			1,589
Operating lease right-of-use assets		623			633
Goodwill		24,839			24,262
Acquisition-related intangibles, net		18,930			21,363
Investment: equity method		149			99
Deferred tax assets		688			366
Other non-current assets		3,146			2,805
Total Assets	$	69,226		$	67,885

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,990		$	2,055
Payables to related parties		476			363
Accrued liabilities		4,260			3,082
Current portion of long-term debt, net		—			751
Other current liabilities		555			438
Total current liabilities		7,281			6,689
Long-term debt, net of current portion		1,721			1,717
Long-term operating lease liabilities		491			535
Deferred tax liabilities		349			1,202
Other long-term liabilities		1,816			1,850

Stockholders’ equity:
Capital stock:
Common stock, par value		17			17
Additional paid-in capital		61,362			59,676
Treasury stock, at cost		(6,106	)		(4,514	)
Retained earnings		2,364			723
Accumulated other comprehensive loss		(69	)		(10	)
Total stockholders’ equity		57,568			55,892
Total Liabilities and Stockholders’ Equity	$	69,226		$	67,885

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)

	Three Months Ended						Year Ended
	December 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Cash flows from operating activities:
Net income	$	482		$	667		$	1,641		$	854
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		172			164			671			642
Amortization of acquisition-related intangibles		583			635			2,393			2,811
Stock-based compensation		339			374			1,407			1,384
Amortization of operating lease right-of-use assets		31			25			113			98
Deferred income taxes		(300	)		(219	)		(1,163	)		(1,019	)
Inventory loss at contract manufacturer		—			—			65			—
Other		62			(23	)		12			(54	)
Changes in operating assets and liabilities
Accounts receivable, net		96			(379	)		(1,865	)		(1,339	)
Inventories		(362	)		94			(1,458	)		(580	)
Prepaid expenses and other assets		494			(34	)		343			(383	)
Receivables from and payables to related parties, net		30			29			108			(107	)
Accounts payable		(585	)		(181	)		(109	)		(419	)
Accrued and other liabilities		257			(771	)		883			(221	)
Net cash provided by operating activities		1,299			381			3,041			1,667
Cash flows from investing activities:
Purchases of property and equipment		(208	)		(139	)		(636	)		(546	)
Purchases of short-term investments		(786	)		(410	)		(1,493	)		(3,722	)
Proceeds from maturity of short-term investments		65			770			1,416			2,687
Proceeds from sale of short-term investments		25			52			616			300
Acquisitions, net of cash acquired		—			(117	)		(548	)		(131	)
Related party equity method investment		—			—			(17	)		—
Issuance of loan to related party		(100	)		—			(100	)		—
Purchase of strategic investments		(210	)		(6	)		(341	)		(11	)
Other		—			—			2			—
Net cash provided by (used in) investing activities		(1,214	)		150			(1,101	)		(1,423	)
Cash flows from financing activities:
Repayment of debt		—			—			(750	)		—
Proceeds from sales of common stock through employee equity plans		127			120			279			268
Repurchases of common stock		(256	)		(233	)		(862	)		(985	)
Common stock repurchases for tax withholding on employee equity plans		(42	)		(45	)		(728	)		(427	)
Other		—			(1	)		(1	)		(2	)
Net cash used in financing activities		(171	)		(159	)		(2,062	)		(1,146	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(86	)		372			(122	)		(902	)
Cash, cash equivalents and restricted cash at beginning of period		3,897			3,561			3,933			4,835
Cash, cash equivalents and restricted cash at end of period	$	3,811		$	3,933		$	3,811		$	3,933

ADVANCED MICRO DEVICES, INC.
SELECTED CORPORATE DATA
(Millions) (Unaudited)

