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Category: Politics

  • MIL-OSI United Kingdom: £1.2 million to boost rural transport in the UK

    Source: United Kingdom – Executive Government & Departments 2

    Winning projects use the latest innovations to help meet the unique transport needs of people who live in rural areas.

    • eight projects awarded £150,000 each to better connect rural communities
    • winning projects include digital tools that support patients and staff to travel to NHS hospitals
    • funding will enhance travel for rural residents, while delivering greener transport technologies

    People living in rural areas could benefit from smoother and more frequent transport, thanks to government funding announced today (6 November 2025).

    Small businesses have won a share of £1.2 million as part of the Rural Transport Accelerator Fund, which supports the development of innovative concepts that will improve rural transport, in partnership with local authorities. The scheme aims to boost the wellbeing of communities, support rural jobs and kickstart local economies.

    Winners include a digital tool to predict rural transport demand and deliver on-demand services, as well as a journey mapping tool to support health providers in delivering hospital transport for patients.

    The 8 projects, which have won £150,000 each, are spread across the UK’s rural areas and will be trialled from Norfolk to Herefordshire and Suffolk to south east Scotland.

    Future of Roads Minister, Lilian Greenwood, said:

    People who live in rural areas have unique needs when it comes to transport and we’re always looking for ways to improve connections across the country.

    Through our funding, these projects will shake up the way rural transport is delivered, using the latest innovations to help residents see their friends and family, do their weekly food shop or attend hospital appointments.

    The winning projects include:

    • You.Smart.Thing – development of a digital tool to offer shared, demand responsive or community transport options for those without car access, trialled in Warwickshire
    • UrbanTide – mapping rural hospital patient journeys to identify barriers to accessing health services in rural areas and support health providers in enhancing rural transport services, trialled near Fife
    • Alchera Technologies – use of data insights to create a behavioural travel model to help local authorities with rural mobility decision making, trialled in Norfolk County Council
    • Civil Water Management – installation of new drainage systems using recycled car tyres to aid safer cycling along flood-prone sections of cycle routes, trialled in Milton Keynes County Council

    This year’s scheme called for solutions to a number of challenges that rural areas face:

    • the importance of rural roads for everyday journeys
    • driving towards a sustainable future
    • enabling innovation in rural mobility
    • advancements in agricultural transportation
    • open challenge – building communities and enabling adoption of technology in rural areas

    The grant is delivered in collaboration with the Connected Places Catapult, the UK’s innovation accelerator for cities, transport and place leadership

    Connected Places Catapult’s Chief Executive Officer, Erika Lewis, said:

    I am delighted to welcome 8 exciting companies onto the Rural Transport Accelerator.

    Their innovations and technologies promise to make a real impact for people living in rural areas, and I look forward to following their progress through the programme over the coming months.

    Roads media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 6 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Better Care for Mental Health Patients Under Major Reforms

    Source: United Kingdom – Executive Government & Departments 2

    Mental Health Act reformed to improve treatment of patients and address disparities

    • Outdated Mental Health Act modernised to better support patients, treat them more humanely, and address disparities

    • Reforms will introduce statutory care and treatment plans, end the use of police and prison cells to place people experiencing a mental health crisis, and end the inappropriate detention of autistic people and people with learning disabilities

    • Greater involvement of patients, families and carers will improve treatment whilst protecting patients, staff and the wider public

    New laws will give patients sectioned under the Mental Health Act more dignity and say over their care in long-awaited updates to be introduced in Parliament today (Wednesday, 6 November).

    Currently, outdated laws do not meet modern standards and fail to give patients an adequate voice. For example, individuals experiencing severe mental illness can be placed in police cells, and the law automatically gives a patient’s nearest relative – rather than the person of their choosing such as a partner – a say in decisions about their care.

    Black people are over three times more likely to be detained under the Act, whilst those with a learning disability and autistic people are also found to be inappropriately sectioned. Patients currently have little say over their care and treatment should they be detained, or over who should be involved in making decision related to their care, such as family members and carers. 

    The new Mental Health Bill addresses the significant changes in attitudes towards mental illness since the original Act was passed, recognising outdated laws around the treatment of people in a mental health crisis are no longer tolerable. Modernising the Bill was a manifesto commitment and will reform the existing Mental Health Act to make it fit for purpose, improving patients’ experiences of hospital and mental health outcomes, while also introducing stronger protections for patients, staff and the general public.

    This includes making it a legal requirement for each patient to have ‘care and treatment plans’ tailored and shaped by their individual needs that will make clear what is needed to progress them to discharge. The Bill will also give patients the right to elect a person to represent their interests and greater access to advocacy when they are detained. Together, these reforms will make it more likely for patients to stay in contact with health services and continue to engage with treatment.

    As well as ensuring patients have a voice in their care, the reforms also recognise the critical role that families and carers can play in keeping patients safe – providing insight and knowledge of a patient’s wishes and preferences and an understanding of what keeps them safe – including when a patient is too unwell to express this themselves. The Bill will strengthen the rights of families and carers through changes to the Nominated Person role, and require clinicians to consult with others close to the patient as they make decisions around their care where appropriate or where the patient wishes.  

    Police and prison cells will also no longer be used to place people experiencing a mental health crisis, as well as creating more space for police forces to hold criminal suspects. Instead, patients will be supported to access a suitable healthcare facility that will better support their needs.

    The Mental Health Act is vital to keeping people safe when necessary. It will continue to provide clinicians with the powers to admit and treat people if they become a risk to themselves or others.

    Secretary of State for Health and Social Care, Wes Streeting, said:

    Our outdated mental health system is letting down some of the most vulnerable people in our society, and is in urgent need of reform.

    The treatment of autistic people and people with learning disabilities, and the way in which black people are disproportionately targeted by the act should shame us all.

    By bringing the Mental Health Act in line with the 21st Century, we will make sure patients are treated with dignity and respect and the public are kept safe.

    Safety is paramount, which is why the Bill also includes measures to ensure patients, staff and the general public are better protected. The Bill will improve decision making around detention, discharge, care and treatment. As part of this, the Bill will introduce a new requirement for the Responsible Clinician to consult another person before they discharge a patient. Increased access to second opinion doctors will help ensure care is appropriate, compassionate and effective. Discharge processes will also be reviewed more broadly and will include a safety management plan for the patient, to keep themselves and other safe.  

    Claire Murdoch, NHS National Mental Health Director, said:

    This new Mental Health Act is a once in a generation opportunity to ensure that patients experiencing serious mental illness and crises receive safe, modern, evidence-based care, and that the needs and wishes of patients and their loved ones are central to care and better mental health outcomes.

    This comes alongside the NHS’s work to transform mental health services – either through intervening earlier with hundreds of NHS teams working in schools, or trialling new 24/7 crisis mental health hubs to prevent people needing hospital care in the first place, and if an admission to hospital is needed the health service is working with local services to ensure this is delivered in a safe and therapeutic environment close to people’s homes.

    Lord Timpson, Minister for Prisons and Probation, said: 

    This Bill will rightly end the use of prison cells for people who need care under the Mental Health Act and ensure they get the urgent specialist help they need.

    It will also mean prisoners requiring mental health hospital treatment are transferred quicker, and builds on our ongoing work to ensure prisons make better citizens and not better criminals.

    Whilst there have been decreases in the number of detentions from 2021/22 and 2022/23, latest data from NHS England shows an increase in 2023/24 with 22,000 people subject to the Act as of September.

    An independent review of the Mental Health Act, chaired by Professor Sir Simon Wessely, President of the Royal Society of Medicine, and commissioned by former Prime Minister Theresa May in 2017, found rising rates of detention under the Act, racial disparities, poor patient experience especially for autistic people and those with a learning disability.    

    For those with a learning disability or autistic people, the Act will be amended to place a limit of 28 days for which they can be detained unless they have a co-occuring mental health condition.

    Professor Sir Simon Wessely, Chair of the Independent Review of the Mental Health Act, said:

    I am delighted that at long last a new Mental Health Act bill is to go before Parliament. No one doubts that it is time to modernise our legislation, in order to achieve the goal of reducing coercion and increasing choice for those who suffer from the most severe mental illnesses.

    Our reforms will achieve that by ensuring better treatment and discharge planning with more family involvement, replacing outdated Victorian rules, and by reforming community treatment orders tackle unacceptable ethnic differences. Most of all ensuring that more attention is given to patient preferences will improve compliance with essential treatment, reduce coercion, whilst still protecting the public where necessary.

    Reforms in the Mental Health Bill aim to improve patient experiences, choice and autonomy as well as tackling racial discrimination and better supporting those with learning disabilities.

    This includes:

    • Increase the frequency of clinical reviews, to better ensure that the treatment patients receive is appropriate

    • Update the use of Community Treatment Orders, so that they are only used when appropriate and proportionate

    • Limit the length of time that people with a learning disability and/or autistic people can be detained under the Act, if they do not have a co-occurring mental disorder that needs hospital treatment and have not committed a criminal offence

    • End the use of police and prison cells for detaining someone experiencing a mental health crisis instead of getting them access to a facility where they can get the proper support, such as a hospital

    • Speed up transfers from prison to hospital by limiting the time it can take to transfer prisoners who need treatment in a mental health hospital to a maximum of 28 days

    The action follows the introduction of one of the world’s first all-hours mental health crisis support service in August through NHS 111. The government also announced £26 million will be invested to open new mental health crisis centres as part of last week’s Budget, with extra funding also secured to provide talking therapies to an extra 380,000 patients.

    For people who need support at A&E, every emergency department in England now also has a liaison psychiatric team available to offer specialist care. 

    A full list of mental health support options is available via the NHS.uk website. The service is also suitable for deaf people, with tailored services available via the NHS 111 website.

    Commenting on the announcement, Mark Rowland, Chief Executive at the Mental Health Foundation, said:

    These long overdue updates to the Mental Health Act cannot come soon enough. People need support that reflects our modern understanding of how to help and care for people during a mental health crisis – not our understanding four decades ago. The original version of the Act has driven racial disparities, stripped those who are sectioned of their humanity in a wholly unnecessary way, and all too often made crises worse.

    We particularly welcome reforms to give greater say to patients, such as granting people with severe mental health problems more control over who makes decisions for them during a crisis, banning the use of police cells as ‘places of safety’ for people experiencing a crisis, and addressing the inappropriate use of Community Treatment Orders, which Black people were 11 times more likely to receive. We will look to work with the Department of Health and Social Care over the next weeks and months to help shape the Mental Health Bill and put dignity at the heart of how our public services support people experiencing a mental health crisis.

    Mark Winstanley, Chief Executive, Rethink Mental Illness, said:

    People tell us that the Mental Health Act has saved their life, but that the experience was horrendous. It is hard to fathom that when people are at their most unwell they are still routinely placed in prison cells, have no say in who is appointed as their nearest relative and have so little involvement in their treatment.

    Reform of this vital legislation is long overdue, and today marks another important step towards the reality of a Mental Health Act fit for the 21st century. Reform should help ensure people are with dignity and respect, and help to protect us all.

    We hope the Bill is given careful passage through Parliament so it can be swiftly implemented, and bring improvements for the thousands of people who are detained under the act every year.

    Updates to this page

    Published 6 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Congressman Cohen Praises Ousted Israeli Defense Minister Yoav Gallant

    Source: United States House of Representatives – Congressman Steve Cohen (TN-09)

    MEMPHIS – Congressman Steve Cohen (TN-9) expressed his appreciation for Israeli Defense Minister Yoav Gallant after Prime Minister Benjamin Netanyahu’s decision to fire him today over their differences on the conduct of the war and on domestic political issues, and made the following statement:

    “I commend Yoav Gallant on his work as Defense Minister and his service to Israel at this important time. I have met with the now-former Defense Minister several times, including on my last trip to Israel in June. He was always well-versed on the issues and a credit to the government and his nation. I wish him well in his future pursuits.”

    # # #

    MIL OSI USA News –

  • MIL-OSI: Alaris Equity Partners Income Trust Releases 2024 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.

    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

    TSX-AD.UN

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (together, as applicable, with its subsidiaries, “Alaris” or the “Trust“) is pleased to announce its results for the three and nine months ended September 30, 2024. The results are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. All amounts below are in Canadian dollars unless otherwise noted.

    In January 2024, Alaris determined that it met the definition of an investment entity, as defined by IFRS 10, Consolidated financial statements. This change in status has fundamentally changed how Alaris prepares, presents and discusses its financial results relative to prior periods. IFRS requires that this change in accounting be made prospectively and as a result prior periods are not restated to reflect the change in Alaris’ investment entity status. Accordingly, the readers of this press release, Alaris’ third quarter interim MD&A and unaudited condensed consolidated interim financial statements should exercise significant caution in reviewing, considering, and drawing conclusions from period-to-period comparisons and changes, as the direct comparisons between dates or across periods can be inappropriate if not carefully considered in this context.

    Highlights:

    • For the three months ended September 30, 2024 Alaris generated $0.78 per unit of additional book value, improving this metric to $22.80;
    • For the three months ended September 30, 2024 the Trust, together with its wholly-owned subsidiaries (the “Acquisition Entities”), earned a total of $65.9 million of revenue, including, $65.4 million of Partner Distribution revenue net of foreign exchange, and $0.5 million of transaction fee income, which was ahead of previous guidance of $38.7 million, and compares to $47.2 million of Partner Revenue in Q3 2023, an increase of 40%;
      • Included in Partner Distribution revenue for the three months ended September 30, 2024, is $27.5 million of common Distributions, which included a one time distribution of US$5.1 million from Ohana Growth Partners LLC (“Ohana“) and US$14.7 million distribution from Fleet Advantage, LLC (“Fleet”). Common Distribution revenue for the nine months ended September 30, 2024 is $31.8 million, which for the second quarter in a row has outperformed the comparable period in the prior year by more than double. Alaris’ Run Rate Revenue (7) included in the outlook below has been increased to reflect overall higher expected annual common dividends from Partners of $19.4 million;
    • Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 of $88.0 million or $1.93 per unit increased by 28%, from $68.6 million and $1.51 per unit in the nine months ended September 30, 2023 after adjusting the comparable period for non-recurring settlement and litigation costs that occurred in 2023;
    • The Actual Payout Ratio (2) for the Trust, based on Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 was 53%;
    • The current weighted average combined Earnings Coverage Ratio (3) for Alaris’ Partners remains at approximately 1.5x with ten of nineteen Partners at 1.5x or above. In addition, eleven of our partners have either no debt or less than 1.0x Senior Debt to EBITDA on a trailing twelve-month basis;
    • During the quarter, the Trust, via the Acquisition Entities, invested approximately US$35 million into Ohana as a dividend recap in exchange for convertible preferred equity with a 14% yield fully paid-in-kind;
    • Subsequent to the quarter end, the Trust, via the Acquisition Entities, made a follow-on investment of US$10.0 million of additional preferred equity in Cresa LLC (“Cresa”), which has the same metrics as the initial preferred equity investment, bringing the total investment in Cresa to US$30.0 million. Following this transaction, the Trust has invested a total of approximately $139 million in the year.

    “In addition to highlighting the continued stability of Alaris’ portfolio and cash flow stream, the third quarter results continue to show the growing success and importance of our common equity portfolio. While some of this quarter’s common equity cash flow is non-recurring in nature, we are seeing more and more value from that strategy crystallizing into cash returns. Deployment activity is constructive for the end of the year and both interest rate cuts and US dollar strength provide us with tailwinds going into next year, ” said Steve King President and CEO.

    Results of Operations

    Note where the financial information for Q3 2024 is comparable to specific information from the prior period Q3 2023 condensed consolidated interim financial statements, amounts have been provided for comparative purposes. As noted above, users of this press release, interim management discussion and analysis and the unaudited condensed consolidated interim financial statements to which it relates should exercise significant caution in reviewing, considering and drawing conclusions from period-to-period comparisons and changes.