	Three Months Ended									Year Ended
	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Segment and Category Information⁽¹⁾
Data Center
Net revenue	$	3,859		$	3,549		$	2,282		$	12,579		$	6,496
Operating income	$	1,157		$	1,041		$	666		$	3,482		$	1,267
Client
Net revenue	$	2,313		$	1,881		$	1,461		$	7,054		$	4,651
Operating income (loss)	$	446		$	276		$	55		$	897		$	(46	)
Gaming
Net revenue	$	563		$	462		$	1,368		$	2,595		$	6,212
Operating income	$	50		$	12		$	224		$	290		$	971
Embedded
Net revenue	$	923		$	927		$	1,057		$	3,557		$	5,321
Operating income	$	362		$	372		$	461		$	1,421		$	2,628
All Other
Net revenue	$	—		$	—		$	—		$	—		$	—
Operating loss	$	(1,144	)	$	(977	)	$	(1,064	)	$	(4,190	)	$	(4,419	)
Total
Net revenue	$	7,658		$	6,819		$	6,168		$	25,785		$	22,680
Operating income	$	871		$	724		$	342		$	1,900		$	401

Other Data
Capital expenditures	$	208		$	132		$	139		$	636		$	546
Adjusted EBITDA ⁽²⁾	$	2,212		$	1,887		$	1,576		$	6,824		$	5,496
Cash, cash equivalents and short-term investments	$	5,132		$	4,544		$	5,773		$	5,132		$	5,773
Free cash flow ⁽³⁾	$	1,091		$	496		$	242		$	2,405		$	1,121
Total assets	$	69,226		$	69,636		$	67,885		$	69,226		$	67,885
Total debt	$	1,721		$	1,720		$	2,468		$	1,721		$	2,468

(1	)	The Data Center segment primarily includes Artificial Intelligence (AI) accelerators, server microprocessors (CPUs), graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), Smart Network Interface Cards (SmartNICs) and Adaptive System-on-Chip (SoC) products for data centers.
		The Client segment primarily includes CPUs, APUs, and chipsets for desktops and notebooks.
		The Gaming segment primarily includes discrete GPUs, and semi-custom SoC products and development services.
		The Embedded segment primarily includes embedded CPUs, GPUs, APUs, FPGAs, System on Modules (SOMs), and Adaptive SoC products.
		From time to time, the Company may also sell or license portions of its IP portfolio.
		All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as amortization of acquisition-related intangible asset, employee stock-based compensation expense, acquisition-related and other costs, inventory loss at contract manufacturer, restructuring charges and licensing gain.

(2	)	Reconciliation of GAAP Net Income to Adjusted EBITDA

	Three Months Ended									Year Ended
(Millions) (Unaudited)	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
GAAP net income	$	482		$	771		$	667		$	1,641		$	854
Interest expense		19			23			27			92			106
Other (income) expense, net		(37	)		(36	)		(49	)		(181	)		(197	)
Income tax provision (benefit)		419			(27	)		(297	)		381			(346	)
Equity income in investee		(12	)		(7	)		(6	)		(33	)		(16	)
Stock-based compensation		339			351			374			1,407			1,380
Depreciation and amortization		186			171			164			685			642
Amortization of acquisition-related intangibles		584			585			635			2,394			2,811
Inventory loss at contract manufacturer		—			—			—			65			—
Acquisition-related and other costs		46			56			61			187			262
Restructuring charges		186			—			—			186			—
Adjusted EBITDA	$	2,212		$	1,887		$	1,576		$	6,824		$	5,496

The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other (income) expense, net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense, amortization of acquisition-related intangibles, inventory loss at contract manufacturer, acquisition-related and other costs, and restructuring charges. The Company calculates and presents Adjusted EBITDA because management believes it is of importance to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds. In addition, the Company presents Adjusted EBITDA because it believes this measure assists investors in comparing its performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of income or GAAP liquidity measures of cash flows from operating, investing and financing activities. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities that can affect cash flows.

)

Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow

	Three Months Ended									Year Ended
(Millions except percentages) (Unaudited)	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
GAAP net cash provided by operating activities	$	1,299		$	628		$	381		$	3,041		$	1,667
Operating cash flow margin %		17	%		9	%		6	%		12	%		7	%
Purchases of property and equipment		(208	)		(132	)		(139	)		(636	)		(546	)
Free cash flow	$	1,091		$	496		$	242		$	2,405		$	1,121
Free cash flow margin %		14	%		7	%		4	%		9	%		5	%

The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities for capital expenditures, and free cash flow margin % is free cash flow expressed as a percentage of the Company’s net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of free cash flow may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities.