    Per Unit Results Three months ended Nine months ended
    Period ending September 30   2024   2023 % Change   2024   2023 % Change
    Partner related changes in net gain on Corporate Investment $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %
    Adjusted EBITDA $ 1.98 $ 1.76 +12.5 % $ 3.62 $ 3.40 +6.5 %
    Alaris net distributable cashflow $ 0.72 $ 0.44 +63.6 % $ 1.93 $ 1.21 +59.5 %
    Adjusted earning per unit $ 1.37 $ 1.31 +4.6 % $ 2.35 $ 2.15 +9.3 %
    Weighted average basic units (000’s)   45,498   45,498     45,498   45,433  

    During the three months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 13.7% as compared to the three months ended September 30, 2023. During the current quarter common Partner Distribution revenue increased by more than 200%, primarily as a result of common Distributions received from Fleet of US$14.7 million, which was greater than their prior year Distribution of US$5.9 million, and a common Distribution received from Ohana of US$5.1 million, as compared to nil distribution received in Q3 2023. Partially offsetting this increase is a quarter over quarter decrease to the Net unrealized gain on partner investments of 16.3% to $33.0 million during the three months ended September 30, 2024. Q3 2024’s Net unrealized gain on Partner investments of $33.0 million is made up of notable increases to the fair value in Sono Bello, LLC (“Sono Bello“), Amur Financial Group Inc. (“Amur”), Fleet, Vehicle Leasing Holdings, LLC, dba D&M Leasing (“D&M”), and The Shipyard, LLC (“Shipyard”), which were partially offset by decreases to the fair value of Heritage Restoration, LLC (“Heritage”) and SCR Mining and Tunneling, LP (“SCR”). During the nine months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 9.9% as compared to the nine months ended September 30, 2023. This increase is reflective of increases in Partner Distribution revenue, partially offset by a lower net gain to the realized and unrealized fair value on Partner investments. Net realized gain on partner investments of $9.0 million and net unrealized gain of $32.4 million decreased in the nine months ended September 30, 2024 by 29.2% and 13.9%, respectively, as compared to the nine months ended September 30, 2023.

    For the three and nine months ended September 30, 2024, Adjusted EBITDA (1) per unit increased by 12.5% and 6.5%, respectively, as compared to the relative periods in 2023. Per unit increases are primarily due to higher Partner Distribution revenue. Partially offsetting these increases are decreases to the net realized and unrealized gain on Partner Investments relative to the comparable periods in 2023, and higher adjusted operating expenses; after non-reoccurring litigation and legal costs that were incurred in 2023 have been removed in the calculation Adjusted EBITDA (1).

    Alaris net distributable cashflow (6) provides a summary of third-party cash receipts, less operating cash outflows by the Trust in combination with the Acquisition Entities. Alaris net distributable cashflow (6) per unit increased by 63.6% in the three months ended September 30, 2024 and 59.5% in the nine months ended September 30, 2024, both as compared to the same periods in 2023. Period over period increases are due to the current periods higher common Distributions and lower cash taxes paid, all as compared to the relative periods in 2023. The nine months ended September 30, 2024 Alaris net distributable cashflow (6) is $88.0 million, after adjusting out non-recurring settlement and litigation costs of $13.7 million in the prior year, the nine months ended September 30, 2023 distributable cashflow amounts to $68.6 million, and results in an adjusted period over period increase of 28.3%.

    Adjusted earnings (10) per unit increased by 4.6% in the three months ended September 30, 2024 which is primarily driven by higher Partner related changes in net gain on Corporate Investments (5) as discussed above, and partially offset by higher total income tax expense in Q3 2024. The nine months ended September 30, 2024, Adjusted earnings (10) per unit increased by 9.3% which in addition to the changes listed for the three months ended September 30, 2024, is higher due to lower operating expenses during the nine months ended September 30, 2024 as compared to the prior year resulting from non-recurring litigation and legal costs incurred in 2023.

    Outlook

    During the three months ended September 30, 2024, the Trust, through its Acquisition Entities invested approximately $48 million, which was used to invest in convertible preferred units of Ohana. Subsequent to the quarter, Alaris invested an additional US$10.0 million into Cresa, bringing Alaris’ total investment in Cresa to US$30.0 million and as of the date of this MD&A the total invested during the year to approximately $139 million. These transactions are summarized in the outlook below, which includes Alaris’ Run Rate Revenue (7) for the next twelve months and is expected to be approximately $171 million. This includes current contracted amounts, an additional $1.2 million from LMS related to Distributions deferred in 2023 and an estimated $19.4 million of common dividends. In Q3 2024, the Trust together with its Acquisition Entities earned $65.9 million, $65.4 million in Partner Distributions net of foreign exchange and $0.5 million of third party transaction fee revenue, which was ahead of previous guidance of $38.7 million, primarily due to common distributions received from Fleet of $19.8 million, Ohana of $6.8 million and Amur of $0.5 million, as well as a higher realized foreign exchange rate on US denominated distributions. As with all common distributions, these distributions are not fixed or set in advance, but rather paid as declared and cashflow of partner permits. Alaris expects total revenue from its Partners in Q4 2024 of approximately $38.9 million.

    The Run Rate Cash Flow (8) table below outlines the Trust and its Acquisitions Entities combined expectation for Partners Distribution revenue, transaction fee revenue, general and administrative expenses, third party interest expense, tax expense and distributions to unitholders for the next twelve months. The Run Rate Cash Flow (8) is a forward looking supplementary financial measure and outlines the net cash from operating activities, less the distributions paid, that Alaris is expecting to generate over the next twelve months. The Trust’s method of calculating this measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.

    Run rate general and administrative expenses are currently estimated at $17.0 million and include all public company costs incurred by the Trust and its Acquisition Entities. The Trust’s Run Rate Payout Ratio (9) is expected to be within a range of 65% and 70% when including Run Rate Revenue (7), overhead expenses and its existing capital structure. The table below sets out our estimated Run Rate Cash Flow (8) as well as the after-tax impact of positive net investment, the impact of every 1% increase in Secure Overnight Financing Rate (“SOFR”) based on current outstanding USD debt and the impact of every $0.01 change in the USD to CAD exchange rate.

    Alaris’ financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on our website at www.alarisequitypartners.com.

    Run Rate Cash Flow ($ thousands except per unit) Amount ($) $ / Unit
    Run Rate Revenue, Partner Distribution revenue $ 171,300   $ 3.77  
    General and administrative expenses   (17,000 )   (0.37 )
    Third party Interest and taxes     (57,100 )   (1.26 )
    Net cash from operating activities $ 97,200   $ 2.14  
    Distributions paid     (61,900 )   (1.36 )
    Run Rate Cash Flow   $ 35,300   $ 0.78  
           
    Other considerations (after taxes and interest):    
    New investments Every $50 million deployed @ 14%   +2,426     +0.05  
    Interest rates Every 1.0% increase in SOFR   -2,600     -0.06  
    USD to CAD Every $0.01 change of USD to CAD   +/- 900     +/- 0.02  


    Earnings Release Date and Conference Call Details

    Alaris management will host a conference call at 9am MT (11am ET), Wednesday, November 6, 2024 to discuss the financial results and outlook for the Trust.

    Participants must register for the call using this link: Q3 2024 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q3 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the “Investors” section – “Presentations and Events”, at www.alarisequitypartners.com.

    An updated corporate presentation will be posted to the Trust’s website within 24 hours at www.alarisequitypartners.com.

    About the Trust:

    Alaris’ investment and investing activity refers to providing, through the Acquisition Entities, alternative equity to private companies (“Partners”) to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively, “Distributions”) as well as capital appreciation on both preferred and common equity, with the principal objectives of generating predictable cash flows for distribution payments to its unitholders and growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a “top-line” financial performance measure such as gross margin or same store sales and rank in priority to common equity position.

    Non-GAAP and Other Financial Measures

    The terms Adjusted Earnings, components of Corporate investments, EBITDA, Adjusted EBITDA, Extended group net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the “Non-GAAP and Other Financial Measures”) are financial measures used in this MD&A that are not standard measures under International Financial Reporting Standards (“IFRS”) . The Trust’s method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust’s Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.

    (1) “Adjusted EBITDA” and “EBITDA”: are Non-GAAP financial measures and refer to earnings determined in accordance with IFRS, before depreciation and amortization, interest expense (finance costs) and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations. “Adjusted EBITDA” and “Adjusted EBITDA per unit”, which is a non-GAAP ratio that removes the impact from unrealized fluctuations in exchange rates and their impact on the Trust’s investments at fair value, as well as one time items and the impact of finance costs and taxes included within the net gain on Corporate Investments incurred by the Acquisition Entities and, on a per unit basis, is and the same amount divided by weighted average basic units outstanding. Management believes Adjusted EBITDA, EBITDA and Adjusted EBITDA per unit are useful supplemental measures from which to determine the Trust’s ability to generate cash available for servicing its loans and borrowings, income taxes and distributions to unitholders. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures and ratios presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Depreciation and amortization   135   58       396     169  
    Finance costs   1,150   8,510       3,445     21,909  
    Total income tax expense   251   11,611       554     20,902  
    EBITDA $ 52,563 $ 83,949   -37.4 % $ 160,870   $ 140,690 +14.3 %
    Adjustments:            
    Gain on derecognition of previously consolidated entities $ – $ –     $ (30,260 ) $ –  
    Foreign exchange   11,334   (3,947 )     (19,224 )   156  
    Sandbox litigation and legal costs   –   21       –     13,697  
    Finance costs, senior credit facility and convertible debentures   6,962   –       22,193     –  
    Acquisition Entities income tax expense – current   2,987   –       10,018     –  
    Acquisition Entities income tax expense – deferred   16,109   –       21,272     –  
    Adjusted EBITDA $ 89,955 $ 80,023   +12.4 % $ 164,869   $ 154,543 +6.7 %
    Adjusted EBITDA per unit $ 1.98 $ 1.76   +12.5 % $ 3.62   $ 3.40 +6.5 %

    (2) “Actual Payout Ratio” is a supplementary financial measure and refers to Alaris’ total distributions paid during the period (annually or quarterly) divided by the actual net cash from operating activities Alaris generated for the period. It represents the net cash from operating activities after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities.

    (3) “Earnings Coverage Ratio (“ECR”)” is a supplementary financial measure and refers to the EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded capital expenditures and distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our partners continued ability to make their contracted distributions.

    (4) “Net book value” and “net book value per unit” are Non-GAAP financial measures and represents the equity value of the company or total assts less total liabilities and the same amount divided by weighted average basic units outstanding. Net book value and net book value per unit are used by management to determine the growth in assets over the period net of amounts paid out to unitholders as distributions. Management believes net book value and net book value per unit are useful supplemental measures from which to compare the Trust’s growth period over period. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

        30-Sep   30-Jun   31-Dec
    $ thousands except per unit amounts   2024   2024   2023
    Total Assets $ 1,130,415 $ 1,093,177 $ 1,474,894
    Total Liabilities $ 93,236 $ 91,556 $ 514,071
    Net book value $ 1,037,179 $ 1,001,621 $ 960,823
    Weighted average basic units (000’s)   45,498   45,498   45,498
    Net book value per unit $ 22.80 $ 22.01 $ 21.12


    (5) “    Partner related changes in net gain on Corporate Investments” The components of Corporate Investments are Non-GAAP financial measures and are presented for better comparability to prior year reporting. These amounts are reconciled to information from note 3 of the condensed consolidated interim financial statements below. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands   2024   2023 % Change   2024   2023 % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange Note 1 $ 37,895 $ 37,844 +0.1 % $ 113,936 $ 108,543 +5.0 %
    Partner Distribution revenue – Common $ 27,501 $ 8,815 +212.0 % $ 31,807 $ 10,903 +191.7 %
    Net realized gain from Partners investments $ 29 $ 167 -82.6 % $ 9,005 $ 12,716 -29.2 %
    Net unrealized gain on Partners investments $ 33,006 $ 39,428 -16.3 % $ 32,463 $ 37,688 -13.9 %
    Partner related changes in net gain on Corporate Investment $ 98,431 $ 86,254 +14.1 % $ 187,211 $ 169,850 +10.2 %
    Partner related changes in net gain on Corporate Investment per unit $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %

    Note 1 – In Q2 2023, Partner Distribution revenue – Preferred, including realized foreign exchange and Partner Distribution revenue – Common were presented as one line on the face of the income statement titled “Revenues, including realized foreign exchange gain” in the amount of $36,853 for the three months ended and $73,541 for the six months ended. Prior period Partner Distribution revenue – Preferred, including realized foreign exchange for the three and six months ended June 30, 2024 above has been adjusted to exclude Sono Bello’s management fee income (Q2 2023 three months – $496, Q2 2023 six months ended – $753) for period over period comparability, which in 2024 is recognized in the Trust’s Management and advisory fee income.

    (6) “Alaris net distributable cashflow” is a non-GAAP measure that refers to all sources of external revenue in both the Trust and the Acquisition Entities less all general and administrative expenses, third party interest expense and tax expense. Alaris net distributable cashflow is a useful metric for management and investors as it provides a summary of the total cash from operating activities that can be used to pay the Trust distribution, repay senior debt and/or be used for additional investment purposes. The Trust’s method of calculating this Non-GAAP measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers. The 2023 comparatives are presented prior to the Trust’s change in status as a investment entity and have been aligned with the most comparative balance in the 2024 presentation.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024     2023   % Change   2024     2023   % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange $ 37,895   $ 37,844     $ 113,936   $ 108,543    
    Partner Distribution revenue – Common   27,501     8,815       31,807     10,903    
    Third party management and advisory fees   504     506       1,526     1,260    
                 
    Expenditures of the Trust:            
    General and administrative   (4,484 )   (3,087 )     (13,308 )   (23,476 )  
    Current income tax expense   (509 )   –       (1,345 )   –    
    Third party cash interest paid by the Trust   (2,031 )   (2,032 )     (4,062 )   (4,062 )  
                 
    Expenditures incurred by Acquisition Entities:            
    Operating costs and other   (1,087 )   (928 )     (2,846 )   (2,046 )  
    Transactions costs   (378 )   (1,693 )     (2,531 )   (3,204 )  
    Acquisition Entities income tax expense – current   (2,987 )   (6,954 )     (10,018 )   (13,156 )  
    Cash interest paid, senior credit facility and convertible debentures   (6,668 )   (6,329 )     (18,038 )   (12,586 )  
                 
    Alaris’ changes in net working capital   (14,922 )   (6,063 )     (7,106 )   (7,253 )  
    Alaris net distributable cashflow $ 32,834   $ 20,079   +63.5 % $ 88,015   $ 54,923   +60.3 %
    Alaris net distributable cashflow per unit $ 0.72   $ 0.44   +63.6 % $ 1.93   $ 1.21   +59.5 %

    (7) “Run Rate Revenue” is a supplementary financial measure and refers to Alaris’ total revenue expected to be generated over the next twelve months based on contracted distributions from current Partners, excluding any potential Partner redemptions, it also includes an estimate for common dividends or distributions based on past practices, where applicable. Run Rate Revenue is a useful metric as it provides an expectation for the amount of revenue Alaris can expect to generate in the next twelve months based on information known.

    (8) “Run Rate Cash Flow” is a Non-GAAP financial measure and outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to net cash from operating activities less distributions paid, as outlined in Alaris’ consolidated statements of cash flows.

    (9) “Run Rate Payout Ratio” is a Non-GAAP financial ratio that refers to Alaris’ distributions per unit expected to be paid over the next twelve months divided by the net cash from operating activities per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for Alaris to track and to outline as it provides a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Run Rate Payout Ratio is comparable to Actual Payout Ratio as defined above.

    (10) “Adjusted Earnings” is a Non-GAAP financial measure and Non-GAAP Ratio and refer to earnings determined in accordance with IFRS, before impact of the one time gain on derecognition of previously consolidated entities and foreign exchange gain (loss) and the same amount divided by weighted average basic units outstanding. Adjusted earnings and Adjusted earnings per unit are used by management to determine earnings excluding fluctuations due to unrealized changes in exchange rates that impact earnings and specifically the fair value of Corporate investment. Management believes Adjusted earning and Adjusted earnings per unit are useful measures from which to compare the Trust’s earnings period over period. The Trust’s method of calculating these Non-GAAP financial measures and ratio may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Add back: Foreign exchange (gain) loss $ 11,334 $ (3,947 )   $ (19,224 ) $ 156  
    Add back: Gain on derecognition of previously consolidated entities $ –   na     $ (30,260 ) na  
    Adjusted earnings $ 62,361 $ 59,823   +4.2 % $ 106,991   $ 97,866 +9.3 %
    Adjusted earning per unit $ 1.37 $ 1.31   +4.6 % $ 2.35   $ 2.15 +9.3 %
                                 

    (11) “Per Unit” values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.

    The terms Net Book Value, Components of Corporate investments, EBITDA, Adjusted EBITDA, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow and Per Unit amounts should only be used in conjunction with the Trust’s unaudited interim condensed consolidated financial statements, complete versions of which available on SEDAR+ at www.sedarplus.ca.

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under applicable securities laws, including any applicable “safe harbor” provisions. Statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. In particular, this news release contains forward-looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris’ capital offering; the Trust’s Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and total revenue; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust’s net cash from operating activities, Run Rate Revenue, Run Rate Cash Flow and Run Rate Payout Ratio; the impact of future deployment; the Trust’s ability to deploy capital; the yield on the Trust’s investments and expected resets on Distributions; changes in SOFR and exchange rates; the impact of deferred Distributions and the timing of repayment there of; the Trust’s return on its investments; and Alaris’ expenses for 2024. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively, “FOFI”), including estimates regarding revenues, Distributions from Partners (restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners (including, without limitation, the impact of any global health crisis, like COVID-19, and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; global heath crises, like COVID-19 or variants thereof, will not impact the economy or our Partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

    There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: widespread health crises is, like COVID-19 (or its variants), other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown)), the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in Alaris’ Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2023, which is or will be (in the case of the AIF) filed under Alaris’ profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

    Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris’ possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris’ actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI.

    The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    For more information please contact:

    Investor Relations
    Alaris Equity Partners Income Trust
    403-260-1457
    ir@alarisequity.com

    The MIL Network –

  • MIL-Evening Report: Republican Kimberlyn King-Hinds wins delegate race in CNMI

    By Mark Rabago, RNZ Pacific Commonwealth of the Northern Marianas correspondent

    Kimberlyn King-Hind, from the CNMI Republican Party, won the race for the CNMI’s lone non-voting delegate in the US House of Representatives on Tuesday.

    The delegate position was one of 61 races up for grabs in the 2024 CNMI general elections.

    The former Commonwealth Ports Authority chairwoman and lawyer from Tinian received 4931 votes (40.34 percent) of total ballots cast.

    Democratic Party of the Northern Mariana Islands’ candidate Edwin Propst finished second, 864 votes behind with 4067 (33.27 percent).

    Independent candidates John Oliver Gonzales, James Rayphand, and Liana Hofschneider gained 2282, 665, and 280 votes, respectively.

    Even before the results of the 2024 general elections were certified about 5.20am on Wednesday, Propst conceded defeat and congratulated King-Hinds in a social media post.

    “Congratulations to Kim King-Hinds, delegate-elect. I wish you the very best,” he wrote.

    “To my amazing committee, I cannot thank you enough for your hard work and support. To our supporters, thank you for your votes, messages of support, donations, and kindness. To Daisy and Kiana, Devin, Kaden, and Logan, I love you more than anything in this world. Thank you for always being there for me,” he added.

    Kimberlyn King-Hinds . . . congratulated by her Democratic opponent. Image: RNZ Pacific

    Other electoral results
    In other races, Senate President Edith DeLeon Guerrero, who ran as an independent, lost her Saipan seat to Representative Manny Castro of the Democratic Party, as the latter took 52.89 percent of the votes (5178) compared to the former’s 43 percent (4210).

    For Tinian, incumbent Senator Karl King-Nabors of the GOP ran unopposed and was elected in by 803 voters.

    Incumbent and longtime Senator Paul Manglona, meanwhile, lost his Senate post to fellow independent Ronnie Mendiola Calvo, 476-441.

    There was not much shakeup in the House of Representatives races, as only incumbent Vicente Camacho, a Democrat, among the incumbents lost his seat. Newcomers in the incoming lower house include Elias Rangamar, Daniel Aquino, and Raymond Palacios — all independents.

    Associate Judge Teresita Kim-Tenorio was also retained, receiving 9909 “yes” votes (84.21 percent) compared to 1858 (15.79 percent) “no” votes.

    The US territory also elected members of the CNMI Board of Education and councillors for the municipal councils for Saipan, the Northern Islands, Tinian, and Rota.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: (WIP) Investing in WA: energy reforms in the Pilbara—unpacking the North-West Interconnected System

    Source: Allens Insights

    Decarbonising the Pilbara region 8 min read

    The North-West Interconnected System (NWIS) has become a central focus of the WA Government’s energy sector reform agenda in recent years. Since the introduction of the Pilbara Regime in July 2021, a series of additional reforms have been set in motion.

    These reforms reflect the WA Government’s recognition that decarbonisation of the Pilbara region is key to its net zero target. In line with this vision, Energy Policy WA (EPWA) has developed the Pilbara Energy Transition Plan (PET Plan), which invites private sector involvement in developing new, common-use transmission infrastructure, known as Priority Projects.

    In this Insight, we explore current and proposed reforms, highlighting opportunities for developers and investors to drive decarbonisation in the Pilbara region.

    Key takeaways

    • The pace of reforms to the NWIS has been rapid, with an ambitious policy agenda going forward.
    • The WA Government is strongly focused on decarbonising the Pilbara region, seeking to leverage significant Federal Government support.
    • The PET Plan, particularly Priority Projects, has the potential to significantly transform the NWIS and transmission infrastructure in the region. This presents opportunities for industrial load and heavy industry to decarbonise their operations and increase renewable energy consumption.
    • The proposed reforms to the NWIS present a key opportunity for development and investment in transmission infrastructure.  

    What is the NWIS?

    The NWIS consists of a series of interconnected electricity transmission, distribution and generation assets in the Pilbara region. It supplies major mining and heavy industrial customers, coastal towns such as Karratha and Port Hedland, and some remote communities. However, it should be noted that many industrial facilities and communities in the region rely on remote generation, such as stand-alone power systems and microgrids, which are not connected to the NWIS.

    The NWIS market does not operate through a central dispatch mechanism; rather, electricity is generated either for self-supply or contracted under bilateral agreements. There are three registered network service providers, APA, Horizon Power and Rio Tinto (NSPs), each operating a vertically integrated business, participating in electricity generation, supply, and in some cases provision of essential system services and retail supply. 

    Pilbara ISOCo Limited (Pilbara ISOCo) oversees NWIS operations as the independent system operator including administering the energy balancing and related settlement process. The role of Pilbara ISOCo reflects an administrative system operator model, designed to align with the ‘light-handed’ regulatory regime that applies to the NWIS. Under this model, Pilbara ISOCo performs a series of core functions, while the registered NSPs retain significant control over other system-related functions and operations, in contrast to other electricity networks in Australia such as the Wholesale Electricity Market and the National Electricity Market. The NSPs are also members of Pilbara ISOCo.

    How did we get here?

    Prior to July 2021, the NWIS operated primarily under informal or bilateral agreements between NSPs. It developed in a somewhat ad hoc manner, as energy companies and industrial facilities invested in generation for self-supply. There was no central planning or coordination framework—each NSP was generally responsible for functions such as system security on an autonomous basis, with no independent system operator in place.

    After a series of consultations on the potential for regulatory reform, the WA Government determined there was a need for a formal framework for the NWIS and subsequently announced the Pilbara Regime. The regime would consist of a suite of reforms aimed at addressing, among other things, access and more centrally coordinated system operations. These substantive reforms took effect on 1 July 2021.

    Pilbara Regime

    Key regulatory instruments

    Part 8A of the Electricity Industry Act 2004 (WA) (EIA) sets out the overarching framework for the Pilbara Regime. Amendments to the EIA were recently passed and, once in effect, the Pilbara electricity objective will expressly acknowledge the need to invest in reducing greenhouse gas emissions for electricity services.

    The Electricity Industry (Pilbara Networks) Regulations 2021 recognised Pilbara ISOCo as the independent system operator and allowed the Minister to establish the initial Pilbara Network Rules (PNR). The PNR, which includes the Harmonised Technical Rules (HTR), governs the operations of the NWIS, connection standards and approval processes, as well as system security and reliability measures. There have been two rule changes amending the PNR to date, and the Pilbara Advisory Committee (PAC)—which consists of industry representatives—advises the EPWA coordinator on rule change proposals.

    The HTR set out technical design and operation requirements for systems and equipment connected to the NWIS. Horizon Power, as a NSP, also has its own set of technical rules which apply to those who connect to its network.

    Pilbara ISOCo also develop procedures in accordance with the PNR which outline specific requirements for the processes set out in the PNR. The procedures are currently being developed on an interim basis and can be accessed here.

    The Pilbara Networks Access Code (PNAC) regulates access and connection to the NWIS by outlining the requirements for ‘covered’ networks, which are subject to rules on ringfencing, tariffs and access disputes. The PNAC was modelled on part of the National Gas Rules, which similarly include access provisions for pipelines. The Minister for Energy may decide a network is covered if a person makes an application or an NSP may opt in to become a covered network. Horizon Power and APA’s networks are covered under the PNAC and are required to publish access information as part of their obligations.

    Pilbara Roundtable

    The Pilbara Industry Roundtable (Roundtable) was formed by the WA Government in August 2022, with a broad membership from industry stakeholders in the NWIS and the Pilbara more generally.

    The Roundtable released a communiqué in July 2023, supporting the development of common-use transmission infrastructure to support the growth of renewable generation and decarbonisation. The Roundtable agreed that any new infrastructure should empower Traditional Owners and expressed their support for regulatory reform to the Pilbara Regime to ensure it remains fit-for-purpose during the energy transition.

    Where are we now?

    The consensus goals contained in the Roundtable communiqué form the basis of the PET Plan. The PET Plan aims to increase the scale of renewable generation in the region and facilitate the decarbonisation of the Pilbara to meet the WA Government’s net zero target. The WA Government has placed a strong emphasis on involving Traditional Owners and their communities in this process, including benefit sharing and minimising disturbance to country as the PET Plan is implemented.

    Priority Projects

    The flagship policy outlined in the PET Plan is the development of new, common-use transmission infrastructure, to be built in priority transmission corridors known as Priority Projects. On 13 September 2024, EPWA opened an expression of interest (EOI) process for developing Priority Projects in two corridors in East Pilbara (Hamersley Range and the Great Sandy Desert), and two corridors in West Pilbara (Burrup (Murujuga) and Chichester Range). Construction within these corridors aims to connect current and potential loads, such as strategic industrial areas, and to provide access to areas that will be favourable for future renewable energy projects connecting to the Priority Project. EPWA envisages that Priority Projects may form part of an expansion of the NWIS. The EOI deadline closed on 25 October 2024, and it is anticipated that the EOIs and ongoing regulatory reviews will help develop the design elements to facilitate the PET Plan, such as how charges for ‘wheeling’ electricity through various transmission assets will apply.

    In August 2023, the Federal Government committed $3 billion from the Rewiring the Nation fund to WA to assist in the investment in new and upgraded transmission infrastructure. Funding from Rewiring the Nation is provided as concessional finance from the Clean Energy Finance Corporation. This may trigger significant reform and investment in both the NWIS and the South-West Interconnected System. The WA Government has made clear it will recommend Priority Projects for obtaining this funding, although this does not guarantee that Priority Projects will be successful in obtaining Rewiring the Nation funding.

    Where are we going?

    In April 2025, the Economic Regulation Authority (ERA) will commence its statutory review of the Pilbara Regime, which is required on the fifth anniversary of the Pilbara Regime coming into force (the Five-yearly Review). The aim of the Five-yearly Review is for the ERA to determine whether the Pilbara Regime is meeting the Pilbara electricity objective, which is being updated. If the ERA finds that the Pilbara electricity objective is not being met, it is to make recommendations for reform in its report, which is due no later than April 2026. The report is then laid before Parliament within six months of receipt by the Minister, who must prepare a response.

    EPWA is currently reviewing the PNR with the support of the Evolution of the Pilbara Networks Rules Working Group established by the PAC. The objective of the Evolution of the Pilbara Networks Rules review project (EPNR Project) is to ensure that the PNR and HTR effectively enable and facilitate the planned rapid decarbonisation of the Pilbara region, as well as the shift from thermal sources to renewable generation (ie solar and wind) and storage in the NWIS. EPWA has acknowledged that the reforms surrounding the regulatory regime create mixed signals for potential investors and, as such, has implemented a staggered approach to reviewing the PNR to support early investment decisions. EPWA and the PAC are proposing to present a final implementation plan in February 2025.

    The EOI for the PET Plan anticipates that changes to the PNAC will be progressed under sections 120H to 120J of the EIA to ensure the PNAC can support Priority Projects. The EOI flags a review of potential changes related to managing vertical integration, the priority regime for constrained versus unconstrained access and access price regulation. It is expected that EPWA will take the lead on this review and any proposed changes will need to be made available by the Minister for public comment.

    As the Pilbara regime contemplates coordination between the NSPs and between the NSPs and Pilbara ISOCo, Pilbara ISOCO sought ACCC authorisation for the parties to engage in this conduct. Currently, the regime is exempt from competition law requirements under the Electricity Industry (Pilbara Networks) Regulations 2021 (WA). This exemption expires in November 2024, and the ACCC authorisation is intended to apply beyond that expiry.

    The ACCC considered the public benefits associated with the Pilbara regime and the coordination between NSPs and Pilbara ISOCo to facilitate system security, outage coordination and technical connection standards functions. Within that consideration, the ACCC is balancing any potential public detriments, such as those arising from NSPs sharing information.

    In a Draft Determination released in September 2024, the ACCC proposed to grant authorisation for a three-year period, subject to conditions to limit the scope of coordination and information sharing and enhance governance controls. The ACCC’s final determination is due by 20 December 2024, following further consultation. The ACCC process has acknowledged the ongoing reform process underway—including the EPNR Project—noting that a three-year authorisation should provide sufficient time for that reform process to take place.

    Key considerations

    • Access, approvals and operational constraints applying to the NWIS remain challenging when developing new projects. However, there is political support for removing these barriers, so developers should stay informed about the latest updates.
    • The infrastructure investment required for achieving the energy transition presents opportunities for developers, Traditional Owners, the local workforce and local contractors.

    MIL OSI News –

  • MIL-OSI: Parex Resources Announces Third Quarter Results, Declaration of Q4 2024 Dividend, and Operational Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended September 30, 2024, the declaration of its Q4 2024 regular dividend of C$0.385 per share, as well as an operational update. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.

    “Following lower than expected results, Management is focused on driving production efficiency and optimizing performance from our key assets,” commented Imad Mohsen, President & Chief Executive Officer.

    “As we transition from 2024 to our 2025 planning phase, we are committed to improving results, delivering safe and reliable production, and positioning Parex to outperform.”

    Key Highlights

    • Generated Q3 2024 funds flow provided by operations (“FFO”)(1) of $152 million and FFO per share(2)(3) of $1.50.
    • FY 2024 average production guidance increased from 48,000-50,000 boe/d to 49,000-50,000 boe/d, based on stable operations at key assets as well as successful well results at Capachos and LLA-32.
    • FY 2024 capital expenditure(6) guidance updated from $370-390 million to $350-370 million, based on a conservative capital program focused on improving capital returns.
    • Declared Q4 2024 regular dividend of C$0.385 per share(4) or C$1.54 per share annualized.
    • Repurchased approximately 4.5 million shares YTD 2024 under the Company’s current normal course issuer bid (“NCIB”).
    • October 2024 average production was 47,000 boe/d(5).

    Q3 2024 Results

    • Quarterly average oil & natural gas production was 47,569 boe/d(7).
    • Realized net income of $66 million or $0.65 per share basic(3).
    • Generated quarterly FFO(1) of $152 million and FFO per share(2)(3) of $1.50, a 4% decrease and a 1% increase from Q3 2023, respectively.
    • Current taxes decreased from Q2 2024 by $39 million due to reduced corporate production as well as lower global oil prices; the Company also moved from an estimated 15% surtax to a projected 10% surtax with the depreciation of Brent oil price in the quarter.
    • Produced an operating netback(2) of $39.64/boe and an FFO netback(2) of $34.58/boe from an average Brent price of $78.71/bbl.
    • Incurred $82 million of capital expenditures(6), primarily from activities at LLA-34, Capachos, LLA-32 and LLA-122.
    • Generated $69 million of free funds flow(6) that was used for return of capital initiatives and $20 million of bank debt repayment; working capital surplus(1) was $38 million and cash $147 million at quarter end.
    • Paid a C$0.385 per share(4) regular quarterly dividend and repurchased 1,584,650 shares.

    (1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
    (3) Per share amounts (with the exception of dividends) are based on weighted-average common shares; dividends paid per share are based on the number of common shares outstanding at each dividend date.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (5) Light & medium crude oil: ~8,956 bbl/d, heavy crude oil: ~37,325 bbl/d, conventional natural gas: ~4,316 mcf/d; rounded for presentation purposes.
    (6) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (7) See “Operational and Financial Highlights” for a breakdown of production by product type.