Media Contact:
Drew Prairie
AMD Communications
512-602-4425
drew.prairie@amd.com

Investor Contact:
Matt Ramsay
AMD Investor Relations
512-602-0113
matthew.ramsay@amd.com

The MIL Network –

February 5, 2025

MIL-OSI Europe: Latest news – Next DAND Delegation Meeting: 20 February 2025 – Delegation for relations with the countries of the Andean Community

Source: European Parliament

The next meeting of the European Parliament’s Delegation for relations with the countries of the Andean Community (DAND) is scheduled for:

Thursday, 20 February 2025, 13.30-14.00

Room: SPINELLI 1G2

This meeting will be dedicated to the election of the two Vice-chairs of DAND delegation.

MIL OSI Europe News –

February 5, 2025
MIL-OSI Canada: Minister’s statement on Access to Justice Week

Source: Government of Canada regional news

Niki Sharma, Attorney General, has released the following statement on Access to Justice Week, from Feb. 3-7, 2025:

“Access to Justice Week is an opportunity to reflect on how B.C.’s justice system can best work for British Columbians. This year’s theme is: What does the future of access to justice look like?

“Throughout the province, we are taking action to modernize our justice system through enhancements to technology that will increase access to justice and convenience for British Columbians. It means breaking down barriers by introducing technology that brings legal services to remote and under-served communities and simplifying processes to reduce complexity for people involved with the justice system. Online platforms, virtual hearings and other innovative tools are making the justice system more accessible, saving time and money.

“People are at the centre of the changes we are making. For instance, the Province launched new services to help people whose intimate images have been shared without their consent. The Intimate Images Protection Service offers emotional support and helps with applications to the Civil Resolution Tribunal for “take-down” orders. Additionally, these services provide self-help tools, legal information and connections to resources.

“We have significantly expanded the eligibility criteria for family legal-aid services and have opened two new family law clinics in Victoria and Surrey for people experiencing family violence. Families will also benefit from early access to information and referrals in Provincial Court. We are supporting the early resolution process by adding eight more court registries by November 2025.

“The Ministry of Attorney General and the BC First Nations Justice Council will soon open six new Indigenous Justice Centres. Nine centres opened last year, for a total of 15, and a virtual centre is also available provincewide. These centres address systemic barriers faced by Indigenous people by offering culturally appropriate supports, legal advice and representation to Indigenous people.

“Everyone deserves to feel safe in their communities, and confident that justice is being served. We will ensure strong and safe communities for everyone throughout the province by aggressively pushing the federal government for continuing legal reform and co-operation with the Province that will ensure violent and prolific offenders remain in custody after arrest.

“The Province is committed to transforming the justice system by enhancing access to services for British Columbians. We have more work to do, and we are committed to doing it, because the work we do today will shape a better tomorrow. I am proud of the strides we’ve made, and I am committed to the modernization of our legal system to increase access to justice in B.C.”

MIL OSI Canada News –

February 5, 2025
MIL-OSI New Zealand: Public Health Surveillance Strategy 2025–2030
Source: New Zealand Ministry of Health

The Public Health Surveillance Strategy 2025-2030 is designed to strengthen our public health surveillance system to better support increased life expectancy with quality of life for New Zealanders.

The strategy was a collaboration between the Public Health Agency with the wider Ministry, Health New Zealand, and ESR. Extensive consultation with the wider surveillance sector informed its development.

Public health surveillance is the collection and dissemination of health or health-related information to plan and implement initiatives to help keep people healthy, and protect them from new health threats, such as disease outbreaks.

Sources of information for public health surveillance can be drawn from across the health system, government, and wider society. They include laboratory test results, mortality data, wastewater testing, global health data, mosquito surveillance, health surveys, clinician reporting, and even retail spending.

The health system has an obligation to protect and improve the health of New Zealanders. This cannot be achieved without the well-coordinated and systematic collection of public health information. The strategy outlines an approach to public health surveillance based on ensuring the confidentiality, privacy and protection of people’s personal health data. It supports using information only to support protecting and improving the health of New Zealanders.

The strategy identifies four strategic directions. These include:
- strengthening governance, leadership, and coordination
- focussing on the things that matter
- responding to emerging challenges and opportunities
- continuously improving.
MIL OSI New Zealand News –
February 5, 2025

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