    Operational and Financial Highlights Three Months Ended Nine Months Ended  
    (unaudited) Sep. 30,   Sep. 30,   Jun. 30,   Sep. 30,  
      2024   2023   2024   2024  
    Operational        
    Average daily production        
    Light Crude Oil and Medium Crude Oil (bbl/d) 9,064   8,837   9,541   8,615  
    Heavy Crude Oil (bbl/d) 37,777   44,779   43,229   42,167  
    Crude Oil (bbl/d) 46,841   53,616   52,770   50,782  
    Conventional Natural Gas (mcf/d) 4,368   5,742   4,788   4,170  
    Oil & Gas (boe/d)(1) 47,569   54,573   53,568   51,477  
             
    Operating netback ($/boe)        
    Reference price – Brent ($/bbl) 78.71   85.92   85.03   81.82  
    Oil & gas sales(4) 68.75   75.83   75.21   71.69  
    Royalties(4) (10.59 ) (13.72 ) (12.54 ) (11.48 )
    Net revenue(4) 58.16   62.11   62.67   60.21  
    Production expense(4) (14.81 ) (9.73 ) (12.95 ) (13.43 )
    Transportation expense(4) (3.71 ) (3.56 ) (3.40 ) (3.50 )
    Operating netback ($/boe)(2) 39.64   48.82   46.32   43.28  
             
    Funds flow provided by operations netback ($/boe)(2) 34.58   31.28   37.34   34.43  
             
    Financial ($000s except per share amounts)        
             
    Net income 65,793   119,736   3,845   129,731  
    Per share – basic(6) 0.65   1.13   0.04   1.27  
             
    Funds flow provided by operations(5) 151,773   157,839   180,952   481,032  
    Per share – basic(2)(6) 1.50   1.49   1.77   4.71  
             
    Capital expenditures(3) 82,367   156,747   97,797   265,585  
             
    Free funds flow(3) 69,406   1,092   83,155   215,447  
             
    EBITDA(3) 167,763   221,271   195,940   555,781  
    Adjusted EBITDA(3) 164,002   225,784   230,547   582,777  
             
    Long-term inventory expenditures (6,318 ) (374 ) 9,817   7,342  
             
    Dividends paid 28,467   29,239   28,528   85,526  
    Per share – Cdn$(4) 0.385   0.375   0.385   1.145  
             
    Shares repurchased 20,723   24,273   21,367   57,381  
    Number of shares repurchased (000s) 1,585   1,240   1,298   3,803  
             
    Outstanding shares (end of period) (000s)        
    Basic 100,031   105,014   101,616   100,031  
    Weighted average basic 100,891   105,621   102,259   102,203  
    Diluted(8) 100,933   105,722   102,528   100,933  
             
    Working capital surplus (deficit)(5) 37,509   (57,511 ) 34,156   37,509  
    Bank debt(7) 30,000   —   50,000   30,000  
    Cash 147,454   34,548   119,468   147,454  

    (1) Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (6) Per share amounts (with the exception of dividends) are based on weighted average common shares. Dividends paid per share are based on the number of common shares outstanding at each dividend record date.
    (7) Syndicated bank credit facility borrowing base of $200.0 million as at September 30, 2024.
    (8) Diluted shares as stated include common shares and stock options outstanding at period end; September 30, 2024 closing price was C$12.00 per share.

    Operational Update

    2024 Corporate Guidance Update

    FY 2024 average production guidance has been updated to 49,000 to 50,000 boe/d (49,500 boe/d midpoint) and concurrently, capital expenditure(5) guidance for the year has been updated to $350 to $370 million ($360 million midpoint).

    At $80/bbl Brent crude oil price, funds flow provided by operations(4) is expected to be $575 to $585 million and generate roughly $220 million of free funds flow(5) at the midpoint of guidance. A key driver of the funds flow provided by operations increase from the prior updated guidance is a lower projected effective tax rate for FY 2024.

    Category 2024 Updated Guidance
    (August 28, 2024)    		 2024 Updated Guidance
    (November 5, 2024)
    Brent Crude Oil Average Price $80/bbl $80/bbl
    Average Production 48,000-50,000 boe/d 49,000-50,000 boe/d
    Funds Flow Provided by Operations Netback(1)(2)(3) $30-32/boe $31-33/boe
    Funds Flow Provided by Operations(4) $545-565 million $575-585 million
    Capital Expenditures(5) $370-390 million $350-370 million
    Free Funds Flow(5) $175 million (midpoint) $220 million (midpoint)

    (1) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (2) 2024 updated assumptions: Vasconia differential: ~$4/bbl; production expense: $13-14/bbl; transportation expense: ~$3.50/bbl; G&A expense: ~$4.00/bbl; effective tax rate: 14-17%.
    (3) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.

    Cabrestero and LLA-34(1)(2)

    The Cabrestero and LLA-34 blocks had average production of approximately 37,000 bbl/d of heavy crude oil (net) combined in Q3 2024. During the quarter, both blocks experienced higher-than-expected downtime that adversely affected quarterly production.

    Additionally, at both blocks, annual decline rates are broadly in line with Management budgeting where there is a continued focus on ramping up injection rates. At Cabrestero specifically, the Company continues to progress its polymer injection pilot and is moving towards approving a full field expansion based on success to date.

    (1) Cabrestero: 100% W.I.
    (2) LLA-34: 55% W.I.

    LLA-32 – Exploitation Update(1)

    Following the mid-year reallocation of 2024 capital to LLA-32, the Company has now drilled three successful wells on the block. The most recent well, the second follow-up appraisal well, is producing roughly 2,000 bbl/d of light crude oil (gross)(2). Based on success to date, Parex is continuing to invest capital and has spud a horizontal well.

    (1) 87.5% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Capachos Update(1)

    The first well of a three-well campaign came online in late Q3 2024. The well is currently producing roughly 4,000 bbl/d of light crude oil with approximately 6,000 mcf/d of natural gas (gross)(2).

    Parex plans to fulfill an exploration commitment and spud the second well of the campaign in the coming weeks.

    (1) 50% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Arauca(1)

    The Arauca-81 well is expected to be onstream in Q4 2024, following a successful operational sidetrack.

    (1) Business Collaboration Agreement with Ecopetrol S.A. (Parex 50% Participating Share); Ecopetrol S.A. currently holds 100% of the working interest in the Convenio Arauca while the assignment procedure is pending.

    Big ‘E’ Exploration – Llanos Foothills – LLA-122(1)

    The drilling of the Arantes well in the high-potential Colombian Foothills continues to progress on an extended timeline. In Q3 2024, an operational sidetrack was executed following a stuck pipe event; the sidetrack was successful, and the well is now at roughly 17,750 feet. Parex is progressing toward the setting of the final liner immediately above the zones of interest, prior to drilling and evaluating the prospective zones. Based on the current pace of operations, the Company expects preliminary results by YE 2024.

    (1) 50% W.I.

    Return of Capital Update

    Q4 2024 Dividend

    Parex’s Board of Directors have approved a Q4 2024 regular dividend of C$0.385 per share to shareholders of record on December 9, 2024, to be paid on December 16, 2024. This regular dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

    Current Normal Course Issuer Bid

    As at October 31, 2024, Parex has repurchased approximately 4.5 million shares under its current NCIB, for total consideration of roughly C$85 million.

    2025 Budget & Guidance

    The Company continues to assess its short- and long-term development and exploration opportunities as it progresses through its 2025 budgeting and planning process, with next year’s corporate guidance expected to be released in January 2025.

    Q3 2024 Results – Conference Call & Webcast

    Parex will host a conference call and webcast to discuss its Q3 2024 results on Wednesday, November 6, 2024, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

    Conference ID:   7102953
    Participant Toll-Free Dial-In Number   1-646-307-1963
    Participant Dial-In Number:   1-647-932-3411
    Webcast:   https://events.q4inc.com/attendee/321063614
         

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    Steven Eirich
    Investor Relations & Communications Advisor
    Parex Resources Inc.
    587-293-3286
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    Non-GAAP and Other Financial Measures Advisory

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex’s performance.

    These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities.

    Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

    Non-GAAP Financial Measures

    Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period and is calculated as follows:

     
      For the three months ended       For the nine months ended  
      Sep. 30,     Sep. 30,   Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Property, plant and equipment expenditures $ 68,406     $ 93,957   $ 49,214     $ 158,451  
    Exploration and evaluation expenditures   13,961       62,790     48,583       107,134  
    Capital expenditures $ 82,367     $ 156,747   $ 97,797     $ 265,585  


    Free funds flow,     is a non-GAAP financial measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow to be a key measure as it demonstrates Parex’s ability to fund return of capital, such as the NCIB and dividends, without accessing outside funds and is calculated as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations   151,773       157,839     180,952       481,032  
    Capital expenditures   82,367       156,747     97,797       265,585  
    Free funds flow $ 69,406     $ 1,092   $ 83,155     $ 215,447  


    EBITDA    , is a non-GAAP financial measure that is defined as net income adjusted for finance income and expenses, income tax expense (recovery) and depletion, depreciation and amortization.

    Adjusted EBITDA, is a non-GAAP financial measure defined as EBITDA adjusted for non-cash impairment charges, unrealized foreign exchange gains (losses), unrealized gains (losses) on risk management contracts and share-based compensation expense (recovery).

    The Company considers EBITDA and Adjusted EBITDA to be key measures as they demonstrates Parex’s profitability before finance income and expenses, taxes, depletion, depreciation and amortization and other non-cash items. A reconciliation from net income to EBITDA and Adjusted EBITDA is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,       Sep. 30,       Jun. 30,       Sep. 30,  
    ($000s)   2024       2023       2024       2024  
    Net income $ 65,793     $ 119,736     $ 3,845     $ 129,731  
    Adjustments to reconcile net income to EBITDA:              
    Finance income   (963 )     (2,496 )     (1,097 )     (3,317 )
    Finance expense   7,494       5,219       5,421       18,109  
    Income tax expense   42,767       49,995       130,888       249,472  
    Depletion, depreciation and amortization   52,672       48,817       56,883       161,786  
    EBITDA $ 167,763     $ 221,271     $ 195,940     $ 555,781  
    Non-cash impairment charges   —       2,189       4,661       4,661  
    Share-based compensation expense (recovery)   (7,994 )     4,642       5,770       (4,687 )
    Unrealized foreign exchange loss (gain)   4,233       (2,318 )     24,176       27,022  
    Adjusted EBITDA $ 164,002     $ 225,784     $ 230,547     $ 582,777  


    Non-GAAP Ratios

    Operating netback per boe, is a non-GAAP ratio that the Company considers to be a key measure as it demonstrates Parex’ profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback (calculated as oil and natural gas sales from production, less royalties, operating, and transportation expense) divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price and transportation expense per boe and by the total equivalent sales volume excluding purchased oil volumes for royalties and operating expense per boe.

    Funds flow provided by operations netback per boe or FFO netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by produced oil and natural gas sales volumes. The Company considers funds flow provided by operations netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices.

    Basic funds flow provided by operations per share or FFO per share, is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share. The Company considers basic funds flow provided by operations per share or FFO per share to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to the weighted average number of basic shares outstanding.

    Capital Management Measures

    Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The Company considers funds flow provided by operations to be a key measure as it demonstrates Parex’s profitability after all cash costs. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations $ 151,773     $ 157,839   $ 180,952     $ 481,032  


    Working capital surplus (deficit),     is a capital management measure which the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital surplus (deficit) defined as current assets less current liabilities.

     
      For the three months ended     For the nine months ended  
      Sep. 30,       Sep. 30,     Jun. 30,     Sep. 30,  
    ($000s)   2024       2023       2024     2024  
    Current assets $ 248,208     $ 240,559     $ 281,846   $ 248,208  
    Current liabilities   210,699       298,070       247,690     210,699  
    Working capital surplus (deficit) $ 37,509     $ (57,511 )   $ 34,156   $ 37,509  


    Supplementary Financial Measures

    “Oil and natural gas sales per boe” is determined by sales revenue excluding risk management contracts, as determined in accordance with IFRS, divided by total equivalent sales volume including purchased oil volumes.

    “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Net revenue per boe” is comprised of net revenue, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Production expense per boe” is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Transportation expense per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.

    “Dividends paid per share” is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

    Oil & Gas Matters Advisory

    The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

    This press release contains a number of oil and gas metrics, including, operating netbacks and FFO netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.

    Any reference in this press release to short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determination of the rates at which such wells will continue production and decline thereafter and readers are cautioned not to place reliance on such rates in calculating the aggregate production of Parex.

    Distribution Advisory

    The Company’s future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of Parex and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that the Company will pay dividends or repurchase any shares of the Company in the future.

    Advisory on Forward Looking Statements

    Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, “forecast”, “guidance”, “budget” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. Such statements represent Parex’s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

    In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to: the Company’s focus, plans, priorities and strategies; average production guidance and capital expenditure guidance; expectations and plans regarding the Cabrestero and LLA-34 blocks, the LLA-32 block, Northern Llanos – Capachos, the Arauca-81 well, and Llanos Foothills – LLA-122; the anticipated terms of the Company’s Q4 2024 regular quarterly dividend, including its expectation that it will be designated as an “eligible dividend”; and the anticipated date and time of Parex’s conference call to discuss Q3 2024 results.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; the risk that Brent oil prices may be lower than anticipated; the risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities may not be consistent with its expectations; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes; the risk that Parex may not be responsive to changes in commodity prices; the risk that Parex may not meet its production guidance for the year ended December 31, 2024; the risk that Parex’s 2024 capital expenditures may be greater than anticipated; the risk that plans and expectations related to Parex’s drilling program as disclosed herein do not materialize as expected and/or at all; the risk that Parex may not be able to increase production into year end; and other factors, many of which are beyond the control of the Company.

    Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources to pay dividends and acquire shares pursuant to its NCIB in the future; that Parex is able to execute its plans with respect to the Company’s drilling program as disclosed herein; and other matters.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    This press release contains information that may be considered a financial outlook under applicable securities laws about the Company’s potential financial position, including, but not limited to; Parex’s FY 2024 capital expenditure guidance and midpoint capital expenditure guidance; Parex 2024 guidance, including anticipated Brent crude oil average prices, funds flow provided by operations netback; funds flow provided by operations, capital expenditures, free funds flow; and the anticipated terms of the Company’s Q4 2024 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

    The following abbreviations used in this press release have the meanings set forth below:

    bbl   one barrel
    bbls   barrels
    bbl/d   barrels per day
    boe   barrels of oil equivalent of natural gas; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
    boe/d   barrels of oil equivalent of natural gas per day
    mcf   thousand cubic feet
    mcf/d   thousand cubic feet per day
    W.I.   working interest
     

    PDF available: http://ml.globenewswire.com/Resource/Download/036d688c-0a1e-4b88-a59e-ea8a6ec811a7

    The MIL Network –

  • MIL-OSI China: World Urban Forum participants praise China’s efforts to promote urban greening

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

    CAIRO, Nov. 5 — Participants at the 12th session of the World Urban Forum (WUF12) in Egypt on Tuesday spoken highly of the Chinese experience in promoting green cities.

    “The Chinese steps towards urban greening, with much focus on promoting the concept of nature in cities, are noticeable,” said Simon Borelli, urban forestry officer and coordinator of Green Cities Initiatives Forestry Division of the UN Food and Agriculture Organization.

    “Looking at recreating natural ecosystems, and not just rows of trees and plantations, is an essential step forward for making cities more resilient and more prepared for climate change,” he added, stressing that China has been working on building park cities with a more holistic view.

    Noting China’s focus on improving urban living, the coordinator said its experience could benefit Africa, home to the largest number of developing countries.

    Shi Nan, secretary general of the Urban Planning Society of China, said, “We are trying to share our experiences and also the lessons regarding sustainable development.”

    “The city is not only … a settlement for people, but also the home for animals, forest, trees, and grasses,” he said.

    Regarding Egypt’s urban development, Shi said he was impressed by Egypt’s rich civilization, which has played a significant role in the country’s urban growth.

    There is significant potential for cooperation between China and Egypt, both of which boast ancient civilizations, he added.

    Co-organized by the United Nations Human Settlements Programme (UN-Habitat) and the Egyptian government, the WUF12 commenced on Monday and will continue until Friday.

    MIL OSI China News –

  • MIL-Evening Report: US presidential election holds high stakes for Pacific relations

    PMN Pacific Mornings

    With Election Day for one of the most consequential United States presidential races in recent history underway, Pasifika communities on both sides of the Pacific Ocean are considering how a new administration could impact US-Pacific relations.

    Roy Tongilava, a public policy professional and Pacific community advocate in the United States, hopes to see improved US-Pacific relations under either a Harris or Trump administration.

    “I’m not an expert in foreign affairs, but my hope would be that either a presidency under Harris or under Trump would continue to build those relations, to build those investments, to really help not only combat climate change but also to really aid in the Pacific development, which is inherently connected to what I believe is the Pacific Islander American experience,” he said.

    Pacific commentators Roy Tongilava (left) and Christian Malietoa-Brown . . . interviewed by Pacific Media Network’s Pacific Mornings programme. Image: PMN

    New Zealand political commentator and former chair of the National Party’s Pacific Blues group, Christian Malietoa-Brown, is backing Donald Trump in the presidential race.

    He says the Pacific is caught in a “tug-of-war” between major powers like the US and China, with Australia playing an increasingly significant role.

    “For me, I think in terms of long-term investment, Trump likes to prevent war by showing strength . . .  I think they [the US] will strategically put some investments here just because they don’t want China running around too much in this area for defence reasons.

    “Under the Biden administration, we saw record investment down this way in the Pacific region, obviously to try and push away China’s influence in the region,” Malietoa-Brown says.

    Picking a big player
    “So you have China, you have America, you have Russia, you have India that’s coming up big,” Malietoa-Brown said.

    “And if I had to pick a big player to be in charge of the world, I would pretty much stick to America as it is right now, because that’s the devil we know, rather than someone else that we don’t know. And that’s probably purely a selfish thing.”

    Tongilava agrees that the Joe Biden administration has been positive for the Pacific region in terms of investment.

    “The Biden administration has pumped record investment into the Pacific to a number of things, infrastructure, education, all of that. Ultimately, though, to try and cool off and push away China’s advances towards this region.

    “We’ve seen Vice-President Harris during her time as Vicep-President really commit to climate change as well as building relations within the Pacific region,” he said.

    Education concerns
     For Tongilava, who is part of the South Pacific Islander Organization (SPIO), a nonpartisan non-profit organisation that champions education and workforce development for Pacific youth, this election has serious implications for youth.

    “Our mission is laser focused on enhancing college access, college retention, and degree completion for Native Hawai’ian and Pacific Islander students throughout our college systems,” Tongilava said.

    “A lot of our work has focused on expanding educational opportunity and workforce development for young Pacific Islander students.

    “In terms of education, I think it is crucial that Pacific Islanders turn out today in support of the policies specifically that may hinder or create opportunity for their families and for their communities,” Tongilava said.

    He said it was crucial that Pacific Islanders vote in support of the specific policies that might hinder or create opportunities for their families and their communities.

    Tongilava is concerned about Trump’s proposal to dismantle the US Department of Education, noting that such a move would disproportionately harm communities like the Pacific Islanders, who often rely on federal support for educational programmes.

    “This raises additional questions around what role does the federal government play within our school systems here within states and at the local level. For many Pacific Islander Americans, we live in under-resourced communities,” Tongilava said.

    Republished from Pacific Media Network with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: RGA Statement on Vermont Gubernatorial Election

    Source: US Republican Governors Association

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    WASHINGTON, D.C. – Republican Governors Association Chair and Tennessee Governor Bill Lee issued the following statement congratulating Governor Phil Scott on winning re-election in Vermont:

    “Governor Phil Scott’s leadership continues to make a real difference in the lives of Vermonters. His commitment to growing the economy, making Vermont more affordable, and protecting the most vulnerable has earned him overwhelming support across the state. From investing in workforce development to addressing the opioid crisis, Governor Scott has consistently put the people of Vermont first.

    “Governor Scott’s hands-on approach and dedication to community service reflect the values that Vermonters hold dear. The RGA is proud to congratulate Governor Scott on his re-election victory and looks forward to supporting his continued efforts to keep Vermont on the path of prosperity.”

    ###

    MIL OSI USA News –

  • MIL-OSI Australia: Australians are traumatised by Middle East horrors. They deserve the facts

    Source: Australian Government – Minister of Foreign Affairs

    Many Australians are understandably traumatised by the past year in the Middle East. Every day, we see more unbearable scenes. The terrorist attack by Hamas on October 7, 2023: the worst loss of Jewish life in a single day since the Holocaust, and almost 100 hostages still held. And in Israel’s response: 42,000 Palestinians killed – including more than 13,000 children. About 2 million facing starvation.

    While this conflict might be far away, it is close to many in Australia. Some have lost family – or have loved ones in danger. Communities connect with different sides in this conflict.

    The Middle East’s contested history helps explain these divergent perspectives. Those who know the imperative of Israel for the Jewish people’s survival. Who feel October 7 as part of the long shadow of antisemitism; the abomination of the Holocaust and millennia of Jewish persecution. And those who know the dispossession of the Palestinian people; the failure of the international community to honour the 1947 promise made for a Palestinian state when Israel was established. Who feel that the loss of Muslim and Arab lives has been too easily dismissed.

    These two experiences seem less reconciled than ever – and they are intensified in a debate often framed by incorrect information.

    For example, people continue to demand Australia call for a ceasefire in Gaza. Yet, it’s nearly 11 months since Australia voted for a ceasefire with 152 other countries at the United Nations General Assembly. While some don’t hear our condemnation of Israel Defence Forces’ attacks on civilians or aid workers, others wrongly claim we enable Hamas by insisting Israel follow the rules of war.

    As the conflict spread to Lebanon, Opposition Leader Peter Dutton said Australia was isolated by calling for a ceasefire there – when we did so with dozens of other countries. And despite that call, I am asked when Australia will stop bombing Lebanon. We never started.

    These examples show what happens when certain politicians and media make false claims in bad faith – and when people shout over each other rather than listen to each other. I understand people want their government to make this war end. But this isn’t Vietnam or Iraq – Australia is not contributing to the war. Nor are we supplying weapons for it.

    There is a big difference between Australia wanting to end this war and being able to do it on our own. Our only hope is in being active in the international community. As long as this war goes on, we will keep partnering to deliver aid, uphold international law and drive towards peace.

    As well as our co-ordinated calls for ceasefire and the release of hostages, we act in concert with other donors to provide lifesaving aid. Australia has committed more than $90 million in humanitarian assistance to support civilians impacted by conflicts in Gaza and Lebanon. We have also doubled our annual funding to the United Nations Relief and Works Agency (UNRWA).

    I’m leading an influential group of countries to create a global Declaration on the Protection of Humanitarian Personnel. We are building a coalition for the safety of aid workers who provide the food, water and medicine that civilians need to survive.

    Australia works with Canada, New Zealand and other supporters of international law, including by backing the independence of the International Court of Justice and the International Criminal Court. International law includes the UN Charter that allows countries to defend themselves – and the Geneva Conventions that protect civilians during wars. Palestinian civilians cannot pay the price of defeating Hamas.

    Australia has joined a large number of countries in condemning and sanctioning Hamas, Hizballah and others for their terrorism. Just as we have partnered in sanctioning Israeli extremist settlers for their violence against Palestinians in the West Bank.

    We work with others because going it alone gets us nowhere in the Middle East. But you wouldn’t think that listening to somepoliticians. Peter Dutton demands I do what no other country has done: say the rules don’t apply to Israel. And the Greens demand I apply sanctions to Israel that no other country has applied. When Australia applies sanctions, we co-ordinate with partners. That’s what makes them effective.

    These two ends of the political spectrum repeat absolutist positions we see overseas in order to recklessly reproduce the conflict in our diverse society and exploit distressed Australians. All-or-nothing demands do nothing to end the Middle East cycle of violence.

    That can only happen when the promise of two states is fulfilled. Frustratingly, this seems a distant prospect. It is bitterly opposed by Hamas, which seeks to end the Jewish state. It is also not supported by many in the Netanyahu government. But Israel’s own long-term security requires it, and Palestinians have a right to self-determination.

    Australia was one of 143 countries to vote in support of Palestinian aspirations for full membership of the UN – where we have also called for a timeline for the international declaration of Palestinian statehood.

    On our own, we have little leverage to move the dial in the Middle East. That’s why our approach centres on building international support with other countries that want to end this war.

    Originally published in The Sydney Morning Herald and The Age on Wednesday, 6 November 2024. 

    MIL OSI News –

  • MIL-OSI Security: FBI Statement on Bomb Threats to Polling Locations

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

    The FBI is aware of bomb threats to polling locations in several states, many of which appear to originate from Russian email domains. None of the threats have been determined to be credible thus far.

    Election integrity is among the FBI’s highest priorities. We will continue to work closely with our state and local law enforcement partners to respond to any threats to our elections and to protect our communities as Americans exercise their right to vote.

    As always, we urge the public to remain vigilant and report suspicious activity to state or local law enforcement, or submit tips to the FBI at 1-800-CALL-FBI (1-800-225-5324) or online at tips.fbi.gov.

    MIL Security OSI –

  • MIL-Evening Report: 5 Indian films from the 2024 Adelaide Film Festival that blew me away

    Source: The Conversation (Au and NZ) – By Yanyan Hong, PhD Candidate in Communication and Media Studies, University of Adelaide

    In The Belly of a Tiger/IMDB

    This year’s Adelaide Film Festival (AFF2024) had something truly exciting laying in wait: a spotlight on Indian cinema.

    While many people are familiar with Bollywood, most don’t know about the vast film industry that exists beyond it. And this is no small market; India is currently the most populated country in the world.

    This year’s festival delivered a variety of Indian films from regions and directors that remain underrepresented. From award-winning tales, to a poetic nature documentary, to a sweet coming-of-age story from the North East, the program promises to challenge and expand our understanding of what Indian cinema can offer.

    Of all the films I saw, these five spoke to me the most.

    All We Imagine As Light

    Payal Kapadia’s Cannes Grand Prix winner, All We Imagine as Light, was the film that I’d most looked forward to – and it turned out to be as dreamlike as its title promised.

    It’s an ode to the city of Mumbai, also known as India’s “dream-making factory” (and where Bollywood is based). Mumbai is where Indians from all states and of all languages come to fulfil their dreams.

    The story follows three female nurses, Prabha (Kani Kusruti), Anu (Divya Prabha) and Parvaty (Chhaya Kadam), who come to Mumbai looking for a better life. Yet they find themselves struggling to belong in a city that refuses to embrace them.

    As Kapadia explains: “The film is about not being able to see a way out when one is surrounded by darkness […] that hope doesn’t exist if you have never seen it.”

    Kapadia’s storytelling brings a kind of realism rarely seen in popular Indian cinema – not through larger-than-life spectacle or the resplendent city skyline, but through the quiet intimacy of shared apartments, poetry booklets, dinner dates, and small joys and defeats. It is simply soulful.

    The film blends themes of female solidarity and friendship with heavier topics such as religious differences, migrant struggles, language barriers and class divides – yet it feels as gentle as rain on skin.

    While some have critiqued the film for being too slow (and I admittedly felt this at times), this is exactly how Kapadia managed to turn a city with more than 21 million people into a place that feels completely lonely.

    Second Chance

    Unlike the vibrant image of India we’re so used to – full of colour, song and lively dances – Subhadra Mahajan’s black-and-white film Second Chance is nothing short of breathtaking.

    Set in the snowy peaks of Himachal Pradesh, the film follows 25-year-old Nia (Dheera Johnson) as she retreats to her family’s Himalayan holiday home after a painful breakup and the emotional toll of taking abortion pills. Mahajan captures the stark, quiet beauty of the Himalayan landscape, where time slows down and silence seems to heal.

    The film is shot among the snow-covered Himalayan mountains.
    Adelaide Film Festival

    There, she finds unexpected companions through Bhemi and Sunny. Bhemi, the gentle 70-year-old mother-in-law of the home’s caretaker, is played with a captivating authenticity by Thakra Devi, a local resident and non-professional actress. Sunny (Kanav Thakur) is Bhemi’s playful and curious 8-year-old grandson.

    At the top of the world, Second Chance crafts a beautiful and intimate space where we are invited to see that there’s always another chance to find oneself – a chance as infinite and expansive as the snow-capped peaks themselves.

    Nocturnes

    It’s rare to see films such as Second Chance, which are made in the Himalayas. But it’s even rarer to see an Indian nature documentary such as Nocturnes. The film follows a scientist named Mansi and her indigenous assistants as they chase down thousands of Himalayan moths (particularly Hawk moths).

    Directed by Anirban Dutta and Anupama Srinivasan, Nocturnes captures the hypnotic rhythms of field study (something that particularly resonates with me as a researcher).

    Fluttering wings and insect trills create a serene soundscape. The close-ups of the moths – their textures, patterns and slight vibrating movements – are fascinating to observe – as the the wider shots of the scientists’ glowing setup in the darkened forest, which drew me in like a moth to light.

    Nocturnes is a thoughtful, meditative film that reminds us of how our destruction of the climate can impact these ancient residents of Earth. As the voiceover reminds is, “we most likely cannot survive what the moths have been through.”

    Boong

    Right from the opening scene, Boong pulled me in with unexpected laughs. The titular character Boong (Gugun Kipgen) is a schoolboy who, along with his best friend Raju (Angom Sanamatum), embarks on a risky journey along India’s militarised eastern border to bring Boong’s absent father back home.

    In one scene, the playful prankster, Boong, aims his slingshot at his school’s entryway sign.
    IMDB

    As they make their way, we’re treated to views from Manipur, India’s North East state near Myanmar, which we rarely see in mainstream Indian cinema. Boong itself tips its hat to Bollywood a few times, such as when Raju shows his excitement upon hearing the song Lungi Dance from the Bollywood blockbuster Chennai Express (2013), or when the the chief villager’s secret home cinema is adorned with Hindi film posters.

    Director Lakshmipriya Devi does a fantastic job showcasing the region’s vibrant yet complex culture. All the while, she highlights some surprising lesser-known facts, such as how Hindi films were banned in Manipur for years in the name of protecting local culture, language and the regional film industry.

    While Manipur’s cinematic potential is still largely untapped, Boong is a brilliant step.

    In the Belly of a Tiger

    Of the 23 films I saw at AFF2024, In the Belly of a Tiger was a precious gem that stayed with me.

    This multinational production (which just won the festival’s Feature Fiction Award) tells a heart-wrenching story of an elderly and desperately poor couple faced with an impossible choice: which one of them will go into the forest to be eaten by a tiger so the other can receive government compensation?

    It’s a deeply spiritual and painfully pragmatic exploration of power, sacrifice, love and hope.

    The symbolism of the film’s poster hints at its larger themes. Just as Hindu mythology posits the universe emerged from Lord Vishnu’s navel, unfolding like the petals of a lotus, we see how fate, too, blossoms unevenly.

    The film’s poster signposts some of its larger themes.
    IMDB

    In the film, a poor family in a remote village longs for a better life in the next world, holding tightly to memories of young, innocent love.

    Shooting in Hindi, and featuring mostly non-professional actors, In the Belly of a Tiger is both authentic and ambitious. Indian director and cinematographer Jatla Siddhartha collaborated with some of the biggest names in cinema to bring the story to life, including multiple Oscar-winning sound designer Resul Pookutty (who also worked on Slumdog Millionaire).

    The music is composed by Japan’s Umebayashi Shigeru, known for his work on Wong Kar-wai’s In the Mood for Love (2000) and The Grandmaster (2013). Shigeru’s melodies bring an emotional and magical tone to what is, at its heart, a truly Indian story.

    More dreams to share

    The films I’ve highlighted here represent some of the most exciting and thought-provoking works coming out of India today.

    While the Mumbai-based Bollywood industry is undeniably a huge part of Indian culture, it’s only one piece of the puzzle. These films paint a far richer and more diverse portrait of India, its people, its struggles and its beauty.

    They also showcase a glorious future for Indian cinema – one which promises to carry the dreams of a nation eager to share its stories with the world.

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

    – ref. 5 Indian films from the 2024 Adelaide Film Festival that blew me away – https://theconversation.com/5-indian-films-from-the-2024-adelaide-film-festival-that-blew-me-away-242118

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Taikonauts to conduct in-orbit experiments on fruit flies

    Source: China State Council Information Office 2

    The newly launched Shenzhou-19 taikonauts have embarked on their six-month journey aboard China’s space station. Their packed schedule includes 86 sci-tech experiments, with a particularly intriguing one – the fruit fly research, aimed at studying the growth and behaviors of these insects at a distance of 400 km above Earth.
    The fruit fly is one of the model species frequently used in genetic experiments. It is small, measuring only 3 to 4 mm in length, and has a short life cycle with fast reproduction capabilities, enabling it to produce a large number of offspring within a short period, according to Zhang Wei, a researcher involved in the selection of in-orbit scientific experiments, at the Technology and Engineering Center for Space Utilization under the Chinese Academy of Sciences.
    “The genes of fruit flies share many similarities with those of humans, so the study can help with understanding human genetic diseases and provide insights into how humans adapt to space environments,” Zhang said in a recent interview.
    He also noted that future space research plans will involve conducting experiments on mice, which are more complex life forms compared to fruit flies.
    “We have planned to send mice to space for breeding on an animal platform. And some lab mice in space may be brought back to Earth for further study, which will focus on their nerves, bones, muscles and immunity,” the researcher added.
    This is the first time that China has taken the small insects into space, and the aim of the study seems to be exploring the deeper universe.
    According to scientists, Earth provides a magnetic field as a basic guarantee for our daily lives, but Mars does not possess similar strong magnetic protection and the moon has none at all. Understanding how the human body responds to such an environment remains a major challenge in space exploration.
    “So we have to conduct relevant research in advance, creating a sub-magnetic environment and observing how the fruit flies develop, grow and behave,” Zhang said.
    China launched the Shenzhou-19 (Magical Ship) crewed spaceship on Oct. 30, sending three taikonauts, two male and one female, to its orbiting space station Tiangong (Heavenly Palace) for a half-year stay. The trio in mid-November will witness the arrival of Tianzhou-8 (Sky Ship) cargo craft, which will send up supplies and experiment payloads, including the sub-magnetic facility with fruit flies, according to the researcher.
    The previous Shenzhou-18 crew during their six-month mission also performed numerous experiments inside the national space lab, and one task was creating an “aquarium” and raising four zebra fish and four grams of goldfish algae in zero gravity, a breakthrough in the field of raising vertebrates in space.
    Not only the taikonauts found joy in the space “aquarium,” but it also paved the way for their future counterparts to enjoy nutritious fish from their own in-orbit harvests.
    According to scientists, the water, fish eggs and other experimental samples obtained through the space “aquarium” have been brought back to Earth with the crew on Monday. These samples will provide valuable data for scientists to study vertebrate lives.
    Besides life science experiments, the orbiting taikonauts will carry out research on materials, including rare earth soft magnetic materials, blade materials for gas turbines and special functional crystals. These findings will provide insights for developing advanced instruments on Earth.

    MIL OSI China News –

  • MIL-OSI China: Notable strides made in higher education

    Source: China State Council Information Office 2

    A student and family members pose for a photo at a national college entrance examination site in Shijiazhuang, north China’s Hebei Province, June 9, 2024. [Photo/Xinhua]
    In recent years, China has made remarkable strides in the development of its higher education system, particularly through the initiative of building world-class universities and disciplines with Chinese characteristics, Education Minister Huai Jinpeng said.
    The “Double First Class” initiative, which was launched to develop a set of world-class institutions and disciplines in China, has undergone two rounds of changes, Huai said when delivering a report which was submitted to an ongoing session of the Standing Committee of the National People’s Congress, China’s top legislature, for review on Tuesday.
    The first round identified 140 universities and 465 disciplines to be part of the initiative and the second round has added seven universities and 41 disciplines, with an emphasis on foundational and cutting-edge fields that are critical to the country’s development, according to the report.
    China has implemented programs for basic disciplines, establishing 288 elite student training bases, 14 national centers for talent development in mathematics and physics and 16 interdisciplinary research centers, aiming to contribute to significant advances in disciplines such as quantum science, materials engineering and space exploration, it said.
    Universities are evaluated based on their overall development and growth potential. Some top-tier institutions like Peking University and Tsinghua University are allowed to autonomously determine their own disciplines, creating a model for personalized growth, Huai said.
    Since 2016, China has invested over 166.7 billion yuan ($23.4 billion) in “Double First Class” universities to support the development of these institutions and their high-level research programs, the report said.
    Universities involved in the initiative have trained more than half of China’s master’s degree students and 80 percent of its doctoral students.
    Focusing on national strategic needs, 84 new undergraduate majors have been added, including interdisciplinary engineering, intelligent sensing engineering and carbon storage science, it added.
    However, the traditional academic structure in Chinese universities, which was based on departments and disciplines, limits the flexibility required to foster innovative, interdisciplinary talent, Huai said.
    “The model for talent development needs to evolve, with greater emphasis on integrating STEM or science, technology, engineering and mathematics, with the humanities, and on strengthening collaboration between education and industry,” he said.
    Moreover, China still faces challenges in producing leading-edge and disruptive innovations, particularly in fundamental research. The potential for universities to contribute more effectively to economic and social development has not been fully realized, and the commercialization of scientific discoveries remains insufficient, the report said.
    “There is still a gap when compared to top universities in developed countries,” Huai said. The ability to attract and retain global talent is a key challenge, as is China’s participation in global educational governance, especially in cutting-edge fields like artificial intelligence, he said.
    There is an urgent need to refine the criteria for evaluating disciplines, particularly for interdisciplinary studies and social sciences. The lack of a clear, characteristic development model for “Double First Class” universities further complicates the process of building distinct, world-class institutions, according to the report.
    In response to these challenges, a more tailored evaluation system should be developed, focusing on contributions to society, especially in areas such as ideological leadership, national security and social stability, Huai said.
    To cultivate top talent, China should strengthen early identification of potential innovators and foster a more integrated talent development model that combines research with education, according to the report.
    Special emphasis should be placed on developing engineers, professionals in emerging fields, and interdisciplinary researchers. Improving core curriculum and integrating research breakthroughs into teaching will help nurture a new generation of world-class talent, it added.
    The ability to attract top international talent will be crucial to building globally competitive institutions, according to the report.

    MIL OSI China News –

  • MIL-OSI China: China leads in combating desertification

    Source: China State Council Information Office 2

    Workers plant Caragana seedlings at Baijitan national nature reserve of Lingwu, northwest China’s Ningxia Hui Autonomous Region, March 19, 2024. [Photo/Xinhua]
    With more than half of its reclaimable desertified land treated, China has taken the lead globally in achieving zero growth in land degradation and become the largest contributor to global afforestation, according to the National Forestry and Grassland Administration.
    Since 2012, China has seen its desertified land decrease by 4.3 million hectares, said Guan Zhiou, head of the administration, reporting to an ongoing session of the Standing Committee of the National People’s Congress, the country’s top legislature, on Tuesday.
    “This demonstrates a positive trend of overall improvement and accelerated enhancement,” he said.
    He credited the achievement to a series of concerted efforts by the country to promote initiatives aimed at controlling desertification, underpinned by the establishment of a robust and effective legal framework.
    Currently, the legal framework has included six national laws, including laws for sand prevention and control, as well as forest and wetland conservation, he noted, adding the 13 key provincial regions for desertification control have all enacted regional regulations on the issue.
    He highlighted the significant roles of a series of projects in tackling desertification, including the Three-North Shelterbelt Forest Program, which was launched in 1978.
    Thanks to these projects, 35.9 million hectares of desertified land have been brought under protection and 7.9 million hectares of such land have been effectively treated, he shared.
    Guan elaborated that within the expansive scope of the Three-North program spanning from northwestern to northeastern China, the forest coverage rate has risen significantly from approximately 12.4 percent to 13.8 percent. Moreover, effective measures have successfully controlled soil erosion on 61 percent of the affected land.
    He continued by noting that within the Yellow River Basin, the boundary delineating regions with and without vegetation cover has shifted approximately 300 kilometers westward. Due to these efforts, northern China has embraced a remarkable decrease in the number of days with severe sand and dust weather, he added.
    He also noted, however, China is still confronted with an arduous task to forge ahead with desertification control, considering the size of its desertified land and the severity.
    “Currently, there are 47.2 million hectares of desertified land that can be reclaimed across the country,” he said. “Of them, 22.2 million hectares remain untreated, mainly concentrated in the Three-North region and are all hard nuts to crack,” he said.
    The official vows a series of measures to advance the work, including incentivizing the public and enterprises to participate in desertification control.
    China will tap into different modes to encourage farmers and herdsmen to participate in desertification control, he continued.

    MIL OSI China News –

  • MIL-OSI China: Hong Kong sees brisk ETF trading in first 9 months

    Source: China State Council Information Office

    Hong Kong’s average daily turnover of ETFs reached 13 billion Hong Kong dollars (about 1.67 billion U.S. dollars) in the first three quarters of 2024, up 10 percent from the 2023 full-year average, local data showed on Tuesday.

    The increase widens to 32 percent when compared to the average in full year 2022, said Joseph Chan, acting secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region (HKSAR) government, at the ETF Summit 2024 hosted by the Hong Kong Exchanges and Clearing Limited (HKEX).

    Since launching the first ETF (Exchange-Traded Fund) in 1999, HKEX has become one of the largest and most active ETF exchanges in Asia, said Chan.

    The listing of Asia’s first ETF tracking the Saudi Arabian market in Hong Kong in November 2023 as well as the listing of two ETFs tracking Hong Kong stocks in Saudi Arabia last month will help diversify Hong Kong’s capital sources while boosting market liquidity, he said.

    About 200 ETF products are now listed in Hong Kong with a total market capitalization of 60 billion U.S. dollars, according to Wilfred Yiu, deputy chief executive officer of the HKEX Group.

    MIL OSI China News –

  • MIL-OSI China: US stocks advance on upbeat investors’ sentiment over US election

    Source: China State Council Information Office

    U.S. stocks surged on Tuesday as voters headed to the polls on Election Day, reflecting market optimism and hopes for a positive outcome in the election amid strong trading activity.

    The Dow Jones Industrial Average rose 427.28 points, or 1.02 percent, to 42,221.88. The S&P 500 added 70.07 points, or 1.23 percent, to 5,782.76. The Nasdaq Composite Index increased 259.19 points, or 1.43 percent, to 18,439.17.

    All of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and industrials leading the gainers by adding 1.83 percent and 1.67 percent, respectively. Materials posted the weakest growth, up by 0.20 percent.

    The presidential race between U.S. Vice President Kamala Harris and former President Donald Trump has great implications for U.S. stock markets in the coming years.

    Still, market players have different interpretations of the rally on Tuesday in regard to the 2024 general election.

    “I think it’s been betting on a Trump victory. I think that’s why you’ve seen today is such a strong move,” said Timothy Anderson, managing director with MND Partners, division of TJM Investments, LLC.

    Market participants have also been following betting markets and Trump’s chance of winning the presidential election topped 60 percent on the betting market, Anderson told Xinhua on the trading floor of the New York Stock Exchange.

    “My feel is clearly projecting the strong likelihood of a Trump win,” said Anderson.

    The cause of Tuesday’s rally could be “that they are feeling that today the poll is showing that Kamala is going to win. I think that’s where the rally comes from, but what we won’t know till tomorrow,” said Peter Tuchman, senior equity floor broker with TradeMas Inc.

    Tuchman told Xinhua that the market rally in the last four years is a function of the current administration though some Trump followers believe the rally in last month is a function of the atmosphere of a Trump win.

    As Americans head to the polls in a closely contested presidential race between Harris and Trump, investors are preparing for potential market volatility, especially given the possibility of delays or disputes in determining the final outcome.

    “There’s been a lot of hedging against potential uncertainty, potential drama out of Washington. We’ve seen that. And now as we’re at Election Day, we kind of are optimistic that maybe some of that can unwind,” said Ryan Detrick, chief market strategist at Carson Group.

    If Trump prevails in the presidential election, that could cause a dislocation in the market as he is seen as a wild card, said Tuchman.

    Tuchman noted that there’s plenty of uncertainty around the election and it’s not reflected in the market.

    The market is above this sentiment around politics and it’s never been a big factor, added Tuchman.

    “If it becomes a very, very contested election that gets dragged out in the legal system for a couple of weeks. I think the market would not like that… that would be one downside risk,” said Anderson.

    Anderson added if Harris wins the election, a lot of this anticipation trade would have to get unwound and “you might have a 4 percent to 8 percent correction.”

    Beyond the election, the Federal Reserve’s November policy decision is fast approaching, with Election Day adding another layer of significance. Fed Chair Jerome Powell is widely anticipated to announce a 25 basis point rate cut at the conclusion of the two-day meeting on Thursday.

    MIL OSI China News –

  • MIL-OSI China: Moves seen helping boost consumption

    Source: China State Council Information Office

    China’s recent introduction of a potent stimulus policy package, including dedicated efforts to shore up consumer spending, will provide massive opportunities for global businesses keen to tap into its super-sized market and facilitate the transition toward a consumption-led growth model, global executives said on Tuesday.

    In particular, the China International Import Expo, running from Tuesday to Sunday in Shanghai, will play a key role in scaling up imports of quality goods and services and boosting the country’s consumption upgrading, they said during the ongoing trade event.

    Noting the great confidence in China’s consumption landscape, Jean-Paul Agon, L’Oreal Group chairman, said that the optimism is rooted in China’s vision for modernization, especially driven by recent government initiatives.

    Both national and local authorities have rolled out policy measures to bolster consumer confidence and unlock the full potential of domestic demand, he said.

    Governmental stimulus is key to elevating consumer sentiment, and this significant support will be instrumental in upgrading consumption and driving high-quality development, he added.

    China has solidified its position as the world’s second-largest consumer market for several consecutive years, and the trend continues to hold strong this year, said Li Gang, director-general of the department of market operation and consumption promotion of the Ministry of Commerce.

    Consumption has remained the primary driving force for China’s economic development as the growth in consumption contributed 49.9 percent to GDP growth in the first three quarters, said the Bureau of National Statistics.

    “The future of consumption in China is full of potential. That is why we at L’Oreal firmly believe that the next China is China, and that investing in China is investing in our future,” Agon said.

    Notably, the CIIE has emerged as a critical channel for expanding imports of high-quality goods and services to cater to the growing demand of the Chinese people and create more development opportunities for enterprises from all over the world.

    This year’s expo has set new benchmarks, drawing the participation of 3,496 exhibitors from 152 countries and regions — the highest number represented in the event’s history.

    As China’s consumption-driven economic transformation continues to gain momentum, the CIIE has emerged as an indispensable gateway for international enterprises to showcase their latest innovations.

    Healthcare company Abbott has utilized the expo as a significant platform to showcase hundreds of its latest products over the years, with many of them successfully transitioning from exhibition items to commercially available goods.

    This year, the company is again leveraging the CIIE stage to debut dozens of new-to-market products, said Fanny Chen, vice-president of Abbott Core Diagnostics, adding that this will allow the company to better understand the evolving needs of Chinese consumers and tailor its products accordingly.

    Between January and September, the total number of new consumer products launched nationwide came in at 15.18 million, representing a 13.1 percent year-on-year growth, according to data from the State Administration for Market Regulation.

    The sheer size and growth potential of the Chinese market make it a highly attractive and strategic destination for any businesses looking to expand their global footprint, Chen said.

    Moreover, the expo will significantly enrich China’s supply-side and bring new development frontiers for the country’s enterprises, said Wang Wei, senior research fellow at the Institute of Market Economy, which is part of the Development Research Center of the State Council.

    The trade event brings together a vast array of premium global brands and service providers that will introduce a wide range of cutting-edge products, technologies and services from around the world, Wang said.

    MIL OSI China News –

  • MIL-OSI China: World leaders hail CIIE’s role in promoting trade, development

    Source: China State Council Information Office

    Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala delivers a video speech during the opening ceremony of the seventh China International Import Expo (CIIE) and the Hongqiao International Economic Forum at the National Exhibition and Convention Center (Shanghai) in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    Leaders from various countries and global organizations speak highly of the China International Import Expo’s (CIIE) role in promoting multilateral trade and common development.

    The seventh CIIE, running from Tuesday to Sunday in Shanghai, hosts 3,496 exhibitors from 129 countries and regions, as a world business gala.

    World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala noted that since joining the WTO in 2001, China has been a strong supporter of the organization and played a key role in building capacity for least-developed countries.

    “As geopolitical tensions intensify and signs of fracturing and fragmentation emerge in global trade and investment, it is crucial for political and business leaders around the world to collaborate on preserving and reforming the multilateral trading system to reflect the changing economic landscape,” she said.

    Rebeca Grynspan Mayufis, secretary-general of the United Nations Conference on Trade and Development, said China’s export and import activities have dramatic effects “even very far from its shores.”

    The expo sent a message of openness that businesses worldwide can connect, forge partnerships, and contribute to a more prosperous and interconnected global economy, she said.

    The CIIE offers companies worldwide, regardless of their sizes, a platform to showcase their capabilities and attract new investments, said Malaysian Prime Minister Anwar Ibrahim.

    Multinational cooperation for free trade and sustainability should serve as a tool to actively advance global progress, rather than as a means to suppress competition, promote unfair advantages, or create conflict, he said.

    Calling the CIIE a platform to support international trade development, cooperation, and new types of global partnerships, Denisa Sakova, deputy prime minister and minister of economy of the Slovak Republic, said her country has benefited greatly from participating in the expo, a place to showcase best and latest products and innovations to Chinese consumers.

    The CIIE has become an important platform for strengthening international economic integration, said Kazakh Prime Minister Olzhas Bektenov. For Kazakhstan, the expo helps to expand international cooperation with foreign partners and offers new opportunities for distributing Kazakh goods in international markets.

    Uzbekistan is taking advantage of opportunities such as the CIIE and striving to promote its position in the rapidly growing and attractive Chinese market, which will definitely deepen cooperation and development in trade, economy, investment, and other areas, said Uzbek Prime Minister Abdulla Aripov.

    Serbian Prime Minister Milos Vucevic said that as a platform for enterprises, people, and cultures to come together from around the world, the CIIE fosters not only business and commerce but also friendship and mutual understanding.

    MIL OSI China News –

  • MIL-OSI China: Israel’s Netanyahu fires defense minister amid conflict

    Source: China State Council Information Office

    Israeli Prime Minister Benjamin Netanyahu announced on Tuesday that he has dismissed Defense Minister Yoav Gallant, citing their differences over security matters.

    In a termination letter made public by Netanyahu’s office, the prime minister informed Gallant that his term would end within 48 hours.

    In a video statement, Netanyahu said, “Over the past few months, the trust between the Defense Minister and me has eroded. Significant differences emerged regarding the management of the (military) campaign, accompanied by statements and actions that contradicted government and cabinet decisions.”

    Netanyahu added that this crisis “does not allow for the proper continuation of managing the (military) campaign.”

    Israel Katz, Netanyahu’s close associate and Israel’s current foreign minister, will replace Gallant. The decision was met with widespread criticism due to Katz’s limited senior military experience.

    The Hostages and Missing Families Forum, a group representing families of hostages held by Hamas in Gaza, released a statement saying the move is part of Netanyahu’s efforts to thwart a potential hostage deal. The group noted that Gallant had supported a hostage-for-ceasefire exchange, emphasizing that Israel has met its objectives in Gaza, while Netanyahu continues to call for the conflict’s continuation until “total victory” over Hamas.

    The current dispute between Netanyahu and Gallant centers on the conscription of ultra-Orthodox men into the Israeli Defense Forces (IDF).

    Traditionally, this group has been exempt from mandatory military service, a status quo staunchly defended by ultra-Orthodox parties, which are key partners of Netanyahu’s far-right coalition. In contrast, Gallant advocates for their enlistment, citing a pressing need for additional manpower amid ongoing conflicts. Earlier on Tuesday, Gallant authorized the drafting of 7,000 ultra-Orthodox men into the IDF.

    MIL OSI China News –

  • MIL-OSI China: China’s top legislator holds talks with Hungarian official

    Source: China State Council Information Office

    Zhao Leji, chairman of the National People’s Congress Standing Committee, holds talks with Laszlo Kover, Speaker of the Hungarian National Assembly, at the Great Hall of the People in Beijing, capital of China, Nov. 5, 2024. [Photo/Xinhua]

    China’s top legislator Zhao Leji held talks with Laszlo Kover, speaker of the Hungarian National Assembly, in Beijing on Tuesday.

    Zhao, chairman of the National People’s Congress (NPC) Standing Committee, said this year marks the 75th anniversary of the establishment of diplomatic ties between China and Hungary, and in May, the two sides elevated bilateral relations to an all-weather comprehensive strategic partnership for the new era.

    China is willing to work with Hungary to implement the important consensus reached by the leaders of the two countries, consolidate the momentum of high-level exchanges, enhance strategic communication and cooperation, and embark on a new chapter of practical cooperation, jointly creating a bright future, Zhao added.

    Zhao also expressed China’s willingness to strengthen policy communication with Hungary in various fields, deepen high-level political mutual trust, firmly support each other’s core interests, and consolidate the political foundation of China-Hungary friendship.

    The Chinese side is willing to promote a deep synergy of the Belt and Road Initiative (BRI) with Hungary’s “Opening to the East” policy, accelerate the construction of the Hungary-Serbia railway, and expand cooperation in emerging areas such as clean energy, digital economy, and artificial intelligence, to comprehensively elevate the level of cooperation, said Zhao.

    Noting that China’s NPC and the Hungarian National Assembly have maintained a long-standing and good relationship, Zhao said the two sides should further strengthen exchanges and interactions at different levels, to enhance mutual understanding, trust, and friendship. He also called on the legislative institutions of the two sides to strengthen coordination and cooperation in multilateral forums, promoting global governance that is more conducive to maintaining world peace and international fairness and justice.

    Kover said Hungary firmly adheres to the one-China principle and is willing to seize the opportunity of the 75th anniversary of the establishment of diplomatic relations to strengthen cooperation with China in various fields, including jointly building the BRI, promoting economic and trade investment, Hungary-Serbia railway construction, and people-to-people exchanges, to contribute to the cooperation between Central and Eastern European countries and China, as well as the development of EU-China relations.

    The Hungarian National Assembly is committed to enhancing friendly exchanges with China’s NPC, to make active contributions to the development of bilateral relations, Kover added.

    MIL OSI China News –

  • MIL-OSI Security: FBI Statement on Additional Inauthentic Uses of Bureau Name, Insignia in Promoting False Election-Related Narratives

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

    Today, the FBI was made aware of three instances of its name and insignia being misused to promote false narratives surrounding the election. These three instances are the latest in a series of fabricated videos and statements falsely attributed to the FBI designed to mislead the American public.
     
    The first is a fabricated FBI written statement warning media and bloggers against publishing information about violence at polling stations. The false statement claims active dissemination of information about attacks at polling stations may provoke a spontaneous increase in such incidents and that withholding such information would ensure the safety of U.S. citizens. This statement is not authentic, is not from the FBI, and its contents are false.
     
    The second is a fabricated video impersonating the FBI and a United States government agency purportedly providing a joint statement suggesting schools suspend educational activities through November 11, claiming that “the risk of school shooting and riots has increased significantly” because of the U.S. election. The fake video further states, to avoid casualties, schools should switch to distance learning or temporarily cancel classes. This video is not authentic, is not from the FBI, and its contents are false.
     
    The third is a fabricated video claiming the FBI received “9,000 complaints about malfunctioning voting machines.” It further states that the machines were found submitting votes for a specific candidate. This video is also not authentic, is not from the FBI, and its contents are false.
     
    Election integrity is among our highest priorities, and the FBI is working closely with state and local law enforcement partners to respond to election threats and protect our communities as Americans exercise their right to vote. Attempts to deceive the public with false content about FBI threat assessments and activities aim to undermine our democratic process and erode trust in the electoral system.   
     
    The FBI encourages everyone to seek election and voting information from reliable sources, such as your local election office. And if you suspect criminal activity, we ask that you report that information to state or local law enforcement or by contacting the FBI at 1-800-CALL-FBI (225-5324), or by submitting a tip online to tips.fbi.gov.

    MIL Security OSI –

  • MIL-OSI New Zealand: Release: Winston Peters must apologise

    Source: New Zealand Labour Party

    The Deputy Prime Minister should apologise to the public servant he named and blamed for something they did not do, and for misusing the rules of Parliament.

    “Parliament has standards, and Winston Peters fell well short of those,” Labour Leader Chris Hipkins said.

    “The Speaker has today ruled that the Deputy Prime Minister’s use of a personal statement misused the rules of the House.

    “Yesterday, the Prime Minister Christopher Luxon had to apologise for again bringing a public servant into the debate, despite that person having done nothing wrong. Christopher Luxon should be ashamed of the position he has taken on this.

    “Winston Peters has no evidence of wrongdoing, because there isn’t any. The person he has accused of wrongdoing cannot speak back, is part of a politically neutral public service and has declared the conflict of interest.

    “Winston Peters should personally apologise to them, and to the House,” Chris Hipkins said. 

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

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Speech by SJ at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong (English only)

    Source: Hong Kong Government special administrative region

    Speech by SJ at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong (English only)
    Speech by SJ at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong (English only)
    ******************************************************************************************

         Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong today (November 6): Distinguished guests, ladies and gentlemen,      It is a great pleasure to see you all again on day three of Hong Kong Legal Week 2024. After two days of fruitful discussions on issues relating to international law, today we will put our focus back on Hong Kong, in particular, our alternative dispute resolution (ADR) services. Today’s theme is “Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong”.           Hong Kong takes pride in our world-class ADR services and legal talents. It is immensely encouraging that in the latest World Competitiveness Yearbook 2024, Hong Kong ranks fifth globally as the most competitive economy, and, most importantly, ranks first in the sub-topics of “Business Legislation” and “International Trade”. In the recent “Business Ready 2024 Report” published by the World Bank Group, Hong Kong ranks eighth in the topic of “Dispute Resolution” among the 50 economies covered.           In recent years, the Government has formulated a comprehensive set of policy initiatives, which aim at deepening the mediation culture in Hong Kong. At present, mediation clauses are not mandatory in government contracts but various forms of such clauses can be found in some of them. Resolving disputes through mediation can save public funds, achieve early resolution of disputes and lessen the burden on our courts. There have been a multitude of successful instances of mediation involving the Government, from personal injuries cases, construction works disputes, adverse possession claims to medical negligence cases. Against such a background, it was first mentioned in the Chief Executive’s 2023 Policy Address and repeated in “The Chief Executive’s 2024 Policy Address” that the Government will take the lead, and incorporate mediation clauses in government contracts, while encouraging private organisations to incorporate similar clauses in their contracts. The key effect of including such clauses is that, if any dispute arises, the parties are obliged to try to resolve it by mediation first, and will resort to arbitration or litigation if, but only if, mediation fails.           Taking the opportunity of today’s event with a strong emphasis on mediation, I am very pleased to announce that today, the Government will formally issue a policy statement on the incorporation of mediation clauses in all government contracts. The policy statement is a confirmation of the Government’s commitment to use mediation to resolve contractual disputes. Upon the taking effect of the policy, the Government will incorporate mediation clauses in all future government contracts; and departure from that policy will need to be justified by exceptional circumstances, for example, the existence of an inconsistent statutory provision. Supporting and monitoring mechanisms to be provided by the Department of Justice to other policy bureaux and departments will be put in place to ensure the smooth implementation of this policy. Through this policy, we do not only aim at ensuring that contractual disputes involving the Government may be resolved in a flexible, economical and time-saving manner. We also hope that, with the Government taking the lead, the policy will also encourage the private sectors to follow suit, contributing to the cultivation of a mediation culture in Hong Kong and bringing more harmony and peace to society.            With this policy initiative in mind, I would like to introduce our three panels and distinguished speakers for today’s event. The first panel discussion this morning, entitled “Mediation in Action: Harmony and Peace for All”, will cover how mediation can be used effectively in various sectors of the community, for instance, in areas of family disputes, civil claims, improving relations between citizens and government departments, and not simply for resolving the disputes but, more importantly, to foster a culture that embraces mutual respect, harmony and inclusiveness.           The Government has always been a staunch supporter of mediation for the community. Since 2009, we have launched the Mediate First Pledge campaign to encourage the use of mediation as the first step to resolve disputes. The Mediate First Pledge is a non-legally binding commitment by pledgees to first explore the use of mediation to resolve disputes before resorting to other means of dispute resolution. At present, over 900 companies, organisations and individuals coming from different sectors have signed the pledge. The biennial Mediation Week and Mediation Conference, coupled with the Mediate First Pledge Event, are our flagship events to explore and promote wider use of mediation to resolve disputes in Hong Kong. The last one was just held a few months ago in May this year.           A very significant event about mediation with global significance took place in Hong Kong on October 17, less than a month ago. On that day, the four-day Fifth Session of the Elaboration of the Convention on the Establishment of The International Organization for Mediation (IOMed) was concluded. Representatives from various countries completed negotiations on the Convention at that session and decided that the signing ceremony for the Convention will be held in Hong Kong in 2025. The IOMed is the first intergovernmental international legal body dedicated to settling international disputes by mediation. With the support of our motherland China and the agreement of other state parties, it was agreed that the headquarters of the International Organization for Mediation will be established in Hong Kong in 2025. This represents a strong vote of confidence in Hong Kong and a clear acknowledgement from the international community of Hong Kong’s status as an international dispute resolution centre. I am delighted that Dr Sun Jin, Director-General of the International Organization for Mediation Preparatory Office, will deliver a keynote speech before lunch today.           Later this afternoon, we will discuss ADR in the context of artificial intelligence (AI). While there is no doubt that the use of AI may enhance the efficiency in resolving disputes, it is vital to ensure that the integrity of the dispute resolution process will not be compromised by the misuse of AI, whether intentionally, negligently or even inadvertently. Our distinguished speakers will consider the opportunities and risks associated with the use of artificial intelligence in ADR. They will also discuss the adoption of lawtech by Hong Kong practitioners, the benefits of lawtech in improving legal services and enhancing access to justice.           Our last panel of today’s event is on sports disputes. As stated in “The Chief Executive’s 2024 Policy Address”, with our thriving development of sports activities and the industry, sports disputes have become increasing complicated. Hence, Hong Kong will explore establishing a sports dispute resolution system and promoting sports arbitration. In this session, our speakers will share their experiences and insights regarding the demand, application, effectiveness and challenges of sports ADR.           To round up today’s events, we will have the 2024 Hong Kong Mediation Lecture at the office of Herbert Smith Freehills this evening. Professor Shahla Ali, through her perspective as a mediator with the World Bank and the Energy Community Panel, would explore the unique challenges and opportunities involved in the use of mediation in deals relating to natural resources, particularly in the Belt and Road Initiative, and how mediation can contribute to ensure that energy and natural resources agreements are environmentally sustainable and foster collaborative approaches.           While today’s programmes are focused on mediation, we must not forget that Hong Kong has always been promoting and expanding our arbitration services proactively not just in Hong Kong but also the Mainland and other countries. Two examples would suffice. First, the Hong Kong Arbitration Week was just been held between October 21 and 25. Second, the Hong Kong International Arbitration Centre has recently announced its imminent opening of a Beijing office, being its second office in the Mainland since the opening of its Shanghai office back in 2015.           As I mentioned on different occasions previously, Hong Kong is an international legal dispute resolution centre in which numerous options, all of top quality, are made available to the parties to disputes. On this note, let me conclude by wishing you very fruitful exchanges and discussions in today’s sessions to come. Thank you very much.

     
    Ends/Wednesday, November 6, 2024Issued at HKT 11:15

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Growth expected to pick up after lull

    Source: China State Council Information Office

    China’s economy showed early signs of having bottomed out across the board in October, indicating that the country’s ramped-up efforts to revitalize domestic spending against external uncertainties are starting to yield effects, analysts said on Tuesday.

    They commented as data from media group Caixin pointed to the fastest expansion of services activity in three months while manufacturing activity resumed upward momentum, matching the improvements of official indicators.

    David Chao, global market strategist for the Asia-Pacific region (excluding Japan) at Invesco, said: “China’s leading economic indicators improved across the board for October, suggesting that the economy continues to regain momentum. This should translate into improving economic conditions and activity for the rest of the year.”

    A privately surveyed purchasing managers index for the services sector came in at 52 in October, up from 50.3 in September and marking the highest reading in three months, a Caixin report said on Tuesday. Any PMI reading above 50 indicates an expansion in activity.

    The reading fared better than 50.3 which many analysts had expected as the rate of expansion in new business inflows rose for the first time in four months following the launch of a series of policies to shore up the economy since late September.

    In October, the level of confidence among service providers rose to the highest since May, while selling prices stabilized after falling for two successive months. Service providers raised staffing levels for a second consecutive month, albeit marginally, the report said.

    The uptick in services activity came along with manufacturing activity resuming expansion in October, driven by renewed new business growth. The Caixin China General Composite PMI, covering both manufacturing and services activity, came in at 51.9 in October, up from 50.3 the previous month, marking the highest showing in four months.

    Also indicative of momentum recovery, the official composite PMI came in at 50.8 in October, up from 50.4 a month earlier, the National Bureau of Statistics said on Thursday.

    Wang Zhe, senior economist at Caixin Insight Group, said that the PMI surveys showed that market demand stabilized and optimism improved, which are early signs of the new policies’ impact, though the labor market remained under pressure while prices were still subdued.

    China is expected to further consolidate its policy support as the country’s top legislature is expected to approve additional fiscal support this week.

    Zhang Bin, deputy director of the Chinese Academy of Social Sciences’ Institute of World Economics and Politics, said China’s current round of countercyclical adjustments is ultimately aimed at promoting a robust recovery in overall income levels, which is key to further lifting consumption.

    The task of convincing consumers to spend more is deemed by analysts to be of particular importance against elevated external political and trade uncertainties and amid China’s pursuit of a more consumption-oriented growth model.

    While services providers polled by Caixin reported a solid increase in exports in October, export orders in the manufacturing sector remained in decline, though the rate of reduction eased. The official PMI survey showed that manufacturers’ new export orders contracted at a faster rate in October.

    MIL OSI China News –

  • MIL-OSI China: China shines on opening up, as world openness level degrades

    Source: China State Council Information Office

    Guests attend the press conference on World Openness Report 2024 and International Symposium on World Opening-Up during the 7th Hongqiao International Economic Forum in Shanghai, east China, Nov. 5, 2024. [Photo/Xinhua]

    The World Openness Index, gauging the openness levels of 129 economies from 2008 to 2023, shows that China remains one of the bright spots in a globally declining landscape of openness.

    The index was included in the World Openness Report 2024, which was released on Tuesday at the seventh Hongqiao International Economic Forum in Shanghai.

    In 2023, the World Openness Index stood at 0.7542, reflecting decreases of 0.12 percent compared to 2022, 0.38 percent compared to 2019, and 5.43 percent compared to 2008. This suggests an overall downward trend in global openness.

    The index, first released in 2021, was compiled by the Institute of World Economics and Politics under the Chinese Academy of Social Sciences (CASS) and the Research Center for Hongqiao International Economic Forum.

    According to the report, the pace of economic globalization has continued to falter over the past year, with the world’s opening-up level “in deficit.”

    “Various forms of unilateralism and protectionism are on the rise, global economic growth is slowing down, many economies are increasing tariffs and non-tariff measures, geopolitical risks are intensifying, and combined with shocks such as the COVID-19 pandemic,” the report said, listing the major factors contributing to a less open global economy.

    Zhang Yuyan, an economist and academician of CASS, said that the number of global trade intervention measures exceeded 4,700 from 2020 to 2023, significantly higher than the levels before 2020.

    Economic sanctions are working against opening, imposing a negative impact on globalization, said Nobel laureate economist Christopher Pissarides at a symposium after the release of the report. “I hope they end soon, but I don’t quite see it,” he added.

    Despite these challenges, China is presented as one of the positive exceptions in the global landscape of openness, based on the data revealed by the report.

    China has made significant progress in expanding its opening-up. From 2008 to 2023, China’s openness index rose from 0.6789 to 0.7596, an increase of 11.89 percent, placing it among the top economies globally in terms of growth rate.

    “China’s opening up is a model for mutually beneficial engagement. In the current complex and ever-changing international landscape, events like the China International Import Expo (CIIE) have become shining symbols of China’s commitment to opening up,” said Qu Weixi, director of the Research Center for Hongqiao International Economic Forum.

    The report also underscores key areas of global cooperation that have emerged despite rising anti-globalization sentiment.

    Digital opening-up, environmental and climate governance, and the service sector are identified by the report as significant areas where international collaboration has gained momentum.

    These sectors present new opportunities for global growth and suggest the potential for a more interconnected and cooperative world economy in the face of rising protectionism, according to the report.

    “We hope the release of this report will spark more in-depth and widespread discussions about global openness. By fostering greater consensus and collective efforts, we can contribute to the development of an open global economy,” Qu said.

    MIL OSI China News –

  • MIL-OSI China: Tourism, culture help cement China-Tanzania ties: officials

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

    DAR ES SALAAM, Nov. 5 — Senior officials from the Chinese and Tanzanian governments have identified tourism and culture as two factors that helped cement ties between the two countries.

    A closing ceremony of the 2024 China-Tanzania Tourism and Culture Year and celebration of 60 years of diplomatic relations between the two countries was held in the port city of Dar es Salaam Monday night.

    Speaking at the event, the officials observed that tourism and culture not only helped stimulate economic development but also promoted people-to-people exchanges and understanding between the two countries.

    Lu Yingchuan, vice minister of culture and tourism in China, said cooperation between the two countries has reached new heights as more Chinese tourists visit Tanzania.

    “From exchanges of art performances, tourism promotions, food tasting, to the creation of artworks and personnel training, an array of diverse and colorful activities triggered a fresh surge of cultural and tourism exchanges and cooperation between our two countries,” Lu noted.

    Chen Mingjian, the Chinese ambassador to Tanzania, said China and Tanzania have a long history of rich culture and harmonious coexistence in a peaceful atmosphere.

    “At the same time, the number of Chinese tourists visiting Tanzania keeps on growing, with more than 54,000 of them visiting Tanzania between January and September this year,” she told the gathering that featured cultural performances from China and Tanzania.

    Pindi Chana, Tanzania’s minister for Natural Resources and Tourism, said China-Tanzania relations have continued to develop, with fruitful results in practical cooperation and rich cultural exchanges.

    “The development of tourism can not only drive growth and create jobs, but also promote consumption and stabilize confidence,” she told the gathering co-hosted by the Ministry of Culture and Tourism of China, the Chinese Embassy in Tanzania, and Tanzania’s ministries of Natural Resources and Tourism, Culture, Arts and Sports, and Foreign Affairs and East African Cooperation.

    The event was preceded by the “Nihao! China” China Tourism Promotion Conference, which was attended by tourism stakeholders from China and Tanzania. At this conference, they explained their experiences in the industry.

    The event also saw the relaunch of the film Amazing Tanzania, which was first launched in China in May 2024.

    The film starring Tanzanian President Samia Suluhu Hassan, Tanzania’s Zanzibari President Hussein Ali Mwinyi, and Chinese actor Jin Dong has served as a catalyst to attract more tourists from China to visit the East African nation, according to the African country’s Permanent Secretary in the Ministry of Natural Resources and Tourism Hassan Abbasi.

    MIL OSI China News –

  • MIL-OSI Global: What is ‘ballot curing’? Election expert explains the method for fixing errors made when voters cast their ballots

    Source: The Conversation – USA – By Paul Gronke, Professor of Political Science and Director, Elections & Voting Infomation Center, Reed College

    An imperfect signature on an absentee ballot can necessitate ballot ‘curing,’ when election workers verify the voter’s identity. Bill Oxford/iStock via Getty

    Most Americans used to vote on Election Day, and a small percentage of voters cast their ballots as absentee voters through the mail. That changed starting in the late 1970s, when some states began to allow no-excuse absentee voting and early in-person voting. Many more states chose to add these methods after the 2000 election, and by 2022, 60% of votes were cast in person at a polling place on Election Day, 21% were cast by mail and 19% were cast early in-person.

    In the 2020 election, many states accelerated the shift already underway to voting by mail to keep people safe from contracting COVID-19. Mail ballots were the dominant method of return that year: 43% of ballots were voted by mail, 31% on Election Day and 26% early in-person. Voting by mail remains the second-most common method of returning ballots and will continue to grow – though it may never reach the level of 2020.

    This rise in usage has created an issue that wasn’t seen much before: The need to “fix” a ballot where, due to a variety of reasons, the identity of the voter who cast the ballot can’t be verified. This process is called ballot “curing,” and it’s how states ensure that every valid vote is counted.

    The Conversation’s politics and democracy editor, Naomi Schalit, spoke about ballot curing with Reed College political scientist Paul Gronke, founder and director of the Elections & Voting Information Center, who studies early voting, election administration, public opinion and elections.

    What is ballot curing?

    Ballot curing is a process that is allowed in some states that, if a ballot has been rejected or challenged because the signature didn’t match or a copy of an ID needed to be included, then the voter has an opportunity to come in within a limited period of time and cure that problem. They can, for example, come in and provide an updated or corrected signature – the most common problem – or provide the required identification.

    An election worker curing a defective ballot cast in the 2024 presidential primary in Provo, Utah, on March 5.
    George Frey/AFP via Getty

    Can that process happen after Election Day?

    The process is triggered when an election office receives a ballot and identifies a problem that falls within the scope of the law and can be cured. As with seemingly everything in American elections, the deadlines and the window vary by state. Some states provide a quite lengthy period after the election. In Oregon, for example, the law provides a window of up to the 21st day after the election. In other states, it’s pretty narrow. In Michigan, it’s the third day after the election. In many but not all states, it’s tied to the deadline for certification of the vote.

    So the idea is that everybody should have the opportunity to have their vote count.

    I would agree with that. The idea is that we want to give everyone an opportunity to be represented. No one should be disenfranchised because of something relatively innocuous, like their signature doesn’t match, or when their ballot was being transported, it was humid or it rained, or something happened that meant the signature can’t be verified, or they forgot to include a copy of necessary identification. These are certainly not reasons why you would want someone to be disenfranchised.

    The Nevada Secretary of State said told a CNN reporter on Nov. 5, 2024, that the state is seeing a surge in ballots with signature problems, many from young voters. As The Wall Street Journal reported, 12,939 ballots have been cured successfully, and 13,906 ballots remain to be cured. “This is an opportunity, probably their first time they’ve had to really use an official signature,” Secretary of State Cisco Aguilar told CNN, “and what’s on their driver’s license, what’s on their voter registration form and what’s on their ballot is a little bit different.” What’s going on here?

    Young people these days – really, anyone under 40 – did not learn cursive when they were in grammar school. Why is that relevant in an election? Because there are clear patterns that people of a certain generation didn’t sign checks and were not sort-of trained in what election officials describe as writing their “formal signatures.” We also know that as people age, or suffer certain kinds of injuries, their signatures can change. And sometimes, people are just in a rush and don’t sign carefully.

    Are there problems with how election officials in different states handle ballots that need to be cured?

    In 2020, there were these major changes to our election system in order to adapt to provide a safe and secure voting environment during the pandemic. Many states ramped up vote-by-mail for the first time. What we saw in 2020 was that there were laws and procedures that fell out of sync with how people were voting. In some states, they mailed ballots to all eligible voters, yet they had laws that said you can’t begin the process of counting absentee ballots until the day of the election. That led to some slow counts in 2020 and opened up a window for charges of malfeasance, even though all that was happening was that officials were working through these piles of mail ballots.

    Since then, many states have improved their laws and brought them in sync with voter behavior. For example, many more now allow election officials to begin the process of processing mail ballots – checking signatures, opening envelopes, preparing to scan – before Election Day. That should improve the speed of ballot counting in 2024.

    Volunteers inform a voter in Nevada that a ballot mailed from his address has a discrepancy that must be fixed, or ‘cured,’ for it to be counted.
    David Becker for The Washington Post via Getty Images

    But there are still some places that could improve. I will highlight Michigan as an example of a place where I’m a little bit concerned, and I’ve heard this also from Michigan officials. Michigan law says the county clerk shall notify the voter of the ballot deficiency by “telephone, email, or text message, if available.” If neither a phone nor email is available, the clerk uses U.S. mail. The voter may cure the ballot by filling out a cure form and returning it in person, electronically or by mail, but the cured ballot has to arrive back at the clerk’s office by 5 p.m. on the Friday following the election – that’s only three days. That’s really not much time!

    Imagine a number of new voters casting ballots by mail in Ann Arbor, in Washtenaw County, and they vote by mail but turn it in at the last minute. And if there’s a problem with their ballot, then election officials have to generate some communications to them, and maybe they don’t have their cellphone, or the voter isn’t immediately responsive to email, and the whole process has to be completed in three days.

    I have spoken to some local officials in Michigan who think that needs to be changed because the rate of voting by mail in Michigan is so high now – nearly one-third of registered voters requested an absentee ballot as of 21 days before the election, and there will be more absentee ballots requested and returned by Nov. 5.

    It’s not just Michigan. There are a number of states that have comparatively high levels of voting by mail and fairly short curing periods. I don’t know the optimal time period, but anything less than five days is asking too much of clerks and of voters, and could disenfranchise people for making an innocuous mistake.

    The way America votes in 2024 is not the way the country voted in 2000 or even the way we voted in 2016. We are in a world where one-third or more of ballots are vote-at-home ballots, and those numbers will continue to increase. Best practices include providing ample time to allow clerks to notify voters of any problems with their ballots, and voters to provide the necessary information to make sure their ballots are counted. If we can do it that way in Oregon, where I live – and Colorado, and Washington, and many other states – I’m sure other states can do it as well.

    Paul Gronke receives funding from Elections Trust Initiative and Democracy Fund. He is a member of the Advisory Board of the MIT Election Data and Science Lab (MEDSL) and a member of the Circle of Advisors of the National Vote At Home Institute.

    – ref. What is ‘ballot curing’? Election expert explains the method for fixing errors made when voters cast their ballots – https://theconversation.com/what-is-ballot-curing-election-expert-explains-the-method-for-fixing-errors-made-when-voters-cast-their-ballots-243009

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Speech by SITI at Seminar on Life Science and Global Health “Innovation ·Inclusion · Impact” (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Seminar on Life Science and Global Health “Innovation ·Inclusion · Impact” on November 5 (Ottawa time):
     
    Ms Wu (Board Director of Hong Kong Canada Business Association, Ottawa, and Department Chair of Algonquin College School of Business and Hospitality, Ms Sandra Wu), Mr Eng (President of Hong Kong Canada Business Association, Ottawa, Mr Frank Eng), Senator Woo (Senator of Canada, Mr Woo Yuen-pau), Mr McLean (Member of the House of Commons of Canada, Mr Greg McLean), Mr Arya (Member of the House of Commons of Canada, Mr Chandra Arya), distinguished guests, ladies and gentlemen,     
     
          Good evening. It is my great pleasure to join you all here today in Ottawa and in such a historic building for the Seminar of Life Science and Global Health, to explore the vital intersection of life science and global health, through the lenses of innovation, inclusion, and impact.
     
          Over the years, Hong Kong has established close ties with Canada in many façades, say economically, culturally and people-to-people bond. We share many similarities and a wide range of common interests. While Canada has long been recognised as a powerhouse in the field of life and health science, Hong Kong is emerging as an international innovation and technology (I&T) centre, as well as a health and medical innovation hub in the Asia-Pacific region. Taking this opportunity, I would like to give you a brief update on Hong Kong’s I&T landscape and the opportunities that lie ahead in the field of life and health technology.
     
          Promoting I&T development is of top priority on the policy agenda of the Hong Kong Special Administrative Region (SAR) Government. Back in December 2022, we promulgated the Hong Kong I&T Development Blueprint, which clearly indicated our development direction to perfect the I&T ecosystem by promoting positive interaction between upstream for basic research, midstream for technology transfer, and downstream for all industries development. We greatly support the development of technology industries with an edge and of strategic importance.
     
          Life and health technology is one of our focuses.
     
          Hong Kong possesses professional medical services and a well-established healthcare system. Supported by five top 100 universities and two top 40 medical schools in the world, together with a multitude of world-class experts in the life and health disciplines, Hong Kong enjoys significant advantages in developing life and health technology. 
     
          To capitalise on our strength in basic research and foster global I&T collaboration, Hong Kong’s flagship R&D (research and development) initiative, namely InnoHK, has built collaboration with more than 30 world-renowned universities and research institutes from 12 economies, including Canada of course, and set up a total of 29 InnoHK research laboratories. Of these, 16 of them focus on healthcare-related technologies and have brought notable scientific achievements and benefits to society. For example, the Centre for Eye and Vision Research, which was jointly established by the University of Waterloo and Hong Kong Polytechnic University, is one of them.
     
          Furthermore, we will launch a HK$6 billion subsidy programme, roughly $1.1 billion Canadian dollars, to support setting up cross-institutional and multidisciplinary life and health technology research institutes in Hong Kong. We have also earmarked HK$3 billion, that is approximately $540 million Canadian dollars, for the Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches in various frontier technology fields, including clinical medicine and health, gene and biotechnology, spearheaded by the local funded universities and renowned scholars from around the world. These initiatives will empower us to create a vibrant research atmosphere with the participation of global talent, thereby strengthening Hong Kong’s capability for forward-looking and disruptive scientific researches.
     
          A few weeks ago, the Chief Executive of the Hong Kong SAR Government announced his 2024 Policy Address, in which a series of new initiatives are introduced to accelerate the pace of the development of Hong Kong into an international I&T centre.  Among them, we will launch a new HK$10 billion I&T Industry-Oriented Fund, which is equivalent to around $1.8 billion Canadian dollars, to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology. Indeed, we launched a HK$10 billion Research, Academic and Industry Sectors One-plus Scheme last year to accelerate the transformation and commercialisation of outstanding research outcomes from universities, and another HK$10 billion New Industrialisation Acceleration Scheme this year to encourage industries of strategic importance, including life and health technology, to set up new smart production facilities in Hong Kong. Just these three funding schemes alone, totalling HK$30 billion, almost $5.4 billion Canadian dollars in financial commitment, demonstrates our strong commitment to promoting industry development and placing a strong emphasis on investment in the I&T sector.
     
          Adequate sites and sophisticated infrastructure are equally important for the long-term I&T development. Located in the border area between Hong Kong and Shenzhen, the Hetao Hong Kong Park, or the Loop in short, will serve as an I&T hub of strategic value connecting Mainland China and the international community. We will set up the InnoLife Healthtech Hub in the Loop to attract top-notch research teams and talent from around the world. We will allocate another HK$2 billion to support the InnoHK research clusters to establish presence in the Loop, and HK$200 million to support start-ups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes. 
     
          Besides, new I&T land will be available in San Tin Technopole in the northern part of Hong Kong to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone. With the new I&T platform in the Loop and new I&T land in San Tin Technopole, coupling with the gigantic market of the Guangdong-Hong Kong-Macao Greater Bay Area, there are indeed many I&T opportunities and possibilities lying ahead in Hong Kong.
     
          While the global economic and political situation is becoming more complicated, Asia will still play a pivotal role in the technological revolution. Under the principle of “one country, two systems” and with a strategic geographical location on the doorstep of Mainland China, Hong Kong is the best platform to connect I&T talent and companies from Mainland China and around the world. Whether you are looking for job opportunities, capital or investment, there is always a place for you in Hong Kong. I strongly believe that apart from life and health technology, there is a lot of room for bilateral collaboration between Hong Kong and Canada, say, in green technology, renewable energy, environmental protection and sustainability, where Canada has an edge.    
     
          Ladies and gentlemen, the challenges we face in global health are complex and multifaceted. By fostering global I&T collaboration, we amplify the impact brought by innovation and inclusion, from zero to one, from one to many, to unlock new possibilities and drive the next wave of technological advancement for the betterment of the mankind. Hong Kong stands ready to play the promising role as a “super-connector” and a “super value-adder” to create value and impact to the world.
     
          In closing, I would like to express my gratitude to Hong Kong – Canada Business Association (Ottawa) and Invest Hong Kong for organising today’s seminar. I look forward to the fruitful collaborations that will arise from this seminar. Thank you very much.   

    MIL OSI Asia Pacific News –